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Exhibit 99.1
LETTER OF TRANSMITTAL
PREEM HOLDINGS AB (PUBL)
OFFER TO EXCHANGE ALL OUTSTANDING
10 5/8% SENIOR SECURED NOTES DUE 2011
FOR
10 5/8% SENIOR SECURED NOTES DUE 2011
WHICH HAVE BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED,
PURSUANT TO THE PROSPECTUS, DATED AUGUST 28, 2001
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THE EXCHANGE OFFER WILL EXPIRE AT 5:00 P.M., LONDON TIME, ON
OCTOBER 1, 2001, (THE "EXPIRATION DATE") UNLESS THE EXCHANGE OFFER IS
EXTENDED BY THE COMPANY IN ITS SOLE DISCRETION. TENDERS MAY BE WITHDRAWN AT
ANY TIME PRIOR TO 5:00 PM., LONDON TIME, ON THE EXPIRATION DATE.
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THE EXCHANGE AGENT FOR THE EXCHANGE OFFER IS DEUTSCHE BANK AG LONDON
TO CONTACT THE EXCHANGE AGENT:
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IN LUXEMBOURG: IN THE UNITED KINGDOM:
Deutsche Bank Luxembourg S.A. Deutsche Bank AG London
2 Boulevard Konrad Adenauer Winchester House
L-1115 Luxembourg 1 Great Winchester Street
Attn: Peter Dickinson London EC2N 2DB
Tel: +35 2 421 22641 Attn: Mark Twine
Fax: +35 2 46 5802 Telephone: +44 (207) 547 7406
Facsimile: +44 (207) 547 0012
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LETTERS OF TRANSMITTAL ARE TO BE DELIVERED TO EUROCLEAR AND CLEARSTREAM BANKING
IN ACCORDANCE WITH THEIR NORMAL PROCEDURES. DELIVERY OF THIS LETTER OF
TRANSMITTAL OTHER THAN TO EUROCLEAR AND CLEARSTREAM BANKING IN ACCORDANCE
WITH THEIR NORMAL PROCEDURES WILL NOT CONSTITUTE A VALID DELIVERY. THE
INSTRUCTIONS CONTAINED HEREIN SHOULD BE READ
CAREFULLY BEFORE THIS LETTER OF TRANSMITTAL IS COMPLETED.
HOLDERS WHO WISH TO BE ELIGIBLE TO RECEIVE NEW NOTES FOR THEIR EXISTING
NOTES PURSUANT TO THE EXCHANGE OFFER MUST VALIDLY TENDER (AND NOT
WITHDRAW) THEIR EXISTING NOTES TO THE EXCHANGE AGENT PRIOR TO
THE EXPIRATION DATE.
By execution hereof, the undersigned acknowledges receipt of the prospectus
(the "Prospectus"), dated August 28, 2001 of Preem Holdings AB (publ), (the
"Company"), which, together with this Letter of Transmittal and the instructions
hereto (the "Letter of Transmittal"), constitute the Company's offer (the
"Exchange Offer") to exchange E305,000,000 aggregate principal amount of its
10 5/8% Senior Secured Notes due 2011 (the "New Notes") that have been
registered under the Securities Act of 1933, as amended (the "Securities Act"),
pursuant to a registration statement of which the Prospectus constitutes a part,
for E305,000,000 aggregate principal amount of its 10 5/8% Senior Secured Notes
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due 2011 (the "Existing Notes"), upon the terms and subject to the conditions
set forth in the Prospectus.
This Letter of Transmittal is to be used by Holders (as defined below) if:
(i) certificates representing Existing Notes are to be delivered to Euroclear or
Clearstream Banking; or (ii) Existing Notes will be deemed to have been accepted
as validly tendered when, as and if the Company has given oral or written notice
thereof to the Exchange Agents. The Exchange Agents will act as agents for the
tendering holders of Existing Notes for the purpose of receiving New Notes and
delivering New Notes to such holders. To tender Existing Notes in the Exchange
Offer, a holder of Existing Notes must comply with the procedures established by
Euroclear and Clearstream Banking, as appropriate, for the transfer of
book-entry interests through the electronic transfer systems of Euroclear and/or
Clearstream Banking prior to 5:00 p.m. London time on the Expiration Date. For a
tender of Existing Notes to be effective, book-entry interests in the Existing
Notes must be transferred through Euroclear and Clearstream Banking.
