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January 14, 2016

COMPANY PRESENTATION

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Disclaimer

This presentation has been prepared by Corral Petroleum Holdings AB (publ) and/or its subsidiaries and affiliates (“Corral”). The information contained in this presentation is for information purposes only. The information contained in this presentation is not intended to be used as the basis for making an investment decision. You are solely responsible for seeking independent professional advice in relation to the information. This presentation is not and does not constitute an offer to sell or the solicitation, invitation or recommendation to purchase any securities in the United States or any other jurisdiction. If offered, any offering of securities would be made solely by means of an offering memorandum published by Corral in connection with such offering (the “Offering Memorandum” and, as supplemented through the time of issuance of any securities, the “Final Offering Memorandum”). If securities are offered, any purchase thereof should be made solely on the basis of the information contained in the Final Offering Memorandum. Securities may not be offered or sold in the United States absent registration under the Securities Act of 1933 (the “Securities Act”) or an exemption from registration. This presentation may not be reproduced, disseminated, quoted or referred to, in whole or in part. This presentation speaks as of the date of this presentation. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. Neither the shareholders of Corral nor any directors, officers, employees, agents or representatives of Corral, provide, grant or state, any representation, warranty, guarantee, undertaking or obligation, whether express or implied and whether by operation of law or otherwise, regarding or in relation to the completeness or the accuracy of the information contained in this presentation, and they are under no obligation to update or keep current the information contained in this presentation, to correct any inaccuracies which may become apparent, or to publicly announce the result of any revision to the statements made herein except where they would be required to do so under applicable law, and any opinions expressed in this presentation are subject to change without notice. No liability whatsoever for any loss, howsoever arising, from any use of this presentation or its contents is accepted by any such person in relation to such information. Certain financial data included in the presentation are “non-IFRS financial measures.” These non-IFRS financial measures may not be comparable to similarly titled measures presented by other entities, nor should they be construed as an alternative to other financial measures determined in accordance with International Financial Reporting Standards (“IFRS”). Although Corral believes these non-IFRS financial measures provide useful information to users in measuring the financial performance and condition of its business, users are cautioned not to place undue reliance on any non-IFRS financial measures and ratios included in this presentation. This presentation contains forward-looking statements. Examples of these forward-looking statements include, but are not limited to statements of plans, objectives or goals and statements of assumptions underlying those statements. Words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “believe”, “continue”, “probability”, “risk” and other similar words are intended to identify forward-looking statements but are not the exclusive means of identifying those statements. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that such predictions, forecasts, projections and other forward-looking statements will not be achieved. A number of important factors could cause our actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. Past performance of Corral cannot be relied on as a guide to future performance. Forward-looking statements speak only as at the date of this presentation. Corral, its agents and advisors and all of their employees expressly disclaim any obligations or undertaking to release any update of, or revisions to, any forward-looking statements in this presentation. No statement in this presentation is intended to be a profit forecast. As such, undue influence should not be placed on any forward-looking statement. By attending this presentation or by reading the presentation slides, you are agreeing to be bound by the foregoing limitations and restrictions and, in particular, will be deemed to have represented, warranted and undertaken that you have read and agree to comply with the contents of this disclaimer.

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Today’s Presenters Management

Petter Holland

CEO

Gunilla Spongh

CFO

Janet Claesson

Treasurer

Peder Zetterberg

Senior Advisor / outgoing CFO

John Oswald

Senior Executive Advisor

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Agenda

Current Capital Structure Overview

Business Overview & Key Credit Highlights

Financial Overview

1

2

3

5

Current Capital Structure Overview

SECTION 1

6

Current Capital Structure

$m (1) x Adjusted EBITDA(2)

Cash (50) (0.1)x

RCF 668 1.0x

TLA 133 0.2x

Other interest bearing liabilities 47 0.1x

Total net debt at Preem 798 1.2x

Existing 2017 Notes 586(3) 0.9x

Total 3rd party debt 1,384 2.1x

Current Capital Structure as of September 30, 2015

1. USD/SEK exchange rate as of September 30, 2015 of 8.3882 SEK / USD 2. Based on LTM September 2015 Adjusted EBITDA of $651m (5,461 MSEK at actual LTM SEK/USD exchange rate of 8.3882 SEK/USD) 3. $586m in Corral bonds as of January 31, 2016 based on an exchange rate of EUR / USD of 1.09

