Net Asset Value(s)

STRATEGIC EQUITY CAPITAL PLC

As at the 1st June 2012 the unaudited net asset value per Ordinary Share,
including current period revenue, was 102.27 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 30th April 2012 and
31st March 2012 respectively are both included.

Dated: 6th June 2012.