Auditor’s statement pursuant to Chapter 8, Section 54 of the Swedish Companies Act (2005:551) regarding whether the principles for remuneration to senior executives adopted by the Annual General Meeting of shareholders have been complied with

Unofficial translation

To the Annual General Meeting in Sandvik AB (publ)

Corporate Identity Number 556000-3468

We have reviewed whether the Board of Directors and the President of Sandvik AB (publ) have, for the financial year 2011, complied with the principles for remuneration to senior executives adopted by the Annual General Meetings held on 4 May 2010 and 3 May 2011, respectively.

Responsibilities of the Board of Directors and the President

The Board of Directors and the President are responsible for compliance with the principles and for such internal control as the Board of Directors and the President determine is necessary to ensure compliance with the principles.

Auditor's responsibility

Our responsibility is to make a statement, based on our review, to the Annual General Meeting regarding whether the principles for remuneration to senior executives have been complied with. We have conducted our review in accordance with FAR SRS' recommendation, RevR 8 Review of remuneration to senior executives of listed companies. This recommendation requires that we comply with ethical requirements and plan and perform the review to obtain reasonable assurance that the principles adopted by the Annual General Meeting have, in all material aspects, been complied with.

The review has involved the company's organisation for and documentation of matters pertaining to remuneration to senior executives, recent resolutions regarding remuneration and a selection of payments made to senior executives during the financial year. The procedures selected depend on the auditor's judgment, including the assessment of the risk that the principles have not, in all material aspects, been complied with. In making this risk assessment, the auditor considers the aspects of internal control relevant to compliance with the principles, in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.

We believe that our review provides a reasonable basis for our opinion below.

Opinion

In our opinion, the Board of Directors and the President of Sandvik AB (publ) have, for the financial year 2011, complied with the principles for remuneration to senior executives adopted by the Annual General Meetings held on 4 May 2010 and 3 May 2011, respectively.

Sandviken, 16 February 2012

George Pettersson
Authorised Public Accountant