Providence Equity Partners Invests Over $200 Million in Volia Cable

SigmaBleyzer announced today that Providence Equity Partners, the
world´s leading media and communications private equity firm, is
investing over US$200 million in Volia Cable. Volia Cable is the
leading Ukrainian cable TV and Internet access provider and is
controlled by UGF III, a SigmaBleyzer-managed private equity fund.
This transaction is the largest Western private equity investment in
Ukraine, illustrating the interest of Western investors in Ukrainian
companies. The transaction is expected to close in December of 2007.

"We are very pleased to partner with Providence, a leading private
equity investor and one of the largest and most experienced owners of
media and communications companies globally," said Michael Bleyzer,
President and CEO of SigmaBleyzer. "This is a natural step forward for
Volia Cable, SigmaBleyzer and Volia Cable´s other shareholders.
SigmaBleyzer will continue to play an active role in the Ukrainian
cable sector, and we look forward to Providence´s support as we
continue to grow Volia Cable as the leading cable and broadband
provider in Ukraine. It is also our belief that attracting the highest
quality global investors like Providence will have a positive effect
on the Ukrainian economy and investment climate and will further
promote Ukraine as an important investment destination."

"Our company is dedicated to providing the highest quality
products, supported by outstanding customer service", said Sergey
Boyko, President of Volia Cable. "We believe that Providence, as one
of the world´s leading investors in cable, will help us deliver even
better products to our customers in Kyiv and other cities in Ukraine."

"This is our seventh significant investment in this sector in
Europe and our second in Eastern Europe, which is experiencing
increasing demand for sophisticated television and broadband
services," said Jonathan M. Nelson, Providence Chief Executive
Officer. "We continue to believe that quality cable and broadcasting
companies like Volia are critical service providers with significant
opportunities for growth and value creation."

"Volia is an important player in the communications and
entertainment sector in Ukraine," said John Hahn, a Managing Director
of Providence and head of the firm´s office in Europe. "We have
extensive holdings in cable businesses across Western Europe and are
excited about the opportunity to marry that expertise with the great
business that SigmaBleyzer and the Volia management teams have built."

Goldman Sachs International and UBS Investment Bank acted as
financial advisors to SigmaBleyzer. Lazard acted as financial advisors
to Providence.

About Providence Equity Partners Inc.

Providence Equity Partners is the leading global private equity
firm specializing in equity investments in media, entertainment,
communications and information companies around the world. The
principals of Providence manage funds with approximately $21 billion
in equity commitments and have invested in more than 100 companies
operating in over 20 countries since the firm´s inception in 1989.
Significant investments include Bresnan Broadband Holdings, Casema,
Com Hem, Digiturk, Education Management Corporation, eircom, Freedom
Communications, Hulu, Idea Cellular, Kabel Deutschland,
Metro-Goldwyn-Mayer, NexTag, Ono, Open Solutions, PanAmSat,
ProSiebenSat.1, Recoletos, TDC, Univision, VoiceStream Wireless,
Warner Music Group, Western Wireless and Yankees Entertainment and
Sports Network. Providence is headquartered in Providence, RI (USA)
and has offices in New York, London, Hong Kong and New Delhi.

About Volia Cable

Volia Cable is the number one cable TV and Broadband Internet
provider in Ukraine. Its network connects over 900,000 homes in
Ukraine, serving over 700,000 RGUs in four cities within Ukraine:
Kyiv, L´viv, Alchevsk, and Chernivtsy. Volia provides services such as
analog cable TV, digital cable TV, high-speed cable Internet access,
VoIP and data services. New services, such as VoD and PPV, are under
development and will be implemented in the future.

Volia Cable was initially created through the consolidation of
three separate companies acquired in 1999 and 2000. Since acquisition,
Volia has integrated the activities of the original cable operators,
allowing for significant cost savings by streamlining activities and
eliminating redundant departments and equipment. Several separate
cable networks in Kyiv were consolidated around a single digital
head-end, which allows the company to manage all of its services and
to distribute its television signal from one location to its
subscribers. This approach significantly reduces the cost of providing
services, and gives the company a considerable competitive advantage.

In addition, the company has completed a trunk network buildout,
the construction of a fiber optic ring around Kyiv, upgrades of the
narrowband portions of the network, and the construction of a modern
call center with computerized customer service information.

About SigmaBleyzer

Operating in the region for over a decade, SigmaBleyzer is one of
the largest and most experienced private equity investors in Eastern
Europe. With the strength of the company´s local infrastructure,
western-style management and knowledge of local markets, SigmaBleyzer
has created one of the best investment management companies in the
region. SigmaBleyzer manages funds and special purpose investment
vehicles with approximately $1 billion in commitments and has made
investments in over 80 companies in Ukraine since 1994.

As a manager of a family of private equity funds currently
investing in Ukraine, Romania, Bulgaria and Kazakhstan, SigmaBleyzer
utilizes a hybrid investment approach developed specifically for
emerging markets and focused on simultaneous value creation at the
micro or enterprise level and at the macro level. Because of this
unique approach and strong on-the-ground presence in a region where
many of its investors could not have invested directly, SigmaBleyzer
brings one of the most attractive pipelines of investment
opportunities found anywhere to its client base.

With offices in Kyiv and Kharkiv (Ukraine); Sofia (Bulgaria),
Bucharest (Romania), Astana (Kazakhstan), and a back office in
Houston, Texas, SigmaBleyzer has the infrastructure in its countries
of operation to successfully manage portfolio companies to help them
reach their full potential, while creating value for the investors,
shareholders, employees and other stakeholders.