1. The Company | LESER GmbH & Co. KG | 16.03.2011 | Rev. 02

2. Objectives of this Presentation Knowledge to learn
The aim of this presentation is to underline that LESER is a future-orientated and reliable company.
The Company | LESER GmbH & Co. KG | | Rev. 02

3. General Remarks
General Remarks
LESER is a medium-sized, family-owned company, backed up by almost 200 years of tradition.
LESER is headquartered in Hamburg /Germany and maintains a state-of-the-art factory with almost 600 employees worldwide.
The core business is the safety of pressurized facilities. LESER sells, produces and develops safety valves for all industrial applications.
Many years of experience, coupled with state-of-the-art products and services, enable LESER to offer competent solutions to the needs of worldwide customers.
LESER follows an in-house manufacturing philosophy and guarantees a high standard of quality, which has allowed LESER to become an industry leader for safety valves worldwide.
The Company | LESER GmbH & Co. KG | | Rev. 02

4. Scope of Supply Product Overview PED
Process and General Industrial Safety Valves
API
High Performance
Compact Performance
High Efficiency
PED and ASME
Specialties
Clean Service
Critical Service
Best Availability
Modulate Action
PED and ASME
Only PED
The Company | LESER GmbH & Co. KG | | Rev. 02

5. Sales Figures Sales of Safety Valves
Fiscal year 06/07 –11/12 BUD
Sales Figures
64.1 MIL $
75.4 MIL $
85.4 MIL $
45.8 Mio. €
53.7 Mio. €
60.8 Mio. €
77.8 MIL $
55.6 Mio. €
86.8 MIL $
62 Mio. €
68 Mio. €
95.2 MIL $
BUD
57,4 Mio. €
80,4 MIL $
Sales
Exchange Ratio: 1 € = $ 1,40
The Company | LESER GmbH & Co. KG | | Rev. 02

6. Sales Figures Quantities of Safety Valves Produced
Fiscal year 07/08 – 11/12 BUD
Sales Figures
Units
BUD
The Company | LESER GmbH & Co. KG | | Rev. 02

7. Sales Figures Sales per Region (in Value)
Fiscal year 10/11
Sales Figures
The Company | LESER GmbH & Co. KG | | Rev. 02

8. Sales Figures Sales per Product Group
Fiscal year 10/11
Sales Figures
In Value
In Units
Clean Service 5%
Critical Service 2%
Modulate Action 9%
Compact Performance
41%
Clean Service 5%
Critical Service 1%
Compact Performance
18%
Best Availability 5%
Modulate Action 12%
Spare parts 5%
Best Availability 2%
Others 3%
Others 4%
High Performance 34%
High Performance 26%
API 19%
API 9%
The Company | LESER GmbH & Co. KG | | Rev. 02

9. Sales Figures Order Processing
Fiscal year 10/11
Sales Figures
Assemble to order
83%
Manufacture to order
14%
Source to order 2%
Stock to order 1%
The Company | LESER GmbH & Co. KG | | Rev. 02

10. Market Segments Petrochemical Industry
Applications:
On- and Offshore
Refineries
Floating Production Storage Tanks
Pipelines
Storage and Offloading
Market Segments
Customers:
Main Products:
API
Compact Performance
The Company | LESER GmbH & Co. KG | | Rev. 02

11. Market Segments Compressors and Pumps
Applications:
Heat Exchangers
Turbo Compressors
CO2 –Tanks
Blowers
Air and Gas Compressors
Pumps
Market Segments
Customers:
Main Products:
High Performance
Compact Performance
The Company | LESER GmbH & Co. KG | | Rev. 02

12. Market Segments Chemical Industry
Applications:
Reducing Acids
Pharmaceuticals
Chlorine Manufacturing
Chemical Piping
Alkalis
Market Segments
Customers:
Main Products:
High Performance
Critical Service
The Company | LESER GmbH & Co. KG | | Rev. 02

13. Market Segments Food and Beverage
Applications:
Breweries
Filler
Dairies
Sweet Manufacturing
Sterilizers
Market Segments
Customers:
Main Products:
Clean Service
The Company | LESER GmbH & Co. KG | | Rev. 02

14. Market Segments Technical Gases
Applications:
Technical Gases and CO2 Plants
LNG / LPG Terminals
Cylinder Filling Stations
Gas Compressors
Market Segments
Customers:
Main Products:
Compact Performance
High Performance
The Company | LESER GmbH & Co. KG | | Rev. 02

