1. Telephone conference May 16th 2012

2. Page 2 CEO comment to the Q1 Report ”The first Quarter of 2012 was characterised by a strong recovery after the difficult fourth quarter of 2011. Improved margins and lower fixed costs contributed to a significant improvement in performance. We are now intensifying our efforts to raise productivity in order to ensure long-term competitiveness and profitability.”

3. Page 3 West European envelope volumes decreasing year on year, more so in Spain, France and the UK Several restructuring measures within the industry Some smaller players in Italy and Germany in bankruptcy, consolidation of the industry continues Continued growth in packaging for E-trading Continued restructuring and consolidation in the envelope industry

4. Page 4 Recovery driven by margin and lower fixed costs SEK million Jan-Mar 2012 Oct-Dec 2011 Jan-Mar 2011 Net Sales816850854 Of which ProPac Sales Gross Margin 120 20,1% 150 18,1% 117 18,3% EBIT31-1726

5. Page 5 Significant EBIT improvement Vs previous quarter SEK million * Including transaction costs of MSEK 15 for the merger with Hamelin ** Including costs related to the merger with Hamelin’s envelope division and other non-recurring items for a total of -136 MSEK *** Including restructuring costs of 23 MSEK * *** - 106* * 13 8 31 13 11 -9* 26 16 15 -17*** 31 Q1- 09 Q2- 09 Q3- 09 Q4- 09 Q1- 10 Q2- 10 Q3- 10 Q4- 10 Q1- 11 Q2- 11 Q3- 11 Q4- 11 Q1- 12 -106**

6. Page 6 * * including transaction costs of MSEK 15 for the merger with Hamelin ** Including costs related to the merger with Hamelin’s envelope division and other non-recurring items for a total of -142 MSEK *** Including restructuring costs of 23,9 MSEK ** *** Rolling 12 month EBIT improving SEK million

7. Page 7 Normal cash flow given Q1 seasonality SEK million 2012 Jan - Mar EBITDA Financial Net 56 -17 Tax paid & other provisions Change in Working Capital -17 -30 Cash Flow from operations -4 Investments & Acquisitions -15 Cash Flow after Investing Activities -19

8. Page 8 Net debt on its way down after the merger SEK million 1062 947 103

9. Page 9 Significant reduction in employees since the merger Number of FTEs

10. Page 10 New ProPac business unit to accelerate organic growth New separate business unit; Bong Packaging Solutions Good order intake for Retail Gift Bags Big interest for new e-business machinery concept

11. Page 11 New Nordic Business Unit Manager recruited Mr Christer Wahlquist has been recruited for the position of Business Unit Manager Nordic Long service in Nolato as Medical Business Area Manager Mr Wahlquist will be part of Bong’s Group Management Joins sometime during the autumn of 2012

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