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

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

3 ÅF today ÅF Energy 750 employees Engineering employees Infrastructure employees Inspection 425 employees  employees in 19 countries

Development, FY Rolling 12-months Rolling 12-months Rolling 12-months Operating income Operating profit Operating margin MSEK %

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

EBIT-margin per division

Balance sheet Jan-Jun 2008 (in millions of SEK) Equity/assets ratio46.7%48.9% Assets 30/ Liabilities* Intangible assets Equity, incl Minority shareholdings Building and land Equipment Accounts payable, incl. accruals Payroll-related liabilities Accounts receivable, incl. uninvoiced Advance payments from customers Cash and bank Interest-bearing liabilities Other receivables Other liabilities Total assets Total equity and liabilities / / / Long Term Liabilities Financial investments 31/ /

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

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.

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.

To become the leading technical consulting company in Europe

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

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

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

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

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

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

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

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

-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

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

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

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

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

Businessmanship ”Stay out of trouble, choose ÅF”

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

Q&A – session

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

The ÅF share

Interest in the share

The largest shareholders 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%

Number of shares  A-shares:  B-shares:  Total:  Number of shareholders:  Swedish shareholders: 57,4% Capital, 70,0% Votes  Foreign shareholders: 42,6% Capital, 30,0% Votes

Fikapaus!