Press Conference November 21, 2005

Important Notice •

This document has been produced by Hakon Invest AB (“Hakon Invest” or the “Company”) and is furnished to you solely for your information and may not be reproduced or redistributed, in whole or in part, to any other person

•

No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the information contained herein. Accordingly, none of the Company, or any of its principal shareholders or subsidiary undertakings or any of such person’s officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document

The shares in this offering in accordance with the prospectus (“the Offering”) have not been and will not be registered in accordance with the United States Securities Act of 1933 in its present form, nor in accordance with any securities legislation in any state in the US nor in accordance with any securities legislation in any province in Canada, and may not, other than in exceptional cases that do not require registration, be offered for sale or transfer in the US or Canada to persons domiciled there. Neither is the Offering directed to persons whose participation would require additional prospectuses, registration or other measures than those pursuant to Swedish law. The prospectus or any marketing material related to the Offering may not be distributed in any country in which distribution or the Offering requires measures pursuant to the preceding sentence or would be in conflict with any law or regulations in such country. Application for the acquisition of shares contrary to the above may be deemed invalid. Disputes relating to the Offering pursuant to this document or the prospectus shall be settled exclusively in accordance with Swedish law and by a Swedish court. In the event of any differences between this document and the Swedish prospectus, the latter shall prevail.

Offer structure and timetable

3

Offer structure •

Price range of SEK 68-77 per share

•

Offering

• • • • •

Corresponding to a market cap of SEK 10,942-12,391 million

Institutional offering Nordic region, UK and Continental Europe Swedish retail offering 11.7 million ordinary shares offered by ICA-handlarnas Förbund and an over-allotment option of 1.3 million ordinary shares, a total of 13 million shares corresponding to approx. 8% of capital and votes in Hakon Invest Value of offering SEK 884-1,001 million (incl. over-allotment option)

•

Listing on the Stockholm Stock Exchange (O-list)

•

ICA-handlarnas Förbund remains as main owner • • •

•

The statutes of ICA-handlarnas Förbund states its intention to be a strong owner, directly or indirectly, in ICA AB ICA-handlarnas Förbund will hold approx. 67% of capital and votes after the listing Lock-up of 300 days on remaining shares after the listing*

Handelsbanken Capital Markets is Sole Lead Manager and Bookrunner

* Does not apply to sale of shares or options in connection with an incentive program for certain executives, intended to be launched after the listing of Hakon Invest

4

Ownership and share structure Before listing

After listing

Other owners (approx. 3,400) 25%

C-shares - not listed (51%)

Ordinary shares - listed (49%) Other existing shareholders ~25%

ICA-handlarnas Förbund 51% ICA-handlarnas Förbund 75%

New shareholders (institutions and private individuals) ~8%

ICA-handlarnas Förbund 16%

Ownership structure after the listing

•

67% ICA-handlarnas Förbund

•

33% other shareholders • Of which existing owners approx. 25% •

• No-one with a holding of more than 0.5% Of which new owners approx. 8%

5

Indicative timetable 21 Nov – 5 Dec

Roadshow

23 Nov – 5 Dec

Bookbuilding

23 Nov – 2 Dec

Application period for the general public in Sweden

6 Dec

Announcement of final offering price Allocations communicated to institutional investors

8 Dec

Listing on the Stockholm Stock Exchange (O-list)

6

Hakon Invest

7

Hakon Invest offers investors a unique possibility to participate in investments in unlisted retail and trade companies in the Nordic area, with its holding in ICA, the leading Nordic food retailer, as a strong base

8

Investment highlights • • • • •

Long term core holding in ICA AB Stable cash flows from ICA AB dividends Strong financial position Attractive dividend policy The retail and trade sector offers stable growth as well as interesting opportunities • Exposure to unlisted retail and trade companies • Unique sector knowledge and network

Attractive Attractiveopportunity opportunityto toparticipate participatein inretail retailand andtrade trade investments, investments,with withan anunique uniqueexposure exposureto toICA ICAAB AB

9

Background •

1917 Hakon Swenson founded Hakonbolaget from which ICA origin

•

1938 respectively 1940 ICA AB and ICA-handlarnas Förbund was founded

•

1972-2000 ICA-handlarnas Förbund principal owner of ICA AB

• • • • •

1999-2000 Hakon Invest (former ICA Förbundet Invest AB) established by ICA-handlarnas Förbund Forma Publishing Group transferred to Hakon Invest Royal Ahold acquired 50% in ICA AB Ownership structure: Royal Ahold 50%, Hakon Invest 30%, Canica 20% Shareholder’s agreement between parties valid for 40 years

