<Page>
Exhibit 99.1
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.
<Table>
KPMG
By /s/ Anders Liner
------------------------------------------
Anders Liner
Authorized Public Accountant
</Table>
Stockholm, Sweden
February 20, 2003 except Note 32 and
Note 33 which are as of March 31, 2003
F-1
<Page>
AB SVENSK EXPORTKREDIT
(SWEDISH EXPORT CREDIT CORPORATION)
CONSOLIDATED STATEMENTS OF INCOME
SEK (EXCLUSIVE OF THE S-SYSTEM)
<Table>
<Caption>
2002 2001 2000
------------------------- -------------------------- --------------------------
CONSOLIDATED PARENT CONSOLIDATED PARENT CONSOLIDATED PARENT
GROUP COMPANY GROUP COMPANY GROUP COMPANY
------------ ------------ ------------ ------------ ------------ ------------
(SKR M)
Interest revenues................ 4,838.4 4,843.8 6,911.7 6,917.5 7,347.1 7,353.1
Interest expenses................ -4,040.2 -4,040.2 -6,081.0 -6,081.2 -6,451.6 -6,452.1
------------ ------------ ------------ ------------ ------------ ------------
NET INTEREST REVENUES (NOTES 4,
5)............................. 798.2 803.6 830.7 836.3 895.5 901.0
Commissions earned (NOTE 6)...... 18.5 14.0 12.8 12.8 1.5 1.5
Commissions incurred (NOTE 6).... -6.5 -6.5 -7.7 -7.7 -6.6 -6.6
Remuneration from the S-system... 33.0 33.0 36.7 36.7 36.7 36.7
Net results of financial
transactions (NOTES 7, 8)...... -0.7 -0.7 6.0 6.0 18.6 18.6
Other operating income
(NOTE 9)....................... 0.9 1.8 8.2 8.1 16.8 16.8
Administrative expenses
(NOTE 10)...................... -166.4 -170.4 -150.7 -157.0 -125.7 -132.0
Depreciations of non-financial
assets (NOTES 11, 12, 13)...... -7.5 -5.4 -6.3 -4.2 -5.6 -3.4
Other operating expenses
(NOTE 9)....................... -5.1 -4.3 -0.7 0.0 -1.3 -0.7
------------ ------------ ------------ ------------ ------------ ------------
OPERATING PROFIT................. 664.4 665.1 729.0 731.0 829.9 831.9
Changes in untaxed reserves
(NOTE 15)...................... n.a. 15.0 n.a. 19.3 n.a. 157.4
Taxes (NOTE 16).................. -184.7 -188.5 -188.3 -193.7 -228.1 -272.2
------------ ------------ ------------ ------------ ------------ ------------
NET PROFIT FOR THE YEAR.......... 479.7 491.6 540.7 556.6 601.8 717.1
</Table>
The above income statements do not include the S-system,
the results of which are shown below.
S-SYSTEM
<Table>
<Caption>
2002 2001 2000
-------------- -------------- --------------
(SKR M)
Interest revenues........................................... 592.5 622.7 584.9
Interest expenses........................................... -786.4 -853.3 -919.0
-------------- -------------- --------------
NET INTEREST EXPENSES (NOTES 4, 5).......................... -193.9 -230.6 -334.1
Remuneration to SEK......................................... -33.0 -36.7 -36.7
Foreign exchange effects (NOTE 7)........................... 2.6 -12.9 -7.8
REIMBURSEMENT FROM THE STATE................................ 224.3 280.2 378.6
-------------- -------------- --------------
Net......................................................... 0.0 0.0 0.0
</Table>
See accompanying notes to the consolidated financial statements.
F-2
<Page>
AB SVENSK EXPORTKREDIT
(SWEDISH EXPORT CREDIT CORPORATION)
CONSOLIDATED BALANCE SHEETS
<Table>
<Caption>
DECEMBER 31, 2002 DECEMBER 31, 2001
----------------------------------- -----------------------------------
CONSOLIDATED PARENT OF WHICH CONSOLIDATED PARENT OF WHICH
GROUP COMPANY S-SYSTEM GROUP COMPANY S-SYSTEM
------------ --------- -------- ------------ --------- --------
(SKR M)
ASSETS
Cash in hand...................................... 0.0 0.0 0.0 0.0 0.0 0.0
Treasuries/government bonds (Note 18)............. 6,008.5 6,008.5 75.3 17,599.1 17,599.1 73.4
Of which current assets......................... (5,031.2) (5,031.2) (75.3) (16,510.3) (16,510.3) (73.4)
Of which fixed assets........................... (977.3) (977.3) -- (1,088.8) (1,088.8) --
Credits to credit institutions (Note 17).......... 12,984.7 12,973.6 6,537.5 15,361.8 15,361.7 8,480.8
Credits to the public (Note 17)................... 26,048.2 26,048.2 4,964.2 30,149.2 30,149.2 7,001.5
Other interest-bearing securities (Note 18)....... 79,393.7 79,393.7 -- 75,819.5 75,819.5 --
Of which current assets......................... (49,001.9) (49,001.9) -- (47,479.0) (47,479.0) --
Of which fixed assets........................... (30,391.8) (30,391.8) -- (28,340.5) (28,340.5) --
Of which credits.............................. (29,912.1) (29,912.1) -- (28,074.2) (28,074.2) --
Shares in subsidiaries (Note 19).................. n.a. 113.5 -- n.a. 103.6 --
Non-financial assets (Note 11, 12, 13)............ 178.0 59.8 -- 139.3 18.9 --