Confirmation of such book-entry transfer must be received by the Exchange Agents
prior to the Expiration Date. To tender Existing Notes through the procedures
mandated by Euroclear or Clearstream Banking, the electronic instructions sent
to Euroclear or Clearstream Banking and transmitted by Euroclear or Clearstream
Banking to the Exchange Agent must contain the character by which the
participant acknowledges its receipt of and agrees to be bound by this Letter of
Transmittal.
Unless the context requires otherwise, the term "Holder" for purposes of
this Letter of Transmittal means: (i) any person in whose name Existing Notes
are registered on the books of the Company or any other person who has obtained
a property completed bond power from the registered Holder or (ii) any
participant in Euroclear or Clearstream Banking whose Existing Notes are held of
record by Euroclear or Clearstream Banking who desires to deliver such Existing
Notes by book-entry transfer at Euroclear or Clearstream Banking.
The undersigned has completed, executed and delivered this Letter of
Transmittal to indicate the action the undersigned desires to take with respect
to the Exchange Offer. Holders who wish to tender their Existing Notes must
complete this letter in its entirety.
All capitalized terms used herein and not defined herein shall have the
meaning ascribed to them in the Prospectus.
The instructions included with this Letter of Transmittal must be followed.
Questions and requests for assistance or for additional copies of the
Prospectus, this Letter of Transmittal and the Notice of Guaranteed Delivery may
be directed to the Exchange Agent. See Instruction 8 herein.
HOLDERS WHO WISH TO ACCEPT THE EXCHANGE OFFER AND TENDER THEIR EXISTING
NOTES MUST COMPLETE THIS LETTER OF TRANSMITTAL IN ITS ENTIRETY.
List below the Existing Notes to which this Letter of Transmittal relates.
If the space provided below is inadequate, list the certificate numbers and
principal amounts on a separately executed schedule and affix the schedule to
this Letter of Transmittal. Tenders of Existing Notes will be accepted only in
authorized denominations of E1,000, any integral multiple thereof.
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<Table>
<Caption>
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DESCRIPTION OF EXISTING NOTES
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CERTIFICATE AGGREGATE
NUMBER(S)* PRINCIPAL AMOUNT
NAME(S) AND ADDRESS(S) OF REGISTERED HOLDER(S) (ATTACH SIGNED TENDERED
(PLEASE FILL IN, IF BLANK) LIST IF NECESSARY) (IF LESS THAN ALL)**
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----------------------------
----------------------------
----------------------------
----------------------------
----------------------------
----------------------------
TOTAL PRINCIPAL
AMOUNT OF
OUTSTANDING
NOTES TENDERED
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</Table>
* Need not be completed by Holders tendering by book-entry transfer.
** Need not be completed by Holders who wish to tender with respect to all
Existing Notes listed. See Instruction 2.
/ / CHECK HERE IF TENDERED EXISTING NOTES ARE BEING DELIVERED BY EUROCLEAR OR
CLEARSTREAM BANKING TO THE EXCHANGE AGENT'S ACCOUNT AT EUROCLEAR OR
CLEARSTREAM BANKING AND COMPLETE THE FOLLOWING:
Name of Tendering Institution ______________________________________________
Euroclear or Clearstream Banking Book-Entry Account: _______________________
Transaction Code No.: ______________________________________________________
Holders who wish to tender their Existing Notes and (i) whose Existing Notes
are not immediately available, or (ii) who cannot deliver their Existing Notes,
the Letter of Transmittal or any other required documents to the Exchange Agent
prior to the Expiration Date, or cannot complete the procedure for book-entry
transfer on a timely basis, may effect a tender according to the procedures set
forth in the Prospectus under the caption "Exchange Offer and Registration
Rights--Procedures for Tendering Existing Notes."
/ / CHECK HERE IF TENDERED EXISTING NOTES ARE BEING DELIVERED PURSUANT TO A
NOTICE OF GUARANTEED DELIVERY PREVIOUSLY DELIVERED TO THE EXCHANGE AGENT AND
COMPLETE THE FOLLOWING:
Name(s) of Holder(s) of Existing Notes: ____________________________________
Window Ticket No. (if any): ________________________________________________
Date of Execution of Notice of Guaranteed Delivery: ________________________
Name of Eligible Institution that Guaranteed Delivery: _____________________
Euroclear or Clearstream Banking Book-Entry Account No.: ___________________
If Delivered by Book-Entry Transfer: _______________________________________
Name of Tendering Institution: _________________________________________
Transaction Code No.: __________________________________________________
/ / CHECK HERE IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE 10 ADDITIONAL
COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY AMENDMENTS OR SUPPLEMENTS
THERETO.
