Kapitalmarknadsdag 2008

Kapitalmarknadsdag 2008 1

Program 13.00-14.00 Bokslut 2007, strategi och omvärld Arne Karlsson, Ratos 14.10-15.25 Ratos i Norge Stig Karlsson, Ratos HÅG/RH/RBM Lars I. Røiri, VD Thomas Hofvenstam, Ratos 15.50-17.05 Ratos i Danmark Leif Johansson, Ratos Superfos Hans Pettersson, VD Thomas Mossberg, Ratos 17.05-17.50 EuroMaint Pether Wallin, VD Henrik Joelsson, Ratos 18.15-19.00 Hur värderar man ett PE-företag? Arne Karlsson, Ratos 14.00-14.10 15.25-15.50 17.50-18.15 ca 19.10 ca 19.45 Bensträckare Kaffe och förfriskningar Förfriskningar Drink Middag 2

Bokslut 2007, omvärld och strategi VD Arne Karlsson 6 mars 2008 3

2007 bästa året någonsin Stark resultatutveckling Utdelningsförslag 9 kronor per aktie (5,50+5,50) Makro: dramatik på hög nivå Inga direkta effekter av finansmarknadsturbulensen Spännande deal-flow Goda utsikter för fortsatt förbättrade resultat 4

Fortsatt stark utveckling i innehaven Resultatutveckling, innehav 2007 (%) Totalt Ratos andel Omsättning +16 +17 EBITA +22 +15 EBT +23 +14 5

Stark resultatutveckling (1) Resultatutveckling, innehav, Q4 (%) Totalt Ratos andel Omsättning +15 +17 EBITA +20 +13 EBT +19 +10 6

Stark resultatutveckling (2) Utveckling senaste tertialet - god oktober - extremt stark november - mycket svag december - god januari (preliminärt) December? - färre faktureringsdagar - åtgärdskostnader - mycket stark december 2006 7

Bästa året någonsin Resultat före skatt Mkr 1999 1 859 2000 2 104 2001 2 191 2002 956 2003 1 114 2004 2 325 2005 2 601 2006 3 234 2007 3 462 8

Stämmoförslag Ordinarie utdelning 9 kronor per aktie - f.å. 5,50 ordinarie + 5,50 extra Motiv/avvägning - högre uthållig vinstnivå - stark långsiktig kassaflödesutveckling - fortsatt offensiv utdelningspolitik - spännande deal-flow 9

Spännande deal-flow 2007: 201 projekt, 5 investeringar, 33 tilläggsförvärv Fortsatt hög aktivitet God kvalitet Enstaka möjligheter som konsekvens av krisen Begränsade värderingseffekter Norden! 10

Exitmarknaden? Fortfarande möjligt sälja företag! trade-sale börsnotering Sedvanligt trade-off Dock: ingen stor eller akut fråga för Ratos! exits kvitto på lyckad bolagsutvecklingsprocess Ratos juridiska form en styrka inga problem övervintra skapa värden genom förvärv, utveckling av befintliga bolag (och omfinansieringar) behöver inte sälja för att fonden skall stängas 2007 två exits sju delexits 11

Hög avkastning Genomsnittlig årlig avkastning (IRR) 1999 2007 Total portfölj 21% (20) Kärnverksamhet 28% (27) Exitportfölj 28% (28) 12

IRR = 28% - hur då? 114% 100% 75% Kassaflöden + kapitaleffektivitet Multipelarbitrage Marginalförbättring Omsättningstillväxt Industriell utveckling +75% Finansiella effekter +39% Multipelarbitrage -14% 13

Positiv totalavkastning (igen) (%) 1999-2007 2007 2008 Ratos +991 +14 +10 SIX RI +128-3 -10 14

Nyckeltal P/E-tal 11 Kurs/eget kapital (%) 250 Direktavkastning (%) 4,8 3 mars 2008 15

Innehav 21 innehav ~ 44 miljarder kr i omsättning 2007 ~ 5,6 miljarder kr i EBITA 2007 ~ 27 000 anställda Contex Haendig AH Industries Inwido EuroMaint MCC Anticimex Hägglunds Drives Bisnode Arcus HÅG/RH/RBM HL Display Camfil DIAB Medifiq Healthcare Jøtul Lindab Superfos Haglöfs GS-Hydro Övriga innehav 16

