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Special Opportunity Project – FULLY DIVESTED

B2 Holding was the parent company of Gothia Financial Group AS (“Gothia”) and Bank2 ASA (“Bank2”) and was established as a special project in 2004/2005. B2 Holding was a special purpose investment case for Icon Capital in the period from 2005-2008. The capital amount raised in connection with this investment was approximately NOK 600 million. Icon Capital played a critical role in all the development phases of B2 Holding and the two subsidiaries.

Gothia is a rapidly growing pan-Nordic financial services group with international activities in the UK and Germany. The business focus is accounts receivable management (invoice handling, invoice financing and debt collection) and non-performing debt portfolio purchases.

Bank2 is a strongly performing specialty niche bank in the Norwegian market and B2 Holding owned 25% of the company. Key focus is on deposits, refinancing and project finance. The bank provides financing to select individuals with payment remarks assuming adequate collateral and cash flow to service the refinanced loan.

Gothia was sold to Herkules Capital (a private equity fund) in September 2008 for approximately NOK 1.2 billion in enterprise value. In addition, all the shares in Bank2 was distributed to the investors in B2 Holding in the Spring of 2009. The investors in B2 Holding received an excellent return and the Icon Capital Team has closed another chapter in its history.

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