ANDERS HEDIN INVEST AB - CORPORATE PRESENTATION 2018

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ANDERS HEDIN INVEST AB - CORPORATE PRESENTATION 2018
ANDERS HEDIN INVEST AB

CORPORATE PRESENTATION 2018
                      VERSION: JUNE
ANDERS HEDIN INVEST AB - CORPORATE PRESENTATION 2018
FROM ZERO TO TWENTY FOUR
 BILLION SWEDISH KRONOR
  WE NEVER STOP AND WE ALWAYS STRIVE FORWARD
ANDERS HEDIN INVEST AB - CORPORATE PRESENTATION 2018
HEDIN AUTO MOTIVE   HEDIN PERFORMANCE CARS

                CTG

    KLINTBERG & WAY GROUP AB

             CAR RENTAL

            INVESTMENTS

HEDIN IT
ANDERS HEDIN INVEST AB - CORPORATE PRESENTATION 2018
CAR FACILITIES HEDIN BIL

                                                                      NORWAY

                        BUD                TRONDHEIM
                                                                                           O SL O

                                                                                                    162

                                                                                                                  ENSJO
                                                                                    VIKA

                                                                                                          OKERN

                                                                                              E18

                                                                                  162
             BERGEN
                                                                                           CAR FACILITIES HEDIN BIL
                                                                                                                  E18
                                             GARDERMOEN

                                               LILLESTROM

 HAUGESUND                                     CLASSIC CENTER SON
                                   SKIEN
STAVANGER
  BRYNE

  SIREVAG

                              ARENDAL
              FARSUND    KRISTIANSAND

                                                                            EEKLO
                                                                                GENT ZEEHAVEN
                                        SINT-MARTENS-LATEM                      GENT MB CERTIFIED
                                                                                       AALST
                                                                                  ZOTTEGEM
                                                                    KORTRIJK           NINOVE

                                                            BELGIUM
ANDERS HEDIN INVEST AB - CORPORATE PRESENTATION 2018
CAR FACILITIES HEDIN BIL

                              SWEDEN

                                                                                                                                                                                                          100
                                                                                                                                                                                 AUTOMOTIVE DEALERSHIPS

                                                                                            LULEA
                                                                                                                                                                                                    89 000
                                                                                                                                                                                  EXPECTED RETAILS IN 2018

                                                                                                                                                                                                          33
                                                                               SKELLEFTEA

                                                                                                                                                                                    YEARS IN THE INDUSTRY

                                                                                                                         CKHOLM
                                                                                                       STO
                                                                                                                                                   E18                                                    31
                                                                                                                                                                                                      BRANDS
                                                                                                                   E4
                                                                                                                                             TABY
                                                                                               AKALLA
                                                                                         KISTA TRP-CENTER                                    DANDERYD

                                                                                          SPANGA                                        E4

                                                                                                                                                                                                      3 300
                                                                                    VALLINGBY
                                                                                                                            SOLNA
                                                                                                       275                                        E20

                                                                                                                                                                                                   EMPLOYEES
                                                                                                                                       E20               222

                                                                                                             E20
                                                                                                                            SEGELTORP
                                                                                                                                                                                                     100%
                                                       GAVLE
                                                                                                                                 226
                                                                                                                                                                                           PRIVATELY OWNED

                                                               UPPSALA
                                                                             NORRTALJE
                                                      ENKOPING

                                                                                                             THENBURG
                                                     ESKILSTUNA
                               KARLSKOGA OREBRO                     TYRESO

             STROMSTAD
                                                       SODERTALJE                               GO
                                                                                                                        Tagenevagen
                                                   NORRKOPING
                                       LINKOPING                                                                                       MERCEDES-BENZ
                UDDEVALLA                                                                                                              FIAT PERSONAL VEHICLE
                   TROLLHATTAN                                                                                                         FIAT COMMERCIAL TRANSPORT VEHICLE
  LYSEKIL                                                                                                                              MULTIBRAND
                         VARA
                                                                                     TAGENE MULTIBRAND
                       ALINGSAS                                                            TAGENE FORD
                                                                                                                                  E6
                                                                                                                                                                               CAR FACILITIES HEDIN BIL
                           BORAS      JONKOPING
GOTHENBURG                                                                                     KW CARS                                            E20

                 KUNGSBACKA         ANDERSTORP

                                                                                                                                                                                     GERMANY
                    VARBERG          VARNAM0

                                    LJUNGBY
                                                                                                               Molndalsvagen
                         HALMSTAD                                                                                                      NISSAN
                                                                                            CAR DEALERSHIP                             MERCEDES-BENZ
                                                                                                                                        COMMERCIAL TRANSPORT VEHICLE CENTER
                         ANGELHOLM
                                                                                          Soderleden         EKLANDA                   E20
                               KRISTIANSTAD
      HELSINGBORG
                                                                                           AMG CENTER                              FIAT/US CENTER
                                                                                          PORSCHE GBG                            USED CAR CENTER
                           LUND
            MALMO         BURLOV
                                                                                                                                             E6

                                                   CAR FACILITIES HEDIN BIL
                      TRELLEBORG

                                                                                                                                                                              BREMERHAVEN

                                                                                                                                                                                                                BERLIN

                SWITZERLAND

                                                                                                                                                                              BUTZBACH

                                                                                                       LUGANO
ANDERS HEDIN INVEST AB - CORPORATE PRESENTATION 2018
ANDERS HEDIN INVEST AB - CORPORATE PRESENTATION 2018
A WORD FROM
THE CEO
FROM ZERO…
It all commenced back in the 1950's when my father, Ingemar Hedin,            In March 2018, I.A. Hedin Bil signed an agreement to acquire five more
starting of as a car salesman advanced his career in the automotive           Mercedes-Benz facilities in Antwerp, Belgium.
industry. I quickly realized that my passion for cars was equally as strong
as my father's. I followed his path and initiated my career as a car sa-      In April 2018, Hedin Mölndal Bil AB acquired Motorcentralen i Eskil-
lesman in the 1980's. In 1985, my father and I obtained the opportunity       stuna AB, through I.A. Hedin Bil. With the acquisition of this Ford car
to acquire the Philipson car business in Borås. This was the start of our     and van dealer, Hedin Bil is extending its range of Fords, with an average
exciting journey, under the company name Hedin Bil.                           of 400 vehicles sold annually.

Our company was the official dealer for Mercedes-Benz and Nissan. In          On 9 May 2018, Bavaria Bil Sverige AB acquired Englunds Bil AB in Lu-
our first year, we had a turnover of SEK 45 million, delivered 800 new        leå. The acquisition involves the BMW new car business as well as a pre-
and used vehicles and employed 40 automotive professionals. Over the          owned business. The annual turnover of Englunds Bil is approximately
years we have expanded, invested and established ourselves as the lar-        SEK 200 million, with average annual sales of 600 cars. 25 employees
gest private automotive dealer in the Nordic countries.                       will be transferred.

…TO TWENTY-FOUR BILLIONS
The Anders Hedin Invest group is 100% privately owned by Anders He-           …AND CONFIDENT TEAMWORK
din. The business consists of the management and development of the           We are constantly working to improve our processes with the goal to de-
subsidiaries, which are mainly in three areas: vehicles (I.A. Hedin Bil       velop the organisation and drive the company forward to strengthen our
AB, Klintberg & Way Group AB and Car to Go Sweden AB), car rental             brand as an employer. Through these efforts, we are creating a secure
(Mabi Rent) and spare parts and wheels (companies within the Klintberg        and efficient organisation, where our employees are characterised by
& Way Group).                                                                 their sense of satisfaction and their professional skills. Managers gain
                                                                              successful leadership skills with clear principles based on security, cre-
The I.A. Hedin Bil retail business (the origins of the group), with its 99    dibility and accessibility.
automotive dealerships in Sweden, Norway and Belgium, is 91%-owned
by Anders Hedin Invest AB. The remaining 9% is owned by Ingemar
Hedin.

…THROUGH CONTINUOUS DEVELOPMENT
In October 2017, Klintberg & Way Group AB was selected by FCA Inter-
national Operations as the European importer of the FCA brands Dodge
and RAM. In the coming years we are expecting to deliver over 7,500           Anders Hedin, CEO
Dodges and RAMs in the European market.

In October 2017, I.A. Hedin Bil acquired Mercedes-Benz Gent, which
runs seven established facilities in eastern Flanders, through three se-
parate legal entities, with around 180 employees. In 2017, the company
sold around 4,000 new and used cars, vans and trucks. The acquisition
was completed in Q2 2018.

