2010

In January 2010, Candover reached agreement with Candover Partners and the Limited Partners of the Candover 2008 Fund over the future of that fund.  The investment period of the Candover 2008 Fund was put into suspension in March 2009 in order to allow talks on its future to be concluded following our assessment that we would not be able to maintain our €1.0 billion commitment. These talks concluded that it would not be appropriate to resurrect the Candover 2008 Fund and shortly after the year end we announced that agreement had been reached to terminate the investment period of the Fund.

The Candover 2008 Fund’s sole investment is in Expro International. Under the agreement, investor commitments have been scaled back pro rata to meet the cost of the Expro International investment. Additionally, a follow-on reserve of €100 million has been created to allow Expro International to continue to take advantage of market opportunities. The Company will not be contributing to this follow-on reserve. The other key terms of the agreement are that the Company will surrender its Candover 2008 Fund carry entitlement to the Limited Partners and that all Limited Partners have waived any claims that they may have against the Company and Candover Partners as a result of our withdrawal from the Candover 2008 Fund.

Overall, we believe that the Candover 2008 Fund was terminated on terms satisfactory to Candover Investments plc.