NOTICE OF THE ANNUAL GENERAL MEETING OF SHAREHOLDERS OF NOTE AB (publ), 18 April 2008

The shareholders of NOTE AB (publ), corporate identity number 556408-8770, are hereby given notice to attend the Annual General Meeting of Shareholders at 11:00 am on Friday 18 April 2008 at the Salén Conference Facility, Norrlandsgatan 15, Stockholm, Sweden.

Rights to participate in the Annual General Meeting
Shareholders wishing to participate at the Annual General Meeting of Shareholders must:

- be registered in the share register maintained by VPC AB by no later than Friday, 11 April 2008,

- have notified their intention to participate at the Annual General Meeting of Shareholders to NOTE AB (publ) at the address, Box 711, 182 17 DANDERYD, Sweden or by telephone on +46 (0)8 568 99014, or e-mail: info@note.eu by no later than 4:00 pm on Monday, 14 April 2008. Notifications must include personal or corporate names, personal or corporate identity numbers, number of shares and address and telephone numbers.

To possess the right to participate in the Annual General Meeting, shareholders with nominee-registered holdings should temporarily re-register their shares in their own name in the share register through the agency of the nominee in good time prior to 11 April 2008.

Shareholders wishing to bring one or two assistants must notify the company thereof in
the time and manner applicable for shareholders.

Representatives
Shareholders represented by proxy must issue a dated power of attorney for the representative. If such power of attorney is issued by a legal entity, attested copies of the certificate of registration or equivalent authorisation must be submitted. Powers of attorney and registration certificates may not be more than one year old. Original powers of attorney and registration certificates should be submitted to the company by mail prior to the Annual General Meeting of Shareholders.

PROPOSED AGENDA
1. Opening the Meeting.
2. Electing a Chairman and a person to take the minutes of the Meeting.
3. Preparation and approval of the voting list.
4. Approval of the Board of Directors’ proposed agenda.
5. Election of one or two people to verify the minutes.
6. Consideration of whether the Meeting has been duly convened.
7. Statement of activities by the Board of Directors.
8. Submission of the annual accounts, report of the auditor, consolidated accounts and the
consolidated report of the auditor.
9. Resolutions
a) on the adoption of the Income Statement and Balance Sheet and the Consolidated Income Statement and Consolidated Balance Sheet.
b) on the appropriation of profits or losses in accordance with the adopted balance
Sheet.
c) on discharging the members of the Board of Directors and the Chief Executive Officer from liability for the period covered by the accounts.
10. Consideration of the number of Board Members and auditors that will be elected at the
Meeting.
11. Consideration of remuneration to the Board of Directors and auditors.
12. Election of
a) the Board of Directors
b) the auditors.
13. Adoption of the Election Committee’s proposal for instructions for the Election Committee.
14. Resolution on the Board of Directors’ proposal to authorise the Board to decide on a new
share issue.
15. Resolution on the Board of Directors’ proposal to authorise the Board to decide on the
acquisition and transfer of treasury shares.
16. Other matters appropriate to the Meeting according to the Swedish Companies Act or the
Articles of Association.
17. Closing the Meeting.

Election Committee
Ulf Strömsten (Catella Fonder AB) Chairman, Bruce Grant (Chairman of NOTE AB), Charlotta Faxén (Carnegie Fonder) and Kjell-Åke Andersson (representing his own shareholdings) participated in the Election Committee.

