As filed with the Securities and Exchange Commission on April 7, 2003

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 20-F

(Mark One)

or

For the fiscal year ended December 31, 2002

or

Commission file number: 1-8382

AKTIEBOLAGET SVENSK EXPORTKREDIT
(SWEDISH EXPORT CREDIT CORPORATION)
(Exact name of Registrant as Specified in Its Charter)

Kingdom of Sweden
(Jurisdiction of incorporation or organization)

Västra Trädgårdsgatan 11 B, Stockholm, Sweden
(Address of principal executive offices)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Securities registered or to be registered pursuant to Section 12 (g) of the Act:
None
(Title of Class)

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:
None
(Title of Class)

        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:

Yes ý    No o

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

Item 17 o    Item 18 ý

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, 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 8.5650 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. Our 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 undertake no obligation to update any forward-looking statement in light of new information or future events, although we intend to continue to meet our ongoing disclosure obligations under the U.S. securities laws (such as our 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 our control. We caution you that a number of important factors could cause 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:

•

changes in general economic business conditions, especially in Sweden;



•

changes and volatility and currency exchange and interest rates; and



•

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

ii

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

        Selected financial data at and for the years ended December 31, 2002, 2001, 2000, 1999, and 1998 have been derived from the 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 discussion of significant 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, see Note 33 to the Consolidated Financial Statements.

        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)

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 derivatives at fair value in the balance sheet, which did not qualify for hedge accounting. During 2002, the variability in net income related to derivative has been reduced when the Company has been able to apply hedge accounting to certain assets. (See Note 33 to the Consolidated Financial Statements.)

(D)

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, because, although the value of the assets in Swedish krona terms changes according to the relevant exchange rates, there is an identical offsetting change in the Swedish krona 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 currency assets financed by currency liabilities. However, under U.S. GAAP, after the adoption of SFAS No. 133, the valuation effects of changes in currency exchange rates in value of the investments classified as available for sale and not otherwise hedged by a derivative in a fair value hedging relationship is taken directly to equity whereas the offsetting changes in Swedish krona terms of the borrowing is taken to 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 2002 SEK's U.S. GAAP profits are increased by Skr 2,695.9 million compared to Swedish GAAP profits, and for the year 2001 SEK's U.S. GAAP profits are reduced by Skr 2,458.9 million compared to Swedish GAAP profits, in each case before tax effects. 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)

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)

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)

Amounts of credits reported under the "old format" include all credits—i.e., credits granted against documentation in the form of interest-bearing securities, 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, refer to amounts based on the old format unless otherwise stated. See also 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 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, 2003 was U.S.$ 1 = Skr 8.5650

        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") is a public stock corporation 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 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 engaging 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

4

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 pioneer in the creation of innovative 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 for the success 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: AA+ negative outlook from Standard & Poors and Aa2 from Moody's Investors Service), has allowed us to offer our customers tailored products and what we believe 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 business 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 of a broader-range finance house with specialists within a number of areas.

        The increasing integration of business in the Nordic countries means that SEK is moving towards its 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 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 following table summarizes SEK's credits outstanding and debt outstanding at December 31, 2002, 2001, and 2000:

(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, 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, refers to amounts based on the old format unless otherwise stated. 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:

(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, as well as credits granted against traditional credit agreement documentation and these amounts do, 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.

6

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-operation 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, 2002, 2001 and 2000 were distributed among SEK's different categories of credits as follows:

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        Offers granted by the Company for credits that were accepted by borrowers in the M-system during the years ended December 31, 2002, 2001 and 2000 were distributed among SEK's different categories of credits as follows:

        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 fixed 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 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 ensure that the currency in which the credit is to be funded will 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 fund 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 such interest rate risks have not been significant.

        Credits 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.

        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.

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

8

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.

        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 which 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 offered 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 Swedish Export Credits Guarantee Board (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 untied concessionary credits. In principle, such credits may not be extended to countries whose per capita GNP was greater than USD 2,995 in 2002. Tied or partially untied concessionary credits to other countries may not 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).

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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 different programs in the S-system for each year in the three-year period ended December 31, 2002.

Credit Support for Outstanding Credits

        The Company's policies with regard to counterparty exposures are described in Item 5. "Operating and Financial Review and Prospects—Risk management—Credit or Counterparty Risks".

        The following table shows the credit support for the Company's outstanding credits for the five-year period ended December 31, 2002 (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):

(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 supported by a court judgement 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.

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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 the credits in this category were obligations of the four largest commercial bank groups in Sweden.

(E)

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

(F)

At December 31, 2002, approximately 88 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 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.

        The Company 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 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 description 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.

d.

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 two sub-functions and one wholly-owned limited company. The two sub-functions are Treasury and Syndication and the limited company is AB SEK Securities. Treasury is responsible for managing SEK's borrowing program and the investment of its liquidity portfolio. Syndication handles risk syndication, risk cover solutions and corporate bond trading. To facilitate its capital markets activities, in 2002 SEK established AB SEK Securities, 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. "Operating and Financial Review and Prospects—Risk management—Risk Control".

e.

Swedish Government Supervision

        The Company operates as a credit market company within the meaning of the 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 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 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 Basle 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. Capital is divided into "core" or "Tier 1" capital, which includes equity capital and non-cumulative preferred shares and similar instruments, and "supplementary" or "Tier 2" capital comprising subordinated obligations with an original term of at least five years (but 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, SEK's total regulatory capital ratio was 17%.

        Under the large exposure rules, in general the value of SEK's exposure to a single customer or group of customers may not exceed 25% of SEK's regulatory capital. The total value of SEK's "large exposures" (exposures to a single customer or group of customers that exceed 10% of its capital base) may not, in the aggregate, exceed 8 times its capital base.

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

f.

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. 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.

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.

Critical Accounting Policies

        Critical accounting policies for the Company are the accounting policies regarding hedge accounting and measurements of fair values according to Swedish and U.S. GAAP, respectively. (See Note 1(j), 1(q), and Note 33 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. Such 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 values of such transactions due to movements in interest and/or exchange rates is hedged.

        SEK accounts for derivatives under U.S. GAAP in accordance with Statement of Financial Accounting Standards (SFAS) No. 133 "Accounting for Derivative Instruments and Hedging Activities". SFAS No. 133 requires the recognition of derivatives in the 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.

        SEK enters into derivative transactions in its ordinary course of business, in order to be economically hedged. 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 assessed accounting hedge relationships that resulted in fair value hedges that require SEK to record the derivative assets or liabilities at their fair value on the balance sheet with an offset in earnings. Hedge ineffectiveness is also recorded in earnings.

        Although the amounts that ultimately would be recognized in the income statement over the term of the derivatives are the same 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.

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        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.

        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 its assets and liabilities, 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, 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 be 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 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 in foreign exchange effects in earnings, 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.

        U.S. GAAP SFAS 133 (Derivatives and hedging activities) came into effect on January 1, 2001. In addition, SFAS 115 stipulates accounting rules 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 "Accounting 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, as from January 1, 2001, it is required that for non-derivative hedged available-for-sale securities the currency exchange effects shall affect only shareholders' funds, not net profit. However, because the effect of currency exchange changes in the borrowings funding these securities is required under U.S. GAAP to be reflected in the income statement, this increased the volatility of reported earnings under U.S. GAAP as from 2001.

b.

Assets

Total Assets

        SEK's total assets decreased to Skr 132.5 billion at December 31, 2002 (2001: 149.5). The main components of the net change in total assets were a decrease in the credit portfolio (approximately Skr 5 billion) and a decrease in the portfolio of interest-bearing securities (approximately Skr 10 billion). Currency exchange effects negatively affected the year-end book value of the aforementioned portfolios by approximately Skr 5.3 billion and Skr 4.0 billion, respectively. Such effects were offset by a

14

corresponding decrease in the volume of debt. Credits outstanding represented Skr 65.5 billion (2001: 70.4) of total assets, while interest-bearing securities represented Skr 59.0 billion (2001: 68.5).

        In addition to the revenue-generating assets, the balance sheet also included Skr 3.4 billion (2001: 4.0) representing accrued and prepaid items, Skr 0.2 billion (2001: 0.1) representing non-financial assets and Skr 4.5 billion (2001: 6.5) 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 Financial Statements). The approximate month-end average volume of total assets during the year was Skr 140.0 billion (2001: 160.2).

        SEK continues to have a high level of liquid assets and a low funding risk. 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 "—Risk management—Funding and Liquidity Risks".

Business Volume

        SEK reached a total volume of customer-related financial transactions amounting to Skr 17.9 billion (2001: 24.9, 2000: 22.3). New long-term credit offers accepted totaled Skr 13.4 billion (2001: 20.2, 2000: 20.7). The total volume of syndicated customer transactions was Skr 4.5 billion (2001: 4.7, 2000: 1.6). The decline in new business volume in 2002, reflects the international economic downturn that has affected SEK's markets.

