Debt Refinancing

For immediate release on 20 December 2013 Candover Investments plc - debt refinancing Candover1 (the "Company") announces the refinancing of its 2007 US privateplacement notes (the "existing notes"), to lengthen the maturity of its debt. The existing notes, which were due to mature in December 2014 and January 2015,have been fully repaid, using existing cash balances and the proceeds from thesimultaneous issue of new notes. The new notes are for approximately $84million, with a coupon of 7.02% (the same as the dollar-denominated existingnotes). Their final maturity is 31 December 2015, although they are repayablebefore this date (at par) from the proceeds of realisations. Candover has undertaken this exercise to eliminate the current inefficiency andimpact of maintaining high cash balances, and to address the risk (as outlinedin its preliminary results for the year ended 31 December 2012), that therecould be a shortfall in Candover's ability to meet its future loan noterepayments if its manager Arle2 was unable to achieve its realisationprojections. The Company's strategy of a progressive return of cash to shareholders overtime remains in place. Following this exercise, Candover's net debt will be £49.1 million, up from£44.2 million as reported at 30 September 2013, reflecting the impact ofcontractual early repayment costs, new issue fees and expenses. The new notes contain a 40% loan-to-value covenant (as under the existingnotes), but the calculation of the value component of the covenant is no longersubject to concentration limits in respect of larger investments. This changewill offer more covenant headroom in the future and would have improved ourcovenant LTV ratio from 23.9% to 21.5% as at 30 June 2013. Commenting on the refinancing, Malcolm Fallen, CEO of Candover said: "This refinancing gives us increased flexibility and stability, extends ourrepayment obligation by up to 15 months, and provides a more flexible repaymentmechanism without penalties if realisations happen faster than we currentlyanticipate. Additionally, our loan notes are now in a single currency thatmatches the currency exposure of our largest asset, Expro International.Importantly, we have eliminated the drag of carrying high cash balances whichhave been earning very little interest income." The Company was advised by Rothschild on the refinancing. Ends. 1 Candover means Candover Investments plc and/or one or more of itssubsidiaries 2 Arle means Arle Capital Partners Limited For further information, please contact: Candover Investments plcMalcolm Fallen, CEO +44 20 7489 9848