#1Green Bond Investor Presentation Lantmännen#2Welcome! Christian Johansson Group CFO Eva Gotthardsson Director Group Treasury and Risk Management Claes Johansson Director Sustainable Development 2 Green Bond Investor Presentation e#3Agenda This Is Lantmännen Sustainable Business Development - in Practice Green Bond Framework Financial Key Figures & Credit Rating#44 Green Bond Investor Presentation This Is Lantmännen ஆசி#55 Lantmännen at a Glance Our Base Is the Value Chain from Field to Fork in Northern Europe An agricultural cooperative owned by 19 000 farmers 10 000 employees Operations in some 20 countries Operations divided into three sectors and two business areas Sectors Agriculture Energy Food Northern Europe's leading player in agriculture, machinery, bioenergy and food Annual turnover of SEK 46 billion in 2020 Baa3 (stable outlook) rating from Moody's Farmer cooperative Operating income of SEK 2,2 billion in 2020 Operating margin of 4,8% in 2020 Net debt/EBITDA of 1,6 Well-known brands GC GREEN CE Business areas Swecon Real Estate 16-80 HA Green Bond Investor Presentation °000 Value from farmland We make farming thrive Research & innovation Operations from field to fork START! FUNN CRISP AXA KORVBRÖDS BAGARN SEDAN gooh! 2929#6We Operate on a Worldwide Market - with Our Six Main Markets in the Baltic Sea Area 6 Green Bond Investor Presentation 20+ Global Markets 4% 7% United Kingdom Norway Finland 3% 14% Sweden Denmark 45% Germany 12% Share of Group Net Sales#77 Green Bond Investor Presentation We Have a Long History and Solid Experience 1880 Cooperative ¦ 3CD 3CD 1960 Industrialization 腸 2001-2005 'The Merge' 2000 Internationalization 30° 30 30 2006-2013 ONE Lantmännen 2014- From Field to Fork I#8Lantmännen's Business Portfolio Creates Value from the Farmland Lantmännen Plant breeding The farmers Seed Input goods Agricultural & construction machinery Financing, advising and risk management 1 Feed Lantmännen provides products and services 8 Green Bond Investor Presentation B Lantmännen Grain & Trading oilseed Milling 7 Starch & spirits Ethanol Malting Feed production Bakery Bio raw materials Animal production Lantmännen creates value from the farmland#9Lantmännen's Businesses Agriculture Sector Energy Sector Food Sector Swecon Business Area 44% 8% of group net sales of group net sales 31% of group net sales 9 Green Bond Investor Presentation Real Estate Business Area 16% of group net sales 1% of group net sales#10Our Well-Known Brands Drive Growth AXA Amo BJORN Ived Mel Kangenen EKO KORN KAMMP ØKO HVE VETEMJÖL RECIAL Vaas KLASSISKA KORVBRO Κου BONJOUR NAK ekologisk MALLING RAG BITAR OSUTADE START! UENSSAKAD AV SVERIA RAVE NATURELL STOREO HAVR GR 100 FULLKO BLK PA FE gooh! KORY STROGANOFF BÖNPASTA PAPUPASTA FUSILLI AXA HAVRE KRISP STRAWBERRY GO GREEN AXA HAVRE GRYN ASTE KARN ETE JÖL NSKA RAN SVEN HAVRE GO gur- & Linsmix GO 450 SMAVITA BÖNOR KIDNEYBOXOR FUNN CRISP Glenham ORIGINAL Lentiamars HAVRE GRYN G Kungsörnen Sopps nabb G Kejsarvåfflor Part Spaghetti Amo koladekage COTLANDEOBLA SPAGHETTI G Kungsörnen -Gemmaldags Ideal makaroner ROSTIG MIN Good food from Lantmännen#111 BRANSCHBAST Sustainable Brands 2012 Swedish Consumers Consistently Rank Us Among the Most Sustainable Brands TOPP 10 2013 SUSTAINABLE VINNARE 2014 Sustainable Brand Index TOPP 10 2015 SUSTAINABLE BRAND INDEX BLAND INDEX BRAND INDEX SEAND INDER 1 SUSTAINABLE TOPP 10 2010 SUSTAINABLE TOPP 10 2017 NOUSTRY LEADER 2010 TOP 3201 VINNARE BISTA VALL BRAND INDEX AN INDEX GRAND ENDER SUSTAINABLE BRAND INDES SUSTAINABLE BRAND INGEX SUSTAINANT 2019 TOPP 3 2019 TOP TO 2020 Food Total Food Total Food Total Food Total Food Total Food Total Food Total Food Total Food Total 4 4 1 1 2 2 3 2 SUSTAINABLE BRAND INDEX 828 SUSTAINABLE BRAND INDEX 11 10 2012 2013 2014 2015 2016 Green Bond Investor Presentation 6 1 2 2 3 3 60 2017 2018 2019 2020#12BSEK 60,0 Strong