VOLATI Management Meeting May 2015

”Volati develops and acquires stable companies at reasonable valuations with focus on long term value creation”

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Besikta 30%

Tornum 16%

Kellfri 12%

Ettikettoprintcom 12%

me&i 12%

Corroventa 9%

NaturaMed Pharma

7%

Sandberg & Söner1) 2%

Sweden 74%

Other Nordics

14%

Other Europe

12%

Volati at a glance

› Founded in 2003

› 7 subsidiaries

› Total sales of SEK 1.7 billion

› EBITA of SEK 215 million

› 850 employees

› Presence in 15 countries

› Return on equity of 32%

Vehicle inspections

Products for water damage, odours and radon

Self-adhesive labels and labelling systems

Equipment for the small farm

Children and women clothing

Nutritional supplements

Grain handling equipment

Revenue split by subsidiary, 2014 Volati’s subsidiary

Revenue split by geography

Financials as of 2014

3 Note 1) Sandberg & Söner was divested in January 2015

What Volati has accomplished Strong and profitable track record with platform for future growth

42% EBITA CAGR 2004 – 2014

Average EV/EBITDA multiple of 5.2x

at acquisition1)

Business development with 15 established subsidiaries across Europe

52% average ROE 2004 –2014

Always complied with all financial covenants

Accounting according to IFRS since 2005 [

Platform for future growth

Strong management team

Robust governance model

Proven model for acquisitions

Acquisition of

Acquisition of

Acquisition of

Acquisition of

Acquisition of Ortopedteknik

2004

Acquisition of

Acquisition of

Acquisition of

Acquisition of

Acquisition of

Acquisition of

Solid financial track record Strong growth

4 Note 1) Weighted averages

Volati’s philosophy

Long-term and active ownership strategy with focus on value creation 1

Opportunistically acquire stable companies with market leading positions at attractive multiples

2

Strive for high cash conversion to enable investments and dividends 3

Committed and experienced board and management 4

5

6

Volati adds value

Strategy People Knowledge Financial strength

Subsidiaries

Tornum – a long-term investment case

2004

Volati acquires Tornum

2014 Sales: SEK 264m Presence: 8 countries

2004 Sales: SEK 83m Presence: 1 country

Per Larsson is appointed as new CEO

Expands to Finland and Poland

Expands to Hungary and Romania

Distributor in Ukraine

Expansion of facilities in Kvänum

Expands to Russia and Bulgaria

Acquires Ventilatorverken Agro

2004

2004 2005

2006

2007/

2008

2009

2012

2012

Acquires distributor in Ukraine

2013 Acquires

Lidköpings Plåtteknik

2015

2014

Delivers the first Tornum dryers to Asia

2014

Long-term and active ownership strategy Value creation through active long-term ownership

Post acquistion After an acquisition, we analyze and get to know the business in detail and in parallel we often recruit a new CEO . With the CEO in place and a higher level of understanding we develop our investment hypothesis and the company formulates its strategy and long-term goals - VAMS . It is the CEO's mandate to implement the strategy.

Pre acquisition The strategy development begins ahead of an acquisition. During the acquisition process we formulate a investment hypothesis that we challenge during the Due Diligence. A decision to invest is never based on a hypothesis that requires fundamental changes to the target company’s existing strategy

Strategy – We create value by delivering on a clear strategic agenda

Analyze/ Evaluate

Implementation Strategy

formulation Analysis/Schooling

Formulate investment hypothesis

Screening/search for attractive

companies

• Our subsidiaries strategy is continuously evaluated and if need be adjusted during the annual Business Review-process

• Strategies need to evolve when unforeseen opportunities and threats arises

Strategy development at Volati

Strategy: VAMS

Business idea Target Profitability & Growth

” Tnchdbunfksknnn djnksdvnk asdvnknksdvl ksadnvoasdlksd”

Strategy & Action Plan

• jkasdfaöjofgnaäfigkadöfGKadfågkasödjnfasäldcmnasjödnfmsedie

• asdjfnaodfjaodkfaöDFKaäsfvakädföVmaäfvmadäfvmdflv,döfvm

• Asdjnvaskdvmsfölvmdfövnmdfvl,dfv

• Sdfjnasodfnarfmapäf,säfsfvasmödfvms,l

• Sadkjbfvnajsodkvmasölfv,dfvö.f

• Sdövnadfäkvmdäapfkvfjalvmäasäd

• Askdnvajsfnvmdpkfv,döf

• Sadnvnasjfkvmädfvjaösdävmaö

• Sdnvasodifvjnfvbhasdkl

• asdjnvkasdvödäfvldäfBMfdlbfkjfdkgja,vma-lcmvnjcvkm ,scmsaös

• Skdnvsdkfvjasödfjaösdfijsadjnvnvöksdvösadvmsdäövlksdkvms

• sdvnsadnvskdvmsdövmsmd

X%

ROCE

X%

Growth

X%

EBITDA %

Cash

conversion

X%

0

50

100

150

200

250

300

350

Prognos 2014

2015 2016 2017 2018 2019

EBITDA Sales

Example: Ettikettoprintcom – Strategic initiatives

Strategiskt initiativ Beskrivning Tidplan

High End satsning Etablera sig som en väsentlig leverantör inom high-end segmentet via investering i ny teknik, personal samt samarbeten med utländska underleverantörer.

