NORMA Group SE — Management Reports 2015

Mar 25, 2015

NORMA Group

Full Year Results 2014

EMEA	Successful introduction of new products for EURO 6 emission standard for passenger vehicles and trucks
Americas	Start of production for automotive and commercial vehicle industry in new facility in Brazil
APAC	Start of production in second plant in China to serve domestic and regional customers
Acquisitions	Acquisition of Five Star Clamps Inc. to consolidate multi industrial engineered clamps market in the USA
Acquisitions	Acquisition of National Diversified Sales Inc. to expand water management product portfolio in the USA

Sales	Record sales of EUR 694.7 million (2013: EUR 635.5 million) lead to growth of 9.3%
Adjusted EBITA	Record adjusted EBITA of EUR 121.5 million (2013: EUR 112.6 million)
Margin	th 5 year of high and sustainable adjusted EBITA margin of 17.5% (2013: 17.7%)
Financial Result	Successful refinancing leads to improved interest rate structure and healthy maturity profile
EPS	Strong adjusted EPS of EUR 2.24 (2013: EUR 1.95) Reported EPS incl. one-off acquisition costs on same level as prior year of EUR 1.72 (2013: EUR 1.74)

Equity	Strong balance sheet with an equity ratio of 34.1% (2013: 38.8%) despite dividend payment and higher debt level after two US acquisitions
Net Debt	Net debt* increased to EUR 352.8 million from EUR 138.2 million mainly due to acquisitions
Leverage	Net debt* / adj. EBITDA leverage with 2.5 x (2013: 1.1 x) back to IPO level
Cash Flow	Again record net operating cash flow of EUR 103.2 million (2013: EUR 103.9 million)
Dividend	Dividend proposal to the AGM of EUR 0.75 per share – increase of 7.1% compared to 2013 33.4% or EUR 23.9 million of adjusted net income of EUR 71.5 million
Guidance	Solid organic sales growth of around 4% to 7% plus approx. EUR 110 million from recent acquisitions Sustainable adjusted EBITA margin on the level of the last years of above 17.0%

* Net debt excluding non-cash / non-P&L derivative financial liabilities of EUR 20.2 million (2013: EUR 15.3 million)

EU legislation required CO² fleet average limits

• Low emitting cars (below 50 g/km CO² ) will count as 1.5 vehicles in 2015
• During second stage from 2020 onwards low-emitting cars will be counted as 2 (1.67) in 2020 (2021)

Global Comparison of Fuel Economy

Region	Target year	Target year	Duration in years	Fleet Target year 1		Fleet Target year 2		Change in %	CAGR in %
	1	2		according to national law	converted**	according to national law	converted**
EU	2015	2021	6	130 g/km	~130 g/km	95 g/km	~95 g/km	~ -27%	-5.1
US	2016	2025	9	37.8 mpg	~151 g/km	56.2 mpg	~97 g/km	~ -36%	-4.8
China	2015 183 g/km	2020	5	6.9 l/100km	~161 g/km	5.0 l/100km	~117 g/km	~ -27%	-6.2
Japan	2015	2020	5	16.8 km/l	~143 g/km	20.3 km/l	~122 g/km	~ -15%	-3.2
India	2016	2020	4	130 g/km	131 g/km ~130 g/km	113 g/km	~113 g/km	~ -13%	-3.4

* Chart shows emission regulation roadmap for passenger vehicles calculated for gasoline cars (Source: European Commission, ICCT, NORMA Group)

** Fuel economic data is normalized to NEDC gCO² /km

* 2013 in brackets; graphic includes full NDS sales for 2014

** NDS, Malaysia & Australia

• EMEA: flat European environment and shrinking heavy truck production is outperformed by higher content due to EURO 6 introduction while DS sales were slightly soft in difficult economies - this leads to a growth of +1.7%
• Americas reported favourable growth of +24.1% including strong organic growth of +15.3%

• Asia-Pacific recorded strongly increased direct sales (+11.6%) which represents 9% of total sales in 2014 or ~ 12% including all NORMA Group exports into the region (sales by destination)

• Organic growth slowed down during the year as expected due to higher previous year comparables