        The aggregate amount of credits outstanding and credits committed though not yet disbursed at year-end was Skr 77.3 billion (2001: 86.8), of which Skr 65.5 billion (2001: 70.4) represented credits outstanding. Of the aggregate amount of Skr 77.3 billion (2001: 86.8) of credits outstanding and committed, Skr 21.6 billion (2001: 27.5) was related to the S-system, of which Skr 11.5 billion (2001: 15.5) 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, the aggregate amount of outstanding offers for new credits increased to Skr 59.7 billion (2001: 53.9).

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, as well as credits granted against traditional documentation and these amounts do, 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.

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        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.

Counterparty Risk Exposures

        The quality of SEK's assets remains high. The table "Total Counterparty Risk Exposures" in "—Risk management—Credit or Counterparty Risk Exposures" shows the distribution of risk to the various categories of counterparties of SEK's on-balance sheet assets and off-balance sheet items. The total risk exposure against OECD States amounted to 27 percent (2001: 38) of total exposures. Further, of the total exposures, 56 percent (2001: 50) was against banks and other financial institutions, while 17 percent (2001: 12) was against corporations.

        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" in "—Liquidity and Capital Resources—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 Financial Statements. It can be noted that certain values related to derivative 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 continue to maintain, a conservative policy as regards counterparty exposures arising from its credit portfolio and from other assets as well as from derivative and other financial instruments traditionally accounted for as off-balance sheet instruments.

c.

Results of Operations

SEK excluding the S-system

        The operating profit was 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.

        Net interest earnings were Skr 798.2 million (2001: 830.7, 2000: 895.5). 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 by SEK's equity), on the other hand. For the financial year 2002, the contribution to net interest earnings from debt-financed assets decreased to Skr 465.9 million (2001: 489.1, 2000: 471.6). The underlying month-end average volume of such debt-financed assets was Skr 111.7 billion (2001: 126.9, 2000: 129.9), with an increased average margin of 0.42 percent (2001: 0.39, 2000: 0.36). SEK has experienced increased margins on new credits, which have been partly offset by increased margins on borrowed funds. The increase in average margin was due also to an increase in the average proportion of debt-financed assets represented by the credit portfolio. The average volume of the liquidity portfolio, whose average margin is lower than that of the credit portfolio, decreased significantly. The decline 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.

        The contribution to net interest earnings from the investment portfolio was Skr 332.3 million (2001: 341.6, 2000: 423.9). The decreases in the last two years reflect the reinvestment of parts of

16

SEK's 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 18.5 million (2001: 12.8, 2000: 1.5). The improvement was due to increased activities related to capital market products that produced revenues of Skr 4.5 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 33.0 million (2001: 36.7, 2000: 36.7) representing remuneration from the S-system, mainly based on outstanding volumes of credits, has been included in the operating profit.

        Administrative expenses increased to Skr 166.4 million (2001: 150.7, 2000: 125.7). Of the increases in 2002 and 2001, Skr 17.2 million and 16.8 million, respectively, were 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 project amounting to Skr 43.4 million have been capitalized as investments, of which Skr 40.1 million are computer software and Skr 3.3 million are computer hardware. In 2002 administrative expenses did not include any provision under SEK's general incentive system for its staff (2001: 10.2, 2000: 5.8). In addition to the general incentive system, individual performance-related remuneration agreements also exist.

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

        The net profit for the year was Skr 479.7 million (2001: 540.7, 2000: 601.8), after charges for taxes amounting to Skr 184.7 million (2001: 188.3, 2000: 228.1). The increase in the effective tax rate in 2002 to 27.8 percent (2001: 25.8, 2000: 27.5) mainly reflects that tax-exempt income, i.e., a permanent difference, was lower in 2002 than in 2001. Variations in permanent differences also explain most of the change in effective tax rate in 2001 compared to 2000.

        The net profit for 2002, reconciled to U.S. GAAP, reached Skr 2,613.4 million, compared to a net loss of Skr 312.3 million in 2001 and a net profit of Skr 608.7 million in 2000. The aggregate U.S. GAAP adjustments, net of the related tax effect, produced a positive adjustment of Skr 2,133.7 in 2002, compared to a negative adjustment of Skr 853.0 million in 2001 and a positive adjustment of Skr 6.9 million in 2000.

        These substantially higher adjustments in 2002 and 2001 were primarily the result of the application, beginning in 2001, of Statement of Financial Accounting Standard 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. Positive adjustments to U.S. GAAP income for derivatives and hedging activities, before related tax effects, declined to Skr 210.3 million in 2002 from Skr 1,242.9 million in 2001, in part 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. 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.

        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 krona position of the related funding must be recognized currently in the income statement. As a result, during 2001 when the Swedish krona depreciated against certain currencies in which these assets were match funded, the reconciliation of SEK's income statement to U.S. GAAP led to a negative adjustment for foreign exchange differences, before related tax effects, of Skr 2,458.9 million. Conversely, in 2002 when the Swedish krona appreciated against these funding currencies, SEK reported a positive adjustment for foreign exchange differences, before related tax effects, of Skr 2,695.9 million. It should be noted that SEK is economically hedged regarding foreign currency exchange revaluation effects related to revaluation of balance sheet components.

        The reconciliation of SEK's net income to U.S. GAAP was also positively affected in each of the past three years by gains from the repurchase of its own debt, which under U.S. GAAP is recognized immediately in the income statement and amounted to Skr 51.4 million in 2002 (2001: 56.9 and 2000: 22.6).

        See Note 33 to the Consolidated Financial Statements.

The S-system

        CIRR-credits, which represent one of the two types of credits in the S-system, contributed to the S-system results with a surplus of Skr 112.9 million (2001: 168.8, 2000: 93.1).

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

        The S-system paid a net compensation to SEK amounting to Skr 33.0 million (2001: 36.7, 2000: 36.7), being compensation paid to SEK for carrying the S-system credits and the related credit risks in SEK's balance sheets. The lower amount in 2002 was due to reduced assets level.

        The 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.

        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 aggregate positive result for 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.

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d.

Liquidity and Capital Resources

Liquidity

        In accordance with SEK's funding and liquidity policies, at December 31, 2002, 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 "—Risk management—Funding and Liquidity Risk".

        SEK's policy is to maintain a high degree of liquidity in its portfolio of interest-bearing securities. At December 31, 2002, the book value of its interest-bearing securities with maturities of one year or less was Skr 27.0 billion (2001: 40.7). 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 23.4 billion (2001: 15.1). The reduction in short-term interest bearing securities at December 31, 2002 from the prior year reflected a lower business activity during the year related to the international downturn that has affected the development of SEK's volume during the year. See "Consolidated Statements of Cash Flows" in the Consolidated Financial Statements.

        The following table sets forth as 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 subject to redemption beginning in 2002 or 2003 with the approval of the Supervisory Authority.

        See also "Information on the Company—Borrowing operations" for additional information on the maturities of SEK's debt.

19

        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".

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 Supervisory Authority.

        SEK has a capital adequacy ratio that is well above the minimum required by law. At December 31, 2002, the regulatory total capital adequacy ratio was 17.0 percent (2001: 18.5), which is more than two times as large as required under Swedish law. Of the regulatory total ratio, the Tier-1 ratio represented 11.9 percent (2001: 11.9). SEK also computes 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 total capital adequacy ratio was 18.8 percent (2001: 20.4), of which 13.7 percent (2001: 13.8) 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, each of which is obligated to contribute up to Skr 300 million. The guarantee fund capital is included only when calculating the adjusted capital adequacy ratios, not the regulatory capital adequacy ratios. Information concerning ABB's parent company, ABB Ltd, and its subsidiaries appears in filings by ABB Ltd under the Securities Exchange Act of 1934, copies 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.

Capital Base and Required Capital

According to Capital Adequacy Requirements under Swedish Law, which are in Compliance with International Guidelines. However, the adjusted capital adequacy ratios shown below, are calculated with inclusion in the Tier-1 capital base of SEK's guarantee fund capital of Skr 600 million in addition to the regulatory approved capital base.
(Amounts in Skr m)

I. Capital requirement

II. Capital base (A)

III. Capital Adequacy Ratio

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IV. Specification of off-balance sheet items (B)

Consolidated Group and Parent Company:

(A)

The capital base includes the profit for the year—less the dividend proposed—according to the Board's proposal for distribution of the 2002 profits.

(B)

In accordance with SEK's policies with regard to counterparty, interest rate, and currency exchange exposures, SEK uses, and is a party to, different kinds of off-balance sheet financial instruments, mostly various interest rate related and currency exchange related contracts (swaps, etc). It is worth noting that the nominal amounts of such derivative instruments do not reflect real exposures, but merely constitute the basis from which the exposures (converted claims) are derived.

