Made in Sweden

Continued growth

Orc Software January–March 2007
• Net revenue SEK 124.3m (92.9 first quarter 2006)
• Revenue growth 33.7 % compared with first quarter 2006
• Operating income SEK 30.1m (3.5)
• Operating margin 24.2 (3.8) %
• Income after taxes SEK 20.8m (3.0)
• Earnings per share SEK 1.39 (0.20)

CEO Thomas Bill comments
Sales of Orc Software’s products are increasing. It is particularly pleasing to see strong growth in the demanding North American market where our revenues rose in the first quarter by 70 percent compared with the same period last year. A strong product offering together with an effective sales organization and increased efforts on marketing are behind this good quarter.

Our products already address our clients’ increasingly higher demands to handle large volumes and demand for connections to a greater number of marketplaces. One example is a global Investment Bank choosing our CameronFIX solution as its worldwide connectivity standard.

Several important deals were signed during the quarter for solutions for advanced trading and market connections.

The income for the first quarter shows that Orc’s efforts since 2006 for increasing sales and profit have been successful.

Further to a good start to the year, we are on track to exceed the Board’s target of an annual revenue growth of at least 15 percent and an annual operating margin of at least 15 percent.

Axis AB held its Annual General Meeting on April 18, 2007. The Meeting decided in favor of all proposed matters in accordance with the proposals of the Board of Directors.

Decision regarding dividend
The Meeting resolved to approve the Board of Directors’ proposal of a dividend for fiscal year 2006 of SEK 3.00 per share, of which SEK 0.75 is an ordinary dividend and SEK 2.25 an extra dividend. April 23, 2007 was set as the record date for the dividend. It is expected that the dividend will be paid from VPC AB on April 27, 2007.

Decision regarding adoption of the income statement and balance sheet
The Meeting resolved to adopt the income statement and balance sheet of Axis AB presented by the Board as well as the consolidated income statement and balance sheet. The Board and the President were discharged from liability for the 2006 fiscal year.

Decision regarding election of the Board, auditors and fees
The Meeting adopted the Board’s proposal that the Chairman of the Board shall be proposed by the Nomination Committee and be elected at the Annual General Meeting.

The Meeting resolved in accordance with the Nomination Committee proposals
that five (5) Board members shall be elected and no deputy members;
that the following Board members are reelected: Lars-Erik Nilsson, Charlotta Falvin, Martin Gren and Olle Isberg;
that Göran Jansson be newly elected as a Board member;
that Lars-Erik Nilsson be re-elected Board Chairman;
that a fee totaling SEK 799,000 shall be paid to the Board to be distributed among members who are not employees of the Company, with SEK 400,000 to the Chairman and SEK 133,000 to each Board member.
It was noted that Nils Rydbeck had declined re-election.

Göran Jansson is Managing Partner in Applied Capital Partners. He is a member of the Board of Precise Biometrics AB.

The Meeting decided to adopt the Board’s proposals to
• elect Öhrlings PricewaterhouseCoopers AB, with Bertil Johansson as senior auditor with no deputy, as auditor for the period until the close of the Annual General Meeting to be held in 2011, and
• that the fees to the auditor shall be paid against approved invoices.

Decision regarding guidelines for determining salaries and other remuneration to the President and other members of company management
The Meeting approved the Board’s proposal of guidelines for determining salaries and other remuneration to the President and other persons in Company management.
Remuneration to the President and other persons in Axis AB’s management (that is, the five persons who jointly with the President comprise Group Management) comprises basic salary, variable salary and pension. Other benefits and other remuneration are received on the same basis as for other employees.
The objective of Axis AB’s remuneration policy for the senior executives is to offer compensation that promotes retaining and recruiting qualified expertise to Axis AB.
The basic salary is determined on the basis that it should be competitive. The absolute level depends on the specific position and the individual’s performance.
Bonus to the President and the senior executives is based on financial goals for the Group and is calculated as a function of the sales growth and operating margin. The bonus to the President is maximized at SEK 5,000,000 (for 2007) and for other senior executives the highest individual bonus amount is a maximum of SEK 1,250,000 (for 2007).
The pension age for the President is 65. Pension premiums shall amount to 35 percent of pension-based salary up to 28.8 base amounts. A premium of 25 percent is paid for salary exceeding 28.5 base amounts. The ITP agreement is applied for other senior executives, with a pension age of 65.
In the event of termination of employment, a six-month mutual termination period applies for the President. In termination of employment of the President by the Company, a severance pay corresponding to 12 cash monthly salaries is paid after the close of the termination period. Other income is not deducted from the severance pay. In the event of termination notice by the President, no severance payment is made.
Between the Company and four of the other senior executives, a mutual notice period of three months applies. The fifth senior executive has a mutual notice period of six months. In the event of termination by the Company, salary is paid during the termination period. Other income is not deduced from the amount. In termination by the senior executive, salary is paid during the termination period. Other income is not deduced from the amount.
Deviations from the guidelines specified above may be decided by the Board, if there are specific reasons in individual cases.

Proposal of criteria regarding appointment of members to the Nomination Committee, etc.
The Meeting adopted the Board’s proposal that the criteria currently applicable regarding appointment of members to the Nomination Committee, etc., with the addition below, shall also apply for 2007, that is, that members of the Nomination Committee shall be appointed in accordance with the following:
• The three largest shareholders in the Company as of August 31 the year before the Annual General Meeting shall, on September 30 the year before or at the latest six months before the Annual General Meeting, elect a representative each as a member of the Nomination Committee.
• The Nomination Committee shall then internally elect one of the members as the Chairman. In the event that one of the three largest shareholders does not elect a representative to the Nomination Committee, the fourth largest shareholder shall instead elect a representative or, if the fourth largest shareholder also declines, the shareholders shall thereafter, in a descending order, elect a representative until three representatives are appointed.
• In the event that a member leaves the Nomination Committee before the work of the Nomination Committee is completed, the shareholder that appointed the member shall appoint a new member. In the event that this shareholder declines to appoint a new representative, the fourth largest shareholder shall instead elect a representative or, if the fourth largest shareholder also declines, the shareholders shall thereafter, in a descending order, elect a representative until a new representative is appointed.

The Nomination Committee shall develop and present proposals to the Annual General Meeting for decision on the following matters:
1. Election of the Meeting Chairman
2. Determination of the Board fees
3. Election of the Chairman and other Board members
4. Any proposals for changes in the procedures for appointing the Nomination Committee.
No fee is paid to the Nomination Committee. However, the Company is responsible for all reasonable costs related to carrying out the Nomination Committee’s assignment.

Decision authorizing the Board to make decisions pertaining to new share issues
The Meeting further decided to authorize the Board of Directors, during the period until the next Annual General Meeting, to make decisions on one or more occasions in regard to new share issues totaling not more than 6,856,000 shares. In this regard, the Board shall have the right to waive the preferential rights of shareholders and the provision stated in Chapter 13, § 5, item 6 of the Swedish Companies Act. The issue price for the new shares shall, in each instance, be set as close as possible to the market price of the Company’s share. The purpose of the authorization is to enable corporate acquisitions to be made with payment entirely or partly in Axis shares. Full exercise of the authorization would result in a maximum dilution of the Company’s share capital of 9.9 percent (excluding possible dilution that may result from the exercise of those warrants that entitle the holders to subscribe for shares during the valid period of authorization up until the next Annual General Meeting, that is warrants 2002/2007 and 2000/2010, which dilution could amount to a maximum of 0.49 percent).

All decisions at the Annual General Meeting were reached with the required majority.

• The first phase II study with KB2115 in patients with primary hypercholesterolemia has been successfully completed and the results will be presented in June this year
• The Board of Directors of Karo Bio decided on March 26 to propose a new share issue with preferential rights that would generate MSEK 406 to the company before transaction costs. The proposal for a new share issue was approved at an extra General Shareholders Meeting on April 11
• Net sales for the period amounted to MSEK 2.0 (2.0)
• The loss for the period amounted to MSEK 51.4 (36.2)
• Cash flows from operating activities for the period amounted to MSEK -56.4 (-41.0)
• Liquid assets and other short-term investments amounted to
MSEK 173.4 (304.5) at the end of the period
• Loss per share for the period amounted to SEK 0.66 (0.47)

For further information, please contact
Per Olof Wallström, President and CEO, tel. +46 8 608 60 20,
Per Otteskog, Senior Vice President Investor Relations, tel. +46 8 608 60 18, or
Leif Carlsson, Chief Financial Officer, tel. +46 8 608 60 73.

At the extra general meeting of Teleca AB held on 18 April 2007 the sale of auSystems was approved.

As announced earlier the sale consists of two transactions:

Teleca’s subsidiary auSystems AB entered in early April an agreement with Cybercom Group Europe AB in which auSystems AB transfers its Swedish, Danish and Polish subsidiaries for a total purchase price of approx. SEK 730 million in cash. The turnover of these subsidiaries in 2006 was approx. SEK 700 million with earnings of approx. SEK 33 million. These units employ approx. 750 people.

Teleca’s subsidiary auSystems AB entered also in early April an agreement with the French company Devoteam SA in which auSystems AB transfers its Norwegian, French, Italian and English subsidiaries for a total purchase price of approx. SEK 92 million. The turnover of these subsidiaries in 2006 was approx. SEK 500 million with earnings of approx. SEK 0 million. These units employ approx. 570 people.

