CapMan - Company Announcement

CapMan Russia fund closes at EUR 118.1 million, acquisition price for Norum decreases to EUR 7.3 million

CapMan Plc Stock Exchange Release 7 April 2009 at 1.00 p.m.

Fundraising for the CapMan Russia fund has ended and the fund was
closed at EUR 118.1 million. Following the final closing the purchase
price of the Norum acquisition, which was announced by CapMan in May
2008, will decrease to EUR 7.3 million. CapMan Russia fund invests
predominantly in mid-sized companies based in Russia.

CapMan Russia has good resources for new investments

The CapMan Russia Fund (formerly Norum Russia Fund III) was
transferred under CapMan's management on the closing of the Norum
transaction on 27 August 2008. CapMan Plc's commitment to the fund is
EUR 13.5 million."The market environment has changed dramatically during the
fundraising. The last months have been extremely tough for getting
new commitments to the fund. We are very satisfied with the fund
size, which gives us good capacity to make new investments in Russia.
The amount of quality deal flow is currently at a high level," says
Hans Christian Dall Nygård, Head of CapMan Russia Investment
Operations.

CapMan Russia fund's investment focus is predominantly on mid-sized
companies based in Russia, which have an enterprise value of
approximately EUR 5-50 million. The target companies typically
operate in selected industries, such as consumer goods and services,
manufacturing, telecoms, transportation, financial services and
media. The companies have net sales of approximately EUR 5-100
million combined with strong growth potential, experienced and
motivated management, and transparent business practices. To date the
fund has made investments in Region Avia Airlines, a Russian private
airline, and in Russia Baltic Pork Invest ASA, a pig farm operator.

The acquisition price for Norum decreases to EUR 7.3 million

Following the final closing of CapMan Russia fund, the purchase price
for the Norum acquisition will be decreased from EUR 8.0 million to
EUR 7.3 million. The original purchase price was based on estimated
final fund size of EUR 150 million. Of the purchase price EUR 3.4
million has already been paid to the sellers, who are company
management, DnB NOR ASA and Sitra Management Ltd. The paid amount
corresponds to 51% ownership of Norum, which was transferred to
CapMan Plc's ownership on 27 August 2008. The additional purchase
price to be paid for this stake is approx. EUR 0.3 million. CapMan
Plc Board of Directors has decided in its meeting on 7 April 2009
that the additional purchase price will be paid to the sellers in
cash and in CapMan Plc B shares owned by the Company. According to
the original transaction terms the value of each B share in the
transaction is EUR 2.43. Altogether 109,204 B shares will be used as
part of the additional purchase price payment.

In line with the original transaction terms CapMan Plc will have a
liability to buy the remaining 49% of Norum shares at the latest in
July 2012 and the sellers will have the right to sell their remaining
Norum shares to CapMan at any time. The payable transaction price per
share for the remaining Norum shares will be the same as the
fundraising adjusted transaction price in the first phase of the
transaction. The purchase price for the remaining Norum shares shall
be paid either in cash, in CapMan Plc B shares or the combination of
those, depending on CapMan Plc's decision at the time. If the payment
shall be done in B shares, the value of those will be determined
based on the volume weighted average trading price thirty (30) days
preceding the date when the sellers have exercised the put option.

CapMan Plc's liability to buy the remaining Norum shares has been
recorded in CapMan Plc's balance sheet in Other loans for the value
of EUR 4.4 million, which will be adjusted to approx. EUR 3.6 million
following the final fund size. Correspondingly the goodwill allocated
for the transaction will be adjusted from EUR 6.5 million to approx.
EUR 5.8 million. The adjustments will have no impact on CapMan Plc
result.

Following the final closing of CapMan Russia fund CapMan Plc's share
of the possible carried interest to be generated by the fund is also
determined. CapMan Plc will receive 3.4% of the fund's cash flows if
the fund is generating carried interest. CapMan Plc's generally low
carried interest share in this fund results from the fact that part
of the fund was already raised before its transfer under CapMan's
management.

More detailed information on the transaction can be found in the
stock exchange releases published on 26 May 2008 and on 27 August
2008, available at CapMan's Internet pages at
http://www.capman.com/En/Media/Releases/2008.


For more information, please contact:

CapMan Russia fund and investment operations
Petri Saavalainen, Head of CapMan Russia, Senior Partner, tel.
+358 207 207 514 or +358 500 415
Hans Christian Dall Nygård, Head of CapMan Russia Investment
Operations, Partner, tel. +7 812 913 7834

Norum acquisition
Heikki Westerlund, CEO, CapMan Plc, tel.  +358 207 207 504 or +358
50 559 6580


CAPMAN PLC

Mari Reponen
Communications Director
Investor Services


DISTRIBUTION
Helsinki Stock Exchange
Principal media
www.capman.com



CapMan  www.capman.com
CapMan is one of the leading alternative asset managers in the Nordic
countries and Russia and manages private equity funds with
approximately EUR 3.4 billion in total capital. CapMan has six
investment areas (CapMan Buyout, CapMan Technology, CapMan Life
Science, CapMan Russia, CapMan Public Market and CapMan Real Estate),
and each of them has a dedicated team and funds. Altogether CapMan
employs over 140 people in Helsinki, Stockholm, Copenhagen, Oslo and
Moscow. CapMan was established in 1989 and its B shares are listed on
the Helsinki Stock Exchange since 2001.