1. Introduction to
2007

2. SEB Enskilda – The No. 1 Nordic investment bank
Helsinki
Corporate Finance
Equities
Equity Research
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
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. SEB Enskilda awards
Thompson Financial
Best research house in the Nordic Countries 5 consecutive years
June 2006
Best research house in Sweden 4 consecutive years
June 2006
No. 1 in Corporate Finance for Sweden, Norway, Finland and Denmark
May 2005
Best research house for the Nordic region 2 consecutive years
February 2006
No. 1 for equity research in Norway 2 consecutive years
January 2006
No. 1 Research house in the Nordic countries 3 consecutive years
December 2005
Best equity research in Sweden 3 consecutive years
November 2005
No. 1 stockbroker in Sweden, Norway and Denmark 4 consecutive years
December 2005
Overall No. 1 in research on Nordic shares - UK, US and Continental Europe 4 consecutive years
May 2006
Best Equity house in the Nordic/ Baltic Region
3 consecutive years
June 2004

4. Corporate Finance

5. “OES Securies #1 for Nordic equities among investors”
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
“OES Securies #1 for Nordic equities among investors”
Responsible person: Flemming and Ed receive hard copies of survey
Cecilia responsible for slide
Source: Greenwich Associates
Last updated: July 2001
Next update: The next Greenwich survey is expected in Apr/May 2002
Source location: Greenwich survey, hard copy stored in ECM filing cabinet
Notes: Flemming Madsen & Ed Plumbly receive copies annually (Apr/May)

6. Topping the M&A League Tables
M&A Nordic League Table 1997–2006 (EUR’m)
M&A Nordic League Table 2006 (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
51 issues
5 issues
Source: Thomson Financial, completed deals, Nordic target or Nordic target parent

7. Equities

8. “OES Securies #1 for Nordic equities among investors”
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
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
Direct Market Access
“OES Securies #1 for Nordic equities among investors”
Responsible person: Flemming and Ed receive hard copies of survey
Cecilia responsible for slide
Source: Greenwich Associates
Last updated: July 2001
Next update: The next Greenwich survey is expected in Apr/May 2002
Source location: Greenwich survey, hard copy stored in ECM filing cabinet
Notes: Flemming Madsen & Ed Plumbly receive copies annually (Apr/May)
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 equities by 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 Table 2000–2006 (EUR’m)
Nordic IPO League Table 2006 (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
51 issues
1 issue
Source: Dealogic, ECM Analytics

11. SEB Enskilda has the leading position for Nordic IPOs
Nordic IPOs 2005–2006 (EUR’m)
Recent IPOs lead managed by SEB Enskilda
Nov 06
Rezidor
Sweden
Norwegian Property
Norway
AKVA Group
Aug 06
MSAB
Jun 06
Ability Group
Trolltech
Mar 06
Gant
Block Watne
Ahlstrom
Finland
Nov 05
Norgani
Odim
Oct 05
Cermaq
Bluewater
Hemtex
Indutrade
Jul 05
AKAS
Jun 05
Revus Energy
Via Travel Group
May 05
AffectoGenimap
Awilco Offshore
Oslo Areal
Mar 05
APL
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
IPO considerations - SEB Enskilda no. 1 international placing power for Nordic equities
Greenwich Associates Survey of global institutional investors*
Penetration of US investors for 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. Ranking of SEB Enskilda’s Nordic research
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
Greenwich
May US #3 #1
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. Research surveys - Sweden
Affärsvärlden’s yearly survey of Equity Research in Sweden
Best equity research in Sweden
2 consecutive years
November 2004
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
Best equity research in Sweden
3 consecutive years
June 2005
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
Research Reports in 12 m post IPO
Market share 12 m post IPO
Market share last
6 m*
Enskilda lead in follow-on placing
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
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
Equities
Corporate Finance
Tallinn 6 5
Riga -
Vilnius
Corporate Finance
M&A and advisory
MBOs, LBOs, public-to-private
IPOs, equity new issues, private placings
Institutional Equities
Equity research and sales
Brokerage
Market making
Proprietary trading

19. SEB Enskilda office locations
Copenhagen
Frankfurt
Helsinki
London
Silkegade 8
DK-1113 Copenhagen K
Denmark
Telephone:
Ulmerstrasse 30, Room 1.06
D Frankfurt
Germany
Telephone:
Eteläesplanadi 12
P.O. Box 599
FIN Helsinki Finland
Telephone:
2 Cannon Street
London EC4M 6XX UK Telephone:
New York
Oslo
245 Park Avenue, 42nd Floor New York, NY 10167
USA
Telephone:
Filipstad Brygge 1 P.O. Box 1363 Vika NO-0113 Oslo Norway Telephone:
Riga
Stockholm
Tallinn
Vilnius
Unicentrs
LV-1076 Ķekavas pagasts
Rīgas rajons
Latvia
Telephone:
Kungsträdgårdsgatan 8
S Stockholm Sweden
Telephone:
Tornimäe 2
EST Tallinn
Estonia
Telephone:
Jogailos 10
LT Vilnius
Lithuania
Telephone: