Interim Financial Report Q3 2007

Interim Financial Report Q3 2007 Translation This text has been prepared in Danish and in English. In case of discrepancies, the Danish text will prevail. Q3 2007 The Interim Financial Report contains 26 pages, including the front page

Contents 1. Summary... 2 2. Capinordic Group key figures and ratios... 3 3. Developments in Q3 2007... 5 Results of the Capinordic Group... 5 Capinordic in Denmark... 5 Banking... 5 Other activities Capinordic Property Management A/S... 6 Capinordic in Sweden... 7 Investment Services... 7 Asset Management... 7 Focal points as a consequence of growth strategy... 8 Latest acquisitions and their integration...8 Bank branch in Sweden... 9 Investment management company in Denmark... 9 4. Prospects... 9 5. Events after the end of Q3 2007... 10 Final acquisition of Steffen Rønn Fondsmæglerselskab A/S... 10 Final acquisition of Dansk O.T.C. and Dansk AMP... 10 Conditional acquisition of BioFund Management OY... 10 Implementation of a share option programme... 10 6. Major decisions by the Supervisory Board... 11 Capital increases in... 11 7. Company information... 12 8. The Capinordic share... 13 9. Management statement... 14 10. Financial statements of the Capinordic Group... 15 Accounting policies... 15 Income statement for the period ended 30 September 2007... 16 Balance sheet at 30 September 2007... 17 Statement of changes in equity at 30 September 2007 (Group)... 19 Statement of changes in equity at 30 September 2007 (Parent Company)... 20 Notes... 21 Page 1 of 25

1. Summary References to the Company are references to. References to the Group are references to the Capinordic Group. The Interim Financial Report has not been audited. For Q3 2007, reports: that the Group has realised its expectations for the period under review; that the Group maintains its expectation of achieving a profit before amortisation, depreciation, impairment and tax at a level of DKK 150m; that the Group profit before amortisation, depreciation, impairment and tax for Q1-Q3 2007 amounts to DKK 101m and the profit after tax amounts to DKK 59m; that the Group profit before amortisation, depreciation, impairment and tax for Q3 2007 amounts to DKK 45m and the profit after tax amounts to DKK 23m; that the acquisition of Nordisk Fondservice AB became final on 7 August 2007. Nordisk Fondservice AB has been included in the consolidated financial statements as from that date. The purchase price was DKK 276m; that the merger between Capinordic Bank A/S and Proviso Fondsmæglerselskab A/S became final on 28 August 2007. The merger strengthens the Private Banking business area; that Keops A/S has reduced its ownership interest in as an element of a structured sale. At 20 November 2007, Keops A/S holds a total of 12.44% of the share capital; that the acquisition of Steffen Rønn Fondsmæglerselskab A/S became final on 11 October 2007, and that the company will be included in the consolidated financial statements as from that date. The purchase price was DKK 138m; that the acquisition of Dansk O.T.C. Fondsmæglerselskab A/S became final on 12 October 2007, and that the company will be included in the consolidated financial statements as from that date. The purchase price was DKK 95m; that on 25 October 2007 sold its shareholding in ITH Industri Invest A/S as part of the Group s corporate finance activities; that a conditional agreement was concluded on 12 November 2007 on the acquisition of BioFund Management OY. The purchase price has been fixed at DKK 67m. The acquisition is expected to become final before 21 December 2007; that the Supervisory Board decided on 20 November 2007 to implement a share option programme. Comment by Lasse Lindblad, CEO: The Capinordic Group focuses on high-margin business areas and profitable customer segments. Over the past two years we have made a number of strategic acquisitions. We now focus on strengthening the basis which is to generate our organic growth. At the same time, we concluded various extensive corporate finance assignments in Q3. In Q3 2007 alone, we have earned DKK 45m, and we have a strong pipeline for Q4 2007. Historically, Capinordic has also had good earnings in the fourth quarter of the year. Additional information: Lasse Lindblad CEO Mobile: +45 4094 0708 Telephone: +45 8816 3000 Fax: +45 8816 3003 E-mail: info@capinordic.com Page 2 of 25

2. Capinordic Group key figures and ratios Key figures, income statement Q3 Q3 Year to date Year to date Year DKK '000 2007 2006 2007 2006 2006 Interest income... 23,692 6,696 57,327 8,039 20,987 Interest expenses... -6,658-757 -16,356-1,066-2,785 Fee and commission income... 40,404 39,101 108,996 59,852 147,609 Net interest and fee income... 49,396 43,628 137,603 61,840 155,720 Other operating income... 12,512 2,876 49,365 7,644 8,529 Staff costs and administrative expenses... -51,115-17,975-141,258-32,753-81,204 Profit before amortisation, depreciation, impairment and tax... 44,562 29,165 100,605 36,954 83,155 Profit before tax... 32,395 22,713 68,671 28,564 60,813 Net profit for the period... 22,798 16,430 59,126 20,632 46,885 Key figures, balance sheet DKK '000 30.09.2007 30.09.2006 30.09.2007 30.09.2006 31.12.2006 Cash and demand deposits with central banks... 30,155 73 30,155 73 22,099 Receivables from credit institutions and central banks... 320,325 660,103 320,325 660,103 566,844 Loans, advances and other receivables at amortised cost... 827,262 219,893 827,262 219,893 440,289 Intangible assets... 1,120,619 453,794 1,120,619 453,794 541,897 Total assets... 3,166,613 1,451,634 3,166,613 1,451,634 1,792,032 Payables to credit institutions and central banks... 253,561 0 253,561 0 46,663 Deposits and other payables... 510,479 66,406 510,479 66,406 203,382 Share capital... 56,013 42,467 56,013 42,467 42,467 Total equity... 2,143,657 1,300,126 2,143,657 1,300,126 1,399,561 Total liabilities and equity... 3,166,613 1,451,634 3,166,613 1,451,634 1,792,032 Key figures, cash flow statement Q3 Q3 Year to date Year to date Year DKK '000 2007 2006 2007 2006 2006 Cash flow from operating activities... -86,088 285,309 17,572-100,519-180,375 Cash flow from investing activities... -439,062-33,842-1,160,262-484,114-590,514 Cash flow from financing activities... 88,040-5,495 697,329 1,231,188 1,304,043 Change in cash and cash equivalents... -437,110 245,972-445,361 646,555 533,154 Page 3 of 25

