1. Nordic Service Partners Holding AB (publ)
Management presentation, May 2015
Johan Wedin heter jag och är CFO på NSP sedan 2008.
Innan vi börjar vill jag dröja kvar vid denna bild som i korthet summerar vår verksamhet bestående av etablerad BK-restaurangkedja + två nya affärsområden som är i uppstart,
En viktig strategisk förändring för NSP med KFC och Fridays 2 världsbrands!
Hur många av er har ätit på en KFC och Fridays?
Vad tyckte ni om det, KFC?
Marknadsundersökningen från i somras 87% kännedom i vår målgrupp år – i Sverige 65%
Kyckling + 60% senaste 10 åren
Lättare etablering – hamburger hill värnamo msek i burgers

2. Contents Appendices 1 Introduction to NSP 4 2 Investment highlights 83
Market overview 20 4
Financials 25
Appendices A
Supporting information 34

3. Disclaimer
This presentation material (the “Material”) has been prepared by Nordic Service Partners Holding AB (publ) ( ) (the “Company”) solely for use by a limited number of parties in connection with their analysis of presenting a public offer for the company (the “Transaction”) and is provided for information purposes only and is not to be relied upon in substitution for the exercise of independent analysis and judgment. The advisor of the board for the Transaction is Skandinaviska Enskilda Banken AB (“SEB”). By attending a meeting where this Material is presented, or by reading this Material, you agree to be bound by the following limitations and notifications.
This Material is strictly confidential and is being provided to you solely for your information. It may not be disclosed or distributed to the press or any other person and may not be reproduced in any form, in whole or in part. Failure to comply with this restriction may constitute a violation of applicable securities laws. The information provided in this Material has either been obtained from the Company or constitutes publicly available material. Although the Company has endeavoured to contribute towards giving a correct and complete picture of the Company, neither SEB, the Company or any of their respective members, advisors, officers or employees nor any other person can be held liable for loss or damage of any kind, whether direct or indirect, arising from use of this Material or its contents or otherwise arising in connection therewith.
An investment in the Company involves a high level of risk and several factors could cause the actual results or performance of the Company to be different from what may be expressed or implied by statements contained in this Material. More specifically, no information in this Material has been independently verified by SEB or its advisors and SEB, the Company or any of their respective members, advisors, officers or employees or any other person assumes no responsibility whatsoever and makes no representation or warranty, expressed or implied, for the contents of this Material, including its accuracy, completeness or verification for any other statement made or purported to be made by any of them, or on their behalf, in connection with the Transaction. SEB is not giving and is not intending to give financial advice to any potential investor, and this Material shall not be deemed to be financial advice from SEB to any potential investor. Under no circumstances is this Material to be used or considered as an offer to sell, or a solicitation of an offer to purchase, any securities or a recommendation to enter into any transaction; nor shall it or any part of it form the basis of or be relied upon in connection with any contract or commitment whatsoever. Before entering into any transaction investors are urged to take steps to ensure that they understand the transaction and have made an independent assessment of the appropriateness of the transaction in light of their own objectives and circumstances, including the possible risks and benefits of entering into such a transaction. Potential investors should also consider seeking advice from their own advisors in making this assessment, including regarding the legal, tax, financial and other consequences of an investment. This Material has been prepared exclusively for the benefit and internal use of the addressee and no part of this Material or the information it contains may be disclosed, reproduced or redistributed to any other party without the prior written consent of SEB. SEB and the Company are under no obligation to submit further information to potential investors or to update or keep current the information contained herein. Potential investors’ costs in connection with the process shall be borne by the investor. Under no circumstances may the Company or its board of directors or management be contacted by a potential investor without the prior permission of SEB. This Presentation is dated 30 April Neither the delivery of this Material nor any further discussions of the Company or SEB with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. The Company does not undertake any obligation to review or confirm, or to release publicly or otherwise to investors or any other person, any revisions to the information contained in this Material to reflect events that occur or circumstances that arise after the date of this Material. The Material as well as all other information provided by SEB or the Company shall be governed by and construed in accordance with Swedish law.
FORWARD-LOOKING STATEMENTS
This Material may contain forward-looking statements that reflect the Company’s current views with respect to certain future events and potential financial performance. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will materialize. Accordingly, results could differ materially from those set out in the forward-looking statements as a result of various factors. To the extent that this Material contains opinions, estimates, forecasts or other forward looking statements, no guarantees or undertakings that these are correct or complete are given by SEB or the Company or any of their respective members, advisors, officers or employees or any other person. Forecasts and assumptions which are subject to economic and competitive uncertainty are outside such person’s control and no guarantee can be given that projected results will be achieved or that outcomes will correspond with forecasts. Information in this Material may be changed, added to or corrected without advance notification.

