Borregaard — Investor Presentation 2016

Oct 21, 2016

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Agenda

• • Per A Sørlie, President & CEO
• Highlights
• Business areas
• Outlook
• • Per Bjarne Lyngstad, CFO
• •Financial performance

Highlights – ³rd quarter 2016

• •All-time high EBITA adj.1) for the Group
• •Improved results in all business areas
• •Positive currency effects
• •Strong cash flow

Performance Chemicals markets – Q3

• Improved product mix ex Flambeau volume
• Continued progress for agrochemicals
• Flambeau volume primarily into low and medium-value applications
• • Slightly lower prices in sales currency in construction and miscellaneous products
• Affected by challenging market conditions and reallocation of sales volumes
• • 8% volume growth
• Volume growth slightly less than the added Flambeau business

1) Average sales price and sales volume reflect 100% of sales and volume from the J/V in South Africa.Average sales price is calculated using actual FX rates, excluding hedging impact.

New lignin volumes

• • Capacity increase in South Africa
• 20,000 mtds expansion on track
• Commissioning mid-year 2017
• • Florida project in two phases
• Phase one: 110 mUSD, 100,000 mtds lignin capacity
• •Start-up approximately 18 months after decision
• •Phase two: 25 mUSD, 50,000 mtds lignin capacity addition
• •Investment decision anticipated in Q4-16
• • Status LignoTech Ibérica
• •Sniace pulp mill started up mid October after comprehensive maintenance
• •Assuming stable operations annual lignin volume will be 35,000 mtds
• •Full capacity (65,000 mtds lignin) requires investments in textile operations

Speciality Cellulose markets – Q3

• •Product mix similar to Q3-15
• Slightly lower prices in sales currency
• •Higher sales volume
• •Positive FX impact

1) Average sales price is calculated using actual FX rates, excluding hedging impact.

Ingredients and Fine Chemicals markets – Q3

• Ingredients
• •Continued challenging market conditions

• •Positive FX impact

• Fine Chemicals

• • Lower sales of key products due to uneven delivery patterns
• •Positive FX impact

Outlook

• • Performance Chemicals
• •Reallocation of volumes from markets affected by increased competition and reduced demand
• •In Q4-16, sales volume and product mix are forecast to be in line with Q3-16
• • Speciality Cellulose
• • Total sales volume and sales of highly specialised cellulose grades in Q4-16 expected to be lower than in Q3-16, partly due to the annual maintenance stop in October
• •Average price in sales currency in Q4-16 expected to be in line with Q4-15
• •For the full year, average price in sales currency expected to be approx. 1% below 2015 level
• • Other Businesses
• •No major changes expected in market conditions for Ingredients and Fine Chemicals
• •Exilva project costs, net of EU grant, expected to be slightly below Q4-15
• •Corporate costs will remain at largely the same level as in 2015
• • Currency, including hedging impact, expected to contribute positively in Q4-16 compared with Q4-15
• • Q4 is normally Borregaard's weakest quarter
• •Annual maintenance stop at the Sarpsborg site, higher energy and payroll costs

^{F I N A N C I A L P E R F O R M A N C E Q 3} - ^{1 6}

Borregaard key figures – Q3

• •Revenues increased by 3% vs Q3-15
• • All-time high quarterly EBITA adj.1)
• Improved result in all business areas
• •Positive FX impact
• Stable total costs, continued positive impact from energy conservation measures
• EPS at NOK 1.57 in Q3-16, an improvement of NOK 0.45 from Q3-15

Performance Chemicals key figures – Q3

• •6% revenue growth vs Q3-15
• •Positive FX impact

• •8% sales volume increase

• •Challenging market conditions continued

• •Improved product mix ex Flambeau volume
• •Slightly lower prices in sales currency
• •Positive FX impact

•EBITA adj. margin above Q3-15

Speciality Cellulose key figures – Q3

• •7% revenue growth vs Q3-15
• •High sales volume
• •Favourable FX impact

• Higher sales volume, but slightly lower sales prices

• •Higher contribution from bioethanol
• •Lower energy consumption
• •Positive FX impact

•Strong EBITA adj. margin

Other Businesses key figures – Q3

•Revenues 10% below Q3-15

• •Lower sales volume in Fine Chemicals

• •Positive FX impact

• • Ingredients: Improved EBITA adj. vs Q3-15, mainly due to FX effects and improved production

