As filed with the Securities and Exchange Commission on April 7, 200328, 2004

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 20-F

(Mark One)

or

For the fiscal year ended December 31, 20022003

or

        Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report:

        Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:

Yesý        Noo

        Indicate by check mark which financial statement item the registrant has elected to follow:

Item 17o                   Item 18ý

TABLE OF CONTENTS

i

        In this Report, unless otherwise specified, all amounts are expressed in Swedish kronor ("Skr"). See Item 3, "Key Information", for a description of historical exchange rates and other matters relating to the Swedish kronor. On April 3, 2003,26, 2004, the exchange rate for U.S. dollars into Swedish kronor based on the noon buying rate in New York City for cable transfers in foreign currencies as certified for customs purposes by the Federal Reserve Bank of New York was 8.56507.6960 Skr per U.S. dollar. No representation is made that Swedish kronor amounts have been, could have been or could be converted into U.S. dollars at that rate.

INTRODUCTORY NOTES

        In this Report, unless otherwise indicated, all descriptions and financial information relate to Aktiebolaget Svensk Exportkredit (Swedish Export Credit Corporation) ("SEK" or the "Company") as a whole, and include both the "Market Rate System" (the "M-system") and the "State Support System" (the "S-system"), each of which is described in detail herein. In certain instances, information relating to the S-system on a stand-alone basis is provided separately. References herein to "SEK excluding the S-system" mean the same as references to the "Market Rate System".

        SEK is a "public company" according to the Swedish Companies Act. A Swedish company, even if its shares are not listed on an exchange and are not publicly traded, may choose to declare itself a "public company". Only public debt companies are allowed to raise funds from the public through the issuance of debt instruments. In certain cases, a public company is required to add the denotation "publ" to its name.

FORWARD-LOOKING STATEMENTS

        This Report contains forward-looking statements. In addition, the Company may make forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC") on Form 6-K, in its annual and interim reports, offering circulars and prospectuses, press releases and other written information. OurThe Board of Directors, officers and employees may also make oral forward-looking statements to third parties, including financial analysts. Forward-looking statements are statements that are not historical facts. Examples of forward-looking statements include:

•

financial projections and estimates and their underlying assumptions;



•

statements regarding plans, objectives and expectations relating to future operations and services;



•

statements regarding the impact of regulatory initiatives on the Company's operations;



•

statements regarding general industry and macroeconomic growth rates and the Company's performance relative to them; and



•

statements regarding future performance.

        Forward-looking statements generally are identified by the words "expect", "anticipate", "believe", "intend", "estimate", "should", and similar expressions.

        Forward-looking statements are based on current plans, estimates and projections, and therefore you should not place too much reliance on them. Forward-looking statements speak only as of the date they are made, and we undertakethe Company undertakes no obligation to update any forward-looking statement in light of new information or future events, although we intendthe Company intends to continue to meet ourits ongoing disclosure obligations under the U.S. securities laws (such as ourthe obligations to file annual reports on Form 20-F and reports on Form 6-K) and under other applicable laws. Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and generally beyond ourthe Company's control. We caution youYou are cautioned that a number of important factors could cause

ii

actual results or outcomes to differ materially from those expressed in, or implied by, the forward-looking statements. These factors include, among others, the following:

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changes in general economic business conditions, especially in Sweden;



•

changes and volatility andin currency exchange and interest rates; and



•

changes in government policy and regulations and in political and social conditions.

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PART I

Item 1. Identity of Directors, Senior Management and Advisors

        Not required as this 20-F is filed as an Annual Report.

Item 2. Offer Statistics and Expected Timetable

        Not required as this 20-F is filed as an Annual Report.

Item 3. Key Information

        SelectedThe following selected financial data at and for the years ended December 31, 2003, 2002, 2001, 2000, 1999, and 19981999 have been derived from theSEK's consolidated financial statements prepared in accordance with generally accepted accounting principles in Sweden (Swedish GAAP). SEK prepares its accounts in accordance with Swedish GAAP, which differs in significant respects from generally accepted accounting principles in the United States (U.S. GAAP). For a discussionInformation relating to the nature and effect of significantsuch differences between Swedish GAAP and U.S. GAAP, and the reconciliation of the Company's net profit and shareholders' funds if U.S. GAAP were applied, seeis presented in Note 33 to the Consolidated Financial Statements.

        On January 1, 2001, SFAS No. 133, Accounting for Derivative Instruments and Hedging Activities, and SFAS No. 138, Accounting for Certain Derivative Instruments and Certain Hedging Activities, became applicable to SEK. SEK did not achieve hedge accounting under U.S. GAAP for any of its instruments at the inception of SFAS 133. Although SEK structured a substantial portion of its transactions to qualify for hedge accounting treatment under these rules beginning in July 2002, certain transactions for which SEK is economically hedged continue not to qualify for hedge accounting treatment under U.S. GAAP. For these reasons, from January 1, 2001 and going forward there have been and are expected to continue to be significant differences between SEK's net profit and shareholders' funds calculated under Swedish GAAP as compared to these items calculated under U.S. GAAP. These differences arise primarily from the requirements of U.S. GAAP that (1) changes in the fair value of derivatives that are not part of a qualifying fair value hedge relationship are required to be recognized currently in the income statement while the contract which the derivative is economically hedging is carried at amortized cost and (2) changes in currency exchange rates affecting the fair value of foreign-currency instruments in the available-for-sale portfolio that are not eligible for hedge accounting are reported only as increases or decreases in shareholders' funds, while the largely offsetting changes in the Swedish kronor position of the related funding must be recognized currently in the income statement. Based on its experience and knowledge of the functioning of SEK's economic hedging, management believes Swedish GAAP better reflects the effects of the economic hedge relationships on net income and shareholders' funds.

        The following information should be read in conjunction with the more detailed discussion contained in Item 5 "Operating and Financial Review and Prospects".

Selected Financial Data

(A)

The difference between interest revenues, net commission revenues and any net foreign exchange gains related to lending and liquid assets under the S-system, on the one hand, and interest expenses related to borrowing, all financing costs and any net foreign exchange losses incurred by SEK under the S-system, on the other hand, is reimbursed by the Swedish State and, therefore, has no impact on operating profit or net profit.

2

(B)

In accordance with Swedish GAAP, no untaxed reserves are reported in the Consolidated Balance Sheet nor are changes in untaxed reserves reported in the Consolidated Income Statement. Instead, in the Consolidated Balance Sheet, the untaxed reserves are broken down by (i) an after-tax portion, included in non-distributable capital, and (ii) a portion representing deferred

taxes, reported as one component of allocations. (See Note 25 to the Consolidated Financial Statements.)

(C)

In connection with the sale of the Class B shares to the Swedish State on June 30, 2003, SEK paid a total dividend in 2003 of Skr 1,240 million solely to ABB Structured Finance Investment AB, the former holder of the Class B shares that represented approximately 35.5% of the Company's share capital. There was no dividend paid in 2003 to the Swedish State, which now owns all of the shares of SEK.

(C)(D)

On January 1, 2001, SEK adopted SFAS No. 133, Accounting for Derivative Instruments and Hedging Activities, and SFAS No. 138, Accounting for Certain Derivative Instruments and Certain Hedging Activities. These adoptions resulted in significant adjustments in computing net profit and shareholders' funds according to U.S. GAAP. This was a result of marking certain derivativeshaving to mark at fair value in the balance sheet, certain derivatives which did not qualify for hedge accounting. During 2002, the variability in net income related to derivative has beenthe instruments that qualified for hedge accounting was to some extent reduced when the Company has beenwas able to apply hedge accounting to certain assets.assets and liabilities. (See Note 33 to the Consolidated Financial Statements.)

(D)(E)

SEK holds securities in a number of different currencies which are classified as available for sale for U.S. GAAP purposes. No foreign exchange exposures arise from these holdings, because, although the value of the assets in Swedish kronakronor terms changes according to the relevant exchange rates, there is an identical offsetting change in the Swedish kronakronor value of the related funding. Under Swedish GAAP both the assets and the liabilities are translated at closing exchange rates and the differences between historical book value and current value are reflected in foreign exchange effects in earnings, where they offset each other. This reflects the economic substance of holding assets in a certain currency, assets financed by currency liabilities.liabilities in that currency. However, under U.S. GAAP, after the adoption of SFAS No. 133, the valuation effects of changes in currency exchange rates inon the value of the investments classified as available for sale and not otherwise hedged by a derivative in a fair value hedging relationship isare taken directly to equity whereas the offsetting changes in Swedish kronakronor terms of the borrowing is taken toare reflected in earnings. This leads to an accounting result which does not reflect either the underlying risk position or the economics of the transactions. The result of the foregoing is that for the year 20022003 SEK's U.S. GAAP profits are increased bynet profit reflects the addition of Skr 720.4 million of foreign exchange difference on available-for-sale securities, which amount is not reflected in Swedish GAAP net profit before tax effects (2002: addition of 2,695.9 million, compared to Swedish GAAP profits, and for the year 2001 SEK's U.S. GAAP profits are reduced by Skr2001: subtraction of 2,458.9 million compared to Swedish GAAP profits, in each case before tax effects.million). There is no difference in total shareholders' funds between Swedish GAAP and U.S. GAAP as a result of this treatment (even though there are differences in individual components of shareholders' funds). The significant offsetting adjustments to net profit and shareholders' funds relating to this item have been applied from 2002. The numbers for 2001 as originally reported did not reflect these adjustments, in error, but have now been restated accordingly. (See Note 33 to the Consolidated Financial Statements.)

