SECA Private Equity & Corporate Finance Conference

EQT - An Industrial Approach to Private Equity

Lennart Blecher June 2011

® 2010 EQT – All Rights Reserved Strictly Private and Confidential

Strictly private and confidential 0 Important Disclaimer

This presentation (the “Presentation”) is for informational purposes only and is furnished on a confidential basis. The Presentation is not an offer to sell, nor a solicitation of an offer to buy, any security, and may not be used or relied upon in connection with any offer or solicitation. Any offer or solicitation of an EQT fund will be made only through a confidential private placement memorandum and related documents which will be furnished to qualified investors on a confidential basis in accordance with applicable laws and regulations. Statements herein are made as of January 2010 unless stated otherwise. The Presentation contains information that has been or may have been provided by a number of sources. Neither EQT Partners AB, a company incorporated in Sweden, nor any of its advisory subsidiaries (collectively “EQT”) has separately verified the information provided from outside sources. Nothing contained herein shall constitute any representation or warranty and no responsibility or liability is accepted by EQT as to the accuracy or completeness of any information supplied herein. Before relying on this information EQT advises the recipient of this information to perform independent verification of the data and conduct his own analysis hereto with appropriate advisors. Any forward looking statements, results or valuations in the Presentation are based upon current assumptions, may be simplified and may depend upon events outside EQT’s control. Other events, which were not taken into account, may occur and may significantly affect EQT’s analysis. Therefore, changes to any assumptions may have a material impact on any valuations or projections. Actual results may therefore be materially different from any forecast, opinion or valuation in this Presentation. No representation or warranty is made as to future performance or such projections or estimates. In considering any performance data contained herein the recipient should bear in mind that past performance is not indicative of future results, and there can be no assurance that future results are comparable to results stated herein. The results referred to in this presentation are un-audited. Gross IRRs are calculated based on actual invested amounts. IRRs for individual investments are based on daily cash flows and IRRs for total investments are based on monthly cash flows. Gross IRRs are calculated before deducting (i) fees to professional advisers, (ii) management’s share of equity value created, and (iii) carried interest. Total IRRs are calculated based on the “time-series” methodology. EQT is not offering and does not purport to offer tax, regulatory, accounting legal, investment or any other advice in relation to the recipient of this information and this information should not and cannot be relied upon as such. Recipients of this Presentation should inform themselves about and observe all legal and regulatory requirements. Note that EQT acts as adviser to the EQT funds and in its role recommends investments to the EQT funds. The applicable General Partner makes the investment decisions for the EQT fund. Any recipient who has received the Presentation in error should immediately return it to EQT Partners AB, Hovslagargatan 3, SE-103 27 Stockholm, Sweden, phone: +46 8 506 55 300.

Strictly private and confidential 1 EQT EQT and EQT Funds in Brief

Stockholm  EQT Founded in 1994 in Stockholm, in New York Oslo 9 Partners cooperation with Investor AB/the Wallenberg 1 Partner 1 Partner 18 other Professionals 3 other Professionals 4 other Professionals Group Helsinki Copenhagen 7 other  Approximately €13 billion of capital raised in 2 Partners Professionals thirteen funds for six different investment 6 other Professionals strategies London 1 Partner  EQT funds invested in more than 81 6 other Professionals companies, whereof 44 realized*

 All funds delivered top quartile performance Frankfurt 2 Partners  Stable investment strategy making control or 6 other Professionals co-control investments in market-leading companies in attractive industries (except for Zürich 1 Partner EQT Expansion Capital Fund) 1 other Professional  Unique value creation angle through exclusive Warsaw 1 Partner access to extensive network of Industrial In total**: München 6 other 6 Partners Advisors  EQT Investment Professionals 16 other Professionals  Proven EQT team with local presence and Professionals: 109 conviction to drive change and industrially  Other EQT staff***: 121 accelerate companies* *  No of EQT offices: 13 Shanghai 2 Professionals

Singapore Hong Kong 1 Partner 2 Partners 2 other Professionals 5 other Professionals

* Includes all EQT funds, not only Equity (buy-out) ** As of October, 2010. See map of EQT Partners offices, excl. Fund Administration in Amsterdam. Guernsey and Luxembourg Strictly private and confidential 2 *** Includes Fund Administration in Amsterdam, Guernsey and Luxembourg EQT Business Lines