• NDS contributed already with EUR 13.9 million in Q4 2014
• Weakening of the Euro during the year leads to flat full year FX effects after headwinds in H1

Sales Development in EUR million
Sales	2013	2014	Change	Change in %	thereof organic	thereof currency	thereof acquisitions
Q1	159.3	177.8	+18.5	+11.6%	+12.6%	-2.6%	+1.6%
Q2	163.5	175.2	+11.7	+7.2%	+8.0%	-2.8%	+1.9%
Q3	159.9	165.5	+5.6	+3.5%	+2.4%	+0.2%	+0.9%
Q4	152.8	176.2	+23.4	+15.3%	+2.8%	+2.8%	+9.7%
FY	635.5	694.7	59.2	9.3%	+6.5%	-0.6%	+3.5%

• Strong Q1 2014 as high base for first quarter 2015

• Full year guidance 2015 of approx. 4% to 7% organic growth plus consolidation impacts

• Investments into regions, products and plants lead to slightly higher personnel costs in 2014

• Improved material costs compensates higher personnel expenses in 2014
• Cost ratios expected to stay approx. on level of previous years in 2015

First time operational adjustments after large NDS acquisition in 2014

in EUR million	2010	2011	2012	2013	2014
Reported EBITA	64.9	84.7	105.2	112.1	113.3
+ Restructuring Costs	1.3	1.8	0	0	0
+ Non-recurring/non-period-related items*	15.5	14.8	0	0	6.9
+ Other group and normalized items	0.7	0.2	0	0	0
+ PPA depreciation	3.0	1.2	0.2	0.5	1.3
Adjusted EBITA	85.4	102.7	105.4	112.6	121.5

• First time operational adjustments due to acquisition of National Diversified Sales, Inc.
• Ongoing PPA adjustments plus one offs from NDS acquisition leads to EUR 0.52 adjustments on EPS level

in EUR million	Reported	Adjustments	Adjusted
Sales	694.7	0	694.7
EBITDA	131.5	6.9 (incl. M&A adjustments EUR 4.7 million & Inventory-Step-Ups EUR 2.2 million)	138.4
EBITDA margin	18.9%		19.9%
EBITA	113.3	8.2 (incl. EUR 1.3 million depreciation PPA)	121.5
EBITA margin	16.3%		17.5%
EBIT	97.8	18.3 (incl. EUR 10.1 million amortization PPA)	116.2
EBIT margin	14.1%		16.7%
Financial result	-14.5	5.4 (Partial SFA repayment in January 2014)	-9.1
Net Profit	54.9	16.6 (Post Tax Impact)	71.5
Net Profit margin	7.9%		10.3%
EPS (in EUR)	1.72	0.52	2.24

in EUR million	FY 2014	FY 2015*	FY 2016*
EBITDA level	6.9 (incl. M&A adjustments EUR 4.7 million & Inventory-Step-Ups EUR 2.2 million)	~ 5 (incl. M&A adjustments / Integration costs & Inventory-Step-Ups ~ EUR 2.5 million)	0
EBITA level	8.2 (incl. EUR 1.3 million depreciation PPA)	~ 7 (incl. ~ EUR 2 million depreciation PPA)	~ 2 (incl. depreciation PPA)
EBIT level	18.3 (incl. EUR 10.1 million amortization PPA)	~ 22 (incl. ~ EUR 15 million amortization PPA)	~ 17 (incl. ~ EUR 15 million amortization PPA)
Financial result	5.4 (Partial SFA repayment in January 2014)	0	0
Net Profit	16.6	~ 15	~ 12
EPS (in EUR)	0.52	~ 0.47	~ 0.38

in EUR million	2013			2014
	reported	adjusted	reported	adjusted
Sales	635.5	635.5	694.7	694.7
Gross Profit	371.4	371.4	403.4	405.6
EBITDA	129.3	129.3	131.5	138.4
EBITA	112.1	112.6	113.3	121.5
in %	17.6	17.7	16.3	17.5
EBIT	99.5	107.7	97.8	116.2
in %	15.7	16.9	14.1	16.7
Financial Result	-15.6	-15.6	-14.5	-9.1
Profit before Tax	83.9	92.1	83.4	107.1
Taxes	-28.3	-30.0	-28.5	-35.7
Net Profit	55.6	62.1	54.9	71.5

