Post results note

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Securitas

Sweden/General Industrials Investment Research

Buy

77.0090.0088.00vs Target Price: SEK

Recommendation unchanged

Target price: SEKShare price*: SEK

Reuters/Bloomberg SECUb.ST/SECUB SS Accounting Standard/Since IFRS/2004 Market capitalisation (SEKm) 28,110.0No. of shares (m) 365.1Free float 85.0%

Daily avg. no. trad. sh. 12 mth 2,440,300Daily avg. trad. vol. 12 mth (m) 194.44Price high 12 mth (SEK) 94.00Price low 12 mth (SEK) 65.50Abs. perf. 1 mth 8.8%Abs. perf. 3 mth -7.2%Abs. perf. 12 mth -14.4%

(SEK) 12/08e 12/09e 12/10eSales (m) 64,574 68,367 71,868EBITDA (m) 5,095 5,594 5,868EBITDA margin 7.9% 8.2% 8.2%EBIT (m) 3,554 3,997 4,386EBIT margin 5.5% 5.8% 6.1%Net Profit (adj.)(m) 2,218 2,556 2,881ROCE 13.7% 14.7% 15.8%Net debt/(cash) (m) 9,771 8,267 6,700Debt Equity 102.7% 75.5% 53.4%Debt/EBITDA 1.9 1.5 1.1Int. cover(EBITDA/Fin.int) 9.4 11.3 13.4EV/Sales 0.6 0.6 0.5EV/EBITDA 7.9 6.9 6.3EV/EBITDA (adj.) 7.8 6.9 6.3EV/EBIT 11.3 9.6 8.4P/E (adj.) 12.1 10.6 9.6P/BV 3.0 2.6 2.2FCF yield 5.3% 8.9% 9.7%Dividend yield 4.0% 4.5% 4.9%EPS (adj.) 6.37 7.26 8.04BVPS 26.07 29.97 34.36DPS 3.10 3.50 3.78Price multiples for past years (incl. 2007) are based on the average yearly share price.

vvdsvdvsdy

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95

Jul 07 Aug 07 Sep 07 Oct 07 Nov 07 Dec 07 Jan 08 Feb 08 M ar 08 Apr 08 M ay 08 Jun 08 Jul 08 Aug 08

SECURITAS OM XS All (Rebased)

Source: Datast ream Shareholders: Investment AB Latour 7%; Melker

Schörling AB 5%; SäkI AB 3%;

*closing price as of 07/08/2008

Stronger-than-expected margin expansion confirmed our positive view ahead of the report that Securitas would be able to raise its prices to compensate for high salary inflation. Securitas has a very stable business model and low sensitivity to changes in the business cycle, which the Q2 report confirmed. Our estimates remain intact, but our confidence in our Buy rating has strengthened, and we are lifting our target price to SEK 90 (SEK 88).

Stronger on all fronts in the guarding area. Concerns we had ahead of the Q2 were allayed with Securitas’s delivery of solid organic growth of 6% and, importantly, a 20bp higher EBITA margin to 5.6% from Q1.

Concerns about salary inflation abate. Securitas has managed to raise prices to compensate for rising salary costs during H1, which gives a good indication for the rest of the year. Pushing through price increases has been a high priority for the company, even at the expense of growth. Security Services Europe lifted its EBITA margin by 40bp y/y to 5.5%, but we are unlikely to see such a high y/y improvement in H2 due to the German acquisition. According to Securitas, sales from new customer additions were somewhat lower in Q2 y/y, but we have taken this into account with our forecast for slower organic growth in H2 of 5.5% y/y.

Loomis IPO on track and turnaround progressing. The performance at Loomis is improving and growth picked up partly with the help of fuel charges, although the margin improvement was at a slower pace than we had estimated. The main problem areas are the UK and the US, where Securitas is not ruling out changes in management or even closing unprofitable branches. Earlier problems in France seem to be solved, and growth has recovered with improved margins. The plan remains intact that Loomis will be spun off and listed in December.

Unchanged estimates. The Q2 result has strengthened our confidence in Securitas’s ability to pass on salary inflation to its customers. H2 will be burdened by restructuring charges related to the German acquisition and IPO costs related to Loomis – we estimate total charges of SEK 75m.

Attractive valuation, given the stability in the core business. We lift our target price to SEK 90 (SEK 88), although we see the potential of SEK 103 per share if Securitas’s strategy to strengthen gross margins succeeds in raising average EPS growth to 10%. In addition, Securitas is trading at a substantial discount to the peer group of some 11% based on 2008 P/E.

Estimate changes 08E 09E 10ESales 0% 0% 0%EBIT 0% 1% 1%EPS 0% 0% 0%

Source: Danske Markets Equities Analyst(s): Peter Trigarszky +46 8 568 805 57 peter.trigarszky@danskebank.se Christian Lee +46 8 568 805 70 christian.lee@danskebank.se

08 August 2008

Q2 08A results: Price push is paying off

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Securitas: Q2 08 results overview (SEKm) 2007 2008 Q1 Q2 Q3 Q4 Q1 Q2E Q2 Cons.* Q2A

Sales 15,218 15,583 16,011 16,097 15,662 15,744 15,659 15,916Restructuring charges 24 -220 -21 -541 0 0 0 0EBITA 847 563 810 205 838 900 849 897EBIT 822 536 437 172 811 870 827 870Fin net -128 -132 -156 -153 -143 -131 -141 -130PTP 694 403 282 18 669 739 686 740Tax -176 -456 -188 -52 -175 -196 -179 -194Net profit 518 -53 94 -35 493 543 507 547EPS 1.42 -0.14 0.26 -0.10 1.35 1.49 1.39 1.50

Sales growth 1.8% 3.7% 4.2% 6.0% 2.9% 1.0% 0.5% 2.1%EBIT growth 6.1% 28.4% -43.4% -132.5% -1.3% 62.5% 54.4% 62.5%EBIT margin 5.4% 3.4% 2.7% 1.1% 5.2% 5.5% 5.3% 5.5%

