INVESTOR

PRESENTATION

TOMRA SYSTEMS ASA

23 October 2017
© TOMRA
THE DAWN OF THE RESOURCE REVOLUTION

THE CHALLENGE: THE OPPORTUNITY:

3 billion more middle-class $2.9 trillion of savings in

consumers expected to be in the 2030 from capturing the resource
global economy by 2030 productivity potential

Up to $1.1 trillion At least $1 trillion

spent annually on resource more investment in the resource
subsidies system needed each year to meet
future resource demands

SOURCE: McKinsey

2
• Our solutions, in use around the
globe, helped keep ~25 millions of
tons of CO₂ from being released into
the atmosphere in 2016

• ~35 bn used beverage containers

are captured every year through
our reverse vending machines

• Our steam peelers process ~15

million tons of potatoes per year
with a 1% yield improvement
over other alternatives

• ~715,000 tons of metal are

recovered every year by our metal-
recycling machines

5
TOMRA IN SHORT

6
CREATING VALUE THROUGH TWO STRONG BUSINESS
AREAS*

2016 Revenue 2016 EBITA

100 % 100 %

~30
~40 • High growth
80 % • High margins 80 % %
% • Medium cyclicality

60 % 60 %

40 % 40 % ~70
~60 • Stable %
% • High margins
• Low cyclicality
20 % 20 %

0% 0%

Collection Sorting Collection Sorting

High technology - sustainable business

* Not including Compac. Consolidation starts 1 February 2017 7

THE TOMRA TRANSFORMATION JOURNEY

2000 2004 2008 2012 2016

FROM: TO:
5% 18 % 36 % 39 %
100%
95 % 61 %
82 % 64 %

Collection Collection Collection Collection

A house of Collection A branded
brands Sorting Sorting Sorting Sorting house

8
TOMRA WORLDWIDE

Head Office

TOMRA Collection Solutions offices (19)

TOMRA Sorting Solutions offices (24)

Compac offices (9)

Production entities (6)

Test centers (13) (TSS)

Food test center Mining test center Recycling test center
Agents/distributors (~60) in Leuven, Belgium in Hamburg, Germany in Koblenz, Germany

9
TOMRA’S TWO BUSINESS AREAS

FOOD* REVERSE VENDING

Share of ‘16 sales ~24% ~47%

Employees 580 1,310

Customers Food growers, packers and processors Grocery retailers
Market share ~25% ~75%

RECYCLING MATERIAL RECOVERY

Share of ‘16 sales ~11% ~15%

Employees 175 500

Customers Material recovery facilities, scrap dealers, metal shredder operators Grocery retailers and beverage manufacturers

Market share ~55-65% ~60% in USA (markets served)

MINING

Share of ‘16 sales ~3%

Employees 60

Customers Mining companies

Market share ~40-60%

TOMRA SORTING GROUP FUNCTIONS & SHARED STAFF

Employees 140

* Not including Compac 10

TOMRA INSTALLED BASE

REVERSE VENDING RECYCLING MINING FOOD*

Nordic ~15,300 EMEA ~3,500 Europe ~10 EMEA ~2,900

Germany ~29,500 Americas ~700 US / Canada ~30 Americas ~2,700
Other Europe ~14,200 Asia ~600 Australia ~5 Asia ~600
North America ~15,900 Other ~20 South Africa ~25
Rest of the world ~3,500 Other ~30

TOTAL ~78,400 TOTAL ~4,820 TOTAL ~100 TOTAL ~6,200

Not including machines sold on OEM agreements.

2016 recount of TSS portfolio
* Not including Compac, with ~5.500 lanes, installed at ~1.000 customers 11
USING THE POWER OF BUSINESS TO DO GOOD

ETHICAL INCREASING
EMPLOYEES BEHAVIOUR ENVIRONMENT CUSTOMER VALUE

77% of our Member of UN We contribute to Productivity

employees say Global Compact avoided emissions of Revenues
TOMRA is a “Great since end 2009 about ~25 mill tons
Place to Work” CO2 annually (2016) Quality
Implementing
(2015) ethical policies
worldwide

12
TOMRA IN DEPTH

13
TOMRA Collection Solutions

14
REVERSE VENDING ADVANTAGES

15
RECYCLING OF BEVERAGE PACKAGING IN
A DEPOSIT SYSTEM

16
ELEMENTS OF A MODERN REVERSE VENDING SYSTEM

User communication Recognition system

Sorting & processing Data administration

17
THE USED BEVERAGE CONTAINER RECYCLING
VALUE CHAIN
Generic used beverage container (UBC) recycling value chain

RVM-based UBC recycling value chain

RVM SERVICE/ DATA ADMIN/ MATERIAL MATERIAL MATERIAL MATERIAL

TECHNOLOGY SUPPORT CLEARING PICK-UP PROCESSING BROKERAGE RECYCLING

18
T-9: THE FIRST OF A NEW GENERATION OF MACHINES
• In fourth quarter 2013, TOMRA presented the
first machine of the new generation of
machines to come

• T-9 features the first 360 degree recognition

system applied in an RVM and a completely
new industrial design

• The machine is faster, cleaner and takes all

types of beverage containers

• The launch has been successful

— Several machines already installed in
core markets
— Key product for replacement sale in
e.g. Germany