Focus of the Current Funds Vintage Year Size

 Distressed debt and rescue capital 2010 € 350 m Credit  Good mid-market companies with highly levered balance sheets, focus on Nordics, Germany, UK

 Market leading medium-sized companies in attractive 2006 € 4.25 bn industries Equity  Investments in Scandinavia, Eastern Europe and German-speaking countries

Expansion  Expansion capital for Private Equity Investors, family 2007 € 475 m Capital shareholders and management teams

 Medium-sized companies in China, Hong Kong and 2006 $ 535 m Greater China Taiwan ("Greater China")

 Investments in infrastructure assets 2008 € 1.2 bn Infrastructure  Active worldwide with focus on Scandinavia, German- speaking countries and Eastern Europe

 Companies with a solid core business 2005 € 372 m Opportunity  Significant improvement potential

Strictly private and confidential 3 EQT EQT’s Industrial Heritage

 Access to large group of industrial leaders and companies through relationship with Investor AB, one of the largest industrial holding companies in Europe  Investor AB was founded 1916, based on the Wallenberg family tradition of building and developing companies – Active, long-term owner of highly successful international industrial companies – Support portfolio companies in their strategic and financial development – International network used to exchange experience, knowledge and competence

EQT has always operated as an independent organization

Strictly private and confidential 4 EQT* EQT Differentiation

Traditional Private Equity EQT’s Investment Philosophy  “Control mindset”  “Entrepreneurial mindset”  Focus on mature industries and stable cash flow  Focus on attractive, growing, high quality companies  Role of equity investor: Financial monitoring and  Provision of value added ownership (e.g. support, management control network, etc.)  Value creation through:  Value creation through: – Cost cuts and efficiency gains – Investments in growth – Reduction of working capital – Implementation of high sense of urgency – Debt pay-down – Insurance of “full potential” mind-set

Strictly private and confidential 5 * Applies partially to the EQT Exp Cap strategy, see pages 16 to 17 Corporate Governance Clear division of responsibilities but one common plan as basis for value creation process

Industrial Advisors

Industrial Board Management EQT

Management Industrial Board EQT

 Responsible for day-to-day  Majority of industrialists,  1-2 EQT Partners board management including chairman members, but never  Comprehensive  Sounding board and resource chairman entrepreneurial freedom  Focus on important strategic  All strategic topics requiring  Development of strategy and topics additional equity financial planning  Regular, informal support of  Exit relevant topics  Implementation of business management plan

“Troika”: CEO / Chairman / Reponsible EQT Partner

Strictly private and confidential 6 Value Creation Vast majority of value creation driven by growth initiatives

Share of Total Value Created Average Annual Growth in Portfolio Companies* in Portfolio Companies**

18%

Sales growth 48% 12% 11%

Margin improvement 31%

Employee Sales Multiple expansion 16% EBITDA growth growth growth Reduced net debt 5%

Total Gross IRR = 58% MOIC = 4.5x***

* In exited companies (30) – does not include Duni and Orrefors Kosta Boda ** In all companies owned for more than one year Strictly private and confidential 7 Note: Percentages calculated as a simple average based on each individual portfolio company’s figures EQT in Switzerland Local approach through Industrial Advisors with strong network in Switzerland and a small team of dedicated professionals

 Germany and Nordic countries have historically Oslo Helsinki been a major trading partner of Switzerland 2007 1999 – 22% of exports / 35% of imports YTD Sept (1) Stockholm  Common structural characteristics: medium- 1994 sized family business as backbone of Copenhagen economy, strong export orientation of industrial 1998 companies

 High density of top class companies that are Warsaw often global leaders in their respective niche 2008

 Industrialists in EQT's network have been Zurich 2009 active in Switzerland for a long period of time Munich 1999  Common understanding on how "business is done"; Swiss culture close to Nordic culture

Natural extension of EQT’s investment focus

Strictly private and confidential 8 (1) Eidgenössische Zollverwaltung, Aussenhandelsstatistik, Oktober 2010. EQT Broad Base of Highly-Regarded Investors