Var är vi nu? (1) 2002: HSF 2003: HSF+ 2004: KCKU 2005: UPHN 2006: MMCD 2007: FLFU 17

2002 2003 2004 2005 2006 2007 18

2007 och framåt? MMCD planar ut under 2006/07 USA före resten av världen i cykeln Arbetshypotes: bättre igen Nästa?: 2010 19

2002 2003 2004 2005 2006 2007 2008 2009 2010 20

Påverkan, turbulensen Ökade risker Dämpad tillväxt Punkterade bubblor Cykliska inflationsrisker elimineras Förlänger avmattningen 21

Utsikter 2008 (1) Långsammare tillväxt, kreditmarknadsåtstramning och minskad inflationsoro leder till lättare penningpolitik USA och England markanta sänkningar Europa successivt lättare Japansk ränta fortsatt nära noll 22

Utsikter 2008 (2) Supercykeln vid brytpunkt Mer konservativa lånemarknader Myndigheterna kommer åter att pumpa upp systemet Så småningom nya finansiella excesser 23

Utsikter 2008 (3) Ingen recession USA längre tid med tillväxt under trend Avmattning i Europa och Japan Emerging markets: delvis decoupling men globala tillväxten försvagas Ingen inflation Punkterad husbubbla Kreditmarknadsproblem Svagare global tillväxt Cykliskt inflationstryck avtar 24

Utsikter 2008 (4) Börser Volatilt men upp Likviditetsdriven uppgång Rimliga värderingar Lägre ränta = högre multiplar Räntor Trading range Dollar Små risker för kris Utbottning mot större valutor Försvagning mot emerging currencies 25

Utsikter 2008 (5) Råvaror Fortsatt bull market Gäller speciellt energi 26

Risker För restriktiva centralbanker Deflation Inflation/stagflation Finans-/kreditmarknaden USA: konsumenter/recession Kraftig avmattning, emerging markets 27

Var är vi nu? (2) 2002: HSF 2003: HSF+ 2004: KCKU 2005: UPHN 2006: MMCD 2007: FLFU 2008: ST 28

Lånemarknaden (1) Facilitet Multipel (Net debt /EBITDA ) Juni 2007 December 2007 Marginal % Multipel (Net debt /EBITDA ) Marginal % A 3-4x 2,25 1,2-1,5x 2,50 B 4-5x 2,75 1,2-3,0x 3,00 C 5-6x 3,25 3,0-4,5x 3,50 Second lien 6-7x 4,50 Mezzanine etc 6-11x 9,00-12,00 (+) 3,0-6,0x 9,50 29

Lånemarknaden (2) Ingen påverkan Bisnodes IPO Nyligen genomförda omfinansieringar! 30

PE-marknaden Stabilitet, Norden Stabilitet, nordiska aktörer Språng-möjlighet? Finansiellt orienterade affärsmodeller utmanade Större skillnad i performance 31

Strategi (1) Affärsidé Ratos är ett börsnoterat private equity-bolag. Ratos affärsidé är att över tiden skapa högsta möjliga avkastning genom ett professionellt, aktivt och ansvarsfullt utövande av ägarrollen i ett antal utvalda bolag och investeringssituationer, där Ratos skapar en unik investeringsmöjlighet för aktiemarknadens aktörer. Mervärden skapas i samband med förvärv, utveckling och försäljning av företag. 32

Strategi (2) Mål Avkastningen på varje enskild investering (IRR) skall överstiga 20% Totalavkastning bättre än genomsnittet på Stockholmsbörsen Offensiv utdelningspolitik Ratos information skall vara öppen, korrekt, snabb samt av högsta kvalitet 33

Strategi (3) Investeringsstrategi Ägarandel lägst 20% Investeringsintervall (eget kapital) 150-5 000 Mkr 20-30 innehav, företrädesvis onoterade bolag Branschgeneralist Nordiska förvärv globala exits Aktiv exitstrategi Egengenererat affärsflöde 34