• 2014 installations: ~1,200 machines

• 2015 installations: ~4,000 machines
• 2016 installations: ~4,600 machines

TOMRA is setting the standard for reverse

vending for the next decade

19
A COMPLETE TRANSFORMATION OF THE
PRODUCT PORTFOLIO IN PROGRESS
2012 Portfolio

2017 Portfolio

20
 CURRENT DEPOSIT MARKETS*
Northwest
Territories (2005)
Quebec Sweden
(1984) Norway (1984)

Yukon (1992) (1999)

Finland
Iceland (1996)
(1989)
Newfoundland
Ontario (1997) Denmark Estonia
(2007) (2002) (2005)
British Columbia
(1970)
Prince Edwardian Lithuania
Netherlands (2016)
Island (2008)
(2005)
Nova Scotia
Alberta (1972) (1996)
New Brunswick Germany
Saskatchewan Manitoba (1992)
(2006)
Croatia
(1988) (2008) (2006/2015)

Vermont (1973)
New York
Iowa (1979) (1983/2010)
Michigan Northern Territory
Maine (1978) (2013)
(1978)
Oregon
(1972)
Massachusetts
(1983)

Connecticut
(1980/2010)

California
(1987)

New South Wales

South Australia (Dec 2017)
(1977)

Hawaii (2005)

* In addition, TOMRA has some activity in markets with refillable deposit systems like: Austria, Belgium, Chile, Czech Republic, France, Hungary,
21
Poland and South Korea
COMPETITIVE LANDSCAPE

>75,000

10,000-
70,000
# of installed RVM

5,000-
10,000

500-
5,000

KANSMACKER
MAX COMPACTION
<500 INCOM
RVM TECH
DIGI

1-10 11-20 22-30 31-40 >40

Number of RVM markets

Annual revenue
from RVM sales

Source: TOMRA estimates and analysis

22
RVM: OUR STRATEGY 2013 -2018

Defend and nurture core • Increase differentiation towards competition

1
deposit market business • Further reduce the cost of reverse vending systems

• Increase scope of existing deposit markets

Ensure continued relevance
2 • Assist in developing new deposit markets
of deposit systems

Embrace new business • Capture new volume by entering new segments

3
models • Create new revenue streams from Software/IT

4 Expand scope of business • Target new material streams

23
A NEW SOURCING SETUP IS THE MAIN DRIVER
FOR ACHIEVED COGS SAVINGS
COGS distribution by region (sourcing)
Percent of total

100%

90%

80% 42% 40% 40%

47% 47%
70% 60%

60% 80%

50% 20%
25%
26%
40% 29% 28%

30% 23%
20% 40%
32% 35%
15% 24% 25%
10% 17%
5%
0%
2009 2011 2012 2013 2014 2015 2016

Asia East Europe Rest of the World

Source: TOMRA analysis

24
ENSURE CONTINUED RELEVANCE OF AUTOMATED
DEPOSIT SYSTEMS

Handling method for deposit containers Share of containers sold with deposit
Percent of total Percent of total

15 %
40 %

60 %

85 %

Handled with RVS Containers sold with deposit

Handled manually Containers sold without deposit

Source: TOMRA analysis, for illustration purposes only 25

ENTER NEW SEGMENTS
Depot segment
>200,000 opportunity

50,000- TOMRA’s current

200,000
sweet spot
Price (EUR)

10,000-
50,000

3,000-
5,000

Small stores Hypermarkets, C&C Large depots,

Discounters/Supermarkets
RCs, small depots etc. counting centers

0.1 -0.3 M UBC/year 0.3 -1 M UBC/year 1-3 M UBC/year 3-5 M UBC/year 5 -15 M UBC/year 15 -50 M UBC/year

Container volume

26
CREATE NEW REVENUE STREAMS FROM SW/IT
TOMRAPlus TOMRA ReAct/PANTO

Integrating hardware and software into attractive and engaging combos

27
 TOMRA MACHINES INSTALLED IN THE GERMAN MARKET
GERMANY REPLACEMENT UPDATE

9 months 2017
PER YEAR
2700 – 3700 MACHINES

28
POTENTIAL NEW DEPOSIT MARKETS

Recently approved
Nearly approved
In progress

North America:
Possible expansion of Scotland:
deposit system in Commitment to a Container
Quebec Deposit Scheme announced in
party program

Australia
NSW to introduce deposit
from December 2017.
QLD might follow in 2018
and Western Australia in
Spain: 2019
Regional initiatives
ongoing

29
COLLECTION SOLUTIONS –
FINANCIAL DASHBOARD
Material Material
RVM RVM
Recovery Recovery
Dashboard
Industry growth

Market share
0-10% 0-3% 75% 60%

Geographical
Recurring

diversity
revenue

~75% 90-100% 20-30 markets 10 markets

Profitability

Cyclicality
(ROCE)*

30-40% ~15% Low Low

TARGETS 2013 -2018

Yearly growth 4 – 8%
EBITA-margin 18% – 23%

* Ex goodwill
30
TOMRA Sorting Solutions

31
STRONG REVENUE GROWTH SINCE INCEPTION IN 1996

Revenue development and key milestones

MNOK
• Total revenue growth
BEST 2,545 (organic plus inorganic) CAGR
acquired
of ~30% per year from 2004-
Odenberg
2016
acquired
— Average annual organic
growth for the same
Ultrasort period was ~17%
acquired

