ANDERS HEDIN INVEST AB

ANDERS HEDIN INVEST AB ANNUAL REPORT 2014

CONTENTS ANDERS HEDIN INVEST AB IN WORDS AND PICTURES A word from the CEO...4 Business concept, strategy, environment and quality...7 The in numbers...8 Company structure...10 I.A. Hedin Bil AB...12 - Total market...16 - Organization...20 - Brand managers...21 - Facilities...22 Car to go Sweden AB...24 Klintberg & Way AB...28 Mabi AB...32 I.A. Hedin Fastighet AB...36 Hedin IT AB...42 A.H. Värdepapper AB...46 Lasingoo Sverige AB...50 Consensus Asset Management AB...54 Ripam Invest AB...58 Events in 2014...62 Milestones and history...94 Board of Directors and Management...96 ANDERS HEDIN INVEST AB IN NUMBERS Directors Report...65 Income Statement -...68 Balance Sheet -...69 Cash Flow Statement -...71 Income Statement - Parent Company...72 Balance Sheet - Parent company...73 Cash Flow Statement - Parent Company...75 NOTES...76 ANDERS HEDIN INVEST AB MB 3

A WORD FROM THE CEO Welcome to the 2014 Annual Report for the Anders Hedin Invest! The year has flown by and there have been big changes in the. New businesses have been added and the automotive segment has expanded into Stockholm and strengthened its presence in southern Sweden. The property segment has opened new facilities and begun a construction and remodelling project to increase sales areas and strengthen the Hedin Bil brand. EXPANSION OF OPERATIONS IN HEDIN BIL CAR COMPANY Hedin Stockholm Bil AB was launched on January 1 through the acquisition of Svenska Bil. Through this takeover, Hedin Bil increased its presence with four new facilities in Stockholm. At the end of January, an Opel facility was opened in Malmö under the Opel Black Box concept, thereby expanding our brand presence with the Opel name. With these launches in Stockholm and Malmö, Hedin Bil is now represented in Sweden s three largest cities. In September, four of Bil- Partner Skåne s automotive facilities in southern Skåne were acquired: Malmö Jägersro, Malmö Burlöv, Lund and Trelleborg. Citroën Center in Spånga, a facility fully dedicated to the Citroën brand, was acquired on November 24 to become the fifth facility in greater Stockholm. EXPANSION OF OPERATIONS IN ANDERS HEDIN INVEST GROUP Klintberg & Way AB ( KW Parts ), Europe s largest spare parts wholesaler of American car parts with operations in 37 countries, was acquired in April. In July, Klintberg & Way AB launched a subsidiary, KW Wheels AB, a wholesale company for tyres and rims. Mabi Rent AB, one of Sweden s largest independent car rental companies with over 100 stations nationwide, was also acquired in April. The company also operates in Berlin, Germany. Car to Go Sweden AB is the company behind www.carplus.se, an online service for private vehicle leasing. Anders Hedin Invest AB has been part-owner of the company since its start in 2010, but holds 100% ownership from September. Lasingoo Sverige AB is jointly owned and operated by Hedin Bil, AD Bildelar, Autoexperten, Bosch, OKQ8 and Mekonomen (MECA, Mekonomen, MekoPartner, Speedy). Lasingoo is a search engine for booking workshop services at fixed rates directly from your computer or mobile. The aim is to simplify the encounter between vehicle owners and workshops. Hedin IT AB is a new company that will provide technical support for telephony and IT services for the entire. Consensus Asset Management AB merged with Thenberg & Kinde Fondkommission AB in August and now operates under the name Consensus. Consensus is a securities broker active in asset management, corporate finance and pensions. This expansion of the in Hedin Bil and new business areas in the automotive industry fortifies the Anders Hedin Invest for an exciting future. I would like thank everyone who contributed in any way to a fabulous 2014. Anders Hedin, Koncernchef 4 5

ANDERS HEDIN INVEST AB BUSINESS CONCEPT, STRATEGY, ENVIRON- MENT AND QUALITY OUR VISION IS TO BE THE AUTOMOTIVE INDUSTRY S BEST COMPANY WITH THE BEST PRODUCTS AND THE BEST SERVICE BUSINESS CONCEPT The will be a leading partner in meeting the market s demands for automotive transportation. We create value for our customers through excellent availability, service and delivery reliability. Our cooperation with customers and suppliers will lead to long-term sustainability for continued development. STRATEGY Our overall strategy is profitable growth. Profits will steadily increase through improved service, increased productivity, and motivated employees. Growth will take place in automotive-related activities. UALITY AND ENVIRONMENTAL POLICIES We work continuously and actively to improve our quality and environmental targets by listening to the demands and expectations of public authorities, employees and customers. We strive to ensure that all of our employees have the skills and expertise they need to do their job, and continuously improve our business through employee commitment and awareness of the vital role they play in meeting customer demands. We will take the necessary steps to reduce our carbon footprint and prevent pollution. Hazardous waste will be handled and recycled or reused in an environmentally sustainable manner. We will choose suppliers with environmentally sound and approved products and who actively work to reduce their carbon footprint wherever financially viable. OVERALL QUALITY GOALS - (QDS) Quality - fewer claims and complaints Delivery reliability - improved delivery reliability Service - improved service OVERALL ENVIRONMENTAL GOALS Reduce the compa+ny s unsorted waste by separating it into fractions that the waste contractor is able to manage. Reduced energy consumption Quality and environmental issues are two vitally important aspects of Anders Hedin Invest s endeavours to take into account all the s interests throughout its business operations. Efficient and stable processes are important in Anders Hedin Invest s work to ensure high quality. 6 7

ANDERS HEDIN INVEST AB NET SALES GROUP (1985-2014 BARS) PROFIT BEFORE TAX (1985-2014 LINE) THE GROUP IN NUMBERS 2014 2013 2012 2011 2010 Net sales (thousands SEK) 7,345,248 5,316,554 5,077,087 5,079,648 4,516,033 Profit/loss after financial items 147,830 198,306 72,507 11,161 202,971 Balance sheet total 4,659,179 3,067,664 3,077,571 2,869,867 2,577,845 Return on equity % 11 17 8 1 16 Equity/assets ratio % 24 30 26 25 28 Average number of employees 1 250 836 853 840 821 NUMBER OF EMPLOYEES 1985-2014 (AVERAGE) PERFORMANCE ANALYSIS OPERATING PROFIT BEFORE TAX 2014 2013 2012 2011 2010 Profit excluding items affecting comparability 203 124 73 146 203 Non-recurring capital gains - 74 - - - Impairment of shares - - - -135 - Structural costs -45 - - - - Component allocation of property portfolio -10-9 - - - according to K3 Reported profit before tax 148 189 73 11 203 8 9

COMPANY STRUCTURE ANDERS HEDIN INVEST AB 556702-0655 Mabi Rent AB (100%) 556675-9394 Klintberg & Way AB (100%) 556563-6932 I.A. Hedin Bil AB (91%) 556065-4070 Lasingoo Sverige AB (16,6%) 556973-1630 Car to Go Sweden AB (100%) 556787-8052 Hedin IT AB (100%) 556954-4017 I.A. Hedin Fastighet AB (100%) 556730-4059 A.H. Värdepapper AB (100%) 556707-7440 Ripam Invest AB (50%) 556870-7540 Consensus Asset Management AB (29%) 556898-6037 Mabi Sverige AB 556334-4901 Klintberg & Way Norge AS 977515998 KB Presenten 1 Mölndal 916832-6404 Hedin Kristianstad Fastighet AB 556633-3794 Bautastenen Hotell AB (100%) 556450-8553 Marstrands Kurbadhus AB (100%) 556859-5325 Mabi Deutschland GmbH 29/405/01734 KW Parts BV 452.881.31 KW Wheels AB 556969-3624 KW Cars AB 559009-9429 KB Presenten 2 916564-7802 Hedin Högsbo AB 556217-9670 Hedin Mölndal Fastighet AB 556660-3535 Hedin Hisingen Fastighet AB 556926-7189 Marstrands Kulturfastighet AB (90%) 556629-6199 Hedin Göteborg Bil AB 556061-3456 Hedin Helsingborg Bil AB 556134-5710 Hedin Stockholm Bil AB 556944-7492 Hedin Fastighet KB 916892-9959 Nideh KB 916895-1946 Hedin Kungsbacka Fastighet AB 556131-4161 Hedin Borås Fastighet AB 556753-4101 Branch Gbg/Mölndal Mercedes-Benz Branch Gbg/Mölndal Nissan Branch Gbg/Mölndal Car Superstore Branch Gbg/Sisjön AMG Center Branch Kungsbacka Branch Gbg/ Tagene Multibrand Branch Helsingborg Cars Branch Helsingborg Truck & CV Center Branch Halmstad Branch Kristianstad Branch Ängelholm Branch Varberg Branch Sthlm/Akalla Branch Sthlm/Kista CV Center Branch Sthlm/ Östermalm Branch Sthlm/ Segeltorp Branch Sthlm/Spånga Branch Sthlm/Kista Tyre Superstore KB Högsbo 36:2 916671-9253 Refy 9 KB 916835-1477 Hedin Värnamo Fastighet AB 556602-7115 Hedin Linköping Fastighet AB 556646-3260 Branch Gbg/Åbro Used Car Center Branch Gbg/Åbro Fiat/US Center Branch Jönköping Branch Linköping Branch Malmö Branch Malmö (Opel) Varberg Kardanen KB 916671-9246 Hedin Jönköping Fastighet AB 556930-5153 Branch Gbg/Hisings Kärra Fiat Branch Gbg/Hisings Kärra Mercedes-Benz Branch Ljungby Branch Värnamo Branch Lund Branch Burlöv I.A. Hedin Invest AB 556369-4537 Hedin Malmö Fastighet AB 556941-6745 Branch Gbg/Hisings Kärra Multibrand CV Branch Borås Branch Gbg/Mölndal CV Center Branch Alingsås Branch Anderstorp Branch Enköping Branch Uppsala Branch Trelleborg Hedin Pianot 5 AB 556720-7682 Hedin Akalla Fastighet AB 556955-6508 Branch Uddevalla Branch Vara Hedin Ängelholm Fastighet AB 556946-9041 Hedin Kista Fastighet AB 556982-1084 Branch Trollhättan Branch Strömstad 10 11

I.A.HEDIN BIL AB 12 13

HUVUDKONTOR HEDIN GÖTEBORG BIL AB HEDIN HELSINGBORG BIL AB I.A. HEDIN BIL AB HEDIN STOCKHOLM BIL AB Transportbilscenter Mercedes-Benz PV/TRP/LV Fiat Tagene Nissan Bilvaruhuset Mercedes-Benz HK/Mölndalsvägen Transportbilscenter AMG Performance Center US Center Begagnatcenter Strömstad Uddevalla Trollhättan Vara Alingsås Göteborg Borås Jönköping Mölndal Kungsbacka Anderstorp Värnamo Varberg Ljungby Halmstad Linköping Uppsala Enköping Stockholm Spånga Akalla Kista Segeltorp Östermalm The Hedin Bil is wholly owned by the Hedin family, 91% by Anders Hedin and 9% by Ingemar Hedin. The s head office is in Mölndal, Gothenburg. Hedin Bil is the Nordic region s largest privately owned automotive dealership. The parent company, I.A. Hedin Bil AB, has three subsidiaries: Hedin Göteborg Bil AB (18 branches), Hedin Helsingborg Bil AB (13 branches) and Hedin Stockholm Bil AB (11 branches). Eleven new branches were added to the in 2014 and we are now represented in 42 modern and attractive facilities in easily accessible locations from Trelleborg in the south to Uppsala and Stockholm in the east, offering full service for 24 brands. In 2014, Hedin Bil sold 32,480 new and used vehicles. The goal for 2015 is 40,000. The company offers a total solution concept for vehicle ownership through new and used vehicle sales, workshop services, tyre hotels, accessory and spare part sales, as well as: Hedin Bil Finans, in collaboration with DNB Finans, offers vehicle financing and leasing options for private customers and companies. Hedin Bil Insurance, in collaboration with IF Skadeförsäkring AB, offers a special insurance insurance policy exclusively for Hedin Bil customers. This policy covers all of our vehicle brands, new and used. Hedin Bil Used Vehicle Warranty, in collaboration with IF Skadeförsäkring AB, offers a mechanical damage warranty on vehicles up to six years of age. The warranty applies for twelve months and/or 15,000 kilometres, or until the vehicle has driven 130,000 kilometres. Hedin Bil New Vehicle Warranty offers customers the chance to subscribe to supplementary services. These include a two-year extension to the new vehicle warranty on your Mercedes-Benz, extending the regular New Vehicle Warranty by two years. Hedin Bil Service Agreement, which is customized to vehicle usage and purpose. For example, we can offer an agreement that costs SEK 0.10/kilometre for Mercedes-Benz commercial vehicles up to 20,000 kilometres a year. We also offer service agreements that are valid for three years or three separate services, whichever comes first. Hedin Bil Card In collaboration with Resurs Bank, we offer private and corporate Master- Cards with very favourable and flexible payment solutions. You can divide payment into six monthly interest-free instalments and collect bonus points for all your purchases, 5 points for each krona you spend at Hedin Bil and 1 point per krona for all other purchases. You also receive discount offers on fuel and car rental. CEO: Anders Hedin EVP & COO: Jörgen Loikas www.hedinbil.se Malmö-Burlöv Ängelholm Kristianstad Helsingborg Lund Malmö Trelleborg Malmö-Fosie Malmö-Jägersro Five-year comparison 2014 2013 2012 2011 2010 Net sales (thousands SEK) 6,514,601 4,714,637 4,748,444 5,027,536 4,469,050 Profit after financial items 104,352 80,957 53,073 148,804 199,088 Average number of employees 1,113 836 853 840 821 14 15

