Acta reported improved operations in Q4 2010. They saw NOK 7.3 billion invested through their portfolio account, making the new business model profitable. Additionally, real estate companies owned by Acta's clients sold 11,100 apartments in Sweden for over SEK 7 billion, yielding profits of approximately SEK 1.3 billion. Gross subscriptions in Q4 were NOK 970 million. Recurring revenues were NOK 86 million, covering fixed costs and putting Acta on track to meet their strategic goal of recurring revenues covering all costs in 2011. Assets under management were NOK 67 billion as of year-end 2010.

1. Acta Holding ASA.
Interim Report.
4th quarter 2010.
16 February 2011.

2. Moving back to profitability
The last quarter of 2010 showed significant improvements in Acta’s operations. By the end of 2010, Acta’s
clients have invested NOK 7.3 billion through the portfolio account, which makes the new business model
a profitable success. Further, real estate companies owned by Acta’s clients sold 11,100 apartments in
Sweden, making it the largest real estate transaction in Sweden last year. The selling price is slightly above
7 billion Swedish kroner, securing a profit of approximately 1.3 billion Swedish kroner to Acta’s clients.
The portfolio account success continues
Gross subscriptions ended at approximately NOK 1 billion in the quarter. Acta’s main focus, especially for the
Swedish organization, has been on informing and advising clients about the advantages the portfolio account
implies for active clients. By the end of 2010, Acta’s clients have invested 23 per cent of their equity through the
portfolio account. These figures imply more than NOK 75 million in increased annual recurring revenues for Acta.
- The repositioning of Acta with the introduction of the portfolio account has been a success. With more than NOK
7.3 billion placed in the portfolio account during half a year, we have laid the foundation for reaching our ambitions
to have 50 per cent of clients’ equity invested through the portfolio account during 2012, and 75 per cent by 2014,
says Geir Inge Solberg, CEO of the Acta Group.
Sweden’s largest real estate transaction
In December 2010 it was announced that a large portfolio of real estate rentals in Sweden, consisting of
approximately 11,100 apartments which were owned by Acta's clients, were sold to Willhem AB. Despite the
financial crisis, the investments, which were launched in 2003, have yielded very good returns. Acta’s clients have
realized a profit of approximately SEK 1.3 billion, or returns between 85 and 93 per cent, depending on the client’s
location in Norway or Sweden, respectively. Acta Markets has, together with others, been a financial advisor in the
transaction.
- Compared with similar investments in real estates in the same period, we are proud to present annual returns of
11 to 12 per cent to our clients. We expect many of our satisfied clients to reinvest part of the equity they now
receive in other products offered by us, says Solberg.
Acta going forward
Acta will be active with respect to providing clients with first class advisory services, combined with a focus on
informing and advising clients about the portfolio account concept. As recurring revenues continue to increase,
which makes Acta less dependent on transaction-related revenues, the operational risk for Acta going forward is
significantly reduced. Acta has ambitions of reaching the Group’s new strategic goal, which is to have recurring
revenues to cover both activity-based and fixed costs on an annual basis in 2011.
Highlights in the 4th quarter 2010
• Profitable new business model successful
• NOK 7.3 billion placed in the portfolio account as of year-end 2010
• Recurring revenues of NOK 86 million, compared with NOK 72 million in the corresponding quarter of 2009
• Total recurring revenues in 2010 were NOK 295 million, and, for the first time, Acta reached its strategic goal to
have recurring revenues to cover fixed costs for the full year.
• Operating earnings of NOK 1 million, compared with NOK -9 million in the same period of 2009. Operating
earnings for 2010 ended at NOK -27 million.
• Gross subscriptions of NOK 970 million, compared with NOK 1,032 million in the same period in 2009. Total
gross subscriptions in 2010 were NOK 2,850 million.
• Major profits to clients from property sales
Page 2 of 14 4th quarter 2010

3. Main figures Gross subscriptions (MNOK)
1,200
Gross subscriptions of NOK 970 million 1,000
in the fourth quarter and NOK 2,850 million for the
year 2010, compared with NOK 1,032 million in the 800
fourth quarter of 2009 and NOK 3,161 for the year 600
2009, respectively. Acta’s main focus, especially in the
400
Swedish organization, has continued to be on
informing and advising clients about the advantages 200
the portfolio account implies for active clients. The 0
number of advisors and brokers at the end of the
quarter was 153 compared to 146 as of year-end
2009. This corresponds to a gross subscription per Revenues (MNOK)
advisor of NOK 6 million in the quarter, up from NOK 2 160
2009 2010
million in the previous quarter. The products most in
140
demand were Mutual funds, followed by Structured
products. 120
100
Revenues of NOK 130 million 80
in the fourth quarter and NOK 428 million for the year, 60
compared with NOK 113 million and NOK 489 million 40
for the fourth quarter of 2009 and the full year of 2009, 20
respectively. The increase reflects higher recurring -
1Q 2Q 3Q 4Q
revenues due to the new long-term business model.