Capinordic Group key figures and ratios (continued) Q3 2007 Ratios Q3 Q3 Year to date Year to date Year 2007 2006 2007 2006 2006 Equity ratio... 67.70% 89.56% 67.70% 89.56% 78.10% Return on equity... 4.33% 5.03% 4.46% 4.09% 6.48% Capital base... 999,640 830,539 999,640 830,539 856,672 Capital adequacy ratio... 58.74 183.04 58.74 183.04 114.07 Average number of employees... 195 48 195 21 44 Per share ratios Q3 Q3 Year to date Year to date Year 2007 2006 2007 2006 2006 Average number of shares ('000)... 109,934 84,935 100,140 59,630 61,299 Share options issued ('000)... 1,992 793 1,992 793 1,992 Earnings per share basic (EPS-B)... 0.21 0.19 0.60 0.35 0.77 Diluted earnings per share (EPS-D)... 0.21 0.19 0.59 0.34 0.77 Cash flow per share (CFPS)... -0.78 3.36 0.18-1.69-2.94 Dividends per share... 0.00 0.00 0.00 0.00 0.00 Book value per share, end of period, DKK... 19.14 15.31 19.14 15.31 15.63 Share price, year-end, DKK, cf. OMX Nordic Exchange Copenhagen.. 23.50 23.00 23.50 23.00 30.10 Page 4 of 25

3. Developments in Q3 2007 The following paragraphs review significant events and developments recorded in Q3 2007. Results of the Capinordic Group The Group profit before amortisation, depreciation, impairment and tax for Q1-Q3 2007 amounted to DKK 101m, of which the profit for Q3 amounted to DKK 45m. By comparison, Group profit before amortisation, depreciation, impairment and tax for Q1-Q3 2006 amounted to DKK 37m, of which the profit for Q3 amounted to DKK 29m. The Group thus maintained a high earnings level despite its strong expansion in 2007. The Group s gross income rose from DKK 75m to DKK 284m as compared with 2006, or almost a quadrupling of the gross income. After tax, the Group profit for Q1-Q3 2007 was DKK 59m as compared with DKK 21m for the same period of 2006. In Q3, the Group s corporate finance assignments have made a particularly positive contribution to Group earnings. Capital structure and capital adequacy The Group s equity for the period ended 30 September 2007 was DKK 2,144m. The Group s capital base less deductions for the period ended 30 September 2007 was DKK 1,000m and the capital adequacy ratio was 58.74. Capinordic in Denmark The development in Group activities in Denmark was satisfactory. DKK 000 Year to date 2007 Year to date 2006* Year 2006* Net interest and fee income 98,833 49,313 139,123 Profit before amortisation, depreciation, impairment and tax 89,042 30,841 86,084 Profit after tax for the period 55,027 19,647 50,370 * All Danish activities of the Group commenced in 2006. The Group s net interest and fee income in Denmark rose notably compared with the same period last year. The increase in the Group s Danish activities is mainly attributable to the setting up of Capinordic Bank A/S in H2 2006 and the Group s acquisition of Proviso Fondsmæglerselskab A/S in Q2 2006. In Q3 2007, particularly the Group s activities within corporate finance have made a positive contribution to Group earnings in Denmark. Banking The Group s banking activities in Q3 2007 were satisfactory. The return for Private Banking customers with portfolio management agreements was higher than the development in comparable indices. Likewise, Markets saw a positive development and thus also in Q3 experienced both an increase in turnover and an increasing interest in the bank s analyses. The expansion of the product range by interest and currency products in Markets also contributed to an improved position for Capinordic Bank in the securities trading field. Page 5 of 25

In Q3, the Capinordic Group had substantial income in connection with the completion of a number of major corporate finance assignments. The scope of the corporate finance assignments varies substantially, particularly in terms of earnings, duration and use of resources. The listing of Ikast/Bording Elite Håndbold A/S was effected in Q3 2007, and direct placements of new shares were also made for companies already listed. Moreover, various facilitation assignments were completed as well as structured funding projects, which are also offered to the Group s Private Banking customers. The Capinordic Group carries out portfolio investments as part of its corporate finance activities. Examples of this type of investments are ITH Industri Invest A/S, Euroinvestor.com A/S and Aktiebog Danmark A/S. Portfolio investments are an integral part of the aggregate activities of Capinordic. For the purpose of the Group s own value generation, Capinordic thus makes targeted investments through limited ownership. In that connection, Capinordic is a business partner and takes an active part by supplying management expertise, procuring capital or assisting in IPOs. The income from these assignments is not accrued as it is in fact only realised at the completion of the corporate finance assignment. Similarly, the type of income realised by corporate finance activities varies. Accordingly, the Group has had income in Q3 from corporate finance assignments both in the form of fee and commission income and capital gains on securities. On 25 October 2007, sold its shareholding in ITH Industri Invest A/S as part of these activities. At 30 June 2007, the portfolio investments came to DKK 181m, or 18% of the Group s base capital. Moreover, the merger between Capinordic Bank A/S and Proviso Fondsmæglerselskab A/S became final on 28 August 2007. The merger strengthens the Private Banking business area. The actual merger has no effect on the Group s revenue, results, equity or number of employees. Other activities Capinordic Property Management A/S Capinordic Property Management A/S manages the association Capee fmba., which has acquired an attractive portfolio of 70 Italian properties. The acquisition became final after completion of a satisfactory due diligence review. With this investment, the value of the association s property portfolio is DKK 2,147m. At the OMX Nordic Exchange Copenhagen, Capee fmba. will thus be the largest independent association to invest in real property. All the properties of the portfolio are let to Telecom Italia. The leases cannot be terminated by either party until the end of 2021, when Telecom Italia has an option to extend the leases by six years more. The rent is adjusted every year by 1.43%, and Telecom Italia has a duty to take care of both internal and external maintenance and to pay other operating expenses. Page 6 of 25

