Spicers repayment reduces Fund's commitment

BETTER CAPITAL PCC LIMITED 2009 Cell 22 March 2012

Better Capital PCC Limited is pleased to report that BECAP Fund LP has received a second repayment of £10 million from its investee company, BECAP Spicers (UK) Limited, thus enabling it to reduce its commitment to the Spicers group from £40 million to £20 million.

The business is trading to plan and the investment and restructuring initiatives are continuing.

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

Nick Sanders (Head of Portfolio)