Analysts' and Investors' Conference March 31, 2009

1. KlKlööckner & Co SEckner & Co SE
A Leading Multi Metal DistributorA Leading Multi Metal Distributor
March 31, 2009March 31, 2009
Gisbert RGisbert Rüühlhl
CFOCFO
Full Year 2008 ResultsFull Year 2008 Results
AnalystsAnalysts‘‘ and Investorsand Investors‘‘ ConferenceConference
Dr. Thomas LudwigDr. Thomas Ludwig
CEOCEO

2. 2
Agenda
1. Highlights Q4/FY 2008, market and strategy
Dr. Thomas Ludwig, CEO
2. Financials Q4/FY 2008 and outlook
Gisbert Rühl, CFO
Appendix

3. 3
Portfolio optimization succeeded, strict and fast adjustments to current
conditions adopted
Highlights FY 2008
Delivery on growth strategy
Acquisition of Temtco (USA) and Multitubes (UK)
Concentration on core business
Sale of Canadian Namasco and Swiss KVT
Transformation into an SE
Immediate action program in response to negative economic developments
Significant reduction of net debt
STAR fully on track

4. 4
Revenue and EBITDA at all time highs despite hit in Q4
Financial highlights FY 2008
Revenues 7.6% up to €6.7bn
Reported EBITDA increased by 62% to €600m
Operating EBITDA increased by 27% to €420m, negatively impacted by year-end
inventory write-downs of approx. €60m
Underlying EBITDA margin at 6.4% with €435m
Significant reduction of net debt to €571m, almost halved since Q2 2008
Tonnage decreased by 7.8% to 6.0m tons in 2008, mainly driven by shortfall in Q4
and deconsolidation of Namasco Ltd.

5. 5
Results Q4/FY 2008
(€m)
Q4
2008
Q4
2007
Δ%
FY
2008
FY
2007
Δ%
Volume
(Ttons)
1,151 1,585 -27.3 5,974 6,478 -7.8
Sales 1,394 1,492 -6.5 6,750 6,274 7.6
EBITDA -134 83 -262.1 600 371 62.0
EBIT -152 65 -334.6 533 307 73.7

6. 6
Demand and stock risks are dominating steel market outlook
in Europe
137.474.4 63.8 75.2 70 78.6 88.2113.2 89.9 100.965.165.1109.1
62.3
111 112.8
96.6
115.9
98.7
109.1
99.9
75.1
98.6
90.9
72
56.4
0
20
40
60
80
100
120
140
160
Dec
07
Jan
08
Feb
08
Mar
08
Apr
08
May
08
Jun
08
Jul
08
Aug
08
Sept
08
Oct
08
Nov
08
Dec
08
Stocks Sales index
Source: Eurometal, Q1 2007 = 100%
137,474,4 63,8 75,2 70 78,6 88,2113,2 89,9 100,965,165,1109,1
96,8
99,9 104,3 106,3 101,7
109,2 107,6 110,6 111,5 110,1 107,9
101,2
95,4
0
20
40
60
80
100
120
140
160
Dec
07
Jan
08
Feb
08
Mar
08
Apr
08
May
08
Jun
08
Jul
08
Aug
08
Sept
08
Oct
08
Nov
08
Dec
08
Stocks Stock index
Sales volumes compared
to stockholding days
Stocks compared
to stockholding days

7. 7
US
In the US demand and stock situation is the same
10,664
10,026
9,138
8,642 8,481 8,308
-1.5%
-29.3%
-32.7%
-42.7%
-22.8%
-7.6%
-43.3%
-20.3%
-52.3%
-42.7%
-51.7%-52.8%
0
2,000
4,000
6,000
8,000
10,000
12,000
Sept 08 Oct 08 Nov 08 Dec 08 Jan 09 Feb 09
Servicecenterinventory(000tons)
-60%
-50%
-40%
-30%
-20%
-10%
0%
Y-O-Ychangeinmillproduction&
servicecentershipments
Inventory Steel production Shipments
Stocks compared to stock to shipment ratios Steel mills have cut production drastically
Source: MSCI, American Iron and Steel Institute
Low demand leads to increasing stock to shipment ratios despite
significant production cuts
1,5
2
2,5
3
3,5
4
Jan-98 May-99 Jun-00 Jul-01 Aug-02 Sep-03 Oct-04 Nov-05 Dec-06 Jan-08 Feb-09
Months'supplyonhand
7000
8000
9000
10000
11000
12000
13000
14000
15000
Monthlyinventories('000tons)
Inventory Months' supply
Source: Metal Service Center Institute Source: Metal Service Center Institute, American Iron and Steel Institute

