Q3 2008/09 presentation, 27 August 2009By CEO Lars Marcher and CFO Anders Arvai

2

Agenda

Developments in Q3 2008/09

Strategic focus areas

Outlook for 2008/09

3

Highlights Overall growth satisfactory in Q3 08/09 –

Ambu continues to win market share Strong growth in the USA despite economic

downturn Strategic initiatives within product

development, sales and streamlining taking effect

Single-use videoscope Ambu aScope presented at congress in Milan in June 2009

Ambu’s new strategy plan is being prepared and will be published later this year

4

Revenue

Revenue of DKK 216m in Q3 2008/09, up 10% (6% when reported in local currencies)

Revenue year to date of DKK 647m, up 11%

Intensified sales efforts bearing fruit

Positive effect of exchange rates of approx. DKK 15m year to date

5

Revenue by business area

Respiratory Care Growth of 5% year to date

Lower sales of ventilation

products in Spain, France and

Danish Sales

Other growth rates exceed

market growth

Still two-digit growth rates

within laryngeal masks

Cardiology Growth of 3% in Q3 and 8%

year to date

Growth generated by a broad

range of products within the

most important product groups

Year-to-date growth in Danish

Sales, Germany, Italy and the

USA has been higher than

market growth

Neurology Strong growth of 27% in Q3

and 30% year to date

Adjusted for revenue from the

acquisition of Sleepmate,

revenue grew 15% year to

date

Successful introduction of

new needles

DKKmQ3

2007/08Q3

2008/09

Growth in local currencies,

Q3

Growth in local currencies,

YTD

Share of revenue,

YTD

Respiratory Care 81.1 84.9 0% 5% 40%

Cardiology 72.5 75.2 3% 8% 34%

Neurology 21.0 28.0 27% 30% 12%

Training 13.7 13.3 (4%) (2%) 8%

Immobilization 8.6 14.5 59% 16% 6%

Total 196.9 215.9 6% 10% 100%

6

Revenue by geographical region

Europe Growth higher than market growth year to

date Ambu maintaining its position with growth

of 2% in DKK and 6% in local currencies Slight fall in revenue in Danish Sales,

Spain and Benelux Development attributable to major one-off

orders in Q3 2007/08 and to multiple-use products being used for longer

USA Ambu continues to win market share with

growth in revenue of 17% Cardiology – increased sales to rescue

services and diagnostic procedures Acquisition of Sleepmate having a positive

impact on growth Growth within all areas

DKKmQ3

2007/08Q3

2008/09

Growth in local

currencies, Q3

Growth in local

currencies, YTD

Share of revenue,

YTD

Europe 133.0 133.9 2% 6% 62%

USA 50.0 66.9 17% 12% 31%

Rest of the world 13.9 15.1 8% 18% 7%

Total 169.9 215.9 6% 9% 100%

7

Operating profit (EBIT)

Healthy earnings of DKK 22m – however affected by higher special items and increased selling costs

Effect of exchange rates, EBIT: approx. DKK -6m year to date

EBIT margin of 9.6% year to date against 11.9% last year

DKKm June 2007/08 June 2008/09

Cash flows from operating activities 66.0 69.7

Investments (28.9) (41.6)

Acquisitions - (41.1)

Free cash flow 37.1 (13)

8

Positive development in cash flow from operating activities

Cash flows from operating activities improved in Q3 to DKK 35m against DKK 24m last year

Cash flow year to date affected by the acquisition of Sleepmate Inc. and higher investments

Expectations of free cash flow for 2008/09 before acquisitions continue to be approx. DKK 50m

9

Agenda

Developments in Q3 2008/09

Strategic focus areas

Outlook for 2008/09

10

Ambu has four focus areas

Markets and sales

Launch of significantly more new and differentiated products than has been the case so far

Increased focus on growing markets and product areas and expanding the sales force

Streamlining of important areas within the company

Acquisition of new products and activities

Product development

Streamlining

Acquisitions

11

Status on strategic initiatives (1)

Product development and new products Launch of single-use videoscope Ambu aScope at the ESA

congress in June 2009 aScope being matured for production, and sales expected

to commence in Q1 2009/10 Development function in China is working on new versions

of existing products for launch later in 2008/09

Markets and sales Expansion of the sales force in the USA and the UK is

producing the expected results Implementation of several organisational changes – larger

and more efficient sales organisations New sales office to be established in Australia on 1

October 2009

12

Ambu aScope

New innovative single-use videoscope Combines traditional single-use technology with

advanced new single-use electronics Launched at Euroanaesthesia 2009 in June 2009 For use by anaesthetists to visualise the airways of

patients being anaesthetised Alternative to multiple-use fibre-optic scope Improves patient treatment and efficiency at hospitals Expected to be ready for marketing in Q1 2009/10 Estimated market size of approx. DKK 1bn

13

Status on strategic initiatives (1)

Product development and new products Launch of single-use videoscope Ambu aScope at the ESA

congress in June 2009 aScope being matured for production, and sales expected

to commence in Q1 2009/10 Development function in China is working on new versions

of existing products for launch later in 2008/09

Markets and sales Expansion of the sales force in the USA and the UK is

producing the expected results Implementation of several organisational changes – larger

and more efficient sales organisations New sales office to be established in Australia on 1

October 2009

14

Status on strategic initiatives (2)

Streamlining New logistics planning system Roll-out of ERP system in the USA

progressing according to plan and expected to be completed at the beginning of 2010

Ongoing efficiency-enhancing projects in the production units in Denmark and Asia

Continued transfer of production

Acquisitions Ongoing dialogue with potential candidates

15

Agenda

Developments in Q3 2008/09

Strategic focus areas

Outlook for 2008/09

16

Outlook for 2008/09 unchanged High level of activity and investments in the

future Growth in revenue of approx. 8%,

corresponding to approx. DKK 850m (USD: 550)

EBIT of approx. DKK 100m before special items relating to the conduct of the pending patent cases

A free cash flow in the region of DKK 50m (before acquisitions)

17

Status on patent infringement cases

Patent case in the USA Case brought by LMA in October 2007 According to decision announced by US court in June 2009 Ambu is not

violating LMA’s patent with three product families The case is expected to be concluded around the new year 2009/10

Patent cases in Europe Decision by EPO in February 2008 concerning the invalidation of LMA’s

European patent appealed by LMA Appeal expected to be decided at the beginning of 2010 LMA’s utility model patent has been upheld in Germany, but it has been

specified how the panel of judges interprets the patent

Questions

For further information, please visit www.ambu.com

For further information, please contact:

Lars Marcher, CEO, lm@ambu.com or +45 5136 2490

Anders Arvai, CFO, aa@ambu.com or +45 7225 2000