Investor Presentation

EBITDA development Significant margin expansion primarily driven by streamlining the business and increasing efficiency EURM 4.9% 6.7% 3.2% 5.0% 00 8.2% 8.5% EBITDA BREAKDOWN 8.4% 8.6% 10.9% 7.8% 7.3% 9.8% 71.6 7.4 53.0 43.5 7.7 41.4 2.9 1.8 29.4 64.2 20.6 7.6 45.3 39.6 40.6 7.1 21.8 13.4 2014 2015 2016 2017 2018 LTM Q3-2019 Reported EBITDA ■Items affecting comparability % Reported EBITDA margin % Adjusted EBITDA margin Commentary Strong leverage on indirect costs has been the main driver for EBITDA development and enabled Polygon to maintain adj. EBITDA margins above 8% Transformation of large countries like Germany and US have had a large impact as well as maintaining high performance levels in UK A majority of the countries have contributed to the strong development Note: For LTM calculations please see Reconciliation tables (p. 44-45) Source: Company information FINANCIAL DEVELOPMENT | POLYGON 21

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