1

l i n

d a

b |

g r o

u p

p r

e s

e n

t a t

i o n

Lind

ab G

roup

Pr

esen

tatio

n Q

3 20

07

l i n

d a

b|

g r o

u p

p r

e s

e n

t a t

i o n

2

Third

quar

ter2

007

-Hig

hlig

hts

Sal

es +

22%

●C

ontin

ued

good

mar

ket d

eman

d

●Bu

ildin

g S

yste

ms

larg

e de

liver

ies

●V

entil

atio

n co

ntin

ued

stro

ng o

rgan

ic g

row

th

●Tw

o bi

g or

ders

-Bui

ldin

g Sy

stem

s, R

ussi

a, S

EK50

m-B

uild

ing

Com

pone

nts,

Cro

atia

, SE

K 7

0 m

EB

IT re

sult

+ 25

%

E

BIT

mar

gin

17.0

% (

16.5

%)

●C

CL,

UK

, bet

ter d

evel

opm

ent t

han

plan

ned

●V

entil

atio

n ac

tiviti

es in

cor

e pr

oduc

ts/L

inda

b S

afe

Clic

k in

curre

d hi

gher

pro

duct

ion

cost

●Pr

ofile

, stro

ng v

olum

e de

velo

pmen

t con

tribu

tes

to im

prov

ed p

rofit

abilit

y

Cas

h flo

w●

Impr

ovem

ent s

tarte

d fo

cus

raw

mat

eria

l

l i n

d a

b|

g r o

u p

p r

e s

e n

t a t

i o n

3

Perio

dSE

K M

07

06

Sale

s2

494

2 04

5EB

IT42

433

8EB

ITm

argi

n %

17.0

16.5

Third

qua

rter 2

007

-Gro

up

Sal

es g

row

th

22

%

Stru

ctur

e9

%

Cur

renc

y ef

fect

0 %

Vol

ume

/ pric

e13

%

Reg

iona

l sal

es d

evel

opm

ent a

djus

ted

for s

truct

ure

-Nor

dic

+ 12

%-C

EE/C

IS+

21 %

-Wes

tern

+ 7

%

l i n

d a

b|

g r o

u p

p r

e s

e n

t a t

i o n

4

Perio

dSE

K M

07

06

Sale

s1

143

874

EBIT

137

105

EBIT

mar

gin

%12

.012

.0

Third

qua

rter 2

007

-Ven

tilat

ion S

ales

gro

wth

3

1 %

Stru

ctur

e20

%

Cur

renc

y ef

fect

0 %

Vol

ume

/ pric

e11

%

CC

L ac

quis

ition

con

tribu

ted

to im

prov

ed p

rofit

Act

iviti

es c

ause

d hi

gher

pro

duct

ion

cost

s du

e to

cha

nge-

over

to L

inda

b S

afe

Clic

k pr

oduc

tion

and

incr

ease

d ca

paci

ty, a

bout

SE

K 1

5 m

Com

fort

impr

oved

pro

fit le

vel

Reg

iona

l sal

es d

evel

opm

ent a

djus

ted

for s

truct

ure

-Nor

dic

+ 11

%-C

EE/C

IS+

46 %

-Wes

tern

+ 9

%

l i n

d a

b|

g r o

u p

p r

e s

e n

t a t

i o n

5

Perio

dSE

K M

07

06

Sale

s1

336

1 15

7EB

IT30

524

4EB

ITm

argi

n %

22.8

21.1

Third

qua

rter 2

007

-Pro

file

Sal

es g

row

th

15

%

Stru

ctur

e0

%

Cur

renc

y ef

fect

1 %

Vol

ume

/ pric

e14

%

Stro

ng s

ales

vol

ume

in B

uild

ing

Sys

tem

s, c

ontin

ued

good

ord

er

inta

ke

Impr

oved

EB

IT m

argi

n in

bot

h B

uild

ing

Com

pone

nts

and

Bui

ldin

g S

yste

ms

Reg

iona

l sal

es d

evel

opm

ent a

djus

ted

for s

truct

ure

-Nor

dic

+ 17

%-C

EE

/CIS

+ 17

%-W

este

rn+

4 %

l i n

d a

b|

g r o

u p

p r

e s

e n

t a t

i o n

6

2004

2

005

20

