NORMA Group SE — Investor Presentation 2012

May 15, 2012

Highlights Q1 2012

Sales	Sales increased by 6.3% to EUR 159.7 million (Q1 2011: EUR 150.3 million)
EBITA	EBITA of EUR 29.2 million up from EUR 28.4 million y-o-y
Equity	Equity ratio further improved to 40.6%
Net Debt	Net debt decreased to EUR 167 million (net of derivative liabilities of EUR 20 million) from EUR 177 million at year end
Visibility	Order book increased to EUR 227 million vs. EUR 219 million at year end
Guidance	Guidance 2012 fully confirmed (plus EUR 10 million from acquisition)
M&A	Connectors VerbindungstechnikAG, Switzerland acquired in April 2012

Good Start into 2012 Confirms Full Year Guidance

Sales Development in EUR million					Growth Development
Sales	2011	2012	Change	Change in %	Organic Growth	Acquisitive Growth	Currency Effects
Q1	150.4	159.7	+9.3	+6.3%	+5.1%	+0%	+ 1.2%

• EUR 9.3 million on top of strong previous year quarter sales including good organic growth of 5.1%
• Overall growth of 6.3% helped by favourable currency effects mainly from US-Dollar
• No acquisitive growth in first quarter. Acquisition of Connectors VerbindungstechnikAG will be consolidated from April 2012 onwards

Sales by Regions, by Way-to-Market and by Industries

• Strong organic growth in America leads to 32% of total sales
• EJT way-to-market increased by 3% to 72% of total sales
• Majority of sales goes to non-automotive industrials, distributors as well as general tiers
• Sales to industrial suppliers include various industries , e.g. water, plumbing, irrigation, agriculture, construction equipment

Sustainable Margin Level Continues into 2012 as Planned

2010 2011 2012 in EUR million H1 H2 FY H1 H2 FY Q1 Sales 230.5 259.9 490.4 295.9 285.5 581.4 159.7 Adjusted EBITA 42.1 43.3 85.4 53.9 48.8 102.7 29.2 Adjusted EBITA Margin 18.3% 16.7% 17.4% 18.2% 17.1% 17.7% 18.3%

Material Consumption improved

• Material consumption improved to 44.6%
• Personnel costs affected especially by focussing on APAC region

No Operational Adjustments in Q1 2012

in EUR million	Reported	PPA adjustments	adjusted
Sales	159.7	0	159.7
EBITDA	32.7	0	32.7
EBITDA margin	20.5%		20.5%
EBITA	29.1	0.1	29.2
EBITA margin	18.2%		18.3%
EBIT	27.2	1.4	28.6
EBIT margin	17.0%		17.9%
Net Profit	16.3	1.0	17.3
Net Profit margin	10.2%		10.8%
EPS (in EUR)	0.51	0.03	0.54

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Very Strong Operating Net Cash Flow in Q1 2012

Operating net cash flow
in EUR million	Q1 2011	Q 1 2012	Variance
EBITDA*	32.0	32.7	2.2%
Δ ± Working capital	-16.8	-10.5	-37.5%
Operating net cash flow before investments from operating business	15.2	22.2	46.1%
Δ ± Investments from operating business	-8.8	-6.1	-30.7%
Operating net cash flow	6.4	16.1	151.6%

Operating net cash flow before investments significantly increased by EUR 9.7 million to a total of EUR 16.1 million in 2012 due to higher EBITDA and less working capital consumption

Capex spending on a normal level of approx. 4% of sales leads in total to high cash flow of EUR 16.1 million

* previous year adjustments mostly related to IPO costs and other non-recurring / nonperiod related items

Net Debt, Financing and Equity Ratios

Acquisition of Connectors Verbindungstechnik AG

M&A	Acquisiton of Connectors VerbindungstechnikAG, Switzerland, in April 2012
Business Model	Connectors specialises in connecting systems for the pharmaceutical and biotechnology industry.
History	For more than 25 years the company has been manufacturing and distributing connecting elements that meet the highest purity standards for medical sterile technology.
Sales	Approx. EUR 14 million sales in last business year
Consoli dation	First time consolidation into NORMA Group starting Q2 2012
Adjustments	No operational adjustments planned from acquisition
Margin	Excellent margin of Connectors in the range of NORMA Group's margin; Earnings accretive in 2012 already

Outlook 2012 – Company Guidance Confirmed

Sales growth	between 3% and 6% (plus EUR 10 million from acquisition)
EBITA margin	at least on the level of the two previous years (17.4% and 17.7% respectively)
Investments in R&D	approx. 4% of EJT-sales
Material ratio	approx. 45% of sales
Financial result	approx. EUR -15m
Tax rate	approx. 30% to 32%
Investment rate	up to 4.5% of sales
Dividend	approx. 30% to max. 35% of Group year end result