In December 2017, I.A. Hedin Bil acquired BMW in Skellefteå and Gäv-
le, through Bavaria Sverige Bil AB.
ANDERS HEDIN INVEST AB - CORPORATE PRESENTATION 2018
“THE GROUP WILL BE A LEADING PARTNER IN MEETING MARKET
DEMANDS FOR VEHICLE-BASED TRANSPORTATION. WE GENERATE
VALUE FOR OUR CUSTOMERS THROUGH FIRST-RATE AVAILABILITY,
   SERVICE AND DELIVERY ASSURANCE. COOPERATION WITH
    CUSTOMERS AND SUPPLIERS WILL LEAD TO LONG-TERM
       PROFITABILITY AND CONTINUED DEVELOPMENT.”
                               Anders Hedin Invest AB’s business concept
ANDERS HEDIN INVEST AB - CORPORATE PRESENTATION 2018
BUSINESS CONCEPT, STRATEGY,
ENVIRONMENT AND QUALITY
BUSINESS CONCEPT                                                                WE REDUCE OUR ENVIRONMENTAL IMPACT TH-
The Group shall a leading partner in meeting market demands for vehic-          ROUGH COOPERATION
le-based transportation. We generate value for our customers through            Through active cooperation between management, supervisors, em-
first-rate availability, service and delivery assurance. Cooperation with       ployees, suppliers, public sector bodies and industry organizations, we
customers and suppliers will lead to long-term profitability and conti-         ensure that our environmental load is reduced and that the spread of
nued development.                                                               pollutants is prevented. Environmentally hazardous substances will be
                                                                                taken care of and recycled or processed in a long-term, environmentally
STRATEGY                                                                        correct manner.
Our overall strategy is profitable growth. Profits will increase steadily th-
rough improved service, greater productivity and motivated employees.           WE EXCEED EXTERNAL DEMANDS
Growth will take place in automotive-related activities.                        We regard current legislation, binding demands and expectations as the
                                                                                absolute minimum to achieve our objectives. We urge our employees,
QUALITY AND ENVIRONMENTAL POLICIES                                              customers, partners and other stakeholders to have consistently high
Quality and environmental issues are two key elements in Anders Hedin           expectations of the work we do.
Invest’s endeavor to safeguard all the Group’s interests throughout the
whole of its business operations. The Hedin Bil Group has been certified        WE ASSUME RESPONSIBILITY
according to ISO 9001 and ISO 14001 since 2005.                                 Our employees are committed and assume responsibility for every ele-
                                                                                ment of the work that is performed. Our managers represent clear,
The aim behind the company’s systematic quality and environmental               visible leadership. All employees comply with routines and rules and
work is that day-to-day operations will be permeated by consideration           draw attention to and report potential improvements and shortcomings
for the environment, as well as health and quality, and that our workpla-       in our processes.
ces will be perceived as being a source of stimulation and development
for all employees. The Company’s competitiveness and brand are rein-            WE HAVE A CLEAR ALLOCATION OF
forced through its committed, responsible employees and managers.               RESPONSIBILITY
                                                                                Our systematic quality and environmental work is founded on a clear
VISION                                                                          allocation of responsibility. We drive the company forward through ac-
The company’s ambition is that our systematic quality and environme-            tive performance management with the aim of consistently improving
ntal work will result in long-term profitability with the aim of promoting      the operational outcome. We conduct regular follow-ups to ensure we
development. Our work will contribute to ensuring that our overall qua-         comply with our undertakings and assurances.
lity and environmental goals will be achieved. The goals can be sum-
marized as follows:                                                             WE HAVE A HIGH LEVEL OF EXPERTISE
                                                                                We ensure that our managers and employees have the correct level of
WE EXCEED THE CUSTOMER’S EXPECTATIONS                                           expertise in order to offer guidance and contribute to developing our
Our aim is that employees will act as ambassadors for our brand, and in         quality and environmental work. We impose strict demands on partners
all their dealings with the company, the customer’s expectations will be        and suppliers.
exceeded. We regard world-class customer care as a powerful means
of competition.

Our motto, Reliability and Accessibility, indicates that each customer
should feel recognized and important. This will permeate our actions
in every situation in which we meet customers and other stakeholders,
both internal and external.
ANDERS HEDIN INVEST AB - CORPORATE PRESENTATION 2018
COMPANY STRUCTURE

                                                                      ANDERS HEDIN INVEST AB
                                                                           556702-0655

 Mabi Rent AB                                                                     I.A. Hedin Bil AB      Car to Go Sweden AB            Hedin IT AB
                             Klintberg & Way          Lasingoo Sverige AB
   (100%)                                                                               (91%)                   (100%)                    (100%)
                            Group AB (100%)                 (16,6%)
 556675-9394                                                                        556065-4070             556787-8052                556954-4017
                             559124-2945                556973-1630
                                                                                   (Ingemar Hedin 9 %)

   Mabi Sverige AB                        Klintberg & Way Parts AB                                           Unifleet AB                              So
    556334-4901                                556563-6932                                                  556254-5193

  Mabi Deutschland                        Klintberg & Way Norge AS
       GmbH                                      977515998
   29/405/01734
                                                 KW Parts NV
    Flexilease AB                                453.881.311
    559061-2726
                                               KW Parts GmbH
                                                HRB.144881

                                                Dawa Däck AB
                                                556437-9344

                                                KW Wheels AB
                                                556969-3624

                                                 Pro-Imp AB
                                                556478-3412

                                                Wheelspot AB
                                                556576-1797

                                                Klintberg & Way
                                                Automotive SA
                                               CHE-287.970.538

                                               Klintberg & Way
                                               Automotive AB
                                                559124-2937

                                                 KW Cars AB
                                                559009-9429

                                         KW Homologering AB (80%)           BHC GmbH
                                              556969-3624                   HRB.30976

    Hedin Göteborg Bil AB                 Hedin Helsingborg Bil AB                 Hedin Örebro Bil AB             Hedin Stockholm Bil AB
        556061-3456                            556134-5710                           556041-2180                       556944-7492
Ripam Invest AB           A.H. Värdepapper AB               Consensus Asset     I.A Hedin Fastighet AB       Tuve Bygg AB
                        (50%)                       (100%)                    Management AB (28%)           (100%)                   (51%)
                     556870-7540                 556707-7440                     556898-6037            559015-6708              556202-1237

ocietetshuset Fastighet i     Marstrands Kurbadhus AB                                               Hedin Lorensberg KB                         Tuve Byggservice AB
Marstrand AB (100%)                   (100%)                                                           916621-6979                                 556333-9745
     556450-8553                    556859-5325
                                                                                                                                                 Tuve Snickeri AB
                                              Marstrands Kulturfastighet AB                                                                       556284-3648
                                                         (90%)
                                                      556629-6199                                                                               Tuve Förvaltning AB
                                                                                                                                                   556633-1145

                                Hedin Mölndal Bil AB                Hedin Performance Cars AB        Hedin Automotive Norge AS           Hedin Belgien Bil AB
                                   556281-3617                            556604-9234                    NO 989 690 728                     559074-6466
I.A. HEDIN BIL AB
CEO: Anders Hedin | www.hedinbil.se

I.A. 91% of Hedin Bil AB (Hedin Bil) is owned by Anders Hedin Invest AB and 9% by Ingemar Hedin. The headquarters is in Mölndal, Sweden.
Hedin Bil offers both new and pre-owned passenger vehicles, commercial vehicles and trucks.

Hedin Bil is the largest privately owned automotive dealership group in    HEDIN HELSINGBORG BIL AB
Northern Europe. It is a full-service company with a complete vehicle      Hedin Helsingborg Bil AB is a dealer and service center for 31 car
ownership offering to both private and corporate customers. The total      brands with 18 dealerships in southern Sweden.
concept is made up of financing, service agreements and insurance.
This creates a simple and affordable concept for the customer.             HEDIN ÖREBRO BIL AB
                                                                           Hedin Bil Örebro Bil AB is a dealer and service center for 16 car brands
Mikla Group (formerly Bavaria Nordic AS) was acquired with its subsi-      with five dealerships in Karlskoga, Norrköping, Örebro, Linköping and
diaries Bavaria Norge AS, Bavaria Bil AB, KC Motors AB and GS Bildeler     Uppsala Fyrislund.
AS in September 2017. The group is an authorised dealer of BMW,
MINI and Porsche in Sweden and Norway. In 2017, the company had            HEDIN STOCKHOLM BIL AB
sales of approximately. SEK 6 billion, sold 21,452 vehicles and had 750    Hedin Bil Stockholm AB is a dealer and service center for 17 car brands
employees.                                                                 with 12 dealerships in Stockholm County and Skåne.

Mercedes-Benz Ghent, operating seven automotive facilities in East Flan-   HEDIN GÖTEBORG BIL AB
ders, Belgium, was acquired in October 2017. The company has 180           Hedin Bil Göteborg Bil AB is a dealer and service center for 31 car
employees and in 2017, they sold approximately 4,000 new and pre-          brands with 22 dealerships around Västra Götaland, Sweden.
owned passenger cars, commercial vehicles and trucks.
                                                                           HEDIN MÖLNDAL BIL AB
The Parent Company I.A. Hedin Bil AB has eight subsidiaries:               Hedin Mölndal Bil AB is a dealer and service center for Ford and has
•         Hedin Göteborg Bil AB                                            six dealerships in Stockholm, Gothenburg, Södertälje, Kungsbacka and
•         Hedin Helsingborg Bil AB                                         Eskilstuna.
•         Hedin Stockholm Bil AB
•         Hedin Örebro Bil AB                                              HEDIN PERFORMANCE CARS AB
•         Hedin Mölndal Bil AB                                             Hedin Performance Cars AB is a dealer and service center for
•         Hedin Performance Cars AB                                        Porsche with dealerships in Gothenburg, Linköping, Borås, Son, Sta-
•         Hedin Automotive Norge AS                                        vanger and Sør.
•         Hedin Belgien Bil AB

Hedin Bil owns a total of 99 automotive dealerships in Sweden, Norway
and Belgium. The company offers a full range service for 31 car brands.
"HEDIN BIL IS THE LARGEST
            PRIVATELY OWNED AUTOMOTIVE
                DEALERSHIP GROUP IN
                 NORTHERN EUROPE”

