Intrum Justitia launches Initial Public Offering

Not for release, publication or distribution in, or into, the United States, Canada, Australia or Japan. Intrum Justitia launches Initial Public Offering The Board of Directors of Intrum Justitia AB (publ) ("Intrum Justitia") and its shareholders intend to broaden the shareholder base through an Initial Public Offering of ordinary shares in Intrum Justitia, a leading pan-European provider of receivables management services. The intention is to list the shares on the O-list of the Stockholm Exchange (Stockholms-börsen). The Initial Public Offering comprises a Swedish retail offering and an international offering to institutional investors, including qualified institutional buyers in the United States. Intrum Justitia is raising net proceeds of SEK 1,350 million. The offer price per share will be determined by a book-building process and is expected to be in the range of SEK 36-51. The final price is expected to be announced on June 7, 2002. Based on the aforementioned price range, between 28,235,294 and 40,000,000 new shares will be issued. In addition, members of the management of Intrum Justitia are offering 756,107 existing shares. Proceeds of the offering will be used to repay loans from the principal shareholders, to repay a subordinated loan taken to finance a portion of the 2001 acquisition of Dun & Bradstreet's European RMS operations, and for general corporate purposes, together providing the company with a strong financial position for further growth. The principal shareholders of Intrum Justitia are the Industri Kapital 1997 Fund and Synergy Ltd. "The Receivables Management Services - RMS - industry is undergoing an exciting development phase with increasing demand," says Peter Sjunnesson, CEO of Intrum Justitia. "As one of Europe's leading RMS companies, Intrum Justitia is well positioned for continued growth that will further bolster our competitive advantages. The IPO will provide us with a new range of opportunities." (continued...) The information contained herein is not for release, publication or distribution in or into the United States of America, Canada, Australia or Japan. This press release does not constitute an offer of securities for sale in the United States of America, Canada, Australia or Japan. The securities may not be offered or sold in the United States absent registration or an exemption from registration, and any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the issuer and that will contain detailed information about the company and management as well as financial statements. Stabilisation/FSA. (page 2 of 3) "Since the buy-out in 1998, Intrum Justitia has made a clear turnaround. The company has developed a regional organization and has become a professional services company catering to a pan-European market. Sales and profitability have increased significantly and the operations have generated strong cash flows," says Christian Salamon, Director of Industri Kapital. "It is with great pride we reintroduce Intrum Justitia to the stock market. Intrum Justitia benefits from its long history and deep operational knowledge as it drives the development of and consolidation in the industry. I am confident in the company's future," says Bo Göransson, founder. Intrum Justitia in brief Intrum Justitia is a leading European RMS company. The company's services span from the initial invoice to the final payment. Intrum Justitia's objective is to be a leading provider of receivables management services in Europe through excellence in local client care, ledger administration and debt collection and by measurably improving clients' cash flow and long-term profitability. The company has a broad and diverse base of more than 82,000 clients and 2,600 employees in 21 countries. In 2001, group revenues were SEK 2,321 million, and adjusted EBITA was SEK 395 million, resulting in an adjusted EBITA margin of approximately 17 percent. The group's profitability is based upon continued development of regional synergies and utilizing European best practices, organic growth and selective acquisitions and a strong brand recognition. More and more companies are discovering that they can improve their cash flow by engaging RMS companies, that specialize in knowing what measures needs to be taken and when. During the period 1997 - 2001, Intrum Justitia achieved annual growth of approximately 19 percent, including acquisitions. The organic annual growth during the same period was approximately 13 percent. The goal is to achieve an organic revenue growth of more than 10 percent per annum over a full business cycle. The RMS-industry in Europe is fragmented with 25,000 companies, representing numerous acquisition opportunities. Due to its size, Intrum Justitia can realize economies of scale and synergies in acquired companies. Details about the offering The offer comprises a maximum of 40,756,107 shares and consists of a new share issue of not more than 40,000,000 shares and a sale of 756,107 existing shares by certain members of the management of Intrum Justitia. In addition, the principal shareholders, the Industri Kapital 1997 Fund and Synergy Ltd, are committed to sell up to 5,000,000 additional shares, at request of the participating banks, to cover any over- allotment of shares. After the share issue, assuming that the price is set at the midpoint of the price range (SEK 43.50), Intrum Justitia's share capital will consist of 87,450,754 shares, each carrying one vote. Assuming the offer will be subscribed for its entirety and that the over-allotment option is fully utilized, the value of the offer is expected to amount to SEK 1,647 million - 1,734 million. (continued...) (page 3 of 3) The present shareholders will retain 61 percent of the share capital and votes, assuming that the price is set at the mid-point of the price range and that the over-allotment option is not exercised. Those members of the management of Intrum Justitia who are selling shares in the offering will retain at least 75 percent of their current holdings following the offering. Institutional investors in and outside Sweden and retail investors in Sweden will be offered the opportunity to acquire shares. The book- building period for the institutional investors is May 22 - June 6, 2002. The application period for the retail investors is May 22 - June 5, 2002. The share is expected to be listed on the Stockholm Exchange as from June 7, 2002. The offer price per share will be determined by a book-building process and is expected to be in the range of SEK 36 - 51. The final offer price per Intrum Justitia share will be announced on or about June 7, 2002. Carnegie and Enskilda Securities are lead managers and joint bookrunners for the offer, with Cazenove as co-lead manager. The international offering circular and the Swedish prospectus will be available as from May 21, 2002 at Intrum Justitia's Group headquarters, Marcusplatsen 1 A, Nacka. The Swedish prospectus will also be available at Carnegie, Gustav Adolfs torg 18, Stockholm, and at Enskilda Securities, Nybrokajen 5, Stockholm and at SEB's offices in Sweden. Expected Offer timetable Publication of the Swedish prospectus and international offering circular May 21, 2002 Retail application period May 22 - June 5, 2002 Institutional book-building period May 22 - June 6, 2002 Announcement of offer price and first day of official trading in the shares June 7, 2002 For additional information, please contact: Peter Sjunnesson, President & CEO Anders Antonsson, Investor Relations Tel: +46 8 546 10 200 Tel: +46 8 546 10 206 Mobile: +46 703 36 78 18 E-mail: a.antonsson@se.intrum.com Intrum Justitia is one of Europe's leading receivables management services groups (RMS). The Group has revenues of over SEK 2.3 billion and has about 2,600 employees in 21 European countries. Intrum Justitia's objective is to be a leading provider of RMS in Europe through excellence in local client care, ledger administration and debt collection and by measurably improving clients' cash flow and long-term profitability. The Group offers efficient high quality management of commercial and consumer receivables in all phases in the RMS process. Intrum Justitia has a growth strategy and aims to take active part in consolidating its industry. For more information, please visit www.intrum.com ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2002/05/21/20020521BIT00010/wkr0001.doc http://www.waymaker.net/bitonline/2002/05/21/20020521BIT00010/wkr0002.pdf