Portfolio Update

Strategic Equity Capital PLC
04 January 2006


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 31 December 2005 and where
appropriate, any investment with a value greater than 5% of the Company's gross
assets:


Name of company                                           Class of share
Hampson Industries*                                       Ordinary Shares
Elementis*                                                Ordinary Shares
Evolution Group*                                          Ordinary Shares
Watermark Group*                                          Ordinary Shares
SMG                                                       Ordinary Shares
Pinewood Shepperton                                       Ordinary Shares
Chorion                                                   Ordinary Shares
Communisis                                                Ordinary Shares
Mecom Group                                               Ordinary Shares
Mowlem                                                    Ordinary Shares


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

                      This information is provided by RNS
            The company news service from the London Stock Exchange