HEDIN BELGIEN BIL AB                                                      BAVARIA NORGE AS AND BAVARIA SVERIGE BIL AB
Mercedes-Benz Ghent, operating seven dealerships in East Flanders,        Since 1996, Bavaria has grown into one of the largest automotive dea-
Belgium, was acquired in October 2017 through Hedin Belgien Bil AB.       lers of BMW and MINI in the Nordic region. The company has it's head-
It has roughly 180 employees and in 2017, sold approximately 4,000        quarter in Stavanger.
new and used passenger vehicles, transport vehicles and trucks.
                                                                          BMW is represented in Stavanger, Oslo, Gardermoen, Haugesund,
Hedin Bil Belgien AB operates in Aalst, Gent MB Certified, Ninove, Zot-   Kristiansand, Arendal, Bryne, Farsund, Lilleström, Stockholm, Gävle,
tegem, Eeklo, Gent Zeehaven and Sint-Martens-Latem.                       Skellefteå and Uppsala. Bavaria is also a dealer of MINI in Stavanger,
                                                                          Kristiansand, Oslo, Stockholm and Uppsala.
HEDIN AUTOMOTIVE NORGE AS                    (Previously Mikla Group)
In 1996, two Norwegian families started a BMW dealer in Stavanger.        KC MOTORS
This was the starting point for Mikla Group in Norway and then Swe-       KC Motors is a Kia dealer and full-service partner in Danderyd, Norrtälje
den. Nowadays the company is one of the largest automotive dealers in     and Malmö, Sweden.
the Nordic region. In September 2017, the group was acquired by I.A.
Hedin Bil AB and as a result, Mikla Group changed its name to Hedin
Automotive Norge AS.

                                                                                                                  2017         2016         2015
                                                                          Net sales (kSEK)                  12,657,046     9,744,132    8,075,853

                                                                          Number of employees                     1,711        1,434        1,183
COMPANY STRUCTURE OF I.A. HEDIN BIL AB

                            ANDERS HEDIN INVEST AB
                                 556702-0655

                                    I.A. Hedin Bil AB (91%)
                                         556065-4070

               Hedin Göteborg Bil AB                             Hedin Helsingborg Bil AB                               Hedin Stockholm Bil AB                                 Hedin Örebro Bil AB
                  556061-3456                                        556134-5710                                            556944-7492                                          556041-2180

    Alingsås Branch                                                                 Enköping Branch          Burlöv Branch              Kristianstad Branch
                                Borås Branch           Anderstorp Branch                                                                                           Karlskoga Branch          Linköping Branch
                                                                                                                                            Bilvaruhuset

   Gbg/Hisings Kärra        Gbg/Hisings Kärra Branch    Halmstad Branch           Halmstad Branch                                                                                             Uppsala Branch
                                                                                                              Lund Branch                 Malmö Branch             Norrköping Branch
    Fiat PB Branch             Mercedes-Benz              Bilvaruhuset           FCA & TRP-Center                                                                                               Fyrislund

 Gbg/Hisings Kärra Branch   Gbg/Mölndal Branch          Halmstad Branch         Helsingborg Branch           Malmö Branch               Sthlm/Akalla Branch          Örebro Branch
     Multibrand TRP            Bilvaruhuset              Mercedes-Benz              Personbilar             TRP-Center Fosie

  Gbg/Mölndal Branch        Gbg/Mölndal Branch         Helsingborg Branch        Jönköping Branch          Sthlm/Kista Branch         Sthlm/Segeltorp Branch
    Mercedes-Benz                Nissan                Last- & TRP-Center           Personbilar                TRP-Center                   Multibrand

  Gbg/Mölndal Branch         Gbg/Eklanda Branch        Jönköping Branch         Kristianstad Branch      Sthlm/Segeltorp Branch
                                                                                                                                        Sthlm/Spånga Branch
     TRP-Center               Jaguar/Land Rover        Last & TRP-Center          Mercedes-Benz              Dodge & RAM

   Gbg/Sisjön Branch         Gbg/Tagene Branch         Kristianstad Branch       Linköping Branch
                                                                                                            Trelleborg Branch              Täby Branch
     AMG-Center                 Multibrand                    Nissan              Mercedes-Benz

    Gbg/Åbro Branch           Gbg/Åbro Branch
                                                         Ljungby Branch             Uppsala Branch
    Begagnatcenter             Fiat/US Center

  Kungsbacka Branch             Lysekil Branch           Varberg Branch             Värnamo Branch

   Strömstad Branch           Trollhättan Branch       Ängelholm Branch

   Trollhättan Branch         Uddevalla Branch
      Bilvaruhuset              Multibrand

    Uddevalla Branch
                                 Vara Branch
    Mercedes-Benz

                                                                                                                  Gule og Skrivarhaug
                                            Mikla Supercars AS (51%)            Mikla Mobility AS                                                              Nabobil.no AS (9%)
                                                                                                                   Holding AS (91%)
                                                NO 919 329 017                  NO 919 430 559                                                                  NO 915 377 297
                                                                                                                   NO 990 693 951

                                                                    SammeVei AS                                  Gule og Skrivarhaug
                                                                        (3%)                                         Bildeler AS
                                                                   NO 917 737 738                                 NO 980 501 515

                                                                                                      Bergen Warehouse               Bud Garage

                                                                                                       Oslo Warehouse             Sirevåg Warehouse

                                                                                                        Skien Garage              Trondheim Garage
Hedin Mölndal Bil AB                           Hedin Performance Cars AB      Hedin Automotive Norge AS             Hedin Belgien Bil AB
                                                    556281-3617                                       556604-9234                  NO -989 690 728                      559074-6466

                                                               Göteborg Eklanda                                    Göteborg Sisjön
                                     Eskilstuna Branch                                    Borås Branch                                                       Aalst                              Eeklo
                                                                    Branch                                             Branch

                                     Göteborg Tagene
                                         Branch                Kungsbacka Branch        Linköping Branch         Göteborg Åbro Branch               Gent MB Certified                   Gent Ƶeehaven

                                     Sthlm/Segeltorp
                                                               Södertälje Branch                                                                            Ninove                   Sint-Martens-Latem
                                         Branch

                                                                                                                                                           Ƶottegem

  Swabia AS                             Mikla Sverige AB                                                                              Bavaria Norge AS
NO 913 027 817                           556782-9162                                                                                  NO 995 168 049

           Bavaria Sverige Bil AB                                   KC Motors AB                                 Bavaria Arendal AS                      Bavaria Bryne AS
               556782-9287                                          556983-5423                                   NO 990 529 868                         NO 987 059 621

   Gävle Branch               Luleå Branch               Malmö Branch              Norrtälje Branch               Arendal Branch                           Bryne Branch

                             Sthlm/Danderyd                                        Sthlm/Danderyd               Porsche Sør Branch
Skellefteå Branch
                                 Branch                                                Branch

Sthlm/Solna Branch                                                                                             Bavaria Gardermoen AS                Bavaria Haugesund AS
                           Sthlm/Tyresö Branch
                                                                                                                  NO 960 804 953                      NO 990 574 154

  Sthlm/Vällingby
                             Uppsala Branch                                                                     Gardermoen Branch                        Haugesund Branch
      Branch

                                                                                                                                                                        Bilbyen Bilpleie
                                                                                                                                                                      Haugesund AS (24,5%)
                                                                                                                                                                       NO 918 303 901

                                                                                                               Bavaria Kristiansand AS              Bavaria Lillestrøm AS
                                                                                                                 NO 984 146 930                       NO 959 903 999

                                                                                                                       Kristiansand                         Lillestrøm
                                                                                                                          Branch                             Branch

                                                                                                                         Farsund
                                                                                                                         Branch                     Bavaria Stavanger AS
                                                                                                                                                      NO 986 228 624

                                                                                                                  Bavaria Oslo AS                           Stavanger
                                                                                                                  NO 976 764 536                             Branch

                                                                                                                                                                            Bilbyen
                                                                                                                       Oslo Branch
                                                                                                                                                                      Dekkhotell AS (10,08%)
                                                                                                                                                                        NO 989 568 272
                                                                                                                  Oslo Vika Branch
                                                                                                                                                                               Bilbyen
                                                                                                                                                                         Bilpleie AS (12,76%)
                                                                                                                                                                         NO 994 911 775
                                                                                                                      Porsche
                                                                                                                 Center Son AS (51%)
                                                                                                                                                           Bilbyen Bilpleie
                                                                                                                  NO 966 307 714
                                                                                                                                                          Haugesund AS (51%)
                                                                                                                                                           NO 918 303 901

                                                                                                                Porsche Son Branch
                                                                                                                                                            Porsche Center
                                                                                                                                                             Stavanger AS
                                                                                                                Porsche Classic Cen-                       NO 989 930 877
                                                                                                                   ter Son Branch

                                                                                                                                                           Stavanger Branch
                                                                                                      9xx GmbH (51%)
                                                                                                      DE 267 626 533

                                                                                                                  Bavaria Finans AS
                                                                                                                  NO 990 574 103
BRANDS / NUMBERS OF DEALERSHIPS

PASSENGER VEHICLES   COMMERCIAL VEHICLES       TRUCKS

Mercedes-Benz         Mercedes-Benz        Mercedes-Benz   AMG      Smart
       29                   23                  12           6       4

