Investor presentation of the Acta GroupSeptember 2010

IN THE MIDDLE OF THE FINANCIAL CRISISWE BUILT A NEW ACTA

“From an advisory company

to a leading Nordic

financial services group”

Agenda

• Product offering and services

• Acta in brief

• Markets

• Regulatory environment• Regulatory environment

• Competitors

• Acta’s position

Disclaimer: Unaudited 2Q10 and 1H10 figures. No forward-looking statements in this presentation must be understood as any guarantees for the future.

Product offering

Mutual funds * Bonds * Unit linked * Real estate * Shipping * Private Equity * Infrastructure * Index products

Services

• Wealth management

• Investment advisory

• Investment brokering

• Investment trading online

• Corporate finance and advice

• Business services

• Trading & reporting

Objectives

• Business ideaProvide clients with good long-term returns

• VisionActa is a leading Nordic financial services groupActa is a leading Nordic financial services group

� Profitable investments for clients

� Based on competence and quality

� Attractive for shareholders

� Attractive for employees

The Nordic region -one of the most affluent regions

in the world

• Acta holds a strong market position in Norway and

Sweden, and also has a few customers in Denmark

and Finland

• Strong local presence

• 12 advisory offices in Norway

• 12 advisory offices in Sweden

• Investment brokers in Stavanger, Stockholm

and Copenhagen

• 277 permanent employees

• 156 in Norway

• 120 in Sweden

• 1 in Denmark

Assets under Management

• Acta holds a strong market position in Norway and

Sweden, and also has a few customers in Denmark and

Finland

• 89,000 clients

• 37,000 in Norway with an average of NOK 1.2

million in AUM

1 64

5

2 2

Assets under management per asset class (NOK BN)

million in AUM

• 52,000 in Sweden with an average of NOK 0.5

million in AUM

• NOK 68 BN in AUM

• NOK 43 BN in Norway and NOK 25 BN in Sweden

• NOK 28 BN in equity and NOK 40 BN in debt

5

44

Other Shipping Mutual/Hedge Funds

Unit link Index products Real estate

Private Equity Infrastructure

Financial highlights

• Gross subscriptions in 2Q10 at NOK 841 million

• Net income in 2Q10 at NOK 5 million

• Last 4 quarters’ EBIT at ± 0 before one-off costs

• Restructuring business model – increasing recurring revenues

• Strong balance sheet with more than NOK 200 million in cash

and no interest bearing debt

• Market capitalization of NOK 680 million per 27th August 2010

Strategy• Main business: Financial advisory through local presence in major cities

• Norway and Sweden in separated units. Different cultures – different markets

• Experience and knowledge shared between the countries

• Additional business: Investment brokering and Markets in separated units• Developed on the side of Advisory services

• Support: Centralized, with Norwegian and Swedish competence

• Acta provides financial expertise� Neutral advice and distribution in the Nordic region

� Develop investment products

� Unite trading and reporting

AdvisoryNorway Sweden

Investment

broking

Markets

Support

Market potential

• 25 million people in the Nordic region1)

• GDP per capita 2)

Norway: $79.000 Denmark: $56.100

Sweden: $44.000 Finland: $44.500Sweden: $44.000 Finland: $44.500

United States: $46.400 European Union: $33.000

The Nordic HNW client is 50 years old, made his wealth through

entrepreneurship or employment earnings, invests heavily in equities, but

also maintains significant fixed income and cash holdings. He is also

increasingly interested in alternative investments 3)

1) Source: norden.org

2) Source: International Monetary Fund 2009

3) Source: Report - Wealth Management in the Nordic Region 2008, by Datamonitor

Segments

• The strategic segment, as defined by Acta in 2005, are individuals with net investable assets (NIA) of between NOK 100,000 and NOK 10 million.

