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

Investor presentation - agenda 2 1Group strategy #1 in Technical Wholesale The results we achieved in Q The results we expect in 2012 and Appendix – facts about Solar Group

Group strategy #1 in Technical Wholesale We aim at creating operational excellence Our strategy will ensure that we as a group: 3  Strengthen our position as one of Northern Europe’s 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

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

Group strategy #1 in Technical Wholesale Strategic direction focuses on three areas 5 It’s all about:  Digitalisation  Standardisation  Simplification PeopleOperations Acumen

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

Group strategy #1 in Technical Wholesale Short-term financial objectives 7 Short-term financial objectives  Prerequisites: Average growth exceeding 3% for this period and stabilisation of the Dutch market in Long-term financial objectives  EBITA margin of 5-6%. Prerequisites: Average growth exceeding 4%. Financial ratiosPeriod Financial objectives EBITA margin % ROIC excl. amortisation2015>14% NWC/revenue LTM2015<13% Equity ratio % Gearing (NIBD/EBITDA) x Dividend yield (PAT) %

If the background picture is replaced, it will be placed on top of other breaker page elements. To fix this, right click picture and select ”Send to back”. The actual figures and guidance 8 Guidance 2012 and 2013 Q3 2012

Organic growth of -0.1% in Q3 when adjusted for working days - revenue developed as expected 9 Organic growth Q3 2012Q Revenue € m Revenue growth % Organic growth %

Strong growth in Denmark due to solar panels The Dutch and German markets are decreasing Market update 10  In Denmark, we saw increased business opportunities within renewable energy and energy efficiency.  Our market position in Norway was improved again.  Solar Nederland’s results were negatively impacted by changes to the customer mix and pricing pressure in the much declining market. Overall, our Dutch enterprises held their market positions. € millionRevenueOrg. growth Denmark % Sweden % Norway % The Netherlands % Other % Group %

Gross profit margin 0.5% up compared to Q Gross profit margin  Gross profit in Solar Norge went up from 21.0% in Q to 23.2%.  Fierce price competition in the Netherlands.  Denmark delivered according to plan. Q3 2012Q Revenue € m Revenue growth % Organic growth % Gross profit € m Gross profit margin

Normalised EBITA of € 13.9m in Q EBITA margin Q3 2012Q Revenue € m Revenue growth % Organic growth % Gross profit € m Gross profit margin EBITA € m EBITA margin  Solar 8000 costs of € 1.1m in Q and € 1.3m in Q

Normalised EBITA of € 31.7m in 9M EBITA margin  Solar 8000 costs of € 5.7m in 9M 2012 and € 3.4m in 9M  Restructuring costs of € 1.0m. 9M 20129M 2011 Revenue € m1,245.21,071.6 Revenue growth % Organic growth % Gross profit € m Gross profit margin EBITA € m EBITA margin2.01.9

Gearing unchanged at 2.2 Adjusted for acquisitions in Sep 2011, NWC was 14.7% 14 Net working capital (NWC) Net interest-bearing debt (NIBD) Acquisition of Vegro and Eltomont Acquisition of operations from Otra Acquisition of enterprises in NL, BE, DE, AU

Cash flow from operating activities was € 3.9m in Q3 and € 13.2m in 9M 15 Cash flow Cash flow, operating activities

Guidance 2012: Revenue € 1,710m, EBITA € 44m 16  Expected Solar 8000 implementation costs of approx. € 7m and restructuring costs of approx. € 2m.  We expect low growth. For the year, revenue expectations equal organic growth of approximately 1%.  Net working capital at approx. 14% on average expectations:

Guidance 2013: Revenue € 1,720-1,770m, EBITA € 42-51m 17  Expected Solar 8000 implementation costs of approx. € 4m and restructuring costs of approx. € 2m.  The lower expectation level equals a no-growth scenario, while the upper expectation level equals positive organic growth of some 3%.  Net working capital below 14% on average expectations:

If the background picture is replaced, it will be placed on top of other breaker page elements. To fix this, right click picture and select ”Send to back”. Facts about Solar Group 18 Appendix

Solar in short Solar is one of Northern Europe’s leading technical wholesalers Listed on NASDAQ OMX Copenhagen * € 1,532m revenue – approx. 3,600 people Servicing customers in 9 countries from 11 central warehouses Electrical, heating, plumbing and ventilation components and solutions Aurora Group - accessories to consumer electronic goods in 4 countries Solar is one of Northern Europe’s leading technical wholesalers (*2011 figures)

Solar is listed on NASDAQ OMX Copenhagen and has a majority of long term investors

Electrical - HVAC&R - Plumbing - Renewable Energy Solar’s business areas are within: Lighting Installation Cables Industry Marine & Offshore Heating, Water & Sanitation Ventilation Security Communication Renewable energy

Solar delivers products and solutions to customers within: Residential and Commercial Buildings Industry Marine and Offshore Utility and Infrastructure Public Sector

Solar Blue Energy - making energy efficiency a better business A strategic focus area A sales, marketing and training concept One energy-efficient product is good – an intelligent solution is better Focus on renovation projects through cases and cost-savings potential Cooperation between strategic suppliers and Solar 23 The targets of the EU Climate and Energy Package are: a 20% reduction in EU greenhouse gas emissions based on 1990 levels by % of EU energy to come from renewable sources by 2020 a 20% reduction in primary energy use through improved energy efficiency by 2020, compared with projected levels

24 Corporate social responsibility We take our responsibilities with regard to people and the environment seriously We have signed up for the United Nations’ Global Compact Programme, which contains ten principles, including human rights, working environment/labour, the environment and anti-corruption. We see our involvement in the programme as an asset in relation to customers and suppliers and a clear advantage in respect of attracting and maintaining employees. In addition, there is the need for and a desire to be seen as a company in which both Danish and foreign investors can safely invest – also from an ethical standpoint. Carbon Disclosure Project: Solar has established a reporting system for the company’s CO2 consumption. UN Global Compact – Communication of Progress:

25 Corporate social responsibility Strong focus on ethics As a condition for entering into strategic partnerships with suppliers, Solar requires that such suppliers observe the Global Compact principles. We have implemented a Code of Conduct across the group. Under the code, Solar is committed to comply with current legislation and regulations and to act in an ethical, sustainable and socially responsible way in all its business activities. We value a broad and diverse workforce in terms of gender, age and nationality. Solar shows respect for all employees and is committed to ensuring a good working environment with room for diversity.