Strategi (4) Organisation i stark och snabb utveckling Aktiva ägarutövandet Transaktioner Växande verksamhet Kräver utökade resurser Människor enda (egentliga) produktionsfaktorn 35

Strategi (5) Organisation, 39 anställda Investeringsorganisation (22) - VD, vvd - 2 Investment Directors - 7 Senior Investment Managers - 11 Investment Managers Affärsstöd (17) - 4 Ekonomi/Finans - 2 Information/IR - 11 Administration 36

Strategi (6) Norden Stor andel investeringar och tilläggsd:o Norge god position Danmark full fart Finland fullt etablerat 2008 Viktigt strategiskt fokus vidareutveckla 37

38

Ratos in Norway Stig Karlsson 6 mars 2008 1

Ratos holdings in Norway Jøtul HÅG/RH/RBM Bluegarden Bluegarden Bluegarden Jøtul Dynal Biotech Arcus Arcus Arcus GS Hydro GS Hydro GS Hydro GS Hydro Jan 1, 2005 Jan 1, 2006 Jan 1, 2007 Jan 1, 2008 2

Ratos second largest market 20 of 21 companies with sales in Norway Sales ~ Billion 4,6 SEK in Norway 2 006 employees in Norway Top 5 - #1 Arcus 815M - #2 Inwido 647M - #3 GS Hydro 590M - #4 Lindab 559M - #5 Bisnode 497M Note: Sales 2006 3

PE business in Norway High liquidity Lack of active industrial owners Risk takers Fast transactions 4

Norwegian board members in Ratos Arcus Kaare Frydenberg Trond Fidje Gro Myking Henning Øglænd GSH Rolf Ahlqvist Eli K. Vassenden EuroMaint Ole Kjörrefjord HÅG/RH/RBM Olav Kjell Holtan Anne Breiby Jøtul Olav Kjell Holtan Hägglunds Drives Arnfinn Ruud 5

Ratos representatives and network Country representative in Norway - Henning Øglænd Ratos network of 40 persons - Industry experts/board members 24 - Investors 8 - Advisors 8 6

M&A activities in Norway 2007 NOK bn 400 300 200 100 300 250 200 150 100 50 Target Buyer Bn NOK Sep SPP Livforsakring Storerand 15,2 April North American Oil Sands Corp StatoilHydro 11,7 May Kemira Grow How Yara 7,1 0 2003 2004 2005 2006 2007 Volume Transport 1% Agriculture 1% Services 3% # of transactions Volume per sector Consumer 8% IT & telecom 10% Industry 18% 0 Statoil/Hydro transaction Energy 45% Financial 14% Feb Tandberg Television (88%) Ericsson 6,8 Nov GET GS Capital 6,8 Jul Wavefield Inseis TGS-NOPEC Geophysical May Kerling INEOS Capital 5,5 May Expert A Wilhelmsen Capital Jun Aibel ltd Ferd Private Equity 5,3 Aug Steen & Strom ASA (44%) 6,3 5,5 Canica A/S 4,8 Source: Danske Markets & Merger Markets 7

PE transactions 2007 NOK bn Volume Target Buyer Bn NOK Jan Micro Matic Norge Ferd Private Equity nd 100 60 Mars Jakob Hatteland Display (90%) Ferd Private Equity nd 80 50 April European Furniture Group Ferd Private Equity nd 60 40 40 30 20 April Sørco AS (49%) HitecVision Private Equity May HÅG Ratos nd Jun Aibel ltd Ferd Private Equity 5,3 0,3 20 10 Jul Flisekompaniet, Colosseumklinikken, Klinikk Stokkan, True North Capital nd 0 2003 2004 2005 2006 2007 # of transactions Volume Industri Kapital s exit from Dyno 0 Aug Nobel Clinic FSN Capital nd Sep Aker Material Handling Altor nd Nov GET AS (tidigare UPC Norge AS) GS Capital 6,8 ARC Financial s exit from North American Oil Sands Corp Source: Danske Markets & Merger Markets 8