Growth in the Last Several Years 50,0 48,5 46,0 44,0 39,7 40,0 37,9 37,2 36,5 35,7 33,8 32,7 30,0 20,0 10,0 0,0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 12 12 Green Bond Investor Presentation CAGR 2014-2019: 8,2% Both organic and acquisition- driven growth Notch in the curve in 2020 due to the coronavirus pandemic e#13MSEK 3 000 2000 2,8% Great Profit and Margin Improvements EBIT & Margin 2,6% 2,4% 2,0% 1000 3,8% 4,8% 4,6% 4,3% 4,3% 3,6% 0 2011 2012 2013 2014 13 Green Bond Investor Presentation 2015 2016 1063 747 805 851 1351 1697 1708 1580 2087 2223 2017 2018 2019 2020 MSEK EBITDA & Margin 6% 5 000 10% 9,3% 8,5% 7,7% 4 000 7,4% 8% 7,2% 6,6% 4% 5,8% 5,8% 5,9% 3 000 6% 4,8% 2000 2% 0% 1000 2011 2012 2013 2014 2015 2016 2 195 1760 1947 1914 2573 2862 2947 2911 4127 4273 2017 2018 2019 2020 4% 2% 0%#1414 Improved Cash Flow Without Compromising Our Future MSEK 3 500 3 000 2 500 2000 1 500 1 000 500 0 -500 855 Cash Flow from Operations 1 432 1 356 1 252 1070 2 297 MSEK Capital Expenditures 3 000 2 895 -1000 -180 124 2011 2012 2013 Green Bond Investor Presentation Includes IFRS16 effects of about 500 MSEK in 2019 and 2020 2014 2015 -603 2016 2017 2018 2019 2020 2 500 2000 1 500 1 431 1 292 1 043 1000 500 1 087 1 256 2 593 2 333 2 201 1 825 1 795 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020#15Our Profit Is Invested in Swedish Farming 1. 2. All the operating profit from agricultural operations is distributed as a refund and supplementary payment to the members (business partners) About 40% of the remaining profit after tax (industrial operations) is distributed as a contribution dividend and contribution issue to the members (owners) 3. About 60% of the profit from industrial operations is re- invested in business operations and R&D 4. In total, about 30% of the total dividend is distributed directly to members Total dividend (MSEK) 100% of operating profit Agricultural operations 1000 800 600 400 200 15 Green Bond Investor Presentation 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Member Business partner/owner 3CD 40% of profit after tax Industrial operations TOI 60% re-invested in R&D and business development e#16Target - Return on Equity 8,0% Target - Equity Ratio 40% Target - Net Debt/EBITDA <3 16 Green Bond Investor Presentation Our Financial Targets 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 8,0% Result 2020 10,2% 40% Result 2020 45,8% *** 3 Result 2020 1,6#17Our assignment from the members is the basis for our strategy FIELD TO FORK 2030 17 Green Bond Investor Presentation Our Assignment Contributing to the profitability on our owners' farms, and optimizing the return on their capital in Lantmännen. Our Long-Term Target Lantmännen as a leading player in the grain value chain from field to fork in Northern Europe. Agribusiness Grain Value Chain 1 Develop businesses in cooperation with agricultural companies 2 Create value from grain through businesses in the processing industry 3 Business development from field to fork VOLVO Portfolio Holdings Manage and profitably grow portfolio holdings e#18Long-term vision for 'Field to Fork 2030' A cooperative company owned and controlled by Swedish farmers 1. Lantmännen as a leading player in the grain value chain from field to fork in Northern Europe 2. A profitable company that strengthens the competitiveness and profitability of members' farms in both crop growing and animal production - aiming for world class 3. At the forefront of the digital future from field to fork - thereby being the farmer's best business partner 4. Leading the development for sustainable solutions from field to fork 5. The most innovative company in our industry 6. The most attractive employer in our industry 18 Green Bond Investor Presentation#1919 We Do Research for the Future • • We invest MSEK 250-300 annually in research and development to enhance the value