INTERIM REPORT MARCH 2008 AUGUST

CONCORDIA BUS GROUP Concordia Bus AB, (Publ), 556576-4569 Registered office: Stockholm INTERIM REPORT MARCH 2008 AUGUST 2008 1 av 13

Concordia Bus AB (publ) reg. no. 556576-4569 Interim report for the 2008/2009 financial year, 1 March 31 August 2008, for the Concordia Bus Group. Quarter June August 2008 The operating result continued positive for the second quarter, SEK 28 million, compared with SEK 24 million for the corresponding quarter of the preceding year. The operating result in the second quarter, compared with the corresponding quarter of the preceding year, was effected by the swedish bus driver strike of SEK -5 million. The Concordia Bus Group's sales during the second quarter were SEK 1,364 million (SEK 1,240 million). This represents an increase of SEK 124 million, i.e. just in excess of 10 per cent, compared with the corresponding quarter of the precending year. Cash flow from operations amounted to SEK 3 million (SEK 25 milion). Cash flow after net investments amounted to SEK -160 million (SEK -6 million). Cash flow after net investments in the second quarter was effected by paid dividend of SEK 89,4 million and change in restricted cash of SEK 44 million, compared with the corresponding quarter of the preceding year. Restricted cash is primarily used for tenders. The Group's investments during the period relate primarily to purchases of buses, which were financed through leasing. Cash-financed investments amounted to SEK 5 million (SEK 9 million). During the period, the Group entered into financial leasing agreements amounting to SEK 304 million (SEK 121 million). Half year March August 2008 The operating result was positive for the first half year, SEK 85 million, compared with SEK 33 million for the corresponding period of the preceding year. The operating result in the period, compared with the corresponding period of the preceding year, was effected by the swedish bus driver strike of SEK -5 million. The Concordia Bus Group's sales during the period March-August were SEK 2,866 million (SEK 2,567 million). This represents an increase of SEK 299 million, i.e. just in excess of 12 per cent, compared with the corresponding period of the preceding year. Cash flow from the operations amounted to SEK 125 million (SEK 112 milion). Cash flow after net investments amounted to SEK -78 million (SEK 46 million). Cash flow after net investments in the period was effected by paid dividend of SEK 89,4 million and change in restricted cash of SEK 44 million, compared with the corresponding period of the preceding year. Restricted cash is principally used for tenders. The Group's investments during the period relate primarily to purchases of buses, which were financed through leasing. Cash-financed investments amounted to SEK 24 million (SEK 13 million). During the period, the Group entered into financial leasing agreements amounting to SEK 311 million (SEK 135 million). Comments The improvement in earnings in the business has continued also in the second quarter for the 2008/2009 financial year, when compared with the corresponding quarter of the preceding year. Continued improvements in efficiency combined with revenue indexation in line with cost inflation lie behind the improvements. One exception is the currently increase in diesel price, that are not fully reflected in cost-indexation. During the second quarter the strike in Sweden was a big challenge. It had an effect on the Group's operating result of SEK 5 million and resulted in a three-year agreement. The business in Concordia Bus Fleet has resulted in a more efficient use of the bus fleet, for example through sales of overcapacity. In spite of growth, this has resulted in a fleet of 3,443 buses, compared to over 3,600 two years ago and an average age of the fleet of 6,1 years. 2 av 13

