LEVERATOR PLC FINANCIAL STATEMENTS BULLETIN 1 JANUARY – 31 DECEMBER 2008

No tranches were issued during the review period. Leverator’s turnover for the review period was EUR 0, because the Company’s interest earnings and interest expenses are presented as financial items in the income statement. Leverator’s operating loss was EUR 76,163 (EUR 85,508 for the review period 1 January – 31 December 2007) and financial income and expenses totalled EUR 161,429 (EUR 119,112). The result for the review period was EUR 49,508 (EUR 12,424).

Leverator’s solvency and risks

The security for the bonds is Leverator’s receivable from CMM IV. The security for this receivable to Leverator is CMM IV’s mezzanine loan receivables from portfolio companies as well as associated options and portfolio company shares that are possibly subscribed on the basis of those options.

Leverator’s solvency to pay the bonds’ interest and principal is based on CMM IV’s solvency to pay the loan receivable and interest to Leverator. CMM IV’s solvency is dependent on its mezzanine loan receivables from portfolio companies and on the value of associated options or shares as well as on CMM IV’s right to call the commitments and clawback of the Fund’s Limited Partners and on the credit limit of CMM IV. The most significant risk or uncertainty factor in Leverator’s operations is that the portfolio companies would not be able to pay their debt to the fund, or that the fund’s solvency would be put at risk due to some other cause.

An examination of CMM IV’s solvency to manage the loan receivable to Leverator is first carried out in order to determine Leverator’s solvency.

CMM IV’s solvency 

Leverator’s solvency exceeds the balance of the bonds.

Leverator’s more detailed financial position is presented in the balance sheet, income statement and cash flow statement in Appendix 1. There are no exceptional liabilities of Leverator or CMM IV in the knowledge of Leverator’s Board of Directors that should be considered in the above calculations.

Leverator’s ownership

The owners of Leverator Plc are CapMan Plc, Etera Mutual Pension Insurance Company, Foundation for Economic Education, Ilmarinen Mutual Pension Insurance Company, OP Life Assurance Company Ltd, Pharmacy Pension Fund, Mandatum Life Insurance Company Limited, Varma Mutual Pension Insurance Company and Yleisradio Pension Fund with equal holdings.

Leverator’s management

On 7 May 2008 the shareholders of Leverator Plc elected the following members to the Company’s Board of Directors: Mr Risto Autio, Mr Magnus Backström, Mr Kari Joutsa, Mr Harri Lemmetti, Mr Olli Liitola, Mr Jyrki Orpana, Mr Jorma Tammenaho, Mr Hannu Tarkkonen and Mr Kyösti Ylikortes. The members elected Mr Jyrki Orpana as Chairman of the Board.

Adoption of IFRS standards (IAS)

As of 1 January 2007, Leverator Plc has adopted International Financial Reporting Standards (IFRS) in its financial reporting.

Future outlook

Developments in the general market environment in 2009 may cause difficulties in the ability of fund’s portfolio companies to pay interest on their mezzanine loans and repay principal to the fund. This, in turn, might jeopardise the fund’s ability to meet in full its debt to Leverator Plc. At present this scenario is improbable. The fund still has an undrawn balance of MEUR 41.8 in its loan facility. The fund will also be asking Leverator Plc for at least this amount at the latest by June 2009, when the company must issue a tranche for a corresponding amount. The last possible date of issue of the last tranche is 21 June 2009. No other significant changes are expected in the company’s financial position during 2009. It is highly probable that the Company’s interest earnings will cover its interest payable and other expenses.

Leverator Plc will publish its Interim Report 1 January – 31 March 2009 on 11 May 2009.

Helsinki 29 January 2009

LEVERATOR PLC

Board of Directors

For further information, please contact:

Martti Timgren, CEO, tel. +358 207 207 582 or mobile +358 50 531 9772

DISTRIBUTION
Helsinki Exchanges
Principal media
Bondholders

APPENDIX 1.           Balance sheet, income statement, cash flow statement and statement of changes in equity

Financial Statements Bulletin 1 January – 31 December 2008 has been prepared in compliance with International Financial Reporting Standards (IFRS) applying IAS and IFRS standards, as well as SIC and IFRIC interpretations, valid on 31 December 2007. The figures in the Financial Statements Bulletin are audited.

APPENDIX 1.    BALANCE SHEET, INCOME STATEMENT, STATEMENT OF CHANGES IN EQUITY AND CASH FLOW STATEMENT