Semi-Annual Report for the period 1 February 2008 - 31 July 2008

Copenhagen, 22 September 2008

Stock exchange announcement no 7 2008/09

Semi-Annual Report for the period 1 February 2008 - 31 July 2008

The Board of Directors of Scandinavian Private Equity A/S (SPEAS) has
today considered and approved the Company's Semi-Annual Report. The
Semi-Annual Report has not been audited and contains the following
highlights:

SPEAS has made investment commitments totalling DKK 880m to five
selected private equity funds which SPEAS considers to be among the
top funds within their segment: EQT V, Industri Kapital 2007,
Litorina Kapital III, Apax Europe VII and Herkules Private Equity
Fund III. SPEAS continues to be favourably received by attractive
private equity funds and is able to make additional investment
commitments of DKK 527m by exercising the overcommitment option.

The private equity funds have invested DKK 277m of SPEAS's investment
commitments. In addition, SPEAS has financial assets worth DKK 590m,
which will be invested through private equity funds as they make new
investments. Part of the financial assets (DKK 235m) have been
invested in listed private equity companies.

The Company recorded a loss of DKK 27.0m for the period. Following
the placement of excess liquidity, net financials totalled DKK 9.4m.
The portfolio of listed private equity companies generated a total
negative return of DKK 15.7m for the period. To this should be added
negative value adjustments of DKK 7.9m on investments through private
equity funds due to the general financial market turmoil. According
to reports from the private equity funds, the operating results of
the underlying companies are generally in line with expectations.

Equity stood at DKK 862.3m at 31 July 2008, equal to a book value per
share of DKK 17,229 against a market price of DKK 11,100 at 19
September 2008.

Since the end of the financial period SPEAS has recorded a loss of
DKK 15.5m on the portfolio of listed private equity companies.

The loss on the Company's portfolio of listed private equity shares
means that SPEAS now forecasts a loss in the range of DKK 25m-45m for
the financial year ending on 31 January 2009 against the previous
forecast profit in the range of DKK 10m-25m. The full-year results
will in particular 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