1. Telephone conference February 16 th 2012

2. 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 2012. 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.”

3. 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

4. Page 4 Bong sales development 2011 SEK million Full yearOct-Dec Net Sales3 203 (2 326)850 (939) At fixed exchange rates3371 888 ProPac sales507 (390) +30% 150 (157) Additional Sales Hamelin Air bubble bags Tyvek ®

5. Page 5 Operating Profit (EBIT) by quarter SEK million -17 15 -9 28 25 17 10 20 13 8 31 13 11 26 16 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 Q4- 11 -106

6. Page 6 Rolling 12 month EBIT SEK million

7. Page 7 Cash Flow by quarter SEK million -260 37 30 -32 13 51 58 18 41 87 16 -9 39 51 2 3 67 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 Q4- 11 -260

8. Page 8 Cash flow breakdown SEK million 2011 Jan – Dec 2010 Jan -Dec EBITDA Financial Net 151 -63 23 -41 Restructuring outflow Tax paid & other provisions Change in Working Capital -90 39 112 0 43 28 Cash Flow from operations 14953 Investments & Acquisitions -12-330 Cash Flow after Investing Activities 137-277

9. Page 9 Net loan debt SEK million 598 582 1062 1026 947

10. Page 10 Current financial targets (2009-2011) 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

11. 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

12. Page 12 Restructuring programme update Project completed September 2011 60 people Yearly savings 40 MSEK First impact Q4-2011 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 Q4-2011 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

13. Page 13 Bong sales in Russia SEK Million 49 66 53 66 73 Key events 2011 Building extension Additional machines Increased end-user focus; sales office in Moscow

14. 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

15. 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 2011. In line with this the Board of Directors is proposing that no dividend be paid for 2011. A dividend of SEK 1 per share was paid for 2010.

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