• •

• •

2004 Royal Ahold acquired Canica’s 20% holding in ICA AB Hakon Invest acquired half of these shares from Royal Ahold at a fair market value, reaching 40% in ICA AB 2005 Stable ownership situation in ICA AB Hakon Invest’s Board and management decides to: • Implement a new investment strategy • Broaden the shareholder base and increase liquidity in the share through an IPO 10

Business orientation • Active and influential owner in

Hakon Invest AB

ICA AB

• Long term investments mainly in unlisted retail and trade companies in the Nordic area

Portfolio Companies

40% ICA AB

• Contribute to growth and

profitability in holdings through active ownership

Active Activeinvestor investorin inretail retailand andtrade trade Active Activeowner ownerin inICA ICAAB AB

100%

Forma Publishing Group AB Future investments Future investments

11

ICA AB

12

ICA AB – Overview Business

The Group

•

No 1 food retailer in the Nordic region

•

Approx. 2,600 own and franchise stores in Sweden, Norway, and the Baltic countries

•

ICA AB

President and CEO

Netto Marknad AB (50%)

The Nordic and Baltic countries are primary markets

Finance

ICA Fastigheter AB

Sales split Jan-Sep 2005 ICA Meny 8%

Rimi Baltic AB (50%)

Retail

Supply Chain

Etos AB

ICA Banken AB

Other 1%

ICA Sverige AB

ICA Norge AB

ICA Meny AB

Financial objectives ICA AB • EBIT-margin of 3.5–4.0%

ICA Norway 26%

ICA Sweden 65%

•

ROE over the business cycle at least 14–16%

• •

Long-term equity/assets-ratio of 30–35% Dividend pay-out ratio of at least 40% of net earnings

The Theleading leadingfood foodretailer retailerin inthe theNordic Nordicand andBaltic Balticregions regions 13

ICA AB – Market trends and ICA’s success factors Global trends Increased competition

• • • •

Restaurant and fast food chains

Lower price on food

Low degree of consumer loyalty

Economies of scale in combination with local retailers with local adjustments Broad range of store concepts Attractive assortment focusing on private labels, perishables and non-food Active pricing strategy

No 3

Consolidation among suppliers

No 1

No 1 No 1 No 4

Competitive offering

To Tobe bemarket marketleader leaderon oneach eachmarket marketwhere whereICA ICAoperates operates 14

ICA AB’s businesses – ICA Sweden Overview •

•

ICA Sweden is together with ICA retailers the leading food retailer ICA Sweden is a sales company responsible for sales, administration, marketing support and establishments

•

Sources of profit • • •

Retail (royalty/profit sharing) Wholesale Services

Market and market position •

Market growth of 2.7% in 2004 reaching a total market size of SEK 207 bn*

•

Increased presence of hard discount stores

•

Market share in 2004 of 36%

•

Increased market share in 2005 after price reductions

•

ICA private labels account for 12% of total sales value

Market shares 2004 Other 25% Netto 1%

ICA Sweden 36%

Lidl 1% Bergendahl 3% Axfood 17%

Coop 17%

Total market size: SEK 207 bn Source: ICA AB. Market defined as all food sold through all channels

Number Numberone onein inSweden Swedenwith withincreasing increasingmarket marketshares shares 15 * Source: ICA AB

ICA AB’s businesses – ICA Sweden Financials ICA Sweden - Sales and EBIT-margin 2002-2004

43,086

43,373

45,093

10%

40,000

8%

35,000

7%

6.5%

30,000 25,000

6% 4.4%

4.5%*

4.4%

3.9%

20,000

5% 4%

15,000

3%

10,000

2%

5,000

1%

0

14,000

9%

12,000

2002

2003 EBIT-margin

2004

11,107

9% 8%

10,000

7%

8,000

6%

6,000

4.1% 3.3%

5% 4% 3%

4,000

2%

2,000

1%

0

0% Sales

10% 11,738

EBIT-margin

42,505

Sales (SEK m)

Sales (SEK m)

45,000

EBIT-margin

50,000

ICA Sweden - Sales and EBIT-margin Q3 2004/2005

0% Jul-Sep 2004 Jul-Sep 2005 IFRS IFRS

2004 IFRS

EBIT-margin adjusted*

Sales

*Excluding capital gain on real estate 2003 of SEK 845 m

EBIT margin

Future •

Continued focus on private labels, non-food and perishables to further increase margins

