Net Asset Value(s)

STRATEGIC EQUITY CAPITAL PLC

As at the 24th September 2010 the unaudited net asset value per Ordinary Share,
including current period revenue, was 76.56 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 are as at the 31st August and
30th June 2010 respectively.

On 27th September 2010, Strategic Equity Capital plc received a distribution of
£1,011,412.00 from Strategic Recovery Fund II and simultaneously paid a call of
£1,011,412.00 to Strategic Recovery Fund II. The net effect will be a cash
receipt of £nil, and a reduction in Strategic Equity Capital plc's outstanding
undrawn commitment to Strategic Recovery Fund II by 42.7% to £1,356,059.20.

27th September 2010