• • Fine Chemicals: Lower sales due to uneven delivery Chemicals: patterns, but positive FX impact
• • Exilva net project costs, including EU grant, in lin ^e with Q3-15

Currency impact

• • Net FX EBITA adj. impact approx. 40 mNOK vs Q3-15
• •Includes change in hedging effects and based on estimated currency exposure
• Net FX EBITA adj. impact YTD approx. 205 mNOK
• • Net FX EBITA adj. impact in 2016 estimated to be 230 mNOK vs 2015
• •Assuming rates as of 20 October (USD 8.16 and EUR 8.96) on expected currency exposure
• Net FX EBITA adj. impact in Q4-16 estimated to be 25 mNOK vs Q4-15
• 1) See appendix for currency hedging strategy, future hedges and hedging effects by segment
• 2) Currency basket based on Borregaard's net exposure in 2015 (=100)
• •USD 71% (approximately 214 mUSD)
• •EUR 29% (approximately 78 mEUR)
• •Other 0% (GBP, BRL, JPY, SEK, ZAR)

Cash flow, investments and NIBD

• •Strong cash flow in Q3-16 from high EBITDA adj. and decrease in net working capital
• Expansion investments1) in Q3 mainly related to the Exilva and Ice Bear projects
• •Investments are expected to be above 300 mNOK in Q4-15

• •NIBD decreased by 237 mNOK in Q3

• •Per A Sørlie, President & CEO

• •Per Bjarne Lyngstad, CFO

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Borregaard - key figures

l l l l Am in N O K i i io io ts ou n m m n n	Q Q 3- 3- 2 2 0 0 1 1 6 6	Q Q Q 3- 3- 3- 2 2 2 0 0 0 1 1 1 5 5 5	ha C ng e	Y T D- 2 0 1 6	Y T D- 2 0 1 5	ha C ng e
O O in in t t p p er er a a g g re ve nu es	1 1 1 0 2	1 0 6 9	3 %	3 3 3 8 2	3 1 3 0	8 %
) 1 d j. E B I T D A a	2 8 3 2 8 3	2 2 5 2 2 5	2 6 %	7 8 8 7 8 8	5 9 0 5 9 0	3 4 %
) 1 d E B I T A j. a	2 2 1 1 6 6	1 1 6 6 0 0	% 3 5	5 5 8 8 7 7	3 3 9 9 6 6	% 4 8
b les Am isa io in i t t ta or n ng	-1	0		-3	0
1) he d e O inc t r om e a n xp en se s	0	0		3 1	0
f f ( ( ) ) O O in in i i I I E E B B T T t t t t p p er er a a g g p p ro ro	2 1 2 1 5 5	1 6 0	3 4 %	9 5 5 9 7 7	3 9 6 3 9 6	1 % 5
l F ina ia i te t nc m s, ne	-1 0	-9		-2 4	-2 0
f be fo Pr i t ta o re xe s	2 2 0 0 5 5	1 5 1	% 3 6	5 5 7 7 3 3	3 3 7 7 6 6	% 5 2
Ta xe s	-4 9	-4 0		-1 4 3	-1 0 0
f fo he he d Pr i io t t t o r p er	1 5 6	1 1 1	4 1 %	4 3 3 0 0 4	2 7 6	5 6 %
f bu b le l l Pr i i ing in t a t tr ta to tro te ts o n on -c on re s	-1	-1		-2	-2
f bu b le f he Pr i i t a t tr ta to t t o o wn er s o p ar en	1 5 7	1 1 2		4 3 2	2 7 8
( ) h h f f lo lo fr fr Ca Ca in iv i ie I F R S t t t s s w w om om o p er a g ac s	3 3 3 3 9 9	1 9 8		7 0 3	2 6 2
( ) ha ha Ea in N O K rn g s p er s s re re	1, 5 7	1, 1 2	% 4 0	4, 4, 3 3 2 2	2, 7 8	% 5 5
1) d d d A j E B I T D A j. in te us a m ar g	2 5, 7 %	2 1, 0 %		2 3, 3 %	1 8, 8 %
1) d d d A j E B I T A j. in te us a m ar g	% 1 9, 6	% 1 5, 0		% 1 7, 4	% 1 2, 7

1) Non-GAAP measure, see Appendix for definition.

