The Investor Perspectiveon

Nordic Exit Opportunities

VentureLab Investment ForumOslo, Tuesday 26 October 2004

Erik Berger

Investment Director

Technology Business Unit

CapMan

Exit

• Country of origin

– One Legislation

– One Tax system

• X-Border

– Several Legislations

– Tax Issues

Exit

IPO

Trade Sale

Merger/Acquisition

“Gråmarked”

MBO

Liquidation

Bankruptcy

Secondary Buy Out

Closing Remarks

• On a Nordic Basis:

- Exit markets are opening up

- Trade Sales are in favor

- Pipeline of companies to be exited

Good exits are necessary for making new investments!