The annual general meeting presentation summarized Axfood's successful 2009 fiscal year, which saw stable 2.3% sales growth to 32.4 billion SEK and operating profit of 1.1 billion SEK. Key subsidiaries like Willys and Axfood Närlivs also met profitability targets. For 2010, Axfood aims to continue profitable growth through sales stimulation, cost control, and refining its pricing and product strategies while pursuing sustainable practices and maintaining a strong financial position.

1. Welcome to the
Annual General Meeting
2010
Anders Strålman
President and CEO

2. Another successful year for Axfood
• Stable growth:
32,378 Mkr (31 663) + 2.3%
• Positive operating profit:
1,128 Mkr (1 077)
• Operating margin: 3.5%
(3.4)
3
We met the objectives in 2009
Objectives 2009 Outcome
Operating profit of at Operating profit SEK 1,128
least SEK 1 billion m
Equity ratio of at least Satisfied the solvency goal
25% each quarter
The board proposes
Dividend to shareholders
dividend of SEK 10 per
of at least 50% of profit
share - or 66%
after tax
of net income quarter
Profitability for Hemköp Operating profit SEK 28 m
4

3. Hemköp
• Positive profit despite excluded
restructuring costs of SEK 46 m
– Operating profit: SEK 28 m (-8)
• 2010: Focus on sales growth and
improved profitability
5
Willys
• Continued solid performance
– Operating profit: SEK 731 m (730)
• “Sweden’s cheapest bag of
groceries”.
• 2010: Sales growth and 5 new stores
6

4. PrisXtra
• Not satisfying profitability
– Operating profit: SEK 6 m (9)
• Reduced sales in two stores
due to major roadworks
• 2010: Focus on improving
profitability and growth
7
Axfood Närlivs
• Continued profitability despite
fierce competition
– Operating profit: SEK 132 m
(110)
• Axfood Snabbgross showed
continued excellent sales
performance
8

5. Dagab
• Excellent service levels, 96.8%
• Operating profit: SEK 147 m (138)
• Cooperation with the Vi Retailers
Association was resumed in
November
9
New business system
• To better support Axfood strategies
• The project runs for 5 years
• Total investment: SEK 500-600 m
10

6. Sustainable development
• New code of conduct
• New sustainability program
– Reduce climate impact by
75% by 2020
11
Strong financial posistion
Q1 2006 – Q4 2009
2 000 1,25
Debt, short term, SEK m
Debt, long term, SEK m
Debt equity ratio mutiple
1 600 1
1 200 0,75
800 0,5
400 0,25
0 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2006 2007 2008 2009
12

7. Dividend
• Policy: Dividends to shareholders
of at least 50% of profit after tax
• The Board proposes a dividend
of SEK 10 per share (SEK 8)
13
Market trends 2010
• Continued high price competition
• Increased price consciousness
among customers
• Price inflation remained low
14

8. Strategy for profitable growth
• Stimulate sales
• Continued strong cost control
• Pursue the development of our
concepts
• Refine our strategy of pricing
and product range
• Optimize store operations
• Further develop our private labels
15
Axfood 10 years on the stock market
Operating profit, SEK m
1 250
1 000
750
500
250
0
-00 -01 -02 -03 -04 -05 -06 -07 -08 -09
16

9. Objective 2010
Achieve an operating profit
in line with 2009
17
Thank you
for your attention!