•

Negotiations with suppliers for lower prices effective late 2005 and onwards

•

Continued cost efficiency programs – effects visible in 2006

•

High pace of new establishments

•

Aggressive price reductions to continue

Further Furtherprice pricereductions reductionsto toincrease increasesales salesand andmarket marketshares shares 16

ICA AB’s businesses – ICA Norway Overview • •

ICA Norway is one of the leading food retailers ICA Norway is responsible for sales, administration, marketing and establishments

Market and market position •

Market growth of 4% in 2004 reaching a total market of SEK 101 bn*

•

Over 50% of sales in the Norwegian market are made through discount stores

•

ICA Norway is the third largest player with a market share in 2004 of 22%

•

Long-term ambition to be market leader

•

ICA private labels account for 6.5% of total sales value

•

Two types of stores • •

•

Wholly owned Franchise

Sources of profit • • •

Retail Wholesale Franchise

Market shares 2004 Rema 17%

Other 1%

Norges-Gruppen 35%

ICA 22%

Coop 25% Total market size: SEK 101 bn Source: ICA AB. Market defined as all food sold through food retailers

Number Numberthree threein inNorway Norwaywith withambition ambition to tobecome becomemarket marketleader leader * Source: ICA AB

17

ICA AB’s businesses – ICA Norway Financials ICA Norway - EBIT-margin IFRS 2005

ICA Norway - Sales and EBIT-margin 2002-2004

Sales (SEK m)

19,896

15,000

9%

8%

8%

7%

7%

6% 5% 3.7%

4% 1.9%

5,000

1.1%

1.0%

0 2002

2003 Sales

2004

3%

EBIT-margin

19,896

9%

EBIT-margin

20,740

20,000

10,000

10%

10% 20,930

6% *

25,000

5%

4.0%

4% 3%

2%

2%

1%

1%

0%

0% Jan-Jun 2005 IFRS

2004 IFRS

EBIT-margin

2.6%

1.8%

Jul-Sep 2005 IFRS

Jan-Sep 2005 IFRS

Future •

New establishments

•

Modernization of stores

•

Long term format and pricing strategy under development

•

Increase share of franchise stores

•

Increase share of own branded products

•

Continued cost efficiency programs

Positioned Positionedfor forfurther furtherimprovements improvements 18 *Q3 2005 is positively influenced by timing issues regarding income as a result of supplier negotiations. Jan-Sep 2005 is not influenced by those timing issues and gives a better understanding of the underlying margin for ICA Norway. No substantial impact on ICA AB’s EBIT-margin Q3 2005.

ICA AB’s businesses – ICA Banken Overview

Financials ICA Banken - Deposits and Business volume 2002-2004

Offers financial services to retail customers, thereby also strengthening loyalty to ICA ICA Bank card

•

• • •

3.1 million active ICA card-holders 1.4 million paying with the card – rest registering bonus 200,000 customers using bank services

12,000

8,000

•

6,288 6,000 4,000

Internet bank for retail customers In-blanco loans and housing loans Card transaction settlement management for ICA stores Book value of equity SEK 604 m

• • •

9,672

10,000

SEK m

•

3,789

5,219

4,480

4,451

2,000 0 2002

2003 Deposits

2004

Business volume*

* Deposits plus lending incl. housing loans

Future

• •

Continued roll-out of ATMs in selected ICA stores Continued marketing effort to increase business volume Earnings have been charged with yearly depreciations of approx. SEK 40 m and SEK 17 m respectively, which will cease at year end 2006 and 2007 – decreased costs of totally SEK 57 m

0 -50 SEK m

•

ICA Banken - EBIT 2002-2005

-58 -100

-94 -123

-150 -200

-174 2002

-166 2003

2004

Jan-Sep 2004 IFRS

Jan-Sep 2005 IFRS

19

ICA AB’s businesses – Rimi Baltic Financials

Overview •

Joint venture with Kesko established in 2005

•

Integrated food retailer with fully owned stores

•

Number one in Estonia and Latvia – number two in the Baltics

•

Baltic total market SEK 47 bn with a 9% market growth in 2004* Modern hyper market and hard discount concepts gaining market shares

•

Sales, EUR m EBIT, EUR m Sales growth Jan-Sep 2005/2004 No. of stores

Jan-Sep 2005 581 -4 21,5% 169

Rimi Baltic is reported in accordance with the equity method, which means that ICA’s share of Rimi Baltic’s net profit is included in ICA AB’s EBIT

