CapMan - Tender offer

CapMan Plc confirms the final result of the exchange offer for Norvestia Oyj's shares and subscription rights and continues the Subsequent offer period until 9 January 2017

CapMan Plc Stock Exchange Release                        20 December 2016 at
2.00 p.m. EET

This stock exchange release may not be published or distributed, in whole or in
part, directly or indirectly, in or into or to any person located or a resident
of the United States of America, Australia, Canada, Hong Kong, Japan, New
Zealand, South Africa, or any other country where such publication or
distribution would violate applicable regulation or would require additional
measures in addition to the requirements under Finnish law.

CapMan Plc confirms the final result of the exchange offer for Norvestia Oyj's
shares and subscription rights and continues the Subsequent offer period until
9 January 2017

According to the final result of CapMan Plc's ("CapMan" or the "Company")
voluntary public exchange offer for Norvestia Oyj's ("Norvestia") shares and
subscription rights ("Exchange Offer"), the shares of shareholders who have
accepted the Exchange Offer together with Norvestia's shares owned by CapMan
represent approx. 90.6 per cent of all Norvestia's shares and votes. The shares
of shareholders who have accepted the Exchange Offer represent approx. 62.0 per
cent of all Norvestia's shares and votes. No subscription rights have been used
to accept the Exchange Offer. The offer period of the Exchange Offer ended on
16 December 2016 and CapMan announced on 19 December 2016 that it will
consummate the Exchange Offer in accordance with its terms and conditions around
22 December 2016, after which CapMan's ownership in Norvestia rises to 90.6 per
cent. The new CapMan shares offered as Offer Consideration are booked to the
book entry accounts of those Norvestia's shareholders, who have validly accepted
the Exchange Offer, around 27 December 2016.

"We reached our objective for the Exchange Offer as our ownership will exceed
90 per cent. We are pleased that Norvestia's shareholders widely accepted the
offer. However, we want to extend the opportunity to become shareholders in
CapMan also to those who missed the chance to accept the Exchange Offer during
the actual offer period," says Heikki Westerlund, CapMan's CEO.

CapMan has decided to continue the Subsequent offer period until around 9
January 2017. The Exchange Offer is accepted as described in its terms and
conditions and acceptances made during the Subsequent offer period are in
general irrevocable according to the terms and conditions. The trades for shares
that have been accepted during the Subsequent offer period are executed every
two weeks and after the end of the Subsequent offer period. As such, CapMan
announces the preliminary amount of validly, by 3 January 2017 and 9 January
2017, tendered Norvestia's shares around the first banking day following the end
of each acceptance period, and the final amount around the second banking day
following the end of each acceptance period. The trades are executed around the
second banking day following the end of each acceptance period. The new CapMan
shares offered as Offer Consideration are registered in the Trade Register and
booked to the book entry accounts of those Norvestia's shareholders, who have
accepted the offer, around four banking days following the end of each
acceptance period. The combined offer document and listing prospectus, which is
available on www.capman.com/exchange-offer and www.summa.fi/capman-norvestia-
vaihtotarjous/, includes the complete terms and conditions of the Exchange
Offer.

As CapMan's ownership exceeds 90 per cent of all shares and votes in Norvestia
following the settlement of execution trades of shares already accepted in the
Exchange Offer, CapMan will commence the redemption proceedings as referred to
in Chapter 18 of the Securities Market Act to acquire the remaining minority
shares in Norvestia. CapMan will announce in more detail when such proceedings
are initiated, around the beginning of 2017, the latest.



CAPMAN PLC
BOARD OF DIRECTORS



Additional information:
Heikki Westerlund, CEO, CapMan Plc, tel. +358 50 559 6580





Distribution:

NASDAQ Helsinki Ltd
Principal media
www.capman.com



CapMan
www.capman.com
www.capman.com/exchange-offer

CapMan is a leading Nordic investment and asset management company. For more
than 25 years, we have been developing companies and real estate and supporting
their sustainable growth. We are committed to understanding the needs of our
customers in an ever-changing market environment. Our objective is to provide
attractive returns and innovative solutions for our investors and value adding
services for professional investment partnerships, growth-oriented companies and
tenants. Our independent investment partnerships - Buyout, Real Estate, Russia
and Nest Capital - as well as our associated company Norvestia are responsible
for investment activities and value creation. CapMan's service business offering
includes fundraising advisory services, purchasing activities and fund
management services. CapMan has 100 professionals and assets under management of
€2.8 billion.



Important Notice

This release may not be released or otherwise distributed, in whole or in part,
in or into or to any person located or a resident of the United States of
America, Australia, Canada, Hong Kong, Japan, New Zealand or South Africa or any
other jurisdiction where prohibited by applicable laws or rules. This release is
not a share exchange offer document or a prospectus and as such does not
constitute an offer or invitation to make a sales offer. Investors shall accept
the exchange offer for the shares only on the basis of the information provided
in an exchange offer document and prospectus in respect of the exchange offer.
Offers will not be made directly or indirectly in any jurisdiction where either
an offer or participation therein is prohibited by applicable law or where any
exchange offer document or registration or other requirements would apply in
addition to those undertaken in Finland.

The exchange offer document and prospectus in respect of the exchange offer as
well as related acceptance forms will not and may not be distributed, forwarded,
or transmitted into, in, or from any jurisdiction where prohibited by applicable
law. In particular, the exchange offer is not being made, directly or
indirectly, in or into, Australia, Canada, Hong Kong, Japan, New Zealand, South
Africa, or the United States of America. The exchange offer cannot be accepted
from within Australia, Canada, Hong Kong, Japan, New Zealand, South Africa, or
the United States of America.

CapMan's shares have not been and will not be registered under the U.S.
Securities Act of 1933, as amended (the "Securities Act"), or under any of the
relevant securities laws of any state or other jurisdiction of the United States
of America. CapMan's shares may not be offered or sold in the United States,
except pursuant to an exemption from the Securities Act or in a transaction not
subject to the registration requirements of the Securities Act.

Certain statements herein which are not historical facts, including, without
limitation, those regarding expectations for general economic development and
the market situation, expectations for the combined company's development and
profitability and the realization of synergy benefits and cost savings, and
statements preceded by "expects", "estimates", "forecasts" or similar
expressions, are forward-looking statements. These statements are based on
current decisions and plans and currently known factors. They involve risks and
uncertainties which may cause the actual results to materially differ from the
results currently expected for the combined company. Such factors include, but
are not limited to, general economic conditions, including fluctuations in
exchange rates and interest levels which influence the operating environment and
profitability of customers and thereby the orders received by the combined
company and their margin; the competitive situation; the combined company's own
operating conditions, such as the success of production and product development
and their continuous development and improvement; and the success of future
acquisitions.




[]