TOTAL MARKET THE SWEDISH VEHICLE MARKET IN 2014 35 000 30 000 FIRST-TIME REGISTERED CARS PER MONTH 2014 New registrations on the Swedish vehicle market increased in 2014 and a total of 303,948 new passenger cars were registered over the year, an increase of 12.7% over 2013. This represents the seventh best year ever for passenger cars since records began in 1946. Hedin Bil expanded by 42% in 2014 (both new and used cars) over the previous year. We have seen significant growth in 2014, due in part to the addition of 11 new facilities. Truck registrations in 2014 totalled 47,184, which is an increase of 11.7% over the previous year. Light commercial vehicles up to 3.5 tonnes totalled 41,933, with this increase of 12.3% making 2014 the third best year ever. Heavy commercial vehicles over 16 tonnes totalled 4,711, an increase of 8.4% over 2013. Hedin Bil has expanded by 42% over the previous year in 2014 (both new and used cars). CARS In 2014, Hedin Bil sold and delivered a total of 32,480 vehicles, of which 19,458 were new vehicles. Hedin Bil s total market share of 2014 total sales was 5.3%, an increase over last year, when Hedin Bil s market share was 3.9%. A total of 180,144 diesel cars were registered in Sweden over they year, representing 59.3% of the total number of new registrations. In 2013, there were 166,428 diesel car registrations, accounting for 61.7% of new registrations. A total of 196,571 new passenger cars with a maximum of 140 g/km carbon dioxide emissions were registered in 2014, representing 64.6% of all passenger car registrations. Over the year, 133,482 new passenger cars with a maximum of 120 g/km carbon dioxide emissions were registered in 2014, accounting for 43.9% of all passenger car registrations. 25 000 20 000 15 000 10 000 5 000 0 Januari Februari Mars April Maj Juni Juli Augusti September Oktober November December 2013 2014 LIGHT AND HEAVY COMMERCIAL VEHICLES A total of 47,184 light and heavy commercial vehicles were registered during the year 11.7% more than 2013. Light commercial vehicles under 3.5 tonnes dominated. Hedin Bil s light commercial vehicle sales (up to 3.5 tonnes) accounted for 7.5% of the Swedish market. Large goods vehicles (over 16 tonnes) are sold by Mercedes-Benz in the Hedin Bil, and comprise 39% of total Mercedes-Benz large goods vehicles sold in Sweden in 2014. 2015 Hedin Bil s goal for 2015 is to strengthen its position on the vehicle market and strive to achieve greater market shares in all our brands. We expect to sell a total of about 40,000 new and used vehicles within the Hedin Bil. 400 000 350 000 300 000 250 000 200 000 150 000 100 000 50 000 0 10 BEST CAR YEARS 1988 1987 1976 1989 2007 2011 2014 1999 2000 2010 10 BEST VAN YEARS 10 BEST TRUCK YEARS 50 000 45 000 60 000 40 000 50 000 35 000 30 000 40 000 25 000 30 000 20 000 15 000 20 000 10 000 5 000 10 000 0 2011 2007 2014 2006 2012 2008 2010 2013 1989 2005 0 2011 2007 2014 2008 2006 2012 1989 2010 2013 2005 16 17

TOTAL MARKET AND MARKET SHARES Cars Total sold Sweden Total sold via Dealers Total sold Hedin Bil Market share % Mercedes-Benz 11,535 9,499 3,783 40% Smart 122 7 6% Nissan 8,022 7,622 2,653 35% Kia 16,546 4,284 26% Citroën 5,696 588 10% Chevrolet 871 395 45% Jeep 759 203 27% Mitsubishi 5,126 1,486 29% Land Rover 1,079 357 33% Renault 9,903 429 4% Dacia 4,778 116 2% Honda 3,442 160 5% Jaguar 177 47 27% Fiat 6,166 2,631 819 31% Alfa Romeo 175 71 41% Lancia 315 135 43% Opel 5,675 462 8% Subaru* 4,285 91 2% * Subaru was added as a brand in September 2014 Light Commercial Vehicles Total sold Sweden Total sold via Dealers Total sold Hedin Bil Market share % Mercedes-Benz 3,311 3,088 1,140 37% Nissan 2,890 2,841 1,048 37% Mitsubishi 650 79 12% Citroën 2,788 352 13% Renault 4,663 127 3% Dacia 557 15 3% Fiat 1,931 290 20% Opel 1,371 119 9% Heavy Commercial Vehicles Total sold Sweden Total sold via Dealers Total sold Hedin Bil Market share % Mercedes-Benz 500 458 196 39% 18 19

ORGANIZATION BRAND MANAGERS MERCEDES-BENZ PB JAGUAR AND LAND ROVER RENAULT AND DACIA SERVICE MARKET Björn Olsson Controller Service Market/ Purchasing SPARE PARTS Anders Nilsson Controller Spare parts BUSINESS MANAGER MÖLNDAL/GOTHENBURG Rickard Magnusson Gothenburg/Mölndal MB Gothenburg/Mölndal NA Kungsbacka Sisjön BUSINESS MANAGER COMMERCIAL VEHICLES & TRUCKS Lars Holmström GBG/Hisings-Kärra MB GBG/Hisings-Kärra Other CV GBG/Mölndal CV Center BUSINESS MANAGER UPPLAND Urban Qvarnström Uppsala Enköping MARKETING Ann Lagerstedt Gothenburg Susanne Dehmer Skåne Jeanette Sundin Stockholm/Uppland I.A. HEDIN BIL AB - GROUP - Anders Hedin, President & CEO Jörgen Loikas, EVP & COO BUSINESS MANAGER MULTIBRAND Oscar Cullberg GBG/Mölndal Car Superstore GBG/Tagene GBG/Hisings-Kärra Göteborgs Beg.Center Åbro BUSINESS MANAGER SMÅLAND Erik Fagersson Jönköping Linköping Ljungby Värnamo Anderstorp BUSINESS MANAGER STOCKHOLM Johan Olsson Akalla Segeltorp Spånga Kista CV Kista Tyre Superstore Östermalm DELIVERY OFFICE ORDER CENTRE Jeanette Wångstedt Delivery Manager BUSINESS MANAGER VÄSTERGÖTLAND/BOHUSLÄN Daniel Kjellberg Borås Alingsås Vara Uddevalla Trollhättan Strömstad BUSINESS MANAGER SKÅNE Johan Stålhammar Helsingborg PB Kristianstad Helsingborg Truck & CV Ängelholm Malmö Halmstad Varberg BUSINESS MANAGER SOUTHERN SKÅNE IT Bo Westerberg IT Manager Lars Corselli Malmö Lund Burlöv Trelleborg FINANCE Magnus Leijon CFO HR Charlotte Martinsson HR Manager Rickard Magnusson, Cars Hampus Hedin, Mercedes-AMG Alingsås Anderstorp Borås Enköping GBG/Hisings-Kärra GBG/Mölndalsväge MB GBG/Sisjön Halmstad Helsingborg Jönköping Kristianstad Kungsbacka Linköping Ljungby Strömstad Trollhättan Uddevalla Uppsala Vara Varberg Värnamo Ängelholm MERCEDES-BENZ CV Lars Holmström, Commercial Vehicles Alingsås Anderstorp Borås Enköping GBG/Hisings-Kärra GBG/Mölndal CV Center Halmstad Helsingborg Helsingborg CV Jönköping Kristianstad Kungsbacka Linköping Ljungby Strömstad Trollhättan Uddevalla Uppsala Vara Varberg Värnamo Ängelholm MERCEDES-BENZ TRUCKS (Acting) Lars Holmström, Trucks Borås GBG/Hisings-Kärra Halmstad Helsingborg Helsingborg CV Jönköping Kristianstad Linköping Uddevalla Uppsala NISSAN Ashkan Jamie, Cars (Acting) Ashkan Jamie, Commercial Vehicles Alingsås Anderstorp Borås Enköping GBG/Hisings-Kärra (CV) GBG/Mölndalsvägen GBG/ Mölndal CV Center GBG/Tagene GBG/Sisjön {ut 2}Halmstad Helsingborg Jönköping Kristianstad Kungsbacka Linköping Ljungby Strömstad Trollhättan Uddevalla Uppsala Vara Varberg Värnamo Ängelholm FCA GROUP (Abarth, Alfa Romeo, Fiat, Fiat Professional, Jeep, Lancia) Lars Niklasson, Cars (Acting) Lars Niklasson, Commercial Vehicles Enköping: Fiat, Fiat Professional GBG/Hisings Kärra: Fiat, Fiat Professional GBG/ Mölndal CV: Fiat Professional GBG/ Åbro US Center: All Jönköping: Fiat, Fiat Professional, Jeep, Lancia Kristianstad: Fiat, Fiat Professional, Jeep, Lancia Linköping: All excl. Abarth Lund: All excl. Abarth Malmö: All STHLM/ Akalla: All STHLM/ Segeltorp: Alfa Romeo, Fiat Professional, Jeep, Lancia STHLM/ Kista TRP: Fiat Professional Trelleborg: Fiat, Fiat Professional Uddevalla: Fiat, Fiat Professional, Jeep, Lancia Uppsala: All excl. Abarth Varberg: Fiat, Fiat Professional Värnamo: Fiat, Fiat Professional, Jeep, Lancia Erik Fagerssson, Cars Borås (excl. Jaguar) GBG/Mölndal Car Superstore Linköping (excl. Jaguar) Uppsala Jönköping (excl. Jaguar) Värnamo (excl. Jaguar) MITSUBISHI Magnus Roslund Cars and Commercial Vehicles GBG/Hisings-Kärra (CV) GBG/Mölndal Car Superstore GBG/Tagene GBG/Mölndal CV Center Kristianstad Stockholm/Akalla Stockholm/Kista CV Stockholm/Segeltorp HONDA Anders Bränholm, Cars GBG/Mölndal Car Superstore Varberg CITROËN Alexander Lind, Cars (Acting) Alexander Lind, Commercial Vehicles Borås Enköping GBG/Hisings-Kärra (CV) GBG/Mölndal Car Superstore GBG/Mölndal CV Center Jönköping Kungsbacka Malmö Stockholm/Akalla Stockholm/Kista CV Stockholm/Spånga Strömstad Trelleborg Uppsala OPEL Johan Olsson Cars and Commercial Vehicles Malmö Stockholm/Akalla Stockholm/Kista CV Stockholm/Segeltorp KIA Lars-Olof Snygg, Cars Alingsås Anderstorp Borås GBG/Mölndal Car Superstore GBG/ Tagene Halmstad Helsingborg Jönköping Kungsbacka Ljungby Malmö Stockholm/Akalla Stockholm/Segeltorp Strömstad Trelleborg Trollhättan Uddevalla Vara Värnamo Ängelholm SUBARU Lars Corselli, Cars Stockholm/Akalla Malmö Lund Trelleborg Simon Fard, Cars (Acting) Simon Fard, Commercial Vehicles GBG/Hisings-Kärra (CV) GBG/Mölndal Car Superstore GBG/Mölndal CV Center GBG/Tagene CORVETTE, CADILLAC, CHEVROLET, DODGE Alf Persson, Cars GBG/Åbro US Center Stockholm/Kista CV (Dodge) USED CARS Oscar Cullberg, Manager Used Cars 20 21

