1. PRESENTATION TITLE 1 Establishing a Presence in the United States W. Benjamin Barkley Kilpatrick Townsend & Stockton LLP bbarkley@kilpatricktownsend.com Atlanta, Georgia U.S.A. 28 September 2011

2. 2 Kilpatrick Stockton & Townsend LLP Global U.S. Law Firm 650 Lawyers Across 18 Offices 10 Years in Stockholm, 37 attorneys

3. 3 Kilpatrick Townsend & Stockton LLP Kilpatrick Townsend provides clients with unsurpassed legal representation in the following areas: Business & Finance: Including mergers and acquisitions, tax, real estate and capital markets Intellectual Property: The full complement of IP procurement, counseling and litigation Litigation: Including arbitration/disputes, insurance coverage, environmental, complex business litigation and technology Technology Transactions: Outsourcing, licensing and joint venture agreements Construction & Infrastructure: All aspects of transactions and litigation Labor & Employment: Counseling, benefits and litigation

4. Kilpatrick Townsend & Stockton LLP 4 Representative Clients

5. 5 Agenda US Legal System Establishing a US Presence –Step 1: Choice of Entity –Step 2: Bank Accounts –Step 3: Real Estate –Step 4: Employees –Step 5: Customer Agreements –Step 6: Financing the Business

6. 6 US Legal System – Federalism Geographic and cultural diversity State and Federal Law 50 separate states, plus territories and local municipal laws Federal Preemption –Example: Auto emission standards –Example: Alcoholic beverage regulation

7. 7 US Legal System – Dispute Resolution US is a litigious society Historical reliance on courts to resolve disputes Easy access to the court system Legal Fees – contingency and loser pays Contract vs. Non-Contract disputes

8. 8 US Legal System – Key Takeaways Be aware of the differences Structure business and operations strategically Maintain adequate insurance Seek expert legal and accounting advice

9. 9 Step 1: Choice of Entity Branch or Subsidiary? Branch Office –Not a separate entity –Simple to establish –No protection from liability –Risk of US taxation and audit

10. 10 Choice of Entity – Subsidiary Subsidiary –Corporation, Limited Liability Company, Partnership, Other –Liability protection (usually) for parent company and management –Can separate parent company from US tax authorities –Requires maintenance of separate records, accounts, operations

11. 11 Choice of Entity – Corporation Most common form for foreign business establishing in US – comparable to Swedish aktiebolag Liability Protection –Piercing the Corporate Veil Tax Separation No minimum capital requirement Quick, easy formation Dual Taxation

12. 12 Choice of Entity – Corporation Formation –Choose state –Select name –Incorporator files articles of incorporation and elects initial Board of Directors –Board adopts bylaws, issues shares to shareholders, establishes bank accounts –Board elects officers –Qualify to transact business in states

13. 13 Corporation – Corporate Governance Shareholders –Elect Board of Directors –Approve Articles of Incorporation –Must approve certain fundamental actions Board of Directors –Responsible for overall policy, approving major actions –Elect officers –Need not be US or state resident Officers –Typically President, Vice President, Secretary, Treasurer –Responsible for day-to-day management –Apparent and delegated authority

14. 14 Choice of Entity – Limited Liability Company Next most common form Hybrid between corporation and partnership Liability protection Flexible capital structure and management Tax efficient, but subjects parent to US tax

15. 15 Choice of Entity – Limited Liability Company Formation – very similar to Corporation –Choose state, select name –Organizer files articles of organization and elects initial management –Flexible rules allow great variety in structuring capital and management –Members and Managers –Qualify to transact business in states

16. 16 Choice of Entity – Other Forms Other Available Forms of Business Entity: –Partnerships – General (GP), Limited (LP), Limited Liability (LLP) –Joint Venture (JV) Uncommon for Foreign Entities –Require 2 parties –When to consider? Immigration, special tax situations, regulated businesses

17. 17 Step 2: Bank Accounts Local banking relationship and accounts Need EIN from Federal Government Application to Local Bank “Know your customer” rules Certified organization documents Board resolution

18. 18 Step 3: Real Estate Work with real estate agent and/or expert relocation service Identify suitable office space Negotiate lease Construction build-out Business license and permits, other licenses for regulated businesses

19. 19 Step 4: Employees US employment laws very different from Sweden, some ways easier, some ways more difficult To be covered later in the program

20. 20 Step 5: Customer Agreements Prepare standard business agreements suitable for use in the US Do not simply have translated from Swedish counterparts Seek advice and understand how your contract rights will differ under US law, and draft contracts to protect your interests Protecting your intellectual property

21. 21 Step 6: Financing the Business Sources of funding Parent financing Local bank or other financial institution –Credit line, factoring line Outside investors –Customer financing –Securities laws

22. Questions? 22

23. 23 W. Benjamin Barkley Partner Ben Barkley advises public and private clients in a broad range of corporate finance and capital markets transactions and securities regulatory matters, including: –mergers and acquisitions and corporate restructurings –public offerings and private placements of debt and equity securities –venture capital and private equity investments –corporate governance –joint ventures and strategic alliances –special committee, board and independent director counsel. Mr. Barkley has broad experience structuring and executing mergers and acquisitions and other control transactions, including extensive experience representing strategic buyers in consolidating industries, leading serial acquisition programs including from 10 to 120 acquisitions. He has handled public and private issuances of debt securities in transactions ranging in size from $20 million to $1.35 billion, including Rule 144A offerings, high yield 144A-for-life bond offerings, investment grade public debt offerings, institutional private placements, and Exxon Capital debt exchange offerings. He also has extensive experience with equity offerings ranging in size from $10 million to more than $1 billion, including initial public offerings, secondary offerings, at-the-market continuous offerings, and PIPES transactions. Mr. Barkley has been listed in the 2011 edition of The Best Lawyers in America® for Corporate, Mergers & Acquisitions, and Securities law, in the 2009, 2010 and 2011 editions of Chambers USA: America's Leading Lawyers for Business as a leading lawyer for Corporate/Mergers & Acquisitions, and in the 2009 and 2011 editions of Legal 500 US for Mergers & Acquisitions. He previously served as Deputy Managing Partner of the firm, and as Chairman of the Corporate Department. He is AV® rated by Martindale-Hubbell. Contact Information: +1 404.815.6569 Fax: +1 404.541.3121 Bbarkley@KilpatrickTownsend.com

24. 24