Highlights 2011 - Strategy

Acquisitions	Integration of the US acquisitions R.G. Ray and Craig Assembly successfully concluded in Q1/2011
APAC	Establishing Singapore headquarters increases focus in region
Greenfield APAC	Plant opening in Thailand in early 2011
Greenfield EMEA	Start of production in Serbia to increase capacity in EMEA
White Spots	Opening of sales office in Brazil as first step into new market
Joint Venture	Take over of minority shares from JV partners in India and Spain
Listing	IPO including capital increase and refinancing in April, subsequent SDAX listing in June

Outlook 2012 - Strategy

1	Continue international expansion of sales network and production footprint
2	Continue to explore business opportunities in APAC
3	Increase China capacity to enable expansion
4	Expand and explore opportunities in Brazil
5	Consolidate Maintal activity by returning 2 leased buildings into one newly acquired logistic and business development building
6	Continue dialogue with potential M&A targets

NORMA Group – Key Investment Highlights

1	Market leader in attractive engineering niche markets with strong growth prospects
2	Premium pricing through technology and innovation leadership in mission-critical components
3	Enhanced stability through broad diversification across products, end-markets and regions
4	Two distinct ways-to-market providing unique customer access and market intelligence
5	Significant growth and value creation opportunity through synergistic acquisitions
6	Proven track record of operational excellence

Proven Business Model Addressing Key Megatrends

Convincing Growth Prospects

(2010-15 CAGR)	End-market production unit growth	Joining technology market growth
Passenger vehicles	+6%	9%
Commercial vehicles	+6%	10%
Agricultural equipment	+1%	3%
Construction equipment	+13%	15%
Engines	+5%	9%
White goods	+5%	5%
Drainage systems	+6%	6%

NORMA Group expects to grow even faster than its end-markets

DE CH DE US FR US CN CH ES

Significant Growth and Value Creation Opportunity through Synergistic Acquisitions

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Premium Pricing through Technology and Innovation Leadership in Mission-Critical Components

Mission-criticality: Small relative cost –	high impact	Ability to achieve premium pricing
Approx. value of joining technology		Basis for premium pricing: 
		Market leadership 
c. € 21-26		Technology 
		Quality 
		Innovation 
c. € 49-60		Tailor-made solutions 
		High switching costs for customers 
		Savings potential for customer 
c. € 36-44		mismatches risk of switching supplier
c. € 188-256 (< 0.1%)	harvester: € 350,000
	content c. € 20-25 c. € 62-101 Total	Price of

• Basis for premium pricing:
• Market leadership
• Technology
• Quality
• Innovation
• Tailor-made solutions
• High switching costs for customers
• Savings potential for customer mismatches risk of switching supplier

Tighter Emission Regulations Drive Increased Joining Technology Content

• Environmental awareness continues to drive tightening emission regulations globally
• Increasingly tighter emission regulations, including in emerging markets
• Low-emission alternatives require significantly higher joining technology content at a substantially increased complexity compared to existing/past technologies

Note: Chart shows emission regulation roadmap for passenger vehicles Source: DieselNet, NORMA Group

Enhanced Stability through Broad Diversification Across Products, End-Markets and Regions

More than 35,000 products, manufactured in 17 locations and sold to more than 10,000 customers in 90+ countries Presence in China, India, Russia, Brazil and South Korea already established Top 5 customers account for only ~19% of 2011 sales

Note: Split based on third party gross revenue as per management accounts

Unique business model with two distinct ways-to-market Innovation and product solution partner for customers, focused on engineering expertise with high value-add Engineered Joining Technology (EJT) ~71% of 2011 sales Distribution Services (DS) ~29% of 2011 sales High quality, branded and standardised joining products provided at competitive prices to broad range of customers High quality, standardised joining technology products B2C Customised, engineered solutions 23 new patent families declared in 2011 (>60 since 2007) B2B Significant economies of scale in production Close contact to international EJT customers Knowledge transfer from EJT to DS

NORMA Group Management Team

Werner Deggim Chief Executive Officer

Dr. Othmar Belker Chief Financial Officer

Bernd Kleinhens Business Development

John Stephenson Chief Operating Officer

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Highlights 2011 – Financials (I)

	Record sales of EUR 581.4 million (2010: EUR 490.4 million)
Sales	growth of 18.5% including organic growth of 13.4%
	Record adjusted EBITA of EUR 102.7 million
Adjusted EBITA	first time in company history > EUR 100 million (2010: EUR 85.4 million)
Margin	Further margin expansion: 17.7% record margin achieved (2010: 17.4%)
	Record adjusted EPS of EUR 1.92
EPS	Pro forma adjusted EPS with current number of shares at EUR 1.81 (2010: EUR 1.51)
Equity	Strong balance sheet with an equity ratio of 39.5% (2010: 13.5%)

Highlights 2011 – Financials (II)

Net Debt	Net debt down to EUR 176.7 million from EUR 338.6 million in 2010*
Cash Flow	Excellent adjusted net operating cash flow of EUR 66.8 million (2010: EUR 51.7 million)
Visibility	Order book at year end at EUR 218.6 million (2010: EUR 188.0 million)
Guidance	Sales growth of 3% to 6%; EBITA margin at least on the level of 2010/2011 (17.4% / 17.7%)
	Dividend proposal to the AGM of EUR 0.60 per share
Dividend	33.2% or EUR 19.1 million of adjusted net income of EUR 57.6 million
* excluding	non-cash / non-P&L derivative financial liabilities of EUR 21.8 million (2010: EUR 5.5 million)

