Panostaja Oyj - Company Announcement

PANOSTAJA OYJ HAS FILED A CLAIM FOR RECTIFICATION OF THE TAX AUTHORITY'S INTERPRETATION OF 'VENTURE CAPITALIST'

Panostaja Oyj      Stock Exchange Bulletin, 26th November 2008 at 13.00         




PANOSTAJA OYJ HAS FILED A CLAIM FOR RECTIFICATION OF THE TAX AUTHORITY'S        
INTERPRETATION OF 'VENTURE CAPITALIST'                                          


In spring 2008, in connection with the preliminary ruling on the return of      
Takoma Oyj's share capital, the Tax Office for Major Corporations, on the basis 
of the overall assessment, considered Panostaja a venture capitalist as         
recognised in Art. 6 of the Law on Taxation of Business Income. In the regular  
tax assessment for 2007, the Tax Office for Major Corporations considered       
Panostaja Oyj as the above-mentioned venture capitalist and taxed Panostaja Oyj 
for certain capital gains on fixed asset shares.                                

If the interpretation of the tax authority remained, it would affect the tax    
treatment of the possible capital gains and losses on Panostaja's fixed asset   
shares. However, the interpretation does not affect the shareholders' tax       
treatment.                                                                      

Panostaja Oyj rejects the interpretation of the tax authority and has filed a   
relevant claim for rectification with the Taxation Rectification Committee. The 
time required by the Rectification Committee to handle the claim is estimated to
be 6-8 months.                                      

PANOSTAJA OYJ                                                                   


Juha Sarsama                                                                    
Managing Director                                                               

Additional information:                                                         
Juha Sarsama, Managing Director, tel. 040 774 2099