Torp Computing Group ASA

28 August 2007
consummated. TCG and the TCG Board of Directors have committed to indemnify Norden
for any claim arising from this opinion.
Norden’s opinion is only intended for use in connection with this assignment, and is not
intended to be, and shall not constitute a recommendation to the shareholders of TCG as to
whether to accept the exchange ratio or not. Each shareholder remains solely responsible for
his/her own decisions.
Conclusion on Exchange Ratio Considerations
The exchange ratio considerations have been based on, but not limited to the following:
• TCG and Komplett financial forecasts
• Discounted cash flow valuations of both TCG and Komplett
• Peer group valuations
The proposed exchange ratio whereby each TCG shareholder will receive 0.336134 Komplett
shares for every 1 TCG share, implies that TCG shareholders will own 20.89% of the
combined company.
With basis, among other things, in the abovementioned considerations and reservations, it is
Norden’s opinion that the proposed exchange ratio is fair to TCG’s shareholders from a
financial point of view.
Summary of Norden Fondsmeglerforretning ASA’s Fairness Opinion to the Board of Torp Computing Group
ASA: Proposed merger with Komplett ASA
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