NEWS RELEASE
For Immediate Release

Cameron Thomson Becomes North American and Italian Business Development Partner For Conax AS

Toronto and Oslo, January 27th, 2003 - Cameron Thomson Group Ltd., the leading provider of business development solutions for the media and entertainment industries, announced it has become, effectively immediately, the North American and Italian business development partner for Conax AS, a world leader in conditional access smart card technology for broadcast television, cable, and satellites. Conax AS is a subsidiary of Telenor, the $5 billion (U.S.) Norwegian telephone company (NASDAQ: TELN).

Cameron Thomson will help develop markets for Conax by introducing the company's technology to the key satellite, cable and broadband operators within the Italian and North American broadcast communities. It will also assist Conax's entry into strategic partnerships with relevant companies in the Digital TV and Gaming markets in both Italy, the UK and in North America while packaging and selling a specifically focused e-Gaming offering using Conax's core technology.

"Conax recognized not only our specialized expertise in Italy and North America but also our track record in building successful new media companies that maximize the value of their intellectual properties globally through traditional media, the Internet, and via evolving broadband and wireless distribution mediums," commented Ronald Thomson, President of Cameron Thomson Group.

"We are very excited about Conax's technology," added Thomson. "As a result of the growth of such high value content as movies, sports, events and greater participation in online gaming, the need for addressable smart card based conditional access systems are increasing dramatically. Conax, which offers a complete security product range for content protection and transaction handling, also was the first company to integrate an IP conditional access solution in a Kreatel IP-STB box."

"We look forward to penetrating new markets successfully as a result of the relationship with the Cameron Thomson Group," commented Shahzad Abid, VP Sales & Marketing at Conax. "We believe this firm will best create acceptance for Conax's state of the art and highly innovative solutions in these key markets."

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About Conax AS

Conax is a leading supplier of conditional access technology for digital-TV, IP-streaming, and security systems for interactive gaming and e-payment applications. Originated in 1986 as part of the R&D environment in Telenor, Norway's leading telecommunication company (NASDAQ: TELN), Conax has grown into an internationally oriented player, with a solid base of clients in around 25 countries. From its head office in Oslo, Norway and sales & support offices in New Delhi and Singapore, Conax continues to deliver state of the art and highly innovative solutions for smart card based conditional access, security and payment solutions, including 24/7 operation and support services.

Conax' leading position in the conditional access business requires extreme focus on quality and security, hence our ISO-9001 certification, awarded in 1998. Conax is also the first Norwegian industrial company to successfully obtain the BS 7799 security certificate.

For further information, please contact: Shahzad Abid, VP Sales & Marketing, Conax AS, Tel.:(+47) 22 40 52 00 or visit www.conax.com

About Cameron Thomson Group Ltd.

Cameron Thomson Group Ltd. is a leading business development company specializing in providing corporate development and investment banking services to the media, IT and entertainment industries. Drawing from its broad base of experienced and highly motivated professionals, Cameron Thomson's expertise is in transforming business ideas into prosperous commercial opportunities. Cameron Thomson has a track record in building successful new media companies that maximize the value of their intellectual properties globally through traditional media, the Internet, and via evolving broadband and wireless distribution mediums.

Cameron Thomson Group is based in Toronto, Canada, with offices in Milan, Italy, and in London, UK. As part of its core offering, the company is engaged in arranging financing for media, entertainment and IT companies. Cameron Thomson Group has established an enviable track record in financing start-up, early-stage companies, mature businesses and motion picture productions and other media projects.

For more information on Cameron Thomson Group, visit www.cameronthomson.com or contact Michael Applebaum at 416.350.5009, email at michael@cameronthomson.com, or Elli Raynai in the UK at (+44) 0207.659.1191, email at elli@cameronthomson.com.