15. Market Segments Industries and Customer Groups in Germany
Others
14%
Chemical Industry
46%
Market Share 2008
Resellers
15%
OEM
30%
Pharma & Cosmetic 3%
Petro- chemical Industry 8%
Big Accounts
20%
Low Temperature 6%
ECP-Projects
15%
Day-by-Day
20%
Food and Beverage
15%
Construction and OEM 8%
OEM = Original Equipment Manufacturer
EPC = Engineering Procurement and Construction
OEM = Original Equipment Manufacturer
EPC = Engineering Procurement and Construction
The Company | LESER GmbH & Co. KG | | Rev. 02

16. Market Share Market Volume approx. $ 820 Mill.
Germany (Market Volume 56 Mio. €)
Others (approx. 20 manufacturers)
Worldwide (Market Volume approx. 820 Mio. $)
Market Share
(ca. 150 manufacturers)
Bailey
Birkett
23%
Only PRV made of Iron & Steel
The Company | LESER GmbH & Co. KG | | Rev. 02

17. Organization Chart BoM CFO Alexander Vocke Leser Branches Martin Leser
Joachim Klaus Mirko Engel
CFO Alexander Vocke
Leser Branches Martin Leser
Sales
Mirko Engel (44 employees)
Product Management
Matthias Stein (10 employees)
Organization
Materials Management
Dirk Folster (19 employees)
Human Resources
Thomas Raeder (6 employees)
Quality Management
Jörg Windmüller (7 employees)
Finance / Controlling
Alexander Vocke (5 employees) IT
Volker Kapune (5 employees)
Technical Department
Bernd Jörgensen (31 employees)
Production
Joachim Klaus (237 employees)
The Company | LESER GmbH & Co. KG | | Rev. 02

18. LESER Worldwide 7 Subsidiaries worldwide
LESER Polska in Poznan, Poland
LESER UK in Bristol, United Kingdom
LESER S.A.R.L. in Flourens, France
André Ramseyer AG in Flamatt, Switzerland
Hong Kong LESER in Shenzhen, China
LESER LLC in Charlotte (NC), USA
LESER Worldwide
LESER Office Middle East, Bahrain
FAINGER LESER VALVES in Mumbai and Paithan, India
LESER LLP Singapore
PROTEGO-LESER do Brasil in Rio de Janeiro, Brazil
7 Subsidiaries worldwide
78 Representatives with 26 central stocks
66 LESER Authorized Repair Centers (LARCs)
LESER Representatives
LESER Representatives with stock
LESER Subsidiaries & Regional offices
The Company | LESER GmbH & Co. KG | | Rev. 02

19. Investment In the last years
As a family-owned company all business activities are geared to future development. For this reason LESER is working on a 5 year business plan instead of 3 months like the most big companies.
To further increase the market position and to sustain the image as a market and technology leader LESER invested in the last years more than 16 Mio. € / 22.4 Mil. $ in machinery, employees and facility. This means approx. 8,5 % of sales averaged invested per year.
14%*
Investment
Total Investment: approx. 22,4 Mil. $
8,2 Mio. €
6%*
11,5 Mil. $
5%*
2,8 Mio. €
2,4 Mio. €
3,9 Mil. $
3,4 Mil. $
*Investment Rate
Exchange Ratio: 1 € = $ 1,40
The Company | LESER GmbH & Co. KG | | Rev. 02

20. Employees 600 employees worldwide
48 engineers guarantee a customer-oriented consulting, development and tailor-made solutions
Minimum of 3 years education for all apprentices
428 employees in Hamburg and Hohenwestedt
Employees
11,2 % Engineers
The Company | LESER GmbH & Co. KG | | Rev. 02

21. Summary Family-owned since 1818 in the 5th generation
Oldest safety valve manufacturer in Europe and one of the oldest worldwide
100 % sales increase in the last 5 years
LESER is No. 1 in Germany and in Europe and No. 3 worldwide
All LESER safety valves are German engineered and manufactured
Assembled in Germany or locally in one of our various LESER authorized repair centers (LARC) on customer site
Broad investment into the future
Highly educated and motivated LESER staff
Summary
The Company | LESER GmbH & Co. KG | | Rev. 02