Annual Report ANDERS HEDIN INVEST AB 2014 HEDIN GÖTEBORG BIL AB CITY BUSINESS MANAGER BRANCH MANAGER HEDIN HELSINGBORG BIL AB CARS & COMMERCIAL VEHICLES ONLY COMMERCIAL VEHICLES TRUCKS ONLY AFTERMARKET ALINGSÅS BUSINESS MANAGER BRANCH MANAGER ONLY AFTERMARKET ONLY COMMERCIAL VEHICLES ONLY AFTERMARKET Urban Qvarnström Beiar Mahmod GOTHENBURG HISINGS-KÄRRA HALMSTAD Johan Stålhammar Per-Erik Persson Lars Holmström Lars Holmström HELSINGBORG CARS GOTHENBURG MÖLNDAL CAR SUPERSTORE Johan Stålhammar Johan Stålhammar Oscar Cullberg Oscar Cullberg HELSINGBORG CV & TRUCKS GOTHENBURG MÖLNDAL MERCEDES-BENZ Johan Stålhammar Jörgen Bengtsson Rickard Magnusson Rickard Magnusson JÖNKÖPING Erik Fagersson Erik Fagersson GOTHENBURG MÖLNDAL NISSAN Rickard Magnusson Rickard Magnusson KRISTIANSTAD Johan Stålhammar Åke Andersson GOTHENBURG MÖLNDAL COMMERCIAL VEHICLE CENTER Lars Holmström Karl-Gustav Nilsson LINKÖPING Erik Fagersson Harald Hjelm GOTHENBURG SISJÖN AMG PERFORMANCE CENTER LJUNGBY Erik Fagersson Jan Johansson (EJ TRANSPORTBILAR) GOTHENBURG TAGENE MALMÖ Oscar Cullberg Anders Bränholm Johan Stålhammar Staffan Leth GOTHENBURG ÅBRO USED CAR CENTER UPPSALA Urban Qvarnström Urban Qvarnström Oscar Cullberg Rasmus Johansson VARBERG GOTHENBURG ÅBRO US CENTER Johan Stålhammar Denny Neumann Oscar Cullberg Lars Niklasson VÄRNAMO Erik Fagersson Johan Brundin KUNGSBACKA Rickard Magnusson Lars Petersson ÄNGELHOLM Johan Stålhammar Pierre Holmgren STRÖMSTAD Daniel Kjellberg Fredrik Larsson HEDIN STOCKHOLM BIL AB/STOCKHOLM TROLLHÄTTAN CITY Daniel Kjellberg Daniel Högström BUSINESS MANAGER BRANCH MANAGER UDDEVALLA CARS & COMMERCIAL VEHICLES STOCKHOLM, AKALLA Daniel Kjellberg Fredrik Larsson Johan Olsson Ashkan Jamie VARA STOCKHOLM, KISTA Daniel Kjellberg Stefan Kjörk Johan Olsson Sasa Cvijanovic FULL-SERVICE TIRE FACILITY STOCKHOLM, KISTA HEDIN STOCKHOLM BIL AB/SKÅNE CARS & COMMERCIAL VEHICLES ONLY COMMERCIAL VEHICLES ONLY AFTERMARKET COMMERCIAL VEHICLE CENTER Johan Olsson Mats Kamryd STOCKHOLM, SEGELTORP Johan Olsson Magnus Roslund LUND Lars Corselli Joakim Olsson STOCKHOLM, SPÅNGA Johan Olsson Alexander Lind MALMÖ - BURLÖV Lars Corselli Lars Corselli STOCKHOLM, ÖSTERMALM Johan Olsson Patrick Bierhance MALMÖ - JÄGERSRO Lars Corselli Lars Corselli TRELLEBORG Lars Corselli Marcus Persson TRUCKS ENKÖPING Daniel Kjellberg Daniel Kjellberg FÖRETAGSCHEF PLATSCHEF ONLY COMMERCIAL VEHICLES Erik Fagersson Niclas Hijemark BORÅS CITY CARS & COMMERCIAL VEHICLES ANDERSTORP Daniel Kjellberg Peter Bengtsson Rickard Magnusson Hampus Hedin CITY 22 23

CAR TO GO SWEDEN AB 24 25

CAR TO GO SWEDEN AB THE EASY WAY. CARPLUS.SE It is important for Hedin Bil s future to be active in different marketing channels, and since September 2014, Anders Hedin Invest AB holds 100% ownership in Car To Go Sweden, www.carplus.se, which offers private vehicle leases over the Internet. CarPlus gives you flexible and affordable options for privately leasing your vehicle. No down payment, set-up fee or deposit. Insurance, service and 3 years of free roadside assistance included. We are currently able to offer CarPlus for Mercedes-Benz, Nissan, Kia, Fiat and Citroën. The company has been operating for five years and is showing positive development in contract volume and profits. In the second half of 2014, carplus.se had 6-7,000 unique visitors and a conversion rate of 1%, which is very good. A large percentage of customers are women. Gender distribution in the automotive industry is generally about 60% men/40% women. At CarPlus, the distribution is 50/50. CEO: Anders Hedin www.carplus.se Five-year comparison 2014 2013 2012 2011 2010 Net sales (thousands SEK) 1,597 1,552 1,506 715 219 Profit/loss after financial items 400 273 140 7-15 Number of employees 1 1 1 1 0 26 27

KLINTBERG & WAY AB 28 29

Annual Report ANDERS HEDIN INVEST AB 2014 KW PARTS SPARE PARTS AND ACCESSORIES FOR AMERICAN CARS Anders Hedin Invest AB acquired Klintberg & Way AB in April 2014. The backbone of Klintberg & Way is KW Parts. KW Parts is General Motors North America Vehicles (GM NAV) Service Market organization in Europe, which also includes distribution and sales of spare parts and accessories for GM NAV in Europe. KW Parts also has an agreement with MOPAR (Chrysler, Jeep, Dodge) as spare part distributor to independent customers in Europe. In 2014, Klintberg & Way launched a new subsidiary, KW Wheels AB, which is a tyre and rim wholesaler. The company primarily sells complete wheels. KW Wheels cooperates with all known tyre producers and the Swedish agent for Alutec rims. Operations are currently located in Hisingen, Gothenburg. In September 2015, they will be moving to new, larger premises in Bäckebol, Gothenburg. In addition to OEM, KW Parts has direct and indirect agreements with all spare parts manufacturers for American car parts and accessories. KW Parts is Europe s largest spare parts wholesaler of American car parts and operates in 37 countries. KW Parts stocks 85,000 of the most sought-after original and alternative spare parts, and provides access to an additional 3 million parts, with fast delivery thanks to daily air freight from the US. In March 2015, KW Wheels acquired 70% of Techno Tire AB from Techno Support Sverige AB. Techno Tire sells tyres via the web portal for tyre shops. Klintberg & Way AB consists of: Subsidiary Klintberg & Way AS in Norway Subsidiary KW Parts NV in Belgium Subsidiary KW Wheels AB in Sweden Subsidiary KW Cars AB in Sweden CEO: Jörgen Forsberg They are headquartered in Sätra, Stockholm, with subsidiary Klintberg & Way AS in Asker, Norway and KW Parts NV in Kortijk, Belgium. The group has 50 employees in Sweden, 7 in Norway and 6 in Belgium. Six local agents are based in our key markets. Asker, Norway Stockholm, Sweden Kortijk, Belgium CEO: Jörgen Forsberg KW Wheels www.kwparts.se Five-year comparison Klintberg & Way AB Net sales (thousands SEK) Profit after financial items (thousands SEK) Number of employees KW WHEELS WHOLESALER FOR TYRES AND RIMS 2014 2013 2012 2011 2010 303,788 237,646 238,452 250,270 - Net sales (thousands SEK) 13,872 4,189 103 12,120 - Profit after financial items (thousands SEK) - Number of employees 70 71 30 66 74 Five-year comparison KW Wheels 2014 2013 2012 2011 2010 54,720 - - - - 8,455 - - - - 5 - - - - 31

MABI RENT AB 32 33

Annual Report ANDERS HEDIN INVEST AB 2014 MABI RENT AB ONE OF SWEDEN S LARGEST INDEPENDENT CAR RENTAL COMPANIES In early 2014, Anders Hedin Invest acquired listed company MABI Rent AB. MABI Rent AB s subsidiary Mabi Sverige AB operates car rental activities. Mabi is one of Sweden s largest independent car rental companies. The company has grown steadily since its start in Stockholm in 1989, and now offers car rentals at 22 of its own stations and 101 licensed stations at airports and central stations. The continuous goal is to offer car rentals at competitive prices without compromising on quality, safety, service or availability. Mabi also offers and develops the FlexiLease concept, giving businesses the opportunity to contract longer rental agreements. MABI Rent AB operates in Sweden and Germany. CEO: André Schleeman www.mabi.se Stockholm, Sweden Berlin, Germany Five-year comparison Net sales (thousands SEK) Profit/loss after financial items (thousands SEK) Number of employees 34 2014 2013 2012 2011 2010 256,997 356,051 235,263 151,802 120,168 5,233-16,070 1,944 6,339 6,149 67 68 76 41 36 35

Annual Report ANDERS HEDIN INVEST AB 2014 I.A. HEDIN FASTIGHET AB 36 37

I.A. HEDIN FASTIGHET AB QUALITY, INNOVATION AND NEW PROJECTS ARE AT THE HEART OF EVERYTHING WE DO. HELSINGBORG TRANSPORT- OCH LASTBILSCENTER UPPSALA ÄNGELHOLM I.A. HEDIN FASTIGHETER AB HELSINGBORG VÄRNAMO Hedin Bil s commercial properties are wholly owned by Anders Hedin Invest AB through its real estate company. I.A. Hedin Fastighet AB owns and manages 31 commercial properties in easter, western and southern Sweden. Commercial floor space in the s total real estate portfolio (operating properties and other commercial properties) totals 193,000 square metres. Our new projects will bring floor space to 215,000 square metres. Estimated market value hovers around the SEK 2.6 billion mark on current holdings. In addition to owned properties, the company also rents premises of 47,000 square metres. In the fourth quarter of 2014, an agreement was signed to acquire a commercial property in Kista. Two branches of Hedin Stockholm Bil AB, a commercial vehicle centre and a tyre centre, currently operate in these premises. CEO: Anders Hedin Five-year comparison 2014 2013 2012 2011 2010 Net sales (thousands SEK) 146,451 122,248 102,479 78,343 46,983 Profit/loss after financial items (thousands SEK) 47,123 37,959 26,051-27,310 12,878 38 39

I.A. HEDIN FASTIGHET AB ONE OF OUR PROPERTIES COMPLETED IN 2011. BORÅS, A FULL-SERVICE FACILITY SELLING MERCEDES-BENZ, NISSAN, KIA, CITROËN AND LAND ROVER. ONGOING PROJECTS - PROPERTIES HEDIN BIL A6 Jönköping JÖNKÖPING Operations in Jönköping are moving to an all-new property on the other side of the motorway to the A6 Center, a large and popular shopping area. This full-service facility of 22,000 square metres will handle cars, commercial vehicles and trucks. Due for completion in 2015.. STOCKHOLM - AKALLA CAR CENTER A major renovation is underway to customize showrooms to each vehicle brand. As part of this renovation, Opel and DS Store (a segment of Citroën) will be given their own entrances. The customer reception and spare parts areas will also be renovated to make them more accessible to customers. There is the possibility of extending the existing building by 15,000 square metres. The first phase of the project is due for completion in May 2015, with building front completion in September 2015. HELSINGBORG CAR CENTER Renovations are planned for existing showrooms and car and sheet metal workshops for Mercedes-Benz, Nissan and Kia. Due for completion in 2016. OM- & TILLBYGGNAD AKALLA 2014-02-10 Hedin Bil Helsingborg: Personbilscentrum - Kv Huggjärnet 2014 11 13 STOCKHOLM - KISTA COMMERCIAL VEHICLE CENTRE We have opened a 5,500 square metre Commercial Vehicle Center in existing premises for Nissan, Fiat, Citroën, Mitsubishi and Dodge. The building front will be renovated. Due for completion in 2015. 40 41

HEDIN IT AB 42 43

HEDIN IT AB HEDIN IT AB Hedin IT AB is wholly owned by Anders Hedin Invest AB. NEW TECHNOLOGY BRINGS EFFICIENCY AND NEW POSSIBILITIES Hedin IT is a newly established company with responsibility for the s telephony and IT support. The company will promote the s advancement and create functional solutions within IT and telephony to enhance value both internally and externally. CEO: Anders Hedin 44 45

