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Under the Securities Act the term “U.S. person" means:

i.Any natural person resident in the United States;
ii.Any partnership or corporation organized or incorporated under the laws of the United States;
iii.Any estate of which any executor or administrator is a U.S. person;
iv.Any trust of which any trustee is a U.S. person;
v.Any agency or branch of a foreign entity located in the United States;
vi.Any non-discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary for the benefit or account of a U.S. person;
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viii.Any partnership or corporation if: (A)Organized or incorporated under the laws of any foreign jurisdiction; and (B)Formed by a U.S. person principally for the purpose of investing in securities not registered under the Act, unless it is organized or incorporated, and owned, by accredited investors (as defined in Rule 501(a)) who are not natural persons, estates or trusts.

Analysing short-term carried interest potential

At the moment four funds investing in portfolio companies are generating carried interest to CapMan. These funds generated €3.1 million carried interest to CapMan in 2011. Since it first started operating, CapMan has received a total of €92.3 million in carried interest from funds now in carry or funds that have terminated operations, including minority interests. The funds' portfolios are presented below.

FUNDS GENERATING CARRIED INTEREST 31 December 2011, MEUR
Fund size, in total	258.0
Paid-in capital	252.2
Portfolio at cost	18.1
Portfolio at fair value	13.6

Funds		Portfolio
Finnventure V
Fenno Program
Finnmezzanine II B Ky
Finnmezzanine III B Ky

Analysing short-term carried interest potential

Funds

Portfolio

Investment teams

CapMan Group

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