The Vartiainen family and EQT Finland, a private equity fund, will develop Larox together

The Vartiainen family, based in Lappeenranta, and EQT Finland, a private
equity fund, have established a joint venture company, Xoral Oy, in which the
shares are held 50% by the family and 50% by EQT Finland. The company will
make a public tender offer for all the publicly quoted B-shares of Larox
Corporation. The price offered will be EUR 8.50 per B-share, and the tender
period will begin on February 25th, 2002.

Larox Corporation is a company quoted on the I-list of the Helsinki Stock
Exchange. It produces and markets filters and process equipment to the mining-
and chemical processing industries. In 2000, the turnover of Larox group was
EUR 55 million, of which approximately 95% was exported. The group has 294
employees, and subsidiaries and sales offices are located in 11 countries. The
company will publish its results for the financial year 2001 on February 21st,

The Vartiainen family holds approximately 62% of all the shares and
approximately 93% of all the voting rights of the company. The family has
contributed significantly to Larox Corporation and its development into one of
the global leaders among the suppliers of filters to the mining- and chemical
processing industries. The lack of liquidity of the company’s B-shares
limits the availability of capital required for the future development of the
company, and therefore, the family considers a new ownership structure
necessary. The Vartiainen family and EQT Finland aim at building a larger
solution provider through acquisitions and other investments. The transaction
will not have a negative impact on the customers, suppliers, or employees of
Larox Group.

Timo Vartiainen, as a representative of the family, says: ”Larox is the
global leader in the solid/liquid separation. Taking full advantage of this
expertise has been restricted by the poor stock performance.”

Claes Dahlbäck, Chairman of EQT Finland, adds: ”Larox’ track record of
growth and profitability as well as its leading technology enable growth also
in the future. The growth will be further enhanced by EQT’s expertise.”

EQT is a group of private equity funds with equity commitments exceeding
EUR 3 billion and is sponsored by Investor AB, the publicly listed holding
company of the Wallenberg foundations. Since its inception in 1994, EQT has
successfully concluded investments in 27 companies and made 6 exits. EQT
Partners, acting as investment advisor to all EQT funds, has offices in
Stockholm, Copenhagen, Helsinki and Munich. EQT realises its business concept
by acquiring and developing high-quality medium sized companies in Northern
Europe. EQT serves as an active owner and works in close co-operation with the
management of the companies it acquires, in order to develop and implement
value-enhancing strategies.

For further information please contact:

Mr. Timo Vartiainen
+358 (0)5 6688305

Mr. Claes Dahlbäck
Chairman of EQT Finland B.V.
+31 20 577 6657

Mr. Andreas Tallberg
Senior Partner, EQT Partners Oy
+358 (0)9 6962470

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