Termination of Discussions

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20 January 2012

Termination of Discussions

On 23 December 2011, Scottish Equity Partners ("SEP") announced that it had previously held discussions with Oliver Vellacott regarding a possible offer for IndigoVision Group plc (the "Company" or "IndigoVision") and that it would confirm its intentions in relation to the Company, one way or the other, by not later than 5.00 p.m. on 20 January 2012.

Since the date of that announcement, SEP has had constructive discussions with the Board of the Company. However, these discussions have not led to agreement on the terms of a possible offer and accordingly SEP (along with its concert party, Oliver Vellacott) confirms that it has withdrawn its interest in making an offer for the Company.

SEP remains a shareholder in IndigoVision and continues to support the Company.

As Oliver Vellacott was acting in concert with SEP in relation to the possible offer for the Company, Oliver Vellacott (as well as SEP) is therefore subject to the restrictions imposed by Rule 2.8 of the Takeover Code.

SEP's Managing Partner, Calum Paterson, said:

"We are disappointed that we have not been able to reach agreement with the IndigoVision board on a proposed offer for the Company as we believe that what we proposed to the board reflected a full and fair valuation of the Company. SEP remains a shareholder in IndigoVision, however, and we wish the Company well in the future."

A copy of this announcement will be available on the website of IndigoVision at www.indigovision.com.

End.