Kuntarahoitus Oyj - Company Announcement

Announcement regarding the change of the start level for one of the shares in the reference basket for MuniFin note linked to 18 shares. (MF Energy)

Announcement regarding the change of the start level for one of the shares in
the reference basket for MuniFin note linked to 18 shares. (MF Energy) 

26. February 2009                                                              

To NASDAQ OMX Copenhagen A/S	                                                   

Announcement regarding the change of the start level for one of the shares in   
the reference basket for Municipality Finance Plc. (Kuntarahoitus Oyj) note     
linked to 18 shares. (MF Energy).                                               

On 6 October 2008 Municipality Finance Plc issued DKK 171.000.000 of            
equity-linked notes related to a basket of shares in 18 companies engaged in    
activities related to energy. The short name of the Notes is “MF Energy” (ISIN  
DK0030112081).                                                                  

The company, Saint-Gobain, who is a constituent in the reference basket, has    
launched a rights issue through free allotment of warrants to existing share    
holders at a ratio of 2 new shares for 7 existing shares and a subscription     
price of EUR 14 per new share. Based upon an official price of EUR 23.80 at     
close on the day od the rights issue, which is Friday the 20 February 2009, an  
adjustment ratio of 0.90850 for the start level has been determined. This number
also appears in the company's announcement to NYSE dated the 20. February 2009. 

On this basis Danske Bank, acting as Calculation Agent, has adjusted the start  
level for the Saint-Gobain share from 29.44 to 26.74261.                        

For further information about the above-mentioned issue, please see Applicable  
Final Terms published via NASDAQ OMX on 6. October 2008.                        


Kind regards                                                                    
Municipality Finance Plc

Attachments:

mf-1. english pdf.pdf