Panostaja Oyj

Board/Management Information • Sep 30, 2014

THE REORGANIZATION PROCEEDINGS OF TAKOMA OYJ AND TAKOMA GEARS OY HAVE ENDED AND THE REORGANIZATION PROGRAM HAS BEEN CONFIRMED

THE REORGANIZATION PROCEEDINGS OF TAKOMA OYJ AND TAKOMA GEARS OY HAVE ENDED AND THE REORGANIZATION PROGRAM HAS BEEN CONFIRMED

Panostaja Oyj Stock Exchange Bulletin September 30, 2014 17:35 p.m.

Panostaja Oyj subsidiary Takoma Oyj has published the attached Stock Exchange
Bulletin:

THE REORGANIZATION PROCEEDINGS OF TAKOMA OYJ AND TAKOMA GEARS OY HAVE
ENDED AND THE REORGANIZATION PROGRAM HAS BEEN CONFIRMED

The proposals for the reorganization program of Takoma Oyj and its subsidiary
Takoma Gears Oy have been approved and the reorganization program has been
confirmed today in Pirkanmaa District Court. The repayment schedule of the
reorganization debts was prolonged and the debt structure was lightened in the
reorganization program. The confirmation of the reorganization program provides
an opportunity to develop the operations of Takoma Gears Oy.

In the reorganization program, the repayment period of the reorganization debts
of Takoma Gears Oy was prolonged from approximately 0.5 years to approximately
6.5 years, ending on March 31, 2021. The length of the program of Takoma Oyj
will be approximately 7.5 years, ending on June 30, 2022, and Takoma Oyj will
record a positive one-time item of MEUR 0.37 in the result of the fourth
quarter due to the cutting of the reorganization debts of Takoma Oyj. The debts
of Takoma Gears Oy will not be cut at all. The biggest shareholder of Takoma
Oyj, Panostaja Oyj, has also committed to improving the capital structure of
the Takoma Group by converting its receivables of MEUR 1.3 into a subordinated
loan. After these items, the equity of the Takoma Group, including subordinated
loans, is approximately MEUR 1.7 and the liabilities total approximately MEUR
11.1. The reorganization debts are MEUR 6.2 in total, of which MEUR 2.6 are
interest-bearing and MEUR 3.6 are non-interest-bearing. Of the reorganization
debts, items falling due within the next 12 months, amounting to approximately
MEUR 0.9, will be recorded in current liabilities. In addition to the current
reorganization debts, the Group's current liabilities include debts recorded in
normal working capital, the factoring limit used and approximately MEUR 1.0 of
debts to the bankruptcy estates of bankrupt subsidiaries.

During the reorganization proceedings, the cost structure of Takoma has been
adjusted to meet the demand situation. At the same time, the orders received
and order book have developed favorably. Takoma will not issue result
management.

The Takoma Group consists of NASDAQ OMX-listed Takoma Oyj and its subsidiary
Takoma Gears Oy, 100% of which it owns and which engages in operational
business.

Further information:

CEO Ilkka Miettinen, Takoma Oyj, +358 50 3848 318

CEO Juha Sarsama, Panostaja Oyj, +358 40 774 2099

Attorney Jussi Laakkonen, Attorneys at Law Ylikraka, +358 40 501 1692