ELTA.L Regulatory News (ELTA)

ELECTRA PRIVATE EQUITY PLC

Interim Management Statement for the three month period to 31 December 2011

The information contained in this announcement is restricted and is not for release, publication or distribution, directly or indirectly, nor does it constitute an offer of securities for sale in the United States, Canada, Japan, Australia or New Zealand.

References in this announcement to Electra Private Equity PLC and its subsidiaries have been abbreviated to 'Electra' or the 'Company'. References to Electra Partners LLP and EQM Capital LLP (manager of Electra's money market investments) have been abbreviated to 'Electra Partners' or the 'Manager'.

This is an Interim Management Statement for the three month period to 31 December 2011. As is usual for the calculation of Electra's net asset value per share for the purposes of Interim Management Statements, the investment portfolio (apart from quoted investments) has not been revalued at 31 December 2011 although it does reflect purchases and sales of investments, currency movements and bid values in respect of quoted investments at that date.

Financial Highlights

·; Unaudited NAV per share as at 31 December 2011 of 2,271p diluted, 2,377p basic

·; Unaudited NAV per share of 2,303p diluted, 2,414p basic after reflecting post 31 December 2011 realisation detailed below

·; Net liquid resources of £189 million (£21 million cash, £328 million liquidity funds and bank borrowings of £160 million)

·; Outstanding commitments to third party funds of £89 million, expected to be funded substantially from realisation proceeds received from third party funds

·; Significant investment capacity of the order of £400 million

Portfolio Highlights

·; £53 million invested

·; £110 million realised

·; The top 10 and 20 investments accounted for 53% and 74% respectively of the investment portfolio

Post 31 December 2011 Realisation

Since 31 December 2011, Electra has announced the agreed sale of CPA Global. The realisation of this investment, which was not revalued at 31 December 2011, is expected to result in an aggregate uplift of approximately 32p per diluted share to the unaudited NAV per share at 31 December 2011 of 2,271p.

Colette Bowe, Chairman of Electra Private Equity, said:

"Electra has been able in the last quarter of 2011 to realise investments at significant uplifts to carrying values, increasing our investment capacity to over £400 million. The Board continues to support the Manager's view that the next twelve to eighteen months will provide attractive new investment opportunities."

Hugh Mumford, Managing Partner of Electra Partners said:

"Over the next year we expect to see further fundraising pressures on private equity firms, asset sales from deleveraging banks and maturing debt needing equity top-ups in order to refinance. Electra's flexible investment mandate and cash position puts it in a strong position to exploit these opportunities as they arise."

For further information

For Colette Bowe/Hugh Mumford

Nick Miles/Kate Ruck Keene, M Communications 020 7920 2321

Monique Dumas, Investor Relations Partner, Electra Partners LLP 020 7306 3911

1 Unaudited Net Asset Value

As is usual for the calculation of Electra's net asset value for the purposes of Interim Management Statements, the investment portfolio (apart from quoted investments) has not been revalued at 31 December 2011 although it does reflect purchases and sales of investments, currency movements and bid values in respect of quoted investments at that date. The impact of these changes resulted in a diluted net asset value increase of 2.1% per share since 30 September 2011.

2 Share Price Performance

Electra's share price at 31 December 2011 was 1,413p, an increase of 3.9% over the three months while the FTSE All-Share Index increased by 7.7% over the same period. Over the year to 31 December 2011, Electra's share price decreased by 15.5% while the FTSE All-Share Index decreased by 6.7%.

3 Resources and Commitments

At 31 December 2011 Electra had net liquid resources of £189 million comprising £21 million cash, £328 million liquidity funds and bank borrowings of £160 million. Outstanding commitments to third party funds amounted to £89 million which the Manager expects will be funded substantially from realisation proceeds received from third party funds.

As at that date Electra had available investment capacity of the order of £400 million comprising net liquid resources, available bank facility and realisations in process.

