Net Asset Value(s)

STRATEGIC EQUITY CAPITAL PLC

As at the 23rd November 2012 the unaudited net asset value per Ordinary Share,
including current period revenue, was 110.26 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 31stOctober 2012 and
30thSeptember 2012 respectively are both included.

In order to take into account the impact of a distribution by Strategic
Recovery Fund II on the 20th November 2012, the valuation of that fund has been
adjusted downwards by the amount of the distribution. 

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

Dated: 26 th November 2012.