of grain from field to fork Lantmännen's Research Foundation is our own foundation that invests 25 MSEK annually in external research at universities, colleges and institutes Lantmännen's Greenhouse is a training program providing support for transforming innovative ideas into business - for people both within and outside of Lantmännen. Green Bond Investor Presentation#20Lantmännen Lantmännen Code of Conduct We live our responsibility • • Lantmännen's Code of Conduct applies to all employees. The Supplier Code of Conduct applies to all suppliers and is part of the contract process. A Distributor Code of Conduct applies to all distributors and is part of the contract process. Consistent follow-up by management and in the Annual and Sustainability Report 1998 2007 2009 2015 2019 2020 Lantmännen Sustainability Report Code of Conduct Climate Targets Launch of Climate & Nature Launch of Farming of the Future Upgrade of Climate & Nature 20 Green Bond Investor Presentation#21Sustainable Business Development – in Practice ஆசி 21 24 Green Bond Investor Presentation#221-86 Driving the Development Towards Sustainable Food and Bioenergy Systems Sustainable farming We take an active role, driving the development towards more sustainable farming practices and technologies. Sustainable products We develop and offer innovative products and services within agriculture, bio energy, and food as well as bio-based materials with sustainable added values. H A Safe and resource-efficient production Our production must be efficient, and we work constantly to optimize resources at all stages. Production must also be safe for our employees and other parties. Responsibility in the supply chain We work methodically to promote responsibility in the supply chain so that participants feel confident in our knowledge and control, and minimization of negative impacts on people, animals, the environment and natural resources. SE 6000- 1#2323 Lantmännen's Climate Targets Own production 400 000 Lantmännen's CO₂e emissions from production 300 000 • Target for a further 40 percent reduction 2015-2020 in tonnes / MSEK turnover (see chart) • • Fossil-free production: Sweden and Norway 2025 • Other Nordic countries 2030 Rest of EU 2040 Continuous conversion from fossil fuels, transition to green electricity and increased energy efficiency are important parts Purchased transports 200 000 100 000 0 2009 Tonnes CO2e 10 10 7,5 5 3 2,5 2,6 2015 2016 2017 2018 2019 2020 Relative to turnover Group target (2020) • New target for reducing CO2 emissions from transports • Decrease by 70 percent to 2030 from 2009 levels - result for 2019 in line with the base year Work together with logistics partners and the sector to find solutions to fuel conversion and efficiency improvements Lantmännen has reduced emissions by 71 percent since 2009, measured as tonnes/MSEK turnover (62 percent in absolute terms) Green Bond Investor Presentation#24Advancing our strategic positions — throughout the entire value chain Lantmännen Farming of the Future The road to climate neutral farming 2050#25CLIMATE IMPACT 33% 12 Farming Is the Most Important Part of the Food Value Chain Most of the benefits, nutrients and energy is created in the cultivation stage - but also the majority of the climate impact Example: production of wheat flour 12% 21 ஆ 41% 3% 5% 2% 4% Production of nutrients and other inputs Tillage and sowing Leaching of nitrogen from farmland Threshing Drying Transport Milling and packing at mill 25 Green Bond Investor Presentation CO₂ N₂O e#26-666 ## -666= Important Focus Areas for Farming of the Future Precision farming, digitalization and optimal management Sustainable plant nutrients T Plant breeding 666 го Fossil-free farming Cropping systems Carbon sequestration and renewable energy from arable land Ree Reduced nitrogen losses Reduced leakage of plant nutrients Sustainable