Net Asset Value(s)

STRATEGIC EQUITY CAPITAL PLC

As at the 17th August 2012 the unaudited net asset value per Ordinary Share,
including current period revenue, was 103.84 pence.

Investments in unquoted investment funds are normally held at the most recently
available valuation provided by the managers of those funds.  The latest
valuations for Strategic Recovery Fund II and Vintage 1 Limited are as at the
31st July 2012 and 31st May 2012 respectively. 

In order to take into account the impact of a distribution made by Strategic
Recovery Fund II, which was received on the 13th of August, the valuation of
that fund has been adjusted downwards by the amount of the distribution.  If
this adjustment had been applied to the 10th August net asset value, the NAV
would have been 102.57 pence. 

This adjustment will continue to be applied until the next valuation of the
Strategic Recovery Fund II becomes available.

Dated: 21st August 2012.