Net Asset Value(s)

STRATEGIC EQUITY CAPITAL PLC

As at the 19th July 2013 the unaudited net asset value per Ordinary Share,
including current period revenue, was 132.18 pence.

Note: Investments in unquoted investment funds are generally held at the
valuations provided by the managers of those funds. The latest valuations for
Strategic Recovery Fund II and Vintage 1 Limited as at the 30th June 2013 and
the 31st May 2013 respectively are included.

Dated: 22nd July 2013 .