Capinordic in Sweden The development in Group activities in Sweden was satisfactory. Results are affected by costs for setting up a bank branch, implementation of acquisitions and their integration. The increase in the Group s net interest and fee income in Sweden compared with the same period in 2006 is mainly due to the acquisition and consolidation of Monetar Pensionsförvaltning AB and Nordisk Fondservice AB. In connection with the acquisition of Nordisk Fondservice AB, and to ensure exploitation of the positive synergies, efficient decision-making processes and an anchoring of Group interests in the Swedish subsidiaries, the companies Nordisk Fondservice AB, Monetar Pensionsförvaltning AB and Unitfond AB have elected the same supervisory board. The Group has a satisfactory inflow of both the number of customers and assets under management. The effect of this growth is expected to impact on the consolidated results as from 2008. DKK 000 Year to date 2007 Year to date 2006 Year 2006 Net interest and fee income 38,770 12,527 16,597 Profit before amortisation, depreciation, impairment and tax 1,751 1,470 1,503 Profit after tax for the period (3,765) 985 948 Investment Services acquired Monetar Pensionsförvaltning AB finally on 18 January 2007 and Nordisk Fondservice AB finally on 7 August 2007. Monetar Pensionsförvaltning AB manages premium pension products (PPM), and Nordisk Fondservice AB mainly manages unit-linked insurance products. Nordisk Fondservice AB and Unitfond AB have identical business models and have therefore started collaborating closely under a joint management with positive results. Nordisk Fondservice AB and Monetar Pensionsförvaltning AB have started collaborating on product development and optimisation of synergies. In 2008, Monetar Pensionsförvaltning AB thus expects to launch unit-linked insurance policies as part of its product range. The highly positive growth of both Nordisk Fondservice AB and Monetar Pensionsförvaltning has been maintained since the acquisition. Returns on the companies portfolios have been satisfactory relative to comparable indices. Asset Management Capinordic Fonder AB offers management in seven investment funds of the fund-of-funds type, interest rate funds and equity funds. Capinordic Fonder AB caters for private, corporate as well as institutional investors. Capinordic Fonder AB has seen a positive development and now also offers a number of its funds through the PPM system. The development in Capinordic Fonder AB has been satisfactory. The return has been satisfactory compared with the development in relevant indices. Moreover, the inflow of new customers has also been satisfactory. Capinordic Fonder AB has concluded a number of agreements with Nordnet, Avanza and others on collaboration and distribution of the company s funds. The collaboration with the Group s other Swedish subsidiaries on the amalgamation and optimisation of the Group s asset management progresses in a very satisfactory way. The centralisation has thus been implemented, and a change of management has taken place in Capinordic Fonder as an element of this process. Page 7 of 25

Focal points as a consequence of growth strategy The Group s growth strategy is based on a combination of acquisitions, organic growth and strategic alliances. Based on the Group s growth strategy, the Group focal points were: Acquisitions and their integration Setting up a bank branch in Sweden Launch of investment management company in Denmark Latest acquisitions and their integration In Q3, particularly focused on: 1. Nordisk Fondservice AB 2. Steffen Rønn Fondsmæglerselskab A/S 3. Dansk O.T.C. Fondsmæglerselskab A/S (Dansk O.T.C.) The Capinordic Group after completion of these acquisitions 1 : Nordisk Fondservice AB Nordisk Fondservice AB was founded in 1999 and manages unit-linked insurance policies in Sweden. Particularly since 2005, the company has realised significant growth. Nordisk Fondservice AB sells its services through a distribution network consisting of more than 1,000 independent financial advisors (insurance brokers). Nordisk Fondservice AB uses a specially developed and strong innovative IT platform to manage its relations with customers, insurance brokers and alliance partners. In combination with Unitfond AB and Monetar Pensionsförvaltning AB, Nordisk Fondservice AB represents a major market share in the Swedish market for investment and savings products, both in terms of their number of customers, assets under management and the size of their distribution network. This is expected to expand the growth and the earnings basis of the Group in the form of exploitation of positive synergies. The synergies particularly relate to: a notable increase in the Group s distribution network in the form of independent financial advisors and a notable increase in the number of insurance companies which have concluded cooperation agreements with the Group cost cuts through administrative combination enhancement within management, product development, etc. Steffen Rønn Fondsmæglerselskab A/S Steffen Rønn Fondsmæglerselskab A/S manages assets for Danish investors with cash assets exceeding DKK 25m. Steffen Rønn Fondsmæglerselskab A/S focuses on equity investments and today has an attractive customer portfolio. Steffen Rønn Fondsmæglerselskab A/S provides: 1 In addition, the Capinordic Group wholly owns the following companies: CSV Invest ApS, Denmark Aktie- & Valutainvest ApS, Denmark Dansk Autoriseret Markedsplads A/S, Denmark Page 8 of 25

a number of attractive asset management products focused on equity investments and savings for affluent customers substantial knowledge capital within equity investments and analyses as well as the sale of savings and asset management products a customer portfolio comprising affluent persons, who are also the target group of Capinordic Bank A/S Corporate finance activities Steffen Rønn Fondsmæglerselskab A/S is expected to apply for and receive a licence to operate an investment management company in early 2008. Dansk O.T.C. Dansk O.T.C. Fondsmæglerselskab A/S is an investment service company with its registered office in Horsens, Denmark. The target group of the company comprises affluent private customers as well as small and medium-sized enterprises. finds it to be a natural strategy for the Capinordic Group to be represented in Jutland. The activities of Dansk O.T.C. are within the Capinordic Group s competence areas related to Corporate Banking, Markets, Private Financial Services and Asset Management. The integration of Dansk O.T.C. into the Capinordic Group is therefore estimated to present potential synergies in relation to the Group s other business activities, particularly the activities within asset portfolio management for affluent private individuals and Corporate Finance. Bank branch in Sweden The branch of Capinordic Bank is expected to be launched in H1 2008. The branch will have its office in Stockholm and will probably be launched through profile campaigns, and the Group s existing companies in Sweden will also participate in the sales work and marketing of the bank. The branch will offer products within the four competence areas of the Group. In the starting-up period, the primary focus will be on very competitive savings products. Project manager Ulrika Nathhorst Jener replaces the former project manager Henrik Werner, whose employment has ended. Investment management company in Denmark The Capinordic Group continued its work in Q3 2007 of setting up an investment management company. The Capinordic Group expects to launch an investment management company on the basis of Steffen Rønn Fondsmæglerselskab A/S as the legal entity. The Capinordic Group expects to apply for and receive a licence to operate an investment management company in early 2008. The investment management company is to cooperate with various financial players and in this connection to offer individual portfolio consultancy and specific asset management products to the customers of Capinordic Bank A/S. 4. Prospects In 2007, the Capinordic Group expects: Continued growth based on a combination of acquisitions, alliances and organic growth o Focus on integration of acquired companies into the Group o Optimisation of investments in subsidiaries o Exploitation of positive synergies Launch of investment management company in Denmark in early 2008 That the Group maintains its expectation of achieving a profit before amortisation, depreciation, impairment and tax at a level of DKK 150m The Capinordic Group expects to launch a branch of Capinordic Bank A/S in Sweden in H1 2008. The budgets and forecasts prepared are based on historical data and assumptions which are deemed by Management to be acceptable; however, in the nature of things, such assumptions are uncertain and unpredictable. For a detailed review of such uncertain factors and the Group s risk management, please see the Company s 2006 Annual Report. Page 9 of 25