    Cadillac             Corvette            Chevrolet     Nissan   GT-R
        1                    1                   1          25        2

       Fiat           Fiat Professional     Alfa Romeo     Jeep     Abarth
       16                    16                  9          14        6

                                                           Dodge    RAM
                                                            13       16
BMW       MINI    Porsche      Jaguar    Land Rover
 17        7         8           5           5

 Kia      Ford     Opel        Citroën      DS
 24        6        11           17          5

Renault   Dacia   Mitsubishi   Honda       Subaru
  6        6          9           2          6

 Isuzu
  1
MERCEDES-BENZ                  MERCEDES-BENZ                           MERCEDES-BENZ               MERCEDES-BENZ AMG                                           SMART

SWEDEN                      SWEDEN                                  SWEDEN                            Johan Stålhammar                               SWEDEN
Johan Stålhammar            Lars Holmström                          Björn Janström                    Anderstorp                                     Johan Stålhammar
Alingsås                    Alingsås                                Borås                             Göteborg / Mölndalsvägen                       Göteborg / Mölndalsvägen
Anderstorp                  Borås                                   Göteborg / Hisings-Kärra          Göteborg / Sisjön                              Helsingborg
Borås                       Enköping                                Halmstad                          Helsingborg
Enköping                    Göteborg / Hisings-Kärra                Helsingborg Transportbilscenter   Jönköping                                      BELGIUM
Göteborg / Hisings-Kärra    Mölndal Transportbilscenter             Jönköping                         Uppsala                                        Henrik Lessel
Göteborg / Mölndalsvägen    Halmstad                                Kristianstad                                                                     Eeklo
Göteborg / Sisjön           Helsingborg Transportbilscenter         Linköping                                                                        Sint-Martens-Latem
Halmstad                    Jönköping                               Uddevalla
Helsingborg                 Kristianstad                            Uppsala
Jönköping                   Kungsbacka
Kristianstad                Linköping                               BELGIUM
Kungsbacka                  Ljungby                                 Henrik Lessel
Linköping                   Trollhättan
Ljungby                     Uddevalla                               Aalst
Strömstad                   Uppsala                                 Gent Zeehaven
Trollhättan                                                         Ninove
                                                                                                                     NISSAN
                            Vara
Uddevalla                   Varberg                                                                                                                             NISSAN GTR
Uppsala                     Värnamo                                                                   Victor Liljenberg,
Vara                                                                                                  PV & Commercial Vehicles                       Victor Liljenberg
Varberg                     BELGIUM                                                                   Alingsås                                       Göteborg / Mölndalsvägen
Värnamo                     Henrik Lessel                                                             Anderstorp                                     Stockholm / Akalla
Ängelholm
                                                                                                      Borås
                            Aalst                                                                     Enköping
BELGIUM                     Gent Zeehaven                                                             Göteborg / Hisings-Kärra Transportbilscenter
Henrik Lessel               Sint-Martens-Latem                                CHEVROLET               Göteborg / Mölndalsvägen
                            Ninove                                                                    Göteborg / Tagene
Aalst                       Zottegem                                                                  Halmstad
Eeklo                                                               Roger Strasek
                                                                                                      Helsingborg
Gent MB Certified                                                   Göteborg / Åbro US Center         Helsingborg Transportbilscenter
Gent Zeehaven
                                                                                                      Kristianstad
Sint-Martens-Latem
Ninove
                                                                                                      Kungsbacka                                                   ABARTH
                                                                                                      Ljungby
Zottegem
                                                                                                      Linköping                                      Anders Thanche
                                                                                                      Mölndal Transportbilscenter
                                                                                                                                                     Göteborg / Åbro US Center
                                                                                                      Stockholm / Akalla
                                      CORVETTE                                                        Stockholm / Kista Transportbilscenter
                                                                                                                                                     Jönköping
                                                                                                                                                     Halmstad
                                                                                                      Strömstad
                            Roger Strasek                                    ALFA ROMEO                                                              Malmö
                                                                                                      Trollhättan
                                                                                                                                                     Stockholm / Akalla
                            Göteborg / Åbro US Center                                                 Uddevalla
                                                                                                                                                     Stockholm / Segeltorp
                                                                    Anders Thanche                    Uppsala
                                                                                                      Vara
          CADILLAC                                                  Göteborg / Åbro US Center
                                                                                                      Varberg
                                                                    Jönköping
                                                                                                      Värnamo
Roger Strasek                                                       Halmstad
                                                                                                      Ängelholm
                                                                    Linköping
Göteborg/Åbro US Center                                             Malmö
                                                                    Stockholm / Akalla
                                                                    Stockholm / Segeltorp
                                                                    Uppsala
                               FIAT PROFESSIONAL                    Örebro                                                                                        RENAULT

                            T.f. Anders Thanche                                                                                                      Oscar Cullberg,
                            Göteborg / Hisings Kärra
                                                                                                                       JEEP                          PV & Commercial Vehicles

                            Jönköping Transportbilscenter                                                                                            Göteborg / Hisings-Kärra Transportbilscenter
              FIAT          Halmstad                                                                  Anders Thanche                                 Göteborg / Tagene
                            Kristianstad                                                              Göteborg / Åbro US Center                      Halmstad Bilvaruhuset
Anders Thanche              Linköping                                                                 Jönköping,                                     Halmstad TRP
                            Lund                                                                      Halmstad                                       Mölndal Bilvaruhuset
Göteborg / Hisings Kärra                                                         ISUZU                                                               Mölndal Transportbilscenter
                            Malmö Transportbilscenter                                                 Kristianstad
Göteborg / Åbro US Center
                            Mölndal Transportbilscenter                                               Linköping
Jönköping
                            Norrköping                              Anders Karlsson                   Lund
Halmstad
                            Stockholm / Kista Transportbilscenter   Örebro                            Malmö
Kristianstad
                            Stockholm / Segeltorp                                                     Norrköping
Linköping
                            Trelleborg                                                                Stockholm / Akalla
Lund
                            Uddevalla                                                                 Stockholm / Segeltorp
Malmö
                            Uppsala                                                                   Uddevalla
Norrköping
                            Varberg                                                                   Uppsala
Stockholm / Akalla
                            Värnamo                                                                   Värnamo
Trelleborg
                            Örebro                                                                    Örebro
Uddevalla
Uppsala
Varberg
Värnamo
Örebro
BMW                                     MINI                                       PORSCHE                                         JAGUAR                                   LAND ROVER
 SWEDEN                                 SWEDEN                                        Rickard Magnusson                              William Andreasson                             William Andreasson
 Johan Frisk                            Johan Frisk, Personbilar
                                                                                      SWEDEN                                         Göteborg / Eklanda                             Göteborg / Eklanda
 Gävle                                  Stockholm / Solna                             Borås                                          Linköping                                      Linköping
 Luleå                                                                                Göteborg / Sisjön                              Jönköping                                      Jönköping
 Skellefteå                             NORWAY                                        Göteborg / Åbro                                Uppsala                                        Uppsala
 Stockholm / Danderyd                   Helge Ellingsen, Personbilar                  Linköping                                      Örebro                                         Örebro
 Stockholm / Solna                      Kristiansand
 Stockholm / Tyresö (Skadecenter)       Oslo Vika                                     NORWAY
 Stockholm / Vällingby                  Oslo Økernveien                               Classic Center Son
 Uppsala                                Stavanger                                     Son
                                                                                      Stavanger
 NORWAY                                                                               Sør (Arendal)
 Helge Ellingsen
 Arendal
 Bryne                                                                                                                                            CITROËN                                            DS
 Farsund (Premium Select & Verkstad)
 Gardermoen
 Haugesund
                                                                                                                                     Stefan Elmström,                               Stefan Elmström
                                                                                                                                     PV & Commercial Vehicles
 Kristiansand                                                                                                                                                                       Borås
 Lillestrøm                                             FORD                                                                         Borås                                          Göteborg
 Oslo Økernveien                                                                                       OPEL                          Enköping                                       Malmö
 Stavanger                             Jonas Hamnstedt,                                                                              Göteborg / Hisings-Kärra Transportbilscenter   Stockholm / Akalla
 Stavanger (Begagnatcenter)            PV & Commercial Vehicles                                                                      Göteborg/Mölndal Transportbilscenter           Uppsala
                                                                                      Johan Olsson,                                  Halmstad Bilvaruhuset
                                       Eskilstuna                                     PV & Commercial Vehicles
                                                                                                                                     Halmstad Transportbilscenter
                                       Göteborg / Eklanda                                                                            Jönköping
                                                                                      Gävle
                                       Göteborg / Tagene                                                                             Kungsbacka
                                                                                      Karlskoga
                                       Kungsbacka                                                                                    Malmö
                                                                                      Linköping
                                       Stockholm / Segeltorp                                                                         Malmö Transportbilscenter
                                                                                      Malmö
                                       Södertälje                                                                                    Mölndal Bilvaruhuset
                                                                                      Norrköping
                                                                                      Stockholm / Akalla                             Stockholm / Akalla
                                                                                      Stockholm / Kista Transportbilscenter          Stockholm / Kista Transportbilscenter
                 KIA                                                                  Stockholm / Segeltorp                          Stockholm / Spånga                                         SUBARU
                                                                                      Trollhättan                                    Strömstad
                                                                                      Uppsala                                        Trelleborg                                     Micael Carlnil
Kenny Ohlsson
                                                                                      Örebro                                         Uppsala                                        Karlskoga
Alingsås
                                                                                                                                                                                    Kristianstad
Anderstorp
                                                                                                                                                                                    Lund
Borås                                                  DACIA                                                                                                                        Malmö
Göteborg / Tagene
                                                                                                                                                                                    Stockholm / Akalla
Halmstad                               Oscar Cullberg,
Helsingborg                                                                                                                                                                         Trelleborg
                                       PV & Commercial Vehicles
Jönköping
Kungsbacka                             Göteborg / Hisings-Kärra Transportbilscenter
Ljungby                                Göteborg / Tagene                                         MITSUBISHI                                         HONDA
Lysekil                                Halmstad Bilvaruhuset
Malmö                                  Halmstad Transportbilscenter
                                       Mölndal Bilvaruhuset                           Stefan Elmström,                               Oscar Cullberg
Mölndal Bilvaruhuset
Stockholm / Akalla                     Mölndal Transportbilscenter                    Person- & Transportbilar                       Mölndal Bilvaruhuset
Stockholm / Segeltorp                                                                 Göteborg / Hisings-Kärra Transportbilscenter   Varberg
Strömstad                                                                                                                                                                                          RAM
                                                                                      Göteborg / Tagene
Trelleborg                                                                            Kristianstad
Trollhättan                                                                                                                                                                         Johan Olsson
                                                                                      Mölndal Bilvaruhuset
Uddevalla                                                                             Mölndal Transportbilscenter                                                                   Halmstad TRP
Vara                                                                                  Stockholm / Akalla                                                                            Helsingborg Transportbilscenter
Värnamo                                                                               Stockhol / Kista Transportbilscenter                                                          Göteborg / Åbro US Center
Ängelholm                                                                             Stockholm / Segeltorp                                                                         Jönköping
                                                                                      Uppsala                                                                                       Kristianstad
KC MOTORS                                                                                                                                           DODGE                           Linköping
                                                                                                                                                                                    Mölndal Bilvaruhuset
Morten Westby                                                                                                                        Johan Olsson                                   Malmö Transportbilscenter
                                                                                                                                                                                    Norrköping
                                                                                                                                     Helsingborg
Malmö                                                                                                                                                                               Stockholm /Kista Transportbilscenter
                                                                                                                                     Göteborg/Åbro US Center
Norrtälje                                                                                                                                                                           Sthlm/Segeltorp
                                                                                                                                     Jönköping
Täby                                                                                                                                                                                Uppsala
                                                                                                                                     Kristianstad
                                                                                                                                                                                    Örebro
                                                                                                                                     Linköping
                                                                                                                                     Mölndal Bilvaruhuset
                                                                                                                                     Malmö Jägersro
                                                                                                                                     Norrköping
                                                                                                                                     Stockholm / Akalla
                                                                                                                                     Stockholm / Segeltorp
                                                                                                                                     Uppsala
                                                                                                                                     Örebro
Sale & Vehicle Admin   t