• Technology base and

CommoDas segment/application
Real Vision acquired
Systems knowledge expanded both
acquired
through acquisitions and in-
TITECH
TITECH acquired by house ventures
Visionsort AS TOMRA
established

114
4

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

32
SORTING VALUE PROPOSITION

33
 HOW DOES SENSOR BASED SEPARATION WORK?
• High-tech sensors to identify objects
• High speed processing of information (material, shape, size, color, defect, damage and location of objects)
• Precise sorting by air jets or mechanical fingers
• Product specific equipment design often including multiple technologies to maximize sorting efficiency

High-tech sensors to identify objects

Feeding of
unsorted material

High-speed processing of information

(material, shape, size, color, defect, damage
and location of objects)

34
ADOPTION OF SENSOR-BASED SORTING AT DIFFERENT
MATURITY LEVELS

Maturity/
industry
adoption

FOOD

RECYCLING

MINING*

Time

* In certain mining sub-segments, such as industrial minerals and diamonds, sensor-based sorting is a more mature technology

35
A COMMON SENSOR BASED TECHNOLOGY PORTFOLIO

Sensor/ Material Property Segment

[m] Technology
Gamma- 10-12 RM (Radiometric) Natural Gamma Radiation Mining
radiation
10-11
10-10 XRT (X-ray transmission) Atomic Density Recycling, Mining, Food
Low Energy X-ray
X-ray 10-9
10-8 XRF X ray fluorescence (Elemental Recycling, Mining
Ultraviolett (UV) 10-7 Spectroscopy)
10-6 COLOR (CCD Color Camera) Reflection, Absorption, Recycling, Mining, Food
Visible light (VIS)
10-5 Transmission
10-4
Near Infrared (NIR) Laser attenuation and Monochromatic Reflection / Mining, Food
10-3 PM (Photometric) Absorption of Laser Light
Infrared (IR)
10-2 Scattering analysis of Laser Light
Microwaves 10-1 NIR / MIR (Near/Medium Reflection, Absorption Recycling, Mining, Food
Infrared Spectrometry) (Molecular Spectroscopy)
101
LIBS Laser induced breakdown Recycling, Mining
Radio waves 102 spectroscopy
103
Alternating current EM (Electro- Conductivity, Recycling, Mining, Food
104
(AC) Magnetic sensor) permeability

36
OUR PRODUCTS IS SERVING A WIDE RANGE OF
DETECTION PARAMETERS

Color Shape & Size

Removal of discolorations in mono- Sort on length, width, diameter, area,
and mixed-color material broken-piece recognition, …

Blemishes Biometric Characteristics

Objects with spots or other (small) Sort based on water content and
blemishes are removed removal of micotoxyn contaminations

Defects Foreign Material

Removal of foreign material in a
Removal of visible and invisible small
material stream, e.g. insects, worms,
and substantial defects
snails or plastics in food applications

Structure Fluo
Removal of soft, molded or rotten Based on the chlorophyll level present
food in produce defects are removed

Density X-RAY
Analysis of objects based on their
Detection of density differences
density and shape
Visible

Damage Detox Invisible

Broken, split and damaged objects are Removal of produce contaminated
detected and removed with aflatoxin Both

37
CROSS UTILIZING OUR PORTFOLIO TECHNOLOGIES

TITECH NIR + ODENBERG
platform
Field Potato Sorter
• The NIR technology allows
efficient removal of rocks,
dirt and rotten potatoes
before the potatoes are
stored
• The solution opens up
sorting of unwashed
potatoes in a way that
previously was not possible
BEST LASER + TOMRA TITECH NIR + BEST LASER
mining platform
PRO Laser Duo Nimbus BSI
• The LASER technology • An NIR sensor has been added
allows detection of quartz to the NIMBUS machine
of all colors. This opens for platform
sorting of quartz itself, and
gold bearing quartz • The new machine increases
mineralization our competitiveness in the
nuts segment
• The solution is unique in
the market and further
underlines our
technological leadership

Several more projects on combining technologies into new products in the pipeline

38
SORTING UNWASHED POTATOES: WORKING PRINCIPLE

• The Field Potato Sorter is ODENBERG’s first venture

into the unwashed potato market

• The machine uses unique near infra-red technology

to remove soil clods, stones and rotten potatoes, in
addition to the foreign material commonly found in
fields such as golf balls, plastics, wood etc

• The FPS sorter should be used after a soil remover

and is designed to fit existing grading equipment or
be used as a standalone unit and can operate on
harvested potato crop before and after storage

• The system also provides online potato size data for

logging, plus sorter operating information

39
MARKET SIZE AND POTENTIAL
Total annual market size
Market growth
EUR million
• Market expected to grow at rate of
around 7-9% per year
~1 320 • A large part of growth from unlocking
of dormant potential – only possible by
developing new applications and
technologies
• Some growth in “old world”, but faster
~910 growth in “new world”

1 100 Food

Mining
770

Recycling

40
20
180
120

2013 2018
Source: TOMRA estimates and analysis
* Market size for food includes peeling, meat/process analytics, virgin materials and tobacco.

