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Introduction to 200 7

Introduction to 200 7. SEB Enskilda – The No. 1 Nordic investment bank. SEB Enskilda is the leading Nordic investment bank employing around 450 Corporate Finance and Equities professionals in 8 offices Corporate Finance

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Introduction to 200 7

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  1. Introduction to 2007

  2. SEB Enskilda – The No. 1 Nordic investment bank • SEB Enskilda is the leading Nordic investment bank employing around 450 Corporate Finance and Equities professionals in 8 offices • Corporate Finance SEB Enskilda is the market leader in the provision of specialist advice in Mergers and Acquisitions and Equity Finance, principally in Nordic related transactions • Pan Nordic presence SEB Enskilda has investment banking and broking operations in all Nordic and Baltic countries as well as London, New York, and Frankfurt Helsinki Corporate Finance Equities Equity Research Tallinn Corporate Finance Equities Equity Research Stockholm Corporate Finance Equities Equity Research Riga Corporate Finance Equities Equity Research Oslo Corporate Finance Equities Equity Research Vilnius Corporate Finance Equities Equity Research Copenhagen Corporate Finance Equities Equity Research Frankfurt Equities London Corporate Finance Equities Equity Research ECM New York Equities Corporate Finance alliance with The Blackstone Group

  3. Thompson Financial Best research housein the NordicCountries5 consecutive years June 2006 Best research housein Sweden4 consecutive years June 2006 No. 1 in CorporateFinance for Sweden,Norway, Finland andDenmark May 2005 Best research housefor the Nordic region2 consecutive years February 2006 No. 1 for equityresearch in Norway2 consecutive years January 2006 No. 1 Researchhouse in the Nordiccountries3 consecutive years December 2005 Best equity researchin Sweden3 consecutive years November 2005 No. 1 stockbroker inSweden, Norwayand Denmark4 consecutive years December 2005 Overall No. 1 in research on Nordic shares - UK, US and Continental Europe4 consecutive years May 2006 Best Equity housein the Nordic/Baltic Region 3 consecutive years June 2004 SEB Enskilda awards

  4. Corporate Finance

  5. Leading Nordic Corporate Finance advisor • Experienced teams of Corporate Finance executives located in • Stockholm • Oslo • Copenhagen • Helsinki • London • Tallinn • Riga • Vilnius • Specialised Equity Capital Markets team based in London • Strategic alliance with the Blackstone Group for US/Nordic M&A • SEB Enskilda provides advice on a wide range of ECM and M&A situations ECM M&A IPOs Directed Issues Secondary placings/Block trades Private placings Rights issues De-mergers Share buy backs Public takeovers Private M&A Leveraged buyouts Fairness opinions

  6. Topping the M&A League Tables M&A Nordic League Table1997–2006 (EUR’m) M&A Nordic League Table2006 (EUR’m) 380 issues 34 issues 88 issues 15 issues 140 issues 8 issues 304 issues 47 issues 95 issues 11 issues 106 issues 7 issues 58 issues 14 issues 88 issues 6 issues 231 issues 4 issues 5 issues 51 issues Source: Thomson Financial, completed deals, Nordic target or Nordic target parent

  7. Equities

  8. SEB Enskilda Equities distribution network • SEB Enskilda has a specialised equity sales and distribution network which provides its global client base with efficient access to the Nordic stock markets in combination with an in depth equity research product Stock Exchange membership • SEB Enskilda or its affiliates are members of the following principal Nordic and Baltic Exchanges • Stockholm, Oslo, Copenhagen, Helsinki, Tallinn, Riga, Vilnius • SEB Enskilda is also a member of the following exchanges and marketplaces • Nordic Growth Market (Stockholm) • Euronext • virt-X • Eurex and Xetra (Germany) • SEB Enskilda Inc is licensed as a US broker-dealer Sales & Research Clients Market Access Direct Market Access • Equity Sales • Over 130 specialist equity sales staff • Copenhagen • Frankfurt • Helsinki • London • New York • Oslo • Stockholm Research • Over 40 research analysts • Around 300 Nordic companies covered • Institutional Fund Managers • Pension Funds • Insurance Companies • Mutual Funds • Hedge Funds • Special situation funds • Foundations and charities • Retail • SEB retail • High net worth individuals • Buy side research analysts Centralised trading Agency dealing Principal trading Sales Traders

