Interim report January – September 2003

• The Group’s net sales amounted to SEK 2,469 million (2,376). - Earnings after net financial items totalled SEK 147 million (151). - Earnings after tax were SEK 106 million (109). - Earnings per share amounted to SEK 5.05 (5.16). • Tough business climate, a stronger Swedish krona and higher energy costs affected Group earnings. • Keen competition had negative effects on business area Oils & Fats. Continued productivity improvements and growing volumes of high value-added products are offsetting this impact. • Investment granted to expand production capacity for high value-added products in business area Oils & Fats. • Profit improvement and volume growth in business area Technical Products. • Continued volume growth for Feed Materials. Capacity-expanding investments are currently coming on stream.

About Us

AAK is a leading provider of value-adding vegetable oils & fats. Our expertise in lipid technology within foods and special nutrition applications, our wide range of raw materials and our broad process capabilities enable us to develop innovative and value-adding solutions across many industries – Chocolate & Confectionery, Bakery, Dairy, Special Nutrition, Foodservice, Personal Care, and more. AAK’s proven expertise is based on more than 140 years of experience within oils & fats. Our unique co-development approach brings our customers’ skills and know-how together with our own capabilities and mindset for lasting results. Listed on the NASDAQ OMX Stockholm and with our headquarters in Malmö, Sweden, AAK has 20 different production facilities, sales offices in more than 25 countries and more than 3,000 employees. We are AAK – The Co-Development Company.

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