SUPPLEMENTARY PROSPECTUS REGARDING AN INVITATION TO SUBSCRIBE FOR SHARES IN AB (PUBL)

Joint Global Coordinators and Joint Bookrunners

Joint Bookrunner TABLE OF CONTENTS

Supplementary Prospectus 9

Summary :

Selected consolidated historical information and other information = Operational and financial review 9A Capitalisation, indebtedness and other financial information 9C Legal considerations and supplementary information 9F

Financial statements F-9 SUPPLEMENTARY PROSPECTUS

SUPPLEMENTARY PROSPECTUS

is document (the “ Supplementary Prospectus ”) has been prepared by Nobina AB (publ) (a Swedish public limited liability company) (“ Nobina ” or the “ Company ”) as a supplement to the prospectus regarding an invitation to subscribe for shares in Nobina AB (publ), which was approved by and registered with the Swedish Financial Supervisory Authority (the “ SFSA ”) on # June $%&' (with the SFSA’s journal number ( Sw. diarie- nummer ) &'-+.+/) and published the same day (the “ Prospectus ”). is Supplementary Prospectus constitutes a part of, and shall be read together with, the Prospectus. All de1nitons in the Prospectus also apply to this Supplementary Prospectus. e Supplementary Prospectus has been prepared in connection with the Company’s interim report for the 1rst quarter of FY&'/&+ (& March – #& May $%&'), which was published on &' June $%&' (the “ Interim Report ”). e Supplementary Prospectus has been prepared in accordance with Chapter $, Section #. of the Swedish Financial Instruments Trading Act ( Sw. lagen ("##":#$%) om handel med &nansiella instrument ) (the “ Trading Act ”) and has been approved by and registered with the SFSA on &' June $%&' (with the SFSA’s journal num- ber &'-/'#%). e Supplementary Prospectus was published on &' June $%&'. e press releases by which such information has been made public were published on &' June $%&' on the Company’s website (www.nobina.com). e Supplementary Prospectus and the Prospectus are available electronically at the SFSA’s and the Company’s websites at www.1.se and www.nobina.com, respectively. Investors who, prior to the publication of this Supplementary Prospectus, have submitted an application, or otherwise consented, to purchase Shares in the O3er have the right to withdraw their application or consent within two business days of the publication of the Supplementary Prospectus (i.e. by &4 June $%&'), pursuant to Chapter $, Section #. of e Trading Act. Withdrawal must be made in writing to Danske Bank A/S, Danmark, Sverige Filial, Payment & Asset Services, Box 4'$#, SE-&%# 6$ . Investors who have applied for Shares through a nominee must contact the nominee regarding withdrawal. Applications that are not withdrawn will remain binding. Investors who wish to remain purchasers of Shares need not take any action. For complete terms and conditions and other information about the O3er (including certain selling and transfer restrictions), reference is made to the Prospectus, which is available along with the Supplementary Prospectus at the above mentioned websites. All conditions for completion of the O3er described in this Prospectus continue to apply and the O3er may therefore be subject to revocation. By this Supplementary Prospectus, the Prospectus is updated as follows.

SUPPLEMENTARY PROSPECTUS REGARDING AN INVITATION TO SUBSCRIBE FOR SHARES IN NOBINA AB (PUBL) 1 SUMMARY

SUMMARY

e information below supplements element B.4 of the section titled “ Summary ” in the Prospectus.

SECTION B – ISSUER AND ANY GUARANTOR B.7 Selected historical e selected consolidated 1nancial data for the 1rst quarter of FY&'/&+ and FY&./&' (& March – financial #& May $%&' and & March – #& May $%&.) has been derived from the Interim Report. e Interim information Report is prepared in accordance with IAS #. and the Swedish Annual Accounts Act ( Sw. Års- redovisningslagen ) and has been reviewed by PwC, as set forth in their review report included elsewhere herein.

Summary of consolidated income statement For the first quarter of the financial year (SEK million) 89/8; 8

Operating expenses Fuel, tyres and other consumables –X9Y –X:F Other external expenses –:[= –:YF Personnel costs –9,9\: –[Y: Capital losses from the disposal of non-current assets A –X Depreciation/amortisation and impairment of PPE and intangible assets –9\C –9:F Operating profit/loss IS LK

Profit from net financial items Financial income 9 \ Financial expense –X= –FY Net financial items –SL –UL

Profit/loss before tax (EBT) –YI –IN Tax –: –F Profit/loss for the period –YY –[Y

2 SUPPLEMENTARY PROSPECTUS REGARDING AN INVITATION TO SUBSCRIBE FOR SHARES IN NOBINA AB (PUBL) SUMMARY

B.7 Selected historical Summary of the consolidated balance sheet financial As of >8 May information (SEK million) @A89 @A8< cont. ASSETS Non-current assets Intangible assets Goodwill CY= C[A Other intangible assets 9X :9 Total intangible assets N^^ NII

Property, plant and equipment Costs for improvements on third-party properties :A 9= Equipment, tools, fixtures and fittings =X CA Vehicles X,:\Y \,[9X Total property, plant and equipment S,Y[[ Y,KM^

Financial assets Total financial assets [: 99Y Total financial assets K[ IIM Total non-current assets L,^IS S,U^K

Current assets Trade receivables C9Y XFC Other current assets C9[ [YX Cash and cash equivalents X9\ 9[Y Total current assets I,SL^ I,NLU TOTAL ASSETS N,SNS N,YNN

SHAREHOLDERS’ EQUITY AND LIABILITIES Shareholders’ equity attributable to parent Company shareholders [US [^N

Non-current liabilities Borrowing \,99A \,XX\ Other non-current liabilities 9C[ 9\\ Total non-current liabilities Y,[NK Y,LUN

Current liabilities Accounts payable X:: \== Borrowing 9,9== 9,AXY Other current liabilities 9=X 9CC Accrued expenses and deferred income 9,9=[ 9,A9C Total current liabilities [,K[I [,LMS Total liabilities N,IK^ N,IN^ TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES N,SNS N,YNN

Summary of consolidated cash flow statement For the first quarter of the financial year (SEK million) 89/8; 8

SUPPLEMENTARY PROSPECTUS REGARDING AN INVITATION TO SUBSCRIBE FOR SHARES IN NOBINA AB (PUBL) 3 SUMMARY

B.7 Selected historical Summary of key performance indicators financial For the first quarter of information the financial year cont. (SEK million, unless otherwise stated) 89/8; 8

