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Company PresentationFebruary 19, 2016

2

Selected experience Group Financial Controller Addtech since 2012

Head of Group Accounting Nefab

Senior Auditor EY

Education Master of Science (MSc), Business

Administration, Jönköping University

Today’s presenters – AddLife’s Chairman and Management team

In position since 2015

Selected experience Business Area Manager Addtech Life Science

General Manager bioMérieux Nordics

Managing Director Organon Teknika

Education Master in Business Administration (MBA)

Medical Tech Engineer, Gothenburg University

KristinaWillgård

CEO and President



Johan SjöChairman of the Board

Selected experience President and CEO Addtech

Board member Bufab

Senior management at B&B Tools

Alfred Berg ABN Amro


Administration, Växjö Högskola


Martin AlmgrenCFO


Kristina WillgårdCEO and President


Artur AiraCOO and Executive VP

Selected experience CFO Addtech since 2010

Board member Serneke

Finance Director Ericsson


Administration, Lund University

3

Today’s agendaTopic Presenter

Introduction to AddLife

Market overview

Business overview

Financial overview

Concluding remarks and Q&A

Appendix – Financial / Operational

Kristina Willgård

Artur Aira

Kristina Willgård, Artur Aira

Martin Almgren

Kristina Willgård

Motives for the spin-off Johan Sjö

Motives for the spin-off

5

Distributed to the shareholders

Motives for the proposed spin-off and rights issueBackground

(1)

AddLife has reached a size and level of profitability that makes the business attractive as an independent listed company

Better able to pursue strategic and operational opportunities within Life Science and continue to grow organically and through acquisitions

Rights issue of ~300 MSEK to pursue acquisitional growth

2001 Distributed to the shareholders

2016

Life Science

2005


Industry

Life Science segment created

6

Key dates (preliminary)

March 11

March 16

March 30

April 11

March 9

Date Event

Record date for entitlement to receive shares

First day of trading in AddLife shares

Announcement of rights issue terms

Trading in subscription rights until April 21

Subscription period for new shares until April 25

EGM in Addtech to decide on distribution of AddLife shares


8

Note: (1) Combination of AddLife’s 2014/2015 net sales and the full-year net sales of Mediplast AB and Fenno Medical. Only for illustrative purposes. (2) AddLife net sales 2014/2015. (3) Full-year net sales of Mediplast AB and Fenno Medical at the time of the acquisition. (4) Refers to 9 months period from Apr 1-Dec 31, 2015, not audited financials


AddLife introduction

• AddLife is the spin-off of Addtech’s Life Science business area

• AddLife is a leading independent player in the Nordic Life Science market

• AddLife markets and sells instruments, equipment, consumables and related services mainly to the healthcare sector in the Nordics

• The company consist of ~25 subsidiaries that operate within two business areas: LabTech and MedTech

• Combined net sales of approx. SEK 1,700m(1)

‒ AddLife/Addtech Life Science stand-alone net sales of SEK 1,057m.(2) Mediplast and Fenno Medical add ~SEK 650m of net sales(3)

• Headquartered in Stockholm, approx. 425 employees

Sweden37%

Denmark25%

Finland21%

Norway16%

Other2%

Net sales split per country 9m to Dec. 31, 2015 (4)

Other markets/operations

Production plant

Key markets

9

Proven entrepreneurial business model with roots dating back to 1906Introduction to AddLife

1906Bergman & Beving is founded

1930’sAgency agreement withRadiometer

1976Bergman & Beving is listed

2005Addtech acquires MediTech from B&B Tools

2015Mediplast and Fenno are acquired

1997Triolab is acquired – the business area MediTech is formed

1993PLD Nordic and ANA Kalto are formed

10

Kristina WillgårdCEO

Martin AlmgrenCFO

MedTech


Organizational structure

LabTech

Peter Simonsbacka

Artur Aira COO

AddLife

Lars-Erik Rydell

LabTech represents approximately the ”old” Addtech Life Science business area

Artur Aira

MedTech was formed through the acquisitions of Mediplast and Fenno Medical in July 2015

11

906984

1,057

1,394

2012/13 2013/14 2014/15 LTM Dec 31, 2015

13 16 18

11 12

13 7

8

9 5

6

7

36

42

49

2010 2014 2018e

AddLife on a growing market for Life ScienceTotal addressable market size per country (2010 – 2018e)(1) AddLife net sales (2012/13 – LTM Dec. 31, 2015)(2)

SEKbn SEKm

Source: ADL Market reportNote: (1) ADL Market report - for further information regarding the Market report produced by ADL on behalf of the Company, please refer to page 68. (2) Summary financial data –see page 68 for additional detail.

Key drivers include:

‒ Favorable demographic trend with an increasing and aging population

‒ New technology, public funding and research grants

AddLife has achieved strong above market growth historically, through organic gains and acquisitions

AddLife holds market leading positions in a number of selected niche areas within Life Science


12Introduction to AddLife

Company highlights

Well positioned to capitalize on the growing Life Science market1

Leading independent niche player on the Nordic Life Science market2

Attractive business model with high visibility and recurring revenues3

Long-standing relationships with leading suppliers4

Decentralized organization with entrepreneurial business acumen5

Long history of successful acquisitions6

Clear focus on earnings growth and cash flow generation7

Market overview

Market data is based on a market report produced by the consultancy firm Arthur D. Little on behalf of AddLife. For further information on the report, please refer to page 68.

14

13 14 15 16 16 18

11 11 11 10 12

13 7

7 8 8 8

9

5 6 6 6

6

7

36 39 39 40

42

49

2010 2011 2012 2013 2014 2018e

Market overview – AddLife’s addressable marketMarket overview

The Nordic Life Science market is sizable and growing

SEKbn Sweden is the largest Life Science market in the Nordic region with ~37% of sales, followed by Denmark with 28% of sales, Norway 19% and Finland 15% (2014)

The market is expected to grow with a CAGR of 4% during the period 2014-2018e, primarily driven by:

‒ Increasing and aging population

‒ Increased use of diagnostics

‒ Digitalization and growing market for e-health

The market is mainly publicly financed and as such affected by:

‒ Public finances

‒ Political decisions

‒ Changes in public procurement policies and processes

Source: ADL Market report

15

18 22

2014 2018e

Market size(SEKbn)

The Nordic Life Science market can be divided into two market segments Market overview

Labtech Medtech

The labtech market segment primarily consists of sale of instruments and equipment combined with reagents for diagnosing diseases and related advisory, training and support services