(E)(F)

Comprehensive income (loss) (U.S. GAAP) comprises net profit (loss) (U.S. GAAP) and other comprehensive income (U.S. GAAP). (See Note 33 to the Consolidated Financial Statements.)

(F)(G)

For the purpose of calculating ratios of earnings to fixed charges, earnings consist of net profit for the year, plus taxes and fixed charges. Fixed charges consist of interest expenses, including borrowing costs, in the M-system. The numbers for 2001 have been restated. (See Note 33 to the Consolidated Financial Statements.)

(G)(H)

Amounts of credits as reported under the "old format" include. The old format includes all credits—i.e., credits granted against documentationdocumented as interest-bearing securities (which are not included in the form of interest-bearing securities,amounts reported as credits under the "new format"), as well as credits granted against traditional documentation. TheseThe amounts reported under the old format, in SEK's opinion, reflect the real credit/lending volumes of SEK. The comments regarding lending volumes included in this report therefore refer to amounts based on the old format unless otherwise stated. See also(See Note 17 to the Consolidated Financial Statements.

(H)

The accounting treatment described in note (D) above, applied to the reconciliation of Swedish GAAP net income to U.S. GAAP net income for the six months ended June 30, 2002, would require the inclusion of a positive adjustment for foreign exchange differences on available-for-sale securities of Skr 3,240.6 million, before related tax effects.)

3

Foreign Exchange Rates

        The Company publishes its financial statements in Swedish kronor ("Skr"). The following table sets forth for the years indicated certain information concerning the exchange rate for Swedish kronor as against the U.S. dollar ("USD") based on the noon buying rate in New York City for cable transfers in foreign currencies as certified for customs purposes by the Federal Reserve Bank of New York.

(A)

The average of the exchange rates on the last business day of each month during the period.

        The following table sets forth for the months indicated certain information concerning the exchange rate for Swedish kronor as against the U.S. dollar based on the noon buying rate in New York City for cable transfers in foreign currencies as certified for customs purposes by the Federal Reserve Bank of New York.

        The noon buying rate on April 3, 200326, 2004 was U.S.$USD 1 = Skr 8.56507.6960.

        No representation is made that Swedish kronor amounts have been, could have been or could be converted into U.S. dollars at the foregoing rates on any of the dates indicated.

Item 4. Information on the Company

a.

General

        Swedish Export Credit Corporation ("SEK" or the "Company")SEK is a public stock corporation ownedwholly-owned by the Swedish State through the Ministry of Foreign Affairs ("Sweden" or the "State") (approximately 65 percent) and ABB Structured Finance Investment AB ("ABB"), a subsidiary of ABB Ltd, the global technology company headquartered in Zürich, Switzerland (approximately 35 percent).

        SEK was founded in 1962 in order to strengthen the competitiveness of the Swedish export industry by meeting the need for long-term credits. SEK's objective is to engage in financing activities in accordance with the Swedish Financing Business Act and in connection therewith primarily to promote the development of Swedish commerce and industry as well as otherwise engagingengage in Swedish and international financing activities on commercial grounds.

        SEK aims to be a strong financial partner for both customers and investors. With the Nordic region as its base and home market, SEK provides long-term financial solutions tailored for the private and public sectors. Business activities include export credits, lending, project financing, leasing, capital

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market products and financial advisory services. SEK extends credits, or loans, under two principal lending systems. Credits on commercial terms at prevailing fixed or floating market rates of interest are

provided under the "Market Rate System" (the "M-system"), and credits on State-supported terms at fixed rates of interest that may be lower than prevailing fixed market rates are provided under the "State Support System" (the "S-system"). The S-system is administered on behalf of the State by SEK against compensation.

        During 2002, ABB announced its intention to sell its holding in SEK in conjunction with ABB's divestment of its structured finance business. The majority owner, the Swedish State, which has a long-term commitment to SEK, has declared that SEK's operations will continue to be conducted in accordance with current strategies. In view of the pending sale, S&P's placed SEK's rating (AA+) on negative outlook.

From its roots and base in export credits, SEK's product range has continuously expanded to promote the development of Swedish commerce and industry and the Swedish export industry. Over the years, SEK has been a pioneeractive in the creation of innovativenew financial solutions. SEK's independent position, with clear niche specialization in long-term financial products, combined with its considerable financial capacity and flexible organization, are key factors forin the successmanagement of its operations. SEK's borrowing activities in the international capital markets have given SEK extensive expertise in financial instruments, an expertise that has earned prestigious international awards from financial publications on several occasions. This experience, together with maintaining credit quality and strong credit ratings (as of March 2003:April 2004: AA+ negativestable outlook from Standard & Poors and Aa2Aa1 from Moody's Investors Service), has allowed usSEK to offer ourits customers tailored products and what we believeSEK believes are highly competitive terms.

        SEK has intensified the broadening of both its range of services and customer base in recent years in response to changes in demand and the opportunities created by the development of new forms of cooperation and financial instruments. Among other things SEK has greatly increased its businessfinancing of infrastructure projects with Swedish regional and local authorities, with the aim of supporting the development and competitiveness of Swedish commerce and industry. SEK has also to a greater extent become involved as a financial advisor for international projects. The expansion of SEK's services and customer base means that SEK is more clearly taking on the role ofreflects SEK's efforts to become a broader-range finance house with specialists withinin a number of areas.areas, while continuing to emphasize its traditional role as a long-term lender.

        The increasing integration of business in the Nordic countries means that SEK is moving towards itsconsistent with SEK's goal of having a leading position in the Nordic countries within its niche: long-term financial solutions. The establishment in 2002 of SEK's representative office in Helsinki, with its focus on major Finnish companies and local authorities, furthers this development. The operations in Helsinki are important for strengthening SEK's position in the Nordic market.

        SEK has been actively involved in Sweden's fast-growing trade with the countries in the Baltic region since the early 1990s. The overall goal is to contribute to a continued positive economic development in the region, while strengthening the presence of Swedish and Nordic business. Within the framework of these activities there are also links to the business opportunities that can be created by the prospective enlargement in 2004 of the European Union to include new members from the Baltic region and Eastern Europe.

        SEK's extensive relationship with national, Nordic and other international investors and partners strengthen its ability to develop financial solutions which meet its customers' requirements. This extensive network enables SEK to participate in co-financing solutions and advisory assignments, as well as in benchmarking and cooperation in areas such as risk management and business systems.

5        The address of the Company's principal executive office is AB Svensk Exportkredit (Swedish Export Credit Corporation), Västra Trädgårdsgatan 11B, Stockholm, Sweden, and the Company's telephone number is 011-46-8-613-8300. The Company's authorized representative in the United States is the Consulate General of Sweden, One Dag Hammarskjöld Plaza, 885 Second Avenue, New York, NY 10017, and the telephone number is (212) 583-2550.

        The following table summarizes SEK's credits outstanding and debt outstanding at December 31, 2003, 2002, 2001, and 2000:2001:

(A)

Amounts of credits as reported under the "old format" include. The old format includes all credits—i.e., credits granted against documentationdocumented as interest-bearing securities (which are not included in the form of interest-bearing securities,amounts reported as credits under the "new format"), as well as credits granted against traditional documentation. These amounts, in SEK's opinion, reflect the real credit/lending volumes of SEK. The comments regarding lending volumes included in this report therefore refersrefer to amounts based on the old format unless otherwise stated. See(See also Note 17 to the Consolidated Financial Statements.)

b.

Lending Operations—General

        The following table sets forth certain data regarding the Company's lending operations during the five-year period ended December 31, 2002:2003:

(A)

Amounts of credits reported under the "old format" include all credits—i.e., credits granted against documentation in the form of interest-bearing securities (which are not included in the credits reported as credits under the "new format"), as well as credits granted against traditional credit agreement documentation and these amounts do,documentation. Amounts reported under the old format, in SEK's opinion, reflect the real credit/lending volumes of SEK. The comments regarding lending volumes included in this report, therefore, refersrefer to amounts based on the old format unless otherwise stated. See(See also Note 17 to the Consolidated Financial Statements.)

(B)

SEK offers S-system financing at CIRR (Commercial Interest Reference Rate) rates. The CIRR-rates for new credits are subject to periodic review and adjustment by the OECD. As

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described below under "—S-system", the OECD Consensus stipulates that credit offers will be valid for acceptance during a period of not more than four months. The attractiveness of an S-system credit offer is, therefore, dependent on the general movement of interest rates during the relevant four month period which is, in turn, a significant factor contributing to the year-to-year differences in offers of long-term credits accepted in the S-system.

        Most of the credits granted by SEK are related to Swedish exports. Measured by revenues, the largest markets for the export of goods from Sweden are Western Europe and North America. However, exports to other, including less developed, markets are also important. Accordingly, the need for export financing may be related to transactions involving buyers in many different countries, with varying levels of creditworthiness. Pursuant to its counterparty risk exposure policy, SEK is selective in accepting any type of risk exposure. This policy seeks to ensure that SEK is not dependent on the creditworthiness of individual buyers of Swedish goods and services, nor on the countries in which they are domiciled, but on the creditworthiness of individual counterparties to whom SEK accepts counterparty risk exposure.

        The following tables show the geographic distribution of SEK's credits outstanding (including credits granted against documentation in the form of interest-bearing securities) by domicile of borrower at the dates indicated. The tables further show, by domicile and category, the related risk counterparties to whom SEK's counterparty risk exposures are allocated when taking into account prevailing guarantees and collateral.

        As most credits are supported by elements from more than one category, resulting in more than one party being responsible for the same payments to SEK, the above tables reflect the counterparty (either borrower or guarantor) that SEK believes to be the stronger credit.

