Acquisition

BETTER CAPITAL LIMITED

30 December 2011

ACQUISITION

Better Capital Limited is pleased to announce that further to BECAP Fund LP's (the "Fund") conditional commitment announced on 6 July 2011, on 29 December 2011 the Fund completed the acquisition of the UK and Irish business of Spicers, from Unipapel SA, immediately after its acquisition of the entire pan-European Spicers business from DS Smith Plc.

Spicers is an office products and stationery supplier, which had UK revenue of £343 million for the year ended April 2010 (1).

The Fund has committed a total of £40 million to a majority-owned special purpose vehicle set up to effect the transaction.

(1) Source: the audited financial statements

Enquiries:

Better Capital Limited +44 (0)1481 716 000

Mark Huntley (Director)

Laurence McNairn (Administrator and Company Secretary)

Better Capital LLP +44 (0)20 7440 0840

Mark Aldridge (CEO)

Numis Securities Limited +44 (0)20 7260 1000

Nathan Brown