Operating earnings (MNOK)
2009 2010
Operating earnings of NOK 1 million 10
in the fourth quarter and NOK -27 million for the whole 5
year, compared with NOK -9 million and NOK -36 0
million for the fourth quarter of 2009 and the full year (5)
(10)
of 2009, respectively. Earnings per share were NOK
(15)
0.00 in the quarter compared with NOK -0.04 in the (20)
fourth quarter of 2009. The improvement in operating (25)
earnings is a result of an increase in operating (30)
revenues compared with the corresponding quarter (35)
last year, where the introduction of the new long-term (40)
business model is the main explanatory variable. 1Q 2Q 3Q 4Q
Assets under management (BN NOK)
90.0
Assets under management at NOK 67 80.0
billion, 70.0
compared with NOK 73 billion as of 31 December
60.0
2009 and NOK 70 billion at the end of September
50.0
2010. The reduction in AuM of approximately NOK 3
billion since 30 September is primarily related to the 40.0
maturity of NOK 2.2 billion in Structured products, 30.0
combined with an unrealised negative currency effect 20.0
in the Real estate portfolios. 10.0
0.0
Disclaimer:
Unaudited 4Q figures and preliminary 2010 figures. No forward-looking statements in this report must be
understood as any guarantees for the future.
Page 3 of 14 4th quarter 2010

4. Clients Return on clients' investments
Acta’s client base remains stable, and by the end of Benchmark Benchmark
December 2010, the total number of clients was 4Q 2010 2010
4Q10 2010
89,000, of which 37,000 are located in Norway and Mutual funds "core" 9.9% 16.0% 8.7% 11.9%
52,000 in Sweden. The total number of clients is at Mutual funds "spicy" 8.7% 19.7% 7.1% 16.4%
Real estate 8.5% 5.2% 2.3% 9.0%
the same level as reported in the previous quarters.
Going forward, Acta will segment its clients according
to which level of service they receive: advisory Subscriptions and assets under management
clients, brokerage clients or customer centre clients. Acta experienced a positive development in gross
As of year-end 2010, approximately one-third of the subscriptions throughout the last quarter of 2010
customer base is advisory clients, one-third of the compared with the previous quarters. Reported gross
customer base is brokerage clients and one-third of subscriptions in the fourth quarter of 2010 were NOK
the customer base is serviced via customer centres. 970 million, compared with NOK 354 million in the
third quarter of 2010 and NOK 1,032 million in the
Acta has dedicated a great deal of resources to fourth quarter of 2009, respectively. The number of
strengthen positive relations with clients, and over the advisors at the end of the fourth quarter of 2010 was
past few months we have experienced an 153, which is seven more than the corresponding
improvement in the clients’ satisfaction index. quarter last year. These figures correspond to a
gross subscription per advisor of NOK 6 million in the
In the upcoming quarters, Acta will continue to hold a fourth quarter of 2010, up from NOK 2 million in the
strong focus on activities related to marketing and previous quarter. The corresponding figure in the
informing clients about the advantages the portfolio fourth quarter of 2009 was NOK 7 million. The
account represents for active clients. increase in subscription levels compared to previous
quarters is encouraging, especially since the main
Return on clients’ investments focus for the advisory force has been on the portfolio
Client investments in the “core” and “spicy” Mutual account in the period.
fund selections yielded returns of 9.9% and 8.7%,
respectively, for the fourth quarter, compared with the Mutual funds was the asset class most in demand,
Morgan Stanley World Index return of 8.7% and the followed by Structured products, with gross
Morgan Stanley Emerging Markets Index return of subscriptions of NOK 738 million and NOK 81 million,
7.1 %, respectively. respectively. The comparable figures for the
corresponding quarter last year were NOK 671
The volume-weighted average return for the Real million for Mutual funds and NOK 17 million for
estate products in the fourth quarter was 8.5%, Structured products. Real estate was the third most
compared with the portfolio target of 2.3%. Real popular asset class with gross subscriptions of NOK
estate project valuations are updated quarterly, 74 million, compared with NOK 143 million in the
based on estimates from independent brokers, or corresponding quarter of 2009.
official bids for single properties or portfolios of Assets under management (BN NOK)
properties.