Customers are primarily the public healthcare sector and research laboratories

The labtech segment can in turn be divided into the two market areas: Diagnostics and Biomedical & Research

The medtech market segment primarily consists of the sale of medical devices and consumables as well as related advisory, training and support services

Products include e.g. protective clothing for surgical staff, catheters, syringes, bandages, heart valves, oxygen masks and ostomy products

Customers are primarily public and private healthcare providers

Life Science


Market size(SEKbn)

CAGR +4%

23 27

2014 2018e

CAGR +4%

16

AddLife within the Life Science ecosystemBusiness overview - Operations


AddLife’s product portfolio address the need in the market

AddLife’s “BMR” products support research and development and industrial analysis

AddLife’s diagnostic products support diagnostic analysis of patient samples

AddLife’s medtech products are used in the healthcare provider setting

1

2

3

Diagnostic analysis

Needs and clinical samples

Needs and clinical samples

New tests and clinical methods

Newtreatment methods

Needs

Resultsand clinical diagnoses

Research and development

+

Healthcare

Industrial analysis

3

2 1

1

17

Changing market environment due to major trendsMarket overview


Macro trends

Growing population in the Nordics

Aging population

Increasing healthcare spend

1

Competition

Increasing competition

Increasing price pressure

Commoditization in established and mature product segments

2

Changing purchasing behavior

Centralization of procurement combined with more professional procurement organizations

Decentralized purchase process for advanced products as quality and value/benefit aspects gain importance

2

Digitalization

Development drives product digitalization e.g. connected things, cloud based solutions

New business opportunities arise, e.g. e-health solutions

3

Increasingly importantrole of diagnostics

Technology development drives new application areas

Increased understanding of the relation between genetics and health drives new application areas and business opportunities

3

Changing business

playground

Market and global trends Business enabling trends

18

21 23

57

2630

2015 2035e64 years and below 65 years and above

Market overview

Nordic population to increase by 14% by 2035(1)

Source: ADL Market reportNote: (1) Latest available population data per December 2015 from Statistics Sweden, Statistics Denmark, Statistics Norway and Statistics Finland

Historically high healthcare costs in the Nordics

8.0%

10.0%

1995 2013Healthcare spending, % of GDP

Driven by aging population, treatment innovations and higher quality requirements

Group aged 65 and above forecasted to increaseby ~40% by 2035

Macro trends – demographic changes drive market growth1

Creates additional demand for healthcare services and medical care products

(million)

19

Increased competition

New market entrants compete with lower prices which has led to a higher degree of product standardization in established and mature segments

Market overview

Medical and technical innovation and digitalization changes the way the healthcare sector operates

Rapid technological

change

Centralization and professionalization of procurement of products, especially commoditized high volume products

Centralization of procurement

Cost pressure on the public health system due to challenging demographic trendsCost pressure

Laboratories are increasingly focused on their core activities which increases demand for specialist services, training and support

Increased demand for

specialist services

Changing market environment requires a revised value proposition2


Decentralized purchase process is becoming more common for advanced products, due to quality and value/benefit aspects gaining in importance

Decentralized purchase process

20Market overview

Diagnose and prevent diseases

Shift to diagnose and prevent diseases from previously treating them after occurrence

Digitalization

Trend with connected laboratory instruments and services

Enables new technologies and ways to analyze data

Impacts the way customers buy and assimilate services

Favourable business enabling trends within Life Science3


Increased demand for diagnostic tests

Increased usage of individually adapted tests to determine which treatment the patient responds best to

Bacterial resistance drives demand for rapid diagnostic tests

Technological advances within DNA analysis opens up for new utilization areas

21

Fragmented market with many market participantsMarket overview

Competitors can be divided into 3 main categories

Large inter-national players

1

Independent suppliers3

In-house sales organization

Small specialized

players

2

Independent suppliers3

In-house sales organization

Cust

omer

Large international players tend to offer products under their own brands and manage everything from manufacturing to distribution through their global sales offices

1

In addition there are independent suppliers, such as AddLife

3

Small specialized players also tend to offer their own products. However, they are often focused on a specific product, product segment or geography ‒ Parts of AddLife’s business fall under this category

2

22

Labt

ech

Dia

gnos

tics

Biom

edic

al a

nd

Rese

arch

International Specialized

International Specialized

Med

tech

International Similar product portfolio as AddLife

Examples of competitors within different niche segmentsMarket overview


Business overview

24Business overview – Vision, business concept and financial targets

Vision, business concept and financial targets

Operations


Vision and business concept

• AddLife strives to improve people’s lives by being a leading and value adding player within Life ScienceOur vision

• Within the framework of the overall business concept, there is room for multiple business concepts which describe each subsidiary’s operations and conditions

Multiple business concepts

• AddLife shall add value to customers within healthcare, laboratories and research

• AddLife shall achieve this by offering cost efficient high quality products and solutions combined with qualified advisory services to the private and public sector in the Nordics

Business concept


Financial targets

Profitability shall exceed 45%, measured as the relationship between EBITA and working capital (P/WC)(1)

Profit growth (EBITA) shall, long term, amount to 15% per year

The Board of AddLife aims to propose a dividend equivalent to 30-50% of profit after tax. When determining the dividend, investment needs and other factors that the Company's Board of Directors considers relevant are taken into account

Profitability

Profit growth

Dividend policy

Note: (1) Defined as average annual working capital calculated as the sum of inventory and accounts receivable less accounts payable.


AddLife’s three strategies to reach its financial and operational goals

Market leading positions

AddLife’s subsidiaries should be market leaders and add value in selected niches

Target niches with high knowledge and technology content

Important for AddLife to be market leading to achieve sustainable earnings growth and profitability

1 Operating mobility

Flexible and agile subsidiaries in order to take advantage of new business opportunities in a fast moving market

Active ownership to drive profitability and business development

Includes moving, merging or splitting subsidiaries and forming better combinations

2 Acquisitions

Integral for the development of the organization and for reaching the profit growth target (EBITA) of 15%

AddLife continuously searches for new Life Science companies which can add:

‒ New products or access to new markets

‒ Strengthen the market position

‒ Strong market and technological know-how

3

28

Market leading positionsBusiness overview – Vision, business concept and financial targets


AddLife holds market leading positions in the Nordics in a number of selected niche segments

Majority of blood gas and coagulation analysis instruments and reagents

>90% of tests for Alzheimer

Strong position in the Swedish and Danish market for suction catheters for use in surgery and other clinical procedures

Majority of tests for tissue typing (HLA typing) used prior to transplantation

Market leading position in the Finnish market of diagnostic tests for detection of pathogens

Leading position in disposable products for ear, nose and throat procedures

Leading in reagents for cloning for research use

1

29

Decentralized organization with entrepreneurial business acumenBusiness overview – Vision, business concept and financial targets

2

Combine the small company’s…

With the large company’s…

Flexibility

Personality

Effectiveness

Resources

Network

Sustainability

”Small scale business – large

scale wise”

30

AddLife’s core valuesBusiness overview – Vision, business concept and financial targets

Simplicity

Efficiency

Change

Responsibility and freedom

2

31

~450

906984

1,057

1,394

2004/05 2012/13 2013/14 2014/15 LTM Dec 31, 2015

9 acquisitions since 2007(1)

Source: Company information and public press releasesNote: (1) 2004/05 sales reflect the approximate net sales for Meditech which was acquired from B&B Tools in March 2005 and today is part of AddLife.2012/13 to LTM Dec 31 2015/16 represents summary financial data – see page 68 for additional detail.