2008-06-01 2007-06-01 2008-03-01 2008-02-29 Key ratios for the operations: Sales 1 364 1 240 2 866 2 567 5 406 Operating profit 28 24 85 33 161 Net profit/loss for the year -30-18 -15-55 -15 Number of employees - - 5 720 5 619 7 021 Number of buses - - 3 443 3 412 3 376 Number of newly purchased buses 187 51 198 58 133 Number of sold buses 91 104 131 149 260 Net investments excl. financial contracts 5 9 24 13 33 Net investments incl. financial contracts 309 130 335 148 339 Cash flow from operations 3 25 125 112 251 Equity ratio - - 2,8 % 4,9 % 5,7 % Earnings per share before dilution (SEK) -7,1-2,7-7,4-5,5-5,2 Earnings per share after dilution (SEK) -7,1-2,7-7,4-5,5-5,2 All items are expressed in million kronor (SEK million) unless otherwise stated. The Group's operations and focus Concordia Bus AB conducts its operations through subsidiaries. The operations consist of providing regular contractual bus traffic to CPTAs in Sweden, Norway and Finland. With startup in October 2008, Concordia Bus AB has secured a traffic engagement in Denmark through its Danish subsidiary. In addition to contractual bus traffic, Concordia Bus also operates a network of express bus services focused on consumers in Sweden. The operations in Sweden are conducted through the wholly owned subsidiaries, Swebus AB and Swebus Express AB. In Finland, the operations are conducted through Concordia Bus Finland Oy Ab and, in Norway, through Concordia Bus Norge AS. The wholly owned business-operating subsidiaries are owned via a subordinate holding company, Concordia Bus Nordic Holding AB, which in turn owns the operational parent company of the subsidiaries, Concordia Bus Nordic AB (publ). Concordia Bus AB also has a wholly owned subsidiary for management of the bus fleet, Concordia Bus Fleet AB, which rents out buses to the operational companies. The Group's development Sales June - August During the period June August 2008, the Concordia Bus Group's sales increased by SEK 124 million, i.e. in excess of 10 per cent, compared with the corresponding quarter of the preceding year, to SEK 1,364 million (SEK 1,240 million). The Group's contractual traffic during the second quarter increased by SEK 141 million, compared with the corresponding quarter of the preceding year. This relates to new contracts in the amount of SEK 104 million and SEK -44 million in lost contracts in the corresponding quarter of the preceding year. Other sales relate to price and volume changes in existing contract agreements, SEK 81 million, compared with the corresponding quarter of the preceding year. March August During the period March August 2008, the Concordia Bus Group's sales increased by SEK 299 million, i.e. in excess of 12 per cent, compared with the corresponding period of the preceding year, to SEK 2,866 million (SEK 2,567 million). The Group's contractual traffic during the period increased by SEK 311 million, compared with the corresponding period of the preceding year. This relates to new contracts in the amount of SEK 145 million and SEK -44 million in lost contracts compared to the corresponding period of the preceding year. Other sales relate to price and volume changes in existing contract agreements, SEK 210 million, compared with the corresponding period of the preceding year. Operating expenses June - August The Group's operating expenses relate to personnel expenses, which include salaries, payroll overhead, pensions, costs for bus drivers, as well as fuel, tires and leasing expenses. 3 av 13

