#11. INVESTOR. PRESENTATION TOMRA XVI TOMRA SYSTEMS ASA 23 October 2017 © TOMRA#2THE DAWN OF THE RESOURCE REVOLUTION THE CHALLENGE: THE OPPORTUNITY: 3 billion more middle-class consumers expected to be in the global economy by 2030. Up to $1.1 trillion spent annually on resource subsidies $2.9 trillion of savings in Making A world worth living for our children! 2030 from capturing the resource productivity potential At least $1 trillion more investment in the resource system needed each year to meet future resource demands SOURCE: McKinsey TOMRA 2#3THE WORLD POPULATION AND STANDARD OF LIVING IS INCREASING DRAMATICALLY WORLD RESOURCES ARE UNDER UNPRECEDENTED PRESSURE RESOURCE PRODUCTIVITY MUST INCREASE TO ENSURE SUSTAINABLE DEVELOPMENT TOMRA creates sensor-based solutions for optimal resource productivity Cless Plastic Obtaining resources Using resources Reusing resources#4TOMRA LEADING THE RESOURCE REVOLUTION#5FROM PURPOSE INTO PROFITS AND PROFITS INTO PROGRESS, TOMRA IS TRANSFORMING WHAT IT MEANS TO BE RESOURCEFUL. Our solutions, in use around the globe, helped keep ~25 millions of tons of CO2 from being released into the atmosphere in 2016 • ~35 bn used beverage containers are captured every year through our reverse vending machines Our steam peelers process ~15 million tons of potatoes per year with a 1% yield improvement over other alternatives . ~715,000 tons of metal are recovered every year by our metal- recycling machines 5#6TOMRA IN SHORT#7CREATING VALUE THROUGH TWO STRONG BUSINESS AREAS* TOMRA 2016 Revenue 100% TOMRA 2016 EBITA 100% ~30 ~40 TOMRA High growth % 80% • High margins 80% % SORTING SOLUTIONS • Medium cyclicality 60% 60% 40% 40% ~70 ~60 TOMRA Stable % % COLLECTION SOLUTIONS High margins . Low cyclicality 20% 20% 0% Collection Sorting High technology - sustainable business TOMRA 0% Collection Sorting * Not including Compac. Consolidation starts 1 February 2017 7#8THE TOMRA TRANSFORMATION JOURNEY 2004 TOMRA SORTING SOLUTIONS TOMRA acquires TITECH, the world's leading provider of optical recognition and sorting technology for the waste industry and TOMRA's transfor- mation journey starts. 2006 TOMRA SORTING SOLUTIONS TOMRA acquires Commodas-a leading supplier within the field of sensor-based products for mining and metal recycling. 2011 TOMRA COLLECTION SOLUTIONS 2008 TOMRA SORTING SOLUTIONS TOMRA acquires Ultrasort-specialists in sensor-based mining technology. Sale of Californian material handling business. With this divestment the US operation became less exposed to movements in commodity prices. 2011 TOMRA SORTING SOLUTIONS TOMRA acquires Odenberg, rounding out the offering to include food optimization. 2012 TOMRA SORTING SOLUTIONS TOMRA acquires BEST, leading food sorting machine producer. With the acqusition of BEST TOMRA has by far the widest reach within the food sorting universe. 2012 Through it's transformation journey TOMRA has moved from a business of many brands to one brand with many areas of expertise. We are one TOMRA. 2000 2004 2008 2012 2016 FROM: TO: TOMRA® 100% 95% 18% 82% 36% 39% 64% 61% Collection ■ Collection Collection A house of brands Collection ■Sorting ■Sorting Sorting Collection Sorting A branded house TOMRA 8#9TOMRA WORLDWIDE Head Office TOMRA Collection Solutions offices (19) TOMRA Sorting Solutions offices (24) Compac offices (9) Production entities (6) Test centers (13) (TSS) Agents/distributors (~60) TOMRA TOMBA ARTNERTE Food test center in Leuven, Belgium Mining test center in Hamburg, Germany Recycling test center in Koblenz, Germany LEADING REVOLITION THE RESOURCE 9#10TOMRA'S TWO BUSINESS AREAS TOMRA SORTING SOLUTIONS TOMRAUTIONS FOOD* REVERSE VENDING Share of '16 sales ~24% Employees 580 ~47% 1,310 Customers Food growers, packers and processors Grocery retailers Market share ~25% ~75% MATERIAL RECOVERY RECYCLING Share of '16 sales ~11% ~15% Employees 175 500 Customers Market share Material recovery facilities, scrap dealers, metal shredder operators ~55-65% MINING Share of '16 sales ~3% Employees 60 Customers Market share Mining companies ~40-60% TOMRA SORTING GROUP FUNCTIONS & SHARED STAFF Employees 140 TOMRA Grocery retailers and beverage manufacturers ~60% in USA (markets served) WASTE INTO WEALTH Not including Compac 10#11TOMRA INSTALLED BASE TOMRA COLLECTION SOLUTIONS REVERSE VENDING RECYCLING TOMRA SORTING SOLUTIONS MINING FOOD* Nordic Germany ~15,300 EMEA ~3,500 Europe ~10 EMEA ~2,900 ~29,500 Americas ~700 US/Canada ~30 Americas ~2,700 Other Europe ~14,200 Asia ~600 Australia ~5 Asia ~600 North America ~15,900 Other ~20 South Africa ~25 Rest of the world ~3,500 Other ~30 TOTAL Not including machines sold on OEM agreements. 2016 recount of TSS portfolio TOMRA ~78,400 TOTAL ~4,820 TOTAL ~100 TOTAL ~6,200 * Not including Compac, with ~5.500 lanes, installed at ~1.000 customers 11.#12USING THE POWER OF BUSINESS TO DO GOOD EMPLOYEES 77% of our employees say TOMRA is a "Great Place to Work" (2015) ETHICAL BEHAVIOUR Member of UN Global Compact since end 2009 Implementing ethical policies worldwide ENVIRONMENT We contribute to avoided emissions of about 25 mill tons CO2 annually (2016) INCREASING CUSTOMER VALUE Productivity Revenues Quality TOMRA 22 12#13TOMRA IN DEPTH 13#14TOMRA Collection Solutions RETURNS INTO VALUE TOMRA 14#15REVERSE VENDING ADVANTAGES TOMRA BETTER FOR BUSINESSES CONVENIENT AND ENGAGING FOR USERS REVERSE VENDING VALUE PROPOSITION There are three main components to our value proposition BETTER FOR THE ENVIRONMENT 15#163 2 RECYCLING OF BEVERAGE PACKAGING IN A DEPOSIT SYSTEM 1 SUPERMARKET Pays price + deposit amount Consumer purchases beverage Retailer Retailer purchases beverage from filler/importer Filler/bottler/importer Consumer drinks his