- Update on effects on Moderna Finance financial position due to the turbulence on the Icelandic and world financial markets

The financial turbulence on the Iceland financial market has negatively
impacted Moderna Finance's owner, the Icelandic company Milestone. According to
a press release dated November 13, 2008, Milestone is currently in financial
restructuring negotiations with its creditors. Moderna Finance has claims on
Milestone and the values of these claims are dependent on the negotiations that
Milestone has wih its creditors. Further the financial position of Moderna
Finance has been negatively affected by the uncertainty regarding the value of
the Crnegie shares. 
 
For further information, please visit www.modernafinance.se or contact:
 
 
Mattias Björk, Chief Financial Officer 
+46 (0)8 562 199 00 
 
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MODERNA is a Nordic financial group operating within the fields of insurance,
banking and asset management. MODERNA operates its business in the Nordic
region and the Benelux countries through well known local brands with its head
office in Stockholm. The diversified business model of MODERNA offers a strong
niche product range. 

This press release has been issued to the NASDAQ OMX Icelandic Markets due to
Moderna Finance having issued bills that are listd on the Icelandic market.