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 31st March 2007 and where
appropriate, any investment with a value greater than 5% of the Company's gross
assets:

Name of company                             Class of share                 
                                                                           
Redstone*                                   Ordinary Shares                
                                                                           
Melrose*                                    Ordinary Shares                
                                                                           
Pinewood Shepperton*                        Ordinary Shares                
                                                                           
Evolution Group*                            Ordinary Shares                
                                                                           
Cardpoint*                                  Ordinary Shares                
                                                                           
Mecom Group*                                Ordinary Shares                
                                                                           
Thorntons                                   Ordinary Shares                
                                                                           
SMG                                         Ordinary Shares                
                                                                           
Filtronic                                   Ordinary Shares                
                                                                           
Entertainment Rights                        Ordinary Shares                

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