Election Committee proposals (items 2, 10, 11, 12 and 13)
2. Bruce Grant is proposed as Chairman of the Meeting.
10. The Board of Directors is proposed to consist of seven ordinary members without deputies.
One audit practice is proposed as auditor.
11. Proposed directors’ fees for the period until the end of the next Annual General Meeting are a total of SEK 810,000. The proposal for dividing the Directors’ fees is as follows: fees for the chairman SEK 200,000, fees for the Deputy Chairman SEK 150,000. Fees for other members are proposed at SEK 100,000 per member. Additionally, SEK 60,000 is proposed for division between members of Committees pursuant to the Chairman of the Board’s decision. Board members employed by the company will not received Directors’ fees. Overall, this implies that the proposed fee levels are unchanged in comparison with the previous year, with some adjustment of the division between members. Auditors’ fees are proposed according to open account.
12. a) Re-election of all Board members is proposed, i.e. Kjell-Åke Andersson, Arne Forslund, Håkan Gellerstedt, Bruce Grant, Göran Jansson, Hans Johansson and Per-Arne Sandström, with Bruce Grant as Chairman. Additionally, the re-election of Göran Jansson as Deputy Chairman is proposed, with the special remit of supporting the Board of Directors and management on matters affecting the company’s future structure.
12. b) Election of audit practice Öhrlings PricewaterhouseCoopers AB as auditor is proposed. Magnus Brändström is proposed as auditor in charge and Anders Magnussen as co-signing auditor.
13. The Election Committee proposes that for the next Annual General Meeting, an Election Committee will be formed by each of the four largest shareholders that wish to participate appointing a representative, with the Chairman of the Board as convener, at least six months prior to the Annual General Meeting of shareholders. Where one or more shareholders declines this right, the next-largest shareholder will be offered the corresponding opportunity. The names of the four representatives will be published as soon as they are appointed. The majority of the members of the Election Committee may not be Board members or the Chief Executive Officer, nor should any other member of the corporate management be a member of the Election Committee. Unless the members agree otherwise, the Chairman of the Election Committee will be that member representing the largest shareholder in terms of voting rights. However, the Chairman of the Board or other Board member may not be Chairman of the Election Committee. The Election Committee’s mandate runs until the appointment of a new Election Committee.

A member will leave the Election Committee if the shareholder they represent is no longer one of the four largest shareholders. In circumstances where more than one member leaves the Election Committee for the aforementioned reason, the four largest shareholders at that time will then appoint four representatives of the Election Committee. However, unless there are special circumstances, no changes will occur to the Election Committee’s composition if only marginal changes to the number of voting rights have occurred, or if the change occurs earlier than two months prior to the Annual General Meeting. Shareholders that have appointed a representative as a member of the Election Committee possess the right to dismiss such member and appoint a new representative as a member of Election Committee. Changes to the composition of the Election Committee will be published as soon as they occur. The Election Committee will prepare proposals for Chairman of the Meeting, Board of Directors, Chairman of the Board, Directors’ fees, principles for appointing the Election Committee, and where applicable, the auditors, and remuneration of auditors to be submitted to the Annual General Meeting (and where applicable, Extraordinary General Meeting) for resolution. On demand from the Election Committee, the company will provide personnel such as secretarial functions of the Election Committee to facilitate the Election Committee’s activities. Where necessary, the company will also bear reasonable costs for external consultants that the Election Committee considers necessary for the Election Committee to be able to complete its assignment.

Board of Directors’ proposals (items 14 and 15)

14. Authorisation for the Board to decide on a new share issue
The Board of Directors is proposing that in the period until the next Annual General Meeting, the Board is authorised to reach a decision on the new issue of a maximum of 1,000,000 shares, with or without preferential rights for current shareholders, to subscribe for issued shares. Market value will be the basis for the subscription price. The reason the Board is proposing that it is authorised to decide on the new share issue waiving shareholders’ preferential rights is that it is desirable for the Board of Directors to be able to use the company’s shares as payment when acquiring companies or operations. Payment for subscribed shares will may be in cash, set-off of receivables or capital contributed in kind.

15. Authorisation for the Board to decide on the acquisition and transfer of treasury shares
The Board of Directors proposes that in the period until the next Annual General Meeting, the Board is authorised to reach decisions, partly on acquiring a maximum of as many shares so that after acquisition, company holds a maximum of 10% of the registered number of shares of the company, and to transfer these treasury shares. The purpose of the proposed re-purchase facility is that the Board of Directors will gain increased scope for action in its work on the company’s capital structure.

Documentation for the Meeting
Accounting documents, audit report, the Board of Directors’ complete proposals for resolution as well as the Board of Director’s statement pursuant to chapter 18 § 4 of the Swedish Companies Act and other documentation stipulated by the Swedish Companies Act, will be available as of 4 April 2008 from the company at Vendevägen 85 A, Danderyd, Sweden. The documentation will be sent to those shareholders who so request and provide their mailing address.


Board of Directors
NOTE AB (publ)
Danderyd, Sweden
March 2008