06

2007

Perc

enty

-o-y

Q1

Q

2

Q3

Q

4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q

4

Q

1Q

2 Q

3

Net

sale

s2

61

44

05

1334

2628

1632

2122

Stru

ctur

e0

-6-4

-3-5

-17

2015

2213

311

99

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renc

y-3

-2-1

00

13

53

1-2

-3-2

00

Volu

me/

pric

e5

106

75

53

98

510

1623

1213

Qua

rterly

sale

sgr

owth

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rage

org

anic

gro

wth

last

15

year

s 7,

5%•A

vera

ge o

rgan

ic g

row

th la

st 4

yea

rs 9

%•A

vera

ge o

rgan

ic g

row

th L

TM 1

6%

l i n

d a

b|

g r o

u p

p r

e s

e n

t a t

i o n

7

Cas

h flo

wst

atem

ent

July

–Se

pt20

07

Ju

ly–

Sept

2006

Cas

h flo

wfro

m

-op

erat

ing

activ

ities

481

387

-ch

ange

in w

orki

ngca

pita

l-6

6-1

34

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vest

ing

activ

ities

-37

43

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anci

alne

tpai

d-2

8-1

0

-ta

x pa

id-1

230

Free

cas

hflo

w22

728

6

Prof

orm

afr

eeca

shflo

w28

112

3

Inve

stin

gac

tiviti

esla

st y

ears

old

build

ings

with

a c

ash

flow

effe

ctof

SE

K +

75 m

Tax

paym

enth

ighe

rtha

nno

rmal

dur

ing

Q3

2007

1)

1)

Free

cas

hflo

wad

just

edfo

r rea

l est

ate

dive

stitu

rean

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rmal

ized

tax

paym

ent

l i n

d a

b|

g r o

u p

p r

e s

e n

t a t

i o n

8

Acq

uisi

tion

of A

erve

ntH

oldi

ng, I

rela

nd

Irish

non

-resi

dent

ial m

arke

t is

expe

cted

to g

row

du

ring

2007

–20

09 in

ave

rage

10%

Con

solid

ated

from

1 O

ctob

er

Sal

es v

olum

e S

EK

110

m w

ith a

n E

BIT

mar

gin

(pro

-form

a) o

f 8 %

30 e

mpl

oyee

s

Goo

d sy

nerg

ies

Pur

chas

e pr

ice

EU

R 7

.36

m (

SE

K 6

8 m

), de

bt fr

ee

l i n

d a

b|

g r o

u p

p r

e s

e n

t a t

i o n

9

Rea

lized

acqu

isiti

onof

CC

L, U

KN

o si

gnifi

cant

sal

es lo

ss d

ue to

mer

ging

Lin

dab/

CC

L

(P

lan

= -5

%)

Re-

bran

d to

Lin

dab

real

ized

qui

cker

than

pla

n (1

yea

r ins

tead

of

2 ye

ars)

Pos

sibi

lity

to u

se lo

ss c

arry

forw

ard,

SE

K 3

0 m

low

er ta

x

In-s

ourc

ing

of fi

tting

s st

arte

d Q

3 (fu

rther

pot

entia

l)

Goo

d in

tegr

atio

n

Pro

fitab

ility

exce

eds

our a

cqui

sitio

n ca

lcul

atio

n

Rea

lized

acq

uisi

tion

of A

irbat

, Fra

nce

l i n

d a

b|

g r o

u p

p r

e s

e n

t a t

i o n

10

Upd

ated

finan

cial

targ

ets

durin

g3Q

Org

anic

grow

th6

% (u

ncha

nged

)

EB

IT m

argi

n14

% (I

ncre

ased

from

12

%)

Net

debt

equi

tyof

1,0

–1,

4 tim

es(u

ncha

nged

)

