UNQUOTE

CapMan exits Holiday Club Finland

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Funds managed/advised by CapMan and Procurator Oy will sell their ownership in Finnishleisure travel service company Holiday Club Finland to London & Regional Properties (L&R),one of the biggest owners of hotel properties in Europe. The transaction value is approx. EUR 120m and the deal expected to be finalized by mid-August. The transaction is subject tocertain authority approvals and consents. The exit will impact CapMan Plc’s result for 2005 byapprox. EUR 0.3m as a result of carried interest income received from Finnventure Fund I.

Finnventure Fund IV managed/advised by CapMan invested in Holiday Club Finland in 1998. OtherCapMan funds (Finnventure I, Finnventure V, Finnmezzanine II and Finnmezzanine III) joined theinvestment in the additional financing rounds between years 1999-2002 funding the growth of thecompany. The funds’ combined ownership in the company was approx. 31% prior the transaction.The investment in Holiday Club Finland has been reasonable for investors in CapMan funds.

During the investment period the company’s business has expanded strongly through acquisitions,and currently it is one of the leading providers of leisure travel services. In Finland Holiday ClubFinland chain consists of 6 spa hotels and nine other holiday resorts. The first spa hotel of thecompany outside Finland, the Holiday Club Åre, was opened in November 2004 at Åre in Sweden.The company is one of the leading timeshare companies in Europe. Holiday Club Finland’s turnoverin 2004 was EUR 76m and it employs 450 people.

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