Net Asset Value(s)

STRATEGIC EQUITY CAPITAL PLC

As at the 6th January 2012 the unaudited net asset value per Ordinary Share,
including current period revenue, was 93.25 pence.

Note: Investments in unquoted investment funds are generally held at the
valuations provided by the managers of those funds. The latest valuation for
Strategic Recovery Fund II and Vintage 1 Limited as at the 31st December 2011
and 30th November respectively are both included.

Dated: 9th January 2012.