                                                                    Aftermarket   t
                                                                     Marketing    t

                                                                                                           CEO
                                                                                                                   HEDIN BIL
                                                                            IT    t
                                                                       Finance    t

                                                                                      AMG Brand Manager
                                                           Sale & Vehicle Admin   t

                                                                    Aftermarket   t
                                                                     Marketing    t

                                                                                                           CEO
                                                                                                                   HEDIN

                                                                            IT    t
                                                                                                                 AUTOMOTIVE

                                                                                      AMG Brand Manager
                                                                       Finance    t

                                                           Sale & Vehicle Admin   t

                                                                    Aftermarket   t
                                                                     Marketing    t

                                                                                                           CEO
                                                                                                                   BAVARIA

                                                                            IT    t

                                                                                      MINI Brand Manager
                                                                       Finance    t

                                                           Sale & Vehicle Admin   t

                                                                    Aftermarket   t
                                                                                                                               CEO BAVARIA NORDIC

                                                                     Marketing    t
                                                                                                           CEO
                                                                                                                   BAVARIA

                                                                            IT    t
                                                                       Finance    t
                                                                                      MINI Brand Manager

                                                           Sale & Vehicle Admin   t

                                                                    Aftermarket   t
                                                                     Marketing    t
                                                                                                           CEO
                                                                                                                   PORSCHE

                                                                            IT    t
                                                                       Finance    t
                                                                                                                               CEO HEDIN PERF

HR | PROPERTY | IT | DIGITALIZATION | QUALI
                                                                                                                                                    CE

                                              tCENTRAL F
                                                                                                                                                         I.A. HEDIN
Sale & Vehicle Admin   t

                                                                                                                                                          EO
                                                               Aftermarket   t
                                                                Marketing    t

                                                                                                           CEO
                                                                                                                              PORSCHE
                                                                                                                                          FORMANCE CARS
                                                                       IT    t
                                                                  Finance    t

                                                      Sale & Vehicle Admin   t

                                         FUNCTIONSu
                                                               Aftermarket   t
                                                                Marketing    t

                                                                                                           CEO
                                                                                                                              HEDIN BIL
                                                                       IT    t
                                                                                                                                                               N BIL AB
                                                                  Finance    t

                                                      Sale & Vehicle Admin   t

                                                               Aftermarket   t
                                                                Marketing    t

                                                                                                           CEO

ITY & ENVIRONMENT | PURCHASING | LEGAL
                                                                                                                              HEDIN BIL

                                                                       IT    t
                                                                  Finance    t

                                                      Sale & Vehicle Admin   t

                                                               Aftermarket   t
                                                                Marketing    t                             CEO
                                                                                                                              KC MOTORS

                                                                       IT    t
                                                                  Finance    t

                                                      Sale & Vehicle Admin   t

                                                               Aftermarket   t
                                                                Marketing    t
                                                                                                           CEO
                                                                                                                              HEDIN BIL

                                                                       IT    t
                                                                                                                 MULTIBRAND

                                                                                 Dedicated Brand Manager

                                                                  Finance    t
ONGOING PROPERTY PROJECTS

                        1   SWEDEN - UDDEVALLA
                            Mercedes-Benz Singel Brand.

                            To be completed in autumn 2018.

                        2   SWEDEN - ÖREBRO
                            New construction Bilvaruhuset.

                            To be completed in autumn 2018.

                        3   SWEDEN - KRISTIANSTAD
                            To be completed Q4 2018.

                        4   SWEDEN - JÖNKÖPING
                            New construction for Porsche.

                            To be completed by the end of 2018.

                        5   SWEDEN - STOCKHOLM
                            New construction Opel Black Box in Haninge.

                            To be completed by June of 2019.
6    SWEDEN - GOTHENBURG
     New construction of a single brand facility for
     Kia passenger cars in Tagene.

     To be completed during the spring of 2019.

7        NORWAY - OSLO
         New construction of BMW facility.

         To be completed by the summer of 2019.

8        SWEDEN - STOCKHOLM
         New construction of Bavaria MINI in Danderyd.

         To be completed during the summer of 2019.

9       SWEDEN - STOCKHOLM
        New construction for Ford and Opel in Bromma.

        To be completed in June of 2019.

10
        SWEDEN - STOCKHOLM
        New construction Opel Black Box in Haninge.

        To be completed by June of 2019.
"CAR TO GO SWEDEN
CTG                                                                                           DEVELOPS DIGITAL
                                                                                          PRODUCTS AND SERVICES
                                                                                            FOR THE AUTOMOTIVE
                                                                                                 INDUSTRY"

CAR TO GO SWEDEN AB
CEO: Anders Hedin | Operationally responsible: Jakob Werner

In 2014 the auto-tech company Car to Go Sweden AB was acquired by Anders Hedin Invest AB. Car to Go Sweden AB develops digital products
and services for the automotive industry. The company's products are developed and operated under four brands:

UNIFLEET                                                              CARPLUS
Packaging of financial and operational leasing for companies. Fleet   Packaging of private leasing through the network.
management services to companies such as managing vehicle costs,      – www.carplus.se
benefit values and mileage report via an app. – www.unifleet.se
                                                                      CARPLUS STORE
CARBUY                                                                Physical stores where customers can receive advice and have the pos-
Packaging of car loans to individuals through the network.            sibility to experience the products.
– www.carbuy.se

                                                                                                             2017         2016      2015
                                                                       Net sales (kSEK)                    10,332         4,105     2,057

                                                                       Number of employees                       8           2          1
Unifleet offers financial and operational leasing to companies through
                                                                              own sales, car dealers or through Unifleet.se web portal. In addition to
                                                                              the car purchase, Unifleet helps companies with Fleet Management
                                                                              Services. Companies saves time and money by letting Unifleet manage
                                                                              the vehicle costs, taxes, benefit values, insurance and service issues.
                                                                              A new own administration system has been developed in 2017 with
                                                                              the purpose of managing the car fleets along with a web portal for fleet
                                                                              owners and an app for drivers under the Unifleet brand. The new IT
                                                                              systems will be used for all brands within Car To Go Sweden AB and will
                                                                              contribute to the internal improvements and will strengthen the existing
                                                                              customer offer.

