Scandinavian Private Equity A/S : Interim Report for the

Company announcement no 12 2012/13
Copenhagen, 18 December 2012



Interim Report for the period 1 August 2012 - 31 October 2012
Results for Q3 2012/13 were a loss of DKK 6.7m. Equity stood at DKK 926m,
corresponding to a book value per share of DKK 20,553.

The Board of Directors of Scandinavian Private Equity A/S (SPEAS) has today
considered and approved the Company's Interim Report for the period 1 August
2012 - 31 October 2012. The Interim Report contains the following highlights:


  * The Company recorded a net loss of DKK 6.7m for the period. Investments in
    private equity funds generated a negative return of DKK 4.1m.

  * Investments in private equity funds amounted to DKK 784m, or 85% of net
    assets (80% at 31 July 2012). In this financial year, the Company has made
    new investment commitments to IK VII and Norvestor VI of EUR 10m and NOK
    80m, respectively. Further, SPEAS has acquired a minor, secondary share of
    Litorina III, increasing investments in this fund by 7%, corresponding to a
    book value of DKK 5m.

  * In Q3 2012/13 SPEAS contributed DKK 47.7m gross to the private equity funds
    in accordance with the investment commitments made and received DKK 6.6m as
    exit proceeds.

  * SPEAS's cash amounted to DKK 138m, or 15% of net assets (20% at 31 July
    2012).

  * As at 31 October 2012, SPEAS had received exit proceeds from the private
    equity funds in relation to a total of ten investments. Exit proceeds total
    DKK 275m, corresponding to 2.0x invested amount and gross returns as at 31
    October 2012 of 20.2% pa (IRR).

  * Equity stood at DKK 926m at 31 October 2012, equal to a book value per share
    of DKK 20,553 against a share price of DKK 15,740 at 17 December 2012. Book
    value per share has declined by 0.5% in the financial period.

  * In Q3 of the financial year, SPEAS bought back another 309 own shares (0.6%
    of the share capital) totalling DKK 4.5m, as the share price was considered
    attractive compared with the Company's other investment alternatives.

  * SPEAS maintains its forecast of a profit in the range of DKK 55m-65m for the
    financial year 2012/13 ending on 31 January 2013. Full-year results will
    depend on the development in financial markets.


For further information, please contact:
Ole Mikkelsen, CEO, tel +45 70 25 10 55, mobile +45 30 66 96 30

Yours sincerely
Scandinavian Private Equity A/S


Jens Erik Christensen         Ole Mikkelsen
Chairman                      CEO




[HUG#1665808]
Scandinavian Private Equity A/S : Interim Report for the period 1 August 2012 - 31 October 2012

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