The Group's expenses for the period June - August increased by SEK 122 million, i.e. 11 per cent, compared with the corresponding period of the preceding year. The Group's total expenses amounted to SEK 1,271 million (SEK 1,149 million). The Group's average diesel price for the period was SEK 10.22 (SEK 7.78), entailing SEK 60 million in negative price difference compared with the corresponding period of the preceding year. SEK 9 million in positive diesel hedge compensated this negative effect. March August The Group's expenses for the period March - August increased by SEK 249 million, i.e. 11 per cent, compared with the corresponding period of the preceding year. The Group's total expenses amounted to SEK 2,651 million (SEK 2,402 million). The Group's average diesel price for the period was SEK 9.82 (SEK 7.76), entailing SEK 107 million in negative price difference compared with the corresponding period of the preceding year. SEK 15 million in positive diesel hedge compensated this negative effect. The Group's volume increase in traffic agreements has resulted in increased diesel costs in the amount of SEK 15 million, compared to the corresponding period of the preceding year. Depreciation The Group's depreciation costs relate primarily to depreciation of buses but also include depreciation of other fixed assets. The Group's depreciation costs for the period June August amounted to SEK 66 million (SEK 63 million). For the period March August the depreciation costs amounted to SEK 131 million (SEK 127 million). Operating Profit The Group's operating profit for the period June August 2008 was SEK 28 million (SEK 24 million). For the period March August the operating profit was SEK 85 million (SEK 33 million). Financial position The Group's financial position weakened by SEK 20 million during the second quarter, compared with the corresponding quarter of the preceding year. The primary reason for the changes is exchange rate changes, SEK 10 million, on Concordia Bus Nordic AB's bond loan of EUR 130 million. Available cash and cash equivalents at the end of the period amounted to SEK 378 million (SEK 286 million). In addition, the Group had restricted funds of SEK 118 million (SEK 128 million), primarily as security for tenders and traffic contracts. Taxes The Group's taxes comprise current tax and deferred tax. Current tax is calculated on the taxable result for the year. Deferred tax is calculated based on temporary differences between the reported value and the taxable value of assets and liabilities as well as tax on the Group's deficits for tax purposes. Deferred tax is calculated in accordance with the applicable tax rate for each country. Deferred tax claims are reported only to the extent it is likely that these may be utilized against future taxable profits. The parent company The parent company has nine (seven) employees, for group- and treasury management. The parent company's result before tax amounted to SEK 8 million (SEK 8 million). Cash and cash equivalents in the parent company at the end of the period were SEK -42 million (SEK 55 million). Investments The Group's investments during the second quarter relate primarily to purchase of other fixed assets, SEK 5 million (SEK 9 million). The Group's investments during the first half-year was SEK 24 million, (SEK 13 million). The Group, through its subsidiary, Concordia Bus Fleet AB, signed financial leasing agreements during the second quarter amounting to SEK 304 million (SEK 121 million) in acquisition value, corresponding to 187 (51) buses. During the first six months the Group signed financial leasing agreements amounting to SEK 311 million, (SEK 135 million), corresponding to 198 (58) buses. The Group's financial leasing agreements have been classified as fixed assets in the balance sheet and leasing undertakings have been reported as liabilities in the balance sheet. Depreciation and interest expenses are reported in the income statement. During the second quarter, the Group sold buses for the equivalent of SEK 5 million (SEK 15 million), equal to 91 (104) buses. The sale has entailed a capital gain of SEK 1 million (SEK 4 million). For the period March August the Group sold buses for the equivalent of SEK 10 million (SEK 20 million), equal to 131 (149) buses and entailing a capital gain of SEK 1 million (SEK 5 million). 4 av 13

Personnel During the period there were on average 5,720 (5,619) employees. In all countries in which Concordia Bus AB conducts operations, collective bargaining agreements are applied as agreed upon with the trade union that represents employees within the industry in which the relevant company operates. There are well-established practices and traditions as to the manner in which work times, compensation conditions, information and co-operation are negotiated and applied between employee representatives and the company. Market trend The Concordia Bus Group operates buses within the public transport area. The largest part consists of publicly procured public transport conducted through subsidiaries in the different countries. In addition, a specific subsidiary operates long distance bus traffic in free competition, primarily in Sweden. The procured public transport market has been subject to serious predatory pricing in tenders and deficient indexation systems for income calculations. A declining number of operators with more commercial goals, combined with ever improving and more efficient procurement conditions, are leading to step-by-step improvements in profitability conditions. All operations are conditional on receipt of traffic licenses for carrying passengers. All subsidiaries hold the necessary licenses. Risk management The Concordia Bus Group is primarily exposed to interest rate risks in relation to the company's financial and operational leasing. Leasing fees are based, among other things, on variable market interest rates. The Group's finance policy states that a part of the interest rate exposure may be hedged based on market trends. As per August 31, 2008, the Group had hedged 68 percent of the nominal leasing debt in Swedish kronor. Hedging takes place in the form of interest caps which lapse regularly during the period October 1, 2008 to February 28, 2009. An interest cap protects the Company against interest rate increases above a certain level, while at the same time the Company can benefit from interest rate reductions. The Concordia Bus Group is exposed to currency risks on its bond loan, which has been raised in euros. According to internal calculations, a 10% devaluation of the Swedish krona generates an increased cost of SEK 11 million with respect to interest payments on the bond loan for a twelve-month period. The Concordia Bus Group is also exposed to a potential exchange rate loss on the total value of the bond loan, which in such case will not be realized until the maturity date of the bond loan. The Group's finance policy provides that the exchange rate exposure on the bond loan may be hedged. As per August 31, 2008 the Group had no currency hedging with respect to exchange rate exposure on the bond loan. The Group is also exposed to exchange rate fluctuations as well as diesel price changes as consequence of its purchases of diesel. Diesel is purchased on the international commodities market in US dollars. Through its revenues index in its CPTA contracts, the Group is compensated in part for changes in the diesel price. According to internal calculations, this index compensation reduces by 77% the exposure to diesel price changes within a twelve-month period. Based on our internally calculated diesel consumption, a USD 1 increase in the diesel price per ton would increase the net diesel cost by SEK 0.1 million per financial year, including the estimated index compensation. The Group's finance policy provides that at least 50% of the purchasing volume exposed to price changes shall be hedged for the coming six to twelve months. As per August 31, 2008 the Group had hedged 15% of the purchasing volume exposed to price changes. Hedging takes place in the form of a diesel cap in Swedish kronor which extends until February 28, 2009. A cap allows the Company to pay at a fixed diesel price and exchange rate, why the positive effect of a fall in prices fully will benefit the Company. Anticipated future development The financial forecast earlier made by the Concordia Bus Group remains. It takes into consideration the current economic trends, which demonstrate further advantageous possibilities for improvement in the earnings trend. An increase in sales of 5-10% per year is expected for the accounting years 2008-2010, wich also could lead to a operating margin between 3-5%. For the current financial year a positive result is expected. Concordia Bus AB will also continue to improve its capital structure. 5 av 13

