Nordic Capital and Baker Capital to sell C More Group, the operator of the Canal+ channels in the Nordic region, to European media group SBS Broadcasting

Nordic Capital and New York-based private equity firm Baker Capital today announced that they have signed a definitive agreement regarding the sale of the shares in C More Group AB, the region’s leading premium pay-TV provider, which operates the Canal+ channels in Sweden, Norway, Finland and Denmark. The company will be sold to SBS Broadcasting for a purchase price of EUR 269.6 million in cash.

Press release February 9, 2005 C More Group AB is the leading premium pay-TV provider in the Nordic region with over 770,000 subscribers and an annual turnover of EUR 181 million during 2004. The channels are distributed by satellite, cable, broadband and through the digital terrestrial network. In a highly competitive and rapidly changing industry the company has managed to increase the number of subscribers and substantially broaden its offering. SBS Broadcasting is a leading European commercial television and radio broadcaster. SBS will acquire C More through its wholly owned Swedish subsidiary Kanal 5 Holding AB. Nordic Capital and Baker Capital hold about 50% each of the shares in C More Group AB which was formed when the firms acquired Canal+ Television AB from Vivendi Universal in October 2003. During the ownership of Nordic Capital and Baker Capital the company has grown by 100,000 subscribers. A substantial effort was made to re-launch the channel format in May, 2004, moving to a prime-time scheduling focus, increasing the number of channels from three to five, placing further focus on premier sports by securing the English FA Premier League and Serie A and broadcasting more than 1,000 matches every year as well as introducing several new studio programs such as the movie review program Go-C and The Daily Show with John Stewart. Anders Hultin, Partner, Nordic Capital “We are very pleased to see that SBS value the transformation that we have achieved. The two companies have a very strong strategic fit where both companies have leading market positions in their respective market segments. For C More Group this is an excellent opportunity in a rapidly transforming industry. The combination will strengthen C More’s already strong market positions and leverage its core capabilities.” Marc-Antoine d’Halluin, CEO, C More Group “Nordic Capital’s and Baker Capital’s industrial and financial expertise has been instrumental in the support of transforming the Group into a market leading premium pay-TV operator. The period under Nordic Capital’s and Baker Capital’s ownership has been characterized by significant change for the company. Major efforts have been made to improve the viewing experience to our customers. The Group has also re-negotiated most studio agreements, secured all key sports rights contracts for the coming years, created strong alliances with other parties, such as the main national gambling operators, and launched new services, such as IPTV based on broadband and subscription on demand.” Rob Manning, Partner, Baker Capital “The Nordic TV landscape is currently being reshaped and this will continue as TV is increasingly digitalized in connection with the roll-out of DTT (Digital Terrestrial Television). The management team led by Marc-Antoine has done a fantastic job to position the C More Group in the best possible way and transformed it into a tremendous company.” The transaction is subject to competition authority approval and is expected to close in the second quarter of 2005. Nordic Capital and Baker Capital have been advised by Morgan Stanley (financial) and Vinge (Legal). For more information, please contact: Anders Hultin, Partner, Nordic Capital Tel: +46 8 440 50 50 Robert Manning Partner, Baker Capital Tel: +1 212 848 20 00 Marc-Antoine d’Halluin, CEO, C More Group AB Tel: +46 8 459 28 95 C More Group AB is the leading premium pay television provider in the Nordic region, serving Sweden, Norway, Finland and Denmark. The Company has long-term exclusive rights agreements with most of the major Hollywood movie studios and several local distributors and holds the live broadcast rights to the most popular sporting leagues including the English Premiere League, the Italian Serie A, Allsvenskan, Tippeligan, NHL, and Elitserien. The Company provides five channels of premium television programming in each Nordic country to subscribers through distributors for a monthly fee as well as pay-per-view services. For further information visit: www.canalplus.se Nordic Capital is a leading private equity firm focusing on investments in the Nordic middle-market arena. The firm has a strong investment track record, an extensive network of contacts and firsthand knowledge of local industries and business practices. Since its inception in 1989, Nordic Capital has invested in more than 50 Nordic-based companies operating in a range of segments and sectors. Nordic Capital’s proven investment strategy creates value by actively implementing key value drivers, such as new industrial combinations, strategic repositioning and internationalization. A range of leading Nordic and international institutions are invested in Nordic Capital funds. For further information visit: www.nordiccapital.com Baker Capital, founded in 1995, is New York based private equity firm with $1.5 billion under management. Baker Capital makes investments in communications-focused companies at all stages of development. The partners of Baker Capital have extensive private equity and operational experience allowing the firm to provide its portfolio companies with not only capital, but also global strategic thinking and relationships For further information visit: www.bakercapital.com SBS Broadcasting, is a European commercial television and radio broadcasting company with operations in Western and Central Europe. Countries where SBS currently has broadcasting assets include: Belgium (Flanders), Denmark, Finland, Greece, Hungary, The Netherlands, Norway, Romania and Sweden. For further information visit: www.sbsbroadcasting.com