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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 20-F

(Mark One)

| ̈ | REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
|- | ----------------------------------------------------------------------------------------------

OR



|x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|- | ------------------------------------------------------------------------------------

For the fiscal year ended December 31, 2011

OR



| ̈ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|- | ----------------------------------------------------------------------------------------

OR



| ̈ | SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|- | -------------------------------------------------------------------------------------------

Date of event requiring this shell company report

For the transition period from              to

Commission file number 33-99284

STENA AB (publ)

(Exact name of Registrant as specified in its charter
and translation of Registrants name into English)

Kingdom of Sweden

(Jurisdiction of incorporation or organization)

Masthuggskajen, SE-405 19 Gothenburg, Sweden

(Address of principal
executive offices)

Securities registered or to be registered pursuant to Section 12(b) of the Act.

Marica Derenstrand, Group Chief Accountant, +46 31 85 50 00, e-mail: marica.derenstrand@stena.com,

(Name, Telephone, E-mail and/or Facsimile number and address of Company Contact Person)

None

(Title of Class)

Securities registered or to be registered pursuant to Section 12(g) of the Act.

None

(Title of Class)

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.

7% Senior Notes due 2016

(Title of Class)



Indicate the number of outstanding shares of each of the issuers classes of capital or common stock as of the close of the period covered by the
annual report:

50,000 ordinary shares, par value SEK 100 per share

(as of December 31, 2011)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities
Act.    Yes ̈Nox

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or
15(d) of the Securities Exchange Act of
1934.    Yes ̈Nox

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past
90 days:    YesxNo ̈

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data file
required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such
files).    YesxNo ̈

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non accelerated filer. See definition of
accelerated filer and large accelerated filer in Rule 12b-2 of the Exchange Act. (Check one):



|                         |  |                    |  |                       
|------------------------ |  | ------------------ |  | ----------------------
|Large accelerated filer ̈ |  | Accelerated filer ̈ |  | Non-accelerated filerx

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in
this filing. (Check one):



|           |  |                                                                                                        |  |       
|---------- |  | ------------------------------------------------------------------------------------------------------ |  | ------
|U.S. GAAP ̈ |  | International Financial Reporting Standards as issued
by the International Accounting Standards Boardx |  | Other ̈

If Other has been checked in response to the previous question, indicate by check mark which financial
statement item the registrant has elected to follow:  Item  17     ̈  Item  18 ̈

If this is an annual report, indicate by check mark whether the registrant is a
shell company (as defined in Rule 12b-2 of the Exchange
Act).    Yes ̈Nox









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TABLE OF CONTENTS



|          |  |                                                                              |  |      |    | 
|--------- |  | ---------------------------------------------------------------------------- |  | ---- | -- | 
|          |  |                                                                              |  | Page |   
|PART I    |  |                                                                              |  |      |    | 
|Item 1.   |  | Identity of Directors, Senior Management and Advisors                        |  |      | 4  | 
|Item 2.   |  | Offer Statistics and Expected Timetable                                      |  |      | 4  | 
|Item 3.   |  | Key Information                                                              |  |      | 4  | 
|Item 4.   |  | Information on the Company                                                   |  |      | 23 | 
|Item 4A.  |  | Unresolved Staff Comments                                                    |  |      | 47 | 
|Item 5.   |  | Operating and Financial Review and Prospects                                 |  |      | 47 | 
|Item 6.   |  | Directors, Senior Management and Employees                                   |  |      | 63 | 
|Item 7.   |  | Major Shareholders and Related Party Transactions                            |  |      | 66 | 
|Item 8.   |  | Financial Information                                                        |  |      | 68 | 
|Item 9.   |  | The Offer and Listing                                                        |  |      | 69 | 
|Item 10.  |  | Additional Information                                                       |  |      | 69 | 
|Item 11.  |  | Quantitative and Qualitative Disclosures about Market Risk                   |  |      | 71 | 
|Item 12.  |  | Description of Securities Other than Equity Securities                       |  |      | 74 | 
|          |  |                                                                             
|PART II   |  |                                                                              |  |      |    | 
|Item 13.  |  | Defaults, Dividend Arrearages and Delinquencies                              |  |      | 75 | 
|Item 14.  |  | Material Modifications to the Rights of Security Holders and Use of Proceeds |  |      | 75 | 
|Item 15.  |  | Controls and Procedures                                                      |  |      | 75 | 
|Item 16.  |  | [Reserved]                                                                   |  |      |    | 
|Item 16A. |  | Audit Committee Financial Expert                                             |  |      | 75 | 
|Item 16B. |  | Code of Ethics                                                               |  |      | 75 | 
|Item 16C. |  | Principal Accountant Fees and Services                                       |  |      | 76 | 
|Item 16D. |  | Exemptions from the Listing Standards for Audit Committees                   |  |      | 77 | 
|Item 16E. |  | Purchases of Equity Securities by the Issuer and Affiliated Purchasers       |  |      | 77 | 
|Item 16F. |  | Change in Registrants Certifying Accountant                                 |  |      | 77 | 
|Item 16G. |  | Corporate Governance                                                         |  |      | 77 | 
|          |  |                                                                             
|PART III  |  |                                                                              |  |      |    | 
|Item 17.  |  | Financial Statements                                                         |  |      | 78 | 
|Item 18.  |  | Financial Statements                                                         |  |      | 78 | 
|Item 19.  |  | Exhibits                                                                     |  |      | 79 | 



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Introduction

Unless otherwise indicated, all references in this Annual Report to we, us, our, and similar terms, as well as references to the Company, the Group and
Stena refer to Stena AB (publ) (Stena AB) and its subsidiaries. The term Stena Sphere refers to Stena AB together with Stena Sessan AB (Sessan), Stena Metall AB (Stena Metall) and
Concordia Maritime AB (publ) (Concordia), which is 52% owned by Sessan.

Forward-looking Information

This Annual Report includes statements that are, or may be deemed to be, forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Some of these statements can be identified as forward-looking
statements by the use of forward-looking terminology including terms such as anticipate, should, likely, foresee, believe, estimate, expect,
intend, continue, could, may, plan, project, predict, will or, in each case, their negative or other variations or comparable terminology. These
forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this Annual Report and include statements regarding our intentions, beliefs or current expectations concerning, among other
things, our results of operations, financial condition, liquidity, prospects, growth, strategies and the industries in which we operate.

Many factors could cause our actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such
forward-looking statements. Factors that could cause our actual results to differ materially from those expressed or implied in such forward-looking statements include, but are not limited to:



| |  |  | changes in general economic and business conditions;
| | - |  | ----------------------------------------------------



| |  |  | changes in laws and regulations;
| | - |  | --------------------------------



| |  |  | changes in International Financial Reporting Standards (IFRS);
| | - |  | --------------------------------------------------------------



| |  |  | changes in currency exchange rates and interest rates;
| | - |  | ------------------------------------------------------



| |  |  | risks incident to vessel and drilling rig operations, including discharge of pollutants;
| | - |  | ----------------------------------------------------------------------------------------



| |  |  | introduction of competing services or products by other companies;
| | - |  | ------------------------------------------------------------------



| |  |  | changes in trading or travel patterns;
| | - |  | --------------------------------------



| |  |  | increases in costs of operations or the inability to meet efficiency or cost reduction objectives;
| | - |  | --------------------------------------------------------------------------------------------------



| |  |  | changes in our business strategy; and
| | - |  | -------------------------------------



| |  |  | other risk factors listed in this Annual Report and in our reports filed with or submitted to the U.S. Securities and Exchange Commission (the
SEC) from time to time.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------

We do not intend, and undertake no obligation, to revise the
forward-looking statements included in this Annual Report to reflect any future events or circumstances. Our actual results, performance or achievements could differ materially from the results expressed or implied by these forward-looking
statements. Factors that could cause or contribute to such differences include those discussed under the heading Risk factors in this Annual Report.



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PART I



|Item 1. | Identity of Directors, Senior Management and Advisors
|------- | -----------------------------------------------------

Not applicable.



|Item 2. | Offer Statistics and Expected Timetable
|------- | ---------------------------------------

Not applicable.



|Item 3. | Key Information
|------- | ---------------

The
following selected consolidated financial information should be read in conjunction with, and is qualified in its entirety by reference to, our Consolidated Financial Statements and the notes thereto included elsewhere herein. The selected
consolidated financial information for each of the years in the five-year period ended December 31, 2011, has been derived from the audited financial statements. The financial statements for the years 2007, 2008, 2009, 2010 and 2011 were
prepared in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB). See Note 1 for more information.

Currency of Presentation

Stena AB maintains its consolidated financial accounts in Swedish kronor. In this Annual Report, references to SEK are to
Swedish kronor, references to U.S. dollars, dollars, USD, U.S.$ or $ are to U.S. dollars, references to EUR,  and euro are to the
currency introduced at the start of the third stage of the European Economic and Monetary Union pursuant to the treaty establishing the European Community, as amended by the Treaty on the European Union, references to GBP, British
pounds or £ are to Pound sterling, and references to DKK are to Danish kronor. Our financial reports are presented in SEK, which is the functional currency of the Company. Unless otherwise indicated, all amounts
are rounded to the nearest million. Figures in the reports are based on a consolidation system in SEK thousands. Totals in tables may not always equal the sum of the included rounded numbers as a result of rounding. For the convenience of the
reader, this Annual Report contains translations of Swedish kronor amounts into U.S. dollars at specified rates. Unless otherwise stated, the translations of Swedish kronor into U.S. dollars have been made at $1.00 = SEK 6.9146, the noon
buying rate as certified for customs purposes by the United States Federal Reserve (the Noon Buying Rate) on December 31, 2011. Unless otherwise stated, the translations of other currencies into SEK have been made at the applicable
conversion rates as reported by Sveriges Riksbank, the Central Bank of Sweden, on December 31, 2011. No representation is made that these amounts have been, could have been or could be converted into such amounts at the rates indicated or at
any other rates.



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GLOSSARY

The following are abbreviations and definitions of certain terms commonly used in the shipping industry and this Annual Report.

Aframax tanker. Tankers ranging in size from 80,000 dwt to 120,000 dwt.

American Bureau. American ship classification society.

Annual
survey. The yearly inspection of a vessel pursuant to international conventions, by a classification society surveyor, on behalf of the flag state.

Bareboat charter. The rental or lease of an empty ship, without crew, stores or provisions, with the lessee responsible for complete operation and maintenance of the vessel, including crewing.

Charter. The hire of a vessel for a specified period of time or to carry a cargo for a fixed fee from a loading
port to a discharging port. The contract for a charter is called a charterparty. A vessel is chartered in by a lessee and chartered out by a lessor.

Classification society. A private self-regulatory organization that has as its purpose the supervision of vessels during their construction and afterward, in respect to their seaworthiness and
upkeep, and the placing of vessels in grades or classes according to the societys rules for each particular type of vessel.

Contract of affreightment (CoA). A contract between a shipowner and a shipper, whereby the shipowner undertakes to carry a cargo over a certain route on specified occasions.

Conventional, day and night ferries. Ferries designed to transport a combination of cars, trucks, freight trailers and
passengers. A conventional ferry is available in two different designs: the day ferry and the night ferry. Night ferries also provide cabin accommodation for passengers.

DNV. Norwegian ship classification society.

DrillMAX. Sixth generation, high specification, ultra-deepwater drillships designed by Stena for worldwide operations,
including in harsh environments.

DrillMAX ICE. Sixth generation, high specification, ultra-deepwater drillships
designed by Stena for worldwide operations, including in harsh and arctic environments with ice-infested waters.

Drillship. A maritime vessel modified to include a drilling rig and special station-keeping equipment. The vessel is
typically capable of operating in deep water, or ultra-deep water up to 10,000 or 12,000 ft. A drillship must stay relatively stationary on location in the water for extended periods of time. This positioning may be accomplished with multiple
anchors, dynamic propulsion (thrusters) or a combination thereof.

Drydock. A large basin where fresh/sea water is
pumped out after a ship docks in order to carry out cleaning and repairing of those parts of a vessel that are below the water line.

Dwt. Deadweight tonne. A unit of a vessels capacity for cargo, fuel oil, stores and crew, measured in metric tonnes of 1,000 kilograms. A vessels dwt or total deadweight is the
total weight the vessel can carry when loaded to a particular load line.

Dynamic positioning (DP). An advanced
satellite navigation system that controls thrusters to maintain a vessels position in most weather conditions, without anchors.

EKN. Svenska Exportkreditnämnden. An association commissioned and controlled by the Swedish government to promote Swedish exports and the internationalization of Swedish companies.

Freight unit. Trucks, trailers, containers and railcars.

Gross ton. Unit of 100 cubic feet or 2.831 cubic meters.



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High speed vessel (HSS). A ship, usually built from aluminium and often
multi-hull, designed to have excellent motion characteristics in heavy seas. HSS vessels operate at speeds of over 30 knots and primarily target the passenger market.

Hull. The shell or body of a ship.

IFRS. International
Financial Reporting Standards as issued by the IASB.

IMO. International Maritime Organization, a United Nations
agency that issues international standards for shipping.

Lane meter. The number of useable length meters of lanes
for cars, trailers or trucks, except with respect to RoRo vessels that do not carry cars.

Lightering. To put
cargo in a lighter to partially discharge a vessel or to reduce its draft. A lighter is a small vessel used to transport cargo from a vessel anchored offshore.

Linkspan. The docking facility for vessels.

Lloyds
Register. British ship classification society.

LNG carriers.Liquefied Natural Gas vessels.

Newbuilding. A new vessel recently delivered or under construction.

Offhire. The period an offshore drilling rig or vessel is unable to perform the services for which it is required under its
contract. Offhire periods, which may be scheduled or unscheduled, include days spent on repairs, drydockings, special surveys, vessel upgrades, initial positioning after the purchase of a vessel and periods awaiting employment.

Protection and Indemnity (P&I) Insurance. Third party insurance obtained through a mutual association (P&I Club)
formed by shipowners to provide protection from large financial loss to one member by contribution towards that loss by all members.

Panamax tanker. Tankers ranging in size from 60,000 dwt to 80,000 dwt.

Pool. A cooperation between two or more parties whereby each party supplies its vessels to the pool and the revenues from the
pool are split between the pool members in proportion to the number and characteristics of the tankers each party delivered to the pool.

Product tankers. Vessels designed to carry a variety of liquid products varying from crude oil to clean and dirty petroleum products, acids and other chemicals. The tanks are coated, this
being a requirement for some of the products carried, and the ship may have equipment designed for the loading and unloading of cargoes with a high viscosity.

Roll-on/Roll-off vessels. Vessels designed to permit trucks, freight trailers, buses, cars and, to a certain extent, containers on chassis to drive directly onto and off the vessel, which
include RoRo vessels and RoPax vessels.

RoRo vessels. Vessels designed primarily to transport freight trailers
and a limited number of passengers.

RoPax vessels. Vessels designed to transport trucks, freight trailers, buses
and cars, which also provide cabin accommodations for passengers. RoPax vessels are flexible and can adapt their capacity in line with seasonal variations in freight and passenger traffic.

Semi-submersible rig. Floating platforms that, by means of a water ballasting system, can be submerged to a predetermined
depth so that a substantial portion of the lower hulls, or pontoons, is below the water surface during drilling operations. These rigs maintain their position over the well through the use of an anchoring system or through dynamic positioning.
Semi-submersible rigs are divided into six generations, which are determined by rig design and the year of delivery of the units. Generally, first generation drilling rigs are drilling rigs that were delivered before 1973, second generation drilling
rigs are drilling rigs that were delivered or upgraded between 1973 and 1981, third generation drilling rigs are drilling rigs that were delivered or upgraded between 1982 and 1985, fourth generation drilling rigs are drilling rigs that were
delivered or upgraded between 1986 and 1996, fifth generation drilling rigs are drilling rigs that were delivered or upgraded between 1997 and 2005 and sixth generation drilling rigs are drilling rigs that have been delivered or upgraded since 2006.



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Senior Notes. Collectively, the Senior Notes due 2016, the Senior Notes due
2017, the Senior Notes due 2019 and the Senior Notes due 2020.

Senior Notes due 2016. Our 7.000% Senior
Notes due 2016.

Senior Notes due 2017. Our 6.125% Senior Notes due 2017.

Senior Notes due 2019. Our 5.875% Senior Notes due 2019.

Senior Notes due 2020. Our 7.875% Senior Notes due 2020.

Service speed. The average speed a vessel operates in when utilized on a daily basis.

Shuttle tankers. Tankers, usually with special fittings for mooring, that lift oil from offshore fields and transports it to
a shore side storage or refinery terminal on repeated trips.

Slot Charter. A voyage charter whereby the shipowner
agrees to place an agreed number of container slots at the charterers disposal.

Special purpose entities
(SPEs). Our investments in companies whose purpose is to make investments, primarily in high yield securities and corporate bank loans.

Spot market. The market for immediate chartering of a vessel, usually on voyage charters.

Suezmax tanker. Tankers ranging in size from 120,000 dwt to 165,000 dwt.

Superferry. RoPax vessel designed with 5,500 lane meters.

Tanker. Ship designed for the carriage of liquid cargoes in bulk with cargo space consisting of many tanks. Tankers carry a
variety of products including crude oil, refined products, liquid chemicals and liquid gas. Tankers load their cargo by gravity from the shore or by shore pumps and discharge using their own pumps.

Time charter. The hire of a vessel for a specified period of time. The lessor provides the ship with crew, stores and
provisions, ready in all aspects to load cargo and proceed on a voyage and pays for insurance, repairs and maintenance. The lessee pays for bunkering and all voyage related expenses including canal tolls and port charges.

Utilization rate. The total number of days an offshore drilling rig or vessel is in operation during a given period, divided
by the total number of days in the period that the offshore drilling rig or vessel is owned or chartered in.



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SELECTED FINANCIAL DATA



|                                                     |  |                         |         |   |               |  |         |      |  |  |         |   |  |      |         |   |        |  |         |   |  |  |        |  
|---------------------------------------------------- |  | ----------------------- | ------- | - | ------------- |  | ------- | ---- |  |  | ------- | - |  | ---- | ------- | - | ------ |  | ------- | - |  |  | ------ | -
|                                                     |  | YEAR ENDED DECEMBER 31, |        
|                                                     |  | 2007                    |         |   | 2008          |  |         | 2009 |  |  | 2010    |   |  | 2011 |         |   | 2011   | 
|                                                     |  | SEK                     |         |   | SEK           |  |         | SEK  |  |  | SEK     |   |  | SEK  |         |   | USD 1) | 
|                                                     |  |                         |         |   | (in millions) | 
|CONSOLIDATED GROUP                                   |  |                         |         |   |               |  |         |      |  |  |         |   |  |      |         |   |        |  |         |   |  |  |        |  
|INCOME STATEMENT DATA:                               |  |                         |         |   |               |  |         |      |  |  |         |   |  |      |         |   |        |  |         |   |  |  |        |  
|Total income                                         |  |                         | 22,402  |   |               |  | 26,472  |      |  |  | 27,812  |   |  |      | 27,150  |   |        |  | 27,968  |   |  |  | 4,044  |  
|Direct operating expenses                            |  |                         | (14,085 | ) |               |  | (16,679 | )    |  |  | (17,188 | ) |  |      | (16,784 | ) |        |  | (16,548 | ) |  |  | (2,394 | )
|Selling and administrative expenses                  |  |                         | (2,177  | ) |               |  | (2,920  | )    |  |  | (3,207  | ) |  |      | (3,104  | ) |        |  | (3,225  | ) |  |  | (466   | )
|Depreciation and amortization                        |  |                         | (1,680  | ) |               |  | (2,501  | )    |  |  | (3,415  | ) |  |      | (3,704  | ) |        |  | (3,617  | ) |  |  | (523   | )
|Total operating expenses                             |  |                         | (17,942 | ) |               |  | (22,100 | )    |  |  | (23,810 | ) |  |      | (23,592 | ) |        |  | (23,390 | ) |  |  | (3,383 | )
|Income from operations                               |  |                         | 4,460   |   |               |  | 4,372   |      |  |  | 4,002   |   |  |      | 3,558   |   |        |  | 4,578   |   |  |  | 661    |  
|Share of associated companies result                |  |                         | (61     | ) |               |  | (80     | )    |  |  | 24      |   |  |      | 131     |   |        |  | 60      |   |  |  | 9      |  
|Interest income                                      |  |                         | 919     |   |               |  | 957     |      |  |  | 685     |   |  |      | 477     |   |        |  | 394     |   |  |  | 57     |  
|Interest expense                                     |  |                         | (1,739  | ) |               |  | (2,260  | )    |  |  | (1,864  | ) |  |      | (1,798  | ) |        |  | (1,914  | ) |  |  | (277   | )
|Other financial items2)                              |  |                         | 882     |   |               |  | (1,611  | )    |  |  | (503    | ) |  |      | 312     |   |        |  | (339    | ) |  |  | (50    | )
|Income before taxes                                  |  |                         | 4,461   |   |               |  | 1,378   |      |  |  | 2,344   |   |  |      | 2,680   |   |        |  | 2,779   |   |  |  | 400    |  
|Net income                                           |  |                         | 3,829   |   |               |  | 1,745   |      |  |  | 2,364   |   |  |      | 2,566   |   |        |  | 2,526   |   |  |  | 363    |  
|BALANCE SHEET DATA                                   |  |                         |         |   |               |  |         |      |  |  |         |   |  |      |         |   |        |  |         |   |  |  |        |  
|Cash and marketable securities3)                     |  |                         | 11,562  |   |               |  | 9,174   |      |  |  | 7,088   |   |  |      | 9,922   |   |        |  | 7,720   |   |  |  | 1,117  |  
|Investments in SPEs4)                                |  |                         | 9,251   |   |               |  | 9,973   |      |  |  | 8,174   |   |  |      | 6,175   |   |        |  | 4,548   |   |  |  | 658    |  
|Total assets                                         |  |                         | 81,524  |   |               |  | 97,369  |      |  |  | 92,205  |   |  |      | 94,938  |   |        |  | 98,596  |   |  |  | 14,260 |  
|Debt in SPEs4)                                       |  |                         | 8,021   |   |               |  | 9,492   |      |  |  | 8,249   |   |  |      | 5,140   |   |        |  | 4,143   |   |  |  | 599    |  
|Other debt5)                                         |  |                         | 32,731  |   |               |  | 45,490  |      |  |  | 41,898  |   |  |      | 47,964  |   |        |  | 49,501  |   |  |  | 7,159  |  
|Shareholders equity                                 |  |                         | 26,386  |   |               |  | 27,454  |      |  |  | 29,183  |   |  |      | 29,448  |   |        |  | 30,397  |   |  |  | 4,397  |  
|OTHER FINANCIAL DATA                                 |  |                         |         |   |               |  |         |      |  |  |         |   |  |      |         |   |        |  |         |   |  |  |        |  
|Capital expenditures                                 |  |                         | (8,368  | ) |               |  | (9,696  | )    |  |  | (9,230  | ) |  |      | (10,189 | ) |        |  | (10,651 | ) |  |  | (1,540 | )
|Cash dividends paid                                  |  |                         | (550    | ) |               |  | (390    | )    |  |  | (190    | ) |  |      | (316    | ) |        |  | (240    | ) |  |  | (35    | )
|Cash flow from operating activities                  |  |                         | 4,586   |   |               |  | 5,381   |      |  |  | 7,084   |   |  |      | 5,065   |   |        |  | 4,895   |   |  |  | 707    |  
|Cash flow used in investing activities               |  |                         | (12,862 | ) |               |  | (7,397  | )    |  |  | (6,456  | ) |  |      | (9,681  | ) |        |  | (5,579  | ) |  |  | (807   | )
|Cash flow used in/provided from financing activities |  |                         | 8,064   |   |               |  | (2,714  | )    |  |  | (907    | ) |  |      | 5,151   |   |        |  | 559     |   |  |  | 82     |  



|(1) | Amounts in U.S. dollars have been translated, solely for the convenience of the reader, at an exchange rate of $1.00 = SEK 6.9146, the Noon Buying Rate on
December 31, 2011.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | Other financial items refer to financial income (expense), including dividends received, gain (loss) on securities, foreign exchange gains (losses) and other financial
income (expense).
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(3) | Cash and marketable securities consist of cash and cash equivalents, short-term investments and marketable securities.
|--- | ----------------------------------------------------------------------------------------------------------------------

|(4) | As of December 31, 2011, we had invested in three SPEs.
|--- | -------------------------------------------------------

|(5) | Other debt includes Senior Notes, short-term interest bearing debt, long-term interest bearing debt and capitalized lease obligations, current and non-current.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------

Restricted Group Data as of December 31, 2011

For the year ended December 31, 2011, Restricted Group Data represents the selected consolidated financial information excluding
(i) the property business segment (other than two small properties), (ii) the business segment of New Businesses, Adactum (Adactum), whose activities consist primarily of investing in companies outside our traditional lines of
business, and (iii) our subsidiaries Stena Investment Luxembourg S.àr.l., Stena Royal S.àr.l. (Stena Royal), Stena Investment Cyprus Ltd and Mondaldi Ltd. Our real estate operations and the business of Adactum are
conducted through various subsidiaries, which, together with our subsidiaries Stena Investment Luxembourg S.àr.l., Stena Royal, Stena Investment Cyprus Ltd and Mondaldi Ltd, are designated as unrestricted subsidiaries under the indentures
governing the Senior Notes and, as a result, are not bound by the restrictive provisions of those indentures.



8



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As of December 31, 2009, we had outstanding $153.1 million principal amount of
Senior Notes due 2013, $128.8 million principal amount of Senior Notes due 2016, 300 million principal amount of Senior Notes due 2017 and 102 million principal amount of Senior Notes due 2019.

In March 2010, we completed an offering of 200 million of Senior Notes due 2020. In April 2010, we redeemed the total
$153 million outstanding principal amount of our Senior Notes due 2013 at a price of 102.5%. As of December 31, 2010, we had outstanding $128.8 million principal amount of Senior Notes due 2016, 300 million principal amount
of Senior Notes due 2017, 102 million principal amount of Senior Notes due 2019 and 200 million principal amount of Senior Notes due 2020.

As of December 31, 2011, we had outstanding $128.8 million principal amount of Senior Notes due 2016, 300 million principal amount of Senior Notes due 2017, 102 million
principal amount of Senior Notes due 2019 and 200 million principal amount of Senior Notes due 2020.

As of
March 31, 2012, we had outstanding $128.8 million principal amount of Senior Notes due 2016, 300 million principal amount of Senior Notes due 2017, 102 million principal amount of Senior Notes due 2019 and
200 million principal amount of Senior Notes due 2020.



9



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SELECTED RESTRICTED GROUP FINANCIAL DATA

The following information is presented solely for the purpose of additional analysis for investors of our results of operations and
financial condition.



|                                    |  |                         |         |   |      |  |         |      |  |  |         |   |  |      |         |   |        |  |         |   |  |  |        |  
|----------------------------------- |  | ----------------------- | ------- | - | ---- |  | ------- | ---- |  |  | ------- | - |  | ---- | ------- | - | ------ |  | ------- | - |  |  | ------ | -
|                                    |  | YEAR ENDED DECEMBER 31, |        
|                                    |  | 2007                    |         |   | 2008 |  |         | 2009 |  |  | 2010    |   |  | 2011 |         |   | 2011   | 
|                                    |  | SEK                     |         |   | SEK  |  |         | SEK  |  |  | SEK     |   |  | SEK  |         |   | USD 1) | 
|                                    |  | (in millions)           |        
|RESTRICTED GROUP                    |  |                         |         |   |      |  |         |      |  |  |         |   |  |      |         |   |        |  |         |   |  |  |        |  
|INCOME STATEMENT DATA:              |  |                         |         |   |      |  |         |      |  |  |         |   |  |      |         |   |        |  |         |   |  |  |        |  
|Revenues from operations            |  |                         | 17,550  |   |      |  | 20,617  |      |  |  | 20,810  |   |  |      | 19,533  |   |        |  | 18,842  |   |  |  | 2,725  |  
|Net gain on sale of vessel          |  |                         | 253     |   |      |  | 203     |      |  |  | 149     |   |  |      | 2       |   |        |  | 1,577   |   |  |  | 228    |  
|                                    |  |                         |         |   |      |  |         |      |  |  |         |   |  |      |         |   |        |  |         |   |  |  |        |  
|Total revenues                      |  |                         | 17,803  |   |      |  | 20,820  |      |  |  | 20,959  |   |  |      | 19,535  |   |        |  | 20,419  |   |  |  | 2,953  |  
|Direct operating expenses           |  |                         | (11,547 | ) |      |  | (13,083 | )    |  |  | (12,912 | ) |  |      | (12,597 | ) |        |  | (12,344 | ) |  |  | (1,787 | )
|Selling and administrative expenses |  |                         | (1,773  | ) |      |  | (2,109  | )    |  |  | (2,068  | ) |  |      | (1,985  | ) |        |  | (2,120  | ) |  |  | (308   | )
|Depreciation and amortization       |  |                         | (1,645  | ) |      |  | (2,376  | )    |  |  | (3,195  | ) |  |      | (3,487  | ) |        |  | (3,424  | ) |  |  | (495   | )
|                                    |  |                         |         |   |      |  |         |      |  |  |         |   |  |      |         |   |        |  |         |   |  |  |        |  
|Total operating expenses            |  |                         | (14,966 | ) |      |  | (17,568 | )    |  |  | (18,175 | ) |  |      | (18,069 | ) |        |  | (17,888 | ) |  |  | (2,590 | )
|Income from operations              |  |                         | 2,838   |   |      |  | 3,252   |      |  |  | 2,784   |   |  |      | 1,466   |   |        |  | 2,531   |   |  |  | 363    |  
|Interest income                     |  |                         | 543     |   |      |  | 474     |      |  |  | 265     |   |  |      | 229     |   |        |  | 302     |   |  |  | 44     |  
|Interest expense                    |  |                         | (643    | ) |      |  | (887    | )    |  |  | (1,032  | ) |  |      | (1,128  | ) |        |  | (1,158  | ) |  |  | (167   | )
|Other financial items2)             |  |                         | (237    | ) |      |  | 206     |      |  |  | 20      |   |  |      | 101     |   |        |  | (55     | ) |  |  | (8     | )
|                                    |  |                         |         |   |      |  |         |      |  |  |         |   |  |      |         |   |        |  |         |   |  |  |        |  
|Total financial income and expense  |  |                         | (337    | ) |      |  | (207    | )    |  |  | (747    | ) |  |      | (798    | ) |        |  | (911    | ) |  |  | (131   | )
|Minority interest                   |  |                         | (2      | ) |      |  | (3      | )    |  |  | 0       |   |  |      | (1      | ) |        |  | (1      | ) |  |  | 0      |  
|                                    |  |                         |         |   |      |  |         |      |  |  |         |   |  |      |         |   |        |  |         |   |  |  |        |  
|Income before taxes                 |  |                         | 2,499   |   |      |  | 3,042   |      |  |  | 2,037   |   |  |      | 667     |   |        |  | 1,619   |   |  |  | 232    |  
|Net income                          |  |                         | 2,077   |   |      |  | 3,010   |      |  |  | 2,151   |   |  |      | 962     |   |        |  | 1,635   |   |  |  | 234    |  



|(1) | Amounts in U.S. dollars have been translated, solely for the convenience of the reader, at an exchange rate of $1.00 = SEK 6.9146, the Noon Buying Rate on
December 31, 2011.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | Other financial items refer to financial income (expense) including dividends received, gain (loss) on securities, foreign exchange gains (losses) and other financial
income (expense).
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|                                           |  |                         |        |  |      |  |        |      |  |  |        |  |  |      |        |  |        |  |        |  |  |  |       | 
|------------------------------------------ |  | ----------------------- | ------ |  | ---- |  | ------ | ---- |  |  | ------ |  |  | ---- | ------ |  | ------ |  | ------ |  |  |  | ----- | 
|                                           |  | YEAR ENDED DECEMBER 31, |       
|                                           |  | 2007                    |        |  | 2008 |  |        | 2009 |  |  | 2010   |  |  | 2011 |        |  | 2011   | 
|                                           |  | SEK                     |        |  | SEK  |  |        | SEK  |  |  | SEK    |  |  | SEK  |        |  | USD 1) | 
|                                           |  | (in millions)           |       
|RESTRICTED GROUP                           |  |                         |        |  |      |  |        |      |  |  |        |  |  |      |        |  |        |  |        |  |  |  |       | 
|BALANCE SHEET DATA:                        |  |                         |        |  |      |  |        |      |  |  |        |  |  |      |        |  |        |  |        |  |  |  |       | 
|Intangible fixed assets                    |  |                         | 177    |  |      |  | 398    |      |  |  | 300    |  |  |      | 262    |  |        |  | 772    |  |  |  | 112   | 
|Tangible fixed assets                      |  |                         | 22,744 |  |      |  | 33,541 |      |  |  | 35,619 |  |  |      | 38,150 |  |        |  | 42,867 |  |  |  | 6,200 | 
|Marketable securities                      |  |                         | 610    |  |      |  | 885    |      |  |  | 548    |  |  |      | 789    |  |        |  | 588    |  |  |  | 85    | 
|Other noncurrent assets                    |  |                         | 13,936 |  |      |  | 13,654 |      |  |  | 11,635 |  |  |      | 13,268 |  |        |  | 15,546 |  |  |  | 2,248 | 
|                                           |  |                         |        |  |      |  |        |      |  |  |        |  |  |      |        |  |        |  |        |  |  |  |       | 
|Total noncurrent assets                    |  |                         | 37,467 |  |      |  | 48,478 |      |  |  | 48,102 |  |  |      | 52,469 |  |        |  | 59,773 |  |  |  | 8,645 | 
|Short-term investments                     |  |                         | 2,559  |  |      |  | 3,618  |      |  |  | 2,487  |  |  |      | 3,613  |  |        |  | 2,417  |  |  |  | 350   | 
|Cash and cash equivalents                  |  |                         | 505    |  |      |  | 917    |      |  |  | 568    |  |  |      | 727    |  |        |  | 809    |  |  |  | 117   | 
|Other current assets                       |  |                         | 7,200  |  |      |  | 9,716  |      |  |  | 6,380  |  |  |      | 5,039  |  |        |  | 5,187  |  |  |  | 750   | 
|                                           |  |                         |        |  |      |  |        |      |  |  |        |  |  |      |        |  |        |  |        |  |  |  |       | 
|Total current assets                       |  |                         | 10,264 |  |      |  | 14,251 |      |  |  | 9,435  |  |  |      | 9,379  |  |        |  | 8,413  |  |  |  | 1,217 | 
|Total assets                               |  |                         | 47,731 |  |      |  | 62,729 |      |  |  | 57,537 |  |  |      | 61,848 |  |        |  | 68,186 |  |  |  | 9,862 | 
|Total shareholders equity                 |  |                         | 19,599 |  |      |  | 23,672 |      |  |  | 23,331 |  |  |      | 22,405 |  |        |  | 24,365 |  |  |  | 3,524 | 
|Deferred income taxes                      |  |                         | 1,400  |  |      |  | 778    |      |  |  | 857    |  |  |      | 943    |  |        |  | 1,115  |  |  |  | 161   | 
|Other provisions                           |  |                         | 4,149  |  |      |  | 3,140  |      |  |  | 2,934  |  |  |      | 2,445  |  |        |  | 2,221  |  |  |  | 321   | 
|Long-term debt                             |  |                         | 17,003 |  |      |  | 27,225 |      |  |  | 24,283 |  |  |      | 30,761 |  |        |  | 32,098 |  |  |  | 4,642 | 
|Other noncurrent liabilities               |  |                         | 828    |  |      |  | 2,591  |      |  |  | 1,097  |  |  |      | 874    |  |        |  | 1,242  |  |  |  | 180   | 
|                                           |  |                         |        |  |      |  |        |      |  |  |        |  |  |      |        |  |        |  |        |  |  |  |       | 
|Total noncurrent liabilities               |  |                         | 17,831 |  |      |  | 29,816 |      |  |  | 25,380 |  |  |      | 31,635 |  |        |  | 36,676 |  |  |  | 5,304 | 
|Short-term debt                            |  |                         | 1,115  |  |      |  | 972    |      |  |  | 1,989  |  |  |      | 1,599  |  |        |  | 2,005  |  |  |  | 290   | 
|Other current liabilities                  |  |                         | 3,637  |  |      |  | 4,350  |      |  |  | 3,046  |  |  |      | 2,821  |  |        |  | 5,140  |  |  |  | 744   | 
|                                           |  |                         |        |  |      |  |        |      |  |  |        |  |  |      |        |  |        |  |        |  |  |  |       | 
|Total current liabilities                  |  |                         | 4,752  |  |      |  | 5,322  |      |  |  | 5,035  |  |  |      | 4,420  |  |        |  | 7,145  |  |  |  | 1,034 | 
|Total shareholders equity and liabilities |  |                         | 47,731 |  |      |  | 62,729 |      |  |  | 57,537 |  |  |      | 61,848 |  |        |  | 68,186 |  |  |  | 9,862 | 



|(1) | Amounts in U.S. dollars have been translated, solely for the convenience of the reader, at an exchange rate of $1.00 = SEK 6.9146, the Noon Buying Rate on
December 31, 2011.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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##### Table of Contents

|                                                                                  |  |                         |        |   |      |  |        |      |  |  |        |   |  |      |        |   |        |  |        |   |  |  |        |  
|--------------------------------------------------------------------------------- |  | ----------------------- | ------ | - | ---- |  | ------ | ---- |  |  | ------ | - |  | ---- | ------ | - | ------ |  | ------ | - |  |  | ------ | -
|                                                                                  |  | YEAR ENDED DECEMBER 31, |       
|                                                                                  |  | 2007                    |        |   | 2008 |  |        | 2009 |  |  | 2010   |   |  | 2011 |        |   | 2011   | 
|                                                                                  |  | SEK                     |        |   | SEK  |  |        | SEK  |  |  | SEK    |   |  | SEK  |        |   | USD 1) | 
|                                                                                  |  | (in millions)           |       
|RESTRICTED GROUP                                                                  |  |                         |        |   |      |  |        |      |  |  |        |   |  |      |        |   |        |  |        |   |  |  |        |  
|CONSOLIDATED STATEMENT OF CASH FLOW:                                              |  |                         |        |   |      |  |        |      |  |  |        |   |  |      |        |   |        |  |        |   |  |  |        |  
|Net income                                                                        |  |                         | 2,077  |   |      |  | 3,010  |      |  |  | 2,151  |   |  |      | 962    |   |        |  | 1,635  |   |  |  | 234    |  
|Adjustments to reconcile net income to net cash provided by operating activities: |  |                         |        |   |      |  |        |      |  |  |        |   |  |      |        |   |        |  |        |   |  |  |        |  
|Depreciation and amortization                                                     |  |                         | 1,645  |   |      |  | 2,376  |      |  |  | 3,195  |   |  |      | 3,487  |   |        |  | 3,424  |   |  |  | 495    |  
|(Gain) on sale of assets                                                          |  |                         | (253   | ) |      |  | (203   | )    |  |  | (148   | ) |  |      | (2     | ) |        |  | (1,577 | ) |  |  | (228   | )
|(Gain)/loss on securities, net                                                    |  |                         | 58     |   |      |  | (180   | )    |  |  | (380   | ) |  |      | (95    | ) |        |  | 154    |   |  |  | 23     |  
|Unrealized foreign exchange (gains) losses                                        |  |                         | (149   | ) |      |  | (125   | )    |  |  | 352    |   |  |      | (28    | ) |        |  | 354    |   |  |  | 52     |  
|Deferred income taxes                                                             |  |                         | 335    |   |      |  | (164   | )    |  |  | (218   | ) |  |      | (426   | ) |        |  | (163   | ) |  |  | (23    | )
|Minority interest                                                                 |  |                         | 3      |   |      |  | 3      |      |  |  |       |   |  |      |       |   |        |  | 1      |   |  |  | 0      |  
|Other non cash items                                                              |  |                         | 65     |   |      |  | (165   | )    |  |  | 346    |   |  |      | (86    | ) |        |  | 250    |   |  |  | 36     |  
|Provision for pensions                                                            |  |                         | (221   | ) |      |  | (235   | )    |  |  | (198   | ) |  |      | (445   | ) |        |  | (166   | ) |  |  | (24    | )
|Net cash flows from trading securities                                            |  |                         | (699   | ) |      |  | 994    |      |  |  | (107   | ) |  |      | (27    | ) |        |  | 159    |   |  |  | 23     |  
|Changes in working capital                                                        |  |                         | 1,377  |   |      |  | (185   | )    |  |  | 571    |   |  |      | 625    |   |        |  | 386    |   |  |  | 56     |  
|                                                                                  |  |                         |        |   |      |  |        |      |  |  |        |   |  |      |        |   |        |  |        |   |  |  |        |  
|Net cash provided by operating activities                                         |  |                         | 4,238  |   |      |  | 5,126  |      |  |  | 5,564  |   |  |      | 3,965  |   |        |  | 4,457  |   |  |  | 644    |  
|Net cash flows from investing activities:                                         |  |                         |        |   |      |  |        |      |  |  |        |   |  |      |        |   |        |  |        |   |  |  |        |  
|Purchase of intangible assets                                                     |  |                         | (37    | ) |      |  | (44    | )    |  |  | (38    | ) |  |      | (21    | ) |        |  | (30    | ) |  |  | (4     | )
|Cash proceeds from sale of property, vessels and equipment                        |  |                         | 821    |   |      |  | 692    |      |  |  | 249    |   |  |      | 82     |   |        |  | 3,272  |   |  |  | 473    |  
|Capital expenditure on property, vessels and equipment                            |  |                         | (7,299 | ) |      |  | (7,878 | )    |  |  | (7,764 | ) |  |      | (9,073 | ) |        |  | (8,980 | ) |  |  | (1,299 | )
|Purchase of subsidiary net of cash acquired                                       |  |                         |       |   |      |  | (53    | )    |  |  |       |   |  |      | (127   | ) |        |  | (115   | ) |  |  | (17    | )
|Proceeds from sale of securities                                                  |  |                         | 95     |   |      |  | 691    |      |  |  | 704    |   |  |      | 100    |   |        |  | 110    |   |  |  | 16     |  
|Purchase of securities                                                            |  |                         | (233   | ) |      |  | (1,448 | )    |  |  | (70    | ) |  |      | (296   | ) |        |  | (98    | ) |  |  | (14    | )
|Increase of non-current assets                                                    |  |                         | (38    | ) |      |  | (589   | )    |  |  | (14    | ) |  |      | (336   | ) |        |  | (130   | ) |  |  | (19    | )
|Decrease of non-current assets                                                    |  |                         | 10     |   |      |  | 424    |      |  |  | 177    |   |  |      | 35     |   |        |  | 20     |   |  |  | 3      |  
|Other investing activities                                                        |  |                         | (18    | ) |      |  | (990   | )    |  |  | (44    | ) |  |      | (13    | ) |        |  | (491   | ) |  |  | (71    | )
|                                                                                  |  |                         |        |   |      |  |        |      |  |  |        |   |  |      |        |   |        |  |        |   |  |  |        |  
|Net cash used in investing activities                                             |  |                         | (6,699 | ) |      |  | (9,195 | )    |  |  | (6,800 | ) |  |      | (9,649 | ) |        |  | (6,442 | ) |  |  | (932   | )
|Net cash flows from financing activities:                                         |  |                         |        |   |      |  |        |      |  |  |        |   |  |      |        |   |        |  |        |   |  |  |        |  
|Proceeds from issuance of debt                                                    |  |                         | 6,915  |   |      |  | 6,418  |      |  |  | 4,079  |   |  |      | 6,024  |   |        |  | 3,304  |   |  |  | 478    |  
|Principal payments on debt                                                        |  |                         | (2,352 | ) |      |  | (1,093 | )    |  |  | (721   | ) |  |      | (2,816 | ) |        |  | (1,133 | ) |  |  | (164   | )
|Net change in borrowings on line-of-credit agreements                             |  |                         | 440    |   |      |  | 120    |      |  |  | (3,888 | ) |  |      | 5,118  |   |        |  | (1,098 | ) |  |  | (159   | )
|Proceeds from new capitalized lease obligations                                   |  |                         |       |   |      |  | 46     |      |  |  | 1      |   |  |      | 618    |   |        |  |       |   |  |  |       |  
|Principal payments capital lease obligations                                      |  |                         | (38    | ) |      |  | (686   | )    |  |  | (184   | ) |  |      | (136   | ) |        |  | (231   | ) |  |  | (33    | )
|Net change in restricted cash accounts                                            |  |                         | (692   | ) |      |  | (1,922 | )    |  |  | 1,003  |   |  |      | (1,425 | ) |        |  | 1,027  |   |  |  | 149    |  
|Intercompany accounts                                                             |  |                         | (1,123 | ) |      |  | 1,353  |      |  |  | 532    |   |  |      | (1,286 | ) |        |  | 501    |   |  |  | 73     |  
|Dividends paid                                                                    |  |                         | (550   | ) |      |  | (390   | )    |  |  | (190   | ) |  |      | (316   | ) |        |  | (240   | ) |  |  | (35    | )
|Other financing activities                                                        |  |                         | (313   | ) |      |  | 618    |      |  |  | 235    |   |  |      | 66     |   |        |  | (60    | ) |  |  | (9     | )
|                                                                                  |  |                         |        |   |      |  |        |      |  |  |        |   |  |      |        |   |        |  |        |   |  |  |        |  
|Net cash provided by financing activities                                         |  |                         | 2,287  |   |      |  | 4,464  |      |  |  | 867    |   |  |      | 5,847  |   |        |  | 2,070  |   |  |  | 300    |  
|Effect of exchange rate changes on cash and cash equivalents                      |  |                         | 22     |   |      |  | 17     |      |  |  | 20     |   |  |      | (4     | ) |        |  | (3     | ) |  |  | 0      |  
|Net change in cash and cash equivalents                                           |  |                         | (152   | ) |      |  | 412    |      |  |  | (349   | ) |  |      | 159    |   |        |  | 82     |   |  |  | 12     |  
|Cash and cash equivalents at beginning of year                                    |  |                         | 657    |   |      |  | 505    |      |  |  | 917    |   |  |      | 568    |   |        |  | 727    |   |  |  | 105    |  
|Cash and cash equivalents at end of year                                          |  |                         | 505    |   |      |  | 917    |      |  |  | 568    |   |  |      | 727    |   |        |  | 809    |   |  |  | 117    |  



|(1) | Amounts in U.S. dollars have been translated, solely for the convenience of the reader, at an exchange rate of $1.00 = SEK 6.9146, the Noon Buying Rate on
December 31, 2011.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------



11



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##### Table of Contents

Exchange Rate Information

The following table sets forth, for the years and dates indicated, certain information concerning the exchange rates between Swedish kronor and U.S. dollars based on the Noon Buying Rate. The
exchange rate information is expressed in Swedish kronor per U.S. $1.00.



|     |  |           |        |  |      |  |        |     |  |  |           |  |  |  |        | 
|---- |  | --------- | ------ |  | ---- |  | ------ | --- |  |  | --------- |  |  |  | ------ | 
|Year |  | Average1) |        |  | High |  |        | Low |  |  | Periodend | 
|     |  |           |        | 
|2007 |  |           | 6.7575 |  |      |  | 7.1060 |     |  |  | 6.2356    |  |  |  | 6.4568 | 
|2008 |  |           | 6.5935 |  |      |  | 8.4858 |     |  |  | 5.8346    |  |  |  | 7.8770 | 
|2009 |  |           | 7.6520 |  |      |  | 9.3294 |     |  |  | 6.7491    |  |  |  | 7.1890 | 
|2010 |  |           | 7.2038 |  |      |  | 8.1131 |     |  |  | 6.5244    |  |  |  | 6.7835 | 
|2011 |  |           | 6.4878 |  |      |  | 7.0054 |     |  |  | 5.9968    |  |  |  | 6.8737 | 

The following table sets forth, for the years and months indicated, certain information concerning the
exchange rates between Swedish kronor and U.S. dollars based on the Noon Buying Rate. The exchange rate information is expressed in Swedish kronor per U.S. $1.00.



|                                   |  |           |        |  |      |  |        |     |  |  |           |  |  |  |        | 
|---------------------------------- |  | --------- | ------ |  | ---- |  | ------ | --- |  |  | --------- |  |  |  | ------ | 
|Month                              |  | Average2) |        |  | High |  |        | Low |  |  | Periodend | 
|October 2011                       |  |           | 6.6396 |  |      |  | 6.9050 |     |  |  | 6.3575    |  |  |  | 6.4635 | 
|November 2011                      |  |           | 6.7377 |  |      |  | 7.0013 |     |  |  | 6.5507    |  |  |  | 6.7555 | 
|December 2011                      |  |           | 6.8553 |  |      |  | 7.0054 |     |  |  | 6.7128    |  |  |  | 6.8737 | 
|January 2012                       |  |           | 6.8463 |  |      |  | 7.0137 |     |  |  | 6.7350    |  |  |  | 6.8161 | 
|February 2012                      |  |           | 6.6619 |  |      |  | 6.7389 |     |  |  | 6.5561    |  |  |  | 6.5843 | 
|March 2012                         |  |           | 6.7319 |  |      |  | 6.8522 |     |  |  | 6.6191    |  |  |  | 6.6191 | 
|April 2012(through April 20, 2012) |  |           | 6.7368 |  |      |  | 6.8118 |     |  |  | 6.5950    |  |  |  | 6.6936 | 



|(1) | Represents the average of the Noon Buying Rates on the last business day of each full month during the relevant period.
|--- | -----------------------------------------------------------------------------------------------------------------------

|(2) | Represents the average of the daily Noon Buying Rates during the relevant period.
|--- | ---------------------------------------------------------------------------------

On April 20, 2012, the Noon Buying Rate for the Swedish kronor, expressed as Swedish kronor per U.S. dollar, was $1.00 =
SEK 6.6936.

Risk Factors

We are subject to various risks resulting from changing economic, political, social, industry and business and financial conditions. These risks are described below:

Our level of indebtedness could limit cash flow available for our operations and could adversely affect our operations and flexibility.

As of December 31, 2011, we had outstanding consolidated indebtedness (excluding SPEs) of SEK 49.5 billion,
of which SEK 15.4 billion was the obligation of unrestricted subsidiaries (as defined in the indentures governing our Senior Notes), all of which was non-recourse to Stena AB. Our total interest bearing debt (excluding SPEs) as a percentage of
our total capitalization (excluding SPEs) was approximately 55%. For the Restricted Group, the total interest bearing debt as a percentage of total capitalization was approximately 54%.



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Our indebtedness could restrict our operations and make it more difficult for us to fulfill
our obligations under our Senior Notes. Among other things, our indebtedness may:



| |  |  | limit our ability to obtain additional financing for working capital, capital expenditures, acquisitions of vessels or other strategic acquisitions and
general corporate purposes;
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | require us to dedicate all or a substantial portion of our cash flow to service our debt, which will reduce funds available for other business
purposes, such as capital expenditures and acquisitions;
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | limit our flexibility in planning for or reacting to changes in the markets in which we compete;
| | - |  | ------------------------------------------------------------------------------------------------



| |  |  | place us at a competitive disadvantage relative to our competitors with less indebtedness;
| | - |  | ------------------------------------------------------------------------------------------



| |  |  | render us more vulnerable to general adverse economic and industry conditions; and
| | - |  | ----------------------------------------------------------------------------------



| |  |  | make it more difficult for us to satisfy our financial obligations, including those relating to the notes, or be able to refinance maturing
indebtedness.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------

Subject to compliance with various financial and other covenants imposed by our revolving
credit facilities, the agreements governing our other indebtedness and the indentures governing our Senior Notes, we and our subsidiaries may incur additional indebtedness from time to time, including indebtedness to finance the purchase or
completion of Newbuildings, other vessels and ports. As of March 31, 2012, the remaining cost for a Suezmax tanker we ordered from a shipyard in Korea in May 2010 was approximately $40 million.

Although certain of our indebtedness bears a fixed rate of interest, certain other of our indebtedness bears interest at rates that
fluctuate with prevailing interest rates. As a result, our interest expense under such facilities could increase. In addition, future financings we may undertake may also provide for rates that fluctuate with prevailing interest rates, which could
increase. We currently hedge a portion of our interest rate exposure. However, there can be no assurance that our floating rate debt will be effectively hedged or that we will continue such hedging.

Our incurrence of additional debt could further increase the risks described in this Annual Report and could result in a material adverse
effect on our business, financial condition and results of operations and our ability to satisfy our obligations under the Senior Notes.

Our ability to service our debt and meet our cash requirements depends on many factors, some of which are beyond our control.

To date, we have been able to generate sufficient cash flow from operations, borrowings and refinancings to meet interest and principal
payments on our indebtedness. However, our continued ability to satisfy our obligations will depend on our future operating performance and financial results that will be subject, in part, to factors beyond our control, such as interest rates and
general economic, financial and business conditions, as well as other factors. If we are unable to generate sufficient cash flow to service our debt, we may be required to:



| |  |  | refinance all or a portion of our debt;
| | - |  | ---------------------------------------



| |  |  | obtain additional financing;
| | - |  | ----------------------------



| |  |  | sell certain of our assets or operations;
| | - |  | -----------------------------------------



| |  |  | reduce or delay capital expenditures; or
| | - |  | ----------------------------------------



| |  |  | revise or delay our strategic plans.
| | - |  | ------------------------------------

If we are required to take any of these actions, it could have a material adverse effect on our business, financial condition and results of operations. In addition, we cannot assure you that we would be
able to take any of these actions, that these actions would enable us to continue to satisfy our capital requirements or would be permitted under the terms of our various debt instruments then in effect.



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The covenants in our revolving credit facilities, the agreements governing our other indebtedness and
the indentures governing our Senior Notes impose restrictions on our business.

Our revolving credit facilities, the
indentures governing certain of our Senior Notes and the instruments governing certain of our other indebtedness contain a number of covenants imposing significant restrictions on our business. These restrictions may affect our ability to operate
our business and to take advantage of business opportunities as they arise.

These covenants include limitations on our
ability and the ability of our restricted subsidiaries to, among other things:



| |  |  | incur liens and debt or provide guarantees in respect of obligations of any other person;
| | - |  | -----------------------------------------------------------------------------------------



| |  |  | issue preferred stock;
| | - |  | ----------------------



| |  |  | pay dividends or make distributions;
| | - |  | ------------------------------------



| |  |  | make redemptions and repurchases of capital stock;
| | - |  | --------------------------------------------------



| |  |  | make loans, investments and capital expenditures;
| | - |  | -------------------------------------------------



| |  |  | prepay, redeem or repurchase debt;
| | - |  | ----------------------------------



| |  |  | engage in mergers, consolidations and asset dispositions;
| | - |  | ---------------------------------------------------------



| |  |  | engage in sale-leaseback transactions and affiliate transactions;
| | - |  | -----------------------------------------------------------------



| |  |  | change our business and issue and sell capital stock of subsidiaries; and
| | - |  | -------------------------------------------------------------------------



| |  |  | restrict distributions from subsidiaries.
| | - |  | -----------------------------------------

In addition, our revolving credit facilities and other loans require us to maintain a number of financial ratios. If we breach these covenants and are unable to obtain waivers from our lenders, our debt
under our credit facilities and other loans would be in default and could be accelerated by our lenders, which could result in an event of default under the indentures governing our Senior Notes and the instruments governing our other indebtedness.
If our indebtedness is accelerated, we may not be able to repay our debt or borrow sufficient funds to refinance it. Even if we are able to obtain new financing, it may not be on commercially reasonable terms, or terms that are acceptable to us. If
our expectations of future operating results are not achieved, or our debt is in default for any reason, our business, financial condition and results of operations could be materially and adversely affected. In addition, complying with these
covenants may also cause us to take actions that are not favorable to holders of our Senior Notes and may make it more difficult for us to successfully implement our business strategy and compete against companies that are not subject to such
restrictions.

Since Stena AB is a holding company, repayment of our indebtedness is dependent on cash flow generated by our
subsidiaries.

Stena AB is a holding company. All of our operations are conducted by, and substantially all of our
assets (including our vessels) are owned by, our subsidiaries. Repayment of our indebtedness is dependent on the generation of cash flow by our subsidiaries and their ability to make such cash available to us, by dividend, debt repayment or
otherwise. Under the Swedish Companies Act, there are restrictions as to the ability of our subsidiaries to pay us dividends or make loans and advances to us. The indenture governing our Senior Notes due 2016 contains covenants that restrict the
ability of our subsidiaries to enter into agreements limiting distributions and transfers, including dividends. However, our real estate operations and certain of our investment activities are conducted through unrestricted subsidiaries that are not
bound by the restrictive provisions of this indenture and there can be no assurance that the cash flows or assets of those subsidiaries will be available to us to pay our obligations under the Senior Notes.

We conduct our real estate operations and certain investment activities through subsidiaries that are not subject to certain restrictive provisions
in our indentures.

Our real estate operations and certain investment activities are conducted through various
subsidiaries. For purposes of the indentures governing our Senior Notes, the subsidiaries that conduct our real estate operations (other than two small properties) and the subsidiaries that conduct a large portion of our investment activities are
designated as unrestricted subsidiaries. As a result, these



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unrestricted subsidiaries are not bound by the restrictive provisions of our indentures. As of December 31, 2011, these unrestricted subsidiaries had outstanding indebtedness (including
SPEs) of approximately SEK 19.5 billion, all of which was non-recourse to Stena AB and its restricted subsidiaries. Such debt of the real estate subsidiaries is secured by their real property interests, the debt of Adactum is secured by its
investments in listed shares and shares in subsidiaries, and the credit facility of Stena Royal is secured by its medium and long-term investment portfolios. Neither we nor any of our restricted subsidiaries have guaranteed payment of any of this
indebtedness. There is no limitation in the indentures governing our Senior Notes on the amount of indebtedness our unrestricted subsidiaries may incur in the future. The indentures require that any indebtedness of an unrestricted subsidiary must be
non-recourse to Stena AB and its restricted subsidiaries. Nevertheless, there can be no assurance that a creditor of an unrestricted subsidiary could not successfully seek satisfaction from us and our restricted subsidiaries or that, in the event of
bankruptcy of Stena AB or one or more of our unrestricted subsidiaries, a bankruptcy court would not consolidate our assets and debts and those of our restricted subsidiaries with those of our unrestricted subsidiaries.

The indenture governing our Senior Notes due 2016 contains certain limitations on our ability to make investments in unrestricted
subsidiaries. As a result of these limitations, we may be unable to finance our real estate operations or our other businesses conducted through unrestricted subsidiaries in the event that these businesses require capital. Such businesses may not be
able to obtain alternate sources of financing on reasonable terms or at all, particularly as any debt financing must be non-recourse to Stena AB.

In addition, because restrictions in the indenture governing our Senior Notes due 2016 prohibiting, subject to certain limitations, the creation of limitations on the ability of our subsidiaries to pay
dividends do not apply to the unrestricted subsidiaries and because our real estate investments are subject to significant indebtedness, there can be no assurance that the cash flows or assets of the unrestricted subsidiaries will be available to us
to pay our obligations under any of our indebtedness. All our indentures also provide for designating other of our subsidiaries as unrestricted subsidiaries. The indentures governing our Senior Notes due 2017, 2019 and 2020 do not contain any
prohibitions on the creation of limitations on the ability of our subsidiaries to pay dividends.

The industries in which we operate are
highly competitive.

Our ferry operations compete with other ferry operators and forms of transportation, including
airlines, other freight carriers and fixed links such as bridges and tunnels. In particular, competition from low cost airlines and fixed links have increased. Some of these other forms of transportation are faster and/or less expensive or may be
more convenient than ferry service. Competition with other ferry operators is based on the location of routes, rates charged, quality and reliability of vessels and onshore and onboard services provided. The principal effect of this competition is
to affect our volumes and limit our ability to increase prices. Some of our competitors may have greater financial resources than us, be owned by governments or benefit from government subsidies. As a result, such competitors may be able to
withstand price competition and price volatility better than we are.

The offshore drilling rig market also is highly
competitive. Drilling contracts generally are awarded on a competitive bid basis with price competition as the primary factor. Some oil companies are seeking to negotiate contracts with a lower day rate and an incentive payment payable only upon
achieving specified operating goals. In these cases, in the event of rig equipment failures or if we do not achieve the stated goals, our revenues will be lower. However, contracts for drilling projects are increasingly being negotiated directly
between an oil company and its preferred contractor, with suitability of equipment, quality of service, safety and price being significant factors in awarding the contract. We cannot predict the timing or extent of any changes in the industry or the
future level of demand for our drilling rigs.

The shipping industry also is highly competitive, as well as fragmented, and
includes several large companies that compete in the markets the Group serves, as well as numerous small companies that compete with the Group on a local basis. The Groups larger competitors greater resources could allow them to better
withstand industry downturns and compete more effectively on the basis of price, location, vessel quality, size, condition and reputation for safety and customer service. In particular, significant price competition, particularly during industry
downturns, which could have a material adverse effect on the Groups results of operations and financial condition.

Rising fuel
prices will adversely affect the profitability of our ferry operations.

Fuel represents a significant cost incurred
by us in the operation of our fleet. Fuel prices were affected by the global financial crisis in 2008-2009 and decreased substantially from earlier levels. However, since the first quarter of 2009 when fuel prices reached their lowest levels during
the economic downturn, fuel prices have increased. The price and supply of fuel is unpredictable and fluctuates based on events outside our control, including geopolitical and regulatory developments, supply and demand for oil and gas, actions



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by the Organization of Petroleum Exporting Countries (OPEC) and other oil and gas producers, war and unrest in oil producing countries and regions, regional production patterns and
environmental concerns. Further or sustained increases in the price of fuel or reductions in supply could increase our operating expenses and have a material adverse effect on our financial condition and results of operations. Road and port
blockades in the future, arising from fuel protests or other reasons, may have similar effects.

We primarily use swaps and
options to hedge our exposure to variations in the price of fuel. However, there can be no assurance that such hedging activities will be successful, and generally our bunker fuel requirements are not fully hedged.

In addition, our existing bunker hedges will expire during the next four years and if bunker prices remain at current levels or increase,
our bunker expenses will be significantly higher in future years.

Our operating results are subject to seasonal fluctuations.

Our ferry operations are highly seasonal, principally because passenger volumes are linked to tourism. The period
from June through September is the peak travel season for passengers. As a result, our ferry operations generate a significantly greater portion of their revenues and substantially all of their profits in the second and third quarters and generally
report losses in the first and fourth quarters.

Currently, the Company have three vessels, which are contracted on short to
medium-term charters, which expire between mid 2013 and 2016. Short to medium-term time charters generally provide reliable revenues but they also limit the portion of our fleet available to the long-term market. The charter rates payable under time
charters or in the spot market may be uncertain and volatile and will depend upon, among other things, economic conditions in the LNG market. The supply and demand balance for LNG carriers is also uncertain.

Future demand for our drilling units is unpredictable.

All our drilling units are currently contracted, with expiration dates ranging from the fourth quarter of 2012 through June 2017. The level of demand for offshore drilling rigs has historically fluctuated
significantly in connection with oil price changes. No assurances can be given with respect to future demand for such rigs or the prices at which they may be contracted after the existing contracts expire.



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Charter rates, utilization levels and values for our vessels and drilling rigs may decrease.

Over the last decade, charter rates, vessel values and the general profitability of the shipping and offshore
drilling industries have been volatile. There can be no assurance that charter rates or vessel values in the businesses in which we operate will be stable or increase over time. Vessel values are strongly influenced by charter rates, which in turn
are influenced by the number and types of vessels generally available, costs of newbuildings, changes in trading patterns affecting the demand for particular types and sizes of vessels and technological advances in vessel design and propulsion, as
well as the level and pattern of global economic growth.

Currently, the Company have three vessels, which are contracted on
short to medium-term charters, which expire between mid 2013 and 2016. Short to medium-term time charters generally provide reliable revenues but they also limit the portion of our fleet available to the long-term market. The charter rates payable
under time charters or in the spot market may be uncertain and volatile and will depend upon, among other things, economic conditions in the LNG market. The supply and demand balance for LNG carriers is also uncertain.

We actively seek new charters in an effort to maintain a high level of vessel and rig utilization. However, we cannot assure you that we
will be successful in renewing charter agreements, obtaining charter agreements for our newbuildings or replacing charter agreements for our existing vessels or that future charter rates will enable our vessels to be operated profitably.



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Conversions of our vessels and drilling rigs, upgrades or newbuildings may be subject to delays and
cost overruns.

From time to time we may undertake to add new capacity through conversions or upgrades to our vessels
and drilling rigs or through new construction. These projects are subject to risks of delay or cost overruns inherent in any large construction project resulting from numerous factors, including the following:



| |  |  | shortages of equipment, materials or skilled labor;
| | - |  | ---------------------------------------------------



| |  |  | unscheduled delays in the delivery of ordered materials and equipment;
| | - |  | ----------------------------------------------------------------------



| |  |  | unanticipated cost increases;
| | - |  | -----------------------------



| |  |  | weather interferences;
| | - |  | ----------------------



| |  |  | difficulties in obtaining necessary permits or in meeting permit conditions;
| | - |  | ----------------------------------------------------------------------------



| |  |  | design and engineering problems;
| | - |  | --------------------------------



| |  |  | failure to meet agreed-upon specifications; and
| | - |  | -----------------------------------------------



| |  |  | bankruptcy or other failures of the shipyard.
| | - |  | ---------------------------------------------

The shipping industry is cyclical and subject to a variety of external factors.

Historically, the profitability of the shipping industry has been cyclical. The cyclicality of the shipping industry has been due to changes in the level and pattern of global economic growth and trading
and the highly competitive nature of the shipping industry, as well as changes in the supply of and demand for vessel capacity, which impact charter rates and vessel values. The worldwide supply of vessels is influenced by the number of newbuildings
and scrappings and government and industry regulation of maritime transportation practices. The overall demand for vessel capacity is influenced by global and regional economic conditions, increases and decreases in industrial and agricultural
production, energy consumption, tourism patterns, political changes and armed conflicts, developments in international trade and changes in sea borne and other trading patterns. Because many of the factors influencing the supply of and demand for
vessel capacity are unpredictable, the timing, direction and degree of changes in the shipping markets in which we participate, including the RoRo, RoPax, car/passenger ferry, tanker and LNG markets, as well as future charter rates and vessel
values, are also unpredictable, and we cannot assure you that demand for our services or vessels or our ability to dispose of vessels at a profit will increase or even remain stable.

Our financial results may be affected by general changes in the global financial markets and economies.

The length and severity of the recent economic downturn and the uncertainty caused by the global credit and liquidity crisis have adversely affected demand for some of our products and services. A further
economic downturn could result in, among other things, a further or continued decline in freight and passenger volumes in our ferry operations, demand and charter rates for our drilling, tanker, LNG and Roll-on/Roll-off vessel fleets and demand for
the products of the subsidiaries of Adactum. In addition, a further economic downturn could adversely affect our financial investments. A lasting downturn in the economy may have a material adverse impact on our business, financial condition and
results of operations.

Our international operations expose us to risks and uncertainties arising from international political
conflicts, economic conditions and other events that could negatively impact our results of operations.

Our
operations are global and are affected by international economic, political and governmental conditions, especially in the countries where we and our subsidiaries are engaged in business or where our vessels operate or are registered.

Economic conditions and fluctuations in currency exchange rates among the countries in which we conduct our ferry operations affect the
travel and trade patterns of our customers. We are also subject to governmental and regulatory risks, including taxation, nationalization, inflation and protectionist measures that can affect our ability to operate our current routes or alter our
routes. We are further subject to political upheaval risks.



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We are subject to risks pertaining to conflicts in the Middle East and in North Africa. The
tankers owned, chartered in or managed by us trade from time to time in the Arabian Gulf and North Africa. In the past, political and armed conflicts in this region have included attacks on tankers and other efforts to disrupt shipping in this area.
Future political instability or future hostilities in these regions could adversely impact our tanker operations.

These
circumstances may materially adversely affect our trade patterns, operations and results of operations.

Terrorist attacks or acts of
war may adversely affect the markets in which we operate, our operations and our profitability.

The occurrence of
acts of terrorism and any military response would likely cause instability in financial markets and disruptions in travel and trade patterns. Furthermore, terrorist attacks and military actions may result in reduced demand from our customers for our
services. Acts of terrorism and regional military conflict may subject our worldwide operations to increased risks and, depending on their magnitude, could have a material adverse effect on our business.

Acts of piracy on ocean-going vessels have recently increased in frequency, which could adversely affect our business.

Acts of piracy have historically affected ocean-going vessels trading in regions such as the South China Sea, the Gulf of Aden and
certain parts of the Indian Ocean. Throughout 2009, 2010 and 2011, the frequency and geographic range of piracy incidents increased significantly, particularly in the Indian Ocean. If these piracy attacks occur in areas where our vessels are
deployed and which are characterized by insurers as war risk zones (as the Gulf of Aden temporarily was in May 2008) or Joint War Committee (JWC) war and strikes listed areas, premiums payable for insurance coverage could increase significantly
and such insurance coverage may be more difficult to obtain. In addition, crew costs, including costs for employing onboard security guards, could increase in such circumstances. We may not be adequately insured to cover losses from these incidents,
which could have a material adverse effect on our operations. In addition, detention hijacking as a result of an act of piracy against our vessels, or an increase in cost, or unavailability of insurance for our vessels, could have a material adverse
impact on our business, financial condition and results of operations.

We have potential conflicts of interest with our owners that may
adversely affect us.

Our owners own other companies and have other business interests. In the past, certain of these
companies have engaged in the same business as or in businesses similar to those conducted by us. In the future, due to the availability of funds, restrictions contained in debt or other instruments or for other reasons, our owners may allocate a
particular business opportunity, such as the acquisition of a vessel or drilling rig or the construction of a new vessel, to such other companies. In addition, our owners may make these investments or engage in these businesses directly. As a
result, we would not receive any cash flow or income generated by the investment, and such activities by our owners may result in these other companies or our owners directly competing with us.

An inability to attract or retain qualified crew members, or a loss of key members of our management team, could materially adversely affect our
revenues, results of operations and prospects.

There is a limited supply of qualified crew members for our vessels
and rigs. If we are unable to attract and retain sufficient qualified crew, our operations could be adversely affected.

In
addition, we rely, and expect to continue to rely, upon Dan Sten Olsson, our Chief Executive Officer, and other key employees and officers for the successful pursuit of our activities. The loss of any of their services could have an adverse effect
on our operations.

Most of our onboard staff and onshore shipping staff are unionized. Strikes by them may disrupt our services and
adversely affect our operations.

The shipping industry in Sweden and other jurisdictions in which we operate are
susceptible to industrial action due to the strong influence of maritime trade unions. While we believe that we have good relations with our work force, we cannot assure you that we will not be adversely affected by future industrial action against
efforts by our management to reduce labor costs, curb wage increases or modify work practices.

We are party to separate
agreements covering substantially all our employees in our ferry operations in Sweden, the United Kingdom and The Netherlands. Generally, the terms of these agreements are for one to two years or the agreements continue until



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terminated or renegotiated. In the United Kingdom, we have an agreement with our labor unions for which the pay level is negotiated on an annual basis. Although, we have not experienced any major
strike or work stoppage in the last ten years, there can be no assurance that we will in the future be able to favorably negotiate the terms and conditions of such labor agreements or that strikes or disruptions will not occur in the future as a
result of the failure to negotiate such terms or otherwise.

Currency fluctuations may have a material adverse effect on our financial
position and/or our operating margins.

Although we report our results of operations in Swedish kronor, we earn a
substantial portion of revenues and incur a substantial portion of expenses in other currencies, principally U.S. dollars, British pounds, euros and Norwegian kroner. In particular, we incur significant expenses in U.S. dollars for fuel
and for expenses in our tanker, LNG and offshore drilling operations, and as of December 31, 2011, approximately SEK 22 billion of our debt was denominated in U.S. dollars, excluding the debt of our SPEs and SEK 13 billion of our
debt was denominated in euro. Fluctuations in the exchange rates between the U.S. dollar and euro and other currencies could have a material effect on the amount of funds denominated in other currencies needed by us to satisfy our
U.S. dollar-denominated and euro-denominated obligations. In addition, a substantial portion of our assets and liabilities are denominated in currencies other than the Swedish kronor. As a result, these assets and liabilities will also be
impacted by changes in the exchange rate between the Swedish kronor and such other currencies. Our financial results, as reported in Swedish kronor, in the past have been and in the future are expected to be significantly affected by changes in the
exchange rate between the Swedish kronor and such other currencies. We seek to manage our foreign currency exposure by using forward exchange contracts. We also hedge certain of our currency exchange exposures with borrowings denominated in the same
currency as the investment. However, there can be no assurance that such hedging will be successful, and foreign exchange fluctuations may have a material adverse effect on our financial results and/or our operating margins.

We utilize various financial instruments, including hedging arrangements, to manage financial risks, that may not be successful.

We have traditionally used various financial instruments as part of an overall risk management policy to seek to
reduce our exposure to interest rate and foreign currency exchange fluctuations. To manage our interest rate risks, we utilize swaps, forward rate agreements, interest rate futures, options and interest rate collars. To manage our foreign currency
exchange rate exposure, we utilize forward foreign currency exchange contracts, foreign currency options and currency swaps. We also hedge certain of our currency exchange exposures with borrowings denominated in the same currency as the investment.
However, there can be no assurance that we will continue such hedging or that such hedging will be successful in mitigating the risk that interest rate fluctuations will have an adverse effect on our financial statements and/or operating results.

By utilizing hedging instruments, we potentially forego benefits that might result from fluctuations in currency exchange
rates, declines in short-term interest rates and declines in oil prices. Additionally, we are exposed to credit risk in the event of the failure of counterparties to meet their obligations under these arrangements. The theoretical risk is the cost
of replacement at current market prices of these transactions in the event of defaults by counterparties.

Although we seek to
reduce the risk of non-performance by counterparties by maintaining a policy of entering into such arrangements only with highly rated institutions, one or more of our counterparties could default and this default could have an adverse effect on our
results of operations.

We maintain an investment portfolio of equity and debt securities, and market fluctuations may have a material
effect on our financial position and our financial results.

As of December 31, 2011, the fair value of our
marketable securities and short-term investments (including restricted cash of SEK 2.5 billion) amounted to SEK 6.1 billion, as compared to SEK 8.3 billion (including restricted cash of SEK 3.7 billion) as of December 31,
2010. Our investments in equities include both publicly traded and private companies. The debt securities currently held by us are primarily floating rate notes and high yield corporate bonds. We have also invested in SPEs, which we consolidate,
whose purpose is to make investments, primarily in high yield securities and bank loans. As of December 31, 2011, we had investments in three SPEs whose total assets amounted to SEK 4.5 billion, which were financed in part by
U.S. dollar-denominated notes issued by the SPEs in an aggregate amount of SEK 4.1 billion (which is non-recourse to Stena AB). Our investments are subject to various risks and fluctuations and are highly volatile and, as a result, there
can be no assurance that our investment activities will be profitable.

We maintain a significant portfolio of debt and equity
securities, and our experience in investments in businesses outside our traditional ferry operations, shipping, drilling and other lines of business is limited. If our investment portfolio is not successful, our financial position and results of
operations could be materially and adversely affected, even if our core business is performing well.



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Compliance with safety, environmental and other governmental requirements may adversely affect the
cost of our operations.

The shipping industry in general, and our business and the operation of our vessels in
particular, are affected by a variety of governmental regulations in the form of numerous international conventions, national, state and local laws and national and international regulations in force in the jurisdictions in which such vessels
operate, as well as in the country or countries in which such vessels are registered. These regulations include, but are not limited to:



| |  |  | the United States Oil Pollution Act of 1990 (OPA 90) with respect to strict liability for the discharge of oil and other materials
into the environment, the issuance of certificates of financial responsibility for vessels trading in United States waters and requiring that newly constructed tankers that trade in United States waters be constructed with double hulls;
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | the United States Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA) which applies to discharge of
hazardous substances (other than oil), whether on land or at sea. CERCLA applies to owners and operators of vessels and provides for cleanup, removal and natural resource damages. CERCLAs liability regime is similar to that of OPA 90;
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | the International Convention on Civil Liability for Oil Pollution Damage of 1969 and the protocol of 1992 (CLC) entered into by certain
countries (other than the United States) relating to strict liability and limitation of liability of the shipowner for pollution damage caused by the discharge of persistent oil;
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | International Convention for the Prevention of Pollution from Ships of 1973 and Protocol 1978 (MARPOL 73/78) with respect to strict
technical and operational requirements for tankers, including an enhanced inspection regime and the requirement that all new tankers have to be built with double hulls;
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Annex VI of MARPOL entered into force in May 2005 and revised in October 2008 regarding the reduction of harmful emissions from ships;
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------



| |  |  | International Convention for the Control and Management of Ships Ballast Water and Sediments (IMO 2004);
| | - |  | ----------------------------------------------------------------------------------------------------------



| |  |  | International Code for the Construction and Equipment of Ships Carrying Liquefied Gases in Bulk
| | - |  | -----------------------------------------------------------------------------------------------



| |  |  | the International Maritime Organization International Convention for the Safety of Life at Sea (SOLAS) of 1974 with respect to crew and
passenger safety, certain safety regulations concerning car/passenger ferry and RoPax vessels and a subsequent chapter, as revised in 2000, with respect to the construction and operation of high speed craft, such as the HSS ferries, as well as
recently adopted mandatory security provisions for ships engaged in international voyages and mandatory compliance with the new International Ship and Port Facility Security Code (ISPS code) and the International Safety Management (ISM) Code, which
sets out guidelines for the safe operation of ships;
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | the International Convention on Load Lines of 1966 (ICLL) with respect to the safeguarding of life and property through limitations on load
capability for vessels on international voyages;
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | the International Convention Relating to the Carriage of Passengers and their Luggage by Sea (the Athens Convention), relating to the
limits of liability of carriers, which has introduced a strict liability regime with limited defenses; and
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | the United States Maritime Transportation Security Act of 2002 (MTSA) with respect to vessel security.
| | - |  | --------------------------------------------------------------------------------------------------------

In order to maintain compliance with existing and future laws, treaties and international agreements, we incur, and expect to continue to
incur, substantial costs in meeting maintenance and inspection requirements, developing and implementing emergency preparedness procedures, and obtaining insurance coverage or other required evidence of financial ability sufficient to address
pollution incidents.

Additional laws and regulations, both international and national, may be adopted as a result of oil
spills and heightened security concerns, which could limit our ability to do business or increase our cost of doing business and have a material adverse effect on our operations. In addition, we are required by various governmental and regulatory
agencies to obtain certain permits, licenses and certificates with respect to our operations. In the event of war or national emergency, our vessels may be subject to requisition by the government of the flag flown by the vessel without any
guarantee of compensation for lost profits.



21



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##### Table of Contents

We believe our vessels are maintained in good condition in compliance with present
regulatory requirements, are operated in compliance with applicable safety/environmental laws and regulations and are insured against usual risks for such amounts as our management deems appropriate. The vessels operating certificates and
licenses are renewed periodically during each vessels required annual survey. However, government regulation of vessels, particularly in the areas of safety and environmental impact, may change in the future and require us to incur significant
capital expenditure on our vessels to keep them in compliance.

Catastrophic loss and other events in our business could adversely
affect our results of operations.

The operation of any oceangoing vessel carries with it an inherent risk of
catastrophic disaster, mechanical failure, collision and loss of or damage to cargo.

Additionally, in the course of operating
vessels, marine disasters such as oil and gas spills and other environmental mishaps, cargo loss or damage, business interruption due to political or other developments, as well as maritime disasters not involving us, labor disputes, strikes and
adverse weather conditions could result in loss of revenues, increased liabilities or higher costs, personal injury, loss of life, severe damage to and destruction of property and equipment, pollution or environmental damage and suspension of
operations. Damage arising from such occurrences may result in lawsuits asserting large claims. In addition, offshore drilling operations are subject to many of the same risks as shipping, including risks relating to the environment and possible
catastrophic loss or liability, and are subject to the usual hazards inherent in drilling for oil and gas offshore, such as blowouts, reservoir damage, loss of well control, punchthroughs, craterings or fires.

Although we maintain insurance that we believe is consistent with industry norms against certain of these risks, including loss of life,
there can be no assurance that such insurance would be sufficient to cover the cost of damages suffered by us, other liabilities for which we are responsible or the loss of income resulting from any of those events. We also cannot assure you that a
claim will be paid or that we will be able to obtain insurance at reasonable rates in the future. We may also be subject to calls, or premiums, in amounts based not only on our own claim records but also the claim records of all other members of the
protection and indemnity associations through which we obtain insurance coverage for tort liability. Our payment of these calls could result in significant expenses to us which would reduce our profits or cause losses.

In the event that such claims were assessed against us, all our assets could be subject to attachment and other judicial process.

We cannot assure you that a judgment of a United States court for liabilities under United States securities laws would be
enforceable in Sweden, or that an original action can be brought in Sweden against us for liabilities under United States securities laws.