9) The Company defines EBITDA as profit/loss for the year before net financial items, tax, depreciation/amortisation and impair- ment of PPE and intangible assets and capital losses from the disposal of non-current assets. Adjusted EBITDA is calculated by excluding the non-recurring costs related to the Offer, including transaction costs of SEK \F million and personnel costs of SEK CC million related to the Company’s management incentive programme. :) The Company defines EBITDA margin as EBIDTA in relation to net sales. The Company defines adjusted EBITDA margin as adjusted EBITDA in relation to net sales. \) The Company defines EBITDAR as profit/loss for the year before net financial items, tax, depreciation/amortisation and impairment of PPE and intangible assets, capital losses from the disposal of non-current assets and operating lease costs. Adjusted EBITDAR is calculated by excluding the non-recurring costs related to the Offer, including transaction costs of SEK \F million and personnel costs of SEK CC million related to the Company’s management incentive programme. X) The Company defines EBITDAR margin as EBITDAR in relation to net sales. The Company defines adjusted EBITDAR margin as adjusted EBITDAR in relation to net sales. C) Adjusted EBT is calculated by excluding the non-recurring costs related to the Offer, including transaction costs of SEK \F million and personnel costs of SEK CC million related to the Company’s management incentive programme. =) EBITDA and EBITDAR are non-IFRS measures and are not substitutes for any IFRS measure. Nobina uses these measures for many purposes in managing and directing the Company. The reconciliation of profit/loss for the period 9 March – \9 May :A9C and 9 March – \9 May :A9X to EBITDA and EBITDAR is as follows: For the first quarter of the financial year (SEK million, unless otherwise stated) 89/8; 8

Profit/loss for the period –YY –[Y Tax :F Net financial items XC FC Depreciation/amoritisation and impairment of PPE and intangible assets 9\C 9:F Capital losses from the disposal of non-current assets AX EBITDA ISK IK^ Operating lease costs 9= \A EBITDAR INL [[^

F) Adjusted EBITDA and adjusted EBITDAR are non-IFRS measures and are not substitutes for any IFRS measure. Nobina uses these measures for many purposes in managing and directing the Company. The reconciliation of operating profit/loss for the first quarter of FY9C/9= and FY9X/9C to adjusted EBITDA and adjusted EBITDAR is as follows: For the first quarter of the financial year (SEK million, unless otherwise stated) 89/8; 8

Profit/loss for the period –YY –[Y Tax :F Net financial itemsa XC FC Depreciation/amoritisation and impairment of PPE and intangible assets 9\C 9:F Capital losses from the disposal of non-current assets AX EBITDA ISK IK^ Transaction costs \F – Costs related to management incentive programme CC – Adjusted EBITDA [SI – Operating lease costs 9= \A Adjusted EBITDAR [LU [[^

4 SUPPLEMENTARY PROSPECTUS REGARDING AN INVITATION TO SUBSCRIBE FOR SHARES IN NOBINA AB (PUBL) SUMMARY

B.7 Selected historical Summary of key performance indicators, cont. financial Y) The Company defines equity free cash flow as cash flow for the year before certain cash flow items from financing activities, information certain cash flow items from operating activities and financial expense (from the income statement), all of which relate to the Company’s bond or incentive programme. The reconciliation of cash flow for the period 9 March – \9 May :A9C and 9 March – cont. \9 May :A9X to equity free cash flow, EBITDA and EBITDAR is as follows: For the first quarter of the financial year (SEK million) 89/8; 8

Cash flow for the period –YM –IIY Cash flow from financing activities New share issue C– New issue of shares (to bond holders) –– Borrowing expenses – 9C New borrowing, other external loans – New borrowing, including payment of old bonds (SEK =F million) – –XY\ New issue of shares to senior executive –9 – Amortisation of bond loan and other external loans = XYC Cash flow from operating activities Adjustments for non-cash items Other items CX Changes in provisions, pensions, etc. 9 –\ Financial expense (from cash flow statement) –CC –FA Unrealised foreign exchange gains/losses – –C Financial expense (from income statement) X= FY Equity free cash flow –YI –K[ Cash taxes –– Net financials (excluding financial leasing interest expense) a) :X \X Change in restricted cash –[ –\C Asset disposals –\ –9 Underlying cash flow –9[ –[X Lease payments b) 9FX 9=C Underlying cash flow before lease payments 9CC F9 Cash-financed capital expenditure c) Y :[ Debt-financed new vehicles c) –X[ –C: New vehicle investments c) \[ C: Change in net working capital –X [A EBITDA ISK IK^ Operating lease cost 9= \A EBITDAR INL [[^

a) Includes interest paid, received interest income less finance lease interest expense. b) Includes amortisation of finance lease liability and finance lease interest expense. c) The Company’s investments mainly relate to purchases of vehicles. New vehicles are principally financed with asset-backed debt financing, of which the vast majority under finance lease arrangements. The following table illustrates Nobina’s invest- ments for the period 9 March – \9 May :A9C and 9 March – \9 May :A9X and sources of financing: For the first quarter of the financial year (SEK million) 89/8; 8

Uses Intangible assets – –S Cost for improvements on third-party properties – –9 Equipment, tools, fixtures and fittings –Y –:\ Vehicles –\[ –C\ Total tangible assets –SU –MI Total procurement of intangible and intangible assets –SU –MI

Sources New finance leases \9 C: Asset-backed financed vehicles 9Y – Debt-financed new vehicles SK L[

Cash-financed capital expenditure – –[K Cash-financed capital expenditure as a percentage of net sales (%) – 9.C

Vehicles – –9 Debt-financed new vehicles –– Net cash-financed vehicle capital expenditure – –I

Recent developments Since #& May $%&', the Company has signed an extension of a PTA contract with Länstra1ken Sörmland for an additional # years covering &#$ buses. &$% of these buses will be converted into environmentally friendly buses based on RME (rapeseed) diesel.

SUPPLEMENTARY PROSPECTUS REGARDING AN INVITATION TO SUBSCRIBE FOR SHARES IN NOBINA AB (PUBL) 5 SELECTED CONSOLIDATED HISTORICAL INFORMATION AND OTHER INFORMATION

SELECTED CONSOLIDATED HISTORICAL INFORMATION AND OTHER INFORMATION

e information below supplements the section titled “ Selected consolidated historical information and other information ” in the Prospectus. e introduction on page '# of the Prospectus is supplemented with the following information. e selected consolidated historical 1nancial data for the 1rst quarters of FY&'/&+ and FY&./&' (& March – #& May $%&' and & March – #& May $%&.) has been derived from the Interim Report. e Interim Report is prepared in accordance with IAS #. and the Swedish Annual Accounts Act ( Sw. Årsredovisningslagen ) and has been reviewed by PwC, as set forth in their review report included elsewhere herein. e table on pages '#–'+ of the Prospectus is supplemented with the following information.