A.H. VÄRDEPAPPER AB 46 47

A.H. VÄRDEPAPPER AB A.H. VÄRDEPAPPER AB OWNS, MANAGES AND TRADES IN SECURITIES Wholly owned by Anders Hedin Invest AB. A.H. Värdepapper AB owns, manages and trades in securities and associated activities. CEO: Anders Hedin Five-year comparison 2014 2013 2012 2011 2010 Net sales (thousands SEK) 349,313 588,178 327,438 51,530 Profit/loss after financial items (thousands SEK) 5,344 79,247 290-85,316 48 49

LASINGOO SVERIGE AB 50 51

LASINGOO SVERIGE AB SERVICE FOR CARS Lasingoo is an industry-owned online portal for booking service, primarily for passenger cars. The portal helps its users monitor all costs related to car ownership and streamlines workshop appointment-booking processes. Lasingoo is based on a technical platform that aims to be the global leader in service bookings and other services related to car ownership. The platform has been operating in Germany since 2012 and will be launched in Sweden in May 2015. Anders Hedin Invest AB holds a stake of 16.6%. The remainder of the shares are held by Mekonomen (including subsidiaries Mekopartner, MECA and Speedy), Bosch Car Service, Autoexperten, OK/Q8 and AD Bildelar. Over 1800 workshops are already connected to this unique collaborative venture between the major automotive workshop players in Sweden. CEO: Martin Engberg www.lasingoo.se 52 53

CONSENSUS ASSET MANAGEMENT AB 54 55

CONSENSUS ASSET MANAGEMENT AB SECURITIES BROKER SINCE 1913 Consensus Asset Management AB is a fusion of Thenberg & Kinde Fondkommission AB and Consensus, and has adopted the name Consensus Asset Management AB. Consensus is a securities brokerage firm active in asset management, corporate finance and pensions, with headquarters in Gothenburg and offices in Stockholm. The company has a long history dating back to 1913. Consensus clients include companies, institutions and wealthy private clients. The company s main shareholders are Anders Hedin Invest AB and Nilhome AB (Claes-Göran Nilsson). Consensus shares are publicly traded on Aktietorget under the ticker CAM B. The staff at Consensus have unique and extensive experience and expertise in the areas the company operates in. The company holds all requisite financial licenses and is monitored by the Swedish Financial Supervisory Authority. CEO: Patrik Soko www.consensusam.se 56 57

RIPAM INVEST AB 58 59

RIPAM INVEST AB RIPAM INVEST AB INVESTMENT COMPANY Ripam Invest AB is 50% owned by Anders Hedin Invest AB and is an investment company that invests in companies outside Anders Hedin Invest s core operations. The remaining 50% of the company is owned by Nilhome AB. Ripam Invest AB wholly owns Marstrands Kurbadhus AB, which operates hotel activities on Marstrand. Marstrands Kurbadhus owns 90% of Marstrands Kulturfastighet AB, which owns the hotel property. The remaining 10% is owned by the Municipality of Kungälv. Both companies are involved in the design and planning of the property rebuilding project on Marstrand in the west coast archipelago. The project for a new aquatics facility has now been launched. Societetshuset on Marstrand, part of the Bautastenen Hotell AB company, was acquired in October 2014. Societetshuset offers banquet facilities for weddings and other events. CEO: Anders Hedin www.båtellet.se 60 61

EVENTS 2014 }Opel Malmö acquired and started up in Black Box }Reconstruction begins in Värnamo JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER }Svenska Bil acquired along with 4 car facilities in Stockholm }Reorganization in Hedin Bil, regions and brand managers }Reconstruction begins in Segeltorp }Akalla property acquired }Klintberg & Way AB }Mabi Rent AB bought out from the stock exchange }Reconstruction begins in Akalla }AutoExpo closes and operations move to Akalla }KW Wheels AB starts up }Building permit acquired for 30,000 m 2 extension in Akalla }Fusion of Thenberg/ Consensus }Acquisition of Bil- Partner Skåne with 4 car facilities in greater Malmö }Acquisition of remaining 71% of Car to Go Swedan AB }Agreement signed with Lasingoo Sverige AB }Property Högsbo inaugurated }ExpoAuto closed and operations moved to Akalla }Citroën Center Spånga acquired }Citroën/DS launched in Akalla }New Truck and Commercial Vehicle Center opens in Helsingborg 62 63

DIRECTORS' REPORT GENERAL INFORMATION ABOUT THE COMPANY The Anders Hedin Invest comprises I.A. Hedin Bil, I.A Hedin Fastighet, Klintberg & Way and Mabi Rent, and subsidiaries Car to Go Sweden AB, Hedin IT AB and A.H. Värdepapper AB. I.A. Hedin Bil AB is 91% owned, and the other companies are 100% owned. GROUP Automotive segment of the The conducts trade and workshop activities in the automotive industry. Sold brands are: Mercedes-Benz, Jeep, Dodge, Smart, Nissan, Mitsubishi, Citroën, Fiat, Lancia, Cadillac, Corvette, Chevrolet, Chrysler, Kia, Opel, Dacia, Renault, Abarth, Honda, Jaguar, Alfa Romeo, Subaru, Range Rover and Land Rover in all segments. Hedin Bil is currently represented by 41 complete car facilities at attractive locations in southern, western and eastern Sweden, from Trelleborg/Malmö in the south to Uppsala/ Stockholm in the east, through subsidiaries Hedin Göteborg Bil AB, Hedin Helsingborg Bil AB and Hedin Stockholm Bil AB with branches. Property segment of the The I.A Hedin Fastighet AB is engaged in property management through its ownership of shares in Kommanditbolag and shares in subsidiaries. The s property holdings can largely be attributed to commercial properties intended for automotive operations. The operating properties are leased by Hedin Göteborg Bil AB, Hedin Helsingborg Bil AB, Hedin Stockholm Bil AB, KW Wheels AB and Car to Go Sweden AB. Car rental Mabi Rent offers short-term car rentals through a complete range of cars, light trucks, minibuses and a number of special cars for brand profiling. They also have a long-term leasing concept marketed under the name Flexilease. Mabi Rent operates mainly through franchises and has a nationwide station network in Sweden and is also represented in Berlin, Germany. PARENT COMPANY Anders Hedin Invest AB s activities consist primarily of managing and developing ownership in existing subsidiaries. The parent company is also active in car and boat trading, securities investments and associated activities. The company trades in listed securities in subsidiary A.H. Värdepapper AB. Change in accounting principle From 1 January 2014, the applies BFNAR 2012:1. The introduction of the new recommendations has resulted in a change in accounting policies but has not had any effect on the income statement or balance sheet. To achieve comparability of the s development and financial position, the comparison year has been restated. For more information on the effects of the transition to K3, please see note 34. Klintberg & Way Klintberg & Way AB is an authorized spare parts distributor for General Motors North American Vehicles and Mopar (Chrysler, Jeep, Dodge), and Europe s largest spare parts wholesaler of American car parts with operations in 37 countries. The company is the parent company in KW Parts with subsidiaries in Sweden, Belgium and Norway. 64 65

DEVELOPMENT OF THE COMPANY'S OPERATIONS, PERFORMANCE AND FINANCIAL POSITION 31 Dec 2012 31 Dec 2011 31 Dec 2010 Net sales 7,288,023 5,312,640 5,077,087 5,079,648 4,516,033 Profit/loss after financial items 147,830 189,268 72,507 11,161 202,971 Balance sheet total 4,524,546 3,128,941 3,077,571 2,869,867 2,577,845 Return on equity % 11 17 8 1 16 Equity/assets ratio % 26 30 26 25 28 Average number of employees 1,250 836 853 840 821 Definitions: Return on equity: Ratio of net income to average shareholders equity excluding minority interests Equity/Assets ratio: Shareholders equity excluding minority interests divided by total assets SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR AND AFTER YEAR-END EXPECTED FUTURE DEVELOPMENT, SIGNIFICANT RISKS AND UNCERTAINTIES The Hedin Bil has a very strong market position as authorized dealer of Mercedes-Benz, Jeep, Dodge, Smart, Nissan, Mitsubishi, Citroën, Fiat, Lancia, Cadillac, Corvette, Chevrolet, Chrysler, Kia, Opel, Renault, Honda, Jaguar, Dacia, Abarth, Alfa Romeo, Subaru, Range Rover and Land Rover in all segments. The rental car segment of the attributable to Mabi Rent AB and Car to Go Sweden AB will be further developed with focus on new rental car stations and increased activity in private leasing. The spare part segment of the attributable to Klintberg & Way AB will bring new business areas and develop existing ones. This will mean increased sales and improved results. With a stable earnings trend and good profitability, the is well-equipped both financially and economically for the future. Risks Car sales are dependent on economic developments and create a sensitivity in the s sales trends. Reducing this sensitivity in profitability requires efficient processes and monitoring of the inventory situation. After the block exemption was changed on 1 July 2013, all agreements with general agents are rolling two-year contracts. This increases the requirement for good relationships between general agents and dealers. The Hedin aims to be a key partner to all general agents and build confidence. Creating a turnkey concept with financing, insurance, service, creditcards, and a number of different ownership options contribute to increased customer loyalty. The s new activities in the area of car rentals and spare parts is also a step in diversifying and spreading risks. Parent company Automotive segment of the attributable to I.A Hedin Bil From the start of the year, I.A Hedin Bil AB has been operating in Stockholm in subsidiary Hedin Stockholm Bil AB through the purchase of operations from Svenska Bil i Norden. Two complete car facilities, one in Akalla and one in Segeltorp, as well as a workshop in Östermalm and a tyre workshop in Sollentuna comprised the Stockholm launch. In January, a car facility was opened in Malmö with Opel sales under the Black Box concept. In September, the automotive segment took possession of Bilpartner i Skåne s four car facilities in Malmö, Burlöv, Lund and Trelleborg. Citroën Center in Spånga was acquired on November 24 from Citroën Sverige, thereby becoming the fifth facility in Stockholm. A new commercial vehicle facility in Helsingborg was opened in December, freeing up sales floor space in the existing facility for passenger cars. The property segment of the attributable to I.A Hedin Fastighet The property segment acquired commercial premises in Akalla and completed the new facility for commercial vehicles in Helsingborg. Reconstruction of the properties in Akalla and Värnamo began and will be completed in 2015. The new facility in Ängelholm opened in January 2015. In Jönköping, construction began on the new 22,000 square metre facility along the E4, which is due for completion in 2016. An agreement was signed for the purchase of a property in Kista, with transfer of ownership planned for the first quarter of 2015. This property will include a commercial vehicle facility, which will free up sales floor space at the Akalla facility. Rental car segment of the attributable to Mabi Rent Mabi Rent AB was acquired and delisted from the stock exchange. This acquisition diversifies the parent group with a rental car company for both short and long-term rentals. Two car dealerships in the Mabi Rent group were liquidated and the brands are now represented in the Akalla facility. Spare parts segment of attributable to Klintberg & Way group Klintberg & Way AB was acquired, bringing sales of spare parts throughout Europe for US-manufactured cars. Klintberg & Way has subsidiaries in Norway and Belgium. A subsidiary was added to the group in the autumn, KW Wheels AB, which mounts tyres on rims and sells complete wheels. In March 2015, 70% of the shares in Techno Tire AB were acquired from Techno Support i Sverige AB. This acquisition provides the opportunity to deliver to both Klintberg & Way s and Techno Support i Sverige AB s customers through the company s online tool. Miscellaneous Car to Go Sweden AB became part of the group, and the remaining 71% of shares were bought, making the company a wholly owned subsidiary of Anders Hedin Invest AB. The company drives sales of private leases through www.carplus.se. PROPOSED APPROPRIATION OF COMPANY S EARNINGS The parent company s focus and scope are expected to remain the same in 2015. The Extraordinary General Meeting on 21 January 2015 approved the proposal to distribute dividends in the amount of SEK 10,000,000. The Board of Directors and the CEO propose that the distributable earnings, SEK 195,063,000, be distributed as follows: Amounts in TSEK Dividends 10,000 Carried forward 185,063 Total 195,063 THE BOARD S STATEMENT REGARDING THE PROPOSED DIVIDEND Subject to the approval of the AGM, dividends will be distributed in the amount of 10,000,000, which means that non-restricted equity following the dividend payment will total 175,063,000, as calculated at the 2015 EGM. The proposed transfer of value in the form of dividends reduces the company s equity/assets ratio to 55%. Considering that the company's activities have continued to be profitable, this equity/ asset ratio is satisfactory. Liquidity in the company can be expected to remain at a similarly satisfactory level. It is the Board's opinion that the proposed dividend will not prevent the company from fulfilling its obligations on either the short or long term, or prevent it from making necessary investments. The proposed dividend is thereby justified in light of the provisions of chapter 17, section 3, paragraphs 2-3 of the Swedish Companies Act, ABL (prudence rule). For the company s financial position and results of operations, please refer to the following income statement and balance sheet with accompanying notes. 66 67