We are a Swedish company, all our directors and officers are residents of Sweden and elsewhere outside the United States and most of our assets and the assets of our directors and officers are located
outside the United States. As a result, it may be difficult for you to:



| |  |  | effect service of process within the United States upon us or our directors and officers, or
| | - |  | --------------------------------------------------------------------------------------------



| |  |  | enforce judgments obtained in United States courts against us or our directors and officers based upon the civil liability provisions of the United
States federal securities laws.
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



22



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##### Table of Contents

We have been advised by our Swedish counsel, Wistrand Advokatbyra Göteborg KB, that:



| |  |  | a judgment of a United States court would not be enforceable in Sweden against us or our directors and officers, but would be accepted on an evidential
basis in a Swedish legal action, and
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | there is doubt whether an original action could be brought in Sweden against us or our directors and officers to enforce liabilities based solely upon
the United States federal securities laws.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Item 4. | Information on the Company
|------- | --------------------------

History
and Development of the Company

Stena AB was incorporated as a stock corporation of limited liability in 1897 under the
laws of the Kingdom of Sweden and is governed by the Swedish Company Act. Stena AB was acquired by the Sten A. Olsson family in 1967 to serve as a holding company for certain of the Olsson familys businesses. Our principal corporate offices
are located at Masthuggskajen, SE-405 19 Gothenburg, Sweden and our telephone number at that address is +46-31-855000.

We are
one of the largest privately held companies in Sweden. We are owned by certain members of the Olsson family including Dan Sten Olsson, our Chief Executive Officer. The Olsson family has been involved in various aspects of the shipping business since
1946 and we are a leading participant in the worldwide shipping industry. In addition, in order to capitalize on our experience and knowledge of the shipping industry, we have expanded our activities to include other operations related to shipping.

We, together with Sessan and Stena Metall, which are also owned by Dan Sten Olsson and other members of the Sten A. Olsson
family, and Concordia Maritime AB, which is 52% owned by Sessan, comprise the Stena Sphere of companies. The Stena Sphere of companies is engaged in shipping, ferry operations, offshore drilling, metal and paper recycling, sales of
bunker fuel, real estate, financial activities and industrial operations.

We own and operate one of the worlds largest
international passenger and freight ferry services and own, charter in and out, and operate drilling rigs, crude oil and petroleum product tankers, LNG carriers and Roll-on/Roll-off vessels. We also invest in and manage residential and commercial
real estate, principally in Sweden and The Netherlands. We also invest in other businesses not related to our traditional lines of business. For the year ended December 31, 2011, we generated revenues of SEK 28.0 billion including net gain
on sale of tangible fixed assets of SEK 1.7 billion and net valuation of investment properties of SEK 350 million. Cash flows from operating activities for the same period were SEK 4.9 billion.

Since January 1, 2009, our principal capital expenditures and divestitures have consisted of the purchase and sale of vessels and
the purchase and sale of real estate. From January 1, 2009 through December 31, 2011, we have invested approximately SEK 17.6 billion for the purchase of vessels and SEK 0.8 billion for the purchase of real estate. During the
same period, we have sold vessels for a total consideration of SEK 3.5 billion and real estate for a total consideration of SEK 1.3 billion. As of the date of this Annual Report, our capital expenditures in progress consist of one Suezmax
tanker under construction in Korea. We expect that the purchase price of the newbuilding will be financed by the existing financing arrangements.

Business Overview

Ferry Operations

We currently operate 17 routes with a total fleet of 32 vessels in Scandinavia, the United Kingdom, Germany, Poland, The
Netherlands and the Republic of Ireland under the Stena Line, Scandlines and HH-ferries brand names. Our ferry operations generate revenues from: (i) travel, which consists primarily of ticket sales for
passengers and private cars, package tours and hotel sales; (ii) onboard sales, which consist primarily of cabin occupancy, retail sales, restaurants, bars, arcades, gaming and, on our Norway-Denmark route, duty and tax free sales; and
(iii) freight, which consists primarily of trailer and truck transportation. For the year ended December 31, 2011, we carried a total of 10.2 million passengers, 2.1 million private cars and 1.4 million freight units on our
routes. For the financial year ended December 31, 2011, our ferry operations generated revenues of SEK 9.7 billion and a gain on sale of vessels of SEK 16 million and recorded an operating loss of SEK (234) million, including
depreciation and amortization expense of SEK 1.2 billion. For the year ended December 31, 2011, ferry operation revenues were generated from travel revenues (41%), onboard sales (17%) and freight/other (42%).



23



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##### Table of Contents

Pursuant to a tax subsidy system in Sweden, our ferry operations receive a subsidy equal to
all social security costs and income taxes payable by the employers on behalf of employees who work onboard Swedish-flagged vessels. The amount of this subsidy was SEK 383 million for the financial year ended December 31, 2011.

Business Activities

We
generate revenue from our ferry operations from three principal business activities: travel, onboard sales and freight. The following table sets forth the revenue for each of our business areas for the three years ended December 31, 2009, 2010
and 2011.



|                        |  |                        |       |  |      |  |       |      |  |  |       | 
|----------------------- |  | ---------------------- | ----- |  | ---- |  | ----- | ---- |  |  | ----- | 
|                        |  | Year Ended December 31 |      
|(SEK in millions)       |  | 2009                   |       |  | 2010 |  |       | 2011 | 
|Travel                  |  |                        | 3,726 |  |      |  | 3,536 |      |  |  | 3,984 | 
|Onboard sales           |  |                        | 1,830 |  |      |  | 1,698 |      |  |  | 1,606 | 
|Freight/other           |  |                        | 4,043 |  |      |  | 3,856 |      |  |  | 4,094 | 
|Net gain sale of assets |  |                        |      |  |      |  | 2     |      |  |  | 16    | 
|                        |  |                        |       |  |      |  |       |      |  |  |       | 
|Total revenues          |  |                        | 9,599 |  |      |  | 9,092 |      |  |  | 9,700 | 

Set forth below is certain operating data for our ferry operations for the years ended December 31,
2009, 2010 and 2011.



|                       |  |                        |        |  |      |  |        |      |  |  |        | 
|---------------------- |  | ---------------------- | ------ |  | ---- |  | ------ | ---- |  |  | ------ | 
|                       |  | Year Ended December 31 |       
|Volumes (in thousands) |  | 2009                   |        |  | 2010 |  |        | 2011 | 
|Number of passengers   |  |                        | 11,349 |  |      |  | 10,519 |      |  |  | 10,247 | 
|Private Cars           |  |                        | 2,526  |  |      |  | 2,228  |      |  |  | 2,136  | 
|Freight units          |  |                        | 1,360  |  |      |  | 1,321  |      |  |  | 1,381  | 

Route Network

We currently operate 17 routes in Scandinavia, the United Kingdom, Germany, Poland, The Netherlands and the Republic of Ireland. Our routes are geographically well positioned and generally located in high
traffic areas.

Sweden-Denmark. We operate ferry services on three routes. We estimate that we had an approximate
22%, 13% and 41% share of the volume of passengers, private cars and freight units, respectively, transported on Roll-on and Roll-off vessels between Sweden and Denmark for the year ended December 31, 2011.

The following table sets forth the volumes of passengers, private cars and freight units on our Sweden-Denmark routes for the last three
years.



|                         |  |            |       |  |              |  |       |               |  |  |       |  |  |      |     |  |      |  |     |      |  |  |      |  |  |      |     |  |  |  |     |  |  |  |     | 
|------------------------ |  | ---------- | ----- |  | ------------ |  | ----- | ------------- |  |  | ----- |  |  | ---- | --- |  | ---- |  | --- | ---- |  |  | ---- |  |  | ---- | --- |  |  |  | --- |  |  |  | --- | 
|                         |  | Passengers |       |  | Private cars |  |       | Freight units | 
|(In Thousands)           |  | 2009       |       |  | 2010         |  |       | 2011          |  |  | 2009  |  |  | 2010 |     |  | 2011 |  |     | 2009 |  |  | 2010 |  |  | 2011 |    
|Göteborg-Fredrikshavn    |  |            | 1,285 |  |              |  | 1,253 |               |  |  | 1,279 |  |  |      | 261 |  |      |  | 254 |      |  |  | 246  |  |  |      | 145 |  |  |  | 151 |  |  |  | 152 | 
|Varberg-Grena            |  |            | 163   |  |              |  | 163   |               |  |  | 166   |  |  |      | 42  |  |      |  | 42  |      |  |  | 41   |  |  |      | 38  |  |  |  | 36  |  |  |  | 39  | 
|Helsingborg- Helsingör1) |  |            | 3,668 |  |              |  | 4,202 |               |  |  | 4,056 |  |  |      | 716 |  |      |  | 887 |      |  |  | 822  |  |  |      | 142 |  |  |  | 179 |  |  |  | 182 | 
|HH-Ferries2)             |  |            | 1,224 |  |              |  |      |               |  |  |      |  |  |      | 436 |  |      |  |    |      |  |  |     |  |  |      | 64  |  |  |  |    |  |  |  |    | 



|(1) | Represents only 50% of volume on this route. This route is operated in partnership with Scandlines Danmark A/S.
|--- | ---------------------------------------------------------------------------------------------------------------

|(2) | 2009 volumes until August 31, 2009, when the HH-Ferries vessels were chartered out to Scandlines and is now part of the partnership with Scandlines Danmark A/S.
Volumes are thereafter included in the numbers of Helsingborg-Helsingör.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Sweden-Germany. We
operate ferry services on three routes, including two routes operated in cooperation with Scandlines Deutschland GmbH. We estimate that we had an approximate 37%, 43% and 20% share of the volume of passengers, private cars and freight units,
respectively, transported on Roll-on/Roll-off vessels between Sweden and Germany for the year ended December 31, 2011.



24



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##### Table of Contents

The following table sets forth the volumes of passengers, private cars and freight units on
our Sweden-Germany routes for the last three years.



|                        |  |            |     |  |              |  |     |               |  |  |      |  |  |      |    |  |      |  |    |      |  |  |      |  |  |      |    |  |  |  |    |  |  |  |    | 
|----------------------- |  | ---------- | --- |  | ------------ |  | --- | ------------- |  |  | ---- |  |  | ---- | -- |  | ---- |  | -- | ---- |  |  | ---- |  |  | ---- | -- |  |  |  | -- |  |  |  | -- | 
|                        |  | Passengers |     |  | Private cars |  |     | Freight units | 
|(In Thousands)          |  | 2009       |     |  | 2010         |  |     | 2011          |  |  | 2009 |  |  | 2010 |    |  | 2011 |  |    | 2009 |  |  | 2010 |  |  | 2011 |   
|Göteborg-Kiel           |  |            | 427 |  |              |  | 431 |               |  |  | 354  |  |  |      | 85 |  |      |  | 79 |      |  |  | 74   |  |  |      | 28 |  |  |  | 52 |  |  |  | 85 | 
|Göteborg-Travemunde1)   |  |            | 4   |  |              |  | 3   |               |  |  |     |  |  |      |   |  |      |  |   |      |  |  |     |  |  |      | 46 |  |  |  | 39 |  |  |  |   | 
|Trelleborg-Sassnitz2)   |  |            | 294 |  |              |  | 270 |               |  |  | 260  |  |  |      | 75 |  |      |  | 69 |      |  |  | 66   |  |  |      | 11 |  |  |  | 11 |  |  |  | 11 | 
|Trelleborg-Rostock2)    |  |            | 131 |  |              |  | 146 |               |  |  | 141  |  |  |      | 21 |  |      |  | 21 |      |  |  | 21   |  |  |      | 63 |  |  |  | 78 |  |  |  | 72 | 
|Trelleborg-Travemunde3) |  |            | 28  |  |              |  |    |               |  |  |     |  |  |      |   |  |      |  |   |      |  |  |     |  |  |      | 49 |  |  |  |   |  |  |  |   | 



|(1) | The Göteborg-Travemünde route was closed in August 2010, concentrating the operations to the Göteborg-Kiel route.
|--- | -----------------------------------------------------------------------------------------------------------------

|(2) | Represents only 50% of the volumes on these routes. These routes are operated under a pooling arrangement with Scandlines Deutschland GmbH.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------

|(3) | The Trelleborg-Travemünde route was closed in January 2010.
|--- | -----------------------------------------------------------

Norway-Denmark/Germany. We operate ferry services on one route. We estimate that we had an approximate 10%, 7% and 10% share of the volume of passengers, private cars and freight units,
respectively, transported on Roll-on/Roll-off vessels between Norway and Denmark/Germany for the year ended December 31, 2011. Because Norway is not part of the European Union, we continue to offer duty and tax free retail sales on this route.

The following table sets forth the volumes of passengers, private cars and freight units on our Norway-Denmark route for the
last three years.



|                  |  |            |     |  |              |  |     |               |  |  |      |  |  |      |    |  |      |  |    |      |  |  |      |  |  |      |    |  |  |  |    |  |  |  |    | 
|----------------- |  | ---------- | --- |  | ------------ |  | --- | ------------- |  |  | ---- |  |  | ---- | -- |  | ---- |  | -- | ---- |  |  | ---- |  |  | ---- | -- |  |  |  | -- |  |  |  | -- | 
|                  |  | Passengers |     |  | Private cars |  |     | Freight units | 
|(In Thousands)    |  | 2009       |     |  | 2010         |  |     | 2011          |  |  | 2009 |  |  | 2010 |    |  | 2011 |  |    | 2009 |  |  | 2010 |  |  | 2011 |   
|Oslo-Fredrikshavn |  |            | 552 |  |              |  | 491 |               |  |  | 471  |  |  |      | 68 |  |      |  | 65 |      |  |  | 57   |  |  |      | 14 |  |  |  | 15 |  |  |  | 14 | 

Sweden-Poland. We operate ferry services on one route. We estimate that we had an approximate
41%, 25% and 21% share of the volume of passengers, private cars and freight units, respectively, transported on Roll-on/Roll-off vessels between Sweden and Poland for the year ended December 31, 2011.

The following table sets forth the volumes of passengers, private cars and freight units on our Sweden-Poland route for the last three
years.



|                  |  |            |     |  |              |  |     |               |  |  |      |  |  |      |    |  |      |  |    |      |  |  |      |  |  |      |    |  |  |  |    |  |  |  |    | 
|----------------- |  | ---------- | --- |  | ------------ |  | --- | ------------- |  |  | ---- |  |  | ---- | -- |  | ---- |  | -- | ---- |  |  | ---- |  |  | ---- | -- |  |  |  | -- |  |  |  | -- | 
|                  |  | Passengers |     |  | Private cars |  |     | Freight units | 
|(In Thousands)    |  | 2009       |     |  | 2010         |  |     | 2011          |  |  | 2009 |  |  | 2010 |    |  | 2011 |  |    | 2009 |  |  | 2010 |  |  | 2011 |   
|Karlskrona-Gdynia |  |            | 351 |  |              |  | 377 |               |  |  | 435  |  |  |      | 65 |  |      |  | 72 |      |  |  | 79   |  |  |      | 66 |  |  |  | 76 |  |  |  | 81 | 

Wales/England-Republic of Ireland. We operate ferry services on three routes. We estimate
that we had an approximate 48%, 51% and 28% share of the volume of passengers, private cars and freight units, respectively, transported on Roll-on/Roll-off vessels between Wales/England and the Republic of Ireland for the year ended
December 31, 2011.

The following table sets forth the volumes of passengers, private cars and freight units on our
Wales/England and the Republic of Ireland routes for the last three years.



|                       |  |            |     |  |              |  |     |               |  |  |      |  |  |      |     |  |      |  |     |      |  |  |      |  |  |      |     |  |  |  |     |  |  |  |     | 
|---------------------- |  | ---------- | --- |  | ------------ |  | --- | ------------- |  |  | ---- |  |  | ---- | --- |  | ---- |  | --- | ---- |  |  | ---- |  |  | ---- | --- |  |  |  | --- |  |  |  | --- | 
|                       |  | Passengers |     |  | Private cars |  |     | Freight units | 
|(In Thousands)         |  | 2009       |     |  | 2010         |  |     | 2011          |  |  | 2009 |  |  | 2010 |     |  | 2011 |  |     | 2009 |  |  | 2010 |  |  | 2011 |    
|Fishguard-Rosslare     |  |            | 501 |  |              |  | 419 |               |  |  | 410  |  |  |      | 138 |  |      |  | 120 |      |  |  | 113  |  |  |      | 34  |  |  |  | 34  |  |  |  | 31  | 
|Holyhead-Dun Laoghaire |  |            | 343 |  |              |  | 252 |               |  |  | 199  |  |  |      | 97  |  |      |  | 72  |      |  |  | 56   |  |  |      | 4   |  |  |  | 1   |  |  |  | 1   | 
|Holyhead-Dublin        |  |            | 673 |  |              |  | 804 |               |  |  | 763  |  |  |      | 161 |  |      |  | 193 |      |  |  | 190  |  |  |      | 149 |  |  |  | 155 |  |  |  | 178 | 

Scotland/England-Northern Ireland. We operate ferry services on three routes. In December
2010, Stena Line acquired two routes on the Irish Sea from DFDS: Belfast-Liverpool and Belfast-Heysham. Following formal approval by Irish and British competition authorities, these routes have been included as from July 1, 2011. We estimate
that we had an approximate 60%, 58% and 48% share of the volume of passengers, private cars and freight units, respectively, transported on Roll-on/Roll-off vessels between Scotland/England and Northern Ireland for the year ended December 31,
2011.

As of November 2011, the Stanraer-Belfast operation was transferred to Cairnryan where the new port Loch Ryan has been
built.



25



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##### Table of Contents

The following table sets forth the volumes of passengers, private cars and freight units on
these routes for the last three years.



|                                     |  |            |       |  |              |  |       |               |  |  |       |  |  |      |     |  |      |  |     |      |  |  |      |  |  |      |     |  |  |  |    |  |  |  |     | 
|------------------------------------ |  | ---------- | ----- |  | ------------ |  | ----- | ------------- |  |  | ----- |  |  | ---- | --- |  | ---- |  | --- | ---- |  |  | ---- |  |  | ---- | --- |  |  |  | -- |  |  |  | --- | 
|                                     |  | Passengers |       |  | Private cars |  |       | Freight units | 
|(In Thousands)                       |  | 2009       |       |  | 2010         |  |       | 2011          |  |  | 2009  |  |  | 2010 |     |  | 2011 |  |     | 2009 |  |  | 2010 |  |  | 2011 |    
|Stranraer-Belfast, Cairnryan-Belfast |  |            | 1,109 |  |              |  | 1,084 |               |  |  | 1,018 |  |  |      | 244 |  |      |  | 244 |      |  |  | 228  |  |  |      | 102 |  |  |  | 94 |  |  |  | 100 | 
|Fleetwood-Larne1)                    |  |            | 54    |  |              |  | 51    |               |  |  |      |  |  |      | 8   |  |      |  | 9   |      |  |  |     |  |  |      | 117 |  |  |  | 98 |  |  |  |    | 
|Belfast-Liverpool2)                  |  |            |      |  |              |  |      |               |  |  | 126   |  |  |      |    |  |      |  |    |      |  |  | 38   |  |  |      |    |  |  |  |   |  |  |  | 79  | 
|Belfast-Heysham2)                    |  |            |      |  |              |  |      |               |  |  | 4     |  |  |      |    |  |      |  |    |      |  |  |     |  |  |      |    |  |  |  |   |  |  |  | 55  | 



|(1) | The Fleetwood-Larne route was closed in December 2010.
|--- | ------------------------------------------------------

|(2) | Included as from July 1, 2011 following formal approval of acquisition by Irish and British competition authorities.
|--- | --------------------------------------------------------------------------------------------------------------------

England-The Netherlands. We operate ferry services on three routes. We estimate that we had an approximate 24%, 27% and 17%
share of the volume of passengers, private cars and freight units, respectively, transported on Roll-on/Roll-off vessels between England and The Netherlands for the year ended December 31, 2011.

The following table sets forth the volumes of passengers, private cars and freight units on these routes for the last three years.



|                              |  |            |     |  |              |  |     |               |  |  |      |  |  |      |     |  |      |  |     |      |  |  |      |  |  |      |     |  |  |  |     |  |  |  |     | 
|----------------------------- |  | ---------- | --- |  | ------------ |  | --- | ------------- |  |  | ---- |  |  | ---- | --- |  | ---- |  | --- | ---- |  |  | ---- |  |  | ---- | --- |  |  |  | --- |  |  |  | --- | 
|                              |  | Passengers |     |  | Private cars |  |     | Freight units | 
|(In Thousands)                |  | 2009       |     |  | 2010         |  |     | 2011          |  |  | 2009 |  |  | 2010 |     |  | 2011 |  |     | 2009 |  |  | 2010 |  |  | 2011 |    
|Harwich-Hoek van Holland      |  |            | 469 |  |              |  | 510 |               |  |  | 509  |  |  |      | 100 |  |      |  | 100 |      |  |  | 105  |  |  |      | 138 |  |  |  | 139 |  |  |  | 142 | 
|Killingholme-Hoek van Holland |  |            | 51  |  |              |  | 50  |               |  |  | 46   |  |  |      |    |  |      |  |    |      |  |  |     |  |  |      | 78  |  |  |  | 80  |  |  |  | 79  | 
|Harwich-Rotterdam             |  |            | 21  |  |              |  | 15  |               |  |  | 7    |  |  |      |    |  |      |  |    |      |  |  |     |  |  |      | 72  |  |  |  | 81  |  |  |  | 67  | 

As from December 2010, Stena Line has a slotcharter agreement with DFDS on the Esbjerg-Harwich/Immingham
routes.

As of December 31, 2011, our ferry fleet consisted of 32 vessels. The table below sets forth certain
information about our ferries as of December 31, 2011.

Ferry Fleet



|               |  |                  |    |  |                    |  |    | 
|-------------- |  | ---------------- | -- |  | ------------------ |  | -- | 
|Type of vessel |  | Number ofvessels |    |  | Average age(years) | 
|HSS Vessels    |  |                  | 2  |  |                    |  | 15 | 
|Day Ferries    |  |                  | 5  |  |                    |  | 21 | 
|Night Ferries  |  |                  | 1  |  |                    |  | 30 | 
|RoRo Vessels   |  |                  | 4  |  |                    |  | 11 | 
|RoPax Vessels  |  |                  | 20 |  |                    |  | 13 | 
|               |  |                  |    |  |                    |  |    | 
|Total          |  |                  | 32 |  |                    |  | 15 | 

Newbuildings. In August 2007, we ordered two RoPax vessels from Samsung Heavy Industries
(SHI) in Korea. The first one was delivered in January 2011 and the second was delivered in October 2011.

Vessel changes. In March 2009, capacity on the Harwich-Rotterdam route was reduced when the RoPax vessel Stena Transporterwas taken out of service.

In November 2009, the capacity on the Stranraer-Belfast route was increased when the RoPax
vessel Stena Navigatorwas put into operation.

As of January 1, 2010, the RoPax vessel Götalandwas
chartered out to another operator who continued to operate the vessel on the Trelleborg-Travemünde route. The vessel has subsequently been sold to the operator.

During 2010, in May and October, respectively, two Superferries were introduced on the Hoek van Holland-Harwich route, replacing Stena Hollandicaand Stena Britannica. Stena Hollandicawas
modified and as of August 31, 2010 was introduced as Stena Germanica IIIon the Göteborg-Kiel route. Stena Britannicawas modified, and as of April 16, 2011, was introduced as Stena Scandinavica IVon
the Göteborg-Kiel route.



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##### Table of Contents

During 2010, Stena Germanicawas modified and as of November 4, 2010, introduced
as Stena Visionon the Karlskrona-Gdynia route. Stena Scandinaviawas also modified and renamed Stena Spirit, and was introduced on the Karlskrona-Gdynia route on June 27, 2011. Stena Baltica was subsequently taken
out of operation and was transferred to Stena RoRo.

In August, 2010, the route Göteborg-Travemünde was closed.
Stena Carrier was moved to Rotterdam-Harwich. Stena Freighterwas temporarily moved to Göteborg-Kiel, and was then, in April 2011, also moved to Rotterdam-Harwich. The two vessels Stena Transferand Stena Partnerhave both been taken out of operation on Rotterdam-Harwich and have been sold.

On the Hoek van Holland-Killingholme
route, Stena Trader and Stena Travellerwere taken out of operation in September and November 2010, respectively. Awaiting new tonnage to be delivered during 2011, two replacement ships were temporarily chartered in for the route. Two
newbuildings, Stena Transporter and Stena Transfer, commenced operations on the route on March 1 and November 7, 2011, respectively.

In December, 2010, the Fleetwood-Larne route was closed. The three ships operating on the route, Stena Seafarer, Stena Leaderand Stena Pioneer, were sold during 2011.

On November 21, 2011 we commenced operations on the renamed Cairnryan-Belfast route, replacing Stanraer-Belfast and operating out of
the newly built Port of Loch Ryan. The route is operated by two externally chartered ships, Stena Superfast VIIand Stena Superfast VIII. The three ships formerly operating on the route, Stena Voyager, Stena Caledoniaand
Stena Navigator were transferred to Stena RoRo.

Recent acquisitions and sales

In September 2010, we sold the RoPax vessel Götaland, which had been chartered out during 2010.

In September and December 2010, respectively, we sold the RoRo vessels Stena Transfer and Stena Partnerwhich had been
taken out of operation on the Rotterdam-Harwich route.

In December 2010, Stena Line acquired from DFDS two routes on the
Irish sea: Belfast-Liverpool and Belfast-Heysham. Formal approvals by the Irish and British competition authorities were granted in April and June 2011, respectively.

In December 2010, Stena Line entered into a slot charter agreement with DFDS on the Esbjerg-Harwich and Esbjerg-Immingham routes. As a result, starting from January 2011 Stena Line can also offer freight
service between Denmark and the UK.

As of January 1, 2011, Stena Line acquired a Danish travel agency DTF (Dansk Total
Ferie), a market leading travel agency for vacations by car in Denmark.

In May 2011, we sold the RoPax vessels Stena
Seafarer, Stena Leaderand Stena Pioneer.

In October 2011, we sold the Fast Ferry Stena Lynx.

In April 2012, we acquired two modern RoPax vessels, Stena Mersey, and Stena Lagan. The vessels were already on bare-boat
charter to Stena Line.



27



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##### Table of Contents

Sales and Marketing

Passengers and cars. Our travel service targets our marketing efforts to three groups: individual travelers, bus operators and business travelers. The travel products and services we offer
consist of day trips, package trips (ferry ticket plus shore based arrangements), cruises (ferry tickets used primarily for onboard activities) and transport (only the ferry ticket). We also offer conference services and other business related
services to our business travel customers.

Our sales organization is divided into national sales offices in each of the
countries where we have ferry operations and is responsible for sales and reservations, sales training and route coordination. Telephone reservations are centralized at one call center in each country. Products are sold directly to consumers and
through travel agents with whom we maintain various arrangements, including direct booking access. Individual customer bookings can also be made by internet, telephone, e-mail, mail, fax and directly at each of our ferry terminals.

Freight. Our freight sales organization is divided into three sales regions. The freight organization provides sales,
marketing and reservation services to customers and coordinates freight services for customers seeking transportation across more than one route. Freight operations are handled by sales representatives in each country where we operate, as well as
independent sales agents in other European countries.

Other Properties

Ports. We own three ports: Holyhead, located in England and Stranraer and Loch Ryan (in Cairnryan) each located in Scotland.
In February 2010, we committed to invest approximately GBP 80 million in a new ferry port facility at Loch Ryan for the future development of our Scotland-Northern Ireland route. The construction work at Loch Ryan was completed in October 2011
and operations began at the new port in November 2011. Development plans for alternative use of the old port in Stranraer have commenced.

We also own land along the quay in Hoek van Holland, The Netherlands, enabling us to control our port area at Hoek van Holland. In addition, we own 50% of the capital stock of a company owning the ports
of Rosslare and Fishguard. We operate the latter.

In July 2010, we acquired 51% of the shares in a company owning the port of
Verkö in Karlskrona in the south of Sweden, from which we operate our Karlskrona  Gdynia route. In the case of our other routes, we use port facilities owned by third parties and pay applicable port and harbor fees.

Hotels. We own one hotel in Denmark, which is marketed as part of tour packages. We have an agreement with Scandic Hotels to
operate and work with us in relation to the marketing of the hotel.

Offshore Drilling

We currently own and operate two third generation and, one fifth generation semi-submersible drilling rig. We also own four sixth
generation ultra-deepwater drillships including one enhanced ice-classed ultra-deepwater drillship, Stena IceMAX, delivered from Samsung Heavy Industries (SHI) in Korea in the first quarter of 2012. We believe our quality of
service, excellent safety record and fleet provide us with a significant competitive advantage. For the year ended December 31, 2011, our drilling operations generated revenues of SEK 6.5 billion and operating income of SEK
3.2 billion, including depreciation and amortization expenses of SEK 1.7 billion.

The table below sets forth
selected information with respect to our drilling units as of March 31, 2012.



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##### Table of Contents

Drilling Rig Fleet



|                       |  |            |     |    |            |  |      |                         |  |  |        |  |  |  |     | 
|---------------------- |  | ---------- | --- | -- | ---------- |  | ---- | ----------------------- |  |  | ------ |  |  |  | --- | 
|Drilling Rig/Drillship |  | Generation |     |    | Year Built |  |      | MaximumWaterDepth (Ft.) |  |  | Class  | 
|Stena Clyde            |  |            | 3rd | 1) |            |  | 1976 |                         |  |  | 1,640  |  |  |  | DNV | 
|Stena Spey             |  |            | 3rd |    |            |  | 1983 |                         |  |  | 1,500  |  |  |  | DNV | 
|Stena Don              |  |            | 5th |    |            |  | 2001 |                         |  |  | 1,640  |  |  |  | DNV | 
|Stena DrillMAX         |  |            | 6th |    |            |  | 2007 |                         |  |  | 10,000 |  |  |  | DNV | 
|Stena Carron           |  |            | 6th |    |            |  | 2008 |                         |  |  | 10,000 |  |  |  | DNV | 
|Stena Forth            |  |            | 6th |    |            |  | 2009 |                         |  |  | 10,000 |  |  |  | DNV | 
|Stena IceMAX           |  |            | 6th |    |            |  | 2012 |                         |  |  | 10,000 |  |  |  | DNV | 



|(1) | Upgraded 2nd generation semi-submersible.
|--- | -----------------------------------------

Our offshore drilling headquarters are in Aberdeen, Scotland with offices in Norway, Luxembourg, Cyprus and Hungary. We also have base offices in Australia, Norway, the United States and Brazil. All of
the drilling units are equipped to drill high pressure wells. As of December 31, 2011, the average age of our owned fleet was approximately 14 years.

For the five years ended December 31, 2011, our average drilling unit utilization rate was approximately 91%. The table below sets forth the average utilization rates for our drilling units for each
of the past five years.

Drilling Unit Utilization



|                                  |  |      |         |  |      |  |         |      |  |  |         |  |  |      |         |  |  |  |         | 
|--------------------------------- |  | ---- | ------- |  | ---- |  | ------- | ---- |  |  | ------- |  |  | ---- | ------- |  |  |  | ------- | 
|                                  |  | 2007 |         |  | 2008 |  |         | 2009 |  |  | 2010    |  |  | 2011 |        
|Total vessel days available       |  |      | 1,825   |  |      |  | 2,328   |      |  |  | 2,405   |  |  |      | 2,555   |  |  |  | 2,396   | 
|Vessel days utilized              |  |      | 1,714   |  |      |  | 2,171   |      |  |  | 2,106   |  |  |      | 2,207   |  |  |  | 2,189   | 
|Vessel utilization (percentage)   |  |      | 93.9    |  |      |  | 93.3    |      |  |  | 87.6    |  |  |      | 86.4    |  |  |  | 91.4    | 
|Offhire days planned              |  |      | 47      |  |      |  | 104     |      |  |  | 224     |  |  |      | 196     |  |  |  | 15      | 
|Offhire days planned (percentage) |  |      | 2.6     |  |      |  | 4.5     |      |  |  | 9.3     |  |  |      | 7.7     |  |  |  | 0.6     | 
|Unutilized days                   |  |      | 64      |  |      |  | 53      |      |  |  | 75      |  |  |      | 152     |  |  |  | 192     | 
|Unutilized days (percentage)      |  |      | 3.5     |  |      |  | 2.2     |      |  |  | 3.1     |  |  |      | 5.9     |  |  |  | 8.0     | 
|Average daily rates in            |  |      | 329,000 |  |      |  | 404,000 |      |  |  | 470,000 |  |  |      | 406,035 |  |  |  | 454,000 | 

The table below sets forth selected information with respect to the drilling contracts for our drilling
units in operation as of March 31, 2012.



|               |  |          |  |                                          
|-------------- |  | -------- |  | -----------------------------------------
|Rig/Drillship  |  | Customer |  | Expected Contract Expiration Date        
|Stena Clyde    |  | Origin   |  | November 2012 (plus one four-well option)
|Stena Don      |  | Statoil  |  | November 2013                            
|Stena Spey     |  | Enquest  |  | November 2012 (plus two option wells)    
|               |  |         
|Stena DrillMAX |  | Hess     |  | March 2013 (plus four one-well options)  
|Stena Carron   |  | Chevron  |  | November 2013                            
|Stena Forth    |  | Hess     |  | August 2014                              
|Stena IceMAX   |  | Shell    |  | June 20171)                              



|(1) | Delivery from SHI yard in April 2012. Commencement of operations expected in the second quarter of 2012.
|--- | --------------------------------------------------------------------------------------------------------

We remain confident that we will be able to secure new rig charter contracts upon expiry of our current contracts. Our customers may
terminate some of our drilling contracts if the drilling unit is destroyed or lost or if drilling operations are suspended for a specified period of time as a result of a breakdown of major equipment or, in some cases, due to other events beyond the
control of either party. In reaction to depressed market conditions, our customers may also seek renegotiation of firm drilling contracts to reduce their obligations. We expect a significant number of new drilling rigs to be delivered in the
industry in the coming years, which could have a negative effect on charter rates. Following the BP Macondo/Deepwater Horizon incident, we have seen an increased focus on safety and a demand for newer and high specification units. With a modern and
well maintained fleet, Stena Drilling is well positioned to meet these industry demands. The market for drilling rigs is tightening and driven by high oil prices with increased profit margins for the oil companies and a series of exploration
successes in frontier areas as well as in the more established regions such as the North Sea and West Africa. Our modern deepwater rig fleet is especially well positioned to take advantage of the increased demand for high spec units, and if the high
oil prices prevail, we expect to see an even tighter supply demand balance.

The contracts for our drilling units
typically provide for compensation on a day rate basis, under which we receive a fee for each day that the rig is operating under contract. Under day rate contracts, we pay the operating expenses of the rig, including wages and the costs
of incidental supplies. As at March 31, 2012, the daily charter rates for our drilling rigs were as follows: Stena Clyde: $325,000; Stena Spey: $242,500; Stena Don: $399,000, excluding dayrate adjustment related to changes
in operating costs; Stena



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##### Table of Contents

DrillMAX: $442,000 to $492,000, depending on the incentive earned and excluding dayrate adjustment related to changes in operating costs, Stena Carron: $422,000, excluding dayrate
adjustment related to changes in operating costs, and Stena Forth:$498,500 to $538,500, depending on the incentive earned and excluding dayrate adjustment related to changes in operating costs.

Newbuildings. We have ordered four DrillMAX drillships. One was delivered in December 2007, two were delivered in August 2008
and August 2009, respectively, and the fourth, the enhanced ice-classed ultra-deepwater drillship Stena IceMAX, will be delivered in April 2012. In December 2011, a five year contract was signed with Shell for drilling services to be provided
by Stena IceMAXwith operational commencement scheduled for the second quarter of 2012.

Our DrillMAX drillships can
move more quickly between drilling locations than semi-submersible rigs and include a second mast that enables them to perform exploration and development work more efficiently.

Recent acquisitions and sales.

Stena Tay was sold in October 2011. We realized a net gain of SEK 1.5 billion on the sale.

We took delivery of Stena IceMaxin April, 2012.

Competition.

The offshore drilling rig market is highly cyclical and competitive, reflecting the historic oversupply of offshore drilling rigs and the ability of operators to move rigs from areas of low utilization
and low day rates to areas of greater activity and relatively higher day rates. Although drilling contracts are generally awarded on a competitive bid basis with price competition as the primary factor, contracts for drilling projects are also being
negotiated directly between an oil company and its preferred contractor with suitability of equipment, quality of service, safety, and price being significant factors in awarding contracts.

Shipping

Our shipping operations consist of the ownership and
chartering of crude oil and petroleum product tankers, LNG carriers and Roll-on/Roll-off vessels. To support these activities, we are also engaged in the design, purchase, sale, management and crewing of these vessels. We generally collect charter
hire payments monthly in advance in the case of time charters and bareboat charters and upon completion with respect to charters on the spot market. For the financial year ended December 31, 2011, our shipping operations generated revenues of
SEK 2.6 billion but recorded a loss of SEK 70 million, including depreciation and amortization expenses of SEK 428 million and a write-down of shares in an associated company of SEK 49 million recorded in operating expenses.



30



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##### Table of Contents

Business Overview

Crude oil, petroleum product and LNG transportation

We own, charter in and
provide commercial management services for crude oil, product tankers and LNG carriers. As of March 31, 2012, we owned three product tankers, two Suezmax tankers and three LNG carriers, we leased two product tankers pursuant to long-term
finance leases and we had a 50% interest in one crude oil tanker and four shuttle tankers. We also have one Suezmax tanker on order from SHI scheduled for delivery in the first quarter of 2013. Through our 35% stake in Paradise Tankers we have an
interest in three Panamax tankers. All our owned and finance leased tankers are double hulled. As of March 31, 2012, we also chartered in 19 Product, Aframax, Panamax and Suezmax tankers where the product tankers consists of our part of the
fleet in our 50/50 joint venture in Stena Weco.

As of March 31, 2012, the average period of the charter contracts for
the 19 chartered in tankers was 16 months. Of these tankers, two were chartered out for an average period of 40 months. The other 17 tankers are currently trading on the spot market and are partly covered by contracts of affreightment
(CoA).

Our customers are generally large international oil companies, members of OPEC and shipping companies. Our customers
include BP plc, Chevron Corporation, ConocoPhillips, the Royal Dutch/Shell Group of Companies, Neste Oil and Total.

We have
an allocation agreement with Concordia, pursuant to which Concordia may elect to participate fully or partially in crude oil and petroleum product tanker and bulk cargo vessel opportunities identified by us.

The table below sets forth certain information with respect to our owned and finance leased tankers as of March 31, 2012.

Owned and finance leased tankers



|                    |  |           |  |             |  |         |  |                |  |                               
|------------------- |  | --------- |  | ----------- |  | ------- |  | -------------- |  | ------------------------------
|Tankers             |  | YearBuilt |  | Type        |  | DWT     |  | Type ofcharter |  | Current charterexpiration date
|Stena Conquest1)    |  | 2003      |  | Product     |  | 47,400  |  | Spot           |  | n/a                           
|Stena Conqueror1)   |  | 2003      |  | Product     |  | 47,400  |  | Spot           |  | n/a                           
|Stena Concert1)     |  | 2004      |  | Product     |  | 47,400  |  | Spot           |  | n/a                           
|Stena Calypso2)     |  | 2002      |  | Product     |  | 9,996   |  | Time           |  | January 2013                  
|Stena Arctica3)     |  | 2005      |  | Ice Aframax |  | 117,099 |  | Time           |  | December 2016                 
|Nordic Rio4)        |  | 2004      |  | Shuttle     |  | 152,000 |  | Bareboat       |  | July 2017                     
|Stena Alexita4)     |  | 1998      |  | Shuttle     |  | 127,535 |  | Time           |  | November 2011                 
|Stena Natalita4)    |  | 2001      |  | Shuttle     |  | 108,073 |  | Time           |  | March 2012                    
|Navion Gothenburg4) |  | 2007      |  | Shuttle     |  | 152,000 |  | Bareboat       |  | July 2020                     
|Stena Clear Sky5).  |  | 2011      |  | LNG         |  | 96,890  |  | Time           |  | March 2015                    
|Stena Crystal Sky5) |  | 2011      |  | LNG         |  | 96,890  |  | Time           |  | July 2015                     
|Stena Blue Sky5)    |  | 2006      |  | LNG         |  | 83,668  |  | Time           |  | April 2013                    
|Stena Superior1)    |  | 2011      |  | Suezmax     |  | 158,000 |  | Spot           |  | n/a                           
|Stena Suede1)       |  | 2011      |  | Suezmax     |  | 158,000 |  | Time           |  | September 2016                



|(1) | Owned tankers
|--- | -------------

|(2) | Tankers held pursuant to a long-term finance lease.
|--- | ---------------------------------------------------

|(3) | Our interest is through a 50/50 joint venture with Neste Oil Oyj.
|--- | -----------------------------------------------------------------

|(4) | Our interest in these tankers is through two 50/50 joint ventures with TeeKay.
|--- | ------------------------------------------------------------------------------

|(5) | Owned LNG carriers
|--- | ------------------



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##### Table of Contents

In addition, in 2006, we commenced a 8.5-year long-term bareboat charter agreements (with an
option to extend the charter for 1.5 years). for Stena Atlanticaand Stena Antarctica, two ice-class Aframax tankers that had been delivered from the shipyard earlier that year. The vessels were simoltaniously chartered out
to Argo Shipping International Corp.

The table below sets forth our owned and finance leased tanker sales and purchases on an
annual basis for the past five years.

Tankers sales and purchases



|                                      |  |      |   |    |      |  |    |      |  |  |      |    |  |      |    |    |  |  |    |   
|------------------------------------- |  | ---- | - | -- | ---- |  | -- | ---- |  |  | ---- | -- |  | ---- | -- | -- |  |  | -- | --
|                                      |  | 2007 |   |    | 2008 |  |    | 2009 |  |  | 2010 |    |  | 2011 |   
|Fleet as of January 1                 |  |      | 6 | 2) |      |  | 8  | 3)   |  |  | 12   | 3) |  |      | 10 | 3) |  |  | 10 | 3)
|Newbuildings delivered/vessels bought |  |      | 3 | 1) |      |  | 6  |      |  |  |     |    |  |      |   |    |  |  | 5  |   
|Vessels sold                          |  |      | 1 |    |      |  | 2  |      |  |  | 2    |    |  |      |   |    |  |  |   |   
|Fleet as of December 31               |  |      | 8 | 3) |      |  | 12 | 3)   |  |  | 10   | 3) |  |      | 10 | 3) |  |  | 15 | 3)



|(1) | Includes one vessel in which we have a 50% interest.
|--- | ----------------------------------------------------

|(2) | Includes four vessels in which we have a 50% interest.
|--- | ------------------------------------------------------

|(3) | Includes five vessels in which we have a 50% interest.
|--- | ------------------------------------------------------

Recent acquisitions and sales.

In December 2009, we ordered two Suezmaxes
from SHI for an estimated total aggregate investment of $140 million. The vessels were delivered in the third and fourth quarters of 2011, respectively.

In May 2010, we ordered one additional Suezmax from SHI for a total investment of $70 million, for delivery in the first quarter 2013.

In March, 2011, we signed a joint venture agreement with Dannebrog Rederi A/S and bought 50% of the shares in Stena Weco A/S. The joint
venture charters and operates a fleet of 30-40 handy and medium range product tankers.

In May 2011, we bought three LNG
carriers from a Taiwanese company, TMT. The investment included two newbuildings and one five-year old vessel with a total value of close to USD 700 million.

In March 2012, we sold the C-Max vessel Stena Caribbean.

Chartering
activities. As of March 31, 2012, 17 of our 19 chartered in tankers were chartered out on the spot market. The spot market refers to a segment of the shipping market where contracts are made for single voyages. Under our contracts of
affreightment, we provide transportation services for crude oil and clean oil products using designated vessels for approximately twelve months over specified routes. Under a charter on the spot market or under contracts of affreightment, the person
chartering out the vessel provides the crew, captain, insurance and daily maintenance, as well as bunker, harbor dues, channel fees and any other costs in connection with the voyage. As of March 31, 2012, two of our chartered in tankers were on
time charter contracts with remaining periods ranging up to three years.

From January 1, 2012 until March 31,
2012, spot market rates have ranged from $ 7,500 to $30,000 per day for Aframax tankers, $2,700 to $13,000 per day for Panamax tankers, $4,100 to $19,200 per day for Product tankers and $12,700 to $ 33,500 for Suezmax tankers. Spot market rates as
of March 31, 2012, were $ 20,250 for Aframax tankers, $ 11,000 for Panamax tankers, $ 3,000 for Product tankers and $ 13,200 for Suezmax tankers.

Pooling arrangements. In March 2005, we entered into a Suezmax pooling agreement with Sonangol Shipping (Sonangol Shipping Girassol Ltd, Sonangol Shipping Luanda Ltd, and Sonangol Shipping
Kizomba Ltd) in Angola. The revenues from the pool are split between the pool members in proportion to the number of tankers each delivered to the pool. The pool has been in operation since July 2005.



---

##### Table of Contents

For the five years ended December 31, 2011, our average tanker utilization rate was
approximately 98%.

The table below sets forth certain information relating to the utilization of our owned and chartered in
tankers for the last five years.

Tanker utilization



|                                  |  |                         |        |  |      |  |        |      |  |  |        |  |  |      |        |  |  |  |        | 
|--------------------------------- |  | ----------------------- | ------ |  | ---- |  | ------ | ---- |  |  | ------ |  |  | ---- | ------ |  |  |  | ------ | 
|                                  |  | Year ended December 31, |       
|                                  |  | 2007                    |        |  | 2008 |  |        | 2009 |  |  | 2010   |  |  | 2011 |       
|Total tanker days available(1)    |  |                         | 15,550 |  |      |  | 15,826 |      |  |  | 11,054 |  |  |      | 11,065 |  |  |  | 11,126 | 
|Tanker days utilized              |  |                         | 15,389 |  |      |  | 15,537 |      |  |  | 10,907 |  |  |      | 10,943 |  |  |  | 10,950 | 
|Tanker utilization (percentage)   |  |                         | 99.0   |  |      |  | 98.1   |      |  |  | 98.7   |  |  |      | 98.9   |  |  |  | 98.4   | 
|Offhire days planned(2)           |  |                         | 97     |  |      |  | 229    |      |  |  | 116    |  |  |      | 75     |  |  |  | 81     | 
|Offhire days planned (percentage) |  |                         | 0.6    |  |      |  | 1.4    |      |  |  | 1.0    |  |  |      | 0.7    |  |  |  | 0.7    | 
|Unutilized days                   |  |                         | 64     |  |      |  | 60     |      |  |  | 31     |  |  |      | 47     |  |  |  | 95     | 
|Unutilized days (percentage)      |  |                         | 0.4    |  |      |  | 0.4    |      |  |  | 0.3    |  |  |      | 0.4    |  |  |  | 0.8    | 

(1) Total tanker days are determined by aggregating the number of days in each year we owned, chartered in or leased such
tankers.

|(2) | Due to planned dry-dockings.
|--- | ----------------------------

For the five years ended December 31, 2011, the utilization for our fleet of chartered in, owned and finance leased tankers has
averaged approximately 99%. As of March 31, 2012, we have long-term time charters in place for 10 of our 14 owned and finance leased tankers (including five tankers in which we have a 50% ownership interest). However, 17 of our 19 chartered in
tankers were trading on the spot market as of March 31, 2012 and there can be no assurance that rates on the spot market will not further decline, that charters on the spot market will continue to be available or that dependence on the spot
market will not result in generally lower overall utilization and lower profitability. The time charters for our finance leased tanker expire in November 2012. We expect a significant number of new tankers to be delivered in the industry in coming
years, which could have a negative impact on charter rates.

Commercial management services. We provide commercial
management services for Concordia and Sessan and other third parties. Commercial management includes arranging charters, fuel, documentation and port services, revenue collection and accounting services.

Competition. International sea borne crude tanker and product tanker transportation services are provided by two main types
of operators: major oil company captive fleets (both private and state owned) and independent ship owner fleets. Many of our customers also operate their own tankers and use such tankers not only to transport their own oil, but also to transport oil
for third party charterers in direct competition with operators in the tanker charter market. Chartering tankers is highly competitive and is based upon price, location, vessel quality, size, condition and acceptability of the tanker and its manager
to charterers.



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##### Table of Contents

Roll-on/Roll-off Vessel Operations

Roll-on/Roll-off vessels permit trucks, freight trailers, buses, cars, and, to a certain extent, containers on chassis to drive directly
onto and off the ship. Our Roll-on/Roll-off vessel operations are divided into RoPax vessels, which carry trucks, freight trailers, buses and cars and provide accommodations for passengers; and RoRo vessels, which carry predominantly freight
trailers and only a limited number of passengers.

Over the past five years, the fleet size within our Roll-on/Roll-off
operations has ranged from six to thirteen vessels. As of March 31, 2012 we owned five RoRo vessels and eight RoPax vessels. We also chartered in one RoPax vessel.

For the five years ended December 31, 2011, our average Roll-on/Roll-off vessel utilization rate was approximately 97%. The table below sets forth information with respect to the utilization of our
Roll-on/Roll-off vessels during the last five years.

Roll-on/Roll-off Vessel Utilization



|                                  |  |                         |       |  |      |  |       |      |  |  |       |  |  |      |       |  |  |  |       |    
|--------------------------------- |  | ----------------------- | ----- |  | ---- |  | ----- | ---- |  |  | ----- |  |  | ---- | ----- |  |  |  | ----- | ---
|                                  |  | Year ended December 31, |       |  |      |  |       |      | 
|                                  |  | 2007                    |       |  | 2008 |  |       | 2009 |  |  | 2010  |  |  | 2011 |      
|Total vessel days available1)     |  |                         | 3,152 |  |      |  | 2,641 |      |  |  | 2,920 |  |  |      | 2,929 |  |  |  | 4,027 |    
|Vessel days utilized2)            |  |                         | 3,101 |  |      |  | 2,593 |      |  |  | 2,905 |  |  |      | 2,849 |  |  |  | 3,624 |    
|Vessel utilization (percentage)2) |  |                         | 98.4  |  |      |  | 98.2  |      |  |  | 99.5  |  |  |      | 97.25 |  |  |  | 90,0  |    
|Offhire days3)                    |  |                         | 41    |  |      |  | 23    |      |  |  | 13    |  |  |      | 59    |  |  |  | 56,1  |    
|Offhire days (percentage)         |  |                         | 1.3   |  |      |  | 0.9   |      |  |  | 0.4   |  |  |      | 2.0   |  |  |  | 1,4   |    
|Unutilized days                   |  |                         | 10    |  |      |  | 25    |      |  |  | 2     |  |  |      | 16    |  |  |  | 73    | (4)
|Unutilized days (percentage)      |  |                         | 0.3   |  |      |  | 0.9   |      |  |  | 0.1   |  |  |      | 0.5   |  |  |  | 1.8   |    



|(1) | Total vessel days are determined by aggregating the number of days in each year we owned, chartered in or leased such vessels (hence variation in fleet size affects
total number of days available).
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | In the case of bareboat charters, the vessel is deemed to be utilized during the entire time the vessel is on charter.
|--- | ----------------------------------------------------------------------------------------------------------------------

|(3) | Due to planned dry-dockings.
|--- | ----------------------------

|(4) | Excluding vessels transferred from Stena Line for sale by Stena RoRo.
|--- | ---------------------------------------------------------------------

The customers for our Roll-on/Roll-off vessels consist primarily of operators in the international freight and passenger transportation business. Because we frequently purchase and sell our
Roll-on/Roll-off vessels, and because our customers charter specific vessels to suit their particular needs, our customer base varies with changes in our fleet.

In the case of our RoRo and RoPax vessels, a substantial portion of our vessel utilization has been through long-term charters. For the five years ended December 31, 2011, the RoRo and RoPax vessels
have averaged a utilization rate of approximately 97%. As of December 31, 2011, most of the vessels in our Roll-on/Roll-off fleet were under charter, with expiration dates ranging from the



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second quarter of 2012 to 2016. The large number of RoRo and RoPax newbuildings ordered and delivered in the industry in recent years and the increasing demand for larger vessels have adversely
impacted charter rates and the value of older, smaller and slower vessels.

Chartering activities. Our strategy is
to charter out our Roll-on/Roll-off vessels on either long-term time charters or bareboat charters. We seek operationally experienced and financially stable customers to charter our Roll-on/Roll-off vessels. In the case of time charters, we provide
the crew, technical management and insurance coverage. In the case of bareboat charters, the charterer provides the fuel, crew, insurance and daily maintenance of the vessel. Bareboat charters also provide us with the right to inspect our vessels on
a periodic basis.

The tables below set forth information about existing chartering arrangements in place with respect to our
Roll-on/Roll-off and RoPax vessels, as of March 31, 2012.



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##### Table of Contents

RoRo Vessels



|                 |  |                 |  |                                
|---------------- |  | --------------- |  | -------------------------------
|Vessel           |  | Type of charter |  | Current charterexpiration 
date
|Mont Ventoux     |  | Time            |  | November 2012                  
|Stena Foreteller |  | Time            |  | January 2015                   
|Ark Forwarder    |  | Time            |  | May 2012                       
|Stena Forecaster |  | Time            |  | January 2015                   
|Stena Forerunner |  | Time            |  | January 2015                   

RoPax Vessels



|                                           |  |                 |  |                               
|------------------------------------------ |  | --------------- |  | ------------------------------
|Vessel                                     |  | Type of charter |  | Current charterexpiration
date
|Norman Asturias(renamed from Baltic Amber) |  | Time            |  | Open                          
|Stena Challenger1)                         |  | Bareboat        |  | June 2013                     
|Blue Puttees                               |  | Bareboat        |  | December 2015                 
|Highlanders                                |  | Bareboat        |  | February 2016                 
|Stena Feronia                              |  | Time            |  | Open                          
|Stena Caledonia                            |  |                 |  | Asset held for sale           
|Stena Baltica                              |  |                 |  | Open                          
|Stena Voyager                              |  |                 |  | Asset held for sale           



|(1) | Chartered in vessel.
|--- | --------------------

Blue
Putteesand Highlanderswere delivered to the Canadian company Marine Atlantic Inc in November 2010 and February 2011, respectively. Both Blue Putteesand Highlanderswere rebuilt to increase passenger capacity. Blue
Putteesand Highlandersare operating in Canada between North Sydney, Nova Scotia and Port aux Basque, Newfoundland on a charter for a minimum of five years.

Fleet management. We order new vessels to be built, purchase existing vessels, charter vessels in, charter vessels out and sell vessels. Sales of our vessels are an integral part of our
business and have provided a significant portion of our shipping revenue in past years. The market for vessel sales is highly competitive and there can be no assurance that we will be able to realize gains from the sale of vessels in the future.

The table below sets forth certain information with respect to our purchases and sales of vessels within our Roll-on/Roll-off
operations and the net gain from such sales for the past five years. We do not include in the table any transfers of Roll-on/Roll-off vessels from our Roll-on/Roll-off vessel operations to our ferry operations.

Vessel Sales and Purchases Roll-on/Roll-off Operations



|                                              |  |      |     |  |      |  |    |      |  |  |      |  |  |      |   |  |  |  |    |  
|--------------------------------------------- |  | ---- | --- |  | ---- |  | -- | ---- |  |  | ---- |  |  | ---- | - |  |  |  | -- | -
|                                              |  | 2007 |     |  | 2008 |  |    | 2009 |  |  | 2010 |  |  | 2011 |  
|Fleet as of January 1                         |  |      | 7   |  |      |  | 8  |      |  |  | 9    |  |  |      | 8 |  |  |  | 9  |  
|Newbuildings delivered                        |  |      |    |  |      |  |   |      |  |  |     |  |  |      |  |  |  |  |   |  
|Vessels purchased                             |  |      | 1   |  |      |  | 1  |      |  |  |     |  |  |      |  |  |  |  | 1  |  
|Vessels sold                                  |  |      | 1   |  |      |  | 1  |      |  |  | 1    |  |  |      | 1 |  |  |  | 1  |  
|Transfer from Ferry Operations                |  |      | 1   |  |      |  | 1  |      |  |  |     |  |  |      | 2 |  |  |  | 4  |  
|Fleet as of December 31                       |  |      | 8   |  |      |  | 9  |      |  |  | 8    |  |  |      | 9 |  |  |  | 13 |  
|Net gain on sale of vessels (SEK in millions) |  |      | 100 |  |      |  | 33 |      |  |  | 148  |  |  |      |  |  |  |  | (8 | )

Recent acquisitions and sales.

In June 2009, we sold the HSS vessel Stena Discovery.In the fourth quarter of 2010, the two RoPax vessels Stena Trader(renamed BluePuttees) and Stena Traveller(renamed Highlanders) were transferred from Ferry Operations to Roll-on/Roll-off Operations.



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In April 2011, we acquired the RoPax vessel Stena Feronia ex Dublin Seaways. In July
2011, the vessel Stena Balticawas transferred internally from Stena Line to Stena RoRo and, in late November 2011, the vessels Stena Voyager, Stena Caledonia, Stena Navigator were also transferred from Stena Line. The Seatrade,which was in a hire-purchase scheme was repossessed by us and subsequently sold in October 2011. In February 2012, we sold Stena Navigator.

In April 2012, we acquired two modern RoPax vessels, Norman Voyager and Watling Street, which are on charter to LD Lines and Scandlines A.G, respectively.

Competition. The Roll-on/Roll-off vessel chartering business is very competitive. Competition among companies that charter
out Roll-on/Roll-off vessels depends on several factors, such as the availability of suitable vessels, charter rates, customer service and the quality of the vessels. The large number of newbuildings ordered and delivered in the industry in recent
years has significantly increased competition in our Roll-on/Roll-off vessel operations and adversely impacted charter rates and the value of older, smaller and slower vessels. Some companies may decide that it is more economical to purchase rather
than charter vessels, thereby decreasing demand for our chartering operations. From time to time we sell vessels to such operators. Our competitors include other ship owners and ferry line service operators who may from time to time have an
unemployed vessel.

Ship management

In order to maintain a high quality fleet and efficient operations, we own and operate a ship management company, Northern Marine Management Ltd (NMM), which provides ship management services from offices
in Glasgow, St. Petersburg, Aberdeen, Gothenburg, Houston, Singapore, Manila and Mumbai. The main areas of focus are operational safety, security, quality, operational efficiency and energy management.

As of December 31, 2011, NMM provided services for approximately 100 vessels and in excess of 6,600 seafarers for us, Concordia
Maritime, Chevron, Technip, Principal Maritime, Emirates Shipping and several other third parties.

Technical developments and patents

Stena Teknik, our technical division, provides design, construction and other marine technology support to our shipping
and offshore drilling activities. We hold several patent registrations and applications in the United States and abroad to establish and protect our proprietary rights in the shipbuilding design industry. These patent registrations and applications
relate primarily to the design and construction of the HSS ferries and hull forms.

Real estate

General. We are involved in the acquisition, selling, construction, refurbishment and management of residential and commercial
properties. In the financial year ended December 31, 2011, our real estate operations, generated revenues of SEK 2.4 billion and operating income of SEK 1.8 billion, including net gain on sale of properties of SEK 106 million and
net valuation of investment properties of SEK 350 million. Substantially all our real estate operations are conducted through our unrestricted subsidiaries. As of December 31, 2011, our real estate portfolio consisted of two segments: 273
leasehold and freehold properties in Sweden; and 54 freehold and leasehold properties located in The Netherlands, Germany, Luxembourg, France, the U.S., Hungary and the U.K. The occupancy rates for our residential properties were 99% and for the
commercial properties 84%, based on square meters, for the year ended December 31, 2011. The majority (84%) of our rental income comes from our properties in Sweden; the majority of our remaining rental income is from properties located in
The Netherlands. Our real estate portfolio is managed from offices located in Gothenburg, Malmo, Stockholm, Uppsala (Sweden), Amsterdam (The Netherlands) and Sophia Antipolis (France). We also manage properties owned by the Olsson family. As of
December 31, 2011, our management estimated, based on external and internal valuations, that the market value of properties owned by our real estate operations was approximately SEK 26 billion, which equals the book value of these
properties.

Each of our real estate subsidiaries finances its acquisitions of property with equity contributions and
individual mortgages from various commercial and mortgage banks, which are non-recourse to Stena AB and the Restricted Group.

Swedish properties. Our real estate portfolio in Sweden as of December 31, 2011, consisted of 273 residential and
commercial properties totaling approximately 1.8 million square meters.



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As of December 31, 2011, our residential properties consisted primarily of multi-family
rental properties (approximately 20,500 units) that, in terms of square meters, comprise approximately 79% of our properties in Sweden or approximately 1.4 million square meters. Our commercial properties in Sweden consist mainly of office
buildings and comprise the remaining 21% of our Swedish property portfolio or approximately 400,000 square meters. The occupancy rates for our Swedish properties, based on square meters, as of December 31, 2010 and 2011, were 96% and 97%,
respectively.



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Of our Swedish properties, 38 are leased pursuant to long-term ground leases from local
governments. These leases typically run for a 60 year period with a right of renewal every 40 years. Rent is renegotiated after the first 20 years and every 10 years thereafter. In 2011, investments in new constructions,
particularly in Stockholm and Malmö, amounted to SEK 248 million and investments in existing properties amounted to SEK 593 million. In 2011 we did not acquire any properties and disposals amounted to SEK 312 million.

International. As of December 31, 2011, our properties outside Sweden consisted of 54 commercial properties, 40 of
which were located in The Netherlands. The remaining properties are located in Germany, Luxembourg, France, the U.S., the U.K and Hungary. Our non-Swedish properties total approximately 251,000 square meters. The occupancy rates for our
non-Swedish properties, based on square meters, as of December 31, 2010 and December 31, 2011, were 85% and 81%, respectively.

We also invest indirectly in real estate. We hold a 20.2% stake in the Acre Fund, which is majority owned by Schiphol Airport. The Acre Fund owns approximately 202,000 square meters of
office and warehouse space at the Schiphol Airport. External bank financing is in place for 28.7% of our total investment.

We
have invested a total of 37 million in a fund, managed by ING, for development of residential complexes in China. As of December 31, 2011, our stake in the fund amounted to 11.25%. As of December 31, 2011, approximately 95% of
our investment had been repaid as a number of projects had come to maturity.

Since 2007, we have held a stake in the ING
Dutch Office Fund, which owns a portfolio of prime office buildings in The Netherlands. 80% of the offices are located in four major Dutch cities and includes the World Trade Center in Amsterdam and the head office of Nationale Nederlanden, The
Netherlands tallest building, in Rotterdam. As of December 31, 2011 our stake in the fund amounted to 4.84%. Bank financing is in place for 47.5% of our investment.

During 2011, one commercial property was acquired in London in the U.K for a total investment amount of GBP 32.5 million and no properties were disposed of in the non-Swedish property portfolio. In
2011, investments in existing properties amounted to 5.3 million related to renovations, upgrades and energy saving installations.

In January 2012, another commercial property was acquired in London in the U.K for a total investment amount of GBP 22 million. Furthermore, in March 2012, we entered into a purchase agreement for a small
unit valued at EUR 0.5 million, in Sophia Antipolis, France. Delivery of this unit will take place in May 2012.

Property
management. In Sweden, we also manage property owned by the Olsson family. We receive a fee for these services equal to 5% of the rents collected with respect to such properties. Such fee aggregated to SEK 14 million and
15 million for each of the years ended December 31, 2010 and December 31, 2011, respectively.

New Businesses Adactum

General. Through our unrestricted subsidiary Adactum, we make long-term investments in listed as well as
private companies in new businesses outside of our traditional lines of business. Our objective is to create value in industries outside of our core business by building strong, profitable companies that can create platforms for new business
opportunities within the group. We contribute mainly capital and active ownership to these businesses. In the year ended December 31, 2011, Adactum generated revenues of SEK 4,7 billion and operating income of SEK 268 million, which
includes depreciation and amortization expenses of SEK 202 million. As of December 31, 2011, Adactum had direct investments in five private companies, of which four are wholly owned, and held significant ownership interests in two listed
companies. Adactums investments are financed through equity contributions and debt that is non-recourse to Stena AB and the Restricted Group.

Investments in private companies. In April 2004, Adactum acquired Blomsterlandet AB (Blomsterlandet) through which we have created a chain of retailers for gardening products with
one of Swedens most extensive range of indoor and outdoor plants. Since our acquisition, the number of garden centers in Sweden has increased from 18 to 44 as of December 31, 2011. Revenue of Blomsterlandet increased in the year ended
December 31, 2011, to SEK 1,210 million, representing an increase of 12% compared to SEK 1,081 million for the year ended December 31, 2010.

In June 2005, Adactum acquired Envac AB (Envac), which operates automated household and municipal waste collection systems with 35 offices in 20 countries. The Envac group is organized in five
business regions: North Europe, South Europe and the Americas, Middle East and India, South Korea and South East Asia and China. Revenue in Envac for the year ended. December 31, 2011, was SEK 1,102 million, representing a decrease of 9%
compared to SEK 1,215 million in the year ended December 31, 2010.



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In December 2005, we ordered five wind power systems (windmills) for a total investment of
SEK 140 million. In January 2007, through our subsidiary Stena Renewable AB (Stena Renewable), we commenced operation of one of Swedens largest land-based wind power generating plant, near Ludvika, Sweden. In November 2007, we
acquired an additional twelve wind power systems (installed at the same location) for approximately SEK 360 million. Operations of these new systems commenced in the fourth quarter of 2008. In April 2010, Stena Renewable acquired a company with
five new wind power systems near Härnösand, Sweden, for a price of SEK 56 million. In 2011, Stena renewable ordered 11 new wind power systems for approximately SEK 340 million, of which 10 were in operation as of
December 31, 2011. In total, Stena Renewable had 32 wind power systems in operation as per December 31, 2011. Revenues in Stena Renewable for the year ended December 31, 2011, was SEK 114 million, representing an increase of 34%
compared to SEK 85 million for the year ended December 31, 2010.

As of December 31, 2007, Adactum held 29% of
the shares in Ballingslöv International AB (publ) (Ballingslöv), a company listed on the Stockholm stock exchange that operates in the manufacturing of kitchens, bathrooms and storage units. By July 2008, we had acquired an
additional 51% of the shares through a takeover bid for a price of SEK 1.0 billion. As a result thereof, Ballingslöv became a subsidiary of Adactum as of the third quarter of 2008 and was subsequently de-listed. In December 2010, we
acquired an additional 16% of the shares. Our aggregate investment of SEK 1.5 billion represented 96% of the shares as of December 31, 2010. During 2011 we acquired the remaining outstanding shares through a redemption process and, as of
December 31, 2011, we owned 100% of the shares. Revenue in Ballingslöv for the year ended December 31, 2011, was SEK 2,306 million, representing an increase of 3% compared to SEK 2,249 million for the year ended
December 31, 2010.

In June 2007, Adactum acquired a 45% interest in MediaTec Group (MediaTec) for a total
investment of approximately SEK 340 million. MediaTec is one of Europes largest groups in the media technology industry. The business areas within MediaTec are Broadcast and Solutions. Revenue in MediaTec increased by 1% in the year ended
December 31, 2011, to SEK 902 million compared to SEK 889 million for the year ended December 31, 2010. As of March 31, 2012 Adactum held a 42.7% stake in MediaTec.

In 2010, Adactum sold its holding of 19% of the shares in SentoClone AB (SentoClone) at a loss of SEK 120 million.

Investments in listed companies. Our listed holdings held through Adactum in Gunnebo AB (publ)
(Gunnebo) (developer of security products and systems) and Midsona AB (publ) (Midsona) (manufacturer of health and beauty products) had a total market value of SEK 0.5 billion as of December 31, 2011. During 2009,
additional investments were made in Gunnebo of SEK 133 million and in Midsona of SEK 30 million, in connection with new share issues in these companies. During 2011, additional shares were acquired in Gunnebo of SEK 12 million. As of
March 31, 2012, Adactum held a 26.2% stake in Gunnebo and held 23.0% of the capital and 24.7% of the votes in Midsona.

Investment
activities

We maintain an investment portfolio of marketable securities and other short-term investments. As of
December 31, 2011, the fair value of these investments (including restricted cash of SEK 2.5 billion) amounted to SEK 6.1 billion, as compared to SEK 8.3 billion (including restricted cash of SEK 3.7 billion) as of
December 31, 2010. Our equity investments currently include both publicly traded and private companies. The debt securities currently held by us are primarily bank floating rate notes and bonds.

We have also invested in SPEs, whose purpose is to invest primarily in high yield securities and corporate bank loans. As of
December 31, 2011, total assets of these SPEs amounted to SEK 4.5 billion, which was financed in part by U.S. dollar-denominated notes issued by the SPEs in an aggregate amount of SEK 4.1 billion. These SPEs are
consolidated in the Group financial statements.

In addition to our hedging arrangements, we actively trade in currencies and
to a lesser extent in interest rates. As of December 31, 2011, the notional amounts of such instruments were SEK 966 million as compared to SEK 795 million as of December 31, 2010.

The net gains on our portfolio of debt and equity securities and investment in SPEs, together with dividends received and the results
from our currency and interest rate trading activities, for the years ended December 31, 2009, 2010 and 2011, amounted to gains of SEK 0.3 billion, SEK 0.6 billion and SEK 0.1 billion, respectively. We seek to maintain an
investment portfolio that is well diversified with regards to asset classes and geographical markets to balance our exposure to various risks, and have established a series of procedures and limits designed to manage the risks of these activities on
a day-to-day basis. Investments are subject to various risks and currency rates are highly volatile and, as a result, there can be no assurance that our investment activities will be profitable.

Our current policies regarding our investments include limits on leverage, limits on percentage of debt securities and certain types of
equity securities in our portfolio and limits on the transaction amounts by any single trader. In the case of certain of our investments, various agreements governing our indebtedness provide that if the value of our investment decreases below an
established minimum level, the lender has the right to liquidate the investment.



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Classification of vessels

The hull and machinery of each of our vessels have been certified as being in class by its respective classification society: American Bureau, DNV or Lloyds Register. A classification society
certifies that a vessel has been built and maintained in accordance with the rules of the society and is in compliance with applicable rules and regulations of the country of registry and the international conventions of which that country is a
member.

The aggregate appraised value of our owned and finance leased vessels and drilling rigs, as of December 31,
2011, was approximately SEK 42.5 billion as compared with the net book value as of December 31, 2011, of SEK 34.2 billion. These appraisals were performed by independent ship appraisers who received customary fees for such services.
Our vessel values generally fluctuate over time and there can be no assurance that we would be able to sell our vessels for their appraised values.

Risk of loss and insurance

General. Our business is subject to
a number of risks, including mechanical failure of our vessels, collisions, property loss or damage, cargo loss or damage and business interruption due to political circumstances in foreign countries, international hostilities, terrorism or labor
strikes. The operation of any ocean-going vessel or drilling rig is also subject to the inherent possibility of catastrophic marine disaster, including oil spills and other environmental mishaps, and other liabilities arising from owning and
chartering out vessels or drilling rigs in international trade. Environmental legislation enacted in the United States, which imposes virtually unlimited liability upon owners, operators and bareboat charterers trading in the U.S. market for
certain oil pollution accidents in the United States, has made liability insurance for trading in the U.S. market more expensive and has caused insurers to consider reducing available liability coverage.

We maintain insurance coverage in amounts consistent with industry practice. Our insurance coverage is maintained with underwriters in
the insurance markets mainly in Sweden, Norway, the Netherlands, Germany, the United Kingdom and the United States.

Hull
and machinery insurance. We maintain hull and machinery insurance, which covers the risk of damage to, or total or constructive loss of a vessel as well as damage to third parties caused by direct contact with an insured vessel. This
insurance also covers claims arising from collision with other vessels and salvage, towing and other related costs. Constructive total loss occurs when the vessel is so damaged due to a casualty that the repair costs amount to at least 64% of the
insured value of the vessel. We also maintain war risks insurance, which insures the risk of damage and total or constructive total loss of an insured vessel directly caused by certain warlike situations, such as military use of weapons or terrorist
activities. Coverage for areas designated from time to time as war zones may be excluded or additional premiums may be required with respect to voyages in such zones. We maintain coverage for the full value of each vessel, the value of which is
updated at least annually.

We maintain civil and war risk hull and machinery insurance in respect of all Roll-on/Roll-off
vessels, tankers, LNG carriers and drilling rigs owned by us and vessels bareboat chartered in or leased by us pursuant to a long-term finance lease. The bareboat charterer of a vessel is responsible for obtaining adequate hull and machinery
insurance. We obtain innocent owner insurance to insure against the risk that the bareboat charterers hull and machinery insurance, war risk insurance and protection and indemnity insurance are not valid due to any act or omission
of the charterer.

Loss of hire insurance. We maintain loss of hire insurance to insure against a loss of income
due to damage to the hull or machinery of any Roll-on/Roll-off vessels, tankers and LNG carriers owned by us. Some of our drilling rigs are covered by loss of hire insurance, and vessels used in our ferry operations have loss of hire insurance at
the option of the applicable route director.

Protection and indemnity (P&I) insurance. We maintain P&I
insurance coverage for our shipping activities, which includes coverage against legal liability and other related expenses incurred due to the injury or death of crew, passengers and other third parties, loss or damage to cargo, damage to third
party property, or pollution arising from oil or other substances. Our P&I insurance coverage is arranged through four P&I mutual insurance clubs in Sweden, Norway and the United Kingdom. As a member of the club, we may be required to pay
additional premiums in arrears. Our total premium is based on our own claims record, the total claims record of the members of the club and the aggregate claims record of all clubs that are members of the international association of P&I Clubs
and the clubs costs for reinsurance.

We maintain P&I insurance in respect of all Roll-on/Roll-off vessels, tankers,
LNG carriers and drilling rigs owned, chartered in or leased pursuant to a long-term finance lease, except for vessels bareboat chartered out. The charterer of a vessel we bareboat charter-out is responsible for obtaining adequate P&I insurance.
We obtain subsidiary P&I insurance for vessels bareboat chartered by companies not affiliated with us in order to insure the owner of a vessel bareboat chartered out against claims.



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Since February 20, 1996, the maximum exposure of all P&I clubs for liabilities to
third parties has been capped at an amount based on a formula specified in the International Convention on Liability for Maritime Claims of 1976. Oil pollution coverage is also limited. We believe we have adequate oil pollution coverage.

Our fleet of tankers is used for transportation of crude oil and petroleum products. The operation of these vessels, as well as our
drilling rigs, could potentially result in an oil spill for which we could be liable. The Roll-on/Roll-off vessels owned and chartered out by us do not transport crude oil or petroleum products, but do carry significant quantities of diesel oil and
other heavy oil used for fuel that, if spilled, would cause pollution and liability. In addition, vessels owned and chartered out by us could be involved in a collision with a tanker causing a spill of the tankers cargo for which we could be
liable. See Regulation.

Claims experience. We have experienced some immaterial property losses over
the past five years. These losses were all covered by insurance and none of these incidents resulted in a material loss or liability for us.

Adequacy of insurance. We believe that our current insurance coverage provides adequate protection against the accident-related risks involved in the conduct of our business and that we
maintain appropriate levels of environmental damage and pollution insurance coverage, consistent with industry practice. However, there can be no assurance that all risks are adequately insured against, that any particular claim will be paid or that
we will be able to procure adequate insurance coverage at commercially reasonable rates in the future. Consistent with industry practice, our insurance policies are subject to deductibles that we believe are commercially reasonable.

Significant Subsidiaries

The following table sets forth significant subsidiaries owned, directly or indirectly as of December 31, 2011:



|                            |  |                 |  |                  |     |  
|--------------------------- |  | --------------- |  | ---------------- | --- | -
|Name of Company             |  | Domicile        |  | Percentage Owned |    
|Stena Fastigheter AB        |  | Sweden          |  |                  | 100 | %
|Stena Line Scandinavia AB   |  | Sweden          |  |                  | 100 | %
|Stena Adactum AB            |  | Sweden          |  |                  | 100 | %
|Stena Bulk AB               |  | Sweden          |  |                  | 100 | %
|Stena Rederi AB             |  | Sweden          |  |                  | 100 | %
|Stena International S.ár.l. |  | Luxembourg      |  |                  | 100 | %
|Stena Holland BV            |  | The Netherlands |  |                  | 100 | %
|Stena Realty BV             |  | The Netherlands |  |                  | 100 | %
|Stena Line Holding BV       |  | The Netherlands |  |                  | 100 | %
|Stena Maritime AG           |  | Switzerland     |  |                  | 100 | %
|Stena Cyprus Holding Ltd    |  | Cyprus          |  |                  | 100 | %

Regulation

General

The shipping industry in general, and our business and the
operation of our vessels and drilling rigs in particular, are subject to and affected by a variety of governmental regulations, including numerous international conventions, national, state and local laws and national and international regulations
in force in the jurisdictions in which such vessels and drilling rigs are registered and operate. Because such conventions, laws and regulations are often revised, we cannot predict the ultimate cost of complying with such revised conventions, laws
and regulations or the impact on the resale price or useful life of our vessels and drilling rigs. We are required by various governmental and regulatory agencies to obtain certain permits, licenses and certificates with respect to our operations.
Subject to the discussion below and to the fact that the kinds of permits, licenses and certificates required for the operation of the vessels and drilling rigs owned or operated by us will depend upon a number of factors, we believe that we have
been and will be able to obtain all permits, licenses and certificates material to the conduct of our operations. We also foresee that the increased environmental and quality concerns of insurance underwriters, regulatory bodies and charterers will
result in greater inspection and safety requirements on all vessels.



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Environmental

We are subject to the laws of various jurisdictions and international conventions regarding the discharge of materials into the environment. The most onerous of such regulations are OPA 90, CERCLA
and MTSA.

OPA 90. OPA 90 establishes an extensive regulatory and liability regime for the protection
and cleanup of the environment from oil spills. OPA 90 affects all owners and operators whose vessels trade in the United States or its territories or possessions or whose vessels operate in United States waters, which include the United
States territorial area and the two hundred nautical mile exclusive economic zone of the United States.

Under OPA 90,
vessel owners, operators and bareboat charterers are responsible parties and are jointly, severally and strictly liable (unless the spill results solely from the act or omission of a third party, an act of God or an act of war) for all
oil spill containment and clean-up costs and other damages arising from oil spills pertaining to their vessels. The 2006 amendments to OPA 90, as implemented by regulations effective July 31, 2009, limit the liability of responsible
parties as follows:



| |  |  | Single-hull vessels (including a single-hull vessel fitted with double sides only or a double bottom only)
| | - |  | ----------------------------------------------------------------------------------------------------------



| |  |  | a vessel of 3,000 gross tons or smaller: the greater amount of $3,200 per gross ton or $6,408,000; and
| | - |  | ------------------------------------------------------------------------------------------------------



| |  |  | a vessel greater than 3,000 gross tons: the greater amount of $3,200 per gross ton or $23,496,000.
| | - |  | --------------------------------------------------------------------------------------------------



| |  |  | Other vessels than single-hull vessels
| | - |  | --------------------------------------



| |  |  | a vessel of 3,000 gross tons or smaller: the greater amount of $2,000 per gross ton or $4,272,000; and
| | - |  | ------------------------------------------------------------------------------------------------------



| |  |  | a vessel greater than 3,000 gross tons: the greater amount of $2,000 per gross ton or $17,080,000.
| | - |  | --------------------------------------------------------------------------------------------------



| |  |  | Any other vessel
| | - |  | ----------------



| |  |  | the greater amount of $1,000 per gross ton or $854,400.
| | - |  | -------------------------------------------------------

Adjustments to the limits of liability are scheduled for 2012 and every three years thereafter, based on increases in the U.S. Consumer Price Index (CPI). These limits of liability do not apply if
the incident was proximately caused by a violation of applicable United States Federal safety, construction or operating regulations or by the responsible partys gross negligence or willful misconduct, or if the responsible party fails or
refuses to report the incident or to cooperate and assist in connection with the oil removal activities.

In order to ensure
that the responsible parties will meet the minimum liability amount imposed by OPA 90, responsible parties must establish evidence of financial responsibility to pay. Certificates of financial responsibility have been obtained for all our
owned or bareboat chartered vessels that trade in U.S. waters. We believe that if the need arises, certificates of financial responsibility for our other vessels could be obtained promptly. Guarantees from Shoreline Mutual (Bermuda) Limited and
Arvak Ltd. are the primary vehicles through which we have satisfied the requirements under OPA 90.

Owners, bareboat
charterers or operators of tankers operating in United States waters are required to file vessel response plans with the Coast Guard, and their tankers are required to be operated in compliance with their Coast Guard approved plans. Such response
plans must, among other things, (i) address a worst case scenario and identify and provide, through contract or other approved means, the availability of necessary private response resources to respond to a worst case
discharge, (ii) describe crew training and drills and (iii) identify a qualified individual with full authority to implement removal actions. We have filed vessel response plans with the Coast Guard for the tankers owned or bareboat
chartered by us that trade in United States waters and have received approval for all of such tankers to operate in United States waters.

