SPEAS revises expectations upwards for the financial year 2010/11


Copenhagen, 3 March 2011

Company announcement no 1 2011/12



SPEAS revises expectations upwards for the financial year 2010/11

SPEAS now forecasts a profit in the range of DKK 110m-117m for the financial
year 2010/11, which ended on 31 January 2011. The previous forecast was DKK
40m-50m.

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 a gain of DKK
71m-78m on its total investments in private equity funds for Q4 of the financial
year. Total gain on the Company's investments in private equity funds comes to
DKK 103m-110m for the financial year 2010/11, equal to 18-19% of the average
portfolio.

At 31 January 2011, SPEAS's investments in private equity funds are expected to
total DKK 711m-718m after value adjustments in Q4 of the financial year. SPEAS's
outstanding investment commitments to private equity funds amount to
approximately DKK 291m, which the funds may invest in new companies over the
next years.

"SPEAS invests in a number of well performing private equity funds, which are
the basis for the positive development in the financial year 2010/11. Private
equity investment activities have increased, and we expect that the private
equity funds will make more, attractive investments in the future," says Ole
Mikkelsen, CEO.

At 31 January 2011, the Company had deposits of approximately DKK 162m with
Danish banks.

Equity is expected to come to DKK 877m-884m at 31 January 2011, equal to DKK
18,500-18,700 per share. The quoted price was DKK 11,100 at 31 January 2011.

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 26 April
2011.



For further information, please contact:

Ole Mikkelsen, CEO, tel +45 70 25 10 55, mobile +45 30 66 96 30


[HUG#1494201]

Attachments

SPEAS revises expectations upwards for the financial year 201011.pdf