Number of inhabitants

Market shares Estonian food retail market 2004 Other 38%

Prisma 6% Selver 7%

Rimi Baltic 26%

ETKs 23%

Market shares Latvian food retail market 2004 Rimi Baltic 20%

Future • • •

Continued integration of ICA’s and Kesko’s operations Focus on establishing new stores all over the Baltics within hard discount and Hypermarkets Ambition to reach 25% market share within three years

Norway 4.5m

Sweden 9m

Other 56%

Mego 4% Elvi 4%

Estonia 1.5m Latvia 2.5m Lithuania 3.5m

Vilnius Prekyba 16%

Market shares Lithuanian food retail market 2004

7.5m

Other 32%

Rimi Baltic 6% Norfa 11%

Vilnius Prekyba 37%

IKI 14%

Leading Leadingposition positionon onaahigh-growth high-growthmarket market 20 * Source: ICA AB

ICA AB – Financials Comments

• •

ICA AB- Sales and EBIT-margin Q3 2005/2004 20,000

18,189

18,000 14,000

7%

12,000

6%

10,000

3.8%

8,000 2.6%

6,000

71,980

71,811

73,531

4,000

2%

2,000

1% 0%

6%

40,000

5% 2.9%

20,000

4% 2.6%

2.7%

10,000 0 2002

2003 Sales

2004 EBIT-margin

2004 IFRS

EBIT-margin

9%

3%

8% EBIT-margin

7%

3.6%

3%

10%

8%

50,000

30,000

4%

ICA AB - EBIT-margin 2005 10% 9%

60,000

5%

Jul-Sep 2004 Jul-Sep 2005 IFRS IFRS

EBIT-margin

Sales (SEK m)

70,908

9% 8%

0

ICA AB - Sales and EBIT-margin 2002-2004

70,000

10%

16,000

Sales

80,000

18,029

EBIT-margin

•

Net sales Jan-Sep 2005 amounted to SEK 52,514 m, up 3.7% for comparable operations Net sales Q3 2005 amounted to SEK 18,029 m, up 5.2% for comparable operations EBIT Q3 amounted to SEK 683 m, up 45.2% compared to Q3 2004 3.8% EBIT-margin in Q3 2005 compared to 1.9% Jan-Jun 2005

Sales (SEK m)

•

7% 6% 5%

3.8%

4% 3%

2%

2%

1%

1%

0%

0%

2.6%

1.9%

21

Jan-Jun 2005 IFRS

Jul-Sep 2005 IFRS

Jan-Sep 2005 IFRS

Forma Publishing Group

22

Forma – Overview Objectives and strategy

Business • • • • • •

Publisher with production and distribution of consumer magazines, specialist press, client magazines and books Operations in Sweden, Finland, Estonia and Latvia Focus on food, home, leisure and retail Sales of SEK 596 m in 2004 Strong improvement in EBIT, from SEK -4 m in 2002 to SEK 59 m in 2004 299 employees

•

Financial objectives • Sales 2010: SEK 1,000 m • EBT 2010: SEK 100 m

•

New management has focused on profitability and competitiveness

•

Non-profitable products closed down

•

New systems for subscriptions, advertisements, sales promotion and payroll accounting implemented

•

Development of existing and new businesses

•

Positioned to participate in industry consolidation - acquisitions are prioritized

Revenue split Sweden Other (ICA Förlaget, Client magazines, etc.) 20% Subscriptions & single copies 47%

Advertisements 33%

AAleading leadingpublishing publishingfirm firmin inconsumer consumer magazines magazinesand andspecialist specialistpress press

23

23

Investments

24

Investments in Retail & Trade

• Sector with good future prospects offering stability as well as opportunities

• Market growth fuelled by continued increase in consumer spending • Many players with ambitions to expand geographically

• Hakon Invest has competitive advantages

• Operational experience and knowhow within the retail and trade sector • Entrepreneurial environment and spirit • Long term investment horizon

The Board

ICA group

Retail & Trade Managesector ment

Forma group

Investment org. Unique network in retail and trade

25

Portfolio strategy and investment criteria Portfolio strategy

• Portfolio of 8-10 companies • Long term investment horizon but with a clear exit strategy

• Initial equity investment of SEK 100-500 m

• Preferably minority holdings of

20-49% of the shares in portfolio companies

• Target IRR exceeding 15%

Investment criteria

• Retail and trade sector • Nordic area • Unlisted • Expansion, structural change phase or add-ons