Divisional sales breakdown Security Services North America

5,234 5,232 5,257 5,210 4,872 4,812 4,764 4,809

Change y/y, % -6.9% -8.0% -8.9% -8.1%EBITA 260 265 279 276 255 255 250 267 EBITA margin 5.0% 5.1% 5.3% 5.3% 5.2% 5.3% 5.2% 5.6%

Security Services Europe

5,990 6,275 6,463 6,625 6,698 6,801 6,773 6,903

Change y/y, % 11.8% 8.4% 7.9% 10.0%EBITA 330 317 370 416 351 361 351 379 EBITA margin 5.5% 5.1% 5.7% 6.3% 5.2% 5.3% 5.2% 5.5% Mobile and Monitoring 1,143 1,198 1,230 1,265 1,275 1,306 1,300 1,341 Change y/y, % 11.5% 9.0% 8.5% 11.9%EBITA 132 131 160 155 126 144 138 142 EBITA margin 11.5% 10.9% 13.0% 12.3% 9.9% 11.0% 10.6% 10.6% Loomis 2,802 2,790 2,955 2,850 2,647 2,642 2,623 2,669 Change y/y, % -5.5% -5.3% -6.0% -4.3%EBITA 148 135 50 -40 141 173 166 164 EBITA margin 5.3% 4.8% 1.7% -1.4% 5.3% 6.6% 6.3% 6.1% Elimination 49 88 106 147 170 182 199 194 Change y/y, % 250.7% 107.8% 126.7% 121.2%EBITA -47 -65 -28 -62 -35 -33 -55 -55 EBITA margin -96.1% -74.5% -26.7% -41.8% -20.6% -18.1% -27.8% -28.5%* Source of consensus: Reuters, 11 contributions

Better-than-expected

Sales were in line, but organic growth remains robust at 6% y/y (DME 5%).

EBITA is higher with a strong performance in the Security Services divisions. The result should reduce concerns about salary inflation, especially in Europe.

The Loomis IPO is on track and the current plan is to list the company in December 2008. The EBITA margin is targeted to reach 8% in 2010.

Security Services Europe showed very strong organic growth of 8% y/y (DME 7%) in Q2. The EBITA margin of 5.5% (DME 5.3%) should allay worries over salary inflation.

Security Services North America organic growth stayed at 4% (DME 4%), and the EBITA margin improved 40bp y/y to 5.6% (DME 5.3%).

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Worse-than-expected

Mobile & Monitoring showed improved organic growth of 8% (DME 8%), but the EBITA margin fell to 10.6% (DME 11.0%). Growth is starting to pick up, which is important following last year’s investment into expansion of the sales force.

Loomis organic growth of 4% (DME 3%) and EBITA margin of 6.1% (DME 6.6%). This is moving in the right direction, but at slower pace than we had forecast.

Security Services Europe – Salary concerns allayed

Securitas has managed to raise prices to compensate for rising salary costs during H1, which gives a good indication for the rest of the year. Raising prices has been highest priority for Securitas, even at the expense of growth. This pricing strategy is not a quick fix, and 2008 is expected to see year-on-year margin pressure, while we are more optimistic regarding 2009.

Security Services Europe lifted its EBITA margin by 40bp y/y to 5.5%, but we don’t expect to see such a high y/y improvement in H2 due to the German acquisition. According to Securitas, sales from new customer additions were somewhat lower in Q2 y/y, but we have taken this into account with our forecast for slower organic growth in H2 of 5.5% y/y.

Another factor that is still putting pressure on the division’s margins in a historical perspective is the fast-growing, but lower-margin, Aviation vertical. This business continued its double-digit growth trend in Q2 due to contract extensions and new wins in Belgium and the Netherlands. The business showed improving margins year-on-year, but they are still well below the division’s average margins.

We expect the strong organic growth seen during 2006-07 of 7-8% to decline to 5.5% in H2 and 6.7% for 2008 as a whole, while the EBITA margin is forecast to decrease by 10bp to 5.6%.

Security Services Europe quarterly historic figures and forecasts – Q1 07 to Q4 09E (SEKm) 2007 2008 2009 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3E Q4E FY Q1E Q2E Q3E Q4E FYSales 5,990 6,275 6,463 6,625 25,353 6,698 6,903 7,185 7,258 28,044 7,282 7,531 7,616 7,693 30,122 - change y/y, % 10 10 11 14 11 12 10 11 10 11 9 9 6 6 7 - organic y/y, % 7 7 7 8 8 8 8 6 5 7 5 5 6 6 6 EBITA* 330 317 370 416 1,433 351 379 398 448 1,575 391 408 429 482 1,709 - change y/y, % 8 9 10 10 9 6 20 7 8 10 11 8 8 8 8EBITA margin, % 5.5 5.1 5.7 6.3 5.7 5.2 5.5 5.5 6.2 5.6 5.4 5.4 5.6 6.3 5.7 Adjustment 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - Extra ordinary items Source: Company data and DME * Extra ordinary items not included in EBITA

Growth is set to strengthen in Mobile and Monitoring

Securitas has invested in expanding its sales force in Mobile & Monitoring during 2007, which has put some pressure on margins. The investments are continuing during 2008, but a large proportion of the sales force expansion is aboard. With sales efficiency improving, we see geared up growth coming through step by step. For H2, we forecast organic growth of 9% and an EBITA margin of 12.4%.