plant protection -0-00 Adapting farming to climate change (18) Biodiversity#27Potential for winter wheat Skördeökning (%) 50% 40% 30% 20% 10% 38% 0% 2015 2020 2025 2030 2035 2040 2045 48% 2050 We can increase the harvests... Potential for winter wheat Klimatpåverkan CO₂e (%) 100% ...while reducing the climate impact 75% 50% 25% 0% 2015 2020 2025 2030 2035 2040 2045 2050 Potential för CO₂e-minskning Innovationsgap Minskningstakt för att nå Parisavtalets klimatmål#28Climate Target for Primary Production Lantmännen set a new target in 2019 To create prerequisites for a sustainable primary production with a halved climate impact every ten years to achieve climate neutrality by 2050. This means, that based on consumer and customer demand, Lantmännen: 28 Green Bond Investor Presentation 2kg pa Vetemjöl AV FINT HARNVETE Offers our business partners products with a leading climate performance Drives the development of new knowledge, technology and cultivation methods Develops products and services giving the agricultural companies the right conditions#29Climate & Nature Cultivation Program Precision farming: Enables more efficient resource utilization on the farm. New 2020 Climate-smart fertilizers: Manufactured using methods with lower climate impact. -15% CO₂e. New 2020 Fossil-free fuel: Renewable fuel in tank and dryer. -3% CO₂e. Flower zones: Planted zones that create space for flowers and pollinators to thrive. Thermally treated seed: The seed is heat treated to limit the amount of pesticides. Promotes biodiversity -10% CO₂e. Promotes biodiversity Skylark plots: Unused patches in fields where skylarks can land and find food. Promotes biodiversity Eco-driving: Better resource efficiency leads to reduced fuel use. -2% CO₂e. KLIMAT & NATUR Lantmännens program för framtidens jordbruk Approximate Co2e2 saving for winter wheat, compared with average Swedish cultivation 2015#30Climate & Nature - Lantmännen's Program for Farming of the Future Lantmännen has already taken big steps towards more sustainable farming with the program Climate & Nature. Climate & Nature has concrete actions for biodiversity and reduced climate impact on the farm. Grain harvested in accordance with the program has up to 30 percent lower climate impact, compared to 2015 when the program started. The ambition is to: Climate impact CO₂e (%) 100% 75% 50% 25% -20% -30% -50% • Lead the development of farming of the future ⚫ Meet the demand for sustainable products Create incentives for more sustainable farming 30 Green Bond Investor Presentation 0% 2015 2020 2025 2030 2035 2040 2045 2050 KLIMAT & NATUR Lantmännens program för framtidens jordbruk Reduced climate impact from cultivation of wheat within cultivation concept Climate & Nature CO2e (%) Innovation gap Potential for reduced CO₂e Emissions reduction pace in order to reach the Paris Agreement Climate impact from Climate & Nature is decreasing in line with the Paris agreement targets. The program was launched in 2015, with for example BAT- fertilizer and N-sensor in the farming. Now the program is updated with fossil- free tractor driving and flowering zones for biodiversity. Ahead, fossil-free mineral fertilizer can be introduced in the cultivation program, also expanding to from wheat and rye to more crops.#3131 Green Bond Investor Presentation Green Bond Framework ஆசி#32SUSTAINABLE GOALS DEVELOPMENT ZERO 2 HUNGER SSS 7 AFFORDABLE AND CLEAN ENERGY 11 12 RESPONSIBLE LIFE ON LAND 15 CONSUMPTION AND PRODUCTION QO 32 Green Bond Investor Presentation Green Project Categories SUSTAINABLE CITIES AND COMMUNITIES ✓ Renewable Energy ✓ Manufacturing of Eco-Efficient & Circular Economy Adapted Products, Production Technologies & Processes ✓ Sustainable Land Use & Environmental Management ✓ Pollution Prevention and Control ✓ Green & Energy Efficient Buildings#33Renewable Energy Investing in biorefinery with