• Dividend proposal to the shareholders at the AGM on 20 May 2015: EUR 0.75 per share (2014: EUR 0.70)
• Pay-out of EUR 23.9 million for 31,862,400 shares equals 33.4% of adjusted net income of EUR 71.5 million

• General dividend policy of 30% to 35% of adjusted net income

• Higher distribution inventory of NDS

• Improvement in 'old' working capital structure (reverse factoring etc.) lowest level ever
• TWC including higher NDS inventories again on a good level of 18.1%

* in % of sales run rate of EUR 784 million

** excluding NDS = old NORMA Group structure

Equity ratio still solid even on higher balance sheet total after NDS acquisition

* Exchange differences on translation of foreign operations, cash flow hedges and stock options

Targets achieved

• Maturity: Long-term oriented well balanced repayment schedule
• Balanced fixed and floating tranches
• Significant portion issued in USD Natural hedge of USD-based National Diversified Sales-Deal
• Highest interest of European based lenders

Terms

• Volume EUR 209 million
• Tenor 3, 5, 7 and 10 years
• 4fold oversubscribed
• BBB+ / A- internal bank rating achieved
• Average interest rate incl. USD approx. 2.5%
• Average interest terms of the Group at approx. 3%

Lenders

Small European banks (e.g. German Sparkassen, Insurance institutions and European saving banks)

Usage of the funds

General company purpose incl. financing of acquisition of National Diversified Sales in the US

Equity / Debt Ratios
	31.12.2013	31.12.2014	excluding derivatives*	31.12.2013	31.12.2014
Equity Ratio	38.8%		Leverage (Net debt* / adjusted LTM EBITDA)	1.1 x	2.5 x
(Equity / Balance Sheet Total)		34.1%	Gearing (Net debt* / equity)	0.4 x	1.0 x

Pro Forma Maturity Profile (in EUR million) net of SFA repayment

* excludes non cash / non P&L derivative financial liabilities of EUR 20.2 million (31.12.2013: EUR 15.3 million): including leverage = 2.7x; gearing = 1.0x ** SFA 5+1+1 years – repayment earliest 2019

(all amounts in EUR million)	31 Dec 2013	31 Dec 2014	(all amounts in EUR million)	31 Dec 2013	31 Dec 2014
Assets			Equity and liabilities
Non-current assets			Equity
Goodwill / Other intangible assets / Property, plant & equipment	441.5	741.5	Total equity	319.9	368.0
Other and derivative financial			Non-current and current Liabilities
assets / Income tax assets / Deferred income tax assets	9.1	12.8	Retirement benefit obligations / Provisions	24.5	26.6
Total non-current assets	450.6	754.3
Current assets			Borrowings and other financial	332.4	437.2
Inventories	79.8	114.9	liabilities
Other non-financial assets / Income tax assets	9.0	17.2	Other non-financial liabilities	23.8	27.8
Trade and other receivables	90.1	107.7	Tax liabilities and derivative financial liabilities	64.1	138.0
Cash and cash equivalents	194.2	84.3	Trade payables	59.0	80.8
Total current assets	373.1	324.1	Total liabilities	503.8	710.4
Total assets	823.7	1,078.4	Total equity and liabilities	823.7	1,078.4

Operating net cash flow
in EUR million	2011	2012	2013	2014	Variance
EBITDA	117.0	120.8	129.3	138.4	+7.1%
Δ ± Working capital	-19.5	-9.8	5.1	4.4	-13.6%
Operating net cash flow before investments from operating business	97.5	111.0	134.4	142.8	+6.3%
Δ ± Investments from operating business	-30.7	-30.0	-30.5	-39.6	+29.9%
Operating net cash flow	66.8	81.0	103.9	103.2	-0.7%

• Operating net cash flow before investments increased by EUR 8.4 million to a total of EUR 142.8 million in 2014 due to higher EBITDA
• 2014 CAPEX spending extended due to opening of two new plants in China and Brazil and purchase of formerly rented plant and US headquarters at Auburn Hills, in total another excellent cash flow of EUR 103.2 million