Investor AB (”Investor”) hereby reports that the company has purchased 700,000 B-shares in Investor today, April 18, 2007, within a price range of SEK 175.50 to SEK 177.00 per share in order to hedge the long-term share-based remuneration program approved by the Annual General Meeting for 2007.

In addition to the 700,000 repurchased B-shares, Investor holds 700,000 of its own shares that were purchased last year to hedge the 2006 long-term share-based remuneration program.

With today’s repurchased shares, Investor’s long-term share-based remuneration program for 2007 is now completely hedged.

The total number of shares in Investor amount to 767,175,030, of which 311,690,844 are class A shares and 455,484,186 class B shares.

Notice to Convene the Annual General Meeting of Peab AB
The Shareholders of Peab AB (publ) are Requested to Attend the Annual General Meeting

on Wednesday 16 May 2007 at 3 pm in Grevieparken, Grevie

Participants
Shareholders wishing to attend must:
• Be registered in the share register kept at the Swedish Securities Register Centre, VPC AB, by 10 May 2005 at the latest.
• Register themselves and any assistants that shareholders intend to take with them at the latest by Friday 11 May 2007 at 2 pm. Notification can be submitted via the internet at www.peab.com/agm, by telephone on +46 (0)431-890 00 or by ordinary post to Peab AB, Information, 260 92 Förslöv. When registering you must specify name, address, telephone number, social security number and registered shareholding. Any powers of attorney must be in writing and must be submitted at the latest by the meeting, if necessary together with registration certificate.

Registrations to attend the Peab AB annual general meeting together with information on representatives and assistants will be recorded in Peab’s general meeting system in order to draw up a register of voters for the meeting.

Shares registered in trust
Shareholders who have their shares registered in trust with bank notary departments or private dealers must temporarily register the shares in their own names to attend the meeting. Shares must be temporarily registered in this manner at the latest by Thursday 10 May 2007, and therefore shareholders must inform trustees of their wish to temporarily register ownership of the shares in good time prior to this date.

Annual report and complete proposals
The annual report and accounting documents, the auditors’ report and the complete proposals of the board of directors in accordance with items 17 to 27 and the board of director’s comments on the decision in item 10 will be available from 2 May 2007 for inspection by shareholders at the head office at Margretetorpsvägen in Förslöv and on the Peab website at www.peab.com/agm. Copies of these documents will be sent to shareholders upon request.

Agenda
1. Opening the meeting
2. Appointment of meeting chairman
3. Establishment and approval of register of voters
4. Approval of agenda
5. Appointment of one or two representatives to check the minutes
6. Confirmation that the meeting has been correctly convened
7. The MD’s opening address
8. Presentation of the annual report and the auditors’ report, and the consolidated accounts and the group auditors’ report
9. Motion to adopt the income statement, the balance sheet, the consolidated income statement and the consolidated balance sheet
10. Motion concerning the allocation of company profit in accordance with the adopted balance sheet
11. Motion to release the members of the board and the managing director from liability
12. Establishing the number of board members
13. Establishing fees for the board of directors and the auditors
14. Election of chairman and members of the board
15. Choice of auditor and alternate auditor
16. Election of members of the nominating committee
17. Proposal concerning 2:1 share split
18. Modification to articles of association
19. Reduction in share capital through the withdrawal of shares and a bonus issue
20. Changing the terms of the Peab Convertible Promissory Note 2005/2008
21. Approval of decision to issue convertible debentures in Peab AB (publ)
22. Approval of decision to issue convertible debentures in Peab Industri AB
23. Authorisation of board of directors to take up profit sharing loan
24. Authorisation of board of directors regarding new issue of B-shares
25. Authorisation of board of directors regarding acquisition of own shares
26. Authorisation of board of directors regarding divestment of own shares
27. Adoption of remuneration policy
28. Other business
29. Formal closing of the meeting

Motions

Item 2 Appointment of meeting chairman
The nominating committee proposes appointing Göran Grosskopf to chair the meeting

Item 10 Motion on allocation of profit
The board of directors proposes a dividend of SEK 3.50 (SEK 3.00) per share for the 2006 financial year. The proposed record day is Tuesday 22 May 2007. If the AGM approves the proposals submitted, dividends will be distributed from the VPC on Friday 25 May 2007.

The board of directors also proposes that all the shares of Peab Industri AB should be distributed to the shareholders of Peab AB. The dividend will have a book value of SEK 600 million, which is equivalent to approx. SEK 7.50 per outstanding share. The record date proposed for the distribution is 27 September 2007.

Item 12 Establishing the number of board members
The nominating committee proposes having seven (six) ordinary members.

Item 13 Establishing fees for the board of directors and the auditors
The nominating committee proposes that the chairman of the board should receive a fee of SEK 350 000 (unchanged) and the other members of the board not employed by the group should receive fees of SEK 130 000 (unchanged). Members of the Remuneration Committee who are not employed by the group should receive fees of SEK 25 000. Members of the Finance Committee who are not employed by the group should receive fees of SEK 25 000. Thus the total fees recommended amount to SEK 1 100 000 (995 000). Auditors’ fees should be paid according to invoice.

Item 14 Election of chairman and members of the board
The nominating committee recommends re-electing Annette Brodin Rampe, Karl-Axel Granlund, Göran Grosskopf, Mats Paulsson and Svante Paulsson, and the new appointment of Lars Sköld and Stefan Paulsson. Jan Segerberg has declined re-election. Göran Grosskopf should be appointed to chairman of the baord.

Item 15 Choice of auditor and alternate auditor
The nominating committee recommends re-appointing Alf Svensson of KPMG as auditor and the new appointment of Dan Kjellqvist of KPMG as alternate auditor.

Item 16 Election of members of the nominating committee
Shareholders representing more than 66 per cent of the total votes in the company propose the following nominating committee: Malte Åkerström, Leif Franzon, Göran Grosskopf and Fredrik Paulsson should be reappointed until the 2008 AGM . Malte Åkerström should be appointed chairman of the nominating committee..

Item 17 Proposal concerning 2:1 share split
The board of directors moves that the AGM should resolve upon a 2:1 share split such that each present share is divided into two shares of the same share type. The record date proposed is 27 September 2007 after record date for the right to participate in the distribution of Pean Industri AB.

Item 18 Modification to articles of association
The board of directors recommends changing the articles of association as follows:
Article 4 – the lowest number of shares should be increased from 50 000 000 to 80 000 000 and the highest number of shares should be increased from 200 000 000 to 320 000 000,
– The highest number of A-shares which can be issued should be increased from 25 000 000 to 40 000 000 and the highest number of B-shares which can be issued should be increased from 175 000 000 to 280 000 000,
Article 8 – General meetings should be held in the Municipality of Båstad of the Municipality of Ängelholm.

Item 19 Reduction in share capital through the withdrawal of shares and a bonus issue
The board of directors moves that the AGM should resolve on a reduction in share capital of SEK 55 000 000 through the withdrawal without repayment of 5 500 000 B-shares which were previously bought back by the company with the requisite authority and on a increase in the company’s share capital of SEK 57 187 161.80 through transfer from unrestricted equity to the share capital (bonus issue), thus increasing the capital without the issue of new shares.

Item 20 Changing the terms of the Peab Convertible Promissory Note 2005/2008
In order that holders may participate in the distribution of Peab Industri AB the board of directors recommends the AGM should change the terms of convertible debentures in the following way:
• The introduction of an additional conversion window from 18 June to 2 July 2007 (paragraph 6 in the terms of the convertible debentures)
• The right of holders of Peab Convertible Promissory Notes 2005/2008 to participate in the distribution of Peab Industri AB irrespective of whether conversion was made after record date on 8 June 2007 to the interest due for payment on 15 June 2007 (paragraph 7 in the terms of convertible debentures)
• The postponement of the existing conversion window giving conversion rights from 1 October to 15 October 2007 such that convertibles can be instead converted from 26 November to 12 December 2007 (paragraph 6 of the terms of the convertible debentures).

Item 21 Recommendation to resolve on approving the issue of convertible debentures in Peab AB (publ)
The board of directors recommends the AGM to approve the issue of at the most 12 000 000 convertible debentures to a maximum nominal value of SEK 600 000 000 which the board of directors resolved upon 0n 2 April 2007 subject to approval by the AGM. The convertible debentures run from 1 December 2007 to 30 November 2012. The right to subscribe to convertible debentures, diverging from shareholders’ preferential rights, falls to a wholly owned subsidiary of Peab AB with the rights and obligations for the subsidiary to offer employees within the Peab AB group and the Peab Industri AB group the opportunity to acquire the convertible debentures from 26 November 2007 to 12 December 2007. Therefore the board of directors recommends that the AGM also approve the transfers from the subsidiary to the employees.