        In the ordinary course of business SEK is a party to financial instruments with off-balance sheet exposure. The amounts of such exposures are shown in the table above. These instruments include primarily interest rate related and currency related agreements.

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e.Risk management

        The success of an exporter often depends on access to long-term financing. In order to meet the demand for such financing, SEK grants medium and long-term credits. Credits are often at fixed interest rates, although credits at floating interest rates are also granted. The total time from the start of a credit agreement until final payment can be as long as twenty years. Such long-term contracts require special attention to the management of the inherent risk exposures.

        In addition to its own business, SEK administers the Swedish Government's system for state-supported export credits and its concessionary credits program. Any deficits or surpluses from these programs are reimbursed by or paid to the State. Any credit losses incurred under the programs, however, are not reimbursed by the State. SEK must therefore demand adequate collateral for credits granted under these programs just as it does for its own credits. All credits are reported in SEK's balance sheet.

        SEK funds its activities primarily by public issues and private placements in the international capital markets. Most borrowing is at fixed interest rates. In its funding operations SEK makes use of traditional borrowing structures as well as more complicated structures, many of which are tailored to suit the needs of investors. In its borrowing, lending and investment of liquid assets, SEK uses various financial instruments such as interest rate swaps, currency swaps, futures, credit derivatives and options. These instruments are mainly used to hedge or reduce exposures.

SEK's basic policies

        SEK's Board of Directors has adopted four basic policies which are designed to give its shareholders a competitive long-term return on equity. These basic policies are then broken down into policies for managing different types of risk exposure.

        The basic policies are:

•

SEK will carry out its business in such a manner that SEK is perceived as a first-class counterparty by its business partners.



•

SEK will be selective in its acceptance of counterparty exposures in order to ensure high credit quality.



•

All SEK's credit commitments will be fully funded at all times through to maturity.



•

SEK will at all times maintain a capital adequacy ratio that exceeds the legal minimum requirements by a wide margin.

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Credit or Counterparty Risks

        A credit or counterparty risk represents the risk of the loss that would occur if a borrower and its guarantors are unable to perform in accordance with the terms and conditions of a contract. SEK manages counterparty risks with the aid of a system which includes routines for credit rating, limits, risk classifications and monitoring procedures. The system takes into account differences between exposures to different countries, sectors, groups of counterparties and individual counterparties, as well as between different types of risk. For example, SEK has an internal rating system for counterparties that are not rated by any of the international rating agencies.

        SEK's policy limits companies and states to which it is prepared to assume risk exposure to the following:

•

The Swedish State and other Nordic states, municipalities and regional authorities.



•

OECD states with high credit quality.



•

Limited exposure to states with good credit quality and positive economic development in Eastern and Central Europe.



•

Swedish and other Nordic banks and credit institutions.



•

International banks with high credit quality.



•

Large Swedish and other Nordic companies, mostly listed companies.



•

A limited number of foreign companies with high credit quality.

        In 1997, SEK's Board of Directors decided to allow exposure to credit risks other than traditional types. However, this is subject to the provision that SEK's conservative credit risk policy is unchanged in order to safeguard SEK's high creditworthiness. SEK's Board of Directors has decided that in certain cases SEK may grant credits for project financing, i.e. credits for which repayment depends entirely on the cash flow generated by the project. A conservative credit risk policy is also applied within this area. The Board has currently restricted the total volume of project financing to Skr 1 billion. At year-end 2002 the volume of such credits outstanding was Skr 153 million (2001:165).

        In order to reduce counterparty risk exposures that may arise from derivative contracts, SEK strives to obtain collateral or mark-to-market agreements from its counterparties before entering into derivative contracts. These agreements oblige SEK's counterparties to provide collateral to SEK in the

24

form of first-class securities and blocked funds. The contracts can also be adjusted if the market values of the contracts exceed set levels or if the counterparty's rating falls below a certain set level. These levels are determined individually and agreed with each counterparty.

        One key aspect of counterparty exposure is duration (See diagram, "Development of Counterparty Risk Exposures related to Long-Term Credits").

        The majority of credits granted by SEK comprise long-term financing which supports Swedish exports. Measured in revenues, the largest Swedish export markets are Western Europe and North America. However, exports to other more or less developed markets are also important. Consequently, there is a financing need for transactions which involve buyers in many different countries with varying credit quality. Since SEK applies a conservative counterparty risk policy and is therefore selective in its acceptance of counterparties, SEK is not dependent on the individual buyers of Swedish goods and services nor on the countries in which they are domiciled. Dependence is instead on the counterparties who have guaranteed the credits, which are often separate from the buyers and have a higher creditworthiness. Counterparty risk exposures are shown in the tables "Total Counterparty Risk Exposures" and "Credits Outstanding".

        A specific type of counterparty risk is known as settlement risk. Settlement risk is the risk of loss if a counterparty who has completed a deal defaults before fulfilling its part of the transaction. Separate settlement limits have been set for certain counterparties. Such limits have been set not only for the traditional types of counterparties, but also for certain smaller institutions. For these smaller institutions, the individual limits may amount to only some ten millions of Swedish kronor.

25

26

Market Risks

        A market risk represents the risk of loss that would occur if the value of a contract should change due to changes in market conditions, such as interest rates or exchange rates.

        All individual financial instruments are subject to market risk. A change in the market value of an instrument also changes the counterparty risk of that instrument.

        In principle, the longer the remaining maturity of an instrument, the greater its potential market risk. However, maturity is only one factor that effects market risk. SEK's potential market risk related to individual contracts and counterparties is large since SEK's business is focused on long-term transactions and its lending is denominated in a number of currencies and mostly carries fixed interest rates. However, the majority of these individual market risks are hedged by transactions which offset each other.

        SEK uses sophisticated techniques to manage market risks which are designed to facilitate assessment of these risks. For example, SEK takes effects due to changes in the portfolios into account.

        SEK funds its activities in all major capital markets. Pending on-lending of borrowed funds, which normally have long maturities and fixed interest rates, the funds are swapped into liquid assets at floating interest rates. Later, when credits are granted, these liquid assets are sold and in most cases new swaps are entered into or the swaps are unwound. Since SEK uses complicated techniques and borrowing structures, that may include imbedded options and formulas to determine repayment amounts, SEK is party to a large number of interest-rate related and currency-related contracts as well as equity-related and commodity-related contracts. The capital adequacy table on pages 21 and 22 shows amounts with respect to off-balance sheet contracts at year-end 2002.

        It is worth noting that off-balance sheet contracts with positive values and negative values respectively, are reported on-balance sheet as one component of other assets and other liabilities respectively. See Note 1(q) to the Financial Statements.

Credit Spread Risks

        In line with SEK's efforts to develop its business while still maintaining a good control of risks, a portfolio was established in 2000 for investments with market valuation of credit spreads. The Board of Directors has set a limit for the market risk in credit spreads based on the assumption of an immediate shift in these spreads and where current exposures are divided into different categories depending on the rating and sector of the risk counterparty and the duration of the exposure. The credit spread risk may not exceed Skr 100 million. At year-end 2002 the credit spread risk was Skr 14 million.

Currency Risks

        SEK grants credits in all major currencies and matches these with borrowing in the same currencies. SEK does not take currency risks with the exception of short-term risks resulting from earnings generated by credits and liquid assets in foreign currencies. The Board of Directors has established a limit for currency risks measured as the change in value of foreign currency positions resulting from a 10 percent change in the exchange rate for the Swedish krona. The aggregate currency risk must not exceed Skr 40 million. At year-end 2002, the aggregate currency risk was Skr 10.6 million.

Interest Rate Risks

        SEK takes certain interest rate risks in order to provide competitive, fixed rate credits in all maturities. Since SEK continually grants new credits at varying amounts with different disbursement periods and maturities, it is cost effective for SEK to run books in the various currencies. Consequently, there are varying, although limited, amounts that are exposed to interest rate risk.

        The Board of Directors has established the following limits for interest rate risks:

•

Related to shifts in the yield curve in each individual currency;

—The risk may not exceed the highest value of the risk from a parallel shift in the yield curve, based on the assumption of a one percentage point interest rate change on all maturities,

—and the risk from a rotation of the yield curve based on the assumption that interest rates change in different directions for different maturities.

•

The aggregate interest rate risk related to changes in the yield curve may not exceed the equivalent of Skr 190 million, of which a maximum of Skr 50 million may be attributable to the upcoming twelve-month period.



•

Sub-limits are established for the different currencies based on their relative importance to SEK.

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•

Differences in the interest rate basis for different currencies (basis risk) may not at any time exceed the equivalent of Skr 190 million. These risks are calculated based on internally established standard differentials.

        SEK's interest rate risks related to shifts in the yield curve in the fixed-interest portfolio of committed credits in foreign currency amounted to Skr 80.9 million at year-end, of which Skr 5.1 million was related to 2003. This is based on an assumed shift in interest rates of one percentage point on all maturities. The total period to which the risk is attributable exceeds ten years. The major part of this exposure pertains to USD and EUR.

