Key figures for funds

CapMan Group funds as at 31 December 2011

<sup>Definitions for column headings
* Total capital committed to the fund by investors, i.e. the original size of the fund. For real estate funds, investment capacity also includes the share of debt financing used by the fund.
**     The sum of original equity commitments and exits at cost. In real estate funds current capital under management includes fee generating invested loan capital.
***     Total capital paid into the fund by investors at the end of the review period.
****   Investors' remaining investment commitment to the fund.                 
*****The funds' investments in portfolio companies are valued at fair value in accordance with IPEVG (International Private Equity and Venture Capital Valuation Guidelines, www.privateequityvaluation.com) and investments in real estate assets are valued in accordance with the the value appraisements of external experts. The fair value is the amount for which an asset could be exchanged between knowledgeable, willing parties in an arm's length transaction. Due to the nature of private equity investment activities, the funds' portfolios contain investment targets with a fair value that exceeds their aquisition cost as well as investment targets with a fair value less than the acquisition cost.
******When calculating the value of the portfolio, the fund's net cash assets must be taken into account in addition to the portfolio at fair value. Real estate funds' shares of debt financing are resented in separate rows in the table. 
*******  When the return of a fund has exceeded a required cumulative return target, the management company is entitled to a share of the cash flow from the funds (carried interest). Cash flow includes both the distribution of profits and distribution of capital. When assessing the cash flow a fund needs in order to start generating carried interest, it should be noted that the capital of some funds has not yet been called and paid-in. After the previous distribution of profits, any new capital called in, as well as any annual preferential returns on it, must however be returned to investors before the new distribution of profits is paid.
********This cash flow refers to the profit distributed by funds and the capital they pay back to investors. The figure indicates the size of the cash flow that must be returned to investors as of the end of the reporting period to enable a fund to transfer to carry. A fund's carry potential can be evaluated by comparing this figure to the fair value of its portfolio.</sup>  

^{Definitions for footnotes
1) Fenno Fund and Skandia I together form the Fenno Program, which is jointly managed with Fenno Management Oy.
2)  The fund is comprised of two or more legal entities (parallel funds are presented separately only if their  investment focuses or portfolios differ significantly).           
3)  Currency items are valued at the average exchange rates quoted at 31 December 2011.         
4) Funds with limited carried interest potential for CapMan: Finnventure Fund IV, Finnventure Fund V ET, Swedestart Life Science, Swedestart Tech, Finnmezzanine Fund II A, C and D, Finnmezzanine III C, CapMan Equity VII C and CapMan Mezzanine IV.
5) CapMan Mezzanine IV: The paid-in capital includes a MEUR 192  bond issued by Leverator Plc. Distributed cash flow includes payments to both  bond subscribers and to the fund´s partners.
6) CapMan Real Estate I: Distributed cash flow includes repayment of the bonds and cash flow to the fund´s partners. Following the previous payment of carried interest, a total of MEUR 43.9 in paid-in capital had not yet been returned to investors. This capital, together with the annual income entitlement payable on it, must be paid to investors before further carried interest can be  distributed. CapMan's management considers it unlikely, in the light of the market situation, that further carried interest will be provided by the CapMan Real Estate I fund. As a result, the fund has been transferred from those funds in carry. A total of some MEUR 6 of carried interest was not entered in CapMan’s profit in 2007 but instead left in reserve in case that some of the carried interest would have to be returned to investors in future. 
7) CapMan Group's Board of Directors made a decision early 2012 to increase Buyout investment teams' share of carried interest to better
reflect the prevailing industry practices. In CapMan Buyout VIII fund the investment team's share is approximately 40%, and in CapMan Equity VII funds
the investment team's share is approximately 25%.}