The issue price will be the nominal amount. The convertible debentures will have a fixed interest which is, among other things, based on the conversion price and the estimated market value of the convertible debentures. The debentures may be converted to B-shares during special conversion windows in November 2010 and 2011 and in September 2012. The conversion price will be equivalent to 125 per cent of official Stockholmsbörsen latest average buying price from 1 November 2007 to 14 November 2007. However, the conversion rate may be SEK 50 at the lowest. Based on a conversion price of SEK 50, provided that the AGM approve the split in item 17 above and the reduction in share capital and the bonus issue in item 19 above, the share capital can increase by a maximum of SEK 64 200 000. Under the same assumptions and assuming full conversion of Peab Convertible Promissory Notes 2005/2008, this is equivalent to a dilution of approx. 6.9 per cent of the share capital and approx. 3.4 per cent of the votes.

Item 22 Recommendation to resolve on approving the issue of convertible debentures in Peab Industri AB
The board of directors recommends the AGM to approve the issue of at the most 6 666 666 convertible debentures to a maximum nominal value of SEK 400 000 000 which the board of directors of Peab Industri AB resolved upon on 29 March 2007 subject to approval by the votes of Peab AB (publ) and Peab Industri AB. The convertible debentures run from 1 December 2007 to 30 November 2012. The right to subscribe to convertible debentures, diverging from shareholders’ preferential rights, falls to a wholly owned subsidiary of Peab Industri AB with the rights and obligations for the subsidiary to offer employees within the Peab AB group and the Peab Industri AB group the opportunity to acquire the convertible debentures from 26 November 2007 to 12 December 2007. Therefore the board of directors recommends that the AGM also approve the transfers from the subsidiary to the employees.

The issue price will be the nominal amount. The convertible debentures will have a fixed interest which is, among other things, based on the conversion price and the estimated market value of the convertible debentures. The debentures may be converted to B-shares during special conversion windows in November 2010 and 2011 and in September 2012. The conversion price will be equivalent to 125 per cent of official Stockholmsbörsen latest average buying price from 1 November 2007 to 14 November 2007. However, the conversion rate may be SEK 60 at the lowest. Based on a conversion price of SEK 60, provided that the capital structure of Peab Industri AB is adjusted in accordance with what the board of directors of Peab Industri intends to propose to the AGM of Peab Industri AB, the share capital will increase by a maximum of SEK 13 332 332. Under the same assumptions, this corresponds top a dilution of approx. 7.7 per cent of the share capital and approx. 3.8 per cent of the votes.

Item 23 Authorisation of board of directors to take up profit sharing loan
Authorisation for the board of directors to, until the next AGM on one or more occasions, decide upon the taking out of the usual credit facilities with banks or utilise already raised credit facilities, the interest on which loans or the amounts at which repayments must be made wholly or partly depend upon dividends distributed to shareholders, the share price of the company’s shares, the company’s profit or the company’s financial position.

Item 24 Authorisation regarding the new issue of B-shares
Authorisation for the board of directors up until the time of the next AGM to resolve upon the issue of new B-shares equivalent to maximum 10 per cent of the registered share capital at the time of authorisation with or without preferential rights for the present shareholders.

Item 25 Authorisation regarding the acquisition of own shares
Authorisation for the board of directors up until the time of the next AGM to resolve upon the acquisition of Peab shares such that after acquisition the group holds a maximum of 10 per cent of the registered number of shares in the company. The purpose of the buyback of own shares must be to improve the capital structure of the company, to be used in the financing of acquisitions etc or to enable through subsequent withdrawal the neutralisation of dilution that may arise in connection with the conversion of convertible debentures.

Item 26 Authorisation regarding the divestment of own shares
Authorisation for the board of directors up until the time of the next AGM to resolve upon the divestment of Peab shares acquired by the company altogether representing a maximum of 10 per cent of the registered share capital at the time of authorisation.

Item 27 Establishment of remuneration policy
The board of directors recommends that the AGM adopt guidelines for the remuneration of leading officials involving a fixed salary and bonuses paid from time to time to a maximum of 60 per cent of the fixed annual salary.

Orc Software (SSE: ORC), the leading global provider of technology for advanced trading, market making and brokerage, today announced an agreement with the Icelandic bank Saga Capital for its electronic trading requirements. Saga Capital has scheduled deployment of the Orc solution for May 1.

Saga Capital is the new investment bank founded by former Kaupthing Bank executives Thorvaldur Ludvik Sigurjonsson and Hersir Sigurgeirsson.

Saga Capital has signed for an Orc technology platform that includes Orc Trader, Orc Online, Orc ExNet, Model Builder, and direct market connections to Saxess and the DDE Excel link. Orc Trader will provide sophisticated trading functionality for Saga Capital including order entry, automation, combination trading, volatility management, basket trading, model integration, risk, and order management.

Thorvaldur Sigurjonsson, Saga Capital’s CEO, says choosing Orc Software was made easy by his positive trading experience with the Orc platform over a number of years: “Having worked with and relied on the Orc solution extensively for a number of years, the decision was a natural progression given my history and understanding of its flexibility, high performance and reliability. It is also an excellent platform to introduce advanced trading to our customers, especially in bond trading, where we have developed numerous features and models with the Orc team.”

Henrik Thornqvist, Orc Software’s Head of Sales and Services for the Nordic region says: “Orc Software has always been at the market forefront leading the development of automating trading technology for the global financial industry. We are pleased to be working with Saga Capital to deliver technologies that will meet their expanding business requirements.”

Orc Software is next exhibiting at Trade Tech Equities in Paris, April 25 – 26.

About ORC Software
Orc Software (SSE: ORC) is a leading global provider of technology for advanced trading, market making and brokerage. Founded in 1987, Orc provides solutions and services to its worldwide customers from its offices across Europe, North America and Asia Pacific. Orc’s customers include leading investment banks, trading and market-making firms, exchanges, brokerage houses, institutional investors, hedge funds and software vendors.

CameronFIX, the number one Financial Information Exchange protocol (FIX) electronic trading standard, is a fully owned Orc connectivity solution. CameronFIX provides the high performance FIX gateway to Orc’s 100+ global market connections and is also used as a stand-alone solution by major members of the global financial industry.

Orc Software has offices in Chicago, New York, Toronto, London, Stockholm, Frankfurt, Milan, Vienna, Zurich, St. Petersburg, Moscow, Hong Kong and Sydney.

Orc Software (SSE: ORC), the leading global provider of technology for advanced trading, market making and brokerage, today announced Spron Securities has selected Orc Software for its electronic trading brokerage solution.

Reykjavik-based Spron Securities has deployed Orc technology comprising Orc Traders, Modelbuilder and Orc’s Direct Market Access to ICEX during Q1. Spron is routing order flow via ExNet, the Orc network providing non-membership access to all major liquidity pools, including official exchanges and ECNs.

“We look forward to working with Orc Software to provide our customers with added market advantage,” says Jón Hallur Pétursson, CEO for Spron Securities. “Some of the world’s most advanced trading enhancements are developed by Orc such as single screen multi-market access, order handling and instrument pricing capabilities. These solutions will further strengthen a core area of our business and help grow Spron Securities reputation as one of Iceland’s leading financial institutions.”

Henrik Thornqvist, Orc Software’s Head of Sales and Services for the Nordic region, says: “Orc Software is pleased to be delivering leading turn-key solutions to further strengthen Spron Securities brokerage solution.”

Release highlights for Orc Software’s latest version Orc Trader and Orc Liquidator, version 6.1 include new volatility API and models, new market connections, transaction analytics & reporting, click trading enhancements, as well as further improvements enabling high performance DMA to global markets. New functionality can be utilised across all asset classes and products (equities, FX, fixed income, commodities, cash, futures, options) and to 100+ markets that Orc directly connects to.

Orc Software is next exhibiting at Trade Tech Equities in Paris, April 25 - 26.

About ORC Software
Orc Software (SSE: ORC) is a leading global provider of technology for advanced trading, market making and brokerage. Founded in 1987, Orc provides solutions and services to its 600+ worldwide customers from its offices across Europe, North America and Asia Pacific. Orc’s customers include leading investment banks, trading and market-making firms, exchanges, brokerage houses, institutional investors, hedge funds and software vendors.

CameronFIX, the number one Financial Information Exchange protocol (FIX) electronic trading standard, is a fully owned Orc connectivity solution. CameronFIX provides the high performance FIX gateway to Orc’s 100+ global market connections and is also used as a stand-alone solution by major members of the global financial industry.

Orc Software has offices in Chicago, New York, Toronto, London, Stockholm, Frankfurt, Milan, Vienna, Zurich, St. Petersburg, Moscow, Hong Kong and Sydney.

An extraordinary general meeting (EGM) of Cybercom Group Europe AB on 18 April 2007 approved Cybercom’s acquisition of auSystems’ operations in Denmark, Poland, and Sweden.

In early April, Cybercom entered a contract with auSystems AB regarding acquisition of auSystems Sweden East AB, auSystems Sweden West AB, auSystems Sweden South AB, auSystems Sweden North AB, auSystems Denmark A/S, and auSystems Sp. Z.o.o. in Poland.

The contracted purchase price is SEK 730 million, with possible adjustment for agreed-upon cash-level differences (in the acquired companies) between the parties. The purchase price will be paid in cash at the time of takeover. The intention is that on 1 May, the acquired companies are consolidated in Cybercom’s subsidiary Cybercom Stockholm IT.