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Mobile and Monitoring quarterly historic figures and forecasts – Q1 07 to Q4 09E (SEKm) 2007 2008 2009 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3E Q4E FY Q1E Q2E Q3E Q4E FYSales 1,143 1,198 1,230 1,265 4,836 1,275 1,341 1,358 1,390 5,364 1,391 1,472 1,494 1,529 5,887 - change y/y, % 7 10 9 12 9 12 12 10 10 11 9 10 10 10 10 - organic y/y, % 7 7 5 7 7 8 8 9 9 9 9 9 10 10 10 EBITA* 132 131 160 155 578 126 142 173 169 610 137 152 188 183 661 - change y/y, % 2 -5 -9 1 -3 -5 8 8 9 6 9 7 8 8 8EBITA margin, % 11.5 10.9 13.0 12.3 12.0 9.9 10.6 12.7 12.2 11.4 9.9 10.3 12.6 12.0 11.2 Adjustment 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0- Extra ordinary items Source: Company data and DME * Extra ordinary items not included in EBITA

Focus on profitability, not volume in North America

The current macro data is worrying for the North American division, although an economic slowdown could result in employee turnover declining from the current +70%, helping margins. In Q2 employee turnover remained at 70%, but according to Securitas they are starting to see a reduction. We note, however, that with the depreciation of the USD, a better performance from North America would have a limited impact on the group.

For Security Services North America organic growth stayed at 4% (DME 4%) in Q2, and the EBITA margin improved by 40bp y/y to 5.6% (DME 5.3%). Even if Q2 was clearly stronger than we had forecast, we are not fully factoring in the same y/y improvement in H2, for which we forecast an EBITA margin of 5.4%.

Security Services North America quarterly historic figures and forecasts – Q1 07 to Q4 09E (SEKm) 2007 2008 2009 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3E Q4E FY Q1E Q2E Q3E Q4E FYSales 5,234 5,232 5,257 5,210 20,933 4,872 4,809 4,883 4,992 19,557 4,869 5,016 5,127 5,242 20,254 - change y/y, % -5 -2 -4 -3 -4 -7 -8 -7 -4 -7 0 4 5 5 4 - organic y/y, % 4 3 3 5 4 5 4 4 3 4 5 5 5 5 5 Adj. EBITA* 260 277 279 276 1,092 255 267 265 270 1,057 258 274 280 286 1,098 - change y/y, % 0 3 1 -2 0 -2 -4 -5 -2 -3 1 3 6 6 4Adj. EBITA margin, % 5.0 5.3 5.3 5.3 5.2 5.2 5.6 5.4 5.4 5.4 5.3 5.5 5.5 5.5 5.4 Adjustment 0 -12 0 0 -12 0 0 0 0 0 0 0 0 0 0 - Settlement of old labour case -12 -12 Source: Company data and DME * Extraordinary items not included in EBITA

Loomis IPO on track and turnaround progressing

Performance is improving at Loomis and growth picked up partly with the help of fuel charges, although the margin improvement was at a slower pace than we had estimated. The main problem areas are the UK and the US, where Securitas is not ruling out changes in management or even closing unprofitable branches. Earlier problems in France seem to be solved, and growth has recovered with improved margins.

The company intends to spin Loomis off and list it on the Stockholm Stock Exchange in December 2008.

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Management has set an 8% EBITA margin target for Loomis in 2010 at the latest

Looking at H2, we forecast an EBITA margin of 6.6%, up 20bp from H2 07 on an adjusted basis. Loomis’s performance is still being weighed down by pressured margins in a number of geographies. The cost measures should lead to a gradual improvement in the coming quarters.

Even though Loomis was hit by more one-offs during 2007, CEO Mr Göransson seemed confident of the division’s margin potential. He stated that, with the necessary management changes and some adjustments to the Swedish operations, it should be possible to improve the EBITA margin to at least 8%. Peer company G4S runs its European cash handling services division at an 11% EBITA margin, indicating the potential that Loomis offers.

Loomis: Quarterly historic figures and forecasts – Q1 07 to Q4 09E (SEKm) 2007 2008 2009 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3E Q4E FY Q1E Q2E Q3E Q4E FYSales 2,802 2,790 2,955 2,850 11,397 2,647 2,669 2,733 2,745 10,794 2,697 2,795 2,842 2,855 11,189 - change y/y, % -2 -2 2 0 -1 -6 -4 -8 -4 -5 2 5 4 4 4 - organic y/y, % 2 0 0 1 1 2 4 4 4 4 4 4 4 4 4 EBITA1 148 135 50 -40 293 141 164 179 183 666 179 192 207 212 790 - change y/y, % -18 -33 -77 -117 -65 -5 21 257 -557 127 27 17 16 16 18EBITA margin, % 5.3 4.8 1.7 -1.4 2.6 5.3 6.1 6.5 6.7 6.2 6.6 6.9 7.3 7.4 7.1 Adjusted EBITA2 169 190 191 182 732 156 164 179 183 681 179 192 207 212 790 - change y/y, % -6 -6 -12 -24 -13 -8 -14 -7 0 -7 15 17 16 16 16EBITA margin, % 6.0 6.8 6.5 6.4 6.4 5.9 6.1 6.5 6.7 6.3 6.6 6.9 7.3 7.4 7.1 Restructuring -47 -274 -145 -554 -1,020 -15 0 0 0 -15 0 0 0 0 0 - Write-down of Welo receivable - LCM provision for variances - LCM provision for NCS declarations -206 -169 -375 - LCM losses3 -21 -55 -122 -158 -356 - LCM divestment -160 -160 - Re-branding -26 -13 -4 -3 -46 - Management changes3 -19 -22 -41 - Other items 2007, included in EBITA3 -42 -42 - Other items 2006 - Estimated costs for US and UK3 -15 -15 1) EBITA as reported, some extra ordinary items not included taken on group level

2) Only adjusted for items affecting EBITA

3) Affecting EBITA

Source: Company data and DME

Unchanged estimates

The Q2 results have strengthened our confidence in Securitas’s ability to pass through salary inflation to customers. H2 will be burdened by restructuring charges related to the German acquisition and IPO related costs to Loomis – we estimate total charges of SEK 75m.

