Anticipated client loss for Neonet

Due to suspected fraud in Norway Neonet could make a bad debt loss of up to SEK 4.7 million. Neonet has taken legal action to protect its interests.

Neonet has requested and been granted sequestration of the customer and its Chairman of the Board's assets. It remains unclear whether there are assets to exploit the bad debt in whole or in part.

“We see the incident as an isolated event where we have taken action. Operations and other customer relationships are unaffected by the incident,” said Neonet Securities AB's President Fredrik Lindqvist.

About Neonet

Neonet is a global agency broker that offers professional market participants independent, high-speed execution services based on advanced trading software solutions. Neonet’s state-of-the art execution technology provides connectivity to markets across the EMEA, Americas and Asia-Pacific regions. Neonet’s services include a comprehensive execution management system, advanced trading algorithms, smart order routing, market data services and a 24-hour trading desk for manual execution and support. Neonet serves clients in over 25 countries. Clients include banks, brokerage firms, institutional investors, hedge funds, asset managers and trading venues. Neonet Securities is an Orc Group company. Orc Group is publicly traded on Nasdaq OMX Stockholm (SSE:ORC).

For further information, visit www.neonet.com

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