4. Contents Appendices 1 Introduction to NSP 4 2 Investment highlights 83
Market overview 20 4
Financials 25
Appendices A
Supporting information 34

5. Passionate management team with deep industry knowledge
NSP CEO since 2009
More than 20 years of experience from the restaurant & the real estate and financial markets
Holds an MBA from the Gothenburg School of Economics
NSP CFO since 2008
14 years of experience as CFO in public companies, and from business controlling
Studied Business Administration and Tax at Stockholm University
Morgan Jallinder
Chief Executive Officer
Johan Wedin
Chief Financial Officer
Johan Persson
Chief Operating Officer
Experience from McDonald’s as restaurant manager, district manager and franchise business leader
Patrik Eliasson
Chief Information Officer
Over 20 years of experience in IT ranging from small to large companies, and has been with NSP since 2004
Erika Falkermark
Chief Human Resource Officer
Experience from Scandic Hotels where she worked with education and personnel development in HR, Scandic Business School
Jesper Hollstrand
Chief Marketing Officer
9 years experience from McDonald’s where he worked as project manager in IT and lecturing at McDonald's Business School on cost control
Martin Jallinder
Chief Business Development Officer
Previously assistant to the CEO
MSc in Accounting and Financial Management from Stockholm School of Economics

6. Nordic Service Partners at a glance
NSP in brief
Group sales and EBITDA margin
NSP is the largest multi franchisee of Burger King restaurants in the Nordic region
The company was founded in 2004
61 Burger King restaurants
Sweden - 44 restaurants
Denmark - 17 restaurants
Additional brands in 2014
KFC
TGI Fridays
NSP is traded on Nasdaq Stockholm since 2008
About 2,700 shareholders
Market cap of about SEK 225m
NSP holds a board of directors and management with long and relevant experience in the Quick Service Restaurant (QSR) segment
(SEKm) 21 28 41 42 42 42 48 55 58 61
Stark tillväxt under NSP:s första 10 år
Noterat på Nasdaq sedan 2008
2700 aktieägare
Bra utveckling på aktien under 2014
No of restaurants
Breakdown by geography 2014
Sales
EBITDA

7. Key historical milestones
2004 – 2005
2006 – 2008
2009 – 2010
2011 – 2014 1 2 3 4
The foundation
Acquisitions and growth
Consolidation
Growth
Nordic Service Partners was established in 2004 when the Company acquired 21 Burger King restaurants in Sweden from Burger King Corporation
Turnover increased by 14% for the existing restaurants whilst the market grew by 5%
The NSP stock listed at NGM Equity
NSP acquired Taco Bar with 12 existing restaurants and opened 4
Acquired 7 of Denmark's existing Burger King restaurants
Established 2 food courts in the Stockholm region
Stock listed on Nasdaq First North
Acquired 9 Burger King restaurants
Acquired the rights for Tasty Thai concept in Sweden and opened 1 Tasty Thai restaurant in Stockholm
Stock listed on Nasdaq Stockholm
Focus on profitable Burger King restaurants, development of brand name, and Taco Bar
NSP regained profitability in 2009 after a period of heavy investments
Cost savings program put in place in 2008 had an effect of SEK 10m
NSP sold Taco Bar in Q1 2014
Acquired 4 Burger King restaurants and opened 8 new
Remodeled ~30 of NSP’s existing restaurants
Reached franchise agreements with Yum! Brands and Carlson Companies to launch KFC (Kentucky Fried Chicken) and TGI Fridays (TGIF) in 2014
Sales
(SEKm)

8. Contents Appendices 1 Introduction to NSP 4 2 Investment highlights 83
Market overview 20 4
Financials 25
Appendices A
Supporting information 34

9. Key investment highlights
Excellent growth pipeline driven by new concepts 4
Proven ability to drive operational excellence 3
First class brand portfolio supports NSP’s position in the value chain 2
Market driven by strong structural trends 1

10. Market driven by strong structural trends1
Market driven by strong structural trends
Growth in Danish consumer spending
Growth in Swedish consumer spending
(Index 100)
(Index 100)
“nya årskullar” and a growing population
Single occupancy and less time
Structural changes in the retail market –
NSP is ready:
established multi-franchisee with scalable platform
strong cash flow
Market
drivers
Growth in population and new customers
Continued urbanization
Single occupancy
Consumers spend less time on preparing food
Increasing number of shopping centres and malls
Source: Euromonitor

11. First class brand portfolio2
First class brand portfolio
Strong brand partners ensure high quality throughout the value chain and strengthen NSP’s offering
“In here, it’s always Friday”
Social and fun dining with friends or family
The world’s largest casual dining concept
“Home of the Whopper”
Real flame grilled burgers
Second largest hamburger fast food chain in the world
“So good”
High quality, affordable chicken meals
The world's most popular chicken restaurant chain
Strong brand partners with well known concepts and high quality
Med våra tre varumärken erbjuder vi:
Kvalite, service bra mat i fina restauranger
BK starkt varumärke men i sverige finns det ca 800 burger restauranger
Vilket är en enorm potential för KFC och för en snabb tillväxt
KFC världens största varumräke rest.
Fridays i SE säljer mellan MSEK
Trademark owners
NSP
Secure and certify suppliers
Purchase
Franchisee and food safety control
Sales & Service
Primary Activities
Marketing and product development

