Charlie suffered a Grade 4 IVH and subsequent PVL (see definitions below). This news was devastating for us to hear. The statistics available today are extremely heartbreaking. Charlie's long-term development is unknown. The diagnosis of PVL has been followed up with the diagnosis of cerebral palsy. The neonatologists have advised us of the "worst case" scenarios, but we are focused on the positive. His brain, which is still developing, has tremendous resilience and he could possibly overcome these obstacles. 
Please keep in mind that we are not doctors, although we feel this information to be accurate, it is no substitute for the advice of your own physician.
Intraventricular Hemorrhage (IVH) - Bleeding occurring in an inner part of the brain, near the ventricles, where premature babies have blood vessels that are particularly fragile and prone to rupture. Intraventricular Hemorrhages are given a grade, depending on their location and size:
Grade 1 (Mild) - This type of bleeding begins and remains in the germinal matrix and doesn't get into the ventricles.
Grade 2 (Mild) - From the germinal matrix, some blood ruptures into the ventricles, but doesn't cause them to enlarge.
Grade 3 (Moderate) - A substantial amount of blood pours into the ventricles, causing them to swell.
Grade 4 (Severe) - A hemorrhage outside the ventricles, in the substance (usually the white matter) of the brain. Babies with Grade 4 bleeds have bleeding from other blood vessels in the brain, in addition to germinal matrix bleeding.
Consequences of a moderate or severe IVH can range from mild developmental problems, like low-grade cerebral palsy, or partial sight, hearing, or speech impairment, to serious handicaps, like severe cerebral palsy, mental retardation, blindness, or deafness. The most common complication of a Grade 3 or Grade 4 IVH is hydrocephalus.
Periventricular Leukomalacia (PVL) - As a result of a severe IVH, often a baby's brain tissue has suffered permanent damage. Cysts, spots where brain tissue has been injured, begin to develop from two to six weeks from the initial bleed. Later, they may fuse together, forming areas of calcification or scaring. These cysts are called PVL if they occur in the white matter of the brain, near the ventricles. Unfortunately, no treatment can regenerate damaged brain tissue and there is a high risk of a later developmental deficit. Cerebral palsy, a condition in which a person has difficulty controlling his/her voluntary movements, is the most frequent consequence of PVL. The legs are most commonly affected in preemies, because the nerves controlling leg movements pass closest to the ventricles. When PVL is more extensive, the nerves controlling the arms, or even the face, may be involved.