Provisional text from interim report

As at 30th June, 2006

Candover continues to make solid progress. Net assets per share increased by 5.5% over the six months to 30th June, 2006, after adding back the return of cash to shareholders in May 2006. This uplift was principally due to revealuations of investee companies and gains from companies which have either been realised or partially exited.

In total, Candover invested £35.3 million during the six months to 30th June, 2006 in two new investments and four follow-on financings. Candover and the 2005 Fund completed the buyout of UPC Norway in January and EurotaxGlass in June. Since the period end Candover has completed the acquisition and merger of the UK mail services companies, DX Services and SMS.