To the annual general meeting of Obducat AB (publ)

Corporate identity number 556378-5632

I have audited the annual accounts, the consolidated accounts, the accounting records and the administration of the board of directors and the managing director of Obducat AB (publ) for the financial year 2009. The company’s annual accounts are included in the printed version of this document in pages 48-96. The Board of directors and the Chief Executive Officer are responsible for these accounts and the administration of the company as well as for the application of the Annual Accounts Act when preparing the annual accounts and the application of international financial reporting standards IFRS as adopted by the EU and the Annual Accounts Act when preparing the consolidated accounts. My responsibility is to express an opinion on the annual accounts, the consolidated accounts and the administration based on my audit.

I conducted my audit in accordance with generally accepted auditing standards in Sweden. Those standards require that I plan and perform the audit to obtain reasonable assurance that the annual accounts and the consolidated accounts are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the accounts. An audit also includes assessing the accounting principles used and their application by the Board of Directors and the Chief Executive Officer and significant estimates made by the board of directors and the Chief Executive Officer when preparing the annual accounts and consolidated accounts as well as evaluating the overall presentation of information in the annual accounts and the consolidated accounts. As a basis for my opinion concerning discharge from liability, I examined significant decisions, actions taken and circumstances of the company in order to be able to determine the liability, if any, to the company of any Board member or the managing director. I also examined whether any board member or the managing director has, in any other way, acted in contravention of the Companies Act, the Annual Accounts Act or the Articles of Association. I believe that my audit provides a reasonable basis for my opinion set out below.

The annual accounts have been prepared in accordance with the Annual Accounts Act and give a true and fair view of the company’s financial position and results of operations in accordance with generally accepted accounting principles in Sweden. The consolidated accounts have been prepared in accordance with international financial reporting standards IFRS as adopted by the EU and the Annual Accounts Act and give a true and fair view of the group’s financial position and results of operations. The administration report is consistent with the other parts of the annual accounts and the consolidated accounts.

I recommend to the Annual General Meeting that the income statements and balance sheets of the Parent Company and the Group be adopted, that the loss of the Parent Company be dealt with in accordance with the proposal in the administration report and that the members of the Board of Directors and the Chief Executive Officer be discharged from liability for the financial year.

Without affecting my statement above, I would like to draw attention to what is mentioned in Note 1 of the Annual Report, that the Annual Report has been prepared on the going concern assumption. As evident from the Directors’ Report, the forecast for the conversion of the convertible loan of SEK 55 million is at the present time doubtful and the loan, which matures in March 2011, is therefore a financial uncertainty. At the time of signing this audit report all the conditions guaranteeing the financing of the Company are consequently not to hand. These circumstances show that a significant uncertainty factor exists, and which could lead to doubts regarding the Company’s ability to continue in operation.


Malmö, 31 March 2010



Elna Lembrér Åström
Authorised Public Accountant
Deloitte AB