90.0
80.0
In December, it was announced that companies
owned by Acta’s clients sold a large portfolio of 70.0
Swedish real estate rentals consisting of 60.0
approximately 11,100 apartments to the Swedish 50.0
investment company Willhem AB. The transaction 40.0
totals more than SEK 7 billion, and represents the 30.0
largest real estate transaction in Sweden, and the 20.0
third largest in the Nordic region in the course of 10.0
2010. Despite the financial crisis, the investments, 0.0
which were launched in 2003 have yielded very good
returns in the investment period. In total, the clients
have realized a profit of approximately SEK 1.3 Assets under management at year-end 2010
billion, or returns between 85% and 93%. Acta amounts to NOK 67 billion. The AuM was reduced by
expects many of its satisfied clients to reinvest part of NOK 3 billion during the fourth quarter of 2010. The
the equity in other investment products offered by the drop since 30 September is primarily related to the
Acta Group. maturity of NOK 2.2 billion in Structured products
combined with an unrealised negative currency effect
in the Real estate portfolios. Gross subscriptions of
approximately NOK 1.0 billion and positive return in
Page 4 of 14 4th quarter 2010

5. other asset classes made a positive contribution to
Revenues (MNOK)
the AuM figures. 2009 2010
160
Real estate is still the largest asset class with total 140
assets of NOK 44 billion, NOK 13 billion of which 120
represents client equity, and NOK 31 billion of which
represents project-related debt. After the completion 100
of the real estate sale in Sweden, the real estate 80
assets are expected to be reduced by approximately 60
NOK 6 billion. A significant part of the equity is
40
however expected to be reinvested in various asset
classes. The second largest asset class is Unit 20
linked, where Acta has NOK 6 billion under -
management. Shipping is the third largest asset class 1Q 2Q 3Q 4Q
with total assets of NOK 5 billion. Acta has NOK 2
The overall increase in recurring revenues mainly
billion under management in Structured products,
reflects an increase in recurring revenues due to the
down from NOK 10 billion as of year-end 2009.
new long-term business model which has been
successfully implemented. Recurring revenues were
Assets under management per asset class (NOK billion) NOK 86 million in the fourth quarter, compared with
NOK 74 million and NOK 72 million in the previous
2 2 1 5 quarter and the fourth quarter of 2009, respectively.
5 The increase in recurring revenues, despite the fact
6 that assets under management have been reduced
by NOK 6 billion since last year, is driven by the new
2 long-term business model. For the year as a whole,
recurring revenues ended at NOK 295 million, which
is approximately at the same level as the full year
44 2009 figures (NOK 293 million). Recurring revenues
covered 114 % of fixed costs in the fourth quarter of
Other Shipping Mutual/Hedge Funds 2010, and 101 % of fixed costs for the year as such.
Unit linked Structured products Real estate Thus, for the very first time, Acta has reached its
Private Equity Infrastructure strategic goal to have recurring revenues to exceed
fixed costs on an annual basis. Acta expects to meet
Financial summary (MNOK) this goal for the year 2011 too, and has even set a
4Q10 4Q09 2010 2009 new goal where recurring revenues are to cover both
Transaction-related revenue 42 40 130 195 fixed costs and activity-based costs for the year as a
Recurring revenue 86 72 295 293 whole.
Other revenue 1 1 3 2
Total revenue 130 113 428 489
Virtually all products distributed by Acta now contain
an element of recurring fees.
Variable operating costs 23 11 56 47
Activity-based costs 24 26 83 93 Gross margins – transaction-related revenues
Fixed operating costs 75 81 292 359 relative to gross subscriptions – were 4.4% and 3.9%
Depreciation a.o. 8 4 24 27 for the fourth quarters of 2010 and 2009,
Operating earnings 1 -9 -27 -36 respectively. The transaction margin is expected to
be significantly reduced going forward as more
Net financial items 1 -1 6 -9 transactions will be within the portfolio account.
Net income before tax 2 -10 -21 -45
Tax 2 -1 -4 -9 Operating costs
Net income 0 -9 -17 -36 Total operating costs including depreciation were
NOK 129 million in the fourth quarter of 2010,
Revenues (figures for 2009 in brackets) compared with NOK 122 million in the corresponding
Total revenues for the Group ended at NOK 130 quarter last year.
million in the fourth quarter of 2010 (NOK 113
million). Transaction-related revenues were NOK 42 Variable and activity-based costs in the fourth quarter
million (NOK 40 million), with revenues from Real of 2010 ended at NOK 23 million and NOK 24 million,
estate and Unit linked being the major contributors. respectively, which is a total increase of NOK 10
Transaction revenues from Real estate are positively million or 26 %, compared with the equivalent quarter
affected by fees generated due to investments made of 2009.
in the real estate portfolios.