        The interest rate risk related to changes in the yield curve in Swedish kronor amounted to Skr 38.6 million, of which Skr 24.9 million was related to 2003. This is based on an increase in interest rates of one percentage point. The exposure is related to fixed-interest lending and so on. The assets in which shareholders' funds and untaxed reserves are invested are excluded from the calculation of the above interest rate risks.

        At year-end 2002, SEK's shareholders' funds and untaxed reserves were invested in fixed income assets for a total of Skr 3.8 billion (lending and securities) and SEK's office building, Skr 0.1 billion.

        SEK's policy is to invest equity in medium-term maturities in order to ensure a stable, long-term return on shareholders' funds. The average remaining maturity on the above-named investments, which total Skr 3.9 billion, is approximately three years.

Funding and Liquidity Risks

        A funding and liquidity risk represents the risk of loss that would occur if commitments could not be met due to a deficit in borrowing or liquidity, so-called cash flow mismatches.

        SEK's policy is to fund all lending commitments throughout their duration. This allows SEK to grant new credits whenever needed. Equally, SEK can avoid taking up new borrowing in the capital market over long periods if the terms offered are considered unfavorable. Although SEK's policy means that SEK is never forced to borrow to meet its commitments, SEK has established a large number of long-term as well as short-term borrowing programs all over the world. These programs reduce dependence on individual markets and their liquidity. In addition, SEK also has access to certain back-up credit facilities for its short-term borrowing programs.

        The development over time of SEK's available funds, and of its outstanding and committed credits at year-end 2002 is shown in the diagram "Development over time of SEK's available funds."

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Operational Risks

        A legal risk represents the risk of loss that would occur if a transaction could not be completed as planned due to some legal obstacle, such as inaccurate documentation or non-enforceability of certain conditions.

        Legal risks are reduced by involving experienced internal decision makers, in-house and external lawyers, and administrative staff. Knowledge development and a high level of integrity are encouraged among the staff.

        The complexity of the documentation for a transaction usually varies with the complexity of the underlying transaction. However, SEK tries as far as possible to use standardized terms and conditions in all agreements. Strict policies apply in this regard.

        In recent years there has been a trend for major borrowers with their own public borrowing programs based on standard documentation to require the use of such documentation when raising traditional loans. Provided such documentation meets SEK's requirements, SEK is prepared to accept this.

Operations and Systems Risks

        Operations and systems risks represent the risk of loss if human error or fraud should occur or if a system should fail to operate as intended.

        Internal instructions regarding decision-making processes and control procedures are established by the Board of Directors or by the President. Transactions and risks are reported using set forms and by departments other than those carrying out the transactions.

        SEK develops and maintains its own computer systems, but with some maintenance and development agreements with external parties. Strict back-up routines are applied in the IT Department in order to reduce the risk of loss of information. The IT Department also strives to have access to external hardware back-up in the event of damage to SEK's equipment.

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Risk Control

        The objective of Risk Control is to further improve the quality and control of all risk reporting to the Board of Directors and to improve control of the conformity and functionality of internal instructions and authorizations. Risk Control works independently from the rest of the organization and functions as an extra level of control over and above other internal control systems. Risk Control works solely with control and supervision.

        The unit reports directly to the President, and in certain cases is obliged to report to the Chairman of the Board and the auditors. Risk Control works in a systematic manner in accordance with a plan adopted by the Board of Directors on a yearly basis.

        The plan also specifies the formats and regularity of reporting to the President, the Board of Directors and the auditors. An overall identification of all types of risks associated with SEK's business is required so that these objectives can be met. The intention is to be able to assess different types of risks, their relative importance, and the quality and accuracy of the routines, measurements and reports used in risk management. The risk areas monitored are primarily counterparty risk and market risk, but SEK also controls legal risk, operational risk, systems risk and to some extent liquidity risk.

        Risk Control also examines and evaluates SEK's organization, routines and internal control. Good internal control means that the business is organized so that it is conducted in compliance with applicable law and regulations and is in accordance with adopted policies and instructions.

        A high level of internal control is maintained by:

•

Ongoing updates of instructions and authorizations.



•

Ensuring that employees are always familiar with the purpose and content of instructions.



•

Internal instructions and authorizations mean that no individual person can handle a transaction alone and that the work performed by one employee is always checked by another employee.



•

Systems for handling information and computing risk measurements are well adapted to the company's business activities.



•

Operation and maintenance of such systems are secured.

        Risk Control also participates, on its own initiative, in the process of maintaining and developing relevant reports and instructions in order to ensure that these are appropriate, reliable and accurate. This is always carried out in close cooperation with the employees responsible for day-to-day business in order to raise awareness of and understanding for such activities.

        Risk Control is also tasked with examining agreements entered into by SEK, credit and borrowing agreements as well as other types of agreements and commitments. The main purpose of such control is to verify that the agreements are formulated in line with SEK's established policies.

In everyday financial language, the expressions "exposure(s)" and "risk(s)" are sometimes used synonymsly. More precisely, however, the expression "exposure" refers to the position (of assets/liabilities) that is exposed to a certain type of risk (which can also be called "risk exposure"), while "risk" refers to the risk of loss (quantified as an amount) that the underlying, risk-exposed position generates.

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f.Other—Recent Accounting Pronouncements Issued

        A number of new or revised Swedish accounting pronouncements came into effect as from January 1, 2003.

        The Swedish Financial Accounting Standards Council has issued a number of new or revised standards effective 2003 or later:

RR 22 based on IAS 1 Presentation of Financial Statements
RR 24 based on IAS 40 Investment Property
RR 25 based on IAS 14 Segment Reporting
RR 26 based on IAS 10 Events After the Balance Sheet Date
RR 27 based on IAS 32 Financial Instruments: Disclosure and Presentation
RR 28 based on IAS 20 Accounting for Government Grants and Disclosure of Government Assistance, and
RR 29 based on IAS 19 Employee Benefits.

        All these new or revised standards are effective for fiscal years beginning on or after January 1, 2003 except RR 29, which comes into effect only in 2004.

        None of these new or revised standards is expected to materially affect SEK's financial reports other than to the extent that they increase disclosure requirements.

        RR 22 will, accordingly, require that changes in equity be presented in a basic financial report rather than in the note format. RR 25 is not applicable to the Company. SEK already provides the information required by RR 25 on segments. RR 26 codifies current Swedish accounting practice related to subsequent events and is not expected to affect the Company's financial reports. SEK generally provides the disclosures required by RR 27 on risk management policies, interest rate risk, credit risk and fair value, and about terms, conditions and accounting policies for the various classes of its financial assets, financial liabilities and equity instruments. RR 28 is not expected to affect the Company's financial reporting. Given the character of SEK's pension arrangements, RR 29 is mainly expected to increase disclosure requirements.

        In June 2001, FASB issued SFAS No. 143, Accounting for Asset Retirement Obligations. SFAS No. 143 requires the Company to record the fair value of an asset retirement obligation as a liability in the period in which it incurs a legal obligation associated with the retirement of tangible long-lived assets that result from the acquisition, construction, development, and/or normal use of the assets. The Company also records a corresponding asset that is depreciated over the life of the asset. Subsequent to the initial measurement of the asset retirement obligation, the obligation will be adjusted at the end of each period to reflect the passage of time and changes in the estimated future cash flows underlying the obligation. The Company is required to adopt SFAS No. 143 on January 1, 2003. The adoption of SFAS No. 143 is not expected to have a material effect on the Company's consolidated financial statements.

        In April 2002, the FASB issued SFAS No. 145, Rescission of FASB Statements No. 4, 44 and 64, Amendment of FASB Statement No. 13, and Technical Corrections. SFAS No. 145 amends existing guidance on reporting gains and losses on the extinguishment of debt to prohibit the classification of the gain or loss as extraordinary, as the use of such extinguishments have become part of the risk management strategy of many companies. SFAS No. 145 also amends SFAS No. 13 to require sale leaseback accounting for certain lease modifications that have economic effects similar to sale leaseback transactions. The provisions of the Statement related to the rescission of Statement No. 4 are applied in fiscal years beginning after May 15, 2002. Earlier application of these provisions is encouraged. The provisions of the Statement related to Statement No. 13 were effective for transactions occurring after May 15, 2002, with early application encouraged. The adoption of SFAS No. 145 is not expected to have a material effect on the Company's consolidated financial statements.

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        In June 2002, the FASB issued SFAS No. 146, Accounting for Costs Associated with Exit or Disposal Activities. SFAS No. 146 addresses financial accounting and reporting for costs associated with exit or disposal activities and nullifies Emerging Issues Task Force (EITF) Issue 94 3, Liability Recognition for Certain Employee Termination Benefits and Other Costs to Exit an Activity. The provisions of this Statement are effective for exit or disposal activities that are initiated after December 31, 2002, with early application encouraged. The adoption of SFAS No. 146 is not expected to have a material effect on the Company's consolidated financial statements.

