Net Asset Value(s)

STRATEGIC EQUITY CAPITAL PLC

As at the 28th January 2011 the unaudited net asset value per Ordinary Share,
including current period revenue, was 92.92 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 as at 31st December 2010 and Vintage 1 Limited as at
the 30th November 2010 are both included.

Dated: 31st January 2011