12. First class brand portfolio (cont.)2
First class brand portfolio (cont.)
KFC is well known with Swedish consumers even before launch
Brand awareness study
15-19yrs
20-34yrs
35-49yrs
NSP:s business model as a franchisee
This is what we get for the royalty we pay
Food origin and the upbringing of animals and quality are becoming more and more important for consumers
WW brands ensures this - consistent quality products and food safety and tracability 1
Market research shows that 87% of NSP’s target customers, between age 15-19, knows KFC
Brand awareness is high for KFC, with 57% national recognition, even though there are no restaurants in Sweden to date
Source: Here Are Lions research
1) For KFC, if spelled out in full name, Kentucky Fried Chicken, the brand awareness amounts to 83%, 71%, and 61% for the three age categories respectively

13. Proven ability to drive operational excellence3
Proven ability to drive operational excellence
Focus on improving efficiency throughout the organisation
Development
Structured process to evaluating new locations
Strong relationships with landlords
Turnkey solution towards landlords
Long experience from new restaurant openings and acquisitions ensure high quality from day 1 as well as clear road to profitability
Operations
Daily monitoring of key KPIs to adjust and optimise main cost drivers, e.g. food cost and labour
Daily stocktaking of main inventory items
Quality and efficiency regularly benchmarked through mystery visits performed both by NSP and trademark owners 6 1 IT
System support for key operational processes, e.g. workforce management and sales monitoring
Roll-out of Qlik to support integration between restaurant systems and management reporting, a state of the art Business Intelligence system, which also applies to the other systems in use; Micros (Oracle), Quinyx, and Navision
Marketing
National marketing activities coordinated with trademark owners and master franchisees
Local marketing plans developed to follow and strengthen national campaigns
Local competition analysed three times per year to differentiate and optimise pricing for each restaurant 5 2 4 3 HR
Clear incentive structures to align motivation of managers and employees
Optimised staffing through close monitoring of changes in demand and IT support
Internal education program
Finance
Investment decisions followed and approved centrally to ensure correct prioritisation
Central control of rental agreements and leasing agreements
Purchasing coordinated and monitored centrally

14. Proven ability to drive operational excellence (cont.)3
Proven ability to drive operational excellence (cont.)
Demonstrated ability to improve acquired restaurants – example from Örebro and Swedburger
Örebro
Swedburger
(SEKm)
(SEKm)
NSP way = ett arbetssätt och enhetliga system och rapportering – Micros, Quinyx – alla 3 varumärken
NSP :s tre viktgaste hörnstenar är
Råmaterial – med 15 miljoner gäster får vi inte lägga för mycket sallad på hamburgarna
Schema lägga personal utifrån försäljning
Lokal marknadsföring – crazy weekends, service garanti etc
Örebro (paid 2 Msek) and particularly Swedburger (Paid 23 Msek), EV 20) are good examples 1 2
Raw material
Labour
Local store marketing
Diligent control of the raw materials in each restaurant
Daily check of inventories to manage the food cost gap
Goal – maximum 0.2% in gap will result in improved Gross Profit
Control of scheduling is a key to success
With a model of 30 minute precision to match expected sales Swedburger has increased EBITDA margin from about 15% to approximately 22%
Marketing of the different stores in the local markets where they operate
Implemented changes
Nine months of operations in 2011
Three months of operations in 2012

15. Proven ability to drive operational excellence (cont.)3
Proven ability to drive operational excellence (cont.)
Organisation experienced in finding the right locations
Key locations
NSP locations
Commentary
Drive Thru
Existing Restaurants Sweden
Structured process to evaluating new locations based on internally developed and refined scorecard model
Strong relationships with landlords
Turnkey solution towards landlords
NSP owns all drawings
NSP handles all project management
Long experience from new restaurant openings and acquisitions ensure high quality as well as clear road to profitability
City Centers
To succeed these are the four main areas, 1, 2, 3, 4
NSP always goes for AAA locations and we have top three WW brands
NSP has world class operations, which we will look at later in the PP
Existing Restaurants Denmark
Shopping Centers

16. Proven ability to drive operational excellence (cont.)3
Proven ability to drive operational excellence (cont.)
Structured approach to restaurant openings leads to quick payback
Roskilde
Växjö
(DKKm)
(SEKm)
Nyköping
Jägersro
(SEKm)
(SEKm)
Investments in new restaurants are around SEK 5.5 – 6.0 million. On average, the initial investments is paid back already after 3 years
Roskilde reached a quicker break-even with new methods such as staying at opening levels of staff for a longer period