        In November 2002, the FASB issued Interpretation No. 45, Guarantor's Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, an interpretation of FASB Statements No. 5, 57 and 107 and a rescission of FASB Interpretation No. 34. This Interpretation elaborates on the disclosures to be made by a guarantor in its interim and annual consolidated financial statements about its obligations under guarantees issued. The Interpretation also clarifies that a guarantor is required to recognize, at inception of a guarantee, a liability for the fair value of the obligation undertaken. The initial recognition and measurement provisions of the Interpretation are applicable to guarantees issued or modified after December 31, 2002 and are not expected to have a material effect on the Company's consolidated financial statements. The disclosure requirements are effective for consolidated financial statements of interim and annual periods ending after December 31, 2002.

        In December 2002, the FASB issued SFAS No. 148, Accounting for Stock Based Compensation—Transition and Disclosure, an amendment of FASB Statement No. 123. This Statement amends FASB Statement No. 123, Accounting for Stock Based Compensation, to provide alternative methods of transition for a voluntary change to the fair value method of accounting for stock based employee compensation. In addition, this Statement amends the disclosure requirements of Statement No. 123 to require prominent disclosures in both annual and interim consolidated financial statements. Certain of the disclosure modifications are required for fiscal years ending after December 15, 2002 and are included in the notes to these consolidated financial statements. The adoption of SFAS No. 148 is not expected to have an effect on the Company's consolidated financial statements.

        In January 2003, the FASB issued Interpretation No. 46, Consolidation of Variable Interest Entities, an interpretation of ARB No. 51. This Interpretation addresses the consolidation by business enterprises of variable interest entities as defined in the Interpretation. The Interpretation applies immediately to variable interests in variable interest entities created after January 31, 2003, and to variable interests in variable interest entities obtained after January 31, 2003. The application of this Interpretation is not expected to have a material effect on the Company's consolidated financial statements. The Interpretation requires certain disclosures in consolidated financial statements issued after January 31, 2003 if it is reasonably possible that the Company will consolidate or disclose information about variable interest entities when the Interpretation becomes effective. The adoption of FIN 46 is not expected to have an impact on the Company's consolidated financial statements.

Item 6.    Directors, Senior Management and Employees

        The Company's Articles of Association provide that the Board of Directors shall consist of six directors and not more than four deputy directors. The Board of Directors is responsible for the management of the Company. A deputy director does not have the right to vote at meetings of the Board of Directors unless a director is absent and the deputy director has taken his or her place.

        The State, which holds all of the Class A shares, elects four directors and two deputy directors. ABB, which hold all of the Class B shares, elect two directors and two deputy directors. The directors and deputy directors are elected annually. The Government appoints the Chairman of the Board, and the directors elected by the holders of the Class B shares elect a Vice Chairman of the Board of Directors from among the directors. The Board of Directors convenes at least six times a year.

        The directors and deputy directors of the Board are elected at the annual general meeting to serve for the period until the end of the next annual general meeting. The annual general meeting is required to be held not later than June 30 of each year. The members of the Executive Committee are appointed by the Board to serve for a non-fixed period.

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        Certain information with respect to the Company's directors, deputy directors and executive officers is set forth below. Unless otherwise indicated, such information is given as of the date of this Report.

Board of Directors and Executive Officers

*

At December 31, 2002

Biographical Details

 ��      Mr. Wolrath was appointed Chairman of the Board and director by the State in September 1998. In 1997 he set up the company Momentum AB in which he is Chairman. From 1981 and until 1997 he was President of Skandia. He is chairman of the Board of Directors of Stiftelsen för Respekt, Telia Pensionsstiftelse, Skattebetalarnas Förening and Com.hem. He is also a director of Rederi AB Gotland and Samhall AB.

        Mr. Carlsson was appointed director by ABB in June 2000. He has been President of ABB Financial Services AB since 1997. Prior to that he was President of ABB Treasury Center (Sweden) AB from 1988. He is chairman of the boards of ABB Treasury Centers Scandinavia and a director of Sirius International Försäkrings AB as well as a number of ABB companies and Södra Cell AB. He is also a director of the Local Executive Forum of ABB Sweden and a member of the Stockholm Chamber of Commerce delegates.

        Mr. Cederlund was appointed director by the State in April 1986 after having served as a deputy director since 1980. He is Director, Senior Advisor of the Ministry of Industry, Employment and Communications and has served in executive capacities at the Ministry during the past six years. He is a director of AB Svensk Bilprovning, Svenska Rymdaktiebolaget, Sveaskog AB and Stattum Holding.

        Mr. Johansson was appointed director by the State in April 2001. He has been Director at the Ministry for Foreign Affairs since September 1999. From 1983 to 1999 he served at the Ministry for Foreign Affairs in Hong Kong, Taipei, Peking and Shanghai.

        Mrs. Nivert was appointed director by the State in June 2000. She was President and CEO of Telia AB from October 2000 until September 2002. Prior to that she had served in various executive capacities at Telia since 1963. She is a director of SSAB, Beijer-Alma AB, Posten AB,

34

Systembolaget AB, Fjärde AP-fonden, Huddinge Universitetssjukhus AB, Lennart Wallenstam Byggnads AB, Stiftelsen Chalmers Tekniska Högskola, Studieförbundet Näringsliv och Samhälle (SNS) and is a member of Förtroendekommissionen appointed by the Government.

        Mr. Thorstensson was appointed director by ABB in December 2002. He is President and CEO of Sirius International Insurance Corporation, a wholly-owned subsidiary of ABB AB, and has served in executive capacities within that company during the past thirteen years. He is director of Sirius America Insurance Company, New York, Scandinavian Reinsurance Company Limited, Hamilton, Bermuda, International Medical Group, Indianapolis, ABB Insurance Limited, Guernsey and Sirius Rückversicherungs Service GmbH, Hamburg.

        Mrs. Hedengran was appointed deputy director by ABB in June 2000. She is a lawyer presently employed by Advokatfirman Lindahl KB. Prior to that she served as General Counsel, Head of legal department, at ABB Financial Services AB until 1999, and as legal counsel at ABB Financial Services from 1991. Prior to 1991 she served as Judge's Assistant at Stockholm City Court and legal counsel at Gunnar Lindh Lawfirm.

        Mr. Hedenström was appointed deputy director by the State in June 2000 after having served as a director since May 1994 appointed by the then shareholding banks. Since September 2000 he has been Senior Advisor of Rederi AB Soya. Prior to that he has served as President of Rederi AB Soya, Executive Vice President, Deputy Chief Executive Officer at Walleniusrederierna AB, Deputy Group Chief Executive and Chief Operating Officer, Enskilda Corporate Division and in executive capacities at Skandinaviska Enskilda Banken. He is a director of Stockholms Travsällskap and several companies within the Soya-group.

        Mr. Inestam was appointed deputy director by ABB in December 2002. He has been assistant to the Head of Group Function Finance Northern Europe at ABB Norden Holding AB since December 1, 2002. Prior to that he was employed by the Corporate Finance Department at the ABB Head Office in Zürich for 2¹/2 years, and by Business Control at ABB Sweden.

        Mr. Östensson was appointed deputy director by the State in April 2001. He has been Senior Advisor at the Ministry of Finance since 1998. Prior to that he served at Ministry for Foreign Affairs, Allgon Antenn Australia and the Swedish Trade Commission in Sydney.

        Mr. Yngwe has been President since April 1997. Since March 1991 he had been CFO of the Company. From 1988 until then, he served as Treasurer, Treasury and Trading Division of the Company, and prior to that, he served at the Finance Department of the Company in various capacities beginning in 1984.

        Mr. Höglund has been Executive Director, Corporate & Structured Finance since January 2002. Prior to that he served as Head of Private Banking Sweden at Nordea since 2000, Managing Director at Unibank, Sweden Branch since 1999 and before that he served in executive capacities at FöreningsSparbanken/Sparbankernas Bank (Swedbank), Gotabanken, Stockholm, Götabanken, London and Hambros Bank, London.

        Mr. Nordin has been Executive Director, Financial Control since August 2000. Prior to that he served as General Manager and Head of Finance at Postgirot Bank AB since 1994. He is a member of the board of Postens Pensionsstiftelse since 1996.

        Mr. Söderlund has been Executive Director, Strategic Analysis and Planning since December 1999. Prior to that he has been Executive Director of Risk & Credit Management since January 1998 and Controller of the Company since 1988.

        Mr. Åkerlind has been Executive Director, CFO and Head of Capital Markets since June 2002. Prior to that he served as Executive Director, Treasurer and Head of Debt Capital Markets since September 2000 and as Executive Director & Treasurer since April 1997. From 1995 until then he has

35

served as Deputy Treasurer and prior to that, he served at the Finance Department of the Company in various capacities beginning in 1990.