Name: ______________________________________________________________________
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Address: ___________________________________________________________________
___________________________________________________________________
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PLEASE READ THE ACCOMPANYING INSTRUCTIONS CAREFULLY
Ladies and Gentlemen:
Subject to the terms of the Exchange Offer, the undersigned hereby tenders
to the Company the principal amount of Existing Notes indicated above. Subject
to and effective upon the acceptance for exchange of the principal amount of
Existing Notes tendered in accordance with this Letter of Transmittal, the
undersigned sells, assigns and transfers to, or upon the order of, the Company
all right, title and interest in and to the Existing Notes tendered hereby. The
undersigned hereby irrevocably constitutes and appoints the Exchange Agent its
agent and attorney-in-fact (with full knowledge that the Exchange Agent also
acts as the agent of the Company and as Trustee under the Indenture for the
Existing Notes and the New Notes) with respect to the tendered Existing Notes
with full power of substitution, to (i) deliver certificates for such Existing
Notes to the Company, or transfer ownership of such Existing Notes on the
account books maintained by Euroclear or Clearstream Banking, together, in
either such case, with all accompanying evidences of transfer and authenticity
to, or upon the order of, the Company and (ii) present such Existing Notes for
transfer on the books of the Company and receive all benefits and otherwise
exercise all rights of beneficial ownership of such Existing Notes, all in
accordance with the terms of the Exchange Offer. The power of attorney granted
in this paragraph shall be deemed irrevocable and coupled with an interest.
The undersigned hereby represents and warrants that he or she has full power
and authority to tender, sell, assign and transfer the Existing Notes tendered
hereby and that the Company will acquire good and unencumbered title thereto,
free and clear of all liens, restrictions, charges and encumbrances and not
subject to any adverse claim, when the same are acquired by the Company. The
undersigned also acknowledges that this Exchange Offer is being made in reliance
upon an interpretation by the staff of the Securities and Exchange Commission
that the New Notes issued in exchange for the Existing Notes pursuant to the
Exchange Offer may he offered for sale, resold and otherwise transferred by
holders thereof (other than any such holder that is an "affiliate" of the
Company within the meaning of Rule 405 under the Securities Act) without
compliance with the registration and prospectus delivery provisions of the
Securities Act, provided that such New Notes are acquired in the ordinary course
of such holder's business and such holders have no arrangement with any person
to participate in the distribution of such New Notes. If the undersigned is not
a broker-dealer, the undersigned represents that it is not engaged in, and does
not intend to engage in, a distribution of the New Notes. If the undersigned is
a broker-dealer that will receive New Notes from its own account in exchange for
Existing Notes, the undersigned represents that such Existing Notes were
acquired as a result of market-making activities or other trading activities and
acknowledges that it will deliver a prospectus meeting the requirements of the
Securities Act in connection with any resale of such New Notes; however, by so
acknowledging and by delivering a prospectus, the undersigned will not be deemed
to admit that it is an "underwriter" within the meaning of the Securities Act.
The undersigned Holder represents that (i) the New Notes acquired pursuant
to the Exchange Offer are being obtained in the ordinary course of business of
the person receiving such New Notes, whether or not such person is such Holder,
(ii) neither the Holder of Existing Notes nor any other person has an
arrangement or understanding with any person to participate in the distribution
of such New Notes, (iii) if the Holder is not a broker-dealer, or is a
broker-dealer but will not receive New Notes for its own account in exchange for
Existing Notes, neither the Holder nor any such other person is engaged in or
intends to participate in the distribution of such New Notes, and (iv) neither
the Holder nor any such other person is an "affiliate" of the Company within the
meaning of Rule 405 of the Securities Act or, if such Holder is an affiliate,
that such Holder will comply with the registration and prospectus delivery
requirements of the Securities Act to the extent applicable.
The undersigned will, upon request, execute and deliver any additional
documents deemed by the Exchange Agent or the Company to be necessary or
desirable to complete the assignment and transfer of the Existing Notes tendered
hereby.