Under OPA 90, with certain limited exceptions, all newly built or converted tankers operating in United States waters must be built with double-hulls, and existing vessels which do not comply with
the double-hull requirement must be phased out over a 25-year period (1990-2015), based on size, age and place of discharge, unless retrofitted with double-hulls. All our newbuildings are double-hulls and compliant with OPA 90.



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OPA 90 expressly provides that individual states are entitled to enforce their own
pollution liability laws, even if inconsistent with or imposing greater liability than OPA 90. There is no uniform liability scheme among the states. Some states have OPA 90-like schemes for limiting liability to various amounts and some
rely on common law fault-based remedies, while others impose strict and unlimited liability on an owner or operator. Some states have also established their own requirements for financial responsibility.

CERCLA. CERCLA applies to discharges of hazardous substances (other than oil), whether on land or at sea. CERCLA applies to
owners and operators of vessels and provides for cleanup, removal and natural resource damages. CERCLAs liability regime is similar to that of OPA 90. We believe that we are in substantial compliance with OPA, CERCLA and all other
applicable state and federal regulations applying to the waters of the United States and the ports where our vessels call.

National Pollutant Discharge Elimination System(NPDES). Commercial vessels operating in U.S. waters need to
have an NPDES Vessel General Permit (VGP) for discharges to the water. The discharges eligible for coverage under the permit are routine discharges to the normal operation of a vessel. Examples of routine discharges to normal operation
include deck runoff from routine deck cleaning & rain water, gray water discharges, bilge water from properly functioning oily water separators, and ballast water. Our vessels calling to U.S. ports have NPDES VGP permits.

MTSA. MTSA is intended to protect U.S. ports and waterways from a terrorist attack. It mandates that certain
foreign-flagged vessels, such as liquefied natural gas (LNG) and oil tankers, entering U.S. waterways meet specific security requirements and comply with the International Ship and Port Security code. We believe that we are in
substantial compliance with MTSA when entering U.S. waterways.

The International Maritime Organization(IMO). The IMO, an agency of the United Nations, is responsible for measures to improve international shipping and to prevent pollution from ships. The IMO has developed international treaties and conventions to regulate
the international shipping industry which now apply to over 98% of the worlds shipping. The most important of these are mentioned below.

Convention on Civil Liability(CLC). Many countries other than the United States have ratified and follow the liability scheme adopted by the IMO and set out in CLC. Under CLC, a
tankers registered owner is strictly liable for pollution damage caused in the territorial waters of a contracting state by a discharge of persistent oil, such as crude oil, fuel oil, heavy diesel oil and lubricating oil, subject to certain
complete defenses, including pollution damage resulting from an act of war, caused by a third party, or caused by the negligence or wrongful act of a government responsible for the maintenance of lights or other navigational aids. CLC liability is
currently limited to between approximately $950 and $990 per gross ton plus $7.0 million for the first 5,000 gross tons, an amount that is subject to periodic adjustment. The right to limited liability is forfeited only where pollution
damage is caused by the owners personal act or omission committed with intent to cause such damage or recklessly and with knowledge that the damage would result. Tankers trading in the territorial waters of contracting states must provide
evidence of insurance covering the maximum amount for which the owner is strictly liable. In jurisdictions where CLC has not been adopted, various legislative schemes or common law govern and liability is imposed on the basis of fault or in a manner
similar to CLC.

MARPOL 73/78. Annex 1 of MARPOL 73/78 deals with the prevention of pollution from oil.
MARPOL 73/78 provides stringent construction and operating standards to prevent the release of oil into the environment. Under the requirements of MARPOL 73/78, all new oil tankers built since 1996 are required to have double hulls. MARPOL 73/78 was
modified following the Erika and Prestige incidents on the West Coast of Europe in 1999 and 2002, respectively. In 2002, new amendments came in to force to Annex 1 of MARPOL 73/78 that set a global timetable for the accelerated phase out of
single hull tankers.

All our owned and finance leased tankers are double hulled vessels and all our tankers are fully
compliant with MARPOL 73/78 Annex 1 Rules. This Convention has further annexes including Annex 2 Control of Pollution by Noxious Liquid Substances, Annex 4 Prevention of Pollution by Sewage and Annex 6, Prevention of Air
Pollution from Ships. All our vessels are fully compliant with all requirements of the MARPOL 73/78 and its amendments.

Annex VI of MARPOL entered into force on May 19, 2005 and subsequent amendments entered into force on July 1, 2010. This
annex sets limits on sulphur oxide and nitrogen oxide emissions from ship exhausts and prohibits deliberate emissions of ozone depleting substances. The sulphur content of fuel oil is today limited to 4.5% m/m globally with a decided global
reduction to 3.5% by 2012 and a global reduction to 0.5% by 2020 or, subject a review in 2018, possibly deferred to 2025. Annex VI also contains provisions allowing for special SOx Emission Control Areas (Sox ECAs) to be established
with more stringent controls on sulphur emissions. In these areas, the sulphur content of fuel oil used onboard ships must not exceed 1.0% until 2014. From 2015, the level is



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further lowered to 0.1% within Sox ECAs. The additional cost of fuel to comply with the 0.1% regulation (2015) will be significant and for shipping operators in competition with land based
transport alternatives, the regulation may adversely affect transported freight volumes. Annex VI also sets limits on emissions of nitrogen oxides (NOx) from diesel engines and prohibits deliberate emissions of ozone depleting substances, which
include halons and chlorofluorocarbons (CFCs). Annex VI also prohibits the incineration onboard ship of certain products, such as contaminated packaging materials and polychlorinated biphenyls (PCBs). Our fleet is in compliance with these new
requirements. In 2011, IMO adopted mandatory measures to reduce emissions of greenhouse gases from international shipping, with a new Annex VI chapter 4 on energy efficiency for ships, to make mandatory the Energy Efficiency Design Index, for new
ships, and the Ship Energy Efficiency Management Plan for all ships. These regulations are expected to enter into force on January 1, 2013.

EU Directive 2005/33/ECamends the Directive 1999/32/EC as regards the sulphur content of marine fuels and entered into force on July 6, 2005. The IMO regulations on sulphur content in marine
fuels under MARPOL Annex VI have, to some extent, made Directive 2005/33/EC redundant, with some notable exceptions as to the requirement on sulphur content when at berth in a EU port. The EU Directive is currently (2011) undergoing a
revision, which is planned to be presented during 2011-2012.

International Convention for the Control and Management of Ships
Ballast Water and Sediments (IMO 2004), includes technical standards and requirements which should be implemented in accordance to a time schedule. All new and existing ships will have to install ballast water treatment systems before 2016.

The Convention will enter into force 12 months after ratification by 30 States, representing 35 per cent of world
merchant shipping tonnage. As of July 2011, 28 States had ratified the Convention, representing 25.43% of world merchant shipping tonnage. We expect that the ratification criteria for the IMO requirements will be met in 2012 and that the
requirements will consequently enter into force during 2013.

ICLL. ICLL, which entered into force on
July 21, 1968, establishes principles and rules concerning the limits to which ships may be loaded for international voyages. The provisions take into account the potential for hazards in different maritime regions and seasonal operating
conditions, and designate how, where and when assigned load lines are to be marked on each ship. Generally, the ICLL applies to all ships that are greater than 24 meters (79 feet) in length (for ships built since 1966) or greater than
150 tons gross, unless otherwise exempted by the terms of ICLL. Currently each of our ferries, freight vessels, and tankers to which the ICLL is applicable, are operating under an International Load Line Certificate demonstrating that the vessel has
been surveyed and marked in accordance with ICLL within the past five years.

SOLAS. SOLAS 74 establishes
basic safety standards for the construction and operation of merchant ships engaged on international voyages (including our Roll-on/Roll-off vessels and tankers). SOLAS 74 provides safety standards for construction, machinery and electrical
installations, life-saving appliances, radiotelegraphy and radiotelephony, navigation and the carriage of dangerous goods. SOLAS 74 puts the primary responsibility for compliance on the flag state, but there are provisions which recognize
certain rights and obligations of countries where the ships call.

SOLAS 90 was adopted in 1990 to set new stability
criteria for passenger carrying vessels.

At the SOLAS 95 convention, several amendments to SOLAS and IMO resolutions
were adopted concerning RoRo passenger vessel stability, arrangements of bow doors, operations, communications, life-saving and search and rescue. In particular, Resolution No. 14, also known as the Stockholm Agreement, allows for regional
agreements to establish specific stability requirements for RoPax and car/passenger ferry vessels. All our RoPax and car/passenger ferry vessels are currently in full compliance with SOLAS 90 as well as the Stockholm Agreement.

Amendments to SOLAS 74 establish greater fire safety standards for existing RoPax and multi-purpose ferry vessels and newbuildings.
Our owned vessels are in full compliance with these fire and safety regulations.

Further amendments adopted to SOLAS 74
in 2000 and 2002 stipulate, among other things, the fitting of an Automatic Identification System (AIS) and a Voyage Data Recorder (VDR) for ships engaged on international voyages. Additional security provisions adopted under SOLAS in December 2002
include mandatory compliance with the new International Ship and Port Facility Security Code (ISPS Code). Our operations are fully compliant with these requirements.

In May 1994, the International Code of Safety for High Speed Craft was added to SOLAS 74, and entered into force under tacit acceptance as Chapter X of the SOLAS convention held on
January 1, 1996. These regulations mandate a variety of safety measures



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including requirements pertaining to structural stability and fire prevention. The rapid pace of development in this sector of shipping led to additional revisions of the Code of Safety for High
Speed Craft in 2000, which entered into force on July 1, 2002. High Speed Craft to which these regulations apply are required to obtain a safety certificate and a permit to operate. Our HSS ferries have been designed to be in compliance with
these regulations and we have obtained applicable permits and certifications during operation of these vessels.

SOLAS was
further amended in May 2006 (effective January 1, 2008) with respect to Long Range Identification and Tracking (LRIT). SOLAS regulation on LRIT establishes a multilateral agreement for sharing LRIT information, including the
ships identity, location and date and time of the position, for security and search and rescue purposes. The amendment contains a phased-in implementation schedule for ships constructed before the entry into force of the amendment. Our ships
are in compliance with the LRIT implementation schedule.

Our drilling units are designed and constructed to meet all
applicable rules and regulations for operation worldwide. Five of them are designed to operate in the harsh environments of the North Sea British sector and the North Sea Norwegian sector.

Finally, all our ships and our management companies comply with Chapter IX of the SOLAS convention entitled Management for the Safe
Operation of Ships. This made the International Safety Management Code (ISM Code) mandatory and establishes safety management objectives which are to:



| |  |  | provide for safe practices in ship operation in a safe working environment;
| | - |  | ---------------------------------------------------------------------------



| |  |  | establish safeguards against all identified risks; and
| | - |  | ------------------------------------------------------



| |  |  | continuously improve safety management skills of personnel, including preparing for emergencies.
| | - |  | ------------------------------------------------------------------------------------------------

The code requires a Safety Management System (SMS) to be established by the shipowner or manager who has responsibility for operating the
ship and which establishes a policy for achieving the objectives. This includes providing the necessary resources and shore based support and a designated person ashore having direct access to the highest level of management. The code is documented
and compiled in a safety management manual which is kept onboard the ship. Our vessels and management companies are all compliant with this code and are audited regularly to ensure that this remains the case.

Athens Convention. The Athens Convention has governed the liability of carriers for damage suffered by passengers carried on
a seagoing vessel. The Athens Convention makes the carrier strictly liable for damage or loss suffered by a passenger if the incident causing the damage occurred during the carriage and was due to the fault or neglect of the carrier. However, the
carrier may limit its liability unless the carrier acted with intent to cause such damage or recklessly and with knowledge that such damage would probably result.

The Athens Convention and the limits have been substantially altered and increased by the 2002 Protocol to the Athens Convention. The carrier is now strictly liable for the death or personal injury to a
passenger with limited defenses if the carrier can prove that the incident resulted from an act of war, hostilities, civil war, insurrection or a natural phenomena of an exceptional, inevitable and irresistible character or thoroughly caused by an
act of omission done with intent to cause the incident by a third party. However, if the incident occurred as a result of the fault or neglect of the carrier then the limit is increased from approximately $390,000 per passenger on each distinct
occasion to approximately $623,000 per passenger (exact amounts are determined by the applicable daily conversion rate of USD to Special Drawing Rights (SDRs), the unit of account used for liability under the Athens Convention), provided that if the
carrier is responsible for an act or omission with intent to cause damage or recklessly and with knowledge that damage would result, then the right to the limit is lost. A scheme of compulsory insurance has been introduced by the Athens Convention
to ensure that the carrier can meet these potential liabilities.

HNS Convention. The International Convention on
Liability and Compensation for Damage in Connection with the Carriage of Hazardous and Noxious Substances by sea 1996 (HNS) has been superseded by the 2010 Protocol thereto (the 2010 HNS Convention), which was adopted in
April 2010 and will enter into force following ratification by at least twelve states. The liability aspects of the 2010 HNS Convention are based on the CLC by establishing a regime of strict liability and the registered shipowners right to
limit liability. However, the 2010 HNS Convention goes further than the CLC in that it covers not only pollution damage, but also the risks of fire and explosion including loss of life or personal injury as well as loss or damage to property. The
present limits of liability to shipowners are between 100 million and 115 million Special Drawing Rights (approximately $160 million and $183 million, respectively), after which a fund, financed by shipowners, provides
compensation up to a limit of 250 million Special Drawing Rights (approximately $400 million).



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|Item 4A. | Unresolved Staff Comments
|-------- | -------------------------

Not applicable.



|Item 5. | Operating and Financial Review and Prospects
|------- | --------------------------------------------

General

The following discussion and analysis should be read in
conjunction with the Selected Financial Data section of Item 3 and our Consolidated Financial Statements and the Notes thereto. Our Consolidated Financial Statements as of December 31, 2009, 2010 and 2011, and for each of the
years in the three-year period ended December 31, 2011, have been prepared in accordance with IFRS as issued by the IASB.

We generate revenue primarily from our ferry operations, chartering out our drilling rigs, tankers, LNG carriers, and Roll-on/Roll-off
vessels and managing tankers, selling vessels, Adactum and from real estate rentals. The period from June through September is the peak travel season for passengers in our ferry operations. Chartering activities are not significantly affected by
seasonal fluctuations, but variations over the year may occur, among other things, as a consequence of vessel utilization rates, dry-docking and charter rates. Any sale or acquisition of vessels, drilling rigs or real estate also may have an impact
on our results in each period.

Significant events

Ferry Operations

In 2010, Stena Line entered into a slot charter agreement with
DFDS on the Esbjerg-Harwich and Esbjerg-Immingham routes. Consequently, as of January 2011, Stena Line also offers freight services between Denmark and UK.

In December 2010, Stena Line acquired from DFDS two routes on the Irish Sea: LiverpoolBelfast and HeyshamBelfast. Pending formal approval from the Irish and British competition authorities,
these routes were held separately from our other businesses. Final approval was given in June 2011 and the two routes were consolidated from July 1, 2011.

Effective January 1, 2011, Stena Line acquired the Danish travel agency DTF (Dansk Total Ferie), a market leading travel agency for vacations by car in Denmark.

In January 2011 and September 2011, two new built RoPax vessels, were delivered from Samsung Heavy Industries in Korea, Stena Transporter and
Stena Transit, respectively. The vessels operate on the Hoek van Holland - Killingholme route.

In May 2011, three vessels, Stena
Leader, Stena Pioneer and Stena Seafarer were sold for an aggregate profit of SEK 26 million.

In May 2011, the English
Court of Appeals affirmed a High Court ruling that contributions to repair the deficit in the Merchant Navy Ratings Pension fund can be required from any company that has participated in the fund, including companies that no longer employ any
members. In the late 1990s, the Fund was found to have a deficit and Stena Line has been providing funds to reduce this deficit. As a result of the Court of Appeals decision, the non-contributing employers will also be required to contribute funds
to reduce the deficit and the Companys future contributions are expected to be significantly reduced.

In July 2011, the vessel Stena
Lynx was sold for a price of EUR 3.8 million, with delivery in October 2011.

In November 2011, the new port Loch Ryan in Cairnryan
in Scotland was opened. The Cairnryan-Belfast route is now operated with two chartered in superfast ferries.

Drilling

During 2011, the drilling rig Stena Tay was sold generating a net profit of SEK 1.5 billion. Stena Tay joined the Stena
Drilling fleet in 1999 and operated in various locations worldwide, including in the US, the Gulf of Mexico, Brazil, Angola and Nigeria.



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During 2011 we entered into several new charter contracts. We successfully entered into a new contract for
our drilling unit Stena DrillMAX with commencement in early 2012, in direct continuation of its current contract, and an estimated duration of 15  18 months plus four one-well options.

The drilling unit Stena Spey was awarded a contract that commenced in the first quarter of 2012 and will continue until the fourth quarter of
2012. We entered into a new contract for our drilling unit Stena Clyde which commenced in the first quarter of 2012 and is expected to last until at least the fourth quarter of 2012. In December 2011, we successfully signed a five-year
contract for our enhanced ice-classed drillship Stena IceMAXwhich was delivered to us in April 2012.

Bulk

In March 2011, Stena Bulk Denmark Aps and Dannebrog Rederi A/S signed a joint venture agreement regarding the ownership in Stena Weco A/S. The new joint
venture, which commenced operation in April 2011, charters, manages and operates a fleet of 30-40 MR (Handy and Medium Range) product tankers.

In May 2011, we acquired three LNG (Liquefied Natural Gas) vessels for a total purchase price of USD 667 million. The first vessel, Bluesky, was built in 2006 and is on a charter to Gazprom until
the first quarter of 2013. The second and third vessels, Stena Clear Sky and Stena Crystal Sky, are newly built and were delivered in May 2011. The two latter vessels have been on charter to BP and British Gas, respectively, since July
2011. We have successfully signed a three-year (with a one-year option) contract for Stena Crystal Skyto commence in direct continuation of its current charter in March 2012. The charter contract for Stena Clear Sky expires in July
2012.

In September 2011, we took delivery of the newly built Suezmax vessel, Stena Superior, from the Samsung shipyard in Korea. The
vessel entered into operations in the Stena Sonangol Suezmax pool.

In November 2011, we took delivery of our second Suezmax newbuilding
vessel, Stena Suede, from the Samsung shipyard in Korea. Stena Suede has successfully commenced operations for Total, to whom the vessel is contracted for 5 years.

RoRo

In February, 2011 the vessel Highlanders was delivered to the Canadian
company Marine Atlantic Inc. on a charter for a minimum of five years. Highlanders has been shortened by 12 meters and has had its passenger capacity increased. Highlandersand Blue Puttees, its sister vessel,are
operating between North Sydney, Nova Scotia and Port aux Basque, Newfoundland.

In April 2011 Stena RoRo acquired the vessel Dublin
Seaways from DFDS for EUR 24 million. The vessel has been renamed Stena Feronia.

Adactum

Ballingslöv:In the fourth quarter of 2011, Ballingslöv acquired the Swedish company Macro, a manufacturer of shower systems with a
yearly turnover of approximately SEK 100 million and 40 employees.

Envac: In 2011, the company won a number of prestigious
orders, such as Western & Fish Harbour in Helsinki, Finland and Clichy-Batignolles in Paris, France.

Blomsterlandet: In the
first quarter of 2011, Blomsterlandet acquired Ella Trädgård in Stockholm with two shops and a turnover of approximately SEK 45 million.

Stena Renewable:In 2011, a new wind farm with 11 wind turbines was built and put into operation in Mjölby and Boxholm municipalities. Stena Renewable has committed to invest in three more
wind farms and are planning for additional investments.

Property

In 2011, Stena Property sold properties for SEK 307 million. In July 2011, one property was purchased in London for an amount of GBP 32.5 million.



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##### Table of Contents

Results of Operations



|                                        |  |                         |         |   |      |  |         |      |  |  |         |  
|--------------------------------------- |  | ----------------------- | ------- | - | ---- |  | ------- | ---- |  |  | ------- | -
|                                        |  | Year ended December 31, |        
|                                        |  | 2009                    |         |   | 2010 |  |         | 2011 | 
|                                        |  | (SEK in millions)       |        
|CONSOLIDATED GROUP                      |  |                         |         |   |      |  |         |      |  |  |         |  
|                                        |  |                         |        
|Income Statement Data:                  |  |                         |         |   |      |  |         |      |  |  |         |  
|Total revenues                          |  |                         | 27,812  |   |      |  | 27,150  |      |  |  | 27,968  |  
|Direct operating expenses               |  |                         | (17,188 | ) |      |  | (16,784 | )    |  |  | (16,548 | )
|Selling and administrative expenses     |  |                         | (3,207  | ) |      |  | (3,104  | )    |  |  | (3,225  | )
|Depreciation and amortization           |  |                         | (3,415  | ) |      |  | (3,704  | )    |  |  | (3,617  | )
|                                        |  |                         |         |   |      |  |         |      |  |  |         |  
|Income from operations                  |  |                         | 4,002   |   |      |  | 3,558   |      |  |  | 4,578   |  
|BUSINESS SEGMENT DATA                   |  |                         |         |   |      |  |         |      |  |  |         |  
|Revenues:                               |  |                         |         |   |      |  |         |      |  |  |         |  
|Ferry operations                        |  |                         | 9,599   |   |      |  | 9,092   |      |  |  | 9,684   |  
|Drilling operations                     |  |                         | 8,112   |   |      |  | 7,777   |      |  |  | 6,546   |  
|Shipping Roll-on/Roll-off vessels       |  |                         | 473     |   |      |  | 396     |      |  |  | 540     |  
|Crude Oil tankers                       |  |                         | 2,401   |   |      |  | 2,055   |      |  |  | 1,780   |  
|Other Shipping                          |  |                         | 214     |   |      |  | 200     |      |  |  | 275     |  
|                                        |  |                         |         |   |      |  |         |      |  |  |         |  
|Total Shipping                          |  |                         | 3,088   |   |      |  | 2,651   |      |  |  | 2,595   |  
|Property operations                     |  |                         | 2,335   |   |      |  | 2,380   |      |  |  | 2,368   |  
|New Businesses operations               |  |                         | 4,797   |   |      |  | 4,630   |      |  |  | 4,732   |  
|Other                                   |  |                         | 3       |   |      |  | 7       |      |  |  | 10      |  
|                                        |  |                         |         |   |      |  |         |      |  |  |         |  
|Total revenues                          |  |                         | 27,934  |   |      |  | 26,537  |      |  |  | 25,935  |  
|Other income:                           |  |                         |         |   |      |  |         |      |  |  |         |  
|Net gain on sale of assets              |  |                         | 179     |   |      |  | 189     |      |  |  | 1,683   |  
|Net valuation on investment properties  |  |                         | (301    | ) |      |  | 424     |      |  |  | 350     |  
|                                        |  |                         |         |   |      |  |         |      |  |  |         |  
|Total other income                      |  |                         | (122    | ) |      |  | 613     |      |  |  | 2,033   |  
|                                        |  |                         |         |   |      |  |         |      |  |  |         |  
|Total income                            |  |                         | 27,812  |   |      |  | 27,150  |      |  |  | 27,968  |  
|Income (Loss) from Operations:          |  |                         |         |   |      |  |         |      |  |  |         |  
|Ferry operations                        |  |                         | 445     |   |      |  | (79     | )    |  |  | (250    | )
|Net gain on sale of vessels             |  |                         |        |   |      |  | 2       |      |  |  | 16      |  
|                                        |  |                         |         |   |      |  |         |      |  |  |         |  
|Total Ferry operations                  |  |                         | 445     |   |      |  | (77     | )    |  |  | (234    | )
|Drilling operations                     |  |                         | 3,250   |   |      |  | 2,279   |      |  |  | 1,651   |  
|Net gain on sale of vessels             |  |                         |        |   |      |  |        |      |  |  | 1,561   |  
|                                        |  |                         |         |   |      |  |         |      |  |  |         |  
|Total Drilling operations               |  |                         | 3,250   |   |      |  | 2,279   |      |  |  | 3,212   |  
|Shipping: Roll-on/Roll-off vessels      |  |                         | 102     |   |      |  | 35      |      |  |  | 93      |  
|Net gain on sale of vessels             |  |                         | 148     |   |      |  |        |      |  |  |        |  
|                                        |  |                         |         |   |      |  |         |      |  |  |         |  
|Total Roll-on/Roll-off vessels          |  |                         | 250     |   |      |  | 35      |      |  |  | 93      |  
|Crude oil tankers                       |  |                         | (736    | ) |      |  | (461    | )    |  |  | (185    | )
|Impairment charges                      |  |                         | (150    | ) |      |  |        |      |  |  | (49     | )
|Net gain on sale of vessels             |  |                         |        |   |      |  |        |      |  |  |        |  
|                                        |  |                         |         |   |      |  |         |      |  |  |         |  
|Total crude oil tankers                 |  |                         | (886    | ) |      |  | (461    | )    |  |  | (233    | )
|Other shipping                          |  |                         | 7       |   |      |  | 1       |      |  |  | 70      |  
|                                        |  |                         |         |   |      |  |         |      |  |  |         |  
|Total Shipping                          |  |                         | (629    | ) |      |  | (425    | )    |  |  | (71     | )
|Property operations                     |  |                         | 1,338   |   |      |  | 1,307   |      |  |  | 1,345   |  
|Net valuations on investment properties |  |                         | (301    | ) |      |  | 424     |      |  |  | 350     |  
|Net gain on sale of properties          |  |                         | 31      |   |      |  | 187     |      |  |  | 106     |  
|                                        |  |                         |         |   |      |  |         |      |  |  |         |  
|Total Property                          |  |                         | 1,068   |   |      |  | 1,918   |      |  |  | 1,801   |  
|New Businesses operations               |  |                         | 178     |   |      |  | 210     |      |  |  | 268     |  
|Other                                   |  |                         | (310    | ) |      |  | (347    | )    |  |  | (398    | )
|                                        |  |                         |         |   |      |  |         |      |  |  |         |  
|Total                                   |  |                         | 4,002   |   |      |  | 3,558   |      |  |  | 4,578   |  
|Depreciation & Amortization:            |  |                         |         |   |      |  |         |      |  |  |         |  
|Ferry operations                        |  |                         | 1,119   |   |      |  | 1,173   |      |  |  | 1,261   |  
|Drilling                                |  |                         | 1,665   |   |      |  | 2,076   |      |  |  | 1,704   |  
|Shipping: Roll-on/Roll-off vessels      |  |                         | 141     |   |      |  | 126     |      |  |  | 211     |  
|Crude oil tankers                       |  |                         | 247     |   |      |  | 86      |      |  |  | 209     |  
|Other shipping                          |  |                         | 12      |   |      |  | 9       |      |  |  | 8       |  
|                                        |  |                         |         |   |      |  |         |      |  |  |         |  
|Total Shipping                          |  |                         | 400     |   |      |  | 221     |      |  |  | 428     |  
|Property                                |  |                         | 2       |   |      |  | 2       |      |  |  | 4       |  
|New Businesses operations               |  |                         | 219     |   |      |  | 215     |      |  |  | 202     |  
|Other                                   |  |                         | 10      |   |      |  | 17      |      |  |  | 18      |  
|                                        |  |                         |         |   |      |  |         |      |  |  |         |  
|Total                                   |  |                         | 3,415   |   |      |  | 3,704   |      |  |  | 3,617   |  



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Comparison of the year ended December 31, 2011 to the year ended December 31, 2010

Currency effects

Our revenues and expenses, reported in Swedish kronor, are significantly affected by fluctuations in currency exchange rates, primarily relative to the U.S. dollar, the British pound and the euro. We
seek to mitigate the impact of potential adverse foreign currency exchange fluctuations by matching, to the extent possible, revenues and expenses in the same currency. In addition, we enter into certain derivative financial instruments. In the year
ended December 31, 2011, approximately 33% of our total revenues were generated in U.S. dollars and approximately 29% were generated in SEK.

In the year ended December 31, 2011, approximately 30% of our total expenses were incurred in U.S. dollars and approximately 33% were incurred in SEK. The reported gross revenues and expenses
were influenced by changes in the currency rates. The exchange rates as used for consolidation purposes are as follows:



|               |  |                      |         |  |                      |  |         |        |  |  |     |   
|-------------- |  | -------------------- | ------- |  | -------------------- |  | ------- | ------ |  |  | --- | --
|Average rates: |  | January-December2010 |         |  | January-December2011 |  |         | Change | 
|               |  |                      |        
|US             |  |                      | 7.2049  |  |                      |  | 6.4969  |        |  |  | (10 | )%
|British pound  |  |                      | 11.1256 |  |                      |  | 10.4115 |        |  |  | (6  | )%
|Euro           |  |                      | 9.5413  |  |                      |  | 9.0035  |        |  |  | (6  | )%



|               |  |                         |         |  |                         |  |         |        |  |  |    |   
|-------------- |  | ----------------------- | ------- |  | ----------------------- |  | ------- | ------ |  |  | -- | --
|Closing rates: |  | As of December 
31,2010 |         |  | As of December 
31,2011 |  |         | Change | 
|US             |  |                         | 6.7273  |  |                         |  | 6.8748  |        |  |  | 2  | % 
|British pound  |  |                         | 10.4942 |  |                         |  | 10.6803 |        |  |  | 2  | % 
|Euro           |  |                         | 9.0089  |  |                         |  | 8.9177  |        |  |  | (1 | )%

Revenues

Total revenues decreased SEK 602 million, or 2%, in the twelve months ended December 31, 2011, to SEK 25,935 million from SEK 26,537 million in the twelve months ended
December 31, 2010, as a result of decreased revenues in the drilling, shipping and property segments, together with the weakening of the U.S. dollar, the Euro and the GBP against the SEK, offset by increased revenues in the ferry and new
businesses Adactum segments.

Ferry operations. Ferry revenues are primarily generated from ticket sales, freight
haulage and on-board sales. Revenues from ferry operations increased SEK 592 million, or 7%, in the twelve months ended December 31, 2011, to SEK 9,684 million from SEK 9,092 million in the twelve months ended December 31,
2010, mainly due to increased travel revenues after the consolidation of the Danish travel agency DTF as from January 1, 2011 and increased revenues from freight haulage as a consequence of higher volumes of freight units, offset by reduced
revenues from onboard sales as a consequence from lower car and passenger volumes together with the effect of the weakening of the Euro and the GBP against the SEK.

Drilling. Drilling revenues consist of charter hires for our drilling rigs. Revenues from drilling operations decreased SEK 1,231 million, or 16%, in the twelve months ended December 31,
2011, to SEK 6,546 million from SEK 7,777 million in the twelve months ended December 31, 2010. The decrease is mainly reflecting the weakening of the U.S. dollar against the SEK, reduced revenues for the rig Stena Tay, which
was on SPS from mid July until the sale in October, together with a contract at higher day rates for the rig Stena Carron during the first two quarters of 2010, offset by planned off-hire periods for Stena Don and Stena Clyde,
which both undertook five-year SPSs in the first and second quarter of 2010, respectively. In local currency revenues decreased 7% in the twelve months ended December 31, 2011 compared to the same period last year.

Shipping. Shipping revenues primarily represent charter hires for our owned and chartered-in vessels and management fees for
vessels managed by us. Revenues from shipping operations decreased SEK 56 million, or 2%, in the twelve months ended December 31, 2011, to SEK 2,595 million from SEK 2,651 million in the twelve months ended December 31,
2010.

Revenues from crude oil tankers and LNG carriers decreased SEK 275 million, or 13%, in the twelve months ended
December 31, 2011, to SEK 1,780 million from SEK 2,055 million in the twelve months ended December 31, 2010, mainly due to the fact that as from April 2011 19 MR vessels are operating in the joint venture Stena Weco A/S in which
the operating results are reported as a net



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revenue. The operating results from these vessels were previously reported gross within revenues and operating expenses. Revenues also decreased as an effect of the weakening of the U.S. dollar
against the SEK, offset by revenues generated from our LNG vessels, one of which was put into operation in May 2011, with the other two put into operation in July 2011. In local currency revenues decreased 4% in the twelve months ended
December 31, 2011, compared to the same period last year. In the twelve months ended December 31, 2011, the Company operated an average of 30 tankers (chartered-in or owned), compared to an average of 27 tankers in the twelve months ended
December 31, 2010.

Revenues from chartering out Roll-on/Roll-off vessels increased SEK 144 million, or 36%, in the
twelve months ended December 31, 2011, to SEK 540 million from SEK 396 million in the twelve months ended December 31, 2010, mainly due to new charter contracts with Marine Atlantic for Highlanders and Blue Puttees, offset by the
weakening of the Euro against the SEK.

Revenues from Other Shipping increased SEK 75 million, or 38%, in the twelve
months ended December 31, 2011, to SEK 275 million from SEK 200 million in the twelve months ended December 31, 2010, mainly due to the receipt of USD 10 million (SEK 64.8 million) for a patent infringement in the first
quarter of 2011, offset by the weakening of the U.S. dollar and the GBP against the SEK.

Property. Property revenues consist
of rents for properties owned and management fees for properties managed by the Company. Revenues from property operations decreased SEK 12 million, or 1%, in the twelve months ended December 31, 2011, to SEK 2,368 million from SEK
2,380 million in the twelve months ended December 31, 2010, mainly due to a lower number of properties owned together with the weakening of the Euro against the SEK.

New Businesses Adactum. Adactum revenues consist of revenues from Adactums subsidiaries. Revenues from Adactum increased SEK 102 million, or 2%, in the twelve months ended
December 31, 2011, to SEK 4,732 million from SEK 4,630 million in the twelve months ended December 31, 2010, mainly due to increased revenues from Blomsterlandet, which has increased its market share and also increased its number
of shops. Revenues from Stena Renewable increased due to five new wind power plants near Härnösand in Sweden acquired in April 2010 and due to the new wind farm with 11 wind turbines being built and put into operation during 2011 in
Mjölby and Boxholm, Sweden, offset by the strengthening of the SEK affecting both Envac and Ballingslöv. Of the total revenues in the twelve months ended December 31, 2011, SEK 2,306 million related to Ballingslöv, SEK
1,210 million related to Blomsterlandet, SEK 1,102 million related to Envac and SEK 114 million related to Stena Renewable, as compared to SEK 2,249 million related to Ballingslöv, SEK 1,081 million related to
Blomsterlandet, SEK 1,215 million related to Envac and SEK 85 million related to Stena Renewable in the twelve months ended December 31, 2010.

Other Income

Net valuation on investment properties.As a
result of revaluation to fair value according to IAS 40 Investment properties, the Company had net gains of SEK 350 million for the twelve months ended December 31, 2011, as compared to net gains of SEK 424 million for the
twelve months ended December 31, 2010, mainly due to an increase in investment property market values in the Swedish market.

Net Gain on Sale of Vessels. In the twelve months ended December 31, 2011, gains of MSEK 16 were recorded on the sale of the vesselsStena Leader, Stena Pioneer, Stena SeafarerandStena Lynx. In the twelve months ended December 31, 2010, gains of SEK 2 million were recorded on the sale of the vessels Götaland, Stena Transfer and Stena Partner.

Net Gain on Sale of Properties. In the twelve months ended December 31, 2011, gains of SEK 106 million were recorded on sale of
properties. In the twelve months ended December 31, 2010, gains of SEK 187 million were recorded on sale of properties.

Direct operating expenses

Total direct operating expenses decreased SEK 236 million, or 1%, in the twelve months ended December 31, 2011, to SEK 16,548 million from SEK 16,784 million in the twelve months ended
December 31, 2010, mainly as a result of reduced operating expenses in drilling, shipping and property, together with the weakening of the Euro, the U.S. dollar and the GBP against the SEK, offset by increased operating expenses for the ferry
and the new businesses, Adactum operations.

Ferry operations.Direct operating expenses for ferry operations consist
principally of personnel costs, costs of goods sold on the vessels, bunker fuel costs, vessel charter costs, commissions, package tour costs and other related costs. A significant portion of these costs do not vary as a result of changes in our
seasonal requirements. Direct operating expenses for ferry operations increased SEK



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586 million, or 8%, in the twelve months ended December 31, 2011, to SEK 7,703 million from SEK 7,117 million in the twelve months ended December 31, 2010, mainly due to
increased product costs due to the consolidation of the Danish travel agency DTF as from January 1, 2011, and increased expenses for bunker fuel, offset by lower ship costs due to rationalization with less vessels in operation, together with
the weakening of the Euro and the GBP against the SEK. Direct operating expenses for ferry operations for the twelve months ended December 31, 2011, were 80% of revenues, as compared to 78% for the twelve months ended December 31, 2010.

Drilling.Direct operating expenses for drilling consist primarily of personnel costs, insurance, maintenance and
catering costs. Direct operating expenses for drilling operations decreased SEK 223 million, or 8%, in the twelve months ended December 31, 2011, to SEK 2,736 million from SEK 2,959 million in the twelve months ended
December 31, 2010. The decrease mainly reflects reduced expenses for the rig Stena Tay, which was on SPS as from June 2011 until its sale in October, together with the weakening of the U.S. dollar against the SEK, offset by planned
off-hire periods for Stena Donand Stena Clyde in the first and second quarter of 2010 as they both undertook five-year SPSs, respectively. Direct operating expenses from drilling operations for the twelve months ended
December 31, 2011, were 42% of drilling revenues, as compared to 38% for the twelve months ended December 31, 2010.

Shipping. Direct operating expenses for shipping consist primarily of vessel charter costs, fuel costs, personnel costs, insurance
and other related vessel costs. Direct operating expenses for shipping operations decreased SEK 622 million, or 25%, in the twelve months ended December 31, 2011, to SEK 1,895 million from SEK 2,517 million in the twelve months
ended December 31, 2010.

Direct operating expenses associated with crude oil tankers decreased SEK 621 million, or
27%, in the twelve months ended December 31, 2011, to SEK 1,657 million from SEK 2,278 million in the twelve months ended December 31, 2010, mainly due to the fact that as from April 2011 19 MR vessels are operating in the joint
venture Stena Weco A/S, in which the operating results are reported as net revenue. The operating results from these vessels were previously reported gross within revenues and operating expenses. Operating expenses were also reduced as an effect of
the weakening of the U.S. dollar against the SEK, offset by increased expenses generated from our three LNG vessels, which were in operation as from May and July 2011, respectively. Direct operating expenses for crude oil operations for the twelve
months ended December 31, 2011, were 93% of revenues, as compared to 111% for the twelve months ended December 31, 2010. Direct operating expenses for tankers include time-charter costs, which normally are fixed for periods between 6
months and 5 years, while revenues in the spot market vary with each voyage.

Direct operating expenses with respect to
Roll-on/Roll-off vessels increased by SEK 2 million, or 1%, in the twelve months ended December 31, 2011, to SEK 198 million from SEK 196 million in the twelve months ended December 31, 2010, mainly due to increased costs of
the operating vessels, offset by the weakening of the Euro against the SEK. Direct operating expenses for Roll-on/Roll-off vessels for the twelve months ended December 31, 2011, were 37% of revenues, as compared to 49% for the twelve months
ended December 31, 2010.

Direct operating expenses with respect to Other Shipping decreased SEK 3 million, or 7%,
in the twelve months ended December 31, 2011, to SEK 40 million from SEK 43 million in the twelve months ended December 31, 2010. Direct operating expenses for Other Shipping for the twelve months ended December 31, 2011,
were 15% of revenues, as compared to 22% for the twelve months ended December 31, 2010.

Property. Property
expenses consist primarily of maintenance, heating and personnel costs. Direct operating expenses for property operations decreased SEK 56 million, or 6%, in the twelve months ended December 31, 2011, to SEK 829 million from SEK
885 million in the twelve months ended December 31, 2010, mainly due to reduced operating expenses as a consequence of a lower number of properties owned together with the weakening of the Euro against the SEK. Direct operating expenses
for property operations for the twelve months ended December 31, 2011, were 35% of property revenues, as compared to 37% for the twelve months ended December 31, 2010.

New Businesses Adactum.Direct operating expenses for Adactum consist of expenses from Adactums subsidiaries. Direct
operating expenses for Adactum increased SEK 75 million, or 2%, in the twelve months ended December 31, 2011, to SEK 3,381 million from SEK 3,306 million in twelve months ended December 31, 2010, mainly due to increased
costs of goods sold in Blomsterlandet due to increased sales volumes, offset by lower operating costs in Envac and Ballingslöv due to effective cost control and reduced volumes, together with the weakening of the Euro and the GBP against the
SEK. Of the total operating expenses in the twelve months ended December 31, 2011, SEK 1,490 million related to Ballingslöv, SEK 1,070 million related to Blomsterlandet, SEK 806 million related to Envac and SEK
21 million related to Stena Renewable, as compared to SEK 1,434 million related to Ballingslöv, SEK 969 million related to Blomsterlandet, SEK 888 million related to Envac and SEK 12 million related to Stena Renewable
in the twelve months ended December 31, 2010. Direct operating expenses for Adactum operations for the twelve months ended December 31, 2011, were 71% of revenues, same as for the twelve months ended December 31, 2010.



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Selling and administrative expenses

Selling and administrative expenses increased SEK 121 million, or 4%, in the twelve months ended December 31, 2011, to SEK
3,225 million from SEK 3,104 million in the twelve months ended December 31, 2010. Costs increased mainly due to the consolidation of the Danish travel agency DTF as from January 1, 2011, together with increased pension costs,
offset by the weakening of the U.S. dollar and the Euro against the SEK. Total selling and administrative expenses in the twelve months ended December 31, 2011 were 12% of total revenues, same as for the twelve months ended December 31,
2010.

Depreciation and amortization

Depreciation and amortization charges decreased SEK 87 million, or 2%, in the twelve months ended December 31, 2011, to SEK 3,617 million from SEK 3,704 million in the twelve months
ended December 31, 2010, mainly as a result of reduced depreciation charges due to a five-year extension to twenty years of the useful life of the DrillMAX drillships, offset by increased depreciation charges for new vessels delivered
and by the effect of impairment charges of SEK 49 million related to the shares in the associated company Paradise during 2011. The weakening of the U.S. dollar with respect to the SEK, which primarily impacted depreciation charges on drilling
rigs, which are denominated in U.S. dollars, contributed to the decrease in depreciation and amortization charges.

Financial income and
expense, net

Financial income and expense, net decreased by SEK (921) million in the year ended December 31,
2011, to SEK (1,799) million from SEK (878) million in the year ended December 31, 2010.

Share of associated
companies results in the years ended December 31, 2010 and 2011, refers to our portion of the results of Midsona, Gunnebo and MediaTec. As of December 31, 2011, our interest in the capital of Midsona was 23.0%, our interest in the
capital of Gunnebo was 26.2% and our interest in the capital of MediaTec was 42.7%. In 2010 the previous write-down of Gunnebo of SEK 140 million was reversed and Midsona was written-down by SEK 40 million. As of December 31,
2010, our interest in the capital of Midsona was 23.0%, our interest in the capital of Gunnebo was 25.7% and our interest in the capital of MediaTec was 42.7%.

Net gain (loss) on securities in the year ended December 31, 2011, was SEK (69) million, of which SEK 199 million related to net realized gains on marketable securities and equity
securities and investments in SPEs, SEK (354) million related to net unrealized losses on marketable securities and SEK 86 million related to the termination of the financial lease of Stena Carron. Net gain (loss) on securities in
the year ended December 31, 2010, was SEK 445 million, of which SEK 124 million related to net realized gains on marketable securities and equity securities and investments in SPEs, SEK 229 million related to net unrealized gains
on marketable securities and SEK 91 million related to the termination of the financial lease of Stena Carron.

Interest income decreased by SEK 83 million in the year ended December 31, 2011, to SEK 394 million from SEK
477 million in the year ended December 31, 2010. Interest income related to investments in SPEs decreased during the same period by SEK 61 million to SEK 270 million from SEK 331 million partly due to lower investments in
interest bearing assets.

Interest expense increased by SEK 116 million to SEK (1,914) million in the year ended
December 31, 2011, from SEK (1,798) million for the year ended December 31, 2010. Interest expense for the investments in SPEs decreased during the same period by SEK 49 million to SEK (53) million from SEK
(102) million.

During the year ended December 31, 2011, we had foreign exchange gains, net of SEK 36 million.
During the year ended December 31, 2010, we had foreign exchange gains, net of SEK 48 million.

Other financial
income (expense) of SEK (370) million for the year ended December 31, 2011, included SEK (189) million related to amortization of the deferred financing charges for our Senior Notes, revolving credit facilities, bank loans, capital
lease obligations and investments in SPEs and a loss of SEK (119) million related to bunker hedges. Other financial income (expense) of SEK (219) million for the year ended December 31, 2010, included SEK (188) million related to
amortization of the deferred financing charges for our Senior Notes, revolving credit facilities, bank loans, capital lease obligations and investments in SPEs and a gain of SEK 9 million related to bunker hedges.



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Income taxes

Income taxes for the year ended December 31, 2011, were SEK (253) million, consisting of current taxes of SEK (240) million and deferred taxes of SEK (13) million. Income taxes for the
year ended December 31, 2010, were SEK (114) million, consisting of current taxes of SEK (191) million and deferred taxes of SEK 77 million. The provision for taxes is based upon the applicable tax rates in the various
jurisdictions where revenues are generated.

Comparison of the year ended December 31, 2010 to the year ended December 31, 2009

Currency effects

Our revenues and expenses, reported in Swedish kronor, are significantly affected by fluctuations in currency exchange rates, primarily relative to the U.S. dollar, the British pound and the euro. We
seek to mitigate the impact of potential adverse foreign currency exchange fluctuations by matching, to the extent possible, revenues and expenses in the same currency. In addition, we enter into certain derivative financial instruments. In the year
ended December 31, 2010, approximately 34% of our total revenues were generated in U.S. dollars and approximately 29% were generated in SEK.

In the year ended December 31, 2010, approximately 31% of our total expenses were incurred in U.S. dollars and approximately 29% were incurred in SEK. The reported gross revenues and expenses
were influenced by changes in the currency rates. The exchange rates as used for consolidation purposes are as follows:



|               |  |                      |         |  |                      |  |         |        |  |  |     |   
|-------------- |  | -------------------- | ------- |  | -------------------- |  | ------- | ------ |  |  | --- | --
|Average rates: |  | January-December2009 |         |  | January-December2010 |  |         | Change | 
|US             |  |                      | 7.6457  |  |                      |  | 7.2049  |        |  |  | (6  | )%
|British pound  |  |                      | 11.9260 |  |                      |  | 11.1256 |        |  |  | (7  | )%
|Euro           |  |                      | 10.6213 |  |                      |  | 9.5413  |        |  |  | (10 | )%



|               |  |                         |         |  |                         |  |         |        |  |  |     |   
|-------------- |  | ----------------------- | ------- |  | ----------------------- |  | ------- | ------ |  |  | --- | --
|Closing rates: |  | As of December 
31,2009 |         |  | As of December 
31,2010 |  |         | Change | 
|US             |  |                         | 7.1553  |  |                         |  | 6.7273  |        |  |  | (6  | )%
|British pound  |  |                         | 11.5704 |  |                         |  | 10.4942 |        |  |  | (9  | )%
|Euro           |  |                         | 10.2506 |  |                         |  | 9.0089  |        |  |  | (12 | )%

Revenues

Total revenues decreased SEK 1,398 million, or 5%, in the twelve months ended December 31, 2010, to SEK 26,537 million from SEK 27,934 million in the twelve months ended
December 31, 2009, as a result of lower revenues in all segments except for property operations, mainly due to the weakening of the U.S. dollar, the euro and the GBP against the SEK.

Ferry operations. Ferry revenues are primarily generated from ticket sales, freight haulage and on-board sales. Revenues from
ferry operations decreased SEK 507 million, or 5%, in the twelve months ended December 31, 2010, to SEK 9,092 million from SEK 9,599 million in the twelve months ended December 31, 2009, mainly due to lower revenues from
ticket sales, onboard sales and freight haulage as a consequence of lower volumes of cars, passengers and freight units, as well as the weakening of the euro and the GBP against the SEK.

Drilling. Drilling revenues consist of charter hires for our drilling rigs. Revenues from drilling operations decreased SEK
335 million, or 4%, in the twelve months ended December 31, 2010, to SEK 7,777 million from SEK 8,112 million in the twelve months ended December 31, 2009. The decrease is mainly due to the weakening of the U.S. dollar
against the SEK and the planned off-hire periods for Stena Donand Stena Clyde, which both undertook their respective five-year special periodic surveys during the first and second quarter 2010, respectively.

Shipping. Shipping revenues primarily consist of charter hires for our owned and chartered-in vessels and management fees for
vessels managed by us. Revenues from shipping operations decreased SEK 437 million, or 14%, in the twelve months ended December 31, 2010, to SEK 2,651 million from SEK 3,088 million in the twelve months ended December 31,
2009.



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Revenues from crude oil tankers decreased SEK 346 million, or 14%, in the twelve months
ended December 31, 2010, to SEK 2,055 million from SEK 2,401 million in the twelve months ended December 31, 2009, mainly due to lower charter rates in the spot market and less tonnage operated, as well as the weakening of the
U.S. dollar against the SEK. In the twelve months ended December 31, 2010, the Company operated an average of 27 tankers (chartered-in or owned), compared to an average of 32 tankers in the twelve months ended December 31, 2009.

Revenues from chartering out Roll-on/Roll-off vessels decreased SEK 77 million, or 16%, in the twelve months ended
December 31, 2010, to SEK 396 million from SEK 473 million in the twelve months ended December 31, 2009, mainly due to off-hire periods for the RoPax vessel Baltic Amberand for the RoRo vessel Mont Ventouxduring
the first and third quarter 2010, respectively, lower charter hires and the weakening of the euro against the SEK.

Revenues
from Other Shipping decreased SEK 14 million, or 7%, in the twelve months ended December 31, 2010, to SEK 200 million from SEK 214 million in the twelve months ended December 31, 2009, mainly due to the weakening of the
U.S. dollar and the GBP against the SEK.

Property. Property revenues consist of rents for properties owned
and management fees for properties managed by the Company. Revenues from property operations increased SEK 45 million, or 2%, in the twelve months ended December 31, 2010, to SEK 2,380 million from SEK 2,335 million in the
twelve months ended December 31, 2009, mainly due to higher rents and occupancy rates, partly offset by the weakening of the euro against the SEK.

New Businesses Adactum. Adactum revenues consist of revenues from Adactums subsidiaries. Revenues from Adactum decreased SEK 167 million, or 3%, in the twelve months ended
December 31, 2010, to SEK 4,630 million from SEK 4,797 million in the twelve months ended December 31, 2009, mainly due to the strengthening of the SEK affecting Envac and Ballingslöv, together with lower revenues generated
from Envac due to the delayed startup of new projects. Of the total revenues in the twelve months ended December 31, 2010, SEK 2,249 million related to Ballingslöv, SEK 1,081 million related to Blomsterlandet,
SEK 1,215 million related to Envac and SEK 85 million related to Stena Renewable, as compared to SEK 2,317 million related to Ballingslöv, SEK 1,076 million related to Blomsterlandet, SEK 1,328 million related
to Envac and SEK 74 million related to Stena Renewable in the twelve months ended December 31, 2009.

Other Income

Net valuation on investment properties. As a result of revaluation to fair value according to IAS 40
Investment properties, the Company had net gains of SEK 424 million for the twelve months ended December 31, 2010, as compared to net losses of SEK 301 million for the twelve months ended December 31, 2009, mainly due
to an increase in investment property market values in the Swedish market.

Net Gain on Sale of Vessels. In the
twelve months ended December 31, 2010, gains of SEK 2 million were recorded on the sale of the RoPax vessel Götaland,and the RoRo vessels Stena Transferand Stena Partner. In the twelve months ended
December 31, 2009, gains of SEK 148 million were recorded on the sales of the HSS vessel Stena Discoveryand the RoPax vessel Stena Transporter.

Net Gain on Sale of Properties. In the twelve months ended December 31, 2010, gains of SEK 187 million were recorded on the sale of properties. In the twelve months ended
December 31, 2009, gains of SEK 31 million were recorded on the sale of properties.

Direct operating expenses

Total direct operating expenses decreased SEK 404 million, or 2%, in the twelve months ended December 31,
2010, to SEK 16,784 million from SEK 17,188 million in the twelve months ended December 31, 2009, mainly as a result of lower operating expenses in the tanker, other shipping and new business segments, together with the weakening of
the euro, the U.S. dollar and the GBP against the SEK, partly offset by higher operating expenses for the ferry, drilling and property operations.

Ferry operations. Direct operating expenses for ferry operations consist principally of personnel costs, costs of goods sold on the vessels, bunker fuel costs, vessel charter costs,
commissions, package tour costs and other related costs. A significant portion of these costs do not vary as a result of changes in our seasonal requirements. Direct operating expenses for ferry operations increased SEK



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84 million, or 1%, in the twelve months ended December 31, 2010, to SEK 7,117 million from SEK 7,033 million in the twelve months ended December 31, 2009, mainly due to
higher expenses for bunker fuel, partly offset by lower costs for products due to lower sales, and the weakening of the euro and the GBP against the SEK. Direct operating expenses for ferry operations for the twelve months ended December 31,
2010, were 78% of revenues, as compared to 73% for the twelve months ended December 31, 2009.

Drilling. Direct operating expenses for drilling consist primarily of personnel costs, insurance, maintenance and catering
costs. Direct operating expenses for drilling operations increased SEK 237 million, or 9%, in the twelve months ended December 31, 2010, to SEK 2,959 million from SEK 2,722 million in the twelve months ended
December 31, 2009. The increase was mainly due to additional costs related to the full year operation of the DrillMAX vessel Stena Forth,delivered in August 2009, partly offset by a reduction in costs due to planned off-hire periods for
Stena Donand Stena Clydeand the return of the bareboat chartered drilling unit Songa Deeto the lessor in March 2009. Direct operating expenses from drilling operations for the twelve months ended December 31, 2010, were
38% of drilling revenues, as compared to 34% for the twelve months ended December 31, 2009.

Shipping. Direct
operating expenses for shipping consist primarily of vessel charter costs, fuel costs, personnel costs, insurance and other related vessel costs. Direct operating expenses for shipping operations decreased SEK 607 million, or 19%, in the twelve
months ended December 31, 2010, to SEK 2,517 million from SEK 3,124 million in the twelve months ended December 31, 2009.

Direct operating expenses relating to crude oil tankers decreased SEK 602 million, or 21%, in the twelve months ended December 31, 2010, to SEK 2,278 million from SEK 2,880 million in
the twelve months ended December 31, 2009, mainly due to lower volumes of activity and a reduced fleet, together with the weakening of the U.S. dollar against the SEK. Direct operating expenses for crude oil operations for the twelve
months ended December 31, 2010, were 111% of revenues, as compared to 120% for the twelve months ended December 31, 2009.

Direct operating expenses with respect to Roll-on/Roll-off vessels increased by SEK 6 million, or 3%, in the twelve months ended December 31, 2010, to SEK 196 million from SEK
190 million in the twelve months ended December 31, 2009, mainly due to costs related to the transfer of the RoPax vessels Blue Puttees (formerly Stena Trader) and Highlanders(formerly Stena Traveller) from
Ferry Operations- to the RoRo segment, partly offset by the weakening of the euro against the SEK. Direct operating expenses for Roll-on/Roll-off vessels for the twelve months ended December 31, 2010, were 49% of revenues, as compared to 40%
for the twelve months ended December 31, 2009.

Direct operating expenses with respect to Other Shipping decreased SEK
11 million, or 20%, in the twelve months ended December 31, 2010, to SEK 43 million from SEK 54 million in the twelve months ended December 31, 2009. Direct operating expenses of Other Shipping for the twelve months ended
December 31, 2010, were 22% of revenues, as compared to 25% for the twelve months ended December 31, 2009.

Property. Property expenses consist primarily of maintenance, heating and personnel costs. Direct operating expenses for
property operations increased SEK 81 million, or 10%, in the twelve months ended December 31, 2010, to SEK 885 million from SEK 804 million in the twelve months ended December 31, 2009, mainly due to higher energy costs due
to a colder winter in Sweden in 2010, together with higher costs for maintenance, partly offset by the weakening of the euro against the SEK. Direct operating expenses for property operations for the twelve months ended December 31, 2010, were
37% of property revenues, as compared to 34% for the twelve months ended December 31, 2009.

New Businesses
Adactum. Direct operating expenses for Adactum consist of expenses of Adactums subsidiaries. Direct operating expenses for Adactum decreased SEK 170 million, or 5%, in the twelve months ended December 31, 2010, to SEK
3,306 million from SEK 3,476 million in twelve months ended December 31, 2009, mainly due to lower operating costs in Envac and Ballingslöv due to cost control measures and the delayed startup of new projects, together with the
weakening of the euro and the GBP against the SEK. Of the total operating expenses in the twelve months ended December 31, 2010, SEK 1,434 million related to Ballingslöv, SEK 969 million related to Blomsterlandet, SEK
888 million related to Envac and SEK 12 million related to Stena Renewable, as compared to SEK 1,517 million related to Ballingslöv, SEK 972 million related to Blomsterlandet, SEK 979 million related to Envac and
SEK 11 million related to Stena Renewable in the twelve months ended December 31, 2009. Direct operating expenses for Adactum operations for the twelve months ended December 31, 2010, were 71% of revenues, as compared to 72% for
the twelve months ended December 31, 2009.



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Selling and administrative expenses

Selling and administrative expenses decreased SEK 103 million, or 3%, in the twelve months ended December 31, 2010, to SEK
3,104 million from SEK 3,207 million in the twelve months ended December 31, 2009, mainly due to lower personnel costs in Ferry operations as a result of cost-saving programs, together with the weakening of the U.S. dollar and
the euro against the SEK, partly offset by higher pension costs. Total selling and administrative expenses in the twelve months ended December 31, 2010 were 12% of total revenues, as compared to 11% for the twelve months ended December 31,
2009.

Depreciation and amortization

Depreciation and amortization charges increased SEK 289 million, or 8%, in the twelve months ended December 31, 2010, to SEK 3,704 million from SEK 3,415 million in the twelve months
ended December 31, 2009, mainly as a result of depreciation charges for the third DrillMAX vessel Stena Forthdelivered in August 2009 and for the first of the two new superferries, Stena Hollandica, offset by the effect of
increased depreciation during 2009 due to impairment charges of SEK 150 million related to three medium range product tankers. The weakening of the U.S. dollar with respect to the Swedish kroner, which primarily impacted depreciation charges on
drilling rigs (denominated in U.S. dollars) offset by the decrease in depreciation and amortization charges.

Financial income and
expense, net

Financial income and expense, net increased by SEK 780 million in the year ended December 31,
2010, to SEK (878) million from SEK (1,658) million in the year ended December 31, 2009.

Share of associated
companies results in the years ended December 31, 2009 and 2010, refers to our portion of the results of Midsona, Gunnebo and MediaTec. As of December 31, 2010, our interest in the capital of Midsona was 23.0%, our interest in the
capital of Gunnebo was 25.7% and our interest in the capital of MediaTec was 42.7%. During 2010 the previous write-down of Gunnebo of SEK 140 million was reversed and Midsona was written-down by SEK 40 million. As of December 31,
2009, our interest in the capital of Midsona was 23.0%, our interest in the capital of Gunnebo was 25.7% and our interest in the capital of MediaTec was 42.7%.

Net gain (loss) on securities in the year ended December 31, 2010, was SEK 445 million, of which SEK 124 million related to net realized gains on marketable securities and equity securities
and investments in SPEs, SEK 229 million related to net unrealized gains on marketable securities and SEK 91 million related to the termination of the financial lease of Stena Carron. Net gain (loss) on securities in the year ended
December 31, 2009, was SEK (81) million, of which SEK (701) million related to net realized losses on marketable securities and equity securities and investments in SPEs, SEK 510 million related to net unrealized gains and SEK
110 million related to the termination of the financial leases for Stena Carron.

Interest income decreased by SEK
208 million in the year ended December 31, 2010, to SEK 477 million from SEK 685 million in the year ended December 31, 2009. Interest income related to investments in SPEs decreased during the same period by SEK
145 million to SEK 331 million from SEK 477 million partly due to lower investments in interest bearing assets.

Interest expense decreased SEK 66 million to SEK (1,798) million in the year ended December 31, 2010, from SEK
(1,864) million for the year ended December 31, 2009. Interest expense for the investments in SPEs decreased during the same period by SEK 112 million to SEK (102) million from SEK (214) million.

During the year ended December 31, 2010, we had foreign exchange gains, net of SEK 48 million. During the year ended
December 31, 2009, we had foreign exchange losses, net of SEK (282) million.

Other financial income (expense) of
SEK (219) million for the year ended December 31, 2010, included SEK (188) million related to amortization of the deferred financing charges for our Senior Notes, revolving credit facilities, bank loans, capital lease obligations and
investments in SPEs and a gain of SEK 9 million related to bunker hedges. Other financial income (expense) of SEK (201) million for the year ended December 31, 2009, included SEK (67) million related to amortization of the
deferred financing charges for our Senior Notes, revolving credit facilities, bank loans, capital lease obligations and investments in SPEs and a loss of SEK (163) million related to bunker hedges.

Income taxes

Income taxes for the year ended December 31, 2010, were SEK (114) million, consisting of current taxes of SEK (191) million
and deferred taxes of SEK 77 million. Income taxes for the year ended December 31, 2009, were SEK 20 million, consisting of current taxes of SEK (210) million and deferred taxes of SEK 230 million. The provision for taxes is
based upon the applicable tax rates in the various jurisdictions where revenues are generated.



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Liquidity and capital resources

Our liquidity requirements principally relate to servicing of debt, financing the purchase of vessels and other assets and funding of
working capital. In prior years, we met our liquidity requirements with cash on hand, cash flows from operations, borrowings under various credit facilities and other financing and refinancing arrangements.

As of December 31, 2011, we had total cash and marketable securities of SEK 7,720 million as compared with SEK
9,922 million as of December 31, 2010.

For the year ended December 31, 2011, cash flows provided by operating
activities amounted to SEK 4.895 million as compared to SEK 5,065 million in the year ended December 31, 2010. For the year ended December 31, 2011, cash flows used in investing activities amounted to SEK (5,579) million,
including SEK (10,651) million related to capital expenditures. For the year ended December 31, 2010, cash flows used in investing activities amounted to SEK (9,681) million, including SEK (10,189) million related to capital
expenditures. For the year ended December 31, 2011, cash flows provided by financing activities amounted to SEK 559 million. For the year ended December 31, 2010, cash flows provided by financing activities amounted to SEK
5,151 million.

Total interest bearing debt as of December 31, 2011, was SEK 49,501 million, excluding debt in
SPEs, as compared with SEK 47,964 million as of December 31, 2010. Interest bearing debt in SPEs as of December 31, 2011, was SEK 4,143 million as compared with SEK 5,140 million as of December 31, 2010. As of
December 31, 2011, $776 million was utilized under our $1 billion revolving credit facility, plus $26 million which was used for issuing bank guarantees and letters of credit. As of December 31, 2010, $909 million was
utilized under our $1 billion revolving credit facility, of which $25 million was used for issuing bank guarantees and letters of credit. As of December 31, 2011, $32 million was utilized under the $200 million revolving credit
facility entered into by Stena Royal, compared to $107 million as of December 31, 2010. In June 2009, Adactum entered into a revolving credit facility of SEK 450 million. As of December 31, 2010, the utilized portion of this facility
was SEK 450 million. During 2010 we entered into a new SEK 6,660 million revolving credit facility with Svenska Handelsbanken and Nordea and guaranteed by EKN. This facility was unutilized as of December 31, 2011.

We believe that, based on current levels of operating performance and anticipated market conditions, cash flow from operations, together
with other available sources of funds, including refinancings, will be adequate to make required payments of principal and interest on outstanding debt, to permit proposed capital expenditures, including newbuildings, other vessel acquisitions, and
our commitment with respect to the Loch Ryan facility, and to fund anticipated working capital requirements.

Financial Contracts

Revolving credit facility. On December 8, 2004, Stena Holland BV (formerly Stena International B.V.) and
Stena (Switzerland) AG (SSAG) entered into a $1 billion secured revolving credit facility with a syndicate of financial institutions, for which J.P. Morgan plc, Svenska Handelsbanken, Nordea, Citigroup Global Markets Limited,
DnB NOR Bank ASA and HSBC Bank plc act as lead arrangers and Svenska Handelsbanken acts as facility agent. The revolving credit facility was made available for the purposes of refinancing Stena Holland BVs existing debt, including the 2002 and
2001 revolving credit facilities, together with certain other vessel financings, and to provide financing for general corporate purposes. Stena Holland BVs and SSAGs obligations under the revolving credit facility are guaranteed by Stena
AB and certain of its subsidiaries.

The final maturity of the revolving credit facility is January 28, 2013. Borrowings
under the revolving credit facility bear interest at a rate equal to the aggregate of LIBOR plus an applicable margin, which ranges from 0.60% to 0.725% depending on the level of utilization of the facility. Interest is payable at the end of the
interest period of each advance, although if an advance has a term of more than six months, interest is payable at six-month intervals. The facility gives the option to drawdown advances for periods of one, two, three or six months, or for other
periods with the consent of the lenders. Commitment fees and guarantee indemnity fees will be based on the level of utilization of the facility.

The obligations of Stena AB, Stena Holland BV, AB Stena Finans and SSAG under the revolving credit facility are secured by, among other things, first priority security interests on Stena Baltica,
Stena Carisma(and its linkspans), Stena Clyde, Stena Don, Stena Danica, Stena Europe, Stena Forecaster, Stena Forerunner, Stena Foreteller, Stena Forwarder, Stena Vision (ex. Stena
Germanica),



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Stena Nautica, Stena Saga, Stena Spirit (ex.Stena Scandinavica), Stena Scanrail, Stena Spey, Aurora af Helsingborg, Stena Scotia, Stena Hibernia, Stena
Feroniaand the Holyhead and Stranraer ports. In the event that an asset securing the revolving credit facility is sold or declared a total loss, availability under the revolving credit facility will, unless appropriate replacement collateral is
provided within 270 days, be reduced by the lesser of net sale or net loss proceeds and the amount required to bring the security value of the remaining collateral (net of any debt secured by a prior mortgage therein) to 140% of the facility
amount.

The revolving credit facility imposes various financial and operating covenants upon the restricted group. Among
other things, the principal financial covenants (i) require us to maintain current assets and committed undrawn facilities in an amount greater than or equal to 125% of consolidated current liabilities, (ii) require us and our subsidiaries
to maintain minimum cash and cash equivalents of not less than $50 million, (iii) require our net debt to be no greater than 65% of the capitalization, and (iv) require us to maintain ownership of the security parties that, at the
date of execution of the credit facility agreement, are members of the Stena AB group.

As of December 31, 2011, the
amount of indebtedness under the revolving credit facility was $776 million plus $26 million used in connection with guarantees and letters of credit.

Adactum secured bank facility. On June 30, 2009, Adactum entered into a new secured revolving credit facility with Svenska Handelsbanken and Nordea with a total principal amount of SEK
450 million. The facility matures on June 30, 2012, and bears interest at a rate based on Stockholm Interbank Offered Rates plus an applicable margin of 2.0%. Adactum may select an interest period of one, three, six or twelve months every
time it borrows funds under the facility. Interest is payable at the end of the relevant interest period. The facility includes a cross-default provision ($15 million threshold) with respect to debt of Stena, Adactum or any present or future
subsidiary of Stena. As of December 31, 2011, SEK 450 million under the facility was utilized. The facility is non-recourse to Stena AB.

Stena Royal secured bank facility. On September 28, 2007, Stena Royal entered into a new $350 million secured revolving credit facility with Svenska Handelsbanken and Nordea. The
facility matures on September 28, 2012. The facility bears interest at a rate based on LIBOR, EURIBOR or Stockholm Interbank Offered Rates, as applicable depending on currency drawn down, plus an applicable margin of 0.45% to 0.70%, depending
on the ratio between the aggregated drawn down amount and the value of the underlying security. Stena Royal may select every time it borrows funds under the facility an interest period of three or six months or such other period as may be agreed up
to a maximum of twelve months. Interest is payable at the end of the relevant interest period. The medium and long-term investment portfolios held by Stena Royal are pledged as security for the facility. The facility does not include any
cross-default provision. In 2010, the amount of the facility was reduced to $200 million as the providing banks are the providers of the SEK 6,660 million EKN revolving credit facility (described below). As of December 31, 2011,
$32 million was utilized under the facility.

Debt in SPEs. As of December 31, 2011, we had investments,
through unrestricted subsidiaries, in three SPEs: Canyon Capital CLO-2004 Ltd, Canyon Capital CLO-2006 Ltd and Canyon Capital CLO-2007 Ltd. The assets and liabilities of the SPEs are consolidated in our financial statements, although the debt of the
SPEs is non-recourse to Stena. Canyon Capital CDO-2002 Ltd was terminated in 2011 and the remaining assets were sold.

As of
December 31, 2011, Canyon Capital CLO-2004 Ltd and Canyon Capital CLO-2006 Ltd, had issued senior secured notes to fund their portfolio investments in the U.S. high yield bond and corporate loan markets.

As of December 31, 2011, the total outstanding debt of all SPEs was SEK 4.1 billion. The remaining funding for the SPEs has
been provided by the Company and other investors as subordinated secured notes and preferred share capital.

Canyon Capital
CLO-2004 Ltd issued notes maturing in October 2016, consisting of $200 million Class A1 notes, $77.5 million Class A2 notes, $36 million Class B notes, $29 million Class C notes and $16 million
Class D senior secured notes. The Class A, B, and C notes bear interest at a variable interest rate of LIBOR, plus a margin of 0.37%, 1.25% and 2.50%, respectively, and the Class D notes bear a fixed interest rate of 12.88%. Canyon
Capital CLO-2006 Ltd issued senior secured notes maturing in August 2020, consisting of $266 million Class A notes, $15.2 million Class B notes, $22.8 million Class C notes, $22.8 million Class D notes and
$13.3 million Class E notes. The notes bear interest at a variable rate of LIBOR plus a margin of 0.25-0.27% for Class A notes and 0.42%, 0.70%, 1.60% and 3.75% for Class B, C, D and E notes, respectively. Interest is payable
semi-annually. Each series of notes is secured by the underlying securities held by the issuing SPE. During 2010, the previous funding of Canyon Capital CLO-2007 was refinanced, using the $200 million secured revolving credit facility in the
unrestricted group. The $200 million funding of Canyon Capital CLO-2007 was repaid during 2010. During 2011 the CLO 2007 has been reduced down to notional USD 38 million and the funding from the secured RCF has been repaid in its entirely.

Senior Notes due 2016. As of December 31, 2011, we had outstanding $129 million principal amount of
7% Senior Notes due 2016. In 2007, we repurchased $78 million of our Senior Notes due 2016. The 7% Senior Notes, issued in November 2004, mature on



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December 1, 2016, and interest is payable semi-annually on June 1 and December 1 of each year. The 7% Senior Notes are redeemable at our option, in whole or in part, at any
time. The indentures governing the notes contain certain covenants with respect to, among other things, limitations on consolidated and subsidiary debt and preferred stock, limitations on restricted payments and investments, limitations on
restrictions concerning distributions and transfers by subsidiaries, limitations on liens and guarantees, limitations on business activities and limitations on mergers, consolidations and certain sales and purchases of assets. The notes are
unsecured obligations of Stena AB and rank pari passuin right of payment with Stena ABs other unsubordinated indebtedness.

Senior Notes due 2017, Senior Notes due 2019 and Senior Notes due 2020. As of December 31, 2011, we had outstanding 300 million principal amount of 6.125% Senior Notes due
2017,  102 million principal amount of 5.875% Senior Notes due 2019 and 200 million principal amount of 7.875% Senior Notes due 2020. The 6.125% Senior Notes, issued in February 2007, mature on February 1,
2017, and interest is payable semi-annually on February 1 and August 1 of each year. The 5.875% Senior Notes, issued in February 2007, mature on February 1, 2019, and interest is payable semi-annually on February 1 and
August 1 of each year. The 7.875% Senior Notes, issued in March 2010, mature on March 15, 2020, and interest is payable semi-annually on March 15 and September 15 of each year. The indentures governing these notes contain
certain covenants with respect to, among other things, limitations on consolidated and subsidiary indebtedness and limitations on liens on capital markets indebtedness. The notes are unsecured obligations of Stena AB and rank pari passuin
right of payment with Stena ABs other unsubordinated indebtedness.

SEK 6,660 million EKN revolving credit
facility. In 2010, Stena entered into a SEK 6,660 million multicurrency Revolving Credit facility agreement with Svenska Handelsbanken and Nordea backed by a guarantee provided by EKN. Borrowings under the revolving credit facility
bear interest at a rate equal to the aggregate of the applicable Interbank Offered Rates plus a margin of 1.85%. Interest is payable at the end of the interest period of each advance, although if an advance has a term of more than six months,
interest is payable semi-annually. The facility is unsecured and matures on September 29, 2017. As of December 31, 2011 and 2010, respectively, the facility was unutilized.

The $1 billion revolving credit facility as well as certain vessel financings provide that the failure of immediate members of the
Olsson family or their legal representatives to own at least 75% of the voting equity in Stena AB, which is not cured within 90 to 120 days, triggers a mandatory prepayment of all outstanding advances and the termination of the facility unless
all the lenders under such facility agree otherwise. Also, if Stena AB ceases to own, directly or indirectly, 100% of the equity in the borrowing entities, then all amounts outstanding under the $1 billion revolving credit facility become
immediately payable on demand, and upon such demand the facility terminates. In addition, the SEK 450 million Adactum facility will become payable on demand if Stena AB ceases to own, directly or indirectly, 100% of the equity in Adactum.

The indentures governing all of our Senior Notes require Stena AB to make an offer to purchase all notes outstanding under
such indenture at 101% of their principal amount if any person or group other than shareholders ultimately controlled by the Olsson family and certain related entities directly or indirectly beneficially owns or controls more than 50% of the voting
equity in Stena AB.

Other

Property-related debt. As of December 31, 2011, we had bank facilities and mortgage loans secured by the real estate, buildings and land in our real estate business segment of
approximately SEK 12.2 billion that are denominated in Swedish kroner and euro, with maturities from 2012 through 2026. These facilities and loans are non-recourse to Stena AB. In addition, there are loans secured by indirect investments in
real estate of approximately SEK 0.5 billion that are denominated in euro. These facilities and loans are non-recourse to Stena AB.

Other interest bearing debt. As of December 31, 2011, we were obligated with respect to the guarantees of lease obligations and certain loans used to finance the acquisition of vessels
and other assets in the aggregate amount of approximately SEK 24 billion. These are denominated in U.S. dollar, British pound, euro and Swedish kroner.

Construction in Progress

Total construction in progress, which includes a
DrillMAX drillship and one other vessel on order as of December 31, 2011, was SEK 5,290 million as compared to SEK 6,541 million as of December 31, 2010. The remaining capital expenditure commitment for newbuildings on order as
of December 31, 2011, was SEK 2,899 million, of which SEK 2,635 million is due during 2012 and SEK 264 million is due during 2013. Financing for approximately 90% of this unpaid balance has already been arranged. We plan to
finance the remainder of this unpaid balance, together with additional expenses and financing costs, through cash from operations, existing revolving credit facilities, new capital lease agreements, new bank loans or other financing arrangements.



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Long-Term Financial Obligations and Other Contractual Obligations

Our long-term financial obligations as of December 31, 2011, were as follows:



|                          |  |                        |        |  |                   |  |       |           |  |  |           |  |  |                   |       |  |              |  |        |  |  |  |       | 
|------------------------- |  | ---------------------- | ------ |  | ----------------- |  | ----- | --------- |  |  | --------- |  |  | ----------------- | ----- |  | ------------ |  | ------ |  |  |  | ----- | 
|                          |  | Payments due by period |       
|                          |  | Total                  |        |  | Less thanone year |  |       | 1-2 years |  |  | 3-5 years |  |  | More than5 
years |       |  | Notspecified | 
|                          |  | (SEK million)          |       
|Property loans            |  |                        | 12,490 |  |                   |  | 906   |           |  |  | 1,224     |  |  |                   | 902   |  |              |  | 9,458  |  |  |  |       | 
|Other bank loans          |  |                        | 22,748 |  |                   |  | 1,629 |           |  |  | 4,587     |  |  |                   | 4,375 |  |              |  | 12,156 |  |  |  |       | 
|Revolving credit facility |  |                        | 5,560  |  |                   |  |       |           |  |  |           |  |  |                   |       |  |              |  |        |  |  |  | 5,560 | 
|Other credit facilities   |  |                        | 764    |  |                   |  | 307   |           |  |  |           |  |  |                   |       |  |              |  |        |  |  |  | 457   | 
|Senior Notes              |  |                        | 6,236  |  |                   |  |       |           |  |  |           |  |  |                   |       |  |              |  | 6,236  |  |  |  |       | 
|Capital leases            |  |                        | 1,703  |  |                   |  | 222   |           |  |  | 161       |  |  |                   | 520   |  |              |  | 800    |  |  |  |       | 
|Operating leases          |  |                        | 6,900  |  |                   |  | 1,578 |           |  |  | 2,324     |  |  |                   | 1,231 |  |              |  | 1,767  |  |  |  |       | 
|Trade accounts payable    |  |                        | 1,281  |  |                   |  | 1,281 |           |  |  |           |  |  |                   |       |  |              |  |        |  |  |  |       | 
|Total                     |  |                        | 57,682 |  |                   |  | 5,924 |           |  |  | 8,296     |  |  |                   | 7,028 |  |              |  | 30,418 |  |  |  | 6,017 | 

The Company also has a pension obligation to members of the Olsson family. This contractual obligation is
current fully funded. For committed contracts for newbuildings on order, see page F-43, Vessels, Construction in progress and Equipment.

Off Balance Sheet Arrangements

One of our subsidiaries and TeeKay have
each guaranteed the performance of the obligations of one of the Stena/TeeKay joint ventures under a charter agreement with Esso Norway. Our liability under this guarantee is limited to 50% of any claim caused by the non-performance of the joint
venture. We and TeeKay have also guaranteed the repayment by the other Stena/TeeKay joint ventures of loans from a group of banks. Our liability under these loans is limited to 50% of the amount outstanding under the loan agreements, including
interest, charges, expenses and damages. As of December 31, 2011, the outstanding total loan amounts were $92 million.

Trend
information

Charter rates for RoRo and RoPax vessels and freight volumes and rates in Northern Europe increased in the
period between 2001 and July 2008. In particular, freight volumes increased by an average of approximately 5% per year during the period. Demand, driven by increases in global and regional trade, increased charter rates and freight volumes and
rates on these vessels. Freight volumes in Northern Europe have in the past increased by approximately two times GDP growth in this area and a general economic downturn or slowdown could lead to decreased freight volumes and rates for our ferry
operations and lower charter rates for our chartered out RoRo and RoPax vessels. As of the third quarter of 2008, freight volumes and rates and charter rates began to fall as a result of the global recession. Charter rates were stable, during 2009
and 2010, but have decreased during 2011, primarily as a result of lower economic activity in the European market. The RoRo and ferry freight businesses are exposed to the current economic climate and competition for customers products. There
can be no assurance that freight volume and rates and charter rates will not decrease from current levels or that we will be able to charter out our RoRo and RoPax vessels when our current charter contracts expire.

Charter rates for tankers increased in the period between February 2008 and August 2008, which marked the end of a super cycle for the tanker
market. Demand, driven by increases in global trade and demand for crude oil, significantly increased charter rates. In October 2008, charter rates began to fall as a result of increased capacity and reduced demand for crude oil. By the end of 2008,
rates stabilized at a lower level which generally continued during 2010 and 2011. The decline in charter rates was also affected by the expected over-capacity of available tankers. Going forward, we expect the tanker industry will be positively
affected by an increase in worldwide oil consumption. This, however, will be partly offset by a continuously high level of newbuildings delivered from shipyards. Our tankers subject to long term charters are not expected to be affected by the
current events in the tanker market until the current charters expire. Tankers trading in the spot market are subject to changes in the demand for vessels and changes in market rates.

Oil price and profits for the oil companies are the main drivers for the drilling market. Charter rates for drilling rigs increased in
the period between 2005 and 2008, primarily driven by increased offshore exploration and development activities as a consequence of



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increased demand for oil and depletion of existing offshore fields. In particular, charter rates for newer, larger rigs that are equipped to operate in deep water have increased over the last few
years. In 2009, charter rates were slightly affected by lower crude prices, reduced exploration as a result of lower exploration budgets on the part of oil companies and reduced forecasted demand for oil. The market improved in 2010. With a higher
oil price, the economics of offshore exploration and production change, remote and frontier areas become economically viable for exploratory campaigns and re-investment by oil companies in more mature areas increases. Throughout 2011, demand grew
faster than supply and dayrates improved with utilization. The ultra deepwater market utilization remains at 100% and such utilization is expected to continue for several years. As a result of the fully utilized ultra deepwater market, we have seen
increased demand and a tightening in the mid-deepwater (3,000-7,500 feet) market. We also see positive signs for the coming year in the midwater segment with dayrates on the rise. All of our seven drilling units are on time charter with expirations
ranging from the fourth quarter 2012 through June 2017. The demand for drilling units has been volatile and demand for drilling units and charter rates historically have fluctuated significantly with long-term sustained oil price changes. No
assurances can be given with respect to future demand for such rigs or the prices at which they may be contracted after the existing contracts expire.

