Page 1 ABG Sundal Collier Creating the New Pan-Nordic Investment Bank

Page 2 Askia Invest Sundal Collier & Co The Merger ABG and Sundal Collier merge with Askia to create a stock listed ABG Sundal Collier

Page 3 Revised Structure - Merger with Askia  After the divestiture of Bassøe Shipbrokers, Askia’s main assets are its interests in ABG  Revised structure provides direct ownership for Askia shareholders  Increased capital base, with approx. NOK 400 mill. in equity net of goodwill  Increased visibility of values through a direct stock listing of the operating entity  Logical further step that protects and enhances shareholder value for all three ownership groups

Page 4 Merger Terms and Mechanics  A simultaneous merger between three parties (Askia, ABG Securities and Sundal Collier Holding) with Askia as the surviving entity, after de-merger of certain financial assets out of Sundal Collier Holding  Ownership of ABG Sundal Collier  Sundal Collier shareholders56.85%  Askia shareholders23.00%  ABG shareholders (excl. Askia)20.15%  Irrevocable commitment from more than 2/3 of shareholders in all three companies  The parties will seek to establish a syndicate to guarantee the acquisition of up to 24 million Askia shares at NOK 2.50 each  Each Askia shareholder may tender a minimum of 5,000 shares and otherwise up to 40% of his/her holding

Page 5 Transaction Rationale  Establish a leading independent pan-Nordic investment bank  Create critical mass for profitable niché operations internationally  Combine a world-class system with strong entrepreneurship into a unique partnership culture  Build sustainable value for the partnership and equity holders  Listing of the combined company to increase financial capacity and expand strategic flexibility

Page 6 ABG Sundal Collier – Key Facts  Pro forma revenues 2000 in excess of NOK 800 mill.  Pro forma equity 2000 in excess of NOK 400 mill.  170 staff  34 research analysts  56 sales and trading professionals  25 corporate finance professionals  Nordic focus with coverage of more than 135 key companies  Core offices in Oslo, Stockholm, London and New York  Listed firm, controlled by its key people

Page 7 Complementary Strengths and Coverage Corporate Finance Research Equity Sales and Trading Sundal Collier & Co Capital Base

Page 8 ABG – Key Facts  Research-driven investment bank focused on Nordic securities  Established in July 1997  Annual revenue growth of 71% per year  International client base located in the US, UK, Continental Europe as well as local Nordic markets  Member of the Oslo, Stockholm, Helsinki and Copenhagen Stock Exchanges  Major offices in Stockholm, Oslo, London and New York  110 employees, of which 69 are front-office professionals  Some 70% of the company owned by partners

Page 9 ABG – Recognition for Research  Institutional Investor (2001)  Overall ranking no. 3 for coverage of Nordic companies - 3rd year of increased ranking  Reuters’ Survey (2000)  Ranked best of the Nordic boutiques (4th among all institutions) on Swedish research by both fund managers and listed companies  Ranked no. 3 by investment managers on Norwegian equities  Finanstidningen (2000)  Ranked no. 5 overall in Sweden  19 senior research staff with a median of 10 years of industry experience

Page 10 Sundal Collier – Key Facts  Leading independent Norwegian investment bank  Established in 1984  Headquartered in Oslo, with branch offices in Bergen and Tønsberg  60 employees, of which 46 are front-office professionals  Consistently ranked among top 3 investment banks in Norway  Premier corporate finance franchise  Strong track record of growth and profitability  Entrepreneurial, results-driven corporate culture

Page 11 Sundal Collier – Leading Norwegian Investment bank  Securities sales  Tier 1 position in Norwegian equities  Strong institutional coverage and a strong position in the HNWI market  22 professionals  Corporate finance  Transaction value last five years in excess of NOK 225 billion  Unique track record through 15 years of leadership  Particularly strong position within M&A and cross-border transactions  18 professionals  Research  Coverage of 100% of OBX, 91% of TOTX as well as selected Swedish and Finnish companies  Ranked overall top 3 in Norway (Prospera, Kapital and Finanskanalen)  6 professionals

Page 12 LocationNo of staff Oslo/Norway90 Stockholm36 London30 New York14 Zurich2 Footprint

Page 13 Composition of Revenues (2000) GeographyBusiness Units

Page 14 Pro Forma Financial Figures (Preliminary) 1 Income Statement 2 Balance Sheet 1 Preliminary and unaudited figures 2 Based on ABG and Sundal Collier operations only

Page 15 Board and Management  Jan Petter Collier (50) - Chairman  David Feinburg (49) - Vice Chairman  Henning Øglænd  Alfred Ydstebø  3 additional from Sundal Collier  2 additional from ABG  1 additional from Askia  Ronald Gould (52) - CEO  Judy Bollinger (45) - Deputy CEO  Per-Ove Breivold (36) - COO  David Feinburg (49) - Head of Sales  Mats Kummelstedt (35) - Head of Research  Arild Engh (37) - Head of Corporate Finance Board of DirectorsKey Management

Page 16 Shareholders

Page 17 Timeline  Heads of Agreement14 May  Announcement of transaction14 May  Board approval of merger planUltimo May  General Meetings to approve merger planUltimo June  Completion of transactionOctober

Page 18 ABG / Askia + Sundal Collier: synergistic merger of equals Better positioned to serve our clients Strong fundament for continued growth Contestant for the Nordic premier league Summary