Mikael Solberg, President and CEO

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Year-End report 2007/2008 September 1,
2007August 31, 2008
Mikael Solberg, President and CEO Göran
Blomberg, CFO Cecilia Lannebo, IR
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Significant events during Q4

• Focus - reduce risk and create a platform for the
  future.
• Termination of units at Illum.
• JC and J-Store continued its weak sales
  performance and saw larger store clearance than
  normal what has hurt gross margin.
• Continued strong development in PO.P
• -EBIT at all time high.
• Brothers and Sisters exceeded our expectations

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After closing of period

• The new share issue was subscribed in full and
  concluded in September, contributing with net SEK
  330 M.
• An action program is being implemented with the
  aim of reducing costs by approx. SEK 110 M and
  tied-up capital by about SEK 145 M.
• Non-profitable operations at Illum in Copenhagen
  were discontinued with impairment losses and
  close-down expenses amounting to SEK 35,3 M,
  charged against earnings in Q4.
• An agreement has been concluded with Steen
  Ström concerning the Sports Department on the
  fourth floor.
• Launch of new JC store concept in Kamppi,
  Helsinki and opening tomorrow of Nacka Forum.

4
Q4 June 2008-August 2008

• Net sales amounted to 871,5 MSEK (939,0), a
  decrease of 7.2 percent, -3.6 percent
  like-for-like
• EBIT amounted to a loss of 50,4 MSEK (54,0)
• Profit after tax amounted to a loss of 78,8 MSEK
  (42,7)
• Cash flow from current operations amounted to
  44,0 MSEK (55,8)

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Fiscal year Sep 2007-Aug 2008

• Net sales amounted to SEK 3.426,2 M (3.468,3), a
  decrease of 1.2 percent, -2.3 percent in
  comparable stores
• EBIT amounted to SEK 1,8 M (342,2)
• One-offs of is burdening the result by SEK 35,3
  M (last year positive SEK 81,6 M in one-offs
  included in last years EBIT
• Profit after tax amounted to a loss of SEK 63,2 M
  (255,8)
• Cash flow from current operations amounted to SEK
  4,8 M (233,1)

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Polarn O. Pyret

• Sales
• Q4 Sales SEK 102,0 M (97,0)
• FY Sales SEK 396,2 M (388,4)
• EBIT
• Q4 EBIT SEK 24,6 M (15,4)
• FY EBIT SEK 70,2 M (56,1)
• EBIT margin
• Q4 EBIT margin 24.1 (15.9)
• FY EBIT margin 17.7 (14.4)

• Comments
• Continued strong development and all time high
  EBIT margin
• Strong autumn pipe-line with 10 new international
  store openings
• PO.P e-commerce to be launched in Sweden and USA
  during Spring 2009

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Department Stores

• Sales
• Q4 Sales SEK 292,3 M (264,1)
• FY Sales SEK 1.159,1 M (973,9)
• EBIT
• Q4 EBIT SEK -47,2 M (-6,7)
• Excl. one-offs SEK -11,9 M
• FY EBIT SEK -22,9 M (42,8)
• Decision to close down 3 out of 5 stores at Illum
  in Copenhagen.
• -write-down of inventories and reservations of
  SEK 35,3 M included in Q4 result
• EBIT in old entities contributed with SEK 42,6 M
  during the year (47,1)

• Comments
• Actions taken to reduce exposure at Illum
• Strong market place and strong sales in
  comparable stores, 5.3 FY and 2.9 Q4, but
  poor leverage in margin

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Stores

• Sales
• Q4 Sales SEK 482,1 M (581,7)
• FY Sales SEK 1.881,6 M (2.111,1)
• EBIT
• Q4 EBIT SEK -26,3 M (33,3)
• FY EBIT SEK -20,1 M (143,5)
• JC/J-Store collection error and
• restructuring have reduced earnings
• by approx. SEK 160 M for the FY
• compared with last year
• 2. JC/J-Store loss making SEK -69,0 M for
  2007/2008
• 3. Brothers and Sisters EBIT of SEK 48,9 M for
  2007/2008

• Comments
• JC/J-Store restructuring concluded
• New store concept launched in Kamppi, Helsinki,
  Trelleborg and Skärholmen outperforms non-rebuild
  stores. Nacka Forum opens tomorrow.
• Strong development in Brothers and Sisters

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Current topics

• Market development
• Inventory
• Working capital expansion
• Focus for 2008/2009

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RNB vs. HUI fiscal year 2007/2008
Fiscal year 2008/2009
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Consolidated income statement
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Consolidated balance sheet
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Key figures
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Thank you!