9

HÅG/RH/RBM Group Lars I. Røiri, CEO March 6 2008

Office seating The HÅG/RH/RBM Group is engaged in development, production, marketing and sale of office seating solutions. Working chairs Meeting and visitor chairs Lounge, Canteen and conference chairs 2

Production facilities and sales subsidiaries Production Røros 231 Employees Production Fjerritslev 90 Employees Sales subsidiaries Production Nässjö 80 Employees Production facilities Total number of employees in the group: 620 3

Goal >> Vision Become the leading working chair specialist in Europe! The no. 1 preferred 4

Mission 5

Three strongly differentiated brands 6

Differentiation strategy Based on the 3 differentiated brands Based on a distinct differentiation strategy - Ergonomics - Visual Design - Environmental sustainability - High Quality Based on Scandinavian values, and further expansion into other European markets 7

The HÅG/RH/RBM Value chain C Support activities Organization U S Finance, IT and Administration T Primary activities Research & Development ( R&D ) Production & Logistics ( P&L ) Sales & Marketing ( S&M ) O M E R S 8

Profit/Loss HÅG/RH/RBM Group AS MNOK 2007 % 2006 % Total turnover 1 289 1 160 EBITDA 241 18,7 193 16,6 EBITA 190 14,7 148 12,8 2007 Organic growth 11 % Strong growth in all markets especially in the Nordic region and Germany 9

Sales split 2007 approximately 60% of sales in the Nordic region RBM RH HÅG TOTAL 243 mil. NOK 338 mil. NOK 708 mil. NOK 1.289 mil. NOK Norway 25% Sweden 18% Denmark 20% Germany 9% BeNeLux 10% UK 9% Other 5% Components 4% 10

Office seating represents 1/3 of the total office furniture market in Western Europe Product segment, office furniture market 100% = 63 Bil. SEK Seating Storage 30% 34% The total office furniture market Split pr. Market 100% = 63 Bil. SEK Finland 2% BeNeLux 2% Denmark 2% Norway 3% Austria 3% Sweden 4% Germany 22% Switzerland 5% Netherlands 5% Spain 10% France 15% Meeting tables 7% 29% Desks Italy 13% UK 14% The Nordic region, Germany, UK and The Netherlands represents 50% of the WE market 11

The office furniture market is late-cyclical What drives this market? GDP growth Rate of employment ( white collar ) Non residential construction (office buildings) The profitability development of corporations The investment levels of corporations 12

The office seating segments 4 000 MEUR Market development in value Western Europe 3 500 3 000 CAGR (%) 2005-08f 2 500 2 000 1 500 213 624 204 622 254 300 302 307 682 684 695 707 Lounge seating Meeting chairs 6,5% 1,0% 1 000 1 581 1 435 1 597 1 638 1 664 1 683 Working chairs 2,0% 500 0 2003 2004 2005 2006 2007f 2008f Source: Interconnection; Occam analysis 13

Despite the last years growth, there is still a significant potential for further growth 0,140% The office furniture market as a share of GDP 0,045% The working chair market as a share of GDP 0,120% 0,100% 0,080% USA USA-average 0,040% 0,035% 0,030% 0,025% Norway Sweden 0,060% 0,040% Europe 0,020% 0,015% 0,010% 0,020% 0,005% 0,000% 1980 1984 1988 1992 1996 2000 2004 2008f 0,000% 2000 2001 2002 2003 2004 2005 2006 2007f 2008f 14

The HÅG/RH/RBM Group has a strong position in working chairs in Scandinavia Estimated Group market shares = Canteen and conference chairs = Working chairs 20% 40% 13% 10% Strong position in Scandinavia 5-6% 13% 3% 0,5% 24% 46% 3% 34% 6 % market share in Europe in working chairs Well positioned - price, function, design and geographically 15

The European market for office furniture is fragmented. Europe is dominated by indirect distribution via dealers Influencers Suppliers Architects Physiotherapists Ergonomists Interior architects Direct distribution End users Medical advisors EU regulat. Indirect distribution Suppliers Fragmented market. Large number of local and regional players Consolidation Total suppliers goes direct Product segment suppliers distribute via dealers Dealers Fragmented and local markets Highly competitive market Consolidation Dealers are bundling all office furniture products The end user has limited direct contact with the supplier 16