For purposes of the Exchange Offer, the Company shall be deemed to have
accepted validly tendered Existing Notes when, as and if the Company has given
oral or written notice thereof to the
<Page>
Exchange Agent and complied with the applicable provisions of the applicable
Registration Rights Agreements either dated April 10, 2001 by and among the
Company, Deutsche Bank AG London and UBS AG, or dated July 20, 2001 between the
Company and Deutsche Bank AG London. If any tendered Existing Notes are not
accepted for exchange pursuant to the Exchange Offer for any reason or if
Existing Notes are submitted for a greater principal amount that the holder
desires to exchange, such unaccepted or nonexchanged Existing Notes will be
returned without expense to the tendering Holder thereof (or, in the case of
Existing Notes tendered by book-entry transfer into the Exchange Agent's account
at the Book-Entry Transfer Facility pursuant to the book-entry transfer
procedures described in the Prospectus under "Book-Entry, Delivery and
Form--Transfers," such non-exchanged notes will be credited to an account
maintained with such Book-Entry Transfer Facility) as promptly as practicable
after the expiration or termination of the Exchange Offer.
All authority conferred or agreed to be conferred by this Letter of
Transmittal shall survive the death, incapacity or dissolution of the
undersigned and every obligation under this Letter of Transmittal shall be
binding upon the undersigned's heirs, personal representatives, successors and
assigns.
Tenders of Existing Notes pursuant to the procedures described under the
caption "Exchange Offer and Registration Rights--Procedures for Tendering
Existing Notes" in the Prospectus and in the instructions hereto will constitute
a binding agreement between the undersigned and the Company upon the terms and
subject to the conditions of the Exchange Offer.
Unless otherwise indicated under "Special Issuance Instructions," please
issue the certificate representing the New Notes issued in exchange for the
Existing Notes accepted for exchange and return any Existing Notes not tendered
or not exchanged, in the name(s) of the undersigned (or in either such event in
the case of Existing Notes tendered by Euroclear or Clearstream Banking, by
credit to the account at Euroclear or Clearstream Banking). Similarly, unless
otherwise indicated under "Special Delivery Instructions," please send the
certificates representing the New Notes issued in exchange for the Existing
Notes accepted for exchange and any certificates for Existing Notes not tendered
or not exchanged (and accompanying documents, as appropriate) to the undersigned
at the address shown below the undersigned's signatures, unless, in either
event, tender is being made through Euroclear or Clearstream Banking. In the
event that both "Special Issuance Instructions" and "Special Delivery
Instructions" are completed, please issue the certificates representing the New
Notes issued in exchange for the Existing Notes accepted for exchange and return
any Existing Notes not tendered or not exchanged in the name(s) of, and send
said certificates to, the person(s) so indicated. The undersigned recognizes
that the Company has no obligation pursuant to the "Special Issuance
Instructions" and "Special Delivery Instructions" to transfer any Existing Notes
from the name of the registered holder(s) thereof if the Company does not accept
for exchange any of the Existing Notes so tendered.
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PLEASE SIGN HERE
(TO BE COMPLETED BY ALL TENDERING HOLDERS OF EXISTING NOTES REGARDLESS
OF WHETHER EXISTING NOTES ARE BEING PHYSICALLY DELIVERED HEREWITH)
This Letter of Transmittal must be signed by the Holder(s) of Existing
Notes exactly as their name(s) appear(s) on certificate(s) for Existing
Notes or, if tendered by a participant in Euroclear or Clearstream Banking,
exactly as such participant's name appears on a security position listing as
the owner of Existing Notes, or by person(s) authorized to become registered
Holder(s) by endorsements and documents transmitted with this Letter of
Transmittal. If signature is by a trustee, executor, administrator,
guardian, attorney-in-fact, officer or other person acting in a fiduciary or
representative capacity, such person must set forth his or her full title
below under Capacity and submit evidence satisfactory to the Company of such
persons's authority to so act. See Instruction 3 herein.
If the signature appearing below is not of the registered Holder(s) of
the Existing Notes, then the registered Holder(s) must sign a valid proxy.