M-system

        SEK reports credits in the M-System in the following categories:

1.

Medium and long-term export financing of capital goods and services.



2.

Lines of credit for the refinancing of finance companies', banks' and exporting companies' portfolios of revolving export receivables ("continuous-flow financing").



3.

Credits for investments in infrastructure, as well as research and development, to promote Swedish industry and commerce.



4.

Refinancing of export leasing agreements and short-term export finance.



5.

Credits for direct market investments abroad that will promote exports of Swedish goods and services.



6.

Balance of payment credits, made on behalf of the State against State guarantees, to countries in Central and Eastern Europe in fulfillment of the Swedish commitment within the Group of 24 countries ("G-24 loans").

        SEK's lending also includes financing in co-operationcooperation with intergovernmental organizations and foreign export credit agencies. (These credits are included under the relevant underlying type of credit).

        The Company also extends export financing by establishing credit lines or protocols, principally with countries in Eastern Europe and Asia. (These credits are included under the relevant underlying type of credit).

        Under the regulations of the Swedish Financial Supervisory Authority, as described in Note 1 to the Consolidated Financial Statements, credits granted against documentation in the form of interest-bearing securities, as opposed to traditional credit agreements, are reported on the balance sheet as one component of securities classified as fixed financial assets. However, deposits with banks and repurchase agreements are reported as credits.

        Credits outstanding in the M-system at December 31, 2003, 2002 2001 and 20002001 were distributed among SEK's differentvarious categories of credits as follows:

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        Offers granted by the Company for credits that were accepted by borrowers inunder the M-system that borrowers accepted during the years ended December 31, 2003, 2002 2001 and 20002001 were distributed among SEK's differentvarious categories of credits as follows:

        The reduction over the last three years in credits attributable to the financing of export transactions directly and indirectly through continuous flow financing reflects several factors. One of the more important is the general business downturn that reduced capital expenditures, especially in the private sector.

        A more long-term relevant trend has been the reduction in importance of the financing of traditional capital goods in Sweden's export industry. SEK's services have therefore changed over time to meet customers' needs. This means that a credit granted could be either in the form of capital goods export financing or another category of export related credits. In addition, export financing has become more competitive, especially in the recent low interest-rate environment, as financial markets have been deregulated and more exporting companies finance their own sales to gain additional revenue and enhance their competitive position. As SEK is a relatively small player in the market, the changes in volumes from year to year are more the effect of specific business opportunities than the effect of fluctuation in the overall volume of the markets for export credits.

        The growth in infrastructure credits reflects the decision in 1996 to broaden SEK's mandate to include infrastructure financing that directly or indirectly enhances the Swedish export industry. In that connection municipalities and other public authorities in Sweden and elsewhere in the Nordic region have become an increasingly important sector of business that SEK targets.

        Export financing credits in the M-system are made at prevailing market rates of interest. The Company normally makes credit offers at a quoted interest rate that is subject to change prior to acceptance of the credit offer (an "indicative credit offer"). However, credit offers can also be made at a fixedbinding interest rate (a "firm credit offer"), but such credit offers have up until now rarely been made in the M-system and are then only valid for short periods. When a borrower accepts an indicative credit offer, is accepted, the interest rate is set and a binding credit commitment by the Company arises. Before the Company makes any credit commitment, it attempts to ensureensures that the currency in which the credit is to be funded willis expected to be available for the entire credit period at an interest rate that, as of the day the commitment is made, results in a margin that the Company deems sufficient. Except for the portion of the Company's credits in Swedish kronor that are financed by the Company's shareholders' funds and untaxed reserves, the Company typically borrows, on an aggregate basis, at maturities corresponding to or exceeding those of prospective credits. The Company may accordingly decide not to fundhedge for movements in interest rate risk particular credit commitments until some time after they are made. Interest rate risks associated with such uncovered commitments are monitored on a daily basis. Losses associated with suchclosely and may not exceed interest rate risks have not been significant.

        Creditslimits established by the Board of Directors. The Company's policies with regard to counterparty exposures are described in the M-system normally carry a rate of interest that reflects a premium of at least 0.25 percent per annum in excess of the Company's cost of funds. The Company charges a standard commitment fee of 0.25 percent per annum on outstanding commitments for credits at fixed interest rates. The commitment fee for credits at floating interest rates is individually set for each credit.Item 11.a "Quantitative and Qualitative Disclosures about Market Risk—Risk Management—Credit or Counterparty Risks".

        The Company's initial credit offer and subsequent credit commitment set forth the maximum principal amount of the credit, the currency in which the credit will be denominated, the repayment schedule and the disbursement schedule.

        The following table shows the currency breakdown of credit offers accepted in the M-system for credits with maturities exceeding one year for each year in the three-year period ended December 31, 2002.2003.

S-system

        The S-system was established by the State on July 1, 1978, as a State-sponsored export financing program designed to maintain the competitive position of Swedish exporters of capital goods and

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services in world markets. After a trial period, in April 1984 the Swedish Parliament extended the S-system indefinitely. The S-system today comprises the normal export financing program and a tied aid credit program. Pursuant to arrangements established in 1978 and amended from time to time thereafter, the Company administers the S-system on behalf of the State against compensation.compensation based mainly on outstanding credit volumes.

        Pursuant to agreements between SEK and the State, as long as any credits or borrowings remain outstanding under the S-system, the difference between interest revenues and net commission revenues related to lending and liquid assets under the S-system, on the one hand, and interest expenses related to borrowing, all financing costs and any net foreign exchange losses incurred by SEK under the S-system, on the other hand, are reimbursed by the State. SEK treats the S-system as a separate operation for accounting purposes, with its own income statement. Although the deficits (surpluses) of programs under the S-system are reimbursed by (paid to) the State, any credit losses that would be incurred under such programs are not reimbursed by the State. Accordingly, SEK has to obtain appropriate credit support for these credits as well, all of which are reported on SEK's balance sheet.

        The S-system is designed to comply with the Arrangement on Guidelines for Officially Supported Export Credits of the Organization for Economic Cooperation and Development (the "OECD Consensus"), of which Sweden is a member, pursuant to whichmember. The OECD Consensus establishes minimum interest rates, required down payments and maximum credit periods are established for government-supported export credit programs. Terms vary according to the per capita income of the importing country.

        Financing is offeredSEK offers S-system financing at CIRR (Commercial Interest Reference Rate) rates. The CIRR-rates for new credits are subject to periodic review and adjustment by the OECD. The OECD Consensus stipulates that credit offers will be valid for acceptance during a period of not more than four months.

        Effective September 1, 2002, certain new conditions were introduced for CIRR-based credits. Firstly, the commitment fee of 0.25 percent was removed. Secondly, a compensation of 0.25 percent per annum, based on outstanding credit amount was introduced to the benefit of the bank or financial institution leading the credit, to cover the costs of arranging and managing the facility. In addition, the conditions have been amended to permit the applicant to submit the application to the Swedish Export Credits Guarantee Board (EKN)(the "EKN"), as an alternative to SEK. Regardless, SEK will be responsible for the administration and funding of all transactions.

        The OECD Consensus also strengthens the rules for tied or partially untiedtied concessionary credits. In principle, during 2003 such credits maywere not permitted to be extended to countries whose per capita

GNP for the year 2002 was greater than USD 2,995 in 2002.2,935. Tied or partially untiedtied concessionary credits to other countries maywere not permitted to be extended to finance public or private projects that normally would be commercially viable if financed on market or OECD Consensus terms.

        SEK participates with government agencies in a State-sponsored export financing program (the "Concessionary Credit Program") for exports to certain developing countries, presently incorporating a foreign aid element of at least 35 percent. The foreign aid element is granted in the form of lower rates of interest and/or deferred repayment schedules, and the State reimburses SEK in the S-system for the costs incurred as a result of SEK's participation in such program. In general, credits under the program are made with State guarantees administered by the Swedish Export Credits Guarantee Board (EKN).EKN. All such credits granted by SEK must also undergo SEK's customary approval process.

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        The following table sets forth the volumes of offers accepted, undisbursed credits at year end, new credits disbursed and credits outstanding at year end under the differentvarious programs in the S-system for each year in the three-year period ended December 31, 2002.2003.

Credit Support for Outstanding Credits

        The Company's policies with regard to counterparty exposures are described in Item 5. "Operating11.a "Quantitative and Financial Review and Prospects—Qualitative Disclosures about Market Risk—Risk management—Management—Credit or Counterparty Risks".

        The following table shows the credit support by category for the Company's outstanding credits for the five-year period ended December 31, 2002 (most2003. As most credits are supported by elements from more than one category, resulting in more than one party being responsible for the same payments to SEK):SEK, this table reflects the counterparty (either borrower or guarantor) that SEK believes to be the stronger credit.

        See "—Lending Operations—General" for information on the geographical distribution of borrowers.

(A)

State guarantees issued by the National Debt Office are unconditional obligations backed by the full faith and credit of Sweden.

(B)

EKN guarantees are in substance credit insurance against losses caused by the default of a foreign borrower or buyer in meeting its contractual obligations in connection with the purchase of Swedish goods or services. In the case of a foreign private borrower or buyer, coverage is for "commercial" and, in most cases, "political" risks. Coverage for "commercial" risk refers to losses caused by events such as the borrower's or buyer's insolvency or failure to make required payments within a certain time period (usually six months). Coverage for "political" risk refers to losses caused by events such as a moratorium, revolution or war in the importing country or the imposition of import or currency control measures in such country.

