Joint Venture

BETTER CAPITAL PCC LIMITED 2012 CELL

9 January 2013

Better Capital PCC Limited (the "Company") is pleased to announce that BECAP12 Fund LP (the "2012 Fund") has today entered into a joint venture with the National Pensions Reserve Fund of Ireland ("NPRF"), Ireland's €14 billion social welfare and public service pension fund.

The joint venture will be operated through Better Capital (Ireland) LP ("BC(I)LP"), a new Guernsey limited partnership which will be managed by BECAP12 GP LP, the general partner of the 2012 Fund. The joint investors in BC(I)LP will be the NPRF (which has committed €50 million to BC(I)LP) and the 2012 Fund. Funding for deals will be on a deal-by-deal basis. 

BC(I)LP's investment strategy will be to generate attractive total returns from investing in a portfolio of distressed businesses in Ireland. Such returns are expected to be largely from capital growth. The 2012 Fund will commit not less than 51% of the investment into each transaction BECAP12 GP LP makes with the NPRF providing the remainder.

Better Capital LLP, the Consultant to BECAP12 GP LP, will establish a Dublin office which will be operational from early January 2013.

Richard Crowder, Chairman of Better Capital PCC Limited, said, "The joint venture with the National Pensions Reserve Fund of Ireland is an important development in the implementation of the 2012 Fund's investment strategy, which has a primary focus on investments in businesses with significant activities within the United Kingdom or Ireland. It enables Better Capital to partner with a significant sovereign entity to enhance the 2012 Fund's access to a market that offers considerable potential for turnaround investment opportunities."

Paul Carty, Chairman of the National Pensions Reserve Fund Commission, commented, "Our joint venture with turnaround investor specialist Better Capital means that the NPRF will be able to deploy capital to distressed Irish companies. This is a significant step in the refocusing of the NPRF towards investment in areas of strategic importance to the Irish economy while allowing us to target attractive total returns."

Enquiries:

Better Capital PCC Limited +44 (0)1481 716 000

Mark Huntley (Director)

Laurence McNairn (Administrator and Company Secretary)

Better Capital LLP +44 (0)20 7440 0840

Jon Moulton (Chairman)

Mark Aldridge (CEO)

Powerscourt (Public Relations Adviser) +44 (0) 20 7250 1446Jon EarlCarmen Murray