Accounting principles Concordia Bus s consolidated financial statements for this quarter have been prepared in accordance with the IAS 34 Interim Financial reporting and the Swedish Financial Accounting Standards of the Accounting Act (BFNAR 2007:1) " Bokföringsnämndens Allmänna Råd om frivillig delårsrapportering ". The same accounting principles and calculation methods have been used in the interim report as in the most recent annual report. Quarterly accounts for the parent company, Concordia Bus AB, have been prepared in accordance with the Annual Accounts Act and the Swedish Financial Accounting Standards Council's recommendation RFR 2.1 "Reporting for legal entities. Transactions between segments are based on market terms and conditions. Related party transactions No transactions have taken place between Concordia Bus Group and related parties that have materially affected the company s position or earnings for the first quarter. Events since the expiry of the reporting period No significant events have occurred since the expiry of the period covered by the interim report. Stockholm, September 25, 2008 Ragnar Norbäck President and CEO This interim report has not been the subject of review by the auditors. Timetable for future financial information Interim report September November December 18, 2008 Unaudited annual figures April 23, 2009 Questions concerning the content of this report will be answered by: Ragnar Norbäck, President Tel 46-8-54630141 Per Skärgård, CFO Tel 46-701871052 Concordia Bus AB Solna Strandväg 78 171 54 Solna www.concordiabus.com Sweden 6 av 13

CONDENSED INCOME STATEMENT FOR THE CONCORDIA BUS GROUP 2008-06-01 2007-06-01 2008-03-01- Net sales 1 364 1 240 2 866 2 567 OPERATING EXPENSES Fuel, tires and other consumables -321-251 -669-528 Other external expenses -270-280 -555-560 Personnel expenses -680-618 -1 427-1 314 Capital gain/loss upon sale of fixed assets 1-4 1-5 Depreciation / write-down of tangible and intangible fixed assets -66-63 -131-127 OPERATING PROFIT 28 24 85 33 PROFIT/LOSS FROM FINANCIAL INVESTMENTS Interest income and similar profit/loss items 6 2 10 5 Interest expenses and similar profit/loss items -64-44 -110-93 PROFIT/LOSS AFTER FINANCIAL INVESTMENTS -30-18 -15-55 Tax - - - - PROFIT/LOSS FOR THE YEAR -30-18 -15-55 Of which related to the shareholders of the Parent Company -30-18 -15-55 Earnings per share before dilution (SEK) -7,1-2,7-7,4-5,5 Earnings per share after dilution (SEK) -7,1-2,7-7,4-5,5 Average number of shares before dilution 20 000 20 000 20 000 20 000 Average number of shares after dilution 20 000 20 000 20 000 20 000 7 av 13