40
SORTING SOLUTIONS: OUR STRATEGY
Food Recycling Mining

More than doubling of emerging markets revenue (but North America and Europe still 60%
of business in 2018)
New applications representing Significant expansion of sales
1 Revenue growth 25% of revenue in 2018
15 M€ growth in new segments
network
of 10-15% over
New segments representing Succeed in high volume
the period 50% growth in service revenue
10% of revenue in 2018 segments
Grow with existing customers
and double service revenue

Common sorting platform for all new product developments

Extend
2 technology Cross-utilization of sensor portfolio, e.g. NIR/BSI in food and laser in mining
leadership
Extend current leadership in core NIR and laser technologies, and develop new cutting edge sensors

Design changes, economies of scale and purchasing power to lower COGS

Improve Consolidation of manufacturing and sourcing; increased sourcing from low cost countries
3
operational
efficiency Streamlining of organization and processes to take out synergies across business units

Target to grow profits at several percentage points faster than revenue

41
BACKLOG DEVELOPMENT AND MOMENTUM

TOMRA Sorting Solutions (TSS) without Compac:

• Delivered order intake of 724 MNOK in the quarter, compared
to 613 MNOK same quarter last year, up 22% currency adjusted
• Revenues came in at 673 MNOK (up from 636 MNOK in 3Q16)
• All time high order backlog of 924 MNOK, up from 793 MNOK at
the end of September 2016

Compac
• Reported revenues of 158 MNOK in the quarter and finished the
quarter with a backlog of 302 MNOK

• Estimated backlog conversion ratio in 4Q17, including Compac:

75%-80%*

* Based upon current production and delivery plans, the revenues in 4Q17 are estimated to be approximately 75%-80% of order backlog at the end of 3Q17 42
FINANCIAL DASHBOARD –
SORTING SOLUTIONS
Dashboard Food Recycling Mining
Industry

Market share
Growth

5-15%
40-50 %⁽ⁱ⁾ 55-65 % 40-50 %

Recurring

Geographical
revenue

diversity
15-20%
45-50 markets 40-50 markets 45-50 markets

Profitability
(ROCE)*

45-55% Cyclicality Medium High High

TARGETS 2013 -2018

Yearly organic growth 10-15%
Geographical expansion
EBITA-margin 18-23%
(i) In markets served. Total food sorting (incl. rice and lane sorting*) 12-15%

* Ex goodwill
43
44
GROWTH IN GLOBAL FOOD DEMAND WILL SPUR
INVESTMENTS IN AUTOMATION
Drivers and trends
• Increasing food consumption in emerging
markets, more mid-class consumers
• Industry focus on increased productivity and
reducing costs through automation & quality
control
• Higher quality demands from the consumers
• Stricter regulations from governments
concerning food safety , health & traceability
• Shift towards packaged convenience food and
fast food
• Risk of claims & recalls
— Social media snowball effect (Twitter,
Facebook, etc.)
• Globalization of brands and sourcing set up
• Scarcity & expense of (seasonal) manual labor
• Consolidation in the retail and processing
sectors
• Adoption of technology in emerging markets

45
MARKET SIZE FOOD SORTING*
Total annual market size Market growth
EUR million • Total market for food sorting growing around 6-
8% per year
• Approximately a third of total growth is dormant
potential

~1 100 — only unlocked by development of new

applications and technologies
• New world share grows but the two old world
~770 champions (Europe & Americas) remain strong
Expected development in geographical revenue
contribution

2018
31 %
35 %
26 %
43 %
2013

31 %

2013 2018
34 %
* Market sizes shown include peeling, meat/process analytics, virgin
ROW US EUR
materials and tobacco.

46
WE ARE UNIQUELY POSITIONED TO SERVE THE ENTIRE
VALUE CHAIN WITH OUR PRODUCT PLATFORM

Sales of potato-related products account for about 25% of the sales in the food division

47
INTRODUCTION TO COMPAC (ANNOUNCED 12.10.16)
Introduction Spectrim: Compac’s latest sorter
• Compac is a New Zealand-based provider of post-harvest solutions • The sorter was launched in 2015
and services to the global fresh produce industry • Represents an unmatched capability of external defect
• Founded in 1984 by Hamish Kennedy with HQ in Auckland NZ and detection and an advanced 3D imaging and modelling
has around 700 employees • For sorting of apples, citrus, stone fruit and kiwi fruit
• Compac has a leading position within sorting of apples, kiwifruit, • Uniform lighting that minimizes shadows and
cherries, citrus, stonefruit, avocados and tomatoes reflections
• The company designs, manufactures, sells and services packhouse • Sensors and cameras generate up to 500 images of
automation systems that sort produce based on their weight, size, every piece of produce, creating an accurate 3D model
shape, colour, surface blemishes and internal quality of each fruit
• Fruit handling equipment singulates fruits into lanes, in-feeds (wash • Three different wavelengths that can be configured to
and wax), inspects, sorts/grades and partly packages target specific defects: color, blemishes, bruising
• About 6,000 Compac sorting lanes have been sold worldwide in over
40 markets

