The ÅF-Group CMD 2006

1. The ÅF-GroupCMD 2006 Jonas Wiström, President & CEO

2. Agenda • ÅF in brief • Financials • Vision & Strategy

3. Our MissionWe make our client’s businesses… …more profitable …environmentally adapted …and safer

4. 3 500 employees in 12 countries The new ÅF ÅF Infrastructure 900 employees Process 1 100 employees ÅF-Benima 1 000 employees Systems 280 employees Inspection 230 employees

5. ÅF in the world Eget kontor

6. Agenda • ÅF in brief • Financials • Vision & Strategy

7. 1H in brief • Almost 1 000 employees added through three major acquisitions, equals 35% growth • Enprima, Ingemansson Technology and Benima have met or exceeded expectations • The Benima companies are the base for the new ÅF-Benima Division, Nordic leader in the automation-field • The Process division underperformed • Approx. 290 MSEK generated with a preferential rights issue • A lot of new projects and customers !

8. Acquisitions & Disposals (in millions of SEK) *Disposal

9. Balance sheet, H1incl new share issue (in millions of SEK) 30/6 31/12 31/12 30/6 Liabilities* 2006 2005 2005 2006 Assets 132 Intangible assets 805 Equity, incl Minority shareholdings 1,019 581 0 Building and land 0 92 Appropriations 116 63 Long Term Liabilities 82 Equipment 103 87 125 Accounts payable, incl. accruals 176 Financial investments 51 36 207 Payroll-related liabilities 365 Accounts receivable, incl. uninvoiced 829 653 Advance payments from customers 98 34 242 Cash and bank 159 70 Other receivables 176 Other liabilities 267 118 Total assets Total equity and liabilities 2,123 1,220 2,123 1,220 *Interest-bearing liabilities 265 129 Equity/assets ratio 48.0% 47.6%

10. Sensitivity analysis

11. Capacity utilisation 2000-2006 June June June June June June

12. CONSOLIDATED INCOME STATEMENT (in millions of SEK) Jan-Jun Jan-Jun 2006 2005 +15% Net sales 1 394,0 1 217,1 19,0 0,0 Other operating income 1 413,0 1 217,1 Operating income -901,3 -781,0 Personnel costs Other costs -414,6 -352,7 Depreciation -25,0 -22,2 Impairment of goodwill 0,0 -2,0 Share of associated companies' goodwill 2,1 3,2 +19% Operating profit 74,3 62,4 Net financial items -2,6 -2,5 Profit after net financial items 71,7 60,0 Income statement, 1H 2006

13. EBIT-margin, 1H 2006

14. Division Process - analysis • New division • International market brings new demands • Project control/project management must be strengthened • Consistently poor results in certain units • Energy market is growing rapidly

15. Division – Process • Our offer: Consulting services throughout the entire project chain, to the pulp & paper industry and energy industry. • Objectives: To rapidly improve profitability. Become a market leader in our sectors. • Strategy: Increase local presence internationally such as Russia, the Czech republic and South Africa

16. Division Process - actions • New management and organisation • Focus on Energy / Pulp & Paper • New routines for major projects • Review of loss-making businesses • Relative growth in new markets – focus on Russia. • Integrate Enprima • Sales focus

17. Division – Infrastructure • Our offer: Consulting services, methods and solutions, ensuring optimum function in the socio-economic and industrial infrastructure • Objectives: Become a leading player in the Nordic market in all our business areas • Strategy: Offer outsourcing possibilities, enter into closer alliances and partnerships with clients • Business areas: Installations, Roads & Railways, Telecommunications and Electrical Power Systems

18. Division – System • Our offer: Product development, business support and shared processes systems and IT services • Objectives: Improve profitability, become # 1 or 2 in segments in which the division operates in Sweden • Strategy: Taking on large assignments in growing from today’s 275 employees to in the longer term 1,000 • Business areas: Embedded Systems, Mechanical Engineering, IT-Solutions

