1 Duni Presentation Aktiespararna Halmstad

22 Disclaimer  This presentation has been prepared by Duni AB (the “Company”) solely for use at this investor presentation and is furnished to you solely for your information and may not be reproduced or redistributed, in whole or in part, to any other person. By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations.  This presentation is not for presentation or transmission into the United States or to any U.S. person, as that term is defined under Regulation S promulgated under the Securities Act of 1933, as amended.  This presentation contains various forward-looking statements that reflect management’s current views with respect to future events and financial and operational performance. The words “believe,” “expect,” “anticipate,” “intend,” “may,” “plan,” “estimate,” “should,” “could,” “aim,” “target,” “might,” or, in each case, their negative, or similar expressions identify certain of these forward-looking statements. Others can be identified from the context in which the statements are made. These forward-looking statements involve known and unknown risks, uncertainties and other factors, which are in some cases beyond the Company’s control and may cause actual results or performance to differ materially from those expressed or implied from such forward-looking statements. These risks include but are not limited to the Company’s ability to operate profitably, maintain its competitive position, to promote and improve its reputation and the awareness of the brands in its portfolio, to successfully operate its growth strategy and the impact of changes in pricing policies, political and regulatory developments in the markets in which the Company operates, and other risks.  The information and opinions contained in this document are provided as at the date of this presentation and are subject to change without notice.  No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the information contained herein. Accordingly, none of the Company, or any of its principal shareholders or subsidiary undertakings or any of such person’s officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document

3 “Duni enhances atmosphere and brings convenience to any eating and drinking occasion by providing inspiring and innovative products and concepts”

4 Contents  Market overview  Business areas ¬Professional ¬Retail ¬Tissue  Financials

55 Table Top Tissue 14% Professional 68% Retail 18% Duni – the European Market Leader for Table Top Solutions Key financials Full year 2007 ∙ Sales: SEK 4.0 billion (+5.9%) ∙ EBIT: SEK 394 million (277) ∙ EBIT margin: 9.9% (8.7%) ¹ Jan – Sep 2008 ∙ Sales: SEK 3.0 billion (+3.3%) ∙ EBIT: SEK 260 million (248) ∙ EBIT margin: 8.8% (8.7%) Manufactured Traded Napkins PlatesTable coverings Eating & Drinking (glasses, cups, plates, cutlery) CandlesMeal service ¹ Excluding non-recurring items Duni

6 Share Price and Ownership Structure Ownership structure per 30/09/08 Duni OMX Mid Cap ”Sällanköps- varor” Index Share price

777 Attractive and Large Addressable Market Source: B Kay tissue, Duni management Addressable market of EUR 4 bn ~2/3 of market is in the professional customer segment Addressable market of EUR 4 bn ~2/3 of market is in the professional customer segment Addressable market of approx. EUR 0.4 bn (production value) Largest part of feminine hygiene is premium quality Addressable market of approx. EUR 0.4 bn (production value) Largest part of feminine hygiene is premium quality European disposable table top market European airlaid market Focus areas for Duni

8 #1 in European Table Top Premium positioning The European Market Leader – Above 2x Relative Market Share 1) The linen market is characterized by a large number of small and regional players Source: Company reports and management estimates Market shares 19%8% 5%4%3% NarrowWide Commodity Premium Linen 1) Product range/ concepts Tissuebased products Duni GP PapstarKarto SCA KC Metsä DuniGeorgia Pacific Karto- group SCAKimberly Clark PapstarMetsä Tissue tissue table top sales (MEUR)

9 Market Outlook HORECA market growing in line or slightly above GDP Positive eating-out trend Continued strong growth in take-away sector Retail growth in line with GDP Private label over-represented in our category Discount stores and private label more in focus in a weaker economy Higher uncertainty GDP forecasts revised downwards Raw material prices and costs of certain traded goods may have peaked Energy Transport Pulp (USD/SEK) Changing eating habits

10 Source: BROG Media Biznes Eating Out Trend

11 Business Areas

12 Professional – Stable Development ,000 1,500 2,000 2,500 3, % 2% 4% 6% 8% 10% 12% 14% SalesEBIT margin MSEK 1) Excluding non-recurring costs and market valuation of derivatives Sales and EBIT 1 LTM Continued stable sales growth 4% annual growth since 2000 Solid EBIT margin, further improving Continued stable sales growth 4% annual growth since 2000 Solid EBIT margin, further improving Geographical split – sales 2007

13 Professional - Unique Way to Market Duni Professional’s market model Benefits of market model ∙ ~250 sales reps and KAMs with approx. 250,000 customer visits per year ∙ Effectively acts as a barrier to entry ∙ Solidifies customer relations – push and pull ∙ Enables constant monitoring of market trends Closeness to market and customers are the key success factors

14 Professional - Growing East Russia Croatia Hungary Macedonia Ukraine Slovakia Serbia/ Montenegro Czech Republic Slovenia Poland Bulgaria Belarus Romania ●● ● ● ●●●●● ●● ● ●● ●●●● ● ● ● ● ● ●● ● ● ● ●● ● ● ● ● ● ●● ● ●●● ● ● ●● ● ● ● ● ● ● ● ● ● Current Duni customer ● Potential customer ● ● ● Customers are expanding East and Duni is growing with its customers

