INTERIM REPORT FOR Q3 2009/10 By CEO Lars Marcher and CFO Anders Arvai

 Developments in Q3 2009/10  Strategy GPS Four – follow-up  Outlook for 2009/10 AGENDA

HIGHLIGHTS (1) BUSINESS DEVELOPMENT IN Q3  Good Q3 – both revenue and EBIT up relative to last year  Organic growth of 9% – higher than market growth  Gross profit margin increased to 54.6 from 52.9 in Q3 2008/09  EBIT up 50%  Good productivity for the transferred products and at the other factories  Transfer of electrode production is progressing well  PLM system up and running in Ambu DK, China and Malaysia and working satisfactorily  aScope launched in the USA 3 +9% Revenue of DKK 240m +50% EBIT of DKK 32.6m 13.6% EBIT margin +39% Profit before tax of DKK 32m DKK 5m Free cash flow

HIGHLIGHTS (2) FINANCIAL DEVELOPMENT Q1-Q3  Both revenue and EBIT up relative to last year  Organic growth of 7% – higher than market growth  Gross profit margin increased to 54.1 from 52.2 in Q1-Q3 2008/09  EBIT and profit before tax up 35%  Continued positive development in US activities, growth in revenue of 15%  GPS Four strategy being implemented according to plan 4 +7% Revenue of DKK 688m +35% EBIT of DKK 84m 12.2% EBIT margin +35% Profit before tax of DKK 83m DKK -11m Free cash flow

5 Revenue by business areaRevenue by geographical region  Increase in revenue in Q3 of 9% and YTD 7% in local currencies  Changes in exchange rates have reduced EBIT by approx. DKK 7m YTD  Growth in Q3 of 15% in the USA and 5% in Europe measured in local currencies  Growth YTD in the USA of 12% and growth in Europe of 6% measured in local currencies REVENUE

6 Airway Management  Increase in revenue in Q3 and Q1-Q3 of 6% and 14%, respectively, when measured in local currencies  Continued strong growth within single-use face masks and satisfactory growth within laryngeal masks  Sales of aScope (new single-use scope) in Europe in line with expectations. Launch commenced in the USA Patient Monitoring & Diagnostics  Increase in revenue of 10% in local currencies in Q3 and Q1-Q3  Strong growth within Neurology/Sleep in all sales regions  Increasing growth within Cardiology in the UK, Sales Region West and the USA Emergency Care  Increase in revenue in Q3 and Q1-Q3 of 9% and 1%, respectively, when measured in local currencies  Growth in portfolio of single-use ventilation bags and neck collars  First-aid training manikins and multiple-use ventilation bags are still impacted by the economic situation in the market for multiple-use products. DEVELOPMENTS WITHIN BUSINESS AREAS

7  Increase in revenue in Q3 and YTD of 5% and 6%, respectively, when measured in local currencies  Growth in all sales regions of 3-8%  Increase of 7% in revenue in Sales Region NEM (Scandinavia, Australia and distributor markets) in Q3, and growth track from Q2 continuing  Increase in revenue of 15% in Q3, or 22% measured in DKK  Increase in revenue of 12% YTD, or 8% when measured in DKK  Market share still being won  Market share is being won within ventilation bags, with satisfactory growth in sales of laryngeal masks and needles and electrodes for neurological examinations and sleep studies DEVELOPMENTS WITHIN GEOGRAPHICAL AREAS Europe USA

8  EBIT after special items of DKK 33m in Q3 against DKK 22m in Q3 2008/09  Special items of DKK 0.4m in Q3 (legal fees) – down relative to Q3 2008/09  Total capacity costs in Q3 up DKK 11m, increasing selling and marketing costs and increasing costs incidental to the transfer of production and in the Australian sales company  EBIT margin after special items of 13.6% in Q3 against 10.1% in Q3 2008/09  EBIT YTD after special items of DKK 84m against DKK 62m for the same period in 2008/09  Special items YTD of DKK 2m in the form of legal fees, significantly lower than for the same period 2008/09  EBIT margin after special items YTD up 2.6 percentage points relative to the same period in 2008/09 at 12.2  Net financials YTD amounted to expenses of DKK 0.5m against DKK 0.7m YTD 2008/09  Positive foreign exchange translation adjustment of DKK 3.6m YTD against a positive translation adjustment of DKK 4.9m for the same period 2008/09 OPERATING PROFIT AND NET FINANCIALS

DKKmQ1-Q3 2008/09Q1-Q3 2009/10 Cash flow from operating activities Cash flow from investing activities, including acquisitions(82.7)(53.3) Free cash flow after acquisitions(13.0)(10.8) 9  Cash flow from operating activities negatively impacted by increasing funds tied in working capital of DKK 82m  Inventories are up DKK 61m, with DKK 26m being attributable to changes in exchange rates, and DKK 35m to the building-up of buffer inventories, the establishment of inventories of new products as well as increasing inventories of raw materials  Receivables are up DKK 22m, with an amount of DKK 13m being attributable to exchange rate fluctuations and the rest resulting from increasing receivables from southern Europe and increasing deposits following the expansion of production in Asia  Investments of DKK 53m – primarily in development projects, machinery, equipment, IT and leasehold improvements and the purchase of a plot of land in Malaysia IMPROVED CASH FLOW

GPS FOUR AMBU’S BUSINESS STRATEGY

11  In the financial year, a number of new needle products have been launched within Patient Monitoring & Diagnostics as well as a new member of the laryngeal mask family  The single-use videoscope, aScope, has been launched in the US market, and it has been registered in Japan  Feedback from doctors remains positive, and the aScope is contributing to improving work routines at hospitals  The implementation of a global innovation organisation has continued, and the recruitment of more project managers and engineers for the development organisation in China and Malaysia has commenced GPS1 PRODUCTS AND PRODUCT DEVELOPMENT

12  Implementation of a project to ensure that earnings margins within Patient Monitoring & Diagnostics develop as expected  The expansion of the sales force in the USA in 2008/09 and the strengthened focus are contributing to winning market share  Adaptation of the sales and marketing organisation has been completed  Budgets in the health care sector are under mounting pressure, especially in Sales Region South, which covers Spain, Italy and Portugal. GPS2 MARKETS AND SALES

13  Phase 2 of the transfer project is expected to be implemented in September/October 2010 – corresponding to 10% of the annual consolidated revenue and affecting approx. 80 employees  Streamlining measures are continuing at the factories in China, Malaysia and Denmark with a view to increasing profitability  Expansion of production facilities in China  The first phase of the group’s Product Life Cycle Management System (PLM system) has been implemented according to plan GPS3 EFFICIENCY

14  There is considerable focus on the potential for making acquisitions both in the USA and in Europe  Focus is on activities which can strengthen Ambu’s position within single-use products for the hospital sector  Current dialogue on the insourcing of products within existing business areas GPS4 ACQUISITIONS

15 OUTLOOK FOR 2009/10

MARKET CHALLENGES Risk of falling growth rates in Sales Region South Successful transfer of production, phase 2 Maintaining average sales prices Developments in foreign exchange rates (China, Malaysia, USA and UK) Court case

17 OUTLOOK FOR 2009/10 (2)  Revenue of just over DKK 925m is expected  The EBIT margin before special items relating to the patent cases is expected to be upwards of 12.5%  The profit before tax is expected to be in the region of DKK 110m  The free cash flow is expected to be approx. DKK 40m

18 QUESTIONS

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