March 11 2004 Page Brummer Partners and its

March 11, 2004 Page

Brummer & Partners and its business model Viveka Ekberg Radisson SAS Scandinavia Hotel March 18, 2004 March 11, 2004 Page

Quick summary Chairman: Patrik Brummer Managing director: Klaus Jäntti Strategy: L/S global equity Inception: July 1, 1996 AUM (Feb/04): SEK 10, 953 m Market neutral January 1, 1998 SEK 8, 810 m L/S European equity October 15, 1999 EUR 285 m Managed futures May 1, 2000 SEK 1, 758 m Strategy: Inception: L/S TMT equity January 1, 2001 Global macro October 1, 2003 Global quant February 1, 2004 SEK 662 m SEK 518 m EUR 21 m L/S Nordic equity December 14, 2000 AUM (Feb/04): EUR 147 m Privately owned hedge fund manager Offices in Sweden, Finland, Norway and USA Approximately 115 employees - 70 people in eight investment teams - 45 people in supporting infrastructure Multistrategy April 1, 2002 October 1, 2002 SEK 2, 266 m Total assets under management: USD 3. 6 bn Total no. of clients: Approximately 6, 000 Offshore vehicles since July, 2003 3 March 11, 2004

History 1995: Brummer & Partners founded 1996: Launch of long/short global equity fund Zenit 1997: Divestment of Brummer & Partners corporate finance department 1998: Launch of market neutral fund Nektar Acquisition of the Nektar Fund’s fund management company 1999: Launch of venture capital company Zodiak (currently in run-off) Launch of long/short European equity fund Futuris (run in partnership with PM: s) 2000: Launch of global futures fund Lynx (run in partnership with PM: s since 2002) Launch of long/short Nordic equity fund Avenir (run in partnership with PM: s) 2001: Infrastructure company, B&P Fund Services, formed Launch of long/short global technology fund Manticore (run in partnership with PM: s) 2002: Launch of multistrategy funds Helios and Helios Euro 2003: Launch of non-dividend paying fund Nektar (Bermuda) Launch of global macro fund Latitude (run in partnership with PM: s) and non-dividend paying fund Latitude (Bermuda) 2004: Launch of global quantitative fixed income and currency fund Arcos (run in partnership with PM: s) Launch of non-dividend paying fund Lynx (Bermuda) 4 March 11, 2004

Corporate strategy Our goal: Create a diversified and sustainable hedge fund business Key success factor: Align business model with individual aspirations - Attract and retain highly motivated investment professionals - Equity stakes for key people - “Financial incentives to succeed – financial consequences of failure” (entrepreneurial incentive structure) - Separation of portfolio management and business management - Strong industry skills and economies of scale in supporting infrastructure 5 March 11, 2004

Infrastructure No. of employees: - 45 people Supervision: - Finansinspektionen (Swedish Financial Supervisory Authority) Operations: Hans Ulinder Finance/Control Legal: Caroline Mitteregger Reception Secretariat NAV-calculation: Risk measurement: Risk control and compliance: Back-office Chairman: Klaus Jäntti Managing director: Hans Ulinder Compliance: Erika Lundquist Client Services Sales: Viveka Ekberg, Gustaf Elmstedt Systems Development B & P Fund Services Custodian: Auditors: B & P Fund Services Supervision: Systems: Henrik Johansson IT-support Middle-office SEB (multiple responsibilities)* Appointed individually (multiple responsibilities)* Local authorities in Sweden and Finland *See appendix 6 March 11, 2004

Going forward Establish Brummer & Partners as a leading hedge fund group Our business model leads to continuous pressure on growth and development Conservative, long-term approach to: - New assets under management - New funds Internationalisation of client base: - Attractive track-record - Robust infrastructure - Large and stable domestic client base - Broad skill-set across many hedge fund strategies - Offshore vehicles 7 March 11, 2004

Appendix 8 March 11, 2004

Distribution of responsibilities “The fund management company and the fiduciary custodian shall operate indepedently of each other and exclusively in the common interest of the unit-holders. ” Mutual Funds Act (1990: 1114) (§ 1) The fund management company: - has responsibility for the management and day-to-day administration of the fund, - represents the unit-holders in all financial and legal matters pertaining to the fund The - fiduciary custodian: accepts the fund’s assets and holds them in safe-keeping, handles all payments to and disbursements by the fund, settles the fund’s securities transactions, has responsibility for ensuring that subscriptions and redemptions of units, and calculations of the value of units, take place in accordance with the law and the applicable fund rules, - has responsibility for ensuring that the fund’s assets are used in accordance with the law and the applicable fund rules 9 March 11, 2004

Distribution of responsibilities (cont’d) The - auditors*: control the securities transaction flow, control the subscription and redemption procedures, check the calculation of the fixed management fee, the hurdle rate, and the performance-based fee, - verify the fund’s balance sheet (net asset value), - examine other internal processes, - review and audit the fund management company and the fund Finansinspektionen (Swedish Financial Supervisory Authority)**: - grants licences to engage in fund management activities, - supervises Swedish fund management companies, securities companies, mutual funds and fiduciary custodians, - appoints auditors to review and audit fund management companies and mutual funds *Each fund management company has two mutually independent auditors. These are elected by the fund management company’s annual general meeting and statutorily appointed by Finansinspektionen (Sweden) or appointed by the unit-holders (Finland). ** A government authority. 10 March 11, 2004

Taxation No tax at source on capital gains in Sweden and Finland Tax at source on dividends in Sweden L/S equity funds ànon-dividend paying funds L/S fixed income and futures funds àdividend-paying funds Offshore investors should use Bermuda-based vehicles ç No tax at source on non-dividend paying (growth) units in Finland-based funds offer both dividend-paying and non-dividend paying units. 11 March 11, 2004

Legal structure Chairman: Patrik Brummer Managing director: Klaus Jäntti (100%) Chairman: Per Josefsson Managing director: Douglas Cliggott Brummer & Partners’ ownership in each company is marked within brackets Helios is available in both SEK and EUR Zenit Asset Management AB (100%) Chairman: Per Josefsson Managing director: Klaus Jäntti Chairman: Klaus Jäntti Managing director: Hans Ulinder Nektar Asset Management AB (100%) Chairman: Kent Janér Managing director: Klaus Jäntti B & P Asset Management (Bermuda) Ltd (100%) Chairman: Klaus Jäntti Nektar (Bermuda) Ltd. Latitude Fund (Bermuda) Ltd. Futuris Asset Management AB (53%) Chairman: Knut Brundtland Managing director: Marie Friman Lynx Asset Management AB (40%) Chairman: Klaus Jäntti Man. director: Svante Bergström Manticore Capital AB (45%) Chairman: Jonas Fredriksson Managing director: Ola Björkmo Avenir Fondbolag AB (30%) Chairman: Klaus Jäntti Managing director: Peter Ramsay Latitude Asset Management AB (45%) Chairman: Klaus Jäntti Managing director: Jens Berglund Arcos Fondbolag AB (40%) Chairman: Klaus Jäntti Man. director: Risto Peltokangas January 2003 12 March 11, 2004