  9. SEB Enskilda- No. 1 broker on Nordic exchanges Total market share on Nordic exchanges in 2006 by broker Total market share on Stockholm Stock Exchange in 2006 by broker SEB Enskilda’s turnover in Nordic equitiesby investor nationality Jan-Oct 2006 SEB Enskilda total equity commission by product Jan-May 2006 Source: SEB Enskilda, Reuters First

  10. SEB Enskilda has a Leading position within Nordic ECM Nordic ECM League Table2000–2006 (EUR’m) Nordic IPO League Table2006 (EUR’m) 161 issues 9 issues 24 issues 3 issues 138 issues 4 issues 25 issues 2 issues 23 issues 7 issues 13 issues 5 issues 13 issues 3 issues 20 issues 2 issues 50 issues 1 issue 1 issue 51 issues Source: Dealogic, ECM Analytics

  11. SEB Enskilda has the leading position for Nordic IPOs Nordic IPOs2005–2006 (EUR’m) Recent IPOs lead managed by SEB Enskilda 22 issues 13 issues 4 issues 5 issues 4 issues 13 issues 6 issues 15 issues 1 issue 9 issues • Since 2005 SEB Enskilda has lead managed 22 IPOs Source: Dealogic, ECM Analytics

  12. IPO considerations- SEB Enskilda no. 1 international placing power for Nordic equities Greenwich Associates Survey of global institutional investors* Penetration of US investorsfor Nordic shares (May 2006) Penetration of UK investors for Nordic shares (June 2006) Penetration of German investors for Nordic shares (June 2006) • International investors look to Nordic investment banks for Nordic coverage • The recent trend has been for the bulge bracket banks to lose market penetration for mid-cap stocks * statistics show the stockbrokers that are ranked as first or second firm by investors

  13. Research

  14. SEB Enskilda’s top ranked research Ranking of SEB Enskilda’s Nordic research Survey Date Institutions 2005 2006 Kapital January Norwegian #1 #1 Institutional Investor February European #1 #1 May US #3 #1 Greenwich Greenwich June UK #2 #1 Greenwich June German #1 #1 Financial Hearings June Swedish #1 #1= Thomson Extel June Global #1 #1 • SEB Enskilda Research employs over 50 analysts covering around 300 Nordic companies • SEB Enskilda has a sector approach • dedicated research teams covering sectors across borders • country analysts responsible for the local market view Affärsvärlden November Swedish #1 n/a Prospera December Nordic #1 n/a

  15. Best equity research in Sweden 2 consecutive years November 2004 Best equity research in Sweden 3 consecutive years June 2005 Research surveys - Sweden Affärsvärlden’s yearly survey of Equity Research in Sweden • Sweden’s largest investors all agree that SEB Enskilda is the best research house in the country • best research house overall • best in communication of their research • best strategy research • no. 1 in 8 of 14 sectors • no. 2 in 3 sectors Financial Hearings’ yearly survey of Equity Research in Sweden • SEB Enskilda was voted Best Research House in Sweden by a wide margin for the second year in a row • Companies gave SEB Enskilda analysts 5 top rankings out of 14 possible on industry knowledge