Dealer distribution is dominating the European market UK Distribution of office furniture Western Europe Distribution of office furniture Direct 25% Direct 40% Indirect (dealer) 60% Indirect (dealer) 75%. 17

Higher M&A activity is expected in the coming years in Europe The US market is far more consolidated USA, Major players in the office furniture industry Western Europe, major players in the office furniture industry 55% 39% 27% Others Top 5: Knoll (8%) Herman Miller (14%) 78 % Others Haworth (14%) 45% 61% HNI Corp. (18%) Steelcase (19%) 22 % Top 5 1985 1995 2005 2005 18

Trends Industry structure Consolidation Customers Environmentally friendly and healthy products Increased common competence of visual design Influencers Architechts and designers will influence more on decision making Products People spend more time in meetings and project related work 19

Main strategic priorities 2008-2010 M&A Organic growth Scandinavia Europe Integration Synergy potential Build a strong company culture Margins Sourcing Portfolio strategy Platform development Automation Improved processes Scandinavia Selected focus markets in Europe Develop new export markets Develop new products 20

HÅG/RH/RBM Group, Summary Customer segment - Private sector 80-90% of the volume Products - Working chairs, visitor and conference chairs - Customers in the medium and premium segment - Focus on ergonomics, visual design, sustainability and quality Distribution - Selective dealer based distribution strategy - Key account management on larger end user projects - Sales subsidiaries in the main export markets Activities - High degree of automation in the assembly of the products - Non-core activities are outsourced - Limited growth in total assets, will have a positive effect on return-on-captial (ROOC) - New platform concept 21

6 mars 2008 HÅG/RH/RBM Thomas Hofvenstam

Ratos investment in HÅG/RH/RBM Self generated deal RH and RBM closings in January 2007.followed by the HÅG acquisition in May 2007 created a top 3 European working chair supplier Ratos total investment: 747 MSEK (85%) Management and Board investment: 49 MSEK Ratos team: - Leif Johansson - Thomas Hofvenstam (responsible for holding) - Henrik Lundh

Investment attractions An experienced management team An interesting market: - Working chairs complexity, entry barriers - Ergonomics & design drive differentiation - Nordic consolidation A solid strategic position: - Innovative product specialist - #1 Nordic position high share of industry profits - Profitable European niche positions - Strong brands a must have for dealers Cash flows: - High margins - Limited capital needs Interesting development opportunities

Key value creation opportunities going forward Group integration and cost synergies Growth potential: - Product innovation/market development - Related product categories - Organic European growth - Evaluate M&A opportunities Lean business model (core activities) for efficiency and flexibility Exit IPO, industrial or financial sponsor

Ratos in Denmark Leif Johansson 6 mars 2008 1

2

The Øresund bridge Opened July 1, 2000 130 million people have travelled across the bridge since then In February 2001 ~2 million cars had travelled across In February 2008 ~82 million cars 2007 was a record year for traffic across the bridge On average 68,000 people travel across the bridge per day Almost 18000 commuters per day - ~7,000 by car 3

Ratos in Denmark Three portfolio companies 19 of 21 companies with sales in Denmark Ratos third largest end customer market with a turnover of > SEK 3 billion ~ 1200 employees Ratos Denmark Top 5 1. Lindab 2. Inwido 3. Superfos 4. HÅG/RH/RBM 5. AH Industries 4

Ratos Investment Projects in Denmark Total number of projects Acquisition: RBM Acquisitions: AH Industries Contex 5

The Danish Private Equity Environment The Mega-deals (ISS, TDC) has caused political debate on PE in Denmark but Ratos investment approach has strengthened in this debate - Ratos industrial focus - Ratos balanced debt-leverage Attractive industry mix for PE - Attractive industry segments - Significant mid-cap market - Blend of ownership structures - Moderate local PE-competition 6

