Net Asset Value(s)

STRATEGIC EQUITY CAPITAL PLC

As at 25th March 2011 the unaudited net asset value per Ordinary Share,
including current period revenue, was 96.70 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 as at 28th February 2011 and Vintage 1 Limited as at
7th January 2011 are both included.

Dated: 28th March 2011