  16. SEB Enskilda - Aftermarket support SEB Enskilda’s commitment SEB Enskilda’s commitment in recent lead managed IPO’s IPO ResearchReportsin 12 mpost IPO Marketshare12 mpost IPO Marketsharelast 6 m* Enskildalead infollow-onplacing • Substantial equity research coverage over the long term • Leading trading market shares • Manage regular domestic and international investor relations roadshows for the company • Arrange post results telephone conferences with investors • Be selected as lead manager of follow-on equity offerings • SEB Enskilda is more committed to the aftermarket support in general than the international banks Alfa Laval 2002, USD 572m 18 n/a 13% (#1) √ Nobia 2002, USD 163m 18 n/a 14% (#1) √ Intrum Justitia 2002, USD 188m 22 n/a 20% (#2) √ Opera Software 2004, USD 40m 19 38% (#1) 12% (#2) √ Aker Kværner 2004, USD 304m 16 22% (#2) 8% (#1) √ Aker Yards 2004, (spin-off) 19 52% (#1) 14% (#1) √ Sevan Marine 2004, USD 5.6m 13 19% (#1) 26% (#1) √ APL 2005, USD 75m 14 60% (#1) 24% (#2) √ Gunnebo Industrier 2005, (spin-off) 15 30% (#1) 14% (#3) n/a Awilco Offshore 2005, USD 156m 9 18% (#1) 11% (#2) √ Revus Energy 2005, USD 175m 17 32% (#1) 27% (#1) n/a Indutrade 2005, USD 210m 10 24% (#2) 17% (#2) n/a Cermaq 2005, USD 233m 7 18% (#1) 15% (#1) n/a Hemtex 2005, USD 75m 14 55% (#1) 59% (#1) √ Norgani 2005, USD 61m 10 63% (#1) 37% (#1) √ Odim 2005, USD 20m 13 59% (#1) 52% (#1) √ Block Watne 2006, USD 113m 8 (10 m) n/a 75% (#1) n/a Ahlstrom 2006, USD 245m 16 (10 m) n/a 29% (#1) n/a Gant 2006, USD 176m 9 (8 m) n/a 43% (#1) n/a Husqvarna 2006 (spin-off) 10 (6 m) n/a 21% (#1) n/a Ability Group 2006, USD 206m 7 (5 m) n/a 62% (#1) n/a Trolltech 2006, USD 22m 7 (5 m) n/a 17% (#2) n/a MSAB 2006, USD 94m 1 (3 m) n/a 58% (#1) n/a Securitas Direct 2006, (spin-off) 3 (2 m) n/a 17% (#1) n/a Securitas Systems 2006 (spin off) 3 (2 m) n/a 26% (#1) n/a Austevoll Seafood 2006 1 (2 m) n/a 5% (#4) n/a AKVA Group 2006 1 (1 m) n/a 17% (#2) n/a Norwegian Property 2006 1 (1 m) n/a 31% (#1) n/a Rezidor 2006 1 (1 m) n/a 20% (#2) n/a *) If IPO within last 6 months, then market share of available period

  17. SEB Enskilda in the Baltics

  18. Institutional Equities • Equity research and sales • Brokerage • Market making • Proprietary trading Corporate Finance • M&A and advisory • MBOs, LBOs, public-to-private • IPOs, equity new issues, private placings Baltic set-up • Launched in January 2007 • Run as a Baltic unit, fully integrated into SEB Enskilda • Total team of 22, made up of some of the most experienced professionals in the region, principally former founders of Suprema Securities and key personnel from SEB Vilfima • Our goal is to copy Enskilda’s position in the Nordic region to the Baltic countries • Ideal setup for assisting companies and institutional investors in the Nordic - Baltic economic region • The only international investment bank with strong local presence and long-term commitment to the region • Combination of thorough understanding of investors targeting Nordic and CEE results in no. 1. placing power for Baltic equities

  19. SEB Enskilda office locations London Copenhagen Frankfurt Helsinki Silkegade 8 DK-1113 Copenhagen K Denmark Telephone: +45 3697 7000 Ulmerstrasse 30, Room 1.06 D-60325 Frankfurt Germany Telephone: +49 69 9727 7740 Eteläesplanadi 12 P.O. Box 599 FIN-00101 HelsinkiFinland Telephone: +358 9 6162 8700 2 Cannon Street London EC4M 6XXUKTelephone: +44 20 7246 4000 Oslo New York 245 Park Avenue, 42nd FloorNew York, NY 10167 USA Telephone: +1 212 692 4780 Filipstad Brygge 1P.O. Box 1363 VikaNO-0113 OsloNorwayTelephone: +47 2100 8500 Riga Stockholm Tallinn Vilnius Unicentrs LV-1076 Ķekavas pagasts Rīgas rajons Latvia Telephone: +371 777 9888 Kungsträdgårdsgatan 8 S-103 40 StockholmSweden Telephone: +46 8 5222 9500 Tornimäe 2 EST-15010 Tallinn Estonia Telephone: +372 665 6631 Jogailos 10 LT-01116 Vilnius Lithuania Telephone: +370 5268 1400

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