beverage Return data SUPERMARKET TOMDA Consumer returns empty beverage container to a retail location and receives deposit Retailer A Reimbursment of deposit amount paid out by store/ depot, and payment of handling fee per container received Central organisation/ clearing house 16#17ELEMENTS OF A MODERN REVERSE VENDING SYSTEM User communication Sorting & processing TOMRA TOMRA TR OTINGE OO TOMRA FLOW TECHNOLOGY™ Recognition system TOMRAPlus User name TELeduardor License account 2 Home Installations Reports Notifications Offline: 142 Down more than 1 hour o Over 10 bin alarms (24h): 0 Activity outside opening hours (7d): 0 Data administration TRS 17#18THE USED BEVERAGE CONTAINER RECYCLING VALUE CHAIN Generic used beverage container (UBC) recycling value chain COLLECTION TRANSPORT SORTING & PROCESSING RECYCLING The process of obtaining recyclable materials from the public The process of picking up and transporting recyclable materials to sorting and processing facilities The process of ensuring that materials are separated according to specific fractions and compacted for efficient transport The process of transforming materials into a form that can be used to produce new product RVM-based UBC recycling value chain RVM TECHNOLOGY SERVICE/ SUPPORT DATA ADMIN/ CLEARING MATERIAL PICK-UP MATERIAL PROCESSING MATERIAL BROKERAGE MATERIAL RECYCLING TOMRA 18#19T-9: THE FIRST OF A NEW GENERATION OF MACHINES . ● • . • • In fourth quarter 2013, TOMRA presented the first machine of the new generation of machines to come T-9 features the first 360 degree recognition system applied in an RVM and a completely new industrial design The machine is faster, cleaner and takes all types of beverage containers The launch has been successful - Several machines already installed in core markets Key product for replacement sale in e.g. Germany 2014 installations: ~1,200 machines 2015 installations: ~4,000 machines 2016 installations: ~4,600 machines TOMRA is setting the standard for reverse vending for the next decade TOMRA FLOW TECHNOLOGY™ The world's first 360-degree instant-recognition system in retail reverse vending raises the bar. FASTER CLEANER T-9 THE FIRST OF A NEW GENERATION TOMIA FLOW TECHNOLOGY TAKES ALL TOMRA 19#20A COMPLETE TRANSFORMATION OF THE PRODUCT PORTFOLIO IN PROGRESS 2012 Portfolio 000 00 00 Do UNO UNO PROMO T-63 HCP SINGLE T-63 TriSort T-63 HCP DUAL T-820 BOTTLE T-820 COMBI 2017 Portfolio TOMRA T-820 BOTTLE TOUCH T-820 COMBI TOUCH 20 20#21CURRENT DEPOSIT MARKETS* Yukon (1992) British Columbia (1970) Oregon (1972) California (1987) Hawaii (2005) Northwest Territories (2005) Quebec (1984) Newfoundland Ontario (2007) (1997) Norway (1999) Iceland (1989) Denmark (2002) Prince Edwardian Island (2008) Netherlands (2005) Alberta (1972) Nova Scotia (1996) New Brunswick Saskatchewan (1988) Manitoba (2008) Germany (2006) (1992) TOMRA Vermont (1973) New York Iowa (1979) (1983/2010) Michigan (1978) Northern Territory Maine (1978) (2013) Massachusetts (1983) Connecticut (1980/2010) Sweden (1984) Finland (1996) Estonia (2005) Lithuania (2016) Croatia (2006/2015) South Australia (1977) New South Wales (Dec 2017) * In addition, TOMRA has some activity in markets with refillable deposit systems like: Austria, Belgium, Chile, Czech Republic, France, Hungary, Poland and South Korea 21#22COMPETITIVE LANDSCAPE Annual revenue from RVM sales # of installed RVM Source: TOMRA estimates and analysis TOMRA >75,000 10,000- 70,000 5,000- 10,000 500- 5,000 Sielaff WINCOR NIXDORF envipco troutwein rb technik RVM SYSTEM.S <500 KANSMACKER MAX COMPACTION INCOM RVM TECH DIGI 1-10 11-20 22-30 31-40 >40 Number of RVM markets 22 22#23RVM: OUR STRATEGY 2013-2018 1 Defend and nurture core deposit market business 2 Ensure continued relevance of deposit systems • Increase differentiation towards competition • Further reduce the cost of reverse vending systems • Increase scope of existing deposit markets • Assist in developing new deposit markets . 3 Embrace new business models Capture new volume by entering new segments Create new revenue streams from Software/IT 4 Expand scope of business . Target new material streams TOMRA 23#24A NEW SOURCING SETUP IS THE MAIN DRIVER FOR ACHIEVED COGS SAVINGS COGS distribution by region (sourcing) Percent of total 100% 90% 80% 42% 40% 40% 47% 47% 70% 60% 60% 80% 50% 40% 30% 20% 25% 26% 29% 28% 23% 20% 40% 35% 32% 15% 24% 25% 10% 17% 5% 0% 2009 2011 2012 2013 2014 2015 2016 Asia East Europe Rest of the World Source: TOMRA analysis TOMRA 24 24#25ENSURE CONTINUED RELEVANCE OF AUTOMATED DEPOSIT SYSTEMS Handling method for deposit containers Percent of total Share of containers sold with deposit Percent of total 60% 40 % TOMRA 85% 15% Handled with RVS Handled manually I Containers sold with deposit I Containers sold without deposit Source: TOMRA analysis, for illustration purposes only 25 25#26Price (EUR) ENTER NEW SEGMENTS >200,000 50,000- 200,000 TOMRA's current sweet spot 10,000- 50,000 3,000- 5,000 TOMRA Small stores Discounters/Supermarkets Depot segment opportunity Hypermarkets, C&C RCs, small depots etc., Large depots counting centers 0.1 -0.3 M UBC/year 0.3-1 M UBC/year 1-3 M UBC/year 3-5 M UBC/year 5-15 M UBC/year 15-50 M UBC/year Container volume 26#27CREATE NEW REVENUE STREAMS FROM SW/IT TOMRAPlus TOMRA ReAct/PANTO СТОМПАЛЬЯ TOMRAP S e x Do Donate A • * A 。 