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Estimate changes (SEK) New estimates Old estimates Change, % 2007 2008E 2009E 2010E 2008E 2009E 2010E 2008E 2009E 2010ESales 62,908 64,573 68,366 71,867 64,366 68,131 71,618 0% 0% 0%

Security Services North America 20,933 19,557 20,254 21,267 19,560 20,258 21,271 0% 0% 0% Security Services Europe 25,353 28,044 30,122 31,629 27,963 30,049 31,552 0% 0% 0% Mobile and Monitoring 4,836 5,364 5,887 6,357 5,329 5,848 6,316 1% 1% 1% Loomis 11,397 10,794 11,189 11,636 10,767 11,161 11,608 0% 0% 0% Elimination 389 816 914 978 748 815 872 9% 12% 12% EBITA 3,182 3,753 4,134 4,471 3,754 4,104 4,430 2% 1% 1%EBITA margin 5.1% 5.8% 6.0% 6.2% 5.8% 6.0% 6.2%

Security Services North America 1,080 1,057 1,098 1,170 1,038 1,085 1,170 2% 1% 0% Security Services Europe 1,433 1,575 1,709 1,795 1,542 1,668 1,751 2% 2% 2% Mobile and Monitoring 578 610 661 707 615 666 712 -1% -1% -1% Loomis 293 666 790 931 686 810 929 -3% -2% 0% Elimination -202 -156 -124 -132 -127 -124 -132 n.m. n.m. n.m.

Restructuring charges -757 -76 0 0 -75 0 0 n.m. n.m. n.m. EBIT 1,967 3,554 3,997 4,386 3,552 3,967 4,345 0% 1% 1%EBIT margin 3.1% 5.5% 5.8% 6.1% 5.5% 5.8% 6.1% PTP 1,398 3,013 3,502 3,947 3,024 3,500 3,931 0% 0% 1%PTP margin 2.2% 4.7% 5.1% 5.5% 4.7% 5.1% 5.5% EPS 1.44 6.08 7.00 7.89 6.09 7.00 7.86 0% 0% 0%EPS (guidance level) 5.36 6.08 7.00 7.89 6.09 7.00 7.86 0% 0% 0%EPS adjusted 4.34 6.41 7.38 8.12 6.44 7.37 8.09 0% 0% 0% Source: Company data and DME

Cash and even more cash if the strategy is executed

In conjunction with the Q2 2007 report, Securitas launched new financial targets: an annual average improvement of 10% in EPS and free cash flow / net debt of 0.20x. The targets were set for Securitas excluding Loomis, for which an IPO is likely December 2008. The starting point (i.e. 2007 EPS) for the 2008 EPS growth target is SEK 5.36 per share. Some of the extraordinaries have been excluded from the guidance level, but we note that the basis EPS number is not clean.

Looking at the fundamentals of Securitas’s business model, we see it offers steadily growing profitability with high cash retention. The picture has not been as stable over the past few years, due to a number of extraordinaries, in particular the problems at Loomis. Securitas took restructuring charges and provisions amounting to SEK 1.3bn on to the balance sheet at the end of 2007. A portion of the provisions are normal business, while the resolved NCS issue and the cash settlement with the bankruptcy estate of Esabe in Spain resulted in a cash payment of SEK 479m during Q2 2008, and Securitas will also pay overtime payments in Spain 2009 of SEK 189m. We estimate a free cash-flow yield of 5.8% for 2008.

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Adjusted free cash flow and cash-flow yield for 2004-12E

5.8%

10.2%11.0% 11.3%

9.4%

4.8%

7.0%7.3%

4.3%

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2004 2005 2006 2007 2008E 2009E 2010E 2011E 2012E

SEKm

0%

2%

4%

6%

8%

10%

12%

14%Yield (%)Adj. free cash f low Adj. free cash f low yield (%)

Includes payments of liabilities of SEK482m, adjusted the cash f low yield w ould be 7.5%

Danske Markets Equities and Company information

Room to increase gearing by SEK 3.0bn 2008 for acquisitions

With net debt of SEK 9.9bn at the end of 2007 and free cash flow to net debt of 0.24x, current gearing is in line with management’s financial targets of free cash flow / net debt of 0.20x. With an estimated improvement in free cash flow 2008, we see the potential for Securitas to increase net debt to SEK 12.1bn. With our forecast free cash flow of SEK 1.46bn in 2008 after the dividend payment, Securitas could use some SEK 3.0bn for acquisitions in 2008 to support growth in New Markets. During H1 08 Securitas announced acquisitions worth SEK 613m in total, with the SEK 323m purchase of the German unit from G4S being the single biggest acquisition.

Attractive valuation, considering the stability in the core business

We believe Securitas’s current market valuation is attractive, especially considering the stability in the company’s core business. But the key driver for the share price will be increased investor confidence in Securitas’s financial performance. We are lifting our target price to SEK 90 (SEK 88), although we see the potential of SEK 103 per share if Securitas’s strategy of strengthening its gross margins lifts average EPS growth to 10%.

We believe a DCF is the best way to reflect the company’s potential. Our probability-weighted DCF model for Securitas offers a value of SEK 90 per share, ranging from a bull-case scenario value of SEK 105 per share to our bear scenario value of SEK 74 per share.

In our bull-case scenario, we factor in 5.3% sales growth declining to 3% over our forecast period. At the same time we see the EBITA margin increasing 0.5pp thanks to a more specialised service and faster growth in Mobile and Monitoring. In the bear-case scenario our growth assumptions fall from 4% to 3%, which is at the lower end of the forecast range for the industry. Lower growth would put further pressure on margins.