Application of Critical Accounting Policies

The preparation of our
consolidated financial statements requires the use of estimates, judgments and assumptions that affect the reported amounts of assets, liabilities and provisions at the date of the financial statements and the reported amounts of sales and expenses
during the periods presented. The accounting principles applied by us that are deemed to be critical are discussed below.

Vessels useful lives. Our vessels represent our most significant assets, together with our investment properties.
Depreciation of vessels, which includes depreciation of vessels under capital leases, is computed using the straight-line method over estimated service lives of 10 to 25 years. Significant vessel improvement costs are capitalized as additions
to the vessel rather than being expensed as a repair and maintenance activity. Should certain factors or circumstances cause us to revise our estimate of vessel service lives, depreciation expense could be materially lower or higher. If
circumstances cause us to change our assumptions in making determinations as to whether vessel improvements should be capitalized, the amounts we expense each year as repairs and maintenance costs could increase, partially offset by a decrease in
depreciation expense.

Investment properties. Our investment properties, i.e. properties held in order to generate
rental income or increase in value or a combination of these, are valued continuously at fair value (estimated market value). These properties are initially valued at acquisition cost. Fair value is based on the estimated market value on balance
sheet date, which means the value at which a property could be transferred between well-informed parties that are independent of each other and that have an interest in the transaction being carried out. Changes in fair value are reported in the
income statement, with an impact on changes in value of properties.

Impairment of Goodwill. Goodwill is comprised
of the amount by which the acquisition cost exceeds the fair value of the Groups portion of the acquired subsidiarys identifiable net assets at acquisition date. Goodwill is tested annually for impairment and is recognized at acquisition
cost less accumulated impairment losses. Goodwill is allocated to cash generating units during impairment testing. This allocation refers to the cash generating units, determined in accordance with the Groups operating segments, which are
expected to benefit by the business combination in which the goodwill item arose.

Impairment of non-financial
assets. We review long lived assets used in our business and investments in affiliated companies on an annual basis for impairment, or whenever events or changes in circumstances indicate that the carrying amount of an asset or a group of
assets may not be recoverable. An impaired asset is written down to its estimated fair value if the decline is deemed to be permanent. We estimate fair value based on independent appraisals, sales price negotiations, active markets, if available,
and projected future cash flows discounted at a rate determined by management to be commensurate with our business risk. The estimation of fair value using these methods is subject to numerous uncertainties, which require our significant judgment
when making assumptions of revenues, operating costs, selling and administrative expenses, interest rates and general economic business conditions, among other factors.

Derivative instruments and hedging measures. We apply hedge accounting to reduce the risks associated with the volatility of the reported result which would, otherwise, arise as a consequence
of the valuation of the derivative at fair value, while the hedged item, in normal cases, has yet to be recognized in the balance sheet (cash flow hedges) or recognized in the balance sheet at amortized cost.

All derivatives that do not meet the hedging criteria are marked to fair market values that are generally determined based on quoted
market prices or market quotes for the same or similar financial instruments.



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Impairment of financial assets. We make an assessment on each balance sheet date
regarding whether there exists any objective evidence that a write-down requirement has arisen for a financial asset or a group of financial assets. As regards shares classified as available-for-sale assets, any significant or extended decline in
the fair value of a share to a level below its acquisition value is regarded as an indication that a write-down requirement exists. If such evidence is present for available-for-sale financial assets, the accumulated loss  calculated as
the difference between acquisition cost and current fair value, less any previous impairment charges reported in the income statement  is subtracted from equity and reported in the income statement. Impairment of equity instruments, which
is reported in the income statement, is not reversed in the income statement.

Accounting policies

The Group has not adopted any new or revised IFRSs on or after January 1, 2011, that have had a material impact on the financial
statements presented in this Annual Report.

IFRS standards that have been issued but are not yet effective

The following standards and amendments to existing standards have been published and are mandatory for the groups accounting periods
beginning on or after January 1, 2012 or later periods, and the group has not early adopted them:

IAS 19, Employee
benefits was amended in June 2011 and will be effective beginning on January 1, 2013. The impact on the Group will be as follows: (i) to eliminate the corridor approach and recognize all actuarial gains and losses in OCI as they
occur, (ii) to immediately recognize all past service costs and (iii) to replace interest cost and expected return on plan assets with net interest amount that is calculated by applying the discount rate on the net defined benefit
liability (assets).

IFRS 9, Financial instruments, addresses the classification, measurement and recognition of
financial assets and financial liabilities. IFRS 9 was issued in November 2009 and October 2010. It replaces the part of IAS 39 that relate to the classification and measurement of financial instruments. IFRS 9 requires financial assets to be
classified into two measurement categories, those measured at fair value and those measured at amortized cost. The determination is made at initial recognition. For financial liabilities, the standard retains most of the IAS 39 requirements. The
standard is effective as of January 1, 2015.



|Item 6. | Directors, Senior Management and Employees
|------- | ------------------------------------------

Under the Swedish Companies Act of 2005, our board of directors has ultimate responsibility for our organization and the management of our affairs. Our Articles of Association provide for a board of
directors elected by our shareholders of not fewer than three nor more than nine directors and not more than three deputy directors. Swedish law provides for the appointment of additional directors by the unions representing our employees. All
directors, other than union appointees, are elected by resolution of a general meeting of shareholders. The term of office of a director is one year, but a director may serve any number of consecutive terms. Directors may be removed from office by a
general meeting of shareholders at any time, and vacancies on the board, except when filled by a deputy director, may only be filled by shareholder resolution. Each year, one director is elected chairman of the board by resolution of a meeting of
the board of directors. Deputy directors may attend the board meetings, but may only vote in place of a director who is absent.

The following table sets forth the name, year of birth and position of each of our directors as of March 31, 2012.



|                    |  |           |  |                                          
|------------------- |  | --------- |  | -----------------------------------------
|Name                |  | Year born |  | Title                                    
|Lennart Jeansson    |  | 1941      |  | Chairman of the Board of Directors       
|Dan Sten Olsson     |  | 1947      |  | Chief Executive Officer and Director1)   
|Lars Westerberg     |  | 1948      |  | Director                                 
|Gunnar Brock        |  | 1950      |  | Director                                 
|Åke Plyhm           |  | 1951      |  | Director                                 
|Christian Caspar    |  | 1951      |  | Director                                 
|Anne-Marie Pouteaux |  | 1951      |  | Director                                 
|Jörgen Lorén        |  | 1961      |  | Director (Employee Representative)       
|Jens Ole Hansen     |  | 1951      |  | Director (Employee Representative)       
|Pia Carlsson        |  | 1969      |  | Deputy Director (Employee Representative)



|(1) | For details of Mr. Dan Sten Olssons share ownership, see section Principal Shareholders.
|--- | -------------------------------------------------------------------------------------------



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Certain biographical information about each of our directors and executive officers and
certain other key employees of Stena AB is set forth below.

Lennart Jeanssonwas appointed chairman of the board of
Stena AB in 2000. Mr. Jeansson also serves as a director on the board of Stena Metall. Mr. Jeansson is chairman of the boards of BIL Sweden, Consortio Fashion Group and the Volvo Pensionsstiftelse.

Dan Sten Olssonhas served as Chief Executive Officer and a director of Stena AB since 1983. Mr. Olsson also serves as member
or chairman of the board of a majority of the main companies in the Stena Sphere. Mr. Olsson has been employed by Stena AB since 1972.

Lars Westerberg has served as a director of Stena AB since 2011. Mr Westerberg also serves as chairman of the board of Husqvarna AB and a director on the board of Volvo AB, SSAB Svenskt Stål
AB and Sandvik AB.

Gunnar Brock has served as a director of Stena AB since 2011. Mr Brock also serves as chairman of
the board of Mölnlycke Health Care AB, Stora Enso Oyj and Roling Optics AB. He is also a director on the board of Investor AB, Stockholm School of Economics, Total SA, SOS Childrens Villages Sweden and a member of the Royal Swedish Academy of
Engineering Sciences (IVA).

Åke Plyhmhas served as a director of Stena AB since 2008. Mr. Plyhm also
serves as a member of the board of directors of Stena Line Holding BV and Stena Bulk AB. Mr Plyhm is chairman of the board of Aditro AB and also serves as a director of the board of Saab Combitech AB, ITH/Immune Therapy Holdings and Litorina Holding
AB.

Anne-Marie Pouteauxhas served as a director of Stena AB since 2008. Mrs. Pouteaux is a partner of Wistrand
Advokatbyrå Göteborg KB and is also a member of the board of directors of Stena Bulk AB.

Christian Caspar
has served as a director of Stena since 2011. Mr. Caspar is also a director of Bonnier AB, Industrivärlden AB, Goodgrower SA and serves as an advisor to Benteler AG and Triton. Mr, Caspar is also a director of Mckinsey for Children
Switzerland.

Jörgen Lorénhas served as a director of Stena AB, representing Stena AB employees affiliated
with the Swedish Ship Officers Association, since 2006. Mr. Lorén is a Master Mariner and has been employed in our ferry operations since 1985.

Jens Ole Hansenhas served as a director of Stena AB, representing Stena AB employees affiliated with the Swedish Seamens Union, since 1992. Mr. Hansen is a boatswain and has been
employed in our ferry operations since 1974.

Pia Carlssonhas served as a deputy director of Stena AB, representing
Stena AB employees affiliated with the Swedish Union of Commercial Employees, since 2009. Ms. Carlsson is a freight forwarding agent and has been employed in our ferry operations since 1990.

Other Key Employees

Christel Armstrong Darvik(born 1953) has served as Managing Director of Stena Fastigheter AB since October 1, 2006. She
is the Director of the business area Stena Property and the chairman of the board of directors of Stena Realty BV. She is also a member of the board of directors of Specialfastigheter Sverige AB and Svenska Mässan. Mrs. Armstrong Darvik
has been employed in the Stena Sphere since 2006.

Gunnar Blomdahl(born 1955) has served as Managing Director of
Stena Line Holding B.V. since January 2003. He has held a number of senior management positions at Stena Line since 1997, including as Area Director in charge of Stena Lines Irish Sea operations from 2001 to 2003.

Peter Claesson(born 1965) has served as Director of Finance of Stena AB since January 1, 2008. Mr. Claesson is a
member of the board of directors of many of our companies, Meda AB (publ.) and of the mutual insurer The Swedish Club. Mr. Claesson has been employed in the Stena Sphere since 2008.



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Claes Davidsson(born 1950) has served as Director of Ship Management and HR
since 2003. Mr. Davidsson also serves as chairman of NMM in Glasgow in Scotland, Stena Insurance AG in Switzerland and of Austen Maritime PTE Ltd., Singapore. Mr. Davidsson has been employed in the Stena Sphere since 1984.

Carl-Johan Hagman (born 1966) has served as a Shipping Director of Stena AB Group since 2011. He is the new managing director of
Stena Rederi AB, responsible for our global Shipping (Stena Bulk, Stena RoRo, Stena Teknik, Ship Management, HR) as well as for Stena Drillings and Stena Lines operations.

Staffan Hultgren(born 1961) has served as Deputy Chief Executive Officer of Stena AB since 2010. He also serves as the
principal financial officer of Stena AB. Previously he served as Director of Business Administration of the Company. Mr. Hultgren is a member of the board of directors of many of our companies. Mr. Hultgren has been employed in the Stena
Sphere since 2004.

Hugh Ferguson(born 1954) has served as Managing Director of NMM since January 1, 2010.
From 2007 to 2009 he served as General Manager of NMM. Mr. Ferguson is a member of the board of directors of several of our companies. Mr. Ferguson has been employed in the Stena Sphere since 1984.

Harry Robertsson(born 1956) has served as Technical Director of Stena Rederi since 1999. Mr. Robertsson has worked in
the technical department of Stena Rederi since 1996. From 1984 to 1996 he held positions in a shipyard and in marine consultancy firms.

Ulf Ryder(born 1952) has served as Managing Director of Stena Bulk since 1983 and as a director of Stena Bulk since 1982. Mr. Ryder is a member of the board of directors of several of
our companies. Mr. Ryder has been employed in the Stena Sphere since 1982.

Per Westling(born 1961) has
served as Managing Director of Stena RoRo since 2011. Mr Westling has been employed in the Stena Sphere since 1985.

Martin
Svalstedt(born 1963) has served as Managing Director of Stena Adactum since 2002. Mr. Svalstedt also serves as chairman of Ballingslöv, Envac, Gunnebo, Mediatec and Stena Renewable and as board member in Gislaved Folie AB and
Stena Adactum.

Tom Welo(born 1947) has served as Managing Director of Stena Drilling Ltd. since 1995.
Mr. Welo is a member of the board of directors of several of our companies.

Compensation of Directors

Salaries of in total SEK 13 million and SEK 12 million were paid to the Chief Executive Officer and the Deputy Chief Executive Officer in 2011
and 2010, respectively. The corresponding pension charges amounted to SEK 18 million in 2011 and SEK 2 million in 2010. The aggregate compensation paid by the Stena AB to its directors (a total of nine persons, CEO included) amounted to
MSEK 10 in 2011, the same as in 2010. Of total salaries paid to other employees MSEK 37 were paid to other officers than the Chief Executive Officer, the Executive Vice President and the board members in 2011 (a total of seven persons) and MSEK
36 in 2010.

The Chief Executive Officer has retirement conditions allowing retirement from 65 years of age with a salary
of 65% of his then prevailing salary. The period of notice from either party is 12 months. Severance pay amounts to a maximum of 24 months salary.

The board members of Stena AB were paid SEK 250,000 in 2011, out of which SEK 50,000 was paid to the Chairman of the Board and SEK 25,000 was paid to each of the Chief Executive Officer and the Executive
Vice President. In 2010, the board members of Stena AB were paid SEK 250,000, out of which SEK 50,000 was paid to the Chairman of the Board and SEK 25,000 was paid to the Chief Executive Officer.

The Chairman of the Board was in addition paid SEK 3,311,000 and SEK 2,398,000 for consulting services for the years 2011 and 2010,
respectively.

Audit Committee

Following a decision by the board on December 20, 2006, we established an audit committee. At the same time, the board approved the charter for the audit committee.



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Lennart Jeansson (chairman of the board of Stena AB), John Lindkvist (Chief Financial
Officer of Stena Metall AB), Staffan Hultgren (Vice President and Deputy CEO of Stena AB) and Anne-Marie Pouteaux (external counsel to the Company and member of the board of Stena AB) are members of the audit committee. Mr. Lennart Jeansson
acts as chairman of the audit committee.

Pursuant to the charter, the overall objectives and responsibilities of the audit
committee are to assist the board in fulfilling its oversight responsibility relating to the Companys accounting matters, the system of internal controls, the managements monitoring and controlling of business risks, corporate governance
activity and legal and regulatory requirements to the extent applicable to financial matters.

The audit committee is
appointed by and can be removed by the board of directors and shall have at least three meetings per year.

Employees

The chart below sets forth the average number of employees in each of our principal business areas for the three years ended
December 31, 2011.



|                       |  |      |        |  |      |  |       |      |  |  |        | 
|---------------------- |  | ---- | ------ |  | ---- |  | ----- | ---- |  |  | ------ | 
|                       |  | 2009 |        |  | 2010 |  |       | 2011 | 
|Ferry operations       |  |      | 5,798  |  |      |  | 5,558 |      |  |  | 5,757  | 
|Drilling               |  |      | 1,002  |  |      |  | 902   |      |  |  | 966    | 
|Shipping               |  |      | 817    |  |      |  | 809   |      |  |  | 902    | 
|Property operations    |  |      | 286    |  |      |  | 276   |      |  |  | 269    | 
|New businesses Adactum |  |      | 2,253  |  |      |  | 2,213 |      |  |  | 2,256  | 
|Other                  |  |      | 80     |  |      |  | 89    |      |  |  | 92     | 
|                       |  |      |        |  |      |  |       |      |  |  |        | 
|Total                  |  |      | 10,236 |  |      |  | 9,847 |      |  |  | 10,242 | 

In addition to the employees referred to above, NMM employed approximately 5,334 persons in 2011 in
external ship management services, as compared to 5,500 persons in 2010 and 4,800 persons in 2009.

We have good
relations with our work force and the labor unions representing our employees.

Options

No options exist to purchase securities from us.



|Item 7. | Major Shareholders and Related Party Transactions
|------- | -------------------------------------------------

Major Shareholders

All of the issued and outstanding voting shares of
Stena AB were owned as follows as of March 31, 2012:



|                          |  |                  |  |                      |      |  
|------------------------- |  | ---------------- |  | -------------------- | ---- | -
|Name of beneficial owner  |  | Number of shares |  | Percentage ownership |     
|Dan Sten Olsson           |  | 25,500           |  |                      | 51.0 | %
|Madeleine Olsson Eriksson |  | 12,250           |  |                      | 24.5 | %
|Stefan Sten Olsson        |  | 12,250           |  |                      | 24.5 | %

The holders listed above have sole voting and investment power over the shares beneficially owned by
them. Dan Sten Olsson, Stefan Olsson, and Madeleine Olsson Eriksson are brothers and sister.

Dan Sten Olsson is the only
officer or director of Stena AB who owns any voting shares of Stena AB. All shares of Stena AB have the same voting rights.

Our Articles of Association contain a restriction on the transfer of our shares. Pursuant to the articles, a person who was not
previously a shareholder and to whom shares have been transferred (except in the case of a transfer of shares through inheritance, will or gift to lineal descendants of Sten A. Olsson and the late Birgit Olsson) is obligated to offer such shares to
the other shareholders. If any person other than the current shareholders of Stena AB as of December 30, 1993, or lineal descendants of Sten A. Olsson and the late Birgit Olsson acquires 48% or more of the voting power of Stena AB, then the
remaining shareholders have the right to put all or



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a part of their shares to such shareholder at a price equal to the highest price per share paid by such shareholder. Under the Articles of Association, a vote of at least 75% of shares
represented at the annual general meeting of our shareholders is required to amend this put provision. In addition, under the Swedish Companies Act, shareholder resolutions in the ordinary course of business require the vote of a majority of shares
voting thereon, and extraordinary items (including amendments to the Articles of Association other than the amendment to the put option described above) require support by shareholders holding at least two-thirds of the votes cast as well as
two-thirds of all shares present or represented at the shareholders meeting. Holders of at least 10% of the outstanding shares have the right to require us to pay dividends within certain statutory parameters.

Related Party Transactions

We have entered into various transactions with other companies in the Stena Sphere, which includes the companies wholly owned by the Sten Allan Olsson family in Sweden, Sessan and Stena Metall and their
respective subsidiaries. Another significant company within the Stena Sphere is Concordia which is 52% owned by Sessan. Shares in Concordia are listed on Nasdaq OMX Stockholm. The significant transactions between the Company and its affiliates are
described below.

Concordia

Concordia and the Company (indirectly through Stena Bulk AB, a wholly owned subsidiary of the Company) are parties to an allocation agreement (the Allocation Agreement) pursuant to which
Concordia may elect to participate 100%, 50% or not to participate in business opportunities identified by Stena Bulk relating to the chartering of crude oil tankers. The net outcome of the agreement, including results of forward contracts, was SEK
0 million in 2009, SEK 0.7 million in 2010 and SEK 0 million in 2011.

We provide certain services to Concordia such
as administration, marketing, commercial management, insurance and technical support for Concordias owned and chartered vessels, including administration of jointly chartered vessels, offices and office services for Concordias personnel
and certain financial and other services. We earned fees for these services of SEK 34 million in 2009, SEK 37 million in 2010 and SEK 31 million in 2011.

Sessan

Since June 1999, we have served as the business manager of
Sessan for its 50% participation in a Norwegian partnership that owns the shuttle tanker Stena Sirita, which is chartered pursuant to a 10-year contract to ESSO Norway. In 2003, we also became the business manager of Sessan for its 50%
participation in the shuttle tanker Stena Spirit, which is chartered pursuant to a 10-year contract to Petrobras in Brazil. We earned total fees for these services of SEK 1.5 million in each of the years 2009, 2010 and 2011.

In December 2002, we sold the remaining 50% of the RoPax vessel Stena Jutlandicato Sessan who acquired the first 50%
of this vessel from us in 1996. The vessel is chartered back under an operating lease, for which we paid charterhire of SEK 59 million in each of the years 2009, 2010 and 2011, respectively.

In 2009, we acquired three office buildings in Houston, the U.S., from Sessan for SEK 179 million.

Stena Metall

We
purchase a substantial part of our bunker fuel from Stena Metall. Such purchases aggregated SEK 1,941 million, SEK 2,023 million and SEK 2,771 million in 2009, 2010 and 2011, respectively.

We provide management and other services to Stena Metall. We received SEK 1 million in each of the years 2009, 2010 and 2011 for
these services.

In December 2008, we acquired the vessels Stena Nordica, Stena Freighter, Stena Carrierand Mont Ventouxfrom Stena Metall at market value for a total of SEK 1,443 million. The consideration was paid through (i) the issuance of a loan note of SEK 682 million, bearing interest at market rate and maturing on
August 31, 2010, and (ii) the assumption by us of the outstanding bank loans relating to the acquired assets for a total amount of SEK 761 million. These loans were repaid during 2010.



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Olsson Family

We rent office space from members of the Olsson family. In each of the years 2009, 2010 and 2011, we paid SEK 39 million, SEK 24 million and SEK 39 million, respectively, in respect of such
properties.

We manage certain properties owned by members of the Olsson family. In each of the years 2009, 2010 and 2011,
members of the Olsson family paid us SEK 13 million, SEK 14 million and SEK 15 million, respectively, for such management services.

We have agreed to pay Sten A. Olsson and Dan Sten Olsson an annual indexed retirement benefit for life.



|Item 8. | Financial Information
|------- | ---------------------

Consolidated
Financial Statements

See Item 18. Financial Statements and pages F-1 through F-80.

Legal Proceedings

In August 2007, Transocean Offshore Deepwater Drilling Inc. (Transocean) brought a patent infringement suit against Stena
Drilling Limited (Stena Drilling) in the United States District Court for the Southern District of Texas (the Texas Action). Transocean alleged that Stena Drilling infringed four U.S. patents owned by Transocean by
virtue of certain acts of selling and/or offering for sale the Stena DrillMAX I and III vessels. In September 2007, Stena Drilling answered Transoceans complaint and filed a motion to dismiss the Texas Action on jurisdictional grounds. In
May 2008, Stena Drillings motion to dismiss the Texas Action was granted and Transoceans claims against Stena Drilling were dismissed for lack of jurisdiction.

In November 2008, Transocean filed a second patent infringement suit against Stena Drilling in the United States District Court for the Southern District of Texas (the second Texas Action),
originally naming Stena Drilling, Stena DrillMAX Limited and Stena DrillMAX III Limited as defendants, and later adding Stena DrillMax I Limited and Stena DrillMax I (Hungary) Kft as additional defendants (the Stena Defendants). In the
second Texas Action, Transocean alleges that the Stena Defendants infringed four U.S. patents owned by Transocean by virtue of certain acts of selling, offering for sale and/or using the DrillMAX I vessel in the United States and selling and/or
offering for sale the DrillMAX III vessel within the United States. The Stena Defendants answered Transoceans complaint in the second Texas Action in December 2008 and July 2009 by alleging non-infringement, invalidity and unenforceability of
Transoceans patent claims. The second Texas Action was administratively stayed in August 2009, pending the outcome in a separate case involving Transocean and a third party involving the same patents. In July 2011, the Court in the separate
Transocean action issued an Amended Final Judgment holding, inter alia, that the asserted claims of the Transocean patents are invalid. In August 2011, Transocean appealed the Amended Final Judgment in the separate action. The Court in the
second Texas Action has administratively stayed the second Texas Action pending the outcome of Transoceans appeal in the separate action.

In June 2009, Heerema Engineering Services BV (Heerema) brought a patent infringement suit against Stena Services Brazil LTDA and Stena DrillMax I (Hungary) KFT (Stena Brazil
Defendants) in Brazilian state court. Heerema alleges that the Stena Brazil Defendants infringe Heeremas Brazilian Patent PI 9502391-7 by virtue of the DrillMAX Is operations off the coast of Brazil. The Stena Brazil Defendants
answered Heeremas complaint in August 2009 by alleging non-infringement, invalidity, and inapplicability of Heeremas Brazilian patent in the territorial waters where the DrillMAX I has operated. A recent decision by the
Brazilian state court in which the action is pending has stayed the action pending the outcome of a separate nullity action filed by the Stena Brazil Defendants in Brazilian federal court in December 2009. The nullity action named both Heerema and
the Brazilian Patent and Trademark Office (BPTO) as defendants. The BPTO answered the nullity complaint by asserting that Heeremas Brazilian patent is invalid. The Stena Brazil Defendants are awaiting the final outcome of the
nullity action.

We believe it is highly unlikely that the outcome in these cases will have a material adverse impact on our
financial condition or results of operations.

We are also a party to various routine legal and regulatory proceedings arising
in the ordinary course of business. Such claims are generally covered by insurance, subject to customary deductibles. We do not believe that any liabilities that may result from such legal proceedings will, in the aggregate, have a material adverse
effect on our financial condition or results of operations.



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Dividends

We paid a cash dividend of SEK 240 million, SEK 316 million and SEK 190 million for the years ended December 31, 2009, 2010 and 2011, respectively. The dividends are made out of
unrestricted earnings in the shareholders equity and paid out the year after the respective financial year.



|Item 9. | The Offer and Listing
|------- | ---------------------

Not applicable.



|Item 10. | Additional Information
|-------- | ----------------------

Organization

We are a stock corporation of limited liability organized under the laws of the Kingdom of Sweden and governed by the
Swedish Companies Act. Our registered office is in the Commune of Gothenburg, Västra Götaland County, Sweden. We are entered in the Swedish Company Register under number 556001-0802.

Articles of Association

Our Articles of Association in Swedish, together with an English translation, have been filed as Exhibit 1.1 to this Annual Report.
Section 3 of our Articles of Association states that the object of Stena AB is to conduct shipping operations, ship brokerage and the chartering of vessels as well as trading in ships, metals and scrap iron, the operating of recreational and
leisure facilities and other activities consistent with such operations, owning and administering fixed property and owning shares or participating in operating companies that own and administer real or moveable property. Additionally, we may engage
in the research and marketing of medical and pharmaceutical products as well as activities consistent with such objectives.

Directors

Under the Swedish Companies Act, a director may not participate in matters regarding agreements between the director and
Stena AB and agreements between third parties if the director has a material interest in the matter that conflicts with the interest of Stena AB. In addition, if a director represents, either individually or together with any other person, a legal
entity, such director may not participate in discussions with respect to agreements between Stena AB and such legal entity. However, a directors recusal is not required in instances where the company is entirely owned, directly or indirectly,
by the director or where the transaction giving rise to the potential conflict of interest involves the company and another entity that is part of a related group of the company.

A director may not vote in matters affecting his or any member of the board of directors compensation for work related to the board
of directors. Compensation related to a directors position as a board member may only be approved by shareholders at a general meeting. With respect to the powers of directors, Swedish law provides that the board of directors represents Stena
AB and is, therefore, authorized to undertake obligations on our behalf. Decisions on major borrowings, for example, shall thus be taken by the board of directors. The execution of such decisions has been entrusted by the board of directors to the
joint exercise of two directors. Neither our Articles of Association nor Swedish law affect a directors retirement or non-retirement based on the age of the director. Additionally, directors are not required to own shares in us in order to
qualify as directors of us.

Shareholder Rights

We have only one class of shares. Each share is entitled to one vote per share. There are no cumulative voting rights. Every shareholder is entitled to receive a pro rata share of any dividends declared
based on the number of shares owned. If we are liquidated, the proceeds thereof will first be paid to our creditors. Any remaining amount will be distributed among the shareholders, pro rata to the number of shares held by each shareholder. The
Articles of Association do not contain any provisions relating to the establishment of a sinking fund nor do they contain any provisions that discriminate against any existing or future shareholder as a result of such shareholder owning a
substantial number of our shares.

In order to change the rights of shareholders, our Articles of Association must be amended.
Under the Swedish Companies Act, shareholder resolutions in the ordinary course of business require the vote of a majority of shares voting thereon, and extraordinary items (including amendments to the Articles of Association other than the
amendment to the put option described below) require



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support by shareholders holding at least two-thirds of the votes cast as well as two-thirds of all shares present or represented at the shareholders meeting. Holders of at least 10% of the
outstanding shares have the right to require us to pay dividends within certain statutory parameters.



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General Meetings

Our Articles of Association require an ordinary general meeting once a year within six months after the end of the fiscal year. Notice to convene the annual general meeting shall be given by announcement
in Post-och Inrikes Tidningar and in Svenska Dagbladet or another national newspaper no earlier than six weeks and at the latest four weeks prior to the meeting. The agenda of the annual general meeting includes, among other things, the election of
chairman of the meeting; preparation and confirmation of the electoral register; presentation of the annual financial report, auditors report and, if applicable, the consolidated financial report and the consolidated auditors report; and
election of the board of directors, auditors and deputy director. Anyone entitled to vote, or such persons representative, may participate and vote at the meeting.

Ownership and Transfer Restrictions

There are no limitations under Swedish
law or in our Articles of Association on the right of persons who are not citizens or residents of Sweden to own or vote our stock. However, our Articles of Association contain a restriction on the transfer of our shares. Pursuant to the Articles of
Association, a person who was not previously a shareholder and to whom shares have been transferred (except in the case of a transfer of shares through inheritance, will or gift to lineal descendants of Sten A. Olsson and his wife, the late Birgit
Olsson) is obligated to offer such shares to the other shareholders. If any person other than the current shareholders of Stena AB as of December 30, 1993 or lineal descendants of Sten A. Olsson and the late Birgit Olsson acquires 48% or more
of the voting power of Stena AB, then the remaining shareholders have the right to put all or a part of their shares to such shareholder at a price equal to the highest price per share paid by such shareholder. Under the Articles of Association, a
vote of at least 75% of shares represented at the annual general meeting of our shareholders is required to amend this put provision.

Change in Control

There
are no provisions in our Articles of Association that would have an effect of delaying, deferring, or preventing any change in control of us and that would only operate with respect to a merger, acquisition or corporate restructuring involving us or
any of our subsidiaries.

Disclosure of Shareholdings

Our Articles of Association do not require shareholders to disclose their shareholdings in us.

Material Contracts

For
a discussion of our material contracts, see Item 5Operating and Financial Review and ProspectsFinancial Contracts and Item 5Operating and Financial Review and ProspectsOther.

Exchange Controls

None.

Taxation

Not Applicable.

Documents
on Display

We are subject to the reporting requirements of the Securities Exchange Act of 1934, as amended, applicable to
a foreign private issuer. In accordance with these requirements, we file reports and other information with the SEC. These materials, including the Annual Report and the exhibits thereto, may be inspected and copied at the SECs Public
Reference Room at 100 F Street, N.E., Washington, D.C. 20549. The SEC also maintains a website that contains reports and other information regarding issuers that file electronically with the SEC. The website address is
http://www.sec.gov. The public may obtain information on the operation of the SECs Public Reference Room by calling the SEC in the United States at 202-551-8090.



|Item 11. | Quantitative and Qualitative Disclosures about Market Risk
|-------- | ----------------------------------------------------------

In the course of our operations, we are exposed to various types of market risks. Our primary market risks are foreign exchange risks, interest rate risks, oil price risks, equity price risks and trading
risks. We seek to manage our exposure to adverse changes in foreign currency exchange rates, interest rates and oil prices through the use of various derivative financial instruments. We conduct



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monitoring and control of these risks continuously in each company as well as centrally. Our positions are monitored using a variety of techniques, such as market value and sensitivity analyses.
The majority of our financial transactions are carried out through the central finance functions located in Sweden, Luxembourg, Switzerland, Cyprus and the Netherlands, which conduct their operations within established risk mandates and limits.

Foreign Exchange Risks

We are exposed to the risk of fluctuations in foreign currency exchange rates due to the international nature and scope of our operations. Our currency risk is related to changes in contracted and
projected flows of payments denominated in currencies other than the functional currency (transaction exposure), to the translation of our monetary assets and liabilities that are denominated in such currencies (translation exposure), to the
translation of net assets of foreign subsidiaries (equity exposure) and financial trading activities. The objective of our foreign exchange risk management program is to seek to manage the risk of adverse foreign exchange movements on our income and
financial position.

Transaction Exposure. Our revenues and expenses, as reported in Swedish kronor, are
significantly affected by fluctuations in U.S. dollars and euro. When the Swedish kronor appreciates against other currencies, our revenues and expenses as reported in Swedish kronor may decrease and when the Swedish kronor declines against
other currencies, our revenues and expenses as reported in Swedish kronor may increase. Future changes in exchange rates may also impact our reported revenues and expenses.

We use forward exchange contracts to seek to hedge against the risk of adverse movements in currency exchange rates of future payment flows from firm commitments such as bunker fuel purchases and charter
hires.

Translation Exposure. Our policy is to hedge our translation exposure risk primarily on our net exposures
by currency. Our management regularly reviews our assets and liabilities that are denominated in foreign currency and determines the net amount that is subject to risk of adverse foreign currency fluctuations.

We seek to manage our exposure from the risk of adverse foreign currency fluctuations arising from certain assets and liabilities
denominated in foreign currencies. Group companies operate in local currencies or in U.S. dollars. Our financial exposure is managed through us generally maintaining loans and investments in the same currency. In companies with loans and
investments in foreign currencies, hedging is carried out in accordance with our financial policy. We primarily use forward exchange contracts and currency swaps and, to a lesser extent, purchased foreign currency options to manage our foreign
currency translation exposure.

After taking into account hedging instruments as above, we recorded net translation exchange
losses of SEK 48 million and SEK 36 million for the financial years ended December 31, 2010 and 2011, respectively. This equals 0.05% and 0.04% of total assets of SEK 94.9 billion and SEK 98.6 billion as of December 31,
2010 and 2011, respectively.

Equity Exposure. When we prepare our consolidated financial statements, the net
assets of our foreign subsidiaries and part of our affiliated companies are translated to Swedish kronor at the exchange rate in effect on the date of the balance sheet. To the extent that the currency exposure from the net assets of certain foreign
subsidiaries is hedged, we use foreign exchange contracts. We record translation differences arising from net assets of foreign subsidiaries directly to shareholders equity.

The book value of our net assets of subsidiaries denominated in a foreign currency, as of December 31, 2011 and 2010, was
approximately SEK 22.8 billion and SEK 18.7 billion, respectively. The net assets are expressed mainly in Swedish kronor, Euro, British pounds and U.S. dollars. A 1% change in the value of the Swedish kronor against each of the
functional currencies of our such subsidiaries would affect our shareholders equity as of December 31, 2011, by SEK 228 million. In 2011, our shareholders equity decreased by SEK 243 million due to exchange rate
differences and after net impact of equity hedge adjustments (see also our Consolidated Statement of Changes in Shareholders Equity).

Bunker Fuel Exposure

Our expenses are also significantly affected by fluctuations in the price of bunker fuel oil used for propulsion, primarily in our ferry
operations.

We use fixed price swaps and, to a lesser extent, option contracts to seek to hedge against the risk of adverse
movements in the price of oil. Contracts related to hedging of bunker fuels normally extend to 12 to 36 months based on managements assessment of acceptable risk levels and future oil prices (see also Note 33 in our Consolidated
Financial Statements).



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Financial Trading Activities

We also from time to time buy and sell certain types of derivative financial instruments with the objective of generating profits based on short-term differences in price. We refer to such financial
instruments that are not used in our program of interest rate and foreign currency risk management as trading for purposes of this Annual Report. All trading instruments are subject to market risk; that is, the risk that future changes
in market conditions may make an instrument less valuable. We are a party to a variety of interest rate and foreign currency contracts in our trading activities.

We recorded net gains/(losses) from currency and interest rate trading activities of SEK (4) million and SEK (5) million for the financial years ended December 31, 2010 and 2011,
respectively.

Interest Rate Risks

We use several types of financial instruments to seek to manage our interest rate risk, such as interest rate swaps, futures, options and collars. The extent of our use of these financial instruments is
determined by reference to the net exposure of our debt that is subject to interest rate risk and managements views regarding future interest rates. We use such financial instruments to seek to achieve a desired interest rate on our
interest-bearing liabilities. For example, all our interest rate swaps convert floating rate debt to a fixed rate of interest, and for those instruments changes in interest rates may affect the value of the interest rate swaps. However, interest
expense in our income statement is recorded at the fixed interest rate swap agreement and, accordingly, is not affected by the change in interest rates.

At the end of 2011, our interest-bearing assets, consisting mainly of cash and cash equivalents and marketable securities, were to a large extent invested in interest-bearing securities with short
maturities. Before any effects of hedging contracts, our interest-bearing debt consisted of approximately 50% floating rate borrowings, 10% fixed rate borrowings and 40% fixed rate bond loans and other property loans. The floating rate borrowings
are normally fixed for a period of three to six months. A number of financial instruments were in place as of December 31, 2011, to manage these interest rate risks, including interest rate swaps to effectively convert floating rate borrowings
to fixed rate borrowings.

Credit Risks

In our operating activities, credit risks occur in the form of receivables on customers. In our Ferry operations, credit checks are regularly made on our customers using well known credit-rating agencies.
If the credit worthiness of the customer is not satisfactory according to the credit policy, payment in cash is required. In our Offshore Drilling operations, our ­customers are generally highly credit rated. Our RoRo vessels are typically
chartered out on a time or bareboat charter. Although such charterhire is paid in advance and we have the contractual right to withdraw the vessel and cancel the charter contract if payment is not received within a certain time, before entering into
a charter agreement the credit worthiness of the charterer is investigated using well known credit-rating agencies. If the credit worthiness is not satisfactory a guarantee is required from the charterer, e.g. in the form of a bank guarantee.

In our Crude oil tanker operations where a spot charter arrangement is made, the charterer is scrutinized before the contract
is signed in accordance with our QA system rules. If the charterer is not considered first class or has certain remarks on his payment possibility, chartering of the vessel can either be denied, or the charterer can be offered to provide
a bank guarantee, or to pay the freight before discharge of the cargo (called BBB). In a period charter arrangement the charterhire is paid in advance. If the charterhire is not paid within a certain time we have the right to withdraw the vessel and
cancel the charter contract. Regarding buy and sell arrangements of vessels the procedures are dictated by the buy/sale contract (MOA) where a vessel is not released to a buyer until the full payment has been received into sellers bank account.

In our Property operations, both residential and commercial tenants make the rental payments in advance. Nevertheless, a
credit check is always made on new tenants, residential as well as commercial, and commercial tenants are put on regular credit-watch throughout the rental period. If the potential tenant does not fulfill the criteria set out in our
finance policy, the tenant can either be denied a rental contract or be asked to make additional pre-payment or provide a bank guarantee (commercial tenants).

All financial instruments are entered into with counterparties who are considered to be creditworthy institutions and terms and conditions are documented. In the normal course of business, none of the
parties demand collateral for credit exposure from financial instruments. All financial derivatives are traded within the framework of established ISDA agreements, where positive and negative market values are netted. See Notes to Our
Consolidated Financial Statements in the F-pages hereto.



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Liquidity Risks

Liquidity risk is managed by maintaining an adequate level of cash, cash equivalents and available financing through unutilized committed credit facilities and the possibility to sell short term
marketable holdings in equities and bonds. Due to the dynamic character of the business, the need for financing flexibility is satisfied by arranging part of the companys funding in the form of committed Revolving Credit Facilities, under
which short term requirements for liquidity can be met.

The management regularly monitors the companys liquidity
reserves, based on anticipated cash flows. This is carried out on both operational company level and centrally at the treasury department in line with best practice and the limits set up for on a group wide basis. Furthermore, it is the policy of
the group to calculate future cash flows in all major currencies and quantify the liquidity needed to meet those cash flows, to monitor balance sheet liquidity ratios in relation to both internal and external minimum levels and to maintain plans for
debt financing.

Equity Securities Rate Risks

At December 31, 2011, the fair value of our marketable securities and short-term investments (excluding restricted cash) amounted to SEK 3.7 billion. The potential change in fair value resulting
from a hypothetical 1% change of prices would be SEK 37 million. Under IFRS, movements in fair value of these investments will result in an immediate charge to our financial statements.



|Item 12. | Description of Securities Other than Equity Securities
|-------- | ------------------------------------------------------

Not applicable.



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PART II



|Item 13. | Defaults, Dividend Arrearages and Delinquencies
|-------- | -----------------------------------------------

Not applicable.



|Item 14. | Material Modifications to the Rights of Security Holders and Use of Proceeds
|-------- | ----------------------------------------------------------------------------

Not applicable.



|Item 15. | Controls and Procedures
|-------- | -----------------------

Evaluation of Controls and Procedures. An evaluation of our disclosure controls and procedures was conducted as of
December 31, 2011, (the Evaluation Date) under the supervision of our Chief Executive Officer and Principal Financial Officer.

Limitations on Effectiveness of Controls. Our Chief Executive Officer and Principal Financial Officer do not expect that our disclosure controls or internal controls will prevent all error and
all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the system are met. Further, the design of a control system must reflect the fact that there are
resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances
of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can
be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the control. The design of any system of controls also is based partly on certain assumptions about the likelihood of future
events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

Effectiveness of Disclosure Controls. Based on the evaluation of our disclosure controls and procedures, our Chief Executive Officer and Principal Financial Officer have concluded that, as of
the Evaluation Date and subject to the limitations discussed above, our disclosure controls and procedures are effective.

Changes in Internal Controls. Since the Evaluation Date, there were no significant changes in our internal controls or in
other factors that could significantly affect these controls subsequent to the date of their evaluation.

Effectiveness of
Internal Control Over Financial Reporting. The Companys management is responsible for establishing and maintaining adequate internal control over financial reporting. The Companys management assessed the effectiveness of the
Companys internal control over financial reporting as of the Evaluation Date based on the framework in COSO, The Committee of Sponsoring Organizations of the Treadway Commission. Based on the evaluation of our internal control over financial
reporting, the Companys management has concluded that, as of the Evaluation Date and subject to the limitations discussed above, our internal control over financial reporting is effective.



|Item 16A. | Audit Committee Financial Expert
|--------- | --------------------------------

On April 25, 2008, our Board of Directors determined that Staffan Hultgren qualifies as an audit committee financial expert within the meaning of Item 16A of this Annual Report.
Mr. Hultgren is our Vice President, Deputy CEO and Principal Financial Officer and is, therefore, not independent.



|Item 16B. | Code of Ethics
|--------- | --------------

On
April 23, 2004, our Board of Directors adopted a code of ethics (the Code of Ethics) that applies to our Chief Executive Officer, Chief Financial Officer, Chief Controller and Chief Accounting Officer. A copy of the Code of Ethics
is filed as an exhibit to the Annual Report filed June 14, 2004. We have amended our code of ethics to provide that the code now applies to our Chief Executive Officer, Principal Financial Officer, Director of Business Administration, Director
of Finance and Chief Accounting Officer. A copy of our amended code is filed as an exhibit to the Annual Report filed April 29, 2008.



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|Item 16C. | Principal Accountant Fees and Services
|--------- | --------------------------------------

Audit, Audit-Related, Tax and Other Fees

Aggregate fees for professional services rendered by auditors and advisors for the years ended December 31, 2010 and 2011, were:



|                             |  |      |    |  |      |  |    | 
|---------------------------- |  | ---- | -- |  | ---- |  | -- | 
|SEK in million               |  | 2010 |    |  | 2011 | 
|KPMG:                        |  |      |    |  |      |  |    | 
|Audit services               |  |      | 21 |  |      |  | 25 | 
|Other audit related services |  |      | 1  |  |      |  | 1  | 
|Tax services                 |  |      | 25 |  |      |  | 21 | 
|Other services               |  |      | 2  |  |      |  | 1  | 
|                             |  |      |    |  |      |  |    | 
|Total KPMG                   |  |      | 49 |  |      |  | 48 | 
|                             |  |      |    |  |      |  |    | 
|Other auditors               |  |      |    |  |      |  |    | 
|Audit services               |  |      | 2  |  |      |  |   | 
|Other audit related services |  |      | 1  |  |      |  |   | 
|                             |  |      |    |  |      |  |    | 
|Total                        |  |      | 52 |  |      |  |   | 



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The audit fees for the years ended December 31, 2010 and 2011, were for professional
services rendered for the annual audits of our Consolidated Financial Statements, statutory audits required by Sweden and foreign jurisdictions, quarterly reviews, issuance of consents and the review of documents filed with the Securities and
Exchange Commission. The other audit related service fees for the years ended December 31, 2010 and 2011, include fees for supporting guidelines concerning accounting practices and standards.

Tax service fees for the years ended December 31, 2010 and 2011, were for services performed in connection with income tax
compliance, consulting and tax research services and assistance with tax audits.

The Other service fees category for the
years ended December 31, 2010 and 2011, includes fees primarily related to other general consulting.

Pre-Approval Policies

Our Board of Directors has adopted policies and procedures for the approval of audit and non-audit services rendered by
our independent auditors, KPMG AB (KPMG). The policies and procedures require that any non-audit related services performed for the Company by KPMG shall be pre-approved by the Board of Directors. Under the policy, at the beginning of
each year, the Board of Directors reviews a list of audit and non-audit related services that are subject to general pre-approval, determines limits of estimated fees per project for general pre-approval and the limits of estimated fees for interim
pre-approval by a designated member of the Board. All services not within the pre-approved limits require pre-approval by the Board of Directors at their regular Board meetings except if circumstances require, interim pre-approval may be obtained
from the designated Board member. The designated Board member is required to report any interim pre-approvals to the entire Board at the next scheduled Board meeting.

During 2011, none of the audit-related fees, tax fees or all other fees paid by us to KPMG were approved pursuant to the de minimis exception to the pre-approval requirement provided by paragraph
(c)(7)(i)(C) of Rule 2-01 of Regulation S-X.



|Item 16D. | Exemptions from the Listing Standards for Audit Committees
|--------- | ----------------------------------------------------------

Not Applicable.



|Item 16E. | Purchases of Equity Securities by the Issuer and Affiliated Purchasers
|--------- | ----------------------------------------------------------------------

Not Applicable.



|Item 16F. | Change in Registrants Certifying Accountant
|--------- | --------------------------------------------

Not Applicable.



|Item 16G. | Corporate Governance
|--------- | --------------------

Not
Applicable.



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PART III



|Item 17. | Financial Statements
|-------- | --------------------

Not
applicable.



|Item 18. | Financial Statements
|-------- | --------------------

The
following financial statements and schedules, together with the reports of KPMG thereon, are filed as part of this Annual Report.



|                                                                                                                                  |  |      |     | 
|--------------------------------------------------------------------------------------------------------------------------------- |  | ---- | --- | 
|                                                                                                                                  |  | Page |    
|Consolidated Financial Statements  Stena AB (publ)                                                                               |  |      | F-1 | 
|Index to the Consolidated Financial Statements                                                                                    |  |      |     | 
|Report of Independent Registered Public Accounting Firm                                                                           |  |      |     | 
|Consolidated Income Statements for each of the years in the three-year period ended December 31, 2011                             |  |      | F-3 | 
|Consolidated Statements of Comprehensive Income for each of the years in the three-year period ended December 31,
2011            |  |      | F-4 | 
|Consolidated Balance Sheets as of December 31, 2010 and 2011                                                                      |  |      | F-5 | 
|Consolidated Statements of Changes in Shareholders Equity for each of the years in the three-year period ended
December 31, 2011 |  |      | F-7 | 
|Consolidated Statements of Cash Flows for each of the years in the three-year period ended December 31, 2011                      |  |      | F-8 | 
|Notes to the Consolidated Financial Statements                                                                                    |  |      | F-9 | 
|Schedules to Stena AB Consolidated Financial Statements                                                                           |  |      | 13  | 
|Report of Independent Registered Public Accounting Firm on Schedules                                                              |  |      | S-1 | 
|Schedule II  Valuation and Qualifying Accounts                                                                                   |  |      | S-2 | 
|Schedule III  Property and Accumulated Depreciation                                                                              |  |      | 8   | 

Other Schedules have been omitted because the required information is not applicable or is included in
our Consolidated Financial Statements.



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|Item 19. | Exhibits
|-------- | --------

The following
exhibits are filed as part of this Annual Report:



|               |  |                                                                                                                                                                                                                                                                        
|-------------- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit
Number |  |                                                                                                                                                                                                                                                                        
|               | 
|1.1            |  | Articles of Association of the Company in Swedish, together with an English translation (incorporated by reference to Exhibit 3.1 to the Companys Registration Statement
on Form F-4 (file number 333-102110) filed with the SEC on December 20, 2002).               
|               | 
|8              |  | List of Subsidiaries of the Company.*                                                                                                                                                                                                                                  
|               | 
|11.1           |  | Amended Code of Ethics relating to the Chief Executive Officer, Principal Financial Officer and Chief Accounting Officer of Stena AB (publ) (incorporated by reference to
Exhibit 11 to the Companys Annual Report on Form 20-F for the year ended December 31, 2007).
|               | 
|12.1           |  | Certification of Dan Sten Olsson, Chief Executive Officer of Stena AB, dated April [], 2012.*                                                                                                                                                                         
|               | 
|12.2           |  | Certification of Staffan Hultgren, Principal Financial Officer of Stena AB, dated April [], 2012.*                                                                                                                                                                    
|               | 
|13.1           |  | Certification of Chief Executive Officer and Principal Financial Officer of the Company pursuant to U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002.*                                                                        



|* | Filed herewith.
|- | ---------------



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SIGNATURES

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this Annual Report on its behalf.

Date: April 27, 2012



STENA AB (publ)By:

/s/ Dan Sten OlssonName: Dan Sten OlssonTitle: Chief Executive OfficerBy:

/s/ Staffan HultgrenName: Staffan HultgrenTitle: Principal Financial Officer




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##### Table of Contents

FINAL

Consolidated Financial Statements

Stena AB (publ)



|                                                                                                                                  |  |      |     | 
|--------------------------------------------------------------------------------------------------------------------------------- |  | ---- | --- | 
|INDEX                                                                                                                             |  | Page |    
|Report of Independent Registered Public Accounting Firm                                                                           |  |      | F-2 | 
|Consolidated Income Statements for each of the years in the three-year period ended December 31, 2011                             |  |      | F-3 | 
|Consolidated Statements of Comprehensive Income for each of the years in the three-year period ended December 31,
2011            |  |      | F-4 | 
|Consolidated Balance Sheets as of December 31, 2010 and 2011                                                                      |  |      | F-5 | 
|Consolidated Statements of Changes in Shareholders Equity for each of the years in the three-year period ended
December 31, 2011 |  |      | F-7 | 
|Consolidated Statements of Cash Flows for each of the years in the three-year period ended December 31, 2011                      |  |      | F-8 | 
|Notes to Consolidated Financial Statements                                                                                        |  |      | F-9 | 



F-1



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##### Table of Contents

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders

Stena
AB (publ)

We have audited the accompanying consolidated balance sheets of Stena AB (publ) and subsidiaries (the Company) as of
December 31, 2011 and 2010, and the related consolidated statements of income, comprehensive income, changes in shareholders equity and cash flows for each of the years in the three-year period ended December 31, 2011. These
consolidated financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for
our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial
position of the Company as of December 31, 2011 and 2010, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2011, in conformity with International Financial Reporting
Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

Gothenburg, Sweden

April 27, 2012

KPMG AB

Thomas Thiel



F-2



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##### Table of Contents

CONSOLIDATED INCOME STATEMENTS



|                                       |  |       |  |                         |         |   |         |  |         |         |  |  |           |   |  |  |        |  
|-------------------------------------- |  | ----- |  | ----------------------- | ------- | - | ------- |  | ------- | ------- |  |  | --------- | - |  |  | ------ | -
|                                       |  |       |  | Years ended 31 December |        
|In million                             |  | Note  |  | 2009SEK                 |         |   | 2010SEK |  |         | 2011SEK |  |  | 2011USD1) |  
|                                       |  |       |  |                         |        
|Revenues                               |  |       |  |                         |         |   |         |  |         |         |  |  |           |   |  |  |        |  
|Ferry operations                       |  |       |  |                         | 9,599   |   |         |  | 9,092   |         |  |  | 9,684     |   |  |  | 1,401  |  
|Drilling                               |  |       |  |                         | 8,112   |   |         |  | 7,777   |         |  |  | 6,546     |   |  |  | 947    |  
|Shipping                               |  |       |  |                         | 3,088   |   |         |  | 2,651   |         |  |  | 2,595     |   |  |  | 375    |  
|Investment properties                  |  |       |  |                         | 2,335   |   |         |  | 2,380   |         |  |  | 2,368     |   |  |  | 342    |  
|New Businesses  Adactum               |  |       |  |                         | 4,797   |   |         |  | 4,630   |         |  |  | 4,732     |   |  |  | 684    |  
|Other                                  |  |       |  |                         | 3       |   |         |  | 7       |         |  |  | 10        |   |  |  | 1      |  
|                                       |  |       |  |                         |         |   |         |  |         |         |  |  |           |   |  |  |        |  
|Total revenues                         |  |       |  |                         | 27,934  |   |         |  | 26,537  |         |  |  | 25,935    |   |  |  | 3,750  |  
|                                       |  |       |  |                         |         |   |         |  |         |         |  |  |           |   |  |  |        |  
|                                       |  |       |  |                         |        
|Net gain on sales of assets            |  | 4     |  |                         | 179     |   |         |  | 189     |         |  |  | 1,683     |   |  |  | 243    |  
|                                       |  |       |  |                         |         |   |         |  |         |         |  |  |           |   |  |  |        |  
|Total other income                     |  |       |  |                         |         |   |         |  | 189     |         |  |  | 1,683     |   |  |  | 243    |  
|                                       |  |       |  |                         |         |   |         |  |         |         |  |  |           |   |  |  |        |  
|                                       |  |       |  |                         |        
|Net valuation on investment properties |  | 12    |  |                         | (301    | ) |         |  | 424     |         |  |  | 350       |   |  |  | 51     |  
|                                       |  |       |  |                         |         |   |         |  |         |         |  |  |           |   |  |  |        |  
|                                       |  |       |  |                         |        
|Total income                           |  | 3     |  |                         | 27,812  |   |         |  | 27,150  |         |  |  | 27,968    |   |  |  | 4,044  |  
|                                       |  |       |  |                         |         |   |         |  |         |         |  |  |           |   |  |  |        |  
|                                       |  |       |  |                         |        
|Direct operating expenses              |  |       |  |                         |         |   |         |  |         |         |  |  |           |   |  |  |        |  
|Ferry operations                       |  |       |  |                         | (7,033  | ) |         |  | (7,117  | )       |  |  | (7,703    | ) |  |  | (1,114 | )
|Drilling                               |  |       |  |                         | (2,722  | ) |         |  | (2,959  | )       |  |  | (2,736    | ) |  |  | (396   | )
|Shipping                               |  |       |  |                         | (3,124  | ) |         |  | (2,517  | )       |  |  | (1,895    | ) |  |  | (274   | )
|Investment properties                  |  |       |  |                         | (804    | ) |         |  | (885    | )       |  |  | (829      | ) |  |  | (120   | )
|New Businesses  Adactum               |  |       |  |                         | (3,476  | ) |         |  | (3,306  | )       |  |  | (3,381    | ) |  |  | (489   | )
|Other                                  |  |       |  |                         | (29     | ) |         |  |         |         |  |  | (4        | ) |  |  | (1     | )
|                                       |  |       |  |                         |         |   |         |  |         |         |  |  |           |   |  |  |        |  
|Total direct operating expenses        |  |       |  |                         | (17,188 | ) |         |  | (16,784 | )       |  |  | (16,548   | ) |  |  | (2,394 | )
|                                       |  |       |  |                         |         |   |         |  |         |         |  |  |           |   |  |  |        |  
|                                       |  |       |  |                         |        
|Gross profit                           |  |       |  |                         | 10,624  |   |         |  | 10,366  |         |  |  | 11,420    |   |  |  | 1,650  |  
|                                       |  |       |  |                         |        
|Selling expenses                       |  | 17    |  |                         | (1,305  | ) |         |  | (1,202  | )       |  |  | (1,298    | ) |  |  | (188   | )
|Administrative expenses                |  | 5     |  |                         | (1,902  | ) |         |  | (1,902  | )       |  |  | (1,927    | ) |  |  | (278   | )
|Depreciation and amortization          |  | 3     |  |                         | (3,415  | ) |         |  | (3,704  | )       |  |  | (3,617    | ) |  |  | (523   | )
|                                       |  |       |  |                         |         |   |         |  |         |         |  |  |           |   |  |  |        |  
|Income from operations                 |  | 3, 33 |  |                         | 4,022   |   |         |  | 3,558   |         |  |  | 4,578     |   |  |  | 661    |  
|                                       |  |       |  |                         |        
|Share of associated companies results |  | 6     |  |                         | 24      |   |         |  | 131     |         |  |  | 60        |   |  |  | 9      |  
|Dividends received                     |  |       |  |                         | 61      |   |         |  | 38      |         |  |  | 64        |   |  |  | 9      |  
|Gain (loss) on sale of securities      |  |       |  |                         | (81     | ) |         |  | 445     |         |  |  | (69       | ) |  |  | (10    | )
|Interest income                        |  |       |  |                         | 685     |   |         |  | 477     |         |  |  | 394       |   |  |  | 57     |  
|Interest expense                       |  |       |  |                         | (1,864  | ) |         |  | (1,798  | )       |  |  | (1,914    | ) |  |  | (277   | )
|Foreign exchange gain/loss             |  |       |  |                         | (281    | ) |         |  | 48      |         |  |  | 36        |   |  |  | 5      |  
|Other financial income/expense         |  |       |  |                         | (201    | ) |         |  | (219    | )       |  |  | (370      | ) |  |  | (54    | )
|                                       |  |       |  |                         |         |   |         |  |         |         |  |  |           |   |  |  |        |  
|Finance net                            |  | 7     |  |                         | (1,658  | ) |         |  | (878    | )       |  |  | (1,799    | ) |  |  | (261   | )
|                                       |  |       |  |                         |        
|Income before taxes                    |  |       |  |                         | 2,344   |   |         |  | 2,680   |         |  |  | 2,779     |   |  |  | 400    |  
|                                       |  |       |  |                         |        
|Income taxes                           |  | 8     |  |                         | 20      |   |         |  | (114    | )       |  |  | (253      | ) |  |  | (37    | )
|                                       |  |       |  |                         |         |   |         |  |         |         |  |  |           |   |  |  |        |  
|Profit for the year                    |  |       |  |                         | 2,364   |   |         |  | 2,566   |         |  |  | 2,526     |   |  |  | 363    |  
|                                       |  |       |  |                         |        
|Earnings attributable to:              |  |       |  |                         |         |   |         |  |         |         |  |  |           |   |  |  |        |  
|Equity holders of the Parent Company   |  |       |  |                         | 2,401   |   |         |  | 2,568   |         |  |  | 2,476     |   |  |  | 356    |  
|Non-controlling interests              |  | 13    |  |                         | (37     | ) |         |  | (2      | )       |  |  | 50        |   |  |  | 7      |  
|                                       |  |       |  |                         |         |   |         |  |         |         |  |  |           |   |  |  |        |  
|Net income                             |  |       |  |                         | 2,364   |   |         |  | 2,566   |         |  |  | 2,526     |   |  |  | 363    |  



|1) | Unaudited  Note 1
|-- | ------------------



F-3



---

##### Table of Contents

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME



|                                            |  |                         |        |   |         |  |        |         |  |  |           |   |  |  |      |  
|------------------------------------------- |  | ----------------------- | ------ | - | ------- |  | ------ | ------- |  |  | --------- | - |  |  | ---- | -
|                                            |  | Years ended 31 December |       
|In million                                  |  | 2009SEK                 |        |   | 2010SEK |  |        | 2011SEK |  |  | 2011USD1) |  
|                                            |  |                         |        |  
|Profit for the year                         |  |                         | 2,364  |   |         |  | 2,566  |         |  |  | 2 526     |   |  |  | 363  |  
|Other comprehensive income                  |  |                         |        |   |         |  |        |         |  |  |           |   |  |  |      |  
|Change in fair value reserve, net of tax    |  |                         | 939    |   |         |  | 159    |         |  |  | (214      | ) |  |  | (31  | )
|Change in Cash flow hedges, net of tax      |  |                         | 626    |   |         |  | 216    |         |  |  | (813      | ) |  |  | (118 | )
|Change in currency translation differences  |  |                         | (2,097 | ) |         |  | (2,450 | )       |  |  | (147      | ) |  |  | (21  | )
|Change in equity hedge, net of tax          |  |                         | 107    |   |         |  | 191    |         |  |  | (96       | ) |  |  | (11  | )
|Equity method, net of tax                   |  |                         |        |   |         |  | (50    | )       |  |  |           |   |  |  |      |  
|                                            |  |                         |        |   |         |  |        |         |  |  |           |   |  |  |      |  
|Other comprehensive income for the year     |  |                         | 1,939  |   |         |  | 632    |         |  |  | 1,256     |   |  |  | 182  |  
|                                            |  |                         |        |  
|Other comprehensive income attributable to: |  |                         |        |   |         |  |        |         |  |  |           |   |  |  |      |  
| owners of the Company                     |  |                         | 1,995  |   |         |  | 642    |         |  |  | 1,264     |   |  |  | 183  |  
| non-controlling interest                  |  |                         | (56    | ) |         |  | (10    | )       |  |  | (8        | ) |  |  | (1   | )
|                                            |  |                         |        |   |         |  |        |         |  |  |           |   |  |  |      |  
|Total comprehensive income for the year     |  |                         | 1,939  |   |         |  | 632    |         |  |  | 1,256     |   |  |  | 182  |  
|                                            |  |                         |        |   |         |  |        |         |  |  |           |   |  |  |      |  



|1) | Unaudited  Note 1
|-- | ------------------

See also Note 20 and Note 21



F-4



---

##### Table of Contents

CONSOLIDATED BALANCE SHEETS



|                                    |  |        |  |                         |        |  |         |  |        |           |  |  |        | 
|----------------------------------- |  | ------ |  | ----------------------- | ------ |  | ------- |  | ------ | --------- |  |  | ------ | 
|                                    |  |        |  | Years ended 31 December |       
|In million                          |  | Note   |  | 2010SEK                 |        |  | 2011SEK |  |        | 2011USD1) | 
|                                    |  |        |  |                        
|Assets                              |  |        |  |                         |        |  |         |  |        |           |  |  |        | 
|Non-current assets                  |  |        |  |                         |        |  |         |  |        |           |  |  |        | 
|Intangible assets                   |  | 9      |  |                         |        |  |         |  |        |           |  |  |        | 
|Goodwill                            |  |        |  |                         | 1,286  |  |         |  | 1,504  |           |  |  | 218    | 
|Trademarks                          |  |        |  |                         | 772    |  |         |  | 749    |           |  |  | 108    | 
|Distribution agreements             |  |        |  |                         | 358    |  |         |  | 313    |           |  |  | 45     | 
|Other intangible assets             |  |        |  |                         | 150    |  |         |  | 483    |           |  |  | 70     | 
|                                    |  |        |  |                         |        |  |         |  |        |           |  |  |        | 
|Total intangible assets             |  |        |  |                         | 2,566  |  |         |  | 3,049  |           |  |  | 441    | 
|                                    |  |        |  |                         |        |  |         |  |        |           |  |  |        | 
|                                    |  |        |  |                        
|Tangible fixed assets               |  |        |  |                         |        |  |         |  |        |           |  |  |        | 
|Vessels                             |  | 10     |  |                         | 28,753 |  |         |  | 34,185 |           |  |  | 4,944  | 
|Construction in progress            |  | 10     |  |                         | 6,335  |  |         |  | 5,290  |           |  |  | 765    | 
|Equipment                           |  | 10     |  |                         | 2,462  |  |         |  | 2,303  |           |  |  | 333    | 
|Buildings and land                  |  | 11     |  |                         | 841    |  |         |  | 939    |           |  |  | 136    | 
|Ports                               |  | 11     |  |                         | 1,042  |  |         |  | 1,795  |           |  |  | 260    | 
|                                    |  |        |  |                         |        |  |         |  |        |           |  |  |        | 
|Total tangible fixed assets         |  |        |  |                         | 39,433 |  |         |  | 44,512 |           |  |  | 6,438  | 
|                                    |  |        |  |                         |        |  |         |  |        |           |  |  |        | 
|                                    |  |        |  |                        
|Investment properties               |  | 12     |  |                         | 24,354 |  |         |  | 25,753 |           |  |  | 3,724  | 
|                                    |  |        |  |                        
|Financial fixed assets              |  |        |  |                         |        |  |         |  |        |           |  |  |        | 
|Investment in associated companies  |  | 6      |  |                         | 1,205  |  |         |  | 1,374  |           |  |  | 198    | 
|Investment included in SPEs         |  | 13     |  |                         | 6,175  |  |         |  | 4,548  |           |  |  | 658    | 
|Marketable securities               |  | 14     |  |                         | 4,130  |  |         |  | 3,465  |           |  |  | 501    | 
|Other non-current assets            |  | 15, 21 |  |                         | 4,880  |  |         |  | 4,731  |           |  |  | 684    | 
|                                    |  |        |  |                         |        |  |         |  |        |           |  |  |        | 
|Total financial fixed assets        |  |        |  |                         | 16,390 |  |         |  | 14,118 |           |  |  | 2,041  | 
|                                    |  |        |  |                         |        |  |         |  |        |           |  |  |        | 
|                                    |  |        |  |                        
|Total non-current assets            |  |        |  |                         | 82,743 |  |         |  | 87,432 |           |  |  | 12,644 | 
|                                    |  |        |  |                         |        |  |         |  |        |           |  |  |        | 
|                                    |  |        |  |                        
|Current assets                      |  |        |  |                         |        |  |         |  |        |           |  |  |        | 
|Inventories                         |  | 16     |  |                         | 645    |  |         |  | 632    |           |  |  | 91     | 
|Trade debtors                       |  | 17     |  |                         | 2,754  |  |         |  | 3,218  |           |  |  | 465    | 
|Other current receivables           |  | 17     |  |                         | 1,116  |  |         |  | 1,611  |           |  |  | 233    | 
|Prepaid expenses and accrued income |  | 17     |  |                         | 1,888  |  |         |  | 1,448  |           |  |  | 210    | 
|Short-term investments              |  | 18     |  |                         | 4,127  |  |         |  | 2,668  |           |  |  | 386    | 
|Cash and cash equivalents           |  | 19     |  |                         | 1,665  |  |         |  | 1,587  |           |  |  | 230    | 
|                                    |  |        |  |                         |        |  |         |  |        |           |  |  |        | 
|Total current assets                |  |        |  |                         | 12,195 |  |         |  | 11,164 |           |  |  | 1,615  | 
|                                    |  |        |  |                         |        |  |         |  |        |           |  |  |        | 
|                                    |  |        |  |                        
|Total assets                        |  | 3      |  |                         | 94,938 |  |         |  | 98,596 |           |  |  | 14,259 | 
|                                    |  |        |  |                         |        |  |         |  |        |           |  |  |        | 



|1) | Unaudited  Note 1
|-- | ------------------



F-5



---

##### Table of Contents

|                                                          |  |      |    |  |                         |  |        |         |  |  |           |   |  |  |        |  
|--------------------------------------------------------- |  | ---- | -- |  | ----------------------- |  | ------ | ------- |  |  | --------- | - |  |  | ------ | -
|                                                          |  |      |    |  | Years ended 31 December | 
|In million                                                |  | Note |    |  | 2010SEK                 |  |        | 2011SEK |  |  | 2011USD1) |  
|                                                          |  |      |    | 
|Shareholders equity and liabilities                      |  |      |    |  |                         |  |        |         |  |  |           |   |  |  |        |  
|Equity attributable to shareholders of the Company        |  |      | 20 |  |                         |  |        |         |  |  |           |   |  |  |        |  
|Share capital                                             |  |      |    |  |                         |  | 5      |         |  |  | 5         |   |  |  | 1      |  
|Reserves                                                  |  |      |    |  |                         |  | (1,096 | )       |  |  | (2,366    | ) |  |  | (342   | )
|Retained earnings                                         |  |      |    |  |                         |  | 27,709 |         |  |  | 30,071    |   |  |  | 4,350  |  
|Net income                                                |  |      |    |  |                         |  | 2,566  |         |  |  | 2,476     |   |  |  | 356    |  
|Equity attributable to shareholders of the Company        |  |      |    |  |                         |  | 29,184 |         |  |  | 30,186    |   |  |  | 4,365  |  
|Non-controlling interest                                  |  |      |    |  |                         |  | 264    |         |  |  | 211       |   |  |  | 31     |  
|                                                          |  |      |    |  |                         |  |        |         |  |  |           |   |  |  |        |  
|Total equity                                              |  |      |    |  |                         |  | 29,448 |         |  |  | 30,397    |   |  |  | 4,396  |  
|                                                          |  |      |    |  |                         |  |        |         |  |  |           |   |  |  |        |  
|                                                          |  |      |    | 
|Non-current liabilities                                   |  |      |    |  |                         |  |        |         |  |  |           |   |  |  |        |  
|Deferred income taxes                                     |  |      | 21 |  |                         |  | 4,057  |         |  |  | 4,248     |   |  |  | 614    |  
|Pension liabilities                                       |  |      | 22 |  |                         |  | 1,088  |         |  |  | 962       |   |  |  | 139    |  
|Other provisions                                          |  |      | 23 |  |                         |  | 1,492  |         |  |  | 1,370     |   |  |  | 198    |  
|Long-term debt                                            |  |      | 24 |  |                         |  | 38,190 |         |  |  | 38,720    |   |  |  | 5,600  |  
|Debt included in SPEs                                     |  |      | 13 |  |                         |  | 5,140  |         |  |  | 4,143     |   |  |  | 599    |  
|Senior Notes                                              |  |      | 25 |  |                         |  | 6,256  |         |  |  | 6,236     |   |  |  | 902    |  
|Capitalized lease obligations                             |  |      | 26 |  |                         |  | 1,644  |         |  |  | 1,481     |   |  |  | 214    |  
|Other non-current liabilities                             |  |      | 27 |  |                         |  | 946    |         |  |  | 1,802     |   |  |  | 261    |  
|                                                          |  |      |    |  |                         |  |        |         |  |  |           |   |  |  |        |  
|Total non-current liabilities                             |  |      |    |  |                         |  | 58,813 |         |  |  | 58,962    |   |  |  | 8,527  |  
|                                                          |  |      |    |  |                         |  |        |         |  |  |           |   |  |  |        |  
|                                                          |  |      |    | 
|Current liabilities                                       |  |      |    |  |                         |  |        |         |  |  |           |   |  |  |        |  
|Short-term debt                                           |  |      | 24 |  |                         |  | 1,649  |         |  |  | 2,842     |   |  |  | 411    |  
|Capitalized lease obligations                             |  |      | 26 |  |                         |  | 225    |         |  |  | 222       |   |  |  | 32     |  
|Trade accounts payable                                    |  |      |    |  |                         |  | 1,313  |         |  |  | 1,281     |   |  |  | 185    |  
|Income tax payable                                        |  |      |    |  |                         |  | 130    |         |  |  | 92        |   |  |  | 13     |  
|Other current liabilities                                 |  |      |    |  |                         |  | 1,024  |         |  |  | 2,175     |   |  |  | 315    |  
|Accrued costs and prepaid income                          |  |      | 28 |  |                         |  | 2,336  |         |  |  | 2,625     |   |  |  | 380    |  
|                                                          |  |      |    |  |                         |  |        |         |  |  |           |   |  |  |        |  
|Total current liabilities                                 |  |      |    |  |                         |  | 6,677  |         |  |  | 9,237     |   |  |  | 1,336  |  
|                                                          |  |      |    |  |                         |  |        |         |  |  |           |   |  |  |        |  
|Total equity and liabilities                              |  |      |    |  |                         |  | 94,938 |         |  |  | 98,596    |   |  |  | 14,259 |  
|                                                          |  |      |    |  |                         |  |        |         |  |  |           |   |  |  |        |  
|                                                          |  |      |    | 
|Pledged assets and commitments and contingent liabilities |  |      |    |  |                         |  |        |         |  |  |           |   |  |  |        |  
|Pledged assets                                            |  |      | 29 |  |                         |  | 60,439 |         |  |  | 64,117    |   |  |  | 9,273  |  
|Commitments and contingent liabilities                    |  |      | 29 |  |                         |  | 2,510  |         |  |  | 2,663     |   |  |  | 385    |  



|1) | Unaudited  Note 1
|-- | ------------------



F-6



---

##### Table of Contents

CONSOLIDATED STATEMENTS OF CHANGES IN
SHAREHOLDERS EQUITY



|                                                                      |  |                                               |   |  |                    |  |        |                  |  |  |                      |   |  |                                     |        |   |       |  |        |                         |  |  |             |   |  |  |      |   |  |  |        |  
|--------------------------------------------------------------------- |  | --------------------------------------------- | - |  | ------------------ |  | ------ | ---------------- |  |  | -------------------- | - |  | ----------------------------------- | ------ | - | ----- |  | ------ | ----------------------- |  |  | ----------- | - |  |  | ---- | - |  |  | ------ | -
|                                                                      |  | Attributable to equity holders of the Company |  
|SEK million                                                           |  | Sharecapital                                  |   |  | Fairvaluereserve1) |  |        | Hedgingreserve1) |  |  | Translationreserve1) |   |  | RetainedearningsincludingNet income |        |   | Total |  |        | Non-controllinginterest |  |  | Totalequity |  
|                                                                      |  |                                               |   |  |                    |  |        |                 
|Closing balance as per 31 December 2008                               |  |                                               | 5 |  |                    |  | (1,242 | )                |  |  | (682                 | ) |  |                                     | 3,110  |   |       |  | 25,896 |                         |  |  | 27,087      |   |  |  | 367  |   |  |  | 27,454 |  
|Exchange differences arising on the translation of foreign operations |  |                                               |   |  |                    |  |        |                  |  |  |                      |   |  |                                     | (2,079 | ) |       |  |        |                         |  |  | (2,079      | ) |  |  | (19  | ) |  |  | (2,098 | )
|Change in Hedgings reserve, net of tax                                |  |                                               |   |  |                    |  |        |                  |  |  |                      |   |  |                                     |        |   |       |  |        |                         |  |  |             |   |  |  |      |   |  |  |        |  
| bunker hedge                                                        |  |                                               |   |  |                    |  |        |                  |  |  | 585                  |   |  |                                     |        |   |       |  |        |                         |  |  | 585         |   |  |  |      |   |  |  | 585    |  
| interest swap hedge                                                 |  |                                               |   |  |                    |  |        |                  |  |  | 42                   |   |  |                                     |        |   |       |  |        |                         |  |  | 42          |   |  |  |      |   |  |  | 42     |  
|Change in fair value reserve, net of tax                              |  |                                               |   |  |                    |  | 939    |                  |  |  |                      |   |  |                                     |        |   |       |  |        |                         |  |  | 939         |   |  |  |      |   |  |  | 939    |  
|Change in net investment hedge, net of tax                            |  |                                               |   |  |                    |  |        |                  |  |  | 107                  |   |  |                                     |        |   |       |  |        |                         |  |  | 107         |   |  |  |      |   |  |  | 107    |  
|Other comprehensive income                                            |  |                                               |   |  |                    |  | 939    |                  |  |  | 734                  |   |  |                                     | (2,079 | ) |       |  |        |                         |  |  | (406        | ) |  |  | (19  | ) |  |  | (425   | )
|                                                                      |  |                                               |   |  |                    |  |        |                 
|Net income                                                            |  |                                               |   |  |                    |  |        |                  |  |  |                      |   |  |                                     |        |   |       |  | 2,401  |                         |  |  | 2,401       |   |  |  | (37  | ) |  |  | 2,364  |  
|                                                                      |  |                                               |   |  |                    |  |        |                  |  |  |                      |   |  |                                     |        |   |       |  |        |                         |  |  |             |   |  |  |      |   |  |  |        |  
|Total comprehensive income                                            |  |                                               |   |  |                    |  | 939    |                  |  |  | 734                  |   |  |                                     | (2,079 | ) |       |  | 2,401  |                         |  |  | 1,995       |   |  |  | (56  | ) |  |  | 1,939  |  
|                                                                      |  |                                               |   |  |                    |  |        |                  |  |  |                      |   |  |                                     |        |   |       |  |        |                         |  |  |             |   |  |  |      |   |  |  |        |  
|Dividend                                                              |  |                                               |   |  |                    |  |        |                  |  |  |                      |   |  |                                     |        |   |       |  | (190   | )                       |  |  | (190        | ) |  |  |      |   |  |  | (190   | )
|Transfer to charitable trust                                          |  |                                               |   |  |                    |  |        |                  |  |  |                      |   |  |                                     |        |   |       |  | (20    | )                       |  |  | (20         | ) |  |  |      |   |  |  | (20    | )
|Closing balance as per 31 December 2009                               |  |                                               | 5 |  |                    |  | (303   | )                |  |  | 52                   |   |  |                                     | 1,031  |   |       |  | 28,087 |                         |  |  | 28,872      |   |  |  | 311  |   |  |  | 29,183 |  
|Acquired non-controlling interest                                     |  |                                               |   |  |                    |  |        |                  |  |  |                      |   |  |                                     |        |   |       |  |        |                         |  |  |             |   |  |  | 96   |   |  |  | 96     |  
|Acquisition of subsidiary                                             |  |                                               |   |  |                    |  |        |                  |  |  |                      |   |  |                                     |        |   |       |  |        |                         |  |  |             |   |  |  | (133 | ) |  |  | (133   | )
|Exchange differences arising on the translation of foreign operations |  |                                               |   |  |                    |  |        |                  |  |  |                      |   |  |                                     | (2,442 | ) |       |  |        |                         |  |  | (2,442      | ) |  |  | (8   | ) |  |  | (2,450 | )
|Change in Hedgings reserve, net of tax                                |  |                                               |   |  |                    |  |        |                  |  |  |                      |   |  |                                     |        |   |       |  |        |                         |  |  |             |   |  |  |      |   |  |  |        |  
| bunker hedge                                                        |  |                                               |   |  |                    |  |        |                  |  |  | 153                  |   |  |                                     |        |   |       |  |        |                         |  |  | 153         |   |  |  |      |   |  |  | 153    |  
| interest swap hedge                                                 |  |                                               |   |  |                    |  |        |                  |  |  | 63                   |   |  |                                     |        |   |       |  |        |                         |  |  | 63          |   |  |  |      |   |  |  | 63     |  
|Change in fair value reserve, net of tax                              |  |                                               |   |  |                    |  | 159    |                  |  |  |                      |   |  |                                     |        |   |       |  |        |                         |  |  | 159         |   |  |  |      |   |  |  | 159    |  
|Change in net investment hedge, net of tax                            |  |                                               |   |  |                    |  |        |                  |  |  | 191                  |   |  |                                     |        |   |       |  |        |                         |  |  | 191         |   |  |  |      |   |  |  | 191    |  
|Equity method                                                         |  |                                               |   |  |                    |  |        |                  |  |  |                      |   |  |                                     |        |   |       |  | (50    | )                       |  |  | (50         | ) |  |  |      |   |  |  | (50    | )
|Other comprehensive income                                            |  |                                               |   |  |                    |  | 159    |                  |  |  | 407                  |   |  |                                     | (2,442 | ) |       |  | (50    | )                       |  |  | (1,926      | ) |  |  | (8   | ) |  |  | (1,934 | )
|                                                                      |  |                                               |   |  |                    |  |        |                 
|Net income                                                            |  |                                               |   |  |                    |  |        |                  |  |  |                      |   |  |                                     |        |   |       |  | 2,568  |                         |  |  | 2,568       |   |  |  | (2   | ) |  |  | 2,566  |  
|                                                                      |  |                                               |   |  |                    |  |        |                  |  |  |                      |   |  |                                     |        |   |       |  |        |                         |  |  |             |   |  |  |      |   |  |  |        |  
|Total comprehensive income                                            |  |                                               |   |  |                    |  | 159    |                  |  |  | 407                  |   |  |                                     | (2,442 | ) |       |  | 2,518  |                         |  |  | 642         |   |  |  | (10  | ) |  |  | 632    |  
|                                                                      |  |                                               |   |  |                    |  |        |                  |  |  |                      |   |  |                                     |        |   |       |  |        |                         |  |  |             |   |  |  |      |   |  |  |        |  
|Dividend                                                              |  |                                               |   |  |                    |  |        |                  |  |  |                      |   |  |                                     |        |   |       |  | (316   | )                       |  |  | (316        | ) |  |  |      |   |  |  | (316   | )
|Transfer to charitable trust                                          |  |                                               |   |  |                    |  |        |                  |  |  |                      |   |  |                                     |        |   |       |  | (14    | )                       |  |  | (14         | ) |  |  |      |   |  |  | (14    | )
|Closing balance as per 31 December 2010                               |  |                                               | 5 |  |                    |  | (144   | )                |  |  | 459                  |   |  |                                     | (1,411 | ) |       |  | 30,275 |                         |  |  | 29,184      |   |  |  | 264  |   |  |  | 29,448 |  
|                                                                      |  |                                               |   |  |                    |  |        |                 
|Divestment of non-controlling ­interest                               |  |                                               |   |  |                    |  |        |                  |  |  |                      |   |  |                                     |        |   |       |  |        |                         |  |  |             |   |  |  | (31  | ) |  |  | (31    | )
|Acquisition of non-controlling ­interest                              |  |                                               |   |  |                    |  |        |                  |  |  |                      |   |  |                                     |        |   |       |  |        |                         |  |  |             |   |  |  | (30  | ) |  |  | (30    | )
|                                                                      |  |                                               |   |  |                    |  |        |                 
|Exchange differences arising on the translation of foreign operations |  |                                               |   |  |                    |  |        |                  |  |  |                      |   |  |                                     | (147   | ) |       |  |        |                         |  |  | (147        | ) |  |  | 58   |   |  |  | (89    | )
|Change in Hedgings reserve, net of tax                                |  |                                               |   |  |                    |  |        |                  |  |  |                      |   |  |                                     |        |   |       |  |        |                         |  |  |             |   |  |  |      |   |  |  |        |  
| bunker hedge                                                        |  |                                               |   |  |                    |  |        |                  |  |  | (16                  | ) |  |                                     |        |   |       |  |        |                         |  |  | (16         | ) |  |  |      |   |  |  | (16    | )
| interest swap hedge                                                 |  |                                               |   |  |                    |  |        |                  |  |  | (797                 | ) |  |                                     |        |   |       |  |        |                         |  |  | (797        | ) |  |  |      |   |  |  | (797   | )
|Change in fair value reserve, net of tax                              |  |                                               |   |  |                    |  | (214   | )                |  |  |                      |   |  |                                     |        |   |       |  |        |                         |  |  | (214        | ) |  |  |      |   |  |  | (214   | )
|Change in net investment hedge, net of tax                            |  |                                               |   |  |                    |  |        |                  |  |  | (96                  | ) |  |                                     |        |   |       |  |        |                         |  |  | (96         | ) |  |  |      |   |  |  | (96    | )
|Other comprehensive income                                            |  |                                               |   |  |                    |  | (214   | )                |  |  | (909                 | ) |  |                                     | (147   | ) |       |  |        |                         |  |  | (1,270      | ) |  |  | 58   |   |  |  | (1,212 | )
|                                                                      |  |                                               |   |  |                    |  |        |                 
|Net income                                                            |  |                                               |   |  |                    |  |        |                  |  |  |                      |   |  |                                     |        |   |       |  | 2 526  |                         |  |  | 2,526       |   |  |  | (50  | ) |  |  | (2,476 | )
|                                                                      |  |                                               |   |  |                    |  |        |                  |  |  |                      |   |  |                                     |        |   |       |  |        |                         |  |  |             |   |  |  |      |   |  |  |        |  
|Total comprehensive income                                            |  |                                               |   |  |                    |  | (214   | )                |  |  | (909                 | ) |  |                                     | (147   | ) |       |  | 2 526  |                         |  |  | 1,256       |   |  |  | 8    |   |  |  | 1,264  |  
|                                                                      |  |                                               |   |  |                    |  |        |                  |  |  |                      |   |  |                                     |        |   |       |  |        |                         |  |  |             |   |  |  |      |   |  |  |        |  
|Dividend                                                              |  |                                               |   |  |                    |  |        |                  |  |  |                      |   |  |                                     |        |   |       |  | (240   | )                       |  |  | (240        | ) |  |  |      |   |  |  | (240   | )
|Transfer to charitable trust                                          |  |                                               |   |  |                    |  |        |                  |  |  |                      |   |  |                                     |        |   |       |  | (14    | )                       |  |  | (14         | ) |  |  |      |   |  |  | (14    | )
|Closing balance as per 31 December 2011                               |  |                                               | 5 |  |                    |  | (358   | )                |  |  | (450                 | ) |  |                                     | (1,558 | ) |       |  | 32,547 |                         |  |  | 30,186      |   |  |  | 211  |   |  |  | 30,397 |  