8. 8
Prices are decreasing further after sharp decline in Q4 2008
Significant global production cuts and destocking have not stabilized prices so far
If demand stays weak falling raw material contract prices could again pressure prices
in Q2
Government stimulus programs are expected to support steel demand but with
limited effect in 2009
Price risks are ongoing due to demand/stock situation
EU domestic prices in EUR/to
300
400
500
600
700
800
900
1000
Jan
06
M
ar06
M
ay
06
Jul06
Sep
06
N
ov
06
Jan
07
M
ar07
M
ay
06
Jul07
Sep
07
N
ov
07
Jan
08
M
ar08
M
ay
08
July
08
Sep
08
N
ov
08
Jan
09
M
ar09
HRC Medium sections
NA domestic prices FOB US Midwest mill in USD/to
400
500
600
700
800
900
1000
1100
1200
Jan
06
M
ar06
M
ay
06
Jul06
Sep
06
N
ov
06
Jan
07
M
ar07
M
ay
07
Jul07
Sep
07
N
ov
07
Jan
08
M
ar08
M
ay
08
Jul08
Sep
08
N
ov
08
Jan
09
M
ar09
HRC WF Beams

9. 9
Executed immediate action programs and STAR
Immediate action programs
(started in Oct. 2008, upgraded in March 2009)
Reduction of around 1500 jobs or 15% of total
workforce
Key priority is liquidity and NWC management
Stock and inventory as key lever for debt reduction
Acquisitions are postponed for the time being
Non-essential investments postponed
Full impact (€ 130 million) can only be seen from
2010 onwards
STAR Phase I + II
Focus:
European sourcing
Ongoing improvement of distribution network
Main areas of savings: sales, supply chain,
purchasing
Further upside potential
2006 ~ €20 million
2007 ~ €40 million
2008 ~ €30 million
2009 ~ €30 million
2010 ~ €20 million
~ €140 million
Net savings of ~ €100m for 2009 targeted
Program I ~ €25 million
Program II ~ €40 million
~ €65 million

10. 10
STAR measures
SalesSourcing Warehousing / Distribution
Centralization of sourcing
function
Supplier concentration
Third country sourcing
Warehouse network
optimization (incl. site closure)
Concentration of stock in single
locations
Optimization of internal and
external logistics
Customer segmentation by size
and trade
Profitability oriented pricing and
service offering
Reigniting dormant accounts
Product Portfolio / Service Offering
Product portfolio optimization (profitability / capital
requirements)
Increasing share of value added services
Sharing of products within Group
Eliminating slow/no movers
Processes / IT Systems (Enabler)
Standardizing processes
Introduction of standardized SAP suit and data
model (article codes, inventory management, etc.)
Shared services
Activity based costing (ProDacapo)

11. 11
Cash flow goes up in a downturn market
1 1999 to 2005 unaudited pro-forma figures, Cash flow adjusted for M&A-activities;
Sales
in € bn1
EBITDA
in € million1
Year
FCF
in € million1
201 65 211 69 112 80 147 126 86
4.5
5.3
4.2 4.0 3.8
4.8
5.0
1999 2000 2001 2002 2003 2004 2005
151 220 150 156 140 349 197
5.5
2006
395
6.3
2007
371
6.7
2008
600
147

12. 12
Strong cash flow generation leads to net debt of currently €358m
Business model works also under extreme conditions
Net working capital Net debt
In € millionIn € billion
Q3/2008 Q4/2008
-18%
1.7
1.4
currently Q3/2008 Q4/2008
-17%690
571
Currently*
358
-37%
*as of March 20, 2009

13. 13
Resume
Record results 2008
Early anticipation of market downturn allowed us to react quicker and stricter to the
market downturn than most competitors
Strong balance sheet and financial solidity gives us enough headroom
Market still dominated by destocking, but currently demand seems to stabilize at low
levels
We will take part in opportunities for consolidation arising in this crisis
We are prepared to weather the storm in this downturn

14. 14
Agenda
1. Highlights Q4/FY 2008, market and strategy
Dr. Thomas Ludwig, CEO
2. Financials Q4/FY 2008 and outlook
Gisbert Rühl, CFO
Appendix