INCOME STATEMENT - GROUP BALANCE SHEET - GROUP Amounts in TSEK Note 1 Jan 2014 1 Jan 2013 Operating income Net sales 2.7 7,288,023 5,312,640 Other operating income 3 3,879 1,394 7,291,902 5,314,034 Operating costs Goods for resale -5,890,824-4,326,378 Other external expenses 5.6-453,173-227,009 Employee expenses 4-636,313-434,158 Depreciation/amortisation of tangible and and intangible assets -113,128-89,935 Other operating expenses -2,459 - Operating profit/loss 196,005 236,554 Income from financial items Income from participation in associated companies 8 2,692-361 Income from other securities and receivables held as fixed assets 9 880 9,604 Interest income and similar income statement items 10 2,662 1,978 Interest expenses and similar income statement items 11-54,409-58,507 Profit/loss after financial items 147,830 189,268 Profit/loss before tax 147,830 189,268 Tax on profit/loss for the year 13-38,389-42,129 Profit for the year 109,441 147,139 Attributable to Parent Company's shareholders 109,081 143,574 Minority interests 360 3,565 Amounts in TSEK Note ASSETS Fixed assets Intangible fixed assets Concessions, patents, licenses, trademarks and similar rights 14 22,619 11,055 Goodwill 15 58,932-81,551 11,055 Tangible fixed assets Buildings and land 16 2,476,495 2,036,399 Accrued leasehold 17 2,037 - Equipment, tools and installations 18 309,158 187,217 Construction in progress and advance payments for tangible assets 19 52,743 5,117 2,840,433 2,228,733 Financial fixed assets Participations in associated companies 21 11,790 3,328 Other securities held as non-current assets 22 2,161 154 Other non-current receivables 3,394-17,345 3,482 Total fixed assets 2,939,329 2,243,270 Current assets Inventories etc. Securities 4,539 - Finished goods and merchandise 964,209 606,949 968,748 606,949 Current receivables Accounts receivable 302,301 172,148 Receivables from associated companies 1,046 - Other receivables 73,226 30,138 Prepaid expenses and accrued income 23 153,631 69,515 530,204 271,801 Cash and bank balances 86,265 6,921 Total current assets 1,585,217 885,671 TOTAL ASSETS 4,524,546 3,128,941 68 69

BALANCE SHEET - GROUP CASH FLOW STATEMENT - GROUP Amounts in TSEK Note EQUITY AND LIABILITIES Equity Share capital 24 100 100 Other equity including profit for the year 1,113,935 926,883 Equity attributable to the parent company shareholders 1,114,035 926,983 Minority interests 54,162 53,851 Total equity 1,168,197 980,834 Amounts in TSEK Note Operating activities Profit/loss after financial items 30 147,830 189,268 Adjustment for non-cash items, etc. 32 104,618 82,151 252,448 271,419 Income tax paid -18,661-10,993 Cash flow from operating activities before 233,787 260,426 changes in working capital Provisions Provisions for pensions and similar obligations 25 59,141 25,811 Deferred tax liabilities 26 170,629 126,537 229,770 152,348 Non-current liabilities Overdraft facility 28 599,199 201,395 Other liabilities to credit institutions 27 1,552,839 1,317,261 2,152,038 1,518,656 Current liabilities Liabilities to credit institutions 27 139,367 37,753 Accounts payable 338,802 147,940 Tax liabilities 28,751 14,939 Other current liabilities 101,069 71,710 Accrued expenses and deferred income 29 366,552 204,761 974,541 477,103 TOTAL EQUITY AND LIABILITIES 4,524,546 3,128,941 PLEDGED ASSETS AND CONTINGENT LIABILITIES Cash flow from changes in working capital Increase(+)/Decrease(-) in inventories -221,066 63,532 Increase(-)/Decrease(+) in operating receivables -134,089-17,443 Increase(+)/Decrease(-) in operating liabilities 223,665-60,884 Cash flow from operating activities 102,297 245,631 Investing activities Acquisition of subsidiaries -228,612-28,955 Disposal of subsidiaries 8,449 Acquisition of intangible fixed assets -8,791 Acquisition of tangible fixed assets -302,896-113,243 Disposal of tangible fixed assets 14,789 Acquisition of financial fixed assets -6,050-1,532 Cash flow from investment activities -531,560-135,281 Financing activities Borrowings 838,789 - Amortisation of loans -310,444-90,145 Acquisition of minority interest -49 Dividends paid to the parent company shareholders -20,000-20,000 Cash flow from financing activities 508,296-110,145 Pledged assets for own liabilities and provisions Property mortgages 1,603,850 1,180,030 Floating charges 791,500 572,000 Assets with ownership reservation 527 Total 2,395,877 1,752,030 Cash flow for the year 79,033 205 Cash and cash equivalents at the start of the year 6,921 6,716 Exchange rate difference in cash and cash equivalents 311 Cash and cash equivalents at year-end 31 86,265 6,921 Contingent liabilities Guarantee commitments FPG/PRI 1,182 516 Purchased and residual value guarantees 99,602 56,595 Guarantees 2,894 Total 103,678 57,111 70 71

INCOME STATEMENT - PARENT COMPANY BALANCE SHEET - PARENT COMPANY Amounts in TSEK Note 1 Jan 2014 1 Jan 2013 Operating income Net sales 2 5,100-5,100 - Operating costs Other external expenses 5.6-5,679-148 Depreciation/amortisation of tangible and and intangible assets -10 - Operating profit/loss -589-148 Income from financial items Profit/loss from other securities and receivables held as fixed assets 9 69 - Interest income and similar income statement items 10 10 17 Interest expenses and similar income statement items 11-5,592-8,402 Profit/loss after financial items -6,102-8,533 Appropriations 12 104,241 109,278 Profit/loss before tax 98,139 100,745 Tax on profit/loss for the year 13-21,965-22,162 Profit for the year 76,174 78,583 Amounts in TSEK Note ASSETS Fixed assets Tangible fixed assets Equipment, tools and installations 18 41-41 - Financial fixed assets Participations in companies 20 302,237 191,114 Participations in associated companies 21 9,570 3,689 Other securities held as non-current assets 22 1,233 154 313,040 194,957 Total fixed assets 313,081 194,957 Current assets Inventories, etc. Finished goods and merchandise 126 126 126 126 Current receivables Receivables from associated companies 796 - Other receivables 1,084 6,647 1,880 6,647 Cash and bank balances 6,056 505 Total current assets 8,062 7,278 TOTAL ASSETS 321,143 202,235 72 73

BALANCE SHEET - PARENT COMPANY CASH FLOW STATEMENT - PARENT COMPANY Amounts in TSEK Note EQUITY AND LIABILITIES Equity 24 Restricted equity Share capital (1000 shares) 100 100 100 100 Non-restricted equity Profit/loss carried forward 118,889 60,307 Profit for the year 76,174 78,583 195,063 138,890 Total equity 195,163 138,990 Non-current liabilities Other liabilities to credit institutions 27 37,730 - Liabilities to companies 30,142 43,281 67,872 43,281 Current liabilities Liabilities to credit institutions 27 14,320 - Accounts payable 101 - Liabilities to companies 5,289 - Tax liabilities 38,395 19,964 Other current liabilities 3-58,108 19,964 TOTAL EQUITY AND LIABILITIES 321,143 202,235 Amounts in TSEK Note Operating activities Profit/loss after financial items -6,102-8,533 Adjustment for non-cash items, etc. 10 649-6,092-7,884 Income tax paid -3,534-3,289 Cash flow from operating activities before -9,626-11,173 changes in working capital Cash flow from changes in working capital Increase(-)/Decrease(+) in operating receivables 4,767-4,039 Increase(+)/Decrease(-) in operating liabilities 5,393 Cash flow from operating activities 534-15,212 Investing activities Acquisition of subsidiaries -111,123 Acquisition of tangible fixed assets -51 Acquisition of financial fixed assets -6,960-1,582 Cash flow from investment activities -118,134-1,582 Financing activities Borrowings 156,962 36,348 Amortisation of loans -13,811 Dividends paid to the parent company shareholders -20,000-20,000 Cash flow from financing activities 123,151 16,348 PLEDGED ASSETS AND CONTINGENT LIABILITIES Pledged assets None None Cash flow for the year 5,551-446 Cash and cash equivalents at the start of the year 505 951 Cash and cash equivalents at year-end 6,056 505 Contingent liabilities None None 74 75