increased circularity The most sustainable ethanol in the world: >90 percent CO2 reduction Investments in bio-materials innovation and the energy sector ✓ Development of recycling business for production of renewable ethanol Investing in bio-heat production Efficient operation and expansion of climate-friendly district heating in central and southern Sweden ✓ Aiming for 100 percent renewable, local fuels in the production (currently 95 percent) 33 Green Bond Investor Presentation TARGET 7-2 AFFIDABLE AND CLEAN ENERGY TARGET 7-A AFFORDABLE AND CLEAN ENERGY INCREASE GLOBAL PERCENTAGE OF RENEWABLE ENERGY PROMOTE ACCESS TO RESEARCH, TECHNOLOGY AND INVESTMENTS IN CLEAN ENERGY e#34Grains Residues A Biorefinery with Big Opportunities from the food industry Lantmännen Agroetanol Cellulose from agriculture and forestry Process stream Future process stream Starch Protein & fibre Carbon dioxide Ethanol Ca 230 000 m3 DDGS Ca 200 000 tonnes Biofuels E85, ED95, Low blend Green chemicals Windshield fluid, brine, stowe fuels Packaging Plastic, barrier materials Feed Cow, pig Feed Chicken, aqua Food Vegetarian protein Carbic Acid Ca 80 000 tonnes Food Industrial applications Greenhouse Tomato cultivation Constantly developing process streams 34 Green Bond Investor Presentation Lokaltrafik i Norrköping BIOGAS 6° BIOGAS CNG Svensk Biogas Östgötska lantbruk DRANK ETANOL Lantmännen Agroetanol SPANNMÁL FODER ANGA KOLDIOXID Handelöverket E.on KOLSYRA AGA AVFALL/BIOBRÄNSLE EL/VÄRME Part of a unique eco-industrial park Norrköping#35Manufacturing of Eco-Efficient & Circular Economy Adapted Products, Production Technologies & Processes ф Investing in product and process development for resource and climate efficiency parts of the value chain ✓ Develop and drive the organic market in all ✓ Ensure responsibly produced soy - 100 percent of total soy imports Cultivation program with up to 30 percent lower climate impact Production of high-performance wheat gluten protein in the biorefinery in Norrköping Research on the oat genome + investment in heat treatment of oats Producing biochar through pyrolysis in district heating plants 35 Green Bond Investor Presentation TARGET 12-5 12 CONSUMPTION RESPONSIBLE TARGET 15-2 15 GN LAND TARGET 15-3 15 LAND LIFE TARGET 15-5 15 ON LAND AND PRODUCTION SUBSTANTIALLY REDUCE WASTE GENERATION END DEFORESTATION AND RESTORE DEGRADED FORESTS END DESERTIFICATION AND RESTORE DEGRADED LAND PROTECT BIODIVERSITY AND NATURAL HABITATS e#36Everybody's Talking About Oats! LUNDS Scan Oats UNIVERSITET Lunds Tekniska Högskola RI. SLU SE THE ORIGINAL ✓ PromOat proatein avenacare Beta Glucan Oat Protein Botanical personal care OAT Lantmännen LY! SWEDISH OATFIBER Researching the oat genome - mapping health and nutritional benefits Investments in heat-treated oats, protein concentrate and beta-glucans 36 Green Bond Investor Presentation#37Sustainable Land Use & Environmental Management 肌 Investing in products and services for farming of the future Halved climate emissions from primary production every decade to reach climate neutrality by 2050 ✓ Sustainable agri-supply: fuel, plant nutrition, plant protection ✓ Promoting biodiversity while ensuring food security for a growing population ✓ 250-300 MSEK invested in research and innovation each year -000 Investing in sustainable land use & environmental management Precision farming, crop rotation, biological plant protection, carbon sequestration... Test farms developing more sustainable techniques and products ✓ Expansion of non-chemically treated seed business, aimed at both organic and conventional cultivation 37 Green Bond Investor Presentation TARGET 2-4 2 ZERO HUNGER TARGET 12-2 12 SSS SUSTAINABLE FOOD PRODUCTION AND RESILIENT AGRICULTURAL PRACTICES SUSTAINABLE MANAGEMENT AND USE OF NATURAL RESOURCES RESPONSIBLE CONSUMPTION AND PRODUCTION 8 TARGET 12-4 12 RESPONSIBLE CONSUMPTION AND