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Probability-weighted DCF values and assumptions in the split-up group EV/Sales EV/EBITA

Current estimated EV

Net debt, end of 08 08E 09E 08E 09E

Probability-weighted DCF value

Bull case

Bear case

Sales CAGR 06-09

Avr. EBITA 06-09

Securitas 30,158 7,028 0.56 0.53 9.8 9.0 71 84 58 5.2% 5.7% Loomis 7,098 2,118 0.66 0.63 10.7 9.0 19 21 16 -0.8% 5.8% Total 37,256 9,146 0.58 0.52 9.2 9.0 90 105 74 Source: Company data and DME

Multiples comparison

We benchmark Securitas against a peer group comprised of security firms and support services companies based on a range of relative multiples.

Our main conclusions from the relative valuation are that:

• Based on 2008 multiples, Securitas trades at a discount to the peer group of 11% on P/E and a more moderate 2% on EV/EBIT. 2009 estimates give a similar picture.

• Compared with its main competitor G4S, Securitas trades at discounts of 3% and 9% on 2008 and 2009 P/E, respectively, while the discount based on EV/EBIT is 5% and 5%, respectively. We believe a premium is justified for G4S based on its better growth opportunities, thanks to its high exposure to emerging markets.

Peer group valuation P/E EV/Sales EV/EBIT Performance (%) Rating Curr Price

Mcap EURm 08E 09E

Net debt EURm 08E 09E 08E 09E -1w -1m -3m -12m YTD

Adecco Sa CHF 51 5,865 9.1 9.0 593 0.3 0.3 7.1 6.5 5 3 -20 -39 -18 Brink's Co (The) USD 68 2,106 17.1 15.6 -28 0.9 0.8 9.6 9.2 -1 6 -5 21 14 Compass Group (GB Listing) GBP 368 8,603 17.5 15.4 1,324 0.7 0.7 12.3 12.4 0 6 3 13 19 G4S Plc GBP 205 3,650 13.1 12.1 1,163 0.7 0.7 11.0 10.6 6 4 -12 -2 -16 Mitie Group GBP 223 893 13.7 12.4 1 0.5 0.4 9.1 8.7 -1 17 -9 -13 -21 Prosegur EUR 27 1,672 13.4 11.7 246 1.0 0.9 9.6 9.4 -4 -3 -7 1 11 Randstad EUR 19 3,285 5.8 6.5 1,704 0.4 0.3 7.6 6.9 6 -6 -30 -58 -28 Rentokil Initial (GB Listing) GBP 77 1,755 15.9 12.1 1,283 1.0 1.0 14.9 14.9 14 -23 -20 -51 -37 Securitas AB Buy SEK 77 2,993 12.7 11.0 974 0.6 0.6 10.5 10.1 9 9 -7 -14 -14 Serco Group GBP 418 2,565 19.1 16.5 130 0.7 0.7 13.7 13.4 2 -1 -7 -2 -10 Sodexo SA (FR Listing) EUR 43 6,807 18.8 15.9 878 0.6 0.5 11.3 11.0 3 10 -1 -10 3 Average 14.2 12.6 0.7 0.6 10.6 10.3 4 2 -11 -14 -9 Median 13.7 1 .1 2 0.7 0.7 10.5 10.1 3 4 -7 -10 -14 Source: Danske Markets Equities and JCF Quant (August 7, 2008)

Risks to our scenario Liabilities: Securitas operates in a politically and publicly sensitive area. It is vital that employees follow internal rules and guidelines rigorously in order to minimise legal scrutiny. Several liability lawsuits against Securitas following September 11 highlight the inherent danger. Liability lawsuits are still pending.

Cost pass-through: As more than 60% of operating costs are personnel-related, successful pass-through of wage drift is essential for maintaining profitability.

Currencies: Securitas is exposed to currency fluctuations which mainly affect sales as costs are in the same currency. The largest exposure is to the euro, but the dollar is the currency to follow closely given its volatility against the Swedish Krona. The impact of a change of SEK 0.01 against the dollar affects full-year profit before tax by SEK 1.3m, while the impact of a similar fluctuation in the euro is SEK 2.1m.

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Interest rate: Net debt amounted to SEK 9.9bn at the end of 2007, corresponding to gearing of 112%. The impact of interest rate changes depends on the currencies and duration of Securitas’s loan portfolio.