TOMRA 19:51 PAYOUT EMAIL QR SCANNER AMOUNT ACCOUNT BALAN IN-STORE MARKETING RECEIPT CONTROL RVM INSIGHT & ANALYSIS CONSUMER ENGAGEMENT a Transform reverse vending machines into customer dialogue tools. Validate and devaluate deposit refund receipts in real-time through POS. Operational metrics, performance monitoring, fleet management, busi- ness intelligence and analysis. Innovative solutions for customer loyalty and engagement with cus- tomer identification. Integrating hardware and software into attractive and engaging combos NOK OK Pay 19:01 YOUR ACCOUNT BALANCE IS 8.4 NOK 27 27#28TOMRA MACHINES INSTALLED IN THE GERMAN MARKET GERMANY REPLACEMENT UPDATE 9000 8000 7000 6000 5000 4000 3000 2000 1000 2700-3700 MACHINES PER YEAR 9 months 2017 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 TOMRA 2018 28#29POTENTIAL NEW DEPOSIT MARKETS North America: Possible expansion of deposit system in Quebec Scotland: Commitment to a Container Deposit Scheme announced in party program TOMRA Recently approved Nearly approved In progress Spain: Regional initiatives ongoing Australia NSW to introduce deposit from December 2017. QLD might follow in 2018 and Western Australia in 2019 29 29#30Profitability (ROCE)* Recurring revenue Industry growth COLLECTION SOLUTIONS - FINANCIAL DASHBOARD ~75% RVM Recovery 0-10% 0-3% 30-40% ~15% TARGETS 2013-2018 Yearly growth 4-8% EBITA-margin 18% -23% TOMRA 90-100% Material Cyclicality Geographical diversity Market share 75% 20-30 markets RVM Low Low Material Recovery 60% 10 markets * Ex goodwill 30#31TOMRA Sorting Solutions WASTE INTO VALUE TOMRA AIN 31#32STRONG REVENUE GROWTH SINCE INCEPTION IN 1996 Revenue development and key milestones MNOK TITECH Visionsort AS established 4 Real Vision Systems acquired TITECH Ultrasort acquired CommoDas acquired acquired by TOMRA 114 Odenberg acquired • BEST acquired 2,545 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TOMRA • Total revenue growth (organic plus inorganic) CAGR of ~30% per year from 2004- 2016 - Average annual organic growth for the same period was 17% Technology base and segment/application knowledge expanded both through acquisitions and in- house ventures 32#33SORTING VALUE PROPOSITION TOMRA OPERATIONAL EFFICIENCY REDUCES COSTS SORTING VALUE PROPOSITION INCREASED PURITY OF MATERIAL STREAM There are three main components to our value proposition INCREASES REVENUE 33#34HOW DOES SENSOR BASED SEPARATION WORK? High speed processing of information (material, shape, size, color, defect, damage and location of objects) • High-tech sensors to identify objects • • Precise sorting by air jets or mechanical fingers • Product specific equipment design often including multiple technologies to maximize sorting efficiency Feeding of unsorted material TOMRA High-tech sensors to identify objects High-speed processing of information (material, shape, size, color, defect, damage and location of objects) + 34#35ADOPTION OF SENSOR-BASED SORTING AT DIFFERENT MATURITY LEVELS Maturity/ industry adoption MINING* FOOD RECYCLING Time In certain mining sub-segments, such as industrial minerals and diamonds, sensor-based sorting is a more mature technology TOMRA 35#36A COMMON SENSOR BASED TECHNOLOGY PORTFOLIO Sensor/ Material Property Segment [m] Technology Gamma- 10-12 RM (Radiometric) Natural Gamma Radiation Mining radiation 10-11 10-10 XRT (X-ray transmission) Low Energy X-ray Atomic Density Recycling, Mining, Food X-ray 10-9 10-8 XRF 10-7 Ultraviolett (UV) X ray fluorescence (Elemental Spectroscopy) Recycling, Mining 10-6 Visible light (VIS) COLOR (CCD Color Camera) 10-5 10-4 Near Infrared (NIR) 10-3 Infrared (IR) Laser attenuation and PM (Photometric) 10-2 Microwaves 10-1 NIRMIR (Near/Medium Infrared Spectrometry) 101 LIBS Radio waves 102 Reflection, Absorption, Transmission Monochromatic Reflection / Absorption of Laser Light Scattering analysis of Laser Light Reflection, Absorption (Molecular Spectroscopy) Laser induced breakdown spectroscopy Mining, Food Recycling, Mining Recycling, Mining, Food Recycling, Mining, Food 103 Alternating current 104 EM (Electro- Conductivity, Recycling, Mining, Food (AC) Magnetic sensor) permeability TOMRA 36#37OUR PRODUCTS IS SERVING A WIDE RANGE OF DETECTION PARAMETERS P TOMRA Color Removal of discolorations in mono- 10 and mixed-color material Blemishes Objects with spots or other (small) blemishes are removed Defects Removal of visible and invisible small and substantial defects Structure Removal of soft, molded or rotten food Shape & Size Sort on length, width, diameter, area, broken-piece recognition, ... Biometric Characteristics Sort based on water content and removal of micotoxyn contaminations Foreign Material Removal of foreign material in a material stream, e.g. insects, worms, snails or plastics in food applications Fluo Based on the chlorophyll level present in produce defects are removed Density Detection of density differences Damage Broken, split and damaged objects are detected and removed X-RAY Analysis of objects based on their density and shape Detox Removal of produce contaminated with aflatoxin Visible Invisible Both 37#38CROSS UTILIZING OUR PORTFOLIO TECHNOLOGIES TOMRA SORTING SOLUTIONS BEST BUS TITECH NIR + ODENBERG platform Field Potato Sorter • The NIR technology allows efficient removal of rocks, dirt and rotten potatoes before the potatoes are stored The solution opens up sorting of unwashed potatoes in a way that previously was not possible BEST LASER + TOMRA mining platform PRO Laser Duo • The LASER technology allows detection of quartz of all colors. This opens for sorting of quartz itself, and gold bearing quartz mineralization • The solution is unique in the market and further underlines our technological leadership • TITECH NIR + BEST LASER Nimbus BSI An NIR sensor has been added to the NIMBUS machine platform The new machine increases our competitiveness in the • nuts segment Several more projects on combining technologies into new products in the pipeline TOMRA 38#39SORTING UNWASHED POTATOES: WORKING PRINCIPLE The product is spread uniformly onto the