Net Asset Value(s)

STRATEGIC EQUITY CAPITAL PLC

As at the 30th September 2010 the unaudited net asset value per Ordinary Share,
including current period revenue, was 78.52 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 both as at the 31st August
2010

1st October 2010