Scandinavian Private Equity A/S: Interim Report for the

Company announcement no 9 2012/13
Copenhagen, 18 June 2012



Interim Report for the period 1 February 2012 - 30 April 2012
Profit for Q1 2012/13 came to DKK 14.9m. Book value per share now exceeds DKK
20,000. Equity stood at DKK 915m, corresponding to a book value per share of DKK
20,048.

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 - 30 April 2012. The Interim Report contains the following highlights:


  * The Company recorded a net profit of DKK 14.9m for the period. Investments
    in private equity funds generated a return of DKK 17.1m.

  * Investments in private equity funds amounted to DKK 754m, and SPEAS's
    uncalled investment commitments totalled DKK 391m, which the funds may
    invest in new companies in the next few years. In Q1 2012/13 the Company
    made new investment commitments to IK VII and Norvestor VI of EUR 10m and
    NOK 80m, respectively.

  * SPEAS has deposited DKK 160m with Danish banks and has also established
    satisfactory credit facilities to cover uncalled investment commitments.

  * In Q1 2012/13 SPEAS contributed a net amount of DKK 31m to the private
    equity funds in accordance with the investment commitments made.

  * As at 30 April 2012, SPEAS had received exit proceeds from the private
    equity funds in relation to a total of seven investments. Exit proceeds
    total DKK 194m, corresponding to 2.2x invested amount and gross returns of
    25.2% pa (IRR) as at 30 April 2012.

  * Equity stood at DKK 915m at 30 April 2012, equal to a book value per share
    of DKK 20,048 against a share price of DKK 13,550 at 15 June 2012.

  * In Q1 of the financial year, SPEAS bought back another 336 own shares
    totalling DKK 4.7m, 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
 Chariman                    CEO

[HUG#1620201]
Scandinavian Private Equity A/S: Interim Report for the period 1 February 2012 - 30 April 2012

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