Tender Offer

Not for release, publication or distribution, directly or indirectly, in whole 
or in part, in or into the United States, Canada, Australia, Japan, New Zealand
  or the Republic of South Africa or any other jurisdiction in which the same  
                               would be unlawful                               

                                 30 March 2012                                 

                         strategic equity capital plc                          

                                 TENDER OFFER                                  

On 28 February 2012, the Board announced that it was proposing to replace the
Company's annual relative investment performance and discount tests, which are
measured as at 30 June each year, with semi-annual periodic tender offers for
up to 4 per cent. of the Shares in issue at a tender price equal to the NAV
(including undistributed current period financial income and the estimated
tender offer costs) per Share at the time of the relevant tender offer less a
10 per cent. discount.

A circular to Shareholders setting out the terms and conditions of the first
Periodic Tender Offer and instructions on how Shareholders may participate in
the Tender Offer, should they wish to do so, and convening a general meeting of
the Company to seek Shareholder approval of the Tender Offer will be despatched
to Shareholders later today. A copy of that circular will also be submitted to
the National Storage Mechanism later today and will be available for inspection
at www.hemscott.com/nsm.do.

The expected timetable for the Tender Offer is as follows:

                                                                                   2012

Latest time and date for receipt of Forms of Proxy and
appointments of proxies utilising CREST electronic proxy
appointment service for General Meeting                    11.30 a.m. on Tuesday, 1 May

General Meeting                                           11.30 a.m. on Thursday, 3 May

Latest time and date for receipt of Tender Forms and
TTE Instructions in CREST for Tender Offer                   3.00 p.m. on Friday, 4 May

Record date for Tender Offer                         close of business on Friday, 4 May

Tender Price calculated                        as at close of business on Friday, 4 May

Result of Tender Offer and Tender Price announced                        Tuesday, 8 May

Payments through CREST made in respect of Shares
held in uncertificated form successfully tendered                      Thursday, 10 May

CREST accounts settled in respect of
unsold tendered Shares held in uncertificated form                     Thursday, 10 May

Cheques despatched in respect of Shares held in certificated
form successfully tendered                                               Friday, 11 May

Balancing certificates despatched in respect of
unsold tendered Shares held in certificated form                      by Friday, 11 May

Enquiries

Sue Inglis/          Canaccord Genuity Limited                         T: 020 7050 6779
Gordon Neilly                                                          T: 020 7050 6778
                                                                             
Adam Steiner         SVG Investment Managers Limited                   T: 020 7010 8900

Notes

Words and expressions defined in the circular to shareholders of Strategic
Equity Capital plc dated 30 March 2012 have the same meanings when used in this
announcement.

Canaccord Genuity, which is authorised and regulated in the United Kingdom by
the FSA, is acting solely for Strategic Equity Capital plc and for no one else,
in connection with the Tender Offer and will not be responsible to anyone other
than Strategic Equity Capital plc for providing the protections afforded to
clients of Canaccord Genuity or for affording advice in relation to the Tender
Offer.

Announcement - Tender Offer (Final - 30 03 12).doc