Compensation of Directors and Officers.

        The aggregate direct remuneration of all directors and officers as a group paid or accrued in 2002 was Skr 13.7 million (2001: 9.4), all of which was in the form of salaries and bonuses, in the case of officers, and in the case of directors consisted of fees that were nominal in amount. The employees of the Company are covered by various national social service programs to which the Company contributes. The Company also maintains a pension plan with an insurance company to which the Company contributed approximately Skr 4.1 million in 2002 (2001: 2.5) on behalf of all officers as a group.

        The total amount of the pension obligations related to certain key officers, charged to results and reported as an allocation, was Skr 18.2 million at December 31, 2002, compared with Skr 18.4 million at December 31, 2001, and Skr 19.5 million at December 31, 2000.

        The Chairman of the Board received Skr 0.2 million in remuneration in 2002 (2001: 0.2, 2000: 0.1).

        The President's remuneration and other benefits in 2002 totaled Skr 3.2 million (2001: 3.0, 2000: 2.8), of which bonus comprised Skr 0.8 million (2001: 0.6, 2000: 0.4). The bonus is related to targets in the Company's business plan approved by the Board of Directors. He is entitled to annual pension benefits upon retirement at age 60 equal to 75 percent of his terminal pay up to 65 years after which it reduces. Such commitments are covered by insurance.

        Remuneration to other key executive officers of the company in 2002 totaled Skr 8.6 million, of which Skr 1.3 million represented bonuses. The bonuses relate to individual set targets and targets defined in the Company's business plan. Certain key executive officers of the Company (including those listed above) have employment contracts providing, in the event such contract is terminated by the Company, certain compensation during the subsequent two-year period subject to deduction for any salary received in new employment. None of the Directors have contracts with the Company providing for benefits upon termination of service.

        See also Note 10 to the Consolidated Financial Statements.

Certain Committees

        The Board of Directors currently does not have an audit committee or a remuneration committee. So long as the Company's Preferred Capital Securities are listed on the New York Stock Exchange, the Company will be required by the Sarbanes-Oxley Act of 2002 and the regulations thereunder to establish an audit committee by July 2005.

Employee Relations

        During the year, the number of employees averaged 113 (2001: 98, 2000: 85), of which 54 (2001: 45 and 2000: 38) were female and 59 (2001: 53, 2000: 47) were male. The number of employees is small in relation to the volume of lending because the administration and documentation of credits is normally handled by the banks participating in the transactions. The Company has not experienced any strike or labor dispute and considers its employee relations to be good.

Item 7.    Major Shareholders and Related Party Transactions

        Under its Articles of Association, the shares of the Company are divided into Class A and Class B shares, each class having equal voting rights except that the Articles of Association give the holder of the Class A shares the right to elect four directors and the holders of Class B shares the right to elect

36

two directors. The State owns all of the Class A shares, and ABB owns all of the Class B shares. Under the Articles of Association, holders of shares of the Company have a right of pre-emption in the event of a transfer of shares of the Company to a person who is not previously a holder of shares of the same class in the Company.

        The following table sets forth the current share ownership of the Company:

        The current share ownership has been in place since June 2000. Prior to that date, the State contributed 50 percent of the Company's voting shares, with the other 50 percent held by major commercial banks in Sweden. ABB has announced its intention to sell its interest in SEK. See Item 4. "Information on the Company—General".

Transactions with Shareholders

        The Swedish State owns approximately 65 percent of the Company's share capital. At December 31, 2002, the Company owned interest bearing securities issued by the State and entities partially or wholly controlled by the State totaling Skr 2,331.6 million. By means of direct guarantees extended by the National Debt Office and by EKN, carrying by the full faith and credit of Sweden, 29 percent of the Company's outstanding loans at December 31, 2002 were supported by the State. In addition, under the S-system the difference between interest revenues, net commission revenues and any foreign exchange gains related to lending, on the one hand, and interest expenses related to borrowing, all financing costs, any foreign exchange losses, and compensation paid to SEK for handling the S-system, on the other hand, are reimbursed by the State.

        The remaining 35 percent of the share capital of the Company is controlled by ABB. In the ordinary course of its export financing business, the Company extends credits to or through, and borrows money from, and engages in currency and interest rate swap transactions with members of the ABB Group. Such transactions are negotiated on an arm's-length basis and entered into on commercial terms that the Company believes are non-preferential. ABB also acts as a guarantor for credits to an amount less than 1 percent of the total credits outstanding.

        The Company enters into transactions in the ordinary course of business with entities that are partially or wholly owned or controlled by the State, as well as with members of the ABB Group. The Company also extends export loans (in the form of direct or pass-through loans) to entities related to the State and to members of the ABB Group. Transactions with such parties are conducted on the same terms (including interest rates and repayment schedules) as transactions with unrelated parties.

        The aggregate amount of loans to ABB Group members outstanding as of December 31, 2002, was EUR 23.6 million, and the largest aggregate amount of loans to the members of the ABB Group outstanding at any time during the year 2002 was EUR 35.8 million. The weighted average interest rate on loans to ABB Group members outstanding as of December 31, 2002 was approximately 3.5 percent. These loans relate to refinancing of lease transactions.

        See also Note 32 to the Notes to the Consolidated Financial Statements.

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Item 8.    Financial Information

Legal Proceedings

        There are no material pending or, to the Company's knowledge, threatened legal proceedings to which the Company is or would be a party or to which any of its property is or would be subject.

Dividend Policy

        SEK's policy in paying dividends on its share capital is to strive to provide its shareholders with a competitive long-term return on equity consistent with maintaining a capital adequacy ratio that is well above the minimum required by law. In respect of fiscal year 2002 the Board of Directors has proposed that 67 percent of consolidated net income should be paid by the Company during 2003. In respect of fiscal years 2001 and 2000, the Company has paid dividends that represented 67 percent of its consolidated net income for those years.

Item 9.    The Offer and Listing

Nature of Trading Market

        The Company's 7.375% Exchangeable Preferred Capital Securities, which were issued on September 1, 1993, and Exchangeable Preferred Capital Securities, Series B, which were issued on December 5, 1997 (collectively, the "Preferred Capital Securities") are listed on the New York Stock Exchange. All of the Preferred Capital Securities are in registered form and are held by one U.S. record holder.

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        Set forth below for each series of Preferred Capital Securities are the annual high and low market prices for each of the last five years, the high and low market prices for each full financial quarter since January 2001 and the high and low market prices for each of the last six months:

7.375% Exchangeable Preferred Capital Securities

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Exchangeable Preferred Capital Securities, Series B

Item 10.    Additional Information

Exchange Controls and Other Limitations Affecting Security Holders

        No approvals are necessary under Swedish law to enable the Company, at the times and in the manner provided in the Company's debt securities, preferred capital securities and warrants and the indentures, warrant agreements or other instruments pursuant to which such securities have been issued, to acquire and transfer out of Sweden all the amounts necessary to pay in full the principal of and/or interest or settlement amount on such securities, and any additional amounts payable with respect thereto, and no external approval would be required for any form of prepayment of such securities.

        Under Swedish law and the Company's Articles of Association, there are no limitations on the right of non-resident or foreign owners to hold the Preferred Capital Securities.

Memorandum and Articles of Association

        Set forth below is a brief summary of certain significant provisions of the Company's Articles of Association and Swedish law. This description does not purport to be complete and is qualified by reference to the Articles of Association, which have been filed as an exhibit to this Annual Report.

Registration

        The Company's registry number with the Swedish Company Registry (Sw. bolagsregistret) held by the National Patent and Registrations Office (Sw. Patent- och registreringsverket) is 556084-0315.

        The Company is a credit market company and as such under the supervision of the Financial Supervisory Authority (Sw. Finansinspektionen).

Purpose

        Under Article 2 of the Articles of Association, the Company's objective is to engage in financing activities in accordance with the Financing Business Act (1992:1610) and in connection therewith primarily promote the development of Swedish commerce and industry and Swedish export industry as well as otherwise engaging in Swedish and international financing activities on commercial grounds. SEK's financing activities include, but are not limited to: (i) the borrowing of funds through the issuance of bonds and other debt instruments, (ii) the granting of credits, (iii) the granting of credit guarantees, and (iv) holding of and conduct of trading in securities.

Certain Powers of Directors

        Under the Swedish Companies Act (Sw. Aktiebolagslagen) (1975:1385), the board of directors is ultimately responsible for the Company's organization and the management of its affairs.

        A resolution of the board of directors requires the approval of a majority of the members of the board. However, the board of directors may delegate the authority to borrow and lend funds on behalf of the Company to the managing director/CEO or another employee, acting singly or jointly, provided that such financing transaction does not implicate the fundamental policy of the Company or otherwise is of great significance to the Company. There are no requirements on any member of the Board of Directors to own shares in the Company or to retire at a certain age.

