1. 1 Q2 2008/2009 March 25, 2009 Mikael Solberg, CEO Gunnar Bergquist, CFO Cecilia Lannebo, IR

2. 2 Q2 2008/2009 The RNB game plan Weak JC development Challenging financial conditions Liquidity focus in the quarter - hurting profitability Need to consolidate, focus and further cut costs

3. 3 Q2 2008/2009 Actions after the period Divesting operations at NK Stockholm and NK Gothenburg  Purchase price 440 MSEK  Conditional upon approval of the competition authorities and extraordinary annual meeting  Decrease of net debt – pro forma per 28 February to approx. 400 MSEK  Marginal positive effect on profit 2008/2009 500 MSEK in goodwill write- down in JC

4. 4 Q2 2008/2009 Q2; December 2008-February 2009 Net sales amounted to 914.5 MSEK (854.1) an increase of 7.1 percent  currency effects have impacted sales positively by 2.5 percent  -3.6 percent in like-for-like Operating loss at -588.9 MSEK (-53,1), excluding for goodwill write-down of 500 MSEK, operating loss at -88.9 MSEK (-53.1) Loss after tax -572.2 MSEK (-45.0), excluding for goodwill write- down -72.2 MSEK (-45.0) Cash flow from current operations for the period at 42.8 MSEK (-101.4) Goodwill write-down of 500 MSEK

5. 5 Q2 2008/2009 Key issues JC  Restructuring  Store network  Franchisees Balance sheet  Capital tied up  Inventories  Liabilities Department Stores  Steen & Ström  Illum  Kosta Outlet Market development Currency Cost cutting

6. 6 Q2 2008/2009 Polarn O. Pyret Sales  Q2 sales 108.6 MSEK (99.1)  Growth of 9.6 percent  +4.4 percent like-for-like Operating profit  16.8 MSEK (15.8)  Growth of 6.3% Operating profit margin  15.5 percent (15.9) New store openings  9 new stores y-o-y E-commerce in Sweden and the US, launch mid-March

7. 7 Q2 2008/2009 Stores Sales  Q2 sales 466.4 MSEK (430.7)  Growth of 8.3 percent  -7.7 percent like-for-like Operating loss  -583.0 MSEK (-69.9), excluding for goodwill write-down -83,0 MSEK JC: -567.9 MSEK Brothers and Sisters: -15.1 MSEK New store openings  14 new stores y-o-y Brothers: 6 Sisters: 8 JC: -5

8. 8 Q2 2008/2009 Departments & Stores Sales  Q2 sales 344.0 MSEK (325.1)  Growth of 5.8 percent  +0.6 percent like-for-like Operating loss  -13.0 MSEK (13.8) Illum -9.0 MSEK (-5.7) Steen & Ström -2.8 MSEK (-1.0)

9. 9 Q2 2008/2009 Going forward Focus on business…  JC turnaround store structure further cost cutting  Brothers and Sisters consolidation and roll-out  Departments & Stores consolidation  Polarn O. Pyret continued international roll-out …and financials  Capital structure – further lowered debts and capital tied up  Lowered costs – organization, store network and international exposure

10. 10 Q2 2008/2009 Q&A’s

11. 11 Q2 2008/2009 Consolidated income statement (MSEK) Net turnover Operating result Financial items Result after fin. Items Result for the period 3M Dec 08-Feb 09 3M Dec 07-Feb 08 6M Sep 08-Feb 09 6M Sep 07-Feb 08 914.5854.11,698.01 777.8 -588.9-53.1-548.728.4 -9.6-10.7-27.1-21.9 -598.5-63.8-575.86.5 -572.2-45.0-555.69.8

12. 12 Q2 2008/2009 Consolidated balance sheet (MSEK) Intangible assets Tangible assets Financial assets Inventories Other current assets Total assets Equity Long-term liabilities Short-term liabilities Total equity and liabilities Feb 28, 2009Feb 29, 2008Aug 31, 2008 1,470.91,871.01,966.8 195.7288.3215.2 10.217.511.4 655.0532.2672.0 367.6434.5462.6 2,699.43,143.53,328.0 1,191.51,488.31,404.1 658.6728.6717.3 849.3926.61,206.6 2,699.43,143.53,328.0

13. 13 Q2 2008/2009 Key figures Gross profit margin (%) Operating margin (%) Net profit margin (%) Equity (MSEK) Equity ratio (%) Average number of employees Number of stores 6M Sep 08-Feb 09 6M Sep 07-Feb 08 12 M Sep 07-Aug 08 43.743.043.3 nm1.60.1 nm0.6nm 1,191.51,488.31,401.1 44.147.342.2 1,5821,5201,505 489473475