24. maj 2006 EuroTrust A/S

HISTORY

1996: Established as commission business by Arne Olsen and Jan Larsen for the sale of holiday residences. 1999: Scope of business is changed to project development and project implementation of

estate development in Denmark.

2001: Aktiv Gruppen Holding A/S is established and Bo Kristensen is affiliated as partner responsible for economy and financing.

2004: Deltabyg is established and the production of prefabricated houses is started up in Latvia.

2005: Attorney and partner in Interlex, Peter Juul, joins as partner and mananaging director, and the first wind mill projects in Germany are established. The real estate enterprise AGH Nordan Invest is acquired

with 50% (Estate development in Norway).2006: Aktiv Gruppen Holding A/S is included in Euro Trust A/S and thus listed on Nasdaq. The circle of principle

shareholders is expanded and now activities include two business areas –i.e. Estate Development and Renewable Energy.

24. maj 2006 EuroTrust A/S

Issue/company acquisition in 2006

08 May 2006: Remaining 50% of AGH Nordan Invest A/S is acquired for 2,650,000 ordinary shares

17 May 2006: 50.25% of European Wind Farms A/Sis acquired for 915,500 ordinary sharesand DKK 120 million cash to the company

24. maj 2006 EuroTrust A/S

Business basis

Business areas

Philosophy Spreading the risks Unique capital generator in relation to the market, since the capital for the acquisition of the energy activities is generated via the building projects

Estate Development (for sale)1. Acquisition of land for estate development2. Projecting3. Sale (75%)4. Construction by turnkey contractors

Renewable Energy (for portfolio)1. Acquisition from local developer2. Construction3. Continuous management

24. maj 2006 EuroTrust A/S

Estate Development - Market

Housing projects in Denmark and Norway

Denmark:

Norway:

Spreading the risk in 2 markets makes the earning capacity on the building activities very healthy

Strong economy seen in European perspective Low rate of interest Great private purchasing power Moderate growth rates, therefore projects on prime locations

Strong independent economy Low rate of interest Great private purchasing power High growth rates, therefore still a stable and growing market

24. maj 2006 EuroTrust A/S

Estate Development – Strategy

Independent companies for each individual project

Upstart of construction upon sale of 75%

Contribution margin budgeted at 20% of sales price

Primarily turnkey contracts with leading Scandinavian building societies

Active efforts in the market

Major Scandinavian player in the field of estate development for resale

24. maj 2006 EuroTrust A/S

Estate Development – Objectives

Titles to development projects secured by gross profits in the range of DKK 1.5-2 billion

Development projects known 2-3 years before upstart

Pipeline at 2-4 years’ sight, which can be secured via active effort for modest investments and tying-up of capital

24. maj 2006 EuroTrust A/S

Renewable Energy - Market

Traditional energy sources about to be depleted = focus on Renewable Energy

Fast growing world market

Danish know how on wind mills

Attractive investment

Attractive Danish tax rules

Attractive private exit possibilities

Attractive long term Cash flow

Attractive subsidies in most European countries

Attractive technical insurances (e.g. “Opti-Safe”)

24. maj 2006 EuroTrust A/S

Renewable Energy - Strategy

Primary focus on wind energy

Fast expansion in a market characterised by increase in power sales prices

Secondary focus on solar energy

Growth via own Energy division and Acquisition strategy

Focus on selected countries, where wind conditions, earning capacity and risk minimization are adapted to the circumstances

Focus on countries with power price agreements

24. maj 2006 EuroTrust A/S

Renewable Energy - Objectives

Establishment of own energy organisation

Acquisition of 50.25% of European Wind Farms A/S

Investment in the range of DKK 5-7 billion over the next 3-4 years

Investment in the range of DKK 1-2 billion per year in the following years

24. maj 2006 EuroTrust A/S

Attitude

When the winds of change are blowing, there are 2 types of people…..

the ones who build shelters

&

the ones who build wind mill parks