Presentation of Private Capital Plan – Finland by Anders Bergmann

1. Presentation of Private Capital Plan – Finland by Anders Bergmann

2. Private Capital Plan - FinlandAgenda • Product provider • Objectives • The product • Tax advantages • Leaving Finland • Contract details • Summary

3. Product provider –Nordea Life & Pensions S.A • SAFE Assurance S.A. established in 1991 • The ultimate owner is Nordea AB, Stockholm • Part of ”Asset Management & Life” Business area Bancassurance products • Private Capital Plan – Spain • Private Capital Plan – France • Private Capital Plan – Finland

4. Objectives • To provide our clients with an intelligent financial planning solution • To provide our clients with as many advantages and as few limitations within a tax efficient capital assurance as possible • To provide our clients with a clear financial set-up in Finland

5. Private Capital Plan - FinlandProduct • Single Premium unit-linked bancassurance product Investment structures • Minimum initial payment for investment solely into Nordea 1, SICAV investment funds EUR 100.000 • Minimum initial payment for investment into an individual dedicated fund EUR 250.000

6. Investments – if individual dedicated fund • Cash and deposits • Government Bonds (OECD) • Bonds traded on a regulated market (OECD) • Shares traded on a regulated market (OECD) • Investment funds

7. Assurance elements • Minimum assurance element 5 % • Maturity determined • Insured persons - above 18 years of age (cannot be changed) • Beneficiaries - free choice (can be changed)

8. Ownership • The client is the owner of the assurance contract • Nordea Life & Pensions S.A. owns the underlying investments • The value of the contract is the value of the underlying investments

9. Potential tax advantages in Finland • Capital gains tax • Wealth tax • Inheritance tax • Leaving Finland

10. Capital gains tax within the assurance • No taxation of unrealised capital gains • No taxation when switching investments within the portfolio

11. Capital gains tax in Finland • No wealth tax is currently levied on the value of thePrivate Capital Plan - Finland • No taxation when withdrawing from the initial payment • Capital gains withdrawn from Private Capital Plan - Finland are taxed at a flat rate - currently 29 % Wealth tax in Finland Wealth tax in Finland in year 2003 is: 0.9 % of wealth above approx. EUR 185,000

12. Inheritance tax in Finland • The spouse has a tax exempt amount of 50 % ofthe amount paid • An amount of EUR 35,000 per beneficiary isexempt from inheritance tax Inheritance tax in Finland is levied at progressive rates from 10 % to 48 %

13. Leaving Finland • Relocating from Finland will not create any tax liability in Finland regarding the Private Capital Plan - Finland

14. Contract details • Minimum initial payment for investment into an individual dedicated fund EUR 250,000 • Base currency and payments can take place in all major internationally recognised currencies • Quarterly statements from Nordea Life & Pensions S.A. • Charges determined on an individual basis

15. Summary of PCP - Finland • Large degree of flexibility • Possible to invest through an individual dedicated fund • Potential tax reduction • Clearly defined tax situation