Auditor s report T o the Annual G ener al M eetin g of the shareholder s of Securit as AB corpor ate identit y number 5563027241 R eport on the annual accounts and consolidated accounts W e ha v e audited the annual accounts and consolidated accounts of Securit as AB for the y ear 2012 The annual accounts and consolidated accounts of the compan y are included in the printed v er sion of this document on pa g es 57130 Re sponsibilitie s o f the Board o f Direct ors and the CE O and P re sident P re sident for the annual accounts and consolidat ed accounts The Boar d of Director s and the President are responsible for the prepar ation a nd fair present ation of these annual accounts and consolidated accounts in accor dance with International Financial R eportin g St andar ds as adopted b y the E U and the Annual Accounts Act and for such internal control as the Boar d of Director s and the President determine is necessar y to enable the prepar ation of annual accounts and consolidated accounts that are free from material miss t atement whether due to fr aud or error A udit or s re sponsibilit y Our responsibilit y is to e xpress an opinion on these annual accounts and consolidated accounts based on our audit W e conducted our audit in accor dance with International St andar ds on Auditin g and g ener ally accepted auditin g s t andar ds in S w eden Those s t andar ds require that w e comply with ethical requirements and plan and per form the audit to obt ain reasonable assur ance about whether the annual accounts and consolidated accounts are free from material miss t atement An audit in v olv es per formin g procedures to obt ain audit e vidence about the amounts and disclosures in the annual accounts and consolidated accounts The procedures selected depend on the auditor s jud gment includin g the assessment of the risks of material miss t atement of the annual accounts and consolidated accounts whether due to fr aud or error In makin g those risk assessments the auditor consider s internal control rele v ant to the compan y s prepar ation and fair present ation of the annual accounts and consolidated accounts in or der to design audit procedures that are appropriate in the circums t ances but not for the purpose of e xpressin g an opinion on the efectiv eness of the compan y s internal control An audit also includes e v aluatin g the appropriateness of accountin g policies used and the reason ableness of accountin g es timates made b y the Boar d of Director s and the President as w ell as e v aluatin g the o v er all present ation of the annual accounts and consolidated accounts W e belie v e that the audit e vidence w e ha v e obt ained is sufcient and appropriate to pro vide a basis for our audit opinion Opinions In our opinion the annual accounts ha v e been prepared in accor dance with the Annual Accounts Act and present fairly in all material respects the fnancial position of the parent compan y as of December 31 2012 and of its fnancial per formance and its cash fo ws for the y ear then ended in accor dance with the Annual Accounts Act The consolidated accounts ha v e been prepared in accor dance with the Annual Accounts Act and present fairly in all material respects the fnancial position of the group as of December 31 2012 and of their fnancial per formance and cash fo ws for the y ear then ended in accor dance with International Financial R eportin g S t a n d a r d s a s adopted b y the E U and the Annual Accounts Act The s t atutor y a d m i n i s t r a t i o n report is consis tent with the other parts of the annual accounts and consolidated accounts W e therefore recommend that the annual meetin g of shareholder s adopt the income s t atement and balance sheet for the parent compan y and the group R eport on other le gal and re gulator y requirements In addition to our audit of the annual accounts and consolidated accounts w e ha v e also audited the proposed appropriations of the compan y s proft or loss and the adminis tr ation of the Boar d of Director s and the President of Securit as AB for the y ear 2012 Re sponsibilitie s o f the Board o f Direct ors and the P re sident The Boar d of Director s is responsible for the proposal for appropriations of the compan y s proft or loss and the Boar d of Director s and the President are responsible for adminis tr ation under the Companies Act A udit or s re sponsibilit y Our responsibilit y is to e xpress an opinion with reasonable assur ance on the proposed appropriations of the compan y s proft or loss and on the adminis tr ation based on our audit W e conducted the audit in accor dance with g ener ally accepted auditin g s t andar ds in S w eden As a basis for our opinion on the Boar d of Director s proposed appropria tions of the compan y s proft or loss w e e xamined the Boar d of Director s reasoned s t atement and a selection of supportin g e vidence in or der to be able to assess whether the proposal is in accor dance with the Companies Act As a basis for our opinion concernin g dischar g e from liabilit y in addition to our audit of the annual accounts and consolidated accounts w e e xam ined signifcant decisions actions t ak en and circums t ances of the compan y in or der to determine whether an y member of the Boar d of Director s or the President is liable to the compan y W e also e xamined whether an y member of the Boar d of Director s or the President has in an y other w a y acted in contr a v ention of the Companies Act the Annual Accounts Act or the Articles of Association W e belie v e that the audit e vidence w e ha v e obt ained is sufcient and appropriate to pro vide a basis for our opinions Opinions W e recommend to the annual meetin g of shareholder s that the proft be appropriated in accor dance with the proposal in the s t atutor y adminis tr ation report and that the member s of the Boar d of Director s and the President be dischar g ed from liabilit y for the fnancial y ear Stockholm M arch 15 2013 Pricew aterhouseCooper s AB P e t er Nyllinge Authoriz ed P ublic Account ant 131 Securit as Annual R eport 2012 Annual R eport Auditor s report T ranslation o f the S w edish original