        Although the Articles of Association do not address voting by directors on matters in which they are interested, under the Companies Act, a director may not take part in the following:

•

agreements between a director and the Company;



•

agreements between the Company and third parties, where a director has a material interest in the matter that may conflict with the interests of the Company; or



•

agreements between the Company and a legal entity that the director himself, or together with someone else, may represent, where the director, directly or indirectly owns all of the shares in the company as issue or where the legal entity contracting with the company is within the same group of companies.

        Under the Companies Act, the Company may not lend funds to shareholders or the directors.

        Under Swedish law, the managing director and at least half of the board members must be resident in a European Economic Area country unless exempted by the Swedish Patent and Registration Office. Under Swedish law, a director's term of office may not be more than four years, but is normally one year. A director may, however, serve any number of consecutive terms. Directors elected at the general meeting of the shareholders may be removed from office by a general meeting of the shareholders, and vacancies on the board, except when filled by a deputy director, may only be filled by a resolution of shareholders. Each year, if not otherwise stipulated in the Company's Articles of Association, one director is elected chairman of the board by resolution of the board (unless elected by the shareholders) at the first meeting following its appointment.

Description of the Shares

        The share capital of the Company shall be not less than Skr 700 million and not more than Skr 2,800 million. Shares may be issued in two Classes, Class A and Class B, respectively. Holders of Class A and Class B shares have a preferential right to subscribe for new shares of their respective Class in proportion to the number of shares of the same Class previously held by the shareholder. Further, all shareholders have a preferential right to subscribe for any shares remaining in any Class of shares as a result of one or more shareholders not having exercised their respective preferential right in

41

whole or in part. No shareholder is obliged to make additional capital contributions in the Company solely as a result of it being a shareholder.

        Shareholder's rights may only be changed by a majority (and in certain cases a qualified majority) of the shares represented at a general meeting of the shareholders. However, all resolutions passed by a general meeting of the shareholders are subject to mandatory provisions of Swedish law, for practical purposes primarily the Swedish Companies Act. In particular, there are rules protecting minority shareholders and there is a general principle that all shares and shareholders shall be treated equally. Further, the Articles of Association of the Company may not be amended without the approval of the Swedish Government.

Annual General Meeting

        The Annual General Meeting is held once a year within 6 months after the end of the preceding fiscal year. Holders of Class A and Class B shares alternate in electing the Chairman of each Annual General Meeting. Each person entitled to vote at the Annual General Meeting shall have the right to vote all the shares owned and represented by him. There are no restrictions on the rights of foreigners to own shares or vote their shares at the Annual General Meeting.

        Swedish law provides that, in matters other than elections, resolutions are passed by a simple majority of the votes cast, except in certain circumstances provided by law, including:

•

a resolution to amend the Articles of Association requires a majority of at least two-thirds of the votes cast as well as at least two-thirds of the shares represented at the meeting;



•

a resolution to amend the Articles of Association that reduces any existing shareholder's rights to profits or other assets, restricts the transferability of issued shares or alters the legal relationship between issued shares, normally requires the unanimous approval of the shareholders present or represented at the meeting and representing at least nine-tenths of all shares issued; and



•

a resolution to amend the Articles of Association for the purpose of limiting the number of shares which a shareholder may vote at an annual general meeting, or requiring a company to retain a larger amount of the net profit than required by the Companies Act, or amending shareholders' rights in a winding-up of the Company, normally requires the approval of shareholders representing at least two- thirds of the votes cast and at least nine-tenths of the shares represented at the meeting.

        In elections, the person receiving the most votes is deemed to have been elected.

Taxation

Sweden

        Article 11 of the Sweden and United States tax treaty signed September 1, 1994, which came into force on January 1, 1996, provides that interest on debt-claims of every kind arising in a contracting state, which is derived and beneficially owned by a resident of the other contracting state, not having a permanent establishment or a fixed base in the first mentioned state, shall be taxable only in that other state.

        Under the aforementioned treaty, as well as Swedish law and regulations as currently in effect, no deduction or withholding in respect of any withholding taxes, levies, imposts and charges imposed by or for the account of Sweden or any political subdivision thereof or taxing authority therein would be applicable to any interest paid by SEK on the Preferred Capital Securities.

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        In the event the Company exercises its option to exchange Preferred Capital Securities for preference shares (for which changes in Swedish legislation and the Company's Articles of Association would be required), dividends on the preference shares paid to non-Swedish persons would be subject to Swedish withholding tax at the statutory rate, currently 30 percent, or a lower treaty rate, if applicable. Under the aforementioned Sweden-United States treaty the rate for eligible holders is reduced to 15 percent.

United States

        The following is a summary of certain United States federal income tax considerations that may be relevant to a holder of Preferred Capital Securities or, if the Company exercises its exchange option, preference shares ("Preference Shares") that is an individual resident or citizen of the United States, a corporation created or organized under the laws of the United States or any State thereof or that otherwise is subject to United States federal income taxation on a net income basis in respect of a Security (a "United States holder"). The summary is based on laws, regulations, rulings and decisions now in effect, all of which are subject to change. This summary deals only with United States holders that will hold Preferred Capital Securities or Preference Shares as capital assets, and does not address tax considerations applicable to investors that may be subject to special tax rules, such as banks, insurance companies, dealers in securities or currencies, persons that will hold Preferred Capital Securities or Preference Shares as part of an integrated investment (including a "straddle") comprising a Preferred Capital Security or Preference Share and one or more other positions, or persons that have a "functional currency" other than the U.S. dollar.

        Investors should consult their own tax advisors in determining the tax consequences to them of holding Preferred Capital Securities or Preference Shares, including the application to their particular situation of the tax considerations discussed below, as well as the application of state, local, foreign or other tax laws.

        For purposes of the United States Internal Revenue Code of 1986, as amended (the "Code"), and the U.S.-Sweden income tax convention, owners of American Depositary Shares ("ADSs") representing Preference Shares will be treated as the owners of preference shares represented by those ADSs.

        General.    Although no authority exists that addresses instruments having terms analogous to those of the Preferred Capital Securities, the Preferred Capital Securities should be treated as equity of the Company for United States federal income tax purposes. The Company intends to treat the Preferred Capital Securities as equity for U.S. federal income tax purposes, and the following discussion assumes that such treatment will be respected by the Internal Revenue Service ("IRS"). Accordingly, subject to the application of the "passive foreign investment company" rules discussed below, payments made on the Preferred Capital Securities, as well as on the Preference Shares, will be treated as dividends for United States federal income tax purposes to the extent paid out of the Company's current or accumulated earnings and profits. These dividends will be treated as foreign source income for U.S. foreign tax credit purposes and will not be eligible for the dividends received deduction generally allowed to corporations. Thus, the Swedish withholding tax on Preference Shares will be eligible for credit or, at the United States holder's election, deduction, subject to generally applicable limitations.

        United States holders of Preferred Capital Securities or Preference Shares also will be subject to United States federal income tax with respect to any gain recognized on the sale, exchange, redemption or other disposition of Preferred Capital Securities or Preference Shares. Subject to the "passive foreign investment company" rules discussed below, such gain will be capital gain if a United States holder holds the Preferred Capital Securities or Preference Shares as a capital asset, and will be long-term capital gain if the Preferred Capital Securities or Preference Shares, as the case may be, were held for more than one year. Gain realized by a United States holder on the sale, exchange,

43

redemption or other disposition of Preferred Capital Securities or Preference Shares generally will be treated as U.S. source income.

        The exchange by a United States holder of Preferred Capital Securities for Preference Shares pursuant to the Company's exercise of its exchange option generally will not be a taxable event for U.S. federal income tax purposes. A United States holder's basis in the Preference Shares received in the exchange generally will be the same as the holder's basis in the Preferred Capital Securities surrendered in the exchange and its holding period for the Preference Shares received in the exchange generally will include the holding period for the Preferred Capital Securities exchanged therefor.

        Passive Foreign Investment Company Status.    It is expected that the Company will be a "passive foreign investment company" ("PFIC") within the meaning of the Code. However, as explained below, because the Preferred Capital Securities and Preference Shares provide for a fixed return and are not common (or participating) stock, United States holders that make a QEF election (as defined below) should not be adversely affected by the application of the PFIC rules to the Preferred Capital Securities and the Preference Shares.