Company Country Acquired Market segment

Sales at acquisition

Immunkemi F&D

2007 Labtech SEK 8m

2008 Labtech SEK 10m





2012 Medtech SEK 25m



Total sales acquired SEK ~950m

9 companies with combined sales of ~SEK 950m acquired since 2007

AddLife offers an attractive option for entrepreneurs divesting ownership of their companies

Allows AddLife to differentiate itself as a buyer with other means than solely the acquisition price

Strategic acquisition of Mediplast and Fenno Medical in July 2015, provided an entry into the medtech market and the foundation for AddLife’s MedTech business area

Business overview – Vision, business concept and financial targets

Net sales; SEKm


32Business overview - Operations

Vision, business concept and financial targets

Operations

33

AddLife’s offering to customers – built on 4 cornerstonesBusiness overview - Operations

Products from leading suppliers

Qualified advisory services on products and solutions

Strong local service and support organization

Training services for customers

34

Leading independent niche player on the Nordic Life Science market

• Highly qualified and experienced employees

• AddLife adds value to its customers through qualified advisory services, efficient technical services and training

Competence

• AddLife holds market leading positions in several niche segments within the market areas Diagnostics, Biomedical & Research and Medical technology

• Close collaboration with leading suppliers -> long-term Partnership

Products & solutions

• Position as independent supplier allows AddLife to offer its customers tailor-made solutions from several leading suppliers

• Pan-Nordic reach with strong local presence

• Critical business scale, allows AddLife to effectively compete in the public sector

Operationally

Business overview - Operations

35

40%

AddLife’s two business areasBusiness overview - Operations

Add

Life

60%

Note: (1) Based on combined net sales for 2014/2015. LabTech net sales 2014/2015 amounted to SEK 1,031.9m and MedTech to SEK 24.9m. Mediplast and Fenno Medical annual net sales amounted to approx. SEK 650m at the time of acquisition in July 2015, which has been added to MedTech’s net sales.

LabTech

MedTech

Instruments and reagents for research and

diagnosing diseases

Key products

Medical technology equipment, consumables

and instruments

Key products

Counties and private hospitals

Key customers

Healthcare and research laboratories

Key customers

AddLife’s subsidiaries

AddLife’s subsidiaries

Diagnostics Biomedical & Research

Percentage of net sales(1)

Percentage of net sales(1)

36

LabTech business areaBusiness overview - Operations

Overview of LabTech business area

~15 companies focused on niche segments within diagnostics and biomedical & research

The LabTech segment offers: ‒ Instruments

‒ Reagents

‒ Consumables

‒ Technical advice

‒ Application-, maintenance- and resupply services

‒ Training

Targets healthcare providers (e.g. hospitals) and laboratory research units, in primarily the healthcare, pharmaceutical and food industry

Customer examples

Suppliers and products

Supplier examples Product examples

Blood gas testing

Coagulation

IVD-systems

Analytical instruments

Veterinary diagnostics

37

LabTech, one segment, two business models – DiagnosticsBusiness overview - Operations

LabTech – Diagnostics

The diagnostics area is focused on selling instruments and products used for diagnostic tests to customers, as well as advisory services, training and support

Active within In Vitro Diagnostics (IVD), a method for performing diagnostic tests outside the body in an artificial environment

Examples of IVD tests are blood cultures, tests for infectious diseases or viruses in blood tests, urine tests, and glucose tests

Customers are primarily the public healthcare sector

Approx. 90% of sales within LabTech is subject to public procurement

Note: (1) Approximate distribution of sales over time within the Diagnostics segment of the LabTech business area.

Attractive business model with a large installed base of instruments

Results in a high degree of recurring revenue from sales of reagents for diagnostic instruments

Creates barriers to entry for competitors due to high switching cost for changing the installed base of instruments, i.e. initial investment and training of personnel

Recurring revenue in the Diagnostics segment

Instruments Reagents

~20% of sales(1) ~ 80% of sales (1)

38

LabTech, one segment, two business models –Biomedical & Research Business overview - Operations

The Biomedical & Research area is focused on selling all equipment needed at a laboratory, as well as advisory services, training and support

‒ Laboratory equipment

‒ Reagents and other disposables

Customers are primarily public and private laboratory research units, both within the healthcare, pharmaceutical and food industry

Approx. 70% of sales within biomedical and research is subject to public procurement

LabTech – Biomedical & Research

Instruments Reagents

~80% of sales(1) ~ 20% of sales (1)

Note: (1) Approximate distribution of sales over time within the Biomedical & Research segment of the LabTech business area.

39

Business cases – LabTech (1/3) Business overview - Operations

More efficient blood gas analysis

Blood gas analysis, which measures e.g. blood oxygen saturation and acidity, is often performed at hospital departments such as intensive care units (”ICU:s”), emergency rooms, and surgery departments, as itprovides a good point in time indication of a patient’s health

AddLife offers instruments which automates blood gas analysis, which frees up time for

doctors and nurses which can be allocated to patients

AddLife also educates users, calibrates equipment and integrates instruments with

hospital systems

40


Epigenetics could provide new treatments

Epigenetics concerns the reprogramming of genes, e.g. if genes are expressing information incorrectly cancer cells can form

Genetic changes are affected by the external environment (e.g. diet, toxins and hormones)

Epigenetic changes are reversible, i.e. if it is known what is wrong and the cause of the change, it can be treated

AddLife has strong expertise in the field of epigenetic research and provides both reagents

as well as advice on selecting the right component for a particular type of research,

which aids researchers in finding e.g. new treatments for cancer

41


”The perfect match” – transplanted organs save lives

Organs which are often transplanted are livers, hearts, lungs and kidneys. However, even skin, corneas, heart valves and bone tissue is sometimes transplanted

