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If the background picture is replaced, it will be placed on top of other front page elements. To fix this, right click picture and select Send to back. Solar Equity Story Our three value drivers are growth, EBITA margin and networking capital

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Investor presentation - agenda 2 1Group strategy #1 in Technical Wholesale 2013-2015 2The results we achieved in Q3 2012 3The results we expect in 2012 and 2013 4Appendix facts about Solar Group

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Group strategy #1 in Technical Wholesale 2013-2015 We aim at creating operational excellence Our strategy will ensure that we as a group: 3 Strengthen our position as one of Northern Europes leading technical wholesalers within electrical, plumbing and ventilation products, Profit more from our business model which offers competitive logistics, product and service solutions, Benefit maximally from daily operations by utilising our employees strong individual skills to create high-performance teams, Are seen by customers as their preferred technical wholesaler, In time become one of the most profitable enterprises within our industry. Enterprises / functions Local projects Day-to-day operations Company programmes

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People Development Group strategy #1 in Technical Wholesale 2013-2015 Group company programmes 4 Sales Excellence Blue Energy Local strategic projects Solar Way

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Group strategy #1 in Technical Wholesale 2013-2015 Strategic direction focuses on three areas 5 Its all about: Digitalisation Standardisation Simplification PeopleOperations Acumen

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Group strategy #1 in Technical Wholesale 2013-2015 Go-to-market strategy 6 Go-to-market strategy Operational objectives KPIs Service offer Product offer Logistics offer Solars business model New markets Market segmentation Customer segmentation Customer drivers Structure Size Characteristics

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Group strategy #1 in Technical Wholesale 2013-2015 Short-term financial objectives 7 Short-term financial objectives Prerequisites: Average growth exceeding 3% for this period and stabilisation of the Dutch market in 2013. Long-term financial objectives EBITA margin of 5-6%. Prerequisites: Average growth exceeding 4%. Financial ratiosPeriod Financial objectives EBITA margin20154.5% ROIC excl. amortisation2015>14% NWC/revenue LTM2015