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Quarterly historical figures and forecasts – Q1 07 to Q4 09E (SEKm) 2007 2008 2009 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3E Q4E FY Q1E Q2E Q3E Q4E FYSecurity Services North America 5,234 5,232 5,257 5,210 20,933 4,872 4,809 4,883 4,992 19,557 4,869 5,016 5,127 5,242 20,254 - change y/y, % -5.5 -2.4 -3.8 -3.0 -3.7 -6.9 -8.1 -7.1 -4.2 -6.6 -0.1 4.3 5.0 5.0 3.6 - organic y/y, % 4.0 3.0 3.0 5.0 4.0 5.0 4.0 4.0 3.0 4.0 5.0 5.0 5.0 5.0 5.0 EBITA - North America 260 265 279 276 1,080 255 267 265 270 1,057 258 274 280 286 1,098 - change y/y, % 0.0 -1.1 0.7 -2.5 -0.7 -1.9 0.8 -5.1 -2.1 -2.1 1.2 2.5 5.9 5.9 3.9EBITA margin, % 5.0 5.1 5.3 5.3 5.2 5.2 5.6 5.4 5.4 5.4 5.3 5.5 5.5 5.5 5.4 Security Services Europe 5,990 6,275 6,463 6,625 25,353 6,698 6,903 7,185 7,258 28,044 7,282 7,531 7,616 7,693 30,122 - change y/y, % 10.0 10.2 10.7 14.1 11.3 11.8 10.0 11.2 9.6 10.6 8.7 9.1 6.0 6.0 7.4 - organic y/y, % 7.0 7.0 7.0 8.0 8.0 8.0 8.0 6.0 5.0 6.7 5.0 5.0 6.0 6.0 5.5 EBITA - Europe 330 317 370 416 1,433 351 379 398 448 1,575 391 408 429 482 1,709 - change y/y, % 8.2 8.6 10.1 9.8 8.9 6.4 19.6 7.5 7.6 9.9 11.3 7.7 7.8 7.6 8.5EBITA margin, % 5.5 5.1 5.7 6.3 5.7 5.2 5.5 5.5 6.2 5.6 5.4 5.4 5.6 6.3 5.7 Mobile and Monitoring 1,143 1,198 1,230 1,265 4,836 1,275 1,341 1,358 1,390 5,364 1,391 1,472 1,494 1,529 5,887 - change y/y, % 7.3 9.5 8.7 12.1 9.4 11.5 11.9 10.4 9.9 10.9 9.1 9.8 10.0 10.0 9.7 - organic y/y, % 7.0 7.0 5.0 7.0 7.0 8.0 8.0 9.0 9.0 8.5 9.0 9.0 10.0 10.0 9.5 EBITA - M&M 132 131 160 155 578 126 142 173 169 610 137 152 188 183 661 - change y/y, % 1.5 -5.1 -9.1 1.3 -3.2 -4.5 8.4 8.2 9.1 5.6 9.1 7.0 8.5 8.4 8.3EBITA margin, % 9.9 10.6 12.7 12.2 11.4 9.9 10.3 12.6 12.0 11.2 11.1 11.0 10.9 10.8 10.7 Loomis 2,802 2,790 2,955 2,850 11,397 2,647 2,669 2,733 2,745 10,794 2,697 2,795 2,842 2,855 11,189 - change y/y, % -2.5 -2.2 1.7 0.2 -0.7 -5.5 -4.3 -7.5 -3.7 -5.3 1.9 4.7 4.0 4.0 3.7 - organic y/y, % 2.0 0.0 0.0 1.0 1.0 2.0 4.0 4.0 4.0 3.5 4.0 4.0 4.0 4.0 4.0 EBITA - Loomis 148 135 50 -40 293 141 164 179 183 666 179 192 207 212 790 - change y/y, % -17.8 -33.5 -77.0 -116.8 -65.0 -4.7 21.5 257.1 -557.2 127.5 27.0 17.1 15.9 15.7 18.5EBITA margin, % 5.3 4.8 1.7 -1.4 2.6 5.3 6.1 6.5 6.7 6.2 6.6 6.9 7.3 7.4 7.1 Other/eliminations 49 88 106 147 389 170 194 213 239 816 204 213 234 263 914Other/Corporate overhead -47 -65 -28 -62 -202 -35 -55 -26 -40 -156 -31 -31 -31 -31 -124 - of sales, % -0.3 -0.4 -0.2 -0.4 -0.3 -0.2 -0.4 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 Total sales 15,218 15,583 16,011 16,097 62,908 15,662 15,916 16,372 16,624 64,574 16,444 17,028 17,314 17,582 68,367 - change y/y, % 1.8 3.7 4.2 6.0 3.9 2.9 2.1 2.3 3.3 2.6 5.0 7.0 5.8 5.8 5.9 - organic y/y, % 0.0 4.0 4.0 6.0 5.0 6.0 6.0 4.7 4.0 5.0 4.6 4.6 5.1 5.1 4.9 Total EBITA 823 783 831 745 3,182 838 897 988 1,030 3,753 934 995 1,073 1,132 4,134 - change y/y, % 1.8 -5.6 -12.8 -25.2 -11.4 1.8 14.6 18.9 38.2 17.9 11.5 10.9 8.6 9.9 10.2EBITA margin, % 5.4 5.0 5.2 4.6 5.1 5.4 5.6 6.0 6.2 5.8 5.7 5.8 6.2 6.4 6.0 Amortisation -25 -27 -23 -33 -108 -27 -26 -35 -35 -123 -34 -34 -34 -34 -137Restructuring charges 24 -220 -21 -541 -757 0 -1 -40 -35 -76 0 0 0 0 0Goodwill writedown 0 0 -350 0 -350 0 0 0 0 0 0 0 0 0 0EBIT 822 536 437 172 1,967 811 870 913 960 3,554 900 961 1,039 1,097 3,997 Net financials -128 -132 -156 -153 -570 -143 -130 -139 -130 -542 -126 -128 -126 -116 -495PTP 694 403 282 18 1,398 669 740 774 829 3,013 774 833 913 981 3,502Tax -176 -456 -188 -52 -872 -175 -194 -205 -220 -794 -209 -225 -247 -265 -945Net profit 606 294 502 -550 852 518 -53 94 -35 524 529 559 621 664 2,373

