Portfolio Update

STRATEGIC EQUITY CAPITAL PLC

In accordance with UKLA Listing Rule 15.6.8R(2), the following list represents
the Company's disclosable investments as at 31 December 2007 and where
appropriate, any investment with a value greater than 5% of the Company's gross
assets:

Name of company                             Class of share                 
                                                                           
Entertainment Rights*                       Ordinary Shares                
                                                                           
Evolution Group*                            Ordinary Shares                
                                                                           
Filtronic                                   Ordinary Shares                
                                                                           
Intec Telecom*                              Ordinary Shares                
                                                                           
Payzone*                                    Ordinary Shares                
                                                                           
Pinewood Shepperton                         Ordinary Shares                
                                                                           
Redstone                                    Ordinary Shares                
                                                                           
Renold*                                     Ordinary Shares                
                                                                           
Spirent Communications                      Ordinary Shares                
                                                                           
Thorntons                                   Ordinary Shares                

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