Key Financials (NZDm)¹

175 12%
152
155 10%
135
105 8%
115
95 6%
75
75 62 4%
55
2%
35
7 8 3 0%
15
-1
-5 -2%
FY13 FY14 FY15 FY16

Revenues EBITDA EBITDA margin%

(1) Compac’s fiscal year ends 30th of June. FY16 is equal to the period 1 July 15 to 30th of June 16 . FY13 and FY14 extracted from financial statements. FY15 and FY16
48
is management accounts, adjusted for one-off income and expenses. Not harmonised with TOMRA accounting principles
TRANSACTION RATIONALE ELABORATED
• Lane sorting is a fast-growing adjacent segment with a ~8% historical CAGR and strong future outlook
Attractive • Key market trends drive further growth, especially in the developing markets as a substitute for manual labor
Market as we see wages increase
• The industry is yet to mature and fully industrialize

Complimentary • Geographic expansion: Utilizing the different footprint and strengths in certain markets
geographical
• Stronger in China together
footprint

Application fit • TOMRA is currently present in processed fruit and vegetables, Compac serves as a “natural” expansion also
expansion into fresh fruit

• Lane and Bulk Sorting cater to same client needs, but offers complimentary functionality
Confirming our
• Possibility to create a comprehensive Food Sorting solution provider
leading position in
food • First mover advantage in combining Lane and Belt sorting: TOMRA to be the first company, which is active in
all technology platforms used for sensor-based sorting of Food

• Potential in data capability, IoT and solution development

• Combine current offering: Bulk presorter in front of lanes
Mutual benefits
• Potato business: Utilizing TSS strength in potatoes and the upcoming demand for sizing
• Complimentary fit within food traceability and food safety (emerging demand)

• Strong potential. Ongoing and planned business improvement initiatives and funding to get in shape
• Strong brand name, recognized as the technology leader (Spectrim)
Why Compac
• Established complimentary footprint in the US, NZ, Australia and Latin America
• Good platform for growth

49
TOMRA HAS THE BROADEST FOOTPRINT WITHIN THE
FOOD SORTING UNIVERSE
A B C
Free fall Belt Lane

SK NDF PFV Fresh

Rice, Seeds & Nuts & Processed Fruit, Vegetables and Potatoes
Kernels Dried Fruit Fruits & Veg

Circa 40%* of annual global Circa 30%* of annual global Circa 25%* of annual
sorter sales revenue sorter sales revenue global sorter sales revenue

CURRENT FOCUS M&A

BELT CHUTE LANE/MULTI-DROP

BULK SORTING SINGULATED SORTING

*Approximately 5% of annual global sorter sales revenue comes from other segments, like confectionary
50
THREE WAYS OF SORTING WITHIN THE FOOD SEGMENT

Free fall (Channel / Chute)

Free fall Application Seeds, rice, grains

60 % Companies Buhler, Key, Best,

Satake, Daewon, Hefei,

A Sensor tech.
Orange
Camera (simple)

B Belt

Belt Application Prepared /preserved

veg. and fruit
20 %
Companies Best, Key, Odenberg,
Raytec
Sensor tech. Several (complex)

Lane
Application Fresh produce
Lane
20 %
C Companies MAF, Aweta, Greefa,
Compac
Sensor tech. Several (medium)

Note: Piechart showing estimated total revenue within the food sorting segment

51
FOOD COMPETITIVE LANDSCAPE

A
>3,000
B
TOMRA competitive positioning
• Size (revenues)
# of installed machines

• Widest range of applications

(150+)
1,000-
3,000 • Broadest technology base
• Geographic reach (~80 countries)
• Market share in targeted segments
• Transformative solutions (Q-Vision)
• Market share: 40-50% in markets
served*
0-1,000

10-25
markets
25-50
markets
>50
markets
C
Revenue from sensor- Geographic presence
based sorting and
related peripherals

Source: TOMRA estimates and analysis

* Total Food sorting (also including rice and lane sorting): 12-15%

52
OUR BROAD COVERAGE AND TECHNOLOGY BASE IS
SETTING US APART IN BULK SORTING

DRIED FRUIT NUTS FRESH CUT FRUIT VEGETABLES MEAT POTATOES SEAFOOD

• Apricots • Almonds • Baby • Apples • Beans • Bacon bits • Washed • Mussels

FOOD
• Craisins • Cashews leaves • Blackberries • Beet • Beef • French fries • Scallops
• Figs • Hazelnuts • Iceberg • Blueberries • Broccoli • IQF meat • Unpeeled • Shrimps
• Prunes • Macadamias lettuce • Cherries • Carrots • Pork • Peeled
• Raisins • Peanuts • Spinach • Citrus • Corn • Pork rind • Potato chips
• Pecans • Spring mix • Cranberries • Cucumbers • Specialty
• Pistachios • Peaches & • IQF products
• Seeds pears vegetables • Sweet
• Walnuts • Raspberries • Jalapenos/
• Strawberries Peppers
• Tomatoes • Onions
• Peas
• Pickles
SENSOR LASER LASER LASER LASER LASER LASER LASER LASER
TECHNOLOGY NIR CAMERA CAMERA CAMERA CAMERA CAMERA CAMERA CAMERA
VIS X-RAY NIR NIR NIR NIR NIR
X-RAY VIS VIS VIS VIS
X-RAY