infeed belt and will be scanned by cameras in the different inspection zones. A few milliseconds later one type of material will be rejected by intelligent finger ejectors, positioned at the end of the conveyor belt, while the good products continue their way along the sorting line. Infeed (unsorted) B Full width NIR and Color Vision sensors C Intelligent finger ejectors DGentle handling convey chutes (optional) B INFEED (UNSORTED) ACCEPT D TRASH DEFECTS & BLEMISHES REPORTING Dirt Clod Rot Stones Golf Ball Reports can be generated with the following data: Product Data + Average Length & Width mm(ins) + Length and Width distribution (size bins) mm(ins) + Total potato count # + Total reject count # + Stone, soil clod, rot, other % Sorter Operation Data + Belt speed, average belt fill % + Object counts/second + Program running • . The Field Potato Sorter is ODENBERG's first venture into the unwashed potato market The machine uses unique near infra-red technology to remove soil clods, stones and rotten potatoes, in addition to the foreign material commonly found in fields such as golf balls, plastics, wood etc The FPS sorter should be used after a soil remover and is designed to fit existing grading equipment or be used as a standalone unit and can operate on harvested potato crop before and after storage The system also provides online potato size data for logging, plus sorter operating information TOMRA 39#40MARKET SIZE AND POTENTIAL Total annual market size EUR million - Market growth Market expected to grow at rate of around 7-9% per year A large part of growth from unlocking of dormant potential - only possible by developing new applications and technologies Some growth in "old world", but faster growth in "new world" ~1 320 CAGR: 8% • ~910 770 1 100 40 20 180 Food Mining Recycling 120 2013 Source: TOMRA estimates and analysis 2018 * Market size for food includes peeling, meat/process analytics, virgin materials and tobacco. TOMRA 10 40#41SORTING SOLUTIONS: OUR STRATEGY Food Recycling Mining 1 Revenue growth of 10-15% over the period 2 Extend technology leadership More than doubling of emerging markets revenue (but North America and Europe still 60% of business in 2018) New applications representing 25% of revenue in 2018 New segments representing 10% of revenue in 2018 Grow with existing customers and double service revenue 15 M€ growth in new segments 50% growth in service revenue Significant expansion of sales network Succeed in high volume segments Common sorting platform for all new product developments Cross-utilization of sensor portfolio, e.g. NIR/BSI in food and laser in mining Extend current leadership in core NIR and laser technologies, and develop new cutting edge sensors 3 Design changes, economies of scale and purchasing power to lower COGS Improve operational efficiency Consolidation of manufacturing and sourcing; increased sourcing from low cost countries Streamlining of organization and processes to take out synergies across business units TOMRA Target to grow profits at several percentage points faster than revenue 41 4#42MNOK MNOK BACKLOG DEVELOPMENT AND MOMENTUM 1 200 1 100 1 000 900 800 700 600 500 400 300 200 100 1 200 1 100 1000 900 800 700 600 500 400 300 200 100 Order intake 3Q10 3Q11 3Q12 3Q13 3Q14 3Q15 3Q16 3Q17 Revenues 3Q10 3011 3Q12 3Q13 3Q14 3Q15 3Q16 3Q17 TOMRA 1 200 1 100 1000 900 800 700 600 500 400 300 200 100 MNOK Order backlog 3Q10 3Q11 3Q12 3Q13 3Q14 3Q15 3Q16 3Q17 TOMRA Sorting Solutions (TSS) without Compac: Delivered order intake of 724 MNOK in the quarter, compared to 613 MNOK same quarter last year, up 22% currency adjusted • • • Revenues came in at 673 MNOK (up from 636 MNOK in 3Q16) All time high order backlog of 924 MNOK, up from 793 MNOK at the end of September 2016 Compac . Reported revenues of 158 MNOK in the quarter and finished the quarter with a backlog of 302 MNOK . Estimated backlog conversion ratio in 4Q17, including Compac: 75%-80%* ITSS ex Compac Compac Based upon current production and delivery plans, the revenues in 4Q17 are estimated to be approximately 75%-80% of order backlog at the end of 3Q17 22 42#43FINANCIAL DASHBOARD - SORTING SOLUTIONS Industry Growth Recurring revenue Profitability (ROCE)* 5-15% 15-20% 45-55% TARGETS 2013-2018 Yearly organic growth 10-15% Geographical expansion EBITA-margin 18-23% (i) In markets served. Total food sorting (incl. rice and lane sorting*) 12-15% TOMRA Cyclicality Geographical diversity Market share Food Recycling Mining 40-50 % (i) 55-65 % 40-50 % 45-50 markets 40-50 markets 45-50 markets Medium High High * Ex goodwill 43 33#44YIELD INTON USAGE TOMRA SORTING SOLUTIONS FOOD 44#45GROWTH IN GLOBAL FOOD DEMAND WILL SPUR INVESTMENTS IN AUTOMATION *BEST HELIUS CASEN SORTER TOMRA CUIDADO Drivers and trends • . • • • • • · • Increasing food consumption in emerging markets, more mid-class consumers Industry focus on increased productivity and reducing costs through automation & quality control Higher quality demands from the consumers Stricter regulations from governments concerning food safety, health & traceability Shift towards packaged convenience food and fast food Risk of claims & recalls Social media snowball effect (Twitter, Facebook, etc.) Globalization of brands and sourcing set up Scarcity & expense of (seasonal) manual labor Consolidation in the retail and processing sectors Adoption of technology in emerging markets 45#46MARKET SIZE FOOD SORTING* Total annual market size EUR million - CAGR: 7% ~770 ~1 100 2013 2018 * Market sizes shown include peeling, meat/process analytics, virgin materials and tobacco. TOMRA Market growth • • Total market for food sorting growing around 6- 8% per year Approximately a third