Generally, an EKN guarantee covers 85-90 percent of losses incurred due to covered risks. Disputed claims must be supportedresolved by a court judgementjudgment or arbitral award, unless otherwise agreed by EKN. In the case of a governmental borrower or buyer, the coverage provided by EKN guarantees is effectively as broad. In the table above, only the percentages guaranteed have been included.

10

EKN is a State agency whose obligations are backed by the full faith and credit of Sweden.

(C)

Of total credits outstanding at December 31, 2002, the State directly guaranteed 26 percent (2001: 33; 2000: 34) and 24 percent (2001: 32; 2000: 34) of credits with maturities exceeding one year and two years, respectively.

(D)

At December 31, 2002, approximately 11 percent of the2003, credits in this category amounting to approximately 7 percent of total credits were obligations of the four largest commercial bank groups in Sweden.

(E)(D)

Principally obligations of other Scandinavian as well as selectedNordic, Western European or North American bank groups, together with obligations of Western European governments.

(F)(E)

At December 31, 2002,2003, approximately 8863 percent of the credits in this category represented credits to or guarantees issued by ten large Swedish corporations.

c.

Borrowing Operations

        The Company funds its lending primarily through publicdecline in credits guaranteed by the Swedish Government and private offerings of debt securitiescredit institutions and the increase in the international capitalcredits guaranteed by foreign governments and money markets. In many cases SEK has been willing to provide "tailor-made" structures responding to the needs of the investors.

        The Companyinstitutions is actively involved in making interest rate and currency swaps with selected counterparties, principally large commercial financial institutions. From time to time the Company funds non-U.S. dollar commitments with U.S. dollar borrowings with a view to swapping into the required currency on or prior to the loan disbursement date. The Company has not experienced any losses to date as a result of SEK's diversification strategy. Under this strategy, SEK's intention is to reduce the credit risks related to such currency and interest rate swaps.

        Total new borrowings with maturities exceeding one year during the year ended December 31, 2002, were equivalent to approximately Skr 44.9 billion, compared with Skr 38.0 billion and Skr 18.4 billion for the years ended December 31, 2001 and 2000, respectively. New borrowings in 2002 comprised 281 transactions (2001: 337), primarily structured private placements. For a descriptionrelative proportion of the Company's outstanding debt, see Notes 22 and 26 to the Consolidated Financial Statements. The outstanding volume of debt with original maturitites of one year or less increased in 2002. However, as a result of substantial net repayments of long-term debt in 2002, at December 31, 2002 outstanding debt with remaining maturities of one year or less had declined to Skr 15,591.1 million from Skr 37,419.6 million at December 31, 2001 and the average maturity of SEK's senior debt had increased to 8.14 years from 7.46 years at December 31, 2001. See "Consolidated Statements of Cash Flows" in the Consolidated Financial Statements and Note 29 to the Consolidated Financial Statements.its risk exposure towards Swedish counterparties.

d.c.

Organization

        SEK organizes its activities into two main business areas: Corporate & Structured Finance, and Capital Markets.

        Corporate & Structured Finance. The Corporate & Structured Finance group is responsible for all activities in general lending, export credits, project finance, leasing and other structured finance projects, as well as origination and advisory services. Corporate has overall responsibility for SEK's relationships with its customers. As a complement to SEK's lending activity, advisory services offers independent consulting services to both the private and public sectors based on SEK's experience in various areas, especially export credits and project finance, risk management and capital markets.

        Capital Markets. The Capital Markets group comprises twothree sub-functions and one wholly-owned limited company. The twothree sub-functions are Treasury, and Syndication, and theCredit Investments. The limited company is AB SEK Securities. Treasury is responsible for managing SEK's borrowing program and the investment of its liquidity portfolio. See Item 5, "Operating and Financial Review and Prospects—Liquidity, Capital Resources and Funding—Liquidity". Syndication handles risk syndication and risk cover solutions andsolutions. Credit Investments handles corporate bond investment and trading. To facilitate its capital markets activities, in 2002 SEK established AB SEK Securities is a wholly-owned subsidiary with a license from the Swedish Financial Supervisory Authority

to conduct a

11

securities business. AB SEK Securities intermediates capital markets products for its clients principally in the primary market via private placements.

        In addition, SEK maintains a risk control unit that operates independently of the business areas. See Item 5. "Operating11, "Quantitative and Financial Review and Prospects—Qualitative Disclosures About Market Risk—Risk management—Management—Risk Control".

e.d.

Swedish Government Supervision

        The Company operates as a credit market companyinstitution within the meaning of the Swedish Financing Business Act (1992:1610) (the "Act"). As such, it is subject to supervision and regulation by the Swedish Financial Supervisory Authority (the "Supervisory Authority"), an arm of the Ministry of Finance, which licenses and monitors the activities of credit market companies to ensure their compliance with the Act and regulations thereunder and their corporate charters.

        Among other things, the Swedish Financial Supervisory Authority requires SEK to submit reports on a three-month, six-month and twelve-month basis and may conduct periodic inspections. The Supervisory Authority also may (and currently does) appoint an external auditor to participate with SEK's independent auditors in examining the Company's financial statements and the management of the Company.

        As a credit market institution, SEK is also subject to regulation of its capital adequacy and limits on credit to a single customer pursuant to the Capital Adequacy and Large Exposures (Credit Institutions and Securities Companies) Act, (1994:2004), as amended.

        The capital adequacy requirements under Swedish law comply with international guidelines, including the recommendations issued by the BasleBasel Committee on Banking Regulation and Supervisory Practices at the Bank for International Settlements. The principal measure of capital adequacy is a capital to risk asset ratio, which compares the capital base to the total of assets and off-balance sheet items. CapitalThe capital base is divided into two components, one of them being "core" or "Tier 1" capital, which includes equity capital and, with certain limitations, non-cumulative preferred shares and similar instruments. Non-cumulative preferred shares and similar instruments may not be included in Tier 1 capital to the extent they exceed 15% of the Tier 1 capital other than non-cumulative preferred shares and similar instruments. The other component in the capital base is "supplementary" or "Tier 2" capital, which includes non-cumulative preferred shares and similar instruments and "supplementary" or "Tier 2"not included in core capital, comprisingplus subordinated obligations with an original term of at least five years (but with(with a deduction of 20% for each of the last five years prior to maturity). Assets are assigned a weighting based on relative credit risk (0%, 20%, 50% or 100%) depending on the debtor or the type of collateral, if any, securing the assets. The minimum capital ratio requirement is 8%, and not more than 50% of an institution's regulatory capital may comprise supplementary capital. SEK's policy is to maintain a strong capital base, well in excess of the regulatory minimum. At December 31, 2002,2003, SEK's total regulatory capital ratio was 17%16.6% and its Tier 1 ratio was 9.5%. See also Item 5, "Operating and Financial Review and Prospects—Liquidity, Capital Resources and Funding—Capital Adequacy."

        Under the regulatory rules for large exposure rules, in general the value of SEK'sexposures, a "large exposure" is defined as an (risk-weighted) exposure to a single customer or groupcounterparty (or counterparty group) that exceeds 10 percent of customersthe institution's regulatory total capital base. These rules state that no individual large exposure may exceed 25 percent of the regulatory total capital base of the institution, and that the aggregate amount of large exposures may not exceed 25%800 percent of the institution's regulatory total capital base. The aggregate amount of SEK's large exposures on December 31, 2003, was less than 150 percent of SEK's regulatory capital. The total valuecapital base, and consisted of SEK's "large exposures" (exposuresrisk-weighted exposures to a single customer or groupten different counterparties (or counterparty groups). These counterparties (or counterparty groups) were all rated by at least one of customers that exceed 10%the major rating agencies, Moody's and Standard & Poor's, with ratings of its capital base) may not in the aggregate, exceed 8 times its capital base.lower than investment grade.

        The Company's newly established subsidiary, AB SEK Securities, has been licensed to conduct a securities business and as such will beis regulated by the Swedish Financial Supervisory Authority under the Securities Operations Act (1991:981).Act.

f.e.

Competition

        SEK is the only institution authorized by the State to make export financing credits under the S-system. In that connection, and with support from the Swedish State, SEK competes with the export credit agencies of other OECD member countries in providing government-supported export credits. Lending in the M-system faces competition from other Swedish and foreign financial institutions.institutions, as well as from direct or indirect financing programs of exporters themselves. Deregulation and globalization of the word's financial markets have resulted in an increasingly competitive environment for financial institutions, including SEK, for both lending opportunities and funding sources.

g.f.

Property, Plants and Equipment

        The Company owns, through its wholly-owned subsidiary AB SEKTIONEN, an office building in the City of Stockholm. The major part of the building is used by the Company as its headquarters.

Item 5. Operating and Financial Review and Prospects

a.

Overview

        Substantially all of SEK's revenues and net income derive from the net interest revenues earned on its credits and interest-bearing securities. Funding for these assets comes from shareholders' funds and debt securities issued in the international capital markets. Accordingly, key elements in SEK's profits from year to year are the spread, or difference, between the rate of interest earned on its debt-financed assets and the cost of that debt, the rate of interest earned on the investment of its shareholders' funds and the outstanding volumes of credits and interest-bearing securities in the balance sheet, as well as the relative proportions of its assets funded by debt and shareholders' funds.

        In recent years SEK's net profit under Swedish GAAP has been declining. This reflects several factors, including (1) reductions in shareholders' funds in 2000 and 2003 in connection with changes in SEK's ownership, resulting in a higher proportion of SEK's assets being funded through debt financing, and (2) the lower interest rate environment in recent years that has resulted in maturing investments of the Company's shareholders' funds being reinvested at lower interest rates.