Operating revenues and EBITA adj. per segment

	l l Am in N O K i io ts ou n m n
O in t p er a g re ve nu es	Q 3- 2 0 1 6
d d Bo Bo rr rr eg eg aa aa r r	1 1 0 2 1 1 0 2	1 0 6 9 1 0 6 9	% 3
fo he ls Pe C ica r rm an ce m	5 1 5	4 8 8	% 6
l l lu lo Sp ia i Ce ty ec se	4 1 6	3 8 9	7 %
he O Bu in t r s es se s	1 7 9	1 9 9	% -1 0
l E im in io t a ns	-8	-7

l l Am in N O K i io ts ou n m n				l l Am in N O K i io ts ou n m n
O O in in t t p p er er a a g g re ve nu es	Q 3- 2 0 Q 3- 2 0 1 1 6 6	Q 3- 2 0 1 5	ha C ng e	d d j. E B I T A j. a a	Q 3- 2 0 Q 3- 2 0 1 1 6 6	Q 3- 2 0 Q 3- 2 0 1 1 5 5	ha C ng e
d d Bo Bo rr rr eg eg aa aa r r	1 1 1 1 0 0 2 2	1 1 0 0 6 6 9 9	3 %	d Bo rr eg aa r	2 2 1 1 6 6	1 6 0	% 3 5
fo he ls C ica Pe r rm an ce m	1 5 5	4 8 8	6 %	fo he ls C ica Pe r rm an ce m	1 3 2	1 1 1	1 9 %
l l lu lo Sp ia i Ce ty ec se	4 1 6	3 8 9	% 7	l l lu lo Sp ia i Ce ty ec se	8 2	5 6	% 4 6
he O in Bu t r s es se s	1 9 7	1 9 9	-1 0 %	he O in Bu t r s es se s	2	-7	1 2 9 %

	l l Am in N O K i io ts ou n m n
O in t p er a g re ve nu es	Y T D- 2 0 1 6
d d Bo Bo rr rr eg eg aa aa r r	3 3 8 2 3 3 8 2	3 3 0 3 1 1 3 0	8 %
fo he ls Pe C ica r rm an ce m	1 6 4 9	1 5 0 6	9 %
l l lu lo Sp ia i Ce ty ec se	1 1 8 4	1 0 9 0	9 %
he O in Bu t r s es se s	5 7 5	8 5 5	3 %
l E im in io t a ns	-2 6	-2 4

l l Am in N O K i io ts ou n m n				l l Am in N O K i io ts ou n m n
O O in in t t p p er er a a g g re ve nu es	Y T D- 2 2 0 0 1 6 Y T D- 1 6	Y T D- 2 0 1 5	ha C ng e	d d E B I T A j. j. a a	Y T D- 2 0 1 6	Y T D- 2 2 0 0 1 5 Y T D- 1 5	ha C ng e
d d Bo Bo rr rr eg eg aa aa r r	3 3 8 2 3 3 8 2	3 3 0 3 1 1 3 0	8 %	d Bo rr eg aa r	8 5 5 8 7 7	3 9 6	8 % 4
fo he ls Pe C ica r rm an ce m	1 6 4 9	1 5 0 6	9 %	fo he ls Pe C ica r rm an ce m	4 1 0	3 4 9	1 7 %
l l lu lo Sp ia i Ce ty ec se	1 1 8 4	1 0 9 0	9 %	l l lu lo Sp ia i Ce ty ec se	2 0 3	8 2	1 4 8 %
he O in Bu t r s es se s	5 7 5	8 5 5	3 %	he O in Bu t r s es se s	-2 6	-3 5	2 6 %

