Net Asset Value(s)

STRATEGIC EQUITY CAPITAL PLC

As at 4 September 2009 the unaudited net asset value per Ordinary share,
including current period revenue, was 59.47 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 31 August 2009 and
30 June 2009 respectively.

7 September 2009