1	Continue international expansion of sales network
2	Continue to explore business opportunities in APAC including emission standard change in China
3	Ramp up of second China plant to enable further expansion into domestic and APAC markets
4	Continuous ramp up of plant in Brazil according to volume needs to serve local customers
5	Integration of NDS acquisition and start of exploring cross selling opportunities
6	Continue dialogue with potential M&A targets

in %	2014	2015e	2016e
USA*	+2.4	+3.6	+3.3
China*	+7.4	+6.8	+6.3
Euro-zone*	+0.8	+1.2	+1.4
Germany*	+1.6	+1.7	+1.9
World*	+3.3	+3.5	+3.7

VDMA (German Engineering Federation) expects worldwide machine sales to grow by 5% in 2015

Euroconstruct expects solid growth path of +2.1% for the European construction output

VDA expects 2.0% sales growth in global passenger cars in 2015 (sales and production with different timing)

Sales	Solid organic growth of approx. 4% to 7%, plus approx. EUR 110 million from recent acquisitions
Adjusted EBITA margin	Sustainable margin level as in previous years of more than 17.0%
Material Cost ratio	Approx. on the level of the previous years
Personnel Cost ratio	Approx. on the level of the previous years
Financial result	Up to EUR -18 million
Tax rate	Approx. 33% to 35%
EPS	Solid growth

Investments in R&D	Approx. 5% of EJT sales
CAPEX rate	Approx. 4.5% of sales
Operating net Cash Flow	Slightly above the level of the previous years
Dividend	Approx. 30% to 35% of Group adjusted net profit

Full Year Results 2014

Appendix

• 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

Free float per March 9, 2015 includes
Ameriprise, USA incl. Threadneedle	9.96 %	Mondrian, London	5.3 %
Blackrock, USA	5.7 %	Allianz Global Investors, Frankfurt	5.0 %
BNP Paribas, Paris	3.2 %	Capital Research, Los Angeles	3.1 %
T. Rowe Price, London	3.0 %	AXA, Paris	3.0 %
Management	~2.4 %

1 Market leader in attractive engineering niche markets with strong growth prospects

• 2 Enhanced stability through broad diversification across products, end-markets and regions
• 3 Engineered products with premium pricing through technology and innovation leadership in mission-critical components
• 4 Strong global distribution network with one-stop-shopping service to specialized dealers
• 5 Significant growth and value creation opportunity through synergistic acquisitions
• 6 Proven track record of operational excellence

NORMA Group products		Specific customer requirements driven by megatrends
NORMACLAMP® ~ 45% of sales	Emission reduction	Next global level of emission reduction ramps up in 2013 / 2014 with EURO 6 in Europe and 2014 in USA (EPA 15)
NORMA VPP 138	Weight reduction	Ongoing trend in many industries especially addressed by NORMA Fluid products
NORMACONNECT® ~ 24% of sales	Assembly time reduction	Easy to assemble NORMA Group products help lowering production costs for customers
NORMACONNECT FGR	Leakage reduction	Safely sealed products minimise warranty costs for customers through leak free joints
NORMAFLUID® ~ 31% of sales	Product	Comprehensive national product portfolio: One-Stop
	portfolio	Shopping
FISH Compression Fitting PVC Coupling	Product availability	Superior service level through worldwide presence and regional sales hubs

Clear global market leader in clamp/connect Excellent growth outlook across EJT market

	Additional growth for Joining Technology market above market growth
Passenger vehicles	add. 2- 4%
Commercial vehicles	add. 2- 4%
Agricultural equipment	add. 2- 4%
Construction equipment	add. 2- 4%
Engines	add. 2- 4%
White goods	Same level
Water management	add. 2- 4%

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

	Mission-criticality: Small relative cost –	high impact
Example: Harvester	Approx. value of joining technology content
Cooling water	c. € 21-26
Charged air	c. € 20-25
Fuel and oil system	c. € 49-60
Exhaust system	c. € 62-101
Standard clamps and connectors	c. € 36-44
	Total c. € 188-256 (< 0.1%)	Price of harvester: € 350,000