|1) | See also Note 20
|-- | ----------------



F-7



---

##### Table of Contents

CONSOLIDATED STATEMENTS OF CASH FLOWS



|                                                                                  |  |      |  |                         |        |   |         |  |         |         |  |  |           |   |  |  |        |  
|--------------------------------------------------------------------------------- |  | ---- |  | ----------------------- | ------ | - | ------- |  | ------- | ------- |  |  | --------- | - |  |  | ------ | -
|                                                                                  |  |      |  | Years ended 31 December |       
|In million                                                                        |  | Note |  | 2009SEK                 |        |   | 2010SEK |  |         | 2011SEK |  |  | 2011USD1) |  
|                                                                                  |  |      |  |                         |       
|Net cash flows from operating activities                                          |  |      |  |                         |        |   |         |  |         |         |  |  |           |   |  |  |        |  
|Net income                                                                        |  |      |  |                         | 2,364  |   |         |  | 2,566   |         |  |  | 2,526     |   |  |  | 363    |  
|Adjustments to reconcile net income to net cash provided by operating activities: |  |      |  |                         |        |   |         |  |         |         |  |  |           |   |  |  |        |  
|Depreciation and amortization                                                     |  | 3    |  |                         | 3,415  |   |         |  | 3,704   |         |  |  | 3,617     |   |  |  | 523    |  
|Net valuation of investment properties                                            |  |      |  |                         | 301    |   |         |  | (424    | )       |  |  | (350      | ) |  |  | (51    | )
|Share of affiliated companies results                                            |  |      |  |                         | (24    | ) |         |  | (131    | )       |  |  | (60       | ) |  |  | (9     | )
|Dividend from associated companies                                                |  |      |  |                         |        |   |         |  |         |         |  |  | 10        |   |  |  | 1      |  
|Gain on sale of assets                                                            |  | 4    |  |                         | (179   | ) |         |  | (189    | )       |  |  | (1,683    | ) |  |  | (243   | )
|Loss/gains on securities, net                                                     |  |      |  |                         | 81     |   |         |  | (445    | )       |  |  | 69        |   |  |  | 10     |  
|Unrealized foreign exchange losses/gains                                          |  |      |  |                         | 148    |   |         |  | (159    | )       |  |  | 329       |   |  |  | 48     |  
|Deferred income taxes                                                             |  | 8    |  |                         | (230   | ) |         |  | (77     | )       |  |  | 14        |   |  |  | 2      |  
|Provision for pensions                                                            |  |      |  |                         | (190   | ) |         |  | (449    | )       |  |  | (168      | ) |  |  | (24    | )
|Other non cash items                                                              |  |      |  |                         | 311    |   |         |  | (62     | )       |  |  | 227       |   |  |  | 33     |  
|Net cash flows from trading securities                                            |  |      |  |                         | (35    | ) |         |  | (58     | )       |  |  | 178       |   |  |  | 26     |  
|                                                                                  |  |      |  |                         |        |   |         |  |         |         |  |  |           |   |  |  |        |  
|Cash flow from operations before changes in working capital                       |  |      |  |                         | 5,962  |   |         |  | 4,276   |         |  |  | 4,709     |   |  |  | 679    |  
|                                                                                  |  |      |  |                         |       
|Changes in working capital                                                        |  |      |  |                         |        |   |         |  |         |         |  |  |           |   |  |  |        |  
|Receivables                                                                       |  |      |  |                         | 2,829  |   |         |  | 784     |         |  |  | (226      | ) |  |  | (33    | )
|Prepaid expenses and accrued income                                               |  |      |  |                         | (294   | ) |         |  | (78     | )       |  |  | 538       |   |  |  | 78     |  
|Inventories                                                                       |  |      |  |                         | 467    |   |         |  | (62     | )       |  |  | 44        |   |  |  | 7      |  
|Trade accounts payable                                                            |  |      |  |                         | 127    |   |         |  | 59      |         |  |  | (218      | ) |  |  | (31    | )
|Accrued costs and prepaid income                                                  |  |      |  |                         | (855   | ) |         |  | 162     |         |  |  | 199       |   |  |  | 29     |  
|Income tax payable                                                                |  |      |  |                         | 76     |   |         |  | (13     | )       |  |  | (77       | ) |  |  | (11    | )
|Other current liabilities                                                         |  |      |  |                         | (1,228 | ) |         |  | (63     | )       |  |  | (74       | ) |  |  | (11    | )
|                                                                                  |  |      |  |                         |        |   |         |  |         |         |  |  |           |   |  |  |        |  
|Net cash provided by operating activities                                         |  |      |  |                         | 7,084  |   |         |  | 5,065   |         |  |  | 4,895     |   |  |  | 707    |  
|                                                                                  |  |      |  |                         |       
|Net cash flows from investing activities                                          |  |      |  |                         |        |   |         |  |         |         |  |  |           |   |  |  |        |  
|Purchase of intangible assets                                                     |  |      |  |                         | (61    | ) |         |  | (30     | )       |  |  | (41       | ) |  |  | (6     | )
|Cash proceeds from sale of tangible fixed assets                                  |  | 4    |  |                         | 469    |   |         |  | 895     |         |  |  | 3,593     |   |  |  | 520    |  
|Capital expenditure on tangible fixed assets                                      |  |      |  |                         | (9,169 | ) |         |  | (10,159 | )       |  |  | (10,651   | ) |  |  | (1,540 | )
|Purchase of subsidiary, net of cash acquired                                      |  | 30   |  |                         |        |   |         |  | (127    | )       |  |  | (186      | ) |  |  | (27    | )
|Investments in affiliated companies                                               |  |      |  |                         | (162   | ) |         |  |         |         |  |  | (117      | ) |  |  | (17    | )
|Proceeds from sale of securities                                                  |  |      |  |                         | 5,040  |   |         |  | 5,883   |         |  |  | 5,048     |   |  |  | 730    |  
|Purchase of securities                                                            |  |      |  |                         | (2,709 | ) |         |  | (5,987  | )       |  |  | (3,056    | ) |  |  | (442   | )
|Increase of noncurrent assets                                                     |  |      |  |                         | (119   | ) |         |  | (405    | )       |  |  | (357      | ) |  |  | (52    | )
|Decrease of noncurrent assets                                                     |  |      |  |                         | 341    |   |         |  | 251     |         |  |  | 175       |   |  |  | 25     |  
|Other investing activities                                                        |  |      |  |                         | (86    | ) |         |  | (2      | )       |  |  | 13        |   |  |  | 2      |  
|                                                                                  |  |      |  |                         |        |   |         |  |         |         |  |  |           |   |  |  |        |  
|Net cash used in investing activities                                             |  |      |  |                         | (6,456 | ) |         |  | (9,681  | )       |  |  | (5,579    | ) |  |  | (807   | )
|                                                                                  |  |      |  |                         |       
|Net cash flows from financing activities                                          |  |      |  |                         |        |   |         |  |         |         |  |  |           |   |  |  |        |  
|Proceeds from issuance of debt                                                    |  |      |  |                         | 4,795  |   |         |  | 6,250   |         |  |  | 3,827     |   |  |  | 554    |  
|Principal payments on debt                                                        |  |      |  |                         | (2,006 | ) |         |  | (6,491  | )       |  |  | (2,452    | ) |  |  | (354   | )
|Net change in borrowings on line-of-credit agreements                             |  |      |  |                         | (4,483 | ) |         |  | 6,245   |         |  |  | (1,375    | ) |  |  | (199   | )
|Proceeds from new capitalized lease obligations                                   |  |      |  |                         | 1      |   |         |  | 618     |         |  |  |           |   |  |  |        |  
|Principal payments on capitalized lease obligations                               |  |      |  |                         | (184   | ) |         |  | (136    | )       |  |  | (231      | ) |  |  | (33    | )
|Net change in restricted cash accounts                                            |  |      |  |                         | 1,100  |   |         |  | (688    | )       |  |  | 1,186     |   |  |  | 172    |  
|Dividends paid                                                                    |  |      |  |                         | (190   | ) |         |  | (316    | )       |  |  | (240      | ) |  |  | (35    | )
|Other financing activities                                                        |  | 30   |  |                         | 60     |   |         |  | (331    | )       |  |  | (156      | ) |  |  | (23    | )
|                                                                                  |  |      |  |                         |        |   |         |  |         |         |  |  |           |   |  |  |        |  
|Net cash provided by/used in financing activities                                 |  |      |  |                         | (907   | ) |         |  | 5,151   |         |  |  | 559       |   |  |  | 82     |  
|                                                                                  |  |      |  |                         |       
|Effect of exchange rate changes on cash and cash equivalents                      |  |      |  |                         | 31     |   |         |  | (53     | )       |  |  | 47        |   |  |  | 7      |  
|Net change in cash and cash equivalents                                           |  |      |  |                         | (248   | ) |         |  | 482     |         |  |  | (78       | ) |  |  | (11    | )
|                                                                                  |  |      |  |                         |        |   |         |  |         |         |  |  |           |   |  |  |        |  
|Cash and cash equivalents at beginning of year                                    |  | 19   |  |                         | 1,431  |   |         |  | 1,183   |         |  |  | 1,665     |   |  |  | 241    |  
|                                                                                  |  |      |  |                         |        |   |         |  |         |         |  |  |           |   |  |  |        |  
|Cash and cash equivalents at end of year                                          |  | 19   |  |                         | 1,183  |   |         |  | 1,665   |         |  |  | 1,587     |   |  |  | 230    |  



|1) | Unaudited  Note 1
|-- | ------------------



F-8



---

##### Table of Contents

NOTES

Amounts are shown in SEK millions unless otherwise stated.

1  Summary of Significant Accounting Principles

Basis of preparation

The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS). In
addition RFR 1 Supplementary Rules for Groups, has been applied, issued by the Swedish Financial Reporting Board.

In accordance with IAS 1,
the companies of the Stena Group apply uniform accounting principles, irrespective of local legislation. The principles below have been applied consistently for all the years covered by this Financial Report. Conversion to IAS 33, Earnings Per
Share, is not applied, since Stena AB is not a listed company.

The Financial Report and Consolidated Financial Statements were approved for
issue by the Board of Directors on 27 April 2012. The balance sheets and income statements were approved by the Annual General Meeting on 27 April 2012.

In conjunction with the preparation of these financial statements, senior management has made estimates and assumptions which affect the carrying amounts of assets and liabilities, as well as contingent
liabilities at the date of the financial statements and recognized revenues and costs. The actual future outcome of specific transactions may differ from the outcome estimated at the date of preparation of this financial statements. Differences of
this type will impact the outcome of financial statements in forthcoming accounting periods. Areas involving a high degree of assessment, which are complex or in which the assumptions and estimations are of material significance to the consolidated
financial statements are stated in Note 2.

The Groups financial statements are based on acquisition cost, with the exception of
available-for-sale financial assets, financial assets and financial liabilities valued at fair value through the income statement and investment properties, which are recognized at fair value.

Solely for the convenience of the reader, the 2011 financial statements have been translated from Swedish kronor (SEK) into United States dollars (USD)
using the 31 December 2011 Noon Buying Rate of the Federal Reserve Bank of New York of USD 1.00 = SEK 6.9146 .

During the year 2011, no
new or amended IFRS standards have had any particular impact on the Group accounting.

Basis of consolidation

The consolidated financial statements has been prepared in accordance with the principles set forth in IAS 27, consolidated and separate financial
statements and include Stena AB and all subsidiaries, defined as companies in which Stena AB, directly or indirectly, owns shares representing more than 50% of the voting rights or, in any other way, has a controlling influence.

As regards companies acquired or divested during the year, the following applies:



| |  | Companies acquired during the year have been included in the consolidated income statement as of the date upon which control was gained.
|- |  | ----------------------------------------------------------------------------------------------------------------------------------------



| |  | Companies divested during the year are included in the consolidated income statement until the date upon which Stenas control ceased.
|- |  | --------------------------------------------------------------------------------------------------------------------------------------



F-9



---

##### Table of Contents

The Groups consolidated financial statements include the financial statements for the Parent Company
and its directly or indirectly owned subsidiaries after:



| |  | elimination of intercompany transactions and
|- |  | --------------------------------------------



| |  | amortization of acquired surplus values.
|- |  | ----------------------------------------

Equity in the Group includes equity in the Parent Company and the portion of equity in subsidiaries arising after their acquisition.

Non-controlling interest is recognized in equity as a separate category. Non-controlling interest share of profit/loss for the year is specified following the net profit/loss for the year in the income
statement.

Business combinations and goodwill

Stena applies IFRS 3 (revised 2009) Business Combinations, for acquisitions that have occurred on or after January 1, 2010. Acquisitions that occured before January 1, 2010, are not restated. All business
combinations are accounted for in accordance with purchase method. This method entails that the assets, liabilities and contingent liabilities owned by the acquiring company at acquisition date are valued to determine their group acquisition value.
The valuation method requires that estimates have to be made. The valuation of acquired land, buildings and equipment is carried out either by an external party or by an internal party on the basis of available market information. The reporting of
financial assets and liabilities, as well as inventories, is based on available market information. The fair value of significant intangible fixed assets is determined either with the help of independent valuation experts or internally, through the
use of generally accepted valuing methods, which are usually based on future cash flows.

Acquisition of investment properties and vessels in
companies with only assets are accounted for as an asset deal.

In the event that the acquisition cost exceeds the market held value of the
identified assets, liabilities and contingent liabilities, the difference is accounted for as goodwill.

In the event that the fair value of
the acquired net assets exceeds the acquisition cost, the acquirer shall identify and value the acquired assets again. Any remaining surplus in a revaluation shall immediately be taken up as income. The acquisition analysis (the method utilized for
the allocation of acquisition cost to acquired identified net assets and ­goodwill), shall, in accordance with IFRS, be completed within twelve months of the acquisition date. Once the acquisition analysis has been reviewed and approved by
management, goodwill is allocated to cash generating units and impairment testing is carried out at least once per year from the date upon which this allocation is completed. Goodwill is not amortized.

Contingent consideration is reported according to fair-value at the date of acquisition. If the contingent consideration is classified as an
equity-instrument, no revaluation is carried out and the adjustment is reported in equity. For other contingent consideration , these are revalued each quarter and the variation is reported in the Income Statement.

Associated companies and jointly controlled entities (equity-accounted investments)

The equity method of accounting is used for companies in which the Company owns shares representing between 20% and up to a maximum of 50% of the voting rights and/or has a significant interest. This
method entails that investments are initially reported at acquisition value. The Groups investment in associated companies includes goodwill identified on acquisition, net of any accumulated impairment loss. See impairment of
non-financial assets including goodwill below. The carrying amount is subsequently increased or decreased to reflect the owner companys share of the associated companies gains or losses after the acquisition. The Groups share
of the associated companies net income is reported in the consolidated income statement under the line Result from associated companies, in finance net. Received dividends are settled against the book value of the respective
participations.

Special purposed entities (SPE)

Special purposed entities (SPE) are consolidated in the Group accounts according to SIC 12 and are consolidated, when the Group is subject to a significant economic impact of the SPE. Definition of
significant economic impact is if the Group stands behind the majority of the risks which are related to the SPE and its assets or if it has the right to keep the majority of the rewards in the SPE.



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Acquisition with non-controlling interest

Acquisition with non controlling interest arises when less than 100% of a subsidiary is acquired. This kind of acquisition is reported as a proportion of the acquired net assets. The acquisition is
reported as a transaction within equity i.e. between the owner of the parent company and the non-controlling interest. Therefore no goodwill arises in this kind of transaction. The change in non-controlling interest is based on the proportional
share of the net assets.

Translation of foreign operations

The functional currency of Stena AB and the Group is the Swedish kroner (SEK). All foreign subsidiaries report in their functional currencies, the currency used in the primary economic environment of the
companies. In consolidation, all balance sheet items have been translated into SEK at the closing rate of exchange. Profit/loss items have been translated using average exchange rates.

Transactions in foreign currency

Foreign currency transactions are converted to the
functional currency at the exchange rate prevailing on the transaction day. The functional currency is the currency of the primary economic environment in which the Company generates and expends cash. Monetary assets and liabilities in foreign
currencies are converted to the functional currency at the exchange rate prevailing on the closing date. Exchange differences which arise are reported in the Income Statement. Non monetary assets and liabilities which are reported at historical
cost, are revaluated at transaction date. Non monetary assets and liabilities which are reported to fair value are revalued to the functional at the exchange rate ruling at the time for revaluation at fair value.

Segment reporting

Operating
income is reported in such a manner as to correspond with the internal reporting submitted to the chief operating decision-maker. The chief operating decision-maker is the function responsible for the allocation of resources and the assessment of
the operating segments results. In the Group, this function has been identified as Stena ABs Board of Directors, which takes strategic decisions.

The Groups segments, its business areas, have implemented systems and procedures to support internal control and reporting. This forms the basis of the identification of primary risks and the
varying returns that exist in the business, and is based on the various business models for the Groups end clients. The segments are responsible for operating profit/loss, EBITDA (operating income before amortization) and for those assets
utilized in their operations, whilst net financial income, taxes and equity are not reported per segment. Operating profit/loss and assets for the segment are consolidated in accordance with the same principles as the rest of the Group as a whole.
Sales between segments take place on market conditions and at market prices. The Stena Groups business areas and, thereby, its Segments are:



| |  | Ferry operations
|- |  | ----------------



| |  | Drilling operations
|- |  | -------------------



| |  | Shipping operations
|- |  | -------------------



| |  | Property operations
|- |  | -------------------



| |  | New businesses  Adactum
|- |  | ------------------------

Revenue recognition

Revenue includes the fair value of amounts received or to be
received regarding services and goods sold in the Groups operating activities. Revenue is reported excluding value added tax, returns and discounts and after elimination of internal Group sales.

The Group reports revenue when the amount can be measured in a reliable way, it is probable that future economic benefits will be generated to the
Company and specific criteria have been fulfilled for each of the Groups operations. Revenue amounts are not considered to be reliably measurable until all commitments regarding sales have been met or have fallen due. The Group bases its
judgments on historical outcome, thereby considering the type of client, type of transaction, and special circumstances in each individual case.



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The Groups shipping and drilling revenues are derived from charter contracts. Revenue is recognized
evenly within the charter period. Provisions are made in advance for any ongoing loss contracts.

Revenues from the Groups ferry
operations consist of ticket sales, onboard sales, and freight revenues and are recognized in the period in which services are rendered.

Stena Line operates loyalty programs under which the customer can redeem credits for awards such as free or discounted goods or services. The fair value
of the total consideration received in the initial sales transaction is allocated between the award credits and the sale of the goods or services. The revenue related to the award credits granted is recognized in the income statement when the risk
of a claim being made expires.

Rental income from the Companys investment properties operations is derived from leases and is
recognized on a straight line basis over the life of the leases. Sales and purchases of properties are reported when the risks and rewards associated with ownership are transferred to the buyer from the seller, which normally takes place on the day
of taking possession as long as this does not conflict with the conditions of the sales contract.

Sales of goods are recognized at the date
upon which the Group company sells a product to the customer in accordance with the terms of sale. Sales are usually paid for in cash or by credit card.

Contract assignments in progress from operations within the Adactum Group are recognized according to the percentage of completion method on all of the assignments in which outcome can be calculated in a
satisfactory manner. Revenues and costs are reported in the income statement in relation to the assignments degree of completion. The degree of completion is determined on the basis of assignment costs incurred in relation to the estimated
assignment costs for the entire assignment. Anticipated losses are expensed immediately.

Sales of vessels and investment properties are
recognized in other income. Revenue recognition takes place when all material benefits and risks have been transferred to the buyer.

Interest
income is recognized as income in the finance net distributed over the term with application of the effective interest method.

Dividend
income is recognized when the right to payment is received and reported in financial net.

Tangible fixed assets

Tangible fixed assets are recognized in the balance sheet when, on the basis of available information, it is likely that the future economic benefit
associated with the holding accrues to the Group and the acquisition cost of the asset can be reliably calculated.

Vessels, equipment and
buildings used in business operations are recorded at acquisition cost less accumulated depreciation and any impairment charges. Acquisition expenditure is capitalized upon acquisition. Repairs and maintenance costs for tangible fixed assets are
charged to the income statement for the year.

Dry-docking costs for vessels are capitalized and amortized over a period of two to five years.

For vessels, the Company uses appraisals carried out by independent vessel brokers. If a review indicates that the net book value of an asset
exceeds its recoverable amount, discounted cash flows based upon estimated capital expenses and future expected earnings are utilized. For assets having a direct joint income, e.g. a ferry route, the smallest cash ­generating unit is used.

If a write-down requirement arises on the balance sheet date, the recoverable amount of the asset is estimated and the asset is impaired down
to this value. Impairment is reversed if any change is made to the calculations used to determine the recoverable amount.

Construction in
progress includes advance payments, as well as other direct and indirect project costs, including financial expenses, which are capitalized on the basis of the actual borrowing cost.



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Buildings used in business operations is split into buildings and land and port terminals and refer to
properties used by the Company in its own operations.

Tangible fixed assets are depreciated according to plan, using the straight-line
method. The residual values and useful lives of the assets are tested on every balance sheet date and adjusted when needed. No depreciation is carried out regarding land. The residual values are estimated to zero.

All assets are divided to components.

Depreciation takes place from the date upon which the asset is ready for use and over the following periods:



|                             |  |            
|---------------------------- |  | -----------
|Vessels:                     |  |            
|Drilling rigs                |  | 1520 years
|Drilling rig vessels         |  | 1520 years
|Crude oil tankers            |  | 20 years   
|RoRo vessels                 |  | 20 years   
|RoPax vessels                |  | 20 years   
|Superferries                 |  | 20 years   
|LNG carriers                 |  | 20 years   
|HSS vessels                  |  | 1020 years
|                             | 
|Other tangible fixed assets: |  |            
|Buildings                    |  | 50 years   
|Port terminals               |  | 50 years   
|Windmills                    |  | 20 years   
|Equipment                    |  | 310 years 

Investment property

Investment properties are reported at fair value in accordance with the fair value model in IAS 40.

Investment properties, that is properties held in order to generate rental income or increase in value or a combination of these, are valued continuously with the fair value model (estimated market
value). These properties are initially valued at acquisition cost. Fair value is based on the estimated market value on balance sheet date, which means the value at which a property could be transferred between well informed parties that are
independent of each other and that have an interest in the transaction being carried out. Changes in fair value are reported in the income statement, with an impact on changes in value of properties.

The term investment properties, which mainly includes residential and office buildings, also includes land and buildings, land improvements and permanent
equipment, service facilities etc in the building or at the site.

Sales and purchases of properties are reported when the risks and rewards
associated with ownership are transferred to the buyer from the seller, which normally takes place on the day of taking possession as long as this does not conflict with the conditions of the sales contract.

Profit or loss arising upon the sale or disposal of investment properties is composed of the difference between the net proceeds from sale and the most
recently determined valuation (carrying amount based on the most recently determined translation to fair value). Income arising from sales or disposals is reported in the income statement as net gain on sale of assets.



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In the event that Stena utilizes a portion of a property for its own administration, such a property will
only be considered to be an investment property if an insignificant portion is used for administrative means. In any other case, the property will be classified as a building used in business operations, and be accounted for in accordance with
IAS 16  Property, Plant & Equipment.

Additional expenses are added to the carrying amount only when it is likely that
future economic benefits associated with the asset will accrue to the Company and when acquisition cost can be reliably calculated. Other expenses are recognized as costs in the period in which they arise. One decisive factor for the assessment of
when an additional expense may be added to the carrying amount is whether this expense refers to the replacement of identified components, or parts of these, in which case such expenses are capitalized. Expenses are also added to carrying amount in
cases where new components are created.

The valuation of investment properties at fair value (assessed market value) utilizes an internal
valuation model which has been quality assured through the reconciliation of assumptions with external property values, as well as through external valuation. The internal valuation is determined on an earnings basis, which means that each
individual propertys net rental income is divided by the required return yield for the property in question. Assumptions have been made in the calculation of net rental income regarding operating and maintenance expenses, as well as vacancies.
These assumptions are based on market assumptions of those cash flows. However, historical outcome, budget and normalized costs have been a part of these considerations. Different required returns have been utilized for different markets and types
of properties.

Intangible assets

Goodwill

Goodwill is comprised of the amount by which the acquisition cost exceeds the
fair value of the Groups portion of the acquired subsidiarys identifiable net assets at acquisition date. Goodwill on the acquisition of subsidiaries is ­recognized as an intangible asset. Goodwill is tested annually for impairment
and is recognized at acquisition cost less accumulated impairment losses. Impairment of goodwill is not reversed. Profit or loss on the disposal of a unit includes the remaining carrying amount of the goodwill referring to the unit divested.

Goodwill is allocated to cash generating units during impairment testing. This allocation refers to those cash generating units, determined
in accordance with the Groups operating segments, which are expected to benefit by the business combination in which the goodwill item arose.

Trademarks

Trademarks acquired are reported at fair value on acquisition date.
Amortization is performed over periods of 10 to 40 years.

Trademarks have a definable useful lifetime and are reported at acquisition value
less accumulated amortization.

Amortization takes place from the date on which the trademark was acquired by the Stena Group over its
estimated useful lifetime, as follows:



|            |  |         
|----------- |  | --------
|Kvik        |  | 40 years
|Ballingslöv |  | 40 years
|Sembo       |  | 10 years



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IT investments

Acquired software is capitalized on the basis of acquisition and implementation costs. These costs are amortized over the assets useful life, which is judged to be between three and five years, in
accordance with the straight line method. Useful life is reviewed on a yearly basis.

Distribution agreements

Distribution agreements are reported at acquisition cost, less accumulated amortization. Amortization takes place according to the straight line method
over the assets estimated useful life of 10 years. Useful life is reviewed on a yearly basis.

Rights to routes

Rights to routes is capitalized on the basis of acquisition and amortized over the assets useful life, which is judged to be 20 years, in accordance with
the straight line method. Useful life is reviewed on a yearly basis.

Customer relations

Customer relations are reported at acquisition cost, less accumulated amortization. Amortization of customer relations takes place according to the
straight line method over the assets estimated useful life of 5 years. Useful life is reviewed on a yearly basis. Useful life is based on historical experience of the utilization of similar assets, area of application and other specific
characteristics of the asset.

Maintenance of intangible assets

Expenses for maintenance of intangible assets are expensed as they arise.

Impairment of
non-financial assets

Assets with indeterminable useful lives and goodwill, are not amortized; rather they are reviewed on a yearly
basis with consideration of any impairment requirements. Assets that are amortized are tested with consideration of impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairment is
carried out in the amount by which the assets carrying amount exceeds its recoverable amount. The recoverable amount is the higher of the assets fair value, less selling expenses, and its value in use. In the assessment of impairment
requirements, assets are grouped on the lowest level at which there exist separate identifiable cash flows (cash generating units).

For other
non-financial assets other than goodwill that have previously been impaired, an assessment is carried out on each balance sheet date to determine whether a reversal should be made.

Accounting for subsidies

Any subsidies (government grants) received in conjunction
with new acquisitions of vessels, properties or port installations are reported as a decrease of the acquisition cost; subsidies relating to operating activities reduce the corresponding costs. Recognition takes place when the subsidy can be
reliably calculated. For Swedish-flagged vessels employed in international shipping activities, the Company has received subsidies equal to all security costs and income taxes payable by the employers on behalf of employees who work on board such
vessels. The amounts received have reduced personnel costs.

Fixed assets held for sale

Fixed assets are classified as assets held for sale when their carrying amounts will be recovered through a sales transaction and a sale is considered
highly likely. They are recognized at the lowest of book value and fair value less selling costs if their carrying amount will be recovered primarily through a sales transaction and not through continuous usage.



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Financial assets and liabilities

General

A financial instrument is any form of agreement which gives rise to a financial
asset in a company and a financial liability or equity instrument in another company. Financial assets in the consolidated balance sheet consist of cash and cash equivalents, trade debtors, other financial assets, shares and derivative assets.
Financial liabilities are materialized through requirements regarding the repayments of cash or of other financial assets. In the consolidated balance sheet, financial liabilities consist of trade accounts payable, loans, financial leasing
liabilities, bonds and derivative liabilities.

Accounting

Financial assets and liabilities are reported in the balance sheet when the Group becomes party to the instruments contractual terms. Financial assets and liabilities are reported on settlement
date, with the exception of derivatives, which are reported on trade date. Financial instruments are initially reported at fair value, which usually corresponds to acquisition cost on acquisition date. Transaction costs are included in the
acquisition cost of all financial instruments not valued at fair value in the income statement. Netting of financial liabilities and assets only takes place where it is contractually permissible and when the intention is to net the gross amounts of
the liabilities or assets.

Financial expenses

Financial expenses are reported in the period in which they arise. Financial expenses regarding new construction projects of vessels and properties are capitalized as a portion of the acquisition cost.
Expenses for the financing of long-term loans and credits are deferred and amortized over the expected term of the financing.

Derecognition

Financial assets
are derecognized in the balance sheet when the agreed rights to cash flows have ceased or been transferred and when essentially all the risks and advantages associated with the ownership of the financial asset have been transferred. Financial
liabilities are derecognized from the balance sheet when they have been extinguished.

Realized result is defined as proceeds from sales less
the net book value as of the previous year end.

Classification of financial assets

Financial assets in the Group are divided into the following categories:



| |  | Financial assets at fair value through the income statement
|- |  | -----------------------------------------------------------



| |  |  | Trading
| | - |  | -------



| |  |  | Assets classified as financial assets at the acquisition date at fair value through the income statement
| | - |  | --------------------------------------------------------------------------------------------------------



| |  | Financial assets held to maturity
|- |  | ---------------------------------



| |  | Loans receivable and trade debtors
|- |  | ----------------------------------



| |  | Available-for-sale financial assets
|- |  | -----------------------------------

The basis for classification is formed of the aim of the acquisition of the financial instrument. The classification is carried out by senior management on initial recognition date.

Financial assets at fair value through the income statement

Financial assets belonging to this category are valued and continuously reported at fair value through the income statement.



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The category is divided into two subcategories:

1) trading and 2) assets classified as financial assets at fair value through the income statement at acquisition date. Trading consists of financial assets acquired with the primary intention of being
sold in the short term and those derivative instruments to which hedge accounting is not applied. The trading shares are classified as short-term investments in the balance sheet and changes in fair value are reported in the income statement under
gains (loss) on securities.

Financial assets, classified as financial assets at fair value through the income statement at acquisition date,
are classified as current assets if they are expected to be realized within 12 months of balance sheet date.

Fair value option is applied,
because the investments are managed and their performance, are evaluated on a fair value basis in line with the Groups investment policy. These assets are classified as marketable securities in the balance sheet and changes in fair value are
reported in the income statement under gains (loss) on securities.

Internally, the Group follows up and reports on these assets on the basis
of their fair values and, consequently, considers that this valuation and recognition in the income statement and balance sheet provides readers of the Financial Report with the most relevant information. Changes in fair value are reported in the
income statement in the financial net.

Assets held to maturity

Held-to-maturity financial assets are non-derivative financial assets with fixed or determinable payments and fixed maturities that the Groups management has the positive intention and ability to
hold to maturity. If the Group were to sell other than an insignificant amount of held-to-maturity financial assets, the whole category would be tainted and reclassified as available for sale.

Held-to-maturity assets are measured at amortized cost and interest revenue is recorded in the income statement using the effective interest rate method.
Held-to-maturity financial assets are included in non-current assets, except for those with maturities less than 12 months from the balance sheet date, which are classified as current assets. Assets in this category are classified as Investments in
SPEs in the balance sheet.

Loan receivables and trade debtors

Loans and receivables are financial assets that are not designated as derivatives, that have fixed or fixable payments and that are not listed on an active market. Receivables are reported under current
assets, with the exception of receivables with a maturity date later than 12 months after balance sheet date which are classified as financial fixed assets. Loans receivables and trade debtors are listed in the balance sheet under other receivables
and trade debtors. Assets in this category are valued at amortized cost, with allowances for bad debt losses and loan losses, when applicable.

Available-for-sale financial assets

Investments in certain shares (with the exception of participations in subsidiaries and associated companies) and bonds are categorized as
available-for-sale financial assets when the investments are not held for trading. These assets are classified as marketable securities or other non-current assets in the balance sheet. Period changes in fair value, with the exception of impairment
charges, are reported in other comprehensive income for these instruments and are cumulated in the fair value reserve which is a specific component of equity. When these financial instruments are sold, the accumulated gains or losses are
reclassified through other comprehensive income and are recognized in the income statement.

Receivables and liabilities in foreign
currency

Transactions in foreign currency are translated in accordance with current exchange rates as of the transaction date.

Both in individual Group companies and in the Groups annual accounts, receivables and liabilities in foreign currency are translated at the closing
rate of exchange. Related exchange rate differences on



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current payments are included in operating income, while differences in financial receivables and liabilities are reported among financial items. All exchange rate differences affect net
profit/loss for the year. An exception is formed by that portion of the difference consisting of an effective hedging of net investments, where recognition takes place directly against comprehensive income.

Translation differences on non-monetary financial assets and liabilities, such as equities held at fair value through the income statement, are
recognized in the income statement as part of the fair value gain or loss. Translation differences on non-monetary financial assets, such as equities classified as available for sale, are included in the available-for-sale reserve in comprehensive
income.

The following currency exchange rates have been applied in the Groups annual accounts:



|    |  |               |         |  |      |  |         |            |  |  |     |  
|--- |  | ------------- | ------- |  | ---- |  | ------- | ---------- |  |  | --- | -
|    |  | Average rates |         |  |      | 
|    |  | 2010          |         |  | 2011 |  |         | Change in% | 
|USD |  |               | 7.2049  |  |      |  | 6.4969  |            |  |  | (10 | )
|GBP |  |               | 11.1256 |  |      |  | 10.4115 |            |  |  | (6  | )
|EUR |  |               | 9.5413  |  |      |  | 9.0335  |            |  |  | (5  | )
|    |  |              
|    |  | Closing rates |         |  |      | 
|    |  | 2010          |         |  | 2011 |  |         | Change in% | 
|USD |  |               | 6.7273  |  |      |  | 6.8748  |            |  |  | 2   |  
|GBP |  |               | 10.4942 |  |      |  | 10.6803 |            |  |  | 2   |  
|EUR |  |               | 9.0089  |  |      |  | 8.9177  |            |  |  | (1  | )

Financial liabilities

Financial liabilities in the Group are divided into the following categories:



| |  | Financial liabilities at fair value through the income statement, held for trading
|- |  | ----------------------------------------------------------------------------------



| |  | Other financial liabilities
|- |  | ---------------------------

The basis for classification is the formed based on the purpose of the acquisition of the financial instrument. The classification is carried out by
senior management on initial ­recognition date.

Financial liabilities at fair value through the income ­statement

Financial liabilities held for trading consists of derivative instruments with a negative fair value for which hedge accounting is not applied.

The liabilities are classified under current liabilities, unless the Group has an unconditional right to defer the payment of the liabilities
to at least 12 months after balance sheet date.

Other financial liabilities

Other financial liabilities in the balance sheet consist of senior notes, other long-term interest bearing debt, other non-current liabilities, short-term interest bearing debt, trade accounts payable,
debt in SPEs and other current liabilities.

Financial liabilities are recognized initially at fair value, net of transaction costs incurred.
Financial liabilities are subsequently stated at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of the liabilities using the effective
interest method.

The liabilities in the balance sheet, long-term and short term debt, debt in SPEs and senior notes are initially reported at
fair value, net after transactions costs and, subsequently, at amortized cost.



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Loan amounts are reported as liabilities in the balance sheet, where liabilities with a term of over 12
months are reported as long-term and all others as short-term.

The early redemption of liabilities reduces the outstanding liabilities by a
nominal principal loan amount. Any premiums or discounts are taken up as income.

Derivative financial instruments and hedge accounting

The Stena Group hedges oil price risk and cash-flow interest rate risk and foreign exchange risk related to net assets in foreign
operations as well as in highly probable forecasted transactions in foreign currency. The Group uses options and futures to hedge oil price risk, interest rate swaps to hedge interest rate risk, foreign currency forward contracts to hedge foreign
exchange risk and to hedge the foreign exchange risk in net assets in foreign operations.

Derivatives are initially recognized at fair value
on the date a derivative contract is entered into and are subsequently remeasured at their fair value. The method of recognizing the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the
nature of the item being hedged.

The Group designates certain derivatives as either: (a) hedges of a particular risk associated with a
recognized asset or liability or (b) a highly probable forecast transaction (cash flow hedge); or (c) hedges of a net investment in a ­foreign operation (net investment hedge).

The Group documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various
hedging transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows
of hedged items. The effectiveness of a hedge has to be in the range of 80%  125%.

Currency swap agreements are valued at market rates,
unrealized exchange gains are recognized in the balance sheet as current receivables, and unrealized exchange losses are presented as current liabilities.

The fair values of various derivative instruments used for hedging purposes are disclosed in Note 31. Movements on the hedging reserve in shareholders comprehensive income are shown in the
Consolidated Statements of Changes in Shareholders Equity. The full fair value of a hedging derivative is classified as a non-current asset or liability when the remaining hedged item is more than 12 months, and as a current asset or liability when
the remaining maturity of the hedged item is less than 12 months.



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Cash flow hedging

For the Stena Groups hedges of oil price risk in bunker-oil (bunker hedges), the cash flow interest rate risk in floating rate debt- and foreign currency risk in highly probable forecasted purchase
and/or sales transactions, cash flow hedge accounting is applied. The hedged item consists of a highly probable forecast consumption of bunker fuels, highly probable forecast cash flow in foreign currencies and the floating interest rate cash
outflows of issued debt instruments. The Group is exposed to the price of bunker fuels for vessel operations and uses a fixed price contract, swaps and options to hedge its oil price risk. Hedging contracts are regularly entered into, so as to match
the underlying cost of delivery of bunker fuel. Hedging instruments (oil options and futures in the case of bunker hedges and interest rate swaps in cash of interest rate hedges), forming an effective hedge, are measured at fair value with changes
in fair value regards to the hedged risk reported through other comprehensive income and is cumulated in the hedge reserve until the hedged item affects the income statement, that is, when the purchase takes place or when the interest rate payment
is made. In conjunction with the purchase, when the accumulated fair value of the hedging instruments is removed from the hedging reserve and is reclassified through other comprehensive income it is, reported in item direct operating expenses in the
income statement as an adjustment of the cost of bunker fuel for the current period or as part of interest rate expense in cash of interest rate hedges.

Positive or negative fair values of the derivatives are accounted for as an other non-current asset or other non-current liability. The short-term part of the hedged item is accounted for as other current
receivables or other current liabilities.

The accounting for cash flow hedges of interest rate risk and foreign currency risk in highly
probable forecasted transactions in foreign currency follows the same principles as the above described policy for bunker hedges. Changes in fair value of the hedging instruments are accounted for through other comprehensive income and are cumulated
in the hedged reserve. The cumulative changes in fair values are reclassified through other comprehensive income into the income statement in the same period as the hedged items affects the income statement and is presented in the same line item as
the hedged item.

It is Groups policy that duration and dates of maturity for financial instruments which are held and classified as
hedge contracts for interest  and FX exposure should correspond with the underlying exposures dates of maturity.

Results of
operations from all types of financial derivative instruments, with the exception of those contracts referring to financial trading, are reported as an adjustment of the revenue or costs for the period and for those transactions the contracts are
designated to hedge.

When hedge accounting is terminated but the hedged item is still expected to occur, the previous cumulated unrealized
changes in fair value are continued to be recognized in the fair value reserve until the hedge item is recognized in the income statement. Then the change in fair value is reclassified through other comprehensive income into the income statement. If
an underlying asset or liability is sold or redeemed, the pertaining financial instruments are market valued and the result is reported as an adjustment of the market or redemption value of the underlying asset or liability.

Hedging of net investments

Hedging of net
investments in foreign operations is reported in the same manner as cash flow hedges. The gains or losses attributable to the effective part of the hedging are reported through other comprehensive income and is cumulated in the translation reserve.
Gains or losses attributable to the ineffective portion of hedging are directly reported in the income statement as financial items.

Accumulated gains or losses are reclassified through other comprehensive income and reported in the income statement when the foreign operations, or
portions of these operations, are sold.



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##### Table of Contents

Fair value determination of financial instruments valued at fair value in the balance sheet



| | (i) | Financial instruments listed on an active market (level 1 measurement)
| | --- | ----------------------------------------------------------------------

For financial instruments listed on an active market, fair value is determined on the basis of the assets listed buying current bid-rate on balance sheet date, with no addition for any transaction
costs (for example brokerage) on acquisition date. A financial instrument is considered to be listed on an active market if the listed prices are easily available on a stock exchange, with a trader, broker, industry organization, company providing
current price information or supervisory authority, and if these prices represent actual and regular market transactions carried out under arms length conditions. Any future transaction costs from disposals are not considered. The fair value
of financial liabilities is determined on the basis of the listed selling rate.



| | (ii) | Valuation techniques using observable market data (level 2 measurement)
| | ---- | -----------------------------------------------------------------------

If the market for a financial instrument is not active, the Company determines fair value by utilizing a valuation technique. The valuation techniques employed are based, as far as possible, on market
information, with company specific information being used to the least extent possible. The Company calibrates valuation techniques at regular intervals and tests their validity by comparing the outcome of these valuation techniques with prices from
observable current market transactions in the same instruments. The valuation models applied are calibrated so that fair value on initial ­recognition date amounts to the transaction price, with changes in fair value subsequently being
continuously reported on the basis of changes in the underlying market risk parameters.



| | (iii) | Valuation techniques using significant unobservable data (level 3 measurement)
| | ----- | ------------------------------------------------------------------------------

If there are no similar financial instruments on a quoted market and no observable pricing information from the market, the valuation is based on an estimated discounted cash flows. Fair value is
determined by hypothesizing what a market price would be if there was a market i.e. calculated fair value is a prediction instead of an observation.

Impairment of financial assets

The Group makes an assessment on each balance sheet
date regarding whether there exists any objective evidence that an impairment requirement has arisen for a financial asset or a group of financial assets. As regards shares classified as available-for-sale assets, any significant or extended decline
in the fair value of a share to a level below its acquisition value is regarded as an indication that an impairment requirement exists. If such evidence is present for available for- sale financial assets, the accumulated loss  calculated as
the difference between acquisition cost and current fair value, less any previous impairment charges reported in the income statement  is reclassified from equity to the income statement. Impairment of equity instruments, which is reported in
the income statement, is not reversed through the income statement. Reversal of impairment of bonds is recorded in the Income Statement on the same line as the impairment.

Bonds are impaired when insolvency exists for the counterpart. Reversal of impairment of bonds is recorded in the Income Statement on the same line as the impairment.

Income taxes

General

The Groups total tax consists of current tax calculated on taxable profit and deferred tax. Current tax and changes in deferred tax
are reported in the income statement, with the exception of those deferred taxes reported directly against other comprehensive income. Deferred tax includes unutilized deficits from the translation of tax assessment to current tax rates, and other
temporary differences between book residual value and fiscal residual value. The tax value of unutilized loss carryforward is capitalized to the degree it is probable that this will entail lower tax payments in the near future.

Significant assessments are required from management in the calculation of income tax liabilities, income tax receivables and deferred tax for provisions
and receivables.



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##### Table of Contents

This process requires the assessment of the Groups tax exposure of current tax and the adoption of
temporary differences created by various taxation and accounting regulations. In particular, management must assess the likelihood that deferred tax assets can be settled against surpluses in future tax assessment.

Current tax

All companies within the
Group calculate income tax in accordance with the tax regulations and ordinances in force in those countries where the profit is taxed.

Deferred taxes

The Group uses the
balance sheet method to calculate deferred taxes. The balance sheet method implies that deferred tax assets and liabilities are valued according to the tax rates adopted or announced on balance sheet date and which are expected to apply to the
period in which the acquisition is executed or the liability settled. The tax rates are applied to the existing differences between the accounting or fiscal value of an asset or liability, as well as to loss carry forwards. These loss carry forwards
can be used to reduce future taxable income. Deferred tax assets are reported to the extent that it is probable that a sufficient taxable surplus will exist to allow for accounting of such receivables.

Leasing

Any leasing agreements
in which the economic risks and benefits associated with ownership are essentially transferred to the lessee are defined as financial leases. Assets leased under financial leasing agreements are classified in the consolidated balance sheet as
tangible fixed assets.

The commitment to pay future minimum lease payments is reported as long and short-term liabilities. The assets are
depreciated according to plan, while rental payments are reported as interest and repayments of liabilities.

Other leased assets are reported
as operating leasing agreements, which implies that the leasing charges are expensed over the term of the lease on the basis of ­utilization.

Inventories

Inventories are valued at the lower of acquisition cost, according to
the first-in, first-out method (FIFO), or net realizable value, less deductions for any obsolescence. The acquisition cost for finished goods, products in process and work in progress consists of raw materials, direct salaries, other direct
expenses, and related indirect manufacturing expenses (based on normal manufacturing capacity). The net realizable value is the estimated sales price in the operating activities, with deductions for applicable variable selling expenses. Inventories
mainly include bunker fuel, spare parts, merchandise for onboard sale, products for bars and restaurants onboard the vessels and finished goods and products in progress. Costs for inventories include transfers from comprehensive income of any gains
or losses from cash flow hedges that comply with the conditions for hedge accounting as regards purchases of raw material.

Trade
debtors

Trade debtors are reported at amortized cost reduced by any provision for uncollectibility. A write-down of trade debtors is
made when there exist objective evidence that the Group will be unable to receive all the amounts that are due in accordance with the original conditions of the receivable. The amount of the allocation consists of the difference between the
assets carrying amount and the present value of estimated future cash flows, discounted by the effective interest rate. The allocated amount is reported in the income statement.

Accounts payable

Accounts payable are initially reported at fair value and
subsequently at amortized cost.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of
­business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.



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##### Table of Contents

Cash and cash equivalents

Cash and cash equivalents include cash and bank balances with an original maturity of three months or less.

Employee benefits

Post-employment benefits, such as pensions and other benefits,
are predominantly settled by the means of regular payments to independent authorities or bodies thereby assuming pension commitments towards the employees that is to say, through so-called defined contribution plans. The Company thus pays set
fees to a separate legal entity and has no commitment to pay any further fees. Expenses are charged to the Groups income statement, as administration costs, at the rate that the benefits are earned. The remaining portion of post-employment
benefits consists of defined benefit plans, in which the commitments remain with the Company. Remuneration to employees and former employees is paid on the basis of salary at retirement date and number of years of service. The Company bears the risk
for ensuring that the remuneration undertaken is paid. For defined benefit plans, the Companys costs and the value of outstanding commitments on balance sheet date are calculated on the basis of actuarial assumptions intended to determine the
present value of issued commitments. The Group determines the appropriate discount rate at the end of each year. This is the interest rate that should be used to determine the present value of estimated future cash outflows expected to be required
to the settle the pension obligation. In determining the appropriate discount rate, the Group considers the interest rates of high quality corporate bonds that are denominated in the currency in which benefits will be paid and that have terms to
maturity approximating the terms of the related pension obligation.

The amount recognized in the balance sheet is the net total of the
estimated present value of the commitments and the fair value of the plan assets, either as a provision or as a long-term financial receivable. In cases in which a surplus in a plan cannot be fully utilized, only that portion of the surplus that the
Company can recover through decreased future contributions or repayments is recognized. The setoff of a surplus in a plan against a deficit in another plan is allowed only if a company has the right to utilize a surplus in a plan to settle a deficit
in another plan, or if the commitments are to be settled on a net basis.

The pension expense and the pension commitment for defined benefit
pension plans are calculated annually by independent actuaries. The commitment consists of the present value of expected future payments. The most important actuarial assumptions are stated in Note 22. Actuarial gains and losses may result upon
determination of the present value of the defined benefit commitment and the fair value of plan assets. These result either from differences between the actual return and expected returns, or changes in assumptions. The Group applies the Corridor
method which means that a portion of the accumulated actuarial gains and losses at the end of the prior year exceeding 10% of the greater of the present value of the defined benefit commitment and the fair value of plan assets is recognized in the
income statement over the expected average remaining period of service of the employees participating in the plan The described accounting principle is only applicable for group accounting. The parent company and the subsidiaries apply local rules
and accounting principles.

Provisions

Generally, provisions are reported when there is an undertaking as a result of a historical event, in which it is probable that an outflow of resources will be required to settle the undertaking and the
amount can be reliably estimated. ­Provisions are made in the amount that represents the best estimate of the amount required to settle the existing commitment on the balance sheet date. Where there is doubt in the estimates referring to
forthcoming events outside the Groups control, the actual outcome may differ significantly.

When a commitment does not meet the
criteria for recognition in the balance sheet, it may be considered to comprise a contingent liability and be disclosed. These commitments derive from historical events and their existence will be confirmed only when one or several uncertain future
events, which are not entirely within the Groups control, take place or fail to take place. Contingent liabilities also include existing commitments where an outflow of resources is not likely or a sufficiently reliable estimate of the amount
cannot be made.



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New IFRS standards, amendments and interpretations issued but not effective for the financial year
beginning 1 January 2011 and not early adopted

The following listed standards represents changes which we currently estimate have an
impact on the Groups financial reporting.



| |  | IAS 19, Employee benefits was amended in June 2011 and effective from 1 January 2013. The impact on the Group will be as follows: the
corridor approach will not be permitted and all actuarial gains and losses have to be recognized in the OCI, past service costs have to be recognized immediately and the interest cost and expected return of plan assets will be replaced by applying
the same discount rate used on the net defined benefit liability (assets). Please find note 22 for further information.
|- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | IFRS 9, Financial instruments, addresses the classification, measurement and recognition of financial assets and financial liabilities.
IFRS 9 was issued in November 2009 and October 2010. It replaces the part of IAS 39 that relate to the classification and measurement of financial instruments. IFRS 9 requires financial assets to be classified into two measurement categories, those
measured at fair value and those measured at amortized cost. The determination is made at initial recognition. For financial liabilities, the standard retains most of the IAS 39 requirements. The standard is effective from 1 January 2015, and
an assessment on the estimated impact on the Groups financial reporting is not available.
|- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

2  Critical
accounting estimates and judgments

Estimates and judgments are evaluated continuously and are based on historical experience and other
factors, including expectations of future events that are considered reasonable under the prevailing circumstances.

The Board of Directors
and Company management make estimates and assumptions concerning future developments in conjunction with the preparation of the annual accounts, in accordance with generally accepted accounting principles. The resulting accounting estimates will, by
definition, rarely be equal to the actual results.

Those estimations and assumptions implying a significant risk for material adjustments in
the carrying amounts of assets and liabilities during the next financial period are discussed below.



| | a) | Impairment testing for intangible assets
| | -- | ----------------------------------------

According to IFRS, intangible assets are to be defined as having either definite or indefinite lives. Intangible assets with indefinite useful lives are
not amortized but instead tested annually for impairment. Goodwill, according to IFRS, has by definition an indefinite useful life and is therefore not amortized. Acquired trademarks have been deemed to have definite useful lives and are amortized
over a period of 10 or 40 years.

Assets with indefinite useful lives

Goodwill is subject to annual impairment testing according to the described accounting principle in Note 1. The recoverable amount for cash-generating units have been determined by calculating value in
use. These calculations require the use of estimates which affects future cash flows and the determination of a discount rate, see Note 9. As of 31 December 2011, the net booked value of goodwill amounts to SEK 1,504 million as compared to
SEK 1,286 million as of 31 December 2010.

Assets with definite lives

Acquired trademarks and other intangible assets which are amortized are tested annually for impairment when there are indicators that the intangible asset
should be impaired. Important indicators are:



| |  | Significant decline in the economic environment.
|- |  | ------------------------------------------------



| |  | Decline of the operating result compared to historic and budgeted operating results.
|- |  | ------------------------------------------------------------------------------------

See also Note 9.

As of 31 December 2011,
the net book value of trademarks and other intangible assets amounts to SEK 1,545 million, as compared to SEK 1,280 million as of 31 December 2010.



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##### Table of Contents

| | b) | Impairment testing of vessels
| | -- | -----------------------------

Twice a
year, or if an indication of an impairment requirement exists, Stena makes an assessment of whether or not a write-down requirement exists as regards the value of vessels. See further the description under Note 1, Impairment of non-financial
assets.

The recoverable amount is determined on the basis of calculations of value in use. These calculations are based on estimated
future cash flows.



| | c) | Retirement benefits
| | -- | -------------------

If the discount rate
used increase by 0.25% from managements assessments, the carrying amount on the pension commitments would be estimated at SEK 349 million lower.



| | d) | Deferred taxes
| | -- | --------------

In the preparation of the
financial statements, Stena prepares a calculation of income tax, including a calculation of every fiscal area in which the Group operates, as well as of deferred taxes attributable to temporary differences.

Deferred tax assets that are primarily attributable to loss carry forwards and temporary differences are reported if the tax assets can be expected to be
recovered through future taxable income. Changes in the assumptions regarding forecast future taxable income, as well as changes in tax rates, may result in significant differences in the valuation of deferred taxes.



| | e) | Provisions
| | -- | ----------

Generally, provisions are
reported when there is an undertaking as the result of a historical event, where it is likely that an outflow of resources will be required to settle the undertaking and a reliable amount can be reliably estimated.

Provisions are made in the amount that represents the best estimate of the amount required to settle the existing commitment on balance sheet date. Where
there is doubt in the estimates referring to forthcoming events outside the Groups control, the actual outcome may differ significantly.

When a commitment does not meet the criteria for reporting in the balance sheet, the amount can be considered to comprise a contingent liability and be
disclosed. These commitments originate from events that have taken place and their existence will be confirmed only when one or several uncertain future events, which do not lie entirely within the Groups control, take place or fail to take
place. Contingent liabilities also include present commitments where an outflow of resources is not likely or a sufficiently reliable estimate of the amount cannot be made.



| | f) | Fair value of derivative instruments or other financial instruments
| | -- | -------------------------------------------------------------------

The Group calculates discounted cash flows for different available-for-sale financial assets which are not traded on an active market.



| | g) | Valuation of investment properties
| | -- | ----------------------------------

The
fair value of an investment property can only be set at the date of sale. The valuation of investment properties is based on accepted principles and assumptions, therefore, the fair value is not the exact value but an estimate. In a normal market
the fair value of a property is within a range of +/5% to 10% and in a less liquid market the range can be larger. For Stena a fair value within the range of +/5% is equal to SEK 1,288 million.



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##### Table of Contents

3  Segment information

We are active internationally, primarily in the areas of ferry operations, offshore drilling, shipping, real estate, new businesses and finance. There are no significant transactions between the operating
segments.

Ferry operations are conducted in Scandinavia, the United Kingdom, Germany, Poland, The Netherlands and the Republic of
Ireland under the Stena Line, Scandlines and HH-Ferries brand names. We are one of the worlds largest ferry operators. The business currently consists of 17 strategically located ferry routes,
32 vessels, and five ports in Scandinavia, the United Kingdom and the Netherlands.

Ferry revenues are primarily generated from:
(i) travel, which consists primarily of ticket sales for passengers and private cars, package tours and hotel sales; (ii) onboard sales, which consists primarily of cabin occupancy, retail sales, restaurants, bars, arcades, gaming and, on
our NorwayDenmark route, duty and tax free sales; and (iii) freight, which consists primarily of trailer and truck transportation. Direct operating expenses for ferry operations consist mainly of personnel costs, costs of goods sold on
the vessels, bunker fuel costs, vessel charter costs, commissions, package tour costs and other related costs.

Offshore drilling is
operated through Stena Drilling, headquartered in Aberdeen, Scotland. We are one of the worlds leading companies in the development, construction and operation of offshore drilling rigs and drillships. We currently own and operate two third
generation and one fifth generation semi-submersible drilling rigs and three sixth generation ultra-deepwater drillships. We have also one enhanced ultra-deepwater ice-class drillship, Stena IceMAX, on order scheduled for delivery in the
first quarter of 2012.

Drilling revenues consist of charter hires for drilling rigs and drillships. Direct operating expenses for drilling
consist primarily of personnel costs, insurance, maintenance and catering costs.

Shipping operations consists of the ownership and
chartering of crude oil and petroleum product tankers, LNG carriers (Liquefied Natural Gas) and Roll-on/Roll-off vessels. To support these activities, we are also engaged in the design, purchase, sale, management and crewing of such vessels.

Stena Bulk is one of the worlds leading tanker shipping companies. We develop pioneering tankers to meet the customers need for
safe transportation and innovative logistics. We currently control a fleet of approximately 80 tankers and are active in all segments of the tanker market. We also have one Suezmax tanker on order scheduled for ­delivery in the first quarter of
2013.

Stena RoRo provides vessels, innovative solutions and project management. Our customers are operators and ship owners around the world.

Northern Marine Management (NMM) is the Companys international ship management company based in Glasgow, Scotland, with a
world-wide customer base. With an extensive portfolio of clients and a wide range of vessels under management, NMM is a market leader in quality services. NMM operates a diverse high-tech fleet of approximately 100 vessels from its worldwide network
of offices including Aberdeen, Gothenburg, St Petersburg, Hamburg, Houston, Manila, Mumbai, and Singapore.

Stena Teknik is a common resource
for all maritime areas within our group. The operation consists of new construction and conversion projects, marine technical advice and purchasing, as well as research and development within marine areas.

Shipping revenues consist primarily of charter hires for owned and chartered in vessels and management fees for vessels managed by us. Direct operating
expenses for shipping consist primarily of vessel charter costs, fuel costs, personnel costs, insurance and other related vessel costs.

Real Estate operations relate to investments through unrestricted subsidiaries in residential and commercial real estate. The properties are
located in Sweden, The Netherlands, France, Hungary, Germany, the United States, Luxembourg and, the United Kingdom.

We own a total of
2.4 million sqm, mainly in Sweden, about 300,000 sqm are managed on behalf of affiliated companies. The property portfolio consists of approximately 23,400 apartments and commercial properties. We are one of Swedens largest
privately-owned property companies.

Real estate revenues consist of rents for properties owned and management fees for properties managed by
us. Real estate expenses consist primarily of maintenance, heating and personnel costs.



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##### Table of Contents

New Businesses  Adactum include long-term investments in listed as well as private companies,
in new businesses outside our traditional lines of business through our unrestricted subsidiary Stena Adactum. Our objective is to create value in industries outside of our core business by building strong, profitable companies that can create
platforms for new business opportunities within the Group. As of 31 December 2011 Stena Adactum had direct investments in four private ­companies, three associated companies (whereof two listed companies).

The four subsidiaries operate in different businesses:



| |  | Blomsterlandet, through which the Company is creating a chain of retailers for gardening products with one of Swedens most extensive
range of indoor and outdoor plants.
|- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | Envac, which operates automated household and municipal waste collection systems with activities in 20 countries.
|- |  | -------------------------------------------------------------------------------------------------------------------



| |  | Stena Renewable, through which the Company has commenced operation of Swedens largest land-based wind power generating plan, near
Ludvika, Sweden. In total 32 wind power systems (windmills) have been installed and are in operation.
|- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | Ballingslöv, which is an international group in the field of kitchens, bathrooms and storage products with an ambition to become one
of the leading players in the European market. The Company has one manufacturing site in ­Ballingslöv, one in the United Kingdom and five in Denmark.
|- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Other operations includes non-allocated central administration costs.

Primary measures of
profitability for all these segments are Income from operations and EBITDA. These measurements are also the information reported to the Companys chief operating decision-maker. In the Group this function has been
identified as Stena ABs Board of Directors, which takes strategic decisions.

Income from operations by segment



|                                          |  |                         |       |   |      |  |       |      |  |  |       |  
|----------------------------------------- |  | ----------------------- | ----- | - | ---- |  | ----- | ---- |  |  | ----- | -
|                                          |  | Years ended 31 December |      
|SEK million                               |  | 2009                    |       |   | 2010 |  |       | 2011 | 
|Ferry operations                          |  |                         |       |   |      |  |       |      |  |  |       |  
|Operations                                |  |                         | 445   |   |      |  | (79   | )    |  |  | (250  | )
|Net gain on sale of vessels               |  |                         |       |   |      |  | 2     |      |  |  | 16    |  
|                                          |  |                         |       |   |      |  |       |      |  |  |       |  
|Total ferry operations                    |  |                         | 445   |   |      |  | (77   | )    |  |  | (234  | )
|                                          |  |                         |       |   |      |  |       |      |  |  |       |  
|                                          |  |                         |      
|Drilling                                  |  |                         |       |   |      |  |       |      |  |  |       |  
|Operations                                |  |                         | 3,250 |   |      |  | 2,279 |      |  |  | 1,651 |  
|Net gain on sale of vessels               |  |                         |       |   |      |  |       |      |  |  | 1,561 |  
|                                          |  |                         |       |   |      |  |       |      |  |  |       |  
|Total Drilling                            |  |                         | 3,250 |   |      |  | 2,279 |      |  |  | 3,212 |  
|                                          |  |                         |       |   |      |  |       |      |  |  |       |  
|                                          |  |                         |      
|Shipping                                  |  |                         |       |   |      |  |       |      |  |  |       |  
|RoRo operations                           |  |                         | 102   |   |      |  | 35    |      |  |  | 93    |  
|Net gain sale of vessels                  |  |                         | 148   |   |      |  |       |      |  |  |       |  
|                                          |  |                         |       |   |      |  |       |      |  |  |       |  
|Total RoRo                                |  |                         | 250   |   |      |  | 35    |      |  |  | 93    |  
|                                          |  |                         |       |   |      |  |       |      |  |  |       |  
|Tanker operations                         |  |                         | (736  | ) |      |  | (461  | )    |  |  | (185  | )
|Impairment charges                        |  |                         | (150  | ) |      |  |       |      |  |  | (49   | )
|                                          |  |                         |       |   |      |  |       |      |  |  |       |  
|Total Tanker                              |  |                         | (886  | ) |      |  | (461  | )    |  |  | (234  | )
|                                          |  |                         |       |   |      |  |       |      |  |  |       |  
|Other shipping operations                 |  |                         | 7     |   |      |  | 1     |      |  |  | 70    |  
|                                          |  |                         |       |   |      |  |       |      |  |  |       |  
|Total shipping                            |  |                         | (629  | ) |      |  | (425  | )    |  |  | (71   | )
|                                          |  |                         |       |   |      |  |       |      |  |  |       |  
|                                          |  |                         |      
|Property                                  |  |                         |       |   |      |  |       |      |  |  |       |  
|Operations                                |  |                         | 1,338 |   |      |  | 1,307 |      |  |  | 1,345 |  
|Net valuation on investment properties    |  |                         | (301  | ) |      |  | 424   |      |  |  | 350   |  
|Net gain on sale of investment properties |  |                         | 31    |   |      |  | 187   |      |  |  | 106   |  
|                                          |  |                         |       |   |      |  |       |      |  |  |       |  
|Total property                            |  |                         | 1,068 |   |      |  | 1,918 |      |  |  | 1,801 |  
|                                          |  |                         |       |   |      |  |       |      |  |  |       |  
|                                          |  |                         |      
|New Businesses  Adactum                  |  |                         |       |   |      |  |       |      |  |  |       |  
|Operations                                |  |                         | 178   |   |      |  | 210   |      |  |  | 268   |  
|                                          |  |                         |       |   |      |  |       |      |  |  |       |  
|Total New Businesses  Adactum            |  |                         | 178   |   |      |  | 210   |      |  |  | 268   |  
|                                          |  |                         |       |   |      |  |       |      |  |  |       |  
|                                          |  |                         |      
|Other                                     |  |                         | (310  | ) |      |  | (347  | )    |  |  | (398  | )
|Income from operations                    |  |                         | 4,002 |   |      |  | 3,558 |      |  |  | 4,578 |  



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##### Table of Contents

Impairment charges of MSEK 49 which are included in the operating expenses for the tanker operation, were
recorded for the shares in the associated company Paradise Holding. No impairment charges were recorded for 2010. In 2009, impairment charges of MSEK 150 were recorded for three crude oil tankers in 2009. All impairment charges are accounted for as
depreciation.

Reconciliation between EBITDA and Income from operations by segment



|                         |  |                                        |  |                         |        |   |      |  |        |      |  |  |        |  
|------------------------ |  | -------------------------------------- |  | ----------------------- | ------ | - | ---- |  | ------ | ---- |  |  | ------ | -
|                         |  |                                        |  | Years ended 31 December |       
|SEK million              |  |                                        |  | 2009                    |        |   | 2010 |  |        | 2011 | 
|                         |  |                                        |  |                        
|Ferry operations         |  | EBITDA                                 |  |                         | 1,564  |   |      |  | 1,096  |      |  |  | 1,027  |  
|                         |  | Depreciation and amortization          |  |                         | (1,119 | ) |      |  | (1,173 | )    |  |  | (1,261 | )
|                         |  | Income from operation                  |  |                         | 445    |   |      |  | (77    | )    |  |  | (234   | )
|Drilling                 |  | EBITDA                                 |  |                         | 4,915  |   |      |  | 4,355  |      |  |  | 4,916  |  
|                         |  | Depreciation and amortization          |  |                         | (1,665 | ) |      |  | (2,076 | )    |  |  | (1,704 | )
|                         |  | Income from operation                  |  |                         | 3,250  |   |      |  | 2,279  |      |  |  | 3,212  |  
|Shipping                 |  | EBITDA                                 |  |                         | (229   | ) |      |  | (204   | )    |  |  | 357    |  
|                         |  | Depreciation and amortization          |  |                         | (400   | ) |      |  | (221   | )    |  |  | (428   | )
|                         |  | Income from operation                  |  |                         | (629   | ) |      |  | (425   | )    |  |  | (71    | )
|Property                 |  | EBITDA                                 |  |                         | 1,371  |   |      |  | 1,496  |      |  |  | 1,455  |  
|                         |  | Net valuation of investment properties |  |                         | (301   | ) |      |  | 424    |      |  |  | 350    |  
|                         |  | Depreciation and amortization          |  |                         | (2     | ) |      |  | (2     | )    |  |  | (4     | )
|                         |  | Income from operation                  |  |                         | 1,068  |   |      |  | 1,918  |      |  |  | 1,801  |  
|New Businesses  Adactum |  | EBITDA                                 |  |                         | 397    |   |      |  | 425    |      |  |  | 470    |  
|                         |  | Depreciation and amortization          |  |                         | (219   | ) |      |  | (215   | )    |  |  | (202   | )
|                         |  | Income from operation                  |  |                         | 178    |   |      |  | 210    |      |  |  | 268    |  
|Other                    |  | EBITDA                                 |  |                         | (300   | ) |      |  | (330   | )    |  |  | (380   | )
|                         |  | Depreciation and amortization          |  |                         | (10    | ) |      |  | (17    | )    |  |  | (18    | )
|                         |  | Income from operation                  |  |                         | (310   | ) |      |  | (347   | )    |  |  | (398   | )
|                         |  |                                        |  |                         |        |   |      |  |        |      |  |  |        |  
|Total                    |  | EBITDA                                 |  |                         | 7,718  |   |      |  | 6,838  |      |  |  | 7,845  |  
|                         |  |                                        |  |                         |        |   |      |  |        |      |  |  |        |  
|                         |  | Net valuation of investment properties |  |                         | (301   | ) |      |  | 424    |      |  |  | 350    |  
|                         |  | Depreciation and amortization          |  |                         | (3,415 | ) |      |  | (3,704 | )    |  |  | (3,617 | )
|                         |  | Income from operation                  |  |                         | 4,002  |   |      |  | 3,558  |      |  |  | 4,578  |  

Depreciation and amortization by segment



|                         |  |                   |  |                         |       |  |      |  |       |      |  |  |       | 
|------------------------ |  | ----------------- |  | ----------------------- | ----- |  | ---- |  | ----- | ---- |  |  | ----- | 
|                         |  |                   |  | Years ended 31 December |      
|SEK million              |  |                   |  | 2009                    |       |  | 2010 |  |       | 2011 | 
|                         |  |                   |  |                        
|Ferry operations         |  |                   |  |                         | 1,119 |  |      |  | 1,173 |      |  |  | 1,261 | 
|Drilling                 |  |                   |  |                         | 1,665 |  |      |  | 2,076 |      |  |  | 1,704 | 
|Shipping:                |  | RoRo vessels      |  |                         | 141   |  |      |  | 126   |      |  |  | 211   | 
|                         |  | Tanker operations |  |                         | 247   |  |      |  | 86    |      |  |  | 209   | 
|                         |  | Other shipping    |  |                         | 12    |  |      |  | 9     |      |  |  | 8     | 
|                         |  |                   |  |                         |       |  |      |  |       |      |  |  |       | 
|                         |  | Total shipping    |  |                         | 400   |  |      |  | 221   |      |  |  | 428   | 
|                         |  |                   |  |                         |       |  |      |  |       |      |  |  |       | 
|Property                 |  |                   |  |                         | 2     |  |      |  | 2     |      |  |  | 4     | 
|New Businesses  Adactum |  |                   |  |                         | 219   |  |      |  | 215   |      |  |  | 202   | 
|Other                    |  |                   |  |                         | 10    |  |      |  | 17    |      |  |  | 18    | 
|                         |  |                   |  |                         |       |  |      |  |       |      |  |  |       | 
|Total                    |  |                   |  |                         | 3,415 |  |      |  | 3,704 |      |  |  | 3,617 | 
|                         |  |                   |  |                         |       |  |      |  |       |      |  |  |       | 



F-28



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##### Table of Contents

Depreciation and amortization expense consists of the following components



|                            |  |                         |       |  |      |  |       |      |  |  |       | 
|--------------------------- |  | ----------------------- | ----- |  | ---- |  | ----- | ---- |  |  | ----- | 
|                            |  | Years ended 31 December |      
|SEK million                 |  | 2009                    |       |  | 2010 |  |       | 2011 | 
|                            |  |                         |      
|Vessels                     |  |                         | 2,790 |  |      |  | 3,007 |      |  |  | 2,881 | 
|Equipment                   |  |                         | 396   |  |      |  | 481   |      |  |  | 485   | 
|Buildings, land and ports   |  |                         | 78    |  |      |  | 82    |      |  |  | 99    | 
|                            |  |                         |       |  |      |  |       |      |  |  |       | 
|Total tangible fixed assets |  |                         | 3,264 |  |      |  | 3,570 |      |  |  | 3,465 | 
|                            |  |                         |       |  |      |  |       |      |  |  |       | 
|                            |  |                         |      
|Intangible assets           |  |                         | 151   |  |      |  | 134   |      |  |  | 152   | 
|                            |  |                         |       |  |      |  |       |      |  |  |       | 
|Total                       |  |                         | 3,415 |  |      |  | 3,704 |      |  |  | 3,617 | 
|                            |  |                         |       |  |      |  |       |      |  |  |       | 

Depreciation and amortization expense includes amortization of assets under capitalized leases amounting to SEK
690 million, SEK 756 million and SEK 555 million for the years ended 31 December 2011, 2010 and 2009, respectively.

Investments in tangible fixed assets by segment



|                         |  |                   |  |                         |       |  |      |  |       |      |  |  |        | 
|------------------------ |  | ----------------- |  | ----------------------- | ----- |  | ---- |  | ----- | ---- |  |  | ------ | 
|                         |  |                   |  | Years ended 31 December |      
|SEK million              |  |                   |  | 2009                    |       |  | 2010 |  |       | 2011 | 
|                         |  |                   |  |                        
|Ferry operations         |  |                   |  |                         | 2,217 |  |      |  | 4,058 |      |  |  | 1,963  | 
|Drilling                 |  |                   |  |                         | 5,393 |  |      |  | 4,030 |      |  |  | 1,458  | 
|Shipping:                |  | RoRo vessels      |  |                         | 12    |  |      |  | 200   |      |  |  | 435    | 
|                         |  | Tanker operations |  |                         | 115   |  |      |  | 336   |      |  |  | 5,140  | 
|                         |  | Other shipping    |  |                         | 2     |  |      |  | 6     |      |  |  | 62     | 
|                         |  |                   |  |                         |       |  |      |  |       |      |  |  |        | 
|                         |  | Total shipping    |  |                         | 129   |  |      |  | 542   |      |  |  | 5,637  | 
|                         |  |                   |  |                         |       |  |      |  |       |      |  |  |        | 
|                         |  |                   |  |                        
|Property                 |  |                   |  |                         | 1,281 |  |      |  | 800   |      |  |  | 1,237  | 
|New Businesses  Adactum |  |                   |  |                         | 127   |  |      |  | 357   |      |  |  | 436    | 
|Other                    |  |                   |  |                         | 22    |  |      |  | 7     |      |  |  | 5      | 
|                         |  |                   |  |                         |       |  |      |  |       |      |  |  |        | 
|Total                    |  |                   |  |                         | 9,169 |  |      |  | 9,794 |      |  |  | 10,736 | 
|                         |  |                   |  |                         |       |  |      |  |       |      |  |  |        | 

Total assets by segment



|                         |  |                           |  |                         |        |  |      |  |        |      |  |  |        | 
|------------------------ |  | ------------------------- |  | ----------------------- | ------ |  | ---- |  | ------ | ---- |  |  | ------ | 
|                         |  |                           |  | Years ended 31 December |       
|SEK million              |  |                           |  | 2009                    |        |  | 2010 |  |        | 2011 | 
|                         |  |                           |  |                        
|Ferry operations         |  |                           |  |                         | 13,017 |  |      |  | 14,837 |      |  |  | 16,130 | 
|Drilling                 |  |                           |  |                         | 25,342 |  |      |  | 25,819 |      |  |  | 23,933 | 
|Shipping:                |  | RoRo operations           |  |                         | 2,184  |  |      |  | 2,343  |      |  |  | 3,404  | 
|                         |  | Tanker operations         |  |                         | 2,143  |  |      |  | 2,379  |      |  |  | 7,568  | 
|                         |  | Other shipping operations |  |                         | 188    |  |      |  | 189    |      |  |  | 340    | 
|                         |  |                           |  |                         |        |  |      |  |        |      |  |  |        | 
|                         |  | Total shipping            |  |                         | 4,515  |  |      |  | 4,911  |      |  |  | 11,312 | 
|                         |  |                           |  |                         |        |  |      |  |        |      |  |  |        | 
|                         |  |                           |  |                        
|Property                 |  |                           |  |                         | 26,043 |  |      |  | 26,351 |      |  |  | 27,223 | 
|New Businesses  Adactum |  |                           |  |                         | 6,606  |  |      |  | 6,708  |      |  |  | 7,385  | 
|Other                    |  |                           |  |                         | 16,682 |  |      |  | 16,312 |      |  |  | 12,613 | 
|                         |  |                           |  |                         |        |  |      |  |        |      |  |  |        | 
|Total                    |  |                           |  |                         | 92,205 |  |      |  | 94,938 |      |  |  | 98,596 | 
|                         |  |                           |  |                         |        |  |      |  |        |      |  |  |        | 



F-29



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##### Table of Contents

Geographic information

The Companys shipping operations include the ownership and chartering of vessels as well as the operation and management of crude oil tankers throughout the world. Accordingly, such revenues and
assets are not presented on a country by country basis. The ferry operations and the property operations are conducted in Scandinavia and the rest of Europe. The Companys drilling operations are conducted in the Norwegian sector (Scandinavia)
and the UK sector (Europe, other) of the North Sea as well as in the Far East and other markets. The Companys investments in SPEs are included in Other markets.