SELECTED CONSOLIDATED INCOME STATEMENT DATA For the first quarter of the financial year (SEK million) 89/8; 8

Net sales I,KKL I,MMN

Operating expenses Fuel, tyres and other consumables –X9Y –X:F Other external expenses –:[= –:YF Personnel costs –9,9\: –[Y: Capital losses from the disposal of non-current assets A –X Depreciation/amortisation and impairment of PPE and intangible assets –9\C –9:F Operating profit/loss IS LK

Profit from net financial items Financial income 9 \ Financial expense –X= –FY Net financial items –SL –UL

Profit/loss before tax (EBT) –YI –IN Tax –: –F Profit/loss for the period –YY –[Y

6 SUPPLEMENTARY PROSPECTUS REGARDING AN INVITATION TO SUBSCRIBE FOR SHARES IN NOBINA AB (PUBL) SELECTED CONSOLIDATED HISTORICAL INFORMATION AND OTHER INFORMATION

SELECTED CONSOLIDATED BALANCE SHEET DATA As of >8 May (SEK million) @A89 @A8<

ASSETS Non-current assets Intangible assets Goodwill CY= C[A Other intangible assets 9X :9 Total intangible assets N^^ NII

Property, plant and equipment Costs for improvements on third-party properties :A 9= Equipment, tools, fixtures and fittings =X CA Vehicles X,:\Y \,[9X Total property, plant and equipment S,Y[[ Y,KM^

Financial assets Total financial assets [: 99Y Total financial assets K[ IIM Total non-current assets L,^IS S,U^K

Current assets Trade receivables C9Y XFC Other current assets C9[ [YX Cash and cash equivalents X9\ 9[Y Total current assets I,SL^ I,NLU TOTAL ASSETS N,SNS N,YNN

SHAREHOLDERS’ EQUITY AND LIABILITIES Shareholders’ equity attributable to parent Company shareholders [US [^N

Non-current liabilities Borrowing \,99A \,XX\ Other non-current liabilities 9C[ 9\\ Total non-current liabilities Y,[NK Y,LUN

Current liabilities Accounts payable X:: \== Borrowing 9,9== 9,AXY Other current liabilities 9=X 9CC Accrued expenses and deferred income 9,9=[ 9,A9C Total current liabilities [,K[I [,LMS Total liabilities N,IK^ N,IN^ TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES N,SNS N,YNN

SELECTED CONSOLIDATED CASH FLOW STATEMENT DATA For the first quarter of the financial year (SEK million) 89/8; 8

Cash flow from operating activities 9C= [[ Cash flow from investing activities –X –XFY Cash flow from financing activities –9[A :== Cash flow for the period –\Y –99\ Cash and cash equivalents at the beginning of the period SLY Y^K Cash and cash equivalents at the end of the period SIY IKM

SUPPLEMENTARY PROSPECTUS REGARDING AN INVITATION TO SUBSCRIBE FOR SHARES IN NOBINA AB (PUBL) 7 SELECTED CONSOLIDATED HISTORICAL INFORMATION AND OTHER INFORMATION

SELECTED KEY PERFORMANCE INDICATORS For the first quarter of the financial year (SEK million, unless otherwise stated) 89/8; 8

9) The Company defines EBITDA as profit/loss for the year before net financial items, tax, depreciation/amortisation and impairment of PPE and intangible assets and capital losses from the disposal of non-current assets. Adjusted EBITDA is calculated by excluding the non-recurring costs related to the Offer, including transaction costs of SEK \F million and personnel costs of SEK CC million related to the Company’s management incentive programme. :) The Company defines EBITDA margin as EBIDTA in relation to net sales. The Company defines adjusted EBITDA margin as adjusted EBITDA in relation to net sales. \) The Company defines EBITDAR as profit/loss for the year before net financial items, tax, depreciation/amortisation and impairment of PPE and intangible assets, capital losses from the disposal of non-current assets and operating lease costs. Adjusted EBITDAR is calculated by excluding the non-recurring costs related to the Offer, includ- ing transaction costs of SEK \F million and personnel costs of SEK CC million related to the Company’s management incentive programme. X) The Company defines EBITDAR margin as EBITDAR in relation to net sales. The Company defines adjusted EBITDAR margin as adjusted EBITDAR in relation to net sales. C) Adjusted EBT is calculated by excluding the non-recurring costs related to the Offer, including transaction costs of SEK \F million and personnel costs of SEK CC million related to the Company’s management incentive programme. =) EBITDA and EBITDAR are non-IFRS measures and are not substitutes for any IFRS measure. Nobina uses these measures for many purposes in managing and directing the Company. The reconciliation of profit/loss for the period 9 March – \9 May :A9C and 9 March – \9 May :A9X to EBITDA and EBITDAR is as follows: For the first quarter of the financial year (SEK million, unless otherwise stated) 89/8; 8

Profit/loss for the period –YY –[Y Tax :F Net financial items XC FC Depreciation/amoritisation and impairment of PPE and intangible assets 9\C 9:F Capital losses from the disposal of non-current assets AX EBITDA ISK IK^ Operating lease costs 9= \A EBITDAR INL [[^

F) Adjusted EBITDA and adjusted EBITDAR are non-IFRS measures and are not substitutes for any IFRS measure. Nobina uses these measures for many purposes in managing and directing the Company. The reconciliation of operating profit/loss for the first quarter of FY9C/9= and FY9X/9C to adjusted EBITDA and adjusted EBITDAR is as follows: For the first quarter of the financial year (SEK million, unless otherwise stated) 89/8; 8

Profit/loss for the period –YY –[Y Tax :F Net financial itemsa XC FC Depreciation/amoritisation and impairment of PPE and intangible assets 9\C 9:F Capital losses from the disposal of non-current assets AX EBITDA ISK IK^ Transaction costs \F – Costs related to management incentive programme CC – Adjusted EBITDA [SI – Operating lease costs 9= \A Adjusted EBITDAR [LU [[^

cont. next page

8 SUPPLEMENTARY PROSPECTUS REGARDING AN INVITATION TO SUBSCRIBE FOR SHARES IN NOBINA AB (PUBL) SELECTED CONSOLIDATED HISTORICAL INFORMATION AND OTHER INFORMATION

Y) The Company defines equity free cash flow as cash flow for the year before certain cash flow items from financing activities, certain cash flow items from operating activities and financial expense (from the income statement), all of which relate to the Company’s bond or incentive programme. The reconciliation of cash flow for the period 9 March – \9 May :A9C and 9 March – \9 May :A9X to equity free cash flow, EBITDA and EBITDAR is as follows:

For the first quarter of the financial year (SEK million) 89/8; 8

Cash flow for the period –YM –IIY Cash flow from financing activities New share issue C– New issue of shares (to bond holders) –– Borrowing expenses – 9C New borrowing, other external loans –– New borrowing, including payment of old bonds (SEK =F million) – –XY\ New issue of shares to senior executive –9 – Amortisation of bond loan and other external loans = XYC Cash flow from operating activities Adjustments for non-cash items Other items CX Changes in provisions, pensions, etc. 9 –\ Financial expense (from cash flow statement) –CC –FA Unrealised foreign exchange gains/losses – –C Financial expense (from income statement) X= FY Equity free cash flow –YI –K[ Cash taxes –– Net financials (excluding financial leasing interest expense) a) :X \X Change in restricted cash –[ –\C Asset disposals –\ –9 Underlying cash flow –9[ –[X Lease payments b) 9FX 9=C Underlying cash flow before lease payments 9CC F9 Cash-financed capital expenditure c) Y :[ Debt-financed new vehicles c) –X[ –C: New vehicle investments c) \[ C: Change in net working capital –X [A EBITDA ISK IK^ Operating lease cost 9= \A EBITDAR INL [[^ a) Includes interest paid, received interest income less finance lease interest expense. b) Includes amortisation of finance lease liability and finance lease interest expense. c) The Company’s investments mainly relate to purchases of vehicles. New vehicles are principally financed with asset-backed debt financing, of which the vast majority under finance lease arrangements. The following table illustrates Nobina’s investments for the period 9 March – \9 May :A9C and 9 March – \9 May :A9X and sources of financing:

For the first quarter of the financial year (SEK million) 89/8; 8

Uses Intangible assets – –S Cost for improvements on third-party properties – –9 Equipment, tools, fixtures and fittings –Y –:\ Vehicles –\[ –C\ Total tangible assets –SU –MI Total procurement of intangible and tangible assets –MI

Sources New finance leases \9 C: Asset-backed financed vehicles 9Y – Debt-financed new vehicles SK L[

Cash-financed capital expenditure – –[K Cash-financed capital expenditure as a percentage of net sales (%) – 9.C

Vehicles – –9 Debt-financed new vehicles –– Net cash-financed vehicle capital expenditure – –I

SUPPLEMENTARY PROSPECTUS REGARDING AN INVITATION TO SUBSCRIBE FOR SHARES IN NOBINA AB (PUBL) 9 OPERATIONAL AND FINANCIAL REVIEW

OPERATIONAL AND FINANCIAL REVIEW

e information below supplements the section titled “ Operational and &nancial review ” in the Prospectus. e information under the section titled “ Recent developments ” and “ Operating results ” on pages +/–4$ of the Prospectus is supplemented with the following information.

RECENT DEVELOPMENTS OPERATING RESULTS Since #& May $%&', the Company has signed an extension of a Consolidated income statement for the first quarter PTA contract with Länstra1ken Sörmland for an additional of FY15/16 compared to the first quarter of FY14/15 # years covering &#$ buses. &$% of these buses will be converted e table below sets forth Nobina’s results of operations and into environmentally friendly buses based on RME (rapeseed) the period on period percentage of change for the periods diesel. indicated.

For the first quarter of the financial year (SEK million) 89/8; Change in % 8

Net sales I,KKL L.M I,MMN

Operating expenses Fuel, tyres and other consumables –X9Y –:.9 –X:F Other external expenses –:[= \.9 –:YF Personnel costs –9,9\: 9C.\ –[Y: Capital losses from the disposal of non-current assets A n/m –X Depreciation/amortisation and impairment of PPE and intangible assets –9\C =.\ –9:F Operating profit/loss IS –UN.Y LK

Profit from net financial items Financial income 9 –==.F \ Financial expense –X= –X9.A –FY Net financial items –SL –S^.^ –UL

Profit/loss before tax (EBT) –YI KY.M –IN Tax –: –F9.X –F Profit/loss for the period –YY SY.L –[Y

Net sales tal and climate performance. e increase in net sales was o3- Nobina’s net sales increased by SEK &%6 million, or './:, from set by the loss of net sales from the expiration of a loss-making SEK &,//+ million in the 1rst quarter of FY&./&' to SEK &,66' contract in Vestfold, . million in the 1rst quarter of FY&'/&+. e increase was driven primarily by volume growth of existing contracts in various Net sales by operating segment regions, positive e3ects of revenue indexation and new tra;c e table below sets forth Nobina’s net sales for each of its seg- contracts that have started up since the 1rst quarter of FY&./&', ments and the period on period percentage of change for the as well as by environmental bonuses received under existing periods indicated. PTA contracts in as a result of Nobina’s environmen- For the first quarter of the financial year (SEK million) 89/8; Change in % 8

Sweden Regional 9,\CY =.C 9,:FC Interregional =Y 9.C =F 9:= XA.A [A Norway ::[ –99.= :C[ Finland ::9 9A.A :A9 Eliminations * –F 9=.= –= Total I,KKL L.M I,MMN

* Includes Group-internal transactions.

10 SUPPLEMENTARY PROSPECTUS REGARDING AN INVITATION TO SUBSCRIBE FOR SHARES IN NOBINA AB (PUBL) OPERATIONAL AND FINANCIAL REVIEW

Sweden: Nobina’s net sales in Sweden (including both region- increase was also due to costs related to the start-up phase of al and interregional tra;c) increased by SEK /. million, or new tra;c contracts under which services will commence +.#:, from SEK &,#.$ million in the 1rst quarter of FY&./&' to during the second quarter of FY&'/&+ in connection with pre- SEK &,.$+ million in the 1rst quarter of FY&'/&+. e increase paring for operating tra;c under the new contracts. e was driven new tra;c contracts that have started up since the increase in other external expenses was o3set by the e3ects in 1rst quarter of FY&./&' and volume growth of existing con- the 1rst quarter of FY&./&' of costs related to the closing down tracts in various regions due to, among other things, increased of a loss-making contract in Dalarna, Sweden. number of passengers under incentive contracts and requests from PTAs for changes in the agreed tra;c. Net sales were Personnel costs also positively a3ected by new tra;c added outside of the pre- Nobina’s personnel costs increased by SEK &'% million, or agreed scope of existing contracts with certain PTAs, which &'.#:, from SEK 6/$ million in the 1rst quarter of FY&./&' to required negotiations with such PTAs and were completed SEK &,&#$ million in the 1rst quarter of FY&'/&+. As a percent- during the 1rst quarter of FY&'/&+. age of net sales, Nobina’s personnel costs increased from '$.&: in the 1rst quarter of FY&./&' to '+.4: in the 1rst quarter of Denmark: Nobina’s net sales in Denmark increased by SEK FY&'/&+. e increase was driven primarily by SEK '' million #+ million, or .%.%:, from SEK 6% million in the 1rst quarter of non-recurring personnel costs related to the Company’s of FY&./&' to SEK &$+ million in the 1rst quarter of FY&'/&+. management incentive programme. e increase was also due e increase was driven by new contracts for public bus trans- to generally increased production volumes and personnel costs port services in the area under which services related to the start-up phase of new tra;c contracts under commenced in December $%&.. e Company’s previous con- which services will commence during the second quarter of tract for Copenhagen was loss-making and covered only one FY&'/&+. region, while the new contract renewed Nobina’s services for the same region on substantially improved terms, and also Capital losses from the disposal of non-current assets added two new regions in Copenhagen. Nobina’s capital losses from the disposal of non-current assets decreased by SEK . million, from SEK . million in the 1rst Norway: Nobina’s net sales in Norway decreased by SEK #% quarter FY&./&' to SEK % million in the 1rst quarter of million, or &#.&:, from SEK $'6 million in the 1rst quarter of FY&'/&+. e decrease was driven by ordinary course changes FY&./&' to SEK $$6 million in the 1rst quarter of FY&'/&+. e in the number of sold assets, which does not follow predictable decrease was due to the expiration of a loss-making contract in or even patterns. Vestfold. Depreciation/amortisation and impairment of PPE and Finland: Nobina’s net sales in Finland increased by SEK $% intangible assets million, or &%.%:, from SEK $%& million in the 1rst quarter of Nobina’s depreciation/amortisation and impairment of PPE FY&./&' to SEK $$& million in the 1rst quarter of FY&'/&+. e and intangible assets increased by SEK / million, or +.#:, increase was driven by volume growth of existing contracts from SEK &$4 million in the 1rst quarter of FY&./&' to SEK &#' due to production volume increases and by positive index million in the 1rst quarter of FY&'/&+. e increase was driven adjustments. e increase in net sales was also due to environ- by a continued shift in the Company’s 1nancing structure of mental bonuses received under existing PTA contracts as a new buses, towards a higher share of buses 1nanced under result of Nobina’s environmental and climate performance. 1nance leases, and of owned buses.