Cash flow

l l Am in N O K i io nt ou s m n	Q Q 3- 3- 2 2 0 0 1 1 6 6	Q 3- 2 0 1 5	Y T D- 2 0 1 6	Y T D- 2 0 1 5	F F Y- Y- 2 2 0 0 1 1 5 5
l l Am in N O K i io nt ou s m n
f be fo Pro it tax re es	2 0 5	1 5 1	5 7 3	3 7 6	5 0 6
isa ion de iat ion d im irm ha Am t t t c or p rec an p a en rg es ,	6 9	6 5	2 0 4	9 1 4	2 6 9
C ha in k ing ita l, t w etc ng e ne or ca p	8 4	-2 6	9	-2 2 8	0 6 -1
( ha f p f ) fro iv i de d it J V D n s re o ro m	3 1	1 6	-7	-2	-1 4
i d Ta xe s p a	-1 4	-8	6 -7	8 -7	-9 2
h f low fro Ca ing iv it ies at ct s m op er a	3 3 9 3 3 9	1 9 8 1 9 8	7 0 3	2 6 2	5 6 3
lan d e d b le Inv ip int i est nts ert t a nt ts me p ro p y, p n q u me an an g as se	-1 1 5	-7 1	-3 2 8	-2 3 0	-4 3 0
he l tr Ot ita ion ct r c ap an sa s	1	2	3	5	5
f f fro Ca Ca h h low low ing iv iv it it ies ies In st ct t s s m ve a ac	-1 1 4	-6 9	-3 2 5	-2 2 5	2 -4 5
iv i de ds D n	0	0	-1 4 9	-1 2 4	-1 2 4
fro f s ha ds ise ion Pro t ce e m ex erc o re op s	2	0	5	0	1 1
ba k o f t ha Bu y- c rea su ry s res	-1	0	-1 0	0	-5
/ ( los ) he dg fo bs d Ga in inv in i iar ies et est nts s on es r n me su	1 6	-4 0	4 5	-5 0	-7 6
d t / fro ha ho l de Ne i t p a o m s re rs	1 7	-4 0	-1 0 9	-1 7 4	-1 9 4
ds fro be l b l Pro int ing ia i it ies st- ce e m ere ar	0	0	1 0 0	1 0 0	1 0 0
f be l b l Re int ing ia i it ies nt st- p ay me o ere ar	-3	-5 2	-1 0 7	-5 6	-1 0 9
ha be b les / he l b l C in int ing iva ia i it ies st- ot ng e ere ar re ce r	-1 1	2 9	-2 6	1 7	2 1
ha ha be be l l b b l l C C in int int ing ing ia ia it it ies ies t t- t- ng ng e e ne er er es es ar ar	-1 4 -1 4	-2 3	-3 3	6 1	1 2
h f low fro f Ca in ing iv it ies ct s m an c a	3	-6 3	-1 4 2	-1 1 3	-1 8 2
ha ha h d h len len C C in iva iva ts ts ng ng e e ca s an ca s eq eq u u	2 2 2 2 8 8	6 6	2 3 6	-7 6	-4 4
h a d c h e len be f p d Ca iva inn ing io ts at s n as q u g o er	1 6 3	3 6	1 6 9	1 6 8	1 6 8
ha h a d c h e len C in iva ts ng e ca s n as q u	2 2 8	6 6	2 3 6	-7 6	-4 4
f fec h a d c h e len Cu iva ts ts rre nc e ca s n as q y u	-6	2 3	-2 0	3 3	4 5
h d h len he los f t he d Ca iva io ts at t s an ca s eq c e o p er u	3 8 5	1 2 5	3 8 5	1 2 5	1 6 9