Recipients and donors must match on a molecular level to prevent rejection of transplanted organs

Cost of performing a transplantation is high and great care is taken to assure a successful outcome

AddLife’s procedural knowledge in this field enables it to advice on and offer solutions which minimize risk of incidents, incl. reagents which

provide information on how the recipients’ immune system will react to the foreign tissue

and whether rejection will occur or not

42

MedTech business areaBusiness overview - Operations

Overview of MedTech business area

The MedTech business area sells medical technical solutions and equipment to hospitals, other surgical businesses and to home health care

Solutions also include service, support and consulting

Products are used within for example:‒ Surgery

‒ Wound care

‒ Thorax/neuro

‒ Radiology/cardiology

‒ Intensive care

‒ Ear-nose-throat

‒ Ostomy care

‒ Home health care

>90% of sales stem from public procurement

~25% of sales within Mediplast stem from sale of own proprietary products

Approx. 1/3 of the own products are produced in one of Mediplast’s three production facilities, located in Finland, Denmark and Italy

Customers examples

Brands and products

Leading Medtech supplier

Strong in liquid handling solutions

Advanced suction bag systems

Leader in protection solutions

Leader in ventricular assist devices

Supplier examples Product examples

43

Business cases – MedTechBusiness overview - Operations

Inhalation devices for Chronic obstructive pulmonary disease (“COPD”)

6-8% of the adult population in Sweden has COPD, of which 90-95% of the people affected are smokers

~2,300 people die of the disease every year (>4x the number of traffic fatalities) and ~SEK 9bn is spent on care annually

The number of deaths from COPD are projected to rise by 30% over the next ten years. Today COPD is the fourth most common cause of death in the world and by 2020 is expected to be the third leading cause of death

Offers COPD patients enhanced quality of life through products which for example enable patient movement outside the vicinity of the

houseSource: GBI Research and Company information

44Business overview - Operations

Pan-Nordic organization with highly specialized sales team“Knowledge is all”

High customer demand for specialist advice and services

It is vital for AddLife to attract and maintain dedicated employees with extensive and deep expertise within their respective fields

The Company’s product specialists and service technicians generally have a university degree

Product specialists

Primarily PhD or M.Scin biomedicine

Nursing education (common within the MedTech business area)

Service technicians

Primarily technical backgrounds

Engineer or medical technology engineer

Employees (December 31, 2015)(1)

51%49%

Men Women

# 423

# 423

5%

55%

40%

Below 29 years 30-49 Above 50 years

Note: (1) As of December 31, 2015.

45

AddLife’s well educated product specialists advice and support the customer throughout the product lifecycle

Pan-Nordic presence creates competitive advantage

Key to attract and create long-term relationships with leading global suppliers as well as with smaller niche

suppliers

# Employees(1)

160

103

51

92

Increased demand for specialist services

Product specialists customize solutions according to the customer’s requests

Supply of disposables

Offers disposables, such as reagents, needed for the products provided

Support and advisory

Offer support and advisory before, during and after the sales process

Training

Training to customers to maximize the user benefits of the products provided

AddLife’s offering to customers throughout the product lifecycle

Service

Technical service offered by local support teams

Sales


Strong local presence and in-house service organization


17Other

46

VISION AND CORPORATE PHILOSOPHYBasic training for all companies and their employees

Employee development – AddLife AcademyCourse curriculum


LEADER IN AddLife

Designed for MDs at Group subsidiaries

THEME COURSES

Courses within specific subject fields, such as Public procurement, Marketing and

Finance

SUCCEDING IN SALES

In-house and field sales personnel with at least six

months´ experience

BUSINESS ACUMEN

Experienced employees with at least two years' experience

in the Group, who have previously taken the

Succeeding in sales course

47

AddLife is an important partner on the Nordic market for its suppliers

The Company offers products from > 800 suppliers and strive to have distribution agreements with the leading suppliers in each niche

Significant knowledge of the market segments in which it operates as well as of the suppliers’ products

Long-standing relationships with leading suppliers

Radiometer, based in Denmark, is a leading producer of products for blood-gas analysis

Collaboration with AddLife dates back >75 years

AddLife sells Radiometer’s instruments and reagents, train customers and sell technical services

Radiometer – Case study>25 years relationship, on average, with top suppliers


48

Supplier DescriptionSince For markets


Selection of AddLife’s suppliersLabTech business area MedTech business area

Supplier DescriptionSince For markets

The French supplier Stago is a leader in coagulation

The Japanese supplier Horiba / ABX is a leader in hematology

Leading Japanese analytical instruments supplier, which

offers a wide range of products for R&D and quality control

A leading U.S. supplier within the areas of R&D and

commercialization of enzymes for genomic research

A leading U.S. supplier within biological research. Particularly strong within the segment of

cancer research

>75 years The Danish supplier Radiometer is a leader in blood gas

>20 years

>25 years

>30 years

>20 years

>20 years

>15 years

>25 years

>25 years

>20 years

A leading U.S. provider of products within e.g. surgical and

infection prevention

U.S. based supplier of instruments and products for

neurosurgery

Finnish supplier of vacuum systems for medical applications

Japanese supplier of medical devices for

cardiology and radiology

>20 yearsGerman supplier of products for e.g. incontinence, wound care

and surgery

Financial overview

In this section, all financials are stated in SEK million unless otherwise statedFor additional detail on the preparation of financials in the section, please see page 68

50

~450

906984

1,057

1,394

2004/05 2012/13 2013/14 2014/15 LTM Dec 31, 2015

~28

110 116 120129

~6%

12.1% 11.8% 11.3%

9.2%

2004/05 2012/13 2013/14 2014/15 LTM Dec 31,2015

EBITA EBITA-margin %

Financial overview

Group net sales and EBITA developmentNet sales development 2012/13 – LTM December 31, 2015

EBITA development 2012/13 – LTM December 31, 2015

Comments

Comments

Above market growth (4%(1)) 2012/13 – LTM Dec. 31, 2015, incl. acquisitions

Mediplast and Fenno Medical are included in the financials from July 1, 2015

Net sales increase during first 9m of 2015/16 of 44%, of which 4% organic and 40% acquired growth from the acquisitions of Mediplast and Fenno Medical

Net sales increase 2012/13 – LTM Dec. 31, 2015 of 17% CAGR, of which 6% organic growth

Stable demand – margin compression 2012/13-2014/15 mainly driven by price pressure in larger tenders

EBITA-margin compression in LTM Dec. 31, 2015 primarily driven by change in product mix from the acquisitions of Mediplast and Fenno Medical

Adjusted EBITA margin LTM Dec. 31, 2015 amounted to 9.9%

One-off costs affecting EBITA related to the LexAsea transaction and the acquisitions of Mediplast and Fenno Medical, amounted to SEK 5.9m and SEK 3.1m respectively

Note: Revenue and EBITA for 2004/05 reflect approximate financials for Meditech which was acquired from B&B Tools in March 2005 and today is part of AddLife . Summary financial data – see page 68 for additional detail. (1) ADL Market Report.