5. Events after the end of Q3 2007 After the end of the period under review, the Capinordic Group has: completed the final acquisition of Steffen Rønn Fondsmæglerselskab A/S completed the final acquisition of Dansk O.T.C. and Dansk AMP made a conditional acquisition of BioFund Management OY implemented a share option programme Final acquisition of Steffen Rønn Fondsmæglerselskab A/S The acquisition of Steffen Rønn Fondsmæglerselskab A/S is now final. Steffen Rønn Fondsmæglerselskab A/S will be included in the consolidated financial statements of the Capinordic Group as from 11 October 2007. Steffen Rønn Fondsmæglerselskab A/S focuses on asset management for affluent Danes with cash assets exceeding DKK 25m. The total purchase price at the acquisition date was fixed at DKK 138m, of which DKK 97m was payable in shares, corresponding to 4,162,486 shares of a nominal value of DKK 0.50 each. The subscription price was fixed at DKK 23.30 and was calculated as a weighted average of the market price from 27 September until 10 October 2007. For further information on the acquisition and integration into the Capinordic Group, please see Stock Exchange Announcement of 25 June 2007, Company announcement of 11 October 2007 and page 8 of this announcement. Final acquisition of Dansk O.T.C. and Dansk AMP The acquisition by of Dansk O.T.C. and Dansk AMP is final. The total purchase price was fixed at DKK 105m, of which DKK 75m was payable in shares, corresponding to 2,702,702 shares of a nominal value of DKK 0.50 each. The subscription price was fixed at DKK 27.75 per share. The subscription price was fixed as a weighted average over ten trading days of the market price up to and including 21 March 2007, the day before conclusion of the conditional agreement. Dansk O.T.C. will be included in the consolidated financial statements of as from 12 October 2007. Dansk AMP will be included under the item Assets held temporarily. For further information on the acquisition and integration into the Capinordic Group, please see Stock Exchange Announcement of 22 March 2007, Company Announcement of 12 October 2007 and page 8 of this announcement. Conditional acquisition of BioFund Management OY On 12 November 2007, acquired BioFund Management Oy (BioFund) one of the leading Nordic managers of life sciences investments. The acquisition is subject to the completion of a satisfactory due diligence review. The acquisition of BioFund will make a notable provider of life science investment products. Future collaboration with the other Group subsidiaries will enable BioFund to expand its existing business substantially, and the existing subsidiaries of the Group will be able to offer investments in the very attractive life sciences market. The purchase price has been fixed at DKK 67m, of which about DKK 23m is payable in cash. The remainder is payable in 1,918,636 shares of a nominal value of DKK 0.50 each. The subscription price has been fixed at DKK 22.73 per share of DKK 0.50 each. For further information, please see Company Announcement of 12 November 2007. Implementation of a share option programme The Supervisory Board of decided on 20 November 2007 to make partial use of its authority in Article 9 of the Company s Articles of Association to implement a share option programme. Page 10 of 25

The programme comprises 2,960,000 share options, each entitling its holder to subscribe for 1 share of a nominal value of DKK 0.50 in. On exercise of the share options, the shares will be subscribed at a strike price of DKK 22.14. The share options will be granted to employees of the Capinordic Group. No share options will be granted to members of the Supervisory and Executive Boards of. 6. Major decisions by the Supervisory Board Major decisions made by the Supervisory Board of in Q3 2007 are listed below. Capital increases in As part of the Group s corporate growth strategy, has made a number of acquisitions. Parts of the purchase prices are payable in shares. The list below shows the current direct placements of shares: Direct placement of shares (non-cash contribution), sellers of Nordisk Fondservice AB Direct placement of shares (non-cash contribution), acquisition of Steffen Rønn Fondsmæglerselskab A/S Direct placement of shares (non-cash contribution), acquisition of Dansk O.T.C. Direct placement of shares (non-cash contribution), acquisition of BioFund OY Nominal share capital No. of shares of a nom. value of DKK 0.50 each Status Further information 2,465,970 4,931,940 Admitted to trading on 16 August 2007 Company Announcement of 9 August 2007 2,081,243 4,162,486 Registered with the Danish Commerce and Companies Agency on 24 October 2007, awaiting admission to trading 1,351,351 2,702,702 Registered with the Danish Commerce and Companies Agency on 24 October 2007, awaiting admission to trading Company Announcement of 25 October 2007 Company Announcement of 25 October 2007 959,318 1,918,636 Awaiting final acquisition Company Announcement of 12 November 2007 Upon registration of the above capital increases, the total share capital is DKK 60,404,448, corresponding to 120,808,896 shares of a nominal value of DK 0.50 each. One share entitles its holder to one vote. The capital increase is effected through the partial exercise by the Supervisory Board of the authority granted by the Annual General Meeting of the Company on 20 April 2007, according to which the Supervisory Board is authorised, until 20 April 2012, to carry out one or more increases of the share capital by subscription for new shares of up to a nominal amount of DKK 25,000,000, or 50,000,000 shares of DKK 0.50 each. After the capital increases listed in the table above, the Supervisory Board is thus authorised to increase the share capital by up to a nominal amount of DKK 9,377,953. The new shares have the same rights as the other shares and accordingly entitle their holders to dividends and other rights in the company (cf. Article 8 of the Articles of Association) from the date of registration of the share capital increase with the Danish Commerce and Companies Agency. Page 11 of 25

7. Company information Company Name: Address: Strandvejen 58 Postal code, city, country: 2900 Hellerup, Denmark Telephone: +45 8816 3000 Fax: +45 8816 3003 Website: www.capinordic.com E-mail: info@capinordic.com Central Business Register No.: 13 25 53 42 Date of foundation: 1 July 1989 Registered office: Gentofte Supervisory Board Claus Ørskov, Chairman Lars Öijer, Deputy Chairman Erik Damgaard Nielsen Ole Vagner Eiríkur S. Jóhannsson Executive Board Lasse Lindblad, CEO Steen Bryde, Executive Manager Auditors PricewaterhouseCoopers Statsautoriseret revisionsaktieselskab Strandvejen 44 2900 Hellerup, Denmark Financial calendar 2007 Preliminary announcement of financial statements 20 March 2007 - published 2006 Annual Report 12 April 2007 - published Annual General Meeting 20 April 2007 - held Interim financial report 1 Jan.-31 March 2007 22 May 2007 - published Interim financial report 1 Jan.-30 June 2007 28 August 2007 - published Interim financial report 1 Jan.-30 Sept. 2007 20 November 2007 - this announcement Page 12 of 25