of total growth is dormant potential - only unlocked by development of new applications and technologies New world share grows but the two old world champions (Europe & Americas) remain strong Expected development in geographical revenue contribution 2018 31% 35% 26% 43% 2013 31% 34% ROW US EUR 46#47WE ARE UNIQUELY POSITIONED TO SERVE THE ENTIRE VALUE CHAIN WITH OUR PRODUCT PLATFORM Potatoes fresh from the field t FM sort with product data Storage Reject Rework Hydro cut FM, quality & size sort Preheating with product data Accept Repeeling 1 FM sort with Wash product data FM, quality & size sort with product data Automated true peeler control Peeling Line Reduced loss and water usage Lowest-loss peeling solution Stored in bunkers by size: 1, 2, 3 Product analysis Defect, length & FM sort Blanching Drying *** Frying Freezing * Sort to grade Product analysis Defect, length & FM sort Packaging Distribution TOMRA Sales of potato-related products account for about 25% of the sales in the food division 47#48INTRODUCTION TO COMPAC (ANNOUNCED 12.10.16) Introduction Compac is a New Zealand-based provider of post-harvest solutions and services to the global fresh produce industry Founded in 1984 by Hamish Kennedy with HQ in Auckland NZ and has around 700 employees Compac has a leading position within sorting of apples, kiwifruit, cherries, citrus, stonefruit, avocados and tomatoes The company designs, manufactures, sells and services packhouse automation systems that sort produce based on their weight, size, shape, colour, surface blemishes and internal quality Fruit handling equipment singulates fruits into lanes, in-feeds (wash and wax), inspects, sorts/grades and partly packages About 6,000 Compac sorting lanes have been sold worldwide in over 40 markets Key Financials (NZD)' Spectrim: Compac's latest sorter . • • • The sorter was launched in 2015 Represents an unmatched capability of external defect detection and an advanced 3D imaging and modelling For sorting of apples, citrus, stone fruit and kiwi fruit Uniform lighting that minimizes shadows and reflections Sensors and cameras generate up to 500 images of every piece of produce, creating an accurate 3D model of each fruit Three different wavelengths that can be configured to target specific defects: color, blemishes, bruising 175 155 135 115 95 35% 105 75 12% 152 10% 8% 75 662 55 35 7 8 15 -1 -5 4% 2% 3 0% -2% 6% do do do FY13 FY14 FY15 FY16 Revenues EBITDA EBITDA margin% TOMRA spectrim spect Sectro spectra (1) Compac's fiscal year ends 30th of June. FY16 is equal to the period 1 July 15 to 30th of June 16. FY13 and FY14 extracted from financial statements. FY15 and FY16 is management accounts, adjusted for one-off income and expenses. Not harmonised with TOMRA accounting principles 48 88#49TRANSACTION RATIONALE ELABORATED Attractive Market • Complimentary geographical footprint Application fit expansion • Confirming our leading position in food Lane sorting is a fast-growing adjacent segment with a ~8% historical CAGR and strong future outlook Key market trends drive further growth, especially in the developing markets as a substitute for manual labor as we see wages increase • The industry is yet to mature and fully industrialize • • Geographic expansion: Utilizing the different footprint and strengths in certain markets Stronger in China together . • . TOMRA is currently present in processed fruit and vegetables, Compac serves as a "natural" expansion also into fresh fruit Lane and Bulk Sorting cater to same client needs, but offers complimentary functionality Possibility to create a comprehensive Food Sorting solution provider First mover advantage in combining Lane and Belt sorting: TOMRA to be the first company, which is active in all technology platforms used for sensor-based sorting of Food • Potential in data capability, IoT and solution development • Combine current offering: Bulk presorter in front of lanes Mutual benefits • • Potato business: Utilizing TSS strength in potatoes and the upcoming demand for sizing Complimentary fit within food traceability and food safety (emerging demand) Strong potential. Ongoing and planned business improvement initiatives and funding to get in shape • Strong brand name, recognized as the technology leader (Spectrim) Why Compac . Established complimentary footprint in the US, NZ, Australia and Latin America • Good platform for growth TOMRA 49#50TOMRA HAS THE BROADEST FOOTPRINT WITHIN THE FOOD SORTING UNIVERSE A B TOMRA SORTING SOLUTIONS FOOD C TOMRA Free fall SK Rice, Seeds & Kernels Belt NDF Nuts & Dried Fruit PFV Processed Fruits & Veg Circa 40%* of annual global sorter sales revenue BELT Fresh Lane Fruit, Vegetables and Potatoes Circa 30%* of annual global sorter sales revenue CURRENT FOCUS BULK SORTING CHUTE TOMGA Circa 25%* of annual global sorter sales revenue M&A Ở compac LANE/MULTI-DROP SINGULATED SORTING *Approximately 5% of annual global sorter sales revenue comes from other segments, like confectionary 50#51THREE WAYS OF SORTING WITHIN THE FOOD SEGMENT A Free fall 60% Lane 20% C Belt 20% B Note: Piechart showing estimated total revenue within the food sorting segment TOMRA Free fall (Channel / Chute) Application Companies Sensor tech. Seeds, rice, grains Buhler, Key, Best, Satake, Daewon, Hefei, Orange Camera (simple) Belt Application Companies Sensor tech. Prepared/preserved veg. and fruit Best, Key, Odenberg, Raytec Several (complex) Lane Application Fresh produce Companies Sensor tech. MAF, Aweta, Greefa, Compac Several (medium) 51#52FOOD COMPETITIVE LANDSCAPE A # of installed machines >3,000 MEYER |TAIHO 泰禾 SATAKE 1,000- 3,000 C(MBR)) CONCEPT ENGINEERS 0-1,000 10-25 markets Revenue from sensor- based sorting