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April 2011

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Trelleborg Trelleborg, Sweden Report Facts Company name: Trelleborg AB Fiscal year end: December 31, 2010 Report title: Creating value through our ability to seal, damp and protect in demanding environments President and CEO: Peter Nilsson Number of books: 1 Report length: 120 pages Auditors: PricewaterhouseCoopers AB Website: http://www.trelleborg.com/en/Investors/ Design and production: Trelleborg - RHR/CC IR e-mail: viktoria.bergman@trelleborg.com; conny.torstensson@trelleborg.com	Report Rating 4/5 (Rating scale below) Profile-Services We seal, damp and protect... Every day you use a product in which polymers (rubbers and plastics) seal, damp or protect –often without realizing it! Business areas are: Engineered Systems, Automotive, Sealing Solutions, Wheel Systems (Source: Annual Report) (Italics are own company’s words) Key Figures Net sales: SEK 27,196 million Operating income: SEK 2,036 million Net income: SEK 1,284 million Earnings per share: SEK 5.35 Dividend per share: SEK 1.75 Return on equity: 11.9% EBITDA margin: 12.1% Debt to equity ratio: 53% Number of employees: 20,042 (2010 figures sourced from the annual report) Peers & Rivals Continental Bridgestone NOK Tomkins Sumitomo SKF ...

Triple A > Quick, thorough and intelligible profiling job: business areas, segmental and geographical contribution (and ten largest markets), cornerstones and differentiation, plus a summary of key figures are charted, mapped and available in the cover flap and on the first page. > Market trends, growth drivers and components, competitors -this is not that frequent in annuals- are set out most clearly. > Description and fulfilment of three financial targets -organic growth, EBITDA margin, ROE- charted for 5 years. > Risk factors, exposure, management and policies both thorough and much clearer than in the average report (see Selected Page about financial risks). > Directors and management biographies and background details most through and clearly set forth.

Double A > Matter-of-fact overviews of business areas. Include priorities, key customers, competitors, and a quick Q&A with division president. > Transparency about governance policies and practice, also helped by the use of charts and diagrams. > Intensive use of charts, maps and diagrams.

Simple A > Contrary to many, if not most, this annual report uses its back cover –and ending section (see Selected Page). However, the implementation could be less awkward: turning it over requires a bit of... engineering. > It takes a bit of times to get key figures (The Group in brief on p 22), but they are comprehensive, segmented and highlight operating performance and ratios.

B Sides > Downside of a concise book? Information overload and a number of crammed pages. > Design is functional but lacks creative touches (back cover and outro not perfectly mastered) –and readability is far from optimized. > Notes to statements could be clearer and more developed.

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Selected Page (Back cover of Trelleborg Annual Report 2010 & P 39 of Trelleborg Annual Report 2010)	Rating Scale 5 First-Rate 4.5 Excellent 4 Very good 3.5 Sound 3 Average 2.5 Uneven 2 Common 1.5 Substandard 1 Poor 0.5 Uncompetitive The rating is based on ReportWatch internal desk research and does not take into account the independent Rating Panel’s judgment.