Summary Satair had a good start to fiscal 2007/08. The Group posted USD 100.4 million in first-quarter revenue, up 21% from last year and slightly above expectations. Among the main achievements of the Aftermarket Division was a strengthening of its position in the US market, where it made considerable progress, and fine results in Europe and Asia. The OEM Division attained strong growth in all markets, posting total revenue growth of 27% from the year-earlier level. The EBITDA margin before special items (costs of incentive program and profit on sale of property) came to 10.1%, up from 6.8% last year and reflecting forward sales of USD which contributed USD 2.2 million in net income in the period in review. The outlook for the full year is unchanged. A somewhat higher gross margin is expected to compensate for the higher financial costs caused by the fair value adjustment of interest hedge contracts. These contracts have no cash flow effect. 1Q 2007/08 in brief The Group posted USD 100.4 million in consolidated revenue, up 21% from last year. The Aftermarket Division: USD 67.9 million, up 19% The OEM Division: USD 32.4 million USD, up 27% The gross margin came to 21.3, up from the year-earlier level of 20.4. The first-quarter EBITDA margin before special items came to 10.1% against 6.8% last year. EBITDA totaled USD 10.3 million - up 83%. Profit before tax came to USD 5.6 million - up 73%. Cash flows from operating activities were negative in an amount of USD 2.4 million against USD 5.3 million in negative cash flows in the same quarter last year. The financial performance in 1Q reflects a significant impact of the declining USD rate. The USD/EUR rate declined 4.8% in the period in review, and as Satair had sold USD 49 million under contract in early 1Q, the figures for the period include a total of USD 2.2 million in unrealized profit on fair value adjustments of these contracts. The declining dollar rate had a positive effect on revenue corresponding to approx. 1.5 percentage points of revenue growth. On the other hand, the declining USD rate caused an increase in total costs in the range of 2% rated to revenue. Accordingly, the amount in first-quarter EBITDA reflects an overall effect upwards of USD 1.5 million in net income because of the decline of the USD. Webcast On Friday, November 9 2007, at 10.30am a conference call and webcast will be arranged on the subject of this release. To attend, dial +45 3271 4767 five minutes before the above time. The conference may be accessed via the link at http://webcast.zoomvision.se/denmark/clients/satair/071109/ or on Satair's website www.satair.com. The conference will subsequently be available on Satair's website.