Broad Base of Highly-Regarded Investors Total Commitments Broken Down By Region Excl Senior Industrialists, Sponsor, Private Investors and GP Excl Senior Industrialists, Sponsor, Private Investors and GP ROW Asia ROW Asia 3% North America 5% North America 4% 23% 2% 26% Europe Europe 36% 30%

31% 40% Nordic Nordic Total No of Investors Per Type of Investor Total Commitments Broken Down By Type of Investor

Excl Senior Industrialists, Sponsor, Private Investors and GP Excl Senior Industrialists, Sponsor, Private Investors and GP

Pension/GOVT/SWF E/F/F E/F/F Pension/GOVT/SWF 23% 21% 29% 31%

20% 31% FoF/GK 28% 17% Financial/Other FoF/GK Financial/Other

Strictly private and confidential 9 EQT Recognitions

Awards for Awards for Awards for Awards for The Global Awards for Private Equity European Excellence in Excellence in Excellence in Excellence in Private Equity Excellence in Awards Venture Capital Private Equity Private Equity Private Equity Private Equity Awards Private Equity 2007 Journal Awards Europe Europe Europe Europe 2007 Europe Fundraising of 2006 2010 2009 2009 2008 Best PE firm in 2007 the Year Buyout Nordic Private European Private Nordic Private European Mid- the Nordic Nordic Private Realisation of Equity Firm of Equity Equity Firm of Market Firm of Region Equity Firm of the Year – IPO the Year Infrastructure Firm the Year the Year the Year of the Year

European European The Global Awards for Awards for Awards for Awards for The Global Venture Capital Private Equity Private Equity Excellence in Excellence in Excellence in Excellence in Private Equity Journal Awards Awards Awards Private Equity Private Equity Private Equity Private Equity Awards 2006 2006 2006 Europe Europe Europe Europe 2005 Buyout European Deal Best PE firm in 2006 2006 2005 2005 Best PE firm in Realisation of of the Year, the Nordic Best PE firm in Nordic Private Best PE firm in Nordic Private the Nordic the Year – Nordics Region European Mid- Equity Firm of European Mid- Equity Firm of Region Trade sale Market the Year Market the Year

The Global “Highly “Highly Awards for Awards for The Global Achievement Awards for The Global Private Equity Commended” Commended” Excellence in Excellence in Private Equity Award for Corporate Private Equity Awards May 2003 May 2003 Private Equity Private Equity Awards Corporate Excellence Awards 2004 Private Equity Buyout of the Europe Europe 2003 Excellence Europe 2002 2003 Best PE firm in Firm of the Year Year 2003 2003 Best PE firm in Most Sustained 2002 Best PE firm in the Nordic Nordic Private German Private the Nordic Successful German M&A the Nordic Region Equity Firm of Equity Firm of Region Presence in the Deal of the Year Region the Year the Year US Market

Strictly private and confidential EQT EQT and EQT Funds in Summary

Differentiated investment strategy Stockholm New York Oslo 9 Partners  Clear and consistent investment 1 Partner 1 Partner 18 other Professionals focus 4 other Professionals 4 other Professionals  EQT’s deep and seasoned team of Helsinki 1 Partner local Investment Professionals with Copenhagen 6 other Professionals complementary backgrounds and skill- 2 Partners 6 other Professionals sets* Warsaw 1 Partner  Vast network of active Industrial London 3 other Professionals Advisors exclusive to EQT, enabling 1 Partner EQT Funds to invest across industries 3 other Professionals and providing a unique edge in the Frankfurt markets where EQT Funds operate 2 Partners 6 other Professionals  Strong relationship – built on trust and Zurich past performance – with both local and 1 Partner international debt providers, carefully 1 Other Professional developed since inception (1994)  Strong track-record of active Munich investments in high quality companies In total*: 6 Partners  EQT Investment Professionals: 104 17 other Professionals  Historically proven ability to generate  Other EQT staff**: 105 superior investment returns through  Capital raised: €13bn industrial acceleration and Shanghai operational out-performance rather 3 other Professionals than financial engineering and multiple Hong Kong 3 Partners expansion 5 other Professionals

* As of Aug 31, 2009. See map of EQT Partners offices, excl. Fund Administration in Amsterdam and Guernsey Strictly private and confidential 11 ** Included Fund Administration in Amsterdam and Guernsey