Total revenue per geographic area



|              |  |                         |        |  |      |  |        |      |  |  |        | 
|------------- |  | ----------------------- | ------ |  | ---- |  | ------ | ---- |  |  | ------ | 
|              |  | Years ended 31 December |       
|SEK million   |  | 2009                    |        |  | 2010 |  |        | 2011 | 
|              |  |                         |       
|Scandinavia   |  |                         | 11,386 |  |      |  | 10,873 |      |  |  | 12,305 | 
|Europe, other |  |                         | 7,726  |  |      |  | 7,370  |      |  |  | 6,846  | 
|Other markets |  |                         | 5,464  |  |      |  | 6,256  |      |  |  | 6,222  | 
|Shipping      |  |                         | 3,236  |  |      |  | 2,651  |      |  |  | 2,595  | 
|              |  |                         |        |  |      |  |        |      |  |  |        | 
|Total         |  |                         | 27,812 |  |      |  | 27,150 |      |  |  | 27,968 | 
|              |  |                         |        |  |      |  |        |      |  |  |        | 

Total assets per geographic area



|              |  |                         |        |  |      |  |        |      |  |  |        | 
|------------- |  | ----------------------- | ------ |  | ---- |  | ------ | ---- |  |  | ------ | 
|              |  | Years ended 31 December |       
|SEK million   |  | 2009                    |        |  | 2010 |  |        | 2011 | 
|              |  |                         |       
|Scandinavia   |  |                         | 32,896 |  |      |  | 34,316 |      |  |  | 35,438 | 
|Europe, other |  |                         | 20,658 |  |      |  | 29,448 |      |  |  | 36,570 | 
|Other markets |  |                         | 35,370 |  |      |  | 27,476 |      |  |  | 22,139 | 
|Shipping      |  |                         | 3,281  |  |      |  | 3,698  |      |  |  | 4,449  | 
|              |  |                         |        |  |      |  |        |      |  |  |        | 
|Total         |  |                         | 92,205 |  |      |  | 94,938 |      |  |  | 98,596 | 
|              |  |                         |        |  |      |  |        |      |  |  |        | 

4  Sale of tangible fixed assets



|                      |  |                                                 |  |                         |      |   |      |  |      |      |  |  |        |  
|--------------------- |  | ----------------------------------------------- |  | ----------------------- | ---- | - | ---- |  | ---- | ---- |  |  | ------ | -
|                      |  |                                                 |  | Years ended 31 December |     
|SEK million           |  |                                                 |  | 2009                    |      |   | 2010 |  |      | 2011 | 
|                      |  |                                                 |  |                        
|Vessels               |  | Cash proceeds from sale of vessels              |  |                         | 183  |   |      |  | 65   |      |  |  | 3,249  |  
|                      |  | Net book value of vessels sold                  |  |                         | (35  | ) |      |  | (63  | )    |  |  | (1,672 | )
|                      |  | Net gain on sale of vessels                     |  |                         | 148  |   |      |  | 2    |      |  |  | 1,577  |  
|                      |  |                                                 |  |                        
|Investment properties |  | Cash proceeds from sale of properties           |  |                         | 214  |   |      |  | 784  |      |  |  | 310    |  
|                      |  | Net book value of properties sold               |  |                         | (183 | ) |      |  | (597 | )    |  |  | (204   | )
|                      |  | Net gain on sale of properties                  |  |                         | 31   |   |      |  | 187  |      |  |  | 106    |  
|                      |  |                                                 |  |                         |      |   |      |  |      |      |  |  |        |  
|                      |  |                                                 |  |                        
|Total                 |  | Cash proceeds from sale of vessels and property |  |                         | 397  |   |      |  | 849  |      |  |  | 3,556  |  
|                      |  |                                                 |  |                         |      |   |      |  |      |      |  |  |        |  
|                      |  | Net book value of assets sold                   |  |                         | (218 | ) |      |  | (660 | )    |  |  | (1,873 | )
|                      |  |                                                 |  |                         |      |   |      |  |      |      |  |  |        |  
|Total gain            |  |                                                 |  |                         | 179  |   |      |  | 189  |      |  |  | 1,683  |  
|                      |  |                                                 |  |                         |      |   |      |  |      |      |  |  |        |  

Total cash proceeds include sales costs of SEK 23 million, SEK 18 million and SEK 39 million, which is not
included on the line cash proceeds from sale of tangible fixed assets in the consolidated statement of cash flow for 2011, 2010 and 2009, respectively.



F-30



---

##### Table of Contents

5  Administrative expenses

For the year ended 31 December 2011, administrative expenses include R&D costs amounting to SEK 63 million. For the year ended 31 December 2010, administrative expenses include R&D costs
amounting to SEK 56 million and for the year ended 31 December 2009, administrative expenses include R&D costs amounting to SEK 50 million.

Fees and other remuneration to auditors and advisors are set forth below



|                             |  |                         |    |  |      |  |    |      |  |  |    | 
|---------------------------- |  | ----------------------- | -- |  | ---- |  | -- | ---- |  |  | -- | 
|                             |  | Years ended 31 December |   
|SEK million                  |  | 2009                    |    |  | 2010 |  |    | 2011 | 
|                             |  |                         |   
|KPMG                         |  |                         |    |  |      |  |    |      |  |  |    | 
|Audit services               |  |                         | 24 |  |      |  | 21 |      |  |  | 25 | 
|Other audit related services |  |                         | 2  |  |      |  | 1  |      |  |  | 1  | 
|Tax services                 |  |                         | 32 |  |      |  | 25 |      |  |  | 21 | 
|Other services               |  |                         | 5  |  |      |  | 2  |      |  |  | 1  | 
|Other auditors               |  |                         |    |  |      |  |    |      |  |  |    | 
|Audit services               |  |                         | 2  |  |      |  | 2  |      |  |  |    | 
|Other audit related services |  |                         |    |  |      |  | 1  |      |  |  |    | 
|                             |  |                         |    |  |      |  |    |      |  |  |    | 
|Total                        |  |                         | 65 |  |      |  | 52 |      |  |  | 48 | 
|                             |  |                         |    |  |      |  |    |      |  |  |    | 

6  Investments in associated companies

Investments in associated companies relate to major strategic investments. Results from other associated companies, having a more direct link to normal operations, are included in direct operating
expenses. See note 3.

As of 31 December 2011, the investment in Midsona AB (publ) represents 23% of the capital and 24.7% of the
votes. The total value of the market value of the investment as of 31 December 2011 was SEK 70 million. As of 31 December 2010 the total share of the market value was SEK 67 million. The Companys share of results amounted to SEK
7 million in 2011 and SEK (15) million in 2010.

As of 31 December 2011, the investment in Gunnebo AB (publ) represents
25.7% of the capital and the votes. The market value of the investment as of 31 December 2011 and 2010 was SEK 476 million and SEK 1,034 million, respectively. The Companys share of results in 2011 amounted to SEK
60 million and SEK 46 million in 2010.

The value of the investment in MPP Mediatec Group as of 31 December 2011 was SEK
340 million and SEK 340 million for 2010. The Companys share of results in 2011 was SEK (7) million and SEK (1) million in 2010. As per 31 December 2011 the investment represents 42.7% of the capital and votes.

The investments in Midelfart Sonesson and Gunnebo are pledged as security for bank debt.

In 2011, the subsidiary Stena Investment Sarl invested SEK 109 million in Silurian Hallwood Plc, which is an oil exploration company. The value of
the investment as of December 31, 2011 was MGBP 10 million. Since the Company is newly started no share of results have been recorded in 2011. As per December 31, 2011 the investment represents 20 % of the capital and votes.



|                     |  |                   |       |   |      |  |       |      |  |  |       | 
|-------------------- |  | ----------------- | ----- | - | ---- |  | ----- | ---- |  |  | ----- | 
|                     |  | As of 31 December |      
|SEK million          |  | 2009              |       |   | 2010 |  |       | 2011 | 
|                     |  |                   |      
|Opening balance      |  |                   | 932   |   |      |  | 1,115 |      |  |  | 1,205 | 
|Investments          |  |                   | 162   |   |      |  |       |      |  |  | 109   | 
|Revaluation          |  |                   |       |   |      |  | 100   |      |  |  |       | 
|Share of profit      |  |                   | 24    |   |      |  | 31    |      |  |  | 60    | 
|Exchange differences |  |                   | (3    | ) |      |  | (2    | )    |  |  |       | 
|Other changes        |  |                   |       |   |      |  | (39   | )    |  |  |       | 
|                     |  |                   |       |   |      |  |       |      |  |  |       | 
|Closing balance      |  |                   | 1,115 |   |      |  | 1,205 |      |  |  | 1,374 | 

For the years ended 31 December 2011, 2010 and 2009, Investments in associated companies include Goodwill amounting
to SEK 551 million, SEK 551 million and SEK 441 million, respectively.



F-31



---

##### Table of Contents

The Groups share of the results of its associates and its share of the assets (including goodwill) and
liabilities are as follows:



|                      |  |                         |        |  |        |  |       |             |  |  |          |  |  |               |       |  |                |  |      |                   |  |  |    |  |  |  |    | 
|--------------------- |  | ----------------------- | ------ |  | ------ |  | ----- | ----------- |  |  | -------- |  |  | ------------- | ----- |  | -------------- |  | ---- | ----------------- |  |  | -- |  |  |  | -- | 
|Name                  |  | Country ofincorporation |        |  | Assets |  |       | Liabilities |  |  | Revenues |  |  | Profit/(loss) |       |  | % Interestheld |  |      | Shareof 
result1) | 
|2009                  |  |                         |        |  |        |  |       |             |  |  |          |  |  |               |       |  |                |  |      |                   |  |  |    |  |  |  |    | 
|Midsona AB (publ)     |  |                         | Sweden |  |        |  | 1,338 |             |  |  | 631      |  |  |               | 1,354 |  |                |  | 54   |                   |  |  | 23 |  |  |  | 12 | 
|Gunnebo AB (publ)     |  |                         | Sweden |  |        |  | 4,336 |             |  |  | 2,923    |  |  |               | 6,788 |  |                |  | (205 | )                 |  |  | 26 |  |  |  | 10 | 
|MPP Mediatec Group AB |  |                         | Sweden |  |        |  | 922   |             |  |  | 643      |  |  |               | 811   |  |                |  | (21  | )                 |  |  | 43 |  |  |  | 2  | 



|1) | The share of the
result in associated companies were reported with a three month time lag. The share of result is for the period 1 October 2008 to 30 September 2009.
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------



|                      |  |                         |        |  |        |  |       |             |  |  |          |  |  |               |       |  |                |  |     |                   |  |  |    |   |  |  |     |  
|--------------------- |  | ----------------------- | ------ |  | ------ |  | ----- | ----------- |  |  | -------- |  |  | ------------- | ----- |  | -------------- |  | --- | ----------------- |  |  | -- | - |  |  | --- | -
|Name                  |  | Country ofincorporation |        |  | Assets |  |       | Liabilities |  |  | Revenues |  |  | Profit/(loss) |       |  | % Interestheld |  |     | Shareof 
result1) | 
|2010                  |  |                         |        |  |        |  |       |             |  |  |          |  |  |               |       |  |                |  |     |                   |  |  |    |   |  |  |     |  
|Midsona AB (publ)     |  |                         | Sweden |  |        |  | 1,176 |             |  |  | 556      |  |  |               | 1,134 |  |                |  | (67 | )                 |  |  | 23 | % |  |  | (15 | )
|Gunnebo AB (publ)     |  |                         | Sweden |  |        |  | 3,735 |             |  |  | 2,129    |  |  |               | 6,384 |  |                |  | 178 |                   |  |  | 26 | % |  |  | 46  |  
|MPP Mediatec Group AB |  |                         | Sweden |  |        |  | 884   |             |  |  | 619      |  |  |               | 889   |  |                |  | (2  | )                 |  |  | 43 | % |  |  | (1  | )



|1) | As from 2010 the
share of the result in the associated companies are reported for a full calendar year, the share of result is from the period 1 January 2010 to 31 December 2010.
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|                      |  |                         |        |  |        |  |       |             |  |  |          |  |  |               |       |  |                |  |     |                |  |  |    |   |  |  |    |  
|--------------------- |  | ----------------------- | ------ |  | ------ |  | ----- | ----------- |  |  | -------- |  |  | ------------- | ----- |  | -------------- |  | --- | -------------- |  |  | -- | - |  |  | -- | -
|Name                  |  | Country ofincorporation |        |  | Assets |  |       | Liabilities |  |  | Revenues |  |  | Profit/(loss) |       |  | % Interestheld |  |     | Shareof result | 
|2011                  |  |                         |        |  |        |  |       |             |  |  |          |  |  |               |       |  |                |  |     |                |  |  |    |   |  |  |    |  
|Midsona AB (publ)     |  |                         | Sweden |  |        |  | 1 176 |             |  |  | 524      |  |  |               | 1 174 |  |                |  | 32  |                |  |  | 23 | % |  |  | 7  |  
|Gunnebo AB (publ)     |  |                         | Sweden |  |        |  | 3 965 |             |  |  | 2 189    |  |  |               | 5 580 |  |                |  | 230 |                |  |  | 26 | % |  |  | 60 |  
|MPP Mediatec Group AB |  |                         | Sweden |  |        |  | 846   |             |  |  | 608      |  |  |               | 902   |  |                |  | (16 | )              |  |  | 43 | % |  |  | (7 | )
|Silurian Hallwood Plc |  |                         | Jersey |  |        |  | 139   |             |  |  | 10       |  |  |               | 0     |  |                |  | 0   |                |  |  | 20 | % |  |  | 0  |  

7  Total finance net



|                                                                                                         |  |                   |      |   |      |  |     |      |  |  |      |  
|-------------------------------------------------------------------------------------------------------- |  | ----------------- | ---- | - | ---- |  | --- | ---- |  |  | ---- | -
|                                                                                                         |  | As of 31 December |     
|SEK million                                                                                              |  | 2009              |      |   | 2010 |  |     | 2011 | 
|                                                                                                         |  |                   |     
|Share of associated companies result (please find Note 6)                                               |  |                   | 24   |   |      |  | 131 |      |  |  | 60   |  
|Dividends received from share holdings                                                                   |  |                   | 43   |   |      |  | 12  |      |  |  | 21   |  
|Dividends received from financial fixed assets                                                           |  |                   | 18   |   |      |  | 26  |      |  |  | 43   |  
|                                                                                                         |  |                   |      |   |      |  |     |      |  |  |      |  
|Total Dividends                                                                                          |  |                   | 61   |   |      |  | 38  |      |  |  | 64   |  
|                                                                                                         |  |                   |      |   |      |  |     |      |  |  |      |  
|                                                                                                         |  |                   |     
|Realized result from sale of trading shares                                                              |  |                   | (117 | ) |      |  | (28 | )    |  |  | 103  |  
|Realized result from sale of available sale shares                                                       |  |                   | (713 | ) |      |  | 121 |      |  |  | 137  |  
|Realized result from sale of financial instruments measured at fair value through the income statement.  |  |                   | 128  |   |      |  | 31  |      |  |  | (41  | )
|Unrealized result from sale of trading shares                                                            |  |                   | 69   |   |      |  | 13  |      |  |  | 11   |  
|Unrealized result from sale of financial instruments measured at fair value through the income statement |  |                   | 438  |   |      |  | 217 |      |  |  | (365 | )
|Gain on termination of leases                                                                            |  |                   | 110  |   |      |  | 91  |      |  |  | 86   |  
|                                                                                                         |  |                   |      |   |      |  |     |      |  |  |      |  
|Total Gain (loss) on sale of securities                                                                  |  |                   | (81  | ) |      |  | 445 |      |  |  | (69  | )
|                                                                                                         |  |                   |      |   |      |  |     |      |  |  |      |  



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##### Table of Contents

|                                                   |  |  |        |   |  |  |        |   |  |  |        |  
|-------------------------------------------------- |  |  | ------ | - |  |  | ------ | - |  |  | ------ | -
|Interest income from investments in SPEs           |  |  | 477    |   |  |  | 332    |   |  |  | 270    |  
|Other interest income                              |  |  | 208    |   |  |  | 145    |   |  |  | 124    |  
|                                                   |  |  |        |   |  |  |        |   |  |  |        |  
|Total Interest income                              |  |  | 685    |   |  |  | 477    |   |  |  | 394    |  
|                                                   |  |  |        |   |  |  |        |   |  |  |        |  
|                                                   |  |  |       
|Interest expense from investments in SPEs          |  |  | (214   | ) |  |  | (102   | ) |  |  | (53    | )
|Other Interest expense                             |  |  | (1,649 | ) |  |  | (1,696 | ) |  |  | (1,861 | )
|                                                   |  |  |        |   |  |  |        |   |  |  |        |  
|Total Interest expense                             |  |  | (1,864 | ) |  |  | (1,798 | ) |  |  | (1,914 | )
|                                                   |  |  |        |   |  |  |        |   |  |  |        |  
|                                                   |  |  |       
|Currency trading                                   |  |  | 58     |   |  |  | 13     |   |  |  | (17    | )
|Translation difference                             |  |  | (340   | ) |  |  | 35     |   |  |  | 53     |  
|                                                   |  |  |        |   |  |  |        |   |  |  |        |  
|Total Foreign Exchange gains                       |  |  | (282   | ) |  |  | 48     |   |  |  | 36     |  
|                                                   |  |  |        |   |  |  |        |   |  |  |        |  
|                                                   |  |  |       
|Deferred finance costs                             |  |  | (67    | ) |  |  | (63    | ) |  |  | (74    | )
|Commitment fees                                    |  |  |        |   |  |  |        |   |  |  | (34    | )
|Bank charges                                       |  |  | (33    | ) |  |  | (30    | ) |  |  | (28    | )
|Capitalized internal guarantee fees                |  |  | 16     |   |  |  | 12     |   |  |  | 14     |  
|Other financial items                              |  |  | (14    | ) |  |  | (13    | ) |  |  | (221   | )
|Other financial expenses from investments in SPEs |  |  | (103   | ) |  |  | (125   | ) |  |  | (27    | )
|                                                   |  |  |        |   |  |  |        |   |  |  |        |  
|Total other financial income/expense               |  |  | (201   | ) |  |  | (219   | ) |  |  | (370   | )
|                                                   |  |  |        |   |  |  |        |   |  |  |        |  
|Finance net                                        |  |  | (1,658 | ) |  |  | (878   | ) |  |  | (1,799 | )

The gain on termination of leases related to the financing of the DrillMAX vessel Stena Carron was partly released
during 2009, 2010 and 2011.

There has been no material ineffectiveness in our cash-flow hedges.

Deferred financing costs include costs for the issuances of Senior Notes, revolving credit facilities, finance leases etc. See note 31.

8  Income taxes

Income before
taxes was distributed geographically as follows:



|                                              |  |                   |       |   |      |  |       |      |  |  |       |  
|--------------------------------------------- |  | ----------------- | ----- | - | ---- |  | ----- | ---- |  |  | ----- | -
|                                              |  | As of 31 December |      
|SEK million                                   |  | 2009              |       |   | 2010 |  |       | 2011 | 
|                                              |  |                   |      
|Sweden                                        |  |                   | (180  | ) |      |  | 531   |      |  |  | 670   |  
|rest of the world                             |  |                   | 2,524 |   |      |  | 2,151 |      |  |  | 2,109 |  
|                                              |  |                   |       |   |      |  |       |      |  |  |       |  
|Total income before taxes                     |  |                   | 2,344 |   |      |  | 2,682 |      |  |  | 2,779 |  
|                                              |  |                   |       |   |      |  |       |      |  |  |       |  
|                                              |  |                   |      
|Current tax                                   |  |                   |       |   |      |  |       |      |  |  |       |  
|For the period, Sweden                        |  |                   | (29   | ) |      |  | (22   | )    |  |  | (34   | )
|Adjustments previous years, Sweden            |  |                   |       |   |      |  | 16    |      |  |  | 0     |  
|For the period, rest of the world             |  |                   | (209  | ) |      |  | (198  | )    |  |  | (265  | )
|Adjustments previous years, rest of the world |  |                   | 28    |   |      |  | 13    |      |  |  | 60    |  
|                                              |  |                   |       |   |      |  |       |      |  |  |       |  
|Total current tax                             |  |                   | (210  | ) |      |  | (191  | )    |  |  | (239  | )
|                                              |  |                   |       |   |      |  |       |      |  |  |       |  
|                                              |  |                   |      
|Deferred tax                                  |  |                   |       |   |      |  |       |      |  |  |       |  
|For the period, Sweden                        |  |                   | 129   |   |      |  | 26    |      |  |  | 114   |  
|Adjustments previous years, Sweden            |  |                   |       |   |      |  | (2    | )    |  |  | (50   | )
|For the period, rest of the world             |  |                   | (5    | ) |      |  | 41    |      |  |  | (85   | )
|Adjustments previous years, rest of the world |  |                   | 106   |   |      |  | 12    |      |  |  | 7     |  
|                                              |  |                   |       |   |      |  |       |      |  |  |       |  
|Total deferred tax                            |  |                   | 230   |   |      |  | 77    |      |  |  | (14   | )
|                                              |  |                   |       |   |      |  |       |      |  |  |       |  
|Total income taxes                            |  |                   | 20    |   |      |  | (114  | )    |  |  | (253  | )
|                                              |  |                   |       |   |      |  |       |      |  |  |       |  

Cash paid for taxes in 2011 was SEK 264 million, as compared to SEK 206 million in 2010 and SEK
203 million in 2009.



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##### Table of Contents

The reconciliation of the difference between the statutory tax rate in Sweden and the effective tax rate is
explained below:



|                                                                                              |  |                   |     |   |      |  |     |      |  |  |     |  
|--------------------------------------------------------------------------------------------- |  | ----------------- | --- | - | ---- |  | --- | ---- |  |  | --- | -
|                                                                                              |  | As of 31 December |    
|SEK million                                                                                   |  | 2009              |     |   | 2010 |  |     | 2011 | 
|                                                                                              |  |                   |    
|Statutory income tax rate                                                                     |  |                   | 26  |   |      |  | 26  |      |  |  | 26  |  
|Differences in foreign tax rates                                                              |  |                   | (9  | ) |      |  | (14 | )    |  |  | (17 | )
|Taxes related to previous years                                                               |  |                   | 3   |   |      |  |     |      |  |  | (3  | )
|Expenses not deductible                                                                       |  |                   | 1   |   |      |  | 2   |      |  |  | 1   |  
|Nontaxable income                                                                             |  |                   | (16 | ) |      |  | (3  | )    |  |  | (3  | )
|Utilization of tax loss carry forwards/net losses for which no tax benefit is recognized, net |  |                   | (2  | ) |      |  |     |      |  |  | 8   |  
|Restructuring                                                                                 |  |                   | (1  | ) |      |  | (6  | )    |  |  | (5  | )
|Other                                                                                         |  |                   | (3  | ) |      |  | (1  | )    |  |  | 2   |  
|                                                                                              |  |                   |     |   |      |  |     |      |  |  |     |  
|Effective income tax rate                                                                     |  |                   | (1  | ) |      |  | 4   |      |  |  | 9   |  
|                                                                                              |  |                   |     |   |      |  |     |      |  |  |     |  

The principal reason why the effective income tax rate is lower than the statutory income tax rate for 2011, 2010 and
2009 is that the international shipping activities and capital gains, sales of financial instruments, are to a large extent tax exempt in many countries.

9  Intangible fixed assets



|                                        |  |          |       |   |            |  |     |                        |  |  |                   |   |  |               |    |   |                 |  |      |                       |  |  |       |   |  |  |     |   |  |  |       |  
|--------------------------------------- |  | -------- | ----- | - | ---------- |  | --- | ---------------------- |  |  | ----------------- | - |  | ------------- | -- | - | --------------- |  | ---- | --------------------- |  |  | ----- | - |  |  | --- | - |  |  | ----- | -
|SEK million                             |  | Goodwill |       |   | Trademarks |  |     | Distributionagreements |  |  | Customerrelations |   |  | ITinvestments |    |   | Rightsto routes |  |      | Otherintangibleassets |  |  | Total |  
|Acquisition costs                       |  |          |       |   |            |  |     |                        |  |  |                   |   |  |               |    |   |                 |  |      |                       |  |  |       |   |  |  |     |   |  |  |       |  
|Opening balance as per 1 January 2010   |  |          | 1 464 |   |            |  | 847 |                        |  |  | 540               |   |  |               | 10 |   |                 |  | 575  |                       |  |  |       |   |  |  | 26  |   |  |  | 3,462 |  
|Additions                               |  |          |       |   |            |  |     |                        |  |  |                   |   |  |               |    |   |                 |  | 29   |                       |  |  |       |   |  |  |     |   |  |  | 29    |  
|Disposals                               |  |          | (35   | ) |            |  |     |                        |  |  |                   |   |  |               |    |   |                 |  | (1   | )                     |  |  |       |   |  |  |     |   |  |  | (36   | )
|Transfers                               |  |          |       |   |            |  |     |                        |  |  | 9                 |   |  |               |    |   |                 |  | 9    |                       |  |  |       |   |  |  |     |   |  |  | 18    |  
|Translation differences                 |  |          | (93   | ) |            |  | (13 | )                      |  |  | (39               | ) |  |               |    |   |                 |  | (11  | )                     |  |  |       |   |  |  | (6  | ) |  |  | (162  | )
|Closing balance as per 31 December 2010 |  |          | 1,336 |   |            |  | 834 |                        |  |  | 510               |   |  |               | 10 |   |                 |  | 601  |                       |  |  |       |   |  |  | 20  |   |  |  | 3,311 |  
|                                        |  |          |       |   |            |  |     |                       
|Purchase of company (Note 30)           |  |          | 222   |   |            |  |     |                        |  |  | 3                 |   |  |               |    |   |                 |  | 35   |                       |  |  | 354   |   |  |  |     |   |  |  | 674   |  
|Additions                               |  |          |       |   |            |  |     |                        |  |  |                   |   |  |               |    |   |                 |  | 45   |                       |  |  |       |   |  |  |     |   |  |  | 45    |  
|Disposals                               |  |          |       |   |            |  |     |                        |  |  |                   |   |  |               |    |   |                 |  | (5   | )                     |  |  |       |   |  |  |     |   |  |  | (5    | )
|Transfers                               |  |          |       |   |            |  |     |                        |  |  |                   |   |  |               |    |   |                 |  | 5    |                       |  |  |       |   |  |  |     |   |  |  | 5     |  
|Translation difference                  |  |          | (2    | ) |            |  |     |                        |  |  |                   |   |  |               |    |   |                 |  |      |                       |  |  |       |   |  |  |     |   |  |  | (2    | )
|Closing balance as per 31 December 2011 |  |          | 1,556 |   |            |  | 834 |                        |  |  | 513               |   |  |               | 10 |   |                 |  | 681  |                       |  |  | 354   |   |  |  | 20  |   |  |  | 3,968 |  
|                                        |  |          |       |   |            |  |     |                       
|Accumulated amortization                |  |          |       |   |            |  |     |                        |  |  |                   |   |  |               |    |   |                 |  |      |                       |  |  |       |   |  |  |     |   |  |  |       |  
|Opening balance as per 1 January 2010   |  |          | (88   | ) |            |  | (40 | )                      |  |  | (115              | ) |  |               | (4 | ) |                 |  | (401 | )                     |  |  |       |   |  |  | (25 | ) |  |  | (673  | )
|Translation differences                 |  |          | 3     |   |            |  |     |                        |  |  | 10                |   |  |               |    |   |                 |  | 8    |                       |  |  |       |   |  |  | 5   |   |  |  | 26    |  
|Disposals                               |  |          | 35    |   |            |  |     |                        |  |  |                   |   |  |               |    |   |                 |  | 1    |                       |  |  |       |   |  |  |     |   |  |  | 36    |  
|Current year amortization               |  |          |       |   |            |  | (22 | )                      |  |  | (47               | ) |  |               | (2 | ) |                 |  | (63  | )                     |  |  |       |   |  |  |     |   |  |  | (134  | )
|Closing balance as per 31 December 2010 |  |          | (50   | ) |            |  | (62 | )                      |  |  | (152              | ) |  |               | (6 | ) |                 |  | (455 | )                     |  |  |       |   |  |  | (20 | ) |  |  | (745  | )
|                                        |  |          |       |   |            |  |     |                       
|Purchase of company (Note 30)           |  |          |       |   |            |  |     |                        |  |  |                   |   |  |               |    |   |                 |  | (22  | )                     |  |  |       |   |  |  |     |   |  |  | (22   | )
|Translation differences                 |  |          | (2    | ) |            |  | (1  | )                      |  |  |                   |   |  |               |    |   |                 |  |      |                       |  |  |       |   |  |  |     |   |  |  | (3    | )
|Disposals                               |  |          |       |   |            |  |     |                        |  |  |                   |   |  |               |    |   |                 |  | 5    |                       |  |  |       |   |  |  |     |   |  |  | 5     |  
|Transfers                               |  |          |       |   |            |  |     |                        |  |  |                   |   |  |               |    |   |                 |  | (2   | )                     |  |  |       |   |  |  |     |   |  |  | (2    | )
|Current year amortization               |  |          |       |   |            |  | (22 | )                      |  |  | (48               | ) |  |               | (2 | ) |                 |  | (71  | )                     |  |  | (9    | ) |  |  |     |   |  |  | (152  | )
|Closing balance as per 31 December 2011 |  |          | (52   | ) |            |  | (85 | )                      |  |  | (200              | ) |  |               | (8 | ) |                 |  | (545 | )                     |  |  | (9    | ) |  |  | (20 | ) |  |  | (919  | )
|                                        |  |          |       |   |            |  |     |                       
|Net book value as per 31 December 2010  |  |          | 1,286 |   |            |  | 772 |                        |  |  | 358               |   |  |               | 4  |   |                 |  | 146  |                       |  |  |       |   |  |  |     |   |  |  | 2,566 |  
|Net book value as per 31 December 2011  |  |          | 1,504 |   |            |  | 749 |                        |  |  | 313               |   |  |               | 2  |   |                 |  | 136  |                       |  |  | 345   |   |  |  |     |   |  |  | 3,049 |  

Goodwill is allocated to the Groups cash-generating units (CGUs) identified by segment. A segment-level summary of
goodwill allocation is presented below.



|                       |  |  |       | 
|---------------------- |  |  | ----- | 
|SEK million            | 
|New business  Adactum |  |  | 1,198 | 
|Ferry Operations       |  |  | 306   | 
|Total                  |  |  | 1,504 | 



F-34



---

##### Table of Contents

Impairment testing of goodwill is conducted annually and whenever conditions indicate that impairment may be
necessary. The recoverable value for cash generating units is based on the calculated value in use. The key assumptions used for calculated value in use are discount rate and growth rate. The discount rate before tax used in Adactum was 79%.
The growth rate for revenues used in Adactum has been individually assessed for each company and year until the year 2019. During this period the growth rate normally fluctuates between 25% but has in some case exceeded this interval. For
subsequent periods growth rate for revenues is estimated to have a growth corresponding to 1.52%. This growth rate is based on reasonable prudence and is estimated to be below the relevant industrys long-term growth rate for revenues.
The same principles were applied last year.

As of December 31, 2011, the recoverable values based on value in use of the cash generating
units were found not to fall short of their net booked values in any test and therefore the related goodwill was not impaired.

A number of
sensitivity tests have been made in order to examine possible need for impairment. For these sensitivity tests the used discount rate was 1% higher than above described discount rate. Also when applying these estimates no goodwill impairment is
indicated for material cash generating units.

Trademarks

Trademarks are mainly related to the segment Adactum. During 2011 impairment testing has been performed for all trademarks within Adactum. The tests has been performed according to the same procedure as
for establishing the recoverable value for goodwill, see description above. The discount rate before tax used for the individual trademarks was 7.5%. The growth rate for revenues used until year 2015 was 35%. For subsequent periods growth rate
for revenues is estimated to have a growth corresponding to 1%. None of the performed tests indicated any impairment for trademarks. The trademarks are annually depreciated.

10  Vessels, construction in progress and equipment

The movements during the years
ended 31 December 2010 and 2011 are as follows:



|                                        |  |         |         |   |                         |  |        |                |  |  |        |   |  |  |         |  
|--------------------------------------- |  | ------- | ------- | - | ----------------------- |  | ------ | -------------- |  |  | ------ | - |  |  | ------- | -
|SEK million                             |  | Vessels |         |   | Constructionin progress |  |        | Otherequipment |  |  | Total  |  
|                                        |  |         |         |  
|Acquisition costs                       |  |         |         |   |                         |  |        |                |  |  |        |   |  |  |         |  
|Opening balance as per 1 January 2010   |  |         | 42,116  |   |                         |  | 5,474  |                |  |  | 4,354  |   |  |  | 51,944  |  
|Additions                               |  |         | 2,256   |   |                         |  | 5,822  |                |  |  | 874    |   |  |  | 8,952   |  
|Disposals                               |  |         | (585    | ) |                         |  |        |                |  |  | (189   | ) |  |  | (774    | )
|Transfers                               |  |         | 4,076   |   |                         |  | (4,117 | )              |  |  | 34     |   |  |  | (7      | )
|Translation differences                 |  |         | (2,862  | ) |                         |  | (844   | )              |  |  | (280   | ) |  |  | (3,986  | )
|                                        |  |         |         |   |                         |  |        |                |  |  |        |   |  |  |         |  
|Closing balance as per 31 December 2010 |  |         | 45,001  |   |                         |  | 6,335  |                |  |  | 4,793  |   |  |  | 56,129  |  
|                                        |  |         |         |  
|Additions                               |  |         | 6,638   |   |                         |  | 2,512  |                |  |  | 257    |   |  |  | 9,407   |  
|Purchase of company (note 30)           |  |         |         |   |                         |  |        |                |  |  | 52     |   |  |  | 52      |  
|Disposals                               |  |         | (4,394  | ) |                         |  |        |                |  |  | (101   | ) |  |  | (4,495  | )
|Transfers                               |  |         | 1,772   |   |                         |  | (3,711 | )              |  |  | 27     |   |  |  | (1,912  | )
|Translation differences                 |  |         | 671     |   |                         |  | 154    |                |  |  | 31     |   |  |  | 856     |  
|                                        |  |         |         |   |                         |  |        |                |  |  |        |   |  |  |         |  
|Closing balance as per 31 December 2011 |  |         | 49,688  |   |                         |  | 5,290  |                |  |  | 5,059  |   |  |  | 60,037  |  
|                                        |  |         |         |  
|Accumulated depreciation                |  |         |         |   |                         |  |        |                |  |  |        |   |  |  |         |  
|Opening balance as per 1 January 2010   |  |         | (14,859 | ) |                         |  |        |                |  |  | (2,172 | ) |  |  | (17,031 | )
|Purchase of company (Note 30)           |  |         |         |   |                         |  |        |                |  |  | (4     | ) |  |  | (4      | )
|Disposals                               |  |         | 522     |   |                         |  |        |                |  |  | 158    |   |  |  | 680     |  
|Translation differences                 |  |         | 1,087   |   |                         |  |        |                |  |  | 153    |   |  |  | 1,240   |  
|Transfers                               |  |         | 9       |   |                         |  |        |                |  |  | 15     |   |  |  | 24      |  
|Current year depreciation               |  |         | (3,007  | ) |                         |  |        |                |  |  | (481   | ) |  |  | (3,488  | )
|                                        |  |         |         |   |                         |  |        |                |  |  |        |   |  |  |         |  
|Closing balance as per 31 December 2010 |  |         | (16,248 | ) |                         |  |        |                |  |  | (2,331 | ) |  |  | (18,579 | )
|                                        |  |         |         |  
|Disposals                               |  |         | 2,722   |   |                         |  |        |                |  |  | 113    |   |  |  | 2,835   |  
|Purchase of company (Note 30)           |  |         |         |   |                         |  |        |                |  |  | (40    | ) |  |  | (40     | )
|Translation differences                 |  |         | (202    | ) |                         |  |        |                |  |  | (16    | ) |  |  | (218    | )
|Transfers                               |  |         | 1,106   |   |                         |  |        |                |  |  | 3      |   |  |  | 1,109   |  
|Current year depreciation               |  |         | (2,881  | ) |                         |  |        |                |  |  | (485   | ) |  |  | (3,366  | )
|                                        |  |         |         |   |                         |  |        |                |  |  |        |   |  |  |         |  
|Closing balance as per 31 December 2011 |  |         | (15,503 | ) |                         |  |        |                |  |  | (2,756 | ) |  |  | (18,259 | )
|                                        |  |         |         |  
|Net book value as per 31 December 2010  |  |         | 28,753  |   |                         |  | 6,335  |                |  |  | 2,462  |   |  |  | 37,550  |  
|                                        |  |         |         |   |                         |  |        |                |  |  |        |   |  |  |         |  
|Closing balance as per 31 December 2011 |  |         | 34,185  |   |                         |  | 5,290  |                |  |  | 2,303  |   |  |  | 41,778  |  



F-35



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##### Table of Contents

The insured value of the whole vessel fleet as of 31 December 2011 was SEK 46,480 million, as
compared to SEK 45,274 million as of 31 December 2010.

As of 31 December 2011, construction in progress included two
newbuildings: one drillship under construction in Korea delivered in April 2012 and one Suezmax vessel ordered from a shipyard in Korea for delivery in 2013. Construction in progress also includes investment in windmill parks in Sweden. In total,
the contract amount with the shipyards amounts to SEK 6,917 million.

Yard payments of SEK 4,018 million, windmill projects of SEK
464 million, capitalized interest of SEK 214 million and other capitalized costs of SEK 594 million are included in Construction in progress as of 31 December 2011.

The amount of interest capitalized on construction in progress and on vessels was SEK 114 million and SEK 145 million for the years ended 31 December 2011 and 2010, respectively.

No capitalization of interest on real estate newbuilding has been made for 2011 or for 2010. Valuation certificates issued on
31 December 2011 by independent valuation ­institutions indicate that the values in the vessel fleet exceeds net book value by SEK 8,058 million, as compared to SEK 9,055 million as of 31 December 2010. Part of the
vessels net book value as of 31 December 2011 refers to vessels held in accordance with financial leasing agreements, see Note 26.

Equipment is specified as follows:



|                                        |  |           |      |   |                |  |        |       |  |  |        |  
|--------------------------------------- |  | --------- | ---- | - | -------------- |  | ------ | ----- |  |  | ------ | -
|SEK million                             |  | Windmills |      |   | Otherequipment |  |        | Total | 
|Acquisition costs                       |  |           |      |   |                |  |        |       |  |  |        |  
|Opening balance as per 1 January 2010   |  |           | 506  |   |                |  | 3,848  |       |  |  | 4,354  |  
|Additions                               |  |           | 187  |   |                |  | 687    |       |  |  | 874    |  
|Disposals                               |  |           |      |   |                |  | (189   | )     |  |  | (189   | )
|Transfers                               |  |           |      |   |                |  | 34     |       |  |  | 34     |  
|Translation differences                 |  |           |      |   |                |  | (280   | )     |  |  | (280   | )
|                                        |  |           |      |   |                |  |        |       |  |  |        |  
|Closing balance as per 31 December 2010 |  |           | 693  |   |                |  | 4,100  |       |  |  | 4,793  |  
|                                        |  |           |     
|Additions                               |  |           |      |   |                |  | 257    |       |  |  | 257    |  
|Purchase of company (Note 30)           |  |           |      |   |                |  | 52     |       |  |  | 52     |  
|Disposals                               |  |           |      |   |                |  | (101   | )     |  |  | (101   | )
|Transfers                               |  |           |      |   |                |  | 27     |       |  |  | 27     |  
|Translation differences                 |  |           |      |   |                |  | 31     |       |  |  | 31     |  
|                                        |  |           |      |   |                |  |        |       |  |  |        |  
|Closing balance as per 31 December 2011 |  |           | 693  |   |                |  | 4 366  |       |  |  | 5,059  |  
|                                        |  |           |     
|Accumulated depreciation                |  |           |      |   |                |  |        |       |  |  |        |  
|Opening balance as per 1 January 2010   |  |           | (40  | ) |                |  | (2,132 | )     |  |  | (2,172 | )
|Purchase of company (Note 30)           |  |           |      |   |                |  | (4     | )     |  |  | (4     | )
|Disposals                               |  |           |      |   |                |  | 158    |       |  |  | 158    |  
|Translation differences                 |  |           |      |   |                |  | 153    |       |  |  | 153    |  
|Transfers                               |  |           | 6    |   |                |  | 9      |       |  |  | 15     |  
|Current year depreciation               |  |           | (34  | ) |                |  | (447   | )     |  |  | (481   | )
|                                        |  |           |      |   |                |  |        |       |  |  |        |  
|Closing balance as per 31 December 2010 |  |           | (68  | ) |                |  | (2,263 | )     |  |  | (2,331 | )
|                                        |  |           |     
|Disposals                               |  |           |      |   |                |  | 113    |       |  |  | 113    |  
|Purchase of company (Note 30)           |  |           |      |   |                |  | (40    | )     |  |  | (40    | )
|Translation differences                 |  |           |      |   |                |  | (16    | )     |  |  | (16    | )
|Transfers                               |  |           |      |   |                |  | 3      |       |  |  | 3      |  
|Current year depreciation               |  |           | (36  | ) |                |  | (449   | )     |  |  | (485   | )
|                                        |  |           |      |   |                |  |        |       |  |  |        |  
|Closing balance as per 31 December 2011 |  |           | (104 | ) |                |  | (2,652 | )     |  |  | (2,756 | )
|                                        |  |           |     
|Net book value as per 31 December 2010  |  |           | 625  |   |                |  | 1,837  |       |  |  | 2,462  |  
|                                        |  |           |      |   |                |  |        |       |  |  |        |  
|Net book value as per 31 December 2011  |  |           | 589  |   |                |  | 1,714  |       |  |  | 2,303  |  



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##### Table of Contents

11  Buildings and land together with ports

The movements during the year ended 31 December 2010 and 2011 are as follows:



|                                        |  |                   |       |   |       |  |       |  
|--------------------------------------- |  | ----------------- | ----- | - | ----- |  | ----- | -
|SEK million                             |  | Buildingsand land |       |   | Ports | 
|Acquisition costs                       |  |                   |       |   |       |  |       |  
|Opening balance as per 1 January 2010   |  |                   | 1,478 |   |       |  | 1,712 |  
|Additions                               |  |                   | 39    |   |       |  | 7     |  
|Purchase of company (Note 30)           |  |                   |       |   |       |  | 252   |  
|Translation differences                 |  |                   | (116  | ) |       |  | (161  | )
|                                        |  |                   |       |   |       |  |       |  
|Closing balance as per 31 December 2010 |  |                   | 1,401 |   |       |  | 1,810 |  
|                                        |  |                  
|Additions                               |  |                   | 104   |   |       |  |       |  
|Purchase of company (Note 30)           |  |                   | 37    |   |       |  | 16    |  
|Disposals                               |  |                   | (1    | ) |       |  |       |  
|Transfers                               |  |                   |       |   |       |  | 789   |  
|Translation differences                 |  |                   | 2     |   |       |  | 28    |  
|                                        |  |                   |       |   |       |  |       |  
|Closing balance as per 31 December 2011 |  |                   | 1,543 |   |       |  | 2,643 |  
|                                        |  |                  
|Accumulated depreciation                |  |                   |       |   |       |  |       |  
|Opening balance as per 1 January 2010   |  |                   | (577  | ) |       |  | (797  | )
|Translation differences                 |  |                   | 52    |   |       |  | 77    |  
|Current year depreciation               |  |                   | (35   | ) |       |  | (48   | )
|                                        |  |                   |       |   |       |  |       |  
|Closing balance as per 31 December 2010 |  |                   | (560  | ) |       |  | (768  | )
|                                        |  |                  
|Purchase of company (Note 30)           |  |                   | (8    | ) |       |  |       |  
|Translation differences                 |  |                   | (1    | ) |       |  | (16   | )
|Current year depreciation               |  |                   | (35   | ) |       |  | (64   | )
|                                        |  |                   |       |   |       |  |       |  
|Closing balance as per 31 December 2011 |  |                   | (604  | ) |       |  | (848  | )
|                                        |  |                  
|Net book value as per 31 December 2010  |  |                   | 841   |   |       |  | 1,042 |  
|                                        |  |                   |       |   |       |  |       |  
|Net book value as per 31 December 2011  |  |                   | 939   |   |       |  | 1,795 |  

Buildings and land together with Ports represent the Groups assets used in its business including office buildings,
ferry terminals etc.

Out of the net book value as of 31 December 2011 for buildings and land, SEK 496 million relates to Swedish
buildings and land.

Out of the net book value as of 31 December 2010 for buildings and land, SEK 480 million relates to Swedish
buildings and land.



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##### Table of Contents

12  Investment properties



|                                                  |  |                   |        |   |      |  |        |  
|------------------------------------------------- |  | ----------------- | ------ | - | ---- |  | ------ | -
|                                                  |  | As of 31 December |       
|SEK million                                       |  | 2010              |        |   | 2011 | 
|                                                  |  |                  
|Opening balance as of 1 January                   |  |                   | 24,040 |   |      |  | 24,148 |  
|Additions                                         |  |                   | 635    |   |      |  | 1,043  |  
|Transfer from construction in progress            |  |                   | 134    |   |      |  | 70     |  
|Disposals                                         |  |                   | (597   | ) |      |  | (204   | )
|Unrealized fair value adjustments                 |  |                   | 424    |   |      |  | 350    |  
|Exchange differences                              |  |                   | (488   | ) |      |  | 22     |  
|                                                  |  |                   |        |   |      |  |        |  
|Closing balance as of 31 December                 |  |                   | 24,148 |   |      |  | 25,429 |  
|                                                  |  |                  
|Investment Properties  Construction in progress  |  |                   |        |   |      |  |        |  
|Opening balance as of 1 January                   |  |                   | 175    |   |      |  | 206    |  
|Additions                                         |  |                   | 165    |   |      |  | 188    |  
|Transfer                                          |  |                   | (134   | ) |      |  | (70    | )
|                                                  |  |                   |        |   |      |  |        |  
|Closing balance at fair value                     |  |                   | 206    |   |      |  | 324    |  
|                                                  |  |                   |        |   |      |  |        |  
|Closing balance Investment Properties 31 December |  |                   | 24,354 |   |      |  | 25,753 |  
|                                                  |  |                  
|Investment Property  impact on the result        |  |                   |        |   |      |  |        |  
|Rental Income                                     |  |                   | 2,380  |   |      |  | 2,368  |  
|Direct cost                                       |  |                   | (885   | ) |      |  | (829   | )
|Valuation of investment properties                |  |                   | 424    |   |      |  | 350    |  
|                                                  |  |                   |        |   |      |  |        |  
|Total                                             |  |                   | 1,919  |   |      |  | 1,889  |  
|                                                  |  |                   |        |   |      |  |        |  

Investment properties are residential- and commercial ­properties.

Valuation of the investment properties is performed at year end and at each quarter by assessing each individual propertys fair value. The
valuation method is based on the direct yield method and the net operating income is based on market rental income with a deduction for rental vacancy level of 0 to 1 percent for residential properties and 0 to 15% for commercial properties. This
assessment consideration of type of property, technical standard and type of construction has been taken. The assessment of the yield requirements is based on information obtained about the market yield requirements in respect of the purchase and
sale of comparable properties in similar locations.

At the valuation as of 31 December 2011, the following rates of returns have been
used.



|         |  |                   |           |  |            |  |            | 
|-------- |  | ----------------- | --------- |  | ---------- |  | ---------- | 
|         |  | Rate of return, % |          
|Location |  | Residential       |           |  | Commercial | 
|Sweden   |  |                   | 3,006,00 |  |            |  | 5,258,25  | 
|Eurozone |  |                   | n/a       |  |            |  | 6,0012,00 | 

The estimated market value of investment properties is SEK 25,753 million compare to last year SEK 24,354 million.

To guarantee the valuation, external valuations have been obtained from DTZ Sverige and Boer Hartog Hooft in the Netherlands. The external
valuations cover 20% of the total property value in absolute terms but these selected properties represent 60% of the properties in terms of property types, technical standard and building design. A comparison between the internal and external
valuations reveals that Stenas valuations are within the value range stated by the external valuation companies.



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##### Table of Contents

13  Investments in SPEs

Since late 2002, the Company has invested in variable interest entities (SPEs). The SPEs have invested in different debt securities, including high-yield bonds. The SPEs have issued debt
securities which are secured by their assets. The non-controlling interest share of the results is shown in the comprehensive income while the minority part of total equity is shown as a separate component in the equity.

The investments in the CDO (Collateral Debt Obligation) and CLO (Collateral Loan Obligation) started in December
2002, August 2003 and October 2005. They where established during 2003, June 2004 and August 2006. The latest CLO was started in November 2006 and was partly sold during 2011.

The investment in the CDO 2002 was unwound during 2011 with an additional dividend of approximately SEK 90 million.

The non-controlling interest for the remaining CLOs are 15.4%, 11.3% and 5%, respectively.

The
assets and liabilities of the SPEs are consolidated in our financial statements, although the debt of the SPEs is a non-recourse to Stena.

The consolidation of the SPEs has had the following impact:



|                                                                                                                    |  |                        |       |  |      |  |       |  
|------------------------------------------------------------------------------------------------------------------- |  | ---------------------- | ----- |  | ---- |  | ----- | -
|                                                                                                                    |  | Years ended 31December |      
|SEK million                                                                                                         |  | 2010                   |       |  | 2011 | 
|                                                                                                                    |  |                       
|Financial income and expense                                                                                        |  |                        | 5     |  |      |  | 382   |  
|Non-controlling interest                                                                                            |  |                        | 3     |  |      |  | (42   | )
|                                                                                                                    |  |                        |       |  |      |  |       |  
|Net income                                                                                                          |  |                        | 8     |  |      |  | 340   |  
|                                                                                                                    |  |                       
|Investments in SPEs1)                                                                                               |  |                        | 6,175 |  |      |  | 4,548 |  
|Short-term investments2)                                                                                            |  |                        | 405   |  |      |  | 133   |  
|Other assets                                                                                                        |  |                        | 168   |  |      |  | 111   |  
|                                                                                                                    |  |                        |       |  |      |  |       |  
|Total assets                                                                                                        |  |                        | 6,748 |  |      |  | 4,792 |  
|                                                                                                                    |  |                        |       |  |      |  |       |  
|                                                                                                                    |  |                       
|Retained earnings                                                                                                   |  |                        | 225   |  |      |  | 19    |  
|Net income                                                                                                          |  |                        | 8     |  |      |  | 340   |  
|Shareholders equity                                                                                                |  |                        | 233   |  |      |  | 359   |  
|                                                                                                                    |  |                       
|Non-controlling interest                                                                                            |  |                        | 117   |  |      |  | 91    |  
|                                                                                                                    |  |                        |       |  |      |  |       |  
|Total Equity                                                                                                        |  |                        | 350   |  |      |  | 450   |  
|                                                                                                                    |  |                        |       |  |      |  |       |  
|                                                                                                                    |  |                       
|Debt of SPEs3)                                                                                                      |  |                        | 5,140 |  |      |  | 4,143 |  
|Other debt                                                                                                          |  |                        | 1,258 |  |      |  | 199   |  
|                                                                                                                    |  |                        |       |  |      |  |       |  
|Total liabilities                                                                                                   |  |                        | 6,398 |  |      |  | 4,342 |  
|                                                                                                                    |  |                        |       |  |      |  |       |  
|Total shareholders equity and liabilities                                                                          |  |                        | 6,748 |  |      |  | 4,792 |  
|                                                                                                                    |  |                        |       |  |      |  |       |  
|                                                                                                                    |  |                       
|The investments in SPEs are classified as follows:                                                                  |  |                        |       |  |      |  |       |  
|Corporate Fixed Income Bonds are classified as available for sale and are revalued in other comprehensive
income: |  |                        | 1,027 |  |      |  | 477   |  
|Senior Bank Debt are classified as held to maturity and are kept at cost in the balance sheet.                    |  |                        | 5,148 |  |      |  | 4,071 |  
|                                                                                                                    |  |                        |       |  |      |  |       |  
|Total                                                                                                               |  |                        | 6,175 |  |      |  | 4,548 |  
|                                                                                                                    |  |                        |       |  |      |  |       |  



|1) | Investments in SPEs are recorded at market value with gains and losses recorded to profit and loss. Investments in other securities are recorded to
market value with gains and losses recorded to comprehensive income. The corporate loans are recorded at cost in the balance sheet and tested for impairment at each reporting date. The market value of the corporate loans is SEK 118 million
lower than cost.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|2) | Refers to cash and cash equivalents in the SPEs. This cash is not available to the Company and is therefore included as restricted cash
|-- | ---------------------------------------------------------------------------------------------------------------------------------------

|3) | Debt of SPEs refers to secured notes issued by the SPEs and secured bank loans borrowed by the SPEs. These obligations are secured by pledges of the
assets of the SPEs and are not guaranteed by the Stena AB Group.
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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##### Table of Contents

14  Marketable securities



|                                                                   |  |                   |        |   |      |  |        |  
|------------------------------------------------------------------ |  | ----------------- | ------ | - | ---- |  | ------ | -
|                                                                   |  | As of 31 December |       
|SEK million                                                        |  | 2010              |        |   | 2011 | 
|                                                                   |  |                  
|Opening balance                                                    |  |                   | 2,211  |   |      |  | 4,130  |  
|Additions                                                          |  |                   | 4,360  |   |      |  | 1,677  |  
|Disposals                                                          |  |                   | (2,368 | ) |      |  | (2,024 | )
|Reclassification                                                   |  |                   | (64    | ) |      |  | 176    |  
|Revaluation of financial assets through the income statement       |  |                   | 152    |   |      |  | (327   | )
|Revaluation of financial assets through other comprehensive income |  |                   | 152    |   |      |  | (202   | )
|Translation differences                                            |  |                   | (313   | ) |      |  | 35     |  
|Investment at the end of year                                      |  |                   | 4,130  |   |      |  | 3,465  |  
|                                                                   |  |                  
|Marketable securities are classified as:                           |  |                   |        |   |      |  |        |  
|Financial assets at fair value through the income statement        |  |                   | 2,127  |   |      |  | 2,650  |  
|Available-for-sale financial assets                                |  |                   | 2,003  |   |      |  | 815    |  
|                                                                   |  |                   |        |   |      |  |        |  
|Total                                                              |  |                   | 4,130  |   |      |  | 3,465  |  
|                                                                   |  |                   |        |   |      |  |        |  

Marketable securities refer to listed shares held by the Stena AB Group and these are recorded at fair value.

As of 31 December 2011 shares with a book value of SEK 0 million have been pledged as security for bank debt. As of 31 December 2010, shares
with a book value of SEK 0 million were pledged as security for bank debt.

Marketable securities as of 31 December 2011 classified as
follows:



|                               |  |            |       | 
|------------------------------ |  | ---------- | ----- | 
|SEK million                    |  | Book Value |      
|                               | 
|CDO/CLO                        |  |            | 678   | 
|Oil & Gas                      |  |            | 460   | 
|Banks                          |  |            | 440   | 
|Oil & Gas Services             |  |            | 349   | 
|Commercial Services            |  |            | 162   | 
|Closed-end Funds               |  |            | 122   | 
|Telecommunication              |  |            | 121   | 
|Food                           |  |            | 116   | 
|Retail                         |  |            | 115   | 
|Pharmaceuticals                |  |            | 107   | 
|Metal Fabricate/Hardware       |  |            | 103   | 
|Forest Products/paper          |  |            | 81    | 
|Diversified Financial Services |  |            | 80    | 
|Healthcare Products            |  |            | 73    | 
|Biotechnology                  |  |            | 58    | 
|Mining                         |  |            | 55    | 
|Internet                       |  |            | 53    | 
|Cosmetics                      |  |            | 49    | 
|Electronics                    |  |            | 46    | 
|Miscellaneous Manufacture      |  |            | 41    | 
|Media                          |  |            | 32    | 
|Auto Parts & Equipment         |  |            | 27    | 
|Investment Companies           |  |            | 25    | 
|Transportation                 |  |            | 22    | 
|Machinery                      |  |            | 21    | 
|Real Estate                    |  |            | 13    | 
|Auto Manufacturers             |  |            | 13    | 
|Semiconductors                 |  |            | 3     | 
|                               |  |            |       | 
|Total listed shares            |  |            | 3,465 | 
|                               |  |            |       | 



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##### Table of Contents

15  Other non-current assets



|                                               |  |                    |      |   |                  |  |       |                          |  |  |             |   |  |               |      |   |       |  |      |   |  |  |       |  
|---------------------------------------------- |  | ------------------ | ---- | - | ---------------- |  | ----- | ------------------------ |  |  | ----------- | - |  | ------------- | ---- | - | ----- |  | ---- | - |  |  | ----- | -
|SEK million                                    |  | Deferredtax assets |      |   | Otherreceivables |  |       | Available forsale shares |  |  | Othershares |   |  | Deferredcosts |      |   | Total | 
|Opening balance as per 1 January 2010          |  |                    | 532  |   |                  |  | 891   |                          |  |  | 2,099       |   |  |               | 605  |   |       |  | 528  |   |  |  | 4,655 |  
|Additions                                      |  |                    | 192  |   |                  |  | 432   |                          |  |  | 146         |   |  |               | 258  |   |       |  | 55   |   |  |  | 1,083 |  
|Disposals                                      |  |                    | (29  | ) |                  |  | (155  | )                        |  |  | (330        | ) |  |               | (12  | ) |       |  | (104 | ) |  |  | (630  | )
|Revaluation through the income statement       |  |                    |      |   |                  |  | 94    |                          |  |  | 9           |   |  |               |      |   |       |  |      |   |  |  | 103   |  
|Share of profit (loss)                         |  |                    |      |   |                  |  |       |                          |  |  |             |   |  |               | 16   |   |       |  |      |   |  |  | 16    |  
|Dividend received                              |  |                    |      |   |                  |  |       |                          |  |  |             |   |  |               | (14  | ) |       |  |      |   |  |  | (14   | )
|Reclassification                               |  |                    | 10   |   |                  |  | (10   | )                        |  |  | (3          | ) |  |               |      |   |       |  |      |   |  |  | (3    | )
|Translation differences                        |  |                    | (141 | ) |                  |  | 45    |                          |  |  | (176        | ) |  |               | (61  | ) |       |  | 3    |   |  |  | (330  | )
|                                               |  |                    |      |   |                  |  |       |                          |  |  |             |   |  |               |      |   |       |  |      |   |  |  |       |  
|Closing balance as per 31 December 2010        |  |                    | 564  |   |                  |  | 1,297 |                          |  |  | 1,745       |   |  |               | 792  |   |       |  | 482  |   |  |  | 4,880 |  
|                                               |  |                    |      |   |                  | 
|Additions                                      |  |                    |      |   |                  |  | 135   |                          |  |  | 171         |   |  |               | 119  |   |       |  | 37   |   |  |  | 462   |  
|Disposals                                      |  |                    | 477  |   |                  |  | (163  | )                        |  |  | (155        | ) |  |               |      |   |       |  | (147 | ) |  |  | 12    |  
|Revaluation through the income statement       |  |                    |      |   |                  |  | 62    |                          |  |  | 14          |   |  |               |      |   |       |  |      |   |  |  | 76    |  
|Revaluation through other comprehensive income |  |                    | (224 | ) |                  |  | (210  | )                        |  |  | 41          |   |  |               |      |   |       |  |      |   |  |  | (393  | )
|Share of profit (loss)                         |  |                    |      |   |                  |  |       |                          |  |  | 16          |   |  |               | (66  | ) |       |  |      |   |  |  | (50   | )
|Dividend received                              |  |                    |      |   |                  |  |       |                          |  |  |             |   |  |               | (14  | ) |       |  |      |   |  |  | (14   | )
|Reclassification                               |  |                    | 71   |   |                  |  | 65    |                          |  |  | (176        | ) |  |               | (241 | ) |       |  |      |   |  |  | (281  | )
|Translation differences                        |  |                    | 4    |   |                  |  | 6     |                          |  |  | 10          |   |  |               | 14   |   |       |  | 5    |   |  |  | 39    |  
|                                               |  |                    |      |   |                  |  |       |                          |  |  |             |   |  |               |      |   |       |  |      |   |  |  |       |  
|Closing balance as per 31 December 2011        |  |                    | 892  |   |                  |  | 1,192 |                          |  |  | 1,666       |   |  |               | 604  |   |       |  | 377  |   |  |  | 4,731 |  

Deferred tax assets relate to unutilized tax losses carried forward. Reclassifications include netting against deferred
tax liabilities. See Note 8.

Other receivables as of 31 December 2011 include receivables related to sales of subsidiaries amounting to
SEK 181 million and surplus in pension schemes of total SEK 680 million, see Note 22. Other receivables as of 31 December 2010 include receivables related to sales of subsidiaries amounting to SEK 254 million and surplus in
pension schemes of total SEK 622 million.

Available for sale shares include investment in non-listed shares. These shares are accounted for
as available for sale shares valued through the comprehensive income.

Companies held between 20% and 50%, and that are not available for sale
shares valued through comprehensive income, are accounted for as other associated companies. The shares in Paradise Holding have been written down with SEK 49 million (USD 7.5 million). The share of these companies results is included in
direct operating expenses. See Note 6.



F-41



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##### Table of Contents

Available for sale shares



|                                                      |  |                  |  |                        |           |   |           |  |       | 
|----------------------------------------------------- |  | ---------------- |  | ---------------------- | --------- | - | --------- |  | ----- | 
|SEK million                                           |  |                  |  | No. of sharesor % held |           |   | Bookvalue | 
|                                                      |  |                  | 
|Held by parent company:                               |  |                  |  |                        |           |   |           |  |       | 
|Alligator                                             |  |                  |  |                        | 2,888,088 |   |           |  | 21    | 
|Ram one                                               |  |                  |  |                        | 152,042   |   |           |  | 169   | 
|                                                      |  |                  |  |                        |           |   |           |  |       | 
|Total available for sale shares in the Parent company |  |                  |  |                        |           |   |           |  | 190   | 
|                                                      |  |                  |  |                        |           |   |           |  |       | 
|                                                      |  |                  | 
|Held by subsidiaries:                                 |  |                  |  |                        |           |   |           |  |       | 
|ING DUTCH OFFICE FUNDS C.V.                           |  | The Netherlands  |  |                        | 4.8       | % |           |  | 771   | 
|Airport Real Estate Basis Fonds C.V.                  |  | The Netherlands  |  |                        | 20.8      | % |           |  | 274   | 
|EQT Greater China II Limited Partnership              |  | China            |  |                        | 4.67      | % |           |  | 171   | 
|Gothenburg VG AB                                      |  | Sweden           |  |                        | 26.9      | % |           |  | 81    | 
|Southern Rock                                         |  | Gibraltar        |  |                        | 5,000,000 |   |           |  | 53    | 
|Partners Group Direct Investment                      |  | Luxembourg       |  |                        | 2,424     |   |           |  | 34    | 
|ING China Opportunity Fund Lp                         |  | China            |  |                        | 11.3      | % |           |  | 16    | 
|Chase Private Equity Fund                             |  | Cayman Islands   |  |                        | 3,860,614 |   |           |  | 12    | 
|Other                                                 |  |                  |  |                        |           |   |           |  | 64    | 
|                                                      |  |                  |  |                        |           |   |           |  |       | 
|Total available for sale shares                       |  |                  |  |                        |           |   |           |  | 1,666 | 
|                                                      |  |                  |  |                        |           |   |           |  |       | 
|                                                      |  |                  | 
|Other shares                                          |  |                  |  |                        |           |   |           |  |       | 
|SEK million                                           |  |                  |  | No. of sharesor % held |           |   | Bookvalue | 
|Asahi Stena Tankers Pte Ltd                           |  | Singapore        |  |                        | 50        | % |           |  | 3     | 
|Austen Maritime Services Pte Ltd                      |  | Singapore        |  |                        | 50        | % |           |  |       | 
|Partrederiet SUST I DA                                |  | Norway           |  |                        | 50        | % |           |  | 43    | 
|Partrederiet SUST III DA                              |  | Norway           |  |                        | 50        | % |           |  | 61    | 
|Nordic Rio LLC                                        |  | Marshall Islands |  |                        | 50        | % |           |  | 41    | 
|Stena Sonangol Suezmax pool LLC                       |  | Marshall Islands |  |                        | 50        | % |           |  |       | 
|Navion Gothenburg LLC                                 |  | Marshall Islands |  |                        | 50        | % |           |  | 11    | 
|Paradise Holding                                      |  | Libya            |  |                        | 35        | % |           |  | 273   | 
|Glacia Limited                                        |  | Bermuda          |  |                        | 50        | % |           |  | 91    | 
|RoRo Partners Ltd                                     |  | Bermuda          |  |                        | 49        | % |           |  |       | 
|Stena Weco                                            |  | Denmark          |  |                        | 50        | % |           |  | 81    | 
|                                                      |  |                  |  |                        |           |   |           |  |       | 
|Total other shares                                    |  |                  |  |                        |           |   |           |  | 604   | 
|                                                      |  |                  |  |                        |           |   |           |  |       | 

16  Inventories



|                              |  |                   |     |  |      |  |     | 
|----------------------------- |  | ----------------- | --- |  | ---- |  | --- | 
|                              |  | As of 31 December |    
|SEK million                   |  | 2010              |     |  | 2011 | 
|                              |  |                  
|Bunker and lubricating oil    |  |                   | 177 |  |      |  | 119 | 
|Inventories of goods for sale |  |                   | 175 |  |      |  | 179 | 
|Raw materials and consumables |  |                   | 173 |  |      |  | 206 | 
|Products in progress          |  |                   | 32  |  |      |  | 36  | 
|Finished products             |  |                   | 88  |  |      |  | 92  | 
|                              |  |                   |     |  |      |  |     | 
|Total                         |  |                   | 645 |  |      |  | 632 | 
|                              |  |                   |     |  |      |  |     | 



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17  Short-term receivables



|                                                                   |  |                   |       |  |      |  |       | 
|------------------------------------------------------------------ |  | ----------------- | ----- |  | ---- |  | ----- | 
|                                                                   |  | As of 31 December |      
|SEK million                                                        |  | 2010              |       |  | 2011 | 
|                                                                   |  |                  
|Trade debtors                                                      |  |                   |       |  |      |  |       | 
|Accounts receivable are classified on the basis of their due date: |  |                   |       |  |      |  |       | 
|Outstanding but not due                                            |  |                   | 2,021 |  |      |  | 2,567 | 
|Due up to 30 days                                                  |  |                   | 262   |  |      |  | 231   | 
|Due more than 30 days                                              |  |                   | 471   |  |      |  | 420   | 
|                                                                   |  |                   |       |  |      |  |       | 
|Total                                                              |  |                   | 2,754 |  |      |  | 3,218 | 
|                                                                   |  |                   |       |  |      |  |       | 
|                                                                   |  |                  
|Other current receivables                                          |  |                   |       |  |      |  |       | 
|Related parties (Note 34)                                          |  |                   | 1     |  |      |  | 1     | 
|Other short-term receivables                                       |  |                   | 1,115 |  |      |  | 1,610 | 
|                                                                   |  |                   |       |  |      |  |       | 
|Total                                                              |  |                   | 1,116 |  |      |  | 1,611 | 
|                                                                   |  |                   |       |  |      |  |       | 
|                                                                   |  |                  
|Prepaid expenses and accrued income                                |  |                   |       |  |      |  |       | 
|Prepaid expenses                                                   |  |                   | 453   |  |      |  | 434   | 
|Accrued income                                                     |  |                   | 1,435 |  |      |  | 1,014 | 
|                                                                   |  |                   |       |  |      |  |       | 
|Total                                                              |  |                   | 1,888 |  |      |  | 1,448 | 
|                                                                   |  |                   |       |  |      |  |       | 
|                                                                   |  |                  
|Total short-term receivables                                       |  |                   | 5,758 |  |      |  | 6,277 | 
|                                                                   |  |                   |       |  |      |  |       | 

Book value of trade debtors corresponds to fair value.

The total allowance for doubtful trade receivables was SEK 78 million as of 31 December 2011 and SEK 94 million as of 31 December 2010.

Selling expenses as of 31 December 2011 include costs for doubtful receivables of SEK 11 million and SEK 6 million as of 31 December
2010.

18  Short-term investments



|                                               |  |                   |       |  |      |  |       | 
|---------------------------------------------- |  | ----------------- | ----- |  | ---- |  | ----- | 
|                                               |  | As of 31 December |      
|SEK million                                    |  | 2010              |       |  | 2011 | 
|                                               |  |                  
|Marketable debt and equity securities, trading |  |                   | 403   |  |      |  | 149   | 
|Restricted cash                                |  |                   | 3,724 |  |      |  | 2,519 | 
|                                               |  |                   |       |  |      |  |       | 
|Total                                          |  |                   | 4,127 |  |      |  | 2,668 | 
|                                               |  |                   |       |  |      |  |       | 

Book value of Short-term investments corresponds to fair value. Marketable debt and equity securities are classified as
Financial assets at fair value through profit or loss.

Certain marketable debt and equity securities and restricted cash
amounting to SEK 883 million at 31 December 2011 and SEK 961 million at 31 December 2010 have been pledged as security for bank debt. See Note 29.

Restricted cash as of 31 December 2011 includes SEK 133 million of cash and cash equivalents in the SPEs (see Note 13) which is not available to the Company. As of 31 December 2010 such
restricted cash amounted to SEK 405 million. Other restricted cash represents bank accounts that have been pledged to cover various long-term liabilities and commitments of the Company.



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19  Cash and cash equivalents



|                    |  |                   |       |  |      |  |       | 
|------------------- |  | ----------------- | ----- |  | ---- |  | ----- | 
|                    |  | As of 31 December |      
|SEK million         |  | 2010              |       |  | 2011 | 
|                    |  |                  
|Cash                |  |                   | 1,509 |  |      |  | 1,537 | 
|Short term deposits |  |                   | 156   |  |      |  | 50    | 
|                    |  |                   |       |  |      |  |       | 
|Total               |  |                   | 1,665 |  |      |  | 1,587 | 
|                    |  |                   |       |  |      |  |       | 

Short-term deposits are defined as bank deposits that have original maturities of up to three months.

20  Equity



|                                |  |  |       | 
|------------------------------- |  |  | ----- | 
|Dividends paid per share (SEK): | 
|                                | 
|2010                            |  |  | 6,320 | 
|2011                            |  |  | 4,800 | 

Specification of the reserves:



|                                                                      |  |                   |      |   |                |  |      |                    |  |  |        |   |  |  |        |  
|--------------------------------------------------------------------- |  | ----------------- | ---- | - | -------------- |  | ---- | ------------------ |  |  | ------ | - |  |  | ------ | -
|SEK million                                                           |  | Fair valuereserve |      |   | Hedgingreserve |  |      | Translationreserve |  |  | Total  |  
|                                                                      |  |                   |      |  
|Opening balance as per 1 January 2010                                 |  |                   | (303 | ) |                |  | 52   |                    |  |  | 1,031  |   |  |  | 780    |  
|                                                                      |  |                   |      |  
|Exchange differences arising on the translation of foreign operations |  |                   |      |   |                |  |      |                    |  |  | (2,442 | ) |  |  | (2,442 | )
|Change in Hedging reserve, net of tax                                 |  |                   |      |   |                |  |      |                    |  |  |        |   |  |  |        |  
| valuation of bunker hedges                                          |  |                   |      |   |                |  | 153  |                    |  |  |        |   |  |  | 153    |  
| valuation of interest swap hedge                                    |  |                   |      |   |                |  | 63   |                    |  |  |        |   |  |  | 63     |  
|Change in fair value reserve, net of tax                              |  |                   |      |   |                |  |      |                    |  |  |        |   |  |  |        |  
| valuation available for sale shares                                 |  |                   | 159  |   |                |  |      |                    |  |  |        |   |  |  | 159    |  
|Change in net investment hedge, net of tax                            |  |                   |      |   |                |  | 191  |                    |  |  |        |   |  |  | 191    |  
|                                                                      |  |                   |      |   |                |  |      |                    |  |  |        |   |  |  |        |  
|Closing balance as per 31 December 2010                               |  |                   | (144 | ) |                |  | 459  |                    |  |  | (1,411 | ) |  |  | (1,096 | )
|                                                                      |  |                   |      |  
|Exchange differences arising on the translation of foreign operations |  |                   |      |   |                |  |      |                    |  |  | (147   | ) |  |  | (147   | )
|Change in Hedging reserve, net of tax                                 |  |                   |      |   |                |  |      |                    |  |  |        |   |  |  |        |  
| valuation of bunker hedges                                          |  |                   |      |   |                |  | (16  | )                  |  |  |        |   |  |  | (16    | )
| valuation of interest swap hedge                                    |  |                   |      |   |                |  | (797 | )                  |  |  |        |   |  |  | (797   | )
|Change in fair value reserve, net of tax                              |  |                   |      |   |                |  |      |                    |  |  |        |   |  |  |        |  
| valuation available for sale shares                                 |  |                   | (214 | ) |                |  |      |                    |  |  |        |   |  |  | (214   | )
|Change in net investment hedge, net of tax                            |  |                   |      |   |                |  | (96  | )                  |  |  |        |   |  |  | (96    | )
|                                                                      |  |                   |      |   |                |  |      |                    |  |  |        |   |  |  |        |  
|Closing balance as per 31 December 2011                               |  |                   | (358 | ) |                |  | (450 | )                  |  |  | (1 558 | ) |  |  | (2 366 | )

Fair value reserve

This reserve arises on the valuation of available-for-sale financial assets. When an available-for-sale asset is sold, the portion of the reserve that relates to that financial asset, and is effectively
realized, is recognized in the income statement. When an available-for-sale asset is impaired, the portion of the reserve that relates to that financial asset is recognized in the income statement.



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Hedging reserve

The hedging reserve represents hedging gains and losses recognized on the effective portion of cash flow hedges. The cumulative deferred gain or loss on the hedge is recognized in the income statement
when the hedged transaction impacts the income statement. Hedge accounting is applied for certain bunker fuel purchases and certain interest swap instruments.

Translation reserve

Exchange differences relating to the translation from the functional
currencies of the Stena Groups foreign subsidiaries into SEK are accumulated to the translation reserve. Upon the sale of a foreign operation, the accumulated translation amounts are recycled to the income statement and included in the gain or
loss on the disposal.

21  Deferred income taxes



|                                        |  |                   |        |   |      |  |        |  
|--------------------------------------- |  | ----------------- | ------ | - | ---- |  | ------ | -
|                                        |  | As of 31 December |       
|SEK million                             |  | 2010              |        |   | 2011 | 
|Deferred tax liabilities                |  |                   |        |   |      |  |        |  
|Tangible fixed assets                   |  |                   | 4,336  |   |      |  | 4,118  |  
|Financial fixed assets                  |  |                   | 128    |   |      |  | 41     |  
|Provisions                              |  |                   | 268    |   |      |  | 631    |  
|Other                                   |  |                   | 301    |   |      |  | 51     |  
|                                        |  |                   |        |   |      |  |        |  
|Total deferred tax liabilities          |  |                   | 5,033  |   |      |  | 4,841  |  
|                                        |  |                   |        |   |      |  |        |  
|                                        |  |                  
|Deferred tax assets                     |  |                   |        |   |      |  |        |  
|Tangible fixed assets                   |  |                   | 96     |   |      |  | 333    |  
|Tax loss carryforwards                  |  |                   | 2,291  |   |      |  | 2,022  |  
|Financial fixed assets                  |  |                   |        |   |      |  | 73     |  
|Provisions                              |  |                   | 169    |   |      |  | 63     |  
|Less deferred tax assets not recognized |  |                   | (1,017 | ) |      |  | (1,006 | )
|                                        |  |                   |        |   |      |  |        |  
|Total deferred tax assets recognized    |  |                   | 1,539  |   |      |  | 1,485  |  
|                                        |  |                   |        |   |      |  |        |  
|                                        |  |                  
|Net deferred tax liability              |  |                   | 3,493  |   |      |  | 3,356  |  
|Out of which:                           |  |                   |        |   |      |  |        |  
|Deferred tax assets (Note 15)           |  |                   | 564    |   |      |  | 892    |  
|Deferred tax liabilities                |  |                   | 4,057  |   |      |  | 4,248  |  

Deferred taxes have been calculated net on a country basis. Net deferred tax assets are shown as Other noncurrent assets.

Calculation of deferred taxes is based on local nominal tax rates.



|               |  |                                |      |   |                                     |  |     |            |  |  |                                |   |  |                                     |      |   |            |  |     |  |  |  |      |  
|-------------- |  | ------------------------------ | ---- | - | ----------------------------------- |  | --- | ---------- |  |  | ------------------------------ | - |  | ----------------------------------- | ---- | - | ---------- |  | --- |  |  |  | ---- | -
|               |  | 2010                           |      |   | 2011                                | 
|SEK million    |  | Taxescharged toincomestatement |      |   | Taxescharged 
tocomprehensiveincome |  |     | Totaltaxes |  |  | Taxescharged toincomestatement |   |  | Taxescharged 
tocomprehensiveincome |      |   | Totaltaxes | 
|Current taxes  |  |                                | (191 | ) |                                     |  |     |            |  |  | (191                           | ) |  |                                     | (240 | ) |            |  |     |  |  |  | (240 | )
|Deferred taxes |  |                                | 77   |   |                                     |  | 493 |            |  |  | 570                            |   |  |                                     | (13  | ) |            |  | 401 |  |  |  | 388  |  
|               |  |                                |      |   |                                     |  |     |            |  |  |                                |   |  |                                     |      |   |            |  |     |  |  |  |      |  
|               |  |                                | (114 | ) |                                     |  | 493 |            |  |  | 379                            |   |  |                                     | (253 | ) |            |  | 401 |  |  |  | 148  |  



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The Companys gross value of tax loss carryforwards is as follows:



|                  |  |                   |       |  |      |  |       | 
|----------------- |  | ----------------- | ----- |  | ---- |  | ----- | 
|                  |  | As of 31 December |      
|SEK million       |  | 2010              |       |  | 2011 | 
|                  |  |                  
|Sweden            |  |                   | 3,759 |  |      |  | 3,670 | 
|Rest of the world |  |                   | 5,646 |  |      |  | 5,318 | 
|                  |  |                   |       |  |      |  |       | 
|Total             |  |                   | 9,405 |  |      |  | 8,988 | 
|                  |  |                   |       |  |      |  |       | 

Most tax loss carryforwards can be carried forward indefinitely. Tax loss carryforwards of SEK 3,114 million expire
between 2012 and 2020.

22  Employee benefits

Provisions for pensions and other provisions

Post-employment benefits, such as pensions,
healthcare and other benefits are mainly settled by means of regular payments to independent authorities or bodies that assume pension obligations and administer pensions through defined contribution plans. The remaining post-employment benefits are
defined benefit plans; that is, the obligations remain within the Company. Costs and obligations at the end of a period for defined benefit plans are calculated based on actuarial assumptions and measured on a discounted basis. The assumptions
include discount rate, inflation, salary growth, long-term return on plan assets, mortality rates and other factors. Discount rate assumptions are based on long-term high quality corporate bonds and government bond yields available at year end. The
assets consist mainly of long-term high corporate bonds, government bonds and equities and the asset allocation for each pension scheme is defined in an investment policy document. Defined benefits plans relate mainly to subsidiaries in the UK
operations. Other large-scale defined benefit plans apply for salaried employees in Sweden (mainly through the Swedish PRI pension plan) and employees in The Netherlands.

Stena has commitments for retirement pensions and family pensions for office personnel in Sweden which are secured through an insurance policy with Alecta. According to a statement from the Swedish
Financial Reporting Board, UFR 3, this is a defined benefit plan covering several employers, and a so-called multi employer plan. Alecta is currently unable to provide defined benefit accounting for such participants, and therefore premiums paid to
Alecta are accounted for as, a defined contribution expense. Fees for the years 2011 and 2010 paid covering such arrangements were SEK 54 million and SEK 73 million, respectively. Alectas profit in the form of the so-called
collective consolidation level amounted to 113% for 2011 and 146% for 2010. The collective consolidation level comprises the fair value of Alectas assets as a percentage of the insurance commitments calculated in accordance with Alectas
insurance calculation principles and assumptions which are not in conformity with IAS 19.

Due to extra contributions paid during 2010, some
of the pension schemes have a surplus value at 31 December 2011. Paragraph 58 of IAS 19 defines how this surplus value shall be recorded, and states an upper limit for recorded surplus value. IFRIC 14 explains this situation further, and
expands to also incorporate an element of minimum funding requirements. IFRIC 14 also describes an exception to this rule if the entity has an unconditioned right to a refund. Comparing the Trust Deeds of these schemes with IFRIC 14 paragraph 11(a)
and paragraph 24, the conclusion is that no additional liability is required.

In 2011, the English Court of Appeal affirmed a High Court
ruling from 2010 that contributions to repair the deficit in the Merchant Navy Ratings Pension Fund can be required from any company that has participated in the Fund, including companies that no longer employ any -members. As a result of the Court
of Appeals decision, the non-contributing employers will also be required to contribute funds to reduce the deficit and the Companys future contributions will be significantly reduced and the Groups share of the deficit has also
therefore been reduced.