Fuel, tyres and other consumables Operating profit/loss Nobina’s expense for fuel, tyres and other consumables Nobina’s operating pro1t decreased by SEK .' million, or decreased by SEK 6 million, or $.&:, from SEK .$4 million in 4+.#:, from SEK '6 million in the 1rst quarter of FY&./&' to the 1rst quarter of FY&./&' to SEK .&/ million in the 1rst SEK &. million in the 1rst quarter of FY&'/&+. Excluding the quarter of FY&'/&+. As a percentage of net sales, Nobina’s e3ect of non-recurring items, including transaction costs expense for fuel, tyres and other consumables decreased from related to the O3er and personnel costs related to the Com- $$.+: in the 1rst quarter of FY&./&' to $&.%: in the 1rst quar- pany’s management incentive programme, Nobina’s operating ter of FY&'/&+. e decrease was driven by a general reduction pro1t increased by SEK .4 million, or 46.4:, to SEK &%+ mil- in fuel price levels and decreased volumes due to the expira- lion in the 1rst quarter of FY&'/&+. e increase in operating tion of certain loss-making contracts. pro1t was driven by generally successful contract migration as a result of the expiration of loss-making contracts and the Other external expenses start-up of new tra;c contracts and the positive e3ects of Nobina’s other external expenses increased by SEK 6 million, these new contracts on the Company’s overall contract portfo- or #.&:, from SEK $/4 million in the 1rst quarter of FY&./&' to lio. e increase in operating pro1t was o3set by costs related SEK $6+ million in the 1rst quarter of FY&'/&+. As a percent- to the start-up phase of new tra;c contracts under which ser- age of net sales, Nobina’s other external expenses decreased vices will commence during the second quarter of FY&'/&+, from &'.$: in the 1rst quarter of FY&./&' to &../: in the 1rst including increased salaries and other expenses incurred in quarter of FY&'/&+. e increase was driven by SEK #4 million connection with preparing for operating tra;c under the new of non-recurring transactions costs related to the O3er. e contracts.

SUPPLEMENTARY PROSPECTUS REGARDING AN INVITATION TO SUBSCRIBE FOR SHARES IN NOBINA AB (PUBL) 11 OPERATIONAL AND FINANCIAL REVIEW

Operating pro"t/loss by operating segment e table below sets forth Nobina’s operating pro1t/loss for each of its segments and the period on period percentage change for the periods indicated.

For the first quarter of the financial year (SEK million) 89/8; Change in % 8

Sweden Regional 99X =C.: =[ Interregional –\ n/m –9 Denmark –Y =A.A –C Norway –C n/m –: Finland 99 –Y.\ 9: Central functions and other items –[C n/m –9X Total IS –UN.Y LK

As described under “ —Other external expenses ” and “ —Personnel costs ”, the Company has during the 1rst quarter of FY&'/&+ incurred certain non-recurring costs related to the O3er, including transaction costs of SEK #4 million and personnel costs related to the Company’s management incentive programme of SEK '' million. e table below sets forth Nobina’s operating pro1t/loss for each of its segments, adjusted to exclude the e3ect of the non-recurring items described above, and the period on period per- centage of change for the periods indicated.

Adjusted for non-recurring items For the first quarter of the financial year (SEK million) 89/8; Change in % 8

Sweden Regional 9:A F\.[ =[ Interregional 9 n/m –9 Denmark –C – –C Norway –: – –: Finland 9X 9=.= 9: Central functions and other items –:: CF.9 –9X Total I^N UK.U LK

Sweden: Nobina’s operating pro1t in Sweden (including both Denmark: Nobina’s operating loss in Denmark increased by regional and interregional tra;c) increased by SEK .# mil- SEK # million, or +%.%:, from negative SEK ' million in the lion, or +#.$:, from SEK +/ million in the 1rst quarter of 1rst quarter of FY&./&' to negative SEK / million in the 1rst FY&./&' to SEK &&& million in the 1rst quarter of FY&'/&+. quarter of FY&'/&+. Excluding the e3ect of non-recurring Excluding the e3ect of non-recurring personnel costs of SEK personnel costs of SEK # million, Nobina’s operating loss in &% million (of which SEK + million relate to regional tra;c Denmark remained stable at negative SEK ' million in the and SEK . million relate to interregional tra;c), Nobina’s 1rst quarter of FY&'/&+ compared to the 1rst quarter of operating pro1t in Sweden increased by SEK '# million, or FY&./&'. e operating loss was primarily due to costs related 44.6:, to SEK &$& million in the 1rst quarter of FY&'/&+. e to the start-up phase of the new Copenhagen contracts, o3set increase was driven by successful contract migration as a result by the fact that the general long-term cost structure of the new of the expiration of a loss-making contract in Dalarna and the contracts in Copenhagen are better adapted for the actual start-up of new tra;c contracts, including in Skaraborg and tra;c circumstances in the area. Västernorrland counties, and the positive e3ects of these new contracts on the Company’s overall contract portfolio, all of Norway: Nobina’s operating loss in Norway increased by which primarily occurred after the 1rst quarter of FY&./&'. SEK # million, from negative SEK $ million in the 1rst quar- e increase was also due to improved Swebus pro1tability ter of FY&./&' to negative SEK ' million in the 1rst quarter of from the e3ects of certain e;ciency measures and e;cient FY&'/&+. Excluding the e3ect of non-recurring personnel costs planning of the interregional Easter tra;c. e increase in of SEK # million, Nobina’s operating loss in Norway remained operating pro1t was o3set by capital losses due to increased stable at negative SEK $ million in the 1rst quarter of FY&'/&+ sales of buses as a result of movements in the Company’s con- compared to the 1rst quarter of FY&./&'. tract portfolio, which resulted in surplus bus capacity.