CONDENSED BALANCE SHEET FOR THE CONCORDIA BUS GROUP ASSETS 2008-02-29 Fixed assets Goodwill 684 681 683 Improvement expenses on third party property 5 5 4 Equipment, tools, fixtures and fittings 26 28 30 Vehicles 1 845 1 639 1 647 Long-term receivables 1 1 1 Total fixed assets 2 561 2 354 2 365 Current assets Inventories 41 32 36 Accounts receivables 517 402 539 Other current receivables 84 57 48 Prepaid expenses and accrued income 144 96 103 Blocked funds 118 128 74 Cash and cash equivalents 378 286 455 Total current assets 1 282 1 001 1 255 TOTAL ASSETS 3 843 3 355 3 620 EQUITY AND LIABILITIES 2008-02-29 Equity 107 166 210 Long-term liabilities Bond loans 1 218 1 198 1 206 Other liabilities 1 259 906 1 008 Provisions for pensions and similar obligations 40 51 43 Other provisions 52 66 45 Total long-term liabilities 2 569 2 221 2 302 Current liabilities Liabilities to credit institutions 112 97 107 Accounts payable 256 217 199 Other current liabilities 130 127 134 Accrued expenses and deferred income 669 527 668 Total current liabilities 1 167 968 1 108 Total liabilities 3 736 3 189 3 410 TOTAL EQUITY AND LIABILITIES 3 843 3 355 3 620 PLEDGED ASSETS AND CONTINGENT LIABILITIES 1 586 1 601 1 634 8 av 13

EQUITY IN SUMMERY Share capital Other contributed capital Translation differences Profit/loss carried forward incl. profit/loss for the year Total equity Opening equity as per March 1, 2007 25 2 164 24-1 986 227 Translation difference - - 7-7 Premium for share warrants - - - - - Dividend - - - -13-13 Profit/loss for the year - - - -55-55 Closing equity as per August 31, 2007 25 2 164 31-2 054 166 Translation difference - - 11-11 Premium for share warrants - 0 - - 0 Dividend - - - -13-13 Profit/loss for the year - - - -15-15 Closing equity as per February 29, 2008 25 2 164 35-2 014 210 Translation difference - - 1-1 Dividend - - - -89-89 Profit/loss for the year - - - -15-15 Closing equity as per August 31, 2008 25 2 164 36-2 118 107 9 av 13

CONDENSED CASH FLOW STATEMENT FOR THE CONCORDIA BUS GROUP 2008-03-01 2008-02-29 Cash flow from operating activites Profit/loss after financial items -15-55 -16 Adjustment for items not included in the cash flow 142 157 275 Cash flow from operations before changes in working capital 127 102 259 Cash flow from changes in working capital Change in inventories -5-4 -8 Change in operating receivables -51 136-1 Change in operating liabilities 54-122 1 Cash flow from operations 125 112 251 Cash flow from investing activities Change in restricted funds -44-19 38 Investments in building and land, vehicles, equipment, tools, fixtures and fittings excluding financial leases -24-13 -33 Sale of buildings and land, vehicles, equipment, tools and fixtures and fittings 10 20 58 Cash flow from investing activities -58-12 63 Cash flow from financing activities Dilution -89-13 -13 Amortization of financial leasing liabilities -56-41 -90 Cash flow from financing activities -145-54 -103 Cash flow for the year -78 46 211 Opening liquid funds 455 242 242 Cash flow for the year -78 46 211 Translation difference 1-2 2 Closing liquid funds 378 286 455 10 av 13

