Nordic Capital to acquire Outokumpu Copper Products Oy

Press release, April 5, 2005 Nordic Capital has signed an agreement to acquire Outokumpu Copper Products Oy from the Outokumpu Group excluding the Tube and Brass division. Outokumpu Copper is a leading global manufacturer of fabricated copper products with a strong market position in tubes and coils for the air-conditioning industry, copper and brass radiator strip, superconductors and other high value-added copper products. The company had sales of EUR 1.7 billion in 2004 and has about 6,400 employees. Closing of the transaction is expected to take place in June 2005 at the latest.

Outokumpu Copper is headquartered in Finland and has a worldwide manufacturing structure with 27 sites in 13 countries concentrated in the US, the EU, and Southeast Asia. Globally, the company has a leading market position in fabricated copper products for applications in which copper’s most critical properties are utilized: thermal and electrical conductivity. The business is based on production technologies developed in-house with a clear potential for growth in different markets, especially Asia. “As an independent company we see good prospects for Outokumpu Copper to develop and grow going forward,” says Bo Söderberg, Partner at Nordic Capital. “Outokumpu Copper has good long-term customer relationships and great opportunities for growth, not least in the Asian markets and through new solutions of copper use that are being developed for future applications, including new markets created by stricter environmental standards. The company is recognized for high quality and application engineering expertise. We look forward to working closely with the management team to further develop and expand the business from both a Nordic and a global perspective.” “This is great news for Outokumpu Copper,” says Kalevi Nikkilä, currently President of Outokumpu Copper. “It will give the company and its management the best possible start as an independent company. As announced earlier I will be retiring, but I will continue to be in charge of the businesses within the scope of the transaction until closing. Given the competence and track record of Nordic Capital I am confident in their commitment to give Outokumpu Copper and the new President of the company the opportunity and ability to grow from a new platform and help the company realize its goals.” “The sale of the fabricated copper products business is a strategic move on our way to a focused stainless steel and technology company,” says Juha Rantanen, CEO of the Outokumpu Group. “I’m very pleased that we have today reached an agreement with Nordic Capital. Our vision is to be the undisputed number one in stainless and with the divestment we will make a significant step towards reaching our desired business structure. The proceeds from the divestment will considerably strengthen our capital structure and make us more flexible in continuing on our chosen path. At the same time, I am convinced that the sold business will have a far better growth potential with its new owner.” The scope of the transaction comprises the following divisions of the Outokumpu Copper business area: - Americas - Europe - Automotive Heat Exchangers - Appliance Heat Exchangers & Asia - Forming Equipment businesses The businesses will continue to operate under the name Outokumpu Copper Products Oy during a transition period of up to12 months after closing. A process to evaluate and change the brand position to fully develop the benefits of being an independent company will start as soon as new management is in place. For more information, please contact: Bo Söderberg, Partner, Nordic Capital Tel. +46 8 440 50 50 Karri Kaitue Deputy CEO Outokumpu Oyj Tel. +358 9 421 5506 Eero Mustala, Senior Vice President - Corporate Communications, Outokumpu Oyj Tel. +358 9 421 2435 www.nordiccapital.com www.outokumpu.com Outokumpu Copper utilizes the superior properties of copper: heat transfer, electrical conductivity and signal transmission, which are increasingly needed to enhance comfort and communication in everyday living, energy generation and construction. In fabricated copper products the company is one of the leading producers with about ten percent global market share. Production plants are located in 13 countries. Main products include air-conditioning and refrigeration tubes, strips for automotive radiators and electrical connectors, architectural and roofing products and welding electrodes. Production has been shifted to higher value-added products, such as superconducting wires, components for electrical and electronic appliances as well as coils for air-conditioning and heat transfer appliance manufacturers. Nordic Capital is a leading private equity firm focusing on investments primarily 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 60 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 investors in Nordic Capital funds.