1. Telephone conference July 13th 2012

2. Page 2 CEO comment to the half-year report ”During the first half of the year we achieved results before restructuring costs that are in line with last year despite more challenging market conditions. To ensure our continued recovery of profitability, we have implemented powerful new restructuring measures that will provide lower costs in the second half. ”

3. Page 3 Uncertainty in the wake of the financial unrest in Europe West European envelope volumes decreasing year on year, more so in Spain, France and the UK. Decline of 6% in Q1 Vs. last year according to FEPE Several restructuring measures within the industry Some smaller players in Italy and Germany in bankruptcy, consolidation of the industry continues Continued growth in packaging for E-trading Continued restructuring and consolidation in the envelope industry

4. Page 4 New Restructuring Programme to lower cost base and improve productivity Further synergies identified after the merger with Hamelin’s envelope business 2010 Both direct production and indirect staff impacted in Continental Europe and Sweden Yearly cost savings of: 30-35 MSEK 40 MSEK restructuring cost booked in Q2

5. Page 5 French Real estate sold A former envelope factory building in northern France during Q2 Cash impact +27 MSEK in Q2 Capital Gain +17 MSEK in Q2

6. Page 6 Margin recovery and real estate sale help offset volume decline year to date SEK million Jan-Jun 2012 Jan-Jun 2011 Net Sales Gross Margin EBIT Restructuring costs Capital Gains Adjusted EBIT 1 528 18,8% 12 40 -18 34 1 602 18,2% 42 N/A -5 37 Note: 1 working day less first half 2012 vs. 2011, equals 6 MSEK less gross profit

7. Page 7 Fewer working days impacting Q2 Sales & Earnings SEK million Apr-Jun 2012 Apr-Jun 2011 Net Sales Gross Margin EBIT Restructuring costs Capital Gains Adjusted EBIT 712 17,4% -19 40 -17 4 747 18,0% 16 N/A -2 14 Note:2 working days less Q2 2012 vs. 2011, equals 12 MSEK less gross profit

8. Page 8 Normal cash flow given seasonality SEK million Jan-Jun 2012 EBITDA Financial Net Tax paid & other provisions Change in Working Capital Cash Flow from operations Investments & Acquisitions Cash Flow after Investing Activities 63 -34 -11 -35 -17 6 -23

9. Page 9 Net debt on its way down after the merger SEK million 1062 958 Key drivers Negative - Restructuring costs Positive - Working capital improvement - Real estate sales

10. Page 10 Significant reduction of employees since the merger Number of FTEs 2511 +68 -322 2257

11. Page 11 New ProPac business unit to accelerate organic growth New separate business unit gaining pace; Bong Packaging Solutions Good order intake for Retail Gift Bags (Christmas) Big interest for new e-business machinery concept, first machine orders taken Enhanced co-operation with Dupont to boost Tyvek ® product development and sales

12. Page 12 New Nordic Business Unit Manager recruited Christer Wahlquist has been recruited for the position of Business Unit Manager Nordic Long service in Nolato as Medical Business Area Manager Christer Wahlquist will be part of Bong’s Group Management Joins in October 2012

13. Page 13 Report Summary Sluggish market and unfavourable calendar effect Volumes down, but improved gross margin New restructuring programme initiated French real estate sold Good signs for new ProPac business 2 nd half 2012

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