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PCB | November 26, 2007

Aspocomp has reached bank agreements

Aspocomp Group Plc, Aspocomp Oy, Aspocomp Oulu Oy and Aspocomp Holdings PTE. LTD have entered into an agreement on debt restructuring with their Finnish bank creditors.
The agreement will become effective provided that the transactions entered into with Meadville Holdings Limited are completed. Aspocomp has notified of the said transactions on 8th November 2007, 15th November 2007 and 16th November 2007.

According to the agreement on debt restructuring the installments of Aspocomp's loans will be postponed so that the installments will take place starting from the year 2007 and ending on the year of the execution of the sale- and purchase options related to the transactions, and will be concentrated for the last year of the period. Once the agreement has become effective an annual interest of 2,5 per cent will incur on the loans and will be added to the capital and paid on the year of the execution of the sale- and purchase options earliest in 2013.

Furthermore, it has been agreed upon that the merger of Aspocomp Oy into the parent company Aspocomp Group Plc commenced on 10th May 2007 can be carried out.

After the transactions and the agreed repayment of loans the aggregate nominal amount of interest-bearing debt of Aspocomp group will amount to approximately 51 million euros, of which Finnish debts will make up approximately 35 million euros. The transactions and the debt restructuring will not have a significant overall effect on the amount of the group's equity. The aggregate amount of interest-bearing debt of Aspocomp group would still exceed the book value of the group's long-term assets(fixed assets).

After the transactions and the agreed repayment of loans the turnover of Aspocomp group in 2008 is estimated to be approximately 40 million euros and the EBITDA positive. The financial situation of Aspocomp group and the liquidity of Aspocomp Group Plc would remain weak.

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