Page 5 of 14 4th quarter 2010

6. The increase in variable operating costs is a result of Norway
extensive resources allocated to the implementation Acta Norway showed a positive development in the
of the new business model. Variable operating costs fourth quarter with respect to subscription volumes
will continue to be affected by the new business compared with third quarter figures. Reported gross
model in the upcoming quarters. Fixed operating subscriptions for the quarter were NOK 594 million,
costs were NOK 75 million, which is down from NOK which is up NOK 406 million from the previous
81 million in the corresponding quarter last year. quarter, and approximately at the same level as the
Depreciation was NOK 8 million, compared with NOK corresponding quarter last year where gross
4 million for the same quarter in 2009. subscriptions ended at NOK 593 million. Subscription
volumes is at a satisfactory level, especially when
At year-end Acta had 268 employees, which is taking into account that the focus for the Norwegian
exactly the same number as in the third quarter. In organisation in the quarter has continued to be on
addition to these figures, 15 people have been hired informing and advising clients about the portfolio
on a temporary basis. account. As of 31 December 2010, approximately
NOK 5.8 billion was placed in the portfolio account on
Of the total fourth quarter operating costs, 18% are behalf of approximately 3,600 clients, which
variable, while 18% are activity-based and thus manifests the success of the account type.
scalable. Acta’s focus on increasing the Group’s
recurring revenues has now materialised, and Acta is Gross subscriptions per advisor totals NOK 8 million
less dependent on transaction-based revenues. The in the fourth quarter of 2010, compared with NOK 9
operational risk for Acta going forward is thus million in the same quarter in 2009. The number of
considerably reduced. Recurring revenues covered advisors and brokers has increased by four since 31
87% of total fixed and activity-based costs in the December 2009. The total number of employees is
fourth quarter, compared with 67% for the 149. The asset classes most in demand by clients in
corresponding quarter last year. Acta has ambitions the fourth quarter were Mutual funds with a gross
of reaching the Group’s new strategic goal, which is subscription of NOK 499 million, followed by Real
to have recurring revenues to cover both activity- estate with NOK 61 million.
based and fixed costs on an annual basis in 2011.
Total revenues for the fourth quarter ended at NOK
Operating earnings 83 million (NOK 62 million), and operating earnings
Operating earnings in the fourth quarter of 2010 ended at NOK 3 million (NOK -2 million). The
ended at NOK 1 million, compared with NOK -9 increase of NOK 5 million in operating earnings
million in the equivalent quarter last year. The reflects NOK 21 million in higher revenues, partly
improvement from 2009 is, as commented on above, offset by NOK 13 million in increased variable
driven by an increase in both transaction-based and operating costs and NOK 2 million in increased fixed
recurring revenues, combined with a reduction in and activity-based costs. Activity-based costs have
fixed operating costs, partly offset by an increase in increased due to higher market activities and the rise
variable operating costs and in depreciations. in variable operating costs is a result of extensive
resources allocated to the implementation of the new
Net income in the fourth quarter was NOK 0 million business model.
(NOK -9 million), which translates to an EPS of NOK
0.00, compared with NOK -0.04 in the corresponding Sweden
quarter of 2009. As of 1 November 2010, Arturo Arques assumed his
Operating earnings (MNOK) position as Country Manager in Sweden.
2009 2010
10
Acta’s Swedish organisation has also experienced a
5
positive development in the fourth quarter. Reported
0
gross subscriptions totals NOK 376 million, which is
(5)
NOK 211 million more than third quarter figures. In
(10)
the fourth quarter of 2009, gross subscriptions ended
(15)
at NOK 439 million. In addition, the advisory force
(20)
has kept its main focus on the portfolio account which
(25)
was introduced to Swedish clients in September
(30)
2010. As of 31 December, approximately NOK 1.5
(35)
billion has been placed in the portfolio account on
(40)
1Q 2Q 3Q 4Q behalf of approximately 2,000 clients.
Total comprehensive income in the fourth quarter of Gross subscriptions per advisor totals NOK 5 million
2010 was NOK 1 million, compared to NOK -9 million in the quarter, compared with NOK 2 million the
in the equivalent quarter of 2009. previous quarter and NOK 6 million the
Page 6 of 14 4th quarter 2010

7. corresponding quarter last year, respectively. The New markets
number of advisors and brokers has increased by New markets include Acta’s operations in Denmark
three since 31 December 2009, and now totals 79 which contributed to operating earnings in the fourth
people. The total number of employees is 118. The quarter of NOK -0.3 million, compared with NOK -1.1
asset classes most demanded by clients in the million in the corresponding quarter of 2009. Going
quarter were Mutual funds with a gross subscription forward, Acta’s Danish customers will be serviced
of NOK 239 million, followed by Structured products from the customer centre in Stavanger instead of
with NOK 81 million. from Copenhagen.