Via the acquisition, Cybercom expands its operation to about 1200 employees in Denmark, India, Poland, Singapore, Sweden, and the UK. The new Group’s sales are expected to reach about SEK 1.3 billion on a full-year basis.

Shareholders representing more than 5 600 000 shares attended Cybercom’s EGM and resolved to approve the acquisition, based on terms negotiated between the parties.

The acquisition is also conditional upon approval by the EGM of Teleca AB, the selling company’s parent company.

Hilding Anders will join the tennis tournament Catella Swedish Open as Official Partner.

Hilding Anders is active within sponsorship of sports, and supports Malmö FF (football), VMS Elit (speedway) and Olympic Viking (handball). This year the company will also sponsor the ATP-tournament Catella Swedish Open in Båstad.

– We are pleased to have the opportunity to sponsor an event such as Catella Swedish Open, explains Anders Pålsson, President and CEO at Hilding Anders. As Official Partner we take the first step towards a long-term commitment to one of the world’s most popular tennis tournaments.

Hilding Anders’ increased sponsorship is part of the company’s new communication strategy that represents the group today.

– We have grown substantially over the last couple of years and of course that means we have undergone changes in our structure as well as within our organisation, continues Anders Pålsson. Our group is handled from our head office in Malmö and our central functions to a much greater extent today than just a couple of years ago. For that reason we have overviewed our communication to our internal and external target groups. The sponsorship of Catella Swedish Open in Båstad is a part of this new communication strategy. We see a great potential to treat our customers and employees as well as establishing new contacts in connection to this tournament, Anders Pålsson concludes.

– It is with great pleasure that PR Event has been able to establish a partnership with a company such as Hilding Anders, says Thomas Wallén, tournament director at Catella Swedish Open. Their commitment will contribute to make the tournament an even greater success, and we look forward to a long-term cooperation.

Deputy Governor Svante Öberg gave a speech in Stockholm today at a meeting organised by Barclays Capital.

“Let me begin by thanking you for the invitation to come here and speak about current monetary policy. Speaking on this topic today suits me very well, as I had a slightly different view of monetary policy than my colleagues on the Executive Board of the Riksbank at the most recent monetary policy meeting on 29 March. This is shown in the separate minutes of the meeting, which were published on Monday,” began Mr Öberg.

“My assessment is that the policy rate should have been raised by 0.25 percentage points and that the forecast for the interest rate path should have been revised upwards. I therefore entered a reservation against the decision to keep the repo rate unchanged,” continued Mr Öberg.

”There are three reasons why I entered a reservation. The first is that economic developments are very strong, both in Sweden and abroad. The second is that developments are stronger than we had predicted at our monetary policy meeting in February. The third is that the wage bargaining rounds appear to be resulting in higher wage increases than we had anticipated. I shall further explain these three reasons,” continued Mr Öberg.

”The first reason is thus that economic developments are very strong. I am thinking here of developments in a longer-term perspective. The International Monetary Fund (IMF) estimates in its most recent report that the GDP growth for the world economy will be around 5 per cent a year during the five years 2004-2008. It is not common to see such strong growth several years in a row. The strong international development also has a broad geographical spread. Growth in the OECD area is around 3 per cent a year, while the rest of the world, which accounts for around half of the world’s GDP, is growing at a rate of around 7 per cent a year,” said Mr Öberg.

“Growth in Sweden is also unusually strong with a GDP growth of 4.4 per cent in 2006 and around 4 per cent in 2007, alongside rapidly increasing employment. In this strong economic situation, both fiscal and monetary policies are expansionary. Households’ real disposable incomes are expected to increase substantially this year, interest rates are still low and credit expansion is strong,” observed Mr Öberg.

“One general experience of the past 10-15 years is that the developments in the real economy do not have the same impact on inflation as before. The short-term so-called Phillips curve has become flatter. This is connected to the fact that monetary policy has gained greater credibility. Inflation expectations are close to the target of 2 per cent, which in turn affects price setting and wage formation. The fluctuations in inflation around the target level are also much less than before. However, this does not rule out the possibility that the strong developments in the real economy could nevertheless finally result in increased inflation that would need to be counteracted by raising the interest rate. The most likely scenario in this case is that the inflation process will accelerate through wage costs beginning to rise at a faster rate,” continued Mr Öberg.

“The second reason behind my reservation is that economic developments are stronger than we had predicted at our monetary policy meeting in February. “The National Accounts for the fourth quarter of 2006 were slightly stronger than expected. At the same time, earlier quarters were revised down, so that the annual average for 2006 was still in line with the forecast,” noted Mr Öberg.

”However, if one looks at how we have revised our forecasts over a slightly longer period, the direction has been consistently upwards. Since the beginning of last year we have gradually revised our forecasts for GDP growth in 2006 upwards, from 3.5 to 4.4 per cent and our forecasts for 2007 upwards from 2.8 to 3.5 per cent. The most recent information indicates that we need to revise our forecasts even further upwards. The National Institute of Economic Research’s most recent forecast for GDP growth in 2007 is 3.9 per cent and the Government is estimating in its Spring Budget Bill that GDP growth will be 3.7 per cent in 2007,” continued Mr Öberg.

“The National Institute of Economic Research’s Business Tendency Survey for February and March showed continued strong growth. Industrial activity has continued to improve and construction activity is record high. The retail trade is continuing to increase its sales and demand in the private service industries is rising. The National Institute of Economic Research’s new Economic Tendency Indicator is at a high level. All in all, this means that the economy is developing much more strongly than usual,” continued Mr Öberg.

”The labour market has also developed more strongly than we had assessed in February. The labour force surveys in January and February showed a faster increase in employment and a greater decline in unemployment than expected. Employment is now rising by around 100,000 persons on an annual rate. During the three-month period from December to February, unemployment fell to 4.9 per cent and was thus 0.9 percentage points lower than during the same period last year. The number of latent job seekers has also begun to decline now. In addition, other labour market indicators are pointing towards a strong development,” claimed Mr Öberg.

”Despite the strong growth in the real economy, inflation is still low. The consumer price index rose by 1.9 per cent in March this year, compared with the same month last year, which is slightly more than we expected in February. Underlying inflation is lower. The UND1X inflation rate excluding energy was only 1.1 per cent in March, marginally higher than in our forecast. However, the important thing is how the increasingly strong economic activity will affect wage developments and inflation in the slightly longer term,” said Mr Öberg.

“The third reason for my reservation is that it seems as though the wage bargaining rounds will, in my opinion, result in higher wage increases than we had anticipated. A decisive factor for future inflation and monetary policy is how the strong real developments will affect wage formation and in particular how this can be managed in the spring wage bargaining rounds. From this point of view, the wage bargaining rounds have not begun particularly well. They appear to be resulting in higher rates of wage increase than we had expected. The first three-year agreement in industry is said to involve 10.2 per cent in wage increases and the agreement in the trade sector to involve 12.6 per cent in wage increases over three years,” said Mr Öberg.

“In February we were estimating that hourly wages would increase by 3.9 per cent next year when the whole-year effect of the agreements signed this year had an impact. The National Institute of Economic Research’s report, which was published recently, instead calculates an hourly wage increase of 4.4 per cent and has then not taken into account the agreement in the trade area. The Government is also calculating on higher wage increases than we anticipated in February,” observed Mr Öberg.

“My earlier assessment was that the wage bargaining rounds would most likely result in agreements within a reasonable time, at levels compatible with the inflation target and without major conflicts. At the same time, I considered that the risks were on the upside, that the wage bargaining rounds could, despite the good experiences of recent years, become much more difficult and that market forces could also push up the rate of wage increase to higher levels,” said Mr Öberg.

“This risk scenario now appears likely to happen. Coordinated three-year agreements with a moderate level of wage increase could have been compatible with low and stable inflation. What now looks to be the case is instead weaker coordinated three-year agreements with higher wage increases than we had previously anticipated. In addition, a continued strengthening of the labour market risks resulting in increased wage drift,” pointed out Mr Öberg.

“At the same time, it is not possible to rule out the possibility that there have been structural changes in the economy which contribute to inflationary pressures remaining low. Productivity and import prices could continue to hold down inflation even in the longer term. One important question for future developments is therefore to what extent the strong productivity growth is cyclical and to what extent it is structural. This is a question that cannot be answered until several years have passed,” said Mr Öberg.

”The uncertainty over future economic developments means that we must test our way forward in monetary policy. My assessment is that the upside risks are currently stronger than the downside risks. In a situation like the one we have now, where strong forces are driving economic developments, we should raise the policy rate to a more neutral level. This is important, particularly for anchoring inflation expectations,” concluded Mr Öberg.

Kerstin Renard has been appointed Senior Vice President Human Resources for the Volvo Group. Kerstin Renard will assume her new position on September 1, succeeding the current SVP Human Resources Kjell Svenson, who is retiring.

Kerstin Renard, 46, is currently HR manager at Volvo Powertrain, where she has worked since 2005. She has many years of experience within HR and has previously worked at Wilson Logistics, Flexlink and Volvo Cars, among other assignments.

Kerstin Renard will report to Stefan Johnsson, who has overall responsibility within Volvo’s Group Executive Committee for personnel matters.

On Monday, Axfood will launch a major initiative at Willys that will cut prices of name-brand products by a minimum of 5%. This was announced today by Axfood’s President and CEO, Anders Strålman, in connection with the release of Axfood’s first quarter interim report.

