1

2

2004 key achievements

Market share in Europe at target of ~80%, however, with lowermargins as a consequence

German deposit legislation finally concluded

Preparation for major RVM technology launches in 2005

Executed on the first two Recycling Technology acquisitions

Targeted 10% EBIT margin in California achieved

TRC pilot initiated in the UK, representing the single largestdevelopment project in TOMRA ever

Profit from Materials Handling improved

Sold ownership interest in Wise Metals Group for 8 MUSD

Operations in Brazil stabilized and profit improved

Organizational right-sizing to yield 40-50 MNOK in gross cost savingin 2005

3

Financials 2004

Revenues of 664 MNOK– Europe 236 MNOK– North America 282 MNOK– Non-Deposit Markets 146

MNOK

Operating profit 42 MNOK– includes 18 MNOK in

restructuring charges & EU case legal fees

Revenues of 2,512 MNOK– Europe 886 MNOK– North America 1,185 MNOK– Non-Deposit Markets 441 MNOK

Operating profit 173 MNOK – includes ~120 MNOK in non-

operational costs & business building initiatives

EPS 0.82 vs. 0.81 in 2003

Cash flow from operations 381 MNOK

Assets 3,261 MNOK– Cash balance 983 MNOK

Fourth Quarter FY 2004

4

Investments in major business building initiatives amounted to ~90 MNOK in 2004

0

50

100

150

200

250

300

EBIT '04

TRC costs

Bus. Dev.

Japan

Germany

Other

NO

K m

illio

ns

5

New segment reporting in TOMRA

TiTech

OrwakGroup

Recycling Technology

Sale/lease

Service

Admin. & promotion

RVM Technology

North America

Collection & Materials handling

Brazil

TRC project

Business development

Other non-deposit

activities

Deposit activities Non-deposit activities

HQ activities

Group functions

6

DEPOSIT ACTIVITIES

7

Segment: RVM Technology

8

RVM TechnologySegment financials based on NGAAP

349364- US East / Canada

149- Rest of Europe

431438- Central Europe & UK

465439- Nordic

266 (21%)192 (15%)Operating profit (in %)

693 (55%)631 (50%)Gross contribution (in %)

1,2591,250Revenue

20032004(In MNOK)

RVM Technology

9

Market share development in Europe 2004

70 %

80 %

90 %

100 %

Q104 Q204 Q304 Q404

RVM Technology

TOMRA ESTIMATES

10

RVM Technology – Europe

Revenue decrease of 3% to 886 MNOK in 2004

Strong finish to the year in Germany– 6% growth in revenue in 2004 to 253 MNOK

Second highest revenue ever in Sweden in 2004 due to replacement sales

Introduction of deposit in Estonia as of 1/1/2005– Orders anticipated by mid-2005

TOMRA has responded EU Commission’s Statement of Objections& contests allegations made by Commission

RVM Technology

11

RVM Technology – North America

Revenue increase of 5% to 364 MNOK, up 10% in USD

TOMRA maintained market share in US East at ~85% in 2004 despite significant price cuts from competitors

~20% of machines installed under 6.5 MUSD RVM contract in New York

Canada– Decline in revenue in Quebec due to harsh competitve environment in the

independent retail sector– Development activities in Ontario and Alberta are continued focus areas

for TOMRA and stakeholder discussions have progressed. Pilots expectedin 2005

Deposit introduced in Hawaii as of January 1, 2005– 66 machines delivered in fourth quarter 2004

RVM Technology

12

Legislative update – Germany

Amendment of German deposit law positively concluded in January 2005 with decision in Bundestag

Main highlights include:– Flat deposit of €0.25 per container of beer, carbonated soft

drinks and mineral water as of May 9, 2005Non-carbonated soft drinks to be included as of May 2006

– “Island Solutions” to be disbanded as of May 2006

German MoE maintains that new law is EU conform

RVM Technology

13

Deposit system preparations in Germany underway

DSD, P-System and Interseroh have announced plans to become full-service providers of clearing house and materials handling services to retailers

Potential clearing house providers have initiated screening processes regarding security marking of deposit containers

A decision on security marking is important prior to major RVM investments

TOMRA involved as discussion partner on several levels with potential clearing house providers

RVM Technology

14

New RVM innovations in 2005

T-820

New high-end, high volume machine

Improved recognition accuracy

Better user inter-face solutions

Lower service costs

RVM Technology

Uno

New low volume machine for small store segment

Innovative solutions for recognition & collection

Uno to open up segment of >100,000 stores for TOMRA

~NOK 30k per machine

15

New RVM innovations in 2005

New innovations will further strengthen TOMRA’s

competitive position

RVM Technology

16

TOMRA’s RVM portfolio 2005/06

RVM portfolio consolidated on common technology platforms, which will generate additional cost savings and

sourcing opportunities

RVM Technology

17

Segment: Collection & Materials Handling

Collection Materials Handling

Pick-up & transport Baling

Sorting

Collection & MH

18

Collection & Materials HandlingSegment financials based on NGAAP

295337- US West

535484- US East / Canada

34 (4%)48 (6%)Operating profit (in %)