• Investment brokers: (NIA > NOK 100k ) comprise 14 % of the population in Norway, 10 % in Sweden

• Advisory: (NIA > NOK 500k) comprise 5 % of the population in Norway, 3 % in Sweden

• Denmark with similar figures

• Acta’s strategic segment is between the traditional savings banks’ branch network and private banking target groups

• ’Private banking light’

• This segment have been neglected by other players in the Nordic market and Acta is working upwards towards High Net Worth Individuals (HNWI) / Private banking segment

Total market - High Net Worth Individuals1)

Sweden

Denmark

HNWI 2006E AUM EUR Billion

50 - 55

70 - 75

HNWI IN % of GNP

34

33

0 50 100 150 200

Total

Norway

Finland30 - 35

165 - 185

0 10 20 30 40

24

9 -12

26

1) Defined as capital from clients with more than NOK 2 million in investable holdings

1) Source: McKinsey, Arctic Securities

15 - 20

Market fee structure

Up-

front

Up-front fees will constitute a smaller portion of total

revenues

Margins and transaction fees under pressure

Management fees will be more important

Barriers to entry will increase for new players

Existing market participants will have an advantage

Arra

nge

r

Ma

na

gem

en

t

Su

ccess

Competitive situation• Acta is experiencing less competition from other suppliers of investment advisory services

• Competition is fiercest in the HNWI segment – primarily from banks

• Several smaller and medium-sized competitors have either gone into bankruptcy or decided to

discontinue their operations as a result of the implementation of a new Securities Trading Act / MiFID

and the impacts from the global financial crisis

• Acta has an competitive advantage of having an effective control and compliance function.• Acta has an competitive advantage of having an effective control and compliance function.

• Capital adequacy requirements and the stricter regulatory regime increases the barrier for new

market participants

The major Banks

A few players with a national distributionnetwork

Norway The major Banks

A few players with a national distributionnetwork

Sweden

Regulatory conditionsand Acta’s response

Neutral

advice

Remuneration

Independent advice

Radical changes in industry- MiFID – regulators interpretation

Neutral

fee

structure

Neutral

remuneration

system

Fee structure

Remuneration

Financial crisis ex post

- Demand for liquidity and simple fund-structures

Portfolio account

• No or low initial subscription costs

• Reallocation of portfolio free of

charge

• Transaction fees under pressure

Assets under management - NOK 68 BN

40

Equity Debt

• Transaction fees under pressure

• Clients pay annual fees

• From 1.25% to 2.25% of equity

• Clients receive credit amounts from

suppliers

• Incentives between investor and

advisor aligned � investment

returns

28

Net recurring revenues will increase

by slightly more than 1 percentage

point compared to the situation

today

Stock marketsdi

ndek

s

400

450

500

550

+ 47%

S&P 500 Index

1200

1400

1600OSE Benchmark

Kilde: Reuters EcoWin, Acta Asset Management2008 2009 2010

Osl

o B

ørs

Hov

ed

150

200

250

300

350

400

+ 109%- 64%

Source: Reuters EcoWin, Acta Asset Management2007 2008 2009 2010

Inde

x

600

800

1000

1200

Acta is well positioned

• Market size not a constraint – stable growth

• Broader services provided

• Financially robust

• Regulations and capital requirements met• Regulations and capital requirements met

• Fewer competitors in the market

• Enthusiastic organization

• Portfolio account demanded by clients

OutlookBuilding a solid foundation for the future

• Long term business model in focus – increasing future recurring revenues

• NOK 2.5 billion reallocated to portfolio account

Short term – Q310

• Recruiting existing and new clients to portfolio account

• Launch of portfolio account in Sweden

Medium term – 2011Medium term – 2011

• Recruiting 40 new advisors/brokers

Long term

• Within two years the ambition is to have 50 per cent of the client equity invested through portfolio account

• Within four years the ambition is to have 75 per cent of the client equity invested through portfolio account