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##### Table of Contents

The following tables disclose information about defined benefit plans. The information refers to assumptions
applied for actuarial calculations, periodical costs and the value of obligations and plan assets at year-end. The tables also include a reconciliation of obligations and plan assets during the year and the difference between fair values and
carrying amounts reported on the balance sheet date. Costs for pensions are reported as administration costs.



|                                                  |  |        |      |  |                |  |      |              |  |  |      |  |  |      |      |  |      |  |      |  |  |  |      | 
|------------------------------------------------- |  | ------ | ---- |  | -------------- |  | ---- | ------------ |  |  | ---- |  |  | ---- | ---- |  | ---- |  | ---- |  |  |  | ---- | 
|Assumptions applied for actuarial calculations, % |  | Sweden |      |  | United Kingdom |  |      | Other Europe | 
|                                                  |  | 2010   |      |  | 2011           |  |      | 2010         |  |  | 2011 |  |  | 2010 |      |  | 2011 | 
|Discount rate                                     |  |        | 4.25 |  |                |  | 3.75 |              |  |  | 5.50 |  |  |      | 4.90 |  |      |  | 5.20 |  |  |  | 4.90 | 
|Expected return on plan assets                    |  |        | 5.00 |  |                |  | 5.00 |              |  |  | 7.50 |  |  |      | 5.10 |  |      |  | 4.30 |  |  |  | 3.50 | 
|Expected salary increases                         |  |        | 3.00 |  |                |  | 3.00 |              |  |  | 3.50 |  |  |      | 3.40 |  |      |  | 3.50 |  |  |  | 3.50 | 



|                                              |  |                   |      |   |      |  |      |  
|--------------------------------------------- |  | ----------------- | ---- | - | ---- |  | ---- | -
|Pension costs                                 |  | As of 31 December |     
|SEK million                                   |  | 2010              |      |   | 2011 | 
|                                              |  |                  
|Current service costs                         |  |                   | 49   |   |      |  | 47   |  
|Interest costs                                |  |                   | 661  |   |      |  | 492  |  
|Expected return on plan assets                |  |                   | (560 | ) |      |  | (364 | )
|Actuarial gains and losses                    |  |                   | 54   |   |      |  | 71   |  
|Past service cost                             |  |                   | (2   | ) |      |  | (1   | )
|                                              |  |                   |      |   |      |  |      |  
|Total pension costs for defined benefit plans |  |                   | 202  |   |      |  | 245  |  
|                                              |  |                   |      |   |      |  |      |  
|Pension costs for defined contribution plans  |  |                   | 450  |   |      |  | 366  |  
|                                              |  |                   |      |   |      |  |      |  
|Total pension costs                           |  |                   | 652  |   |      |  | 611  |  
|                                              |  |                   |      |   |      |  |      |  



|                                                |  |        |     |   |               |  |      |             |  |  |       |   |  |  |      |  
|----------------------------------------------- |  | ------ | --- | - | ------------- |  | ---- | ----------- |  |  | ----- | - |  |  | ---- | -
|Obligations for pensions, net
SEK million       |  | Sweden |     |   | UnitedKingdom |  |      | OtherEurope |  |  | Total |  
|Obligations for pensions, net, 1 January 2010   |  |        | 119 |   |               |  | 832  |             |  |  | (8    | ) |  |  | 943  |  
|Current service costs                           |  |        | 9   |   |               |  | 35   |             |  |  | 5     |   |  |  | 49   |  
|Interest costs                                  |  |        | 17  |   |               |  | 636  |             |  |  | 8     |   |  |  | 661  |  
|Expected return on plan assets                  |  |        | (9  | ) |               |  | (542 | )           |  |  | (9    | ) |  |  | (560 | )
|Actuarial gains and losses                      |  |        | 9   |   |               |  | 45   |             |  |  |       |   |  |  | 54   |  
|Exchange differences                            |  |        |     |   |               |  | (87  | )           |  |  | 1     |   |  |  | (86  | )
|Payment of pension fees from the Company        |  |        | (15 | ) |               |  | (572 | )           |  |  | (8    | ) |  |  | (595 | )
|Benefits paid                                   |  |        | (5  | ) |               |  |      |             |  |  |       |   |  |  | (5   | )
|Other provisions                                |  |        | 3   |   |               |  |      |             |  |  | 2     |   |  |  | 5    |  
|                                                |  |        |     |   |               |  |      |             |  |  |       |   |  |  |      |  
|Obligations for pensions, net, 31 December 2010 |  |        | 128 |   |               |  | 347  |             |  |  | (9    | ) |  |  | 466  |  
|                                                |  |        |     |  
|Current service costs                           |  |        | 7   |   |               |  | 35   |             |  |  | 5     |   |  |  | 47   |  
|Interest costs                                  |  |        | 18  |   |               |  | 466  |             |  |  | 8     |   |  |  | 492  |  
|Expected return on plan assets                  |  |        | (10 | ) |               |  | (346 | )           |  |  | (8    | ) |  |  | (364 | )
|Actuarial gains and losses                      |  |        | 13  |   |               |  | 58   |             |  |  |       |   |  |  | 71   |  
|Exchange differences                            |  |        |     |   |               |  | 9    |             |  |  |       |   |  |  | 9    |  
|Payment of pension fees from the Company        |  |        | (12 | ) |               |  | (427 | )           |  |  | (8    | ) |  |  | (447 | )
|Other provisions                                |  |        | 3   |   |               |  | 9    |             |  |  | (4    | ) |  |  | 8    |  
|                                                |  |        |     |   |               |  |      |             |  |  |       |   |  |  |      |  
|Obligations for pensions, net, 31 December 2011 |  |        | 147 |   |               |  | 151  |             |  |  | (16   | ) |  |  | 282  |  



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##### Table of Contents

|                                              |  |        |      |   |               |  |        |             |  |  |       |   |  |  |        |  
|--------------------------------------------- |  | ------ | ---- | - | ------------- |  | ------ | ----------- |  |  | ----- | - |  |  | ------ | -
|Provision for pensions, net
SEK million       |  | Sweden |      |   | UnitedKingdom |  |        | OtherEurope |  |  | Total |  
|Net provisions for pensions, 1 January 2010   |  |        | 119  |   |               |  | 832    |             |  |  | (8    | ) |  |  | 943    |  
|Current value of funded obligations           |  |        | 418  |   |               |  | 11,047 |             |  |  | 154   |   |  |  | 11,619 |  
|Fair value of plan assets                     |  |        | (195 | ) |               |  | (8,847 | )           |  |  | (169  | ) |  |  | (9,211 | )
|Provisions, net                               |  |        | 223  |   |               |  | 2,200  |             |  |  | (15   | ) |  |  | 2,408  |  
|Unrecognized actuarial gains and losses       |  |        | (95  | ) |               |  | (1,853 | )           |  |  | 6     |   |  |  | (1,942 | )
|                                              |  |        |      |   |               |  |        |             |  |  |       |   |  |  |        |  
|Net provisions for pensions, 31 December 2010 |  |        | 128  |   |               |  | 347    |             |  |  | (9    | ) |  |  | 466    |  
|Current value of funded obligations           |  |        | 458  |   |               |  | 8,908  |             |  |  | 153   |   |  |  | 9,519  |  
|Fair value of plan assets                     |  |        | (200 | ) |               |  | (7,521 | )           |  |  | (191  | ) |  |  | (7,912 | )
|Provisions, net                               |  |        | 258  |   |               |  | 1,387  |             |  |  | (38   | ) |  |  | 1,607  |  
|Unrecognized actuarial gains and losses       |  |        | (111 | ) |               |  | (1,236 | )           |  |  | 22    |   |  |  | (1,325 | )
|                                              |  |        |      |   |               |  |        |             |  |  |       |   |  |  |        |  
|Net provisions for pensions, 31 December 2011 |  |        | 147  |   |               |  | 151    |             |  |  | (16   | ) |  |  | 282    |  
|whereof reported as                           |  |        |      |   |               |  |        |             |  |  |       |   |  |  |        |  
|Other non-current assets (see Note 15)        |  |        | (118 | ) |               |  | (545   | )           |  |  | (17   | ) |  |  | (680   | )
|Provisions for pensions                       |  |        | 265  |   |               |  | 696    |             |  |  | 1     |   |  |  | 962    |  



|                                        |  |      |         |   |      |  |        |      |  |  |        |   |  |      |        |   |  |  |        |  
|--------------------------------------- |  | ---- | ------- | - | ---- |  | ------ | ---- |  |  | ------ | - |  | ---- | ------ | - |  |  | ------ | -
|Historical Information                  |  |      |         |   |      |  |        |      |  |  |        |   |  |      |       
|                                        |  | 2007 |         |   | 2008 |  |        | 2009 |  |  | 2010   |   |  | 2011 |       
|                                        |  |      |         |   |     
|Current value of funded obligations     |  |      | 11,474  |   |      |  | 9,414  |      |  |  | 11,887 |   |  |      | 11,619 |   |  |  | 9,519  |  
|Fair value of plan assets               |  |      | (10,505 | ) |      |  | (8,324 | )    |  |  | (9,169 | ) |  |      | (9,211 | ) |  |  | (7,912 | )
|                                        |  |      |         |   |      |  |        |      |  |  |        |   |  |      |        |   |  |  |        |  
|Pensions, net                           |  |      | 969     |   |      |  | 1,090  |      |  |  | 2,718  |   |  |      | 2,408  |   |  |  | 1,607  |  
|Unrecognized actuarial gains and losses |  |      | 436     |   |      |  | 31     |      |  |  | (1,775 | ) |  |      | (1,942 | ) |  |  | (1,325 | )
|                                        |  |      |         |   |      |  |        |      |  |  |        |   |  |      |        |   |  |  |        |  
|Net provisions for pensions             |  |      | 1,405   |   |      |  | 1,121  |      |  |  | 943    |   |  |      | 466    |   |  |  | 282    |  

23  Other provisions



|                     |  |                   |       |   |      |  |       |  
|-------------------- |  | ----------------- | ----- | - | ---- |  | ----- | -
|                     |  | As of 31 December |      
|SEK million          |  | 2010              |       |   | 2011 | 
|                     |  |                  
|Opening balance      |  |                   | 1,920 |   |      |  | 1,492 |  
|Additions            |  |                   | 26    |   |      |  | 1     |  
|Disposals            |  |                   | (241  | ) |      |  | (124  | )
|Exchange differences |  |                   | (213  | ) |      |  | 1     |  
|                     |  |                   |       |   |      |  |       |  
|Closing balance      |  |                   | 1,492 |   |      |  | 1,370 |  



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24  Bank debt



|                                 |  |         |       |  |             |  |        |       |  |  |         |  |  |             |       |  |       |  |        |  |  |  |        | 
|-------------------------------- |  | ------- | ----- |  | ----------- |  | ------ | ----- |  |  | ------- |  |  | ----------- | ----- |  | ----- |  | ------ |  |  |  | ------ | 
|                                 |  | 2010    |       |  | 2011        | 
|SEK million                      |  | Current |       |  | Non-current |  |        | Total |  |  | Current |  |  | Non-current |       |  | Total | 
|Property loans                   |  |         | 192   |  |             |  | 12,419 |       |  |  | 12,611  |  |  |             | 906   |  |       |  | 11,584 |  |  |  | 12,490 | 
|Other loans                      |  |         | 1,106 |  |             |  | 18,710 |       |  |  | 19,816  |  |  |             | 1,629 |  |       |  | 21,119 |  |  |  | 22,748 | 
|Revolving credit facilities      |  |         |       |  |             |  | 6,666  |       |  |  | 6,666   |  |  |             |       |  |       |  | 5,560  |  |  |  | 5,560  | 
|Other utilized bank credit lines |  |         | 351   |  |             |  | 395    |       |  |  | 746     |  |  |             | 307   |  |       |  | 457    |  |  |  | 764    | 
|                                 |  |         |       |  |             |  |        |       |  |  |         |  |  |             |       |  |       |  |        |  |  |  |        | 
|Total                            |  |         | 1,649 |  |             |  | 38,190 |       |  |  | 39,839  |  |  |             | 2,842 |  |       |  | 38,720 |  |  |  | 41,562 | 
|                                 |  |         |       |  |             |  |        |       |  |  |         |  |  |             |       |  |       |  |        |  |  |  |        | 

Schedule for repayment of bank debt is presented in Note 31, Liquidity risks.

The carrying amounts of the Groups borrowings are denominated in the following currencies:



|                 |  |                   |        |  |      |  |        | 
|---------------- |  | ----------------- | ------ |  | ---- |  | ------ | 
|                 |  | As of 31 December |       
|SEK million      |  | 2010              |        |  | 2011 | 
|                 |  |                  
|SEK              |  |                   | 12,500 |  |      |  | 12,533 | 
|GBP              |  |                   | 292    |  |      |  | 450    | 
|USD              |  |                   | 18,231 |  |      |  | 20,622 | 
|EUR              |  |                   | 8,279  |  |      |  | 7,396  | 
|Other currencies |  |                   | 537    |  |      |  | 561    | 
|                 |  |                   |        |  |      |  |        | 
|Total            |  |                   | 39,839 |  |      |  | 41,562 | 
|                 |  |                   |        |  |      |  |        | 

Regarding assets pledged, see Note 29.

25  Senior notes

In November 2003, the Company issued USD 175 million of notes
at an interest rate of 7.5% with maturity on 1 November 2013. In November 2004, the Company issued USD 250 million of notes at an interest rate of 7.0% with maturity on 1 December 2016. In April 2010, we redeemed all our
outstanding Senior Notes due 2013, in the aggregate of USD 153.1 million at a price of 102.5%. On 8 February 2007, the Company completed an offering of 300 million Senior Notes due 2017 at an interest rate of 6.125% On
14 February 2007, the Company completed an offering of EUR 102 million at an interest rate of 5.875% Senior Notes due 2019. In March 2010, we completed an offering of EUR 200 million of Senior Notes due 2020 at an interest rate of
7.875%.

Regarding the covenants of the loans, see Note 31.



|                  |  |         |          |  |             |  |            |          |  |  |                             |   |  |                                               |          |  |      |  |          |      |  |  |       |  |  |  |       | 
|----------------- |  | ------- | -------- |  | ----------- |  | ---------- | -------- |  |  | --------------------------- | - |  | --------------------------------------------- | -------- |  | ---- |  | -------- | ---- |  |  | ----- |  |  |  | ----- | 
|Issued  Maturity |  |         |          |  |             |  |            |          |  |  | Fair valueAs of
31 December |   |  | Carrying amount(SEK million)As of 31 December |         
|(million)         |  | Nominal |          |  | Outstanding |  |            | Interest |  |  | 2010                        |   |  | 2011                                          |          |  | 2010 |  |          | 2011 | 
|2004  2016       |  |         | MUSD 250 |  |             |  | MUSD 128.8 |          |  |  | 7.00                        | % |  |                                               | MUSD 121 |  |      |  | MUSD 119 |      |  |  | 874   |  |  |  | 890   | 
|2007  2017       |  |         | MEUR 300 |  |             |  | MEUR 300   |          |  |  | 6.125                       | % |  |                                               | MEUR 287 |  |      |  | MEUR 264 |      |  |  | 2,692 |  |  |  | 2,674 | 
|2007  2019       |  |         | MEUR 102 |  |             |  | MEUR 102   |          |  |  | 5.875                       | % |  |                                               | MEUR 93  |  |      |  | MEUR 80  |      |  |  | 915   |  |  |  | 909   | 
|2010  2020       |  |         | MEUR 200 |  |             |  | MEUR 200   |          |  |  | 7.875                       | % |  |                                               | MEUR 191 |  |      |  | MEUR 168 |      |  |  | 1,775 |  |  |  | 1,763 | 
|                  |  |         |          |  |             |  |            |          |  |  |                             |   |  |                                               |          |  |      |  |          |      |  |  |       |  |  |  |       | 
|Total             |  |         |          |  |             |  |            |          |  |  |                             |   |  |                                               |          |  |      |  |          |      |  |  | 6,256 |  |  |  | 6,236 | 
|                  |  |         |          |  |             |  |            |          |  |  |                             |   |  |                                               |          |  |      |  |          |      |  |  |       |  |  |  |       | 



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26  Leases

Company as lessee

The operating lease obligations include chartering of crude oil tankers
on a timecharter basis, chartering of ferries principally on a bareboat basis, as well as obligations related to rentals of properties and ports.

Rental expense for operating leases were as follows:



|               |  |                         |       |  |      |  |       | 
|-------------- |  | ----------------------- | ----- |  | ---- |  | ----- | 
|               |  | Years ended 31 December |      
|SEK million    |  | 2010                    |       |  | 2011 | 
|               |  |                        
|Rental expense |  |                         | 1,905 |  |      |  | 1,861 | 

Four RoPax vessels, one Drillship and two tankers are leased under capital leases. The gross amount of vessels under
capital leases as of 31 December 2010 and 2011 amounted to SEK 6,932 million and SEK 7,190 million, respectively. The net book value related to these capital leases amounted to SEK 5,391 million as of 31 December 2010 and
SEK 5,434 million as of 31 December 2011.

As of 31 December 2010 the future minimum lease commitments under non-cancelable
operating leases and capital leases were as follows:



|                                |  |                 |       |  |               |  |       | 
|------------------------------- |  | --------------- | ----- |  | ------------- |  | ----- | 
|SEK million                     |  | Operatingleases |       |  | Capitalleases | 
|                                |  |                
|2011                            |  |                 | 1,537 |  |               |  | 225   | 
|2012                            |  |                 | 719   |  |               |  | 227   | 
|2013                            |  |                 | 639   |  |               |  | 223   | 
|2014                            |  |                 | 607   |  |               |  | 215   | 
|2015                            |  |                 | 533   |  |               |  | 193   | 
|2016 and thereafter             |  |                 | 1,957 |  |               |  | 786   | 
|                                |  |                 |       |  |               |  |       | 
|Total minimum lease commitments |  |                 | 5,992 |  |               |  | 1,869 | 
|                                |  |                 |       |  |               |  |       | 

As of 31 December 2011 the future minimum lease commitments under non-cancelable operating leases and capital leases
were as follows:



|                                |  |                 |       |  |               |  |       | 
|------------------------------- |  | --------------- | ----- |  | ------------- |  | ----- | 
|SEK million                     |  | Operatingleases |       |  | Capitalleases | 
|                                |  |                
|2012                            |  |                 | 1,578 |  |               |  | 222   | 
|2013                            |  |                 | 1,276 |  |               |  | 161   | 
|2014                            |  |                 | 1,048 |  |               |  | 150   | 
|2015                            |  |                 | 725   |  |               |  | 146   | 
|2016                            |  |                 | 506   |  |               |  | 224   | 
|2017 and thereafter             |  |                 | 1,767 |  |               |  | 800   | 
|                                |  |                 |       |  |               |  |       | 
|Total minimum lease commitments |  |                 | 6,900 |  |               |  | 1,703 | 
|                                |  |                 |       |  |               |  |       | 



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Company as lessor

The Company leases properties and certain vessels to third parties under operating leases. The cost, accumulated depreciation and net book value of these assets held for lease as of 31 December, were
as follows:



|            |  |      |        |  |                         |  |        |               |  |  |        |  |  |                         |        |  |               |  |         |   |  |  |        | 
|----------- |  | ---- | ------ |  | ----------------------- |  | ------ | ------------- |  |  | ------ |  |  | ----------------------- | ------ |  | ------------- |  | ------- | - |  |  | ------ | 
|            |  | 2010 |        |  | 2011                    | 
|SEK million |  | Cost |        |  | Accumulateddepreciation |  |        | Net bookvalue |  |  | Cost   |  |  | Accumulateddepreciation |        |  | Net bookvalue | 
|Vessels     |  |      | 29,031 |  |                         |  | (9,213 | )             |  |  | 19,818 |  |  |                         | 36,340 |  |               |  | (11,726 | ) |  |  | 24,614 | 
|Real estate |  |      | 24,354 |  |                         |  |        |               |  |  | 24,354 |  |  |                         | 25,753 |  |               |  |         |   |  |  | 25,753 | 
|            |  |      |        |  |                         |  |        |               |  |  |        |  |  |                         |        |  |               |  |         |   |  |  |        | 
|Total       |  |      | 53,385 |  |                         |  | (9,213 | )             |  |  | 44,172 |  |  |                         | 62,093 |  |               |  | (11,726 | ) |  |  | 50,367 | 
|            |  |      |        |  |                         |  |        |               |  |  |        |  |  |                         |        |  |               |  |         |   |  |  |        | 

As of 31 December 2010 the future minimum rentals to be received under non-cancelable operating leases were as
follows:



|                            |  |         |       |  |             |  |       |       |  |  |       | 
|--------------------------- |  | ------- | ----- |  | ----------- |  | ----- | ----- |  |  | ----- | 
|SEK million                 |  | Vessels |       |  | Real estate |  |       | Total | 
|                            |  |         |      
|2011                        |  |         | 3,427 |  |             |  | 709   |       |  |  | 4,136 | 
|2012                        |  |         | 1,492 |  |             |  | 590   |       |  |  | 2,082 | 
|2013                        |  |         | 1,386 |  |             |  | 359   |       |  |  | 1,745 | 
|2014                        |  |         | 917   |  |             |  | 214   |       |  |  | 1,131 | 
|2015                        |  |         | 162   |  |             |  | 132   |       |  |  | 294   | 
|2016 and thereafter         |  |         | 67    |  |             |  | 223   |       |  |  | 290   | 
|                            |  |         |       |  |             |  |       |       |  |  |       | 
|Total minimum lease rentals |  |         | 7,451 |  |             |  | 2,227 |       |  |  | 9,678 | 
|                            |  |         |       |  |             |  |       |       |  |  |       | 

As of 31 December 2011 the future minimum rentals to be received under non-cancelable operating leases were as
follows:



|                            |  |         |       |  |             |  |       |       |  |  |       | 
|--------------------------- |  | ------- | ----- |  | ----------- |  | ----- | ----- |  |  | ----- | 
|SEK million                 |  | Vessels |       |  | Real estate |  |       | Total | 
|                            |  |         |      
|2012                        |  |         | 459   |  |             |  | 737   |       |  |  | 1,196 | 
|2013                        |  |         | 358   |  |             |  | 553   |       |  |  | 911   | 
|2014                        |  |         | 283   |  |             |  | 415   |       |  |  | 698   | 
|2015                        |  |         | 256   |  |             |  | 265   |       |  |  | 521   | 
|2016                        |  |         | 163   |  |             |  | 159   |       |  |  | 322   | 
|2017 and thereafter         |  |         | 933   |  |             |  | 204   |       |  |  | 1,137 | 
|                            |  |         |       |  |             |  |       |       |  |  |       | 
|Total minimum lease rentals |  |         | 2,452 |  |             |  | 2,333 |       |  |  | 4,785 | 
|                            |  |         |       |  |             |  |       |       |  |  |       | 

In addition to the minimum lease rentals as above, the Company has entered into lease agreements for the DrillMax vessel
Stena IceMAXand Suezmax vessels, under construction as per 31 December 2011. The amounts in the table above exclude amounts from the Companys portfolio of residential rental properties since those lease agreements are generally
cancelable within three months.

27  Other non-current liabilities



|                  |  |                   |     |  |      |  |       | 
|----------------- |  | ----------------- | --- |  | ---- |  | ----- | 
|                  |  | As of 31 December |    
|SEK million       |  | 2010              |     |  | 2011 | 
|                  |  |                  
|Prepaid income    |  |                   | 65  |  |      |  | 101   | 
|Other liabilities |  |                   | 881 |  |      |  | 1,701 | 
|                  |  |                   |     |  |      |  |       | 
|Total             |  |                   | 946 |  |      |  | 1,802 | 
|                  |  |                   |     |  |      |  |       | 



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Repayment of non-current liabilities is required according to the following schedule:



|                  |  |             |       |  |             |  |     |                  |  |  |       |  |  |  |       | 
|----------------- |  | ----------- | ----- |  | ----------- |  | --- | ---------------- |  |  | ----- |  |  |  | ----- | 
|SEK million       |  | 1  3 years |       |  | 3  5 years |  |     | More than5
years |  |  | Total | 
|                  |  |             |       | 
|Prepaid income    |  |             | 65    |  |             |  |     |                  |  |  | 36    |  |  |  | 101   | 
|Other liabilities |  |             | 1,468 |  |             |  | 165 |                  |  |  | 68    |  |  |  | 1,701 | 
|                  |  |             |       |  |             |  |     |                  |  |  |       |  |  |  |       | 
|Total             |  |             | 1,533 |  |             |  | 165 |                  |  |  | 104   |  |  |  | 1,802 | 
|                  |  |             |       |  |             |  |     |                  |  |  |       |  |  |  |       | 

28  Accrued costs and prepaid income



|                                       |  |                   |       |  |      |  |       | 
|-------------------------------------- |  | ----------------- | ----- |  | ---- |  | ----- | 
|                                       |  | As of 31 December |      
|SEK million                            |  | 2010              |       |  | 2011 | 
|                                       |  |                  
|Accrued costs                          |  |                   |       |  |      |  |       | 
|Charter hire/running costs             |  |                   | 241   |  |      |  | 176   | 
|Interest costs                         |  |                   | 401   |  |      |  | 464   | 
|Accrued personnel costs                |  |                   | 362   |  |      |  | 419   | 
|Other accrued costs                    |  |                   | 731   |  |      |  | 983   | 
|                                       |  |                   | 1,735 |  |      |  | 2,042 | 
|Prepaid income                         |  |                   |       |  |      |  |       | 
|Prepaid charter hire                   |  |                   | 207   |  |      |  | 97    | 
|Other prepaid income                   |  |                   | 394   |  |      |  | 486   | 
|                                       |  |                   | 601   |  |      |  | 583   | 
|                                       |  |                   |       |  |      |  |       | 
|Total accrued costs and prepaid income |  |                   | 2,336 |  |      |  | 2,625 | 
|                                       |  |                   |       |  |      |  |       | 

29  Pledged assets commitments and contingent liabilities

Pledged assets

Pledged assets represent
assets securing various financings. These assets can only be used by the party benefiting from the pledge if there is an event of default under the respective financing documents or the appropriate remedy period has elapsed.

The following assets have been pledged as securities for bank debt:



|                                                                |  |                   |        |  |      |  |        | 
|--------------------------------------------------------------- |  | ----------------- | ------ |  | ---- |  | ------ | 
|                                                                |  | As of 31 December |       
|SEK million                                                     |  | 2010              |        |  | 2011 | 
|                                                                |  |                  
|Shares in subsidiaries                                          |  |                   | 4,272  |  |      |  | 4,369  | 
|Mortgages on vessels                                            |  |                   | 30,092 |  |      |  | 34,129 | 
|Mortgages on properties                                         |  |                   | 14,853 |  |      |  | 15,421 | 
|Chattel mortgages                                               |  |                   | 642    |  |      |  | 710    | 
|Investment in affiliated companies                              |  |                   | 1,015  |  |      |  | 1,027  | 
|Marketable securities                                           |  |                   | 1,053  |  |      |  | 1,045  | 
|Trade debtors                                                   |  |                   | 336    |  |      |  | 344    | 
|Short term investments                                          |  |                   | 961    |  |      |  | 883    | 
|Reservation of title                                            |  |                   | 52     |  |      |  | 52     | 
|Assets pledged, other                                           |  |                   | 988    |  |      |  | 1,589  | 
|                                                                |  |                   |        |  |      |  |        | 
|Total assets pledged for normal bank debt                       |  |                   | 54,264 |  |      |  | 59,569 | 
|                                                                |  |                   |        |  |      |  |        | 
|                                                                |  |                  
|Investment in SPEs                                              |  |                   | 6,175  |  |      |  | 4,548  | 
|                                                                |  |                   |        |  |      |  |        | 
|Total assets pledged for bank debt                              |  |                   | 60,439 |  |      |  | 64,117 | 
|                                                                |  |                   |        |  |      |  |        | 
|                                                                |  |                  
|Long-term and short-term debt and capitalized lease obligations |  |                   | 41,708 |  |      |  | 43,265 | 
|Debt in SPEs                                                    |  |                   | 5,140  |  |      |  | 4,143  | 
|                                                                |  |                   |        |  |      |  |        | 
|Total debt and capitalized lease obligations                    |  |                   | 46,848 |  |      |  | 47,408 | 
|                                                                |  |                   |        |  |      |  |        | 



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In addition, certain guarantees have also been issued to cover various liabilities and commitments.

Commitments

Future minimum
lease commitments relating to operating leases of vessels, ports etc amount to SEK 1,578 million for 2012 and SEK 5,322 million from 2013. See Note 26.

As of 31 December 2011, a total of two vessels were on order from different shipyards. The total contract amount for these vessels amounts to SEK 6,917 million. Yard payments of SEK
4,018 million have been made in respect of these contracts.

Contingent liabilities



|                             |  |                   |       |  |      |  |       | 
|---------------------------- |  | ----------------- | ----- |  | ---- |  | ----- | 
|                             |  | As of 31 December |      
|SEK million                  |  | 2010              |       |  | 2011 | 
|                             |  |                  
|Guarantees                   |  |                   | 1,818 |  |      |  | 2,078 | 
|Other contingent liabilities |  |                   | 692   |  |      |  | 585   | 
|                             |  |                   |       |  |      |  |       | 
|Total                        |  |                   | 2,510 |  |      |  | 2,663 | 
|                             |  |                   |       |  |      |  |       | 

Guarantees include mainly commitments for property loans, bank guarantees for vessels in associated companies and
-guarantee commitments for equipment delivered. There are also on-going tax issues with tax authorities in the Group.

30 
Consolidated statements of cash flows

Purchase of subsidiaries

Stena Line Ferries Ltd

On 1 December, 2010 Stena Line acquired 100% of the shares in
DFDS Sea Ferries Ltd, which changed its name to Stena Line Ferries Ltd. Since the acquisition required approval from both Irish and British competition authorities, which were received in April and July 2011, the acquisition was not presented in
2010 as a purchase of a subsidiary. Stena Line Ferries Ltd is included in the consolidated accounts of Stena as of July 1, 2011, within the business area Ferry operations. The purchase price was EUR 22.3 million. Full effect of the
acquisition is included in the table below. The headquarter is in Belfast. The Company operates the routes BelfastLiverpool and BelfastHeysham and has around 200 employees. The difference between the purchase price paid and the adjusted
fair value of acquired net assets is EUR 39.5 million and is classified as Rights to routes.

DTF group

On 1 January, 2011 Stena Line acquired, through its subsidiary Sembo AB, 100% of the shares in Rejser A/S, the parent company in the DTF group. The
Company has its the headquarters in Hjörring, Denmark, and 130 employees. The DTF group is a package holiday company. The purchase price was SEK 122 million. The difference between the purchase price paid and the adjusted fair value of acquired
net assets is SEK 182 million and refers to goodwill. The goodwill is attributable mainly to the possibilities the acquisition creates in achieving synergies by integrate the DTF operation with Sembo present operation.

Macro

On 7 October, 2011
Ballingslöv International AB acquired 100% of the shares in Macro International AB. The company has its headquarters in Laholm, Sweden, and has 44 employees. Macro has a leading position in the bathroom market in Sweden and Norway. The purchase
price was SEK 37 million. The difference between the purchase price paid and the adjusted fair value of acquired net assets is SEK 19 million and refers to goodwill.



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Tre Trädgårdar

On 1 February, 2011 S-Invest Trading AB, the parent company of mainly the Blomsterlandet business, acquired 100% of the shares in Tre Trädgårdar AB. The company has its headquarters in
Stockholm, Sweden, and has 19 employees. Tre Trädgårdar has two shops (Ella Trädgård) and is a garden centre retailer. The purchase price was SEK 31 million. The difference between the purchase price paid and the adjusted fair
value of acquired net assets is SEK 21 million and refers to goodwill.

The total value of the acquired assets and liabilities is
presented in the below table. The acquisitions are presented accumulated since they separately not are deemed as material. All acquired assets and liabilities were reported according to IFRS, at the time of the acquisition.



|                                                 |  |      |      |   |      |  |      |   
|------------------------------------------------ |  | ---- | ---- | - | ---- |  | ---- | --
|SEK million                                      |  | 2010 |      |   | 2011 | 
|                                                 |  |     
|Assets and liabilities acquired:                 |  |      |      |   |      |  |      |   
|Intangible assets                                |  |      |      |   |      |  | 12   |   
|Tangible fixed assets                            |  |      | 252  |   |      |  | 49   |   
|Financial fixed assets                           |  |      |      |   |      |  | 3    |   
|Inventories                                      |  |      |      |   |      |  | 27   |   
|Current receivables                              |  |      | 2    |   |      |  | 212  |   
|Cash and cash equivalents                        |  |      | 1    |   |      |  | 15   |   
|Long-term debt                                   |  |      |      |   |      |  | (69  | ) 
|Current liabilities                              |  |      | (4   | ) |      |  | (345 | ) 
|Deferred tax                                     |  |      | (25  | ) |      |  | (88  | ) 
|                                                 |  |      |      |   |      |  |      |   
|Acquired net assets                              |  |      | 226  |   |      |  | (184 | ) 
|                                                 |  |     
|Goodwill                                         |  |      |      |   |      |  | 220  |   
|Rights to routes                                 |  |      |      |   |      |  | 354  |   
|Non-controlling interest                         |  |      | (98  | ) |      |  |      |   
|Purchase price                                   |  |      | (128 | ) |      |  | (390 | ) 
|Deferred purchase price                          |  |      |      |   |      |  | 3    |   
|Cash and cash equivalents in acquired businesses |  |      | 1    |   |      |  | 2    |   
|                                                 |  |      |      |   |      |  |      |   
|Effect on the Groups cash and cash equivalents  |  |      | (127 | ) |      |  | (384 | )1



|1) | Regarding the acquisition of Stena Line Irish Sea Ferries Ltd an initial payment of EUR 22 million was made at completion on 1 December 2010,
which is why this total amount does not reflect cash paid out during 2011.
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Total expenses related to the acquisition
amounted to SEK 35 million and have been reported as direct operating expenses.

Interest payments



|                   |  |                         |       |  |      |  |       | 
|------------------ |  | ----------------------- | ----- |  | ---- |  | ----- | 
|                   |  | Years ended 31 December |      
|SEK million        |  | 2010                    |       |  | 2011 | 
|                   |  |                        
|Interest, paid     |  |                         | 2,045 |  |      |  | 2,028 | 
|Interest, received |  |                         | 476   |  |      |  | 394   | 

Financing activities

Other financing activities includes further purchase of the shares in the subsidiary Ballingslöv International AB amounting to SEK 53 million. As per 31 December 2011 Adactum owned 100% of
Ballingslöv. For 2010 purchase of shares in Ballingslöv amounted to MSEK 218. As per 31 December 2010 Adactum owned 96% of Ballingslöv.



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31  Financial risk factors and financial risk management

This note describes the financial risk management in the Stena Group. Accounting principles for financial instruments are described in Note 1 and
financial outcome for the year 2011 and 2010 are described in Note 32. Other notes that include information used in Note 31 and 32 are Note 13 Investments in SPEs, Note 14 Marketable securities, Note 15 Other noncurrent assets and Note 18 Short-term
investments.

Financial instruments in the Stena Group consist of bank loans, derivatives, finance leasing contracts, accounts payable,
accounts receivable, bonds, shares and participations as well as cash and short-term investments.

The primary risks deriving from handling of
financial instruments are Market risks including interest-rate risk, currency risk and price risk, Credit risk and Liquidity risk. All of these risks are handled in accordance with an established financial policy.

Financial risk factors

The Groups
activities expose it to a variety of financial risks. The Groups overall risk management policy focuses on the unpredictability of the financial markets and aims to minimize potential adverse effects on the Groups financial results. The
Group employs derivative instruments to hedge exposure to certain risks.

Risk management is handled by a central finance department, Stena
Finance, in accordance with policies determined by the Board of Directors. Stena Finance identifies, evaluates and hedges financial risks in close co-operation with the Groups operating units. The Board of Directors prepares written policies
for both overall risk management and for risk management of specific areas such as currency risk, interest rate risk, credit risk, the utilization of derivative and non-derivative financial instruments and the investment of excess liquidity.

The Company uses financial instruments to reduce the risk of a major adverse effect on its results from price changes in currencies, interest
rates and oil markets.

As a basic principle, fixed assets are financed with long-term funding in the form of issued bonds, bank debt and
leasing liabilities. Each subsidiarys assets are financed in local currency and to the extent that assets and liabilities in foreign currency cannot be matched, the net exposure is hedged with financial derivative contracts.

To achieve a desired currency mix and interest fixing profile the Company uses various types of interest rate derivatives such as fixed rate swaps and
cross currency interest rate swaps. Interest rate options are also used either to cap or to lock in a range of the interest rate level.

Currency risks also arise when converting foreign currency denominated Income Statement or Balance Sheet items to SEK and when converting cash flows in
foreign currency. These risks are reduced by hedging with forward foreign exchange contracts or with currency options.

Fluctuations in the
price of bunker fuel, which predominantly affects Ferry operations, are managed by fixed price agreements with the supplier for the various grades of bunker fuels or by using financial derivatives for crude oil.

As part of its tanker operations the Company also uses, to a limited extent, contracts for freight rates and forward freight agreements.

Financial risk management is carried out within the scope of the Companys financial policies and manuals mainly by the treasury department.

Market risk  Interest rate risks

The Company holds fixed assets mainly in ships and real estate in USD, SEK, EUR and GBP and as a consequence the debt portfolio and the accompanying interest rate risks are distributed by the same
currencies. In order to manage this risk and to achieve desired interest rate levels the Companys management makes regular assessments of the interest rate risks.

This exposure is adjusted with interest rate derivatives which to the largest possible extent are matched against the maturity profiles of the underlying debt.



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Financial instruments for interest rates, such as futures, swaps or different types of interest rate
options, are used to hedge future interest rate payments. Interest income or interest expenses under these contracts are allocated to specific periods and reported as an adjustment of the interest expense on the underlying liability. The Group
reports accrued interest at the end of the accounting period, calculated in accordance with the conditions in the contracts. Generally, the underlying liabilities have a longer duration than the financial hedging contracts and allocation of accrued
interest over a period of time is carried out as long as the hedging contracts are considered to form an effective portion of the Groups overall risk management.

Market risk  Currency risks

The Company is exposed to the risk of fluctuations in
foreign currency exchange rates due to the international nature and scope of its operations. A substantial portion of the Companys revenues and expenses are denominated in USD, but also in GBP and EUR. The Companys foreign currency risk
arises from (i) the Companys investment in foreign subsidiaries net assets (equity exposure), (ii) certain financial assets and liabilities (translation exposure when converting such balances to each companys functional
currency) and (iii) fluctuations in exchange rates on the value of the Companys sales and purchases in foreign currencies (transaction exposure).

The Companys policy is to hedge its translation exposure which mainly arises from USD and EUR borrowings in companies with SEK as their functional currency. The Company also hedges parts of its
transaction exposure in USD, GBP, EUR, CAD, PLN, NOK and DKK from future cash flows from firm commitments such as charter vessel contracts as well as anticipated bunker fuel payment obligations (USD). The Companys transaction exposure mainly
originates from its ferry operations and offshore drilling operations. The currencies mainly used for sale are EUR, CAD, PLN, NOK and DKK and the currencies mainly used for purchase are USD, GBP and NOK.

Translation differences from net investments

Translation differences from the exposure of net assets in foreign subsidiaries are reported directly in the Groups equity. Results from the translation of forward currency contracts or exchange
rate differences from borrowings in foreign currency are transferred to translation differences in net financial income when the hedges are no longer considered to be effective.

Interest rate differential from currency swaps or forward agreements are reported as interest income or interest expenses in the Groups net financial income.

The book value of our net assets of subsidiaries denominated in a foreign currency, as of 31 December 2011, was approximately SEK 23.3 billion. The
net assets are expressed mainly in Swedish kronor, U.S. dollars, Euro and British pounds. A 1% change in the value of the SEK against each of the functional currencies of our subsidiaries would affect our shareholders equity as of
31 December, 2011 by SEK 233 million.

Translation differences from translation exposure

Monetary assets and liabilities in foreign currency are translated at the closing rate of exchange on the balance sheet date. Derivative instruments
attributable to the financial hedging of the value of these balance sheet items, such as currency swaps, currency forward agreements or currency option contracts, are valued at fair value, which includes translation at the closing rate of exchange,
while changes in fair value are reported gross as exchange rate differences in the Groups net financial income, where the translation of monetary assets and liabilities is also reported. Interest rate differential from currency swaps or
forward agreements are reported as interest income or interest expenses in the Groups net financial income. According to the Groups finance policy, 100% of such exposure should be hedged.



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Translation differences from transaction exposure

Realized results from currency forward agreements or currency option contracts, including paid or received premiums from option contracts, which are
intended to hedge expected or contracted future cash flows in foreign currency, are allocated to a particular period and reported as an adjustment of the underlying transaction when it takes place. The hedge contracts are valued and reported
directly against comprehensive income if an effective hedge.

According to the Groups finance policy, 0100% of such exposure
should be hedged.

Market risk  Price risk

Oil price risk

The Group is exposed to the price of bunker fuel used for the operation of
its vessels and uses forward contracts, swaps and options to hedge its oil price risk. Hedge contracts are regularly entered into to match the underlying costs of deliveries of bunker fuel. The hedge contracts are valued and reported directly
against comprehensive income if an effective hedge. The results of these contracts are allocated to specific periods and matched against underlying exposure. The contracts are settled on a monthly basis and reported as an adjustment of the cost for
bunker fuel for the current period.

The vessels of the ferry operations have an annual consumption of bunker fuel of approximately 300,000
tons and 70,000 tons of gas oil which combined converts to an annual volume of about 2.4 million barrels. A part of this is hedged on a consecutive basis. All contracts are settled monthly at a volume corresponding to the underlying
consumption.

Equity price risk

All equity holdings within Short-term investments and Marketable securities are traded at an active market at an exchange, hence no illiquidity, counterparty risk or other uncertainty discounts have been
applied. A total risk limit for investment and trading in equities, equity indices and bonds has been approved by the Board of Directors and the utilizations of the limits is monitored on a daily basis. The risk mandate will be allocated per
trader/portfolio, reflecting a 10% overnight adverse price movement. As a complement to the price risk measurement, specific risk, sector risks and geographic risks are followed up and reported. For liquidity purposes, a minimum share of the total
financial investments should be made in liquid securities. The Finance policy also governs what type of financial instruments that are acceptable. In order to reduce the credit risk when investing in corporate bonds, there are certain approved
limits for credit rating of the issuer.

Our portfolio of equities is well diversified, both in terms of markets and industries. Investments
are made within the boundaries of our finance policy in terms of risk- and loss limits. As of 31 December 2011, a change of +/10% in the unrealized value of all our equity holdings within Short-term investments and Marketable securities,
would have an effect of +/SEK 280 million on profit before tax and +/SEK 81 million recognized in other comprehensive income less deduction of deferred tax.

Trading activities

The Company also buys and sells certain types of derivative financial
instruments with the objective of generating profits on a short-term basis. Such financial instruments that are not used in the Companys program of interest rate and foreign currency risk management are referred to as trading for
purposes of this disclosure. All trading positions are taken within the limits of the Companys financial trading policy. All positions are recorded at fair value and the unrealized gains and losses are part of the quarterly results.

Credit risks

In our
operating activities, credit risks occur in the form of receivables on customers. In our Ferry operations, credit checks are regularly made on our customers using well known credit-rating agencies. If the credit worthiness of the customer is not
satisfactory according to the credit policy, payment in cash is required. In our Offshore Drilling operations, our customers are generally highly credit rated. Our RoRo vessels are typically chartered out on a time or bareboat charter. Although such
charterhire is paid in advance and we have the contractual right to withdraw the vessel and cancel the charter contract if payment is not received within a certain time, before entering into a charter agreement the credit worthiness of the charterer
is investigated using well known credit-rating agencies. If the credit worthiness is not satisfactory a guarantee is required from the charterer, e.g. in the form of a bank guarantee.



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In our Crude oil tanker operations where a spot charter arrangement is made, the charterer is scrutinized
before the contract is signed in accordance with our QA system rules. If the charterer is not considered first class or has certain remarks on his payment possibility, chartering of the vessel can either be denied, or the charterer can
be offered to provide a bank guarantee, or to pay the freight before discharge of the cargo (called BBB). In a period charter arrangement the charterhire is paid in advance. If the charterhire is not paid within a certain time we have the right to
withdraw the vessel and cancel the charter contract. Regarding buy and sell arrangements of vessels the procedures are dictated by the buy/sale contract (MOA) where a vessel is not released to a buyer until the full payment has been received into
sellers bank account.

In our Property operations, both residential and commercial tenants make the rental payments in advance. Nevertheless,
a credit check is always made on new tenants, residential as well as commercial, and commercial tenants are put on regular credit-watch throughout the rental period. If the potential tenant does not fulfill the criteria set out in our
finance policy, the tenant can either be denied a rental contract or be asked to make additional pre-payment or provide a bank guarantee (commercial tenants).

All financial instruments are entered into with counterparties who are considered to be creditworthy institutions and terms and conditions are documented. In the normal course of business, none of the
parties demand collateral for credit exposure from financial instruments. All financial derivatives are traded within the framework of established ISDA agreements, where positive and negative market values are netted. In the table below credit risk
refers to net positive market values per counterparty.

Liquidity risks

Liquidity risk is managed by maintaining an adequate level of cash, cash equivalents and available financing through unutilized committed credit facilities and the possibility to sell short term
marketable holdings in equities and bonds. Due to the dynamic character of the business, the need for financing flexibility is satisfied by arranging part of the Companys funding in the form of committed Revolving Credit Facilities, under
which short term requirements for liquidity can be met.

Management regularly monitors the Companys liquidity reserves, based on
anticipated cash flows. This is carried out on both operational company level and centrally at the treasury department in line with best practice and the limits set up for on a Group wide basis. Furthermore, it is the policy of the Group to
calculate future cash flows in all major currencies and quantify the liquidity needed to meet those cash flows, to monitor balance sheet liquidity ratios in relation to both internal and external minimum levels and to maintain plans for debt
financing.

The table below shows the Groups financial debts, sorted by the remaining years until the agreed maturity date. The figures
shown in the table are based on agreed confirmations and constitute undiscounted cash flows. Cash flows in foreign currency is converted to SEK by using the closing exchange rates.

The following table summarizes the notional volume and credit risks of financial derivative instruments:



|                                          |  |                  |        |  |                  |  |     |                |  |  |             |  |  |  |     | 
|----------------------------------------- |  | ---------------- | ------ |  | ---------------- |  | --- | -------------- |  |  | ----------- |  |  |  | --- | 
|                                          |  | 31 December 2010 |        |  | 31 December 2011 | 
|SEK million                               |  | Notionalamount   |        |  | Credit risk      |  |     | Notionalamount |  |  | Credit risk | 
|                                          |  |                  |        | 
|Currency forward contracts and swaps      |  |                  | 19,706 |  |                  |  | 265 |                |  |  | 30,036      |  |  |  | 50  | 
|Currency options                          |  |                  | 45     |  |                  |  |     |                |  |  | 9           |  |  |  |     | 
|Interest rate forward contracts and swaps |  |                  | 13,195 |  |                  |  |     |                |  |  | 28,041      |  |  |  |     | 
|Interest rate options                     |  |                  | 4,135  |  |                  |  |     |                |  |  | 2,888       |  |  |  |     | 
|Commodity fixed price swaps  oil         |  |                  | 3,096  |  |                  |  | 235 |                |  |  | 2,612       |  |  |  | 158 | 
|Commodity options  oil                   |  |                  | 274    |  |                  |  |     |                |  |  | 185         |  |  |  | 105 | 
|                                          |  |                  |        |  |                  |  |     |                |  |  |             |  |  |  |     | 
|Total                                     |  |                  | 40,451 |  |                  |  | 500 |                |  |  | 63,771      |  |  |  | 313 | 
|                                          |  |                  |        |  |                  |  |     |                |  |  |             |  |  |  |     | 



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|                          |  |       |        |  |                 |  |       |                      |  |  |                      |  |  |                  |       |  |              |  |        |  |  |  |       | 
|------------------------- |  | ----- | ------ |  | --------------- |  | ----- | -------------------- |  |  | -------------------- |  |  | ---------------- | ----- |  | ------------ |  | ------ |  |  |  | ----- | 
|As per 31 December 2011   |  | Total |        |  | Less than1 year |  |       | Between 1and 2 years |  |  | Between 2and 5 years |  |  | More than5 years |       |  | Notspecified | 
|Property loans            |  |       | 12,490 |  |                 |  | 906   |                      |  |  | 1,224                |  |  |                  | 902   |  |              |  | 9,458  |  |  |  |       | 
|Other bank loans          |  |       | 22,748 |  |                 |  | 1,629 |                      |  |  | 4,587                |  |  |                  | 4,375 |  |              |  | 12,157 |  |  |  |       | 
|Revolving Credit Facility |  |       | 5,560  |  |                 |  |       |                      |  |  |                      |  |  |                  |       |  |              |  |        |  |  |  | 5,560 | 
|Other credit facilities   |  |       | 764    |  |                 |  | 307   |                      |  |  |                      |  |  |                  |       |  |              |  |        |  |  |  | 457   | 
|Senior Notes              |  |       | 6,236  |  |                 |  |       |                      |  |  |                      |  |  |                  |       |  |              |  | 6,236  |  |  |  |       | 
|Financial leasing debt    |  |       | 1,703  |  |                 |  | 222   |                      |  |  | 161                  |  |  |                  | 520   |  |              |  | 800    |  |  |  |       | 
|Operational leasing debt  |  |       | 6,900  |  |                 |  | 1,578 |                      |  |  | 1,276                |  |  |                  | 2,279 |  |              |  | 1,767  |  |  |  |       | 
|Trade accounts payable    |  |       | 1,281  |  |                 |  | 1,281 |                      |  |  |                      |  |  |                  |       |  |              |  |        |  |  |  |       | 
|                          |  |       |        |  |                 |  |       |                      |  |  |                      |  |  |                  |       |  |              |  |        |  |  |  |       | 
|Total                     |  |       | 57,682 |  |                 |  | 5,923 |                      |  |  | 7,248                |  |  |                  | 8,076 |  |              |  | 30,418 |  |  |  | 6,017 | 
|                          |  |       |        |  |                 |  |       |                      |  |  |                      |  |  |                  |       |  |              |  |        |  |  |  |       | 

Property loans consists principally of bank mortgage loans on real estate, buildings and land in the Companys real
estate business segment. These loans are denominated in SEK and EUR, respectively. Other loans consist of long term bank loans used to finance the acquisition of vessels and other assets. They are denominated in USD, GBP, EUR and SEK, respectively.

Since December 2004 the Company has held a revolving credit facility of USD 1 billion. The facility was renegotiated in January 2006 and
expires in January 2013. Obligations under the facility are secured mainly by mortgages on certain vessels and rigs. Borrowings under the facility bear interest at a rate based on LIBOR plus an applicable margin based on the utilization of the
facility. The facility imposes certain covenants regarding levels of working capital, cash and cash equivalents and interest coverage ratio. As of 31 December 2011, the utilized portion of the facility was USD 802 million, of which USD
776 million was actually drawn and USD 26 million used for issuing of bank guarantees. As of 31 December 2010 the utilized portion of the facility was USD 909 million, of which USD 884 million was actually drawn and USD
25 million used for issuing of bank guarantees. As of 2007, the Company has an additional revolving credit facility of USD 200 million and the utilized portion of the facility as of 31 December 2011, was USD 32 million. As of
31 December 2010, the utilized portion of the facility was USD 107 million. During 2010, the Company entered into a new SEK 6,660 million Revolving Credit Facility with Svenska Handelsbanken and Nordea and guaranteed by EKN. As of
31 December 2011, as well as of 31 December 2010 this facility was unutilized. As of 31 December 2011 the Company had SEK 8,090 million in other unutilized, mainly uncommitted, overdraft facilities and other similar lines of
credit, as compared to SEK 7,743 million as of 31 December 2010.

Not specified includes borrowings and utilized credit
lines for properties and vessels that have formal repayment dates in 2012. These loans have been classified as long-term because it is the intention of the Company to refinance these loans on a long-term basis. Not specified also
includes the utilized portion of the Revolving Credit Facilities.

The revolving credit facility imposes various financial and operating
covenants upon the restricted group. Among other things, the principal financial covenants (i) require us to maintain current assets and committed undrawn facilities in an amount greater than or equal to 125% of consolidated current
liabilities, (ii) require us and our subsidiaries to maintain minimum cash and cash equivalents of not less than USD 50 million, (iii) require our net debt to be no greater than 65% of the capitalization, and (iv) require us to
maintain ownership of the security parties that, at the date of execution of the credit facility agreement, are members of the Stena Group.



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32  Financial instruments

This note describes the financial outcome of financial instruments in the Stena Group. Accounting principles for financial instruments are described in Note 1 and financial risk management is described in
Note 31.

Financial instruments per category



|                                      |  |                                                                    |       |  |                  |  |     |                           |  |  |                 |  |  |                   |       |  |                      |  |       |                           |  |  |                    |  |  |           |        |  |  |  |        |  |  |  |        | 
|------------------------------------- |  | ------------------------------------------------------------------ | ----- |  | ---------------- |  | --- | ------------------------- |  |  | --------------- |  |  | ----------------- | ----- |  | -------------------- |  | ----- | ------------------------- |  |  | ------------------ |  |  | --------- | ------ |  |  |  | ------ |  |  |  | ------ | 
|SEK million                           |  | Financial instrumentsmeasured
atfair value throughincome statement |       |  |                  |  |     |                           |  |  |                 |  |  |                   |       |  |                      |  |       |                           |  |  |                    | 
|31 December 2010                      |  | Fair valueoption                                                   |       |  | Held
fortrading1 |  |     | Derivativesusedforhedging |  |  | Held tomaturity |  |  | Availablefor sale |       |  | Loans andreceivables |  |       | Otherfinancialliabilities |  |  | Totalcarryingvalue |  |  | Fairvalue |       
|Assets                                |  |                                                                    |       |  |                  |  |     |                           |  |  |                 |  |  |                   |       |  |                      |  |       |                           |  |  |                    |  |  |           |        |  |  |  |        |  |  |  |        | 
|Marketable securities                 |  |                                                                    | 2,127 |  |                  |  |     |                           |  |  |                 |  |  |                   |       |  |                      |  | 2,003 |                           |  |  |                    |  |  |           |        |  |  |  | 4,130  |  |  |  | 4,130  | 
|Other noncurrent assets               |  |                                                                    | 365   |  |                  |  |     |                           |  |  |                 |  |  |                   |       |  |                      |  | 1,380 |                           |  |  |                    |  |  |           |        |  |  |  | 1,745  |  |  |  | 1,745  | 
|Trade debtors                         |  |                                                                    |       |  |                  |  |     |                           |  |  |                 |  |  |                   |       |  |                      |  |       |                           |  |  | 2,754              |  |  |           |        |  |  |  | 2,754  |  |  |  | 2,754  | 
|Short-term investments                |  |                                                                    |       |  |                  |  | 151 |                           |  |  |                 |  |  |                   |       |  |                      |  |       |                           |  |  | 3,976              |  |  |           |        |  |  |  | 4,127  |  |  |  | 4,127  | 
|Investments in SPEs                   |  |                                                                    |       |  |                  |  |     |                           |  |  |                 |  |  |                   | 5,148 |  |                      |  | 1,027 |                           |  |  |                    |  |  |           |        |  |  |  | 6,175  |  |  |  | 6,088  | 
|Other receivables                     |  |                                                                    |       |  |                  |  | 123 |                           |  |  | 431             |  |  |                   |       |  |                      |  |       |                           |  |  |                    |  |  |           |        |  |  |  | 554    |  |  |  | 554    | 
|                                      |  |                                                                    |       |  |                  |  |     |                           |  |  |                 |  |  |                   |       |  |                      |  |       |                           |  |  |                    |  |  |           |        |  |  |  |        |  |  |  |        | 
|Total                                 |  |                                                                    | 2,492 |  |                  |  | 274 |                           |  |  | 431             |  |  |                   | 5,148 |  |                      |  | 4,410 |                           |  |  | 6,730              |  |  |           |        |  |  |  | 19,485 |  |  |  | 19,398 | 
|                                      |  |                                                                    |       |  |                  |  |     |                           |  |  |                 |  |  |                   |       |  |                      |  |       |                           |  |  |                    |  |  |           |        |  |  |  |        |  |  |  |        | 
|                                      |  |                                                                    |       |  |                  |  |     |                           | 
|Liabilities                           |  |                                                                    |       |  |                  |  |     |                           |  |  |                 |  |  |                   |       |  |                      |  |       |                           |  |  |                    |  |  |           |        |  |  |  |        |  |  |  |        | 
|Senior notes                          |  |                                                                    |       |  |                  |  |     |                           |  |  |                 |  |  |                   |       |  |                      |  |       |                           |  |  |                    |  |  |           | 6,256  |  |  |  | 6,256  |  |  |  | 5,950  | 
|Other Long-term interest bearing debt |  |                                                                    |       |  |                  |  |     |                           |  |  |                 |  |  |                   |       |  |                      |  |       |                           |  |  |                    |  |  |           | 39,834 |  |  |  | 39,834 |  |  |  | 39,834 | 
|Short-term interest bearing debt      |  |                                                                    |       |  |                  |  |     |                           |  |  |                 |  |  |                   |       |  |                      |  |       |                           |  |  |                    |  |  |           | 1,874  |  |  |  | 1,874  |  |  |  | 1,874  | 
|Trade accounts payable                |  |                                                                    |       |  |                  |  |     |                           |  |  |                 |  |  |                   |       |  |                      |  |       |                           |  |  |                    |  |  |           | 1,313  |  |  |  | 1,313  |  |  |  | 1,313  | 
|Debt in SPEs                          |  |                                                                    |       |  |                  |  |     |                           |  |  |                 |  |  |                   |       |  |                      |  |       |                           |  |  |                    |  |  |           | 5,140  |  |  |  | 5,140  |  |  |  | 5,140  | 
|Other liabilities                     |  |                                                                    |       |  |                  |  | 36  |                           |  |  | 57              |  |  |                   |       |  |                      |  |       |                           |  |  |                    |  |  |           |        |  |  |  | 93     |  |  |  | 93     | 
|                                      |  |                                                                    |       |  |                  |  |     |                           |  |  |                 |  |  |                   |       |  |                      |  |       |                           |  |  |                    |  |  |           |        |  |  |  |        |  |  |  |        | 
|Total                                 |  |                                                                    |       |  |                  |  | 36  |                           |  |  | 57              |  |  |                   |       |  |                      |  |       |                           |  |  |                    |  |  |           | 54,417 |  |  |  | 54,510 |  |  |  | 54,204 | 
|                                      |  |                                                                    |       |  |                  |  |     |                           |  |  |                 |  |  |                   |       |  |                      |  |       |                           |  |  |                    |  |  |           |        |  |  |  |        |  |  |  |        | 
|                                      |  |                                                                    |       |  |                  |  |     |                           | 
|31 December 2011                      |  |                                                                    |       |  |                  |  |     |                           |  |  |                 |  |  |                   |       |  |                      |  |       |                           |  |  |                    |  |  |           |       
|Assets                                |  |                                                                    |       |  |                  |  |     |                           |  |  |                 |  |  |                   |       |  |                      |  |       |                           |  |  |                    |  |  |           |        |  |  |  |        |  |  |  |        | 
|Marketable securities                 |  |                                                                    | 2,650 |  |                  |  |     |                           |  |  |                 |  |  |                   |       |  |                      |  | 815   |                           |  |  |                    |  |  |           |        |  |  |  | 3,465  |  |  |  | 3,465  | 
|Other noncurrent assets               |  |                                                                    | 53    |  |                  |  |     |                           |  |  |                 |  |  |                   |       |  |                      |  | 1,442 |                           |  |  |                    |  |  |           |        |  |  |  | 1,495  |  |  |  | 1,495  | 
|Trade debtors                         |  |                                                                    |       |  |                  |  |     |                           |  |  |                 |  |  |                   |       |  |                      |  |       |                           |  |  | 3,218              |  |  |           |        |  |  |  | 3,218  |  |  |  | 3,218  | 
|Short-term investments                |  |                                                                    |       |  |                  |  | 149 |                           |  |  |                 |  |  |                   |       |  |                      |  |       |                           |  |  | 2,519              |  |  |           |        |  |  |  | 2,668  |  |  |  | 2,668  | 
|Investments in SPEs                   |  |                                                                    |       |  |                  |  |     |                           |  |  |                 |  |  |                   | 4,072 |  |                      |  | 477   |                           |  |  |                    |  |  |           |        |  |  |  | 4,548  |  |  |  | 4,431  | 
|Other receivables                     |  |                                                                    |       |  |                  |  | 2   |                           |  |  | 339             |  |  |                   |       |  |                      |  |       |                           |  |  |                    |  |  |           |        |  |  |  | 341    |  |  |  | 341    | 
|                                      |  |                                                                    |       |  |                  |  |     |                           |  |  |                 |  |  |                   |       |  |                      |  |       |                           |  |  |                    |  |  |           |        |  |  |  |        |  |  |  |        | 
|Total                                 |  |                                                                    | 2,703 |  |                  |  | 151 |                           |  |  | 339             |  |  |                   | 4,072 |  |                      |  | 2,734 |                           |  |  | 5,737              |  |  |           |        |  |  |  | 15,735 |  |  |  | 15,618 | 
|                                      |  |                                                                    |       |  |                  |  |     |                           |  |  |                 |  |  |                   |       |  |                      |  |       |                           |  |  |                    |  |  |           |        |  |  |  |        |  |  |  |        | 
|Liabilities                           |  |                                                                    |       |  |                  |  |     |                           |  |  |                 |  |  |                   |       |  |                      |  |       |                           |  |  |                    |  |  |           |        |  |  |  |        |  |  |  |        | 
|Senior notes                          |  |                                                                    |       |  |                  |  |     |                           |  |  |                 |  |  |                   |       |  |                      |  |       |                           |  |  |                    |  |  |           | 6,236  |  |  |  | 6,236  |  |  |  | 5,373  | 
|Other Long-term interest bearing debt |  |                                                                    |       |  |                  |  |     |                           |  |  |                 |  |  |                   |       |  |                      |  |       |                           |  |  |                    |  |  |           | 40,201 |  |  |  | 40,201 |  |  |  | 40,201 | 
|Short-term interest bearing debt      |  |                                                                    |       |  |                  |  |     |                           |  |  |                 |  |  |                   |       |  |                      |  |       |                           |  |  |                    |  |  |           | 3,064  |  |  |  | 3,064  |  |  |  | 3,064  | 
|Trade accounts payable                |  |                                                                    |       |  |                  |  |     |                           |  |  |                 |  |  |                   |       |  |                      |  |       |                           |  |  |                    |  |  |           | 1,281  |  |  |  | 1 281  |  |  |  | 1 281  | 
|Debt in SPEs                          |  |                                                                    |       |  |                  |  |     |                           |  |  |                 |  |  |                   |       |  |                      |  |       |                           |  |  |                    |  |  |           | 4,143  |  |  |  | 4,143  |  |  |  | 4,143  | 
|Other liabilities                     |  |                                                                    |       |  |                  |  | 280 |                           |  |  | 1,371           |  |  |                   |       |  |                      |  |       |                           |  |  |                    |  |  |           |        |  |  |  | 1,651  |  |  |  | 1,651  | 
|                                      |  |                                                                    |       |  |                  |  |     |                           |  |  |                 |  |  |                   |       |  |                      |  |       |                           |  |  |                    |  |  |           |        |  |  |  |        |  |  |  |        | 
|Total                                 |  |                                                                    |       |  |                  |  | 280 |                           |  |  | 1,371           |  |  |                   |       |  |                      |  |       |                           |  |  |                    |  |  |           | 54,925 |  |  |  | 56,576 |  |  |  | 55,713 | 
|                                      |  |                                                                    |       |  |                  |  |     |                           |  |  |                 |  |  |                   |       |  |                      |  |       |                           |  |  |                    |  |  |           |        |  |  |  |        |  |  |  |        | 



F-60



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##### Table of Contents

|1) | Held for trading includes exchange contracts for hedging translation exposure, but not included in hedge accounting, reported in Other
liabilities/receivables, SEK (199) million in 2011 and SEK 120 million in 2010 and interest rate contracts for hedging interest, but not included in hedge accounting, reported in other -liabilities SEK (75) -million in 2011 and SEK
(17) million in 2010.
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Financial instruments at fair value

The table below shows the Groups financial instruments, excluding investments in SPEs, at fair value as of 31 December 2010 and 2011,
respectively.

The different levels indicate to what extent the market value has been used when calculating the fair value. In level 1 fair
value is determined on the basis of the assets listed buying current bid-rate on balance sheet date, with no addition for any transaction costs (for example brokerage) on acquisition date. In level 2 fair value is determined by utilizing a
valuation technique. In level 3 fair value is based on an estimated discounted cash flows.



|                                                           |  |                  |       |  |                  |  |       |         |  |  |              |   |  |         |       |  |         |  |       |         |  |  |              |  |  |  |       |   |  |  |       | 
|---------------------------------------------------------- |  | ---------------- | ----- |  | ---------------- |  | ----- | ------- |  |  | ------------ | - |  | ------- | ----- |  | ------- |  | ----- | ------- |  |  | ------------ |  |  |  | ----- | - |  |  | ----- | 
|                                                           |  | 31 December 2010 |       |  | 31 December 2011 | 
|                                                           |  | Level 1          |       |  | Level 2          |  |       | Level 3 |  |  | Totalbalance |   |  | Level 1 |       |  | Level 2 |  |       | Level 3 |  |  | Totalbalance | 
|Assets                                                     |  |                  |       |  |                  |  |       |         |  |  |              |   |  |         |       |  |         |  |       |         |  |  |              |  |  |  |       |   |  |  |       | 
|Financial assets at fair value through profit or loss      |  |                  |       |  |                  |  |       |         |  |  |              |   |  |         |       |  |         |  |       |         |  |  |              |  |  |  |       |   |  |  |       | 
| Trading derivatives                                      |  |                  |       |  |                  |  | 3     |         |  |  |              |   |  |         | 3     |  |         |  |       |         |  |  | 2            |  |  |  |       |   |  |  | 2     | 
| Trading securities                                       |  |                  | 2,278 |  |                  |  | 157   |         |  |  | 208          |   |  |         | 2,643 |  |         |  | 2,799 |         |  |  |              |  |  |  | 53    |   |  |  | 2,852 | 
|Derivatives used for hedging                               |  |                  |       |  |                  |  | 431   |         |  |  |              |   |  |         | 431   |  |         |  |       |         |  |  | 339          |  |  |  |       |   |  |  | 339   | 
|Available-for-sale financial assets                        |  |                  |       |  |                  |  |       |         |  |  |              |   |  |         |       |  |         |  |       |         |  |  |              |  |  |  |       |   |  |  |       | 
| Equity securities                                        |  |                  | 1,122 |  |                  |  | 423   |         |  |  | 1,321        |   |  |         | 2,866 |  |         |  | (577  | )       |  |  | 619          |  |  |  | 1,361 |   |  |  | 1,403 | 
| Debt investments                                         |  |                  | 458   |  |                  |  |       |         |  |  | 59           |   |  |         | 517   |  |         |  | 773   |         |  |  |              |  |  |  | 81    |   |  |  | 854   | 
|                                                           |  |                  |       |  |                  |  |       |         |  |  |              |   |  |         |       |  |         |  |       |         |  |  |              |  |  |  |       |   |  |  |       | 
|Total assets                                               |  |                  | 3,858 |  |                  |  | 1,014 |         |  |  | 1,588        |   |  |         | 6,460 |  |         |  | 2,995 |         |  |  | 960          |  |  |  | 1,495 |   |  |  | 5,450 | 
|                                                           |  |                  |       |  |                  |  |       |         |  |  |              |   |  |         |       |  |         |  |       |         |  |  |              |  |  |  |       |   |  |  |       | 
|                                                           |  |                  |       |  |                  |  |       |        
|Liabilities                                                |  |                  |       |  |                  |  |       |         |  |  |              |   |  |         |       |  |         |  |       |         |  |  |              |  |  |  |       |   |  |  |       | 
|Financial liabilities at fair value through profit or loss |  |                  |       |  |                  |  |       |         |  |  |              |   |  |         |       |  |         |  |       |         |  |  |              |  |  |  |       |   |  |  |       | 
| Trading derivatives                                      |  |                  |       |  |                  |  | 36    |         |  |  |              |   |  |         | 36    |  |         |  |       |         |  |  | 280          |  |  |  |       |   |  |  | 280   | 
|Derivatives used for hedging                               |  |                  |       |  |                  |  | 57    |         |  |  |              |   |  |         | 57    |  |         |  |       |         |  |  | 1,371        |  |  |  |       |   |  |  | 1,371 | 
|                                                           |  |                  |       |  |                  |  |       |         |  |  |              |   |  |         |       |  |         |  |       |         |  |  |              |  |  |  |       |   |  |  |       | 
|Total liabilities                                          |  |                  |       |  |                  |  | 93    |         |  |  |              |   |  |         | 93    |  |         |  |       |         |  |  | 1,651        |  |  |  |       |   |  |  | 1,651 | 
|                                                           |  |                  |       |  |                  |  |       |         |  |  |              |   |  |         |       |  |         |  |       |         |  |  |              |  |  |  |       |   |  |  |       | 
|                                                           |  |                  |       |  |                  |  |       |        
|Specification of financial instruments in Level 3          |  |                  |       |  |                  |  |       |         |  |  |              |   |  |         |       |  |         |  |       |         |  |  |              |  |  |  |       |   |  |  |       | 
|                                                           |  |                  |       |  |                  |  |       |        
|Opening balance 1 January                                  |  |                  |       |  |                  |  |       |         |  |  | 1,906        |   |  |         |       |  |         |  |       |         |  |  |              |  |  |  | 1,588 |   |  |  |       | 
|Total unrealized gains/losses                              |  |                  |       |  |                  |  |       |         |  |  |              |   |  |         |       |  |         |  |       |         |  |  |              |  |  |  |       |   |  |  |       | 
| recognized in profit or loss                             |  |                  |       |  |                  |  |       |         |  |  | 42           |   |  |         |       |  |         |  |       |         |  |  |              |  |  |  | 22    |   |  |  |       | 
| recognized in other comprehensive income                 |  |                  |       |  |                  |  |       |         |  |  | (33          | ) |  |         |       |  |         |  |       |         |  |  |              |  |  |  | 41    |   |  |  |       | 
|Proceeds from acquisitions and sales, net                  |  |                  |       |  |                  |  |       |         |  |  | (12          | ) |  |         |       |  |         |  |       |         |  |  |              |  |  |  | 10    |   |  |  |       | 
| whereof realized result                                  |  |                  |       |  |                  |  |       |         |  |  | (20          | ) |  |         |       |  |         |  |       |         |  |  |              |  |  |  | 8     |   |  |  |       | 
|Reclassification from level 3                              |  |                  |       |  |                  |  |       |         |  |  | (157         | ) |  |         |       |  |         |  |       |         |  |  |              |  |  |  | (176  | ) |  |  |       | 
|Translation differences                                    |  |                  |       |  |                  |  |       |         |  |  | (158         | ) |  |         |       |  |         |  |       |         |  |  |              |  |  |  | 10    |   |  |  |       | 
|Closing balance 31 December                                |  |                  |       |  |                  |  |       |         |  |  | 1,588        |   |  |         |       |  |         |  |       |         |  |  |              |  |  |  | 1,495 |   |  |  |       | 



F-61



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##### Table of Contents

As of 31 December 2011, a change of +/ 10% in the unrealized value of all our assets in the Level
3 category, would have an effect of +/ SEK 16 million (as of 31 December 2010 +/ SEK 21 million) on profit before tax and +/ SEK 133 million (as of 31 December 2010 +/ SEK 138 million) recognized in other
comprehensive income.

The majority of the financial instruments in Level 3 relate to investments in private equity funds. The book value of
these funds equals the Net Asset Value (NAV) provided by the fund manager. As we have not been provided with a specification of the different variables and assumptions used by the fund manager when calculating the NAV, we can not estimate the
sensitivity of the different variables used. A major part of the financial instruments in Level 3 is related to funds that have been audited. However, a 1% change in Net Asset Value will result in a change of SEK 13 million based on our
shareholdings in these funds.

Fair value

The table below summarizes the fair value of balance sheet items in the case where the fair value differs from the carrying value.

The investments in SPEs are classified as follows:

Corporate Fixed Income Bond are classified as
available for sale and are revalued in other comprehensive income.

Senior Bank Debt are classified as held to
maturity and are kept at cost in the balance sheet. To determine the market values for the Corporate Fixed Income Bonds the Company uses generally accepted public market pricing sources.

The fair value of Senior notes has been calculated by using prices in Bloomberg.



|                    |  |                   |       |  |                |  |       |                   |  |  |                |  |  |  |       | 
|------------------- |  | ----------------- | ----- |  | -------------- |  | ----- | ----------------- |  |  | -------------- |  |  |  | ----- | 
|SEK million         |  | 2010Carryingvalue |       |  | 2010Fair value |  |       | 2011Carryingvalue |  |  | 2011Fair value | 
|                    |  |                   |       | 
|Assets              |  |                   |       |  |                |  |       |                   |  |  |                |  |  |  |       | 
|Investments in SPEs |  |                   | 6,175 |  |                |  | 6,088 |                   |  |  | 4,548          |  |  |  | 4,431 | 
|                    |  |                   |       | 
|Liabilities         |  |                   |       |  |                |  |       |                   |  |  |                |  |  |  |       | 
|Senior notes        |  |                   | 6,256 |  |                |  | 5,950 |                   |  |  | 6,236          |  |  |  | 5,373 | 

Interest rate hedge contracts

Outstanding interest rate contracts for hedging of the interest rate exposure



|                                      |  |                    |        |  |                    |  |      |                    |  |  |                    |  |  |  |        |  
|------------------------------------- |  | ------------------ | ------ |  | ------------------ |  | ---- | ------------------ |  |  | ------------------ |  |  |  | ------ | -
|SEK million                           |  | 2010Notionalamount |        |  | 2010Carryingamount |  |      | 2011Notionalamount |  |  | 2011Carryingamount | 
|                                      |  |                    |        | 
|Contracts excluding SPE               |  |                    |        |  |                    |  |      |                    |  |  |                    |  |  |  |        |  
|Interest rate swaps floating to fixed |  |                    |        |  |                    |  |      |                    |  |  |                    |  |  |  |        |  
| receivable position                 |  |                    | 5,884  |  |                    |  | 125  |                    |  |  | 1,430              |  |  |  | 32     |  
| payable position                    |  |                    | 7,224  |  |                    |  | (203 | )                  |  |  | 25,845             |  |  |  | (1,334 | )
|Interest rate swaps fixed to floating |  |                    |        |  |                    |  |      |                    |  |  |                    |  |  |  |        |  
| receivable position                 |  |                    | 86     |  |                    |  | 4    |                    |  |  | 79                 |  |  |  | 2      |  
|Interest rate caps                    |  |                    |        |  |                    |  |      |                    |  |  |                    |  |  |  |        |  
| receivable position                 |  |                    | 4,135  |  |                    |  | 16   |                    |  |  | 634                |  |  |  | 2      |  
|Interest rate collar                  |  |                    |        |  |                    |  |      |                    |  |  |                    |  |  |  |        |  
| payable position                    |  |                    |        |  |                    |  |      |                    |  |  | 2,000              |  |  |  | (119   | )
|                                      |  |                    |        | 
|Contracts SPE                         |  |                    |        |  |                    |  |      |                    |  |  |                    |  |  |  |        |  
|Interest rate swaps floating to fixed |  |                    |        |  |                    |  |      |                    |  |  |                    |  |  |  |        |  
| payable position                    |  |                    | 673    |  |                    |  | (18  | )                  |  |  | 687                |  |  |  | (17    | )
|Interest rate caps                    |  |                    |        |  |                    |  |      |                    |  |  |                    |  |  |  |        |  
| receivable position                 |  |                    | 643    |  |                    |  | 2    |                    |  |  | 254                |  |  |  | 1      |  
|                                      |  |                    |        |  |                    |  |      |                    |  |  |                    |  |  |  |        |  
|                                      |  |                    |        | 
|Total                                 |  |                    | 18,645 |  |                    |  | (74  | )                  |  |  | 30,929             |  |  |  | (1,433 | )
|                                      |  |                    |        |  |                    |  |      |                    |  |  |                    |  |  |  |        |  



F-62



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##### Table of Contents

The fair value of the instruments used in hedge accounting, excluding SPEs, amounts to SEK (1,358) million
as of 31 December 2011 and SEK (57) million as of 31 December 2010 and is included in other current liabilities against the hedge reserve.

The SPEs are investing in different debt securities, see note 13, and to reduce the potential negative effects on the actual values of these entities, interest rate contracts have been entered into at an
amount equal to that of the underlying fixed rate bonds.

Currency hedge contracts

The following two tables summarize the contractual net amounts of the Companys forward exchange and option contracts to hedge the translation and
transaction exposures. Notional amount is gross amount.

Outstanding currency hedge contracts for translation and equity exposure:



|                           |  |                    |        |  |                    |  |     |                    |  |  |                    |  |  |  |      |  
|-------------------------- |  | ------------------ | ------ |  | ------------------ |  | --- | ------------------ |  |  | ------------------ |  |  |  | ---- | -
|SEK million                |  | 2010Notionalamount |        |  | 2010Carryingamount |  |     | 2011Notionalamount |  |  | 2011Carryingamount | 
|                           |  |                    |        | 
|Currency forward contracts |  |                    |        |  |                    |  |     |                    |  |  |                    |  |  |  |      |  
| receivable position      |  |                    | 1,649  |  |                    |  | 79  |                    |  |  | 129                |  |  |  | 1    |  
| payable position         |  |                    | 634    |  |                    |  | (5  | )                  |  |  | 174                |  |  |  | (1   | )
|Currency swap contracts    |  |                    |        |  |                    |  |     |                    |  |  |                    |  |  |  |      |  
| receivable position      |  |                    | 7,672  |  |                    |  | 266 |                    |  |  | 6,040              |  |  |  | 188  |  
| payable position         |  |                    | 6,214  |  |                    |  | (77 | )                  |  |  | 10,785             |  |  |  | (400 | )
|                           |  |                    |        |  |                    |  |     |                    |  |  |                    |  |  |  |      |  
|Total                      |  |                    | 16,169 |  |                    |  | 263 |                    |  |  | 17,128             |  |  |  | (212 | )
|                           |  |                    |        |  |                    |  |     |                    |  |  |                    |  |  |  |      |  

The fair value of the instruments used in hedge accounting for equity exposure, amounts to SEK (13) million as of
31 December 2011 and SEK 143 million as of 31 December 2010 and is included in other current liabilities (other current assets) against the hedge reserve.

Outstanding currency hedge contracts for transaction exposure:



|                           |  |                    |       |  |                    |  |     |                    |  |  |                    |  |  |  |     |  
|-------------------------- |  | ------------------ | ----- |  | ------------------ |  | --- | ------------------ |  |  | ------------------ |  |  |  | --- | -
|SEK million                |  | 2010Notionalamount |       |  | 2010Carryingamount |  |     | 2011Notionalamount |  |  | 2011Carryingamount | 
|                           |  |                    |       | 
|Currency forward contracts |  |                    |       |  |                    |  |     |                    |  |  |                    |  |  |  |     |  
| receivable position      |  |                    | 818   |  |                    |  | 19  |                    |  |  | 7,254              |  |  |  | 65  |  
| payable position         |  |                    | 1,401 |  |                    |  | (47 | )                  |  |  | 1,152              |  |  |  | (24 | )
|Currency swap contracts    |  |                    |       |  |                    |  |     |                    |  |  |                    |  |  |  |     |  
| receivable position      |  |                    | 645   |  |                    |  | 10  |                    |  |  | 2,289              |  |  |  | 103 |  
| payable position         |  |                    | 514   |  |                    |  | (7  | )                  |  |  | 2,213              |  |  |  | (34 | )
|Currency options           |  |                    |       |  |                    |  |     |                    |  |  |                    |  |  |  |     |  
| receivable position      |  |                    | 45    |  |                    |  |     |                    |  |  | 4                  |  |  |  |     |  
| payable position         |  |                    |      |  |                    |  |     |                    |  |  | 5                  |  |  |  |     |  
|                           |  |                    |       |  |                    |  |     |                    |  |  |                    |  |  |  |     |  
|Total                      |  |                    | 3,423 |  |                    |  | (25 | )                  |  |  | 12,917             |  |  |  | 110 |  
|                           |  |                    |       |  |                    |  |     |                    |  |  |                    |  |  |  |     |  

The fair value of the instruments used in hedge accounting for transaction exposure amounts to SEK 113 million as of
31 December 2011 and SEK (24) million as of 31 December 2010 and is included in other current assets (other current liabilities) against the hedge reserve.



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The table below shows the hedging contracts divided by currency. Notional amount is net amount.