8. The Capinordic share At 20 November 2007, the nominal share capital of amounted to DKK 59,445,130, corresponding to 118,890,260 shares of DKK 0.50 each. The trading windows for registered insiders are four weeks after publication of financial reports. The remaining trading window is thus 20 November-17 December 2007. As an element of a structured sale, Keops A/S has reduced its ownership interest in. The Management of finds that the reduction of the ownership interest of Keops A/S strengthens the Company as it provides for a broader range of owners. Capinordic Bank A/S facilitated the sale of the shares on the basis of a mandate signed by Keops A/S authorising the share sale. In connection with the sale, Claus Ørskov, Chairman, granted an exemption for trading outside the open window to Lasse Lindblad, CEO, and Erik Damgaard Nielsen and Ole Vagner, members of the Supervisory Board. In addition, Erik Damgaard Nielsen was granted an exemption for the acquisition of 281,974 shares in in connection with a non-cash contribution related to the acquisition of Steffen Rønn Fondsmæglerselskab A/S. The owners of are listed below. Current shareholders Quantity % Keops A/S* 14,794,018 12.44% SL Nordic Holding ApS* 8,728,366 7.34% Erik Damgaard Port. A/S 8,126,924 6.84% a.o.** Synerco ApS* 7,737,598 6.51% Bryde Gruppen ApS*** 7,739,540 6.51% NCap ApS**** 7,230,700 6.08% DKA Consult ApS a.o.***** 6,611,787 5.56% Others****** 57,921,327 48.72% Total 118,890,260 100.00% *According to the most recent notice concerning major shareholders. ** Erik Damgaard Nielsen of the Supervisory Board is a shareholder and the CEO of the company. A.o. comprises related persons. ***The company is owned by Steen Bryde, Executive Manager. ****The company is owned by Ole Vagner, member of the Supervisory Board. *****The company is owned by Lasse Lindblad, CEO. A.o. comprises DKA Invest ApS, which is part of the DKA Group. The DKA Group is owned by Lasse Lindblad, CEO. ****** Shareholders owning less than 5% of the share capital of the Company. Share information (DKK) Market value, 30 Sept. 2007 (DKKbn)* 2,79 Share price, 30 Sept. 2007 23,50 Share price, 31 December 2006 30,10 Year s high 30,70 Year s low 21,80 All time high (16/05/00) 75,00 *Based on the registered capital Listed on OMX Nordic Exchange Copenhagen Indices: OMX Copenhagen MidCap Plus, OMX Copenhagen Financials ISIN code: DK0010212570 Shortname: CAPI DKK Development in share capital Nominal value of DKK 0.50 No. of shares 31 December 2006 42,467,383 84,934,766 Increases Q1-Q3 2007 13,545,153 27,090,306 Post-period increases 3,432,594 6,865,188 Total 59,445,130 118,890,260 Price development up to and including Q3 2007 1200.00% 1000.00% 800.00% 600.00% 400.00% 200.00% 0.00% Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07-200.00% Capinordic MidCap+ Finance SmallCap+ Page 13 of 25

9. Management statement The Supervisory and Executive Boards have today reviewed and approved the Q3 2007 Interim Financial Report of. The Interim Financial Report has been prepared in accordance with the International Financial Reporting Standards (IFRS) as approved by the European Union and additional Danish disclosure requirements for interim financial reports of listed financial companies. We consider the accounting policies appropriate and the accounting estimates acceptable so that the Interim Financial Report gives a true and fair view of the Group s and the Parent Company s assets, liabilities, equity and financial position at 30 September 2007 and of the results of the Group s and the Parent Company s activities and cash flows for the accounting period ended 30 September 2007. Copenhagen, 20 November 2007 Executive Board: Lasse Lindblad CEO Steen Bryde Executive Manager Supervisory Board: Claus Ørskov Chairman Lars Öijer Deputy Chairman Erik Damgaard Nielsen Eiríkur S. Jóhannsson Ole Vagner Page 14 of 25

10. Financial statements of the Capinordic Group Accounting policies The for the Parent Company and the Group has been prepared as a summary and in accordance with IAS 34 Interim Financial Reporting, the interim financial reporting requirements laid down by OMX Nordic Exchange Copenhagen, and the Executive Order on the Application of International Financial Reporting Standards for Enterprises Falling within the Financial Business Act (the IFRS Executive Order for financial enterprises). The application of IAS 34 means that this presentation is more limited than the presentation of a full annual report, and that the valuation principles of the International Financial Reporting Standards have been observed. The accounting policies are unchanged as compared with the 2006 Annual Report. The 2006 Annual Report provides a full description of the accounting policies applied. The Group has chosen to change its presentation of portfolio enterprises so that they are presented as a separate item in the balance sheet in future. The presentation (format) of the balance sheet has been adapted accordingly. This change does not affect the Group s accounting policies for recognition and measurement of assets and liabilities. Comparative figures have been restated in accordance with the change in format. The Interim Financial Report has not been audited. Accounting estimates and assessments The calculation of the carrying amounts of certain assets and liabilities requires estimates of the impact of future events on the value of such assets and liabilities at the balance-sheet date. Estimates material to reporting are made in connection with the measurement of the Group s loans, advances and other receivables, the calculation of amortisation, depreciation and impairment, pensions and similar obligations, provisions and contingent liabilities and assets. The estimates made are based on historical data and assumptions which are deemed by Management to be acceptable; however, in the nature of things, such assumptions are uncertain and unpredictable. The assumptions may be incomplete or inaccurate, and unexpected events or circumstances may occur. The enterprise is also subject to risks and uncertainties that may result in deviations between actual results and estimates. Special risks applicable to the Group are discussed in the 2006 Annual Report. Page 15 of 25