51

894960

1,032 1,060

2012/13 2013/14 2014/15 LTM Dec 31,2015

107 112 117 114

11.9% 11.6% 11.3% 10.8%

2012/13 2013/14 2014/15 LTM Dec 31,2015


Financial overview

Business area overview – LabTechNet sales development 2012/13 – LTM December 31, 2015


Comments

Comments

Overall stable market environment in the LabTech segment

Growth primarily driven by stronger demand for diagnostic equipment and reagents in the Nordic healthcare sector

Demand from health care and research laboratories for equipment and consumables has improved

Higher competition has reduced margins in certain product segments

EBITA margin compression driven mainly by change in product mix, incl. increase in share of instrument sales

Note: Summary financial data – see page 68 for additional detail.

52

3 4 4

21

23.3%

15.5% 15.7%

6.4%

2012/13 2013/14 2014/15 LTM Dec 31, 2015


13 24 25

334

2012/13 2013/14 2014/15 LTM Dec 31, 2015

Financial overview

Business area overview – MedTechNet sales development 2012/13 – LTM December 31, 2015


Comments

Comments

Essentially reflects Mediplast and Fenno Medical (6 months)

Stable market environment in Sweden

Finnish market is more challenging

Increase in exports outside of the Nordic countries

Lower EBITA-margin due to shift in product mix from the acquisitions of Mediplast and FennoMedical

The underlying performance of Mediplast and Fenno Medical was in line with previous year, however the EBITA margin was impacted by:

‒ SEK 3.1m in acquisition related costs

‒ Group allocated costs

‒ Seasonal effect from slow Q2 (Jul-Sep)

Does not include Mediplast and Fenno Medical

Note: Summary financial data – see page 68 for additional detail.

53

~28

110116

120

129

2004/05 2012/13 2013/14 2014/15 LTM Dec 31,2015

Clear focus on earnings growth and cash flow generationCoupled with profitability target of >45% (P/WC)(1)(3)Historic EBITA growth rate(1)(2)

Note: (1) Summary financial data – see page 68 for additional detail. (2) 2004/05 EBITA reflects the approximate EBITA for Meditech which was acquired from B&B Tools in March 2005. (3) Defined as annual average working capital calculated as sum of inventory and accounts receivable less accounts payable.

Financial overview

103% 97%

94%

66%

45%

2012/13 2013/14 2014/15 LTM Dec 31, 2015

P/WC Target

54

1x

2x

3x

4x

5x

6x

7x

8x

9x

10x

11x

12x

0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14%

P/WC = 45% P/WC = 65%

Financial overview

Profitability target of >45% – EBITA/working capital (P/WC)

P/WC – LTM Dec 31, 2015

P/WC(1) – Relationship between working capital turnover and EBITA margin

WC turnover

EBITA margin

66%

Note: (1) Defined as annual average working capital calculated as sum of inventory and accounts receivable less accounts payable.

55Financial overview

Q3 report (April-December 31, 2015)Group

Organic sales growth of 4% and acquired growth of 54% from the acquisitions of Mediplast and Fenno Medical on July 1, 2015

EBITA margin of 8.9% (10.2% excluding one off costs for the spin-off amounting to SEK 5.9m)

EBITA margin compression (excl. one off costs) primarily caused by a shift in product mix from the lower margin acquired businesses

302

47212.5%

8.9%

Q32014/15

Q32015/16

Net sales EBITA margin

295 303

12.3% 12.5%

Q32014/15

Q32015/16


7

169

11.8%

6.9%

Q32014/15

Q32015/16


Organic sales growth of 3% primarily driven by new technologies within the diagnostics segment

EBITA margin supported by stronger sales of equipment and supplies to healthcare and research laboratories, in particular to research within cell- and molecular biology

Net sales increased to SEK 169m as a result of the acquisitions of Mediplast and FennoMedical on July 1, 2015

Underlying performance for Mediplast and Fenno Medical in-line with previous year

EBITA margin impacted by:‒ Group allocated costs‒ Product mix and currency effects from the

acquisitions

LabTech MedTech

Note: AddLife Q3 data is based on publicly available data from Addtech’s Q3 report.

56

SEK ~300 million (before transaction costs) with preferential rights for shareholders

RoosGruppen AB, Anders Börjesson (and family) and Tom Hedelius have committed to take their pro rata share (~18.5% of capital and ~38.0% of votes)

The purpose of the rights issue is to create an economic base for continued profitable growth through acquisitions

Financial overview

Balance sheet and illustrative impact from proposed rights issueIllustrative impact of SEK ~300 million rights issue (assuming fully subscribed)

Note: (1) In connection with the listing of AddLife, all dealings with Addtech will be netted and settled. As such, total equity and liabilities will decrease from reported SEK 1,444m on Dec. 31, 2015 to SEK 1,273m after netting. (2) Illustrative example only. Proceeds from the rights issue assumed to be used for debt repayment.

ILLUSTRATIVE As reportedNetting of balances

w. Addtech(1) Post rights issue (2)

SEKm 2015-12-31 2015-12-31 2015-12-31

Balance sheet items

Equity 321 321 621

Net debt 642 642 342

Total Equity & Liabilities 1,444 1,273 1,273

Key balance sheet ratios

ND / Equity 2.0x 2.0x 0.6x

Equity ratio 22% 25% 49%

ND/LTM EBITDA 4.7x 4.7x 2.4x

Concluding remarks and Q&A

58Concluding remarks and Q&A

Summary

Well positioned to capitalize on the growing Life Science market1

Leading independent niche player on the Nordic Life Science market2

Attractive business model with high visibility and recurring revenues3

Long-standing relationships with leading suppliers4

Decentralized organization with entrepreneurial business acumen5


Clear focus on earnings growth and cash flow generation7

Appendix – Financial

60Appendix – Financial

Historical financials – Income statementAnnual income statement 2012/13 – April to December 2014 and 2015(1)

Note: (1) Summary financial data – see page 68 for additional detail.