Source: Company data, Danske Markets Equities

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Securitas: Summary tables P R OF IT & LOSS (SEKm) 2005 2006 2007 2008e 2009e 2010e C A GR 10/ 05Sales 66,013.6 60,523.0 62,907.6 64,573.7 68,366.6 71,867.9 1.7%Cost of Sales & Operating Costs (excl. Pers. Expenses) -52,320.1 -49,029.8 -51,135.5 -52,552.5 -55,593.9 -58,441.0Personnel Expenses -9,399.9 -7,902.1 -8,589.8 -8,268.0 -8,638.5 -8,955.7Non Recurrent Expenses/Income -35.1 -2,060.6 -757.1 -75.8 0.0 0.0EB IT D A 6,207.1 3,004.4 3,873.2 5,094.9 5,593.8 5,868.5 -1.1%EB IT D A (adj.) * 6 ,242.2 5,065.0 4,630.3 5,170.7 5,593.8 5,868.5Depreciation, Amortisation & Write Downs -2,071.1 -1,571.2 -1,906.0 -1,540.6 -1,597.2 -1,482.8EB IT 4,136.0 1,433.2 1,967.2 3,554.3 3,996.6 4,385.7 1.2%EBIT (adj.)* 4,171.1 3,493.8 2,724.3 3,630.1 3,996.6 4,385.7Net Financial Interest -486.9 -555.6 -571.9 -541.7 -494.9 -439.2Other Financials 0.0 0.0 0.0 0.0 0.0 0.0Associates 11.8 1.2 2.2 0.0 0.0 0.0Other Non Recurrent Items 0.0 0.0 0.0 0.0 0.0 0.0Earnings B efo re T ax (EB T ) 3,660.9 878.8 1,397.5 3,012.6 3,501.6 3,946.6 1.5%Tax -948.3 -369.3 -871.5 -793.7 -945.4 -1065.6Tax rate 25.9% 42.0% 62.4% 26.3% 27.0% 27.0%Discontinued Operations 0.0 0.0 0.0 0.0 0.0 0.0M ino rit ies -1.5 338.5 -1.6 -0.5 0.0 0.0N et P ro f it ( repo rted) 2676.0 -1212.6 -232.7 2217.6 2556.2 2881.0Net Profit (adj.) 2,711.1 848.0 524.4 2,218.4 2,556.2 2,881.0C A SH F LOW (SEKm)Cash Flow from Operations before change in NWC 4,454.6 1,374.6 2,739.0 3,868.1 4,475.0 4,600.4 0.6%Change in Net Working Capital -778.0 2,290.9 -6.2 -165.5 -195.2 -5.7C ash F lo w fro m Operat io ns 3,676.6 3,665.5 2,732.8 3,702.5 4,279.8 4,594.7Capex -5,220.8 3,867.2 -1,723.4 -2,223.9 -1,777.5 -1,868.6Net Financial Investments 0.0 0.0 0.0 0.0 0.0 0.0F ree C ash F lo w -1,544.2 7,532.7 1,009.4 1,478.7 2,502.3 2,726.1 R +Dividends -1,095.2 -1,277.7 -1,131.7 -1,131.7 -1,131.7 -1,277.7Other (incl. Capital Increase & share buy backs) 1,190.9 -4,540.1 -181.8 -382.3 0.0 0.0C hange in N et D ebt -1,448.5 1,714.9 -304.1 -35.4 1,370.6 1,448.4NOPLAT 3087.1 2023.6 1363.9 2673.7 2917.5 3201.6B A LA N C E SH EET & OT H ER IT EM S (SEKm)Net Tangible Assets 5,941.5 4,746.5 4,651.5 4,972.7 5,286.7 5,761.2Net Intangible Assets (incl.Goodwill) 18,105.7 14,204.3 14,027.9 14,462.5 14,458.9 14,445.2Net Financial Assets & Other 721.7 554.0 483.0 471.1 471.1 471.1T o tal F ixed A ssets 24,768.9 19,504.8 19,162.4 19,906.3 20,216.7 20,677.5 -3.5%Net Working Capital 2,066.7 1,190.7 1,594.3 105.3 111.5 117.2Shareho lders Equity 14,571.4 9,602.7 8,812.1 9,516.4 10,940.9 12,544.2 -3.0%M ino rit ies Equity 1.5 0.4 1.9 1.9 1.9 1.9Net Debt 11,944.8 9,734.6 9,878.0 9,771.1 8,267.0 6,700.0 -10.9%P ro visio ns 2,121.2 3,536.1 3,933.5 2,279.0 2,090.0 2,090.0Other Net Liabilities or Assets 427.7 368.9 388.6 484.8 712.4 890.0Net Capital Employed/Invested 28,638.9 22,873.8 22,625.5 21,568.5 21,299.8 21,336.1T o tal M arket C ap 30,693.3 35,366.4 35,446.4 28,109.5 28,109.5 28,109.5Enterprise Value (EV adj.) 44,764.3 48,638.7 49,262.8 40,163.1 38,469.2 36,901.6M A R GIN S A N D R A T IOSSales growth 10.6% -8.3% 3.9% 2.6% 5.9% 5.1%EBITDA growth 10.6% -51.6% 28.9% 31.5% 9.8% 4.9%EBIT growth 6.0% -65.3% 37.3% 80.7% 12.4% 9.7%EB IT D A margin 9.4% 5.0% 6.2% 7.9% 8.2% 8.2%EBIT margin 6.3% 2.4% 3.1% 5.5% 5.8% 6.1%D ebt / Equity (gearing) 82.0% 101.4% 112.1% 102.7% 75.5% 53.4%Debt/EBITDA 1.9 3.2 2.6 1.9 1.5 1.1Interest cover (EBITDA/Fin.interest) 12.7 5.4 6.8 9.4 11.3 13.4ROCE (adj.) 11.8% 10.0% 6.7% 13.7% 14.7% 15.8%WACC 8.7% 8.7% 8.7% 8.7% 8.7% 8.7%R OC E (adj.) / WA C C 1.4 1.2 0.8 1.6 1.7 1.8EV/CE 1.6 2.1 2.2 1.9 1.8 1.7OpFCF/EV -3.4% 15.5% 2.0% 3.7% 6.5% 7.4%EV/Sales 0.7 0.8 0.8 0.6 0.6 0.5EV/ EB IT D A 7.2 16.2 12.7 7.9 6.9 6.3EV/EBITDA (adj.)* 7.2 9.6 10.6 7.8 6.9 6.3EV/EBIT 10.8 33.9 25.0 11.3 9.6 8.4EV/EBIT (adj.)* 10.7 13.9 18.1 11.1 9.6 8.4P/E (adj.) 10.9 14.9 17.7 12.1 10.6 9.6P/BV 2.1 3.7 4.0 3.0 2.6 2.2F C F yield -5 .0% 21.3% 2.8% 5.3% 8.9% 9.7%Payout ratio 47.7% -93.3% nm 51.0% 50.0% 47.9%D ividend yield (gro ss) 4 .2% 3.2% 4.0% 4.0% 4.5% 4.9%P ER SH A R E D A T A (SEK)EP S (repo rted) 7.33 -3.32 -0.64 6.07 7.00 7.89 1.5%EP S (adj.) 7.74 6.51 5.48 6.37 7.26 8.04 0.8%BVPS 39.92 26.30 24.14 26.07 29.97 34.36 -3.0%DPS 3.50 3.10 3.10 3.10 3.50 3.78 1.6%Source: Company, Danske M arkets Equit ies est imates. * Where EBITDA (adj.) or EBIT (adj.)= EBITDA (or EBIT) +/- Non Recurrent Expenses/Income2004 restated as IFRS proforma

Price multiples for past years (incl. 2007) are based on the average yearly share price.

