Presentation held by Mikael Olander, president and CEO of CDON Group, at Kinnevik Capital Markets Day in New York on 23 February 2011.

1. Kinnevik!Capital!Markets!Day
23!February!2011
Mikael!Olander,!President!&!CEO
CDON!Group!AB!(NASDAQ!OMX!Stockholm:!CDON)!

2. CDON!Group!at!a!Glance
Market!leader!in!fast!growing!Nordic!e"commerce!market
Entertainment Fashion Sports!&!Health
! CDON!Group!is!the!leading!Nordic!B2C!e"commerce!group!with!SEK!2.2!billion!of!
sales!and!industry!leading!profit!margins
! CDON!Group!operates!9!internet!stores!in!the!Entertainment,!Fashion!and!Sports!&!
Health!segments!" CDON,!Nelly!and!Gymgrossisten!brands!account!for!+90%!of!sales
2

3. Business!Development!Strategy
+ Acquisitions!and
Start"ups
! Relentless!pace!&!proven!expertise
– 3!companies!acquired!in!2007
+ Geographical
Expansion
! Pan"Nordic!roll"out!of!current!stores
– 1!company!acquired!in!2008
– 2!companies!acquired!&!1!
started!up!in!2010
– 1!company!acquired!in!2011
! Testing!of!leading!brands!in!new!! ! Investment!criteria!include
markets – Small!&!medium!sized
Organic!growth – High!growth
– Operationally!&!financially!
sound
! Aggressively!expand!assortment
– Proven!business!concept
! Add!new!private!label!&!3rd party!
– Attractive!market!
product!categories
characteristics
– Control
– Attractive!valuation
Scale!Creates!Operating!Leverage
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4. Timeline!of!Key!Events
Acquisition!of
Launch!of 2011
2,400 Acquisition!of Acquisition!of
Acquisition!of
First!Nordic Mobile!phones!
2,000 music!e"store and!!consumer
Computer! electronics!
DVDs games
Listing!at
Sales!(SEKm)!!!
1,600 Swedish!
Mp3!bookstore!
book!store
Roll"out
Integration!of!BookPlus.fi!in!
1,200 CDON.COM,!expansion!of!
Fashion’s!and!Sports!&!Health’!
Founding private!label!offerings
Broadening!of
assortments
800
Downloadable!
Roll"out
PC!games,!
merchandise!
Digital!movie" store,!
400 rental!store!(VoD) Norwegian!
bookstore!
0
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
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5. Expanding!Geographical!Footprint
Nordic!roll"outs!with!test!launches!in!other!European!markets
Sweden Norway Finland Denmark Germany Netherlands
Launch Launch Launch Launch
1999 1999 2000 1999
Test! Test!
Launch Launch Launch Launch
Launch Launch!
2004 2008 2008 2008
2010 2010
Launch Launch Launch Launch
1996 2008 2007 2011
Launch Launch Launch Launch
2006 2010 2010 2010
Launch
1998
Launch Launch Launch Launch
1982 1982 1982 1982
Launch
1995
Launch Launch Launch Launch
2010 2010 2010 2010
Launch
2006
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6. Track!Record!of!Sustained!Growth
2!400
Sales!(SEK!millions)
2!000
1!600
1!200
800
400
0
2006 2007 2008 2009 2010
Entertainment Fashion Sports!&!Health
Sales!by!segment Sales!by!geography
FY!2009 FY!2010 FY!2009 FY!2010
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7. Full!Year!2010!Financial!Performance
Sales!of!over!SEK!2!billion!for!the!first!time
Operating!Development Website!visits!(’000) Orders!(’000)
120!000 5!000
+30!% 4!500 +20!%
100!000 4!000
80!000 3!500
3!000
60!000 2!500
2!000
40!000 1!500
20!000 1!000
500
0 0
FY!2009 FY!2010 FY!2009 FY!2010
Entertainment Fashion Entertainment Fashion
Sports!&!Health Sports!&!Health
• Net!sales!up!27%!y/y!to!SEK!2,210.0!mn • SEK!431!(SEK!3)!mn!of!cash!&!cash!equivalents!
• Gross!profit!up!21%!y/y!to!SEK!420.0!mn including!proceeds!of!SEK!250!mn!convertible!
bond!issue
• Gross!margin!of!19.0%
• Operating!profit!up!18%!y/y!to!SEK!147.3!mn! • Cash!flows!from!operating!activities,!SEK!126.2!
when!excluding!non"recurring!listing!costs!of! mn,!plus!changes!in!working!capital,!SEK!"32.9!
SEK!12.6!mn mn,!=!SEK!93.3!mn!(SEK!218.9!mn)
• Operating!margin!of!6.7%!when!excluding!non"
recurring!listing!costs!
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8. Market!Opportunity
Migration!of!retail!from!traditional!high!street!outlets!to!
innovative!online!stores
The!US!Retail!Market The!US!Online!Retail!Market
Source:!US!Census!Bureau Source:!US!Census!Bureau
The!Swedish!Retail!Market The!Swedish!Online!Retail!Market
Source:!HUI Source:!HUI 8