SEKm 2015 2014 2014/15 2013/14 2012/13

Net sales 1,109.7 772.1 1,056.8 983.5 906.4

Cost of goods sold (721.6) (478.0) (661.0) (608.5) (553.2)

Gross profit 388.1 294.1 395.8 375.0 353.2

Selling expenses (245.4) (168.4) (227.1) (215.6) (201.6)

Administrative expenses (69.3) (43.1) (59.8) (55.3) (54.5)

Other income / expense 6.7 (0.7) (1.2) (0.2) 1.5

Operating profit 80.1 81.9 107.7 103.9 98.6

Net financial items (4.0) (1.8) (2.4) (1.5) (1.0)

Profit before tax 76.1 80.1 105.3 102.4 97.6

Income tax expense (17.1) (19.0) (24.9) (24.1) (23.2)

Profit for the year 59.0 61.1 80.4 78.3 74.4

Apr-MarApr-Dec (9m)

61Appendix – Financial

Historical financials – Balance sheetAnnual balance sheet March 2013 – December 2015(1)


Assets

SEKm 2015-12-31 2014-12-31 2015-3-31 2014-3-31 2013-3-31

Non current assets

Goodwill 478.2 124.3 123.6 122.9 121.7

Other intangible assets 247.3 71.7 68.9 79.4 89.7

Fixed tangible assets 55.6 30.0 31.0 26.1 27.1

Financial assets 10.5 72.5 8.7 87.0 67.8

Total non current assets 791.6 298.5 232.2 315.4 306.3

Current Assets

Inventory 212.9 89.9 83.3 80.9 70.2

Current receivables 309.7 168.4 245.3 140.1 121.0

Cash and cash equivalents 129.8 69.2 82.5 76.8 111.4

Total current assets 652.4 327.5 411.1 297.8 302.6

Total Assets 1,444.0 626.0 643.3 613.2 608.9

Shareholder's equity and Liabilities

SEKm 2015-12-31 2014-12-31 2015-3-31 2014-3-31 2013-3-31

Equity

Total share holder's equity 320.7 313.9 263.3 271.6 293.3

Non current liabilities

Interest-bearing provisions 72.8 58.7 73.1 58.1 55.9

Non interest-bearing provisions 54.6 18.0 12.9 18.4 22.6

Long-term interest bearing liabilities 1.3 36.5 0.1 32.0 24.9

Total non current liabilities 128.7 113.2 86.1 108.5 103.4

Current liabilities

Non interest-bearing provisions - 0.2 0.7 0.2 -Short-term interest bearing liabilities 697.2 3.6 28.0 0.1 3.9Non interest-bearing current liabilities 297.4 195.1 265.2 232.8 208.3

Total current liabilities 994.6 198.9 293.9 233.1 212.2

Total equity and liabilities 1,444.0 626.0 643.3 613.2 608.9

62

SEKm 2015 2014 2014/15 2013/14 2012/13

Profit after financial items 76.1 80.1 105.3 102.4 97.6

Adjustment for items not included in cashflow 30.2 16.8 23.1 23.9 31.9

Income tax paid (16.0) 3.7 (15.1) (40.1) (35.5)

Changes in working capital 12.1 (15.7) 7.1 5.4 24.6

Cash flow from operating activities 102.4 84.9 120.4 91.6 118.6

Net investment in fixed assets (15.7) (11.3) (15.2) (12.3) (8.9)

Acquisition of operations (227.5) - - - (11.5)

Cash flow from investing activities (243.2) (11.3) (15.2) (12.3) (20.4)

Dividends paid to equity holders (18.1) (20.9) (80.4) (96.6) (92.5)

Other financing activities 209.2 (61.0) (20.1) (19.5) 16.8

Cash flow from financing activities 191.1 (81.9) (100.5) (116.1) (75.7)

Cash flow for the period 50.3 (8.3) 4.7 (36.8) 22.5

Cash and cash equivalents at beginning of period 82.5 76.8 76.8 111.4 92.8

Exchange rate differences on cash and equivalents (3.0) 0.7 1.0 2.2 (3.9)

Cash and cash equivalents at the end of the period 129.8 69.2 82.5 76.8 111.4

Apr-Dec (9m) Apr-Mar

Appendix – Financial

Historical financials – Cash flow statementAnnual cash flow statement 2012/13 – April to December 2014 and 2015(1)


Appendix – Operational

64

Other current assignments CEO and Board member Tisenhult Group AB and Tisenhult

Förvaltning AB Chairman of the board Bostad Direkt Stockholm AB, Swedish

Cable Trolleys AB, Ventilationsgrossisten Nordic AB and Inomec AB

Board member B&B Tools AB (publ), Tisenhult Invest AB and Futuraskolan AB

Previous experience Leading positions at Tisenhult Group and CFO at AB Cibenon

Fredrik BörjessonMember of the board,

since 2015

Other current assignments CEO and Board member Nilsagård consulting AB Board member Bufab AB (publ) and Imatech Marin & Industri

AB

Previous experience Various positions within Volvo Group CFO Vitrolife AB (publ)

Other current assignments Chairman of the board Hansa Medical AB (publ) Board member Navigation Dynamics AB, Jettesta AB and

Nicox S.A.

Previous experience CEO Prolifix Ltd Senior Vice President worldwide product development

Pharmacia Upjohn


AddLife’s Board of Directors

Member of the board since 2015

Other current assignments Chairman of the board RoosGruppen AB, Procurator AB,

Antpac Production AB, Fondamentor & RoosGruppenFastigheter AB and subsidiaries(1), Sandå Sverige AB, Design House Stockholm AB and Rexo AB

Chairman and CEO Malmö Stenhus AB Board member at 16 companies(2)

Previous experience CEO Hallbergs Guld AB CEO Procurator AB

Other current assignments CEO NOTE AB Board member Handbolls-EM 2016 Sverige AB and Deputy

board member Say hello to all of our friends AB

Previous experience Vice president brand and marketing, Scandinavian Airlines

(“SAS”) Various positions within Ericsson, incl. Vice president

marketing and communications, Head of strategy and marketing and Vice president Ericsson Austria

Note: (1) Fondamentor & RoosGruppen 3 Umeå AB, and Fondamentor & Roosgruppen 4 Umea AB. (2) Board member Procurator Intressenter AB, Ronofred Byggnads AB, Arbetarskyddsmaterial AB, Enkelknappen AB, Exportaktiebolaget Svanen, Lomond Invest AB, Intellithing AB, Scandy Garden AB, Malmö Stenhus Intressenter AB, Gatt IT AB, Nordic Kitchen Group AB, Antpac AB, Östhus Bostad AB and Gadelius Japan. Deputy board member Gandalf Data AB and RYNKAN AB.