15. 15
Summary income statement Q4/FY 2008
(€m)
Q4
2008
Q4
2007
Δ%
FY
2008
FY
2007
Δ%
Volume (Ttons) 1,151 1,585 -27.3 5,974 6,478 -7.8
Sales 1,394 1,492 -6.5 6,750 6,274 7.6
Gross profit
% margin
173
12.4
300
20.1
-42.3
-38.3
1,366
20.2
1,221
19.5
11.9
3.6
EBITDA
% margin
-134
-9.6
83
5.5
-262.1
-274.5
600
8.9
371
5.9
62.0
50.8
EBIT
Financial result
-152
-18
65
-17
-334.6
6.2
533
-70
307
-97
73.7
-28.2
Income before taxes -171 48 -458.4 463 210 121.0
Income taxes 29 -6 -559.7 -79 -54 47.9
Minority interests -15 4 -466.7 -14 23 -162.5
Net income -126 37 -439.4 398 133 198.5
EPS € -2.72 0.80 -440.0 8.56 2.87 198.4
Diluted EPS € -2.44 0.80 -405.0 8.11 2.87 182.9

16. 16
Underlying EBITDA again improved
Underlying EBITDA FY 2008
(€m)
Q4
2008
Q4
2007
Δ
FY
2008
FY
2007
Δ
EBITDA as reported
● One-off items
● Cartel fine France
-134
-5
79
83
-6
-217
1
600
-259
79
371
-40
229
-219
Operating EBITDA
● Windfall effects
● Exchange rate effects
● Special expense effects
-60
93
-14
63
77
7
3
-6
-137
86
-17
69
420
-40
3
52
331
20
9
12
89
-60
-6
40
Underlying EBITDA 81 81 0 435 372 63
● Acquisitions (LTM*) 5 -6 11 -48 -24 -24
Underlying EBITDA excluding Acquisitions 86 75 11 387 349 38
* LTM: Last twelve months

17. 17
Includes acquisition-related
sales of €99m for 2008* in
Europe and sales of €338m
for 2008* in North America
EBITDA in Europe includes
€259.5m net disposal gains
Segment performance FY 2008
(€m) Europe
North
America
HQ/
Consol.
Total
Volume (Ttons)
2008 4,317 1.657 - 5,974
2007 4,612 1,866 - 6,478
Δ % -6.4 -11.2 -7.8
Sales
2008 5,374 1,376 - 6,750
2007 5,197 1,077 - 6,274
Δ % 3.4 27.8 7.6
EBITDA
2008 377 148 75 600
% margin 7.0 10.8 - 8.9
2007 326 65 -20 371
% margin 6.3 6.0 - 5.9
Δ % EBITDA 15.5 130.4 n.a. 62.0
* Sales of acquired companies for the first
twelve months of their consolidation
Comments

18. 18
Balance sheet as of Dec. 31, 2008
(€m)
December
31, 2008
December
31, 2007
Long-term assets 803 735
Inventories 1,001 956
Trade receivables 799 930
Cash & Cash equivalents* 297 154
Other assets 175 191
Total assets 3,075 2,966
Equity 1,074 845
Total long-term liabilities 1,175 1,152
- thereof financial liabilities 813 813
Total short-term liabilities 826 969
- thereof trade payables 392 610
Total equity and liabilities 3,075 2,966
Net working capital 1,407 1,323
Net financial debt 571 746
Comments
Shareholders’ equity:
Increased from 28% to 35%
Financial debt:
Leverage reduced from 2.0x
to 0.95x EBITDA
Gearing reduced from 88%
to 53%
Net Working Capital:
Increase is price-driven
* Including restricted cash of €3m

19. 19
Statement of cash flow
(€m)
FY
2008
FY
2007
Operating CF 386 328
Changes in net working capital -87 -105
Others -112 -114
Cash flow from operating activities 187 109
Inflow from disposals of fixed assets/others 388 38
Outflow from investments in fixed assets -316 -416
Cash flow from investing activities 72 -378
Proceeds from capital increase 0 62
Changes in financial liabilities -46 357
Net interest payments -37 -77
Dividends -40 -47
Cash flow from financing activities -123 295
Total cash flow 136 25
Operating CF covered the
investments in net working
capital
Investing CF mainly
impacted by increased
stake in Swiss Holding and
acquisition of Temtco and
Multitubes against the
divestments of our
Canadian subsidiary
Namasco Ltd. and our
Swiss subsidiary KVT
Comments

