Ratos Ab Class A · OMXSTO:RATO_A

Ratos Ab Class A — Q1 2010 Earnings Presentation

10 slides from Ratos Ab Class A's earnings presentation, May 6, 2010

  1. Slide 1: Listed Private Equity

    Listed Private Equity Arne Karlsson www.ratos.se Telephone conference 6 May 2010 1

  2. Slide 2: Q1 2010 – Positive start with delay

    Q1 2010 – Positive start with delay  Satisfactory development in holdings  Macro: ROLWB  High pressure in transaction markets  Continued strong finances 2

  3. Slide 3: Satisfactory development in holdings (1)

    Satisfactory development in holdings (1) Earnings trend Q1, holdings (%) Total Ratos’s share Sale -4 0 EBITA +9 +12 EBT +60 +92 3

  4. Slide 4: Satisfactory development in holdings (2)

    Satisfactory development in holdings (2)  Don’t overanalyze Q1 - Lower share of earnings - Easter effect - Winter chaos 4

  5. Slide 5: Satisfactory development in holdings (3)

    Satisfactory development in holdings (3) Earnings trend Q1, holdings (%), excl. AH Industries, EuroMaint, Superfos Total Ratos’s share Sales -7 -4 EBITA +34 +36 EBT +140 +193 5

  6. Slide 6: Satisfactory development in holdings (4)

    Satisfactory development in holdings (4) Still tough Slow start As expected AH Industries Anticimex Bisnode Lindab Jøtul GS-Hydro Superfos Haglöfs MCC Other holdings 6

  7. Slide 7: Satisfactory development in holdings (5)

    Satisfactory development in holdings (5) Good start Operational leverage Shit happens Arcus Camfil EuroMaint Hafa Contex Medisize DIAB HL Display Inwido SB Seating 7

  8. Slide 8: Macro

    Macro  ROLWB (Recession Over, Long Way Back)  Main scenario basically strong  But there are (uncomfortably large) risks, e.g. + euro crisis + USA – China  Long term: still unmapped territory  Operational leverages evident  Bullwhip effects starting to appear 8

  9. Slide 9: Transaction markets

    Transaction markets  High pressure!  Surprisingly fast upswing Q1 2010  Larger deal flow than normal  Largest spontaneous interest for Ratos’s holdings ever (?)  However: more unique opportunities than 2-3 years ago 9

  10. Slide 10: Still strong finances

    Still strong finances  Strengthened parent company - net cash c. SEK 1 billion - credit lines SEK 3.2 billion - new issue mandate (for acquisitions) c. SEK 7 billion - borrowing opportunities for acquisitions  Strong holdings - ND/EBITDA = 3.1 - ND/EBITDA = 2.7 (including parent company cash) 10

Ratos — Q1 2010 Earnings Presentation on 6ix