Revenues for the fourth quarter of 2010 were NOK Corporate
46 million, compared with NOK 51 million in the Acta Holding ASA and Acta Corporate Services AS
corresponding quarter of 2009. Operating earnings (Finance, Accounting, HR, Compliance, IT and
were NOK -3 million, compared with a break even Marketing) had operating earnings of NOK 0.2 million
result in the same quarter of 2009. The reduction of in the fourth quarter of 2010 after the allocation of
NOK 3 million in operating earnings reflects NOK 5 shared costs, compared with NOK -6 million in the
million in reduced revenues, partly offset by a equivalent quarter of 2009.
reduction in fixed and activity-based costs of NOK 2
million and a reduction in variable operating costs of Balance sheet
NOK 1. Total assets at the end of the fourth quarter of 2010
were NOK 444 million, up from NOK 394 million in
Acta Sweden’s contribution to Acta’s total gross the previous quarter of 2010. Consolidated equity as
subscriptions was 40% for the fourth quarter of 2010, of 31 December 2010 was NOK 329 million,
compared with 43% in the corresponding quarter of compared to NOK 321 million at the same time last
2009. year and NOK 327 million as of 30 September 2010.
The increase in equity is primarily related the reversal
The Board and the Management are still not satisfied of stock options costs, which is included in the net
with the performance of the Swedish operations, and income, as they do not have an equity effect.
measures to improve profitability have been
implemented. The new management team has been Acta has very limited risk on its balance sheet. The
set, and the organisation will maintain a strong focus Group’s liquidity situation is still strong, with net bank
on high client activity in the upcoming quarters. deposits of NOK 245 million at the end of the
financial year 2010.
Regarding the case involving dissatisfied investors in
Lehman Brothers bonds, the investors have now filed The Group has a robust financial standing.
lawsuits, primarily against the bank that was the
arranger, and secondarily against Acta Outlook
Kapitalforvaltning. More than 400 individual lawsuits The financial year 2010 has been a turning point for
have been received from these investors. the Acta Group, where an extensive repositioning of
the Group’s business model has been the focus. The
The investors claim that they are not obliged to repay implementation of the new long-term business model
the loans to the bank. If this proves unsuccessful, has proved to be a profitable success and the Board
they will turn to Acta Kapitalforvaltning, which was of Directors and the Management believe that the
their financial advisor. Acta Kapitalforvaltning development where an increasing part of client equity
considers the risk of these lawsuits to be relatively is placed in portfolio account will continue. With NOK
limited as the company is only responsible for the 7.3 billion invested through the portfolio account on
provision of advice, and this was given on an behalf of 5,600 clients as of year-end 2010, the
individual basis. This assessment is also supported foundation for reaching our ambitions of having 50%
by the fact that in all decisions regarding this case, of clients’ equity placed in portfolio account during
the Swedish National Board for Consumer 2012, and 75% by 2014 are most definitely
Complaints (ARN) has found that Acta achievable.
Kapitalforvaltning is not liable to pay compensation to
its clients. Acta Kapitalforvaltning expects that the The portfolio account implies a net increase in
courts will reach the same conclusion as ARN. recurring revenues of slightly above one percentage
point compared with the trade account. Transaction-
No provisions have been made in the accounts for related revenues related to Acta’s investment
claims by clients related to the Lehman Brothers advisory business will, at the same time, be under
issue. pressure as clients who have moved their equity to
portfolio account will pay lower, or no, transaction
fees. As recurring revenues continue to increase,
which makes Acta less dependent on transaction-
Page 7 of 14 4th quarter 2010

8. related revenues, the operational risk for Acta going be booked in the first quarter of 2011, the Acta Group
forward is significantly reduced. Acta has an ambition is expected to move into profitable territory in the
of reaching the Group’s new strategic goal, which is upcoming quarters, and thus achieve a profitable
to have recurring revenues to cover both activity- financial year in 2011.
based and fixed costs on an annual basis in 2011.
