Net Asset Value(s)

STRATEGIC EQUITY CAPITAL PLC

As at the 28th February 2013 the unaudited net asset value per Ordinary Share,
including current period revenue, was 120.49 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.

In order to take into account the impact of a distribution by Strategic
Recovery Fund II, paid on 22nd February 2013, 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: 1st March 2013 .