Telephone conference February 16 th 2012

Page 2 CEO comment to the full-year report ”The integration process following the Hamelin merger and efforts to realise synergies have progressed as planned. Cash Flow was robust and key savings measures will successively reduce costs in the company in However, economic uncertainty in Europe, higher raw material prices and tough competitionhave put pressure on our margins. We are running several efficiency projects to secure higher margins, long-term competitiveness and profitability.”

Page 3 Several restructuring measures within the industry in France and Spain DeVroede, the largest overprinter in Benelux, insolvent and taken over by Mayer West European envelope volumes year to date down 4% according to FEPE, Q3 -6%, Q4 -9%. Related to economic slowdown Uncertainty within the retail sector hampered gift bag growth in Q4 Continued growth in packaging for E-trading Bong’s markets in Q4

Page 4 Bong sales development 2011 SEK million Full yearOct-Dec Net Sales3 203 (2 326)850 (939) At fixed exchange rates ProPac sales507 (390) +30% 150 (157) Additional Sales Hamelin Air bubble bags Tyvek ®

Page 5 Operating Profit (EBIT) by quarter SEK million Q4- 07 Q1- 08 Q2- 08 Q3- 08 Q4- 08 Q1- 09 Q2- 09 Q3- 09 Q4- 09 Q1- 10 Q2- 10 Q3- 10 Q4- 10 Q1- 11 Q2- 11 Q3- 11 Q

Page 6 Rolling 12 month EBIT SEK million

Page 7 Cash Flow by quarter SEK million Q4- 07 Q1- 08 Q2- 08 Q3- 08 Q4- 08 Q1- 09 Q2- 09 Q3- 09 Q4- 09 Q1- 10 Q2- 10 Q3- 10 Q4- 10 Q1- 11 Q2- 11 Q3- 11 Q

Page 8 Cash flow breakdown SEK million 2011 Jan – Dec 2010 Jan -Dec EBITDA Financial Net Restructuring outflow Tax paid & other provisions Change in Working Capital Cash Flow from operations Investments & Acquisitions Cash Flow after Investing Activities

Page 9 Net loan debt SEK million

Page 10 Current financial targets ( ) TargetActual 2011 Comments 1. EBIT margin6%1,3%Target was set pre Hamelin merger 2. Average ProPac growth p.a.25%31%Target achieved 3. Net debt/EBITDA<3,0>6,0Target was set pre Hamelin merger No new Financial Targets have been set yet

Page 11 Merger synergies follow-up Improved Cash Flow Improved Cash Flow Higher Cost Efficiency Accelerated Growth Accelerated Growth Stronger plattform to grow our envelope business Drive growth in ProPac Stronger plattform to grow our envelope business Drive growth in ProPac Less intercompany transactions/freight etc More benchmarking and knowledge sharing Better purchasing Less intercompany transactions/freight etc More benchmarking and knowledge sharing Better purchasing Better payment terms Lower inventory levels Sale of idle assets Better payment terms Lower inventory levels Sale of idle assets Achieved Foundation in place Achieved Foundation in place In progress Achieved In progress Achieved In progess Achieved In progess Achieved

Page 12 Restructuring programme update Project completed September people Yearly savings 40 MSEK First impact Q Costs reserved 2010 Adapting to lower demand in Sweden, Denmark, and Norway Approx. 55 people 23 MSEK one-time cost charged to P&L in Q UK Efficiency improvement project Approx. 30 people Yearly savings 5-10 MSEK Costs already taken in P&L Belgium Scandinavia In total, around 235 employees have left the company since the merger

Page 13 Bong sales in Russia SEK Million Key events 2011 Building extension Additional machines Increased end-user focus; sales office in Moscow

Page 14 ProPac update New organisational set up in place – separate business unit Air bubble bags and padded bags showing good growth Retail gift bags and European gift wrapping concept growing in spite of slow down in the retail sector Starting up machinery for e-business fulfilment initiative - Angus & Wright acquisition Additional converting and printing capacity for Retail gift bags installed in Nybro Innovation work with Tyvek ® and other security products ongoing

Page 15 Board of directors dividend proposal Bong´s priority at present is to reduce its debt in light of the economic uncertainty in Europe and the weak earnings in In line with this the Board of Directors is proposing that no dividend be paid for A dividend of SEK 1 per share was paid for 2010.

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