17. Excellent growth pipeline driven by new concepts4
Excellent growth pipeline driven by new concepts
New concepts have significantly expanded NSP’s growth pipeline
Strategic initiatives for 2015 and onwards
Restaurant pipeline
Corporate
NSP brand building
New organisation and collaboration with new franchisees
Burger King
Optimize marketing and local store marketing
Focus on maintaining and increasing the current BK business that forms the base which will finance the growth of KFC and Fridays as well as opening new BK restaurants
KFC and TGI Fridays
Open new restaurants
Building operative organisation
Prospecting and development of new sites
Extensive and well-prepared pipeline with restaurant openings for roll- out over the next five years
8 restaurants in contract and construction phase
23 sites under negotiation
7 additional opportunities identified
Restaurants per phase scheduled to open per year 1.

18. Case study: KFC opening in Lockarp4
Case study: KFC opening in Lockarp
KFC location
Commentary
400,000 people living within 20 minute drive time
High visibility from the motorway
28m pylon
37,000 cars
77 parking spaces + 4 handicapped parking spaces
4 Drive Thru parking spaces
Good Drive Thru flow
One of OKQ8’s largest gas stations under construction
Stort upptagningsområde
Goda förutsättningar
Source: Company information.

19. Case study: TGI Fridays opening in Copenhagen4
Case study: TGI Fridays opening in Copenhagen
TGI Fridays location
Commentary
Exclusive development agreement with TGI Fridays regarding Denmark
Five restaurants in five years
TGI Fridays at Höjbro Plads
Located in the heart of Copenhagen, between Rådhuspladsen and Nyhavn, seats plus outdoor seating
Management team in place
Opening planned for end of June 2015
Hard Rock Cafe (new) DKK 55m
Café Norden
DKK 60m
TGI Fridays
Café Europa DKK 35m

20. Contents Appendices 1 Introduction to NSP 4 2 Investment highlights 83
Market overview 20 4
Financials 25
Appendices A
Supporting information 34

21. The Nordic restaurant market
Commentary
Stable growth in the restaurant business
The Nordic fast food market consists of companies providing customers with ready packed food over the counter but with no table service
Combined value of the Swedish and Danish restaurant market was SEK 155bn in 2014, an increase of 120% since 2004
A general trend of an increasing amount of international and well known franchise restaurants
The “fast food” market can be divided into two main sub segments
Quick Service Restaurants in which NSP operates
Home Meal Replacement
The QSR market has seen a gradual expansion since the beginning of the 1990’s, even though the most recent financial crises have had a negative affect
Restaurant business in Denmark has grown by almost 60% since 2006
In Sweden hamburger restaurants have increased their market share and grown more than the general restaurant business
Fast food accounts for 27% of the food consumed outside homes
Examples of QSR operators in the Nordics are Burger King, Subway, McDonald’s and Max
Sales (SEKbn)
CAGR 8.2%
Growing market – over 100% growth in 10 years
Well know international brands are increasing their market share
Stable growth in the QSR segment
Sales (EURbn)
CAGR 3.5%
CAGR 4.0%
Source: Swedish Central Bureau of Statistics, Statistics Denmark and Euromonitor

22. Swedish and Danish restaurant market
Sweden
Denmark
The Swedish restaurant market was valued at SEK 105bn in , which was an increase of 5% from the previous year
13%, or SEK 13bn, derived from the QSR industry
The Swedish market differs from other Nordic markets in terms of having hot food for lunch, which implies a bigger market
Franchise operators gained market share on behalf of smaller players but also grocery stores
In 2013, the hamburger market had a turnover of SEK 7.5bn where McDonald’s had 63% of the market, followed by Max with 20%, and Burger King with 13%
Approximately 23,000 restaurants in Sweden with 97,000 employees in 2013
The Danish restaurant market with over 15, restaurants was valued at SEK 45bn in 2014 compared to SEK 43bn in 2013
~50% deriving from lunch and evening restaurants
Lunch is, normally only 30min where people bring sandwiches
Majority of players are own restaurant operators but clear trend towards increasing number of franchise operators
Burger King has 31 restaurants in Denmark of which 17 are owned by NSP
Other players in the market are Sunset Boulevard (owned by DKR Holding), Domino’s Pizza, DSB minibar, King Chicken among others
SEK 111bn
SEK
45bn
Quite similar but different in size of course
Lunch in Sweden 1 hour and a lot of people eat out. In Denmark 30 minutes people eat in the office
In Sweden some 600 burger restaurants, in Denmark around 200 burger restaurants – huge opportunity for a world-wide chicken brand!
Swedish restaurant market 2014
Danish restaurant market 2014
Type %
Lunch/Evening
44%
Hotels
14%
Fast Food
12%
Entertainment
11%
Trafic hub 8%
Staff restaurants 6%
Cafées 5%
Type %
Lunch/Evening
49%
Cafées, inns and discos
15%
Fast Food
14%
Other restaurants
Event catering 6%
Source: Company information, Swedish Central Bureau of Statistics, Statistics Denmark and Visitas

