Net Asset Value(s)

STRATEGIC EQUITY CAPITAL PLC

As at the 28th June 2013 the unaudited net asset value per Ordinary Share,
including current period revenue, was 126.24 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 31st May 2013 and
the 30th April 2013 respectively are included.

In order to take into account the impact of a distribution by Strategic
Recovery Fund II, received on 21st June 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 July 2013 .