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RASMUSSENGRUPPEN AND ARCTIC FORM A PARTNERSHIP TO DEVELOP A LEADING ASSET MANAGEMENT BUSINESS

Rasmussengruppen AS is joining as an equal partner in a move to develop a leading Norwegian asset manager, and at the same time will acquire 21% of the shares in Arctic Securities ASA.

Arctic Securities was incorporated in March 2007 and commenced operations in August of the same year. The company has until now been owned by its employees. Since it was established Arctic Securities has established a leading position in the Norwegian securities market and has now more than 90 employees. Last year the company was the leading adviser in Norway on mergers and acquisitions (M & A) measured by the number of transactions. Arctic was also ranked first in Prospera’s survey of Norwegian professional private clients and moved up from tenth to sixth place in Kapital’s ranking of analysts published in 2010. With regard to debt capital Arctic managed more than NOK 15 billion in issues in the Norwegian bond market in 2008 and 2009.

As a new and significant minority owner Rasmussengruppen will have a seat on the board of Arctic Securities, and contribute to securing the company further capital to fund future growth.

Rasmussengruppen is viewed as one of Norway's leading investment operations and manages today an aggregate investment portfolio of approximately NOK 5 billion. A new asset management business based on the combined expertise of Rasmussengruppen and Arctic will provide a good basis to attract external investors. Rasmussengruppen will invest a substantial amount in one or more of the funds.

Arctic's already established brand name as a finance house provides a further basis for the new joint venture’s potential as an asset manager. Arctic has obtained the necessary licence and registration in Norway and Ireland, while technical backup and an international administrative system are in place to operate various types of investment funds.

"The employees in Arctic Securities will continue to be the main owners in the ompany but we are pleased to be joined by a highly reputable, professional and solid partner. We believe that Rasmussengruppen’s involvement represents a significant strengthening of our efforts to develop a leading Norwegian asset management business,” comments Mads H. Syversen, Chief Executive of Arctic securities.

Dag Rasmussen, Chief Executive of Rasmussengruppen adds: "Arctic Securities has established in the space of a short time an impressive position in the Norwegian securities market and represents a very attractive investment opportunity for us. We are very familiar with the sector and believe we can contribute to creating an even stronger company.”

For further information please contact:
- Mads H. Syversen, Chief Executive, Arctic Securities, tel: 48 40 31 01
- Dag Rasmussen, Chief Executive, Rasmussengruppen, tel: 38 12 22 00