Net Asset Value(s)

STRATEGIC EQUITY CAPITAL PLC

As at the 21st September 2012 the unaudited net asset value per Ordinary Share,
including current period revenue, was 113.74 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 August 2012 and
16th July 2012 respectively are both included.

In order to take into account the impact of a distribution by Strategic
Recovery Fund II 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: 24th September 2012.