19. Division – Inspection • Our offer: Inspection, testing, CE-marking, certification and training services • Objectives: Remain a strong player in the Nordic market for technical inspections • Strategy: Be a strong player and the main driving force in the Nordic market. International expansion through collaborations with other accredited inspection firms

20. Division – ÅF-Benima • Our offer: Consulting services for automation and industrial IT. • Objectives:Further strengthening its leading position in the Nordic countries and also in the Baltic Region • Strategy: Enter into closer alliances and partnerships with clients

21. Agenda • ÅF in brief • Financials • Vision & Strategy

22. Our Vision • Profitability target of SEK 100,000/employee and year • Being the spearhead in the technical consulting industry by introducing methods giving the concept “value added” a new dimension to our clients • Become # 1 or 2 in each market in our fields of expertise • Grow sales to MSEK 5,000 by 2010

23. Profitability Jan - Jun 2006 • Infrastructure SEK 95,000 per employee p.a. • ÅF-Benima SEK 83,000 • Systems SEK 78,000 • Inspection SEK 74,000 • Process SEK 5,000

24. Sales growth 2000-2010, (MSEK) ÅF’s Vision Forecast proforma Actual

25. Our Strategy • Structure • Systems • Culture

26. The previous ÅF

27. 3 500 employees in 12 countries The new ÅF ÅF Infrastructure 900 employees Process 1 100 employees ÅF-Benima 1 000 employees Systems 280 employees Inspection 230 employees

28. 1 of 16 ISO9000 System 1 of 4 ISO14000 System ÅF structure pre-2003 ÅF structure today One (1) common business support system for ISO 9000 & 14000 100% 25%

29. Businessmanship • Innovation by experience • International growth

30. Outlook 2007 • Market continues to be strong • Improved profit margins in all divisions and significantly improved profitability in Process • Further penetration of eastern Europe and Russia

31. ÅF in Russia • History: ÅF and former Fortum Engineering Oy (ÅF-Enprima) In 2004 Enprima was (one of) the first western engineering consultant in the market – today we have a good foothold • Today: 30 highly skilled engineers in Moscow and St. Petersburg. Net sales 2006, € 2 500 (e). • Strategy:To be a Russian company with ’Western added value’ which means to bring in efficient ways of working (business processes). Growth organically and by acqusitions. • M&A: The size of a target company: approx. 100 employees. • Latest News:ÅF has acquired a contract for a new waste-to-energy plant in Moscow. The contract value exceeds 3 M€. The project will be executed by the Finnish and Russian staff of ÅF and is expected to run for 36 months. • Financial target: Net sales of 10 M EURO by 2008. Ebit margin 10 %.

32. Energy market Russia • NEXT FIVE YEARS: 123 INVESTMENT PROJECTS • 23,8 GW CAPACITY • $ 36 bn. CAPEX • UES restructuring and investment program 8 000 MWe thermal 4 500 MWe hydro • “Guaranteed Investment Program” 4 000 MWe • Nuclear program 4 000 MWe • Market for IPP development ; foreign companies will enter the market • Strategic industrial investments and autoproduction investments • Old capacity refurbishment Plus the nuclear sector plan for 25 years is 40 new blocks / $60 bn.

33. A strong brand Market image; The survey is based on replies from 610 randomly selected decision-makers in technical consulting buying companies with over 50 employees. (Source: ISI Wissing 2005/2006)

34. ÅF at the top of the industry tree among students of technology ÅF -- the best technical consulting company. 4,102 students of technology at 34 Swedish universities and colleges were interviewed between 24 January and 13 March 2006.

35. And among professional engineers… Swedish Career Index 2006In the Career Index Survey 4,000 engineering graduates currently in work are asked which company they would most like to work for.

39. Antal aktier Antal aktier per 2006-08-31 • A-aktier 804 438 • B-aktier 15 457 665 • Totalt: 16 262 103 Antal ägare: 5 145 st