12 SUPPLEMENTARY PROSPECTUS REGARDING AN INVITATION TO SUBSCRIBE FOR SHARES IN NOBINA AB (PUBL) OPERATIONAL AND FINANCIAL REVIEW

Finland: Nobina’s operating pro1t in Finland decreased by Income tax SEK & million, or /.#:, from SEK &$ million in the 1rst quar- Nobina’s tax expense for the quarter decreased by SEK ' mil- ter of FY&./&' to SEK && million in the 1rst quarter of FY&'/&+. lion, or 4&..:, from SEK 4 million in the 1rst quarter of Excluding the e3ect of non-recurring personnel costs of SEK FY&./&' to SEK $ million in the 1rst quarter of FY&'/&+. e # million, Nobina’s operating pro1t in Finland increased by Company’s e3ective tax rate decreased from .#./: in the 1rst SEK $ million, or &+.+:, to SEK &. million in the 1rst quarter quarter of FY&./&' to +.': in the 1rst quarter of FY&'/&+. e of FY&'/&+. e increase in operating pro1t was primarily due Company has accounted for deferred tax related to tax losses to operational e;ciency and improvements in a number of carried forward. e deferred tax has been calculated using key performance indicators. tax rates that currently apply, or that are expected to apply when the related deferred tax asset is realised or the tax liabili- Central functions and other items: Central functions and ty is settled. e deferred tax asset that pertains to deductible other items include expenses related to Nobina’s o;ce head- temporary di3erences and unused tax losses has been reported quarters, including Group functions, such as management, to the extent that it is expected to be utilised in the foreseeable IT and 1nance. Nobina’s operating loss from central functions future, and doing so is deemed probable. e Company may, and other items increased by SEK /& million, from negative from time to time, account for additional deferred tax, which SEK &. million in the 1rst quarter of FY&./&' to negative SEK will in

SUPPLEMENTARY PROSPECTUS REGARDING AN INVITATION TO SUBSCRIBE FOR SHARES IN NOBINA AB (PUBL) 13 OPERATIONAL AND FINANCIAL REVIEW

LIQUIDITY AND CAPITAL RESOURCES Capital expenditure and bus investments Cash flows Nobina’s capital expenditure consists mainly of cash invest- e following table sets forth the principal components of ment of equipment for buses and bus depots related to new Nobina’s cash

Cash flow from operating activities TENDER PROCESSES AND CONTRACTS IN THE Nobina’s cash

Cash flow from investing activities Nobina’s cash out

Cash flow from financing activities Nobina’s cash out

14 SUPPLEMENTARY PROSPECTUS REGARDING AN INVITATION TO SUBSCRIBE FOR SHARES IN NOBINA AB (PUBL) CAPITALISATION, INDEBTEDNESS AND OTHER FINANCIAL INFORMATION

CAPITALISATION, INDEBTEDNESS AND OTHER FINANCIAL INFORMATION

e information below supplements the section titled As of “Capitalisation, indebtedness and other &nancial information ” >8 May (SEK million) @A89 in the Prospectus. e text and tables on pages 46–/% of the Prospectus are Capitalisation replaced with the following: Total current interest-bearing liabilities I,INN e table below sets forth the Company’s capitalisation Guaranteed 9) 9,9== and net indebtedness as of #& May $%&'. e information pre- Secured – sented below should be read in conjunction with “ Operational Unguaranteed/unsecured – and &nancial review ”, including the amendments stated in this Supplementary Prospectus and the Company’s 1nancial state- Total non-current interest-bearing liabilities Y,ISS 9) ments, and the notes related thereto included in the Prospectus Guaranteed :,CFC :) and this Supplementary Prospectus. Secured C\C Unguaranteed/unsecured \X

Total shareholders’ equity [US Share capital ::Y Paid-in capital :,X[A Reserves/retained earnings –:,XXC

Total capitalisation S,LMS

Net indebtedness [A] Cash X9\ [B] Cash equivalents – [C]Restricted bank accounts 9A= [D] Liquidity [A]+[B]+[C] LIK

[E]Current financial receivable –

[F] Current bank debt – [G] Current portion of non-current debt 9,9== [H] Other current financial debt – [I] Current financial debt [F]+[G]+[H] I,INN

[J] Net current financial indebtedness [I]–[E]–[D] NSU

[K] Non-current bank loans – [L] Bonds issued – [M]Other non-current loans \,9XX

[N] Non-current financial indebtedness [K]+[L]+[M] Y,ISS

[O] Net financial indebtedness Y) [J]+[N] Y,UKI

9) Finance lease contracts guaranteed by Nobina. :) The Bonds secured by a pledge of all the direct subsidiaries of Nobina Europe. \) Net financial indebtedness includes SEK \,C=\ million related to buses operated under finance lease contracts.

SUPPLEMENTARY PROSPECTUS REGARDING AN INVITATION TO SUBSCRIBE FOR SHARES IN NOBINA AB (PUBL) 15 CAPITALISATION, INDEBTEDNESS AND OTHER FINANCIAL INFORMATION

As of #& May $%&', Nobina’s direct and indirect contingent incentive programme. e participants in the management liabilities, on a consolidated basis, were SEK +,&6% million. incentive programme have undertaken to reinvest parts of the For additional information on Nobina’s debts and liabilities, incentive payments into Shares by way of purchasing Shares see the Company’s 1nancial statements and the notes related in the O3er and will get a guaranteed allocation in the O3er, thereto included in the Prospectus and this Supplementary see “ Corporate Governance—Compensation for members of the Prospectus. Shortly after completion of the O3er, the Compa- Board of Directors and Group Management—Incentive pro- ny intends to use SEK +#/ million from the net proceeds avail- gramme .” e table below sets forth the Company’s capitalisa- able to the Company from its issue of new Shares in order to tion and indebtedness as of #& May $%&', assuming that the net repay the Bonds in full. e Company will repay the Bonds by proceeds from the O3er were available to the Company as of exercising its early redemption right under the terms and con- that date and adjusted for the events described above, to illus- ditions. e Company’s indebtedness will accordingly be trate what the Company’s 1nancial position would have been reduced by SEK ''% million. e remaining net proceeds from on #& May $%&', if these events have occurred on that date. the O3er will be used to cover the costs of the management

Costs related to Receipt of net the management As of As of proceeds from incentive Redemption >8 May @A89, (SEK million) >8 May @A89 the Offer >), <) programme of Bonds after adjustments

Share capital 9) ::Y F= – – \AX Reserves/retained earnings X= =[Y –[9 C) –9AX =) CX[ Total shareholders’ equity [US UUS –KI –I^S MLY

