Torp Computing Group ASA

The Board of Directors of Torp Computing Group ASA
Østre Kullerød 5
3241 Sandefjord
28 August 2007
Summary of Fairness Opinion issued in relation to the recommended merger
between Torp Computing Group ASA and Komplett ASA
Introduction
This summary has been prepared by Norden Fondsmeglerforretning ASA (Norden) and
summarizes Norden’s opinion of the exchange ratio in the proposed merger between Torp
Computing Group ASA (TCG) and Komplett ASA (Komplett) announced 18 June 2007.
The Boards of Directors of TCG and Komplett have agreed upon a proposed exchange ratio
whereby each TCG shareholder will receive 0.336134 Komplett shares for every 1 TCG
share, representing a total shareholding to the TCG shareholders of 20.89% of the combined
company on a fully diluted basis. The Komplett shares to be issued to existing TCG
shareholders will in all aspects be equal to the current shares in Komplett.
This is a summary of the more detailed Fairness Opinion provided to the Board of TCG.
Reservations
Norden has been asked by the Board of Directors in TCG to prepare an opinion on the
fairness of the exchange ratio in the proposed merger between TCG and Komplett.
We have endeavored to get a correct impression of TCG and Komplett’s operations and
financial position, but have not performed any independent review or due diligence
investigation of the companies or their operations.
Our opinion has been based on publicly available information prior to the date of this letter.
We have assumed and relied upon, without independent verification, the accuracy and
completeness of such information for the purposes of this opinion. We have relied upon and
assumed the accuracy, completeness and fairness of all the financial and other information
that has been provided to the public by TCG and Komplett.
Our opinion is based on customary and generally approved valuation methodologies.
Our opinion is necessarily based on market, economic, financial and other conditions as in
effect on the date hereof. Norden has no expressed opinion of the possible future trading
prices of the Komplett shares when, and if, they are issued.
Norden is an independent investment firm licensed and regulated by the Financial
Supervisory Authority of Norway (“Kredittilsynet”) providing investment banking and
financial advisory services. In connection with providing the Board of Directors in TCG with
an opinion, Norden will receive a fixed fee for its services whether or not the merger is
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