        The Company expects to rebuild shareholders' funds through retained earnings and a restrictive dividend policy. In recent years SEK has also expanded into business areas that may produce non-interest revenue, although commission income has not thus far made a material contribution to SEK's revenues and profits.

b.

Critical Accounting Policies and Estimates

Critical Accounting Policies and Estimates under Swedish GAAP

        The Company has identified as critical accounting policies forthose accounting policies regarding the Company are theapplication of hedge accounting according to Swedish GAAP. For accounting policies regarding hedge accounting and measurements of fair values according to Swedish and U.S. GAAP respectively. (Seesee below and Note 1(j), 1(q), and Note 33Note1(q) to the Consolidated Financial Statements.)

        In the management's opinion, the profit based on hedge accounting, as reported by the Company under its reporting practice following Swedish GAAP, correctly reflects the profit of the Company. Under Swedish GAAP, SEK applies hedge accounting for all transactions that are economically hedged. SuchThe Company's lending and investing transactions are hedged on-balance sheet or off-balance sheet by transactions with matching principal or notional amounts, interest rates, currencies, and other relevant factors, such that the Company's exposure to changes in net fair values of such transactions due to movements in interest and/or exchange rates is hedged. Under Swedish GAAP, SEK applies hedge accounting for all transactions that are economically hedged.

        SEK accounts for derivatives under U.S. GAAP in accordance with Statement of Financial Accounting Standards (SFAS) No. 133 "Accounting for Derivative InstrumentsFor transactions without matched and Hedging Activities". SFAS No. 133 requires the recognition of derivatives in theoffsetting balance sheet and the measurement of those instruments at fair value. Changes in the fair value of derivatives are recorded in earnings. If fair value hedge accounting is applicable, changes in the fair value of the underlying assets or liabilities are also recorded in earnings.

        Certain assets, liabilities, and designated derivatives have qualified for hedge accounting under previous U.S. GAAP standards. These hedging relationships did not on January 1, 2001, nor on December 31, 2001, despite the fact that the Company was effectively hedged through these relationships, qualify for hedge accounting under the new accounting standards imposed by SFAS 133. Therefore, the adoption of the new accounting standards increased the volatility of reported earnings under U.S. GAAP until June 30, 2002. From July 1, 2002, certain assets, liabilities, and designated derivatives have been designed to qualify for hedge accounting under the new accounting standards and thereby the volatility in earnings has been reduced.

positions, SEK enters into derivative transactions, in its ordinary course of business, in order to be economically hedged.achieve an effective economic hedge. These instruments include interest-rate related, currency related and other agreements that SEK uses for the purpose of hedging or eliminating mainly interest rate and currency exchange rate exposures.

        SEK has designated, documented and assessedaccounts for derivatives in accordance with hedge accounting rules under Swedish GAAP. If hedge relationships that resultedaccounting is applicable, changes in fair value hedges that require SEK to recordthe amortized cost of the derivative is recorded in earnings which

corresponds to a similar but opposite change in the amortized cost of the underlying assets or liabilities at their fair value on the balance sheet with an offset in earnings. Hedge ineffectiveness is also recorded in earnings.

        Although For the amountsmajor part of transactions on- or off balance sheet, both derivatives and underlying instruments are recorded at amortized cost or both derivatives and underlying instruments are marked-to-market, meaning that ultimately would be recognizedthe economic purpose of holding the derivative is always reflected in the income statement over the term of the derivatives are the sameaccounting treatment under any method used, it is the timing of the recognition of these amount that is the main difference in methods. The determination of fair value is dependent on certain assumptions and judgments. In the cases where quoted market values for the relevant items are available, such market values have been used. However, it should be noted that for a large portion of the items there are no such quoted market values. In those cases, the fair values have been estimated or derived. The process of estimating or deriving such values naturally involves a high degree of uncertainty.

13

        In the process of estimating or deriving fair values, certain simplifying assumptions have been made. For instance, the fair values of assets, liabilities or derivatives with fixed or floating interest rates have been calculated based on estimated market interest rates that would have been applicable at the end of each relevant period. The fair value of the derivative will be estimated using discounted cash flow analysis. The discount factors will be derived from the zero coupon curve, based on the swap curve, for each currency. If an asset, liability or derivative inherits embedded derivatives, the fair value of the embedded derivative has been derived using certain simplifying assumptions.Swedish GAAP.

        In reporting the amounts of its assets, liabilities, derivatives, and its revenues and expenses, generally and especially in determinations related to hedge accounting under U.S. GAAP, the Company must make significant assumptions and estimates in assessing the fair value of itscertain assets, liabilities, and liabilities,derivatives especially where unquoted or illiquid securities or other debt instruments are involved. If the conditions underlying these assumptions and estimates were to change, the amounts reported could be materially different. However, under Swedish GAAP, when applying hedge accounting, the net of revenues and expenses would be substantially unchanged. The same should be the case for assets, liabilities, and designated derivatives that qualify for hedge accounting under U.S. GAAP.

        Changes in amounts reported will beare reflected in the net carrying value of the securities where they are carried at fair value. Where the securities are carried at amortized cost, changes in their estimated fair values, arising from changes in management's assessment of the underlying assumptions, may result in the recording of a permanent diminution in their value. In such case, it would also be necessary for SEK's management to exercise judgment as to whether or not changes in the underlying valuation assumptions are only temporary. SEK monitors on an ongoing basis the validity of such assumptions.

        SEK is economically hedged regarding foreign currency exchange revaluation effects related to revaluation of balance sheet components. A major part of its assets, liabilities, and related derivatives is denominated in foreign currency. Under Swedish GAAP both the assets and the liabilities are translated at closing exchange rates and the differences between historical book value and current value are reflected inas foreign exchange effects in earnings,revenues and expenses, where they offset each other. This reflects the economic substance of holding currency assets financed by liabilities denominated in, or hedged, into the same currency.

Critical Accounting Policies in Reconciliation to U.S. GAAP SFAS 133 (Derivatives

        The Company has also identified as critical accounting policies those accounting policies regarding the application of hedge accounting according to U.S GAAP. For accounting policies regarding hedge accounting and hedging activities) came into effect onmeasurements of fair values according to U.S. GAAP see Note 1(j), 1(q), and Note 33.

        On January 1, 2001. In addition,2001, SFAS 115 stipulatesNo. 133, Accounting for Derivative Instruments and Hedging Activities, and SFAS No. 138, Accounting for Certain Derivative Instruments and Certain Hedging Activities, became applicable to SEK. SEK did not achieve hedge accounting under U.S. GAAP for any of its instruments at the inception of SFAS 133. Although SEK structured a substantial portion of its transactions to qualify for hedge accounting treatment under these rules beginning in July 2002, certain transactions for securities held in the categories trading, available-for-sale, and held-to-maturity. SFAS 133 nullified a consensus contained in an earlier EITF Abstract (Issue No. 96-15) titled "Accountingwhich SEK is economically hedged continue not to qualify for the Effects of Changes in Foreign Currency Exchange Rates on Foreign Currency Denominated Available-for Sale Debt Securities".

        As a result of this nullification, ashedge accounting treatment under U.S. GAAP. For these reasons, from January 1, 2001 it is required that for non-derivative hedged available-for-sale securities the currency exchange effects shall affect onlyand going forward there have been and are expected to continue to be significant differences between SEK's net profit and shareholders' funds not net profit. However, becausecalculated under Swedish GAAP as compared to these items calculated under U.S. GAAP. These differences arise primarily from the effectrequirements of currency exchangeU.S. GAAP that (1) changes in the borrowings funding these securities isfair value of derivatives that are not part of a qualifying fair value hedge relationship are required under U.S. GAAP to be reflectedrecognized currently in the income statement this increasedwhile the volatilitycontract which the derivative is economically hedging is carried at amortized cost and (2) changes in currency exchange rates affecting the fair value of foreign-currency instruments in the available-for-sale portfolio that are not eligible for hedge accounting are reported earningsonly as increases or decreases in shareholders' funds, while the largely offsetting changes in the Swedish kronor position of the related funding must be recognized currently in the income statement. Based on its experience and knowledge of the functioning of SEK's economic hedging, management believes Swedish GAAP better reflects the effects of the economic hedge relationships on net income and shareholders' funds.

        For a more detailed description of critical accounting policies and estimates under U.S. GAAP, as from 2001.see Note 33 to the Consolidated Financial Statements.

b.c.

Assets and Business Volume

Total Assets

        SEK's total assets decreased to Skr 132.5 billion at December 31, 2002 (2001: 149.5)2003, increased to Skr 151.8 billion (2002: 132.5). The main components of the net change in total assets were a decrease in the credit portfolio (approximatelyan increase by Skr 5 billion) and a decrease20.6 billion in the portfolio of interest-bearing securities, (approximatelyand a decrease by Skr 10 billion).4.6 billion in the credit portfolio. Currency exchange effects negatively affected the year-end book valuevalues of the aforementioned portfolios by approximately Skr 5.36.2 billion and Skr 4.0 billion, respectively. Such effects were offset byrespectively, primarily as a

14

corresponding decrease in result of the volumedepreciation of debt.the U.S. dollar. Credits outstanding represented Skr 65.560.9 billion (2001: 70.4)(2002: 65.5) of total assets, while interest-bearing securities represented Skr 59.079.6 billion (2001: 68.5)(2002: 59.0).