Carbuy is a web portal where the customer can easily make the car
purchase directly on the web. The brand was launched in 2016 and is
part of Car To Go Sweden AB.
On Carbuy.se, the customer can easily order the car online. The Carbuy
offer includes financing, service agreements, insurance, road assistan-
ce, winter wheels and change. The customer chooses the car brand,
model, color and additional options. A credit check is made through
the financing partner. If the credit is approved, the customer will be
contacted by the selected vehicle dealers for booking of the delivery.
The customer pay 20% of the vehicles price in cash and the remaining
amount will be paid on a monthly basis for the next three years. It pro-
vides a simple, convenient and safe car ownership.

                                                                              Carplus is a web portal where the customer can order a new or a pre-
                                                                              owned car online.
                                                                              The customer leases the car for 18 or 36 months without a cash de-
                                                                              posit, arrangement fee or deposit fee. In addition to the leasing costs,
                                                                              the customer's monthly fee includes insurance, assistance and service.
                                                                              The company has been active for seven years and has a very good
                                                                              position in a market with strong growth. Carplus offer private leasing of
                                                                              new cars from 16 different car brands. Carplus.se has approximately
                                                                              180,000 unique visitors a year. The most popular brands on Carplus.se
                                                                              in 2017 were Kia and Mercedes-Benz followed by Nissan.

In 2017 Carplus Store opened at Frölunda Torg in Gothenburg. Carplus
Store offer its customers the possibility of experiencing products and
obtaining information about all services sold by Car To Go.
The interior of all car models has been photographed with 360 techno-
logy. This allows customers to experience over 100 car models, in store
and on the website.
The ambition of Carplus Store to assist custimers of their early stage car-
purchace journey with improved experiences. Moreover, choosing and
purchasing of a car should be easy. The stores represent an excellent
platform for product launches, events and physical meetings.
Due to the popularity of CarPlus Store we are now expanding with an
additional store in Helsingborg, Sweden.
"THE KLINTBERG & WAY GROUP
                                                                                         OPERATES WITHIN 3 AREAS:
                                                                                           IMPORT OF AMERICAN
                                                                                          CARS, SPARE PARTS AND
                                                                                               SERUCES AND
                                                                                               WHEELS/RIMS
                                                                                                BUSINESS"

KLINTBERG & WAY GROUP AB
CEO: Anders Molander | www.klintbergway.com

The company offers products and services to the automotive industry and operates in Sweden and other parts of Europe.

Klintberg & Way Group AB is currently going through a strong period of    An important milestone was reached in October when the Group was
expansion. The aim of the Group is to be a significant player in Europe   appointed by Fiat Chrysler Automotive International Operations (FCA I
with regard to products and services for the automotive industry.         O) as General Agent of Dodge and RAM in Europe. The operations will
                                                                          be conducted within the newly founded Klintberg & Way Automotive SA
Klintberg & Way Group AB currently comprises of KW Parts, KW Wheels,      with office in Lugano, Switzerland and Gothenburg, Sweden, and ho-
Dawa Däck, Pro-Imp, Wheelspot, Däckringen, KW Automotive SA, KW           mologation of cars for the European market in Bremerheven, Germany.
Automotive AB, KW Cars and KW Homologation.
                                                                          The group has its headquarters in Kista, Sweden.
During the year 2017, Klintberg & Way Group continued its expansio-
nary development, both within the existing businesses and by creating
new business areas and companies.

                                                                                                                2017           2016      2015
                                                                           Net sales (kSEK)                  993,503         877,076   559,258

                                                                           Number of employees                   133            122        84
CEO: Anders Molander | www.kwparts.com

                                                                          KW Parts, founded in 1975, is the primary aftermarket supplier and
                                                                          European partner to General Motors NAV (North American Vehicles)
                                                                          and MOPAR (Chrysler, Jeep, Dodge). The company is the largest
                                                                          European spare part wholesaler for American spare parts with ope-
                                                                          rations in 37 countries.

                                                                          85,000 items of the most requested original and alternate parts are
                                                                          stocked with access to another three million items with fast delivery
                                                                          through daily transport from the United States. KW Parts offers next day
                                                                          delivery to all countries from two warehouses, one in Stockholm and
                                                                          one in Frankfurt.

                                                                          The vision is to become Europe's best distributor and supplier of repla-
                                      2017           2016         2015    cement parts and accessories for US vehicles.
 Net sales (kSEK)                  261,920         259,576      256,796

 Number of employees                      51            53          61

CEO: Erik Ronnebro | www.kwwheels.com

KW Wheels was founded in 2014 and is a subsidiary of Klintberg &
Way Group AB.

The company is a wholesaler of tires and wheels for the Nordic market
with a focus on complete wheels. KW Wheels cooperates with all known
tire producers and is the Swedish Agent for Alutec rims.

KW Wheels is currently collaborating with 11 suppliers:
•     Alutec                          •        Michelin
•     Continental                     •        Nokian Tyres
•     Coopertires                     •        OCL Brorssons
•     Goodyear                        •        Special fälgar                                                     2017         2016         2015
•     Hankook                         •        Pirelli
                                                                          Net sales (kSEK)                     242,206      199,860       126,291
•     Kumho Tyre
                                                                          Number of employees                        19           14            8

                                                                          CEO: Jan Sand | www.dawadack.se

                                                                          Dawa Däck was acquired through Klintberg & Way Group AB in 2015.

                                                                          Dawa Däck was founded in 1972 and is one of Sweden’s largest whole-
                                                                          salers in the tire trade. The company is importer of the tire brands Kum-
                                                                          ho, Nankang, Roadstone, Gislaved and Sonar. Our goal is to have a wide
                                                                          range of products to meet the market demarel as much as possible.

                                                                                                                  2017         2016         2015
                                                                          Net sales (kSEK)                     369,244      344,974       311,249

                                                                          Number of employees                        36           31           29
KLINTBERG & WAY GROUP AB

CEO: Martin Tillsten | www.proimp.se

Klintberg & Way Group AB owns the tire wholesaler Pro-Imp since July
2016. Since 1989, Pro-Imp imports and distributes the Cooper tire
range in Sweden.
Originally the emphasis was on tires for vans, jeeps and pickups. The
working methods, involving short delivery times and first-rate service,
meant that the company, at the request of a large number of tire dealers,
invested heavily in tires for passenger vehicles, an investment that has
proved to be very successful.
In 2017, the company focused on developing the business for future
demands and challenges. A lot of investments were made in the IT envi-
ronment by introducing a new business system. Sales of Coopers Race
tires increased. Cooper also increased its range through a number of
new product launches and this gives Pro-Imp’s customers a broader
range.
                                                                                                                2017        2016        2015
                                                                            Net sales (kSEK)                   77,724      78,623      79,313

                                                                            Number of employees                    12          14          14

                                                                              CEO: Martin Tillsten | www.wheelspot.se

                                                                              Wheelspot has been owned by Klintberg & Way AB since July
                                                                              2016.
                                                                              The company is a wholesaler of e-commerce focusing on complete
                                                                              wheels for consumers. The company is working with several leading
                                                                              manufacturers in the market for tires and rims.

                                        2017         2016         2015
Net sales (kSEK)                            -        3,591       16,394

Number of employees                         -            1            2

CEO: Hans von Garaguly | www.dackringen.se

DäckRingen is a tire chain for independent workshops that act as a
premium club for retailers.
This creates added value and high loyalty, both generating secure colla-
boration for future business. DäckRingen includes external tire garages
as well as a number of Hedin Bil garages. 45 garages joined in 2017. In
2018, our goal is to reach 60 garages.
"GENERAL AGENT FOR
                                                                                                DODGE & RAM
                                                                                                 IN EUROPE."

KLINTBERG & WAY
AUTOMOTIVE SA
CEO: Alessio Castelli | www.klintbergway.com

In December 2017 Klintberg & Way Automotive SA was established in Lugano, Switzerland. This office represents the European headquarters
for Klintberg & Way Automotive.

The company is operational in all 27 EU countries plus Norway and          KW CARS
Switzerland. The headquarters is strategically located in Lugano with      In the end of 2016 Klintberg & Way Cars (KW Cars) opened a new dea-
near proximity to Fiat Chrysler Automobiles (FCA) headquarters in Turin,   lership in Gothenburg. With brands like Jeep, Dodge and RAM; Ameri-
Italy.                                                                     can SUV’s and pickups make up the core business in KW Cars.

KLINTBERG & WAY AUTOMOTIVE AB                                              KWA TECHNOLOGY CENTER
In the 3rd quarter of 2017 Klintberg & Way Parts AB signed an agre-        KW homologering AB with its sister company BHC GmbH is responsible
ement with Fiat Chrysler Automobiles (FCA) to become general agent for     for the homologation of cars represented by Klintberg & Way Automo-
the brands Dodge and RAM for Europe. The operations will be managed        tive.
through the newly formed company Klintberg & Way Automotive AB.
CEO: Alessio Castelli | www.klintbergway.com
                                                                             In December 2017, Klintberg & Way Automotive SA established its
                                                                             European headquarter in Lugano, Switzerland.

                                                                             The company provides management, sales, market and technical deve-
                                                                             lopment for the distribution of Dodge and RAM car brands in Europe.
                                                                             The company operates in all 27 EU markets plus Norway and Switzer-
                                                                             land. The head office is strategically located in Lugano, close to the Fiat
                                                                             Chrysler Automobile (FCA) European headquarters in Turin, Italy.