15 Duni in Metro Germany

16 Duni in Metro Germany

17 Retail – Turnaround 1) Excluding non-recurring costs and market valuation of derivatives % -6% -4% -2% -0% +2% -+4% -+6% SalesEBIT margin MSEK Sales and EBIT 1 LTM Improved profitability prioritized over sales growth Duni brand & premium in focus Tougher market conditions Improved profitability prioritized over sales growth Duni brand & premium in focus Tougher market conditions Geographical split – sales 2007

18 Retail – Changing Market Trends Branded: Late 1990s Private label: Peak 2004/05 50/50  Brands are being re-introduced in retail stores  Non-food category is a key growth driver for retailers  Table top of particular importance  Leverage on Duni’s brand recognition  Private label development stagnating in Sweden: 17,1% value and 23,8% volume (Source:GfK 2007) Today Duni opportunity The Brand / private label pendulum Retailers moving from private label to branded and premium gives opportunity for Duni

19 Category Management

20 Tissue Sales mix % 2% 4% 6% 8% 10% 12% 14% SalesEBIT margin MSEK Sales and EBIT 1 LTM 1) Excluding non-recurring costs and market valuation of derivatives Tissue in-house provides competitive advantage Healthy underlying growth in hygiene sector Tissue in-house provides competitive advantage Healthy underlying growth in hygiene sector External 49% Internal 51%

21 Financials

Q3 Highlights Net sales increased with 0.7% to SEK 973 m Operating profit amounted to SEK 83 m (97) Includes market valuation of derivatives SEK -18 m (3) Operating margin amounted to 8.5% (10.0%) Excluding market valuation of derivatives 10.5% (9.8%) Continued growth in Professional and improved underlying margins -Good development in Central Europe -Healthy growth in Duni FoodSolutions Weaker sales development in Retail Mainly UK and Nordics Slight improvement of underlying profit margin Tissue sales and underlying margin stable

23 Top-Line Growth in Professional m2008 9m Professional5.7%6.3%7.7%5.1% Retail-6.2%4.2%9.5%-3.0% Tissue4.5% 6.9%6.5%3.2% Total2.9%5.9%7.9%3.3% Professional continue to demonstrate healthy development Weak sales in Retail; stepping out of private label contracts and tougher market conditions Transition towards new generation of products LTM Sales Sales growth Q4Q1Q2Q QuarterRolling 12 months MSEK

24 Total margin impacted by market valuation of derivatives -9 MSEK (2) Increased underlying profit in Professional and Retail, Tissue is stable. 24 Underlying Margin Expansion ² m² m² Professional11.7%12.9%11.9%12.2% Retail-0.9%0.6%-2.9%-1.9% Tissue8.5%8.9%8.5%7.9% Non- recurring/ derivatives -1.3%0.0%0.1%-0.3% Total8.7%¹9.9%8.6%9.1% % 1% 2% 3% 4% 5% 6% -7% 8% 9% 10% ReportedNon recurring items EBIT margin MSEK ¹ Excluding non-recurring items ² Excluding market valuation of derivatives Operating profit (MSEK) Operating margin LTM

25 Income Statement LTM Net sales3,6563,7623,9854,078 Cost of goods sold-2,829-2,812-2,948-2,980 Gross profit ,0371,098 Gross margin22.6%25.3%26.0%26.9% Selling expenses Adminstrative expenses Research and development expenses Other operating income Other operating expenses Reported operating profit Operating margin3.3%7.4%9.9% Non-recurring items Operating profit (excl. non recurring items) Operating margin (excl. non recurring items) 6.8%8.7%9.9%

26 (SEK in millions)30/09/2008 Intangible assets1,226Shareholders’ equity1,484 Tangible assets456Interest bearing debt1,188 Financial fixed assets375Pension liabilities205 Inventory619Other long term liabilities19 Accounts receivable700Accounts payable285 Other current receivables180Other current liabilities468 Cash & cash equivalents93 Total assets3,649Total equity and liabilities3,649 ROCE17%Net debt1,311 ROCE (w/o goodwill)33%Net debt / equity88% Net debt / EBITDA2.6x Balance Sheet

27 Financial Targets ∙ Organic growth of 5% over a business cycle ∙ Consider acquisitions to reach new markets or to strengthen current market positions Sales growth > 5% EBIT margin > 10% ∙ Top-line growth – premium focus ∙ Improvements in manufacturing and sourcing Dividend payout ratio 40+% ∙ Board target at least 40% of net profit 2.7% - 9.9% LTM 1,80 kr/share (2008)

28 Duni – Summary Focused – centered on the European professional segment, which has always been profitable Unique business model – based on strong sales force that enables growth and premium pricing Return driven – strong cash flow, organic growth and add-on opportunities create the potential for long-term shareholder returns