1. The ÅF Group Jonas Wiström, President & CEO Jonas Ågrup, CFO Viktor Svensson, IR Per Magnusson, Engineering September 2008

2.  ÅF today  Vision and strategy going forward  The ÅF share Agenda

3. 3 ÅF today ÅF Energy 750 employees Engineering 1 400 employees Infrastructure 1 550 employees Inspection 425 employees  4 100 employees in 19 countries

4. Development, FY 2004-2008 4 Rolling 12-months Rolling 12-months Rolling 12-months Operating income Operating profit Operating margin MSEK %

5. 5 Financial summary Q2 2008  Net sales SEK 1 173 (968), +21%  Organic growth 11%  Operating profit SEK 135 (85), +59%  EPS SEK 5.53 (3.53), +56% Q1-Q2 2008  Net sales SEK 2 238 (1 900), +18%  Organic growth 10%  Operating profit SEK 251 (159), +58%  EPS SEK 10.22 (6.54), +56%

6. EBIT-margin per division

7. Balance sheet Jan-Jun 2008 (in millions of SEK) Equity/assets ratio46.7%48.9% Assets 30/6 2007 Liabilities* Intangible assets1 145 863 Equity, incl Minority shareholdings1 4211 174 Building and land 109 0 Equipment116102 Accounts payable, incl. accruals276 239 Payroll-related liabilities411 358 Accounts receivable, incl. uninvoiced1 190927 Advance payments from customers143 73 Cash and bank310 322 Interest-bearing liabilities 424 346 Other receivables147 169 Other liabilities 255191 Total assets 3 041 2 418 Total equity and liabilities 3 041 2 418 30/6 2008 30/6 2008 30/6 2007 Long Term Liabilities113 36 2434Financial investments 31/12 2007 1 084 101 110 1 061 310 104 2 796 26 1 339 242 333 141 398 233 2.796 30/6 2007 110

8. Agenda  ÅF today  Vision and strategy going forward  The ÅF share

9. 9 Financial objectives The ÅF Group’s financial objectives as stated by the Board of Directors in August 2007  ÅF is to be the most profitable among the closest comparable companies in the industry and achieve an operating margin (EBIT) of at least 10 percent over a business cycle.  ÅF is to be a net debtor. Net debt shall not exceed 40 percent of equity.  The earlier formulation for the Group's growth target, which specifies that ÅF is to attain sales of at least SEK 5 billion by 2010, remains unchanged.

10. A possible downturn  Make sure that you monitor: Order backlog, utilization rate, prospect list and sales calls all the way out in the entire organisation.  Trust your numbers, they do not lie.  Act before your competitors.

11. To become the leading technical consulting company in Europe

12. How to get there!  Strategy and Structure  Operational excellence  Business culture

13. ONE ÅF  We must be able to act as one company! and  We must be a decentralized network!

14. ÅF a global network!  One brand  One global system  Common Core Values

15. We have the industry’s biggest bank of experience  Shared business support system  Internal skills development  Challenging assignments Competence development through:

16. “To start from a clean sheet of paper is fine if you have nothing worth preserving” Ferdinand Porsche

18. Growth 15% average annual growth:  50% organic  50% M&A

19. Organic growth  To obtain an unfair proportion of the best people through aggressive recruiting of experienced engineers as well as young professionals  Employeer branding  Mentorship and trainee* *Trainee program Nuclear to be announced

20. The world’s largest annual series of athletics meetings, Golden League, is changing its name to ÅF Golden League. TVs-broadcasting in 113 countries 100 million viewers per season The organising cities of the ÅF Golden League are in order; Berlin (1/6), Oslo (6/6), Rome (11/7), Paris (18/7), Zürich (29/8) and Brussels (5/9).

21. 21 ÅF a top choice among professional engineering graduates Career Index 2007/2008 The “Career Index” survey asked 5,400 of Sweden’s actively employed engineering graduates which company they would most like to work for.

22. 22 ÅF in a Global World 4 100 employees, 90 offices, 19 countries Own offices / Subsidiaries / Branch Offices

23. -To be No1 or No2 on the markets we act means invest in the countries were we are present rather than to invest in new countries Global growth requires domestic leadership! -To be No1 or No2 on the markets we act means invest in the countries were we are present rather than to invest in new countries

24. How to get there!  Strategy and Structure  Operational excellence  Business culture

25. 25 ChangeEffect on earnings Factor (all other factors unchanged) SEK/share (before tax) Capacity utilisation+/–1%2.34 Hourly rate+/–1%1.76 Payroll costs+/–1%1.26 Sensitivity analysis

26. How to get there!  Strategy and Structure  Operational excellence  Business culture

27. Businessmanship  More complex world  Customers buy functions  Businessmanship is getting increasingly important!

28. Businessmanship ”Stay out of trouble, choose ÅF”

29. Summary  One ÅF – one structure, system and culture  Strong markets and high utilisation rate  Focus on less-cyclical business and profitable growth  Strong brand  Huge assets of experience and expertise  Long and strong customer relationships

30. Q&A – session

31. Agenda  ÅF today  Vision and strategy going forward  The ÅF share

32. The ÅF share

33. Interest in the share

34. The largest shareholders 2008-08-31 ShareholderCapitalVotes ÅFORSK15,81% 36,72% Swedbank Robur6,65%4,66% Nordea6,05% 4,24% Handelsbanken4,40% 3,09% JP Morgan4,31%3,03% Deutsche Bank3,88% 2,72% ÅFOND3,84%6,73%

35. Number of shares 2008-08-31  A-shares: 804 438  B-shares: 16 222 075  Total: 17 026 513  Number of shareholders: 5 100  Swedish shareholders: 57,4% Capital, 70,0% Votes  Foreign shareholders: 42,6% Capital, 30,0% Votes

36. Fikapaus!