                                                                             The establishment of authorised dealerships that will support the distri-
                                                                             bution of Dodge and RAM cars in Europe is highly prioritized.

CEO: Alessio Castelli | www.klintbergway.com
During the third quarter of 2017, Klintberg & Way Parts AB entered
into an agreement with Fiat Chrysler Automotive (FCA) to become the
European importer of Dodge and RAM.

Its operations will be handled by the newly established Klintberg & Way
Automotive company.

                                                                             CEO: Alessio Castelli | www.klintbergway.com
                                                                             Klintberg & Way Cars (KW Cars) opened the doors to their new branch
                                                                             in Gothenburg by the end of 2016. American SUVs and pickups re-
                                                                             present the basis of KW Cars through a wide range of Jeep and Dodge
                                                                             cars.
                                                                             KW Cars is a state-of-the-art dealer and has the only single brand Jeep
                                                                             automotive dealership in the Nordic region. The spare parts store keeps
                                                                             the 1,200 most sold parts in stock for immediate delivery for General
                                                                             Motors, Jeep, Chrysler, Dodge and American Ford. In addition to spare
                                                                             parts, there is a large accessory store and the unique concept GM Per-
                                        2017          2016         2015
                                                                             formance, which offers the opportunity to, for example, purchase a com-
 Net sales (kSEK)                     106,021       65,126        13,480     pletely new engine for an older vehicle from the 1980s.
 Number of employees                       13             7            2

CEO: Bo Redin | www.klintbergway.com
KW Homologering AB with its subsidiary BHC GmbH is part of Klint-
berg & Way Automotive and performs homologation of imported US
vehicles in Bremerhaven, Germany.

BHC performs homologation of Dodge and RAM for the European mar-
ket in their own facilities with a capacity of 500 vehicles per month. The
staff currently consists of approx. 20 people who perform the homologa-
tion.                                                                                                                 2017         2016          2015
                                                                             Net sales (kSEK)                       18,891        16,523       21,753

                                                                             Number of employees                         20           30            30
"MABI IS ONE OF SWEDEN'S
                                                                                                  LARGEST CAR
                                                                                              RENTAL COMPANIES."

MABI RENT AB
CEO: André Schleemann | www.mabi.se

MABI Sverige AB carries out car rental operations for short-term rental. Long-term rental is avaiblable through the FlexiLease brand.

MABI is one of Sweden's largest car rental companies. Since it was          The main goal is to offer rental cars at competitive prices without com-
founded in Stockholm in 1989, the company has grown steadily and is         promising on quality, safety, service or availability. MABI provides and
currently operating in 164 stations, of which 34 stations in its own name   develops the FlexiLease concept, where companies can sign longer
and 130 licensed stations at airports and central stations, including two   leases. It is a demand-driven complement to service cars or a smart
stations in Berlin.                                                         alternative to long leases. In 2017, MABI Rent AB had sale of MSEK 393
                                                                            compared to the previous year's MSEK 383.

                                                                                                                   2017         2016         2015
                                                                             Net sales (kSEK)                    392,500      238,908      193,693

                                                                             Number of employees                      49           56           55
"CELEBRATING 25 YEARS
                       WITH BMW!"

GS BILDELER
CEO: Jonny Skrivarhaug | www.gsbildeler.no

In 1993 Trond Gule and Jonny Skrivarhaug established G.S. Bildeler. G.S. Bildeler is Norway’s largest freelance supplier of spare parts for BMW.

GS Bildeler are spread out in 6 locations and employees over 60 profes-    Bildeler shows of its ultra-high tech robot warehouse that enables fast
sionals. Their headquarters are located in Bud in Morre and Romsdal.       and effortless deliveries which has made G.S. Bildeler an attractive and
G.S. Bildeler works with more than 150 workshops throughout Norway.        skillful player in the spare parts industry. By being open to new ideas,
G.S. Bildeler provides technical support, fast deliveries and constant     constantly developing and having a warm customer relationship have
follow up to secure customer satisfaction.                                 all resulted in its success and layout the foundation for a positive future.

For 25 years GS Bildeler has built up a good relationship with BMW and
this has led to increased sales of original spare parts, accessories and
life style products. In Bud, G.S.

                                                                                                                    2017          2016          2015
                                                                            Net sale (kSEK)                      261,000       253,000       234,000

                                                                            Number of employees                        66            64            62
"HEDIN IT FOCUSES ON ACTIVELY
HEDIN IT                                                                                MEETING THE COMPANY AND THE
                                                                                         CUSTOMERS NEED OF DIGITAL
                                                                                                 SERVICES AND
                                                                                                  PRODUCTS"

HEDIN IT AB
CEO: Anders Hedin | CDO: Gabriel Holmelid | www.andershedininvest.se

Hedin IT was founded in 2014 and is wholly owned by Anders Hedin Invest AB. Its purpose is to support core business operations and to create
first-rate conditions for digitalization within the Group.

Digital transformation is continuing to develop and change society, our      Hedin IT is also involved in digital business development. The purpose
operations and our sector. We have also noticed a change in the custo-       of Hedin IT is to function as an incubator when new business models
mers’ purchasing patterns in line with developments in technology and        are created and tested, which can be applied in either existing or new
we are therefore working actively to digitize sales processes to a greater   operations. New concepts are being developed at the interface between
extent.                                                                      physical experience and new technology and innovation.

Hedin IT focuses on actively meeting the company and the customers           Hedin IT is also responsible for the IT environment and technical sup-
need of digital services and products.                                       port for I.A. Hedin Bil AB and its subsidiaries.
"MORE THAN 2,000 AFFILIATED
              WORKSHOPS ARE CONNECTED
                  TO THE SERVICE"

LASINGOO SVERIGE AB
CEO: Petter Torp | www.lasingoo.se

Lasingoo is an industry-based online-based portal for booking services primarily for passenger cars.

Lasingoo is owned and operated jointly by AD Bildelar, Autoexperten,      The platform has been operative in Germany since 2012 and was laun-
Bosch, Hedin Bil, OKQ8 and Mekonomen Group (MECA, Mekonomen,              ched in Sweden in spring 2015.
MekoPartner, Speedy). Lasingoo is a unique investment by the largest
workshop chains in Sweden and more than 2,000 affiliated workshops        During the past year, the focus has been on improving the company's
are connected to the service.                                             earnings to show black figures. The interest in the product has grown
                                                                          significantly during the year and all partners are benefiting from the pro-
The portal offers the users control over all the costs, associated with   duct in 2018.
car ownership and improves the efficiency of the workshops’ booking
processes.

                                                                                                                     2017         2016        2015
                                                                           Net sales (kSEK)                          8,924       5,427        2,997

                                                                           Number of employees                           2            2           2
"A SMALLER BOUTIQUE
                                                                                            HOTEL WITH A RESTURANT"

I.A. HEDIN FASTIGHET AB
CEO: Anders Hedin | www.andershedininvest.se

Since the year end 2016/2017, Lyckans väg 2 have been concluded in Hedin Fastigheter AB. Today a skin clinic and a high school is renting
the property with a planned move out date by end 2018. For the future a project which encloses a smaller boutique hotel with a restaurant is
in the making.

The property is one of the largest properties in the area and was built for   Throughout the years Wijks Villa has been owned by Lennart Wallen-
jur. Dr Bertil Wijk. It was built in the 1913 and designed by the architect   stam and SKF.
Arvid and Ragnas Ossian Swensson. The real estate was one of the first
to be completed in the residential district of Lorensberg Villastad.
"CONSTRUCTION WORK IS AN ART AND
           TUVE BYGG BUILDS EVERYTHING
             FROM INDUSTRIAL PLANTS
                 AND OFFICES TO
                 RESIDENTIAL AND
                     PUBLIC
                   BUILDINGS."

TUVE BYGG AB
CEO: Robert Bengtsson | www.tuvebygg.se

June 2017, Anders Hedin Invest AB purshesed 51% of the shares in Tuve Bygg. Tuve Bygg was established in 1979 and operates in the
Gothenburg and Stockholm regions with a wide range of construction projects and contractors.

Tuve Bygg has agressive expansion plan and the goal is to have an av-        Construction work is an art and Tuve Bygg builds everything from in-
erage annual growth rate of at least 10%. This is achieved together with     dustrial plants and offices to residential and public buildings. Suppliers
over 218 employees who all contribute to creating the unique Tuve spirit.    and partners are selected very carefully. The strength of the company
                                                                             is to combine high flexibility with the right costs and to match the right
The main customers are private and public property owners. For them          skills to each project. Tuve Bygg always deliver the highest quality at the
new housing, group homes, schools, commercial buildings, industrial          right price and at the promised time, whether it involves new construc-
plants, offices and hospitals are being built. Most of the projects are in   tion or renovation and extension and assignments.
the range of MSEK 20 to MSEK 500.
                                                                             On December 1st, 2016, Tuve Bygg opened its Stockholm office. For
                                                                             the next coming years the goal is to grow on the Stockholm market to
                                                                             meet our customers needs.

                                                                                                                      2017         2016          2015
                                                                              Net sales (kSEK)                   1,437,500     1,066,000     1,107,000

                                                                              Number of employees                       218          176           167
"CONSENSUS MISSION IS TO
                                                                                         OFFER THE BEST PERSONAL
                                                                                         SERVICE AND THE GREATEST
                                                                                            POSSIBLE CONDITONS
                                                                                              FOR INCREASED
                                                                                                RETURNS."

