This report sets out J.P. Morgan’s preliminary views on the intrinsic value of Posten AB, excluding Postgirot.

For our analysis, we have relied on the following information sources:

· publicly available information, including annual reports;

· divisional forecasts outlining revenue and operating performance until 2002, as supplied by Posten’s management; and

· interviews with the managers of the principal business areas. This report was prepared at the same time as Posten’s senior management team conducted a comprehensive strategic review of Posten’s business.