Under 2015

Effektiviseringar Fortsätta effektiviseringen av verksamheten och fullt ut optimera användningen av Åtvidaberg och Malmö faciliteterna och personalen.

Under 2015

Tillväxt på systemsidan Under 2015 ta omtag för verksamheten med ny bemanning från mars 2015 med fler internationella distributörer och OEM kunders system.

Uppstart mars 2015 och utvärdering under året.

CERM Omtag av IT projektet under början av 2015 för att möjliggöra effektivare arbetsprocesser alternativt samt utvärdera möjligheterna att effektivt genomföra systembytet.

Q1 2015

Strategy delivery Volati is following up the companies’ development towards the VAMS targets (EBITDA %, ROCE, Growth and Cash Conversion) and strategic focus areas by monthly CEO reports, company-specific operational KPIs and the board meetings. The annual business review meeting is only dedicated to strategy.

Financial reporting The Volat Group is using a common financial system which allows detailed monthly reviews of the ompanies’ financial development. The companies financial development is discussed during the finance and analysis meeting.

Formalities Volati ensures that the companies fulfill a number of formal requirements by distributing and reviewing a checklist. The requirements of formalities are relating to agreements, insurances, litigations, etc.

HR Every year we hold HR meetings where we discuss staff issues. The meetings are dealing with skills development, succession etc. Beside the board forum we encourage skills development through Volati Academy and skill-enhancing group-wide projects.

Major projects In case any major change projects are conducted by the subsidiaries, Volati would like to have special reports and in some cases participate in the steering committee working group.

Strategy – We have a clear and methodical follow-up on operations

1

2

3

BR

Corporate Governance

Cycle

Operation reviews

1

2

3

BR

4

5

Knowledge: Through giving you access to knowledge and tools you become strong as a part of Volati.

Workshops • Standard format workshop

suited for a half day to give conceptual skills in selected focus topics.

• Open for all Volati companies.

Training • Tailor-made training programs

where we sometimes theoretical and sometimes practical on several occasions immerse in selected focus areas.

• Is given once a year. Open for all Volati companies.

• Online courses will be available for self-studies.

Network of experts • Network of quality-assured

external subject-matter experts and consultancy firms.

• We will together create a common database of recommended resources.

• Available for all Volati companies.

Forum • Discussion forums will be

established in relevant subject areas.

• Subject responsible/specialists from the Volati companies will meet 1-2 times/year to exchange ideas and networking.

• Open for all Volati companies.

Best Practise • When change projects are

conducted in our focus subject areas, we make sure to document the work in an easy and standardized way.

• We are together building a database full of experience and knowledge - a common toolbox and best practice.

Diagnostic tools • We develop common diagnostic

tools and KPIs to our focus topics.

• We regularly follow our progress and compare with peers and with each other if it is relevant.

Knowledge: Our target is to have a common platform in selected focus areas in 2018

Effective sales

Pricing

Purchasing

Growth through acquisitions

Internationalization

Online and e-commerce

Effective production

Focus topics Tools

Working capital

Description

Price points, packaging, psychology, price elasticity, etc.

Customer processing, CRM, Big Data, service, etc.

TCO, procurement, vendor letters, negotiation techniques, etc.

Identify objects, adapting organization, synergies, etc.

Strategy, recruitment, culture, logistics, etc.

Attractive homepage, paid and organic search, conversion, analysis, etc.

Lean, inventory optimization, etc.

Economic theory, inventory, accounts receivable, etc.

We have already taken small steps and created common experiences and knowledge in e.g. pricing and purchasing

Focus topics Tools Description

Effective sales

Pricing

Purchasing

Growth through acquisitions

Internationalization

Online and e-commerce

Effective production

Working capital

Price points, packaging, psychology, price elasticity, etc.

Customer processing, CRM, Big Data, service, etc.

TCO, procurement, vendor letters, negotiation techniques, etc.

Identify objects, adapting organization, synergies, etc.

Strategy, recruitment, culture, logistics, etc.

Attractive homepage, paid and organic search, conversion, analysis, etc.

Lean, inventory optimization, etc.

Economic theory, inventory, accounts receivable, etc.

Knowledge: In 2015, we are building a platform for knowledge sharing and making knowledge available in areas such as purchasing, pricing and add-on acquisitions

Effective sales

Application infrastructure

Purchasing

Growth through acquisitions

Internationalization

Online and e-commerce

Effective production

Focus topics

Working capital

Q1 Q2 Q4

Pricing

Q3

Volati is developing an online platform where knowledge can be stored and be retrieved.