NOTES more than 12 months after the balance sheet date, which are classified as fixed assets. Receivables are carried at the amount expected to be paid after deductions for individually assessed doubtful receivables. the tax rates and laws decided before the balance sheet date and are not calculated at present value. NOTE 1 NOTES AND ACCOUNTING PRINCIPLES Amounts in TSEK unless otherwise stated. General accounting principles From the 2014 financial year, Annual Reports are prepared in accordance with the Swedish Annual Accounts Act and the Accounting Standards Board general guidelines, BFNAR 2012:1 Annual Report and Accounts (K3). Previously, the Annual Accounts Act and the Swedish Accounting Standards Board general guidelines BFNAR 2008:1 (K2) and BFNAR 2012:1 (K3) were applied. The transition has been done in accordance with the provisions of chapter 35 of K3. The effects of the transition to K3 are reported in note 34. Valuation principles, etc. Assets, provisions and liabilities are assessed at acquisition value unless otherwise noted below. Intangible assets Intangible assets are recognized at their acquisition value less accumulated amortization and impairment losses. Amortization Amortization is linear over the asset's estimated useful life. Amortization is recognized as an expense in the income statement. year year The following amortization periods are applied: Acquired intangible assets 5 Acquired intangible assets 5 Tangible fixed assets Tangible assets are recognized at their acquisition value less accumulated depreciation and impairment losses plus revaluation. The acquisition value includes, in addition to the purchase price, expenditures that are directly attributable to the acquisition. Additional expenditures Additional expenditures that meet the asset criteria are calculated in the asset's carrying value. Expenditures for ongoing maintenance and repairs are recognized as expenses as they are incurred. Depreciation/Amortization Depreciation is linear over the asset's estimated useful life as it reflects the expected consumption of the asset's future economic benefits. Depreciation is recognized as an expense in the income statement. For some of the tangible assets, the difference in consumption of major components is deemed to be material. These assets have therefore been split up into components that are depreciated separately. This applies to the properties owned within the. The following depreciation periods are applied: Parent company year year Buildings; Frame and foundation 120 Frame extensions 80 Plumbing, electrical, ventilation 50 Exterior 50 Roof 40 Installations 25 Revaluation of building 20-100 Expenditure on property 10 Land improvements 5 Building equipment 20-80 Equipment, tools and installations 3-5 5 Borrowing costs Borrowing costs attributable to purchase, construction or production of tangible assets that take significant time to complete before they can be used or sold are included in the asset s acquisition value. Other borrowing costs are recognized as expenses in the period for which they are attributable. Leasing All leases are recognized as operating leases. Lease payments under operating leases, including raised initial rents but excluding fees for services such as insurance and maintenance, are recognized as an expense linearly over the lease term. Vehicles in the car rental segment that are purchased with repurchase agreements, meaning that the selling company buys back the vehicle at a predetermined residual value, are recognized as operational leases and not as owned vehicles. Inventories Inventories are carried at the lower of cost and net realizable value. Obsolescence risk has been taken into account. Cost is determined using the first-in, first-out principle. In addition to purchasing expenses, cost also includes expenses incurred in bringing the products to their current location and condition. Financial assets and liabilities Financial assets and liabilities are recognized in accordance with chapter 11 (Financial instruments valued on the basis of cost) in BFNAR 2012:1. Financial instruments recognized in the balance sheet include accounts receivable and other receivables, accounts payable and loans payable. Accounts receivable and other receivables Receivables are recognized as current assets, except for maturities Borrowings and accounts payable Borrowings are initially recognized at cost less transaction costs. Offsetting of financial receivables and financial liabilities Financial assets and financial liabilities are offset and recognized with a net amount in the balance sheet only when legal right of offset exists and when a settlement with a net amount is intended or when a concurrent sale of the asset and settlement of the liability is intended. Impairment testing of financial fixed assets On each balance sheet date, the company assesses whether there is any indication of impairment requirements in any of the financial assets. Impairment is recognized if the decline in value is determined to be permanent. Impairment testing of shares in companies The company tests annually whether any impairment exists for shares in companies and receivables on companies. No impairment requirements exist for 2014. Employee benefits Short-term employee benefits Short-term employee benefits in the company consist of salary, social contributions, paid holiday, paid sick leave and bonuses. Short-term employee benefits are recognized as costs and liabilities when there are legal or constructive obligations to pay compensation. Post-employment employee benefits Plans for post-employment benefits are classified as either defined contribution plans or defined benefit plans. In defined contribution plans, fixed fees are paid to another company, usually an insurance company, and there is no further obligation to the employee once the fee is paid. The size of the employee s post-employment benefits depend on the contributions paid and the capital return on these fees. The company has a provision for defined benefit plans. Provision to the PRI debt is made after a PRI-conducted actuarial calculation. Defined benefit and defined contribution pension plans are recognized in accordance with current Swedish accounting practice based on the the Act on Safeguarding of Pension Commitments. All pension premiums are thus expensed during the period they were earned. Tax Tax on the year's profit/loss in the income statement comprises current tax and deferred tax. Current tax is the income tax for the current fiscal year relating to the year's taxable income and the portion of the previous fiscal year's income tax that has not yet been recognized. Deferred tax is the income tax on taxable income relating to future fiscal years as a result of past transactions or events. Deferred tax is recognized for all taxable temporary differences, though not for temporary differences originating from the first recognition of goodwill. Deferred tax assets are recognized for deductible temporary differences and for the possibility of future tax loss carryforwards. This rating is based on how the carrying value of the corresponding asset or liability is expected to be recovered or settled. Amounts are based on Deferred tax assets have been estimated at no more than the amount likely to be recovered based on current and future taxable income. Estimates are re-examined at each reporting date. In the consolidated balance sheet, untaxed reserves are divided into deferred tax and equity. Revenue The inflows of economic benefits that the company has received or will receive for its own account are recognized as revenue. Revenue is measured at the fair value of the consideration received or receivable, less discounts. For the sale of goods, revenue is recognized upon delivery, or when significant risks and benefits are transferred from the seller to the buyer in accordance with the terms of sale. In cases where the sale of goods is combined with a future repurchase commitment at a guaranteed residual value, a repurchase agreement, the transaction is recognized as an operating lease, provided that substantial risks remain with the company. Revenue from the transaction is not reported at the time of the sale, but is instead allocated on a linear basis from the date of purchase to the date of repurchase. Up to the date of repurchase, this sale is recognized as deferred income. Cash Flow Statement The Cash Flow Statement is prepared using the indirect method. Reported cash flow only includes transactions that involve cash payments. In addition to cash on hand, the company classifies cash and cash equivalents as balance available at banks and other credit institutions, and short-term liquid investments that are listed on a marketplace and have a maturity of less than three months from the acquisition date. Restricted cash is not classified as cash and cash equivalents. Changes in restricted cash are reported in investing activities. GROUP ACCOUNTS Subsidiaries Subsidiaries are companies in which the parent company directly or indirectly holds more than 50% of the voting rights, or otherwise has a controlling influence. Controlling influence is the right to determine a company's financial and operating strategies in order to obtain economic benefits. Reporting of business acquisitions is based on a unit perspective. This means that the acquisition analysis is prepared as of the date the acquiring party gains controlling influence. From this time, the acquiring party and the acquired unit are seen as one accounting unit. The application of unit perspective furthermore means that all assets (including goodwill) and liabilities, as well as revenue and expenditures, are included in full, even for partially owned subsidiaries. The acquisition value of the subsidiary is calculated as the sum of fair value at the time of acquisition for effected assets, plus the incurred and assumed liabilities and equity instruments issued, costs that are directly attributable to the business acquisition and any additional purchase price. The acquisition analysis determines the fair value, with some exceptions, at the acquisition date of the acquired identifiable 76 77

assets, assumed liability and minority interest. Minority interest is measured at fair value at the acquisition date. As of the date of acquisition, the acquired company's revenues and expenditures, identifiable assets and liabilities, and goodwill or negative goodwill are included in the Consolidated Financial Statements. Goodwill Goodwill arises when the acquisition of shares in a subsidiary exceeds the acquisition analysis value of the acquired company's identifiable net assets. Goodwill is recognized at acquisition value less accumulated amortizations and any impairment losses. Translation of foreign subsidiaries The current method is applied for translation of the income statements and balance sheets in independent foreign operations. Operations integrated with the parent company are translated using the monetary method. The current method means that all assets, provisions and liabilities are translated at the closing rate and that all items in the profit and loss statements are translated at average exchange rates. Any translation differences are reported directly in equity. Accounting estimates and assumptions The company makes accounting estimates and assumptions about the NOTE 2 NET SALES BY BUSINESS SEGMENT AND GEOGRAPHIC MAR- KET future. The resulting estimates for accounting purposes will, by definition, seldom match actual results. The estimates and assumptions that carry a significant risk for material adjustments in reported values for assets and liabilities during the following year are outlined below. Valuation of inventories The company s sales refer to vehicles and compatible activities, such as spare parts and service. The majority of the products are affected by a competitive and changing market, where the used market in particular carries a risk of value impairment. In the financial statements, individual obsolescence tests are conducted on both vehicles and spare parts inventories. Valuation of properties The properties are subject to regular valuation by external parties, the last performed in December 2014. These are based on an estimated market rent for each property, and not on the internal rent that is set between the property company and the operating company. Because the market value corresponds well to the book value, we believe that the financial statements give an accurate account of the company. 1 Jan 2014 1 Jan 2013 Net sales by business segment Vehicle sales 5,463,404 3,690,233 Service Center 489,597 466,322 Spare parts in automotive activities 509,830 483,254 Commission income 85,251 66,075 Spare parts in wholesale activities 246,732 Car rental activities 120,161 Securities 349,313 588,170 Miscellaneous 23,735 18,586 7,288,023 5,312,640 Net sales per geographic market Sweden 7,109,062 5,312,640 Norway 25,428 EU countries 152,933 7,288,023 5,312,640 Parent company Sweden 5,100 5,100 - NOTE 3 OTHER OPERATING INCOME 1 Jan 2014 1 Jan 2013 Rental income 1,157 410 Contributions received 889 984 Miscellaneous 1,833 - Total 3,879 1,394 NOTE 4 EMPLOYEES AND PERSONNEL COSTS Average number of employees 1 Jan 2014 1 Jan 2013 31 Dec 2014 Of which men 31 Dec 2013 Of which men Parent company Total in parent company - - - - Subsidiaries Sweden 1,234 11,095 836 764 Norway 6 6 Belgium 6 6 Germany 4 4 Total in subsidiaries 1,250 1,111 836 764 totals 1,250 1,111 836 764 Gender distribution in senior management Number of women Number of women Parent company Board of Directors 20% 20% Other senior executives 0% 0% Board of Directors 20% 20% Other senior executives 0% 0% Salaries, other remunerations and social security costs 1 Jan 2014 31 Dec 2014 1 Jan 2013 31 Dec 2013 Parent company Board of Directors and CEO Total - - Subsidiaries Board members, CEO and other senior executives 16,866 5,325 (of which bonuses) 3,916 1,568 Other employees 448,312 297,831 Total 465,178 303,156 Social security expenses 188,415 120,637 (of which pension costs) 36,371 22,802 Board members, CEO and other senior executives 16,866 5,325 (of which bonuses) 3,916 1,568 Other employees 448,312 297,831 Total 465,178 303,156 Social security expenses 188,415 120,637 (of which pension costs) 1) 36,371 22,802 1) Of the 's pension costs, SEK 1,551,000 (660,000 previous year) is attributable to board members and the CEO, 4 (2) people. The s outstanding pension obligations for these amount to SEK 0 (previous year 0). 78 79

NOTE 5 FEES AND EXPENSES FOR AUDITORS 1 Jan 2014 1 Jan 2013 Öhrlings PricewaterhouseCoopers Audit fees 1,200 576 Tax consultancy 74 57 Other services - 22 Total 1,274 655 KPMG Audit fees 364 Other services 373 Total 737 - Mazars SET Audit fees 61 Other services 45 Total 106 - The auditing fees for the parent company were charged in their entirety to I.A Hedin Bil AB. NOTE 6 OPERATIONAL LEASING - LESSEE 1 Jan 2014 1 Jan 2013 Expensed leasing fees for the financial year 77,503 12,158 Total leasing costs 77,503 12,158 Contracted future minimum lease payments under non-terminable contracts mature as follows: Within one year 80,747 15,270 From one to five years 92,004 19,535 Later than five years 43,507-216,258 34,805 No operational leasing exists in the parent company. NOTE 8 INCOME FROM OTHERS IN COOPERATIVE ASSOCIATION 1 Jan 2014 1 Jan 2013 Capital gains on sale of shares 182 Share in profit under the equity method 2,510-361 Total 2,692-361 NOTE 9 INCOME FROM SECURITIES AND RECEIVABLES HELD AS FIXED ASSETS 1 Jan 2014 1 Jan 2013 Capital gain on sale of subsidiaries 7,356 Capital gain on sale of interest rate derivatives 3,350 Impairment of shares -1,102 Dividends 880 880 9,604 Parent company Dividends 69 69 - NOTE 10 OTHER INTEREST INCOME AND SIMILAR INCOME STATEMENT ITEMS 1 Jan 2014 1 Jan 2013 Interest income, other 2,662 1,978 2,662 1,978 Parent company Interest income, other 10 17 10 17 NOTE 7 OPERATIONAL LEASING - LESSOR 1 Jan 2014 1 Jan 2013 Leasing income for properties that were subleased uppgår till 10,250 9,832 Contracted future minimum lease payments under non-terminable contracts mature as follows: Within one year 14,081 12,252 From one to five years 22,117 19,424 Later than five years 518 36,716 31,676 NOTE 11 INTEREST EXPENSES AND SIMILAR INCOME STATEMENT ITEMS 1 Jan 2014 1 Jan 2013 Interest expenses, other -54,142-58,507 Exchange rate losses -267 - -54,409-58,507 Parent company Interest expenses, companies -4,543-680 Interest expenses, other -1,049-7,073 Others -649-5,592-8,402 80 81

NOTE 12 APPROPRIATIONS 1 Jan 2014 1 Jan 2013 contribution 104,241 109,278 Total 104,241 109,278 NOTE 13 TAX ON PROFIT/LOSS FOR THE YEAR 1 Jan 2014 1 Jan 2013 Current tax expenses Period s tax expenses -30,765-35,714 Adjustment of tax attributable to previous years -375-31,140-35,714 Deferred tax expense(-) [/tax income(+)] Deferred tax on temporary differences -7,249-6,415-7,249-6,415 Total reported tax expense in the -38,389-42,129 Reconcilitaion of effective tax Profit/loss before tax 147,830 189,268 Tax at applicable tax rate for parent company -32,523-41,639 Effect of foreign tax rates -503 Tax attributable to previous years -375 Non-deductible expenses -357-124 Non-taxable income 20 1,623 Tax effect of change in tax rate -96 Utilization of previously non-capitalized loss 1,025 Standard interest on tax allocation reserve -51 Tax effect of amortization/depreciation -5,529-1,989-38,389-42,129 Parent company Current tax expenses Period s tax expenses -21,590-22,162 Adjustment of tax attributable to previous years -375-21,965-22,162 Reconcilitaion of effective tax Profit before tax 98,139 100,745 Tax at applicable tax rate for parent company -21,591-22,163 Non-taxable income 1 1 Tax attributable to previous years -375 Total reported tax expense in the parent company -21,965-22,162 NOTE 14 CONCESSIONS, PATENTS, LICENSES, TRADEMARKS Accumulated acquisition value: -At start of year 11,055 -New acquisitions 8,791 11,055 -Business combinations 4,469 -Translation differences for the year -7 24,308 11,055 Accumulated planned depreciation: -Planned depreciation for the year -1,695 -Translation differences for the year 6-1,689 - Carrying amount at year-end 22,619 11,055 NOTE 15 GOODWILL Accumulated acquisition value: -New acquisitions 62,663 -Business combinations 6,765 -Translation differences for the year 612 70,040 - Accumulated planned depreciation: -Planned depreciation for the year -10,763 -Translation differences for the year -345-11,108 - Carrying amount at year-end 58,932-82 83