Other current assignments President and CEO of Addtech Chairman of the board Addtech Nordic AB Board member Bufab AB, Joh Sjö AB and COJU AB Deputy board member Henrik Sjö AB and Joh Sjö Holding AB

Previous experience Senior management at B&B Tools AB (publ) Alfred Berg ABN AmroJohan Sjö

Chairman of the board, since 2015

Håkan RoosMember of the board,

since 2015

Stefan HedeliusMember of the board,

since 2015

Birgit NorinderMember of the board,

since 2015

Eva NilsagårdMember of the board,

since 2015

65

Note: (1) Refers to approximate sales over time generated by Mediplast.


Production facilities – MedTech/Mediplast Group~25% of revenue from own products…(1) Comments

~25% of revenue within Mediplast stem from sale of own products and ~75% of revenue from products sourced from external suppliers

Approx. 1/3 of the own products are produced in one of Mediplast’s three production facilities

‒ Located in Finland, Denmark and Italy

The manufacturing of the remaining 2/3 of Mediplast’s own products are outsourced to external manufacturing partners in Asia

Central warehouse in Malmö, Sweden. Additional warehouses in Lynge, Denmark (for Danish market) and in Vantaa, Finland (primarily Fenno Medical products)

… of which 1/3 are produced at AddLife’s 3 production facilities…

Hospidana (Maribo)

Produces tubular,

fixation and support

bandages

Sataside (Pori)

Produces absorbent

wipes

Mediplast (Roncanova)

Produces ICU products

66Appendix – Operational

AddLife’s subsidiaries (1/2)Company Geographic marketSegments # of employees(1)

Blood gas

Clinical chemistry

Micro- and Molecular biology

Immunology

25 employees

Sale of laboratory equipment and services for customers within research, industry, universities and colleges

27 employees

Sale of laboratory equipment and reagents for primarily research

44 employees

Product offering

Sale of diagnostic instruments and reagents to customers within public healthcare

Analytical instruments

Devices

Microscopy

Cell- and Molecular biology

Immunology

Laboratory equipment

LabT

ech

Sale of laboratory equipment and services

43 employees Broad offering of basic products for the laboratory

Sale of instruments and reagents to customers in within public healthcare and academic research

26 employees Immunology

Clinical chemistry

Micro biology


67Appendix – Operational

AddLife’s subsidiaries (2/2)Company Geographic marketSegments # of employees(1)

Laboratories within the food industry 7 employees

104 employees

Sale of medical technology equipment and consumables

111 employees

Product offering

Sale of diagnostic instruments and reagents for customers primarily within public healthcare

Production and sale of equipment for micro biological analysis for laboratories

Blood gas and clinical chemistry

Micro- and Molecular biology

Immunology

veterinary

Surgery and Thorax/neuro

Radiology/ Cardiology

Wound care and Intensive care

Ear-Nose-Throat

Ostomy care and Home health care

LabT

ech

Sale of medical technology equipment and consumables

30 employees Primary care ‒ Wound care‒ Skin- and hygiene treatment‒ Incontinence

Specialist healthcare‒ Surgury‒ Urology

Inhalation products for pharmaceutical inhalation for lung and respiratory diseases

6 employees Inhalation products

Med

Tech


68

The summary financial data in the presentation is derived from: i) AddLife’s audited combined financial statements for the fiscal years April 1, 2012 - March 31, 2013, April 1, 2013 -March 31, 2014, April 1, 2014 - March 31, 2015 and, ii) the unaudited interim report for the third quarter of 2015/2016, which also includes comparative figures for the corresponding period of 2014/2015. The combined statements for 2012/2013, 2013/2014, 2014/2015 have been audited by AddLife’s auditors. The interim report for the third quarter of 2015/2016 has been summarily reviewed by AddLife’s auditors. The accounts have been prepared in accordance with International Financial Reporting Standards (IFRS) issued by theInternational Accounting Standards Board (IASB) as adopted by the EU and interpreting statements issued by the IFRS Interpretations Committee.

AddLife uses certain financial ratios in its analysis of operating profit that is not calculated in accordance with IFRS, including EBITA and EBITDA. The Company views these ratios as providing useful information to investors as they enable an evaluation of current trends in an improved way together with other ratios calculated in accordance with IFRS. As listed companies may apply a different methodology in calculating these ratios, it is not certain that the information below is comparable to other companies' ratios with the same names. The ratios not calculated in accordance with IFRS are not covered by the audit which has been performed for each fiscal year. As such, these indicators should not be given undue weight in any analysis of the Company.

The Group was formed on June 22, 2015 when AddLife acquired all of the 20 companies which were part of Addtech’s Life Science segment from Addtech Nordic AB, at reported values. Historically, the Group was not consolidated in accordance with IFRS and as such there is no consolidated financial statements for the period prior to June 22, 2015. Historical financial information for the period prior to June 22, 2015 has therefore been prepared as combined financial statements of the reporting entity made up of AddLife and the 20 subsidiaries. The 20 companies acquired, were at the time of the acquisition and during the periods covered by the combined financial statements wholly owned or in three cases majority-owned subsidiaries of Addtech Nordic AB and thus together with AddLife a controlled interest, so-called "common control“, of Addtech.

Basis for preparation of financials and ADL market reportBasis for preparation of financials – summary financial data

The market data in the presentation is based on a market report produced by the independent consultancy firm Arthur D. Little on behalf of AddLife.

The Life Science market which AddLife operates within, was defined to include products for diagnostics, research and laboratory analysis, as well as medical technology products. The estimated market sizes includes the value for the product areas which AddLife covers with its product portfolio, as well as all directly related product areas.

The estimated market includes the segments above but excludes the market for diagnostic imaging (e.g. X-ray equipment, ultrasound equipment), the market for glucose monitoring and insulin distribution, cosmetics and dermatology, dental related equipment, prosthetics, IVF equipment, contraceptive products, hearing aids, patient lifts, basic wound care products, veterinary related products, the market for endoscopy, sterilization and dialysis.

No representation or warranty, express or implied, is made by Arthur D. Little regarding the completeness, accuracy or verification of the information in the market study and the content of the market study neither is, nor shall be relied upon as a promise or representation by Arthur D. Little in this regard, either in the past or the future. Arthur D. Little does not assume any responsibility for that the information provided in the market study is accurate and consequently disclaims, to the extent possible under applicable law all liability, whether such liability is based on tort law, contract law or other basis, which Arthur D. Little otherwise might have regarding the information provided.