and DAEWON GSI VISION GREEFA REEMOONROA KEY Technology 25-50 markets UNIEC We work for your results Geographic presence related peripherals Source: TOMRA estimates and analysis * Total Food sorting (also including rice and lane sorting): 12-15% TOMRA BÜHLER SORTEX B MaF RODA AWETA >50 markets C TOMRA competitive positioning Size (revenues) Widest range of applications (150+) • Broadest technology base . • Geographic reach (~80 countries) Market share in targeted segments Transformative solutions (Q-Vision) Market share: 40-50% in markets served* 52 42#53OUR BROAD COVERAGE AND TECHNOLOGY BASE IS SETTING US APART IN BULK SORTING DRIED FRUIT NUTS FRESH CUT FRUIT VEGETABLES MEAT FOOD Apricots ⚫ Craisins • Almonds ⚫ Cashews • • Baby leaves Apples • Blackberries • Figs • Hazelnuts ⚫ Iceberg lettuce • Blueberries • Beans • Beet Broccoli ⚫ Bacon bits ⚫ Beef • Washed • Prunes • Macadamias ⚫ Cherries • Carrots • IQF meat • Pork ⚫ Raisins Peanuts • Pecans • Pistachios • Seeds • Walnuts • Citrus ⚫ Spinach Spring mix • Cranberries • Peaches & • pears Raspberries ⚫ Strawberries • Jalapenos/ Peppers • Corn • Pork rind POTATOES ⚫ French fries Unpeeled Peeled • Potato chips SEAFOOD • Mussels ⚫ Scallops • ⚫ Shrimps ⚫ Cucumbers • IQF · Specialty products vegetables • Sweet • Onions ⚫ Tomatoes • Peas • Pickles LASER SENSOR LASER TECHNOLOGY NIR LASER CAMERA LASER LASER LASER LASER LASER CAMERA CAMERA CAMERA CAMERA CAMERA CAMERA NIR VIS X-RAY NIR NIR NIR NIR VIS X-RAY VIS VIS VIS X-RAY TOMRA 53#54OUR FOOD CUSTOMERS TOMRA SORTING SOLUTIONS | F FOOD Ở compac BLUE DIAMOND utz ALMONDS Tyson Paramount Farms Pistachios & Almonds. BAKKAVOUR LANDGOED Wonderful citrusTM unparalleled quality PEPSICO KINGS RIVER SUN ORCHARD S SCHOONBEE APPLES SUN-MAID о ConAgra Foods McCain Bonduelle Bonduelle Nestle SUNSWEET SPC ARDMONA UNIVEG Cycle of Freshness CAMILY OWNED Easterday FARMS SINCE 198 halos Calavo CRASBORN Primavera costa fresh is our passion Del Monte Quality OPAC Trevelyan's where growers.come first WASHINGTON FRUIT & PRODUCE CO. MrAPPLE NEW ZEALAND Heinz Del Monte Quality BRANSTON TOMRA Baxters FOOD GROUP Pom Alliance Simplot EastPack WORLD CLASS ORCHARD TO MARKET ardo ECO-FARMS CERTIFIED ORGANIC FowlerPacking Sunkist FRUIT DAY TITAN 天天果园 WEST PAK espri Kiwifruit Zirkle AVOCADO, INC. FRUIT COMPANY 54 54#55REDUCING COMPLEXITY: MERGING PLATFORMS FOR OUR NEXT GENERATION MACHINES High-Level Product Roadmap FOOD (Illustrative) TOMRA PRODUCT 1 PRODUCT 2 PRODUCT 3 PRODUCT 4 PRODUCT 5 PRODUCT 6 PRODUCT 7 PRODUCT 8 PRODUCT 1 PRODUCT 9 PRODUCT 10 PRODUCT 11 PRODUCT 12 PRODUCT 13 PRODUCT 14 2015 2016 Simplification of Product Landscape 2017 2018 NEXT GENERATION NEXT GENERATION NEXT GENERATION NEXT GENERATION NEXT GENERATION NEXT GENERATION 2019 NEXT GENERATION 14 platforms today will be reduced to 6 platforms over the next five years 55#56ONCE INTOR AGAIN AND AGAIN TOMRA SORTING SOLUTIONS RECYCLING 56#57GLOBAL DRIVERS FOR THE RECYCLING SEGMENT TOMRA Drivers and trends • Consumption and industry production level increase Favorable changes in regulatory framework (DSD, WEEE, ELV, etc) Commodity price levels and fluctuation Access to financing • Demand for recycled raw materials • Increasing labor costs in emerging world drive adoption of automatic sorting technologies • Some countries in Western Europe partly saturated Pre-sorted (plastics) still door opener in new markets Municipal Solid Waste (MSW) important in emerging countries More aggressive pricing from competitors affect market 57 557#58ONLY A FRACTION OF THE WASTE VOLUME IS HANDLED BY SENSOR BASED SORTING Sensor based sorting is competing with different technologies TOMRA Landfill Incineration Scavengers Hand Sorting Separate Collection 58#59LEGISLATIVE FRAMEWORK - PROMOTING RECYCLING Packaging Directive Waste Electrical and Electronic Equipment (WEEE) Directive Landfill Directive Description • Rules on the production, marketing, use, recycling and refilling of containers of liquids for human consumption and on the disposal of used containers ⚫ 2014 review included new targets ⚫ 2015 revision includes lightweight plastic carrier bags Collection, recycling and recovery targets for all types of electrical goods ⚫ 10 categories: Large household appliances, Small household appliances, IT and telco equipment, Consumer equipment, Lighting equipment, Electrical and electronic tools, Toys, Leisure and sports equipment, Medical devices, Monitoring and control instruments, Automatic dispensers • The objective of the Directive is to prevent or reduce as far as possible negative effects on the environment • In particular: surface water, groundwater, soil, air, and on human health from the landfilling of waste by introducing stringent technical requirements for waste and landfills. • Target • . Recycling and reuse of municipal waste: 70% by 2030 waste: 80% by 2030 Phasing out landfilling by 2025 of recyclable waste in non hazardous landfills Recycling and reuse of packaging • The overall aim is for the EU to recycle at least 85% of electrical and electronics waste equipment by 2016 • Amount of biodegradable municipal waste reduced to 50% in 2009 and to 35% in 2016 (compared to 1995 levels) End of Life Vehicle (ELV) Directive • Aims at reduction of waste arising from end-of-life vehicles • Reuse and recycling: 85% • The scope of the directive is limited to passenger cars and light commercial vehicles • Reuse and recovery: 95% Source: www.ec.europa.eu, www.Eurometrec.org, waste managementworld.com, TOMRA ELECTRICAL AND ELECTRONIC WASTE ELE WEEE EQUIPMENT 59#60MARKET SIZE RECYCLING Total annual market size EUR million - CAGR: 8% 120 180 Market growth Market expected to grow at around 7-9% per year, lower than