28.12.2006 Hoiatusteade Morton Management, S.L. tegevuse kohta (Hispaania)

In fulfilment of article 64.7 of the Securities Market Act, the CNMV warns the public that MORTON MANAGEMENT, S.L.,
addressed in Marbella (Málaga), Avenida de Severo Ochoa, 28, 4D, Edificio Marina Marbella, and managed by MR. PER
TROEN, MR.MORTEN REMO SORENSEN and MR CHRISTER ALBERT ARNBACK :

1. It is not an entity registered with the CNMV.

2. It is not authorised to appeal or get savings from the public.

3. According to the information available to the CNMV, it has been offering investment services without the required
authorisation.

4. The Executive Committee of the CNMV, by delegated authority from the Council of the CNMV by Resolution dated 29
June 2006, according to the provisions of article 36 of the CNMV's Internal Regime Code concerning the sanctioning
procedure, on November 8th, 2006, resolved to initiate an administrative sanctioning file against MORTON MANAGEMENT,
S.L., MR.PER TROEN, MR. MORTEN REMO SORENSEN and MR. CHRISTER ALBERT ARNBACK, on the grounds of the alleged commis-
sion of a very serious infringement classified in article 99 q) of the Securities Market Act, for the breach of the
provision set forth in article 64.6, in relation with letters a) and d) of article 63.1 of the above mentioned legal
text, for carrying out on a regular basis the activities of order passing and discretionary and individualised port-
folio investment management on the basis of mandates granted by investors, without having obtained the mandatory
authorisation.

5. Pursuant to article 64.7 of the Securities Market Act, the Executive Committee of the CNMV, in its meeting of
November 8th, 2006, agreed to inform MORTON MANAGEMENT, S.L., MR. PER TROEN, MR. MORTEN REMO SORENSEN and MR. CHRISTER
ALBERT ARNBACK of the alleged infringements in order for them to allege as much as they deemed fit, within the procedure
of prior hearing before issuing the relevant request for the termination of the activities of the company.

6. Pursuant to article 64.7 of the Securities Market Act, the Council of the CNMV, in its meeting of December 21th,
2006, has resolved: − " To request MORTON MANAGEMENT, S.L., MR. PER TROEN, MR. MORTEN REMO SORENSEN and MR. CHRISTER
ALBERT ARNBACK to terminate their activity of provision of investment services through the activities of order passing
and discretionary and individualised portfolio investment management on the basis of mandates granted by investors,
without having obtained the mandatory authorisation, in contravention of the reserved activity set forth in article
64.6 of the Securities Market Act, being the company warned that should it continue to carry out the above mentioned
activities, it will be sanctioned with fines of up to three hundred thousand Euros, which could be imposed again with
occasion of further requests and all without prejudice to the remaining applicable responsibilities, including criminal
ones, which can be eventually imposed.− To warn the public in relation to the existence of the above mentioned
conduct".

7. Pursuant to paragraph 2 of article 64.7 of the Securities Market Act, the CNMV warns the public against the activities
carried out by the company MORTON MANAGEMENT, S.L., MR. PER TROEN, MR. MORTEN REMO SORENSEN and MR. CHRISTER ALBERT
ARNBACK, and informs the public about the preventive measures adopted to terminate them.