Div

iden

d pa

you

trat

io40

-50

% o

f net

prof

it (u

ncha

nged

)

l i n

d a

b|

g r o

u p

p r

e s

e n

t a t

i o n

11

Reg

ions

2007

07/

06

Nor

dic

7.2

%

CE

E (i

nclC

IS)

8.4

%

WE

2.9

%

6.2

%

Mar

ket d

eman

d20

07

Sou

rce:

Eur

ocon

stru

ctfo

reca

st J

une

2007

adj

uste

d fo

r Lin

dab

Mix

-Geo

grap

hic

mix

-20/

80 R

esid

entia

l / C

omm

erci

al-6

0/40

New

/ R

enov

atio

n

–C

ontin

ued

good

mar

ket d

eman

d–

1 pe

rcen

tage

unit

incr

ease

dde

man

dco

mpa

red

to D

ec 0

6 ve

rsio

n

•Nor

dic

-Con

tinue

d hi

gh d

eman

d in

all

coun

tries

•Eas

tern

Eur

ope

-Gen

eral

ly g

ood

mar

ket e

xcep

t HU

•Wes

tern

Eur

ope

-DE

and

UK

indi

cate

goo

d gr

owth

impr

ovem

ent

l i n

d a

b|

g r o

u p

p r

e s

e n

t a t

i o n

12

Prof

ile

-Sal

es, S

EK

M3

388

(2 8

40)

-Ope

ratin

g pr

ofit,

SE

K M

621

(444

)

-Ope

ratin

g m

argi

n %

18

.3(1

5.6)

Vent

ilatio

n

-Sal

es, S

EK

M3

363

(2 5

62)

-Ope

ratin

g pr

ofit,

SE

K M

378

(261

)

-Ope

ratin

g m

argi

n %

11

.2

(10.

2)

SEK

M20

0720

06

Net

sal

es6

795

5 45

7

Ope

ratin

g pr

ofit

(EB

IT)

939

678

Ope

ratin

g m

argi

n %

13

.812

.4N

et p

rofit

65

446

0D

ilute

d ea

rnin

gs p

er s

hare

, SE

K8.

314.

55C

ash

flow

from

ope

ratin

g ac

tiviti

es30

051

2

Sal

es g

row

th25

%

Stru

ctur

e9

%

Cur

renc

y ef

fect

0 %

Volu

me

/ pric

e16

%

Gro

up, J

anua

ry–

Sep

tem

ber 2

007

l i n

d a

b|

g r o

u p

p r

e s

e n

t a t

i o n

13

050100

150

200

250

300

350

400

450

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

0200

400

600

800

1000

1200

1400

Qua

rterly

ope

ratin

g pr

ofit

(EB

IT) S

EK

M

LTM

Qua

rterly

2004

20

05

20

06

Run

ning

12 m

onth

sS

EK

1 2

21 m

(13.

6 %

)

l i n

d a

b|

g r o

u p

p r

e s

e n

t a t

i o n

14

Tax

rate

s

Impr

oved

tax

rate

dur

ing

Q3,

26%

→18

%

Cap

italiz

ed lo

ss c

arry

forw

ard

in U

K

Tren

d in

Eur

ope

decr

easi

ng ta

x ra

tes

(Ger

man

y 40→

30,

Den

mar

k 28→

25, U

K 3

0→28

, Cze

ch R

epub

lic 2

4→21

)

Loss

car

ry fo

rwar

d S

EK

100

m n

ot c

urre

ntly

val

ued.