23. Increasing demand for chicken
Swedish meat consumption
(kg per person and year)
CAGR 4%
CAGR 0.2%
“nya årskullar” and a growing population
Single occupancy and less time
Structural changes in the retail market –
NSP is ready:
established multi-franchisee with scalable platform
strong cash flow
CAGR 1.3%
The consumption of chicken has shown strong growth over the past decades
Overall, Swedish meat consumption (measured in volume) has increased by 1% annually between , mainly driven by a growth in chicken consumption
However, the chicken consumption in Sweden remains low in an international context
Source: Swedish Board of Agriculture statistics

24. Competitive landscape
Food prepared in a store and consumed at home or in-store which require little or no preparation by the consumer
Eating Home
Home Meal Replacement
Also known as “quick-serves,” these restaurants are known for fast, efficient, take-out-ready foods at affordable prices. Many consider the term “quick-serve” as synonymous with “fast food”
QSR
A type of restaurant that does not offer full table service, but promises a higher quality of food and atmosphere than a fast food restaurant. It is a relatively new and growing concept positioned between fast food and casual dining
Fast Casual Dining
Restaurant market
Provide table service but no educated chefs. Comprises a market segment between fast food and fine dining restaurants. Often have a full bar with separate bar staff, a larger beer menu and a limited wine menu
Casual Dining
Offers the finest in food, service and atmosphere. It is also the highest priced
Dining

25. Contents Appendices 1 Introduction to NSP 4 2 Investment highlights 83
Market overview 20 4
Financials 25
Appendices A
Supporting information 34

26. NSP financial overview Sales and EBITDA margin development
(SEKm)
(SEKm)
2011
2012
20131
2014
LTM
Sales
623.0
733.8
780.6
826.4
842.0
% growth
-1.7%
17.8%
6.4%
5.9%
7.8%
Gross profit
466.5
548.8
588.4
625.6
639.3
% of sales
74.9%
74.8%
75.4%
75.7%
75.9%
EBITDA
39.6
51.2
56.3
62.8
63.5
7.0%
7.2%
7.6%
7.5%
D&A
-29.0
-34.3
-34.8
-39.1
-40.7
EBIT
10.6
16.9
21.5
23.7
22.8
1.7%
2.3%
2.8%
2.9%
2.7%
Net financial items
-11.0
-12.2
-11.2
-12.5
-14.2
EBT
-0.4
4.7
10.3
11.3
8.6
-0.0%
0.6%
1.3%
1.4%
1.0%
2014 blev ett ok år men vi är inte nöjda
2 bra öppningar i roskilde och hallunda
Ett bra förvärv av 2 Bk varav den ena skall bli en KFC
Kostnader för nya varumärken
Fast growth increases depreciation, comes down with % after 6 years
Sales CAGR of 10% over the last four years which is better than the general performance of the market
Increased performance with LTM Q sales of SEK 842m as compared to SEK 781m LTM Q1 2014
Stable and improving gross and EBITDA margins, averaging around 75% and 7% respectively since 2010
In Q NSP sold Taco Bar and all the rights to the restaurants. The net loss of SEK 2.1m was recorded for the 2013 financial year
Excluding Taco Bar, divested Q

27. Revenue visibility via long term contracts
Geographic footprint
Maturity of outstanding contracts
Avg. maturity years 9 10
Maturities by year
Structure of the contracts
15yrs + 5yrs
20yrs
10yrs + 10yrs

28. Scalable business model and flexible cost structure
SG&A development
SG&A split
(SEKm)
(SEKm)
1. SG&A is all people that support our restaurant business
2. In 2008 we started to take down SG&A from 55 MSEK to 34 MSEK, 8,5% to were we are today 5 %
3. From 2011, the year we refinanced the Company we have increase revenues with 26%, ebitda with 49% and SG&A with 15% - shows the scalability
4. The # of restaurants is what mainly drives SG&A, one DC = 7 restaurants
(SEKm)
2008
2009
2010
2011
2012
2013
2014
Labour
33.2
28.2
19.8
20.7
21.0
24.2
23.9
Other
22.1
16.3
15.5
13.3
14.4
14.5
17.2
Total SG&A
55.4
44.4
35.3
34.0
35.4
38.8
41.1
SG&A as % of sales
8.3%
6.3%
5.6%
5.5%
4.8%
5.0%
No of restaurants 44 42 48 55 58 61

