Audit Report

    To the Annual General Meeting of Copenhagen Malmö Port AB
    Corporate ID number 556027-4077

    Report on annual accounts

    I have audited the annual accounts of Copenhagen Malmö Port AB for the financial year ended 31 December 2011.

    The Board of Directors’ and Chief Executive Officer’s responsibility for the annual accounts
    Responsibility for preparing annual accounts which give a true and fair view in accordance with the Swedish Annual Accounts Act and for such internal control as the Board of Directors and Chief Executive Officer deem necessary for the preparation of annual accounts that are free from material misstatement, whether due to irregularities or errors, rests with the Board of Directors and Chief Executive Officer.

    The auditor’s responsibility

    My responsibility is to express an opinion on the annual accounts on the basis of my audit. I have conducted my audit in accordance with the International Standards on Auditing and generally accepted auditing standards in Sweden. These standards require that I observe professional ethical standards and conduct my audit with the aim of obtaining a reasonable degree of certainty that the annual accounts are free from material misstatement.

    An audit involves obtaining, through various actions, audit evidence confirming the accuracy of amounts and other information contained in the annual accounts. The auditor decides which actions to take, partly by assessing the risks of material misstatements in the annual accounts, whether due to irregularities or errors. In this risk assessment the auditor takes into consideration those parts of the internal control that are relevant for how the company prepares its annual accounts in order to give a true and fair view for the purpose of devising auditing actions that are appropriate in view of the circumstances, but not for the purpose of expressing an opinion on the efficacy of the company’s internal control. An audit also includes an evaluation of the appropriateness of the accounting policies employed and the reasonableness of the estimates used by the Board of Directors and Chief Executive Officer in the accounts as well as an evaluation of the general presentation in the annual accounts.

    I believe that the audit evidence I have obtained is sufficient and adequate as a basis for my opinion.

    Opinion

    In my opinion the annual accounts have been prepared in accordance with the Annual Accounts Act and give, in all material respects, a true and fair view of the financial position of Copenhagen Malmö Port AB at 31 December 2011 and of its financial results and cash flows for the year in accordance with the Annual Accounts Act. The Directors’ Report is consistent with the other sections of the annual accounts.

    I therefore recommend that the Annual General Meeting adopt the income statement and balance sheet.

    Report on other statutory and regulatory requirements

    In addition to my audit of the annual accounts, I have also audited the proposal for appropriation of retained earnings and the Board of Directors’ and Chief Executive Officer’s administration of Copenhagen Malmö Port AB for the financial year ended 31 December 2011.

    The Board of Directors’ and Chief Executive Officer’s responsibility

    Under the Swedish Companies Act, responsibility for the proposal for appropriation of retained earnings rests with the Board of Directors, and responsibility for the administration rests with the Board of Directors and Chief Executive Officer in accordance.

    The auditor’s responsibility

    My responsibility is to express an opinion, with a reasonable degree of certainty, on the proposal for appropriation of retained earnings and on the administration on the basis of my audit. I have conducted my audit in accordance with generally accepted auditing standards in Sweden.

    As a basis for my opinion on the Board of Directors’ proposal for appropriation of retained earnings I have examined the Board’s reasoned opinion and a sample of the evidence for the same in order to be able to determine whether the proposal is consistent with the Companies Act.

    As a basis for my opinion on release from liability, I have, in addition to my audit of the annual accounts, examined significant decisions, actions and circumstances of the company in order to be able to determine the liability, if any, to the company of any Director or of the Chief Executive Officer. I have also examined whether any Director or the Chief Executive Officer has in any other way acted in violation of the Companies Act, the Annual Accounts Act or the company’s Articles of Association.

    I believe that the audit evidence I have obtained is sufficient and adequate as a basis for my opinion.

    Opinion

    I recommend that Annual General Meeting appropriate the company’s retained earnings as proposed in the Directors’ Report and grant freedom from liability to the Directors and Chief Executive Officer in respect of the financial year.

    Malmö, March 2, 2012

    Torbjörn Svensson     
    Authorised Public Accountant

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