1. The Investor Perspective on Nordic Exit Opportunities VentureLab Investment Forum Oslo, Tuesday 26 October 2004 Erik Berger Investment Director Technology Business Unit CapMan

2. Exit Country of origin –One Legislation –One Tax system X-Border –Several Legislations –Tax Issues

3. Exit IPO Trade Sale Merger/Acquisition “Gråmarked” MBO Liquidation Bankruptcy Secondary Buy Out

4. Closing Remarks On a Nordic Basis: - Exit markets are opening up - Trade Sales are in favor - Pipeline of companies to be exited Good exits are necessary for making new investments!