Strategic Equity Capital PLC is an investment trust. The Company’s investment objective is to achieve absolute returns rather than relative returns over a medium-term period, principally through capital growth. It invests primarily in equity and equity-linked securities quoted on any securities market operated by the London Stock Exchange. It has the flexibility to invest up to 20% of its gross assets, at the time of investment, in securities quoted on other recognised exchanges, and up to 20% of its gross assets, at the time of investment, in unquoted securities, including any class of debt or equity-related instrument. No single investment, at the time of investment, will exceed 15% of the Company’s total investments, and aggregate investments in certain other United Kingdom investment companies, at the time of investment, will not exceed 10% of the Company’s gross assets. At June 30, 2008, its portfolio had 25 companies. Its investment manager is SVG Investment Managers Limited.