160 (19%)184 (22%)Gross contribution (in %)

831821Revenue

20032004(In MNOK)

Collection & MH

19

Materials handling (US East/CAN) - Highlights

Improved profitability in 2004 due to cost savingprograms and outsourcing of processingoperations in Massachusetts

Focus areas in 2005– Additional consolidation/out-sourcing opportunities

to be evaluated– Apply best practice from Michigan to rest US of

transportation operations– Introduce new glass enhancing technology– Develop new market, Maine, together with partners

Collection & MH

20

Significant improvement in CA collection operations in 2004

Year-over-year collection volume growth rate in CA (comparable sites only)

0 %

10 %

20 %

30 %

40 %

Jan

Feb

Mar Apr

May Ju

n Jul

AugSep

tOctNov Dec

Record year in California completed with 14% growth to 337 MNOKTargeted 10% operating margin achieved in 2004 through continuous cost focus, improved material prices & increased volumes

Collection & MH

Continued positive momentum expected in CA in 2005

21

NON-DEPOSIT ACTIVITIES

22

Non-deposit85%

Deposit15%

TOMRA ~35% global market share of UBC handling

TOMRA ~0% global market share of UBC handling

World UBC legislation, % containers*

Tomra currently handles <5% of the world’s beveragecontainers (and other used packaging/materials)

* UBC = Used Beverage Containers

23

Two groups of non-deposit activities are under development

Aim

Apply technology to existing collection and recycling processes in order to gain marginal efficiencies

1. Evolutionary path

2. Revolutionary path

Trigger a shift in collection and recycling system infrastructure by creating a revolutionary new collection technology

How?

By acquiring technology providers

By developing the TRC and related collection solutions

24

Segment: Recycling Technology

TiTech sorting unit

Presona baler

Orwak compactor Morinders compactor

Orwak Group

25

Automated sorting and processing solutions reduce costs and maximize material value

Current collection of used material…

…leads to……which leads to need for …

…manual sorting or…

…pure material for recycling…

…co-mingled material…

…which generate……which leads to…

Recycled materials!…..and compaction

…automated sorting solutions…

Recycling Technology

26

Recycling TechnologySegment financials based on NGAAP

-2- Rest of World

-7- US East

-18- Rest of Europe

-41- Central Europe & UK

-14 (21%)Operating profit (in %)

-46 (68%)Gross contribution (in %)

-68Revenue

20032004(In MNOK)

Recycling Technology

27

TOMRA to acquire Orwak Group

Orwak Group is the market leader within compaction and baling technology

Brands include Orwak, Presona & Morinders, which service the retail sector, waste management industry and other industries

Turnover in 2004 equaled ~265 MNOK in ~40 markets

Closing of acquisition expected in February– Acquisition price based on EV

of 175 MSEK + up to 20 MSEK related to 2005/06 performance

Recycling Technology

28

Volume reduction & material sorting are key components in any effective recycling system

Recognition

Volume reduction

Front-end Back-end

• Titech• TOMRA

• TOMRA

Needed for maximizing material value

Needed for minimizing costs

Recognition and volume reduction needed either in back-end or front-end

• Orwak Group

Tomra presence

• Orwak Group

Recycling Technology

29

Recycling plants

Supermarkets, industries, transfer stations

Small shops, fast food, hotels

Food service, shops, garages

Retailers, industry

End user

The total baler market is significant and provides the Orwak Group with room for growth

* Based on markets where Orwak is present, e.g., Europe, Russia, Japan and to some extent the USSource: Orwak Group & Tomra analysis

