Garantum Fondkommission Specialized fund commissioner – solely offers structured financial securities – with or without capital protection Established

Garantum Fondkommission

Specialized fund commissioner

– solely offers structured financial securities

– with or without capital protection Established 2004

Solid experience

– Working with capital protected securities since 1994 Employee owned 22 employees More then 370 issued securities since the start of 2005 Target group: Private persons, companies, foundations etc. Independent

– No connections to other business areas, insurance brokers, private banking, banks or individual investment banks.

CapitalProtected

Growth part

20100

80

Bond

1,0 x Growth

Option

Index linked Bond – Construction

CapitalProtected

Tillväxtdel

20100

80

Bond

1,0 x growth

Option

10

Growth part

1,5 x growth

An extra premium increases the return potentialor makes investments in growth markets possible.

Index linked Bond – Construction

The importance of independent purchases

- reality examples December 2007Conditions from different banks for a custom made

Product purchased in December 2007. The six best prices.

Bank Participation level

1 121%

2 118%

3 117%

4 108%

5 102%

6 94%

Active management with structured products.

100

150

140

Förfall

Profit lock in•Sell the old structure•Buy a new one•Increase capital protection

Lowering of guarantee•Sell the old structure (take a small loss)•Restart the equity exposure•Increase potential return

100

150

90

50

180

+100%

Förfall

Capital protection MSCI World Index Current portfolio

80

130

180

230

280

330

380

430

95-0

4-28

95-1

0-28

96-0

4-28

96-1

0-28

97-0

4-28

97-1

0-28

98-0

4-28

98-1

0-28

99-0

4-28

99-1

0-28

00-0

4-28

00-1

0-28

01-0

4-28

01-1

0-28

02-0

4-28

02-1

0-28

03-0

4-28

03-1

0-28

04-0

4-28

04-1

0-28

05-0

4-28

05-1

0-28

06-0

4-28

06-1

0-28

07-0

4-28

07-1

0-28

Index development+118%

Capital protection+321%

Market value+271%

Reference portfolio 1995 - 2008

Profit lock-in

100

190187


80

130

180

230

280

330

380

430

95-0

4-28

95-1

0-28

96-0

4-28

96-1

0-28

97-0

4-28

97-1

0-28

98-0

4-28

98-1

0-28

99-0

4-28

99-1

0-28

00-0

4-28

00-1

0-28

01-0

4-28

01-1

0-28

02-0

4-28

02-1

0-28

03-0

4-28

03-1

0-28

04-0

4-28

04-1

0-28

05-0

4-28

05-1

0-28

06-0

4-28

06-1

0-28

07-0

4-28

07-1

0-28



Market value+271%


When the market declines…

100

150

90

50

180

+100%


80

130

180

230

280

330

380

430

95-0

4-28

95-1

0-28

96-0

4-28

96-1

0-28

97-0

4-28

97-1

0-28

98-0

4-28

98-1

0-28

99-0

4-28

99-1

0-28

00-0

4-28

00-1

0-28

01-0

4-28

01-1

0-28

02-0

4-28

02-1

0-28

03-0

4-28

03-1

0-28

04-0

4-28

04-1

0-28

05-0

4-28

05-1

0-28

06-0

4-28

06-1

0-28

07-0

4-28

07-1

0-28



Market value+271%


Portfolio containing structured products

5 years3 years

3,5 years

4 years

VO Brazil, Tr 150 000 kr x 1,5AIO Sweden Optimal, Ti 150 000 kr x 1,1AIO China, Ti 150 000 kr x 1,0AIO Asia Optimal, Ti 150 000 kr x 1,4SO Carry Trade Mix, Ti 150 000 kr x 2,2AIO Global Best of Three, Ti 150 000 kr x 1,5

Total investment 984 000 krSum capital protection 900 000 krSum capital in growth 1 335 000 kr

ChinaSweden Asia Carry TradeMix

5 years

Global Best of Three

Brazilcurrency

1 year

PORTFOLIOWITH STRUCTURED

PRODUCTS

Current products

GrowthIssue price: 112Gearing.: 1,1


DefensiveIssue price: 101Gearing.: 1,5

SwedenOptimal

4 years3 years

China

5 years

Brazil

Currency

3,5 years

1 year

GlobalBest of Three

DefensiveIssue price: 102Cap.protected: 120Gearing.: 1,0


AsiaOptim

al


Carry Trade Mix

5 years

DefensiveIssue price: 102Cap.protected: 100Gearing.: 1,0


SwedenOptimal

Carry Trade Mix

5 years

3 years

AsiaOptima

l

5 years

Brazil

Currency

4 years

1 year

GlobalBest of Three






DefensiveIssue price: 102Cap.protection:120Gearing.: 1,0


China

3,5 years


Reduce the timing risk!