____________________________________________________________________________
____________________________________________________________________________
SIGNATURE(S) OF HOLDER(S) OR AUTHORIZED SIGNATORY
Date ____________________, 2001
Address ____________________________________________________________________
(INCLUDE ZIP CODE)
Area Code and Telephone No.: _______________________________________________
Name(s): ___________________________________________________________________
(PLEASE PRINT)
Capacity(ies): _____________________________________________________________
Social Security No(s).: ____________________________________________________
PLEASE COMPLETE SUBSTITUTE FORM W-9 HEREIN
SIGNATURE GUARANTEE, IF REQUIRED (SEE INSTRUCTION 3 HEREIN)
CERTAIN SIGNATURES MUST BE GUARANTEED BY AN ELIGIBLE INSTITUTION
____________________________________________________________________________
(NAME OF ELIGIBLE INSTITUTION GUARANTEEING SIGNATURE)
__________________________________________________________________________
(ADDRESS (INCLUDING ZIP CODE) AND TELEPHONE NUMBER (INCLUDING AREA CODE)
OF FIRM)
__________________________________________________________________________
(AUTHORIZED SIGNATURE)
__________________________________________________________________________
(PRINTED NAME)
__________________________________________________________________________
(TITLE)
Dated: _______________________, 2001
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SPECIAL ISSUANCE INSTRUCTIONS
(SEE INSTRUCTION 4 HEREIN)
To be completed ONLY if certificates for Existing Notes in a principal
amount not tendered are to be issued in the name of, or the New Notes issued
pursuant to the Exchange Offer are to be issued to the order of, someone
other than the person or persons whose signature(s) appear(s) within this
Letter of Transmittal or issued to an address different from that shown in
the box entitled Description of Existing Notes within this Letter of
Transmittal, or if Existing Notes tendered by book-entry transfer that are
not accepted for purchase are to be credited to an account maintained at
Euroclear or Clearstream Banking other than the account at Euroclear or
Clearstream Banking indicated above.
Name _______________________________________________________________________
(PLEASE PRINT)
Address ____________________________________________________________________
(PLEASE PRINT)
__________________________________________________________________________
ZIP CODE
__________________________________________________________________________
TAXPAYER IDENTIFICATION OR SOCIAL SECURITY NUMBER (SEE SUBSTITUTE FORM W-9
HEREIN)
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SPECIAL DELIVERY INSTRUCTIONS
(SEE INSTRUCTION 4 HEREIN)
To be completed ONLY if certificates for Existing Notes in a principal
amount are not tendered or not accepted for purchase or the New Notes issued
pursuant to the Exchange Offer are to be sent to someone other than the
person or persons whose signature(s) appear(s) within this Letter of
Transmittal or to an address different from that shown in the box entitled
Description of Existing Notes within this Letter of Transmittal or to be
credited to an account maintained at Euroclear or Clearstream Banking other
than the account at Euroclear or Clearstream Banking indicated above.
Name _______________________________________________________________________
(PLEASE PRINT)
Address ____________________________________________________________________
(PLEASE PRINT)
__________________________________________________________________________
__________________________________________________________________________
ZIP CODE
__________________________________________________________________________
TAXPAYER IDENTIFICATION OR SOCIAL SECURITY NUMBER (SEE SUBSTITUTE FORM W-9
HEREIN)
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INSTRUCTIONS
FORMING PART OF THE TERMS AND CONDITIONS
OF THE EXCHANGE OFFER
1. DELIVERY OF THIS LETTER OF TRANSMITTAL AND EXISTING NOTES. The
certificates for all physically delivered Existing Notes, (or a confirmation of
a book-entry into the Exchange Agent's account at Euroclear or Clearstream
Banking of all Existing Notes delivered electronically) as well as a properly
completed and duly executed copy of this Letter of Transmittal or facsimile
hereof and any other documents required by this Letter of Transmittal must be
received by the Exchange Agent at its address set forth herein prior to
5:00 P.M., London time, on the Expiration Date. The method of delivery of the
tendered Existing Notes, this Letter of Transmittal and all other required
documents to the Exchange Agent are at the election and risk of the Holder and,
except as otherwise provided below, the delivery will be deemed made only when
actually received by the Exchange Agent. Instead of delivery by mail, it is
recommended that the Holder use an overnight or hand delivery service. In all
cases, sufficient time should be allowed to assure timely delivery. No Letter of
Transmittal or Existing Notes should be sent to the Company.