Annual sales*

Total

~400

~300

~550

~250

~0

~1,500

NOK millions ROUGH ESTIMATESExpected ann. growth rate

~5-10%

~5-10%

~5-10%

Significant

Orwak Group market share

is ~20%*

Recycling Technology

30

TiTech developing in line with expectations

NOK 114 MNOK in revenues, up 30% vs. FY 2003– TOMRA’s 2004 share 68 MNOK

Trends in 2004:– Strong development in traditional

markets such as Germany & other central European countries

– Increased number of installations in new markets such as UK and US

Focus in 2005: – Continued growth in core markets

– Developments of new regions such as Asia

Recycling Technology

31

Considerable growth opportunity for TiTech

210

5

230

60

180

60

0

~750

~250

~1000

25

230

5

11030

40

n/a

0

~400

~150

~550

10

Number of large MRF’s* in different countriesLevel of automation

Packaging Paper

High

Very low

Moderate

Low

Moderate

Low

Very low

Moderate

Very low

US ~500

Germany

Poland

France

UK

Italy

Spain

Hungary

Total selected EU

Additional EU

Total EU-25

Portugal

*Material Recovery Facilities

ROUGH ESTIMATES

Source: Tomra analysis

Only ~300 out of

~2,000 MRF’s have

installed optical sorting

equipment

Recycling Technology

32

TOMRA’s ambition in non-deposit markets…

…is to become a leading supplier of recycling technology equipment and solutions

Recycling Technology

33

Segment: Other non-deposit activities

TOMRA Warehouse

Collection

TOMRA Recycling Plant -

Pindamonhangaba

ALCANRexam Can Factory

Brazilian operations

TRC project

Business development

34

Other non-deposit market activitiesSegment financials based on NGAAP

(42)(66)Operating loss

55 (15%)49 (13%)Gross contribution (in %)

374373Revenue

20032004(In MNOK)

Other non-deposit activities

35

Going from manual to automated “front-end” collection solutions is more efficient…

Current collection of used material…

…leads to……which leads to need for …

…manual or automated sorting or…

…pure material for recycling…

…co-mingled material…

…which generate……which leads to…

Recycled materials!…..and compaction

Material recognition &compaction

Pure material ready for recycling

Recycled packaging!!!

Other non-deposit activities

36

TRC pilot installation in UK in place

First TRC installed together with TESCO outside Southampton

Additional 5 centers to be installed in first half of 2005

Test center working according to expectations

Concept and technology well received in the UK

TRC potential in the UK tied to retail store base of ~2-3,000 sites

Other non-deposit activities

37

Test installations in Tokyo area continue

Eight RVM-based collection centers installed in Tokyo region together with Sumitomo Corp.

Test centers well received by stakeholders

Public acceptance rate high– National TV coverage achieved

Discussions with Sumitomo regarding partnership model expected to be initiated during 1Q05– New Cooperation agreement signed

Other non-deposit activities

38

Together, TOMRA, Titech and Orwak Group will be able to provide a broad range of solutions

Back-end material handling systems

Front-end systems

Transportation Sorting and processing RecyclingCollection

Other non-deposit activities

39

TOMRA’s focus in 2005

Further strengthen TOMRA’s position within core segments through product innovation and cost optimization

Execute on German opportunity

Achieve successful completion of front-end collection center pilots in the UK and Japan

Integration of TiTech and Orwak Group into TOMRA

Explore further opportunities within recycling technology industry

40

41

Addendum slides

42

2004 segment financials based on NGAAP

173

(7%)

(16)(66)14

(21%)

48

(6%)

192

(15%)

Operating profit (in %)

910

(36%)

49

(13%)

46

(68%)

184

(22%)

631

(50%)

Gross contribution (in %)

2,512373688211,250Revenues

TOTALGroup functions

Other non-

deposit activities

Recycling Tech

Collection &

Materials handling

RVM Tech(in MNOK)

43

2003 segment financials based on NGAAP

242

(10%)

(16)(42)-34

(4%)

266

(21%)

Operating profit (in %)

908

(37%)

55

(15%)

-160

(19%)

693

(55%)

Gross contribution (in %)

2,463374-8311,259Revenues

TOTALGroup functions

Other non-

deposit activities

Recycling Tech

Collection &

Materials handling

RVM Tech(in MNOK)

44

Major shareholders*

33,2%59 231 030Total foreign ownership

100.0%178,486,559TOTAL (17,611 shareholders)

70,8%126 287 319Other shareholders

29,2%52 199 240SUB-TOTAL

1,2%2 054 051Nordea Bank Sweden A C1710.

1,2%2 057 927Verdipapirfondet AVA c/o Avanse Forvaltning9.

1,2%2 155 470State Street Bank & Client Omnibus D8.

1,3%2 328 460DnB NOR ASA Finansregnskap7.

1,8%3 132 486Clearstream Banking CID Dept, Frankfurt6.

1,9%3 385 173Nordea Bank Denmark S/A Nordea (DK) CCA5.

2,0%3 566 689Vital Forsikring ASA DnB NOR Kapitalforvaltning4.

2,1%3 706 048Mellon Bank AS Agent Mellon Bank NA A/C NOM3.

6,1%10 889 836JP Morgan Chase Bank Clients Treaty Account2.

10,6%18 923 100Folketrygdfondet1.

OwnershipShares

*Registered 31 December 2004

45

Shares & shareholders*

17 43397.8%TOTAL

630.6%1 071 983The Netherlands10.

131.1%1 910 993Belgium9.

1001.1%1 951 586Germany8.

271.8%3 265 145Switzerland7.

1302.6%4 562 059Sweden6.

703.0%5 315 628Denmark5.

413.2%5 727 986Luxembourg4.

1697.3%13 100 847USA3.

6610.3%18 452 613Great Britain2.

16 75466.8%119 255 529Norway1.

Number ofshareholders

OwnershipSharesCountry

*Registered 31 December 2004