Ability to achieve premium pricing

• 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

More than 35,000 products, manufactured in 22 locations and sold to more than 10,000 customers in 100 countries Top 5 customers account for only ~17% of 2014 sales

Unique business model with two distinct ways-to-market

• Significant economies of scale in production
• Resident engineers with close contact to international EJT customers
• No. 1 national and international DS service level and DS product portfolio

Engineered Joining Technology (EJT) ~70% of 2014 sales

Innovation and product solution partner for customers, focused on engineering expertise with high value-add

Distribution Services (DS) ~30% of 2014 sales

High quality, branded and standardised joining products provided at competitive prices to broad range of customers

Customised, engineered solutions Patents in nearly 200 patent families B2B

• High quality, standardised joining technology products
• No. 1 product portfolio & service level
• B2C

A world without NORMA Group Customer impact

Image loss

Warranty costs

Non-compliance with legal requirements/regulations

Loss of end-customers

Sales consolidation effects in EUR million	Date of acquisition		Total	2014	2015
Connectors Verbindungstechnik AG, Switzerland	04/12	Market entry in connecting technology in Pharma & Biotec	16.6	-	-
Nordic Metalblok S.r.l., Italy	07/12	Market consolidation heating and air conditioning clamps	5.2	-	-
Chien Jin Plastic Sdn. Bhd., Malaysia	11/12	Market entry joining elements for water distribution	7.7	-	-
Groen Bevestigingsmaterialen B.V., Netherlands*	12/12	Securing market with national dealer	3.4	-	-
Davydick & Co. Pty. Limited, Australia	01/13	Enforce market position with distribution of water & irrigation systems	3.4	0.1	-
Variant SA, Poland*	06/13	Securing market with national dealer	2.3	1.1	-
Guyco Pty. Limited, Australia	07/13	Enforce market position with distribution of water & irrigation systems	7.2	3.6	-
Five Star Clamps Inc., USA**	05/14	Consolidation of multi industrial engineered clamps	~4.0	3.3	~0.7
National Diversified Sales, Inc., USA**	10/14	Expanding water management product portfolio	~123	13.9	~109
Total			~172.8	22.0	~110

Page ³⁹ * External Sales ** depending on FX movement USD / EUR

M&A	Acquisiton of Connectors Verbindungstechnik AG, 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 15 million sales in financial year 2012
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

M&A	Acquisition of Nordic Metalblok S.r.l., Italy in July 2012
Business Model	Company specialises in manufacturing clamps for various applications particularly for the heating, ventilation and air conditioning industry and the agricultural and construction sectors.
History	For more than 40 years the company distributes its products to retailers and wholesalers as well as to manufacturing companies globally.
Sales	Approx. EUR 6 million sales in financial year 2012
Consoli dation	First time consolidation into NORMA Group starting Q3 2012
Adjustments	No operational adjustments planned from acquisition
Margin	Margin of the company including synergies in the range of NORMA Group's margin

M&A	Acquisiton of Chien Jin Plastic, Malaysia, in October 2012 Closing expected toward year end 2012
Business Model	Specialised in joining elements for plastic and iron pipe systems for different application areas, esp. drinking and domestic water distribution. Also produces components for sanitary appliances under its brand name Fish. More than 200 customers in 30 countries.
History	In the market for 20 years, the company is based in Ipoh, Malaysia.
Sales	Approx. EUR 7 million sales in financial year 2012
Consoli dation	First time consolidation into NORMA Group after closing.
Adjustments	No operational adjustments planned from acquisition
Margin	Margin of the company including synergies in the range of NORMA Group's margin

M&A	60% increase in ownership to 90% in Groen Bevestigingsmaterialen B.V. in December 2012
Business Model	Wholesale supplier of hose and pipe clamps and coupling to the industrial, construction, agriculture, plumbing, hardware and automotive sector in Belgium, the Netherlands and Luxembourg. Moreover, extensive supply programme for traffic sign brackets and necessary mounting tools.
History	Partnership between Groen and NORMA started in 1993 with ABA hose claps. The company is based in Purmerend, Netherlands.
Sales	Approx. EUR 5 million sales in financial year 2012 (thereof EUR 2 million additional external sales)
Consoli dation	First time consolidation into NORMA Group after closing on 31st December 2012
Adjustments	No operational adjustments planned from acquisition
Margin	Margin of the company including synergies in the range of NORMA Group's margin

