Finanshuset Acta reorganises Highlights fourth quarter 2011 New service concepts for clients Interim financial statements New Acta Markets Outlook

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1 Acta Holding ASA 4 th quarter presentation 211 Chairman of the Board Alfred Ydstebø Acting Chief Executive Officer Christian Tunge Managing Director Acta Markets Ole Jørgen Jacobsen 29 th February 212 Disclaimer: Unaudited Q4 figures and unaudited preliminary 211 figures. This interim report contains certain forward-looking statements that involve risks and uncertainties. All statements other than statements of historical facts are forward-looking statements and must not be understood as guarantees for the future. 1

2 Agenda Finanshuset Acta reorganises Highlights fourth quarter 211 New service concepts for clients Interim financial statements New Acta Markets Outlook 3 Finanshuset Acta reorganises Resignation of the CEO Acta Kapitalforvaltning voluntarily handed in their license Possible withdrawal of Acta Asset Management s license Reduction of costs in both countries Acta Markets is the new main company for the Acta Group s operations in Norway Acta Markets and Acta Finans will adapt new business plans and change their names Increased focus on larger clients All clients will be served going forward 4 2

3 Highlights fourth quarter 211 Operating earnings of NOK -14 million in the fourth quarter, and NOK -71 million for the full year 211 One-off costs and write-downs of NOK 98 million in the quarter, NOK 88 million without cash effect in the quarter Solid balance sheet with bank deposits of NOK 35 million The Group's ordinary operations were profitable with NOK 28 million for the financial year 211, but earnings are strongly affected by one-off costs in the fourth quarter 5 Clients NOW Large clients satisfied Smaller clients not satisfied Mismatch between expectations to service level and services offered Customer complaints related to business from Regulatory risk NEW CONCEPTS Financial advisor for large clients (+1 MNOK) Smaller clients served through investment centres Further strengthening of compliance in order to comply with regulatory requirements Management changes Regulatory risk reduced 6 3

4 Implementation of changes Acceleration of plans to consolidate the business Important stakeholders Clients Regulators Employees Shareholders 7 Subscriptions Gross subscriptions (mnok) Gross subscriptions per asset class (%) Norway Sweden 1% 8% 13% 8% 37% 7% 2% 8% 9% 15% 3% 9% 9% 5% 76% 65% 49% 56% % Mutual funds Unit Linked Real estate Private Equity Other Gross subscriptions of NOK 928 million, of which NOK 825 million through portfolio accounts Resources will be spent on reorganisation the next 3-6 months 8 4

5 Equity under Management Equity under Management 1) Equity under Management per asset class 1) 3 2 Norway Sweden Mutual funds Real estate Unit Linked Other Stable Equity under Management despite uncertain financial markets Some clients, mostly smaller ones, expected to leave Finanshuset Acta during the reorganisation 1) Billion NOK 9 Key financial data mnok Transaction revenues Recurring revenues Total revenues Variable operating costs Activity based costs Fixed costs Depreciation a.o Operating earnings Net income EPS ROE 1) - annualised -134% -2% -25% -6% Total revenues decreased by NOK 4 million compared to the fourth quarter of 21 Recurring revenues of NOK 93 million, an increase of NOK 7 million from the comparable quarter of 21 One-off costs of NOK 98 million related to increased year-end provisions, writedowns and expenditures Net income in the fourth quarter was NOK -95 million, which translates to an EPS of NOK -.37, compared with NOK -.1 in the equivalent quarter of 21 1) After tax 1 5

6 One-off costs in the quarter Provisions Acta Kapitalforvaltning Expenditures Write-downs Other provisions Total one-off costs in the quarter NOK 64 million NOK 1 million NOK 8 million NOK 16 million NOK 98 million NOK 88 million of these one-off costs has not been affecting the Group's cash position in the fourth quarter of 211 Deferred tax in Sweden expensed tax effect NOK 18 million 11 Balance sheet MNOK Fixed assets Goodwill 9 15 Other intangible assets Deferred tax asset 52 2 Trade receivables Other receivables Bank deposits/treasury bills Total assets Equity Accounts payable Taxes payable 34 9 Other taxes and duties payable Salaries/commissions payable 4 4 Other short term debt The Acta Group has limited risk on its balance sheet The Acta Group has a robust financial position The Acta Group s liquidity position is strong with bank deposits of NOK 35 million at the end of 211 Total debt Total equity and debt

7 Segments Transaction revenues Wealth Management Operating earnings Recurring revenues Transaction revenues Operating earnings Recurring revenues Markets 13 All numbers in mnok New Acta Markets Old business plan Build a strong corporate finance team focused on real estate Build in-house asset management team Establish secondaries trading desk New business plan Reposition and rebrand Build wealth management division Build brokerage/ investment centres 14 7

8 Combining group internal and external resources Group internal resources and recruits Acta Markets External resources and recruits - Investment Banking - Recruiting clients - Secondary Trading Services - Recruiting advisors - Currently recruiting advisors and more IB professionals - Product selection - Recruiting clients - Investment Management New Acta Markets 15 Creating a full service financial services provider New Acta Markets Complex procedures but process on track Investment Management Investment Banking Advisory & Brokerage Investor Relations Corporate Finance Wealth Management Portfolio and Asset Management Equity Capital Markets and Investment Brokerage March 212 Internal recruitment in place May 212 Largest clients onboard June 212 Smaller clients onboard Phase 1 of external recruitment finalised Compliance, Product Selection, Research and Development 16 8

9 Summary New Acta Markets Unique Scandinavian client base Advisory network with local presence and strong longstanding client relationships Refined client concepts second to none Advanced and diverse service channel offering Industry benchmarks for neutrality, compliance and control 17 Outlook Reorganisation was accelerated by the Financial Supervisory Authority's notice of a possible withdrawal of Acta Asset Management s license Reduce annual costs by approximately NOK 12 million Provisions for reorganisation at around NOK 3-4 million in Q1 Annual costs expected at around NOK million The Group is expected to keep majority of revenues 18 9

10 Q & A Contact information: Head of IR: Jo-Inge Fisketjøn Phone: jo-inge.fisketjon@acta.no