Interest-bearing liabilities X,\9A – – –C\X F) \,FF= Total interest-bearing liabilities [) S,YI^ – – –LYS Y,UUN

Cash and cash equivalents X9\ FFX –9F: –=\Y =) \FF Restricted bank accounts 9A= – – – 9A= Current financial receivable – – – – – Net financial indebtedness Y,UKI – – – Y,[KY

9) The annual general meeting held on :F May :A9C resolved upon a 9:9A Reverse Share Split, i.e., ten (9A) Shares will be exchanged into one (9) Share whereby the quota value of the Shares will increase from SEK A.\= to SEK \.=A and the number of Shares will decrease from =\\,CC=,Y:\ to =\,\CC,=Y:. :) Includes SEK \,C=\ million related to buses operated under finance lease contracts. \) Assuming gross proceeds of SEK YCA million, reduced by expected transaction costs related to the Offer of SEK F= million. SEK \F million of transaction costs has been recorded in the income statement in the first quarter of FY9C/9= and most of the remaining SEK \[ million will be reported in Q: of FY9C/9=, net against the proceeds of the issue of Shares in the Offer, when such issue is completed. X) Includes receipt of proceeds from reinvestments in the Offer pursuant to the management incentive programme. C) Includes SEK := million of deferred tax. The management incentive programme will be paid out in full in connection with the Offer to enable reinvestments in the Offer. SEK CC million has been recorded as a personnel expense in Q9 of FY9C/9= and SEK 99F million will be recorded as a personnel expense in Q: of FY9C/9=. =) The cost related to early redemption of the Bonds amounts to SEK YY million in premium and SEK 9= million in capitalised up-front fees. Consequently, the total cash outflow for redemption of the Bonds is SEK =\Y million (the principal amount of SEK CCA million and SEK YY million in premium payment). F) SEK 9= million of capitalised up-front fees are accounted for net against the Bonds, resulting in a net liability of SEK C\X million.

Except as set forth above or in the information supplementary to “ Operational and &nancial review ” in this Supplementary Prospectus, there has been no signi1cant change to the Com- pany’s capitalisation or indebtedness since #& May $%&'.

16 SUPPLEMENTARY PROSPECTUS REGARDING AN INVITATION TO SUBSCRIBE FOR SHARES IN NOBINA AB (PUBL) LEGAL CONSIDERATIONS AND SUPPLEMENTARY INFORMATION

LEGAL CONSIDERATIONS AND SUPPLEMENTARY INFORMATION

e information below supplements the section titled “ Legal considerations and supplementary information ” in the Prospectus.

e section titled “ General Company and Group Information ” on page 64 of the Prospectus is amended as follows:

Country of Name incorporation Ownership interests Principal activity Nobina Busco AB Sweden 9AA% owned by Karlstadsbuss AB Operating company

e section “ Documents on display ” on page &%% of the Prospectus is supplemented with the following item: t e Company’s reviewed Interim Report for the period & March – #& May $%&' including audit report.

SUPPLEMENTARY PROSPECTUS REGARDING AN INVITATION TO SUBSCRIBE FOR SHARES IN NOBINA AB (PUBL) 17 FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

e information below supplements the section titled “ Financial statements ” in the Prospectus.

Nobina’s unaudited 1nancial report for the period & March – #& May $%&' has been reviewed by PwC.

e tables on pages F-$–F-' of the Prospectus are supplemented with the following information.

SUMMARY OF CONSOLIDATED INCOME STATEMENT For the first quarter of the financial year (SEK million, unless otherwise stated) @A89 @A8< Net sales I,KKL I,MMN

Operating expenses Fuel, tyres and other consumables –X9Y –X:F Other external expenses –:[= –:YF Personnel costs –9,9\: –[Y: Capital losses from the disposal of non-current assets A –X Depreciation/amortisation and impairment of PPE and intangible assets –9\C –9:F Operating profit/loss IS LK

Profit from net financial items Financial income 9 \ Financial expense –X= –FY Net financial items –SL –UL

Profit/loss before tax –YI –IN Tax –: –F Profit/loss for the year –YY –[Y

Earnings for the period attributable to the parent company’s shareholders –\\ –:\ Earnings per share before dilution (SEK ) –A,C –A,X Earnings per share after dilution (SEK ) –A,C –A,X Average number of shares before dilution (thousands) =\,:=: =\,:=9 Average number of shares after dilution (thousands) =\,:=: =\,:=9 Number of outstanding shares at end of period 9) =\,\CC,=Y: =\:,=99,:YC

9) Consolidation of the Company’s shares by a reverse split 9:9A, as resolved at the general meeting on :F May. Earnings per share have been adjusted for comparability.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 8 mars–>8 maj (SEK million) 89/8; 8

Other comprehensive income

Items which cannot be reclassified to profit or loss Revaluation of defined benefit pension plan AA Tax on items that will not be reclassified as profit or loss for the period AA

Items that can later be reclassified as profit or loss Exchange rate differences on foreign operators –XC Other comprehensive income for the period, net after tax –S –L Total comprehensive income for the period –YU –IM

Total comprehensive income for the period attributable to parent company’s shareholders –\F –9Y

F-1 SUPPLEMENTARY PROSPECTUS REGARDING AN INVITATION TO SUBSCRIBE FOR SHARES IN NOBINA AB (PUBL) FINANCIAL STATEMENTS

SUMMARY OF CONSOLIDATED BALANCE SHEET

As of >8 May (SEK million) @A89 @A8< ASSETS Non-current assets Intangible assets Goodwill CY= C[A Other intangible assets 9X :9 Total intangible assets N^^ NII

Property, plant and equipment Costs for improvements on third-party properties :A 9= Equipment, tools, fixtures and fittings =X CA Vehicles X,:\Y \,[9X Total property, plant and equipment S,Y[[ Y,KM^

Financial assets Deferred tax assets [: 99: Assets for pension commitments – = Total financial assets K[ IIM Total non-current assets L,^IS S,U^K

Current assets Inventories XF X= Trade receiveables C9Y XFC Other current receiveables YA F: Deferred expenses and accrued income :Y= :C[ Restricted bank accounts 9A= =AF Cash and cash equivalents X9\ 9[Y Total current assets I,SL^ I,NLU TOTAL ASSETS N,SNS N,YNN

SHAREHOLDERS’ EQUITY AND LIABILITIES Shareholders’ equity attributable to parent Company shareholders [US [^N

Non-current liabilities Borrowing, Note A9 \,99A \,XX\ Deferred tax liabilities YY FA Provisions for pensions and similar commitments \X :C Other provisions \F \Y Total non-current liabilities \,:=[ \,CF=

Current liabilities Accounts payable X:: \== Borrowing, Note A9 9,9== 9,AXY Other current liabilities 9=X 9CC Accrued expenses and deferred income 9,9=[ 9,A9C Total current liabilities [,K[I [,LMS TOTAL LIABILITIES N,IK^ N,IN^ TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES N,SNS N,YNN