20. 20
Three updated scenarios for 2009
On the following three slides we provide a framework of how our business can be
impacted by volume and price declines in general
Three different scenarios are shown:
A: -12% in volumes, 3%-points gross margin contraction
B: -15% in volumes, 3%-points gross margin contraction
C: -18% in volumes, 3%-points gross margin contraction
The scenarios do not necessarily reflect management's expectation about future
development
Since the visibility for 2009 is limited we cannot provide guidance at this point in time
The scenarios cannot be taken as a guidance

21. 21
EBITDA
Leverage
Scenario A (-12% volume and 3%p gross margin contraction)
Net Debt
Credit
facilities
€1.8bn
Convert.
€325m
Bilaterals
€380m
ABS
€505m
Syn-Loan
€600m
Operational
EBITDA 2008
Net debt YE
2008
420 -40 380 -195
-155
+95 100-25
570
-40
1.4
<+100
420
380 -195
-155
570 -240
<390
<3.9
EBITDA
scenario A
Impact
acquisitions
LTM /
Divestments
Variable cost
reductions,
action program
and STAR
12% volume
reduction
3% margin
contraction
Operational
EBITDA
starting
point w/o
windfalls
Windfalls
2008
Net debt
scenario A
Cash out
cartel penalty
Additional cash
flow w/o
change NWC
17% NWC
reduction
Leverage
scenario A
Leverage YE
2008

22. 22
Scenario B (-15% volume and 3%p gross margin contraction)
EBITDA
Leverage
Net Debt
Credit
facilities
€1.8bn
21%
Convert.
€325m
Bilaterals
€380m
ABS
€505m
Syn-Loan
€600m
Operational
EBITDA 2008
Net debt YE
2008
Leverage YE
2008
-40
+105 70-25
-10
1.4
<+100
420
380 -195
570
<380
<5.4
EBITDA
scenario B
Impact
acquisitions
LTM /
Divestments
15% volume
reduction
Operational
EBITDA
starting
point w/o
windfalls
Windfalls
2008
Net debt
scenario B
Cash out
cartel penalty
Additional cash
flow w/o
change NWC
20% NWC
reduction
Leverage
scenario B
-280
-195
3% margin
contraction
Variable cost
reductions,
action program
and STAR

23. 23
Scenario C (-18% volume and 3%p gross margin contraction)
EBITDA
Leverage
Net Debt
Credit
facilities
€1.8bn
Operational
EBITDA 2008
Net debt YE
2008
Leverage YE
2008
+110
35
-25
+20
1.4
<+100
-40
420
380 -195
-235
<365
<10
EBITDA
scenario C
Impact
acquisitions
LTM /
Divestments
18% volume
reduction
3% margin
contraction
Operational
EBITDA
starting
point w/o
windfalls
Windfalls
2008
Net debt
scenario C
Cash out
cartel penalty
Additional cash
flow w/o
change NWC
20% NWC
reduction
Leverage
scenario C
-325570
Variable cost
reductions,
action program
and STAR
21%
Convert.
€325m
Bilaterals
€380m
ABS
€505m
Syn-Loan
€600m

24. 24
Current Capitalization
Facility Committed
Current drawn
amount*
Currently
drawn %
Margin Maturity Covenants
Bilateral Facilities €380m €65m 17%
EU: 50-100 bp
US: 175-225 bp
N/A N/A
ABS €505m €157m 31%
EU: 75 bp
US: 55 bp
EU: 2010
US: June 2012
5x EBITDA
Interest coverage ratio:
2* net interest expense
Syndicated Loan €600m €231m 39%
60–130 bp,
currently 75 bp
May 2011
3x EBITDA
Interest coverage ratio:
4 * net interest expense
Total Senior Debt €1,485m €453m 31%
Convertible €325m €328m 100% Coupon 1.5% July 2012
Total Debts €1,810m €781m 43%
IFRS adj. €45m
Cash €378m
Total net debt €358m
*as of March 20, 2009
Net indebtedness currently reduced to €358m

25. 25
Partial restructuring of current facilities to extend financial flexibility
Planned changes in capital structure
Increased volatility and much more challenging debt markets require changes of current
capital structure
Reduction of reliance on bank debt
Non-performance covenants structures
Clear differentiation between financing of NWC and acquisitions
Further diversification of financing sources