Balance sheet

l l l l Am in N O K i i io io ts ou n m m n n	3 0. 0 9. 2 0 1 6	3 0. 0 6. 2 0 1 6	3 1. 1 2. 2 0 1 5
As ts se :
b le In i ta ts ng as se	1 2 3	1 2 7	1 3 7
lan d e Pr ip ty t a t op er p n q me n u ,	2 2 4 3	2 2 0 0	2 1 2 2
he O t ts r a ss e	1 7 6	1 2 1	1 2 1
Inv in j in tm ts t v tu es en o en re	1 1 8	1 4 5	1 0 6
No No t a t a ts ts n- n- cu cu rre rre n n ss ss e e	2 2 6 6 6 6 0 0	2 2 5 5 9 9 3 3	2 2 4 4 8 8 6 6
Inv ies to en r	6 6 0	6 1 7	6 6 7
b les iva Re ce	9 3 8	9 8 1	8 3 8
h a d c h de Ca i ts s n as p os	3 8 5	1 6 3	1 6 9
Cu t a ts rre n ss e	1 9 8 3	1 8 1 1 8 1 5 5	1 6 8 3 1 6 8 3
l a To ta ts ss e	4 6 4 3	4 4 0 8 4 4 0 8	4 1 6 9 4 1 6 9
d de b i Eq ty t: u a n
Gr i Eq ty ou p u	2 6 7 7	2 3 8 5	2 0 6 5
l l No ing in tro te ts n- co n res	4	4	5
Eq i ty u	2 6 8 1	2 3 8 9 2 3 8 9	2 0 6 1 2 0 6 1
d o he l b l Pr is ion ia i i ies t t ov s a n r	3 1 2	3 3 5	4 0 8
be l b l In ing ia i i ies te t- t res ar	7 6 9	7 8 4	8 0 2
l l b b l l No No ia ia i i i i ies ies t t t t n- n- cu cu rre rre n n	1 0 8 1 1 0 8 1	1 1 1 9 1 1 1 9	1 2 1 0 1 2 1 0
be l b l In ing ia i i ies te t- t res ar	9	9	9
he l b l O ia i i ies t t t r c ur re n	8 7 2	8 9 1	8 8 9
l l b b l l Cu ia ia i i i i ies ies t t t rre n	8 8 8 8 1 1	9 9 0 0 0 0	8 9 8
d l l b b l l Eq Eq i i ia ia i i i i ies ies ty ty t t u u a n	4 6 6 4 3 3 4 4	4 4 0 8 4	4 1 6 6 9 9 4 1
( ) Eq i io % ty t u ra :	5 7, 7 %	5 4, 2 %	4 9, 4 %

Net financial items & net interest-bearing debt

l l A i N O K i i t m o u n s n m o n
f f l l N N i i i i i t t t e e n n a a n n c c a a e m s	Q Q Q 3 3 3 2 2 2 0 0 0 1 1 1 6 6 6 - - -	Q Q 3 3 2 2 0 0 1 1 5 5 - -	Y Y Y T T T D D D 2 2 2 0 0 0 1 1 1 6 6 6 - - -	Y Y T T D D 2 2 0 0 1 1 5 5 - -
N i t t t e n e r e s e p e n s e s x	4 -	4 -	1 5 -	1 7 -
/ l C i u r r e n c y g a n o s s	7 -	4 -	9 -	1 -
h f l O i i i t t t e r n a n c a e m s, n e	1	1 -	0	2 -
f f l l N N i i i i i t t t e e n n a a n n c c a a e m s	1 0 1 0 - -	9 -	2 4 -	2 0 -

l l A i N O K i i t m o u n s n m o n
b d b ( ) N N i i N I B D t t t t- t e e n e r e s e a r n g e	3 3 0 0 0 0 9 9 2 2 0 0 1 1 6 6 3 0 0 9 2 0 1 6	3 0 0 6 2 0 1 6 3 0 0 6 2 0 1 6	3 1 1 2 2 0 1 5 3 1 1 2 2 0 1 5
b l b l N i i i i i i t t t- t o n- c u r r e n n e r e s e a r n g a e s	7 6 9	7 8 4	8 0 2
b l b l i i i i i i C t t t- t u r r e n n e r e s e a r n g a e s	9	9	9
b b l i i i N t t t- o n- c u r r e n n e r e s e a r n g r e c e v a e s	2 0 -	2 0 -	1 8 -
h d h d C i t a s a n c a s e p o s s	3 8 5 -	1 6 3 -	1 6 9 -
b d b ( ) N N i i N I B D t t t t- t e e n e r e s e a r n g e	3 7 3	6 1 0	6 2 4

Currency hedging strategy

Purpose is to delay effects of currency fluctuations and secure competitiveness

• • Hedging based on expected EBITA adj. impact1)
• • Base hedge: 75%/50% on a rolling basis for 6/9 monthBase s for major currencies
• • Extended hedge: 75%/50% of the next 24/36 months if hedge: USD and EUR are above defined levels EUR; effective rate above 8.50USD; gradually at effective rates between 7.50 and 8.50
• • Contracts2): 100% hedged:
• •Balance sheet exposure hedged 100%
• •Net investments in subsidiaries hedged up to 90% of book value in major currencies