SUPPLEMENTARY PROSPECTUS REGARDING AN INVITATION TO SUBSCRIBE FOR SHARES IN NOBINA AB (PUBL) F-2 FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Total equity Other Losses attributable to Share contributed Translation carried parent company’s (SEK million) capital capital differences forward shareholders Opening equity at I March [^IS [[M [,SMM [[ –[,LIS [[S Profit for the year – – – –:\ –:\ Other comprehensive income ––C–C Closing equity at YI May [^IS [[M [,SMM [U –[,LYU [^N Profit for the year – – – 99F 99F Other comprehensive income – – 9 –9C –9X

Transactions with owners New shares issued to senior executives A 9 – – 9 Closing equity at [M February [^IL [[M [,SMK [M –[,SYL YI^

Opening equity at YI March [^IL [[M [,SMK [M –[,SYL YI^ Profit for the year – – – –\\ –\\ Other comprehensive income – – –X – –X

Transactions with owners New shares issued to senior executives A 9 – – 9 Closing shareholders’ equity at YI March [^IL [[M [,SK^ [S –[,SNM [US

There are no non-controlling interests.

F-3 SUPPLEMENTARY PROSPECTUS REGARDING AN INVITATION TO SUBSCRIBE FOR SHARES IN NOBINA AB (PUBL) FINANCIAL STATEMENTS

CONSOLIDATED CASH FLOW STATEMENT

For the first quarter of the financial year (SEK million) 89/8; 8

Cash flow from changes in working capital Change in inventories : = Changes in operating receivables –CX –99[ Changes in operating liabilities C= :\ Total change in working capital S –K^

Received interest income –\ Tax paid –– Cash flow from operating activities ILN KK

Cash flow from investing activities Change in restricted bank accounts [ –XCA Investments in PPE and intangible assets excl. financial leasing –9= –:[ Divestment of buildings and land, vehicles, equipment, tools, fixtures and fittings \ 9 Cash flow from investing activities –S –SUM

Cash flow from financing activities Repayment by installment of financial lease liability –9X\ –9:[ Repayment by installment of bond loan and other external loans –= – New issue of shares to senior executives 9 – New borrowing including payment with old bonds (SEK =F million) – XY\ New borrowing, other external loans 9Y – Borrowing expenses, paid – –9C Transaction costs related to ongoing new share issues, paid out –C– Interest paid –CC –F\ Cash flow from financing activities –IK^ [NN

Cash flow for the period –YM –IIY

Cash and cash equivalents at beginning of period SLY Y^K Cash flow for the period –\Y –99\ Translation difference –: : CASH AND CASH EQUIVALENTS AT END OF PERIOD SIY IKM

SUPPLEMENTARY PROSPECTUS REGARDING AN INVITATION TO SUBSCRIBE FOR SHARES IN NOBINA AB (PUBL) F-4 FINANCIAL STATEMENTS

INFORMATION ON KEY PERFORMANCE INDICATORS

For the first quarter of the financial year (SEK million, unless otherwise stated) 89/8; 89/8; adjusted 8) 8

Net sales Regional traffic 9,[:F – 9,Y9[ Interregional traffic =Y – =F Operating profit Regional traffic 99: 9:F FX Interregional traffic –\ 9 –9 Operating profit (EBIT) 9X 9A= C[ Profit/loss before tax (EBT) –\9 =9 –9= Profit/loss for the year –\\ C[ –:\ Cash flow for the period –\Y – –99\ Cash and cash equivalents X9\ – 9[Y Equity/assets ratio (%) X.\ – \.: EBITDA 9X[ :X9 9[A EBITDA margin, % F.C 9:.9 9A,9 EBITDAR 9=C :CF ::A EBITDAR margin % Y.\ 9:.[ 99.F Equity :FX – :A= Equity capital/ordinary share, SEK X.\ – \.\ Number of buses \,\:\ – \,\XC Estimated number of full time employees Y,ACX – =,YA\

9) Adjusted by excluding the non-recurring costs related to the IPO, including transaction costs of SEK \F million and personnel costs of SEK CC million related to the Company’s management incentive programme.

e notes on pages F-+–F-#$ of the Prospectus are supplemented with the following information.

NOTE A1 Financing

For the first quarter of the financial year (SEK million, unless otherwise stated) 15/16 14/16 Operational leasing, buses Nominal value of future payments, buses :=Y \=: Present value of future payments, buses :C= \\9 Number of operationally leased buses XX\ F\\ Reported operational leasing expense 9= \A

Interest-bearing non-current liabilities Bond and other loans F:Y 9,A\= Financial leasing liability \,C=\ \,XFA Capitalised financing fees –9C –9C Total S,[UN S,SKI

Of which short-term repayment by installment of portion of the Company’s borrowings 9,9== 9,AXY Of which long-term portion \,99A \,XX\ Total liability S,[UN S,SKI

Interest expenses and similar profit/loss items Interest expenses, finance leases –\9 –\= Amoritisation of bond loan and other external loans –9X –XX Other financial expenses –: –\ Realised and unrealised exchange gains/losses, net 9 C Total –SN –UM

F-5 SUPPLEMENTARY PROSPECTUS REGARDING AN INVITATION TO SUBSCRIBE FOR SHARES IN NOBINA AB (PUBL) FINANCIAL STATEMENTS

e sections of the Prospectus titled “ Audit report for FY"0/"2 ” and “ Audit reports for FY"3/"0 and FY"4/"3 ” on pages F-##–F-#. of the Prospectus are supplemented with the following information.

AUDIT REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION

Report of Review of Interim Financial Information

Translation of the Swedish original

Introduction We have reviewed the accompanying condensed consolidated interim 1nancial information of Nobina AB (publ) and its subsidiaries (the “Group”) on page F-&–F-', including the consolidated statement of balance sheet of the Group as of #& May $%&' and the consolidated statements of income, comprehensive income, cash

Scope of Review We conducted our review in accordance with the International Standard on Review Engagements ISRE $.&%, Review of Interim Report Performed by the Independent Auditor of the Entity . A review consists of making inquiries, primarily of persons responsible for 1nancial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing, ISA, and other generally accepted auditing stand- ards in Sweden. e procedures performed in a review do not enable us to obtain assurance that we would become aware of all signi1cant matters that might be identi1ed in an audit. Accordingly, we do not express an audit opinion.

Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim 1nancial information is not prepared, in all material respects, in accordance with IAS #. Interim Financial Reporting and the Swedish Annual Accounts Act.

Stockholm, &' June $%&'

PricewaterhouseCoopers AB

Michael Bengtsson Authorized Public Accountant

SUPPLEMENTARY PROSPECTUS REGARDING AN INVITATION TO SUBSCRIBE FOR SHARES IN NOBINA AB (PUBL) F-6