REMUNERATION STATEMENT

BOARD OF DIRECTORS

The AGM annually approves the fees paid to Board members, and the Board decides on the salaries and other benefits of the Managing Director. The Board decides on any bonuses paid to the Managing Director. The Board members are remunerated only by in respect of their Board membership.

In accordance with the decision of the Annual General Meeting on March 16, 2012, the Board members are remunerated as follows:

•  the chairman of the Board is paid an annual fee of EUR 54,000,

•  the vice chairman is paid an annual fee of EUR 30,000 and 

•  other regular members are paid an annual fee of EUR 30,000.

In addition, a meeting fee of EUR 350 is paid for work on Board committees. All travel and accommodation expenses of the Board members are paid according to invoice. There are no given money loans, pension benefits or other collateral or liability obligations to the Board.

Annual fees for regular board members:

MANAGING DIRECTOR

The pension benefits of the Managing Director are based on the Finnish Employees’ Pensions Act (TyEl). The term of notice is one month, and the compensation for notice corresponds to eight months' salary. The Managing Director is paid a monthly fixed salary and a bonus. The bonus is based on the company’s annual net asset value return after expenses and taxes. The bonus potential is set at 90 percent of the yearly fixed salary.

In 2011, a total of EUR 274,000 was booked in monthly salary, benefits and bonus to the Managing Director. The share of fixed salary was EUR 274,000, of which benefits EUR 2,000. No bonus was booked to the Managing Director in 2011.