• Positive cash flow and good growth opportunities

• Clear concept • Entrepreneurship • Strong and motivated management/owner

26

Liquid assets Management of funds

•

Hakon Invest AB’s total financial assets amounted to SEK 2,822 m (September 30, 2005)

•

SEK 627 m under Hakon Invest’s management (including Ahold shares, financial investment only)

•

SEK 2,195 m managed by Carlson Investment Management

•

11% return for Jan-Sep 2005

•

Overall target return on investments 5% per year Funds by asset class, total (SEK 2,823 m) Cash, 4%

Funds by asset class Hakon Invest’s management (SEK 627 m, 22% of total) Cash, 17%

Hedge funds, 5%

Ahold shares, 78%

External management (SEK 2,195 m, 78% of total)

Hedge funds, 23%

Hedge funds, 19%

Cash, 1%

Shares, 37% Shares, 46%

Fixed income securities, 31%

27

Fixed income securities, 39%

Hakon Invest financials

28

Financial objectives

•

•

Hakon Invest Dividend shall amount to a minimum of 50% of the parent company’s net earnings The Group’s equity/assets ratio should over time not fall below 70%

• •

ROE over the business cycle at least 14-16%

•

Long-term equity/assets-ratio of 30-35%

•

Dividend pay-out ratio of at least 40% of net earnings

Liquid assets

Portfolio companies

•

Each investment shall have an average total annual return exceeding 15%

ICA AB EBIT-margin of 3.5-4.0%

•

Overall target return on liquid assets 5% per year

29

EBIT development EBIT

• Stable EBIT level • Average EBIT 2000-2004 SEK

600

Average EBIT 2000-2004 SEK 499 m

500

499 m 400

Jan-Sep 2005 compared with SEK 332 m Jan-Sep 2004, increase of 18%

• Q3 2005 EBIT of SEK 168 m increased from SEK 74 m in Q3 2004, increase of 127%

• Hakon’s ownership in ICA AB increased from 30% to 40% in October 2004

SEK m

• EBIT amounted SEK 393 m

300 200 100 0 2000

2001

2002

2003

2004

JanSep 2004 IFRS

JanSep 2005 IFRS

30%

30%

30%

30%

30/40%

30%

40%

Hakon Invest’s ownership in ICA AB

30

EBIT composition 2004 Composition of EBIT 2004

• Hakon Invest’s EBIT 2004

• •

• Includes one-off costs for pensions, •

transaction costs etc Normal level of administrative costs amounts to SEK 35-40 m

ICA 512

500

Parent Company -75 EBIT 496

400

SEK m

•

amounted to SEK 496 m Turn-around of Forma, delivers strong results of SEK 59 m Most important for Hakon’s EBIT is the share of ICA’s net profit, SEK 512 m Parent company costs of SEK 75 m

600

300

200

100

0

Forma 59

31

Net profit • In 2000, a strategic investment

800

was made in Ahold in connection with Ahold’s acquisition of 50% in ICA AB

700 600 500

Ahold, net capital gain SEK 1,464 m*

• 2002: Net write-down of Ahold shares, SEK -1,007 m*

• 2003: Net write down of Ahold shares, SEK -289 m*

300

SEK m

• 2000: Sale of ICA AB shares to

Average adjusted net profit 2000-2004 SEK 339 m

400

• Net profit heavily impacted by Ahold related transactions

Net profit

1,717

200 100 0 -100

2000

2001

2002

2003

2004

-200 -300 -400 -500

-976

Net profit, adjusted

Net profit

• Excluding Ahold related transactions net profit has varied between SEK 31–642 m

• Average adjusted net profit 20002004 SEK 339 m 32

*Net after calculated tax

Group balance sheet items as per September 30, 2005 SEK m

Assets ICA (40% holding) Other fixed assets Marketable securities Cash and bank Other current assets Total assets

4,829 152 2,722 228 147 8,078

Debt & Equity Equity Interest bearing provisions Interest bearing debt Non-interest bearing debt and provisions Total Debt & Equity

7,683 143 252 8,078

33

Hakon Invest – Dividends

Cash flow • ICA AB • Forma • New holdings

Hakon Invest Profit from financial investments

At least 50% of net profit in Parent Company

C-shares 51%*

Ordinary shares 49%

100% 100%of ofdividend dividendto to49% 49%of ofshares shares 34

*No dividend on C-shares until the earliest 2016 when C-shares can be converted to Ordinary shares the earliest

