Conversion of shares

The Annual General Meeting held on 9 April 2003 agreed to add a conversion clause to the Articles of Association whereby class A shares can be converted into class B shares. This means that holders of class A have a continuous opportunity to carry out a conversion to class B shares.

Shareholders who wish to avail themselves of this opportunity for conversion should complete the form below and send it to:

Ratos AB
Mailbox 511
SE-114 11 Stockholm
Sweden

Ratos takes the necessary measures for such conversion at the end of each quarter free of charge for shareholders. If a request for conversion is received later than seven days prior to the end of the quarter, conversion will be effected at the end of the next quarter. If a shareholder wishes to convert shares at other times, a charge of SEK 5,000 will be made.