Income statement for the period ended 30 September 2007 Group Parent Company Note Q3 Year to date Year Year to date 2007 2006 2007 2006 2006 2007 2006 DKK '000 DKK '000 DKK '000 DKK '000 DKK '000 DKK '000 DKK '000 Interest income... Interest expenses... 1 23,692 6,696 57,327 8,039 20,987 14,217 12,599 2-6,658-757 -16,356-1,066-2,785-6,053-2,849 Net interest income... 17,034 5,939 40,971 6,973 18,202 8,164 9,750 Share dividends, etc.... Fee and commission income... Fee and commission expenses... 9 191 160 222 44 0 0 3 40,404 39,101 108,996 59,852 147,609 4,889 35,811-8,051-1,603-12,524-5,207-10,135-800 -1,894 Net interest and fee income... 49,396 43,628 137,603 61,840 155,720 12,253 43,667 Market value and translation adjustments... Other operating income... 4 33,769 636 54,895 223 110 1,823-3,004 12,512 2,876 49,365 7,644 8,529 42,727 1,589 Net financials... 95,677 47,140 241,863 69,707 164,359 56,803 42,252 Staff costs and administrative expenses... 5-51,115-17,975-141,258-32,753-81,204-14,267-15,396 Profit before amortisation, depreciation, impairment and tax... 44,562 29,165 100,605 36,954 83,155 42,536 26,856 Amortisation and depreciation of intangible assets, property, plant and equipment... Impairment of loans, advances and receivables... Other operating expenses... Profit from investments in associates... -12,006-4,949-32,879-5,312-16,013-320 -187 0 0-15 0 0 0 0 0-1,503 0-3,078-8,407 0 0-161 0 960 0 2,078 0 0 Profit before tax... 32,395 22,713 68,671 28,564 60,813 42,216 26,669 Tax on profit for the period... -9,597-6,283-9,545-7,932-13,928-10,530-4,277 NET PROFIT FOR THE PERIOD... 22,798 16,430 59,126 20,632 46,885 31,686 22,392 DKK DKK DKK DKK DKK Earnings per share basic (EPS Basic)... 0.21 0.19 0.60 0.35 0.77 Diluted earnings per share (EPS-D)... 0.21 0.19 0.59 0.34 0.77 Page 16 of 25

Balance sheet at 30 September 2007 Group Parent Company Note 30.09.2007 30.09.2006 31.12.2006 30.09.2007 31.12.2006 ASSETS DKK '000 DKK '000 DKK '000 DKK '000 DKK '000 Cash and demand deposits with central banks... 30,155 73 22,099 0 0 Receivables from credit institutions and central banks... 320,325 660,103 566,844 11,434 1,159 Loans, advances and other receivables at amortised cost... 827,262 219,893 440,289 125,801 83,763 Bonds at fair value... 49,822 15,872 25,041 0 0 Shares, etc.... 480,937 11,741 19,935 6,393 2,633 Investments in portfolio enterprises... 180,566 43,826 67,438 159,145 55,007 Investments in associates... 0 0 0 0 0 Investments in Group enterprises... 0 0 0 1,869,069 1,301,343 Intangible assets... 1,120,619 453,794 541,897 0 0 Other property, plant and equipment... 9,964 4,677 14,466 1,073 1,308 Current tax assets... 6,211 63 584 0 0 Deferred tax assets... 1,783 7 408 452 408 Assets held temporarily... 35,031 0 0 0 0 Other assets... 72,612 22,871 74,588 91,417 88,248 Prepayments... 31,326 18,714 18,443 641 0 Total assets... 3,166,613 1,451,634 1,792,032 2,265,425 1,533,869 Page 17 of 25

Balance sheet at 30 September 2007 (continued) Q3 2007 Group Parent Company Note 30.09.2007 30.09.2006 31.12.2006 30.09.2007 31.12.2006 LIABILITIES AND EQUITY DKK '000 DKK '000 DKK '000 DKK '000 DKK '000 Payables to credit institutions and central banks... 253,561 0 46,663 48,929 29,362 Deposits and other payables... 510,479 66,406 203,382 50,914 50,614 Current tax liabilities... 46,145 22,874 17,376 15,507 4,933 Other liabilities... 41,767 11,147 40,115 4,245 61,322 Deferred income... 31,843 3,840 4,509 1,230 1,835 Total payables... 883,795 104,267 312,045 120,825 148,066 Provision for deferred tax... 138,210 46,290 75,086 0 0 Provisions relating to guarantees... 0 0 4,389 0 4,389 Other provisions... 951 951 951 951 951 Total provisions... 139,161 47,241 80,426 951 5,340 Total liabilities... 1,022,956 151,508 392,471 121,776 153,406 Share capital... 56,013 42,467 42,467 56,013 42,467 Share premium... 2,024,728 1,240,374 1,307,369 2,024,478 1,307,368 Other reserves... -2,406-540 -193 75,543 30,163 Retained earnings... 65,322 17,825 49,918-12,385 465 Total equity... 2,143,657 1,300,126 1,399,561 2,143,649 1,380,463 Total liabilities and equity... 3,166,613 1,451,634 1,792,032 2,265,425 1,533,869 Charges and securities... Contingent liabilities... Guarantees... 6 7 8 Page 18 of 25

Statement of changes in equity at 30 September 2007 (Group) Statement of changes in equity, 30 September 2007 Group Other Retained Share capital Share premium reserves earnings Total DKK '000 DKK '000 DKK '000 DKK '000 DKK '000 Equity, 1 January 2007... 42,467 1,307,369-193 49,918 1,399,561 Changes in equity Translation adjustments relating to independent foreign entities... 0 0-2,213 0-2,213 Market value adjustments, securities available for sale... 0 0 0-10,146-10,146 Net profit for the period... 0 0 0 59,126 59,126 Total comprehensive income... 0 0-2,213 48,980 46,767 Issues against cash payment... 7,222 382,402 0 0 389,624 Non-cash contributions... 6,324 344,097 0 0 350,421 Issue costs... 0-9,140 0 0-9,140 Share-based payments... 0 0 0 2,334 2,334 Own shares... 0 0 0-35,910-35,910 Total changes in equity... 13,546 717,359-2,213 15,404 744,096 Equity, 30 September 2007... 56,013 2,024,728-2,406 65,322 2,143,657 Statement of changes in equity, 30 September 2006 Group Other Retained Share capital Share premium reserves earnings Total DKK '000 DKK '000 DKK '000 DKK '000 DKK '000 Equity, 1 January 2006... 14,297 32,445-876 2,102 47,968 Changes in equity Translation adjustments relating to independent foreign entities... 0 0 336 0 336 Net profit for the period... 0 0 0 20,632 20,632 Total comprehensive income... 0 0 336 20,632 20,968 Issues against cash payment... 19,247 797,696 0 0 816,943 Non-cash contributions... 8,923 413,037 0 0 421,960 Issue costs... 0-2,804 0 0-2,804 Share-based payments... 0 0 0 914 914 Own shares... 0 0 0-5,823-5,823 Total changes in equity... 28,170 1,207,929 336 15,723 1,252,158 Equity, 30 September 2006... 42,467 1,240,374-540 17,825 1,300,126 Page 19 of 25