        In addition to the revenue-generating assets, the balance sheet at year-end 2003 also included Skr 3.4 billion (2001: 4.0)(2002: 3.4) representing accrued and prepaid items, Skr 0.2 billion (2001: 0.1)(2002: 0.2) representing non-financial assets, and Skr 4.57.7 billion (2001: 6.5)(2002: 4.5) representing other assets. The main component of the latter item is the aggregate net value of derivative instruments with positive values (see Note 1 (q) to the Consolidated Financial Statements). The approximate month-end average volume of total assets during the year was Skr 140.0139.3 billion (2001: 160.2)(2002: 140.0).

        SEK experienced a lower cost of funding after the change in ownership in June 2003, although there was no change in responsibility for SEK's obligations. This resulted in increased borrowing activities during the latter part of the year and, in turn, the significant growth in interest-bearing securities by year-end. The increase in borrowed funds from such activities has and will be used to fund credits committed though not yet disbursed as well as offers accepted. The volume of credits committed though not yet disbursed increased during the year.

        SEK continues to have a high level of liquid assets and a low funding risk. TheAt December 31, 2003, the aggregate volume of funds borrowed and shareholders' funds exceeded the aggregate volume of credits outstanding and credits committed though not yet disbursed at all maturities. See also the graph "Development over Time of SEK's Available Funds" in "—under Item 11, "Quantitative and Qualitative Disclosures About Market Risks—Risk management—Management—Funding and Liquidity Risks". SEK's current policy is to invest its surplus liquidity in instruments with maturities not exceeding three years and ratings of at least AA3 from Moody's and AA- from Standard & Poor's.

Business Volume

        In 2003 SEK reached a total volume of new customer-related financial transactions amounting to Skr 17.923.2 billion (2001: 24.9, 2000: 22.3)(2002: 17.9). New direct long-term credit offers acceptedcredits granted totaled Skr 13.419.0 billion (2001: 20.2, 2000: 20.7). The total volume(2002: 13.4) and SEK's share of syndicated customer transactions wastotaled Skr 4.54.2 billion (2001: 4.7, 2000: 1.6)(2002: 4.5). The declineincrease in new business volumeduring the year was achieved in 2002, reflectsspite of the weak international economic downturn that has affected SEK's markets.development.

        Of the direct lending to customers, export credits represented Skr 6.1 billion (2002: 0.9) of new credits, infrastructure credits Skr 5.0 billion (2002: 4.0) and other direct lending Skr 7.9 billion (2002: 8.5).

        Skr 1.9 billion (2002: 0.2) of these credits was granted under the S-system.

        Syndicated customer transactions were partly provided by AB SEK Securities ("SEK Securities"), a wholly-owned subsidiary established in 2002. SEK Securities offers SEKs' customers financing via the capital market, primarily in private placement transactions.

        The aggregate amount of credits outstanding and credits committed though not yet disbursed at year-end was Skr 77.374.4 billion (2001: 86.8)(2002: 77.3), of which Skr 65.560.9 billion (2001: 70.4)(2002: 65.5) represented credits outstanding. Of the aggregate amount of Skr 77.3 billion (2001: 86.8) of credits outstanding and credits committed at December 31, 2003, Skr 21.617.8 billion (2001: 27.5)(2002: 21.6) was related to the S-system, of which Skr 11.57.7 billion (2001: 15.5)(2002: 11.5) represented credits outstanding. The decrease in credits outstanding mainly reflects currency exchange effects due to the weakening of the U.S. dollar during the year. In addition, repayments of credits (including currency exchange effects) exceeded disbursements of credits by Skr 6.7 billion during 2002. Simultaneously,

        At the same time, the aggregate amount of outstanding offers for new credits increasedat year-end decreased to Skr 59.730.7 billion (2001: 53.9)(2002: 59.7). The decrease was due to the fact that a few large offers expired during 2003.

Volume Development, Lending

(A)

Amounts of credits reported under the "old format" include all credits—i.e., credits granted against documentation in the form of interest-bearing securities (which are not included in the credits reported as credits under the "new format"), as well as credits granted against traditional documentation and these amounts do,credit agreement documentation. Amounts reported under the old format, in SEK's opinion, reflect the real credit/lending volumes of SEK. The comments regarding lending volumes included in this report, therefore, refers to amounts based on the old format unless otherwise stated. See also Note 17 to the Consolidated Financial Statements.

15

        During the year, the volume of new long-term borrowings, i.e., borrowings with original maturities exceeding one year, reached the equivalent of Skr 44.9 billion (2001: 38.0). Asia, including Japan and Europe have been the most important markets.

        A three-year USD 500 million benchmark issue, targeted mainly towards Asian and European institutional investors as well as European retail investors, has been executed. The issue has been increased, resulting in an outstanding amount of USD 850 million.

        TheSEK aims to maintain its asset quality of SEK's assets remains high.at a high level. The table "Total Counterparty"Counterparty Risk Exposures" in "—Item 11.a, "Quantitative and Qualitative Disclosures About Market Risk—Risk management—Management—Credit or Counterparty Risk Exposures"Risks" shows the distribution of risk exposures to the various categories of counterparties of SEK's on-balance sheet assets and off-balance sheet items. TheOf the total risk exposure against OECD States amounted to 2718 percent (2001: 38) of total exposures. Further, of the total exposures, 56 percent (2001: 50)(2002: 27) was against highly rated OECD states; 6 percent (2002: 4) was against local and regional authorities; 65 percent (2002: 56) was against banks, mortgage institutions and other financial institutions while 17and 11 percent (2001: 12)(2002: 13) was against corporations.corporations and others.

        SEK is a party to financial instruments with off-balance sheet exposures in its ordinary course of business. The amounts of such exposures are shown in the table "Capital Base and Required Capital" inunder "—Liquidity, Capital Resources and Capital Resources—Funding—Capital Adequacy". These instruments include interest-rate related, currency related and other agreements that SEK uses for the purpose of hedging or eliminating mainly interest rate and currency exchange rate exposures. The accounting policies applied to such instruments are described in Note 1 (q) to the Consolidated Financial Statements. It can be noted that certainCertain values related to derivativederivatives and other financial instruments, traditionally denoted "off-balance sheet instruments", are accounted for as on-balance sheet items included in the items "Other assets" and "Other liabilities".

        SEK has maintained, and expects to continueintends to maintain, a conservative policy as regards counterparty exposures arising from its credit portfolio and from other assets as well as from derivative instruments and other financial instruments traditionally accounted for as off-balance sheet instruments.

c.e.

Results of Operations

SEK excluding the S-system

        Operating profit in 2003 was Skr 595.3 million (2002: 664.4, 2001:729.0). The operatingdecrease in profit was due mainly to the impact of the change in ownership in, which resulted in a reduction in shareholders' funds and the issuance of new hybrid capital (see "—Liquidity, Capital Resources and Funding—Funding"), as well as to increases in administrative expenses and depreciation of non-financial assets. Costs related to the change in ownership negatively affected net interest revenues by approximately Skr 664.4 million (2001: 729.0, 2000: 829.9). The return on equity was 19.5 percent (2001: 22.5, 2000: 22.0) before taxes, and 14.0 percent (2001: 16.2, 2000: 15.9) after taxes, respectively.48 million.

        Net interest earnings weretotaled Skr 757.5 million (2002: 798.2, million (2001: 830.7, 2000: 895.5)2001: 830.7). Net interest earnings include net margins from debt-financed assets, on the one hand, and revenues from the investment portfolio (i.e., the long-term fixed-rate assets financed byrepresenting the investment of SEK's equity), on the other hand. For the financial year 2002,2003, the contribution to net interest earnings from debt-financed assets decreased towas Skr 447.2 million (2002: 465.9, million (2001: 489.1, 2000: 471.6)2001: 489.1). The underlying month-end average volume of such debt-financed assets was Skr 114.5 billion (2002: 111.7, billion (2001: 126.9, 2000: 129.9)2001: 126.9), with an increased average margin of 0.39 percent p.a. (2002: 0.42, percent (2001: 0.39, 2000: 0.36)2001: 0.39). SEK has experienced increased margins on new credits, which have been partly offset by increased margins on borrowed funds.The decline in average margin in 2003 was due mainly to the interest cost of the hybrid capital raised in connection with the change in ownership. The amount of hybrid capital outstanding at year-end was USD 150 million higher than at December 31, 2002. This additional amount, raised in 2003, had carried a negative margin during 2003, before being economically hedged during the latter part of 2003 and beginning of 2004. The increase in average margin was due also toin 2002 reflected an increase in margins on new credits that year as well as a reduction in the average proportion of debt-financed assets represented bycomprising the liquidity portfolio, where the average margin is less than that of the credit portfolio. The average volumemargin remained at 0.42 percent p.a. for the first six months of 2003 prior to the liquidity portfolio, whose average margin is lower than that of the credit portfolio, decreased significantly. The declinechange in debt financed assets at December 31, 2002 from the prior year reflected the international downturn that has affected SEK's business volume during the year.ownership.

        The contribution to net interest earnings from the investment portfolio was Skr 310.3 million (2002: 332.3, million (2001: 341.6, 2000: 423.9)2001: 341.6). The decreasesdecrease in 2003 was due mainly to the last two years reflectdividend and the resulting decrease in equity for the second half of the year; the decrease in 2002 reflected the reinvestment of partspart of

16

SEK's the investment portfolio at lower interest rates. The decrease in 2001 was also attributable to the reduction in SEK's capital in 2000.

