Scandinavian Private Equity A/S: Interim Report for the period 1 February 2012 - 31 July 2012

Company announcement no 10 2012/13
Copenhagen, 25 September 2012



Interim Report for the period 1 February 2012 - 31 July 2012
Profit for H1 2012/13 amounted to DKK 41.2m. Equity stood at DKK 937m,
corresponding to a book value per share of DKK 20,661.

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 February
2012 - 31 July 2012. The Interim Report contains the following highlights:


  * The Company recorded a net profit of DKK 41.2m for the period. Investments
    in private equity funds generated a return of DKK 43.3m.

  * Investments in private equity funds amounted to DKK 748m, and SPEAS's
    uncalled investment commitments totalled approximately DKK 373m, which the
    funds may invest in new companies in the next few years. In H1 2012/13 the
    Company has made new investment commitments to IK VII and Norvestor VI of
    EUR 10m and NOK 80m, respectively.

  * SPEAS has deposited DKK 187m with Danish banks and has also established
    satisfactory credit facilities to cover uncalled investment commitments.

  * In H1 2012/13 SPEAS contributed a net amount of DKK 61m to the private
    equity funds in accordance with the investment commitments made and received
    DKK 64m in proceeds from exited investments.

  * As at 31 July 2012, SPEAS had received exit proceeds from the private equity
    funds in relation to a total of eight investments. Exit proceeds totalled
    DKK 256m, corresponding to 2.1x invested amount and gross returns of 21.6%
    pa (IRR) as at 31 July 2012.

  * Equity stood at DKK 937m at 31 July 2012, equal to a book value per share of
    DKK 20,661 against a share price of DKK 15,800 at 24 September 2012.

  * In the first half of the financial year under review, SPEAS bought back
    another 583 own shares totalling DKK 8.2m as the share price was deemed
    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. The results for the year
    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#1643226]