New Wave Group AB (publ) to Acquire Cutter & Buck Incorporation for $156.5M in Cash

New Wave Group AB (publ) to Acquire Cutter & Buck Incorporation for $156.5M in
Cash

New Wave Group AB (publ) (OMX Stockholm Mid cap: NEWA B) a leader in the design
and marketing of consumer products for the corporate promotional and consumer
retail markets in Europe, and Cutter & Buck Inc. (NASDAQ: CBUK), a leading
designer and marketer of upscale golf- and sportswear in the United States,
today announced that they have signed a definitive agreement under which New
Wave Group AB will acquire Cutter & Buck Inc.  The combination of the two
companies will provide Cutter & Buck Inc. a significantly expanded product
offering for the United States market and give New Wave Group AB an upscale
golf- & sportswear brand to distribute in Europe.

Under the terms of the agreement, which was unanimously approved by the boards
of directors of both companies, Cutter & Buck Inc. shareholders will receive
$14.38 per share of Cutter & Buck Inc. common stock for an aggregate
consideration of $156.5M. 

“The two companies' brands are very complementary, allowing us to expand the
distribution of the Cutter & Buck's brands in Europe and the New Wave Group's
brands in the United States, said Göran Härstedt, New Wave Group AB's deputy
Chief Executive Officer.  “We identified Cutter & Buck Inc. as the company to
carry some of our brands, especially New Wave and Clique, in the United States
on the corporate promotional market because, like New Wave Group AB, they are
founded on great customer service and operational excellence.  In addition, they
truly understand the markets we operate in. Moreover, we expect to reach
substantial synergies within buying, products and distribution.”

“We are excited about the opportunities presented by this combination,” said
Ernie Johnson, Cutter & Buck Inc.'s Chief Executive Officer. “We will have
access to proven products that should provide us significant growth in our
current markets.  In addition, this combination allows Cutter & Buck Inc. access
to New Wave Group AB's broad distribution network in Europe as well as New Wave
Group AB's exceptional product related resources throughout the world.”

The transaction is subject to a number of customary closing conditions,
including approval by the shareholders of Cutter & Buck Inc. and the receipt of
applicable regulatory approvals.  The results of Cutter & Buck will be
consolidated with New Wave Group AB's financial statement from and after the
closing, expected for the end of May 2007. The acquisition is expected to
generate a positive effect on the financial results of New Wave Group for its
current fiscal year.

About Cutter & Buck Inc.

Cutter & Buck Inc. designs and markets upscale sportswear under the brands
“Cutter & Buck” “ANNIKA” and “CBUK”.  The company sells its products primarily
to golf and specialty retailers, corporations and international distributors and
licensees.  The company also sells directly to consumers through its wholly
owned subsidiary, Cutter & Buck Inc. Direct LLC.  Cutter & Buck Inc. products
feature distinctive, comfortable designs, high quality materials and
manufacturing and rich detailing.

Cutter & Buck Inc. has approximately 380 employees and during its latest
financial year (May 1, 2005 - April 30, 2006) had net sales of $131M with an
income from continuing operations before income taxes of $9.8M. Cutter & Buck
Inc. had shareholders' equity of $70.3M as of January 31, 2007.

More information about Cutter & Buck Inc. is available at their website;
www.cutterbuck.com.

About New Wave Group AB (publ)

New Wave Group AB designs and markets clothing, accessories and gifts for the
corporate promotional and consumer retail markets under several proprietary
brands, including Orrefors, Kosta Boda, Sagaform, Craft, New Wave, Clique,
ProJob, Jobman, Seger, Grizzly and James Harvest Sportswear.  Through a network
of approximately 10,000 independent distributors, the company sells its products
throughout most countries in Europe, as well as in China.

New Wave Group AB has approximately 2,200 employees and during its latest
financial year (January 1, 2006 - December 31, 2006) had net sales of SEK3,530M
(approx. $512M) with an income from continuing operations before income taxes of
SEK290M (approx. $42M).  New Wave Group AB had shareholder's equity of SEK1,311M
(approx. $190M) as of December 31, 2006.

More information about New Wave Group AB and its subsidiaries are available at
their website; www.nwg.se.

Forward Looking Statements

This press release contains forward-looking statements that involve risks,
uncertainties and assumptions.  If such risks or uncertainties materialize or
such assumptions prove incorrect, the results of New Wave Group AB and its
consolidated subsidiaries could differ materially from those expressed or
implied by such forward-looking statements and assumptions.  All statements
other than statements of historical fact are statements that could be deemed
forward-looking statements, including the expected benefits and costs of the
transaction; the expected timing of the completion of the transaction; the
ability to complete the transaction considering the various closing conditions,
including those conditions relating to antitrust regulations; expectations
regarding the impact of the acquisition on New Wave Group AB's future financial
results; the potential product, market, strategic, sales and other synergies
from the acquisition; any statements of the plans, strategies and objectives of
management for future operations, product development and sales; any statements
of expectation, belief or opportunities; and any statements of assumptions
underlying any of the foregoing.  

Important Additional Information Will be Filed with the SEC

This communication is being made in respect of the proposed business combination
involving Cutter & Buck Inc. and New Wave Group AB.  In connection with the
proposed transaction, Cutter & Buck Inc. plans to file a Proxy Statement and
other documents regarding the proposed transaction with the SEC.  The definitive
Proxy Statement will be mailed to shareholders of Cutter & Buck Inc.  INVESTORS
AND SECURITY HOLDERS OF CUTTER & BUCK INC. ARE URGED TO READ THE PROXY STATEMENT
AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY WHEN THEY
BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE
PROPOSED TRANSACTION.

Investors and security holders will be able to obtain free copies of the Proxy
Statement (when available) and other documents filed with the SEC by Cutter &
Buck Inc. through the website maintained by the SEC at www.sec.gov.  Free copies
of the Proxy Statement (when available) and other documents filed with the SEC
can also be obtained by directing a request to Cutter & Buck Inc., 701 North
34th Street, Suite 400, Seattle, Washington 98103, USA, Attention: Investor
Relations.

Cutter & Buck Inc. and New Wave Group AB and their respective directors and
executive officers may be deemed to be participants in the solicitation of
proxies in respect of the proposed transaction.  Information regarding Cutter &
Buck Inc.'s directors and executive officers is available in its Annual Report
on Form 10-K for the year ended April 30, 2006, which was filed with the SEC on
June 30, 2006, as amended August 25, 2006, and its proxy statement for its 2006
Annual Meeting of Shareholders, which was filed with the SEC on September 12,
2006.  Information regarding New Wave Group AB's directors and executive
officers is available on New Wave Group AB's website at www.nwg.se.  Other
information regarding the participants in the proxy solicitation and a
description of their direct and indirect interests, by security holdings or
otherwise, will be contained in the Proxy Statement and other relevant materials
to be filed with the SEC when they become available.  

Gothenburg April 13, 2007
New Wave Group AB (publ)
Göran Härstedt
dCEO
For more information, please contact:
Göran Härstedt  dCEO, New Wave Group  Tel: +46 (0)31 712 89 02, E-mail:
goran.harstedt@nwg.se