CONDENSED INCOME STATEMENT FOR THE PARENT COMPANY 2008-03-01 2008-02-29 Net sales 16 16 33 OPERATING EXPENSES Other external expenses -5-6 -16 Personnel expenses -10-9 -18 OPERATING LOSS 1 1-1 PROFIT/LOSS FROM FINANCIAL INVESTMENTS Interest income and similar profit/loss items 8 8 15 Interest expenses and similar profit/loss items -1-1 - PROFIT AFTER FINANCIAL INVESTMENTS 8 8 14 Tax - - 6 PROFIT FOR THE YEAR 8 8 20 CONDENSED BALANCE SHEET FOR THE PARENT COMPANY ASSETS 2008-02-29 Fixed assets Shares in group companies 1 772 1 772 1 772 Receivables from group companies 221 221 221 Total fixed assets 1 993 1 993 1 993 Current assets Receivables from group companies 45 9 39 Other current receivables 3 0 2 Deferred expenses and accrued income 9 2 1 Blocked bank accounts 8 0 1 Cash and cash equivalents -42 55 53 Total current assets 23 66 96 TOTAL ASSETS 2 016 2 059 2 089 EQUITY AND LIABILITIES 2008-02-29 Equity 2 000 2 054 2 081 Current liabilities Accounts payable 10 0 1 Liabilities to group companies 3 2 3 Other shortterm liabilities 0 1 - Accrued expenses and prepaid income 3 2 4 Total current liabilities 16 5 8 TOTAL EQUITY AND LIABILITIES 2 016 2 059 2 089 11 av 13

Note 1. Primary segment per market area Revenues per business area 2008-06-01 2007-06-01 2008-03-01- Contract traffic Sweden 978 892 2 088 1 890 Contract traffic - Denmark - - - - Contract traffic Norway 114 106 234 218 Contract traffic Finland 154 107 321 224 Total contract traffic 1 246 1 105 2 643 2 332 Express, long distance traffic 102 103 182 188 Total other traffic 102 103 182 188 Other income and group eliminations 16 32 41 47 Total income 1 364 1 240 2 866 2 567 Operating profit/loss per business area 2008-06-01 2007-06-01 2008-03-01- Contract traffic Sweden 19 17 89 36 Contract traffic - Denmark -2 - -3 - Contract traffic Norway 1 8 4 12 Contract traffic Finland -1-2 3-1 Total contract traffic 17 23 93 47 Express, long distance traffic 18 13 18 10 Total other traffic 18 13 18 10 Head office items and other items -7-12 -26-24 Total operating profit 28 24 85 33 *) Allocation of Head office items and other items, have been calculated according to a new allocation method, wich also influenced historical digits, in order to achieve comparables. Note 2. Financing Operational leasing, Buses 2008-02-29 Nominal value of future payments - Buses 1 381 1 747 1 458 - Number of operationally leased buses 1 588 1 621 1 621 Reported operational leasing expense 177 200 390 Operational leasing (Future leasing expenses calculated at present value) 2008-02-29 Present value of future payments - Buses 894 968 939 Summa 894 968 939 12 av 13

Interest-bearing long-term liabilities 2008-02-29 Bond loan, Senior Secured Notes 9.125% 1 227 1 217 1 220 Financial leasing liability 1 371 1 003 1 115 Capitalized financing expenses -9-19 -14 Total 2 589 2 201 2 321 Less current part -112-97 -107 Total 2 477 2 104 2 214 Interest expenses and similar profit / loss items 2008-06-01 2007-06-01 2008-03-01- Interest expenses liabilities to credit institutions -20-12 -39-24 Interest expenses bond loan -29-27 -57-56 Depreciation of capitalized financing expenses -3-3 -5-5 Other financial expenses -1-1 -2-2 Realized and unrealized exchange rates profits and losses -11-1 -7-6 Total -64-44 -110-93 Not 3. Earnings per share Earnings per share 2008-03-01 2008-02-29 Average number of common shares during the period 20 000 20 000 20 000 Reported profit / loss (SEK M) -15-55 -15 Dividend on preference shares -89-13 - Cumulative right to dividends on preference shares (SEK M) -45-42 -89 Adjusted profit / loss (SEK M) -149-110 -104 Earnings per share (SEK) -7,4-5,5-5,2 13 av 13