Net Asset Value(s)

STRATEGIC EQUITY CAPITAL PLC

As at the 8th February 2013 the unaudited net asset value per Ordinary Share,
including current period revenue, was 119.29 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 January 2013
and 30th November 2012 respectively are both included.

Dated: 11th February 2013