Q3 YTD 2007 AND FULL-YEAR OUTLOOK

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1 Q3 YTD 2007 AND FULL-YEAR OUTLOOK Presentation by: President & CEO Niels Henrik Jensen Group CFO Michael Østerlund Madsen 8 November 2007 Copenhagen

2 AGENDA EAC s Q3 YTD 2007 results Group highlights Performance Foods Industrial Ingredients Moving & Relocation Services Full-year outlook 2

3 GROUP HIGHLIGHTS Q3 YTD 2007 Revenue Q3 YTD 2006 Q3 YTD 2007 DKK 2,622m DKK 3,192m 22% 3

4 GROUP HIGHLIGHTS Q3 YTD 2007 Group revenue up 28% in local currencies Share of Group revenue by business (%) Moving & Relocation Services 14% Foods +38% Industrial Ingredients +17% Moving & Relocation Services +14% Industrial Ingredients 28% Foods 58% 0% 10% 20% 30% 40% Growth in revenue in local currencies Continued outstanding performance by EAC Foods supported by strong results in the two other businesses In Q3, all businesses recorded double-digit growth in DKK and LC 4

28% Foods 58% 0% 10% 20% 30% 40% Growth in revenue in local currencies Continued outstanding performance by EAC Foods

5 GROUP HIGHLIGHTS Q3 YTD 2007 Group performance Revenue Operating Profit (EBIT) DKK million Q3 YTD 2007 Change % Q3 YTD 2007 Change % Foods 1, Industrial Ingredients *76 23 Moving & Relocation Services Main Activities 3, ** EAC Group 3, ** * Excluding non-recurring gain of DKK 9m from financial assets available for sale ** Including non-recurring gain of DKK 9m from financial assets available for sale Increased share of high margin products and strong market demand in Foods Accelerated revenue growth in Industrial Ingredients regional business Growth in Moving & Relocation driven by all service areas Operating profit in main activities up 110% in local currencies 5

available for sale ** Including non-recurring gain of DKK 9m from financial assets available for sale Increased share of high margin products and strong market demand in Foods

6 GROUP INCOME STATEMENT Q3 YTD 2007 DKK million Q3 YTD 2007 Q3 YTD 2006 Full year 2006 Revenue 3,192 2,622 3,590 Operating profit (EBIT) * Net financials Share of profit in associates Gain on disposal of associates Income tax expense Profit from continuing operations Profit from discontinued operations Net profit Minority interests EAC s share of net profit * Including non-recurring gain of DKK 9m from financial assets available for sale Negative currency effect: Revenue DKK 162m, EBIT 20m Gain on disposals of associates relates to disposal of 30% share in UNZA Disc. operations relates to disposal of 34% share in Global Wool 6

-19 Net profit 343 215 270 Minority interests 32 19 30 EAC s share of net profit 311 196 240 * Including non-recurring gain of DKK 9m from financial assets available for sale Negative

7 GROUP BALANCE SHEET Q3 YTD 2007 DKK million Q3 YTD 2007 Q3 YTD Total assets 2,887 3,382 2,760 Working capital employed (WCE) Net-interest bearing debt , Net-interest bearing debt, average Invested capital (IC) 1,265 1,126 1,021 Minority interests Equity 1,665 2,324 1,797 Cash and cash equivalents 733 1,521 1,004 High activity level in Foods and acquisitions in II increased WCE & IC Cash reduced due to share buy back (Q DKK 560m / Q DKK 255m) and dividend payment of DKK 150m ROIC in aggregate (ann.) for the three businesses on a recurring basis was 52% (32%) 7

1,665 2,324 1,797 Cash and cash equivalents 733 1,521 1,004 High activity level in Foods and acquisitions in II increased WCE & IC Cash reduced due to share

8 CORPORATE EVENTS Share capital reduced by DKK 117m following cancellation of shares on 11 July 2007 Repurchase programme concluded as of 7 November 2007 EAC owns own shares or 8.52% of the share capital Sale of non-strategic activities as of 11 October 2007 Profit over book value of DKK 38m 8

2007 EAC owns 1.280.275 own shares or 8.

9 FOODS Revenue Q3 YTD 2006 Q3 YTD 2007 DKK 1,453m DKK 1,849m 27% 9

10 Foods MARKET PERFORMANCE Strong Venezuelan economy drives growth Volumes up 12% Primarily animal feed to third party Unusually high operating margin Increasing disposable income behind strong demand for premium products Positive development in market shares despite price increases Capacity expansion plans continues 10

disposable income behind strong demand for premium products Positive

11 Foods INCOME STATEMENT Revenue grew 38% in USD DKK million Q3 YTD 2007 Q3 YTD 2006 Change Revenue 1,849 1,453 27% Operating profit (EBIT) % Operating margin (%) pp Margin improvement based on premium focus and strong market demand Operating profit grew 147% in USD 11

131 128% Operating margin (%) 16.2 9.0 +7.