	U S D l l i ion m	U S D te ra	E U R l l i ion m	E U R te ra
Q 4- 2 0 1 6	3 6	7. 9 9	1 8	8. 6 4
2 0 1 7	1 4 9	8. 0 3	7 0	8. 8 4
2 0 1 8	1 2 0	8. 1 7	6 9	9. 3 8
2 0 1 9	5 8	8. 2 9	3 7	9. 7 3

Contracted FX hedges with EBITA adj. impact Hedging FX with EBITA adj. Hedging effects by segment effects by segment

NOK million Q3-16 Q3-15 YTD-16 YTD-15Performance Chemicals -7 -17 -26 -57 Speciality Cellulose -13 -28 -46 -97 OtherBusinesses -4 -10 -19 -25 Borregaard - -24 -55 -91 -179

1) Hedging done mainly in the Norwegian company

2) Strict definitions for contracts applied for 100% hedging (mutually binding agreement in which price, currency, volume and time are defined)

Debt, credit facilities and solidity

•Debt and overdraft facilities

• Long-term credit facilities
• • 1,500 mNOK revolving credit facilities, maturity 2020
• 400 mNOK 5-year bond issue, maturity 2019
• • 40 mEUR 10-year loan, maturity 2024
• • Overdraft facilities
• •225 mNOK
• • Solidity (covenants)
• Equity ratio 57.7% (> 25%)
• •Leverage ratio1) LTM 0.39 (< 3.25)

2 493769113852 12002505007501 0001 2501 5001 7502 0002 2502 500Long-termdebtOtherNIBDCash & cashequivalentsUndrawnfacilitiesTotalavailableNIBD 373 mNOK

Debt and undrawn facilities30.9.2016

Non-GAAP measures

In the discussion of the reported operating results, financial position and cash flows, Borregaard refers to certain measures which are not defined by generally accepted accounting principles (GAAP) such as IFRS. Borregaard management makes regular use of these non-GAAP measures and is of the opinion that this information, along with comparable GAAP measures, is useful to investors who wish to evaluate the company's operating performance, ability to repay debt and capability to pursue new business opportunities. Such non-GAAP measures should not be viewed in isolation or as an alternative to the equivalent GAAP measure.

• • Cash flow from operations:
• •Cash flow from operating activities (IFRS) + tax paid +/- net financial items +/- dividend (share of profit) from JV.
• • EBITA adjusted (EBITA adj.)
• Operating profit before amortisation and other income and expenses.
• • EBITA adj. margin
• EBITA adj. divided by operating revenues
• • EBITDA adjusted (EBITDA adj.)
• •Operating profit before depreciation, amortisation and other income and expenses.
• • Expansion investments
• • Investments made in order to expand production capacity, produce new products or to improve the performance of existing products. Such investments include business acquisitions, pilot plants, capitalised R&D costs and new distribution set-ups.
• • Other income and expenses
• • Non-recurring items or items related to other periods or to a discontinued business or activity. These items are not viewed as reliable indicators of future earnings based on the business areas' normal operations. These items will be included in the Group's operating profit.
• • Leverage ratio
• Net interest-bearing debt divided by last twelve months' (LTM) EBITDA adj.

Important notice

This presentation is being made only to, and is only directed at, persons to whom such presentation may lawfully be communicated ('relevant persons'). Any person who is not a relevant person should not act or rely on this presentation or any of its contents.

This presentation does not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire securities in any company within the Borregaard Group. The release, publication or distribution of this presentation in certain jurisdictions may be restricted by law, and therefore persons in such jurisdictions into which this presentation is released, published or distributed should inform themselves about, and observe, such restrictions.

This presentation includes and is based, inter alia, on forward-looking information and contains statements regarding the future in connection with the Borregaard Group's growth initiatives, profit figures, outlook, strategies and objectives. All forward-looking information and statements in this presentation are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for the Borregaard Group and its lines of business. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions.

Important factors may lead to actual profits, results and developments deviating substantially from what has been expressed or implied in such statements. Although Borregaard believes that its expectations and the presentation are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the presentation.

Borregaard is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the presentation, and neither Borregaard nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use.

This presentation was prepared for the interim results presentation for the second quarter of 2016, held on 21 October 2016. Information contained herein will not be updated. The slides should also be read and considered in connection with the information given orally during the presentation.