SPEAS revises expectations upwards for the financial year 2009/10

Copenhagen, 8 March 2010

Company announcement no 1 2010/11


SPEAS revises expectations upwards for the financial year 2009/10

SPEAS now forecasts a profit in the range of DKK 120m-125m for the financial
year 2009/10, which ended on 31 January 2010. The previous forecast was DKK
50m-60m.

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 revalue its
total investments in private equity funds by another DKK 65m-70m for Q4 of the
financial year. Total revaluations of the Company's investments in private
equity funds come to DKK 80m-85m for the financial year 2009/10, equal to
25-27% of the average portfolio.

At 31 January 2010, SPEAS's investments in private equity funds are expected to
total DKK 440m-450m after value adjustments in Q4 of the financial year. SPEAS's
outstanding investment commitments to private equity funds amount to
approximately DKK 426m, which the funds may invest in new companies over the
next years.

"SPEAS invests in a number of well performing private equity funds, which has
had a positive effect in the financial year 2009/10. Private equity investment
activities have increased towards the end of the year, and we expect that the
private equity funds will make more, attractive investments in the future," says
Ole Mikkelsen, CEO.

At 31 January 2010, the Company had deposits of approximately DKK 277m with
Danish banks, and the portfolio of listed equities in private equity companies
had a market value of DKK 54m at the same date.

Equity is expected to come to DKK 775m-785m at 31 January 2010, equal to DKK
15,900-16,100 per share. The quoted price was DKK 7,990 at 31 January 2010.

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 19 April
2010.


For further information, please contact:
Ole Mikkelsen, CEO, tel +45 70 25 10 55, mobile +45 30 66 96 30
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