Scandinavian Private Equity A/S (SPEAS) is a Denmark-based company engaged in the investment activities in private equity funds. The Company’s investment focus is on buyout funds, which are active in the Nordic region, funds primarily investing in a single country in the Nordic region, as well as funds investing in Europe. The business activities of SPEAS mainly involve deciding which private equity funds to examine for investment purposes, deciding in which private equity funds to the investment guidelines, monitoring compliance with the agreements made and conducting investor relations activities. As of January 31, 2012 the Company’s investment portfolio included EQT V, EQT VI, IK 2007, Litorina III, Litorina IV, Apax Europe VII and Herkules III. As of January 31, 2012, the Company’s largest shareholder was Jyske Bank A/S, which held 9.9% shares.