“These won’t be temporary special offers, but a price cut that is entirely in line with Willys goal of offering customers Sweden’s ‘cheapest bag of groceries,’” said Strålman.

Under the new low-price initiative, every month Willys will lower the price by at least 5% for some 20 ordinary items from well-known name-brand producers. The new, lower prices will apply at least one year from the date the reduction was announced. Price cuts will be made every month during the rest of the year, with a strong ambition to continue month after month for a long time into the future.

“Since it is Willys’ sales success that has laid the foundation for these price cuts, we hope to gain the continued confidence of our customers,” says Patrick Grabenbauer, Marketing Director at Willys. “Today we have pledged to introduce price cuts during the rest of the year, and as long as we continue to be as successful as we have to date, we will be able to continue lowering our prices. Higher sales and greater volumes will make us a more attractive cooperation partner for our suppliers, who in turn can offer us better wholesale prices. In this way, our customers, suppliers and Willys all stand to win from Willys’ new lower prices.”

The products that will affected by the price cuts consist of ordinary, everyday items that customers recognise and frequently purchase, such as sausages, cheese, cold cuts, beverages, shampoo, balsam, household cleaning products, and so on. Initially, Willys’ new low-price initiative will cover name-brand products. However, the company has not ruled out the possibility later on of extending the price reduction initiative to its private label products.

GOPView™ XR2-ADi forms a critical companion for ContextVision’s newest generation image enhancement processing algorithm GOPView XR2.

April 17th 2007 STOCKHOLM, Sweden, and BOSTON, MA – ContextVision AB, software imaging partner for the most recognized medical imaging manufacturers worldwide, today announced its release of GOPView™ XR2-ADi, an adaptive and automatic density identifier enabling extended recording range and consistent exposure results in today’s digital plate x-ray imaging. GOPView™ XR2-ADi forms a critical companion for ContextVision’s newest generation image enhancement processing algorithm GOPView XR2.

GOPView™ XR2-ADi’s automatic data identification and enhancement combines optimum image density and clearer detail of small structures with exceptionally low noise. The result is not only a lower number of retakes, but reduced patient exposure and equipment usage. The ADi algorithm also minimizes “burn-through” effect that often occurs during imaging of soft tissue in digital x-ray, reducing the need for additional windowing and levelling of images.

“GOPView™ XR2-ADi is an ideal complement to our image enhancement offerings for our digital X-ray customers, ” said Jan Erik Hedborg, CEO, ContextVision. “We can now offer a product range that delivers world class image quality together with fewer retakes due to density variations.”

GOPView™ XR2-ADi also automatically adapts for different collimators and excludes the pixel counts outside the collimated area to optimize greyscale visualisation over the area of interest.

GOPView™ XR2-ADi is delivered with specific factory settings and can be optimized for specific anatomies.

The County Council in Örebro, Sweden is digitizing its mammography operations and has ordered digital mammography systems from the IT and medical-technology company Sectra. The order value amounts to SEK 11.4 million.

As a result of the purchase of Sectra’s mammography system, Sectra MicroDose Mammography, the county council will be able to offer all women in the county mammography examinations with the lowest possible radiation dose.

“In addition to the low dose, one of our criteria in choosing a system was a rapid and cost-efficient workflow. Sectra’s total solution makes this possible and, furthermore, the women will be able to rebook their time for examinations themselves over the Internet. For us, this service means savings and major administrative benefits for rebooking,” says Torbjörn Andersson, head of the radiology at the University Hospital in Örebro.

Sectra MicroDose Mammography will be installed at the University Hospital in Örebro in the autumn. The radiology departments in the Örebro County Council already use Sectra’s system processing and archiving of images and patient information and with the new mammography equipment gain a fully digital solution.

Photon-counting technology – a prerequisite for the market’s lowest radiation dose
Sectra’s solution, Sectra MicroDose Mammography, is based on unique photon-counting technology and provides the lowest radiation dose on the market, unsurpassed throughput, customized workflow and outstanding ergonomics. This ensures safe, stress-free and quick examinations for the patients. The radiologists receive the results quicker and the radiographers benefit from an improved ergonomic working environment.

Dr. Torbjörn Kronander, President, Sectra Imtec AB, +46 705 23 52 27
Dr. Jan-Olof Brüer, CEO and President, Sectra AB, +46 13 23 52 09

Consolidated net sales* (excluding VAT) totalled SEK 2,494 m (2,459), an increase of 1.4% compared with the same period a year ago. Net sales for stores in Sweden owned by the Group increased by 0.2% for the month of March, with an 0.9% increase in like-for-like sales.

Sales for the period January-March 2007 rose 1,1%, with a 1.6% rise in like-for-like sales. Consolidated net sales totalled SEK 6,943 mkr (6,820), an increase of 1,8%. Net sales for Axfood’s stores (wholly owned and franchise units) rose 2,3%, with a 1,8% rise in like-for-like sales.

Hemköp’s sales (wholly owned and franchise units) increased by 1.1 % during the month, with a 0.2% decrease in like-for-like sales. Accumulated sales increased by 1.0%, with a 1.3% rise in like-for-like sales.

Net sales for Hemköp’s wholly owned stores decreased 3,8% during the month, with an 1.8% decrease in like-for-like sales. Accumulated sales decreased by 4.1%, with a 0.1% rise in like-for-like sales.

Willys’ sales increased by 1.8% during the month, with a 1,9% rise in like-for-like sales. Accumulated sales increased by 3.1% with a 1.9% rise in like-for-like sales.

- Axfood’s consolidated sales amounted to SEK 6,943 m (6,820) during the first three months of the year, an increase of 1.8%.

- Retail sales for Axfood’s wholly owned stores rose 1.1% during the period. Like-for-like sales rose 1.6%.

- Operating profit for the first quarter was SEK 258 m (226).

- Profit after financial items for the period was SEK 253 m (223).

- Profit after tax for the period was SEK 182 m (161). Earnings per share were SEK 3.47 (2.96).

For further information, please contact:
Anders Strålman, President and CEO, +46-8-553 998 02, +46-708-37 88 37
Lars Nilsson, Executive Vice President and CFO, +46-8-553 998 11, +46-705-69 66 33

Axfood AB conducts retail trade through the wholly owned store chains Hemköp, Willys and Willys hemma, comprising slightly more than 220 stores, and wholesale trade through Dagab and Axfood Närlivs. In addition, Axfood collaborates with a number of proprietor-run stores that are tied to Axfood through agreements. These include stores within the Hemköp chain as well as stores run under the Handlar’n and Tempo profiles. In all, Axfood collaborates with over 500 proprietor-run stores. Axfood is listed on the Nordic Large Cap list of the OMX Nordic Exchange. Axel Johnson AB is the principal owner, with approximately 46% of the shares.

• Operating income increased by 9.5 per cent (103 %) to SEK 135.7 million (SEK 123.9 m).

• The profit after tax was SEK 55.9 million (SEK 55.3 m).

• Earnings per share increased to SEK 2.04 (SEK 2.01).

• Net deposits totalled SEK 1,720 million (SEK 2,320 m), corresponding to 4.0 per cent (7.8 %) of the total value of custodian accounts at the beginning of the year.

Comments from the Managing Director
“Avanza gained almost 10,000 new custodian account customers during Q1 – a record for a single quarter. One of the main reasons for our success is that Avanza now offers a complete range of saving products. One of the results of expanding our product range is that pension- and insurance based savings accounted for almost 30 per cent of net deposits during the period. The number of fund customers has also increased to over 50,000, and growth was also boosted by the fact that one fifth of all new custodian accounts come from existing customers who are transferring more of their savings to Avanza,” says Nicklas Storåkers, Managing Director of Avanza.

“Both operating income and the net profit achieved record levels for an individual quarter. It’s also particularly gratifying to note that non-brokerage income covered 109 per cent of costs, which is in line with our goals for 2007.

“The opening weeks of the second quarter have seen a strong inflow of new customers and new capital. Interest in endowment insurance, which constitutes an attractive alternative, tax-wise, to direct savings, has increased dramatically since the announcement that wealth tax is to be abolished. This spring, Avanza will be working actively on the sales front, amongst other things, with new product launches, more IPO’s than ever before, and a continued focus on developing Sweden’s best savings services. We also anticipate a substantially lower rate of cost increases during the second quarter.”

For additional information, please contact Nicklas Storåkers, Managing Director of Avanza, tel: +46 70 861 80 01.

Business performance
Cutting edge product innovation is vital if Avanza is to strengthen its position as The Savers’ Bank and to increase its lead over the competition. Products launched by Avanza during the first quarter include FX trading and management services for PPM-based savings (Premium Pension Authority). Avanza has also conducted an intensive programme of sales activities targeting private customers and has strengthened its distribution channels in the field of occupational pensions.

Net deposits totalled SEK 1,720 million (SEK 2,320 m) during the first quarter of 2007, corresponding to 4.0 per cent (7.8 %) of the total value of custodian accounts at the beginning of the year. Net deposits in pension and insurance-based savings totalled 28.2 per cent (20.7 %) of total net deposits.

