Portfolio Update

STRATEGIC EQUITY CAPITAL PLC

In accordance with UKLA Listing Rule 15.4.11(2), the following list represents
the Company's disclosable investments as at 30 June 2007 and where appropriate,
any investment with a value greater than 5% of the Company's gross assets:

Name of company                             Class of share                 
                                                                           
Cardpoint*                                  Ordinary Shares                
                                                                           
Evolution Group*                            Ordinary Shares                
                                                                           
Intec Telecommunications                    Ordinary Shares                
                                                                           
Mecom Group*                                Ordinary Shares                
                                                                           
Melrose*                                    Ordinary Shares                
                                                                           
Pinewood Shepperton*                        Ordinary Shares                
                                                                           
Redstone*                                   Ordinary Shares                
                                                                           
Renold                                      Ordinary Shares                
                                                                           
Spirent Communications *                    Ordinary Shares                
                                                                           
Thorntons                                   Ordinary Shares                

*Holding greater than 5% of the company's gross assets.