NORMA Group SE — Investor Presentation 2011

Nov 16, 2011

NORMA Group Third Quarter Results 2011

Maintal, November 15th, 2011

Customer Value through Innovation

NORMA GROUP • 2011-07

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.

Highlights of Q3/2011

Sales	€ 145.8 million including organic growth of 10.3% and an acquisitive growth of 3.3% (y-o-y)
Adjusted EBITA	€ 26.2 million = strong margin of 18.0%
Adjustments	IPO adjustments in Q3 finalized with € 1.9 million benefit (including release of provisions). No operational adjustments!
Equity Ratio	Strong equity ratio at 38.3% following the IPO capital increase
Financing	Net debt at € 222.5 million (approximately 1.9x adjusted last twelve month EBITDA)
Flexibility	10-15% temporary workers Short time work arrangement in Germany still in place
Visibility	New customer wins across all regions and order book at € 236 million Large order from international vehicle and engine manufacturer for innovative fluid systems starting 2014
Specified Guidance for FY 2011	Organic growth* for 2011 specified to "around 12%" (before "10% to 12%") Adjusted EBITA margin near 18%

* Plus acquisitive growth of up to EUR 20 million R.G.Ray (NORMA Illionois) and Craig Assembly (NORMA St. Clair)

Excellent Growth in the 9 Months of 2011: Record Sales with € 441.7 million

Organic Acquisitive Sales 2010 2011 Change Change in % Growth Growth * +27.1% +12.4% Q1 106.1 150.4 + 44.2 + 41.7%	Currency Effects
	+ 2.2%
+13.7% +7.5% Q2 124.4 145.5 + 21.1 + 17.0%	- 4.2%
+10.3% +3.2% Q3 131.0 145.8 +14.9 +11.4%	-2.1%
+16.4% +7.4% 9M 361.5 441.7 +80.2 +22.2%	-1.6%

• Strong organic growth of 16.4% in the 9 months of 2011 achieved
• Fully integrated acquisition of RG Ray (NORMA Illinois) and Craig Assembly (NORMA St. Clair) add 7.4% or € 26.7 million to sales
• Overall growth of 22.2% in the first nine months despite unfavourable currency effects of -1.6% or € -5.7 million

* consolidation impact including operational growth in 2011

Sales Breakdown

• NORMA Group's US acquisitions of RG Ray (NORMA Illinois) and Craig Assembly (NORMA St. Clair) increased the share of its reporting segment Americas to 29% and its stake of the EJT way-to-market to 70% of its total sales
• Reporting segment Asia-Pacific recorded direct sales of 6% in 9M/2011. The de-facto share including all sales into the Asian-Pacific region is estimated at around 10% of our total sales (sales by destination)
• The share of NORMA Group's products to passenger vehicles (~26%) plus indirect sales including aftermarket is estimated at approximately 40% of the total sales

Positive Sales Development Across All Reporting Segments

in € million	9M/2010	9M/2011	Change in EUR	Change in %
Sales	361.5	441.7	80.2	+ 22.2%
EMEA	250.4	286.8	+ 36.4	+ 14.6%
AMERICAS	89.3	128.8	+ 39.5	+ 44.2% (including acquisitions)
APAC	21.8	26.1	+ 4.3	+ 19.9%
in € million	9M/2010	9M/2011	Change in EUR	Change in %
Engineered Joining Technologies	235.2	311.0	+ 75.8	+ 32.2% (including acquisitions)
Distribution Services	128.4	131.8	+ 3.4	+ 2.6%
Other Revenues and Deductions	- 2.1	- 1.1

Positive 9M Results and Costs

• YTD material consumption stable
• YTD productivity gains

7

Building a Track Record: 7 Quarters of Strong Sales and Margins

			2010			2011
in € million	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Guidance FY 2011
Sales	106.1	124.4	131.0	128.9	150.4	145.5	145.8	~ 570
Adjusted EBITA	19.3	22.8	22.7	20.6	28.4	25.5	26.2
Adjusted EBITA Margin	18.2%	18.3%	17.4%	16.0%	18.9%	17.5%	18.0%	near 18%
Seasonality	End of crisis	Ramp up	Full production (no breaks)	Full production (no breaks)	Strong Q1	Strong Q2	Strong Q3

Overview on Adjustments – Q3 first clean quarter

in € million	Q1/2011	Q2/2011	Q3/2011	9M/2011	FY 2010
Reported EBITA	12.1	23.2	28.1	63.4	64.9
+ Restructuring Costs	0.7	-	-	0.7	1.3
+ Non-recurring/non-period-related items*	14.6	2.0	-1.9	14.7	15.5
+ Other group and normalized items	0.2	-	-	0.2	0.7
+ PPA depreciation	0.8	0.3	-	1.1	3.0
Adjusted EBITA	28.4	25.5	26.2	80.1	89.4
+ Depreciation (excluding PPA depreciation)	3.6	3.1	3.6	10.3	13.8
Adjusted EBITDA	32.0	28.6	29.8	90.4	99.2

Flexibility of Cost Positions

Excellent Balance Sheet Ratios

	Pre IPO	30 June 2011	30 Sep 2011
Equity Ratio	13.5%	37.1%	38.3%
Net debt - thereof derivative financial liabilities (cash flow and P&L neutral)	344 6	224 5	222 17
Net debt / Adjusted LTM EBITDA	3.5x	2.0x	1.9x
Gearing (net debt / equity)	4.4x	1.0x	0.9x

Covenants

• Actual equity ratio well above required ratio of 27.5%
• Actual net debt / LTM EBITDA far better than required 3x sufficient headroom for all covenants
• Actual interest cover well ahead of required 4x

