1. Organic wines in the Nordic countries By Frithjof Nicolaysen Vice President

2. Introduction to ArcusGruppen

3. Value growth via strong brands, commercial entrepreneurship and efficient operations Leading position Nordic leadership Iconic brands «Golden markets» Growth track record Stable spirits markets Growing wine portfolio Targeted M&A Committed to expansion Innovation Consolidation Growing Nordic footprint Leveraging strengths Global aquavit leader Premiumisation Co-ownership structure Margin opportunity M&A synergies Asset utilization Cost control Cash flow potential Profitable growth Margin expansion Light capex needs

4. ArcusGruppen is an integrated spirits and wine provider Nordic leadership ● #1 in spirits in Denmark and Norway ● #1 in wine in Norway ● #2 in wine in Sweden ● Growth potential in Finland and Northern Germany ● Experienced supplier of retail monopolies Portfolio of strong brands 1 1 2 Spirits Wine ● Broad spirits and wine brand portfolio ● Holder of iconic brands ● Largest aquavit producer in the world ● Supplying the Nordics with international wine brands Top-tier infrastructureCommercial organization ● Leading European production facility ● Leveraging group infrastructure accross regions ● Efficient operations ● Commercial and entrepreneural organization ● Decentralized brand ownership with regional/local know-how ● Employees’ co-owenership of wine companies secures alignment of interests 1

5. ArcusGruppen’s recent rise to Nordic pre-eminence is deeply rooted in Norwegian tradition 1531180519962005200620112012201320142015 First reference in Norwegian medical literature First Linie aquavit travels around the world Arcus AS established (from Vin- monopolet); 100% state owned Current owner structure established: Ratos 83%, Hoff 10%, Mgmnt. 7% Acquire Vingruppen i Norden AB Sale of chemical operation Acquire Excellars AS (51% + option for remaining) Invest in Tiffon SA (34%) Move to Gjelleråsen, Norway Acquire Pernod Ricard Danmark A/S, including Aalborg, Malteser- kreutz, and Gammel Dansk brands Subsidiary Vectura AS divested Vingruppen AS established, spearhead for the five Norwegian wine- companies. Owned by Arcus- Gruppen AS Acquire Swedish aquavitebrands: Snälleröds Acquire Finnish wine importer Modern Fluids. New marketshare 10% Modern Fluids

6. #1 in wine in Norway and #2 in Sweden #1 1. Increase organic sales in Sweden and Norway and accelerate sales in Finland 2. Strengthen ownership to wine portfolio Bringing the world’s best wines to the Nordics Strategic priorities Established portfolio of strong brands Focus on innovation and marketing Bringing the best wines of the world to the Nordics 10% marketshare. Growth potential #2

7. Leading Nordic position has translated into a strong financial development *All figures excluding Vectura Historical operating income and EBITA development NOK million

8. NORWAY

9. FINLAND

10. SWEDEN

11. GRAZIE!