Preem expects to sign a new 4.5 year RCF with its relationship banks, subject to, amongst others, the a refinancing of the 2017 Corral Notes The RCF is designed to allow upstream payments to service debt at Corral level

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Business Overview & Key Credit Highlights

SECTION 2

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Preem Snapshot

EBITDA by segment (LTM Sep-15)

• Preem is the largest oil refining, distribution and

marketing company in the Nordic region

• LTM Sep 2015 sales revenue and adjusted EBITDA

of SEK 70,550m and SEK 5,461m (7.7% margin)

• Dominant home market share with excellent access

to high demand locations in North Western Europe

• Two technology advanced refineries supported by a

stable and profitable distribution network

• Preem is able to produce ultra-low sulphur diesel

and gasoline meeting stringent Swedish

environmental standards

Overview Revenue by segment (LTM Sep-15)

Supply &

Refining77%

Marketing

23%

Supply &

Refining85%

Marketing

15%

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Preem Snapshot – Key Data LTM September 2015

Segment Supply & Refining Marketing

Division Lysekil Gothenburg Terminals & Supply

Depots Energy Retail

Technical capacity (max throughput /

day)

220,000 bpd Nelson Complexity:

10.0

125,000 bpd Nelson Complexity:

7.1 na

Distribution network throughout all

major population centers in Sweden

341 service stations and 166 truck stops

Storage Capacity

15mmbbl 12mmbbl 5.6mmbbl na na

Feedstock

81% Sour Crude 11% Sweet Crude

Unfinished and blended: 8%

91% Sweet Crude Unfinished and blended: 9%

na 23% of Supply & refining output

(revenue)(1)

External output(2)

44% Diesel 30% Gasoline 20% Fuel Oil

6% Other

37% Diesel 27% Gasoline 29% Fuel Oil

8% Other

na na na

Customers Sweden: 35%(3)

Other (UK, Netherlands, Denmark, etc): 65%(3)

#1 Swedish Fuel Oil Market Share

(76%)(1)

#1 Swedish Diesel Market Share

(35%)(1)

Note: 1. For the twelve months ending September 30, 2015 2. Based on volume, for the twelve months ended September 30, 2015 3. For the twelve months ending September 30, 2015

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Key Credit Highlights

Ideal refinery locations with direct deep sea access providing crude intake flexibility

Supportive Refining Industry Fundamentals

Strong management team with an average of ~15 years of industry experience

Technologically advanced refineries

Highly supportive long term shareholder

Largest oil refiner in the Nordic region with leading market position

Integrated marketing business provides stable earnings

Market Leading Innovations

6

7

3

1

8

2

4

5

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Technologically advanced refineries in Europe

• Lysekil is the largest oil refinery in the Nordic Region in terms of capacity, a complex, large-scale refinery with a strong market position producing a full range of refined products

• Outperform refinery margin benchmarks

• Producer of Swedish Environment Class 1 diesel (“MK1”), meeting stringent Swedish environmental standards

Technologically Advanced Refinery Assets

1

Source: Wood Mackenzie, Preem net cash margins include surplus heat sales

Average Net Cash Margin over last 5 years

(10)

(8)

(6)

(4)

(2)

0

2

4

6

8

10

$/b

bl

Top Quartile 2nd Quartile 3rd Quartile 4rd Quartile

Lysekil Gothenburg

12

Product port

Processing unit

Storage tanks above/below ground

VLCC crude port

Product storage tanks and blending

Oil tanker

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Technologically advanced refineries – Lysekil 1

Key Strengths

Highlights

• Largest oil refinery in Sweden (50% of capacity) and the Nordic region (20% of capacity)

• Can process 100% sour Urals crude

• Storage capacity of ca. 15 million bbls

• Owns a deep sea harbour with VLCC capability

• Future investments will focus on keeping Lysekil a top quartile refinery

• MK1 diesel production (higher specification, higher environmental quality)

Location: Lysekil, Sweden

Characteristics: Complex hydrocracking and large desulphurization capability

Nelson complexity:

10.0

Capacity: 220,000 bpd Turnaround schedule:

Last: 2013, Next: 2019

-

2.0

4.0

6.0

8.0

10.0

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

2010 2011 2012 2013 2014 2015

Gross Margin NWE Urals Hydrocracking

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Crude/product port

Processing unit

Pipeline Crude storage tanks

Product storage tanks

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Technologically advanced refineries – Gothenburg

Key Strengths

Highlights

• Meet Sweden’s ultra-low sulphur fuel requirements

• Access to Swedish, Norway and nearby Danish markets

• Sale of by-product heat generates revenue of 37.1 MSEK/year

• Storage capacity of ca. 12 million bbls

• Access to a deep sea harbour with VLCC capability

• Production of MK1 diesel (to meet higher Swedish fuel requirements) and production of Bio fuel

1

Location: Gothenburg, Sweden

Characteristics: Sophisticated hydroskimmer with advanced desulphurisation unit and mild hydrocracker

Nelson complexity:

7.1

Capacity: 125,000 bpd

Turnaround schedule:

Last: 2011, Next: 2017

-2.0

-

2.0

4.0

6.0

8.0

10.0

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

2010 2011 2012 2013 2014 2015

Gothenburg Gross Margin NWE Brent Hydroskimming

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35%

27%

15%

21%

Other 2%

Largest Oil Refiner in the Nordics and One of the Largest Transportation Fuel Suppliers in NW Europe

• 345,000 bpd capacity equal to ca. 29% of the Nordic capacity and ca. 80% of Swedish capacity(1)

• Strong marketing position in Sweden with approximately 44% share of all refined products sold as of 31 December 2014

• A leader in the production and sale of transportation fuel in Sweden and one of the largest suppliers of transportation fuel in NW Europe

• Swedish fuel standards: Low sulphur standards more stringent than EU requirements exclude many potential competitors from entering Preem’s market

Largest Oil Refiner in the Nordic Region

2

Preem Is a Transportation Fuel Producer(3)

Note: 1. As of September 30, 2015 2. Statistics Sweden – September 2015 3. Preem and Wood Mackenzie – based on production volume. Preem volumes for the twelve months ended September 30, 2015. European and US

averages for the year ended December 31, 2014

Swedish Diesel Market Share(2)

69% 59% 70%

31% 40% 30%

0%

20%

40%

60%

80%

100%

Preem European

average

US average

Gasoline, Diesel & Gasoil Other

Diesel & Gasoil 38%

Gasoline 30%

Diesel & Gasoil 40%

Gasoline 19%

Diesel & Gasoil 29%

Gasoline 41%

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3

Location

• Proximity and good access to crude oil supply from the North Sea and Russia

• Cost effective access to large demand centres in NW Europe including the UK, Denmark and Germany

Infrastructure

• Terminals and depots across Sweden provide complete coverage of Preem’s retail network

Ideal Refinery Locations with Direct Deep Sea Access Providing Crude Intake Flexibility

St. Petersburg

RUSSIA

Tallinn

ESTONIA

LATVIA Riga

LITHUANIA

BELARUS POLAND

RUS. FED.

Helsinki

Stockholm

Norrkoping

Copenhagen Malmo

Oslo

NORWAY

SWEDEN FINLAND

Pitea

Lulea

Sundsvall

Visby

Karlstad

North Sea

GERMANY

Lysekil

Gothenburg Helsingborg

Karlshamm

Gavle

Access via exchange contracts

Refinery

Terminals/Depots

Crude Oil Flows

Primorsk

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433 370 390 426

2012 2013 2014 LTM 2015

36% 35%

27% 27%

15% 15%

21% 21%

2014 2015

Marketing Division Operating Profit (MSEK)

Expansion & Growth

19%

41%

16%

24%

#3 in Swedish Retail Marketing

58% 76%

30% 19%

11% 7%

2014 2015

#1 Swedish Diesel & Fuel Oil Marketing

Diesel Market Share(1) Fuel Oil Market Share(1)

Other

Integrated Marketing Business Provides Stable Earnings

4

Note: 1. Swedish Statistical Central Bureau LTM as of September 2015 Source: Data provided by Preem’s Management sourced from the Swedish Statistical Central Bureau