The PE-Competition in Denmark Danish Portfolio Companies Larger PE-funds EQT 5 ISS, Bodilsen, BTX, Cimbria, Dako Nordic Capital 4 Nycomed, Kompan, Unomedical, Falck Industrikapital 2 Kwintet, Superfos Local Danish PE-funds Axcel 12 Idemobler, Noa Noa, Ball, FM Sökjaer, TCM, NetCompany, Esko Graphics, DDD, Junckers, Vital Petfood, Royal Scandinavia, BB Electronics Polaris 6 AddPro, ColorPrint, Emotron, Fiskarhedenvillan, Hamlet Protein, Skamol LD Equity Approx. 50 Mid/low-end PE-funds Triton 1 DSV Miljö Procuritas 2 DISA, Zone Capman 2 Anhydro, SMEF Group 7

Ratos Approach in Denmark Ownership and investment projects managed from Sweden Active Advisory Board with a mission to identify and channel investment ideas to Ratos A broader network of Board Members and Professional Advisors 8

(66%) Denmark s leading actor who distributes flanges to the wind turbine industry and components to the windmarine- and offshore industries Strong growth potential within wind mill industry, +20% In 2007 pro forma sales amounted to SEK 553m and EBITA SEK 97m 9

(98%) Danish world leading developer and manufacturer of innovative 2D and 3D digital imaging solutions Leading positions within all product segments Sales in over 80 countries and total amount of employees 450 Sales 2007 amounted to SEK 831m and EBITA SEK 111m 10

11

Superfos - Part of your day 1

Introducing Superfos European market leader in injection moulded plastic packaging (IMPP) Sales offices in 13 countries, 10 factories in Europe and 1 in the United States Turnover 368 M, 1500 employees (2007) Strong local presence on selected markets Key account structure Powerful purchasing process 30 years at the forefront of packaging design and innovation 2

Superfos Locations 3

From conglomerate to specialty packaging - a journey over 9 years Injection moulded plastic packaging becomes core business Acquisition of Jotipac. Closing of factory in Holland Opening of production facility in Poland. Closing of factory in England Sourcing project started Strategic plan for 2008-2010 - Concentration - Innovation - Key account growth De-listed from stock exchange Reconstruction process begins Closing of factory in Hamburg and Denmark. Relocating of production Establishment of a Regional organization Fit for the future, 11m cost reduction Closing of factory in Vipperöd Denmark. Acquisition of factory in Sweden MIPAC Expansion of US operations 45% ownership in Tunisian company Galion, ie. expansion into North Africa 4

Superfos structure CEO Hans Pettersson R eg i o ns Nordic Søren Marcussen Central Søren Rohleder French Jean Marc Vuillot Iberia Patxi Buldain West Noel Mullen U.S. Jim Mason Finance & IT Rene Valentin P l a t f o r m s HR & Communication Karin Fiskers Sales & Marketing Søren Marcussen Technology Benny Nielsen Supply Chain Søren Lisbjerg P/L accountability 5

Mission and Objectives Superfos develops, manufacture and market Injection Molded Plastic Packaging (IMPP) for the food and non food markets Superfos focus on customer needs, cost-efficiency, a passion for products and motivated employees. Superfos shall globally be 1st or 2nd in selected product areas and market segments. Superfos aims to maintain a debt burden that gives quick access to funds in order to enable growth 6

Within rigid plastics, injection molding (IMPP) is the most versatile of five different processes Blow Thermoform Injection Compression Rotational Overview Air used to expand injection molded tube to fill mold Plastic sheet/ film stretched over mold High pressure used to force molten plastic into a mold Heat and pressure used to form plastic into shape of mold Gravity used to stretch plastic to fill hot spinning mold Advantages Cheaper machines Plastic resistant to strain and environmental cracks Lower production costs Allows for regrinding and remixing waste Can be used to make wide range of products Short cycle times (10-30 seconds) Fewer knit lines Less fiber degradation Cheaper molds (10% of cost of injection molds) Disadvantages Restricted to simpler designs Restricted to simpler designs Expensive molds Greater fixed costs and waste Long cycle time Bottles and containers Tubs and lids Wide range of sizes and detail Large, fairly detailed parts Simple, large, one piece parts Products Source: Interviews with Superfos and industry experts 7