previous expectations due to economic slowdown Demand in old world flattening, while new markets expected to drive growth Existing segments will serve as a base, whilst the majority of growth will come from: New geographies 2013 2018 TOMRA - New applications - New products 00 60#61RECYCLING: APPLICATIONS AND SENSOR TECHNOLOGY TOMRA SORTING SOLUTIONS RECYCLING HOUSEHOLD WASTE PACKAGING C & D AUTOMOBILE SHREDDER ELECTRONIC SCRAP MATERIAL • Hard plastics ⚫ Plastic film • Plastics ⚫ Inert material ⚫ NF metal • Plastic film ⚫ Plastic film •Mixed paper ⚫ RDF • Metals Organics/ • ⚫ Cardboard • Mixed paper • Deinking paper • ⚫ Metal Biomass ⚫ Metals • Wood Paper & Cardboard • Plastics ⚫ Stainless steel Copper cables . Copper • Brass • Aluminum ⚫Meatball sorting ⚫ Printed circuit boards Non-ferrous metal concentrates ⚫ Cables • Copper Brass ⚫ Stainless steel ⚫ Meatball sorting SENSOR NIR NIR NIR NIR XRT TECHNOLOGY EM VIS VIS VIS VIS EM XRT XRT EM NIR XRT EM EM COLOR COLOR XRF XRF TOMRA ZEIT Mixed paper PE/PP flakes Cleaned wood Copper Wire Brass 61#62AUTOMATED WITH TOMRA SORTING UNITS Focus on the PET stream NIR for packaging waste PET Baler PP Mixed Paper cleaning PE Colored ONP Cleaning PE Natural Manual sorting for oversize materials Packaging ONP Double Deck Screen TOMRA Ballistics (removing films) Input Sorting of Municipal Solid Waste, Cyprus 62 62#63SENSOR-BASED TECHNOLOGY CREATES VALUE IN VARIOUS PARTS OF A RECYCLING PROCESS Life cycle of Steel from End-of-life vehicles New cars Cars in use Collection of cars and various scrap Copper Producer Aluminum Producer Brass Producer Stainless Steel Producer Production facility cars Steel mill TOMRA Export of second-hand cars Aluminum X-TRACT Shredded material will get recovered and upgraded by our sorters (FINDER, COMBISENSE, X-TRACT) Copper Wires COMBISENSE Products from sorting process FINDER Stainless steel FINDER Steel Brass COMBISENSE 80 63#64RECYCLING COMPETITIVE LANDSCAPE # of installed machines >3,000 1,000- 3,000 SIS PELLENC 0-1,000 SGM MSS AUSARY BT OLFGANG MINERALTECHNK POSTERUNG UMWELTTED-K Revenue from sensor- STEINERTS 10-25 markets 25-50 markets >50 markets based sorting Source: TOMRA estimates and analysis Geographic presence TOMRA TOMRA competitive positioning Largest installed base • Highest revenues • Broadest technology platform . Highest number of applications and markets served Leading brand Market share: 55-65% 79 64#65SOURCE INTO RESOURCE TOMRA SORTING SOLUTIONS MINING#66TOMRA GLOBAL DRIVERS FOR THE MINING SEGMENT • • . • Energy costs and water stress are major drivers Demand of all commodities is expected to grow with increased population and urbanization in the drivers seat Increasing labor costs in emerging world drive adoption of automatic sorting technologies Mining companies capex impact the investment sentiment Sensor based sorting is considered to be a future solution Hardest competition comes from alternative well proven technologies 99 66#67TOMRA MARKET SIZE MINING Total annual market size EUR million 20 CAGR: 15% 40 Market growth Capex has declined recent years Sensor based machines sales expected to grow at around 15% per year - Growth is however conditional on new applications and technologies being developed Sensor based sorting is still a technology to be accepted and growth in this niche has been limited in recent years 2013 2018 40 67#68MINING: APPLICATIONS AND SENSOR TECHNOLOGY TOMRA SORTING SOLUTIONS MINING INDUSTRIAL MINERALS BASE & Fe METALS FUEL/ ENERGY PRECIOUS METALS DIAMONDS & GEMS METAL SLAG ⚫ Calcite •Copper • Coal • Gold • Diamonds • Stainless steel COMMODITY • Quarts • Zinc • Uranium • Platinum • Tanzanite • Copper • Feldspar • Nickel • Colored gemstones • Chrome • Magnesite . • Talcum ⚫ Dolomite • Salt • Tungsten • Iron • Manganese • Chromite SENSOR COLOR XRT XRT XRT COLOR XRT TECHNOLOGY XRT COLOR RM COLOR XRT XRF NIR EM XRF XRF EM XRF NIR NIR NIR TOMRA Calcite Copper Coal Gold Diamonds Ferro Silica Slag 68#69THE CONCEPT OF SENSOR-BASED SORTING IN MINING Mining process: Mining process: Industrial minerals Run of Mine (ROM) Primary Crushing Secondary Crushing Sensor Based Sorting Product Current segment TOMRA Waste 15% to 50% of the ROM Metal mining Run of Mine (ROM) Primary Crushing Sensor Based Sorting can be rejected in an early stage of the process (application dependent) These low grade waste rocks don't need to be transported, crushed, grinded or further treated Beneficiation Plant: Milling Screening DMS Flotation Product Potential new segment Waste Tailings (fines) 69 69#70MINING COMPETITIVE LANDSCAPE # of installed machines >200 50-200 0-50 Revenue from sensor- based sorting SHOW RADOS Радиометрическое обогащение и сортировка W BT WBINDER OLFGANG MINERAL TECHNIK PROZESSSTEUERUNG UMWELTTECHN binder+co TRENERT'S 10-25 markets 25-50 markets Source: TOMRA estimates and analysis TOMRA >50 markets Geographic presence TOMRA competitive positioning Wide geographical coverage . Broadest technology platform Leading brand Market share: 40-50% 10 70#71Historical financial performance TOMRA 71#72MNOK KEY FINANCIALS DEVELOPMENT Revenues 7 000 6 000 5 000 4 000 3 000 2 000 1 000 MNOK 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 MNOK Gross Contribution and margin 3 000 50% 45% 2 500 40% 35% 2 000 30% 1 500 25% 20% 1 000 15% 10% 500 5% 0 0% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 EBITA and margin Earnings per share 1 200 20% 5,00 18% 4,50 1 000 16% 4,00 14% 800 12% 600 10% 8% 400 200 0 THE 6% NOK per share 3,50 3,00 2,50 2,00 1,50 4% 1,00 2% 0,50 0% 0,00 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TOMRA EPS from continued operations, excluding other items 72#73FINANCIAL HIGHLIGHTS BALANCE SHEET, CASH FLOW