The ÅF Group

Jonas Wiström, President & CEOJonas Ågrup, CFO

Viktor Svensson, IRPer Magnusson, Engineering

September 2008

ÅF today

Vision and strategy going forward

The ÅF share

Agenda

3

ÅF today

ÅF

Energy750 employees

Engineering1 400 employees

Infrastructure1 550 employees

Inspection425 employees

4 100 employees in 19 countries

Development, FY 2004-2008

4

Rolling 12-months

Rolling 12-months

Rolling 12-months

Operating income Operating profit Operating marginMSEK MSEK %

5

Financial summary

Q2 2008

Net sales SEK 1 173 (968), +21%

Organic growth 11%

Operating profit SEK 135 (85), +59%

EPS SEK 5.53 (3.53), +56%

Q1-Q2 2008

Net sales SEK 2 238 (1 900), +18%

Organic growth 10%

Operating profit SEK 251 (159), +58%

EPS SEK 10.22 (6.54), +56%

EBIT-margin per division

Jan-June Jan-June Jan-June Jan-dec Jan-dec

2008 2008*) 2007 2007 2006

1. Engineering 13,6% 12,9% 9,5% 9,6% 8,4%

2. Infrastructure 12,5% 11,4% 11,6% 10,0% 8,2%

3. Inspection 12,5% 11,6% 11,6% 15,5% 9,9%

4. System 11,7% 10,7% 7,5% 8,6% 5,7%

5. Process 9,5% 9,0% 6,2% 7,0% -1,2%

*) excluding Alecta fee discount

Balance sheet Jan-Jun 2008 (in millions of SEK)

Equity/assets ratio 46.7% 48.9%

Assets30/6 2007 Liabilities*

Intangible assets 1 145 863 Equity, incl Minority shareholdings 1 421 1 174

Building and land 109 0

Equipment 116 102 Accounts payable, incl. accruals 276 239

Payroll-related liabilities 411 358

Accounts receivable, incl. uninvoiced 1 190 927 Advance payments from customers 143 73

Cash and bank 310 322 Interest-bearing liabilities 424 346

Other receivables 147 169 Other liabilities 255 191

Total assets 3 041 2 418 Total equity and liabilities 3 041 2 418

30/62008

30/62008

30/6 2007

Long Term Liabilities 113 36

24 34Financial investments

31/12 2007

1 084

101

110

1 061

310

104

2 796

26

1 339

242

333

141

398

233

2.796

30/6 2007

110

Agenda

ÅF today

Vision and strategy going forward

The ÅF share

9

Financial objectives

The ÅF Group’s financial objectives as stated by the Board of Directors in August 2007

ÅF is to be the most profitable among the closest comparable companies in the industry and achieve an operating margin (EBIT) of at least 10 percent over a business cycle.

ÅF is to be a net debtor. Net debt shall not exceed 40 percent of equity.

The earlier formulation for the Group's growth target, which specifies that ÅF is to attain sales of at least SEK 5 billion by 2010, remains unchanged. 

A possible downturn

Make sure that you monitor: Order backlog, utilization rate, prospect list and sales calls all the way out in the entire organisation.

Trust your numbers, they do not lie.

Act before your competitors.

To become the leading technical consulting company in Europe

How to get there!

Strategy and Structure

Operational excellence

Business culture

ONE ÅF

We must be able to act as one company!

and

We must be a decentralized network!

ÅF a global network!

One brand

One global system

Common Core Values

We have the industry’sbiggest bank of experience

Shared business support system

Internal skills development

Challenging assignments

Competence developmentthrough:

“To start from a clean sheet of paper isfine if you have nothing worth preserving”

Ferdinand Porsche

Growth

15% average annual growth:

50% organic

50% M&A

Organic growth

To obtain an unfair proportion of the best people through aggressive recruiting of experienced engineers as well as young professionals

Employeer branding

Mentorship and trainee*

*Trainee program Nuclear to be announced

The world’s largest annual series of athletics meetings, Golden League, is changing its name to

ÅF Golden League.

TVs-broadcasting in 113 countries100 million viewers per season

The organising cities of the ÅF Golden League are in order; Berlin (1/6), Oslo (6/6), Rome (11/7), Paris (18/7),

Zürich (29/8) and Brussels (5/9).

21

ÅF a top choice among professional engineering graduates

Career Index 2007/2008The “Career Index” survey asked 5,400 of Sweden’s actively employed engineering graduates which company they would most like to work for.

2222

ÅF in a Global World4 100 employees, 90 offices, 19 countries

Own offices / Subsidiaries / Branch Offices

Global growth requires domestic leadership!

-To be-To be No1 or No2 on the markets we act means invest in the countries No1 or No2 on the markets we act means invest in the countries were we are present rather than to invest in new countrieswere we are present rather than to invest in new countries

How to get there!

Strategy and Structure

Operational excellence

Business culture

25

Change Effect on earnings

Factor (all other factors unchanged)

SEK/share (before tax)

Capacity utilisation +/–1% 2.34

Hourly rate +/–1% 1.76

Payroll costs +/–1% 1.26

Sensitivity analysis

How to get there!

Strategy and Structure

Operational excellence

Business culture

Businessmanship

More complex world

Customers buy functions

Businessmanship is getting increasingly important!

Businessmanship

”Stay out of trouble, choose ÅF”

Summary

One ÅF – one structure, system and culture

Strong markets and high utilisation rate

Focus on less-cyclical business and profitable growth

Strong brand

Huge assets of experience and expertise

Long and strong customer relationships

Q&A – session

Agenda

ÅF today

Vision and strategy going forward

The ÅF share

The ÅF share

ÅF share

0

50

100

150

200

250

2003 2004 2005 2006 2007 2008

ÅF OMX all share

Interest in the share

2

4

6

8

10

12

14

16

18

Cybercom HIQ Semcon ÅF Sweco Pöyry

Q1'07 Q2'07 Q3'07 Q4'08 Q1'08 Q2'08

Daily value (SEKm)

The largest shareholders2008-08-31

Shareholder Capital Votes

ÅFORSK 15,81% 36,72%

Swedbank Robur 6,65% 4,66%

Nordea 6,05% 4,24%

Handelsbanken 4,40% 3,09%

JP Morgan 4,31% 3,03%

Deutsche Bank 3,88% 2,72%

ÅFOND 3,84% 6,73%

Number of shares2008-08-31

A-shares : 804 438

B-shares : 16 222 075

Total : 17 026 513

Number of shareholders : 5 100

Swedish shareholders : 57,4% Capital, 70,0% Votes

Foreign shareholders : 42,6% Capital, 30,0% Votes

Fikapaus!