Luxembourg, December, 2011

Change of management in Banque Carnegie Luxembourg S.A.

Dear client.

This month I will be leaving my position as Managing Director of Banque Carnegie Luxembourg S.A. From that date, my deputy since 2002, Frank Reisbøl, will assume my role as Managing Director, while Bruno Frèrejean, who has been with the bank since 1988, will continue in his current role as co-Managing Director.

During the last 10 years, the results of Banque Carnegie Luxembourg S.A. have been very solid, even if – as I am sure you are aware – the conditions during that period have been highly challenging. However, our strategy in Luxembourg has always centered on a strong focus on private banking products and services only, executed in a low-risk environment.

I leave the bank in a strong position, and I am sure that the process we started many years ago focusing on a strong, dedicated and competitive offering combined with a commitment to low-risk on the operational side will continue to bear fruit.

I wish Frank together with the rest of my colleagues here at Banque Carnegie Luxembourg S.A. the best of luck for the future, and take this opportunity to wish you a merry Christmas and a prosperous New Year.

Best wishes,

Banque Carnegie Luxembourg S.A.

Claes-Johan Geijer                                                      Frank Reisbøl

Managing Director                                                      General Manager