Mycab: Interim Report: 1 January 2012 - 31 Mars 2012

CEO HIGHLIGHTS

Cooperation with Flygtaxi in Scandinavia
Mycab announced, in February, that the company has entered into cooperation with the Swedish based company Flygtaxi. The justification of this cooperation is based on the fact that Flygtaxi has an existing, and successful Amadeus distribution to all travel agents in Scandinavia with a current sale at MSEK 250 per annum, however services, up until now has only been offered domestically in Sweden.

With the cooperation, between Mycab and Flygtaxi, it will be possible to offer all travel agents, in Scandinavia, a worldwide flight transfer product through an existing "up and running" distribution.

The domestic (Swedish) sale of flight transfer, through the mentioned distribution channel, corresponds to 6 % of all domestic air ticket sales and Mycab calculates with same relations for international travellers. This gives Mycab a MSEK 1000 potential business, through this channel. Objective is to achieve 40 % share of this potential in a first step.

Mycab and Flygtaxi won public agreement
Mycab and Flygtaxi won a public agreement trough consortium, in first quarter, implying taxi travel for 600 Swedish governmental entities. Existing volume is 45-50 MSEK per annum with a growing trend.

Share issue and listing of the company
The share issue, with subscription period 12th Jan - 27th Feb 2012, was fully subscribed. Shareholders and public subscribed 54 % and underwriters the remaining part (46 %). The issue totaled MSEK 25,7 before issuance costs. One fifth of the total share issue is paid and the remaining amount is pending. (See the risk section for an elaborated risk discussion regarding liquidity).

The company became listed in Stockholm Sweden at a secondary market (AktieTorget). First date of trade was 8th March 2012.


SUBSEQUENT EVENTS

21 foreign destination ready for launch
Mycab and Flygtaxi have finalized 21 foreign destinations that will be available for booking at the end of May through travel industry channels in Scandinavia.

Apart from the technology, a fulfillment center has also been established with the responsibility to operate all new destinations.

Following is the first 21 destinations - AMSTERDAM, BANGKOK, BARCELONA, BERLIN, BEIJING, BRUSSELS, CHICAGO, FRANKFURT, GENEVA, HELSINKI, COPENHAGEN, LONDON, MADRID, MANCHESTER, NEW YORK, NICE, OSLO, PARIS, SHANGHAI, TOKYO, ZÜRICH.