Statement of changes in equity at 30 September 2007 (Parent Company) Statement of changes in equity, 30 September 2007 Parent Company Other Retained Share capital Share premium reserves earnings Total DKK '000 DKK '000 DKK '000 DKK '000 DKK '000 Equity, 1 January 2007... 42,467 1,307,368 30,163 465 1,380,463 Changes in equity Net profit for the period... 0 0 0 31,686 31,686 Total comprehensive income... 0 0 0 31,686 31,686 Capital increase... 7,222 382,402 0 0 389,624 Non-cash contributions... 6,324 344,097 0 0 350,421 Issue costs... 0-9,389 0 0-9,389 Reserve relating to subsidiaries... 0 0 45,380-45,380 0 Share-based payments... 0 0 0 844 844 Total changes in equity... 13,546 717,110 45,380-12,850 763,186 Equity, 30 September 2007... 56,013 2,024,478 75,543-12,385 2,143,649 Statement of changes in equity, 31 December 2006 Moderselskab Andre Overført Aktiekapital Overkurs reserver resultat I alt DKK '000 DKK '000 DKK '000 DKK '000 DKK '000 Equity, 1 January 2006... 14,297 32,445 0 7,672 54,414 Changes in equity Net profit for the period... 0 0 0 22,392 22,392 Total comprehensive income... 0 0 0 22,392 22,392 Capital increases... 19,247 797,677 0 0 816,924 Conversion of bonds... 8,923 480,154 0 0 489,077 Issue costs... 0-2,908 0 0-2,908 Reserve relating to subsidiaries... 0 0 30,163-30,163 0 Share-based payments... 0 0 0 564 564 Own shares... 0 0 0 0 0 Total changes in equity... 28,170 1,274,923 30,163-7,207 1,326,049 Equity, 31 December 2006... 42,467 1,307,368 30,163 465 1,380,463 Page 20 of 25

Notes Group Parent Company Q3 Year to date Year Year to date 2007 2006 2007 2006 2006 2007 2006 DKK '000 DKK '000 DKK '000 DKK '000 DKK '000 DKK '000 DKK '000 1 Interest income Interest on receivables from credit institutions... 4,788 5,055 16,809 6,234 12,612 2,067 6,184 Interest on loans, advances and other receivables... 15,190 1,331 35,594 1,331 7,954 9,728 6,004 Bond interest... 865 156 1,389 231 414 0 0 Other interest income... 2,849 154 3,535 243 7 2,422 411 Interest income... 23,692 6,696 57,327 8,039 20,987 14,217 12,599 2 Interest expenses Interest payable to credit institutions... 184 394 3,006 588 1,890 4,091 1,889 Interest on deposits and other payables... 6,466 0 13,286 0 223 1,962 630 Other interest expenses... 8 363 64 478 672 0 330 Interest expenses... 6,658 757 16,356 1,066 2,785 6,053 2,849 3 Fee and commission income Guarantee commission... 70 3,284 4,459 3,284 11,346 4,439 11,346 Securities trading and custody accounts... 1,744 2,372 5,100 10,223 10,708 0 0 Transfer of funds... 0 0 0 0 0 0 0 Loan fees... 778 4,715 2,445 4,715 723 0 550 Other fee and commission income... 37,812 28,730 96,992 41,630 124,832 450 23,915 Fee and commission income... 40,404 39,101 108,996 59,852 147,609 4,889 35,811 4 Market value and translation adjustments Bonds... 52 5 133 5-2,856 0-2,847 Shares, etc... 33,570 632 54,764 361 2,829 1,848-147 Foreign exchange... 147-1 -2-143 137-25 -10 Market value and translation adjustments... 33,769 636 54,895 223 110 1,823-3,004 5 Staff costs and administrative expenses Number of employees Average number of employees... 195 48 195 21 44 5 3 Salaries and remuneration of Executive and Supervisory Boards Executive Board... 4,213 819 7,713 1,950 7,470 5,250 6,564 Share-based payments, Executive Board... 149 27 447 85 185 447 185 Supervisory Board... 716 163 1,831 438 1,382 600 640 Share-based payments, Supervisory Board... 118 93 354 283 379 354 379 Salaries and remuneration of Executive and Supervisory Boards... 5,196 1,102 10,345 2,756 9,416 6,651 7,768 Staff costs Salaries... 27,442 9,827 77,929 16,450 46,581 9,549 7,866 Total share-based payments... 779 253 2,334 749 1,286 844 564 Pensions... 1,363 109 2,487 334 432 0 0 Social security costs... 2,887 1,179 10,634 2,090 6,100 1,051 385 Staff costs... 32,471 11,368 93,384 19,623 54,399 11,444 8,815 Other administrative expenses... 18,644 6,607 47,874 13,130 26,805 2,823 6,581 Staff costs and administrative expenses... 51,115 17,975 141,258 32,753 81,204 14,267 15,396 Page 21 of 25

Notes (continued) Q3 2007 Group Parent Company 30.09.2007 30.09.2006 31.12.2006 30.09.2007 31.12.2006 DKK '000 DKK '000 DKK '000 DKK '000 DKK '000 6 Charges and securities Shares, etc. at a carrying amount of DKK 325m have been provided as security for payables to credit institutions of DKK 205m. The Group and the Parent Company have not otherwise charged any assets or provided similar securities. 7 Leases Rental obligations... 34,687 30,000 37,630 0 30,000 Lease obligations... 1,860 153 0 0 0 Total... 36,547 30,153 37,630 0 30,000 Rental obligations relating to leased premises run for 10 years. 8 Guarantees Irrevocable credit commitments... 105,092 99,925 0 0 Issue guarantees... 24,616 100,000 100,000 0 100,000 Total... 129,708 100,000 199,925 0 100,000 Page 22 of 25

