Introduction
We have examined the compliance of the Board of Directors and the President of Seco Tools AB (publ.), during 2010, with the guidelines for compensation to senior management resolved upon by the Annual General Meeting of Shareholders on 28 April 2009 and the Annual General Meeting of Shareholders on 4 May 2010. The Board of Directors and the President are responsible for compliance with these guidelines. Our responsibility is to provide an opinion, based on our examination, to the Annual General Meeting regarding whether there has been compliance with the guidelines.

Focus and scope of the examination
The examination was performed in accordance with Far’s recommendation RevR 8, Examination of Compensation to Senior Management in Stock Market Companies. This implies that we have planned and performed the examination in order to be able to provide an opinion, with reasonable assurance, regarding whether there has been compliance in all material respects with the guidelines resolved upon by the Annual General Meeting. The examination has covered the company’s organisation and documentation of issues concerning compensation for members of senior management, new decisions concerning compensation and a selection of the payments made during the financial year to members of senior management. We believe that our examination provides a reasonable basis for our opinion, as provided below.

Opinion
In our opinion, the Board of Directors and President of Seco Tools AB (publ.), during 2010, have complied with the guidelines prepared regarding compensation to members of senior management, as adopted at the Annual General Meeting of Shareholders on 28 April 2009 and the Annual General Meeting of Shareholders on 4 May 2010.

Fagersta, 8 March 2011

Öhrlings PricewaterhouseCoopers                    AB KPMG AB

Mikael Eriksson                                             Åsa Wirén Linder

Authorised Public Accountant                            Authorised Public Accountant