l i n

d a

b|

g r o

u p

p r

e s

e n

t a t

i o n

15

Ste

el p

rice

deve

lopm

ent

60%

80%

100%

120%

140%

160%

180%

200%

220%

Q1-

00Q

1-01

Q1-

02Q

1-03

Q1-

04Q

1-05

Q1-

06Q

1-07

HD

G

Impo

rtant

:▪

Iron

/ ore

▪C

hina

▪Zi

nk

l i n

d a

b|

g r o

u p

p r

e s

e n

t a t

i o n

16

Impo

rtant

activ

ities

Rai

nlin

eU

K/R

U–

Toda

y 10

% o

f all

rain

line

sale

s–

60%

gro

wth

Sep

tem

ber Y

TD

Rus

sia,

Ven

tilat

ion

(St P

eter

sbur

g)–

Circ

ular

mar

ket s

ame

size

as

Nor

dic

coun

tries

and

gro

win

g–

Slow

er s

ales

dev

elop

men

t tha

n pl

an–

Stre

ngth

ened

man

agem

ent r

esou

rces

with

focu

s on

sal

es–

Est

ablis

hed

3 di

strib

utor

s; E

lite,

Onn

inen

, Sup

er V

ent

–S

tarte

d ac

tiviti

es to

incr

ease

dire

ct s

ales

to in

stal

lers

–Li

ndab

bra

nd c

ampa

ign

–C

hang

ed E

U/R

ussi

an ru

les

for c

usto

mer

fee

(fitti

ngs)

. O

ppor

tuni

ty to

sel

l int

o Fi

nlan

d an

d th

e B

altic

.

l i n

d a

b|

g r o

u p

p r

e s

e n

t a t

i o n

17

Impo

rtant

activ

ities

Bui

ldin

g C

ompo

nent

s in

4 n

ew c

ount

ries

(UA

, BO

, SK

, BA

)

–To

day

5% o

f Bui

ldin

g C

ompo

nent

s’sa

les

in C

EE

/CIS

–In

vest

men

t in

Ukr

aine

pro

duct

ion

●S

EK

50

m●

Pro

duct

ion

of C

over

line

and

Con

stru

line

(Clic

k)●

Sta

rt of

pro

duct

ion

plan

ned

to Q

2 20

09

Clic

k

–V

entil

atio

n●

Laun

ched

in G

erm

any,

Sw

itzer

land

and

Bel

gium

with

goo

d re

sult

●S

ales

gro

wth

10%

hig

her t

han

aver

age

WE

gro

wth

–P

rofil

e●

Lind

ab C

onst

rulin

e–

Sal

es to

day

SE

K 1

35 m

, app

rox.

1%

of t

he m

arke

t–

New

Clic

k st

ud la

unch

beg

inni

ng o

f 200

8 •

Nor

dic

Q1

•W

este

rn E

urop

e Q

2

l i n

d a

b|

g r o

u p

p r

e s

e n

t a t

i o n

18

Impo

rtant

activ

ities

Act

iviti

es to

redu

ce w

orki

ng c

apita

l

–C

ash

man

agem

ent r

evie

w o

n-go

ing,

8 u

nits

revi

ewed

so

far

–O

utst

andi

ng d

ays,

acc

ount

rece

ivab

les

impr

oved

(a

djus

ted

for C

CL)

–S

ynch

ron

impl

emen

ted

in 1

0 un

its, s

tock

day

s fin

ishe

d go

ods

dow

n to

33

days

–R

evie

w o

f pur

chas

ing

proc

ess

of ra

w m

ater

ial

gene

rate

d ac

tions

to lo

wer

the

stoc

k le

vel t

o ye

ar-e

nd

(~ S

EK

250

m)

l i n

d a

b|

g r o

u p

p r

e s

e n

t a t

i o n

19

The

futu

re–

2008

and

forw

ard

Lind

ab S

afe

Clic

k fu

lly la

unch

ed 2

008

Stu

d C

lick

laun

chin

g st

arts

in S

cand

inav

ia in

the

begi

nnin

g of

200

8, m

arke

t siz

e E

urop

e S

EK

11

bn

Bui

ldin

g S

yste

ms

Yar

osla

vl, R

ussi

a, e

stim

ated

pr

oduc

tion

star

t in

2008

Ven

tilat

ion,

St P

eter

sbur

g, b

reak

-eve

n Q

1 20

08

Bui

ldin

g C

ompo

nent

s, U

krai

ne, n

ew p

rodu

ctio

n fa

cilit

y w

ith p

rodu

ctio

n st

art s

econ

d ha

lf of

200

9

Bui

ldin

g C

ompo

nent

s –

four

new

cou

ntrie

s

20

l i n

d a

b |

g r o

u p

p r

e s

e n

t a t

i o n

We

sim

plify

cons

truc

tion