Notes (continued) Q3 2007 9 Information on business combinations acquired a number of companies in 2007. The table below discloses information concerning the acquired companies pursuant to the International Financial Reporting Standards (IFRS 3). Percentage of Consolidated Acquisition voting rights Cost profit * Enterprises acquired: Reg. office date acquired DKK '000 DKK '000 Monetar Pensionsförvaltning AB Stockholm 18-01-2007 100.00% 197,350 228 Aktie- & Valutainvest ApS Copenhagen 24-05-2007 100.00% 86,578 14,999 Nordisk Fondservice AB Umeå 07-08-2007 100.00% 276,970 2,580 Steffen Rønn Fondsmæglerselskab A/S ** Copenhagen 11-10-2007 100.00% 139,684 Dansk O.T.C. Fondsmæglerselskab A/S *** Horsens 12-10-2007 100.00% 86,929 * Consolidated profit from the acquisition date to the balance-sheet date. If the enterprises acquired had been consolidated for the entire financial period, the Group s total net interest and fee income would have amounted to DKK 151,658 thousand, and the profit after tax would have been DKK 89,605 thousand. ** Steffen Rønn Fondsmæglerselskab A/S was acquired with effect from 11 October 2007. Therefore, it has not been possible to obtain and process data for cost allocation, etc., for the enterprise acquired, nor has it been possible to comply with the disclosure requirements of IFRS3. *** Dansk O.T.C. Fondsmæglerselskab A/S was acquired with effect from 12 October 2007. Therefore, it has not been possible to obtain and process data for cost allocation, etc., for the enterprise acquired, nor has it been possible to comply with the disclosure requirements of IFRS3. For a detailed description of the activities, etc., of the enterprises acquired, please see the Stock Exchange and Company Announcements previously published. Cost of enterprises acquired (DKK 000): Equity Total cost Number of instruments Cash Other of business shares issued payment costs, etc. combination DKK '000 DKK '000 DKK '000 DKK '000 Monetar Pensionsförvaltning AB 4,630,000 133,344 62,270 1,736 197,350 Aktie- & Valutainvest ApS 3,085,026 86,381 0 197 86,578 Nordisk Fondservice AB 4,931,940 131,190 145,055 725 276,970 Steffen Rønn Fondsmæglerselskab A/S 4,162,486 99,067 40,586 31 139,684 Dansk O.T.C. Fondsmæglerselskab A/S 2,702,702 64,595 20,000 2,334 86,929 The various agreements on acquisition of the individual companies determined both the subscription prices for and the number of shares in paid as consideration to the respective sellers. In terms of company law, the new shares in were subscribed for at a price corresponding to the market price for shares in at the effective date of the individual agreements in accordance with the subscription price rules of the Danish Public Companies Act and in accordance with the authority of the Supervisory Board. For accounting purposes, the cost of the respective business combinations is calculated at the acquisition date, and the value of equity instruments issued is calculated at the market price on the acquisition date. Therefore, the value calculated at the date of the agreement and the carrying amount at the acquisition date may differ. Page 23 of 25

Notes (continued) Q3 2007 9 Information on business combinations (continued) Amounts recognised at acquisition date (DKK 000) Nordisk Fondservice AB Aktie- & Valutainvest ApS Monetar Pensionsförv. AB Value before Value at Value before Value at Value before Value at combination acquisition combination acquisition combination acquisition date date date Cash and demand deposits with central banks... 0 0 0 0 2 2 Receivables from credit institutions... 17,110 17,110 6,829 6,829 677 677 Loans, advances and other receivables at amortised cost... 0 0 0 0 0 0 Bonds at fair value... 0 0 0 0 0 0 Shares, etc.... 113 113 311,632 311,632 0 0 Goodwill... 0 127,005 0 25,976 0 142,210 Other intangible assets... 423 192,461 0 41,407 2,775 95,212 Property, plant and equipment... 296 296 0 0 874 874 Other assets... 2,415 2,415 347 347 7,721 6,671 Prepayments... 5,709 5,709 0 0 604 604 Payables to credit institutions and central banks... 0 0 274,660 274,660 758 758 Deposits and other payables... 0 0 0 0 0 0 Current tax liabilities... 2,820 2,820 3,207 3,207 0 0 Other liabilities... 3,175 3,175 11,394 11,394 4,885 4,885 Deferred income... 8,373 8,373 0 0 1,477 17,375 Provisions... 126 53,771 0 10,352 0 25,882 Total purchase price... 276,970 86,578 197,350 The allocation gives rise to the following comments: Monetar Pensionsförvaltning AB In connection with the acquisition of Monetar Pensionsförvaltning AB it was estimated that the company s ability to attract customers and its expectations of future earnings represent a significant value. Monetar Pensionsförvaltning AB is based on an advanced IT platform which streamlines work processes within sales, administration and management. At the same time the company is estimated to possess great knowledge about its business areas, customer servicing and asset portfolio management as well as standardisation of decision processes concerning asset management. Aktie- og Valutainvest ApS Through the acquisition of Aktie- & Valutainvest ApS, the Capinordic Group acquires knowledge capital particularly within investments in currencies and derivative financial instruments, and the ownership interests in various Danish banks held by the company provide for strategic alliances in distribution, etc. A put option is linked to the securities portfolio, and for a two-year period SL Nordic Holding ApS is obliged, under certain conditions, to buy back the securities so that does not assume the market risk for any drops in the development in these shares. Nordisk Fondservice AB Nordisk Fondservice AB sells its services through a distribution network consisting of independent financial advisors (insurance brokers). Nordisk Fondservice AB has concluded cooperation agreements with about 800 insurance brokers across all of Sweden on the distribution of its products. Today, Sweden has about 1,200 insurance brokers. Nordisk Fondservice AB uses a specially developed and innovative IT platform to manage its relations with customers, insurance brokers and alliance partners. The IT platform materially supports the growth scenario of the company. Steffen Rønn Fondsmæglerselskab A/S Steffen Rønn Fondsmæglerselskab A/S manages assets for Danish investors with cash assets exceeding DKK 25m. Steffen Rønn Fondsmæglerselskab A/S focuses on equity investments. Steffen Rønn Fondsmæglerselskab A/S has an attractive customer portfolio. Steffen Rønn Fondsmæglerselskab A/S disposes of a number of distinctive profiles within asset management who specialise in equity investments. Dansk O.T.C. Fondsmæglerselskab A/S Dansk O.T.C. carries out both asset consultancy activities and discretionary asset management activities for its customers. The integration of Dansk O.T.C. into the Capinordic Group is therefore estimated to provide great potential for synergies with the Group s other business activities. Particularly the activities within asset portfolio management for affluent private individuals and corporate finance activities related to companies traded on the OTC list are estimated to provide a substantial synergy potential. Page 24 of 25