AND CAPITAL STRUCTURE Amounts in NOK million 30 Sep 2017 30 Sep 2016 31 Dec 2016 Operating cash flow 1100 -Min (2008-2016) -Max (2008-2016) ASSETS 8,214 7,206 7,115 2017 900 • Intangible non-current assets 3,313 2,745 2,750 700 • Tangible non-current assets 849 755 801 500 • Financial non-current assets 307 322 342 300 • Inventory 1,204 1,235 1,127 100 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec -100 . Receivables 2,067 1,815 1,696 • Cash and cash equivalents 474 334 399 LIABILITIES AND EQUITY 8,214 7,206 7,115 Ordinary cashflow from operations . • Equity 4,326 3,925 4,192 • Minority interest 175 173 178 • • Interest bearing liabilities 1,214 980 760 • Non-interest bearing 2,499 2,128 1,985 375 MNOK (348 MNOK in 3Q 2016) Solidity 53% equity NIBD/EBITDA = 0.6x (Rolling 12 months) liabilities TOMRA 73#74CURRENCY 104 102 100 98 96 94 92 90 3Q16 4Q16 1Q17 2Q17 EUR USD +0.6%* -4.3%* 3Q17 *Average rate 3Q17 vs 3Q16 Negative impact from USD in 3Q17 vs 3Q16 Revenues and expenses per currency; NOTE: Rounded figures EUR* USD NOK NZD OTHER TOTAL Revenues 45% 45 % 0% 0% 10% 100% Expenses 40% 30% 5% 5% 20% 100% EBITA 50% 100% - 20% - 20% -10% 100% * EUR includes DKK TOMRA 74#75CURRENCY EXPOSURE Revenues and expenses per currency; NOTE: Rounded figures EUR* USD NOK NZD OTHER TOTAL Revenues 45% 45% 0% 0% 10% 100 % Expenses 40% 30% 5% 5% 20% 100% EBITA 50% 100% - 20% - 20 % -10% 100% * EUR includes DKK 10% change in NOK towards other currencies will impact; HEDGING POLICY • TOMRA hedges B/S items that will have P/L impact on currency fluctuations TOMRA can hedge up to one year of future predicted cash flows. Gains and losses on these hedges are recorded in the finance line, not influencing EBITA Revenues Expenses EBITA EUR* 4.5% 4.0% 5.0% • USD 4.5% 3.0% 10.0% NZD 0.0% 0.5% -2.0% OTHER 1.0% 2.0% -1.0% ALL 10.0% 9.5% 12.0% * EUR includes DKK TOMRA 75#76COLLECTION SOLUTIONS - SEGMENT FINANCIALS Revenue development NOK million Gross and EBITA margin development Percent 44 45 39 40 41 42 42 42 42 40 41 40 35 4500 50 50 4000 3500 3000 2500 2000 20 1500 GN NW 30 25 1000 10 500 5 0 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 ■1Q 2Q 3Q 4Q Full year TOMRA 15 14 14 19 20 21 20 20 20 21 16 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 GM EBITA 76#77SORTING SOLUTIONS - SEGMENT FINANCIALS Revenue development NOK million 2500 2000 1500 1000 500 Gross and EBITA margin development Percent 70 64 62 62 58 60 54 51 50 45 45 45 45 30 30 40 40 20 20 10 0 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 ■1Q 2Q 3Q 4Q Full year TOMRA 28 26 22 17 18 17 11 11 12 13 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 GM EBITA 77#78TOMRA SHAREHOLDER STRUCTURE Top 10 shareholders as of 4th of October 2017 Shareholders by country 1 Investment AB Latour 39 000 000 26.3% 2 Folketrygdfondet 8 679 393 5.9% 8% 6% 3 The Bank of New York BNYM, Stichting Dep 7 845 000 5.3% (NOM) 6% 37% 4 Skandinaviska Enskilda SEB AS, UCITS V 4 775 557 3.2% (NOM) 7% 5 Goldman Sachs & Co 4 247 510 2.9% (NOM) 10% 6 Clearstream Banking 2 969 622 2.0% (NOM) 7 ODIN Norge 2 280 188 1.5% 26% 8 Danske invest Norske C/O Danske Capital A 2 190 530 1.6% (NOM) Sweden ■Norway ■USA 9 Nordea Nordic Small 2 149 276 1.5% ■Great Britain Netherlands Luxembourg 10 SEB Sverigefond SMAB Sum Top 10 2 042 250 1.4% Others 76 179 346 51.5% Other shareholders 71 840 732 48.5% TOTAL (5,781 shareholders) 148 020 078 100.0% Source: VPS TOMRA 78#79DISCLAIMER Copyright WASTE INTO WEALTH The material in this Document (which may be a presentation, video, brochure or other material), hereafter called Document, including copy, photographs, drawings and other images, remains the property of TOMRA Systems ASA or third party contributors where appropriate. No part of this Document may be reproduced or used in any form without express written prior permission from TOMRA Systems ASA and applicable acknowledgements. No trademark, copyright or other notice shall be altered or removed from any reproduction Disclaimer This Document (which may be a presentation, video, brochure or other material), hereafter called Document, may include and be based on, inter alia, forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. The content of this Document may be based on current expectations, estimates and projections about global economic conditions, including the economic conditions of the regions and industries that are major markets for TOMRA Systems ASA and its subsidiaries and affiliates. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions, if not part of what could be clearly characterized as a demonstration case. Important factors that could cause actual results to differ materially from those expectations include, among others, changes in economic and market conditions in the geographic areas and industries that are or will be major markets for TOMRA Systems ASA. Although TOMRA Systems ASA believes that its expectations and the Document are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the Document. TOMRA Systems ASA does not guarantee the accuracy, reliability or completeness of the Document, and TOMRA Systems ASA (including its directors, officers and employees) accepts no liability whatsoever for any direct or consequential loss arising from the use of this Document or its contents. TOMRA Systems ASA consists of many legally independent entities, constituting their own separate identities. TOMRA is used as the common brand or trade mark for most of these entities. In this Document we may sometimes use "TOMRA", "TOMRA Systems", "we" or "us" when we refer to TOMRA Systems ASA companies in general or where no useful purpose is served by identifying any particular TOMRA Company 79