SECOND REQUISITIONED GENERAL MEETING

16 October 2009                                

                         STRATEGIC EQUITY CAPITAL PLC                          

                     SECOND REQUISITIONED GENERAL MEETING                      

Introduction

The Board announced on 30 September 2009 that the Directors had received a
second requisition from Fortelus Special Situations Master Fund Limited, which
holds 12.6% of the Voting Share Capital. The latest requisition required the
Directors to convene a general meeting of the Company to consider a resolution
requiring the Company:

  * to undertake a tender offer for all but one of the issued Ordinary Shares
    at a price equal to 95 per cent. of the net asset value per Ordinary Share
    on the last day before the last day for acceptance of such tender offer;
   
  * to complete such tender offer by 31 March 2010; and
   
  * to sell investments of the Company to fund such tender offer.
   
The Board has convened a further general meeting of the Company for Tuesday, 10
November 2009 commencing at 11.35 a.m. (or, if later, as soon as the AGM has
concluded or been adjourned) at which Fortelus's Resolution will be proposed.

Fortelus's Letter to Shareholders

We understand that Fortelus wrote to Shareholders on 1 October 2009 setting out
their reasons as to why Shareholders should vote in favour of Fortelus's
Resolution. Most of the questions and points raised by Fortelus in that letter
have already been answered or addressed by the Directors in:

  * the circular to Shareholders dated 29 July 2009;
   
  * the Company's announcement released on 10 August 2009 in response to
    Fortelus's member's statement, which the Company sent to Shareholders on 10
    August 2009; and
   
  * the circular to Shareholders dated 27 August 2009.
   
There are, however, a limited number of new statements in Fortelus's letter to
Shareholders dated 1 October 2009 which the Board wishes to comment on:

  * with regard to extinguishing the undrawn loan commitment to SRF II, the
    Board is not aware of having made any indication to any Shareholders that
    it has or would consider defaulting on the Company's commitment. The Board
    confirms that, in discussions with Shareholders, it has been noted that
    future draw-downs of the undrawn commitment to SRF II may be fully or
    partly financed by distributions from SRF II, and that in some cases
    distributions and draw-downs may occur simultaneously;
   
  * the Company's accounting policy with regard to its investment in SRF II is
    in compliance with International Financial Reporting Standards and
    consistent with how those standards are applied by other investors in
    unlisted funds with undrawn loan commitments; and
   
  * Intelli has confirmed to the Board that none of its corporate finance
    revenues in the year ended 31 December 2008 were derived from transactions
    in which Midas Capital plc or any of its subsidiaries (including iimia plc)
    were influential shareholders. Furthermore, the Board is satisfied that,
    throughout its association with the Company, Intelli has acted with
    integrity.
   
Why Shareholders Should Vote Against Fortelus's Resolution

Fortelus's key arguments as to why Shareholders should vote in favour of
Fortelus's Resolution were addressed in advance of the general meetings of the
Company held on 14 August 2009 (relating to the approval of the SRF II
Acquisition) and 22 September 2009 (to consider Fortelus's resolutions to
change the Board). Shareholders representing a majority of the Voting Share
Capital, and a substantial majority by number of Shareholders voting, voted in
favour of the SRF II Acquisition and against Fortelus's resolutions to change
the Board.

The Board believes that the outcome of the last two general meetings provided a
clear mandate to continue the Company in its present form, on the basis set out
in the circular to Shareholders dated 27 August 2009, until at least the
continuation resolution at next year's annual general meeting. Shareholders
should also bear in mind that the terms of Fortelus's Resolution are such that
the costs of implementing the Tender Offer would be borne by all Shareholders
and, accordingly, there is no guarantee that the net asset value of Shares held
by continuing Shareholders would not be adversely affected by the Tender Offer.

Fortelus, by its latest requisition, is attempting to pre-empt next year's
continuation resolution, and the strategic review which the Board will conduct
ahead of that resolution. Furthermore, Fortelus's latest requisition has
required the Company to incur further expense.

The Board is recommending Shareholders to vote against Fortelus's Resolution.
Voting against Fortelus's Resolution will send a clear message to Fortelus that
Shareholders as a whole do not support them and, hopefully, discourage them
from requiring the Company to incur further unnecessary expense as a
consequence of Fortelus's actions.

Circular to Shareholders

A circular to Shareholders will be posted today, which will include the notice
convening the General Meeting. Copies of that circular have been submitted to
the UK Listing Authority and will shortly be available for inspection at the UK
Listing Authority's Document Viewing Facility, which is situated at:

Financial Services Authority
25 The North Colonnade
Canary Wharf
London E14 5HS

Tel: [phone]

Enquiries

Gordon Neilly/Sue Inglis    Intelli Corporate Finance Limited  T: 0131 222 9400

Note

Intelli Corporate Finance Limited, which is authorised and regulated in the
United Kingdom for the conduct of investment business by the Financial Services
Authority, is acting exclusively as financial adviser to the Company and no-one
else in connection with the matters referred to in this announcement and will
not regard any other person as its client in relation to the matters referred
to in this announcement and will not be responsible to anyone other than the
Company for providing the protections afforded to clients of Intelli Corporate
Finance Limited or for providing advice in relation to matters referred to in
this announcement.

Definitions

The following definitions apply throughout this announcement unless the context
otherwise requires:

"AGM"                the annual general meeting of the Company convened for    
                     Tuesday, 10 November 2009 at 11.30 a.m.                   
                                                                               
"Board" or           the board of directors of the Company, including a duly   
"Directors"          constituted committee thereof                             
                                                                               
"Company"            Strategic Equity Capital plc                              
                                                                               
"Fortelus"           Fortelus Special Situations Master Fund Limited           
                                                                               
"Fortelus's          the resolution to implement the Tender Offer to be        
Resolution"          proposed at the General Meeting                           
                                                                               
"General Meeting"    the general meeting of the Company requisitioned by       
                     Fortelus which has been convened for Tuesday, 10 November 
                     2009 at 11.35 a.m. (or, if later, as soon as the AGM has  
                     concluded or been adjourned)                              
                                                                               
"Intelli"            Intelli Corporate Finance Limited                         
                                                                               
"Shareholders"       holders of Shares                                         
                                                                               
"Shares"             ordinary shares of 10p each in the capital of the Company 
                                                                               
"SRF II"             Strategic Recovery Fund II                                
                                                                               
"SRF II Acquisition" the acquisition by the Company of all of 3i Group plc's   
                     limited partnership interest in SRF II                    
                                                                               
"Tender Offer"       the tender offer to purchase Shares which the Company will
                     be required to undertake if Fortelus's Resolution is      
                     passed                                                    
                                                                               
"Voting Share        the issued share capital of the Company excluding any     
Capital"             Shares held in treasury