The Capinordic Group recorded a profit before amortisation, depreciation, other operating expenses and tax of DKK 83,155 thousand for the financial year 2006, fulfilling the Company's announced expectations in the order of DKK 80,000 thousand. In 2005, the Capinordic Group recorded a profit before amortisation, depreciation, other operating expenses and tax of DKK 3,024 thousand. The Capinordic Group expects a profit before amortisation, depreciation, impairment and tax in the order of DKK 150,000 thousand for 2007. In 2006, the Capinordic Group positioned itself as Scandinavia's new finance group. The foundations were laid by the launch of Capinordic Bank A/S, Capinordic Fonder AB, Capitrader.dk, Capinordic Property Management A/S and others. At the same time, the foundation of continued growth was established through six capital increases, the proceeds of which totalled DKK 1.24bn, and through several major acquisitions, including Monetar Pensionsförvaltning AB, G P Børsmæglerselskab A/S and Proviso Fondsmæglerselskab A/S. The acquisitions provided knowledge capital, relevant approvals from both the Swedish and the Danish Financial Supervisory Authorities as well as customer bases and market shares. The level of activities and results of the Capinordic Group have been very satisfactory for 2006. Operations • The Capinordic Group realised its budgets for 2006. • The Capinordic Group recorded a profit before amortisation, depreciation, other operating expenses and tax of DKK 83,155 thousand for 2006. • Consolidated net interest and fee income for 2006 amounted to DKK 155,720 thousand, as against DKK 16,824 thousand in 2005. • The net profit for the year 2006 was DKK 46,885 thousand, as against DKK 1,794 thousand in 2005. • Assets totalled DKK 1,792,032 thousand for 2006, as against DKK 61,961 thousand in 2005. • Equity totalled DKK 1,399,561 thousand for 2006, as against DKK 47,968 thousand in 2005. Financing • Capinordic A/S carried out six capital increases in 2006 with total proceeds of DKK 1.24bn, cash accounting for DKK 815m thereof. At the launch of Capinordic Bank, DKK 750m was applied for a capital increase in the Bank to strengthen its capital base. • On 31 December 2006, the equity of the Capinordic Group amounted to DKK 1,399,561 thousand. Investments • Capinordic Bank was launched on 4 October 2006. Capinordic Bank is Scandinavia's new bank for affluent customers and offers services within Corporate Banking, Markets and Private Banking. Capinordic Bank A/S is the former G P Børsmæglerselskab A/S, which Capinordic A/S acquired with the takeover date of 23 February 2006. At the conclusion of the purchase agreement, the purchase price amounted to DKK 54,920,000, which was paid through a combination of cash and an increase of the share capital by non-cash contribution. • On 1 June 2006, Capinordic A/S acquired the competence centre of the Horwath Revisorerne within banking, investing and stock exchange activities. The competence centre has a substantial network of contacts. At the conclusion of the purchase agreement, the purchase price was DKK 62,040,000, which was paid by means of a capital increase by way of a non-cash contribution. • Capinordic A/S acquired Proviso Fondsmæglerselskab A/S with the takeover date of 23 June 2006. Proviso Fondsmæglerselskab A/S specialises in asset management, and the activities relate to asset management and intermediary, investing and consultancy services in various asset categories. Capinordic A/S has applied to the relevant authorities for permission for a merger between Proviso Fondsmæglerselskab A/S and Capinordic Bank A/S. At the conclusion of the purchase agreement, the purchase price was DKK 330,000,007, which was paid by means of a capital increase by way of a non-cash contribution. Events after the end of the financial year • The acquisition of Monetar Pensionsförvaltning AB became final on 18 January 2007. The company is the leading Swedish pension manager within PPM. The shares paid as part of the purchase price were admitted for listing with effect from 16 February 2007. At the conclusion of the purchase agreement, the purchase price amounted to DKK 194,225,000. • On 25 January 2007, Capinordic Fonder AB, a wholly owned subsidiary, was licensed by the Swedish Financial Supervisory Authority to operate a management company. The objective of Capinordic Fonder AB is to support the expansion in Sweden and to increase the earnings per krone under management. This is to be realised by expanding the distribution network and cooperating with institutional investors and other strategic alliances. Outlook for 2007 • The Capinordic Group expects a profit before amortisation, depreciation, impairment and tax in the order of DKK 150,000 thousand in 2007. • The Capinordic Group expects to continue the Group's growth strategy based on a combination of acquisitions, alliances and organic growth. • The Capinordic Group expects the organic growth to be significantly supported by the merger of Capinordic Bank A/S and Proviso Fondsmæglerselskab A/S (expected implementation in the first half of 2007), the launch of an investment management company in Denmark (expected launch in Q3/Q4 2007) and the launch of a branch of Capinordic Bank in Sweden (expected launch in Q3/Q4 2007).