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Market Leading Innovations 5

Biofuel Refinery Green Hydrotreater

• A joint venture 25% owned by Preem which sells its biofuel production to Preem

• A competitive advantage among environmentally conscious customers

• Additional hydrotreater in 2015 doubled output of premium fuel

Gothenburg Heating Energy Efficiency

• 37.1 MSEK in additional revenue in LTM Q3 2015 from surplus heat sales with relatively little additional operating cost

• Continued demand from City of Gothenburg

• New LNG terminal at Lysekil allows natural gas to be used as feedstock for the hydrogen production unit

• Preem produce significantly less carbon dioxide, nitrogen oxide and sulphur dioxide emissions vs. Western European competitors

Note: 1. European Economic Forecast Spring 2015 – Sweden 5 May 2015

20

60

70

80

90

100

110

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Global Oil ProductDemand Global Refinery Capacity

Forecast

Supportive Refining Industry Fundamentals – Supply / Demand

Source: Wood Mackenzie

6

Million Barrels per day (mbd)

• Global Oil Product demand to increase by 6.1 million bbl/day between 2014 and 2020 according to Wood Mackenzie

• Refined product supply to increase by 5.5 million bbl/day from 99.0 million bbl/day at the end of 2014 to 104.5 million bbl/day in 2020 according to Wood Mackenzie

• New capacity in Asia & Middle East

• Reduced capacity in Europe

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• Declining crude prices

• Improved product demand

• Rationalization of European refining capacity

• Increasing crude and refining margins

• High crude prices

• Falling product demand

• Refining overcapacity

• Low crude spreads and refining margins

• Relatively low crude prices

• High product demand

• Demand outpacing refining supply

• Healthy crude spreads and refining margins

-2.0

-

2.0

4.0

6.0

8.0

10.0

12.0

14.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Q1-Q3 2015

NWE Brent Hydroskimming NWE Brent Cracking NWE Urals Hydrocracking

Supportive Refining Industry Fundamentals – European Gross Refining Margins

6

European Refining Margins

Source: Wood Mackenzie

$/bbl

2004 - 2008

A B C

A 2008 - 2014 B 2014 onwards C

Source: Wood Mackenzie

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Strong Management Team with Average of ~15 Years of Industry Experience

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Experienced & Effective Management Team

• Over 100 years of combined experience in the oil supply and refinery business

• Proven ability to improve operating and cost efficiencies and manage the business successfully through changing market conditions

Petter Holland

President & CEO

Anders Malm

Head of Supply & Trading

Peter Abrahamsson

Head of Preemraff

Magnus Holm

Head of Marketing & Sales

Ingrid Bodin

Head of Sustainable Dev.

Christian Bjerdén

Head of HR

Gunilla Spongh

CFO

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Highly Supportive Long Term Shareholder 8

Forbes (2015)

Net Worth $10.8bn

Forbes Ranking

#116

Fortune self made

Age 69

Citizenship Saudi Arabia

Residence Jeddah

• Born in Ethiopia, and now a Saudi citizen, Mr. Al-Amoudi has self-made his fortune by building and successfully running businesses in construction before acquiring oil businesses in Sweden and Morocco

• Mr. Al-Amoudi acquired Preem in 1994

• To support the business, he re-invested $709m(1) via shareholder loans into Preem through our intermediate holding company, Corral Petroleum

Mohammed Hussein Al-Amoudi

Energy Assets Non-Energy Investments

Exploration & production

(Morocco)

(Saudi Arabia) (Lebanon)

(Angola, the Ivory Coast, Norway, Nigeria, Latvia, Russia, Guinea Bissau and Republic of the Congo)

Note: 1. $600m contribution by way of a subordinated shareholder loan, $8m and €9m in related expenses in 2011, as of August 27, 2014 and January 31, 2015. He converted SEK 1,050 million and SEK 1,000 million equivalent, respectively, from Subordinated Shareholder Loans to shareholders’ contributions as of September 30, 2015. Converted using Sept 30, 2015 exchange rate