Positive Effects of the IPO Visible on Balance Sheet

(all amounts in € million)	31 Dec 2010	30 Sep 2011
Assets
Non-current assets
Goodwill / Other intangible assets / Property, plant & equipment	390.4	392.1
Other and derivative financial assets / Income tax assets / Deferred income tax assets	8.8	8.4
Total non-current assets	399.2	400.5
Current assets
Inventories	64.7	68.3
Other non-financial assets / Income tax assets	14.2	13.6
Trade and other receivables	70.3	97.1
Cash and cash equivalents	30.4	48.9
Total current assets	179.6	227.9
Total assets	578.8	628.4

(all amounts in € million)	31 Dec 2010	30 Sep 2011
Equity and liabilities
Equity
Total equity	78.4	240.9
Non-current and current Liabilities
Retirement benefit obligations / Provisions	16.9	17.9
Borrowings and other financial liabilities	369.0	254.6
Other non-financial liabilities	21.8	25.2
Tax liabilities and derivative financial liabilities	44.9	52.6
Trade payables	48.3	37.1
Total liabilities	500.4	387.4
Total equity and liabilities	578.8	628.4

Significant Adjusted Operating Net Cash Flow Improvement

Adjusted operating net cash flow
in € million	9M/2010	9M/2011	FY 2010
Adjusted EBITDA*	74.6	90.4	99.2
Δ ± Working capital	-44.1	-41.6	- 26.4
Adjusted operating net cash flow before investments from operating business	30.5	48.8	72.8
Δ ± Investments from operating business	-8.7	-21.5	- 21.1
Adjusted operating net cash flow	21.8	27.3	51.7

• Adjusted operating net cash flow before investments significantly increased by € 18 million to a total of € 49 million in 9M/2011
• Higher adjusted EBITDA and less working capital consumption were the major positive factors
• Investments for further expansion of business activities (e.g. Thailand, Serbia)

* adjustments of EBITDA on 2011 mostly relate to IPO costs and other non-recurring / nonperiod related items

Specified Guidance
Sales	Organic growth of around 12%  +20 million from acquisitions  around € 570 million 
Adjusted EBITA-Margin	near 18% 
	We expect organic growth for the financial year 2011 of around 12% (previously between 10% and12%)
	On top, the consolidation of the Group's two US acquisitions, R.G.Ray (NORMA Illinois) and Craig Assembly (NORMA St:
	Clair), will provide additional sales of around € 20 million as compared with the previous year.
	The Group is aiming to achieve an adjusted EBITA ratio of near 18.0%
	The Global Excellence Program and other measures for increasing productivity will back this profit margin.

Proven Business Model Addressing Key Megatrends

Historic Growth Track Record

Historic revenue development (1997 – 2010)

Rasmussen as the predecessor of the NORMA Group 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 following the merger with ABA in 2006

Significant Growth and Value Creation Opportunity through Synergistic Acquisitions

Focus on operational excellence

• "Global Excellence" program
• Continuous focus on optimisation of cost structure
• Significant cost savings achieved in 2010, with higher cost saving potential identified for 2011
• Manufacturing footprint substantially streamlined and optimised since 2007
• Closure of 13 sites, mainly in the US and EMEA
• Foundation/acquisition of 7 new sites, mainly in high growth markets

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%
Engines4	+5%	9%
White goods5	+5%	5%
systems6 Drainage	+6%	6%

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

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

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

• 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

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 80+ countries
• Presence in China, India, Russia, Brazil and South Korea already established
• Top 5 customers account for only ~18% of 2010 sales

NORMA Group Management Team

Werner Deggim Chief Executive Officer

Dr. Othmar Belker Chief Financial Officer

Bernd Kleinhens Sales & Business Development

John Stephenson Chief Operating Officer

Positive 9M Results and Costs

• YTD material consumption stable
• YTD productivity gains

Strong Growth and Strict Cost Management Lead to Stable Margin Development

Adjusted¹ EBITA and EBITDA

in € million	9M/2011	percent of revenue	9M/2010	percent of revenue
Revenue	441.7	100%	361.5	100%
Changes in inventories of finished goods and work in progress	2.4		3.6
Raw materials and consumables used	-197.5		-160.4
Gross profit	246.7	55.9%	204.7	56.6%
Adjusted other operating income and expenses	-51.3		-41.4
Adjusted employee benefit expenses	-105.0		-88.7
Adjusted EBITDA	90.4	20.5%	74.6	20.6%
Depreciation without PPA depreciation	-10.3		-9.8
Adjusted EBITA	80.1	18.1%	64.8	17.9%
Amortisation without PPA amortization	-2.1		-2.6
Adjusted operating profit (EBIT)	78.0	17.7%	62.2	17.2%
Adjusted financial costs – net	-13.4		-9.7
Adjusted profit before income tax	64.6	14.6%	52.5	14.5%
Adjusted income taxes	-18.1		-12.8
Adjusted profit for the quarter	46.6	10.5%	39.7	11.0%

1 Adjusted for one-off expenses in the first quarter of 2011 resulting from the integration of our US acquisitions and adjusted for one-off expenses related to the IPO in the first half of the year, as well as full-year adjustments resulting from purchase price allocations for intangible assets

Continuation of Growth Track after Successful Management of the Economic Downturn in 2009

30

Pro-active FCF Management to be Continued

Operating free cash flow (FCF)

Trade working capital

Capex

1 Including non-trade inventories, eg spare parts Source: NORMA Group GmbH IFRS consolidated financial statements 2008, 2009 and 2010

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