The total number of custodian account customers increased during Q1 2007 by a net of 9,600 (7,400) to 139,600 (130,000 as of 31st December 2006), corresponding to an increase of 7.4 per cent (7.0 %). Pension- and insurance-based custodian accounts accounted for 25.4 per cent (19.2 %) of the total number of new custodian account customers.

The average custodian account customer’s portfolio increased in value by 3.8 per cent (13.7 %) during the quarter, in comparison with an increase by the OMX Stockholm Price Index of 5.9 per cent (12.0 %).

The total value of custodian accounts increased by 7.9 per cent (22.1 %) to SEK 46,600 million, as of 31st March 2007 (SEK 43,200 m as of 31st December 2006). The total value of custodian accounts in Avanza Private Banking increased by 13.0 per cent (33.0 %) during the period to SEK 15,000 million (SEK 13,300 m as of 31st December 2006). The total value of custodian accounts in Aktiespar.se increased to SEK 850 million (SEK 750 m as of 31st December 2006).

In the pension and insurance-based savings sphere, considerable interest in endowment insurance was seen in conjunction with the announcement of the abolition of wealth tax, making endowment insurance an extremely attractive and popular alternative to direct saving in shares and investment funds. Saving through endowment insurance allows the customer to invest in shares and investment funds without incurring a capital gains tax liability and without having to declare individual securities transactions. The customer can now also withdraw their money immediately. The only tax that the customer pays is a tax based on the value of the insurance, which currently comprises 0.97 per cent of the value of the insurance.

A number of steps were taken within the Avanza Occupational Pension scheme at the start of the first quarter. Avanza’s affiliation to the two largest collective agreement-based occupational pension plans (SAF-LO and PA03) was approved, and cooperation agreements have also been signed with a couple of major insurance brokers. At the beginning of February, the government put a temporary legislative block on the right to transfer pension insurance, which had a negative effect on Avanza. This legislative block is, however, expected to be removed at the end of this year and may result in the opening up of a bigger transfer market than before. There is, however, considerable uncertainty with regard to the way in which this issue will play out.

To date, 300 companies with a total of 520 employees (custodian account customers) have joined the Avanza Occupational Pension scheme and demand remains good at present amongst potential customers. The total value of custodian accounts invested in the Avanza Occupational Pension scheme was SEK 70 million, as of 31st March 2007.

The total value of custodian accounts invested in pension products on 31st March 2007 was SEK 5,510 million (SEK 4,800 as of 31st December 2006), corresponding to 11.8 per cent (11.1 % as of 31st December 2006) of the total value of custodian accounts. Avanza’s goal is for pension-based savings to correspond to a minimum of 13 per cent of the total value of custodian accounts by the end of 2007.

The range of investment funds offered has been expanded and now comprises 800 funds from over 60 fund management companies. Interest in investing in funds and equity-linked bonds is constantly increasing and customers are transferring more and more of this type of saving to Avanza. Avanza has also begun selling external equity-linked bonds during the first quarter. Interest in Avanza Zero, the no-fee index fund, is an important factor in the increase in fund-based savings with Avanza, and Avanza executed 250,000 fund commission notes during the first quarter of 2007. To date, Avanza Zero has 15,700 unit holders with Avanza and SEK 640 million in fund capital, including PPM. The return on Avanza Zero has totalled 34.9 per cent since its launch in May 2006, in comparison with the OMXS30 index which rose by 34.6 per cent during the same period.

The total value of custodian accounts invested in funds totalled SEK 7,380 million, as of 31st March 2007 (SEK 6,600 m as of 31st December 2006), corresponding to 15.8 per cent of the total value of custodian accounts (15.3 % as of 31st December 2006). The number of custodian accounts with fund holdings totalled 50,400 as of 31st March 2007 (43,200 as of 31st December 2006), corresponding to 36.1 per cent (33.2 %) of all custodian accounts.

Avanza launched asset management services at the beginning of the year. The asset management refers to customers’ PPM savings, to which the customers have access via Avanza’s website. The asset management service follows the investment advice provided by the stock and fund experts on Avanza’s on-line investment magazine, Placera Nu. Sales of these management services are currently in a developmental phase and the tempo of sales is expected to increase during the latter part of the spring.

Avanza’s market share of the Stockholm Stock Exchange (including First North) was 9.5 per cent (10.8 %) of the total number of transactions and 2.7 per cent (2.5 %) of turnover. In terms of the number of transactions, therefore, Avanza continued to be the biggest member overall of the Stockholm Stock Exchange (including First North).

The operational availability of Avanza’s web service during the first quarter of 2007 was 99.7 per cent (99.9 %).

Avanza’s custodian account customers averaged 2.39 (2.35) commission notes per month during the first quarter of 2007, corresponding to an increase of 1.7 per cent (70.3 %) in comparison with the same period last year. The average brokerage fee per commission note (excluding fund transactions) for custodian account customers during the quarter was SEK 104 (SEK 126). Operating income per custodian account customer totalled SEK 1,180 (SEK 1,130) during the period.

Borrowing, including client funds, increased to SEK 5,953 million as of 31th March 2007 (SEK 5,281 m as of 31st December 2006). Lending fell by 3.6 per cent to SEK 2,207 million (SEK 2,290 m as of 31st December 2006). Borrowing and lending correspond to 12.8 per cent (12.2 % as of 31st December 2006) and 4.7 per cent (5.3 % as of 31st December 2006), respectively, of the total value of custodian accounts. Customers’ net liquidity hence totalled 8.0 per cent of the total value of custodian accounts (6.9 % as of 31st December 2006).

Result and position
Operating income increased by 9.5 per cent (103 %) during the first quarter to SEK 135.7 million (SEK 123.9 m). The growth in income is primarily due to underlying growth in the number of custodian accounts customers and custodian account value, but pricing pressure is having a negative effect. Operating income totalled 0.30 per cent (0.38 %) of the total value of custodian accounts during the period. Net interest items totalled SEK 40.7 million (SEK 30.6 m) during the first quarter of 2007, corresponding to an increase of 33.0 per cent (73.9 %) in comparison with the same period last year.

Brokerage income, less deductions for direct costs, comprised 53 per cent (57 %) of total operating income during the first quarter of 2007, whilst non-brokerage income made up the remaining 47 per cent (43 %).

Non-brokerage income during the first quarter of 2007 comprised 109 per cent (112 %) of expenses, which is largely in line with Avanza’s goal of non-brokerage income totalling a minimum of 110 per cent of operating expenses. Non-brokerage income primarily comprises net interest income, investment fund commissions and fees from corporate finance.

Expenses during the first quarter of 2007 totalled SEK 59.3 million (SEK 47.8 m), corresponding to an increase of 24.1 per cent (42.7 %) in comparison with the same period last year. Market costs increased during the quarter to SEK 14.3 million (SEK 6.5 m) and this, coupled with increased staff overheads, accounted for the majority of the increase in operating expenses.

The number of full-time employees (excluding those on leaves of absence and parental leave) at the end of March was 161 (157 as of 31st December 2006). Avanza will continue to recruit new employees, primarily within the sales functions.

The pre-tax profit for the first quarter of 2007 was SEK 76.4 million (SEK 76.1 m), corresponding to an operating margin of 56.3 per cent (61.4 %). The tax expense was SEK 20.5 million (SEK 20.8 m).

The result after tax for the first quarter of 2007 was SEK 55.9 million (SEK 55.3 m). Earnings per share totalled SEK 2.04 (SEK 2.01). The return on equity during the period was 12.1 per cent (14.5 %).

Depreciation of tangible and intangible assets totalled SEK 2.2 million (SEK 1.8 m) and investments totalled SEK 3.0 million (SEK 3.0 m). In the first quarter of 2007, compared to previous years, Avanza has started to capitalise some of its internal development costs. These investments totalled SEK 2.0 million (SEK - m) during the first quarter.

Shareholders’ equity totalled SEK 434.8 million as of 31st March 2007 (SEK 488.8 m as of 31st December 2006), or SEK 15.83 (SEK 17.80) per share, and the capital adequacy ratio was 2.33. The Group’s liquid assets totalled SEK 3,644.5 million (SEK 2,880.2 m as of 31st December 2006).

New capital adequacy ratio regulations were introduced as of 1st February 2007. Under the new system, a capital adequacy requirement is calculated, and it is hence not possible to provide figures enabling comparisons with previous capital adequacy ratios. The new capital adequacy ratio is calculated as the capital base in relation to the capital requirement. Avanza’s capital base totals SEK 343.9 million and its estimated capital requirement is SEK 147.5 million, yielding a capital adequacy ratio of 2.33.

Outlook for the future
Avanza’s vision is to be The Savers’ Bank and our business concept is to help our customers do better business. In concrete terms, our ambition is for an Avanza customer to have more money over for themselves than they would anywhere else.

Our goal is to have 200,000 custodian accounts customers and a market share of 2 per cent of the Swedish savings market by the end of 2008. Our objective is hence a long-term increase in income of between 15 and 30 per cent per annum. The focus of Avanza’s operations in 2007 is to get existing customers to transfer more of their savings to Avanza and on making it easier for a broader segment of private individuals to start saving with Avanza. Growth to date in 2007 has been strong amongst both existing and new customers.