People: Volati Management & Board

Volati management

Mattias Björk, CFO

Background: Previously at Modern Times Group MTG AB,

Investment AB Kinnevik and CFO at Invik & Co. AB

Owns: 0% in Volati AB1)

Volati board

Patrik Wahlén, Member of the board Current position: Senior advisor at Volati Background: Co-founder of Volati, previously at EY and Kemira Owns: 15% of the shares in Volati AB1)

Pär Warnström, Head of Business Development Background: Previously at Occam Associates AB and General Electric Owns: 0% in Volati

Voria Fattahi, Investment Director Joining Volati in August 2015 Background: Previously at Investment AB Kinnevik, Apax Partners and JPMorgan Owns: 0% in Volati

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Mårten Andersson, CEO

Other position: Board member of Carnegie Investment Bank AB

Background: Previously CEO of Försäkringsbolaget Skandia

Owns: 0% in Volati AB1)

Karl Perlhagen, Chairman of the board Current position: Senior advisor at Volati Background: Co-founder of Volati and founder of Cross Pharma AB Owns: 85% of the shares in Volati AB

Björn Garat, Proposed member of the board Current position: Finance Director and EVP at AB Sagax Background: Head of Corporate Finance at Remium Nordic AB

Anna-Karin Celsing, Proposed member of the board Current positions: Chairman Sveriges Television Aktiebolag, member of the board in OX2 Group AB, Lannebo Fonder AB, Kungliga Operan AB, Seven Day Finans AB

1) In addition own shares in the subsidiary Volati 2 AB with the following split: Patrik Wahlén 35.1%; Mårten Andersson 7.5% and Mattias Björk 7.5%

People: We recruit great CEOs for our subsidiaries

Our expectation

1.Loyalty • Part of the Voalti team • Live the Volati values • Always represent us well, externally and internally • Act and communicate with transparency

2.Leadership • Great team builders • Help the team to execute on the business plan • Honest, open and modern leadership • Capacity to create a high performance culture

3.Execution

• Develop a clear and winning strategy for the company • Prioritize and execute on activities • Deliver VAMS

People: Our subsidiaries have boards with the right skills

Volati rep. CFO

Chairman Volati CEO

Volati rep. Business Dev.

Internal board member

Functional expert Industry expert

• Should have deep and current industry knowledge.. .

• Over time, the board member should have the potential to be relatively active in the company and, together with the chairman support the CEO actively. .

• Some of our companies have the need of deep and relevant functional skills, such as e -commerce/ online.

• Pär Warnström

Volati rep. Founders

• Mattias Björk • Patrik and Karl have seats in selected subsidiaries

• To support internal knowledge sharing we can in some boards use candidates from other subsidiaries.

People: Subsidiary board members

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Susan Engvall, External board member Experience: co-founder of me&i and also a board member

Per Larsson, External board member For description, please see previous page

Roger Bergqvist, External board member Experience: board member BE Group AB, B&B Tools, Proact IT UK. Previously CEO of Addtech AB

Stefan Sjöstrand, External board member Experience: CEO IKEA Canada

Johan Nordström, External board member Experience: previously VP and Head of EMEA at Oriflame Cosmetics

Mårten Nilsson, External board member Experience: entrepreneur, founder and CEO of Greetings Direct Ltd. Previously various positions within the IMP Group Owns: 2.5% of NMP

Nicklas Margård, External board member For description, please see previous page

People: Volati Academy & Volati Trainee Volati Academy

To give the opportunity to our leaders to continue to grow and develop.

15 months training program.

Two participants from each company

Material and lectures developed by Volati. Complemented with external study material and speakers

The Academy focuses on:

Analysis

Strategy

Leadership

Volati

Volati trainee

Four trainees with 1-2 years of professional experience. Candidates holds degrees in business and/or engineering

Character; Mature, independent, business acumen, high capacity, etc.

Program

15 month program

Three placements: Two of which are 6 month placements with subsidiaries and one is a short placement at Volati

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Financial Capacity: Investments

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Investments in subsidiaries 2011-2014

0

10

20

30

40

50

60

70

2011 2012 2013 2014

Tornum

NaturaMed Pharma

me&i

Kellfri

Ettikettoprintcom

Corroventa

Besikta

Platform acquisitions

Add on-acquisitions

Investments in subsidiaries

Volati investment philosophy

Maintenance

Periodic

Growth

Financial Capacity: Volati preference share

Volati owns fantastic companies with great management and employees Volati has a proven acquisition model Volati has a strong financial position There are many well run stable companies that would benefit from being owned by Volati. To continue doing what we have done, in a bit larger scale, we decided to issue preference shares. The response has been very positive

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VOLATI Management Meeting May 2015

Thank you!