9. Consumer!Behavior!is!Changing
Convenience!and!broad!assortment!increasing!in!importance
Reasons!for!Distance!Shopping!in!Sweden
31%
25% 24%
18% 19%
12%
9% 9%
2005 2009 2005 2009 2005 2009 2005 2009
More!convenient Cheaper Wider!product!range Save!time
Source:!Posten!Norden!(“Distanshandeln!idag”)
Note:!Figures!recalculated!to!be!comparable!for!products!purchased!during!last!year
Online!Retail!Penetration!(2009) Nordic!Online!Retail!Market!Development
8%
! Euromonitor!and!Forrester!expect!the!
6%
6.0% internet!retailing!market!to!generate!
4.7% compound!annual!growth!of!11%!between!
3.8% 3.7%
4% 3.5% 3.4% 2009!and!2014
2%
! Nordic!countries!have!highest!internet!
0% connection!speeds!in!Europe!with!rising!
US¹ Denmark³ Nordic³ Sweden² Norway³ Finland³
Source:!(1)!Forrester,!(2)!HUI,!(3)!HUI!and!CDON!Group.!Note: Total!retail!sales!from!
consumer!spending
Systembolaget!and!Apoteket!have!been!included!in!the!online!penetration!figures!in!the!chart!
above
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10. The!Platform!for!Growth
Growth!platform!has!been!
developed!over!12!years!to!enable!
rapid!scaling!of!newly!acquired!or!
established!brands!– Heppo.com,!
Lekmer.com!and!RUM21.se!to!
follow!success!of!CDON.COM,!
Nelly.com!and!Gymgrossisten.com
CDON.COM!central!warehouse!in!Borås,!Sweden
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11. Seizing!the!Market!Opportunity
! Market!development!is!accelerating!!with!Europe!
gradually!catching!up!with!the!US!
! CDON!Group!has!the!required!platform,!financial!
resources,!market!knowledge!&!skills!
! Need!to!be!number!1!or!2!in!each!segment!in!
each!geography!to!have!scale!to!maximize!return!
on!investment
! 3!– 5!year!window!of!opportunity!to!establish!
market!leading!positions!in!selected!verticals
! Speed!&!efficiency!of!execution!will!define!level!
of!success
! Clear!objective!to!become!a!leading!e"commerce!
player!in!each!of!the!large!and!growing!market!
segments!across!the!Nordics!&!then!to!consider!
development!of!major!brands!outside!the!region Nelly.com!takes!high"res!photos!of!every!item!and!most!are!also!
motion!filmed!for!customer!convenience
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12. Growing!the!Brand!Portfolio
Major!Brands
Low!risk!and!high!
return!investments!in!
expansion!of!major!
current!brands!"
CDON,!Nelly!and!
Gymgrossisten
Emerging!brands
Ramping!up!invest"
ments!in!second!tier!
of!emerging!new!
brands!expected!!to!
be!major!brands!of!
the!future!" Lekmer,!
Heppo!and!Rum21
Integrated!brands
Third!tier!of!minor!
assets!already!fully!
integrated!into!lead!
brands!" Linus&Lotta,!
Bodystore!and!
Bookplus
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13. Summary
Objectives
! Generate!sustainable!and!long!term!shareholder!value
! Continue!to!grow!organically!at!least!in!line!with!the!growth!of!each!of!the!Group’s!
operating!market!segments!in!each!operating!territory
! Generate!margins!that!are!in!line!or!above!the!average!of!the!Group’s!competitors!in!
each!operating!market!segment,!when!excluding!the!impact!of!new!start"ups!&!
acquisitions!
! Continue!to!start"up!or!acquire!new!brands
Key!Investment!Highlights
1 Uniquely!well"positioned!market"leading!Nordic!online!retailer
2 Taking!advantage!of!exponential!development!of!e"commerce
3 Track!record!of!profitable!organic!growth
4 Successfully!entering!new!markets!&!integrating!acquisitions!
5 Clear!strategy
6 Experienced!management!team
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14. For!further!information,!please!visit
www.cdongroup.com!or!contact:
CDON!Group!Investor!Relations
+46!(0)!70!080!76!68!
ir@cdongroup.com