Holders who wish to tender their Existing Notes and (i) whose Existing Notes
are not immediately available or (ii) who cannot deliver their Existing Notes,
this Letter of Transmittal or any other documents required hereby to the
Exchange Agent prior to the Expiration Date, or who cannot complete the
procedure for book-entry transfer on a timely basis must tender their Existing
Notes and follow the procedures for tendering Existing Notes set forth in the
Prospectus. Pursuant to such procedures: (i) such tender must be made by or
through an Eligible Institution (as defined below); (ii) prior to the Expiration
Date, the Exchange Agent must have received from the Eligible Institution a
properly completed and duly executed Notice of Guaranteed Delivery (by facsimile
transmission, mail or hand delivery) setting forth the name and address of the
Holder of the Existing Notes, the certificate number or numbers of such Existing
Notes and the principal amount of Existing Notes tendered, stating that the
tender is being made thereby and guaranteeing that within three New York Stock
Exchange trading days after the Expiration Date, this Letter of Transmittal (or
copy thereof) together with the certificate(s) representing the Existing Notes
(or a confirmation of electronic mail delivery of book-entry delivery into the
Exchange Agent's account at Euroclear or Clearstream Banking) and any of the
required documents will be deposited by the Eligible Institution with the
Exchange Agent; and (iii) such properly completed and executed Letter of
Transmittal (or copy thereof), as well as all other documents required by this
Letter of Transmittal and the certificate(s) representing all tendered Existing
Notes in proper form for transfer (or a confirmation of electronic mail delivery
of book-entry delivery into the Exchange Agent's account at Euroclear or
Clearstream Banking), must be received by the Exchange Agent within three New
York Stock Exchange trading days after the Expiration Date, all as provided in
the Prospectus under the caption "Exchange Offer and Registration Rights--
Guaranteed Delivery Procedures." Any Holder of Existing Notes who wishes to
tender his Existing Notes pursuant to the procedures described above must ensure
that the Exchange Agent receives the Notice of Guaranteed Delivery prior to
5:00 P.M., London time, on the Expiration Date.
All questions as to the validity, form, eligibility (including time of
receipt), acceptance and withdrawal of tendered Existing Notes will be
determined by the Company in its sole discretion, which determination will be
final and binding. The Company reserves the absolute right to reject any and all
Existing Notes not properly tendered or any Existing Notes the Company's
acceptance of which would, in the opinion of counsel for the Company, be
unlawful. The Company also reserves the absolute right to waive any defects,
irregularities or conditions of tender as to particular Existing Notes. The
Company's interpretation of the terms and conditions of the Exchange Offer
(including the instructions in this Letter of Transmittal) will be final and
binding on all parties. Unless waived, any defects or irregularities in
connection with tenders of Existing Notes must be cured within such time as the
Company shall determine. Although the Company intends to notify Holders of
defects or irregularities with respect to tenders of Existing Notes, neither the
Company, the Exchange Agent nor any other person shall be under any duty to give
notification of defects or irregularities with respect to tenders of
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Existing Notes, nor shall any of them incur any liability for failure to give
such notification. Tenders of Existing Notes will not be deemed to have been
made until such defects or irregularities have been cured or waived. Any
Existing Notes received by the Exchange Agent that are not properly tendered and
as to which the defects or irregularities have not been cured or waived will be
returned without cost by the Exchange Agent to the tendering Holders of the
Existing Notes, unless otherwise provided in this Letter of Transmittal, as soon
as practical following the Expiration Date.
2. PARTIAL TENDERS. Tenders of Existing Notes will be accepted only in
authorized denominations of E1,000. If less than the entire principal amount of
any Existing Notes is tendered, the tendering Holder should fill in the
principal amount tendered in the third column of the chart entitled "Description
of Existing Notes." The entire principal amount of Existing Notes delivered to
the Exchange Agent will be deemed to have been tendered unless otherwise
indicated. If the entire principal amount of all Existing Notes is not tendered,
Existing Notes for the principal amount of Existing Notes delivered to the
Exchange Agent will be deemed to have been tendered unless otherwise indicated.
If the entire principal amount of all Existing Notes is not tendered, Existing
Notes for the principal amount of Existing Notes not tendered and a certificate
or certificates representing New Notes issued in exchange of any Existing Notes
accepted will be sent to the Holder at his or her registered address, unless a
different address is provided in the appropriate box on this Letter of
Transmittal or unless tender is made through Euroclear or Clearstream Banking,
promptly after the Existing Notes are accepted for exchange.
3. SIGNATURES OF THE LETTER OF TRANSMITTAL; BOND POWERS AND ENDORSEMENTS;
GUARANTEE OF SIGNATURES. If this Letter of Transmittal (or copy hereof) is
signed by the registered Holder(s) of the Existing Notes tendered hereby, the
signature must correspond with the name(s) as written on the face of the
Existing Notes without alteration, enlargement or any change whatsoever.
If this Letter of Transmittal (or copy hereof) is signed by the registered
Holder(s) of Existing Notes tendered and the certificate (s) for New Notes
issued in exchange therefor is to be issued (or any untendered principal amount
of Existing Notes is to be reissued) to the registered Holder, such holder need
not and should not endorse any tendered Existing Note, nor provide a separate
bond power. In any other case, such holder must either properly endorse the
Existing Notes tendered or transmit a properly completed separate bond power
with this Letter of Transmittal, with the signatures on the endorsement or bond
power guaranteed by the Eligible Institution.