CONSENSUS ASSET
MANAGEMENT AB
CEO: Patrik Soko | www.consensusam.se

Consensus Asset Management AB (Consensus) is a securities company approved by the Swedish Financial Supervisory Authority under strong
growth and expansion. The company is active in Sweden and has its headquarters in Mölndal with a branch in Stockholm.

Consensus mission is to offer companies, foundations, institutions and    Consensus Insurance offers occupational pension plans, risk insurance
private individuals the best personal service and the greatest possible   and capital insurance for small and medium-sized companies, it's ow-
conditions for increased returns and value growth in Corporate Finance,   ners and other private customers.
Asset Management and Occopational Pensions.

                                                                                                               2017         2016         2015
                                                                          Net sales (kSEK)                    56,998       33,701      34,962

                                                                          Number of employees                     20           17          18
"THE PROJECT WILL INCLUDE A
           HEALTH RESORT CONCEPT WITH
               COLD AND HOT BATHS,
              A HOTEL AND A HOSTEL
                 WITH 180 BEDS"

RIPAM INVEST AB
CEO: Anders Hedin | www.batellet.se

In 2014, Societetshuset Marstrand was acquired through Societetshuset Fastigheter i Marstrand AB. Socitetshuset Marstrand offers a unique
of excluisive enviroment for events, such as weddings, social gatherings and corporate events.

Ripam Invest AB owns 100% of Marstrands Kurbadhus AB, which ope-      Both companies are in the design and planning phase to rebuild the
rates a hotel business in Marstrand, Sweden. Marstrands Kurbadhus     existing property on the island of Marstrand. The project will include a
owns 90% of Marstrands Kulturfastighet AB, which owns the property,   health resort concept with cold and hot baths, a hotel and a hostel with
the remaining 10% is owned by Kungälv Municipality.                   180 beds. During 2018, stage one of this project will be complete with
                                                                      45 double rooms.
MILESTONES
AND HISTORY

    1985 1990 1995 1998
• Ingemar and Anders Hedin          • Philipson Bil in Halmstad is        • Philipson Bil automotive           • Property and construction
  open the first Hedin Bil auto-      acquired and in 1992 the              dealership in Helsingborg            company K. I Andersson
  motive dealership in Borås.         newly built automotive dealer-        and Ängelholm are acquired.          Bygg AB in Borås is
  The car brands sold were            ship, which sells Nissan and          Moreover, Philipson Trucks in        acquired.
  Mercedes-Benz and Nissan.           Mercedes is opened.                   Halmstad is acquired.

    1999 2001 2002 2003
•   Philipson Bil in Göteborg,      •   Acquired Aktiv Bil AB, Hi-        •   Our newly renovated automo-      •   Acquired the Daimler-Chrys-
    Alingsås och Kungsbacka is          sings Backa.                          tive dealership in Alingsås is       ler dealership in Gothenburg,
    acquired.                                                                 reopened.                            which comprised Mercedes-
                                    •   Our new Mercedes-Benz                                                      Benz sales and repair and
•   A major and significant             facility was opened on the site   •   Acuired a automotive dea-            servicing facilities in Hisings
    rebuilding of the head office       in autumn 2001.                       lership on the westcoast of          Kärra.
    at Mölndalsvägen is com-                                                  Sweden for the new Smart
    menced.                                                                   city car.                        •   Chrysler and Jeep sales and
                                                                                                                   repair and servicing facilities
                                                                                                                   at Åbro/Mölndal were acqui-
                                                                                                                   red.
2004 2005 2006 2007
•   Acquired Bilstudion Göteborg      •   Gothenburg Used Car Center       •   Bilexa i Göteborg AB was         •   Dealership contract with KIA
    AB’s Chevrolet dealership in          opened in Åbro/Mölndal, next         acquired. Bilexa was a local         Motors Sweden AB signed.
    Gothenburg.                           to the US Centre.                    Mitsubishi and Citroen dealer.
                                                                                                                •   Take-over of Thituson Bil AB’s
•   A dealership agreement is         •   Bilforum i Uddevalla AB          •   Philipson Uppsala Bil AB’s           operations in Linköping, Jönkö-
    also signed with Cadillac Sve-        acquired. This resulted in           operations in Uppsala and            ping, Anderstorp, Ljungby and
    rige AB for selling Cadillac,         expansion with the addition of       Enköping were acquired.              Värnamo. A further brand was
    Chevrolet and Corvette.               four dealerships: Uddevalla,                                              added – Land Rover.
                                          Trollhättan, Strömstad and
•   Acquisition of Stjärnhuset Bil        Vara.
    AB in Kristianstad. Through
    the acquisition, the Mitsub-      •   I.A Hedin Fastighet AB dis-
    ishi brand is welcomed to             posed of its shareholding in
    Hedin Bil.                            the real estate company KIA
                                          Fastighet AB.

                                      •   Klintberg & Way Group AB’s
                                          Gothenburg operations in
                                          Åbro/Mölndal are acquired.

    2008 2009 2010 2011
•   Assets and liabilities acquired   •   Dealership agreement with        •   Scanauto i Göteborg AB and       •   Reopening of Hedin Bil’s
    from the bankruptcy Uno               Renault signed.                      Andersson Auto i Varberg AB          renovated facilities in
    Asplunds Bil AB in Borås.                                                  are acquired.                        Tagne, Vara, Anderstorp and
                                      •   Hedin Bil’s new Transport Car                                             Ljungby.
                                          Center is opened in Möln-        •   Bra Bil AB’s dealership and
                                          dalsvägen in Gothenburg.             repair shop for Renault in       •   Hedin Bil's newly built faci-
                                                                               Tagene (Gothenburg) is               lities in Borås, Kungsbacka
                                                                               acquired.                            and Varberg are opened.

                                                                           •   Mercedes-Benz heavy truck
                                                                               operations in Hisings Kärra
                                                                               are taken over.

                                                                           •   Invests in the company Car
                                                                               to Go Sweden AB. Anders
                                                                               Hedin Invest holds a 29%
                                                                               ownership interest.
CONTINUED MILESTONES AND HISTORY

    2012 2013 2014 2014                                                                                            CONTINUED

•   Hedin Bil’s new automotive    •   Abarth is introduced as a          •   Opel Black Box is opened and      •   Consensus Asset Management
    dealership in Uppsala is          new brand to Hedin Bil.                Opel is introduced as a new           AB (Consensus) and Thenberg
    opened.                                                                  brand in the Group.                   and Kinde Fondkommission AB
                                  •   A dealer agreement with                                                      are merged.
•   The new headquarters at           Suzuki is terminated as a          •   The publicly traded rental car
    Mölndalsvägen in Sweden           result of market volumes not           company Mabi Rent AB is           •   Anders Hedin Invest AB
    opened.                           reaching the required levels.          acquired. The company car-            purchased 16.6% of shares in
                                                                             ries operations in Sweden and         Lasingoo Sverige AB.
•   AMG Performance Cen-          •   Reconstruction of the                  Germany.
    ter and Mercedes-Benz             Mercedes-Benz dealership in                                              •   Two new facilities in Helsingborg
    Corporate Centre in Sisjön,       Hisings Kärra, Sweden.             •   Possession of our commercial          and Ängelholm are completed.
    Gothenburg are opened.                                                   property in Akalla, Stockholm.
                                  •   I.A Hedin Fastighet AB                 The property is owned by          •   Hedin Bil’s facility in Värnamo
                                      acquires three properties for          Hedin Akalla Fastighet AB.            is being refurbished and has a
                                      external tenants.                                                            total of 800 sqm.
                                                                         •   Klintberg och Way Group AB
                                  •   Svenska Bil AB in Stockholm            is acquired.                      •   Reconstruction and a
                                      is acquired. Four facilities are                                             15,000-square meter exten-
                                      added and a new subsidiary         •   Klintberg och Way Group               sion of our current property
                                      is created within the Hedin            AB acquires General Motors            in Akalla, Stockholm. The
                                      Bil Group: Hedin Stockholm             North American Vehicles and           Segeltorp facility also undergoes
                                      Bil AB.                                MOPAR’s (Chrysler, Jeep and           renovation and extension.
                                                                             Dodge) authorized spare parts
                                  •   Opel Malmö property and                distributor and the largest
                                      bankruptcy estate is acqui-            spare parts wholesaler in
                                      red.                                   Europe for US-built vehicles.
                                                                             In 2014, the company had
                                                                             operations in 37 countries with
                                                                             the head office in Sweden.

                                                                         •   Launch of subsidiary KW
                                                                             Wheels AB. This is a wholesale
                                                                             company for tires and rims
                                                                             with office and warehouse in
                                                                             Tuve, Gothenburg.

                                                                         •   Acquisition of four of Bil
                                                                             Partner’s automotive dealer-
                                                                             ships in the south: Malmö
                                                                             Jägersro, Malmö Burlöv, Lund
                                                                             and Trelleborg. Through the
                                                                             acquisition, Subaru is welco-
                                                                             med as a new brand.

                                                                         • Citroen’s automobile factory
                                                                           Citroen Center in Spånga is
                                                                           acquired.

                                                                         •   Anders Hedin Invest AB acqui-
                                                                             red the remaining 71% of the
                                                                             shares in Car to Go Sweden
                                                                             AB.
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