29. Balance sheet overview
Commentary
Balance sheet overview
The tangible asset base mainly consists of inventory, equipment and installations in the restaurants
Intangible assets primarily comprise goodwill
Due to the nature of NSP’s business the working capital requirements are very low
Other receivables consists mainly of credit card payments and “Rikskuponger”
Two convertible and subordinated loans with maturity in 2015 and 2016
Assets for sale refer to Taco Bar which was sold in January 2014
Due to the many part-time employees, NSP’s deferred costs in relation to salaries is a large share of the Other current liabilities
Total equity amounted to SEK 135 million as at 31 March 2015
(SEKm)
2011
2012
2013
2014
Q1 ’15
Goodwill
181.2
195.9
184.3
192.1
189.1
Other intangible assets
6.3
7.5
5.9
6.5
7.9
Fixed assets
116.5
129.9
147.2
174.3
170.4
Deferred tax asset
17.3
15.3
13.0
8.2
9.4
Financial assets
10.8
10.1
9.8
12.7
12.5
Total non-current assets
332.0
358.7
360.2
393.7
389.4
Raw material
5.3
6.1
8.0
Other receivables
35.9
42.2
33.3
49.7
53.8
Cash
32.1
38.0
32.4
104.9
91.3
Total current assets
73.3
86.4
73.5
162.6
151.6
Assets for sale -
16.7
Total assets
405.3
445.1
450.4
556.3
541.0
Total equity
124.6
122.4
136.2
148.7
135.5
Interest bearing debt
127.4
129.5
111.5
Interest bearing lease
45.9
61.4
80.1
79.2
72.9
Bond loan
195.8
196.0
Convertible loan
4.7
9.2
Other current liabilities
102.7
122.7
113.3
123.4
127.3
Total equity and liabilities
Goodwill comes from DK 2006, EB 2007 and SB 2012
Goodwill represents the underlying value of the lease agreements and the market place they represent
As you can see we have very little inventory and no AR

30. NWC and capex development
Core net working capital1
Capital expenditure
Operating cash flow
(SEKm)
(SEKm)
(SEKm) BK
16.2
KFC/TGIF
1.6
Properties
14.7
Total
32.5
1. Over the past three years we have spent around 65 MSEK bringing our current portfolio up to date in terms of standard and design
2. We have remodeled some 30 restaurants, almost all a few small left
3. Going forward main focus is going to be new restaurants and acquisitions
Net working capital has remained stable with an average NWC in relation to sales of -4%
Raw material deliveries 2-3 times per week depending on sales volume, ca 1% of assets
Accounts receivable without credit
Accounts payable with days payment term
Historically the majority of NSP’s investments have gone towards remodeling existing restaurants, but focus will shift more toward new restaurant investments
Average capex for the period of SEK 60m
Annual investment of SEK 100,000 per restaurant is required as well as refurbishment required every 8 years at approximately SEK 2m
(SEKm)
2011
2012
2013
2014
EBITDA
39.6
51.2
56.3
62.8
Change in NWC
6.1
5.7
-5.8
6.3
Maintenance capex
-6.9
-6.8
-8.5
-9.2
Operating cash flow
38.7
50.2
42.0
59.9
Cash conversion 2
97.9%
98.0%
74.7%
95.4%
Core net working capital defined as raw material and accounts receivable less accounts payable
Cash conversion defined as operating cash flow in relation to EBITDA

31. NSP outlook 2015 Quarter on Quarter Sales development
(SEKm)
Q1 '14
Q1 '15
Δ QoQ
Sales
181.2
196.9
8.6%
Gross profit
135.4
149.2
10.1%
% of sales
74.7%
75.8%
EBITDA
7.2
7.9
9.8%
4.0%
D&A
-9.0
-10.6
18.2%
EBIT
5.4
5.2
-3.9%
3.0%
2.6%
Net financial items
-2.6
-4.4
67.8%
EBT
2.8
0.8
-70.8%
1.5%
0.4%
Growth 8.6%
Growth 6.7%
Q1 as share of 2015
EBITDA development
(SEKm)
Q1 '15
2015F
Q1 %of FY15
Q1 %of FY14
Sales
196.9
881.7
22.3%
21.9%
Adj. EBITDA
7.9
69.5
11.3%
11.4%
Startup costs
0.0
4.0
0.0%
EBITDA
65.5
12.0%
% of sales
4.0%
7.9%
D&A
-10.6
-41.8
22.9%
25.3%
EBIT
5.2
23.7
6.2%
2.6%
2.7%
Net financial items
-4.4
-16.0
20.9%
27.3%
EBT
0.8
7.7
3.8%
10.6%
0.4%
0.9%
Growth 9.8%
Growth 4.3%

