EuroTrust A/S 24. maj 2006 HISTORY 1996: Established as commission business by Arne Olsen and Jan Larsen for the sale of holiday residences. 1999:Scope of business is changed to project development and project implementation of estate development in Denmark. 2001:Aktiv Gruppen Holding A/S is established and Bo Kristensen is affiliated as partner responsible for economy and financing. 2004:Deltabyg is established and the production of prefabricated houses is started up in Latvia. 2005:Attorney and partner in Interlex, Peter Juul, joins as partner and mananaging director, and the first wind mill projects in Germany are established. The real estate enterprise AGH Nordan Invest is acquired with 50% (Estate development in Norway). 2006:Aktiv Gruppen Holding A/S is included in Euro Trust A/S and thus listed on Nasdaq. The circle of principle shareholders is expanded and now activities include two business areas – i.e. Estate Development and Renewable Energy.

EuroTrust A/S 24. maj 2006 Issue/company acquisition in May 2006: Remaining 50% of AGH Nordan Invest A/S is acquired for 2,650,000 ordinary shares 17 May 2006: 50.25% of European Wind Farms A/S is acquired for 915,500 ordinary shares and DKK 120 million cash to the company

EuroTrust A/S 24. maj 2006 Business basis Business areas Philosophy  Spreading the risks  Unique capital generator in relation to the market, since the capital for the acquisition of the energy activities is generated via the building projects  Estate Development (for sale) 1. Acquisition of land for estate development 2. Projecting 3. Sale (75%) 4. Construction by turnkey contractors  Renewable Energy (for portfolio) 1. Acquisition from local developer 2. Construction 3. Continuous management

EuroTrust A/S 24. maj 2006 Estate Development - Market Housing projects in Denmark and Norway Denmark: Norway: Spreading the risk in 2 markets makes the earning capacity on the building activities very healthy  Strong economy seen in European perspective  Low rate of interest  Great private purchasing power  Moderate growth rates, therefore projects on prime locations  Strong independent economy  Low rate of interest  Great private purchasing power  High growth rates, therefore still a stable and growing market

EuroTrust A/S 24. maj 2006 Estate Development – Strategy  Independent companies for each individual project  Upstart of construction upon sale of 75%  Contribution margin budgeted at 20% of sales price  Primarily turnkey contracts with leading Scandinavian building societies  Active efforts in the market  Major Scandinavian player in the field of estate development for resale

EuroTrust A/S 24. maj 2006 Estate Development – Objectives  Titles to development projects secured by gross profits in the range of DKK billion  Development projects known 2-3 years before upstart  Pipeline at 2-4 years’ sight, which can be secured via active effort for modest investments and tying-up of capital

EuroTrust A/S 24. maj 2006 Renewable Energy - Market  Traditional energy sources about to be depleted = focus on Renewable Energy  Fast growing world market  Danish know how on wind mills  Attractive investment  Attractive Danish tax rules  Attractive private exit possibilities  Attractive long term Cash flow  Attractive subsidies in most European countries  Attractive technical insurances (e.g. “Opti-Safe”)

EuroTrust A/S 24. maj 2006 Renewable Energy - Strategy  Primary focus on wind energy  Fast expansion in a market characterised by increase in power sales prices  Secondary focus on solar energy  Growth via own Energy division and Acquisition strategy  Focus on selected countries, where wind conditions, earning capacity and risk minimization are adapted to the circumstances  Focus on countries with power price agreements

EuroTrust A/S 24. maj 2006 Renewable Energy - Objectives  Establishment of own energy organisation  Acquisition of 50.25% of European Wind Farms A/S  Investment in the range of DKK 5-7 billion over the next 3-4 years  Investment in the range of DKK 1-2 billion per year in the following years

EuroTrust A/S 24. maj 2006 Attitude When the winds of change are blowing, there are 2 types of people….. the ones who build shelters & the ones who build wind mill parks