26. 26
Changing debt markets require adjustment of capital structure
Target financial structure
Bank Debt
Securitized
Debt
Capital Market
Debt
NWC
Acquisitions
Bilateral
Facilities ABS Convertible
Syndicated
Loan
600
380
505
325
54%
28%
18%
Bank Debt
Securitized
Debt
Capital Market
Debt
NWC
Acquisitions
Current financial structure
Sources
Usage
Facilities
No dependence on performance
covenants
PerformanceCovenants
PerformanceCovenants

27. 27
Outlook 2009
Ongoing tough market environment will lead to negative Q1 results:
Prices still haven't reached bottom line
Destocking delayed because of low apparent demand
Prepared for higher volume declines than expected by our clients sectors
Early and strict cost cutting measures already implemented
Strong liquidity position to bridge the recessionary gap
Creating financial headroom to take growth opportunities emerged during the crises
Business model works: strong cash flow generation in difficult times
Well prepared for a challenging year ahead!

28. 28
Agenda
1. Highlights Q4/FY 2008, market and strategy
Dr. Thomas Ludwig, CEO
2. Financials Q4/FY 2008 and outlook
Gisbert Rühl, CFO
Appendix

29. 29
Appendix
Table of contents
Financial calendar 2009 and contact details
Largest independent multi metal distributor
Quarterly results and FY results 2008/2007/2006/2005
Current shareholder structure
Acquisitions 2007/2008
Klöckner & Co at a glance
Steel cycle and EBITDA/cash flow relationship

30. 30
May 14: Q1 Interim Report
May 26: Annual General Meeting
August 13: Q2/H1 Interim Report
November 13: Q3 Interim Report
Financial calendar 2009 and contact details
Financial calendar 2009
Contact details Investor Relations
Dr. Thilo Theilen, Head of IR
Phone: +49 203 307 2050
Fax: +49 203 307 5025
E-mail: thilo.theilen@kloeckner.de
Internet: www.kloeckner.de

31. 31
Klöckner & Co at a glance
Klöckner & Co
Leading producer-independent steel and metal distributor in the European and North American
markets combined
Network with 260 distribution locations in Europe and North America
More than 10,000 employees
GB
24%
21%
14%
8%
6%
8%
19%
Germany
France
Spain
Nether-
lands
Switzerland
Sales split by markets
As of December 2008
Steel-flat
Products
Steel-long
Products
Special
and
Quality
Steel
Aluminum
Other Products
31%
31%
10%
8%
6%
14%
Sales split by product
As of December 2008
Other
Machinery/
Manufacturing
Auto-
motive
42%
24%
5%
29%
Sales split by industry
As of December 2008
Construction USA
Tubes

32. 32
Largest independent multi metal distributor
Europe (2007)
Source: company reports, own estimates
ArcelorMittal
(Distribution approx. 5%)
ThyssenKrupp
BE Group
Other mill-tied and independent
distributors
11.1%
9.8%
6.4%
1.0%71.7%
Klöckner & Co
Source: Purchasing Magazine (May 2008), own estimates
North America (2007)
Steel Technologies
Namasco
(Klöckner & Co)
Ryerson
Reliance Steel
Samuel, Son & Co
ThyssenKrupp
Materials NA
Worthington
Steel
Carpenter
Technology
McJunkin
O'Neal Steel
Mac-Steel
A.M. Castle
4.2%
2.8%
2.2%
2.2%
1.0%
1.0%
0.9%
1.3%
1.2%
1.1%
1.3%
1.8%
1.7%
1.0%
5.1%
Other
71.2%
Russel Metals
Metals USA
Structure: 67% through distribution, service centers
Size in value: ~€71–91bn
Companies: ~3,000 few mill-tied, most independent
PNA Group
Structure: 50-60% through distribution, service centers
Size in value: ~€100bn
Companies: ~1,300 only independent distributors