32. New restaurant concepts
Investments
QSR
Inline
Item
(SEKm)
Furnishings
3.0
Kitchen
1.5 IT
0.5
Signs
0.2
Total
5.2
Investments vary depending on status of premises, e.g. need for installation of ventilation, water and electricity – estimates assume full refurbishment
Full investment cost for a new inline restaurant estimated at SEK m
QSR
Drive Thru
Item
(SEKm)
Furnishings
3.6
Kitchen
1.5 IT
0.5
Signs
0.9
Total
6.5
Full investment cost for a new inline restaurant estimated at SEK m
Total investment of SEK 20m is paid through 7-8% rent1
More than 150 years experience from QSR
Management has invested 5 MSEK in convertible bonds
TGI Fridays
Item
(DKKm)
Furnishings
4.5
Kitchen
2.0
Bar
0.5 IT
1.0
Total
8.0
Full investment cost for a new inline restaurant estimated at approximately SEK 8.0
Annual investment of SEK 100,000 per restaurant is required as well as refurbishment required every 8 years at approximately SEK 2m
Source: Company information
Total investment of SEK 20m in building a QSR Drive Thru about SEK 5m for the land, SEK 3m preparing the land, and SEK 12m building and furnishings

33. Contents Appendices 1 Introduction to NSP 4 2 Investment highlights 83
Market overview 20 4
Financials 25
Appendices A
Supporting information 34

34. NSP’s business partners
No obligations or penalties if no new opening of restaurants – only opportunities
Yum! Brands
Burger King
Yum! Brands is the world’s leading restaurant company with over 40,000 restaurants in 128 countries
More than USD 13bn in sales 2014
On the top 100 Best Corporate Citizens by Corporate Responsibility Magazine.
KFC, Pizza Hut and Taco Bell are the global leaders of the chicken, pizza and Mexican-style food categories
NSP signed an agreement with Yum in 2014 regarding KFC
Founded in 1953, Burger King is an American fast food company mainly focusing on hamburgers
With about 14,000 restaurants in over 95 countries Burger King is one of the largest restaurant chain in the world
Approximately 11 million visitors every day and in 2014 the system-wide sales reached USD 17bn
KFC ägs av YUM världens största rest bolag
Över restaruanger
Äger även Pizza Hut och Taco Bell
Topp 100 på bästa företag på CSR
Fridays världens största casual dining kedja med över 900 rest
TGI Fridays
Other restaurant companies
TGI Fridays is an American restaurant chain focusing on casual dining that was founded in 1965, New York
NSP has a close relation to Rasta with two joint locations
Rasta houses are located on most major roads in Sweden and the restaurants offer a nice selection of home cooked dishes, freshly baked bread, beer, soft drinks, and coffee
The company is a portfolio company of private equity firms Sentinel Capital Partners and TriArtisan Capital Partners
TGI Fridays operates over 900 restaurants in more than 60 countries
Source: Company websites

35. Overview of franchise agreements
Structure of
contracts
Agreements are formed for each restaurant, thus NSP has 61 contracts with BK with a 20 year term.
NSP has signed a binding letter of understanding which sets out the legal structure for the development of the brand in Sweden.
Agreements are formed for each new restaurant, thus NSP has 1 contract with TGI Fridays with a year term.
Change of
control
No restrictions on change of control exist as long as the shares in NSP are listed. A bidder is advised to contact franchisor before a binding bid is submitted.
No restrictions on change of control exist as long as the shares in NSP are listed. However, a procedure is agreed, which is designed to impede a competitor of Yum! to acquire a substantial part of NSP without approval of Yum! A bidder is advised to contact franchisor before a binding bid is submitted.
No restrictions on change of control exist as long as the shares in NSP are listed. A bidder is advised to contact franchisor before a binding bid is submitted.
Franchisor
expansion
demands
NSP has no obligation to expand, but is encouraged to do so. NSP is allowed expansion elsewhere, and is encouraged to enter the Germany.
NSP holds a Franchise Corporate position vis-à-vis Yum! whereby NSP finances own expansion without an obligation to do so. NSP is allowed expansion elsewhere, and is encouraged to enter the Germany.
NSP has a 5 year master franchise agreement with Fridays under which NSP is obliged to open 1 restaurant per year. A penalty of USD 15k per restaurant imposed per restaurant not opened.
Franchisor
location
interference
BK has employees in Sweden and Denmark who present opportunities that NSP takes into consideration. Location approval from King Foods required.
Yum! has no physical presence in Sweden or Denmark and leaves scouting for sights up to NSP. Location approval from Yum! Required.
TGI Fridays has no physical presence in Sweden or Denmark and leaves scouting for sights up to NSP. Location approval from Fridays required.
Franchisor
operational
interference
NSP vendors and suppliers must be approved by BK.
NSP’s ability to engage in competing hamburger business is limited.
NSP vendors and suppliers must be approved by Yum! NSP’s ability to engage in competing business is limited.
NSP vendors and suppliers must be approved by Fridays. NSP’s ability to engage in competing business is limited in Denmark (i.e.the Territory).
Royalty &
Adfund
costs
Royalty of 6.25% and Adfund of 3.75% of net sales
cannot be changed during the contract term.
Royalty of 6% and Adfund of 5% of net sales
cannot be changed during the contract term.
Royalty of 4% and Adfund of 2% of net sales
cannot be changed during the contract term.