Sales by regional reporting segments

• Reporting segment Asia-Pacific recorded direct sales of 6.1% in 2011. The de-facto share including all NORMA exports into the Asia-Pacific region is estimated at around 10% of our total sales (sales by destination)
• Increase of Americas region driven by US acquisitions R.G. Ray and Craig Assembly

Historic Growth Track Record

Historic revenue development (1997 – 2011)

Former Rasmussen has shown a solid historical organic growth of 9.0% between 1997 and 2005. With the formation of the new group, NORMA Group switched gears into acquisition mode.

Overview on Adjustments

• Adjustments in 2011 and 2010 mainly from IPO costs (major part concluded in Q1 2011)
• Only minor PPA adjustments in 2012 on EBITA level expected (< EUR 0.5 million p.a.)

in EUR million	FY 2010	FY 2011	Q1 2012
Reported EBITA	64.9	84.7	29.1
+ Restructuring Costs	1.3	1.8	0
+ Non-recurring/non-period-related items*	15.5	14.8	0
+ Other group and normalized items	0.7	0.2	0
+ PPA depreciation	3.0	1.2	0.1
Adjusted EBITA	85.4	102.7	29.2
+ Depreciation (excluding PPA depreciation*)	13.8	14.3	3.5
Adjusted EBITDA	99.2	117.0	32.7

* mostly IPO related costs in 2010/2011

Adjustments on EBIT level (PPA amortisation) at approx. EUR 5 million for 2012 going forward expected (adjustment on net income level approx. EUR 3.5 million) (2010: EUR 5.1 million PPA amortisation)

Profit & Loss (adjusted & reported)

in EUR million		2011	2010
	reported	adjusted	reported	adjusted
Sales	581.4	581.4	490.4	490.4
Gross Profit	322.6	322.6	274.7	274.7
EBITDA	100.2	117.0	81.7	99.2
EBITA	84.7	102.7	64.9	85.4
in %	14.6%	17.7%	13.2%	17.4%
EBIT	76.6	99.7	56.3	80.9
in %	13.2%	17.1%	11.5%	16.5%
Financial Result	-29.6	-17.4	-14.9	-14.9
Profit before Tax	47.0	82.3	41.4	66.0
Taxes	-11.3	-24.7	-11.2	-17.8
Net Profit	35.7	57.6	30.2	48.2

Continuation of Growth Track and Sustainable Margin

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Positive Effects of the IPO Visible on Balance Sheet

(all amounts in EUR million)	31 Dec 2010	31 Dec 2011	(all amounts in EUR million)	31 Dec 2010	31 Dec 2011
Assets			Equity and liabilities
Non-current assets			Equity
Goodwill / Other intangible assets / Property, plant & equipment	390.4	401.0	Total equity	78.4	256.0
Other and derivative financial assets /			Non-current and current Liabilities
Income tax assets / Deferred income tax assets	8.8	9.2	Retirement benefit obligations / Provisions	16.9	19.4
Total non-current assets	399.2	410.2
Current assets			Borrowings and other financial liabilities	369.0	244.5
Inventories	64.7	66.8	Other non-financial liabilities	21.8	23.2
Other non-financial assets / Income tax assets	14.2	22.9	Tax liabilities and derivative financial liabilities	44.4	64.1
Trade and other receivables	70.3	80.8		48.3	41.4
Cash and cash equivalents	30.4	67.9	Trade payables
Total current assets	179.6	238.4	Total liabilities	500.4	392.6
Total assets	578.8	648.6	Total equity and liabilities	578.8	648.6

Pro-active FCF Management to be Continued

Contact Andreas Troesch Vice President Investor Relations
Phone: +49 6181 6102 -741 Fax: +49 6181 6102 -7641
Mobile: +49 1520 910 3619
Email: Andreas.Troesch@normagroup.com

Disclaimer

This presentation contains certain future-oriented statements. Future-oriented statements include all statements which do not relate to historical facts and events and contain future-oriented expressions such as "believe", "estimate", "assume", "expect", "forecast", "intend", "could" or "should" or expressions of a similar kind. Such future-oriented statements are subject to risks and uncertainties since they relate to future events and are based on the Company's current assumptions, which may not in the future take place or be fulfilled as expected.

The Company points out that such future-oriented statements provide no guarantee for the future and that actual events including the financial position and profitability of the NORMA Group AG and developments in the economic and regulatory fundamentals may vary substantially (particularly on the down side) from those explicitly or implicitly assumed or described in these statements.

Even if the actual results for the NORMA Group AG, including its financial position and profitability and the economic and regulatory fundamentals, are in accordance with such future-oriented statements in this presentation, no guarantee can be given that this will continue to be the case in the future.