ADL market report and definition of AddLife’s market

69

Important informationTHIS PRESENTATION AND ANY OTHER INFORMATION DISCUSSED AT THE PRESENTATION (THE “PRESENTATION”) IS BEING PROVIDED TO YOU SOLELY FOR YOUR INFORMATION. THIS PRESENTATION, WHICH HAS BEEN PREPARED AND IS ISSUED BY, AddLifeAB THE “ISSUER” AND, TOGETHER WITH ITS SUBSIDIARIES, THE “GROUP”) IS PRELIMINARY IN NATURE, BASED ON MANAGEMENT BELIEFS AND IS SUBJECT TO UPDATING, REVISION AND AMENDMENT. THIS PRESENTATION MAY NOT BE REPRODUCED IN ANYFORM, FURTHER DISTRIBUTED OR PASSED ON, DIRECTLY OR INDIRECTLY, TO ANY OTHER PERSON, OR PUBLISHED, IN WHOLE OR IN PART, FOR ANY PURPOSE. ANY FAILURE TO COMPLY WITH THESE RESTRICTIONS MAY CONSTITUTE A VIOLATION OFAPPLICABLE SECURITIES LAWS.This Presentation does not, and is not intended to, constitute or form part of, and should not be construed as, (i) any offer, solicitation or invitation to subscribe for, sell or issue, underwrite or otherwise acquire any shares, securities or financial instruments of the Issuer or itsparent (the “Securities”), nor shall it, or the fact of its communication, form the basis of or be relied upon in connection with or act as any inducement to enter into any contract or commitment whatsoever with respect to any Securities; or (ii) any form of financial opinion,recommendation or investment advice with respect to any Securities.This Presentation is not a prospectus. Any decision to purchase Securities in the context of an offering should be made on the basis of information contained in the offering circular expected to be published by the Issuer in due course in relation to such an offering.The information and opinions contained in this Presentation are provided as at the date of the Presentation, are subject to change without notice and do not purport to contain all information that may be required to evaluate the Group. The information in this presentation is indraft form and has not been independently verified. Neither the Group, nor Handelsbanken Capital Markets, a part of Svenska Handelsbanken (publ) (“Handelsbanken”) or any of their respective partners, directors, officers, advisers, affiliates or representatives undertake or isunder any duty to update this Presentation or to correct any inaccuracies in any such information which may become apparent or to provide you with any additional information. None of the foregoing persons accept any responsibility whatsoever for the contents of thisPresentation and no representation or warranty, express or implied, is made by any such person in relation to the contents of this Presentation, and no reliance should be placed on, fairness, accuracy or completeness of the information and opinions contained in this Presentation.The Group and Handelsbanken and their respective directors, officers, employees, partners, advisers and agents expressly disclaim, to the maximum extent permitted by law, any and all liability, whether direct or indirect, express or implied, contractual, tortious, statutory orotherwise, in connection with the accuracy or completeness of the information or for any of the opinions contained herein, or any other written or oral information made available in connection with this Presentation, or for any errors, omissions or misstatements contained in thisPresentation or such other information. None of the Group and Handelsbanken or any of their respective directors, officers, employees, partners, advisers and agents shall have any liability whatsoever (in negligence or otherwise) for any direct, indirect or consequential loss,damages, costs or prejudices whatsoever arising from the use of this Presentation or its contents or otherwise arising in connection with this Presentation.The information contained in the Presentation does not constitute and may not be relied on in any manner as legal, tax, investment, accounting, regulatory or other advice on, about or in relation to the Group, nor does it constitute a recommendation regarding the Securities. Youshould seek independent and professional advice and conduct your own independent investigation and analysis of the information contained in this Presentation and of the business, operations, financial condition, prospects, status and affairs of the Group.This Presentation contains various forward-looking statements that reflect the Group’s management’s current views with respect to future events and anticipated financial and operational performance and include, among other things, changing economic, business or other marketconditions, changing regulatory conditions and the prospects for growth. Forward-looking statements as a general matter are all statements other than statements as to historical facts or present facts or circumstances. The words “believe”, “expect”, “anticipate”, “intend”, “may”,“plan”, “estimate”, “will”, “should”, “could”, “aim” or “might”, or, in each case, their negative, or similar expressions, identify certain of these forward-looking statements. Other forward-looking statements can be identified in the context in which the statements are made. AlthoughAddLife believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurances that they will materialize or prove to be correct. Because these statements are based on assumptions or estimates and are subject to risks anduncertainties, the actual results or outcome could differ materially from those set out in the forward-looking statements. All statements (including forward looking statements) contained herein are made as of the date of this Presentation. The Group expressly undertakes noobligation to update or revise this Presentation in case such estimates, projections or forward-looking statements do not materialize or change in the future and the parties named above disclaim any such obligation to do so. Accordingly, prospective investors are cautioned not toplace undue reliance on any of the forward-looking statements herein.Certain market and competitive position data contained in this Presentation has been obtained from published and non-published industry publications or reports conducted by third parties. Such publications or reports generally state that the information they contain has beenobtained from sources believed to be reliable, but the accuracy and completeness of such information is not guaranteed. Neither the Group nor Handelsbanken have verified and can give no assurances as to the accuracy of such information, market data or other informationcontained in this Presentation that was extracted or derived from these publications and reports. Certain statements in this Presentation regarding the market and competitive position data are based on the internal analyses of the Group, which may involve certain assumptionsand estimates based on the knowledge and experience of its management. Although the Group believes that its internal observations are reliable, its estimates are not reviewed or verified by any external sources. Accordingly, undue reliance should not be placed on any of theindustry, market or competitive position data contained in this Presentation.The Securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or with any securities regulatory authority of any state or other jurisdiction of the United States, and may not be offered, sold, resold, pledged,delivered, distributed or transferred, directly or indirectly, into or within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any stateor other jurisdiction of the United States. The Issuer does not intend to make any public offering of Securities in the United States.This presentation and its contents may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, in whole or in part, for any purpose.In the United Kingdom, this Presentation is directed only at persons who are “Qualified Investors” within the meaning of meaning of Article 2(1)(e) of Directive 2003/71/EC, as amended (the “Prospectus Directive”) (i) who have professional experience in matters relating toinvestments who fall within the definition of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”'); and/or (ii) fall within Article 49(2)(a) to (d) of the Order (“high net worth companies, unincorporated associations etc.”);and/or (iii) other persons to whom it may otherwise lawfully be communicated (all such persons being “Relevant Persons”). 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