If this Letter of Transmittal (or copy hereof) is signed by a person other
than the registered Holder (s) of Existing Notes listed therein, such Existing
Notes must be endorsed or accompanied by properly completed bond powers which
authorize such person to tender the Existing Notes on behalf of the registered
Holder, in either case signed as the name of the registered Holder or Holders
appears on the Existing Notes.
If this Letter of Transmittal (or copy hereof) or any Existing Notes or bond
powers are signed by trustees, executors, administrators, guardians,
attorneys-in-fact, or officers of corporations or others acting in a fiduciary
or representative capacity, such persons should so indicate when signing, and
unless waived by the Company, evidence satisfactory to the Company of their
authority to so act must be submitted with this Letter of Transmittal.
Endorsements on Existing Notes or signatures on bond powers required by this
Instruction 3 must be guaranteed by an Eligible Institution.
Signatures on this Letter of Transmittal (or copy hereof) or a notice of
withdrawal, as the case may be, must be guaranteed by a member firm of a
registered national securities exchange or of the National Association of
Securities Dealers, Inc., a commercial bank or trust company having an office or
correspondent in the United States or an "eligible guarantor institution" within
the meaning of Rule 17Ad-15 under the Exchange Act (an "Eligible Institution")
unless the Existing Notes tendered pursuant thereto are tendered (i) by a
registered Holder (including any participant in Euroclear or Clearstream Banking
whose name appears on a security position listing as the owner of Existing
Notes), who has not completed the box set forth herein entitled "Special
Issuance Instructions" or
<Page>
"Special Delivery Instructions" of this Letter of Transmittal or (ii) for the
account of an Eligible Institution.
4. SPECIAL ISSUANCE AND DELIVERY INSTRUCTIONS. Tendering Holders should
indicate, in the applicable spaces, the name and address to which New Notes or
substitute Existing Notes for principal amounts not tendered or not accepted for
exchange are to be issued or sent, if different from the name and address of the
person signing this Letter of Transmittal (or in the case of tender of the
Existing Notes through Euroclear or Clearstream Banking, if different from the
account maintained at Euroclear or Clearstream Banking indicated above). In the
case of issuance in a different name, the taxpayer identification or social
security number of the person named must also be indicated.
5. TRANSFER TAXES. The Company will pay all transfer taxes, if any,
applicable to the exchange of Existing Notes pursuant to the Exchange Offer. If,
however, certificates representing New Notes or Existing Notes for principal
amounts not tendered or accepted for exchange are to be delivered to, or are to
be registered or issued in the name of, any person other than the registered
Holder of the Existing Notes tendered hereby, or if tendered Existing Notes are
registered in the name of any person other than the person signing this Letter
of Transmittal, or if a transfer tax is imposed for any reason other than the
exchange of Existing Notes pursuant to the Exchange Offer, then the amount of
any such transfer taxes (whether imposed on the registered Holder or any other
person) will be payable by the tendering Holder. If satisfactory evidence of
payment of such taxes or exemption therefrom is not submitted with this Letter
of Transmittal, the amount of such transfer taxes will be billed directly to
such tendering Holder.
Except as provided in this Instruction 5, it will not be necessary for
transfer tax stamps to be affixed to the Existing Notes listed in this Letter of
Transmittal.
6. WAIVER OF CONDITIONS. The Company reserves the absolute right to amend,
waive or modify specified conditions in the Exchange Offer in the case of any
Existing Notes tendered.
7. MUTILATED, LOST, STOLEN OR DESTROYED EXISTING NOTES. Any tendering
Holder whose Existing Notes have been mutilated, lost, stolen or destroyed
should contact the Exchange Agent at the address indicated herein for further
instruction.
8. REQUESTS FOR ASSISTANCE OR ADDITIONAL COPIES. Questions and requests
for assistance and requests for additional copies of the Prospectus or this
Letter of Transmittal may be directed to the Exchange Agent at the address
specified in the Prospectus. Holders may also contact their broker, dealer,
commercial bank, trust company or other nominee for assistance concerning the
Exchange Offer.
