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Håkan Westin CFO

• Q1 2009/2010• Market situation• Conclusions• Questions

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Christian W. JanssonCEO

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• Best first quarter ever• Strong gross margin• Good cost control• Weak like-for-like • 18 new stores• The Czech Republic

3/13

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4/13

95

150 55

36

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• 337 stores• 18 new stores during Q1• The Czech Republic• Significant contribution from

new stores in sales and profit• 35 new stores under contract

Prague

Warsaw

Stockholm

HelsinkiOslo

1

5/13

• Net sales MSEK 1 344 (1 266), an increase of 6 percent

• Operating profit MSEK 207 (176), an increase of 18 percent

• Gross margin 65,0 (64.3) percent and operating margin 15,4 (13.9) percent

• Net profit MSEK 178 (113), equivalent to SEK 2,37 (1.51) per share

• Cash flow from continuing operations MSEK 133 (127)

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Sept to Nov 2009

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113178-44-11157189-19-18

--176207-33-37

-605-630814874

-452-47012661344

2008/092009/10

Net profitTax expenseProfit before taxFinancial expenseFinancial incomeOperating profitAdministrative expensesSelling expensesGross profitCost of goods soldNet salesMSEK

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Sept to Nov 2009

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-104-80127133-67-91

194224

2008/092009/10

Cash flow for the periodChange bank overdraft facilityCash flow after investmentsCash flow from investment activitiesCash flow from continuing operationsChanges in working capital

Cash flow from continuing operations before changes in working capital

MSEK

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+6.21 344Net sales Q1 2009/10

+1.3Currency effect

-1.4Like For Like

+6.3New stores net

1 266Net sales Q1 2008/09

%MSEK

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118 %Operating income

105 %Costs

107 %Gross profit

106 %Sales

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Sept to Nov 2009

10/13

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• The consumers slightly more positive

• Growing unemployment• A strong and stable concept

helps in an unstable market

11/13

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• Strong gross margin• Weak like-for-like • Cost containment• Expansion plans continues• Strong business concept –

proven long term stability

12/13

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• These materials may contain forward-looking statements. If so, such statements are based on our current expectations and are subject to risks and uncertainties that could negatively affect our business. Please read our earnings report and our most recent annual report for a better understanding of these risks and uncertainties.

• These materials do not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities, nor shall part, or all, of these materials or their distribution form the basis of, or be relied on in connection with, any contract or investment decision in relation to any securities. These materials and the information contained herein are not an offer of securities for sale in the United States and are not for publication or distribution to persons in the United States.

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