Principles for interim reporting
Going forward, Acta will be active with respect to This interim report has been prepared in accordance
providing clients with first class advisory services with the same accounting principles used for the
and, at the same time the Group will maintain a annual reporting for 2009. This interim report has
strong focus on informing and advising clients about been prepared in accordance with IAS 34 Interim
the portfolio account concept. The Group will also Financial Reporting.
maintain a strong focus on product innovation in
order to launch interesting product initiatives in order
to add client value at the same time as we continue
to attract more business to increase our market
share. Stavanger, 16 February 2011
Acta Markets, which has strengthened its The Board of Directors
management by recruiting Ole Jørgen Jacobsen as
Managing Director, will continue to develop its
business in order to take greater part in the value
chain of product development and the corporate
finance business. Acta Markets’ role as advisor,
together with others, in the real estate transaction in
Sweden, proves that Acta’s effort to become a more
complete supplier of financial services has been
successful. As several client-owned companies are to
be terminated according to their mandates, a number
of interesting business opportunities may arise for
Acta Markets, at the same time as the possibility for
reinvestments of equity from satisfied clients in other
products offered by Acta is presented.
The consolidation we have seen in the industry in the
last few years is expected to continue as smaller-
sized and medium-sized market participants will have
difficulties in achieving profitability as margins have
fallen at the same time as requirements with respect
to compliance have increased. Acta will continue to
be active in respect to the evaluation of any
favourable business cases that can strengthen the
Group’s profitability or long-term growth.
The Board and the Management are expecting a
good long-term market for Acta’s savings and
investment products.
As one of the dominant market players in the Nordic
region, and with Europe’s most attractive clients in
our catchment area, we have a solid foundation for
profitable operations over both the medium- and
long-term.
There is sound cost control throughout the Group,
and the Board will continue to focus on this in the
future. However, the major focus going forward will
be income-generating activities and measures.
Under the current circumstances, and in the light of
success revenues and advisory revenues, which will
Page 8 of 14 4th quarter 2010

9. PROFIT AND LOSS (MNOK) 4Q2010 4Q2009 2010 2009
Transaction-related revenue 42.4 40.2 129.9 194.8
Recurring revenue 85.7 71.6 295.0 292.6
Other revenue 1.5 1.0 3.0 2.0
Total revenue 129.6 112.8 427.8 489.4
Variable operating costs 22.9 10.9 55.6 47.4
Activity-based costs 23.6 25.8 83.2 92.7
Fixed operating costs 75.0 81.0 292.4 358.7
Depreciation a.o. 7.5 4.0 23.9 26.7
Total operating costs 129.0 121.7 455.0 525.5
Operating earnings 0.6 -8.9 -27.2 -36.1
Net financial items 1.4 -0.9 5.9 -8.9
Net incom e before tax 1.9 -9.8 -21.3 -45.1
Tax 2.4 -1.0 -4.1 -8.7
Net incom e -0.5 -8.8 -17.2 -36.4
Other com prehensive incom e
Foreign currency translation differances 1.2 0.0 1.8 -0.3
Total com prehensive incom e 0.7 -8.8 -15.4 -36.7
Earnings per share (NOK) 0.00 -0.04 -0.07 -0.14
Earnings per share diluted (NOK) 0.00 -0.04 -0.07 -0.14
Page 9 of 14 4th quarter 2010

10. SEGMENT INFORMATION
Norw ay Sw eden Corporate New m arkets Total Acta
(MNOK)
Revenue
4Q2010 83.3 46.2 0.0 0.0 129.5
4Q2009 61.8 51.0 0.0 0.0 112.8
2010 263.8 164.0 0.0 0.0 427.8
2009 262.3 227.0 0.0 0.0 489.4
Variable operating costs
4Q2010 19.4 3.5 0.0 0.0 22.9
4Q2009 6.7 4.0 0.2 0.0 10.9
2010 46.4 9.0 0.2 0.0 55.6
2009 20.8 23.6 3.0 0.0 47.4
Fixed and activity-based operating costs
4Q2010 58.1 44.3 -4.2 0.3 98.5
4Q2009 56.6 47.4 1.8 1.0 106.8
2010 210.9 173.2 -10.2 1.6 375.5
2009 237.0 212.7 -6.9 8.5 451.4
Depreciation a.o.
