Copenhagen, 11 March 2009 Company announcement no 1 2009/10 SPEAS issues profit warning for the financial year 2008/09 due to capital losses and expected value adjustments As a result of the financial crisis and declining prices in equity markets, Scandinavian Private Equity A/S (SPEAS) has recorded capital losses on its portfolios of listed equities and expects to write down the value of its investments through private equity funds. SPEAS therefore issues a profit warning for the financial year 2008/09, which expired on 31 January 2009. SPEAS's portfolio of shares in listed private equity companies has been built in accordance with the Company's prospectus to provide shareholders with an exposure to the private equity market until the Company's capital has been invested through private equity funds. At 31 January 2009, the market value of the portfolio was DKK 69m. SPEAS's investments in listed equities generated a loss of DKK 52m in Q4 of the financial year (36% of the market value at the beginning of the period) and a total loss of DKK 154m in the financial year 2008/09 (60% of the market value at the beginning of the financial year). The portfolio return reflects the general market development. The Dow Jones Stoxx Private Equity 20, an equity index comprising the 20 largest European private equity companies, consequently dropped 39% and 62%, respectively, in the said periods. At this date, the private equity funds have reported to SPEAS on the majority of SPEAS's private equity investments. On this basis, SPEAS expects to write down its total investments through private equity funds by another DKK 47m-52m for Q4 of the financial year. SPEAS will generally use the valuations made by the private equity funds, and write downs on the Company's investments through private equity funds will subsequently total DKK 60m-65m, or 20-21%, for the financial year 2008/09. Against this background, SPEAS now forecasts a loss for the financial year 2008/09 in the range of DKK 221m-231m. The previous forecast was a loss of DKK 145m-165m. At 31 January 2009, SPEAS's investments through private equity funds are expected to total DKK 238m-243m after value adjustments in Q4 of the financial year. SPEAS's outstanding investment commitments to private equity funds amount to approx DKK 530m, which the funds may invest in new companies over the next years. The Company has deposits of approx DKK 347m with Danish banks, and its equity is expected to be DKK 658m-668m at 31 January 2009, equal to DKK 13,100-13,300 per share. At 31 January 2009, the market price was DKK 6,350. The forecast is subject to the final closing of the accounts and audit. The final results may therefore differ from the forecast. SPEAS makes its preliminary announcement of financial statements on 30 April 2009. For further information, please contact: Ole Mikkelsen, CEO, tel +45 70 25 10 55, mobile +45 30 66 96 30