Our ambition is to increase Avanza’s lead on traditional players in terms of pricing, functionality and service for web-based savings systems. We anticipate continued stiff pricing competition and our goal is to continue putting pressure on prices. Avanza will be launching a number of new services during the second quarter of the year and will be expanding its direct selling activities with regard both to savings products that target private individuals and with regard to occupational pensions. We also intend to strengthen our distribution network through insurance brokers and, to this end, an improved system support structure will be launched during the second quarter. Avanza will also lead and participate in more and larger IPO’s than ever before.

Overall, Avanza believes that the preconditions for customer growth will remain good for the rest of the year.

The increase in costs in comparison with the corresponding period last year is expected to be substantially lower during the second quarter than was the case during Q1. The previous estimate that costs will not increase by more than 10-15 per cent in 2007 holds good. The goal is for non-brokerage income, i.e. operating income not directly dependent on the stock market, to total a minimum of 110 per cent of operating expenses in 2007, thereby ensuring a healthy stability in results, even during less favourable market conditions. Avanza does, however, have the option of investing in growth to a greater or lesser extent than planned, and this may entail a deviation from forecast costs.

Other information

Annual General Meeting
The Annual General Meeting was held on 22nd March 2007 at 15.00 (CET) in the Auditorium hall of the Moderna Museet museum in Stockholm. The Annual General Meeting approved the Board’s proposed dividend of SEK 4.00 per share (SEK 2.00/share) and authorised the Board to implement a buy-back programme totalling a maximum of 10 per cent of the shares in Avanza AB. The authorisation is valid until the next Annual General Meeting.

Sven Hagströmer, Jeanette Almberg, Anders Elsell, Mikael Nachemson, Andreas Rosenlew, Jacqueline Winberg and Niklas Storåkers were re-elected to the Board in line with the proposal by the Nominating Committee. Hans Bergheim was elected as a new Member of the Board of Directors.

Dividend 4:50

The Annual General Meeting has approved a dividend for the 2006 financial year of SEK 4:50 per share. The record date for entitlement to the dividend is Friday April 20, 2007. The dividend is expected to be paid out through the agency of VPC (Swedish Securities Register Centre) on Wednesday April 25, 2007.

Election of board members and fees
Martin Svalstedt, Bengt A Dahl, Cecilia Geijer, Svend Holst-Nielsen, Lars-Åke Helgesson, Mikael Jonson, Aina Nilsson Ström and Nils-Erik Danielsson were re-elected members of the board. At a statutory board meeting following the Annual General Meeting Martin Svalstedt was elected chairman of the board in Ballingslöv International AB.

The Annual General Meeting determined the aggregated fee for the board to SEK 1.375.000 to be allocated among the members of the board at the board’s discretion.

Election committee
The Annual General Meeting passed a resolution that before the general annual meeting in 2008 an election committee is formed by having the four largest shareholders, in September 2007, if they wish, appoint one representative each, that together with the chairman of the board constitute the election committee. The chairman of the election committee is elected by the member of the election committee however the chairman of the board is not eligible for election.

The names of the four representatives, who they represent and who has been elected chairman shall be announced as soon as the representatives have been appointed, and if possible, no later than six months before the general annual meeting 2008.
No compensations shall be paid to members of the election committee.

If a shareholder who has appointed a representative to the election committee significantly reduce it’s stake in Ballingslöv International AB, the representative shall resign from the election committee. If a member of the election committee for any reason resign, a new large shareholder, together with the existing members of the election committee appoint a new representative to the election committee.

The election committee shall develop suggestions to the general annual meeting 2008 regarding, i) chairman at the general annual meeting, ii) members of the board and auditors, iii) fees to the members of the board, iv) audit fees and v) election committee for the general annual meeting 2009.

Ballingslöv International AB

The Annual General Meeting on Tuesday, April 17, approved the motion put forward by the Nomination Committee regarding the re-election of all of the Board members of SAS AB: Egil Myklebust (Chairman), Jens Erik Christensen, Berit Kjøll, Timo Peltola, Fritz H. Schur, Anitra Steen and Jacob Wallenberg.

It was resolved that the Nomination Committee shall comprise six members and shall prepare proposals to be presented at the Annual General Meeting in 2008 for resolution regarding the Chairman of the Annual General Meeting, the number of Board members and fees to be paid to the Board, divided between the Chairman, Deputy Chairman, other members and any remuneration for work on Board committees, the election of Board members and Chairman and fees to be paid to the Group’s auditors and the Nomination Committee prior to the 2009 Annual General Meeting.

The following members were elected to the Nomination Committee: Björn Mikkelsen, Ministry of Industry, Employment and Communication, for the Swedish government; Peter Brixen, Ministry of Finance, for the Danish government, Reier Søberg, Ministry of Trade and Industry, for the Norwegian government, Peter Wallenberg Jr for the Knut and Alice
Wallenberg Foundation, Henrik Michael Normann for Danske Bank, and Conny Karlsson for SEB Funds.

The Meeting resolved that no dividend would be paid to shareholders for 2006.
On other matters, the Annual General Meeting voted in accordance with the proposals contained in the notification of the Meeting.

The election committee at Peab AB was appointed at the Annual General Meeting held on 17 May 2006 and comprises Malte Åkerström (Chairman), Leif Franzon, Göran Grosskopf and Fredrik Paulsson.

Prior to the Annual General Meeting to be held on 16 May 2007, the election committee proposes that the Board should comprise seven representatives. The election committee proposes that Board representatives Annette Brodin Rampe, Karl-Axel Granlund, Svante Paulsson, Göran Grosskopf and Mats Paulsson be re-elected. Lars Sköld and Stefan Paulsson are proposed as new Board representatives. Jan Segerberg, a current Board representative, will be leaving the Board of Directors at Peab AB after 13 years as he has been elected to the Board of Directors at Peab Industri AB. The election committee proposes re-election of Göran Grosskopf as Chairman of the Board.

Lars Sköld was born in 1950 and is the CEO and Group President for STC Interfinans AB, Chairman of the Board at Ajtte-svenskt fjäll- och samemuseum, and Board representative at Nationalmuseum, Sydväst Kapital AB and A-sort AB. Lars Sköld holds 500 Class B shares in Peab. Lars Sköld is independent of both the company and its major shareholder.

Stefan Paulsson was born in 1967 and is a contractor and entrepreneur. He is a Board representative for companies which include Gullbergs Kontorscenter AB, Kranpunkten i Båstad AB and Bjäreinvest i Båstad AB, and has been proposed as a Board representative at Brinova Fastigheter AB. Stefan Paulsson, along with his family and company, holds 1 201 172 Class A shares and 1 671 056 Class B shares in Peab. Stefan Paulsson is not independent of either the company or its major shareholder.

The election committee proposes that Alf Svensson at KPMG be elected as auditor and that Dan Kjellqvist at KPMG be elected as deputy auditor. Formerly elected auditor Thomas Thiel is proposed as auditor for Peab Industri AB.

The Board of Directors at Peab has previously proposed that the 2007 Annual General Meeting should elect to distribute the company’s industrial operations to shareholders. This distribution will take place in the form of shares in a subsidiary, namely Peab Industri AB.

The Board of Directors of Peab Industri has been appointed and currently comprises the following representatives:

Jan Segerberg d.o.b. 1947, runs consultancy operations which focus on investments and Board work. Chairman of the Board at Bosvik AS. Board representative at companies which include Scandinavian Holding i Sala AB, Ingenium Fastighs AB, PR Fastighets AB and Fagersta Företagspark AB. Formerly CEO and Group President at Skåne-Gripen AB and Addtek International Oy AB, and Vice Chairman at Addtek International Oy AB. Retiring Board representative at Peab AB. Jan Segerberg is independent of both the company and its major shareholder.

Kjell Åkesson d.o.b. 1949, CEO and Group President, Lindab International AB. Formerly CEO at companies including Bilia AB and Deputy CEO at Svedala Industri AB. Board representative at companies including Lindab International AB. Kjell Åkesson is independent of both the company and its major shareholder.

Mats Paulsson.d.o.b. 1944, CEO at Peab AB. Board representative at companies including Skistar AB. Mats Paulsson is not independent of either the company or its major shareholder.
Sara Paulsson Karlsson d.o.b. 1969, Sara works as a contractor in the fields of agriculture, transport and property, among other things. Board representative at companies including Topeja Holding AB and Killebäckstorp i Båstad AB, and proposed as a Board representative at Wihlborgs Fastigheter AB. Sara Paulsson Karlsson is independent of the company but not independent of its major shareholder.

Fredrik Paulsson d.o.b. 1972, Fredrik works as a contractor and entrepreneur. Fredrik is a Board representative for companies including Topeja Holding AB, Gullbergs Kontorscenter AB, Kranpunkten i Båstad AB and Bjäreinvest i Båstad AB. Fredrik Paulsson is not independent of either the company or its major shareholder.

The intention is for the Board of Directors to be extended over the spring, adding a further one or two representatives. Mats Paulsson has been appointed Chairman of the Board.

It is proposed that Thomas Thiel at KPMG be newly elected as the company’s auditor and that David Olow at KPMG be newly elected as deputy auditor.