Highlights second quarter 2010

Gross subscriptions of NOK 841 million

Revenues of NOK 115 million

Operating earnings of NOK 3 million

Recurring revenues of NOK 67 million, coverage factor to fixed costs of 91%

Assets under management of NOK 68 billion

Successful launch of portfolio account in Norway

SubscriptionsGross subscriptions (mnok) Gross subscriptions per asset class

419

182

439

260

311

750

Sweden Norway

61 % 59 %

15 %

32 %

20 %

26 %

9 %

3 %

6 %

6 %

6 %

37 %

10 %

17 %

8 % 5 %3 %5 %

30 %

40 %

50 %

60 %

70 %

80 %

90 %

100 %Bonds

Renewable EnergyInfrastructurePrivate equityShipping

Real Estate

Index

Gross subscriptions of NOK 841 million

Mutual funds and Unit linked with highest demand

284 295

593

425530

182

02Q09 3Q09 4Q09 1Q10 2Q10

28 %

59 %

40 %

0 %

10 %

20 %

2Q10 2Q09 YTD 2009

Index productsUnit Linked

Mutual/Hedge funds

Return on clients’ assets and subscriptions

26,90 %

20 %

30 %

40 %

Average client portfolio mutual fund returns

Mutual funds/Unit

linked67 %

Other33 %

2009

• Returns in NOK, not annualised

• Return on clients’ investments within given fund selection

-5,50 %

2,30 %

26,90 %

-10 %

0 %

10 %

2Q10 YTD Last 12 months

Return on assets for average client portfolio for 2Q10

is -0.6% and 0.4% for the first half of 2010

Mutual funds/Unit

linked79 %

Other21 %

1H10

Assets under management

1 64

5

5

44

2 2

Assets under management (bnok) Assets under management per asset class1)

51 50 47 46 43

27 27 26 25 25

10,00

20,00

30,00

40,00

50,00

60,00

70,00

80,00

90,00

Norway Sweden

78 77 7371 68

Decrease in AUM of NOK 2.3 billion compared to previous quarter

Maturity of Index products of NOK 2.5 billion

Partly offset by NOK 0.8 billion in gross subscriptions

44

Other Shipping Mutual/Hedge Funds

Unit link Index products Real estate

Private Equity Infrastructure

1) Billion NOK

0,00

10,00

2Q09 3Q09 4Q09 1Q10 2Q10

Key financial data

Total revenues down NOK 18 million

compared to the second quarter of 2009

Recurring revenues of NOK 67 million

Reduction in revenues reflects lower

margins and maturity of Index products

Total costs reduced by NOK 54 million

compared to second quarter 2009

2Q 2Q 1-2Q 1-2Qmnok 2010 2009 2010 2009 2009Transaction revenues 47 61 74 125 195Recurring revenues 67 71 135 148 293Other revenues 1 0 2 0 2

Total revenues 115 132 211 274 489

Variable operating costs 12 14 20 26 47Activity based costs 23 25 42 49 93Fixed costs 73 114 150 210 359 compared to second quarter 2009

Net income in the second quarter was

NOK 5 million (NOK -32 million), which

translates to an EPS of NOK 0.02,

compared with NOK -0.13 in the

equivalent quarter of 2009.

1) After tax

Fixed costs 73 114 150 210 359Depreciation a.o. 4 12 11 18 27

Operating earnings 3 -34 -12 -30 -36

Net income 5 -32 -5 -27 -36

EPS 0.02 -0.13 -0.02 -0.11 -0.14

ROE1) - annualised 6% -37% -3% -15% -21%

89,000 clients37,000 in Norway and 52,000 in Sweden

•Stable number of clients both in Norway and Sweden compared to previous quarter

•Average assets under management per client

48 000 52 000 53 00052 000

50 000

60 000

70 000

80 000

90 000

100 000

Sweden Norway

management per client

•Norway NOK 1.2 million

•Sweden NOK 0.5 million

•Average NOK 0.8 million

•Total revenues from existing clients1)

•Norway 85 percent

•Sweden 98 percent

1) YTD - New clients defined as clients with no placed orders prior to 1st Jan 2010

35 000 34 000 34 000 37 000

0

10 000

20 000

30 000

40 000

50 000

2007 2008 2009 2Q10

Revenues

141 132

103114

97115

100

150

200

2502009 2010

Total revenues (mnok)

7871 73 7268 67

30

40

50

60

70

80

90

1002009 2010

Recurring revenues (mnok)

0

50

1Q 2Q 3Q 4Q

Quarterly revenues down NOK 18 million from 2Q09Lower margins

Weak gross subscription volumes in Sweden

Recurring revenues of NOK 67 million, down from NOK 71 million from 2Q09Recurring revenues in line with budget

0

10

20

30

1Q 2Q 3Q 4Q

Costs in line with target

75 - 100400

450

500

Fixed Activity-basedFixed & activity-based costs (mnok)