Superfos competes in the 8.7 9B global injection molding plastic packaging market Total global packaging (2007):~360B Rigid plastic 58 60B Blow 27 28B EUR Glass: 34 35B Flexible plastic 55 56B Thermoform 18 19B EUR IMPP 8.7 9B Other ~9-15B Compression (1) ~3B Rotational (2) ~1.5B Metal 68 70B Paper-based ~120 B Superfos market segment Plastic packaging Non-plastic packaging materials 8

Financial Development MEUR 380 35 MEUR 370 373 30 360 360 25 350 340 353 344 20 330 320 329 327 15 10 310 5 300 2002 2003 2004 2005 2006 2007 0 Net Turnover EBITA 9

Europe and US account for ~30% and ~20% respectively of global IMPP market European IMPP market is 2.8 2.9B EUR... 2006 IMPP market size (BEUR) 5 4 4.2 4.3 3 2.8 2.9 2 1.7 1.8 1 0 Europe US RoW 10

Strongholds in processed food, paint and catering Segments - Share of turnover Ice-cream 10% Processed food 12% Dairy 21% Catering 21% Non-food 17% Paint 19% 11

Superfos is well-positioned Superfos is European market leader An estimated 2007 market share of ~10% of IMPP ~18% of Open Top Filled segment Superfos is a niche player in the US Superfos US currently growing ~15% annually. ~2% of the US IMPP market The US is #1 growth market 12

Three business models compete in Europe... Local producer Segment specialist Regional / pan-european Number of companies Share of IM rigid plastic packaging market >100 10 5 60-65% 5-10% ~ 30% Core customer group Small, local companies Full range of customers able to pay premium for innovation Full range of customers buying stock and custom packaging Examples ITC (Spain) Casone (Italy) Dijkstra (Holland) Hebert Groku Panther Plast Spies RPC Superfos Jokey Rexam Huthamaki 13

Creating competitiveness 14

Overview of industry key success factor Industry key success factors Lean Production Logistical excellence Cost management Ability to build and invest in strong customer relationships Ability to do customer driven innovation Requirements Key differentiators 15

The way forward is clear! Concentration Innovation Key account Industry key success factors Reduce costs (2004-2007) done! Position for growth (2007-2009) Strengthen market position (2009-2010) Requirements to compete Key differentiators Lean Production Logistical excellence Cost management Ability to build and invest in strong customer relationships Ability to do customer driven innovation 1 Increase cost competitiveness 5 Continued optimization of the Supply Chain 2 Grow with the big customers 3 Grow Consumer sized packaging 4 6 Expand the boundaries of IMPP Acquire selected competitors 16

Increasing cost competitiveness means large changes to structure and processes Initiative Activities Simplify structure and work processes Elimination of duplicate work processes Fit for the future Revision of processes to improve effectiveness and efficiency Review human resources needs in sales offices and factories Shut down Vipperød Move production to Lubien plant in Poland to take advantage of low direct labor costs and eliminate overhead costs Sourcing Reduce spending on raw materials, colorants, labels, accessories, etc. Logistics Create distribution centers in strategic locations through Europe Reduce freight costs and complexity by requiring fewer stop points between factory and customer Potential reduction in working capital as fewer warehouses need to be maintained 17

Fit For The Future Fit For the Future was the only overall initiative 2007 Focus was on cost savings through 1. Implementation of regional structure 2. Organizational effectiveness 3. Optimizing Manufacturing footprint > 11 M EBITDA improvement 18

Fit for the Future delivers according to plan 8 031 8 960 8 527 8 804 8 893 7 947 9 438 9 496 9 938 10 552 11 979 11 979 11 979 11 979 11 979 11 619 11 268 11 268 11 268 10 845 10 845 10 853 11 600 11 600 11 600 11 600 11 600 11 058 11 058 11 199 11 601 10 866 11 046 11 228 11 110 10 476 10 617 10 109 10 991 9 795 0 1 281 1 823 1 098 1 657 1 795 2 090 2 524 2 687 2 623 2 804 3 209 3 304 3 559 3 495 3 634 3 908 3 864 3 944 Start APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR 4 167 Planned contracted Planned realized Actual contracted Actual realized Revised plan contracted Revised plan realized 19