Hedge accounting contracts for transaction exposure:



|               |  |                    |       |  |                    |  |     |                    |  |  |                    |   |  |  |     |  
|-------------- |  | ------------------ | ----- |  | ------------------ |  | --- | ------------------ |  |  | ------------------ | - |  |  | --- | -
|SEK million    |  | 2010Notionalamount |       |  | 2010Carryingamount |  |     | 2011Notionalamount |  |  | 2011Carryingamount |  
|               |  |                    |       | 
|SEK companies: |  |                    |       |  |                    |  |     |                    |  |  |                    |   |  |  |     |  
|USD            |  |                    | 498   |  |                    |  | (32 | )                  |  |  | 921                |   |  |  | 70  |  
|EUR            |  |                    | 180   |  |                    |  | 8   |                    |  |  | 865                |   |  |  | (16 | )
|NOK            |  |                    | 58    |  |                    |  | 3   |                    |  |  | (94                | ) |  |  | 2   |  
|Other          |  |                    |       |  |                    |  |     |                    |  |  | (55                | ) |  |  | 5   |  
|               |  |                    |       | 
|USD companies: |  |                    |       |  |                    |  |     |                    |  |  |                    |   |  |  |     |  
|GBP            |  |                    | 79    |  |                    |  | (1  | )                  |  |  | 769                |   |  |  | (4  | )
|NOK            |  |                    | 1,039 |  |                    |  | 1   |                    |  |  | 760                |   |  |  | 7   |  
|AUD            |  |                    | 17    |  |                    |  | 4   |                    |  |  |                    |   |  |  |     |  
|               |  |                    |       | 
|EUR companies: |  |                    |       |  |                    |  |     |                    |  |  |                    |   |  |  |     |  
|USD            |  |                    | 243   |  |                    |  | (4  | )                  |  |  | 426                |   |  |  | 35  |  
|CAD            |  |                    | 820   |  |                    |  | 3   |                    |  |  | (609               | ) |  |  | (17 | )
|SEK            |  |                    |       |  |                    |  |     |                    |  |  | 36                 |   |  |  | 1   |  
|               |  |                    |       | 
|GBP companies: |  |                    |       |  |                    |  |     |                    |  |  |                    |   |  |  |     |  
|USD            |  |                    | 252   |  |                    |  | (6  | )                  |  |  | 646                |   |  |  | 32  |  
|EUR            |  |                    |       |  |                    |  |     |                    |  |  | 820                |   |  |  | (2  | )
|               |  |                    |       |  |                    |  |     |                    |  |  |                    |   |  |  |     |  
|Total          |  |                    | 3,186 |  |                    |  | (24 | )                  |  |  | 4,485              |   |  |  | 113 |  
|               |  |                    |       |  |                    |  |     |                    |  |  |                    |   |  |  |     |  

Oil price contracts

Outstanding hedge contracts for bunker fuel exposure:



|                                          |  |                    |        |   |                    |  |     |                    |  |  |                    |   |  |  |     |  
|----------------------------------------- |  | ------------------ | ------ | - | ------------------ |  | --- | ------------------ |  |  | ------------------ | - |  |  | --- | -
|SEK million                               |  | 2010Notionalamount |        |   | 2010Carryingamount |  |     | 2011Notionalamount |  |  | 2011Carryingamount |  
|                                          |  |                    |        |  
|Raw material swap contracts               |  |                    |        |   |                    |  |     |                    |  |  |                    |   |  |  |     |  
| receivable position                     |  |                    | 2,601  |   |                    |  | 270 |                    |  |  | 2,612              |   |  |  | 158 |  
| payable position                        |  |                    | 495    |   |                    |  | (35 | )                  |  |  |                    |   |  |  |     |  
|                                          |  |                    |        |  
|Raw material option contracts bought call |  |                    | 701    |   |                    |  | 83  |                    |  |  | 716                |   |  |  | 117 |  
|Raw material option contracts bought put  |  |                    | 880    |   |                    |  | 34  |                    |  |  |                    |   |  |  |     |  
|Raw material option contracts sold put    |  |                    | (1,307 | ) |                    |  | (62 | )                  |  |  | (531               | ) |  |  | (12 | )
|                                          |  |                    |        |   |                    |  |     |                    |  |  |                    |   |  |  |     |  
|Total                                     |  |                    | 3,370  |   |                    |  | 290 |                    |  |  | 2,797              |   |  |  | 263 |  
|                                          |  |                    |        |   |                    |  |     |                    |  |  |                    |   |  |  |     |  

The fair value of the instruments used in hedge accounting for bunker fuel exposure amounts to SEK 226 million as of
31 December 2011 and SEK 179 million as of 31 December 2010 and is included in other current assets against the hedge reserve.



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Trading contracts

Outstanding derivative contracts for trading activities



|                                   |  |                    |     |  |                    |  |    |                    |  |  |                    |  |  |  |    |  
|---------------------------------- |  | ------------------ | --- |  | ------------------ |  | -- | ------------------ |  |  | ------------------ |  |  |  | -- | -
|SEK million                        |  | 2010Notionalamount |     |  | 2010Carryingamount |  |    | 2011Notionalamount |  |  | 2011Carryingamount | 
|                                   |  |                    |     | 
|Foreign exchange spot and forwards |  |                    | 551 |  |                    |  | 3  |                    |  |  | 443                |  |  |  | (1 | )
|Currency options1                  |  |                    | 39  |  |                    |  | 2  |                    |  |  | 403                |  |  |  | 0  |  
|Interest rate instruments          |  |                    | 112 |  |                    |  | 0  |                    |  |  | 120                |  |  |  | 0  |  
|Commodity options                  |  |                    | 93  |  |                    |  | (3 | )                  |  |  |                    |  |  |  |    |  
|                                   |  |                    |     |  |                    |  |    |                    |  |  |                    |  |  |  |    |  
|Total                              |  |                    | 795 |  |                    |  | 2  |                    |  |  | 966                |  |  |  | (1 | )
|                                   |  |                    |     |  |                    |  |    |                    |  |  |                    |  |  |  |    |  



|1) | The notional
amount is delta adjusted.
|-- | --------------------------------------

33  Personnel

The following table presents the average number of employees of the Company:



|                                     |  |       |       |  |                |  |       |       |  |  |                |  |  |  |       | 
|------------------------------------ |  | ----- | ----- |  | -------------- |  | ----- | ----- |  |  | -------------- |  |  |  | ----- | 
|                                     |  | 2010  |       |  | 2011           | 
|                                     |  | Total |       |  | No. of females |  |       | Total |  |  | No. of females | 
|Parent Company:                      |  |       |       |  |                |  |       |       |  |  |                |  |  |  |       | 
|Board, CEO, Executive vice president |  |       | 3     |  |                |  |       |       |  |  | 3              |  |  |  |       | 
|Other employees                      |  |       | 25    |  |                |  | 15    |       |  |  | 23             |  |  |  | 14    | 
|Subsidiaries in Sweden               |  |       | 4,347 |  |                |  | 1,720 |       |  |  | 4,324          |  |  |  | 1,757 | 
|                                     |  |       |       |  |                |  |       |       |  |  |                |  |  |  |       | 
|Total Sweden                         |  |       | 4,375 |  |                |  | 1,735 |       |  |  | 4,350          |  |  |  | 1,771 | 
|                                     |  |       |       |  |                |  |       |       |  |  |                |  |  |  |       | 
|                                     |  |       |       | 
|Subsidiaries outside of Sweden       |  |       | 4,246 |  |                |  | 1,107 |       |  |  | 4,511          |  |  |  | 1,214 | 
|Shipborne employees                  |  |       | 1,226 |  |                |  | 7     |       |  |  | 1,381          |  |  |  | 10    | 
|                                     |  |       |       |  |                |  |       |       |  |  |                |  |  |  |       | 
|Total outside of Sweden              |  |       | 5,472 |  |                |  | 1,114 |       |  |  | 5,892          |  |  |  | 1,224 | 
|                                     |  |       |       |  |                |  |       |       |  |  |                |  |  |  |       | 
|Total Group                          |  |       | 9,847 |  |                |  | 2,849 |       |  |  | 10,242         |  |  |  | 2,995 | 
|                                     |  |       |       |  |                |  |       |       |  |  |                |  |  |  |       | 

Shipborne employees refers to drilling and shipping activities, which are performed world wide. For Ferry operations
(Stena Line), such persons have been allocated by country. The total number of shipborne employees in Stena Line in 2011 was 3,732 as compared to 3,749 in 2010.



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The following tables presents the wages, salaries and other remuneration of the employees of the Company



|                                |  |              |     |  |                |  |       |       |  |  |              |  |  |                |     |  |       |  |       |  |  |  |       | 
|------------------------------- |  | ------------ | --- |  | -------------- |  | ----- | ----- |  |  | ------------ |  |  | -------------- | --- |  | ----- |  | ----- |  |  |  | ----- | 
|                                |  | 2010         |     |  | 2011           | 
|SEK million                     |  | Boardand CEO |     |  | Otheremployees |  |       | Total |  |  | Boardand CEO |  |  | Otheremployees |     |  | Total | 
|                                |  |              |     |  |                | 
|Parent company                  |  |              | 12  |  |                |  | 35    |       |  |  | 47           |  |  |                | 12  |  |       |  | 32    |  |  |  | 44    | 
|Subsidiaries in Sweden          |  |              | 57  |  |                |  | 1,447 |       |  |  | 1,504        |  |  |                | 61  |  |       |  | 1,440 |  |  |  | 1,501 | 
|                                |  |              |     |  |                |  |       |       |  |  |              |  |  |                |     |  |       |  |       |  |  |  |       | 
|Total Sweden                    |  |              | 69  |  |                |  | 1,482 |       |  |  | 1,551        |  |  |                | 73  |  |       |  | 1,472 |  |  |  | 1,545 | 
|                                |  |              |     |  |                |  |       |       |  |  |              |  |  |                |     |  |       |  |       |  |  |  |       | 
|                                |  |              |     |  |                | 
|Subsidiaries outside of Sweden: |  |              |     |  |                |  |       |       |  |  |              |  |  |                |     |  |       |  |       |  |  |  |       | 
|Great Britain                   |  |              | 32  |  |                |  | 757   |       |  |  | 789          |  |  |                | 36  |  |       |  | 677   |  |  |  | 713   | 
|The Netherlands                 |  |              | 5   |  |                |  | 272   |       |  |  | 277          |  |  |                | 2   |  |       |  | 258   |  |  |  | 260   | 
|Denmark                         |  |              | 9   |  |                |  | 362   |       |  |  | 371          |  |  |                | 13  |  |       |  | 377   |  |  |  | 390   | 
|Ireland                         |  |              |     |  |                |  | 28    |       |  |  | 28           |  |  |                |     |  |       |  | 27    |  |  |  | 27    | 
|Norway                          |  |              | 1   |  |                |  | 32    |       |  |  | 33           |  |  |                | 1   |  |       |  | 52    |  |  |  | 53    | 
|Finland                         |  |              |     |  |                |  | 4     |       |  |  | 4            |  |  |                |     |  |       |  |       |  |  |  |       | 
|Poland                          |  |              | 1   |  |                |  | 10    |       |  |  | 11           |  |  |                | 1   |  |       |  | 11    |  |  |  | 12    | 
|Switzerland                     |  |              | 5   |  |                |  | 5     |       |  |  | 10           |  |  |                | 3   |  |       |  | 3     |  |  |  | 6     | 
|Spain                           |  |              | 2   |  |                |  | 47    |       |  |  | 49           |  |  |                | 2   |  |       |  | 43    |  |  |  | 45    | 
|Portugal                        |  |              |     |  |                |  | 3     |       |  |  | 3            |  |  |                |     |  |       |  | 3     |  |  |  | 3     | 
|France                          |  |              |     |  |                |  | 4     |       |  |  | 4            |  |  |                |     |  |       |  | 4     |  |  |  | 4     | 
|Luxembourg                      |  |              | 10  |  |                |  | 20    |       |  |  | 30           |  |  |                | 9   |  |       |  | 10    |  |  |  | 19    | 
|Greenland                       |  |              |     |  |                |  | 8     |       |  |  | 8            |  |  |                |     |  |       |  | 6     |  |  |  | 6     | 
|China                           |  |              | 6   |  |                |  | 16    |       |  |  | 22           |  |  |                | 5   |  |       |  | 19    |  |  |  | 24    | 
|Singapore                       |  |              | 1   |  |                |  | 30    |       |  |  | 31           |  |  |                | 1   |  |       |  | 39    |  |  |  | 40    | 
|Korea                           |  |              | 4   |  |                |  | 24    |       |  |  | 28           |  |  |                | 2   |  |       |  | 23    |  |  |  | 25    | 
|United States                   |  |              | 2   |  |                |  | 17    |       |  |  | 19           |  |  |                | 2   |  |       |  | 17    |  |  |  | 19    | 
|Brazil                          |  |              |     |  |                |  | 5     |       |  |  | 5            |  |  |                |     |  |       |  | 9     |  |  |  | 9     | 
|India                           |  |              | 1   |  |                |  | 6     |       |  |  | 7            |  |  |                | 1   |  |       |  | 5     |  |  |  | 6     | 
|United Arab Emirates            |  |              | 2   |  |                |  | 20    |       |  |  | 22           |  |  |                | 1   |  |       |  | 21    |  |  |  | 22    | 
|Other                           |  |              |     |  |                |  | 3     |       |  |  | 3            |  |  |                |     |  |       |  | 3     |  |  |  | 3     | 
|Shipborne employees             |  |              |     |  |                |  | 839   |       |  |  | 839          |  |  |                |     |  |       |  | 902   |  |  |  | 902   | 
|                                |  |              |     |  |                |  |       |       |  |  |              |  |  |                |     |  |       |  |       |  |  |  |       | 
|Total outside of Sweden         |  |              | 81  |  |                |  | 2,512 |       |  |  | 2,593        |  |  |                | 79  |  |       |  | 2,509 |  |  |  | 2,588 | 
|                                |  |              |     |  |                |  |       |       |  |  |              |  |  |                |     |  |       |  |       |  |  |  |       | 
|Total Group                     |  |              | 150 |  |                |  | 3,994 |       |  |  | 4,144        |  |  |                | 152 |  |       |  | 3,981 |  |  |  | 4,133 | 
|                                |  |              |     |  |                |  |       |       |  |  |              |  |  |                |     |  |       |  |       |  |  |  |       | 



|                                       |  |               |    |  |              |  |       |       |  |  |               |  |  |              |    |  |       |  |       |  |  |  |       | 
|-------------------------------------- |  | ------------- | -- |  | ------------ |  | ----- | ----- |  |  | ------------- |  |  | ------------ | -- |  | ----- |  | ----- |  |  |  | ----- | 
|Total personnel costs                  |  | 2010          |    |  | 2011         | 
|SEK million                            |  | Parentcompany |    |  | Subsidiaries |  |       | Total |  |  | Parentcompany |  |  | Subsidiaries |    |  | Total | 
|                                       |  |               |    |  |              | 
|Wages, salaries and other remuneration |  |               | 47 |  |              |  | 4,097 |       |  |  | 4,144         |  |  |              | 44 |  |       |  | 4,089 |  |  |  | 4,133 | 
|Pension costs                          |  |               | 13 |  |              |  | 437   |       |  |  | 450           |  |  |              | 30 |  |       |  | 336   |  |  |  | 366   | 
|Other social charges                   |  |               | 16 |  |              |  | 445   |       |  |  | 461           |  |  |              | 17 |  |       |  | 464   |  |  |  | 481   | 
|                                       |  |               |    |  |              |  |       |       |  |  |               |  |  |              |    |  |       |  |       |  |  |  |       | 
|Total                                  |  |               | 76 |  |              |  | 4,979 |       |  |  | 5,055         |  |  |              | 91 |  |       |  | 4,889 |  |  |  | 4,980 | 
|                                       |  |               |    |  |              |  |       |       |  |  |               |  |  |              |    |  |       |  |       |  |  |  |       | 

For Swedish-flagged vessels employed in international shipping activities, the Company has received a subsidy equal to
all social security costs and income taxes payable by the employers on behalf of employees who work on board such vessels. The amount of this subsidy in 2011 was SEK 332 million, out of which SEK 308 million related to ferry operations. In
2010, the amount of the subsidy was SEK 406 million, out of which SEK 383 million related to ferry operations. The amounts received have reduced personnel costs.

Remuneration of Senior Executives

Salaries of SEK 13 million were paid to the Chief
Executive Officer and the Executive Vice President in 2011 and SEK 12 million in 2010. The corresponding pension charges amounted to SEK 18 million in 2011 and SEK 2 million in 2010. The aggregate compensation paid by the Stena AB to
its directors (a total of nine



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persons, CEO included) amounted to MSEK 10 in 2011 same as in 2010. Of total salaries paid to other employees MSEK 37 were paid to other officers than the Chief Executive Officer, the Executive
Vice President and the board members in 2011 (a total of seven persons) and MSEK 36 in 2010.

The Chief Executive Officer has retirement
conditions allowing retirement from 65 years of age with a salary of 65% of the salary then valid. The period of notice from either parties is 12 months. Severance pay amounts to a maximum of 24 months salary. The board members of Stena AB were paid
SEK 250,000 in 2011, out of which SEK 50,000 was paid to the Chairman of the Board and SEK 25,000 was paid to each of the Chief Executive Officer and the Executive Vice President. In 2010, the board members of Stena AB were paid SEK
250,000, out of which SEK 50,000 was paid to the Chairman of the Board and SEK 25,000 was paid to each of the Chief Executive Officer and the Executive Vice President.

The Chairman of the Board has in addition invoiced SEK 3,311,000 and SEK 2,398,000 for consultations for the years 2011 and 2010 respectively.

Women comprised 22% (22%) of the total number of Board members. Of chief directors other than the Chief Executive Officer, the Executive Vice President and the board members women comprised 11%
(13%).

34  Related Party Transactions

We have entered into various transactions with other companies in the Stena Sphere, which includes the companies wholly owned by the Sten Allan Olsson family in Sweden, Sessan and Stena Metall and their
respective subsidiaries. Another significant company within the Stena Sphere is Concordia which is 52% owned by Sessan. Shares in Concordia are listed on Nasdaq OMX Stockholm. The significant transactions between the Company and its affiliates are
described below.

Concordia Maritime

Concordia and the Company (indirectly through Stena Bulk AB, a wholly owned subsidiary of the Company) are parties to an allocation agreement (the Allocation Agreement) pursuant to which
Concordia may elect to participate 100%, 50% or not to participate in business opportunities identified by Stena Bulk relating to the chartering of crude oil tankers. The net outcome of the agreement, including results of forward contracts, was in
2010 SEK 0.7 million and SEK 0 million in 2011.

We provide certain services to Concordia such as administration, marketing, commercial
management, insurance and technical support for Concordias owned and chartered vessels, including administration of jointly chartered vessels, offices and office services for Concordias personnel and certain financial and other services.
We earned fees for these services of SEK 37 million in 2010 and SEK 31 million in 2011.

Sessan

Since June 1999, we have served as the business manager of Sessan for its 50% participation in a Norwegian partnership that owns the shuttle tanker
Stena Sirita, which is chartered pursuant to a 10-year contract to ESSO Norway. In 2003, we also became the business manager of Sessan for its 50% participation in the shuttle tanker Stena Spirit, which is chartered pursuant to a
10-year contract to Petrobras in Brazil. We earned total fees for these services of SEK 1.5 million in each of the years 2010 and 2011.

In December 2002, we sold the remaining 50% of the RoPax vessel Stena Jutlandica to Sessan, which had acquired the first 50% of this vessel from
us in 1996. The vessel is chartered back under an operating lease, for which we paid charterhire of SEK 59 million in each of the years 2010 and 2011, respectively.

Stena Metall

We purchase a substantial part of our bunker fuel from Stena Metall. Such
purchases aggregated SEK 2,023 million and SEK 2,771 million in 2010 and 2011, respectively.



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We provide management and other services to Stena Metall. We received SEK 1 million in each of the
years 2010 and 2011 for these services.

In December 2008, we acquired the vessels Stena Nordica, Stena Freighter, Stena
Carrier and Mont Ventoux from Stena Metall at market value for a total of SEK 1,443 million. The consideration was paid through (i) the issuance of a loan note of SEK 682 million, bearing interest at market rate and maturing on
August 31, 2010, and (ii) the assumption by us of the outstanding bank loans relating to the acquired assets for a total amount of SEK 761 million. These loans were repaid during 2010.

Olsson family

We rent office space from
members of the Olsson family. In each of the years 2010 and 2011, we paid SEK 24 million and SEK 39 million, respectively, in respect of such properties.

We manage certain properties owned by members of the Olsson family. In each of the years 2010 and 2011, members of the Olsson family paid us SEK 14 million and SEK 15 million, respectively, for
such management services.

We have agreed to pay Sten A. Olsson and Dan Sten Olsson an annual indexed retirement benefit for life.

35  Subsequent events

In January
2012, a commercial property, with a total size of approximately 5,000 square meters, were acquired in London in the U.K for a total investment amount of GBP 22 million.

In February 2012 we sold Stena Navigator and in March 2012, we sold Stena Carribean.

In March 2012, we signed a time charter contract with LNG Shipping S.p.A. The time charter is for our LNG carrier, Stena Crystal Sky and the
contract period is 40 months. LNG Shipping S.p.A, is a company fully owned by the Italian Company, ENI.

The fourth DrillMax vessel, the
enhanced ice-classed ultra-deepwater drillship Stena IceMAX, was delivered in April 2012. In December 2011, a five year contract was signed with Shell for drilling services to be provided by Stena IceMAX with operational commencement
scheduled for second quarter 2012.

We have during April purchased four modern RoPax vessels, the Stena Mersey, Stena Lagan, Norman Voyager
and Watling Street. The first two vessels were already on bare-boat charter to Stena Line and the last two vessels are on charter to LD Lines and Scandlines A.G respectively.



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Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders

Stena
AB (publ)

Under date of April 27, 2012, we reported on the consolidated balance sheets of Stena AB (publ) and subsidiaries (the
Company) as of December 31, 2011 and 2010, and the related consolidated statements of income, comprehensive income, changes in shareholders equity and cash flows for each of the years in the three-year period ended December 31,
2011, which are included in the Companys Annual Report on Form 20-F for the year 2011. In connection with our audits of the aforementioned consolidated financial statements, we also audited the related consolidated financial statement
schedules included in the Form 20-F. These financial statement schedules are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statement schedules based on our audits.

In our opinion, such financial statement schedules, when considered in relation to the basic consolidated financial statements taken as a whole, present
fairly, in all material respects, the information set forth therein.

Gothenburg, Sweden

April 27, 2012

KPMG AB

Thomas Thiel

Authorized Public Accountant



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##### Table of Contents

Schedule II

Stena AB and Consolidated Subsidiaries

Valuation and Qualifying Accounts

Years ended December 31, 2010 and
2011



|                                 |  |                            |        |  |           |  |       |                   |  |  |            |  |  |                      |         |   |  |  |        | 
|-------------------------------- |  | -------------------------- | ------ |  | --------- |  | ----- | ----------------- |  |  | ---------- |  |  | -------------------- | ------- | - |  |  | ------ | 
|Description                      |  | Balance atBeginningof Year |        |  | Additions |  |       | Companiesacquired |  |  | Deductions |  |  | Balance atEndof Year |        
|                                 |  | (SEK in thousands)         |       
|                                 |  |                            |        |  |          
|Allowance for Doubtful Accounts: |  |                            |        |  |           |  |       |                   |  |  |            |  |  |                      |         |   |  |  |        | 
|                                 |  |                            |        |  |          
|December 31, 2010                |  |                            | 94,208 |  |           |  | 5,830 |                   |  |  |           |  |  |                      | (6,233  | ) |  |  | 93,805 | 
|December 31, 2011                |  |                            | 93,805 |  |           |  | 5,471 |                   |  |  |           |  |  |                      | (21,290 | ) |  |  | 77,986 | 

Notes:

Additions includes foreign currency translation effect



S-2



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##### Table of Contents

SCHEDULE III

SCHEDULE III

enclosure 1



|                             |  |                         |         |  |             |  |         |                     |  |  |              |  |  |  |          | 
|---------------------------- |  | ----------------------- | ------- |  | ----------- |  | ------- | ------------------- |  |  | ------------ |  |  |  | -------- | 
|Description Property data    |  | Encumbrances(Mortgages) |         |  | Marketvalue |  |         | Date ofconstruction |  |  | Dateacquired | 
|                             |  | TSEK                    |         |  | TSEK        |  |         |                     |  |  |              | 
|Järnbrott 126:4              |  |                         | 34,200  |  |             |  | 66,300  |                     |  |  | 1961         |  |  |  | 01/01/81 | 
|Kallebäck 7:8                |  |                         | 10,505  |  |             |  | 12,200  |                     |  |  | 1964         |  |  |  | 01/01/81 | 
|Kallebäck 12:4               |  |                         | 9,000   |  |             |  | 34,600  |                     |  |  | 1960         |  |  |  | 31/12/83 | 
|P-huset på Masthugget 712:30 |  |                         | 0       |  |             |  | 25,200  |                     |  |  |              |  |  |  |          | 
|Stampen 26:2                 |  |                         | 112,500 |  |             |  | 179,200 |                     |  |  | 1988         |  |  |  | 01/01/94 | 
|Järnbrott 164:22             |  |                         | 39,000  |  |             |  | 61,700  |                     |  |  | 1966         |  |  |  | 01/02/94 | 
|Sannegården 15:4             |  |                         | 9,759   |  |             |  | 71,800  |                     |  |  | 1973         |  |  |  | 01/01/83 | 
|Sannegården 15:5             |  |                         | 18,750  |  |             |  | 59,000  |                     |  |  | 1973         |  |  |  | 01/01/83 | 
|Sannegården 22:19            |  |                         | 0       |  |             |  | 29,200  |                     |  |  | 1973         |  |  |  | 01/01/83 | 
|Partille 3:234-5             |  |                         | 0       |  |             |  | 200     |                     |  |  |              |  |  |  | 01/01/83 | 
|Törnbotten 312 mfl           |  |                         | 0       |  |             |  | 0       |                     |  |  |              |  |  |  | 01/05/83 | 
|Askim 229:2                  |  |                         | 120,000 |  |             |  | 254,400 |                     |  |  | 1968/98      |  |  |  | 01/01/00 | 
|Askim 70:1                   |  |                         | 0       |  |             |  | 300     |                     |  |  | 1968/98      |  |  |  | 01/01/00 | 
|Askim 59:38                  |  |                         | 0       |  |             |  | 1,200   |                     |  |  | 1968/98      |  |  |  | 01/01/00 | 
|Linkärven 6                  |  |                         | 0       |  |             |  | 0       |                     |  |  | 1990         |  |  |  | 01/04/90 | 
|Järnbrott 144:5              |  |                         | 8,625   |  |             |  | 30,400  |                     |  |  | 1963         |  |  |  | 01/08/83 | 
|Kallebäck 4:1                |  |                         | 36,950  |  |             |  | 67,500  |                     |  |  | 1963         |  |  |  | 01/08/83 | 
|Kobbegården 257:3            |  |                         | 45,000  |  |             |  | 67,300  |                     |  |  | 1970         |  |  |  | 01/08/81 | 
|Kobbegården 257:1            |  |                         | 60,000  |  |             |  | 86,700  |                     |  |  | 1970         |  |  |  | 01/08/81 | 
|Kobbegården 257:2            |  |                         | 45,000  |  |             |  | 57,900  |                     |  |  | 1970         |  |  |  | 01/08/81 | 
|Kobbegården 151:2            |  |                         | 0       |  |             |  | 200     |                     |  |  |              |  |  |  |          | 
|Lerum Hallegården 1:246      |  |                         | 0       |  |             |  | 1,500   |                     |  |  |              |  |  |  |          | 
|Askim 70:2-3                 |  |                         | 75,375  |  |             |  | 167,000 |                     |  |  | 1968         |  |  |  | 01/08/81 | 
|Kobbegården 6:139            |  |                         | 0       |  |             |  | 25,100  |                     |  |  | 1974         |  |  |  | 01/03/86 | 
|Gullbergsvass 5:11           |  |                         | 78,000  |  |             |  | 124,100 |                     |  |  | 1988         |  |  |  | 01/04/94 | 
|Kobbegården 6:3              |  |                         | 0       |  |             |  | 314,100 |                     |  |  | 1970         |  |  |  | 12/97    | 
|Helsingör 10                 |  |                         | 39,500  |  |             |  | 87,800  |                     |  |  | 1964         |  |  |  | 01/05/81 | 
|Kockum 20                    |  |                         | 0       |  |             |  | 46,800  |                     |  |  | 1960         |  |  |  | 01/05/81 | 
|Kockum 21/22                 |  |                         | 23,700  |  |             |  | 57,200  |                     |  |  | 1962         |  |  |  | 01/01/82 | 
|Bilden 10                    |  |                         | 21,000  |  |             |  | 36,500  |                     |  |  | 1963         |  |  |  | 04/84    | 
|Almen 20                     |  |                         | 24,375  |  |             |  | 47,600  |                     |  |  | 1966         |  |  |  | 05/81    | 
|Frans Suell 14               |  |                         | 0       |  |             |  | 272,900 |                     |  |  | 1906/36      |  |  |  | 02/91    | 
|Frans Suell 8                |  |                         | 0       |  |             |  | 0       |                     |  |  | 1900/79      |  |  |  | 02/94    | 
|Frans Suell 10               |  |                         | 0       |  |             |  | 0       |                     |  |  | 1900/79      |  |  |  | 02/95    | 
|Solbacken 22                 |  |                         | 10,475  |  |             |  | 8,900   |                     |  |  | 1964         |  |  |  | 05/92    | 
|Pilåkern 1                   |  |                         | 83,700  |  |             |  | 219,800 |                     |  |  | 1959         |  |  |  | 05/81    | 
|Pilåkern 2                   |  |                         | 0       |  |             |  | 400     |                     |  |  | 1960/70      |  |  |  | 05/81    | 
|Almen 16                     |  |                         | 5,400   |  |             |  | 23,100  |                     |  |  | 1961         |  |  |  | 05/81    | 
|Leonard 1                    |  |                         | 194,000 |  |             |  | 315,500 |                     |  |  | 1970         |  |  |  | 11/00    | 
|Abel 14                      |  |                         | 80,000  |  |             |  | 215,600 |                     |  |  | 1973         |  |  |  | 11/00    | 
|Abel 15                      |  |                         | 45,000  |  |             |  | 0       |                     |  |  | 1973         |  |  |  | 11/00    | 
|Korpen 39                    |  |                         | 0       |  |             |  | 21,000  |                     |  |  | 1960/70      |  |  |  | 01/99    | 
|Laboratorn 4                 |  |                         | 16,800  |  |             |  | 38,900  |                     |  |  | 1960/70      |  |  |  | 01/99    | 
|Professorn 12                |  |                         | 11,900  |  |             |  | 23,100  |                     |  |  | 1960/70      |  |  |  | 01/99    | 
|Hilleröd 12                  |  |                         | 5,250   |  |             |  | 38,100  |                     |  |  | 1962         |  |  |  | 01/81    | 
|Solbacken 13                 |  |                         | 0       |  |             |  | 14,400  |                     |  |  | 1965         |  |  |  | 06/86    | 
|Hymnen 1                     |  |                         | 22,400  |  |             |  | 48,500  |                     |  |  | 1960/70      |  |  |  | 05/94    | 



S-3



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##### Table of Contents

|                     |  |  |           |  |  |  |           |  |  |  |         |  |  |  |       | 
|-------------------- |  |  | --------- |  |  |  | --------- |  |  |  | ------- |  |  |  | ----- | 
|Kantaten 1           |  |  | 42,000    |  |  |  | 88,100    |  |  |  | 1960/70 |  |  |  | 05/94 | 
|Kantaten 2           |  |  | 33,600    |  |  |  | 82,100    |  |  |  | 1960/70 |  |  |  | 05/94 | 
|Kantaten 3           |  |  | 37,800    |  |  |  | 92,400    |  |  |  | 1960/70 |  |  |  | 05/94 | 
|Kantaten 6           |  |  | 27,300    |  |  |  | 60,100    |  |  |  | 1960/70 |  |  |  | 05/94 | 
|Monbijou 18          |  |  | 50,000    |  |  |  | 88,600    |  |  |  |         |  |  |  | 2008  | 
|Bjärred 40:22        |  |  | 11,900    |  |  |  | 14,400    |  |  |  |         |  |  |  | 2008  | 
|Bjärred 9:6, 9:9-10  |  |  | 55,700    |  |  |  | 69,200    |  |  |  |         |  |  |  | 2008  | 
|Karstorp 22:19       |  |  | 0         |  |  |  | 3,000     |  |  |  |         |  |  |  | 2008  | 
|Karstorp 22:31       |  |  | 0         |  |  |  | 3,000     |  |  |  |         |  |  |  | 2008  | 
|Lomma 28:46          |  |  | 23,000    |  |  |  | 34,400    |  |  |  |         |  |  |  | 2008  | 
|Lomma 30:55          |  |  | 5,200     |  |  |  | 12,500    |  |  |  |         |  |  |  | 2008  | 
|Lomma 35:61          |  |  | 5,300     |  |  |  | 8,400     |  |  |  |         |  |  |  | 2008  | 
|Vinstorp 26:50-52    |  |  | 24,500    |  |  |  | 33,700    |  |  |  |         |  |  |  | 2008  | 
|Vinstorp 28:29, 33:1 |  |  | 24,400    |  |  |  | 36,900    |  |  |  |         |  |  |  | 2008  | 
|Docenten 6           |  |  | 13,500    |  |  |  | 29,600    |  |  |  | 1960/70 |  |  |  | 01/97 | 
|Laboratorn 2         |  |  | 20,700    |  |  |  | 46,800    |  |  |  | 1960/70 |  |  |  | 01/97 | 
|Professorn 9         |  |  | 19,400    |  |  |  | 40,600    |  |  |  | 1960/70 |  |  |  | 01/97 | 
|Professorn 11        |  |  | 21,800    |  |  |  | 45,000    |  |  |  | 1960/70 |  |  |  | 01/97 | 
|Laboratorn 3         |  |  | 21,800    |  |  |  | 46,200    |  |  |  | 1960/70 |  |  |  | 01/97 | 
|Altona 20 & 21       |  |  | 113,000   |  |  |  | 168,200   |  |  |  | 1966    |  |  |  | 09/98 | 
|Pontus 20            |  |  | 97,225    |  |  |  | 185,900   |  |  |  | 1935    |  |  |  | 04/01 | 
|Luggude 8            |  |  | 20,000    |  |  |  | 42,300    |  |  |  | 1967    |  |  |  | 04/01 | 
|Hämplingen 15        |  |  | 12,750    |  |  |  | 28,100    |  |  |  | 1964    |  |  |  | 04/01 | 
|Utanverket 13        |  |  | 48,750    |  |  |  | 74,100    |  |  |  | 1958    |  |  |  | 04/01 | 
|Kolga 6              |  |  | 55,000    |  |  |  | 120,800   |  |  |  | 1935    |  |  |  | 04/01 | 
|Ryttmästaren 17      |  |  | 0         |  |  |  | 63,100    |  |  |  | 1970    |  |  |  | 02/04 | 
|Fältspaten 1         |  |  | 60,000    |  |  |  | 75,100    |  |  |  | 1982    |  |  |  | 02/04 | 
|Masthugget 712:30    |  |  |           |  |  |  | 0         |  |  |  | 2005    |  |  |  | 2005  | 
|Halmstad 6:4 mfl     |  |  | 0         |  |  |  | 0         |  |  |  |         |  |  |  | 2005  | 
|Gårdsten 58:1        |  |  | 284,175   |  |  |  | 331,300   |  |  |  |         |  |  |  | 2006  | 
|Tynnered 13:2        |  |  | 225,000   |  |  |  | 315,900   |  |  |  |         |  |  |  | 2006  | 
|Gårda 18:21          |  |  | 0         |  |  |  | 57,600    |  |  |  |         |  |  |  | 2009  | 
|Gårda 19:7           |  |  | 0         |  |  |  | 120,300   |  |  |  |         |  |  |  | 2007  | 
|                     |  |  |           |  |  |  |           |  |  |  |         |  |  |  |       | 
|Total SFAB           |  |  | 2,639,964 |  |  |  | 5,670,900 |  |  |  |         |  |  |  |       | 



S-4



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##### Table of Contents

SCHEDULE III

enclosure 2



|                          |  |                         |         |  |             |  |           |                     |  |  |              |  |  |  |       | 
|------------------------- |  | ----------------------- | ------- |  | ----------- |  | --------- | ------------------- |  |  | ------------ |  |  |  | ----- | 
|Description Property data |  | Encumbrances(Mortgages) |         |  | Marketvalue |  |           | Date ofconstruction |  |  | Dateacquired | 
|                          |  | TSEK                    |         |  | TSEK        |  |           |                     |  |  |              | 
|Erstavik 26: 8            |  |                         | 20,800  |  |             |  | 41,300    |                     |  |  | 1971-75      |  |  |  | 12/96 | 
|Erstavik 26: 9            |  |                         | 21,078  |  |             |  | 33,700    |                     |  |  | 1971-75      |  |  |  | 12/96 | 
|Erstavik 26: 10           |  |                         | 20,500  |  |             |  | 32,700    |                     |  |  | 1971-75      |  |  |  | 12/96 | 
|Erstavik 26: 11           |  |                         | 47,500  |  |             |  | 88,600    |                     |  |  | 1971-75      |  |  |  | 12/96 | 
|Erstavik 26: 12           |  |                         | 44,900  |  |             |  | 83,400    |                     |  |  | 1971-75      |  |  |  | 12/96 | 
|Erstavik 26: 13           |  |                         | 42,100  |  |             |  | 77,900    |                     |  |  | 1971-75      |  |  |  | 12/96 | 
|Erstavik 26: 14           |  |                         | 37,200  |  |             |  | 68,900    |                     |  |  | 1971-75      |  |  |  | 12/96 | 
|Erstavik 26: 15           |  |                         | 36,208  |  |             |  | 66,900    |                     |  |  | 1971-75      |  |  |  | 12/96 | 
|Erstavik 26: 16           |  |                         | 36,700  |  |             |  | 68,000    |                     |  |  | 1971-75      |  |  |  | 12/96 | 
|Erstavik 26: 17           |  |                         | 36,800  |  |             |  | 67,700    |                     |  |  | 1971-75      |  |  |  | 12/96 | 
|Erstavik 26: 18           |  |                         | 41,200  |  |             |  | 75,400    |                     |  |  | 1971-75      |  |  |  | 12/96 | 
|Erstavik 26: 20           |  |                         | 7,000   |  |             |  | 12,700    |                     |  |  | 1971-75      |  |  |  | 12/96 | 
|Erstavik 26: 28           |  |                         | 14,700  |  |             |  | 28,400    |                     |  |  | 1971-75      |  |  |  | 12/96 | 
|Erstavik 26: 29           |  |                         | 15,225  |  |             |  | 28,400    |                     |  |  | 1971-75      |  |  |  | 12/96 | 
|Erstavik 26: 30           |  |                         | 14,800  |  |             |  | 26,000    |                     |  |  | 1971-75      |  |  |  | 12/96 | 
|Erstavik 26: 109          |  |                         | 40,600  |  |             |  | 75,000    |                     |  |  | 1971-75      |  |  |  | 12/96 | 
|Erstavik 26: 110          |  |                         | 40,800  |  |             |  | 78,900    |                     |  |  | 1971-75      |  |  |  | 12/96 | 
|Erstavik 26: 111          |  |                         | 37,600  |  |             |  | 68,500    |                     |  |  | 1971-75      |  |  |  | 12/96 | 
|Erstavik 26: 113          |  |                         | 38,900  |  |             |  | 70,400    |                     |  |  | 1971-75      |  |  |  | 12/96 | 
|Erstavik 26: 115          |  |                         | 38,900  |  |             |  | 72,200    |                     |  |  | 1971-75      |  |  |  | 12/96 | 
|Erstavik 26: 117          |  |                         | 41,500  |  |             |  | 74,700    |                     |  |  | 1971-75      |  |  |  | 12/96 | 
|Erstavik 26: 118          |  |                         | 41,200  |  |             |  | 75,800    |                     |  |  | 1971-75      |  |  |  | 12/96 | 
|Erstavik 26: 434          |  |                         | 0       |  |             |  | 6,700     |                     |  |  | 1971-75      |  |  |  | 12/96 | 
|                          |  |                         |         |  |             |  |           |                     |  |  |              |  |  |  |       | 
|TOTAL SFNAB               |  |                         | 716,211 |  |             |  | 1,322,200 |                     |  |  |              |  |  |  |       | 



S-5



---

##### Table of Contents

SCHEDULE III

enclosure 3



|                          |  |                         |           |  |             |  |           |                     |  |  |              |  |  |  |       | 
|------------------------- |  | ----------------------- | --------- |  | ----------- |  | --------- | ------------------- |  |  | ------------ |  |  |  | ----- | 
|Description Property data |  | Encumbrances(Mortgages) |           |  | Marketvalue |  |           | Date ofconstruction |  |  | Dateacquired | 
|                          |  | TSEK                    |           |  | TSEK        |  |           |                     |  |  |              | 
|Blackebergs Gård 1        |  |                         | 0         |  |             |  | 143,800   |                     |  |  | 1902         |  |  |  | 04/00 | 
|Hägern Större 16          |  |                         | 245,000   |  |             |  | 529,300   |                     |  |  | 1990         |  |  |  | 04/00 | 
|Tempelriddareorden 1      |  |                         | 17,500    |  |             |  | 32,300    |                     |  |  | 1964         |  |  |  | 12/01 | 
|Tempelriddareorden 2      |  |                         | 12,110    |  |             |  | 26,400    |                     |  |  | 1964         |  |  |  | 12/01 | 
|Tempelriddareorden 3      |  |                         | 32,900    |  |             |  | 72,400    |                     |  |  | 1964         |  |  |  | 12/01 | 
|Tempelriddareorden 4      |  |                         | 26,600    |  |             |  | 57,200    |                     |  |  | 1964         |  |  |  | 12/01 | 
|Tempelriddareorden 6      |  |                         | 12,950    |  |             |  | 26,200    |                     |  |  | 1964         |  |  |  | 12/01 | 
|Tempelriddareorden 7      |  |                         | 32,900    |  |             |  | 74,300    |                     |  |  | 1964         |  |  |  | 12/01 | 
|Tempelriddareorden 8      |  |                         | 16,450    |  |             |  | 32,800    |                     |  |  | 1964         |  |  |  | 12/01 | 
|Tempelriddareorden 9      |  |                         | 19,950    |  |             |  | 47,300    |                     |  |  | 1964         |  |  |  | 12/01 | 
|Söderbymalm 3:468         |  |                         | 177,910   |  |             |  | 241,700   |                     |  |  |              |  |  |  | 12/02 | 
|Skansen 18                |  |                         | 0         |  |             |  | 666,100   |                     |  |  | 1970         |  |  |  | 09/05 | 
|Ekebo 8:2                 |  |                         | 53,500    |  |             |  | 97,900    |                     |  |  |              |  |  |  | 2008  | 
|Ekebo 8:3                 |  |                         | 6,946     |  |             |  | -4,700    |                     |  |  |              |  |  |  | 2008  | 
|Ekebo 8:4                 |  |                         | 6,946     |  |             |  | -7,100    |                     |  |  |              |  |  |  | 2008  | 
|Ekebo 8:5                 |  |                         | 39,700    |  |             |  | 68,100    |                     |  |  |              |  |  |  | 2008  | 
|Ekebo 8:8                 |  |                         | 97,100    |  |             |  | 179,800   |                     |  |  |              |  |  |  | 2008  | 
|Vilunda 6:39              |  |                         | 103,400   |  |             |  | 179,400   |                     |  |  |              |  |  |  | 2008  | 
|Eksätra 1                 |  |                         | 40,697    |  |             |  | 75,100    |                     |  |  |              |  |  |  | 2008  | 
|Eksätra 2                 |  |                         | 26,250    |  |             |  | 45,200    |                     |  |  |              |  |  |  | 2008  | 
|Högsätra 9                |  |                         | 30,750    |  |             |  | 53,800    |                     |  |  |              |  |  |  | 2008  | 
|Jungruholmen 2            |  |                         | 69,179    |  |             |  | 101,100   |                     |  |  |              |  |  |  | 2008  | 
|Björksätra 1              |  |                         | 13,125    |  |             |  | 23,500    |                     |  |  |              |  |  |  | 2008  | 
|                          |  |                         |           |  |             |  |           |                     |  |  |              |  |  |  |       | 
|TOTAL SFSAB               |  |                         | 1,081,862 |  |             |  | 2,761,900 |                     |  |  |              |  |  |  |       | 

SCHEDULE III

enclosure 4



|                          |  |                         |         |  |             |  |         |                     |  |  |              |  |  |  |       | 
|------------------------- |  | ----------------------- | ------- |  | ----------- |  | ------- | ------------------- |  |  | ------------ |  |  |  | ----- | 
|Description Property data |  | Encumbrances(Mortgages) |         |  | Marketvalue |  |         | Date ofconstruction |  |  | Dateacquired | 
|                          |  | TSEK                    |         |  | TSEK        |  |         |                     |  |  |              | 
|Haninge Söderbymalm 6:9   |  |                         | 15,000  |  |             |  | 41,500  |                     |  |  | 1955         |  |  |  | 07/01 | 
|Haninge Söderbymalm 6:10  |  |                         | 28,000  |  |             |  | 75,200  |                     |  |  | 1956         |  |  |  | 07/01 | 
|Haninge Söderbymalm 3:328 |  |                         | 9,000   |  |             |  | 25,000  |                     |  |  | 1956         |  |  |  | 07/01 | 
|Haninge Söderbymalm 3:329 |  |                         | 10,000  |  |             |  | 27,700  |                     |  |  | 1956         |  |  |  | 07/01 | 
|Haninge Söderbymalm 3:333 |  |                         | 9,000   |  |             |  | 22,800  |                     |  |  | 1957         |  |  |  | 07/01 | 
|Haninge Söderbymalm 3:372 |  |                         | 9,000   |  |             |  | 29,100  |                     |  |  | 1964         |  |  |  | 07/01 | 
|Haninge Söderbymalm 3:337 |  |                         | 49,250  |  |             |  | 123,900 |                     |  |  | 1964         |  |  |  | 07/01 | 
|Haninge Söderbymalm 9:1   |  |                         | 29,000  |  |             |  | 78,400  |                     |  |  | 1964         |  |  |  | 07/01 | 
|Haninge Söderbymalm 9:2   |  |                         | 26,000  |  |             |  | 71,100  |                     |  |  | 1964         |  |  |  | 07/01 | 
|Haninge Söderbymalm 6:13  |  |                         | 10,500  |  |             |  | 33,200  |                     |  |  | 1964         |  |  |  | 07/01 | 
|Haninge Söderbymalm 6:14  |  |                         | 0       |  |             |  | 92,100  |                     |  |  | 1964         |  |  |  | 07/01 | 
|Haninge Söderbymalm 6:15  |  |                         | 18,250  |  |             |  | 51,600  |                     |  |  | 1962         |  |  |  | 07/01 | 
|Haninge Söderbymalm 6:16  |  |                         | 0       |  |             |  | 20,300  |                     |  |  | 1962         |  |  |  | 07/01 | 
|Haninge Söderbymalm 7:16  |  |                         | 56,500  |  |             |  | 151,900 |                     |  |  | 1963         |  |  |  | 07/01 | 
|Haninge Söderbymalm 3:395 |  |                         | 14,750  |  |             |  | 34,000  |                     |  |  | 1967         |  |  |  | 07/01 | 
|Haninge Söderbymalm 3:476 |  |                         | 45,250  |  |             |  | 96,600  |                     |  |  | 1985         |  |  |  | 07/01 | 
|                          |  |                         |         |  |             |  |         |                     |  |  |              |  |  |  |       | 
|Totalt SFHKB              |  |                         | 329,500 |  |             |  | 909,600 |                     |  |  |              |  |  |  |       | 



S-6



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##### Table of Contents

SCHEDULE III

enclosure 5



|                                   |  |                         |         |  |             |  |          |                     |  |  |              |  |  |  |       | 
|---------------------------------- |  | ----------------------- | ------- |  | ----------- |  | -------- | ------------------- |  |  | ------------ |  |  |  | ----- | 
|Description Property data          |  | Encumbrances(Mortgages) |         |  | Marketvalue |  |          | Date ofconstruction |  |  | Dateacquired | 
|                                   |  | TSEK                    |         |  | TSEK        |  |          |                     |  |  |              | 
|Höken 56, 57, Malmö                |  |                         | 78,370  |  |             |  | 150,300  |                     |  |  | 1984         |  |  |  | 2004  | 
|Jerusalem 69, 70 Malmö             |  |                         | 38,250  |  |             |  | 65,800   |                     |  |  | 1966         |  |  |  | 2004  | 
|Möllebacken 23, Malmö              |  |                         | 81,106  |  |             |  | 193,200  |                     |  |  | 1983         |  |  |  | 2004  | 
|Stralsund 33, Malmö                |  |                         | 90,102  |  |             |  | 226,600  |                     |  |  | 1974         |  |  |  | 2004  | 
|Björnen 4, Malmö                   |  |                         | 25,715  |  |             |  | 45,000   |                     |  |  | 1986         |  |  |  | 2004  | 
|Gabriel 9, Malmö                   |  |                         | 74,573  |  |             |  | 155,100  |                     |  |  | 1985         |  |  |  | 2004  | 
|Mården 3, Malmö                    |  |                         | 56,361  |  |             |  | 120,000  |                     |  |  | 1988         |  |  |  | 2004  | 
|Axel 33, Malmö                     |  |                         | 163,307 |  |             |  | 416,800  |                     |  |  | 1988         |  |  |  | 2004  | 
|Bornholm 6, Malmö                  |  |                         | 77,337  |  |             |  | 155,900  |                     |  |  | 1975         |  |  |  | 2004  | 
|Granen 14, Malmö                   |  |                         | 28,293  |  |             |  | 66,900   |                     |  |  | 1979         |  |  |  | 2004  | 
|Fretten 11, 13 Malmö               |  |                         | 88,167  |  |             |  | 200,800  |                     |  |  | 1979         |  |  |  | 2004  | 
|Nötskrikan 17, Malmö               |  |                         | 43,669  |  |             |  | 93,100   |                     |  |  | 1900         |  |  |  | 2004  | 
|Jägaren 1, Nöbb. 2:15              |  |                         | 0       |  |             |  | 12,600   |                     |  |  | 1980         |  |  |  | 2004  | 
|Jägaren 2-3                        |  |                         | 250,000 |  |             |  | 167,900  |                     |  |  | 1973         |  |  |  | 2004  | 
|Villebrådet 1                      |  |                         | 0       |  |             |  | 74,200   |                     |  |  | 1973         |  |  |  | 2,004 | 
|Kilen 18, Lund                     |  |                         | 0       |  |             |  | 188,800  |                     |  |  | 1990         |  |  |  | 2004  | 
|Kilen 19, Lund                     |  |                         | 66,385  |  |             |  | 117,400  |                     |  |  | 1992         |  |  |  | 2004  | 
|Cedern 17                          |  |                         | 0       |  |             |  | 76,900   |                     |  |  | 1970         |  |  |  | 2004  | 
|Danzig 22                          |  |                         | 15,975  |  |             |  | 28,500   |                     |  |  | 1961         |  |  |  | 2004  | 
|Elefanten 41                       |  |                         | 91,948  |  |             |  | 135,100  |                     |  |  | 1989         |  |  |  | 2004  | 
|Hermodsdal 2                       |  |                         | 21,675  |  |             |  | 42,400   |                     |  |  | 1963         |  |  |  | 2004  | 
|Lars 4                             |  |                         | 14,790  |  |             |  | 30,100   |                     |  |  | 1958         |  |  |  | 2004  | 
|Mjödet 11                          |  |                         | 75,225  |  |             |  | 112,900  |                     |  |  | 1968         |  |  |  | 2004  | 
|Stacken 11                         |  |                         | 21,420  |  |             |  | 44,600   |                     |  |  | 1960         |  |  |  | 2004  | 
|Vårdkasen 2                        |  |                         | 0       |  |             |  | 16,500   |                     |  |  | 1968         |  |  |  | 2004  | 
|Hörby Häggenäs 9:62                |  |                         | 0       |  |             |  | 500      |                     |  |  | Other        |  |  |  | 2004  | 
|Tolered 129:25-26, 35-36, 122:2-3  |  |                         | 80,750  |  |             |  | 336,500  |                     |  |  | 1960         |  |  |  | 2004  | 
|Gårdsten 62:17                     |  |                         | 196,000 |  |             |  | 237,900  |                     |  |  |              |  |  |  |       | 
|Järnbrott 117:5-6                  |  |                         | 280,000 |  |             |  | 479,000  |                     |  |  | 1962         |  |  |  | 2004  | 
|Kortedala 92:5, 92:8, 93:2         |  |                         | 70,550  |  |             |  | 128,400  |                     |  |  | 1958         |  |  |  | 2004  | 
|Kortedala 105:5                    |  |                         | 41,752  |  |             |  | 68,600   |                     |  |  | 1957         |  |  |  | 2004  | 
|Kortedala 105:3 mfl                |  |                         | 157,998 |  |             |  | 269,300  |                     |  |  | 1956         |  |  |  | 2004  | 
|Johanneberg 39:15                  |  |                         | 140,269 |  |             |  | 251,300  |                     |  |  | 1981         |  |  |  | 2004  | 
|Backa 7:12 mfl                     |  |                         | 136,000 |  |             |  | 251,600  |                     |  |  | 1965         |  |  |  | 2004  | 
|Backa 886:694-695                  |  |                         | 0       |  |             |  | 9,400    |                     |  |  | Other        |  |  |  | 2004  | 
|Tynnered 27:9                      |  |                         | 615,750 |  |             |  | 899,300  |                     |  |  | 1967         |  |  |  | 2004  | 
|Prästhult 1:6                      |  |                         | 0       |  |             |  | 300      |                     |  |  | Land         |  |  |  | 2004  | 
|Tolered 157:2, 158:9, 162:2, 163:2 |  |                         | 183,600 |  |             |  | 335,400  |                     |  |  | 1960         |  |  |  | 2004  | 
|Jursta 3:5 och Jursta 3:6          |  |                         | 0       |  |             |  | 80,500   |                     |  |  | Other        |  |  |  | 2004  | 
|Jursta 3:6                         |  |                         | 0       |  |             |  | 0        |                     |  |  | Other        |  |  |  | 2004  | 
|Kungsängen 7:6, Uppsala            |  |                         | 32,400  |  |             |  | 65,600   |                     |  |  | 1961         |  |  |  | 2004  | 
|Luthagen 80:1, Uppsala             |  |                         | 125,600 |  |             |  | 269,000  |                     |  |  | 1991         |  |  |  | 2004  | 
|Kvarngärdet 15:1, Uppsala          |  |                         | 204,000 |  |             |  | (309,200 | )                   |  |  | 1963         |  |  |  | 2,004 | 
|Kvarngärdet 16:1, Uppsala          |  |                         | 0       |  |             |  | 298,800  |                     |  |  | 1963         |  |  |  | 2,004 | 
|Kvarngärdet 16:2, Uppsala          |  |                         | 0       |  |             |  | 0        |                     |  |  | 1963         |  |  |  | 2,004 | 
|Kvarngärdet 17:1, Uppsala          |  |                         | 0       |  |             |  | 205,700  |                     |  |  | 1963         |  |  |  | 2,004 | 
|Kvarngärdet 17:2, Uppsala          |  |                         | 0       |  |             |  | (1,300   | )                   |  |  | 1963         |  |  |  | 2,004 | 
|Kvarngärdet 18:1, Uppsala          |  |                         | 0       |  |             |  | 82,800   |                     |  |  | 1963         |  |  |  | 2,004 | 
|Kvarngärdet 18:2, Uppsala          |  |                         | 0       |  |             |  | 136,600  |                     |  |  | 1963         |  |  |  | 2,004 | 
|Kvarngärdet 19:1, Uppsala          |  |                         | 0       |  |             |  | 92,300   |                     |  |  | 1963         |  |  |  | 2,004 | 
|Kvarngärdet 19:2, Uppsala          |  |                         | 0       |  |             |  | (800     | )                   |  |  | 1963         |  |  |  | 2,004 | 



S-7



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##### Table of Contents

|                                 |  |  |           |  |  |  |            |   |  |  |       |  |  |  |       | 
|-------------------------------- |  |  | --------- |  |  |  | ---------- | - |  |  | ----- |  |  |  | ----- | 
|Kvarngärdet 19:3, Uppsala        |  |  | 0         |  |  |  | (600       | ) |  |  | 1963  |  |  |  | 2,004 | 
|Brahehus 1, Malmö                |  |  | 59,450    |  |  |  | 139,400    |   |  |  | 1957  |  |  |  | 2004  | 
|Holmen 1, Malmö                  |  |  | 116,564   |  |  |  | 188,400    |   |  |  | 1982  |  |  |  | 2004  | 
|Martallen 25, Sthlm              |  |  | 0         |  |  |  | 14,200     |   |  |  | 1931  |  |  |  | 2004  | 
|Martallen 26, Sthlm              |  |  | 0         |  |  |  | 9,500      |   |  |  | 1932  |  |  |  | 2005  | 
|Källsmora 1:92 (ryttarfastighet) |  |  | 0         |  |  |  | 500        |   |  |  | 1929  |  |  |  | 2004  | 
|Wahrenberg 11                    |  |  | 155,200   |  |  |  | 280,400    |   |  |  | 1939  |  |  |  | 2004  | 
|Sjukhuset 3                      |  |  | 132,510   |  |  |  | 150,900    |   |  |  | 1950  |  |  |  | 2004  | 
|Tornet 10                        |  |  | 81,280    |  |  |  | 80,700     |   |  |  | 1969  |  |  |  | 2004  | 
|Tornet 11                        |  |  | 0         |  |  |  | 16,800     |   |  |  | 1969  |  |  |  | 2004  | 
|Tornet 12                        |  |  | 0         |  |  |  | 53,900     |   |  |  | 1969  |  |  |  | 2004  | 
|Vale 9                           |  |  | 12,000    |  |  |  | 44,900     |   |  |  | 1961  |  |  |  | 2004  | 
|Odinslund 6                      |  |  | 70,000    |  |  |  | 104,600    |   |  |  | 1925  |  |  |  | 2004  | 
|Dalkarlshugget 2                 |  |  | 127,500   |  |  |  | 299,400    |   |  |  | 1967  |  |  |  | 2004  | 
|Rosenbrödet 1                    |  |  | 0         |  |  |  | 52,400     |   |  |  | 1963  |  |  |  | 2004  | 
|Smörrutan 1                      |  |  | 0         |  |  |  | 79,200     |   |  |  | 1964  |  |  |  | 2004  | 
|Wienerbrödet 1                   |  |  | 79,500    |  |  |  | 157,700    |   |  |  | 1907  |  |  |  | 2004  | 
|Wienerkransen 3, 4               |  |  | 52,105    |  |  |  | 150,300    |   |  |  | 1889  |  |  |  | 2004  | 
|Wienerkransen 1                  |  |  | 0         |  |  |  | 49,600     |   |  |  | 1888  |  |  |  | 2004  | 
|Stativet 4                       |  |  | 138,000   |  |  |  | 280,500    |   |  |  | 1942  |  |  |  | 2004  | 
|Jakobsberg 2:1164                |  |  | 0         |  |  |  | 58,400     |   |  |  | 1989  |  |  |  | 2004  | 
|Sjukhuset 16                     |  |  | 90,000    |  |  |  | 0          |   |  |  |       |  |  |  |       | 
|Järvakrogen 2                    |  |  | 9,500     |  |  |  | 18,400     |   |  |  | Other |  |  |  | 2004  | 
|Sikreno 8                        |  |  | 0         |  |  |  | 6,500      |   |  |  | 1924  |  |  |  | 2004  | 
|Stockshem 10                     |  |  | 0         |  |  |  | 83,800     |   |  |  | 1903  |  |  |  | 2004  | 
|Täckeråker 1:8, 1:9, 2:11        |  |  | 0         |  |  |  | 0          |   |  |  | 1991  |  |  |  | 2004  | 
|Täckeråker 2:11, 2:14            |  |  | 0         |  |  |  | 3,700      |   |  |  | Other |  |  |  | 2004  | 
|Pylonen 1                        |  |  | 0         |  |  |  | 43,100     |   |  |  | 1972  |  |  |  | 2004  | 
|Tornet 1                         |  |  | 0         |  |  |  | 43,100     |   |  |  | 1972  |  |  |  | 2004  | 
|Sfären 1-9, Solna                |  |  | 235,000   |  |  |  | 420,800    |   |  |  | 1938  |  |  |  | 2004  | 
|Tvålflingan 5                    |  |  | 0         |  |  |  | 129,300    |   |  |  | 1973  |  |  |  | 2004  | 
|Tvålflingan 9                    |  |  | 182,500   |  |  |  | 341,500    |   |  |  |       |  |  |  |       | 
|Autopiloten 5,9, Stockholm       |  |  | 21,996    |  |  |  | 32,000     |   |  |  | Other |  |  |  | 2004  | 
|Stockhem 11                      |  |  | 0         |  |  |  | 70,600     |   |  |  | Other |  |  |  | 2004  | 
|Wahrenberg 9                     |  |  | 83,500    |  |  |  | 213,400    |   |  |  | Other |  |  |  | 2004  | 
|Wahrenberg 10                    |  |  | 49,200    |  |  |  | 86,900     |   |  |  | Other |  |  |  | 2004  | 
|Sicklaön 360:7                   |  |  | 121,500   |  |  |  | 222,000    |   |  |  |       |  |  |  |       | 
|Briggen 1                        |  |  | 0         |  |  |  | 55,300     |   |  |  |       |  |  |  |       | 
|Briggen 2                        |  |  | 0         |  |  |  | 27,000     |   |  |  |       |  |  |  |       | 
|Blackebergs Gård 4               |  |  | 0         |  |  |  | 61,100     |   |  |  |       |  |  |  |       | 
|Blackebergs Gård 5               |  |  | 0         |  |  |  | 18,300     |   |  |  |       |  |  |  |       | 
|Lomma 25:96                      |  |  | 0         |  |  |  | 6,200      |   |  |  |       |  |  |  |       | 
|                                 |  |  |           |  |  |  |            |   |  |  |       |  |  |  |       | 
|Total SFFAB                      |  |  | 5,484,642 |  |  |  | 11,219,000 |   |  |  |       |  |  |  |       | 





S-8



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##### Table of Contents

SCHEDULE III

enclosure 6



|                          |  |                         |           |  |             |  |           |                     |  |  |              |  |  |  |        | 
|------------------------- |  | ----------------------- | --------- |  | ----------- |  | --------- | ------------------- |  |  | ------------ |  |  |  | ------ | 
|Description Property data |  | Encumbrances(Mortgages) |           |  | Marketvalue |  |           | Date ofconstruction |  |  | Dateacquired | 
|                          |  | TSEK                    |           |  | TSEK        |  |           |                     |  |  |              | 
|Archimedeslaan            |  |                         | 60,392    |  |             |  | 90,354    |                     |  |  | 1996         |  |  |  | 03/06  | 
|Atoomweg                  |  |                         | 68,428    |  |             |  | 31,738    |                     |  |  | 1979         |  |  |  | 07/02  | 
|Brain Park 30             |  |                         | 34,660    |  |             |  | 40,683    |                     |  |  | 1988         |  |  |  | 05/04  | 
|Brain Park 80             |  |                         | 10,465    |  |             |  | 18,192    |                     |  |  | 1989         |  |  |  | 11/89  | 
|Brain Park 120            |  |                         | 14,481    |  |             |  | 28,760    |                     |  |  | 1989         |  |  |  | 11/89  | 
|Breguetlaan               |  |                         | 23,357    |  |             |  | 29,848    |                     |  |  | 1992         |  |  |  | 04/06  | 
|Cessnalaan                |  |                         | 29,157    |  |             |  | 34,672    |                     |  |  | 1997         |  |  |  | 01/006 | 
|Eisenhowerlaan            |  |                         | 23,034    |  |             |  | 20,511    |                     |  |  | 1979         |  |  |  | 01/02  | 
|Euclideslaan              |  |                         | 0         |  |             |  | 58,349    |                     |  |  | 1992         |  |  |  | 09/09  | 
|Haspelslaan               |  |                         | 46,818    |  |             |  | 58,794    |                     |  |  | 1986         |  |  |  | 07/01  | 
|Hogehilweg 6              |  |                         | 35,680    |  |             |  | 33,325    |                     |  |  | 1986         |  |  |  | 07/06  | 
|Keizersgracht             |  |                         | 12,096    |  |             |  | 41,904    |                     |  |  | 1750         |  |  |  | 10/88  | 
|Kiotoweg                  |  |                         | 43,267    |  |             |  | 47,201    |                     |  |  | 2002         |  |  |  | 08/02  | 
|Koninginnegracht 10       |  |                         | 5,894     |  |             |  | 44,312    |                     |  |  | 1984         |  |  |  | 06/98  | 
|Koninginnegracht 12       |  |                         | 6,861     |  |             |  | 33,406    |                     |  |  | 1984         |  |  |  | 06/98  | 
|Koninginnegracht 13       |  |                         | 14,969    |  |             |  | 32,193    |                     |  |  | 1990         |  |  |  | 12/97  | 
|Koninginnegracht 14       |  |                         | 31,212    |  |             |  | 40,486    |                     |  |  | 1994         |  |  |  | 09/01  | 
|Koninginnegracht 23       |  |                         | 25,121    |  |             |  | 28,760    |                     |  |  | 1971         |  |  |  | 01/02  | 
|Lichtenauerlaan           |  |                         | 30,182    |  |             |  | 35,305    |                     |  |  | 1997         |  |  |  | 03/04  | 
|Max Euwelaan              |  |                         | 35,360    |  |             |  | 29,527    |                     |  |  | 1988         |  |  |  | 05/04  | 
|Markthalle                |  |                         | 9,631     |  |             |  | 35,127    |                     |  |  | 1987         |  |  |  | 12/87  | 
|Nacap                     |  |                         | 24,772    |  |             |  | 27,898    |                     |  |  | 1989         |  |  |  | 07/89  | 
|Nacap01                   |  |                         | 78,839    |  |             |  | 75,101    |                     |  |  | 1989         |  |  |  | 11/05  | 
|New York 3, Lijnden       |  |                         | 31,390    |  |             |  | 35,787    |                     |  |  | 2001         |  |  |  | 12/01  | 
|New York 9, Lijnden       |  |                         | 28,348    |  |             |  | 26,958    |                     |  |  | 2001         |  |  |  | 12/01  | 
|Nieuwezijds Kolk          |  |                         | 42,875    |  |             |  | 57,029    |                     |  |  | 1996         |  |  |  | 04/05  | 
|Parkstraat                |  |                         | 43,796    |  |             |  | 67,132    |                     |  |  | 1880         |  |  |  | 10/09  | 
|Park Voorn                |  |                         | 46,610    |  |             |  | 36,197    |                     |  |  | 1989         |  |  |  | 10/89  | 
|Park Voorn 9              |  |                         | 14,788    |  |             |  | 31,899    |                     |  |  | 1989         |  |  |  | 02/06  | 
|Paviljoensgracht          |  |                         | 48,596    |  |             |  | 55,076    |                     |  |  | 1981         |  |  |  | 12/99  | 
|San Francisco, Lijnden    |  |                         | 1,789     |  |             |  | 2,524     |                     |  |  | 2002         |  |  |  | 03/02  | 
|Scheveningseweg           |  |                         | 27,748    |  |             |  | 42,092    |                     |  |  | 1988         |  |  |  | 04/04  | 
|Schipolweg                |  |                         | 39,987    |  |             |  | 73,642    |                     |  |  | 1986         |  |  |  | 12/02  | 
|Stadhouderskade           |  |                         | 55,389    |  |             |  | 197,804   |                     |  |  | 1928         |  |  |  | 10/96  | 
|Rooseveltweg              |  |                         | 25,359    |  |             |  | 34,993    |                     |  |  | 1995         |  |  |  | 06/03  | 
|Rooseveltweg 11           |  |                         | 36,917    |  |             |  | 36,402    |                     |  |  | 2002         |  |  |  | 08/06  | 
|Veraartlaan               |  |                         | 19,042    |  |             |  | 22,642    |                     |  |  | 1978         |  |  |  | 08/99  | 
|Volmerlaan                |  |                         | 36,438    |  |             |  | 21,099    |                     |  |  | 1978         |  |  |  | 02/90  | 
|Westblaak                 |  |                         | 37,579    |  |             |  | 91,656    |                     |  |  | 1976         |  |  |  | 12/06  | 
|Wilhelminalaan            |  |                         | 30,478    |  |             |  | 61,835    |                     |  |  | 1979         |  |  |  | 05/97  | 
|Zeestraat                 |  |                         | 40,672    |  |             |  | 41,985    |                     |  |  | 1982         |  |  |  | 10/00  | 
|Adjustment                |  |                         | 573,292   |  |             |  |           |                     |  |  |              |  |  |  |        | 
|                          |  |                         |           |  |             |  |           |                     |  |  |              |  |  |  |        | 
|Total SRBV                |  |                         | 1,845,771 |  |             |  | 1,853,196 |                     |  |  |              |  |  |  |        | 



S-9



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##### Table of Contents

SCHEDULE III

enclosure 7



|                            |  |                         |           |  |             |  |           |                     |  |  |              |  |  |  |       | 
|--------------------------- |  | ----------------------- | --------- |  | ----------- |  | --------- | ------------------- |  |  | ------------ |  |  |  | ----- | 
|Description Property data   |  | Encumbrances(Mortgages) |           |  | Marketvalue |  |           | Date ofConstruction |  |  | DateAcquired | 
|                            |  | TSEK                    |           |  | TSEK        |  |           |                     |  |  |              | 
|Hogehilweg                  |  |                         | 44,589    |  |             |  | 58,215    |                     |  |  | 1986         |  |  |  | 09/05 | 
|Rue Brasseur, Luxemburg     |  |                         | 153,161   |  |             |  | 220,463   |                     |  |  | 1992         |  |  |  | 04/92 | 
|Sophia Antipolis, Nice      |  |                         | 12,235    |  |             |  | 24,128    |                     |  |  | 1989         |  |  |  | 03/90 | 
|Schiessstrasse, Duesseldorf |  |                         | 39,107    |  |             |  | 50,082    |                     |  |  | 1990         |  |  |  | 06/89 | 
|WTC Sophia Antipolis        |  |                         | 91,977    |  |             |  | 202,129   |                     |  |  | 1990         |  |  |  | 12/00 | 
|Font de ́l orme              |  |                         | 28,492    |  |             |  | 46,126    |                     |  |  | 1989         |  |  |  | 09/03 | 
|Les Deux Arcs               |  |                         | 91,852    |  |             |  | 144,342   |                     |  |  | 2003         |  |  |  | 12/04 | 
|Marco Polo                  |  |                         | 165,200   |  |             |  | 260,138   |                     |  |  | 2003         |  |  |  | 12/06 | 
|Ecolucioles                 |  |                         | 89,890    |  |             |  | 127,594   |                     |  |  | 2008         |  |  |  | 06/09 | 
|Pin Montard                 |  |                         | 96,133    |  |             |  | 149,309   |                     |  |  | 1999         |  |  |  | 12/09 | 
|Weslayan                    |  |                         | 8,249     |  |             |  | 44,685    |                     |  |  | 1979         |  |  |  | 04/09 | 
|Woodbranch 1+2              |  |                         | 49,497    |  |             |  | 226,047   |                     |  |  | 1979/1983    |  |  |  | 04/09 | 
|Hungary                     |  |                         | 46,818    |  |             |  | 50,546    |                     |  |  | 1912         |  |  |  | 10/08 | 
|Leman Street                |  |                         | 208,258   |  |             |  | 347,812   |                     |  |  | 1977         |  |  |  | 07/11 | 
|Adjustment                  |  |                         | 773,292   |  |             |  |           |                     |  |  |              |  |  |  |       | 
|                            |  |                         |           |  |             |  |           |                     |  |  |              |  |  |  |       | 
|Total SPBV                  |  |                         | 1,898,751 |  |             |  | 1,951,615 |                     |  |  |              |  |  |  |       | 

SCHEDULE III

enclosure 8



|                          |  |                         |           |  |                                           |  |         |                                 |  |  |        |   |  |                         |         |  |               |  |          |   |  |  |         | 
|------------------------- |  | ----------------------- | --------- |  | ----------------------------------------- |  | ------- | ------------------------------- |  |  | ------ | - |  | ----------------------- | ------- |  | ------------- |  | -------- | - |  |  | ------- | 
|Description Property data |  | Encumbrances(Mortgages) |           |  | Initial costto 
companyBuildings and land |  |         | Additions/DisposalsImprovements |  |  | Total  |   |  | AccumulatedDepreciation |         |  | Net bookvalue | 
|                          |  | TSEK                    |           |  | TSEK                                      |  |         | TSEK                            |  |  | TSEK   |   |  | TSEK                    |         |  | TSEK          | 
|Hotel Fredrikshavn        |  |                         | 1,060,240 |  |                                           |  | 226,198 |                                 |  |  | (1,666 | ) |  |                         | 224,532 |  |               |  | (153,915 | ) |  |  | 70,617  | 
|Hotel Grenå               |  |                         |           |  |                                           |  | 0       |                                 |  |  | 0      |   |  |                         | 0       |  |               |  | 0        |   |  |  | 0       | 
|Other buildings, Denmark  |  |                         |           |  |                                           |  | 80,004  |                                 |  |  | (648   | ) |  |                         | 79,356  |  |               |  | (73,426  | ) |  |  | 5,930   | 
|Hook of Holland           |  |                         |           |  |                                           |  | 110,999 |                                 |  |  | (1,124 | ) |  |                         | 109,875 |  |               |  | (46,818  | ) |  |  | 63,057  | 
|Port of Helsingborg       |  |                         |           |  |                                           |  | 57,579  |                                 |  |  |        |   |  |                         | 57,579  |  |               |  | (55,783  | ) |  |  | 1,796   | 
|Port of Gothenburg        |  |                         |           |  |                                           |  | 36,608  |                                 |  |  |        |   |  |                         | 36,608  |  |               |  | (24,625  | ) |  |  | 11,983  | 
|Port of Loch Ryan         |  |                         |           |  |                                           |  | 102,255 |                                 |  |  | 2,881  |   |  |                         | 105,136 |  |               |  | 0        |   |  |  | 105,136 | 
|Rejser A/S (Sembo Group)  |  |                         |           |  |                                           |  | 0       |                                 |  |  | 4,044  |   |  |                         | 4,044   |  |               |  | (287     | ) |  |  | 3,757   | 
|Other                     |  |                         |           |  |                                           |  | 1,552   |                                 |  |  | (568   | ) |  |                         | 984     |  |               |  | 7,177    |   |  |  | 8,161   | 
|Adjustment                |  |                         |           |  |                                           |  | 54,000  |                                 |  |  | 11,000 |   |  |                         |         |  |               |  | (54,000  | ) |  |  |         | 
|                          |  |                         |           |  |                                           |  |         |                                 |  |  |        |   |  |                         |         |  |               |  |          |   |  |  |         | 
|Total Stena Line          |  |                         | 1,054,818 |  |                                           |  | 669,195 |                                 |  |  | 13,919 |   |  |                         | 618,114 |  |               |  | (401,677 | ) |  |  | 216,437 | 



S-10



---

##### Table of Contents

SCHEDULE III

enclosure 9

2011-12-31



|                                                             |  |                             |         |  |                                          |  |         |                                 |  |  |        |  |  |                         |         |  |                   |  |          |                     |  |  |              |  |  |  |         |  |  |  |         | 
|------------------------------------------------------------ |  | --------------------------- | ------- |  | ---------------------------------------- |  | ------- | ------------------------------- |  |  | ------ |  |  | ----------------------- | ------- |  | ----------------- |  | -------- | ------------------- |  |  | ------------ |  |  |  | ------- |  |  |  | ------- | 
|Description Property data                                    |  | Encumbrances(Mortgages)TSEK |         |  | Initial costto 
companyBuildings andland |  |         | Additions/DisposalsImprovements |  |  | Total  |  |  | AccumulatedDepreciation |         |  | Net bookvalueTSEK |  |          | Date ofconstruction |  |  | Dateacquired | 
|Göteborg Backa 170:2                                         |  |                             | 29,400  |  |                                          |  | 27,725  |                                 |  |  | 0      |  |  |                         | 27,725  |  |                   |  | (5,017   | )                   |  |  | 22,708       |  |  |  |         |  |  |  | 2001-06 | 
|Strand Norum 33:4                                            |  |                             | 8,250   |  |                                          |  | 12,602  |                                 |  |  | 447    |  |  |                         | 13,049  |  |                   |  | (2,025   | )                   |  |  | 11,024       |  |  |  |         |  |  |  | 2004-01 | 
|Borås Ryda 9:13                                              |  |                             | 600     |  |                                          |  | 2,540   |                                 |  |  | 0      |  |  |                         | 2,540   |  |                   |  | (512     | )                   |  |  | 2,028        |  |  |  |         |  |  |  |         | 
|Vänersborg Galeasen 1                                        |  |                             | 4,000   |  |                                          |  | 6,665   |                                 |  |  | 0      |  |  |                         | 6,665   |  |                   |  | (1,898   | )                   |  |  | 4,767        |  |  |  |         |  |  |  | 1995-01 | 
|Umeå Tolvmansgården 4                                        |  |                             | 5,250   |  |                                          |  | 7,580   |                                 |  |  | 0      |  |  |                         | 7,580   |  |                   |  | (1,205   | )                   |  |  | 6,375        |  |  |  |         |  |  |  | 2006-09 | 
|Stockholm Bromma Hjässan 18                                  |  |                             | 18,900  |  |                                          |  | 28,226  |                                 |  |  | 0      |  |  |                         | 28,226  |  |                   |  | (1,635   | )                   |  |  | 26,591       |  |  |  | 2008-12 |  |  |  | 2007-11 | 
|Stockholm Nacka Sicklaön 349:5                               |  |                             | 12,600  |  |                                          |  | 20,678  |                                 |  |  | 0      |  |  |                         | 20,678  |  |                   |  | (1,502   | )                   |  |  | 19,176       |  |  |  | 2009-01 |  |  |  |         | 
|Mölnlycke Solsten 1:153                                      |  |                             | 21,000  |  |                                          |  | 36,835  |                                 |  |  | 360    |  |  |                         | 37,195  |  |                   |  | (2,457   | )                   |  |  | 34,738       |  |  |  | 2009-08 |  |  |  |         | 
|Linköping Glaset 2                                           |  |                             | 0       |  |                                          |  | 30,526  |                                 |  |  | 550    |  |  |                         | 31,076  |  |                   |  | (537     | )                   |  |  | 30,539       |  |  |  | 2010-11 |  |  |  | 2008-12 | 
|Hässleholm Björken 4                                         |  |                             | 0       |  |                                          |  | 2,708   |                                 |  |  | 93     |  |  |                         | 2,801   |  |                   |  | 0        |                     |  |  | 2,801        |  |  |  |         |  |  |  | 2010-10 | 
|Stockholm Lidingö 3:390 (ofri grund)                         |  |                             | 0       |  |                                          |  | 7,238   |                                 |  |  | 405    |  |  |                         | 7,643   |  |                   |  | (936     | )                   |  |  | 6,707        |  |  |  |         |  |  |  | 2008-09 | 
|Arendal Rud 2:6 (ofri grund, pantsatt arrendekontrakt)       |  |                             | 0       |  |                                          |  | 8,745   |                                 |  |  | 45     |  |  |                         | 8,790   |  |                   |  | (2,085   | )                   |  |  | 6,705        |  |  |  |         |  |  |  | 1999-01 | 
|Uppsala Valsätra 1:12 (ofri grund, pantsatt arrendekontrakt) |  |                             | 0       |  |                                          |  | 17,639  |                                 |  |  | 0      |  |  |                         | 17,639  |  |                   |  | (3,178   | )                   |  |  | 14,461       |  |  |  |         |  |  |  | 2005-06 | 
|Investment in rented property                                |  |                             | 0       |  |                                          |  | 20,191  |                                 |  |  | 4,810  |  |  |                         | 25,001  |  |                   |  | (7,238   | )                   |  |  | 17,763       |  |  |  |         |  |  |  |         | 
|                                                             |  |                             |         |  |                                          |  |         |                                 |  |  |        |  |  |                         |         |  |                   |  |          |                     |  |  |              |  |  |  |         |  |  |  |         | 
|Total S-Invest                                               |  |                             | 100,000 |  |                                          |  | 229,898 |                                 |  |  | 6,710  |  |  |                         | 236,608 |  |                   |  | (30,225  | )                   |  |  | 206,383      |  |  |  |         |  |  |  |         | 
|Envac                                                        |  |                             | 0       |  |                                          |  | 693     |                                 |  |  |        |  |  |                         | 693     |  |                   |  | (423     | )                   |  |  | 270          |  |  |  |         |  |  |  |         | 
|Ballingslöv                                                  |  |                             | 269,567 |  |                                          |  | 365,738 |                                 |  |  | 35,612 |  |  |                         | 401,350 |  |                   |  | (134,229 | )                   |  |  | 267,121      |  |  |  |         |  |  |  |         | 
|                                                             |  |                             |         |  |                                          |  |         |                                 |  |  |        |  |  |                         |         |  |                   |  |          |                     |  |  |              |  |  |  |         |  |  |  |         | 
|Total Other                                                  |  |                             | 269,567 |  |                                          |  | 366,431 |                                 |  |  | 35,612 |  |  |                         | 402,043 |  |                   |  | (134,652 | )                   |  |  | 267,391      |  |  |  |         |  |  |  |         | 
|Total Adactum                                                |  |                             | 369,567 |  |                                          |  | 596,329 |                                 |  |  | 42,322 |  |  |                         | 638,651 |  |                   |  | (164,877 | )                   |  |  | 473,774      |  |  |  |         |  |  |  |         | 



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