HQ sells HQ Bank to Carnegie

HQ sells HQ Bank to Carnegie


  · The board of HQ AB (”HQ”) has decided to sell all common shares in
its subsidiary HQ Bank AB (”HQ Bank”) including the option to acquire HQ
Fonder Sverige AB to the Carnegie group.

  · HQ sells the shares in HQ Bank to Carnegie for SEK 268 million.

  · Through the transaction HQ will be able to complete its obligations
regarding the personnel convertible programme.

  · The transaction means that Carnegie therefore guarantees all HQ
Bank's client obligations.

  · Following the transaction and a future repayment of the personnel
convertible loan in HQ, HQ's equity is estimated pro forma to amount to
approximately SEK 60 million, comprising mainly of available cash and
short-term receivables.

Background and reasons for transfer
On August 28, 2010 the Swedish Financial Supervisory Authority
(Finansinspektionen) revoked all licences from HQ Bank and announced
that it intended to submit an application for compulsory liquidation of
the business. The decision was a consequence of earlier deficiencies
that Finansinspektionen had identified, primarily associated with HQ
Bank's now closed trading operations.

Against this background, initially HQ's board and subsequently the
liquidator for HQ Bank appointed by the district court, Biörn Riese,
sought a structural transaction to assure continuation of the operations
for clients and staff and to prevent HQ Bank becoming insolvent.

The transfer presented today assures the continued operation of the
business in HQ Bank.

Carnegie's acquisition of HQ Bank has been approved by
Finansinspektionen. 

The transaction in brief and HQ after the transaction
HQ sells the shares in HQ Bank, including the option to acquire HQ
Fonder Sverige AB, to Carnegie for SEK 268 million. In addition to this,
Carnegie receives an option to acquire certain assets from HQ.

Following the transaction and a future repayment of the personnel
convertible loan in HQ, HQ's equity is estimated pro forma to amount to
approximately SEK 60 million, comprising mainly of available cash and
short-term receivables.

HQ's shareholders will receive additional information regarding the
transaction, its effects on HQ's operations and future in connection
with forthcoming extraordinary general meeting.

Advisors
Lenner & Partners and HQ Bank Corporate Finance are financial advisors
and Bergh & Co and Setterwalls Advokatbyrå are legal advisors to HQ.

For additional information, please contact:
Chief Press Officer Erik Amcoff
HQ Media Service +46 70 486 19 20