Company announcement no 25/2010 - Valuation of assets, cash situation and change in outlook for 2010

In connection with the Annual General Meeting of Capinordic A/S on 21 April
2010, it was announced that the future primary activities of the Group would be
within Broker Services, Private Financial Services and Asset Management in
Sweden. The remaining assets were mainly assets consisting of companies,
properties, loans, etc. They were not expected to form part of the future
strategy of the Group and an attempt would therefore be made to sell them or
close them down. Unfortunately, we must note that the sale and the closing down
of the activities do not proceed as rapidly as expected. The Company has
therefore found itself compelled to raise loans secured on the Company's assets
to ensure liquidity for its ongoing operations. Loans totalling DKK 35m have
been raised, and the Company has additionally received loan commitments of a
further DKK 10m. The loans also include financing of the deposit guarantee to
customers of Capinordic Bank A/S who were not covered by the Swedish or Danish
deposit guarantee scheme. As previously announced, the guarantee was calculated
at SEK 50m, which has been recognised in full in the income statement for Q1
2010 as a loss. 

It was also announced at the Annual General Meeting that the core business of
the Swedish subsidiaries would continue and be further developed under a new
corporate structure. A new Swedish holding company, Monetar Holding AB, would
be a wholly owned subsidiary of Capinordic A/S, and all Swedish companies would
become subsidiaries of the Swedish holding company. Monetar Holding AB has now
been formed and awaits a licence from the Swedish Financial Supervisory
Authority, Finansinspektionen, to carry on financial business. The subsidiaries
can subsequently be transferred from Capinordic A/S to Monetar Holding AB. In
order to be able to perform a correct valuation of the subsidiaries, the Danish
Management has spent the recent couple of weeks reviewing the earnings and cost
structure of Monetar Pensionsförvaltning AB and Capinordic Asset Management AB.
Management has become aware that a reassessment of the expected earnings of the
companies is required and has launched a process of analysing the origin of the
income generated, including the proportion of income constituted by intra-Group
transactions. Although the analytical work is not expected to be completed
until August, a sale of the companies within a short time would hardly be
feasible at the amount at which the business has previously been valued at a
normal sale, but at a considerably lower amount. 

The Swedish tax authorities have examined the handling of VAT by Capinordic's
Swedish enterprises. The preliminary report concludes that the Group has to
make an additional payment of an amount in the lower end of double-digit
millions for the past three years. 

As a consequence of the above, Management has found it necessary to reassess
its outlook for 2010 from the previous loss before tax of DKK 25-75m to a loss
before tax of DKK 75-125m. 

Yours sincerely

Henrik Vad
Group CEO


For further information, please contact: 
Henrik Vad, Group CEO
+45 8816 3000
info@capinordic.com