        Commissions earned were Skr 13.0 million in 2003, compared to commissions earned of Skr 18.5 million (2001:in 2002 and Skr 12.8 2000: 1.5).million in 2001. The improvementdecline in commissions earned between 2002 and 2003 was due mainly to lower demand for commission-generating business due to weak demand in many markets. The increase in commissions earned between 2001 and 2002 was due to increased activities relatedSEK's ambition to capital market products that produced revenues ofwiden its income base and earn commissions in other areas than traditional lending.

        Operating profit in 2003 includes Skr 4.529.7 million in 2002 (2001: —, 2000: —). In addition, in 2002 SEK earned Skr 8.8 million (2001: 10.1, 2000: —) from other commission earned, mainly commissions related to lending transactions. After commissions incurred, primarily the Skr 6 million paid by SEK each year for maintaining the guarantee fund (see "—Liquidity and Capital Resources—Capital Adequacy"), net commission revenues in 2002 were Skr 12.0 million (2001:5.1, 2000:(5.1))

        In addition, Skr(2002: 33.0, million (2001: 36.7, 2000:2001: 36.7) representing remuneration from the S-system, based mainly based on outstanding volumes of credits. The outstanding volume of S-system credits has been includeddecreased by Skr 3.8 billion in the operating profit.2003 and Skr 4.0 billion in 2002.

        Administrative expenses in 2003 increased to Skr 189.5 million (2002: 166.4, 2001: 150.7). The increase each year was related to higher personnel expenses. The increase is related to investments made in order to strengthen and broaden business activities in respond to market needs. The total number of employees at year-end 2003 was 140 (2002: 123, 2001: 107). The average number of employees increased to 124 in 2003 (2002: 113, 2001: 98).

        Operating profit in 2003 also benefited from a net gain from financial transactions of Skr 11.7 million, (2001: 150.7, 2000: 125.7). Of the increasescompared to a net loss of Skr 0.7 million in 2002 and 2001,a net gain of Skr 17.26.0 million in 2001.

        Depreciation of non-financial assets increased to Skr 15.5 million in 2003 (2002: 7.5, 2001: 6.3). The increase reflected depreciation of intangible and 16.8 million, respectively, weretangible assets placed in service in 2003 as the first phase implementation of an IT-project begun in 2002 to replace SEK's business system. Expenditures related to increases in salaries, pensions and social insurance expenses, due mainly to the hiring of additional employees to support the ongoing widening of the business activities. Furthermore, Skr 3.6 million (2001: 6.9, 2000: —) of the net increase was related to a IT project, started during the year 2001, aiming at replacing SEK's current business system. The total costs, excluding personnel expenses, for the project during the year were Skr 10.5 million (2001: 6.9, 2000: —). Additionally, expenditures for the projectIT-project amounting to Skr 43.437.0 million have been capitalized(2002: 43.4) were booked as investments, of which Skr 40.136.9 million are computer software(2002: 40.1) represent intangible assets and Skr 3.30.1 million are computer hardware. In 2002 administrative expenses did not include any(2002: 3.3) represent tangible assets.

        The result in 2003 was affected by a Skr 1.4 million (2002: 0.0, 2001:10.2) provision under SEK's general incentive system for its staff (2001: 10.2, 2000: 5.8).staff. In addition to thesuch general incentive system, also individual, performance-related remuneration agreements also exist.

        Therefore, the declines in operating profit in 2002 and 2001 from the prior yearNo credit losses were due primarily to the reductions in net interest earnings and the increases in administrative expenses in each of those years.incurred.

        The netNet profit for the year2003 was Skr 427.5 million (2002: 479.7, million (2001: 540.7, 2000: 601.8)2001: 540.7), after charges for taxes amounting to Skr 167.8 million (2002: 184.7, million (2001: 188.3, 2000: 228.1)2001: 188.3). The increase in the effective tax rate for 2003 was 28.2 percent (2002: 27.8, 2001: 25.8). The effective rates in 2003 and 2002 corresponded more closely to 27.8 percent (2001: 25.8, 2000: 27.5) mainly reflects thatthe nominal rate of 28% than in 2001 when the Company benefited from more tax-exempt income, i.e., a permanent difference, was lowerfewer non-deductible costs and changes in 2002 than in 2001. Variations in permanent differences also explain most of the change in effective tax rate in 2001 compared to 2000.deferred taxation.

        The net profit for 2002,2003, reconciled to U.S. GAAP, reached Skr 2,613.4643.2 million, compared to a net profit of Skr 2,613.4 million in 2002 and a net loss of Skr 312.3 million in 2001 and a net profit of Skr 608.7 million in 2000.2001. The aggregate U.S. GAAP adjustments, net of the related tax effect, produced a positive adjustment of Skr 215.7 in 2003, compared to a positive adjustment of Skr 2,133.7 million in 2002 compared toand a negative adjustment of Skr 853.0 million in 2001 and a positive adjustment of Skr 6.9 million in 2000.2001.

        These substantially higher adjustments in 2002 and 2001during the three year period presented above, when compared to prior periods, were primarily the result of the application, beginning in 2001, of Statement of Financial Accounting Standard 133 (SFAS 133), which has increased the volatility of SEK's U.S. GAAP net income and shareholders' equity. SFAS 133 requires, among other things, that changes in the fair value of derivatives that are not part of a qualifying fair value hedge relationship must be recognized currently in the income statement. PositiveNegative adjustments to U.S. GAAP income for derivatives and hedging activities, before related tax effects, declinedamounted to Skr 210.3177.8 million in 2003, compared to positive adjustments in 2002 from Skr 1,242.9 million in(Skr 359.8 million) and 2001 in part because(Skr 1,392.4 million). Because a substantial portion of the Company's assets, liabilities and derivatives were structured to qualify for hedge accounting under SFAS 133 from July 1, 2002.2002, after that date there is a substantial reduction in volatility in U.S. GAAP income. This effect is observed in the latter part of 2002 and the full year 2003. A main component of the remaining volatility in income for derivatives and hedging activities during 2002 and 2003 is related to derivatives in the portfolio of held-to-maturity securities for which hedge accounting is not permitted under U.S. GAAP. Another main component of the remaining volatility is related to derivatives that are used to hedge perpetual subordinated debt but which do not yet qualify for hedge accounting. It should be noted that SEK is economically hedged for transactions on which hedge accounting is applicable under Swedish GAAP but not under U.S. GAAP. For this reason, management believes Swedish GAAP better reflects the effects of the economic hedge relationships on net income and shareholders' funds related to transactions that qualify for hedge accounting under Swedish GAAP but not under U.S. GAAP.

        Related to this development is the impact of adjustments under U.S. GAAP for changes in currency exchange rates affecting the fair value of foreign currency denominated instruments in SEK's

17

available-for-sale portfolio that are not eligible for hedge accounting under SFAS 133 and the carrying value of their related funding. The effect of changes in exchange rates on the instruments themselves are reported only as increases or decreases in shareholders' equity, but the largely offsetting changes in the Swedish kronakronor position of the related funding must be recognized currently in the income statement. As a result, during 2001 when the Swedish kronakronor depreciated against certain currencies in which these assets were match funded, the reconciliation of SEK's income statementnet profit to U.S. GAAP led to a negative adjustment for foreign exchange differences, before related tax effects, of Skr 2,458.9 million.million (with a corresponding positive adjustment of Skr 2,458.9 million to other comprehensive income, which is a part of equity). This adjustment was the reason the total adjustments in the 2001 reconciliation to U.S. GAAP income statement reached a negative Skr 853.0 million amount. Conversely, in 2002 when the Swedish kronakronor appreciated against these funding currencies, SEK reported a positive adjustment to net profit for foreign exchange differences, before related tax effects, of Skr 2,695.9 million.million (with a corresponding negative adjustment of Skr 2,695.9 million to other comprehensive income). As a result of the continuing appreciation of the Swedish kronor against funding currencies during 2003, SEK reported another positive adjustment to net profit for foreign exchange differences, before related tax effects, of Skr 720.4 million (with a corresponding negative adjustment of Skr 720.4 million to other comprehensive income); however, because a substantial portion of the Company's assets, liabilities and derivatives had been structured to qualify for hedge accounting under SFAS 133 from July 1, 2002, the amount of the adjustments was reduced. It should be noted that SEK is economically hedged regardingagainst the foreign currency exchange revaluation effects related toof the revaluation of balance sheet components. For this reason, management believes Swedish GAAP better reflects the effects of the economic hedge relationships on net income related to foreign currency denominated instruments in the available-for-sale portfolio.

        The reconciliation of SEK's net income to U.S. GAAP was also positivelynegatively affected in each of the past three years2003 by gainsa loss from the repurchase of its own debt, which under U.S. GAAP is recognized immediately in the income statement and amounted to Skr 55.7 million in 2003. These were corresponding positive adjustments amounting to Skr 51.4 million in 2002 (2001:and Skr 56.9 and 2000: 22.6).million in 2001.

        See Note 33 to the Consolidated Financial Statements.

The S-system

        CIRR-credits, which representCIRR credits, one of the two types of credits in the S-system, contributed to the S-system results with a surplus of Skr 112.9120.0 million (2001: 168.8, 2000: 93.1)in 2003 (2002: 112.7, 2001: 168.4).

        Net costs related to concessionary credits, which represent the othersecond type of creditscredit in the S-system, were Skr 209.8 million in 2003 (2002: 337.0, million (2001: 449.0, 2000: 471.7)2001: 448.6).

        The S-system paid a net compensation to SEK amounting to Skr 29.7 million in 2003 (2002: 33.0, million (2001: 36.7, 2000:2001: 36.7), being compensation paid to SEK for carrying the S-system credits and the related credit risks inon SEK's balance sheets. The lower amountState also reimbursed SEK an additional Skr 60.1 million in 2002 was due2003 (2002: 191.3, 2001: 243.5) to reduced assets level.