NOTE 16 BUILDINGS AND LAND Accumulated acquisition value: -At start of year 1,771,573 1,682,858 -New acquisitions 191,461 98,782 -Business combinations 161,891 70,263 -Divestitures and disposals -80,330 2,124,925 1,771,573 Accumulated planned depreciation: -At start of year -156,695-126,247 -Business combinations - -3,669 -Divestitures and disposals 2,451 -Planned depreciation for the year -33,294-29,230-189,989-156,695 Accumulated appreciation: -At start of year 421,521 426,893 -Planned depreciation for the year on revaluations -5,373-5,372 -Appreciation for the year 125,411 541,559 421,521 Carrying amount at year-end 2,476,495 2,036,399 Market value is determined on an ongoing basis by external parties. Market value amounts to 2,561,500,000, which exceeds the book value. This was revalued in the amount of 125,411,000 against the revaluation reserve. Provision for deferred tax on revaluation amounted to 27,590,000. NOTE 17 ACCRUED LEASEHOLD Accumulated acquisition value: -New acquisitions 132 -Business combinations 2,278 -Translation differences for the year 4 2,414 - Accumulated planned depreciation: -Planned amortization for the year -376 -Translation differences for the year -1 - -377 - Carrying amount at year-end 2,037 NOTE 18 EQUIPMENT, TOOLS AND INSTALLATIONS Accumulated acquisition value: -At start of year 369,739 349,154 -New acquisitions 170,710 43,160 -Business combinations 22,354 -Divestitures and disposals -39,322-22,575 -Translation differences for the year 10 523,491 369,739 Accumulated planned depreciation: -At start of year -182,522-149,765 -Divestitures and disposals 29,796 22,575 -Planned depreciation for the year -61,607-55,332-214,333-182,522 Carrying amount at year-end 309,158 187,217 Equipment held under finance leases None None included at the following amounts Parent company Accumulated acquisition value: -New acquisitions 51 51 - Accumulated planned depreciation: -Planned depreciation for the year -10 - -10 - Carrying amount at year-end 41 - Equipment held under finance leases None None included at the following amounts NOTE 19 CONSTRUCTION IN PROGRESS AND ADVANCE PAYMENTS FOR PROPERTY, PLANT AND EQUIPMENT At start of year 5,117 283 Investments 52,249 4,834 Reclassifications -4,623 Carrying amount at year-end 52,743 5,117 NOTE 20 PARTICIPATIONS IN GROUP COMPANIES Accumulated acquisition value: -At start of year 191,114 180,009 -Purchases 111,123 11,105 Carrying amount at year-end 302,237 191,114 84 85

List of parent company and holdings of shares in companies This refers to participating interest of capital, which also corresponds to the percentage of votes for the total number of shares. Subsidiary / CIN / Domicile in % Carrying amount I.A. Hedin Bil AB, 556065-4070, Mölndal 91 167,500 - Hedin Göteborg Bil AB, 556061-3456, Mölndal - Hedin Helsingborg Bil AB, 556134-5710, Mölndal - Hedin Stockholm Bil AB, 556944-7492, Mölndal Klintberg & Way AB, 556563-6932, Stockholm 100 70,000 - Klintberg & Way Norge AS, 977515998, Oslo-Asker, Norway - KW Parts NV, 453881311, Kortjik, Belgium - KW Wheels AB, 556969-3624, Stockholm Mabi Rent AB, 556675-9394, Stockholm 100 37,544 - Mabi Sverige AB, 556334-4901, Stockholm - Jönköpings Biluthyrning, 556928-6098, Jönköping - Mabi Deutschland GmbH, 283468037, Berlin, Germany - Autoexpo i Kista AB, 556780-7598, Stockholm - Expoautos EA AB, 556848-4637, Stockholm A.H. Värdepapper AB, 556707-7440, Mölndal 100 100 Car to Go Sweden AB, 556787-8052, Mölndal 100 3,579 Hedin IT AB, 556954-4017, Mölndal 100 11,105 I.A. Hedin Fastighet AB, 556730-4059, Mölndal 100 12,409 - I.A. Hedin Invest AB, 556369-4537, Mölndal - Hedin Akalla Fastighet AB, 556955-6508, Mölndal - Hedin Borås Fastighet AB, 556753-4101, Mölndal - Hedin Hisingen Fastighet AB, 556926-7189, Mölndal - Hedin Högsbo AB, 556217-9670, Mölndal - Hedin Jönköping Fastighet AB, 556930-5153, Mölndal - Hedin Kista Fastighet AB, 556982-1084, Mölndal - Hedin Kristianstad Fastighet AB, 556633-3794, Mölndal - Hedin Kungsbacka Fastighet AB, 556131-4161, Mölndal - Hedin Linköping Fastighet AB, 556646-3260, Mölndal - Hedin Malmö Fastighet AB, 556941-6745, Mölndal - Hedin Mölndal Fastighet AB, 556660-3535, Mölndal - Hedin Pianot 5 AB, 556720-7682, Mölndal - Hedin Uppsala Fastighet AB, 556790-3280, Mölndal - Hedin Värnamo Fastighet AB, 556602-7115, Mölndal - Hedin Ängelholm Fastighet AB, 556946-9041, Mölndal - Särdal Exploatering AB, 556764-9479, Mölndal - Hedin Fastighet KB, 916892-9959, Mölndal - KB Högsbo 36:2, 916671-9523, Mölndal - Nideh KB, 916895-1946, Mölndal - KB Presenten 1, 916832-6404, Mölndal - KB Presenten 2, 916564-7802, Mölndal - KB Refy 9, 916835-1477, Mölndal - Varberg Kardanen KB, 916671-9246, Mölndal - KB Leoparden 2, 916845-7464, Mölndal Total 302,237 NOTE 21 PARTICIPATIONS IN ASSOCIATED COMPANIES Accumulated acquisition value: -At start of year 3,328 59 -Purchases 5,910 1,630 -Reclassifications 42 2,000 -Profit participation in associated companies 2,510-361 Carrying amount at year-end 11,790 3,328 Parent company Accumulated acquisition value: -At start of year 3,689 59 -Purchases 5,910 1,630 -Reclassifications -29 2,000 Carrying amount at year-end 9,570 3,689 Specification of company's holding of shares and participations in associated companies Equity Votes Carrying Subsidiary / CIN / Domicile share share amount Consensus Asset Management, 556474-6518, Göteborg 24% 29% 9,540 Ripam Invest AB, 556870-7540 50% 50% 30 9,570 NOTE 22 OTHER SECURITIES HELD AS NON-CURRENT ASSETS Accumulated acquisition value: -At start of year 154 3,278 -Additional receivables 2,036 -Retiring assets -29-105 -Reclassifications -2,000 -Exchange rate differences for the year -1,019 Carrying amount at year-end 2,161 154 Parent company Accumulated acquisition value: -At start of year 154 2,851 -Additional receivables 1,108 -Retiring assets -29-48 -Reclassifications -2,000 -Exchange rate differences for the year -649 Carrying amount at year-end 1,233 154 86 87

Specification of securities Carrying amount Market value Listed shares 125 Unlisted shares 2,036 2,161 Parent company Listed shares 125 Unlisted shares 1,108 1,233 NOTE 23 PREPAID EXPENSES AND ACCRUED INCOME Accrued bonuses 43,569 42,013 Prepaid rent 42,087 1,222 Other items 67,975 26,280 NOTE 24 EQUITY Share capital 153,631 69,515 Other equity incl. profit for the year Minority interests Opening balance, 1 Jan 2014 100 934,074 53,851 Effect of retroactive application -7,191 Adjusted opening balance 1 Jan 2014 100 926,883 53,851 Changes in carrying amounts reported directly in equity. Revaluation of fixed assets 97,821 Translation differences 150 Total changes in carrying amounts - 97,971 - Transactions with shareholders Dividends -20,000 Change in ownership interest in subsidiaries -49 Total transactions with shareholders - -20,000-49 Profit for the year 109,081 360 Equity 31 December 2014 100 1,113,935 54,162 Parent company Opening balance, 1 Jan 2014 100 138,890 Adjusted opening balance 1 Jan 2014 100 138,890 Dividends -20,000 Profit for the year 76,173 Equity 31 December 2014 100 195,063 NOTE 25 PROVISIONS FOR PENSIONS AND SIMILAR OBLIGATIONS Pension commitments FPG/PRI 59,141 25,811 59,141 25,811 NOTE 26 PROVISIONS FOR OTHER TAXES Provisions for other taxes 170,629 126,537 170,629 126,537 Provisions for taxes are attributable to untaxed reserves, deferred tax related to goodwill on consolidation and changes in property values. NOTE 27 OTHER LIABILITIES TO CREDIT INSTITUTIONS Maturity, within one year from balance sheet date 139,367 37,753 Maturity, 1-5 years from balance sheet date 350,628 151,012 Maturity, later than 5 years from balance sheet date 1,202,211 1,166,249 1,692,206 1,355,014 Parent company Maturity, within one year from balance sheet date 14,320 Maturity, 1-5 years from balance sheet date 37,730 52,050 - NOTE 28 OVERDRAFT FACILITY Granted credit limit 678,000 443,000 Unused portion -78,801-241,605 Utilized credit 599,199 201,395 NOTE 29 ACCRUED EXPENSES AND DEFERRED INCOME Holiday pay and other accrued salaries 83,122 60,710 Social security contributions 45,183 34,629 Prepaid income 53,728 Future unrealized income of repurchase agreements 123,661 70,315 Other items 60,858 39,107 366,552 204,761 88 89

NOTE 30 INTEREST PAID AND DIVIDENDS RECEIVED Interest received 2,662 1,978 Interest paid 54,409 58,507 Parent company Interest received 10 17 Interest paid 5,592 8,402 NOTE 31 CASH AND CASH EQUIVALENTS The following are included in cash and cash equivalents: Cash and bank balances 37,159 6,921 37,159 6,921 The above items are classified as cash equivalents on the basis that: - They have an insignificant risk for fluctuations in value. - They can easily be converted to cash. - They have a maximum maturity of 3 months from acquisition. Parent company The following are included in cash and cash equivalents: Cash and bank balances 6,056 505 6,056 505 NOTE 32 ADDITIONAL INFORMATION TO THE CASH FLOW STATEMENT Adjustment for non-cash items not included in cash flow etc. Depreciation/Amortization 113,128 89,935 Unrealized exchange differences -2,415 Gain on sale of fixed assets -1,043-7,356 Profit participation in associated companies -2,692-145 Provisions/receivables relating to pensions -2,368-1,358 Other non-cash items 8 1,075 104,618 82,151 Parent company Depreciation/amortization and impairment 10 649 10 649 Acquisition of subsidiaries/operations, effect on net proceeds Acquired assets and liabilities, and equity from previous holdings of successive acquisitions: Intangible fixed assets -5,201 Tangible fixed assets -190,289-64,970 Financial fixed assets -799 Inventories -124,722 Operating receivables -99,091 Total assets -420,102-64,970 Non-current provisions 44,842 Loans 118,586 34,000 Operating liabilities 89,630 2,015 Total liabilities and provisions 253,058 36,015 Purchase price 232,258 5,508 Paid purchase price 232,258 5,508 Less: Cash and cash equivalents in the acquired business -3,646 23,447 Effect on cash and cash equivalents 228,612 28,955 90 91