12 INDUSTRIAL INGREDIENTS Q3 YTD 2006 Q3 YTD 2007 Revenue 19% DKK 751m DKK 893m 12

13 Industrial Ingredients MARKET PERFORMANCE South East Asian business accelerating 10% growth in Thai distribution business (Local Currency) Political situation dampens demand Growth limited by price declines and discontinuation of two supplier relationships 25% growth in South East Asian business in aggregate (LC) Lead by Indonesia, the Philippines, and Vietnam Positive effect from newly acquired Akashi in Malaysia Further acquisitions under consideration 13

of two supplier relationships 25% growth in South East Asian business in aggregate (LC) Lead by Indonesia, the

14 Industrial Ingredients INCOME STATEMENT Strong revenue growth in regional business DKK million Q3 YTD 2007 Q3 YTD 2006 Change Revenue % Operating profit (EBIT) * % Operating margin (%) pp *Excluding non-recurring gain of DKK 9m from financial assets available for sale Positive currency effect from appreciated THB Operating profit in the regional business grew 27% (LC) driven by strong revenue growth and positive gross margin development 13% 5% 18% Q3 YTD 2007 revenue per market 3% 2% 4% 55% Thailand Vietnam Philippines Indonesia India Malaysia Others 14

2pp *Excluding non-recurring gain of DKK 9m from financial assets available for sale Positive currency effect from appreciated THB Operating

15 MOVING & RELOCATION SERVICES Q3 YTD 2006 Q3 YTD 2007 Revenue 8% DKK 416m DKK 449m 15

16 Moving & Relocation Services MARKET PERFORMANCE Growth in all main markets Revenue grew 14% in local currencies High activity level in moving and high-margin relocation services Moving & Relocation Services expansion in 2007 Acquisition in Vietnam Greenfield operations in Korea and Taiwan Records Management expanded to Singapore & Malaysia 16

services Moving & Relocation Services expansion in 2007 Acquisition in Vietnam

17 Moving & Relocation Services INCOME STATEMENT Profit improvements in all business areas DKK million Q3 YTD 2007 Q3 YTD 2006 Change Revenue % Operating profit (EBIT) % Operating margin (%) pp Operating profit up 22% in LC High activity in moving and continued strong sales of valueadded services drive margin improvement Records management and freight forwarding ahead of last year Q3 YTD 2007 revenue per market 36% Hong Kong/China Others 64% 17

9pp Operating profit up 22% in LC High activity in moving and continued strong sales of valueadded services drive

18 OUTLOOK Full-year revenue E DKK 3,6bn DKK 4,4bn 18

19 EAC BUSINESSES OUTLOOK Stronger growth than in previous outlook Outlook 2007 Full-year 2006 Foods Revenue EBIT/margin Industrial Ingredients Revenue EBIT/margin Around 40% growth in USD (Around 35% in previous outlook) Operating margin around 18% (Around 14% in previous outlook) Around 16% growth in local currencies (Around 20% previous outlook) Operating margin around 8.5% (maintained) DKK 2,024m DKK 213m (10.5%) DKK 1,008m DKK 81m (8.0%) Moving & Relocation Services Revenue EBIT/margin Around 10% growth in local currencies (8.5% in previous outlook) Operating margin around 10% (around 9.5% in previous outlook) DKK 554m DKK 53m (9.6%) 19

(Around 20% previous outlook) Operating margin around 8.5% (maintained) DKK 2,024m DKK 213m (10.5%) DKK 1,008m DKK 81m (8.

20 EAC GROUP OUTLOOK 2007 Outlook 2007 Full-year 2006 Group revenue Around DKK 4.4bn double-digit growth in DKK and local currencies (Around DKK 4.3bn in previous outlook) DKK 3.6bn Group operating profit, excl. non recurring items Around DKK 575m (DKK 475m in previous outlook) DKK 312m Profit from associates Slightly below 2006 DKK 25m The outlook is based on an average exchange rate of DKK/USD 515 for Q (DKK/USD 540 in previous outlook for H2 2007) The outlook assumes the current composition of businesses 20

non recurring items Around DKK 575m (DKK 475m in previous outlook) DKK 312m Profit from associates Slightly below 2006 DKK 25m

21 DISCLAIMER The outlook for 2007 reflects management s expectations of future events and must be viewed in the context of the business environments and currency markets, which may cause actual results to deviate materially from those projected by EAC. The outlook for the Group in 2007 assume the current composition of businesses. While the actual results for 2006 have been consolidated using the average exchange rates for the year, the outlook for 2007 is based on an average exchange rate of DKK/USD for the remainder of This could potentially cause variances, depending on movements in exchange rates. 21

22 Q3 YTD 2007 AND FULL-YEAR OUTLOOK Q & A session 8 November 2007 Copenhagen

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