PRODUCTION TARGET 15-A 15 LIFE RESPONSIBLE MANAGEMENT OF CHEMICALS AND WASTE INCREASE FINANCIAL RESOURCES TO CONSERVE AND SUSTAINABLY USE ECOSYSTEMS AND BIODIVERSITY e#38Technology and Techniques for the Future DATAVAXT NYA GATAVAXT O Thermo Deed Thermo Cem DECTO OTAL Bjertorp Farm of the Future - 880 hectares for testing the very latest Chemical-free disinfection of seed pathogens by steam pasteurization 38 Green Bond Investor Presentation#3939 Pollution Prevention and Control Green & Energy Efficient Buildings श्री Our biorefinery processes waste bread and starch-rich food into ethanol, animal feed and carbonic avid - creating great benefits for the climate and contributing to Lantmännen's profitability Our real estate business analyzes risks associated with previous land use and possible contaminations - imposing treatments such as removal of harmful substances and soil remediation Lantmännen Fastigheter is one of Sweden's largest real estate companies and manages about 150 properties in 80 locations. The property portfolio is concentrated on locations of Lantmännen's own operations in Sweden and Finland. ✓ Climate change adaptations to secure value long term is part of the continuous improvement and in development of new properties. A number of activities are planned to lower energy use and phase out fossil energy. TARGET 11-6 TARGET 12-2 12 TARGET 12-5 12 AND SUSTAINABLE MANAGEMENT REDUCE THE ENVIRONMENTAL IMPACT OF CITIES AND USE OF NATURAL RESOURCES Green Bond Investor Presentation SUBSTANTIALLY REDUCE WASTE GENERATION 18 TARGET 7-3 DOUBLE THE IMPROVEMENT IN ENERGY EFFICIENCY e#40. • Use of Proceeds Allocation of net proceeds Green Projects will form a portfolio of assets eligible for financing and refinancing by the net proceeds of the Green Bonds Financing and refinancing Green Bond net proceeds can finance both existing and new Green Projects - the distribution is reported in Lantmännen's annual Green Bond Report Exclusions Fossil energy production, nuclear energy generation, weapons and defence, potentially environmentally harmful resource extraction, gambling or tobacco A Lanim 40 Green Bond Investor Presentation#41Green Project Evaluation and Selection The Investment Committee including Director for Sustainable Development will evaluate and select potential projects ESG is integrated in all of Lantmännen's decision- making processes, stated in policies, guidelines and instructions Management of Proceeds Lantmännen will use a Green Register to track that an amount equal to the Green Bond net proceeds is allocated to Green Projects Unallocated Green Bond net proceeds may temporarily be placed in the liquidity reserve and managed accordingly by Lantmännen#4242 External Review An independent verifier appointed by Lantmännen will annually provide a statement assuring management of the net proceeds The annual statement from the independent verifier will be published on Lantmännen's website Green Bond Investor Presentation Impact Reporting Lantmännen will annually and until maturity of the Green Bonds issued, provide investors with a report describing the environmental impact of the Green Projects The impact reporting will be based on the Key Performance Indicators (KPIs) specified in the framework such as GHG emissions reduced#43°C Cicero - Second Opinion *CICERO Medium Green "Lantmännen has excellent climate targets, and was an early-mover on mainstreaming sustainability into operations" Fair Good Excellen °C Cicero rates Lantmännen's green bond framework Medium Green and finds the governance procedures in the framework to be Excellent 43 Green Bond Investor Presentation Lantmännen Lantmännen Green Bond Framework April 2021#4444 Green Bond Investor Presentation Financial Key Figures & Credit Rating ஆசி#45MSEK 14 000 12 000 10 000 8 000 6000 4 000 Net Debt 2017 2018 45 * Bank definition Green Bond Investor