Quarterly Report for the period 1 August 2008 - 31 October 2008

Stock exchange announcement no 8 2008/09               Copenhagen, 9
December 2008


Quarterly Report for the period 1 August 2008 - 31 October 2008

The Board of Directors of Scandinavian Private Equity A/S (SPEAS) has
today considered and approved the Company's Quarterly Report for the
period 1 August 2008 - 31 October 2008. The Quarterly 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 segments: EQT V, Industri Kapital 2007,
Litorina Kapital III, Apax Europe VII and Herkules Private Equity
Fund III. SPEAS may make additional investment commitments of DKK
401m if the overcommitment option is exercised in full.

The private equity funds have invested DKK 281m of SPEAS's investment
commitments. In addition, SPEAS has equities worth DKK 149m in listed
private equity companies and deposits of DKK 332m in Danish banks.

The Company recorded a loss of DKK 93.2m for the period. Following
the placement of cash, net financials totalled DKK 4.2m. The
portfolio of listed private equity companies generated a total
negative return of DKK 86.1m for the period, and the value of
investments through private equity funds was adjusted downwards by
DKK 5.3m, of which DKK 2.9m was due to an adverse exchange rate
development.

Equity stood at DKK 769.0m at 31 October 2008, equal to a book value
per share of DKK 15,366 against a quoted price of DKK 5,840 at 8
December 2008.

Since the end of the financial period, SPEAS's portfolio of listed
private equity companies has generated a negative return of DKK
34.0m, equal to DKK 680 per share.

As a result of the negative price performance of the Company's
portfolio of listed equities, SPEAS now forecasts a loss in the range
of DKK 145m-165m for the financial year ending on 31 January 2009
against the previously forecast loss of DKK 25m-45m. The full-year
results will depend particularly 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