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The funds' returns as at 31 December 2011

CapMan publishes annually the return figures for the funds it manages. These figures indicate the return to investors taking into account the funds' costs etc. which are not included on investment areas' track record (investments' aggragate money back multiples). The funds established 2010-2012 are excluded from the analysis because they are not comparable with more mature funds due to their short operating history.

Latest data on IRR's and return multiples is presented in the table below. Figures for previous years here.

Fund	Operations started / ended in year *	Size of fund	Paid-in capital	Distributions, investors' share **	Portfolio, investors' share ***	Distribution+ portfolio, investors' share	Net return to investors ****	Distribu- tions/ paid-in capital	Portfolio/ paid-in capital	Distributions +portfolio / paid-in capital
		a	b	c	d	e = c + d	IRR	f = c / b	g = d / b	h = f + g
		MEUR	MEUR	MEUR	MEUR	MEUR	% p.a.	multiple	multiple	multiple

Terminated funds
Finnventure Rahasto I	1990-2005	11.1	11.1	32.9	0.0	32.9	15.4 %	3.0	0.0	3.0
Fenno Ohjelma / Muut	2001-2004	6.0	6.0	38.6	0.0	38.6	73.7 %	6.4	0.0	6.4
Swedestart II	1997-2006	26.2	26.2	171.1	0.0	171.1	168.5 %	6.5	0.0	6.5
Alliance ScanEast Fund L.P.	1994-2006	21.5	21.5	39.1	0.0	39.1	9.1 %	1.9	0.0	1.9
Finnventure Rahasto II	1994-2010	11.9	11.9	41.8	0.0	41.8	55.7 %	3.5	0.0	3.5
Finnventure Rahasto III	1996-2010	29.7	29.7	117.0	0.0	117.0	63.0 %	3.9	0.0	3.9
Fenno Ohjelma / Skandia II	2001-2011	8.1	8.1	26.9	0.0	26.9	44.4 %	3.3	0.0	3.3

Funds over 5 years old
Fenno Ohjelma / Fenno Rahasto	1997	42.5	42.5	87.6	0.3	87.9	15.1 %	2.1	0.0	2.1
Fenno Ohjelma / Skandia I	1997	8.4	8.4	12.5	0.3	12.8	16.7 %	1.5	0.0	1.5
Finnventure Rahasto IV	1998	59.5	59.5	73.6	0.8	74.4	3.9 %	1.2	0.1	1.3
Finnventure Rahasto V	1999	169.9	165.7	258.5	7.6	266.1	10.5 %	1.6	0.0	1.6
Finnventure Rahasto V ET	2000	34.0	34.0	13.1	0.9	14.0	-	0.4	0.0	0.4
Swedestart Tech	2001	86.1	73.0	41.2	12.0	53.2	-	0.6	0.1	0.7
Swedestart Life Science	2001	51.6	50.6	11.1	6.8	17.9	-	0.2	0.2	0.4
CapMan Equity VII A	2002	156.7	153.0	148.0	76.3	224.3	9.5 %	1.0	0.5	1.5
CapMan Equity VII B	2002	56.5	56.5	69.1	28.9	98.0	12.3 %	1.2	0.5	1.7
CapMan Equity VII C	2002	23.1	19.9	8.2	8.0	16.2	-	0.4	0.4	0.8
CapMan Equity VII KB	2002	67.0	66.4	63.6	32.9	96.5	9.2 %	1.0	0.5	1.5
CapMan Buyout VIII	2005	440.0	374.6	153.1	269.2	422.3	3.4 %	0.4	0.7	1.1
CapMan Real Estate I ¹⁾	2005	200.0	188.5	205.3	51.7	257.0	21.1 %	1.1	0.3	1.4

Funds 2-5 years old
CapMan Life Science IV Fund	2006	54.1	47.1	12.1	35.8	47.9	0.6 %	0.2	0.8	1.0
CapMan RE II ²⁾	2006	150.0	109.5	0.5	103.9	104.4	-	0.0	1.0	1.0
CapMan Technology 2007	2007	99.6	68.4	2.4	55.7	58.1	-	0.0	0.8	0.8
CapMan Hotels RE ³⁾	2008	332.5	315.3	27.2	268.3	295.5	-	0.0	0.9	0.9
CapMan Russia Fund	2008	118.1	73.3	0.0	60.0	60.0	-	0.0	0.8	0.8
CapMan Public Market Fund	2008	138.0	129.4	53.4	98.2	151.6	15.4 %	0.4	0.8	1.2
CapMan Buyout IX Fund	2009	294.6	208.7	9.4	196.8	206.2	-	0.0	1.0	1.0

***

****

The year when operations were started differs with the fund's establishment year for following funds: Finnventure Fund V ET (established in 1999), Swedestart Tech and Swedestart Life Science (established in 2000), Fenno Program / Skandia II and Other (established in 1997).

Distributions, investors' share = cash flow to investors.

The Funds' portfolios are valued at fair value in accordance with the International Private Equity and Venture Capital Valuation Guidelines (IPEVG). The investors' share of the Funds' portfolios include any liquid assets.

Net return to investors = Internal Rate of Return (IRR) p.a. to investors; cumulative cash flow between investors and fund + portfolio (***).

CapMan Real Estate I: The size of the fund and paid-in capital include a MEUR 100 bond issued by Real Estate Leverator Oyj. Distributed cash flow includes payback of bond and payments to equity investors. Differing from other tables, the figures do not include senior loan.

CapMan RE II: The size of the fund does not include the senior loan.

CapMan Hotels RE: The size of the fund does not include the senior loan.

Above mentioned investors' share means the portion paid or belonging to the investors less the management company's carried interest and management fees.

The funds' returns as at 31 December 2011

Investment teams

CapMan Group

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