        Thecover negative net deficit of both types of credits in the S-system is fully reimbursed by the State. The distribution of results is shown in the table on the following page.interest and foreign exchange expense.

        The net deficit of the S-system, taking into account the net result of both types of credit, is fully reimbursed by the State. The distribution of results is shown in the in the table below.

Results in the S-System by Type of Credit

        Every year during the period from the year after the implementation of the S-system (1978) until 1989, the result of the CIRR-based export credits under such system was negative. The aggregateSince 1990, however, the result has been positive result forin the period 1990 through 2002 was approximately Skr 1.7 billion, with an average year-end volume of credits outstanding amounting to Skr 7.8 billion.aggregate.

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d.f.

Liquidity, and Capital Resources and Funding

Liquidity

        In accordance with SEK's funding and liquidity policies, at December 31, 2002,2003 the aggregate volume of funds borrowed and shareholders' funds exceeded the aggregate volume of credits outstanding and credits committed though not yet disbursed at all maturities. See also the graph "Development over Time of SEK's Available Funds" shown below in "—Item 11, "Quantitative and Qualitative Disclosures About Market Risk—Risk management—Management—Funding and Liquidity Risk".

        SEK endeavors to take advantage of borrowing opportunities that arise and, where SEK deems it advantageous, to pre-fund its credits. Its interest-bearing securities, other than credits, were Skr 68.6 billion at December 31, 2003 (2002:55.5), an increase of 23.7% compared to 2002. The increase in these investment securities reflected SEK's increased borrowing activities in the second half of the year in response to the lower funding costs experienced after the change in ownership.

        SEK's policy is to maintain a high degree of liquidity in its portfolio of interest-bearing securities. At December 31, 2002,2003, the book value of its interest-bearing securities with maturities of one year or less was Skr 27.030.7 billion (2001: 40.7)(2002: 27.0). In addition, at that date the aggregate of SEK's credits and interest-bearing securities with maturities of one year or less exceeded its total senior debt with such maturities by Skr 23.430.4 billion (2001: 15.1)(2002: 23.4).

        The following tables set forth as of December 31, 2003 the maturity profile of SEK's contractual cash obligations.

(1)

Maturity, 2010, subject to redemption beginning in 2005 with the approval of the Swedish Financial Supervisory Authority (Nominal Euro 50 million). Perpetual maturity subject to redemption beginning in 2008 with the approval of the Swedish Financial Supervisory Authority (Nominal USD 350 million).

(2)

Excluding derivative contracts that represent future obligations where the obligation is matched by either an offsetting position in the hedged instrument or in another derivative.

        See also "—Funding" for additional information on the maturities of SEK's debt.

        The following table sets forth the maturity profile of credits outstanding as of December 31, 2003.

        The following table sets forth the maturity profile of SEK's commercial commitments as of December 31, 2003, all of which represented committed undisbursed credits:

        For further information about funding and liquidity risk see Item 11.a "Quantitative and Qualitative Disclosures About Market Risk—Risk Management—Funding and Liquidity Risk". The reductionfigures above in short-termthe table are in the diagram "Development over Time of SEK's Available Funds" in Item 11a.

Funding

        The Company funds its lending primarily through public and private offerings of debt securities in the international capital and money markets. In many cases SEK has been willing to provide "tailor-made" structures responding to the needs of the investors. SEK also maintains a number of borrowing programs that allow it to respond quickly to borrowing opportunities or the need to fund a credit quickly.

        During the year ended December 31, 2003, total new borrowings with maturities exceeding one year were equivalent to approximately Skr 62.0 billion, compared with Skr 44.9 billion and Skr 38.0 billion for the years ended December 31, 2002 and 2001, respectively. New borrowings in 2003 comprised 440 transactions (2002: 281), primarily structured private placements in the Japanese, European and U.S. markets. SEK also launched a USD 1 billion global offering in November 2003, issued simultaneously in Europe, Asia and the United States. Two series of hybrid capital offerings added USD 150 million to SEK's capital base in addition to refinancing USD 200 million of existing hybrid capital at lower interest bearing securitiesrates. For a description of the Company's outstanding debt, see Notes 22 and 26 to the Consolidated Financial Statements.

        The outstanding volume of debt with original maturities of one year or less decreased in 2003. At December 31, 2003 outstanding debt with remaining maturities of one year or less was Skr 15,193.7 million, compared with Skr 15,591.1 million at December 31, 2002 from2002. However, the prior year reflected a lower business activity during the year related to the international downturn that has affected the developmentaverage maturity of SEK's volume during the year.senior debt at December 31, 2003, had decreased to 7.29 from 8.14 years at December 31, 2002. See "Consolidated Statements of Cash Flows" in the Consolidated Financial Statements and Note 29 to the Consolidated Financial Statements.

        SEK has experienced improved rating and lower cost of funding after the change in ownership. Moody's has upgraded SEK's senior debt rating to Aa1 (from Aa2) and Standard & Poor's has changed its outlook for SEK's senior debt rating (AA+) to stable (from negative). The following table sets forth assuccess of December 31, 2002 the maturity profile of contractual cash obligations (all of which comprised long-term debt):

Contractual Obligations

(1)

Callable beginning in 2005 with the approval of the Supervisory Authority.

(2)

Perpetual maturing subjectSEK's business is dependent to redemption beginning in 2002 or 2003 with the approval of the Supervisory Authority.

        See also "Informationa significant degree on the Company—Borrowing operations" for additional information on the maturitiesmaintenance of SEK's debt.

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        The following table sets forth the maturity profile of other commercial commitments, i.e. commitments regarding committed undisbursed credits as of December 31, 2002:

Other Commercial Commitments

        It should be noted that the figures above in the table "Contractual Obligations" and "Other Commercial Commitments" are represented in the diagram "Development over Time of SEK's Available Funds. For further information about funding and liquidity risk see "—Risk Management—Funding and Liquidity Risk".strong debt ratings.

Capital Adequacy

        The capital base as well as the minimum capital that SEK is required to maintain are determined in accordance with the capital adequacy requirements under Swedish law that are applicable to all credit institutions and securities companies supervised by the Swedish Financial Supervisory Authority.

        SEK has a capital adequacy ratio that is well above the minimum required by law. At December 31, 2002,2003, the regulatory total capital adequacy ratio was 17.016.6 percent (2001: 18.5)(2002: 17.0), which is more than two times as large as required under Swedish law. Of the regulatory total ratio, the Tier-1 ratio represented 11.99.5 percent (2001:at December 31, 2003 (2002: 11.9). SEK also computescalculates adjusted capital adequacy ratios calculated with inclusion in the Tier-1 capital base of SEK's guarantee fund capital of Skr 600 million in addition to the regulatory capital base. The adjusted total capital adequacy ratio was 18.818.3 percent (2001: 20.4)at December 31, 2003 (2002: 18.8), of which 13.711.1 percent (2001: 13.8)(2002: 13.7) represented adjusted Tier-1.

        SEK's regulatory capital base at December 31, 2002 was Skr 5,671 million (2001: 5,889), of which the Tier-1 related amount was Skr 3,963 million (2001: 3,778). The adjusted capital base was Skr 6,271 million (2001: 6,489), of which the Tier-1 related amount was Skr 4,563 million (2001: 4,378). Risk-weighted claims at year-end amounted to Skr 33,426 million (2001: 31,812). Accordingly, the minimum capital required to satisfy the statutory 8 percent standard was Skr 2,674 million (2001: 2,545).

        See also the table "Capital Base and Required Capital" on the following page.

        The guarantee fund permits SEK to demand additional capital of up to Skr 600 million from the Swedish State and ABB Structured Finance Investment AB, eachif SEK finds it necessary in order to be able to fulfill its obligations.

        SEK's regulatory capital base was Skr 5,953 million at December 31, 2003 (2002: 5,671), of which is obligated to contribute upthe Tier-1 related amount was Skr 3,395 million (2002: 3,963). The adjusted capital base was Skr 6,553 million (2002: 6,271), of which the Tier-1 related amount was Skr 3,995 million (2002: 4,563). Risk-weighted claims at year-end amounted to Skr 300 million.35,854 million (2002: 33,426). Accordingly, the minimum capital required to satisfy the statutory 8 percent standard was Skr 2,868 million at December 31, 2003 (2002: 2,674).

        The guarantee fundreductions during 2003 in SEK's Tier 1 ratio and capital is included only when calculatingbase on both a regulatory and adjusted basis reflect the adjusted capital adequacy ratios, notdividend paid in 2003, which led to a reduction of Skr 813 million in shareholders' funds at December 31, 2003 compared to the prior year-end. SEK augmented its regulatory capital adequacy ratios. Information concerning ABB's parent company, ABB Ltd, and its subsidiaries appears in filingsbase by ABB Ltd underincreasing the Securities Exchange Actamount of 1934, copieshybrid capital, only some of which can be reviewed at the public reference facilities of the Securities and Exchange Commission in Washington, D.C. and at certain of its regional offices and are also available through the New York Stock Exchange, Inc.qualified as Tier-1 capital.

Capital        The table "Capital Base and Required Capital

According to Capital Adequacy Requirements under Swedish Law, which are in Compliance with International Guidelines. However,Capital" on the adjusted capital adequacy ratios shown below, are calculated with inclusion in the Tier-1 capital base ofnext page includes additional information on SEK's guarantee fund capital of Skr 600 million in addition to the regulatory approved capital base.capital.