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 556302-7241 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 57-130. 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)