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This report has been prepared by Danske Markets Equities, which is a part of Danske Bank. Danske Bank is under supervision by the Danish Financial Supervisory Authority. The author of this report is Peter Trigarszky, Senior Analyst. Danske Bank has established procedures to prevent conflicts of interest and to ensure the provision of high quality research based on research objectivity and independence. These procedures are documented in the Danske Bank Research Policy. Employees within the Danske Bank Research Departments have been instructed that any request that might impair the objectivity and independence of research shall be referred to Research Management and to the Compliance Officer. Danske Bank Research departments are organised independently from and do not report to other Danske Bank business areas. Research analysts are remunerated in part based on the overall profitability of Danske Bank, which includes investment banking revenues, but do not receive bonuses or other remuneration linked to specific corporate finance or debt capital transactions. The Equity and Corporate Bonds analysts of Danske Bank are not permitted to invest in securities under coverage in their research sector. Danske Bank is a market maker and may as such hold positions in the financial instruments mentioned in this report. Danske Bank has made no agreement with Securitas to write this report. Danske Bank research reports are prepared in accordance with the Danish Society of Investment Professionals’ Ethical rules and the Recommendations of the Danish and Norwegian Securities Dealers Associations. Financial models and/or methodology used in this report Recommendations and opinions in this research are formed based on a combination of Discounted Cash Flow analysis, industry knowledge, peer group analysis, and company specific and market technical elements (events affecting both the financial and operational profile of the company). Forecasting of company sales and earnings is based on segmented bottom up models using subjective views of relevant future market developments. The output is aggregated into models for group profit and loss, balance sheets and cash flow estimates – all taking into account the recent development in historical reports. In addition, company guidance and financial guidance is taken into account. Risk warning Major risks connected with recommendations or opinions in this report, including a sensitivity analysis of relevant assumptions, are stated throughout the text. In addition, see the front page of this publication for a categorisation of the risk (above average, average, and below average) of investing in Securitas compared to the coverage universe as a whole. Expected updates This research product will be updated on a quarterly basis following the quarterly result statements from the company. Please see the front page of this research report for the first date of publication. Price-related data is calculated using the closing price from the day before publication. Recommendation structure The Danske Markets Equities Recommendation System is Absolute. It means that each stock is rated on the basis of a total return, measured by the upside potential (including dividends and capital reimbursement) over a 12 month time horizon. The Danske Markets Equities spectrum of recommendations (or ratings) for each stock comprises 5 categories: Buy, Accumulate (or Add), Hold, Reduce, Sell, (in short: B, A, H, R, S). In specific cases and for a limited period of time, the analysts do have to rate the stocks as Rating Suspended (RS) or Not Rated (NR), as explained below. Meaning of each rating or recommendation: • Buy: the stock is expected to generate a total return of over 20%+ during the next 12 months time horizon.

• Accumulate: the stock is expected to generate a total return of 10% to 20% during the next 12 months time horizon.

• Hold: the stock is expected to generate a total return of 0% to 10% during the next 12 months time horizon

• Reduce: the stock is expected to generate a total return of 0 to -10% during the next 12 months time horizon

• Sell: the stock is expected to generate a total return below -10% during the next 12 months time horizon

• Rating Suspended: the rating is suspended due to a capital operation (take-over bid, SPO, …) where the issuer or a related

party of the issuer is or could be involved or to a change of analyst covering the stock

• Not Rated: there is no rating for a company being floated (IPO) by the issuer or a related party of the issuer

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Within the past quarter Danske Markets Equities has had investment recommendations on 184 securities. The distribution of recommendations is represented in the Securities ratings breakdown diagram below.

Securities Ratings Breakdown

Buy33%

Accumulate22%

Hold25%

Reduce17%

Sell3%

The proportion of issuers corresponding to each of the recommendation categories above to which Danske Bank has provided investment banking services within the previous 12 months is below. Rating Investment banking relationships Buy 10% Accumulate 8% Hold 4% Reduce 9% Sell 0% Changes in recommendations in the last 12 months: Date Recommendation New recommendation July 30, 2008 Accumulate Buy November 12, 2007 Hold Accumulate On July 1, 2007 Danske Markets changed from a four to the five-rating system described above, assigning a Hold rating to the stock.

Disclaimer: This publication has been prepared by Danske Markets Equities for information purposes only. It is not an offer or solicitation of any offer to purchase or sell any financial instrument. Whilst reasonable care has been taken to ensure that its contents are not untrue or misleading, no representation is made as to its accuracy or completeness and no liability is accepted for any loss arising from reliance on it. Danske Markets Equities, its affiliates or staff, may perform services for, solicit business from, hold long or short positions in, or otherwise be interested in the investments (including derivatives) of, any issuer mentioned herein. Danske Markets Equities´ research analysts are not permitted to invest in securities under coverage in their research sector. This publication is not intended for retail customers in the United Kingdom nor any person in the United States. Danske Markets Equities is a part of Danske Bank A/S, which is regulated by the Financial Services Authority Limited for the conduct of designated investment business in the United Kingdom and is a member of the London Stock Exchange. Copyright © Danske Bank A/S. All rights reserved. This publication is protected by copyright and may not be reproduced in whole or in part without permission.

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