Refining

Marketing

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Financial Overview

SECTION 3

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• Since 2012 crude oil and refined product

prices have witnessed high volatility including

crude oil prices falling 50%+ in 2014

• Price differentials for Urals versus Dated Brent

have traded at an average discount of

$1.80/bbl compared to Brent since January

2013. The heavy crude discount to Brent is

expected to persist going forward

• Recent strengthening of US dollar vs. Swedish

krona has a net favorable impact on our

earnings (Revenue in USD exceeds costs in

USD)

Preem’s results were influenced by external market factors

($/bbl)

($/SEK)

Foreign Exchange Rate

Crude Oil Prices

Source: Wood Mackenzie

Commentary

6.00

6.50

7.00

7.50

8.00

8.50

9.00

08/01/2012 08/12/2013 23/09/2015

30 40 50 60 70 80 90

100 110 120 130

01/01/2012 01/01/2013 01/01/2014 01/01/2015 01/01/2016

Brent Urals

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High utilization levels offset by low price level led to lower revenue...

Topline Drivers

• 2013: lower average crude prices, strengthening Swedish krona and lower throughput due to planned maintenance turnaround at Lysekil reduced revenue when compared to 2012

• 2014: Revenue increased as a result of higher volumes and a strengthening USD, partially offset by maintenance activities at Lysekil in H1 2014 and lower average product prices in 2014 driven by lower crude prices

• YTD 2015: Revenue fell due to declining crude oil prices while being partially offset by a strengthening USD and higher throughput in 2015 versus 2014

Sales Revenue – Supply & Refining (SEKbn)

Throughput – Supply & Refining (m’s bbls)

104

78 83

69

2012 2013 2014 LTM-15

42 37 34 37

77

57 76

79

119

94

109 116

2012 2013 2014 LTM-15

Gothenburg Lysekil

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…but also to improved margins and profitability

Profitability Drivers

• 2013: EBITDA was affected by generally lower crack spreads and planned turnaround at Lysekil

• 2014: Adjusted EBITDA improved due to improved refining margins, higher sales volumes and positive FX effects

• YTD 2015: Margins and EBITDA benefitted from strong refining margins driven and high utilization levels

Note: 1. “Business margin” is the difference between the cost of crude oil valued at the actual crude purchase price, plus variable refining costs in a given month, and the average market prices for refined products

2. Adjusted EBITDA is reported EBITDA plus the reversal inventory and FX gain and losses

Business Margin(1) – Supply & Refining ($/bbl)

Adjusted EBITDA(2) – Group level (SEKm)

4,1

58

1,0

10

2,1

09

5,4

61

2012 2013 2014 LTM Sep 2015

Adjusted

3.6

2.6 2.5

5.6

7.2

4.0

4.9

8.4

2012 2013 2014 YTD Q3 15

Gothenburg Lysekil

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Working capital was impacted by crude price level and FX rates

Commentary

• In 2014, change in working capital was mainly due to crude oil prices decreasing to 55 USD/bbl in December 31, 2014; partly offset by stronger USD

• In 2015, changes primarily related to lower oil prices and a stronger USD

Working Capital Summary

(SEKm

)

2013 2014 2012 Q3 2015

(USD

/bbl)

10,069 11,108 7,292 6,812

5,015 4,604

3,465 3,151

(2,497) (3,875) (2,893) (2,135)

0

20

40

60

80

100

120

(8,000)

(3,000)

2,000

7,000

12,000

17,000

22,000

27,000

Inventories Trade receivables Trade payables Operating working capital Oil price

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Constant investment to maintain asset quality

Commentary

• Higher capex in 2013 related to planned maintenance turnaround at Lysekil refinery

• In 2014 and 2015, a strategic investment in hydroisomerisation for green hydrotreater products slightly increased capital expenditure

• Capex investments are made when prudent and have shorter payback periods

Annual Capital Expenditure (SEKm)

569

1,395

814 981

2012 2013 2014 LTM Q3 2015

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Strong cashflow generation driven by favourable margins and working capital release

SEKm 2012 2013 2014 YTD Q3 2014

YTD Q3 2015

LTM-2015 (SEKm)

LTM-2015 ($m)

