Net Asset Value(s)

STRATEGIC EQUITY CAPITAL PLC

As at the 21st April 2011 the unaudited net asset value per Ordinary Share,
including current period revenue, was 100.49 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 31st March 2011 and Vintage 1 Limited as at
the 7th January 2011 are both included.

Dated: 26th April 2011