Autoliv Inc. (NYSE:ALV and SSE:ALIV), worldwide leader in automotive safety, today announced it has received a 2007 Automotive News PACE Award for its innovative Safety Vent Airbag technology developed at the company’s North American technical centers. The prestigious PACE (Premier Automotive Suppliers’ Contribution to Excellence) Award recognizes automotive suppliers for superior innovation, technological advancement and business performance.

“This award acknowledges the substantial effort our entire development team put into this product,” said John Newkirk, Manager of Frontal Airbag Module Development and project team leader. “It reflects our organization’s commitment to combine cutting-edge technology with cost-effective improvements that deliver on safety.”

The award-winning technology is designed to address the risk associated with airbags. Although airbags save thousands of lives every year, they could be unsafe for children, small females and other occupants in the front passenger seat who are “Out of Position”, that is, positioned too close to a deploying airbag.

To address these concerns, Autoliv developed an airbag with “safety vents” that perform automatic¬ally in a deployment (see illustration). If the occupant is at a safe distance to the airbag, two straps inside the bag will be stretched and close the additional Safety Vents like a drawstring on a laundry bag. However, if the occupant is too close to the deploying airbag, the Safety Vents on the sides of the bag will remain open to prevent the bag from being inflated, thereby providing a gentle deployment.

The cost-effective advanced airbag design was recently launched with DaimlerChrysler in North America, and OEMs have already signed up for more than 20 programs utilizing the technology.

An independent panel of distinguished judges – including industry, academic and civic leaders – evaluated the award applicants on the basis of ingenuity in product, design, engineering, manufactur¬ing and process.

This marks the second award for Autoliv during the 12 years of the Automotive News PACE Awards. Autoliv earned top recognition at the 2000 PACE Awards for its ASH-2 side impact inflator.

Semcon is streamlining its portfolio and selling Propeller by Semcon to the design group Design Communication. The sale includes the company plus 36 employees and the Propeller name.

Semcon bought propeller at the beginning of 2005. The aim at the time was to make Semcon one of the leading European players in design.

“The situation is different now. We have major, specialised design expertise in a number of prioritised areas, something that has been further underpinned by the acquisition of IVM Automotive. The Propeller business has not focused on any specific segment and their customer base has mainly been outside Semcon’s focus industries with their services mainly aimed at consumer products. Propeller hasn’t provided any synergy effects either that we’d hoped for when the company was bought,” says Semcon’s CEO, Henrik Sund.

To provide the best future conditions for Propeller’s expertise and its business, Semcon has chosen to sell it to Design Communication, which has its main business in Göteborg.

“We have worked with Design Communication’s subsidiary Cliff for some time and they have the right conditions to make the most of and develop Propeller’s portfolio. The customer projects that Semcon has with Propeller as a supplier will continue according to plan,” concludes Sund.

“Cliff started setting up in Stockholm last autumn. With the acquisition of Propeller we can achieve our goal of being the biggest design company in the Nordic region, more quickly,” says Johan Andinsson, CEO of Design Communications’ subsidiary Cliff Design. “We are looking forward to a happy working relationship with Semcon in Sweden and internationally.”

The sale means a capital loss for Semcon of about SEK 2 million in the Design & Development business area. The sale is effective from 1 April 2007. Propeller’s sales in 2006 were SEK 23.2 million.

Net sales and operating result of the business units and Volvo Real Estate will be allocated to the Volvo business areas as from January 1, 2007. As of the same date, Financial Services will be consolidated according to the purchase method. These changes are implemented in order to further increase the transparency and to more clearly present the profitability of the respective product areas as well as the customer finance operations.

The Volvo Group’s operations are organized in business areas and a number of business units with Group-wide responsibility for engines, product development, sourcing, IT, logistics and parts. Substantial synergies are created within the Group based on global coordination and competitive offerings.

In Volvo’s external financial reporting, net sales and operating income are reported for each product-related business area. As from January 1, 2007, the benefits from the synergies created in the business units are transferred back to the product-related business areas as the financial results from all business units are allocated to the business areas. The allocation is based on the respective business area’s use of the services of the business units. Previous years only the financial result from the business units Volvo Powertrain and Volvo Parts have been allocated to the business areas whereas the remaining business units have been included in the item Other. After allocation the item Other will only include the financial result generated from corporate functions. Quarterly and yearly financial results 2006 by business area have been recalculated according to the allocation and are presented in an appendix to this pressrelease.

As from January 1, 2007, the responsibility for the group treasury function and the real estates will be moved from Financial Services. The group treasury function will be reported under corporate functions. The real estates of the group, Volvo Real Estate, will be reported within the industrial and commercial operations and the financial result, previously reported in Financial Services, will be allocated to the business areas.

As from January 1, 2007, Financial Services is consolidated according to the purchase method. Previously, Financial Services has been consolidated according to the equity method. The appendix includes balance sheets presenting the Volvo group as at December 31, 2006, including the transfer of Volvo Real Estate and the consolidation of Financial Services according to the purchase method. As a consequence, net financial position changes from SEK 24.7 billion to SEK 22.4 billion and net debt ratio changes from 28.3 percent to 28.6 percent within Industrial & Commercial.

Iwao Nakamura new member of Volvo’s Group Executive Committee

Iwao Nakamura, President of Nissan Diesel, has been appointed a new member of Volvo’s Group Executive Committee, effective April 18 2007.

Iwao Nakamura, born 1942, has been the President of Nissan Diesel since 2002, and has earlier held various positions within Nissan Motor, including being a member of the Board of Directors.

On February 20 this year, Volvo made a public offer for Nissan Diesel and Volvo completed the acquisition on March 24.

Peab acquires Kvalitetsasfalt I Mellansverige

Peab has signed an agreement with Lämminkäinen oy and Asfaltkvalité Mellansverige AB concerning acquiring all shares in Kvalitetsasfalt i Mellansverige AB, established in Sala.

Kvalitetsasfalt has about 70 employees and the sales during 2006 amounted to SEK 190 million.

The take over will be when the Swedish Competition Authorities have completed their examination.

Orc Software (SSE: ORC), the leading global provider of technology for advanced trading, market making and brokerage, today announced the release of a direct market trading connection to the IntercontinentalExchange (ICE) and New York Board of Trade (NYBOT), a leading electronic marketplace commodity exchange.

“Orc Software is committed to providing its customers with the broadest connectivity and most sophisticated trading platforms in the market,” said Peter Sibirzeff, Managing Director – Sales, Orc North America. “With our connection to ICE/NYBOT, we’re able to offer our clients instantaneous execution on another fast-growing, highly-regarded market.”

ICE operates a leading global, electronic marketplace for trading both futures and OTC energy contracts. ICE markets offer access to a range of contracts based on crude oil and refined products, natural gas, power and emissions, as well as soft commodities including cocoa, coffee, ethanol, orange juice, wood pulp, and sugar, in addition to currency and index futures and options.

Orc Software’s native connections to over 120+ exchanges around the world provide the fastest commercially available trading platform for derivatives trading across all asset classes. Major investment banks use Orc Software’s technology. Orc Trader is the preferred front-end platform for advanced traders. Orc Trader offers sophisticated functionality including order entry, automation, combination trading, volatility management, basket trading, model integration, risk, and order management. Orc Liquidator is an algorithmic trading solution that allows clients to rapidly deploy advanced algorithmic strategies in over 120 markets.

Orc Software is next exhibiting at the 25th Annual Options Industry Conference in Texas,
April 26 – 28.

On 18th April, Lindex opens its first store in the Lithuanian capital of Vilnius. The store is located in the newly built shopping mall Gedimino 9, a prime sales location in Vilnius. Lindex plans to open 25-30 stores in the Baltic region, and the expansion in Lithuania is a key part of this project.

“Lithuania is an exciting market for Lindex with strong growth and fashion-conscious consumers. In the near future, we aim to open more stores in Lithuania, one of Europe’s fastest growing clothes markets,” says Lindex’s CEO Göran Bille.

Lindex is the only brand in Lithuania that combines children’s fashion, women’s fashion and underwear in the same store. This highly successful concept has already proved popular in the Baltic.

“We’ve enjoyed excellent sales in Estonia and Latvia since opening our first store in the Baltic in 2004. This is a rapidly growing market with a fast-evolving fashion industry. We’re seeing high demand there for both fashion and accessories,” says Göran Bille.

Our store in Gedimino 9 covers just over 500 square metres. Its glazed entrance attracts shoppers’ attention as soon as they enter the mall. The women’s department is inspired by Manhattan and is decorated in shades of bronze and cardamom. The lingerie department has a 1940s feel with floral fabrics and wallpaper and soft, padded walls. The children’s department is decorated in bright colours.

Trend-conscious shoppers in Vilnius can look forward to Lindex’s spring fashion, which is inspired by the ‘50s and ‘60s. Tunics and dresses are key items, to be combined with leggings or Capri pants.

Since opening our store in Lithuania, Lindex now has 361 stores in seven countries.

Biovitrum AB announced today that the company’s complete Annual Report for 2006 is now available as a PDF document for downloading or reading at www.biovitrum.com. A Business Review with condensed accounting data is also available as a PDF document. A printed version of the Business Review will be distributed to the share holders in the next few days.

Biovitrum’s Annual General Meeting will be held May 3, 2007.