The Norum II Fund (2003), a fund advised by CapMan Russia, has, in co-operation with other owners, completed a transaction to sell 100% of Tascom CJSC, a telecommunications service provider, to Moscow City Telephone Network OJSC (MGTS), a subsidiary of Mobile TeleSystems OJSC ("MTS" - NYSE: MBT), the leading telecommunications provider in Russia and the CIS. The Norum II Fund made its initial investment in Tascom through Bester Investments in 2004. A complete exit of Bester Investments will result in a final exit of the Norum II Fund. The transaction has no impact on CapMan Group's results.

The Norum II Fund made its initial investment in Tascom in 2004. Tascom provides a wide range of telecommunication services to corporate clients, including virtual private networks (VPNs), local and long distance calling, broadband Internet, and Wi-Fi access.

"Tascom has proven to be an excellent investment for the Norum II Fund. The approximately 10x growth in Tascom revenues during our holding period are a testament to the experience and value creation capabilities of the CapMan Russia team. When the proceeds from the Tascom sale are distributed, the Norum II Fund will have generated returns in excess of 4.5x gross." says Hans Christian Dall Nygård, Head of CapMan Russia.

The Norum II Fund will be fully exited when it sells its stake in Gars Telecom, the only remaining asset of Bester Investments. Bester Investments is jointly owned by the Norum II fund, the European Bank for Reconstruction and Development (EBRD), whose investment is advised by CapMan, and Quadriga Capital Russia, who became a shareholder in 2007 as a result of a second round of financing, in addition to other institutional and private investors.