Activity-based costs in 2Q10 ended at

NOK 23 million

210150

300 - 325

49

42

75 - 100

0

50

100

150

200

250

300

350

1H 2009 1H 2010 Target 2010

Fixed operating costs were reduced by

NOK 41 million or 36% compared with

the second quarter in 2009

20 per cent of total second quarter

operating costs are activity-based and

thus scalable

Variable operating costs

12

14

11 1112

10

20

2009 2010Variable operating costs at NOK 12

million, compared to NOK 14 million in

2Q09

Of total second quarter operating costs,

10% are variable9

0

10

1Q 2Q 3Q 4Q

New remuneration system from 3Q10

Fixed & activity-based operating costs

Fixed & activity-based operating costs (mnok) Recurring revenues/costs 1)

59

36

45

24

25

26 19 23

100

150

200

Activity Based Costs Fixed Costs

50 %

60 %

70 %

80 %

90 %

100 %

110 %

Fixed costs reduced by NOK 41 million from 2Q09

Activity-based costs down NOK 2 million from 2Q09

Recurring revenues covers 91% of fixed costs in the quarter

1) Strong third quarter ratio all years due to replacement of salaries with accrued vacation pay in Norway in July.

115 96

115 95

114

68 81 76 73

18 19 23

-

50

2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10

20 %

30 %

40 %

50 %

2Q06 4Q06 2Q07 4Q07 2Q08 4Q08 2Q09 4Q09 2Q10

Fixed costs

Operating earnings

42

-9

-15

3

-10

0

10

1Q 2Q 3Q 4Q

2009

2010 Operating earnings of NOK 3 million

The improvement in operating earnings is

driven by lower operating costs as a result

of the restructuring carried out in 2009,

partly offset by lower revenues.

-34

-15

-40

-30

-20partly offset by lower revenues.

Lower cost base and reduced operational

risk make Acta well positioned to ensure

future profitability

Balance sheet

Total assets at the end of the second

quarter were NOK 423 million, up from

NOK 415 million the previous quarter.

Acta has very limited risk on its balance

sheet

MNOK 30.06.10 30.06.09 31.12.09

Fixed assets 18 29 19Goodwill 16 6 6Other intangible assets 48 40 46Deferred tax asset 25 27 13Trade receivables 65 72 41Other receivables 29 24 26Bank deposits/Treasury bills 222 253 262

Total assets 423 452 411

The Group’s liquidity situation is still

strong, with net bank deposits of NOK

222 million at the end of the quarter

The Group is financially robust

Equity 336 331 321

Accounts payable 1 0 14Taxes payable 11 10 0Overdraft facility 0 0 0Other taxes and duties payable 15 21 18Salaries/commissions payable 24 48 27Other short term debt 37 42 30

Total debt 86 121 90

Total equity and debt 423 452 411

Norway

80

6456

625966

-

50

100

1Q 2Q 3Q 4Q

8

-19

10

-2-5

4

-25

-15

-5

5

15

25

1Q 2Q 3Q 4Q

465

284 295

593

425

530

0

400

800

1Q 2Q 3Q 4Q

2009 2010

Gross subscriptions (mnok) Operating earnings (mnok)Revenues(mnok)

1Q 2Q 3Q 4Q

4 4 4

9

67

-

5

10

15

1Q 2Q 3Q 4Q

1Q 2Q 3Q 4Q

70 70 6980 76

0

50

100

150

2Q09 3Q09 4Q09 1Q10 2Q10

15301512 1471 1389

12651173

0

1000

1Q 2Q 3Q 4Q

Gross subscriptions/Advisor 1) (mnok) AUM/Client (knok)

1) Includes branch managers, advisors and brokers

Advisors 1)

Sweden

6168

4752

37

49

0

50

100

1Q 2Q 3Q 4Q

-1

-11

-3

4

-6

1

-20

-10

0

10

20

1Q 2Q 3Q 4Q

483

419

182

439

260311

0

400

800

1Q 2Q 3Q 4Q

2009 2010

Gross subscriptions (mnok) Revenues (mnok) Operating earnings (mnok)

148

8776 76 83

0

50

100

150

200

2Q09 3Q09 4Q09 1Q10 2Q10

3 3

2

6

3 4

0

5

10

1Q 2Q 3Q 4Q

528504 511 493

473 479

0

400

1Q 2Q 3Q 4Q

Gross subscriptions/Advisor 1) (mnok) AUM/Client (knok)

1) Includes branch managers, advisors and brokers

Advisors 1)