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 31 March 2006 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                
                                                                           
Melrose*                                    Ordinary Shares                
                                                                           
Evolution Group*                            Ordinary Shares                
                                                                           
Pinewood Shepperton*                        Ordinary Shares                
                                                                           
Watermark Group*                            Ordinary Shares                
                                                                           
SMG                                         Ordinary Shares                
                                                                           
Cardpoint                                   Ordinary Shares                
                                                                           
Chorion                                     Ordinary Shares                
                                                                           
Communisis                                  Ordinary Shares                

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