Presentation * Solid Financial Key Figures Equity Ratio 50% 45% 40% 35% 30% 2017 2019 2020 2018 2019 2020 45,8% 5 LQ Net Debt/EBITDA * 4 7 844 3 2 1 2017 2018 2019 2020 1,6#46Solid Balance Sheet 100% ■PPE, intangible & 90% associated companies 80% 100% Working capital 90% 10,4 80% 1,0 70% 70% 24,6 Provisions 60% 60% Working capital 50% 40% 30% Financial assets 20% 12,6 46 Green Bond Investor Presentation 50% 18,0 40% ■Equity Members' capital: 3,2 BSEK 30% 20% Debt including 9,9 10% 10% pensions Members' debt: 2,1 0% 0% 1,6 BSEK Assets (BSEK) Equity & Liabilities (BSEK)#47Debt Maturity Profile December 31, 2020 Committed Credit Facilities of SEK 4 213 million Used Amount; 402 MSEK 3 500 Maturity Profile 3.000 2 500 Unutilized Amount; 3 811 2 000 1 359 1 500 1 000 500 Unutilized MTN Program of SEK 3 000 million Average duration debt 3,8 years 47 Green Bond Investor Presentation 1952 <1 Y 1-3 Y Debt 3 151 334 3-5 Y > 5 Y Unutilized Credit Facility#48Credit Rating by Moody's: Baa3 Stable MOODY'S Lantmännen ekonomisk förening Ratings affirmed 15 April 2021 Domicile Sweden Ваа3 Long Term Rating Type Outlook LT Issuer Rating - Dom Curr Stable Credit strengths Stable business model, with positive operating profit and operating cash flow every year since 2006, because of the company's diverse range of businesses with different cycles and drivers • Leading position in the Swedish grain value chain, because the company purchases 50% of the annual harvest from its members, which it turns into feed, food and energy High barriers to entry in the Swedish grain market, given Lantmännen's extensive network of collection points across the country and the strong service offering to its members Largest supplier of flour- and oat-based products to the industry and of breakfast cereals to the retail market in Denmark, Norway and Sweden ⚫ Solidly positioned in the growing European bake-off market, with significant market shares in its markets 48 Green Bond Investor Presentation#49Bond offering Lantmännen Inaugural Green Bond Issuer Lantmännen ek för Issuer rating Baa3 (Moody's, stable outlook) Size 1000 MSEK expected Tenor 5 years expected Interest FRN/FXD Books open 2021-04-20 49 Green Bond Investor Presentation#50Join us on the journey towards "Farming of the Future" Northern Europe's leader within agriculture, machinery, bioenergy and food, with a global presence Strong brand recognition Investing for the future, driving the development in sustainable food and bioenergy systems Long and solid experience with a well- defined strategy • • Fully integrated value chain with stable sales and margins Stable profitability over the cycle and strong resilience to the covid pandemic Baa3 credit rating from Moody's, reflecting the strong balance sheet and financials Green Bond Framework shaded Medium Green by CICERO and with Excellent governance procedures Together we take responsibility from field to fork#51Together we take responsibility from field to fork lantmannen.com Thank You! Lantmännen#52DISCLAIMER IMPORTANT INFORMATION Acceptance of limitations: The information in this presentation (the "Material") is furnished by Lantmännen ek för, Reg. No. 769605-2856 (the "Association") solely for the recipient's information. The Material will be published on the Association's homepage. Other recipients of the Material are determined solely by Danske Bank A/S and Skandinaviska Enskilda Banken AB (publ) (together "the Managers"). By attending a meeting where the Material is presented, or by reading the Material, you agree to be bound by the limitations and notifications described below. Use of the Material: This Material does neither constitute an offer to sell nor a solicitation of an offer to buy any securities, and it does not constitute any form of commitment or recommendation in relation thereto. 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