        If a United States holder elects to have the Company treated, with respect to such United States holder, as a "qualified electing fund" (hereinafter referred to as a "QEF election"), the electing United States holder would be required to include annually in gross income that United States holder's pro rata share of the Company's ordinary earnings. This amount generally should be the amount the United States holder would have received if all required distributions on the Preferred Capital Securities or Preference Shares for the taxable year were made. A United States holder that has made a QEF election and that sells Preferred Capital Securities or Preference Shares between dividend payment dates will be required to include in gross income its proportionate share of such earnings through the time of sale even though such shareholder will not receive the next dividend. Such shareholder will, however, increase its basis for the amount required to be included in income. Any amounts distributed by the Company out of earnings previously included in the income of a United States holder under the qualified electing fund rules generally would not be treated as a taxable dividend for United States federal income tax purposes. The Company intends to comply with all reporting requirements necessary for a United States holder to make a QEF election and will provide to registered holders of Preferred Capital Securities or Preference Shares that are United States holders such information as may be required to make such a QEF election effective. For any year that the Company is a PFIC, each United States holder who beneficially owns Preferred Capital Securities or Preference Shares during such year (regardless of whether or not it makes a QEF election) must file IRS Form 8621.

        If a United States holder that holds Preferred Capital Securities or Preference Shares does not make a QEF election, that United States holder will be subject to special rules with respect to (i) any "excess distribution" by the Company to the United States holder (generally, any distributions received by the United States holder on the Preferred Capital Securities or Preference Shares in a taxable year that are greater than 125 percent of the average annual distributions received by the United States holder in the three preceding taxable years, or the United States holder's holding period for the Preferred Capital Securities or Preference Shares, if shorter) and (ii) any gain realized on the sale or other disposition of the Preferred Capital Securities or Preference Shares. Under these rules (hereinafter referred to as the "interest charge rules"), (i) the excess distribution or gain would be allocated ratably over the United States holder's holding period for the Preferred Capital Securities or Preference Shares, (ii) the amount allocated to the current taxable year would be treated as ordinary income, and (iii) the amount allocated to each prior year would be subject to tax at the highest tax rate in effect for that year and the interest charge generally applicable to underpayments of tax would be imposed with respect to the resulting tax attributable to each such prior year. For purposes of the foregoing rules, a United States holder that uses Preferred Capital Securities or Preference Shares as

44

security for a loan will be treated as having disposed of such Preferred Capital Securities or Preference Shares.

        Because the Preferred Capital Securities or Preference Shares provide for dividends at a fixed rate, an "excess distribution" would be unlikely to occur unless dividends on the Preferred Capital Securities or Preference Shares were suspended during all or a portion of a taxable year and resumed in a subsequent taxable year. In addition, because the Preferred Capital Securities or Preference Shares provide for fixed dividends, it is unlikely that a United States holder would recognize gain on the sale or other disposition of Preferred Capital Securities or Preference Shares unless there was a decline in prevailing rates on comparable securities. In any event, a United States holder can avoid the consequence of the interest charge rules by making a QEF election.

        Holders of "marketable stock" in a company that is a PFIC also may be able to avoid the interest charge rules by making an election to be taxed currently on a mark-to-market basis on annual increases or decreases in the market value of such stock. United States holders may wish to consult with their tax advisors as to the availability and desirability of making such a mark-to-market election.

        State and Local Taxes.    United States holders may be liable for state and local taxes on income or gain with respect to the Preferred Capital Securities or Preference Shares. Prospective investors are advised to consult with their own tax advisors concerning the state, local and any other tax consequences of the purchase, ownership and disposition of Preferred Capital Securities or Preference Shares.

        Information Reporting and Backup Withholding.    Dividends and payments of the proceeds on a sale of Preferred Capital Securities or ADSs representing Preference Shares, paid within the United States or through certain U.S.-related financial intermediaries, are subject to information reporting and may be subject to backup withholding unless the holder (1) is a corporation or other exempt recipient or (2) provides a taxpayer identification number and certifies (on IRS Form W-9) that no loss of exemption from backup withholding has occurred.

Documents on Display

        The Company files reports and other information with the SEC. You can request copies of these documents, upon payment of a duplicating fee, by writing to the SEC. You may also read and copy these documents at the SEC's public reference room in Washington, D.C.:

Room 1024, Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549

Please call the SEC at 1-800-SEC-0330 for further information on its public reference rooms, including those in New York and Chicago. Some of the Company's filings are also available on the SEC's website athttp;//www.sec.gov.

Item 11.    Quantitative and Qualitative Information About Market Risk

(a)

Quantitative Information

        Quantitative information about market risk inherent in derivative financial instruments, other financial instruments, and derivative commodity instruments

Definitions

General Method

        The method that has been chosen for representing market risk in derivative financial instruments is a sensitivity analysis expressing the potential loss in fair values from selected hypothetical changes in market rates and prices. The changes are chosen as to reflect reasonably possible—near-term—changes in those rates and prices. The changes are not less than ten percent of end of period market rates or prices.

Interest Rate Risk

        The risk is defined as the higher of (i) the parallel-shift interest rate-change risk, calculated based on the assumption of a one-percentage point interest rate-change at all maturities, and (ii) the twist/directional interest rate-change risk, calculated based on the assumption of changes of the interest-rates in different directions at different maturities. Interest rate risk is calculated for items reported on or off balance sheet.

Foreign Currency Exchange Risk

        Foreign currency exchange risk is defined as the change in fair values for items reported, on or off balance sheet, which would be the result of a change in the value of the Swedish krona by ten percent.

Instruments included in the calculation

        All relevant instruments that have inherit market risk have been included in the calculation. This include derivative financial instruments, other financial instruments and derivative commodity instruments to the extent such instruments are not derivative financial instruments.

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(b)

Qualitative Information

        SEK funds its activities primarily by public issues and private placements in the international capital markets. The majority of the financing is obtained at fixed interest rates. SEK's funding makes use of traditional structures as well as more complicated structures, many of which are tailored to suit the needs of the investors.

        In connection with its borrowing, lending, and placement of liquidity, SEK uses a variety of financial instruments, such as interest rate swaps, currency swaps, futures, and options. These instruments are used mainly to hedge or reduce exposures.

        With regard to market risk exposures, see Item 5. "Operating and Financial Review and Prospects—Risk Management—Market Risks".

Item 12.    Description of Securities Other than Equities

        Not applicable.

PART II

Item 13.    Defaults, Dividend Arrearages and Delinquencies

        None.

Item 14.    Material Modifications to the Rights of Security Holders and Use of Proceeds

        None.

Item 15.    Controls and Procedures

        Within the 90 days prior to the date of this report, the Company carried out an evaluation under the supervision and with the participation of the Company's management, including the President and the Executive Director, Financial Control, of the effectiveness of the design and operation of the Company's disclosure controls and procedures. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives. Based upon and as of the date of the Company's evaluation, the President and the Executive Director, Financial Control concluded that the disclosure controls and procedures are effective in all material respects to ensure that information required to be disclosed in the reports the Company files and submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported as and when required. There have been no significant changes in the Company's internal controls or in other factors that could significantly affect internal controls subsequent to the date of the evaluation. Therefore, no corrective actions have been taken.

Item 16.    [Reserved]

PART III

Item 17.    Financial Statements

        Not applicable.

Item 18.    Financial Statements

        The Company's consolidated and parent company financial statements for the fiscal year ended December 31, 2002, prepared in accordance with Item 18 of Form 20-F, begin on page F-1 of this Report.

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Consolidated Financial Statements

48

Item 19. Exhibits

Exhibits

        Documents filed as exhibits to this Annual Report.

49

INDEPENDENT AUDITORS' REPORT

To the Board of Directors of
AB Svensk Exportkredit:

        We have audited the accompanying consolidated and parent company balance sheets of AB Svensk Exportkredit (Swedish Export Credit Corporation) (the "Company") as of December 31, 2002 and 2001, and the related consolidated and parent company statements of income and of cash flows for each of the years in the three-year period ended December 31, 2002. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits.

        We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

        In our opinion, the consolidated and parent company financial statements referred to above present fairly, in all material respects, the respective financial position of the Company at December 31, 2002 and 2001, and the respective results of operations and of cash flows for each of the years in the three-year period ended December 31, 2002, in conformity with generally accepted accounting principles in Sweden.

        Accounting principles generally accepted in Sweden vary in certain significant respects from accounting principles generally accepted in the United States of America. Application of accounting principles generally accepted in the United States of America would have affected consolidated results of operations for each of the years in the three-year period ended December 31, 2002 and consolidated shareholders' funds as of December 31, 2002 and 2001, to the extent summarized in Note 33 to the consolidated financial statements. As more fully described in Note 33 to the consolidated financial statements, the originally reported amount of net income for the year ended December 31, 2001 under U.S GAAP has been restated.

Stockholm, Sweden
February 20, 2003 except Note 32 and
Note 33 which are as of March 31, 2003

F-1

AB SVENSK EXPORTKREDIT
(Swedish Export Credit Corporation)

CONSOLIDATED STATEMENTS OF INCOME

The above income statements do not include the S-system,
the results of which are shown below.

S-system

See accompanying notes to the consolidated financial statements.

F-2

AB SVENSK EXPORTKREDIT
(Swedish Export Credit Corporation)

CONSOLIDATED BALANCE SHEETS