Raw material price increases have been substantial Development of raw material prices, 2003 to 2008 /metric tonne 1.400 1.300 2003 2004 2005 2006 2007 1.200 1.100 Polypropylene Copolymer 1.000 900 800 +78 % 700 600 20

Logistic structure is essential for service and cost development Distribution centers 21

Consumer trends and conversion drive demand Consumer trend Increased consumer spending Convenience channels share of grocery sales increasing More one-person households Greater focus on health and wellness Impact on IMPP IMPP well positioned as low cost alternative All except drinks IMPP dominant IMPP good option for fresh produce Volume: 4 5% Revenue: 3 5% 22

Several substitution trends are impacting the IMPP market Conversion to IMPP possible due to emerging technologies Glass Other Rigid plastic Blow Thermoform IMPP Compression Rotational Beverage segment driving majority of conversion from metal and glass to blow molding Flexible plastic Metal Low Low cost, cost low alternative value-add alternatives Paint segment and processed foods Paper-based Superfos market segment Plastic packaging Non-plastic packaging materials 23

Market shares across product segments in Europe (%) 100 Processed food Catering Paint Nonfood Dairy Ice Cream 80 60 40 20 0 Superfos 24

Key account management and innovations are driving the growth of Superfos 25

Superfos is leveraging advantage over local competitors to grow with the big customers Key accounts What they want Superfos advantage vs local competitors Innovation capabilities Scale benefits Willingness and ability to invest with customer Logistical excellence Manufacturing expertise to improve utilization/ output Financial ability to grow with the customers Dual site production capability 26

Superfos has successfully grown its key accounts Europe industrial size Europe consumer size USA Share of sales from 2007 Share of sales from 2007 Top 20 customers (%) Top 20 customers (%) 80 80 70 +7.0 p.p. +11.5 p.p. 60 60 70 Share of sales from 2007 Top 20 customers (%) 80 70 +23.9 p.p. 61.9 63.9 60 56.8 50 40 30 28.0 30.2 30.2 32.8 35.0 50 40 30 25.7 30.0 33.0 34.8 37.2 50 40 30 40.0 43.6 20 20 20 10 10 10 0 2003 2004 2005 2006 2007 0 2003 2004 2005 2006 2007 0 2003 2004 2005 2006 2007 27

Superfos has a strong history of innovation and exciting product pipeline 1997 2004 2005 2006 2007 2007 2010 SuperSafe (packaging for oils and chemicals; approved by the UN) Strainers Multi-purpose inserts FlakeFree (textured inner pack walls) Paintainer metal effect labeling with seethrough areas Childproof lids SuperCube Square with built-in grid and paint roller Biodegradability Barrier solutions SuperSeal (rigid lid with sealing) UniPak SuperGraphic (IML on skirt, bottom label, braille text etc.) New lid option for SuperSafe (tear-off band) Improved lids for SuperLift containers Pots with muesli top Spoon-in-lid Sustainability Offset with lacquer (high-gloss coating) Two-compartment packaging 28

Structure is an essential ingredient for profitable growth! 29

Concentration on four main processes will enable future growth Processes Drivers Key account management Regional - International Innovations Product development Operations Manufacturing - Logistics Right people Accountability - Motivation Paint Processed Foods Ice-Cream Dairy White Spot expansion Greater Europe 30

Superfos - Part of your day Thank you 31

Superfos Thomas Mossberg 6 mars 2008 1

Ratos investment in Superfos Acquisition: 1999 (listed on Copenhagen Stock Exchange) Investment: SEK 405m (add on SEK 81m in 2002) Ratos holding: 33% (Industri Kapital 66%, management 1%) Ratos team: Thomas Mossberg (responsible) Thomas Hofvenstam Michael Arvidsson 2

Strategic development 1999-2006 Business focus: Construction, sold 1999 Chemicals, sold 2000 Two Aerosol units, sold 2000 HQ real estate, sold 2000 Jotipac, acquisition 2002 Bottles, sold 2002 Pharma, sold 2005 IGS (Aerosol), sold 2006 Factory restructuring: 2003 Close down of several units 3