4Q2010 2.4 1.1 4.0 0.0 7.5
4Q2009 0.6 -0.6 3.9 0.1 4.0
2010 5.9 2.4 15.5 0.0 23.9
2009 7.4 5.7 13.2 0.4 26.7
Operating earnings (EBIT)
4Q2010 3.4 -2.7 0.2 -0.3 0.6
4Q2009 -2.0 0.3 -6.0 -1.1 -8.9
2010 0.6 -20.6 -5.6 -1.6 -27.2
2009 -2.9 -15.0 -9.3 -8.9 -36.1
Page 10 of 14 4th quarter 2010

11. BALANCE SHEET (MNOK) 31.12.10 31.12.09
Non-current assets
Goodw ill 15.8 6.1
Other intangible assets 44.2 46.1
Deferred tax asset 20.6 12.6
Total intangible assets 80.6 64.9
Fixed assets 14.4 18.8
Financial assets 1.2 0.0
Total tangible assets 15.6 18.8
Total non-current assets 96.3 83.7
Current assets
Trade receivables 66.7 40.6
Other receivables 35.8 25.5
Total receivables 102.5 66.1
Bank deposits a.o. 245.2 261.5
Total current assets 347.6 327.6
TOTAL ASSETS 443.9 411.3
Equity
Paid in equity 46.4 45.3
Paid in capital, other 28.9 12.2
Other equity 253.9 263.8
Total equity 329.1 321.4
Short-term debt
Accounts payable 11.6 14.2
Taxes payable 8.9 0.0
Overdraft facilities 0.0 0.0
Other taxes and duties payable 16.8 18.1
Vacation pay, salaries and commissions payable 40.4 27.3
Other short term debt 37.0 30.4
Total short-term debt 114.8 90.0
TOTAL EQUITY AND DEBT 443.9 411.3
Page 11 of 14 4th quarter 2010

12. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Currency Uncovered
All amounts in thousands of NOK
Share prem ium Other paid-in translation losses/ other
capital account equity difference equity Total equity
Balance sheet as of 1 January 2009 45.3 11.2 0.0 4.2 296.3 357.0
Total comprehensive income for the period
Net income -36.4 -36.4
Other comprehensive income for the period
Foreign currency translation differences -0.3 -0.3
Total comprehensive income for the period -0.3 -36.4 -36.7
Contributions by and distributions to owners
Dividends paid to equity holders 0.0
Share-based payments 1.1 1.1
Balance sheet as of 31 Dec 2009 45.3 11.2 0.0 3.8 261 321.4
Balance sheet as of 1 January 2010 45.3 11.2 0.0 3.8 261 321.4
Total comprehensive income for the period
Net income -17.2 -17.2
Other comprehensive income for the period
Foreign currency translation differences 1.8 1.8
Total comprehensive income for the period 1.8 -17.2 -15.4
Contributions by and distributions to owners
Issue of ordinary shares 1.1 16.6 17.7
Dividends paid to equity holders 0.0
Share-based payments 5.5 5.5
Balance sheet as of 31 Dec 2010 46.4 27.8 0.0 5.7 249.3 329.1
The currency translation difference is attributed to the translation from SEK to NOK of assets and liabilities belonging to Acta Kapitalforvaltning
AS's Swedish branch, Acta Finans AB's and Acta Asset Management AS's operations in Sweden, and translation from DKK to NOK of assets and
liabilities belonging to Acta's business in Denmark.
Page 12 of 14 4th quarter 2010

13. CASH FLOW ANALYSIS (MNOK) 4Q2010 4Q2009 2010 2009
Operating activities
Profit (loss) before tax 1.9 -9.8 -21.3 -45.1
Taxes paid 0.0 0.0 -0.7 -90.0
Depreciation a.o. 7.5 4.0 23.9 26.7
Net change in accounts receivable -18.6 26.6 -36.3 18.5
Net change in accounts payable 9.8 16.5 -2.5 1.4
Net change in other balance sheet items 40.3 -3.9 41.2 -38.2
Net cash flow from operating activities 41.0 33.4 4.1 -126.6
Investing activities
Investments in tangible fixed assets -8.1 -3.0 -19.5 -16.1
Net change from other investments -1.0 0.0 -1.0 0.0
Investment in subsidiary 0.0 0.0 -17.7 0.0
Net cash flow from investing activities -9.1 -3.0 -38.2 -16.1
Financing activities
Increase in equity 0.0 0.0 17.7 0.0
Dividends paid 0.0 0.0 0.0 0.0
Net cash flow from financing activities 0.0 0.0 17.7 0.0
Net cash flow for the reporting period 31.9 30.3 -16.4 -142.7
Net cash opening balance 213.3 231.5 261.5 404.6
Effect from exchange rate changes to cash and cash equivalents 0.0 -0.3 0.0 -0.3
Net cash closing balance 245.2 261.5 245.2 261.5
Net change in Cash 31.9 30.3 -16.4 -142.7
