Net Asset Value(s)

STRATEGIC EQUITY CAPITAL PLC

As at 1 April 2011 the unaudited net asset value per Ordinary Share, including
current period revenue, was 97.25 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 28 February 2011 and Vintage 1 Limited as at 7
January 2011 are both included.

4 April 2011