53
OUR FOOD CUSTOMERS

54
REDUCING COMPLEXITY: MERGING PLATFORMS FOR
OUR NEXT GENERATION MACHINES
High-Level Product Roadmap FOOD (Illustrative)

Simplification of Product Landscape

PRODUCT 1
PRODUCT 2
NEXT GENERATION

PRODUCT 3
PRODUCT 4
NEXT GENERATION

PRODUCT 5
NEXT GENERATION

PRODUCT 6

PRODUCT 7
PRODUCT 8 PRODUCT 1 NEXT GENERATION

PRODUCT 9
PRODUCT 10

PRODUCT 11 NEXT GENERATION

PRODUCT 12
PRODUCT 13 NEXT GENERATION

PRODUCT 14
NEXT GENERATION

14 platforms today will be reduced to 6 platforms over the next five years

55
56
GLOBAL DRIVERS FOR THE RECYCLING SEGMENT

Drivers and trends

• Consumption and industry production level
increase
• Favorable changes in regulatory framework
(DSD, WEEE, ELV, etc)
• Commodity price levels and fluctuation
• Access to financing
• Demand for recycled raw materials
• Increasing labor costs in emerging world drive
adoption of automatic sorting technologies
• Some countries in Western Europe partly
saturated
• Pre-sorted (plastics) still door opener in new
markets
• Municipal Solid Waste (MSW) important in
emerging countries
• More aggressive pricing from competitors
affect market

57
ONLY A FRACTION OF THE WASTE VOLUME IS
HANDLED BY SENSOR BASED SORTING
Sensor based sorting is competing with different technologies

Landfill Incineration Separate Collection

Scavengers Hand Sorting

58
LEGISLATIVE FRAMEWORK - PROMOTING RECYCLING
Description Target
• Recycling and reuse of municipal
• Rules on the production, marketing, use, recycling and refilling
waste: 70% by 2030
of containers of liquids for human consumption and on the
• Recycling and reuse of packaging
Packaging disposal of used containers
waste: 80% by 2030
Directive • Phasing out landfilling by 2025 of
• 2014 review included new targets
recyclable waste in non
• 2015 revision includes lightweight plastic carrier bags
hazardous landfills

• Collection, recycling and recovery targets for all types of

Waste Electrical electrical goods • The overall aim is for the EU to
• 10 categories: Large household appliances, Small household recycle at least 85% of electrical
and Electronic
appliances, IT and telco equipment, Consumer equipment, and electronics waste equipment
Equipment Lighting equipment, Electrical and electronic tools, Toys, Leisure by 2016
(WEEE) Directive and sports equipment, Medical devices, Monitoring and control
instruments, Automatic dispensers

• The objective of the Directive is to prevent or reduce as far as

possible negative effects on the environment • Amount of biodegradable
Landfill municipal waste reduced to 50%
Directive • In particular: surface water, groundwater, soil, air, and on in 2009 and to 35% in 2016
human health from the landfilling of waste by introducing (compared to 1995 levels)
stringent technical requirements for waste and landfills.

End of Life • Aims at reduction of waste arising from end-of-life vehicles

• Reuse and recycling: 85%
Vehicle • The scope of the directive is limited to passenger cars and light • Reuse and recovery: 95%
(ELV) Directive commercial vehicles

Source: www.ec.europa.eu, www.Eurometrec.org, wastemanagementworld.com,

59
MARKET SIZE RECYCLING

Total annual market size Market growth

EUR million • Market expected to grow at around 7-9%
per year, lower than previous
expectations due to economic slowdown

• Demand in old world flattening, while

new markets expected to drive growth

• Existing segments will serve as a base,

whilst the majority of growth will come
from:
180
— New geographies
120 — New applications
— New products

2013 2018

60
RECYCLING: APPLICATIONS AND SENSOR TECHNOLOGY

HOUSEHOLD AUTOMOBILE ELECTRONIC

WASTE PACKAGING C&D SHREDDER SCRAP

MATERIAL • Hard plastics • Plastics • Inert material • NF metal • Printed circuit

• Plastic film • Plastic film • Plastic film • Stainless steel boards
• Mixed paper • Cardboard • Metals • Copper cables • Non-ferrous metal
concentrates
• RDF • Mixed paper • Wood • Copper
• Metals • Deinking paper • Paper & • Brass • Cables
• Organics/ • Metal Cardboard • Aluminum • Copper
Biomass • Plastics • Meatball sorting • Brass
• Stainless steel
• Meatball sorting
SENSOR NIR NIR NIR NIR XRT
TECHNOLOGY EM VIS VIS VIS EM
VIS EM XRT XRT NIR
XRT EM EM COLOR
COLOR XRF
XRF

Mixed paper PE/PP flakes Cleaned wood Copper Wire Brass

61
AUTOMATED WITH TOMRA SORTING UNITS

NIR for packaging waste Baler

Focus on the PET stream

PP Mixed Paper cleaning

PE Colored

PE Natural ONP Cleaning

PET

Manual sorting for oversize materials

Sorting of Municipal Solid Waste, Cyprus

Packaging ONP Double Deck Screen

Ballistics (removing films) Input

62
SENSOR-BASED TECHNOLOGY CREATES VALUE IN
VARIOUS PARTS OF A RECYCLING PROCESS

Life cycle of Steel from End-of-life vehicles

Cars in use
Export of second-hand cars

Shredded material will get recovered and

upgraded by our sorters
(FINDER, COMBISENSE, X-TRACT)