# Shareholders as of 7 February 2011 Shares %
1 COIL INVESTMENT GROUP AS 35,068,547 13.6 %
2 LUDVIG LORENTZEN AS 15,407,000 6.0 %
3 BEST INVEST AS 12,808,707 5.0 %
4 CARNEGIE INVESTMENT BANK AB 11,691,005 4.5 %
5 PERESTROIKA AS 10,558,000 4.1 %
6 BJELLAND TRADING AS 10,439,000 4.1 %
7 MONS HOLDING AS 9,266,620 3.6 %
8 SANDEN A/S 7,500,000 2.9 %
9 TENOLD GRUPPEN AS 5,377,243 2.1 %
10 IKM INDUSTRI-INVEST 5,023,800 2.0 %
11 TVETERAAS EIENDOMSSELSKAP A/S 5,000,000 1.9 %
12 MORGAN STANLEY & C O S/A MSIL IPB C LIENT 3,400,000 1.3 %
13 BANK OF NEW YORK MEL BNY GC M C LIENT AC C OUT 2,696,024 1.0 %
14 ARC TIC SEC URITIES AS MEGLERKONTO 2,583,600 1.0 %
15 SIX SIS AG 25PC T 2,576,599 1.0 %
16 INTERNATIONAL OILFIELD SERVICES AS 2,500,000 1.0 %
17 WENAAS KAPITAL AS AK 2,250,000 0.9 %
18 STEINAR LINDBERG A.S 2,100,000 0.8 %
19 NORDNET BANK AB 2,092,048 0.8 %
20 EXTELLUS AS 2,000,000 0.8 %
20 largest shareholders 150,338,193 58.4 %
Remaining shareholders 107,192,557 41.6 %
TOTAL 257,530,750 100.0 %
Page 13 of 14 4th quarter 2010

14. Key financial figures Acta 4Q2010 4Q2009 2010 2009
Key financial figures
Earnings per share (NOK) 0.00 -0.04 -0.07 -0.14
Earnings per share diluted (NOK) 0.00 -0.04 -0.07 -0.14
Paid out dividend per share (NOK) 0.00 0.00 0.00 0.00
Cash flow (net income + depreciations) per share (NOK) 0.03 -0.02 0.03 -0.04
Equity per share (NOK) 1.28 1.28 1.28 1.28
Gross margin (transaction revenue / gross subscriptions) 4.4 % 3.9 % 4.6 % 6.2 %
Operating margin (%) (operating earnings / revenues) 0% -8% -6% -7%
Net margin (%) (net income before tax / revenue) 1% -9% -5% -9%
Average return on capital employed, annualized (%) 1% -11% -8% -10%
Return on equity, annualized (%) -1% -11% -5% -11%
Equity ratio (%) 74% 78% 74% 78%
Number of shares by end of period 257,530,750 251,683,432 257,530,750 251,683,432
Number of shares fully dilluted by end of period 257,549,255 251,821,701 257,549,255 251,821,701
Average number of shares in reporting period 257,530,750 251,683,432 254,607,091 251,683,432
Average number of shares fully dilluted in reporting period 257,549,255 251,752,567 254,685,478 251,752,567
Key operating figures
Number of clients - Total 89,000 87,000 89,000 87,000
Number of clients - Norw ay 37,000 34,000 37,000 34,000
Number of clients - Sw eden 52,000 53,000 52,000 53,000
Assets under management - Total (MNOK) 66,987 73,375 66,987 73,375
Assets under management - Norw ay (MNOK) 43,275 47,239 43,275 47,239
Assets under management - Sw eden (MNOK) 23,712 26,137 23,712 26,137
Gross subscription - Total (MNOK) 970 1,032 2,850 3,161
Gross subscription - Norw ay (MNOK) 594 593 1,737 1,637
Gross subscription - Sw eden (MNOK) 376 439 1,113 1,524
Gross subscription per branch manager/advisor/broker - Total (MNOK) 6 7 19 22
Gross subscription per branch manager/advisor/broker - Norw ay (MNOK) 8 9 24 24
Gross subscription per branch manager/advisor/broker - Sw eden (MNOK) 5 6 14 20
Assets under management per client - Total (KNOK) 753 843 753 843
Assets under management per client - Norw ay (KNOK) 1,170 1,389 1,170 1,389
Assets under management per client - Sw eden (KNOK) 456 493 456 493
Number of employees - Total 268 246 268 246
Number of employees - Norw ay 149 132 149 132
Number of employees - Sw eden 118 113 118 113
Number of employees - New markets 1 1 1 1
Number of branch manager/advisor/broker - Total 153 146 153 146
Number of branch manager/advisor/broker - Norw ay 73 69 73 69
Number of branch manager/advisor/broker- Sw eden 79 76 79 76
Number of branch manager/advisor/broker- New markets 1 1 1 1
Number of advisors/brokers - Total 139 129 139 129
Number of advisors/brokers - Norw ay 62 58 62 58
Number of advisors/brokers - Sw eden 76 70 76 70
Number of advisors/brokers - New markets 1 1 1 1
Page 14 of 14 4th quarter 2010