Investment highlights • • • • •

Long term core holding in ICA AB Stable cash flows from ICA AB dividends Strong financial position Attractive dividend policy The retail and trade sector offers stable growth as well as interesting opportunities • Exposure to unlisted retail and trade companies • Unique sector knowledge and network

Attractive Attractiveopportunity opportunityto toparticipate participatein inretail retailand andtrade trade investments, investments,with withan anunique uniqueexposure exposureto toICA ICAAB AB

35

Appendix

36

Board of Directors

Lars Otterbeck Chairman of the board

Chairman of Swedish Industry and Commerce Stock Exchange Committee (NBK) Deputy Chairman, Corporate Governance Council and the Third AP Fund Member of the Board of Lindex AB, Aberdeen Property Investors AB and Kaupthing Bank Sverige Formerly President and Chief Executive Officer of D & D Dagligvaror AB (currently Axfood) and President and Chief Executive Officer of Alecta Pensionsförsäkring

Anders Fredriksson Deputy Chairman of the board

Chairman of the Board of ICA-handlarnas Förbund ICA retailer (ICA Kvantum Hjertbergs in Lidköping)

Cecilia Daun Wennborg

Board Member of Skandiabanken AB and Nefab AB Until April 2005, Acting President of Skandiabanken and previously in charge of Skandia’s Swedish operations, President of SkandiaLink Livförsäkrings AB and Financial and Administrative Director of SkandiaLink Livförsäkrings AB

Jan-Olle Folkesson

Chairman of the Board of the Sixth AP Fund, CBN AB, Sporthaus Mexter Board Member of Lennart Wallenstam Byggnads AB Extensive experience of ICA’s operations, gained in the capacity of President of ICA EOL in 1986–1990 and President of ICA Företagen in 1990–1991 37

Board of Directors, cont

Stig Lundström

Deputy Chairman of ICA-handlarnas Förbund ICA retailer (MAXI ICA Stormarknad Torslanda, Gothenburg) Formerly Chairman of AB Lindex and Affärshälsan i Göteborg AB, Deputy Chairman of Ellos and Member of the Board of Stena Line

Olle Nyberg

Member of the Board of ICA-handlarnas Förbund ICA retailer (ICA Kvantum in Söderhamn)

Jan Olofsson

Senior advisor at Handelsbanken Capital Markets Chairman of Silva Sweden AB and Init AB Former head of Mergers and Acquisitions at Handelsbanken Capital Markets and Deputy CEO of Esselte

38

Management team

Claes-Göran Sylvén President and CEO

Employed since 2003 CEO of ICA-handlarnas Förbund and ICA-handlarnas Medlemsservice Chairman of the Board of ICA AB and Forma Publishing Group AB Member of the Board of Svensk Handels and UGAL Former ICA retailer, together with his family owner of ICA Kvantum Flygfyren in Norrtälje

Göran Hesseborn CFO and Head of Investments

Employed since 2005 Member of the Board of Forma Publishing Group AB 2001–2005 Deputy CEO and CFO of Spendrups AB 1995–2001 Deputy CEO and CFO of Servera R&S

Fredrik Hägglund Senior Legal Counsel

Employed since 2002 Member of the Board of the ICA AB Member of the Board of the Board of Directors of Eurocommerce and Institutet Mot Mutor (Anti-bribery Institute) 1999–2002 Lawyer at Clifford Chance, Brussels 1996–1999 Assistant lawyer at Linklaters, Stockholm

Anders Hallgren Vice President Corporate Communications

Employed since 2000 1990–2000 Information manager at ICA 1972–1990 Journalist at VLT and ICA Nyheter

39

Investment organization

Göran Hesseborn CFO and Head of Investments

Employed since 2005 Member of the Board of Forma Publishing Group AB 2001–2005 Deputy CEO and CFO of Spendrups AB 1995–2001 Deputy CEO and CFO of Servera R&S

Stein-Petter Ski Senior Investment Manager

Employed since 2005 2003-2005 ABG Sundal Collier, partner within Corporate Finance 2001-2002 Ministry of Industry, Employment and Communications 1989-2001 Enskilda Securities, head of Corporate Finance North America, project leader in Stockholm, analyst in London

Johan Örengård

Employed since 2005 1997-2005 Öhman fondkommission, project leader Corporate Finance focusing on mergers and acquisitions as well as financing within the retail and trade sector

Investment Manager

40