CapMan Plc Group Interim Report 1 January – 30 September 2003

January – September 2003 in short:

– In August CapMan announced the expansion of its operations to Norway.

– The new Norwegian investor Argentum Fondsinvesteringer as invested MEUR 50 in CapMan Equity VII Fund, which grew in size to MEUR 303.3.

– CapMan focused its investment activities on finding new portfolio companies and developing existing companies in the portfolio. Two substantial buyout investments were made in the third quarter. It appears that the euro value of CapMan’s new investments in 2003 will clearly exceed that of the previous year.

– Exit markets remained unfavourable and therefore the amount of carried interest income was still small. The recent rise in stock prices and pick up in company acquisitions indicate gradual recovery of exit markets.