NOTE 33 GROUP INFORMATION Purchases and sales between companies Of the parent company s total purchases and sales measured in SEK, 81% (0%) of purchases and 100% (0%) of sales are attributable to other companies within the entire corporate group to which the company belongs. NOTE 34 EFFECTS OF TRANSITION TO K3 The transition to K3 has been conducted in accordance with K3, chapter 35. Among other things, this means that comparative figures for 2013 have been restated. The most significant change is that tangible assets, both acquisition value and accumulated depreciation, have been split into components and that each component is depreciated over its useful life. The company has defined all buildings in the components. Land, land improvements and building equipment are also separate components. In cases where the sale of vehicles is combined with a future repurchase commitment at a guaranteed residual value, a repurchase agreement, the transaction is recognized as an operating lease. Revenue from the transaction is not reported at the time of the sale, but is instead allocated on a linear basis from the date of purchase to the date of repurchase. Until that time, the revenue is recognized as deferred income. UB 2013 according to adopted balance sheet Effect of changed principle UB 2013 of K3 regulations Balance Sheet Buildings and land 2,045,437-9,038 2,036,399 Equipment, tools and installations 116,902 70,315 187,217 Deferred tax liabilities 128,384-1,847 126,537 Accrued expenses and deferred income 134,446 70,315 204,761 Income Statement Net sales 5,240,332-2,520 5,237,812 Goods for resale -4,361,536 35,158 4,326,378 Depreciation of tangible fixed assets -48,259-34,485-82,744 Tax on profit/loss for the year -43,976-1,847-45,823 Mölndal 20 April 2015 Anders Hedin Jan Litborn Hampus Hedin CEO/Chairman of the Board Jan Alkmark Helena Hedin REVISIONSBERÄTTELSE TILL ÅRSSTÄMMAN I ANDERS HEDIN INVEST AB, ORG.NR 556702-0655 Report on the Annual Report and Consolidated Financial Statements I conducted an audit of Annual Report and Consolidated Financial Statements of Anders Hedin Invest AB for 2014. The company's Annual Report and Consolidated Financial Statements are included in the printed version of this document on pages 65-92. Responsibilities of the Board of Directors and the CEO for the Annual Report and Consolidated Financial Statements The Board of Directors and the CEO are responsible for the preparation and fair presentation of the Annual Report and Consolidated Financial Statements in accordance with the Annual Accounts Act, and for such internal controls that the Board and CEO determine necessary to enable the preparation of an annual report that is free from material misstatement, whether due to fraud or error. Auditor's responsibility My responsibility is to express an opinion on the Annual Report and Consolidated Financial Statements based on my audit. I conducted my audit in accordance with the International Standards on Auditing and generally accepted auditing standards in Sweden. Those standards require that I comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Annual Report and Consolidated Financial Statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Annual Report and Consolidated Financial Statements. The auditor determines which procedures should be performed, including the assessment of risks for material misstatements in the Annual Report and Consolidated Financial Statements, whether due to fraud or error. In making those risk assessments, the auditor considers those parts of the internal controls that are relevant to the company's preparation and fair presentation of the Annual Report and Consolidated Financial Statements in order to design audit procedures that are appropriate to the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal controls. An audit also involves evaluating the appropriateness of the accounting policies that have been used and the reasonableness of the accounting estimates of the Board of Directors and of the CEO, as well as evaluating the overall presentation in the Annual Report and Consolidated Financial Statements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion. Opinion In my opinion, the Annual Report and Consolidated Financial Statements have been prepared in accordance with the Annual Accounts Act and present fairly, in all material respects, the financial position of Anders Hedin Invest AB and the as of 31 December 2014 and of its financial performance and cash flows for the year in accordance with the Annual Accounts Act. The Directors' Report is consistent with the other parts of the Annual Report and Consolidated Financial Statement. Report on other legal and regulatory requirements In addition to my audit of the Annual Report and Consolidated Financial Statements, I have also examined the proposed appropriations of the company's profit or loss and the administration of the Board of Directors and the CEO of Anders Hedin Invest AB for 2014. Responsibilities of Board of Directors and the CEO The Board of Directors is responsible for the proposed appropriation of the company's profit or loss, and the Board of Directors and the CEO are responsible for administration under the Swedish Companies Act. Auditor's responsibility My responsibility is to express an opinion with reasonable assurance on the proposed appropriations of the company's profit or loss, and on the administration based on my audit. I have conducted my audit in accordance with generally accepted auditing standards in Sweden. As basis for my opinion on the Board of Directors proposed appropriations of the company's profit or loss, I examined the Board's reasoned opinion and a selection of the data for this to determine whether the proposal is in accordance with the Swedish Companies Act. As basis for my opinion concerning discharge from liability, in addition to my audit of the Annual Report and Consolidated Financial Statements, I examined significant decisions, actions taken and circumstances of the company in order to determine whether any member of the board or the CEO is liable to the company. I also examined whether any member of the Board of Directors or the CEO has in another way acted in contravention of the Swedish Companies Act, Annual Accounts Act or Articles of Association. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion. Opinion I recommend to the Annual General Meeting that the profit be appropriated as proposed in the Directors' Report and grant the Board of Directors and CEO discharge from liability for the financial year. Gothenburg, April 30, 2015 Johan Palmgren Certified Public Accountant I therefore recommend that the Annual General Meeting adopt the income statements and balance sheets for the Parent Company and the. 92 93

I.A. Hedin Bil AB is a family-owned company established through the acquisition of the Philipsons vehicle facility in Borås. Below is a history of the company from its start in 1985 to date. A procession of unique events has led to our position today as one of Sweden s largest and leading automotive dealerships. Since 2008, Anders Hedin Invest AB has been the parent company of the. In 2014, we sold a total of 32,480 new and used vehicles from 24 brands at our 42 car facilities. We ve been in the black every year. MILESTONES AND HISTORY IT ALL BEGAN IN 1985 WHEN FATHER AND SON, INGEMAR AND ANDERS HEDIN, ACQUIRE PHILIPSON FACILITY IN BORÅS. 42 facilities 24 car brands 1 400 employees 1985 the year it all began 2015 we celebrate our 30th 1980s When it all began... 1985 } Ingemar and Anders Hedin open the first facility in Borås. 1990s Expansion begins 1990 } Philipson Halmstad is acquired and we open the all-new facility the same year. 1995 } Philipson Helsingborg and Ängelholm are acquired and Philipson Trucks in Halmstad and Hedin Helsinborg Bil AB are established. 1998 } real estate and construction company K.I. Andersson Bygg AB in Borås is acquired and Hedin Göteborg Bil AB is established. 1999 } Philipson in Göteborg, Alingsås and Kungsbacka are acquired. Work begins on the extensive refurbishment of the property on Mölndaslvägen and the head office moves to Mölndal. 2000s 12 new brands are added and 14 companies and properties are acquired 2001 } Aktiv Bil AB, Hisings Backa, then a Nissan dealership, was acquired. Our new Mercedes-Benz facility reopens in autumn 2001. 2002 } our newly renovated facility in Alingsås is reopened. } become west Sweden dealer for the new Smart city car. 2003 } acquisition of Daimler-Chrysler dealership in Gothenburg, comprising Mercedes-Benz sales and workshop in Hisings-Kärra, and Chrysler and Jeep sales and workshop in Åbro/Mölndal. 2004 } Bilstudion Göteborg AB dealership for Chevrolet in Göteborg is acquired. Dealership contract with Cadillac Sverige AB (Cadillac, Chevrolet, Corvette) signed. } acquisition of Stjärnhuset Bil AB in Kristianstad, thereby becoming dealer for Mitsubishi. 2005 } Gothenburg Used Car Center opens in Åbro/Mölndal, next to the US Center. } Bilforum i Uddevalla AB acquired, giving us four new branches: Uddevalla, Trollhättan, Strömstad and Vara. } I.A. Hedin Fastighet AB disposes of its shareholding in real estate company KIA Fastighet AB. } Klintberg & Way AB s Gothenburg operations in Åbro/Mölndal are acquired. 2006 } Bilexa i Göteborg AB, a local dealership for Mitsubishi and Citroën, is acquired. } Philipson i Uppsala Bil AB s operations in Uppsala and Enköping are acquired. 2007 } dealership contract with KIA Motors Sweden AB signed. } took over Thituson Bil AB s operations in Linköping, Jönköping, Anderstorp, Ljungby and Värnamo, bringing yet another brand to the company - Land Rover. 2008 } assets and liabilities acquired of bankrupt Uno Asplunds Bil AB in Borås. 2009 } dealership agreement with Renault signed. } complete refurbishment of neighbouring property on Mölndalsvägen and Commercial Vehicle Center opened in 2010. 2010s 25 successful years 2010 } Scanauto i Göteborg AB and Andersson Auto i Varberg AB are acquired. } Bra Bil AB s sales and workshop activities for Renault in Tagene (Gothenburg) are acquired. } Mercedes-Benz heavy truck activities in Hisings Kärra taken over. 2011 } reopening of renovated facilities in Tagene, Vara, Anderstorp and Ljungby. } newly built facilities opened in Borås, Kungsbacka and Varberg. 2012 } our new facility in Uppsala opens. } is restructured and Hedin Uppsala Bil AB and Hedin Helsingborg Bil AB merged. } opening of our new head offices in Mölndal (across the street from the old offices). } our AMG Performance Center and Mercedes-Benz Fleet Car Center in Sisjön open. 2013 } Abarth introduced as a new brand in the, and dealership agreement with Suzuki terminated due to low market volumes. } our Mercedes-Benz facility for cars, vans and trucks in Hisings Kärra is rebuilt and reopened in October. } I.A. Hedin Fastighet AB acquires three properties for lease to external tenants. } Svenska Bil s activities in Stockholm acquired in October, with official takeover on 1 January 2014. Four facilities are added and a new subsidiary created in the Hedin Bil : Hedin Stockholm Bil AB. } Opel Malmö property and bankruptcy estate acquired. Opel Black Box opens in January 2014 and Opel introduced as a new brand in the. 2014 } was the most eventful year in the s almost 30-year history! Three company acquisitions, a partnership in a new company, a merger of part-owned companies, a total of nine new car facility acquisitions, two newly built facilities, and a refurbishment of an existing facility. } publicly traded rental car company Mabi Rent AB acquired. The company operates in Sweden and Germany. } facility in Segeltorp increases its sales floor by 600 square metres. } took possesion of our commercial property in Stockholm (Akalla). The property is owned by Hedin Akalla Fastighet AB. } acquisition of Klintberg & Way AB (KW Parts), authorized spare parts distributor for General Motors North American Vehicles and Mopar (Chrysler, Jeep, Dodge), and Europe s largest spare parts wholesaler of American car parts. The company currently operates in 37 countries with head offices in Sweden. } Klintberg & Way AB launches a new subsidiary: KW Wheels AB, a wholesaler for tyres and rims, with offices/warehouse in Tuve, Göteborg. } acquisition of four of Bil Partner s automotive facilities in the south: Malmö Jägersro, Malmö Burlöv, Lund and Trelleborg. With this acquisition, we welcomed Subaru as a new brand. } Anders Hedin Invest AB acquires the remaining 71% of the shares in Car to Go Sweden AB. Founded in 2010, the company offers the CarPlus concept of private car leasing online. } Citroën s Citroën Center in Spånga acquired. } merger of Consensus Asset Management AB (Consensus) and Thenberg & Kinde Fondkommission AB. Consensus is a securities brokerage firm based in Gothenburg and active in asset management, corporate finance and pensions. } Anders Hedin Invest AB acquires 16.6% ownership in Lasingoo Sverige AB, an industry-owned online portal for booking service, primarily for passenger cars. } two new facilities in Helsingborg and Ängelholm completed. Helsingborg, which opened on 11 December 2014, consists of a 5,500 square metre Commercial Vehicle and Truck Center. The new facility in Ängelholm was opened in January 2015. } reconstruction of our facility in Värnamo, a 320 square metre extension expanded the showroom by 800 square metres, thanks to good planning and restructuring of existing operations. 2014/15 } rebuild and add 15,000 square metres to our existing property in Stockholm, Akalla. The Segeltorp facility is also renovated and extended. 2015 } a full-service, 22,000 square metre facility in Jönköping for cars, trucks and vans begins construction. This facility will replace the existing facility in Jönköping. } an all-new Commercial Vehicle Center in Kista, Stockholm also underway. 94 95

BOARD OF DIRECTORS AND GROUP MANAGEMENT BOARD OF DIRECTORS ANDERS HEDIN INVEST AB ( parent company) Anders Hedin Chairman Hampus Hedin Director Helena Hedin Director Jan Alkmark Director Jan Litborn Director (lawyer at Glimstedt law firm) MANAGEMENT ANDERS HEDIN INVEST AB Anders Hedin President & CEO Jan Alkmark EVP Per Mårtensson CFO Jörgen Forsberg Business Developer I.A. HEDIN BIL AB Anders Hedin Jörgen Loikas President EVP and COO MABI RENT AB André Schleemann Managing Director I.A. HEDIN FASTIGHET AB Anders Hedin President Fritz Persson Property Manager KLINTBERG & WAY AB Jörgen Forsberg Managing Director HEDIN IT AB Anders Hedin Bo Westberg President COO A.H. VÄRDEPAPPER AB Anders Hedin President CAR TO GO SWEDEN AB Anders Hedin President 96

ANDERS HEDIN INVEST AB Box 2114 ı SE-431Mölndal ı Sweden ı Phone: +46 31 790 00 00