An optimal investment in a tough market

SwedenOptimal

Carry Trade Mix

5 years

3 years

AsiaOptima

l

5 years

Brazil

Currency

4 years

1 years

GlobalBest of Three






DefensiveIssue price: 102Cap.protection: 120Gearing.: 1,0


China

3,5 years


Reduce the allocation risk!

Global – Best out of three.

USA

Europa Asien

Basket 1: 50% 25% 25%

Basket 2: 25% 50% 25%

Basket 3: 25% 25% 50%

Hong KongSouth Korea

TaiwanSingapore

SwedenOptimal

Carry Trade Mix

5 years

3 years

AsiaOptima

l

5 years

Brazil

Currency

4 years 1 year

GlobalBest of Three






DefensiveIssue price: 102Cap.protection: 120Gearing.: 1,0


China

3,5 years


Find alternatives!

Real Vs Euro.

Strengthening of the Real.

Befits from the health economical politics

Repaid the governmental debt

Promoted to ”investment grade”

One of the largest receiver of FDI in the World.

Demand for oil and raw material supply.

Weakening of the Euro.

Weakening of the European economy.

Interest rate reduction expected during the year.

Return from interest and currency markets.

• ”Carry Trade”

• Borrow in countries with low interest

• Invest in countries with high interest

• Earn money on interest differences and currency rate fluctuations.

• 5 years average return of 14,3% per year.

• 20% Guaranteed return in the Defensive alternative.

• 2,2 participation grade with only 5% premium.

Portfolio nr 1 - Defensive

Suitable for:

- The careful customer.

- Liquidity in companies

- Pension funds

5 years 5 years1 year

VO, Brazil Tr 300 000 kr x 1,5SO Carry Trade Mix, Tr 400 000 kr x 1,0AIO Global Best of Three, Tr 300 000 kr x 1,0

Total investment 1 020 000 krSum Cap protection 1 080 000 krSum Market growth 1 150 000 kr

BrazilCurrency

Carry TradeMix

(20% guaranteed return)

GlobalBest of three


PRODUCTS

Portfolio nr 2 - Growth

Suitable for:

- For those who consider on entering the market

- Reallocation of fund money

- Pension funds

- For those who wants to reduce complex timing problems (with an optimal start.)

Growth portfolio

5 years3 years 3,5 years 4 years

AIO Sverige Optimal, Ti 200 000 kr x 1,1AIO Kina, Ti 150 000 kr x 1,1AIO Asien Optimal, Ti 150 000 kr x 1,4SO Carry Trade Mix, Ti 200 000 kr x 2,2AIO Global ”Bäst Mix”, Ti 200 000 kr x 1,5

Total investment 1 054 000 krSum Capital protection 900 000 krSum Capital in growth 1 335 000 kr

ChinaSweden Optimal

Asia Optimal

Carry TradeMix

Growth

5 years

GlobalBest of Three


PRODUCTS

Warrant

Brasilien Valuta: 6 500 SEK per warrant gives 1,5 times the growth on 100 000 kr.

Asien Optimal: 24 500 SEK per warrant gives 1,0 times the growth on 100 000 kr

Carry Trade: 18 500 SEK per warrant gives 1,0 times the growth on 100 000 kr

Case – low-risk investment in warrants

Invest 102 000 SEK in Carry Trade Mix Defensive (5 år) with 20% guaranteed return and furthermore the full return on Carry Trade.

Invest 24 500 SEK in warrants for Asian Optimal (4 years) with the full return on 100 000 SEK from the Asian basket.

What will the outcome be:

- Total invested capital: 126 500 SEK (ink courtage)

- Guaranteed return: 120 000 SEK

- Full return on Carry Trade Mix above 20%

- Full return on Asian basket on 100 000 SEK.

Dubbelexponering

Invest 102 000 SEK in the new Carry Trade Mix Defensive – 20% guaranteed return.

Invest in 3 warranties “Brazil Currency” for 6 500 SEK per warranty which each give 1,5 times the growth on 100 000 SEK in Brazilian Real vs Euro.

What will the outcome be:

- Total invested capital: 121 500 SEK (ink courtage)

- Guaranteed return: 120 000 SEK

- Full return on Carry Trade Mix above 20%

- 1,5 times the increase on 300 000 SEK in Brazilian Real vs. Euro

Summary

Replace shares, mutual funds, hedge funds and interest yielding securities, so the corresponding return is recieved to a lower risk.

Diversified portfolio with asset allocation Different durations – liquidity planning The capital protections makes it possible for the investor

to identify the worst case scenario. Profit lock-in – raises the level of capital protection,

without venturing further growth potential. Reversed Profit lock-in – lowers the level of capital

protection but increases future growth potential

Documents

Garantum Fondkommission Specialized fund commissioner – solely offers structured financial securities – with or without capital protection Established