33. 33
(€m)
Q4
2008
Q3
2008
Q2
2008
Q1
2008
Q4
2007
Q3
2007
Q2
2007
Q1
2007
FY
2008
FY
2007
FY
2006
FY
2005*
Volume (Ttons) 1,151 1,348 1,755 1,720 1,585 1,601 1,663 1,629 5,974 6,478 6,127 5,868
Sales 1,394 1.773 1,922 1,660 1,492 1,583 1,650 1,550 6,750 6,274 5,532 4,964
Gross profit 173 390 462 340 300 286 328 307 1,366 1,221 1,208 987
% margin 12.4 22.0 24.0 20.5 20.1 18.0 19.8 19.8 20.2 19.5 21.8 19.9
EBITDA -134 413 212 109 83 93 103 92 600 371 395 197
% margin -9.6 23.3 11.0 6.6 5.6 5.9 6.2 5.9 8.9 5.9 7.1 4.0
EBIT -152 395 197 93 65 76 87 78 533 307 337 135
Financial result -18 -18 -17 -17 -17 -17 -52 -10 -70 -97 -64 -54
Income before
taxes
-171 378 180 76 48 59 35 68 463 210 273 81
Income taxes 29 -30 -55 -24 -6 -14 -12 -22 -79 -54 -39 -29
Minority interests -15 -4 3 2 4 8 4 6 -14 23 28 16
Net income -126 351 122 51 37 37 19 40 398 133 206 36
EPS basic (€) -2.72 7.56 2.63 1.09 0.80 0.79 0.41 0.86 8.56 2.87 4.44 -
EPS diluted (in €) -2.44 7.01 2.48 1.06 0.80 0.78 0.41 0.86 8.11 2.87 4.44 -
Quarterly results and FY results 2008/2007/2006/2005
* Pro-forma consolidated figures for FY 2005, without release of negative goodwill of €139 million and without transaction costs of €39 million, without restructuring expenses of
€17 million (incurred Q4) and without activity disposal of €1,9 million (incurred Q4).

34. 34
Steel cycle and EBITDA/cash flow relationship
Comments
Klöckner & Co buys and sells products
at spot prices generally
Sales increase as a function of the steel
price inflation environment
Costs of material are based on historical
average cost method for inventory and
therefore lag the steel price increase
This time lag creates accounting windfall
profits (windfall losses in a decreasing
steel price environment) inflating
(deflating) EBITDA
Assuming stable inventory volume cash
flow is impacted by higher NWC needs
The windfall profits (losses) are mirrored
by inventory book value increases
(decreases)
Theoretical relationship*
Windfall
profits
Windfall
losses
(€m)
Margin
Margin
1
2
3
4
4
5
6 6
*Assuming stable inventory volumes
Steel price Sales
Cost of material EBITDA
Cash flow

35. 35
Geographical breakdown of identified institutional investors
Current shareholder structure
Comments
Identified institutional
investors account for 66%
UK based investors dominate
(Franklin previously
accounted for US share)
Top 10 individual
shareholdings represent
around 31%
100% Free float
Rest of Europe
US
United
Kingdom
Germany
France
Source: Survey Thomson Financial (as of Feb. 09)
22%
4%
31%
21%
10%
11%
SwitzerlandRest of World
1%

36. 36
Country Acquired Company Sales (FY)
Mar 2008 Temtco €226 million
Jan 2008 Multitubes €5 million
2008 2 acquisitions €231 million
Sep 2007 Lehner & Tonossi €9 million
Sep 2007 Interpipe €14 million
Sep 2007 ScanSteel €7 million
Aug 2007 Metalsnab €36 million
Jun 2007 Westok €26 million
May 2007 Premier Steel €23 million
Apr 2007 Zweygart €11 million
Apr 2007 Max Carl €15 million
Apr 2007 Edelstahlservice €17 million
Apr 2007 Primary Steel €360 million
Apr 2007 Teuling €14 million
Jan 2007 Tournier €35 million
2007 12 acquisitions €567 million
2006 4 acquisitions €108 million
€141 million
€567 million
Acquisitions 2007/2008
12
4
2
2005 2006 2007
Acquisitions Sales
€231 million
2008
€108 million
2

37. 37
Our symbol
the ears
attentive to customer needs
the eyes
looking forward to new developments
the nose
sniffing out opportunities
to improve performance
the ball
symbolic of our role to fetch
and carry for our customers
the legs
always moving fast to keep up with
the demands of the customers

38. 38
Disclaimer
This presentation contains forward-looking statements. These statements use words like "believes,
"assumes," "expects" or similar formulations. Various known and unknown risks, uncertainties and
other factors could lead to material differences between the actual future results, financial situation,
development or performance of our company and those either expressed or implied by these
statements. These factors include, among other things:
o Downturns in the business cycle of the industries in which we compete;
o Increases in the prices of our raw materials, especially if we are unable to pass these costs
along to customers;
o Fluctuation in international currency exchange rates as well as changes in the general
economic climate
and other factors identified in this presentation.
In view of these uncertainties, we caution you not to place undue reliance on these forward-looking
statements. We assume no liability whatsoever to update these forward-looking statements or to
conform them to future events or developments.