M&A	Acquisition of Davydick & Co. in January 2013
Business Model	Distribution for various elements in the transportation of water in irrigation systems. Specialised in supplying a comprehensive range of rural irrigation fittings, valves, and pumps under the brand PUMPMASTER. More than 700 customers throughout Australia.
History	In the market for more than 20 years. Based in Goulburn, Australia
Sales	Approx. EUR 4 million sales in financial year 2012
Consoli dation	First time consolidation into NORMA Group after closing in early 2013
Adjustments	No operational adjustments planned from acquisition
Margin	Margin of the company including synergies in the range of NORMA Group's margin

M&A	Acquisition of Variant S.A. in May 2013
Business Model	Sells joining products and cable ties to over 1,000 retailers and wholesalers across Poland. End clients include home improvement stores, garages and specialist retailers for automotive supplies.
History	Distribution partner of NORMA Group for more than 20 years. Based in Krakow, Poland
Sales	Approx. EUR 5 million sales in financial year 2012 (thereof ~EUR 1 million external products)
Consoli dation	First time consolidation into NORMA Group after closing in June 2013
Adjustments	No operational adjustments planned from acquisition
Margin	Margin of the company including synergies within 12 months in the range of NORMA Group's margin

M&A	Acquisition of Guyco Pty. Limited in June 2013
Business Model	Specializes in the design, manufacture and distribution of fittings and valves for freshwater distribution, irrigation, agricultural, plumbing and industrial market sectors. It supplies over 700 customers in Australia and New Zealand.
History	Based in Adelaide, Australia
Sales	Approx. EUR 7 million sales in financial year 2012
Consoli dation	First time consolidation into NORMA Group after closing in July 2013
Adjustments	No operational adjustments planned from acquisition
Margin	Margin of the company including synergies until 2014 in the range of NORMA Group's margin

M&A	Acquisition of Five Star in April 2014
Business Model	Distribution and production of high-quality clamps to customers in over 50 different industries.
History	In the market for more than 25 years. Based in Crest Hill, Illinois, USA
Sales	Approx. USD 5 million sales in financial year 2012
Consoli dation	First time consolidation into NORMA Group after closing in May 2014
Adjustments	No operational adjustments planned from acquisition
Margin	Margin of the company including synergies in the range of NORMA Group's margin

M&A	Acquisition of National Diversified Sales, Inc. (NDS) in October 2014
Business Model	A leading supplier of water management solutions, including products for storm water management, efficient landscape irrigation and flow management
History	In the market for more than 40 years. Based in Woodland Hills, CA, USA
Sales	Approx. USD 127.6 million sales in financial year 2013 (EUR ~ 96 million)
Consoli dation	First time consolidation into NORMA Group after closing in November 2014
Adjustments	M&A related adjustments of EUR 6.9 million within EBITDA plus PPA adjustments of EUR 11.4 million
Margin	Excellent EBITDA margin of NDS comparable to excellent NORMA Group margin

P = production

D = distribution, sales, competence center

1997 to 2014: 18 years of a successful growth story

Page 51

Adjusted Operating Net Cash Flow (in EUR million)

* in % of sales run rate of EUR 784 million (without NDS acquisition 15.8%)

Event	Date
Publication Interim Results Q1 2015	06 May 2015
Annual General Meeting in Frankfurt / Main	20 May 2015
Publication Interim Results Q2 2015	05 August 2015
Publication Interim Results Q3 2015	04 November 2015

Contact
Andreas Troesch
Vice President Investor Relations
Phone:	+49 6181 6102-741
Fax:	+49 6181 6102-7641
Email:	Andreas.Troesch@normagroup.com
Website:	http://investors.normagroup.com/

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 SE 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 SE, 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.

Non audited data is based on management information systems and/or publicly available information. Both sources of data are for illustrative purposes only.