Collection of cars and various scrap

Copper
Producer

Aluminum
Producer

Brass
Products from
Producer
sorting process

Stainless Steel
Producer

New cars

Production facility cars Steel mill

63
RECYCLING COMPETITIVE LANDSCAPE

>3,000

TOMRA competitive positioning

# of installed machines

• Largest installed base

• Highest revenues
1,000-
3,000 • Broadest technology platform
• Highest number of applications and
markets served
• Leading brand
• Market share: 55-65%
0-1,000

10-25 25-50 >50

markets markets markets

Revenue from sensor-

based sorting Geographic presence
Source: TOMRA estimates and analysis

64
65
GLOBAL DRIVERS FOR THE MINING SEGMENT

• Energy costs and water stress are major drivers

• Demand of all commodities is expected to grow with

increased population and urbanization in the drivers
seat

• Increasing labor costs in emerging world drive

adoption of automatic sorting technologies

• Mining companies capex impact the investment

sentiment

• Sensor based sorting is considered to be a future

solution

- Hardest competition comes from alternative well

proven technologies

66
MARKET SIZE MINING

Total annual market size Market growth

EUR million • Capex has declined recent years
• Sensor based machines sales expected to
grow at around 15% per year
— Growth is however conditional on
new applications and technologies
being developed
• Sensor based sorting is still a technology to
be accepted and growth in this niche has
40 been limited in recent years

20

2013 2018

67
MINING: APPLICATIONS AND SENSOR TECHNOLOGY

INDUSTRIAL BASE & FUEL/ PRECIOUS DIAMONDS

MINERALS Fe METALS ENERGY METALS & GEMS METAL SLAG

• Calcite •Copper • Coal • Gold • Diamonds • Stainless steel

COMMODITY
• Quarts • Zinc • Uranium • Platinum • Tanzanite • Copper
• Feldspar • Nickel • Colored • Chrome
• Magnesite • Tungsten gemstones
• Talcum • Iron
• Dolomite • Manganese
• Salt • Chromite

SENSOR COLOR XRT XRT XRT COLOR XRT

TECHNOLOGY XRT COLOR RM COLOR XRT XRF
NIR EM XRF XRF EM
XRF NIR NIR NIR

Calcite Copper Coal Gold Diamonds Ferro Silica Slag

68
THE CONCEPT OF SENSOR-BASED SORTING IN MINING
Mining process: Mining process:
Industrial minerals Metal mining

Run of Mine (ROM) Run of Mine (ROM)

Primary Crushing Primary Crushing

Secondary Crushing Sensor Based Sorting

Waste
Sensor Based Sorting • 15% to 50% of the ROM
Beneficiation Plant:
can be rejected in an early Milling
Waste
stage of the process Screening
(application dependent) DMS
Flotation
• These low grade waste Tailings
Product rocks don’t need to be (fines)

transported, crushed,
grinded or further treated
Product

Current segment Potential new segment

69
 MINING COMPETITIVE LANDSCAPE

>200

TOMRA competitive positioning

# of installed machines

• Wide geographical coverage

• Broadest technology platform
50-200
• Leading brand
• Market share: 40-50%

0-50

10-25 25-50 >50

markets markets markets

Revenue from sensor-

based sorting Geographic presence
Source: TOMRA estimates and analysis

70
Historical financial performance

71
KEY FINANCIALS DEVELOPMENT
Revenues Gross Contribution and margin

7 000 3 000 50%

45%
6 000 2 500 40%
5 000 35%
2 000
4 000 30%
MNOK

MNOK
1 500 25%
3 000 20%
1 000 15%
2 000
500 10%
1 000
5%
0 0 0%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

EBITA and margin Earnings per share

1 200 20% 5,00

18% 4,50
1 000 16% 4,00
14% 3,50

NOK per share

800
12% 3,00
MNOK

600 10% 2,50

8% 2,00
400 6% 1,50
200 4% 1,00
2% 0,50
0 0% 0,00
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
EPS from continued operations, excluding other items

72
FINANCIAL HIGHLIGHTS
BALANCE SHEET, CASH FLOW AND CAPITAL STRUCTURE

30 Sep 30 Sep 31 Dec

Amounts in NOK million 2017 2016 2016

ASSETS 8,214 7,206 7,115

• Intangible non-current assets 3,313 2,745 2,750

• Tangible non-current assets 849 755 801

• Financial non-current assets 307 322 342

• Inventory 1,204 1,235 1,127

• Receivables 2,067 1,815 1,696

• Cash and cash equivalents 474 334 399

LIABILITIES AND EQUITY 8,214 7,206 7,115 Ordinary cashflow from operations
• Equity 4,326 3,925 4,192
• 375 MNOK (348 MNOK in 3Q 2016)