36. Board of Directors and Management
Morgan Jallinder
CEO
20+ years experience from restaurants, real estate and finance
Jaan Kaber
Chairman
Born 1951
Board member since 2009
Other: Among others, previously board member of Diffchamb AB,Riddarhyttan Resources AB, and Dunross & Co AB
Johan Wedin
CFO
Experience as CFO and business controller with focus on growth and business development
Anders Wehtje
Born 1964
Board member since 2004
Other: Founder and Chairman of Kilimanjaro Properties AB. Previously CEO of Allokton, Deputy CEO of Volito, and CFO at McDonald’s Sweden.
Johan Persson
COO
Experience from McDonald’s as restaurant manager, district manager and franchise business leader
Jens Engwall
Born 1956
Board member since 2011
Other: CEO and Board Member of Hemfosa Fastigheter AB. Previously CEO for Kungsleden AB and involved in Skanska, BPA and CA Fastigheter. Also Board Member of Ikano S.A. and Bonnier Fastigheter AB
More than 150 years experience from QSR
Management has invested 5 MSEK in convertible bonds
Patrik Eliasson
CIO
Over 20 years in IT ranging from small to large companies
Jeppe Droob
Born 1968
Board member since 2012
Other: Owner and CEO of the Danish fast food company Sunset Boulevard with 45 restaurants in Denmark
Erika Falkermark HR
Experience from Scandic Hotels where she worked with education and personnel development in HR, Scandic Business School.
Eva Gidlöf
Born 1957
Board member since 2014
Other: Executive positions within Tieto Group, BGC, and Capgemini Group

37. Ownership structure (SEKm) Number of shares (A and B)
% of capital and votes
1. Jeppe Droob1
3,540,758
29.9
2. Abrinvest AB
1,619,000
13.6
3. Long Term AB2
1,186,665
10.0
4. Morgan Jallinder
983,166
8.3
5. Jaan Kaber
948,500
8.0
6. Peter Bahrke
488,050
4.1
7. Daniel Nilsson
415,000
3.5
8. Southrock AB
189,290
1.6
9. SHB Life Insurance AB
86,617
0.7
10. Avanza Pension Insurance AB
82,066
11. Hannes Kaber
70,000
0.6
12. SHB Funds
56,780
0.5
13. Nordnet Pension Insurance AB
43,328
0.4
14. Kerstin Abrinder
42,002
15. QLI Ltd
41,250
0.3
Total, listed owners
9,792,472
82.6
Total, other owners
2,068,944
17.7
Total, all owners
11,861,416
100.0
Source: SIS Ägarservice as at March 31, 2015
Jeppe Droob, member of the board, ownership via Danske Konceptrestauranger Holding and JE D APS.
Anders Wehtje, member of the board, has by part-ownership in Long Term AB controlling influence over the shares.

38. Bond Summary terms Call structure
Senior Secured Notes with an issue size of SEK 200m and a nominal amount of SEK 1m
Tenor of 5 years and NC 2.5
Use of proceeds includes refinancing of existing debt, investments in new restaurants, acquisitions, and general corporate purposes
Maintenance covenants include that net interest bearing debt to EBITDA is not greater than 4.00x at any time during the life of the bond
Key covenants include a dividend restriction of 60% of consolidated net profit, incurrence test for new debt with a carve out for finance leases of SEK 120m, negative pledge, asset disposal restrictions and change in business restrictions
Incurrence test is met if:
Net interest bearing debt to EBITDA is not greater than 4x
Interest Coverage Ratio (EBITDA to Net Finance Charges) exceeds 3x
Secured by pledge of shares in all material subsidiaries directly owned by the Issuer
Change of control put at 101 of par
Voluntary partial redemption to max 10% of the nominal amount per year during the first 3 years at %

39. Leverage and current debt structure
Net debt to EBITDA
Net debt (SEKm)
Net debt / EBITDA
This is a picture of our hitoric net debt and leverage
Post bond we will have abou the same net debt/ebitda as before but we will increase cash with over 90 Msek
For investments in new restaruants
Key ratios
Debt structure
2009
2010
2011
2012
2013
2014
LT interest bearing debt
110.4
82.5
146.2
159.9
155.5
255.7
Convertible loan -
4.7
9 .2
9.2
ST interest bearing debt
48.4
45.8
26.9
31.0
36.2
Cash position
24.5
12.1
32.1
38.0
32 .4
104.9
Key credit ratios
Total debt
0.2
132.9
178.0
200.0
200.9
275.0
Total net debt
0.1
120.8
145.8
162.0
168.5
170.1
Net debt to EBITDA
3.26
2.78
3.56
2.98
2.83
2.71
EBITDA
40.3
44.8
39.6
51.2
56.3
62.8