Organic wines in the Nordic countriesByFrithjof NicolaysenVice President

Introduction to ArcusGruppen

Value growth via strong brands, commercial entrepreneurship and efficient operations

Leading position• Nordic leadership• Iconic brands• «Golden markets»

Growth track record• Stable spirits markets• Growing wine portfolio• Targeted M&A

Committed to expansion• Innovation• Consolidation• Growing Nordic footprint

Leveraging strengths• Global aquavit leader• Premiumisation• Co-ownership structure

Margin opportunity• M&A synergies • Asset utilization • Cost control

Cash flow potential• Profitable growth• Margin expansion• Light capex needs

ArcusGruppen is an integrated spirits and wine provider

Nordic leadership

● #1 in spirits in Denmark and Norway● #1 in wine in Norway● #2 in wine in Sweden● Growth potential in Finland and

Northern Germany● Experienced supplier of retail

monopolies

Portfolio of strong brands

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12

SpiritsWine

● Broad spirits and wine brand portfolio● Holder of iconic brands● Largest aquavit producer in the world● Supplying the Nordics with

international wine brands

Top-tier infrastructureCommercial organization

● Leading European production facility● Leveraging group infrastructure

accross regions● Efficient operations

● Commercial and entrepreneural organization

● Decentralized brand ownership with regional/local know-how

● Employees’ co-owenership of wine companies secures alignment of interests

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ArcusGruppen’s recent rise to Nordic pre-eminence is deeply rooted in Norwegian tradition

1531 1805 1996 2005 2006 2011 2012 2013 2014 2015First reference in Norwegian medical literature

First Linie aquavit travels around the world

Arcus AS established (from Vin-monopolet); 100% state owned

Current owner structure established: Ratos 83%, Hoff 10%, Mgmnt. 7%

Acquire Vingruppen i Norden AB

Sale of chemical operation

Acquire Excellars AS (51% + option for remaining)

Invest in Tiffon SA (34%)

Move to Gjelleråsen, Norway

Acquire Pernod Ricard Danmark A/S, including Aalborg, Malteser-kreutz, and Gammel Dansk brands

Subsidiary Vectura AS divested

Vingruppen AS established, spearhead for the five Norwegian wine-companies. Owned by Arcus-Gruppen AS

Acquire Swedish aquavitebrands: Snälleröds

Acquire Finnish wine importer Modern Fluids. New marketshare 10%

Modern Fluids

#1 in wine in Norway and #2 in Sweden

#11. Increase organic sales in Sweden and Norway and accelerate sales in

Finland

2. Strengthen ownership to wine portfolio

Bringing the world’s best wines to the Nordics

Strategic priorities

• Established portfolio of strong brands

• Focus on innovation and marketing

• Bringing the best wines of the world to the Nordics

10% marketshare.

Growth potential

#2

Leading Nordic position has translated into a strong financial development

*All figures excluding Vectura

Historical operating income and EBITA developmentNOK million

19992000

20012002

20032004

20052006

20072008

20092010

20112012

20132014E

-

500

1,000

1,500

2,000

2,500

-

50

100

150

200

250

300

350

Revenues EBITA (rhs)

NORWAY

FINLAND

SWEDEN

GRAZIE!