The Financial Supervisory Authority of Norway (Kredittilsynet) has since January 2005 performed a routine inspection of Acta`s real estate products. Kredittilsynet has made a broad evaluation of the organisation and the information related to the real estate products. The final report, received today, has remarks limited to three areas, where the main remark is related to marketing of the real estate products.

Acta has been of the opinion that a prospectus is not mandatory in connection with share issues in the real estate companies owned by Acta`s customers, as the subscription of new shares is part of discretionary asset management. Kredittilsynet has, after an overall evaluation, concluded that the procedures and processes that have taken place imply that the real estate companies have to prepare prospectuses. Acta has expressed that it does not agree with Kredittilsynet`s conclusion. Based on an overall evaluation, Acta has decided to comply with Kredittilsynet`s view in the future.    

Kredittilsynet has some remarks regarding the Board of Directors representation in the real estate companies. Representatives from Acta participate in the real estate companies` Board of Directors. Acta is of the opinion that this is in the customers` interest, as Acta will ensure that the  real estate companies are managed in the best possible manner and in accordance with the mandates that the customers have agreed with Acta. Acta has noted Kredittilsynet`s remarks. Information about the representatives in The Board of Directors will, in accordance with the remarks from Kredittilsynet, be laid out even clearer in the prospectus. Kredittilsynet has also evaluated the information customers receive regarding fees. Such information is given in the contract between Acta and the customer. This information will from now on also be stated in the prospectus. Kredittilsynet has not evaluated the level of Acta`s fees. However, Acta has noted that the level of fees on its real estate products is in line with those of other companies that offer similar products in the retail market.

Kredittilsynet`s remarks will not have any implications for former share issues, nor will the remarks have any implications on Acta`s future business model.  

- Acta is pleased with the clarifications that have been received regarding our real estate products, says CEO Simen Mordre in Acta Holding ASA. Acta is the market leader within real estate syndication in the retail market and has since 2003 had more than 6 Bn NOK in gross subscription of equity in this asset class. Today we have 22 Bn NOK in assets under management in this asset class for 15.000 customers. The customers have received an annual direct yield in accordance with or above the investment mandates, as well as a good value appreciation on their investments. In addition there is a well functioning second hand market. Acta will continue product development in all asset classes. As earlier, we will encourage a dialog with Kredittilsynet, in order to secure that products are developed in the best interest of our customers.  

A complete version of Kredittilsynets report (in Norwegian) is enclosed

 

Stavanger, 24 August 2005

For more information:
Simen Mordre
Acta Holding ASA
Telephone: +47 90 86 85 62
E-mail: simen.mordre@acta.no