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BaltCap, the leading private equity firm in the Baltic States announced today the first close of BaltCap Private Equity Fund at EUR 58 million. The Fund will invest in mid-sized private companies across the Baltic States Estonia, Latvia and Lithuania focusing on both expansion financing and buyouts. The targeted Fund size at final closing is EUR 100 million.

The Fund’s investors include European Bank for Reconstruction and Development, European Investment Fund (under the European Union “Competitiveness and Innovation Framework Programme” mandate), Icebank, SEB Ühispank Pension Funds, Erste Bank and other local and Nordic banks, pension funds and insurance companies.

“We are pleased to announce the first closing of the Fund and are grateful for the confidence that a number of respected institutional investors have placed in us,” said Managing Partner of BaltCap Mr. Peeter Saks. “The launch of the Fund is a superb start for the independent development of BaltCap after the management buyout completed last month.”

BaltCap Private Equity Fund will continue the investment strategy that has proven successful in previous BaltCap funds. The Fund will typically invest between EUR 5 and 10 EUR million in medium sized companies with strong growth potential by acquiring either majority or significant minority equity positions. The industry focus will be on consumer related businesses, B2B service providers, specialised manufacturing, construction and ICT companies.

The Fund will concentrate its activities on Estonia, Latvia and Lithuania, but will also be able to invest in other Central and Eastern European countries in order to facilitate the international expansion of the Baltic companies.

“We believe that now is an attractive time to invest and that our experience and regional network provides a very strong platform from which to invest and help our companies grow,” Mr. Saks added. “We provide the right tools and skills to accelerate the companies’ development – from implementing the best management practices and financial systems to attracting top talent and facilitating potential alliances, we act as a committed, long-term partner to our portfolio companies.”

For additional information please contact:

Mr. Peeter Saks

Managing Partner

Tel. +372 665 0280

peeter.saks@baltcap.com

www.baltcap.com

Estonian, Latvian, Lithuanian and Finnish members of management have completed the 100% buy-out of the leading Baltic private equity fund manager BaltCap from Evli Group and CapMan. BaltCap will continue to manage Baltic Investment Fund III and Baltic SME Fund together with CapMan and Evli Group, and manage any future funds independently.

“The transaction adds flexibility and motivation to the local teams across the Baltics,” said Managing Partner of BaltCap Mr. Peeter Saks. “It’s a logical step in the private equity and venture capital industry where the majority of the funds are managed by independent and specialised managers.”

“The sale of our ownership in BaltCap is in line with CapMan’s strategy. We are happy to continue the management of Baltic Investment Fund III and Baltic SME Fund with BaltCap’s excellent management,” says Development Director of CapMan, Mr. Petri Saavalainen.

“The decision is part of our new strategy to focus more on our fast-growing core businesses, i.e. corporate finance, asset management and capital markets,” said CEO of Evli Bank Mr. Maunu Lehtimäki. “Naturally, we will continue to co-operate with the region’s best private equity and venture capital fund managers to deliver the best returns to our customers.”

CapMan is one of the leading alternative asset managers in the Nordic countries and manages Nordic funds with approximately €3.0 billion in total capital. CapMan’s operations are divided into two business units, CapMan Private Equity and CapMan Real Estate. The CapMan team comprises approximately 100 people in Helsinki, Stockholm, Copenhagen and Oslo. The B shares of CapMan Plc are listed on Helsinki Stock Exchange since 2001.

Evli Bank Plc is an independent investment bank whose clients are entrepreneurs, corporate executives and investment professionals. Evli was established in 1985, and has ever since been a pioneer and trailblazer in the rapidly developing capital markets. Evli owes its leading position to its strong expertise and experience, and its ability to find new solutions for clients in fluctuating markets.

For additional information please contact:

Mr. Peeter Saks

Managing Partner

BaltCap

Tel. +372 640 5702

www.baltcap.com

Mr. Petri Saavalainen, Senior Partner, Development Director, CapMan Plc,

tel. +358 9 6155 8314

www.capman.com

Mr. Maunu Lehtimäki

CEO

Evli Bank Plc.

Tel +358 9 4766 9304

BaltCap Private Equity Fund holds first close at EUR 58 million

The Management Team of BaltCap Completes Buy-out of the Private Equity Firm