Adj. EBITDA 4,158 1,010 2,109 1,327 4,679 5,461 651

Price/exchange effects 396 216 2,748 785 500 2,463 294

EBITDA 3,762 793 (639) 542 4,179 2,998 357

Financial items and non cash adjustments(1)

(50) (684) 457 (136) (2,463) (1,870) (222)

Taxes paid (273) 12 (222) (275) (49) 4 0

Δ in WC (3,660) 2,264 1,891 1,824 1,907 1,974 235

Capex (569) (1,395) (814) (526) (693) (981) (117)

FCF available for debt repayment (790) 990 673 1,429 2,880 2,124 253

Note: 1. Financial items and non-cash adjustments above is an aggregate of the net financial items line item and the adjustments for items not included in the cashflow line item in Corral’s financial statements.

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Summary

SECTION 4

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Key Credit Highlights

Ideal refinery locations with direct deep sea access providing crude intake flexibility

Supportive Refining Industry Fundamentals

Strong management team with an average of ~15 years of industry experience

Technologically advanced refineries

Highly supportive long term shareholder

Largest oil refiner in the Nordic region with leading market position

Integrated marketing business provides stable earnings

Market Leading Innovations

6

7

3

1

8

2

4

5

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Any questions?

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APPENDIX

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Discussed RCF Terms Senior Secured RCF

Borrower Preem AB

Instrument(s) Senior secured RCF – A&E of existing terms (Facility A comprising A1, A2, and A3) Senior secured Term Loan B

Amount (i) Facility A: USD1,542,000,000 equivalent; (ii) Facility A3: USD200,000,000 equivalent; (iii) Facility B: [USD100,000,000] equivalent

Currency USD / EUR / SEK / NOK

Margin In line with existing facility

Tenor Facility A & A3 4.5 years; Facility B 14 September 2016

Security First rank share pledge of Preem, Preem receivables, Pledge of bills of lading and insurances, Business mortgage, Real estate mortgage, account pledge

Covenants In line with existing facility

Permitted Payments Anticipating being able to distribute excess cashflow from Preem to Corral to service debt payments

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3.8

3.5

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 LTM 2015

Net cash margin ($bbl) 10 year average 5 year average

Historical net cash margin and throughput

Net cash margin Throughput

Source: Preem Holding AB OM as of April 2001, Corral Investment AB OM as of July 2005, Corral Finans AB Om as of April 2007, annual and quarterly reports

10 year avg. Brent

price: $XX/bbl

10 year avg. Brent

price: $83/bbl(1)

Note: 1. Wood Mackenzie: Monthly average Brent dated spot price for the ten years ended December 31, 2015

109,266

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 LTM 2015

Throughput (000's bbls) 10 year average 5 year average

108,667

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Adjusted EBITDA reconciliation Adjusted EBITDA is defined as EBITDA further adjusted to exclude inventory gains, losses and foreign currency gains and losses, and certain non-recurring items. Adjusted EBITDA is not an IFRS measure. The Issuer believes that the inclusion of supplemental adjustments to EBITDA applied in presenting Adjusted EBITDA are appropriate to provide additional information to investors about certain material normalizing items and create a useful indicator of the issuer’s ability to finance its operations, capital expenditures and other investments and its ability to incur and service debt. Funds depicted by this measure may not be available for management’s discretionary use or for service of payment of interest or principal on the Issuer’s outstanding indebtedness. Because all companies do not calculate Adjusted EBITDA identically, the presentation of Adjusted EBITDA may not be comparable to similarly entitled measures of other companies.

The table below presents a reconciliation of EBITDA to Adjusted EBITDA

Year Ended December 31,2014

Nine Months Ended

September 30,2014

Nine Months Ended

September 30,2015

Twelve Months Ended

September 30,2015

SEKm

Twelve Months Ended

September 30,2015

€m

Twelve Months Ended

September 30,2015

$m

EBITDA (639) 542 4,179 2,998 319 357

Add back:

Inventory (gains) / losses 3,279 1,188 511 2,602 276 310

Foreign currency (gains) / losses

(531) (403) (11) (139) (15) (17)

Non-recurring items - - - - - -

Adjusted EBITDA 2,109 1,327 4,679 5,461 580 651