4 Composition of Portfolio

* Valued on the basis of Section 1 (Unaudited Net Asset Value) as set out above.

Electra's portfolio consists of direct unlisted investments, secondaries, funds and listed companies. Direct unlisted investments form the major part of Electra's portfolio.

Secondary investments are predominantly acquisitions of limited partnership interests in third party funds where an existing investor is seeking to sell its position prior to the end of the fund's life. As a result of their relative maturity, secondary investments typically produce faster returns than direct investments.

Investments in funds are made primarily to generate co-investment opportunities for Electra from a limited number of managers of investment partnership funds based in Continental Europe and, in the case of two funds, to gain exposure outside Electra Partners' network.

For the most part, listed investments are held where they arise from previously unlisted investments which continue to generate the returns required under Electra's investment objectives. Electra may also invest in listed companies where the management team, which Electra wishes to support, operates through a listed vehicle.

5 Investments and Realisations

Electra invested a total of £53 million in the three months to 31 December 2011. The largest investment in the period was Park Resorts at £45 million. Realisations totalled £110 million for the period.

In November 2011, Electra announced that it had agreed to sell its interest in Capital Safety Group, one of the world's leading manufacturers of fall protection, confined space and rescue equipment, to KKR. Electra has now received £52 million of proceeds with a further £4 million (based on exchange rates at the date of the announcement) held in escrow, £3 million of which is payable after 60 days and £1 million payable after 90 days.

£39 million was received from the sale of BDR Thermea, which represents a little less than 50% of the proceeds due to be received over the next two years, £39 million from the sale of SAV Credit and £23 million from Steadfast Capital Funds I and II.

6 Post 31 December 2011 Realisations

CPA Global ("CPA"): In January 2012, Electra announced the sale of its interest in CPA, the leading global provider of intellectual property management services and software, to Cinven. This transaction is subject to regulatory clearances. Upon completion, and based on exchange rates at the date of the announcement, Electra expects to receive proceeds which will represent an uplift of 32p above the unaudited diluted NAV per share at 31 December 2011 of 2,271p.

Volution ("Vent-Axia"): In February 2012, Electra announced the repayment of its mezzanine debt instruments in Vent-Axia. Total proceeds received by Electra, including accrued interest, had no material impact on Electra's diluted NAV per share.

7 Top 10 Direct Unlisted Investments*

Key Direct Listed Investments*

* Excludes liquidity funds

** Valued on the basis of Section 1 (Unaudited Net Asset Value) as set out above

Disclaimer

This statement aims to give an indication of material events and transactions that have taken place during the period from 1 October 2011 to the date of publication of this statement and their impact on the financial position of Electra Private Equity PLC. These indications reflect the Board's current view. They are subject to a number of risks and uncertainties and could change. Factors which could contribute to such differences include, but are not limited to, general economic and market conditions and specific factors affecting the financial prospects or performance of individual investments within Electra's portfolio.

No information contained in this announcement shall form the basis of, or be relied upon in connection with, any offer or commitment whatsoever in any jurisdiction.

This announcement is not an offer to sell or a solicitation of any offer to buy any securities of Electra Private Equity PLC (the "Company", and any securities, the "Securities") in the United States or any other jurisdiction. The Company is not registered under the U.S. Investment Company Act of 1940, as amended (the "Investment Company Act"), and holders of any Securities will not be entitled to the benefits of the Investment Company Act. The securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") and may not be reoffered, resold or transferred in the United States or to, or for the account or benefit of U.S. persons (as such term is defined in Regulation S under the Securities Act) unless registered under the Securities Act or an exemption from such registration is available. Copies of this announcement are not being, and should not be, distributed or sent into the United States. No public offering of Securities is being made in the United States. If for any reason in the future an offering of the Securities is made, such offering will be made by means of a prospectus that may be obtained from the Company and will contain all relevant information about the Company, its management and its financial statements.