• Minority interest 175 173 178 Solidity

• Interest bearing liabilities 1,214 980 760 • 53% equity

• Non-interest bearing 2,499 2,128 1,985

• NIBD/EBITDA = 0.6x (Rolling 12 months)
liabilities

73
CURRENCY

+0.6%*

Negative
impact from
USD in 3Q17
vs 3Q16

-4.3%*

3Q16 4Q16 1Q17 2Q17 3Q17

*Average rate 3Q17 vs 3Q16

Revenues and expenses per currency; NOTE: Rounded figures

EUR* USD NOK NZD OTHER TOTAL

Revenues 45 % 45 % 0% 0% 10 % 100 %

Expenses 40 % 30 % 5% 5% 20 % 100 %

EBITA 50 % 100 % - 20 % - 20 % -10 % 100 %

* EUR includes DKK

74
CURRENCY EXPOSURE

Revenues and expenses per currency; NOTE: Rounded figures

* EUR includes DKK

10% change in NOK towards other currencies will impact;

Revenues Expenses EBITA

EUR* 4.5% 4.0% 5.0% HEDGING POLICY

• TOMRA hedges B/S items that will have
USD 4.5% 3.0% 10.0%
P/L impact on currency fluctuations
NZD 0.0% 0.5% -2.0% • TOMRA can hedge up to one year of
future predicted cash flows. Gains and
OTHER 1.0% 2.0% -1.0%
losses on these hedges are recorded in
ALL 10.0% 9.5% 12.0% the finance line, not influencing EBITA
* EUR includes DKK

75
COLLECTION SOLUTIONS –
SEGMENT FINANCIALS
Revenue development Gross and EBITA margin development
NOK million Percent

4500 50
44
4000 45 41 42 42 42 42 41
39 40 40
3500 40
35
3000
30
2500
25
2000 19 20 21 20 20 20 21
20 16
1500 14 14
15
1000 10
500 5
0 0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

1Q 2Q 3Q 4Q Full year GM EBITA

76
SORTING SOLUTIONS –
SEGMENT FINANCIALS

Revenue development Gross and EBITA margin development

NOK million Percent

2500 70 64
62 62
58
60 54
2000 51
50 45 45 45 45
1500
40

28
30 26
1000 22
17 18 17
20
13
500 11 11 12
10

0 0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

1Q 2Q 3Q 4Q Full year GM EBITA

77
TOMRA SHAREHOLDER STRUCTURE

Top 10 shareholders as of 4th of October 2017 Shareholders by country

1 Investment AB Latour 39 000 000 26.3%

2 Folketrygdfondet 8 679 393 5.9% 8%

6%
3 The Bank of New York BNYM, Stichting Dep 7 845 000 5.3% (NOM)
6%
37%
4 Skandinaviska Enskilda SEB AS, UCITS V 4 775 557 3.2% (NOM)
7%
5 Goldman Sachs & Co 4 247 510 2.9% (NOM)
10%
6 Clearstream Banking 2 969 622 2.0% (NOM)

7 ODIN Norge 2 280 188 1.5% 26%

8 Danske invest Norske C/O Danske Capital A 2 190 530 1.6% (NOM)
Sweden Norway USA
9 Nordea Nordic Small 2 149 276 1.5%
Great Britain Netherlands Luxembourg
10 SEB Sverigefond SMAB 2 042 250 1.4% Others
Sum Top 10 76 179 346 51.5%

Other shareholders 71 840 732 48.5%

TOTAL (5,781 shareholders) 148 020 078 100.0%

Source: VPS

78
DISCLAIMER

Copyright
The material in this Document (which may be a presentation, video, brochure or other material), hereafter called Document , including
copy, photographs, drawings and other images, remains the property of TOMRA Systems ASA or third party contributors where
appropriate. No part of this Document may be reproduced or used in any form without express written prior permission from TOMRA
Systems ASA and applicable acknowledgements. No trademark, copyright or other notice shall be altered or removed from any
reproduction

Disclaimer
This Document (which may be a presentation, video, brochure or other material), hereafter called Document, may include and be based
on, inter alia, forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to
differ. The content of this Document may be based on current expectations, estimates and projections about global economic conditions,
including the economic conditions of the regions and industries that are major markets for TOMRA Systems ASA and its subsidiaries and
affiliates. These expectations, estimates and projections are generally identifiable by statements containing words such as “expects”,
“believes”, “estimates” or similar expressions, if not part of what could be clearly characterized as a demonstration case. Important
factors that could cause actual results to differ materially from those expectations include, among others, changes in economic and
market conditions in the geographic areas and industries that are or will be major markets for TOMRA Systems ASA. Although TOMRA
Systems ASA believes that its expectations and the Document are based upon reasonable assumptions, it can give no assurance that
those expectations will be achieved or that the actual results will be as set out in the Document. TOMRA Systems ASA does not guarantee
the accuracy, reliability or completeness of the Document, and TOMRA Systems ASA (including its directors, officers and employees)
accepts no liability whatsoever for any direct or consequential loss arising from the use of this Document or its contents. TOMRA Systems
ASA consists of many legally independent entities, constituting their own separate identities. TOMRA is used as the common brand or
trade mark for most of these entities. In this Document we may sometimes use “TOMRA”, “TOMRA Systems”, “we” or “us” when we refer
to TOMRA Systems ASA companies in general or where no useful purpose is served by identifying any particular TOMRA Company
79