9. IRREGULARITIES. All questions as to the validity, form, eligibility
(including time of receipt), and acceptance of Letters of Transmittal or
Existing Notes will be resolved by the Company, whose determination will be
final and binding. The Company reserves the absolute right to reject any or all
Letters of Transmittal or tenders that are not in proper form or the acceptance
of which would, in the opinion of the Company's counsel, be unlawful. The
Company also reserves the absolute right to waive any irregularities or
conditions of tender as to the particular Existing Notes covered by any Letter
of Transmittal or tendered pursuant to such Letter of Transmittal. None of the
Company, the Exchange Agent or any other person will be under any duty to give
notification of any defects or irregularities in tenders or incur any liability
for failure to give any such notification. The Company's interpretation of the
terms and conditions of the Exchange Offer shall be final and binding.
10. DEFINITIONS. Capitalized terms used in this Letter of Transmittal and
not otherwise defined have the meanings given in the Prospectus.
<Page>
IMPORTANT TAX INFORMATION
The Holder is required to give the Exchange Agent the social security number
or employer identification number of the Holder of the Notes. If the Notes are
in more than one name or are not in the name of the actual owner, consult the
enclosed Guidelines for Certification of Taxpayer Identification Number on
Substitute Form W-9 for additional guidance on which number to report.
TO BE COMPLETED BY ALL TENDERING HOLDERS
PAYOR'S NAME: PREEM HOLDINGS AB
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SUBSTITUTE Part I: PLEASE PROVIDE YOUR Social Security Number(s)
FORM W-9 TIN IN THE BOX AT RIGHT AND OR ------------------------
Department of the Treasury CERTIFY BY SIGNING AND DATING Employer Identification Number
Internal Revenue Service BELOW
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Part 2--Check the box if you are not subject to back-up
Payer's Request for Taxpayer withholding under the provisions of Section 3406(a)(1)(C) of the
Identification Number ("TIN") Internal Revenue Code because (1) you have not been notified that
you are subject to back-up withholding as a result of failure to
report all interest or dividends, (2) the Internal Revenue Service
has notified you that you are no longer subject to back-up
withholding or (3) you are exempt. / /
------------------------------------------------------------------
Part 3--Check if Awaiting TIN / /
- ---------------------------------------------------------------------------------------------------------------
CERTIFICATION--UNDER PENALTIES OF PERJURY, I CERTIFY THAT THE INFORMATION PROVIDED ON THIS FORM IS TRUE,
CORRECT AND COMPLETE.
Signature Date
Name (Please Print)
- ---------------------------------------------------------------------------------------------------------------
</Table>
NOTE: FAILURE TO COMPLETE AND RETURN THIS FORM MAY RESULT IN BACKUP WITHHOLDING
OF 31 PERCENT ON ANY PAYMENTS MADE TO YOU UNDER THE NOTES. PLEASE REVIEW
THE ENCLOSED GUIDELINES FOR CERTIFICATION OF TAXPAYER IDENTIFICATION
NUMBER ON SUBSTITUTE FORM W-9 FOR ADDITIONAL DETAILS.
IMPORTANT: THIS LETTER OF TRANSMITTAL OR A FACSIMILE THEREOF (TOGETHER WITH
CERTIFICATES FOR EXISTING NOTES AND ALL OTHER REQUIRED DOCUMENTS)
ORAL NOTICE OF GUARANTEED DELIVERY MUST BE RECEIVED BY THE EXCHANGE
AGENT ON OR PRIOR TO 5:00 P.M., LONDON TIME, ON THE EXPIRATION DATE.
<Page>
(DO NOT WRITE IN SPACE BELOW)
<Table>
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Certificate Surrendered Existing Notes Tendered Existing Notes Accepted
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Deliver Prepared by: Checked by: Date
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</Table>
<Page>
THE EXCHANGE AGENT FOR THE EXCHANGE OFFER IS:
DEUTSCHE BANK AG LONDON
<Table>
IN LUXEMBOURG: IN THE UNITED KINGDOM:
DEUTSCHE BANK DEUTSCHE BANK AG LONDON
LUXEMBOURG S.A. WINCHESTER HOUSE
2 BOULEVARD KONRAD 1 GREAT WINCHESTER
ADENAUER STREET
L-1115 LUXEMBOURG LONDON EC2N 2DB
ATTN: PETER DICKINSON ATTN: MARK TWINE
TEL: +35 2 421 22641 TELEPHONE: +44 (207)
FAX: +35 2 46 5802 547 7406
FACSIMILE: +44 (207)
547 0012
</Table>
FOR ANY QUESTIONS REGARDING THIS LETTER OF TRANSMITTAL OR FOR ANY
ADDITIONAL INFORMATION, YOU MAY CONTACT THE EXCHANGE AGENT BY TELEPHONE
OR BY FACSIMILE AT THE ABOVE NUMBERS.