FINLAND - CapMan expects 15% decline in portfolio value

The fair value of CapMan's own investments at the end of September 2008 was EUR 59.8m, and the change in the fourth quarter is expected to bring a loss for 2008. The fair values of portfolio companies are determined in accordance with International Private Equity Valuation Guidelines (IPEVG). In addition to the companies' own financial status, the multiples of portfolio companies' listed peers significantly affect fair value evaluations.

Earlier this year, CapMan Plc issued EUR 20m hybrid bonds to Finnish institutional investors to the strengthen the Group's capital structure and finance fund investments. The semi-annual coupon rate of the bond is 11.25%.

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