Other assets (Note 20)............................ 4,526.0 4,593.6 160.9 6,498.1 6,537.3 190.2
Prepaid expenses and accrued revenues (Note 21)... 3,399.4 3,399.2 139.9 3,973.8 3,973.8 232.9
--------- --------- -------- --------- --------- --------
TOTAL ASSETS...................................... 132,538.5 132,590.1 11,877.8 149,540.8 149,563.1 15,978.8
--------- --------- -------- --------- --------- --------
LIABILITIES, ALLOCATIONS AND
SHAREHOLDERS' FUNDS
Borrowing from credit institutions (Note 22)...... 611.9 611.9 8.6 1,510.6 1,510.6 12.5
Borrowing from the public (Note 22)............... 33.4 33.4 0.0 92.9 92.9 0.0
Senior securities issued (Note 22)................ 111,968.3 111,968.3 3,170.1 121,697.5 121,697.5 5,158.6
Other liabilities (Note 23)....................... 10,547.8 10,578.3 65.0 13,887.4 13,889.6 292.5
Lending/(borrowing) between SEK and the
S-system........................................ -- -- 8,393.0 -- -- 10,186.4
Accrued expenses and prepaid revenues (Note 24)... 2,988.8 2,988.4 241.1 3,565.6 3,565.3 328.8
Allocations (Note 25)............................. 399.0 18.2 -- 403.4 18.4 --
Subordinated securities issued (Note 26).......... 2,224.6 2,224.6 -- 4,738.0 4,738.0 --
--------- --------- -------- --------- --------- --------
Total liabilities and allocations................. 128,773.8 128,423.1 11,877.8 145,895.4 145,512.3 15,978.8
Untaxed reserves (Note 15)........................ n.a. 1,360.0 -- n.a. 1,375.0 --
Share capital..................................... 990.0 990.0 -- 990.0 990.0 --
Non-distributable reserves........................ 1,132.7 140.0 -- 1,129.9 140.0 --
--------- --------- -------- --------- --------- --------
Total non-distributable capital................... 2,122.7 1,130.0 -- 2,119.9 1,130.0 --
Profit carried forward............................ 1,162.3 1,185.4 -- 984.8 989.2 --
Net profit for the year........................... 479.7 491.6 -- 540.7 556.6 --
--------- --------- -------- --------- --------- --------
Total distributable capital....................... 1,642.0 1,677.0 -- 1,525.5 1,545.8 --
--------- --------- -------- --------- --------- --------
Total shareholders' funds (Note 27)............... 3,764.7 2,807.0 -- 3,645.4 2,675.8 --
--------- --------- -------- --------- --------- --------
TOTAL LIABILITIES, ALLOCATIONS
AND SHAREHOLDERS' FUNDS......................... 132,538.5 132,590.1 11,877.8 149,540.8 149,563.1 15,978.8
--------- --------- -------- --------- --------- --------
COLLATERAL PROVIDED
Collateral provided............................... NONE NONE NONE NONE NONE NONE
Interest-bearing securities (Note 1 (l)).
Subject to lending.............................. 329.6 329.6 -- 109.4 109.4 --
CONTINGENT LIABILITIES (NOTE 28). NONE NONE NONE NONE NONE NONE
COMMITMENTS
Committed undisbursed credits (Note 28)........... 11,848.6 11,848.6 10,124.1 16,443.9 16,443.9 12,087.6
--------- --------- -------- --------- --------- --------
</Table>
See accompanying notes to the consolidated financial statements.
F-3
<Page>
AB SVENSK EXPORTKREDIT
(SWEDISH EXPORT CREDIT CORPORATION)
CONSOLIDATED STATEMENTS OF CASH FLOWS
<Table>
<Caption>
(A) 2002 2001 2000
- ------------------------------------------------ ------------------------- ------------------------- ------------------------
CONSOLIDATED PARENT CONSOLIDATED PARENT CONSOLIDATED PARENT
GROUP COMPANY GROUP COMPANY GROUP COMPANY
------------ ----------- ------------ ----------- ------------ -----------
(SKR M)
CASH FLOWS FROM OPERATING ACTIVITIES
Net profit for the year......................... 479.7 491.6 540.7 556.6 601.8 717.1
ADJUSTMENTS TO RECONCILE NET PROFIT TO NET
CASH PROVIDED BY OPERATING ACTIVITIES:
Changes in untaxed reserves..................... n.a -15.0 n.a. -19.3 n.a. -157.4
Increase(+)/decrease(-) in deferred taxes....... -4.2 0.0 -10.5 -5.1 -44.1 n.a.
Depreciations................................... 7.5 5.4 6.3 4.2 5.6 3.4
Increase(-)/decrease(+) in prepaid expenses
and accrued revenues.......................... 574.6 574.6 531.0 531.0 -102.3 -102.3
Decrease(-)/increase(+) in accrued expenses and
prepaid revenues.............................. -576.9 -577.0 -944.1 -943.7 286.5 286.4
Decrease(+)/increase(-) in derivative
instruments with positive or negative values.. -1,691.5 -1,691.5 -188.6 -188.6 11,078.1 11,078.1
Other changes--net.............................. 323.7 323.7 -1,589.0 -1,725.1 -283.0 -278.1
Disbursements of credits (B).................... -7,896.4 -7,896.4 -17,576.0 -17,576.0 -7,759.8 -7,759.8
Repayments of credits, including effects of
currency translations......................... 14,598.7 14,598.6 17,562.7 17,562.8 3,567.2 3,567.2
Net increase(-)/decrease(+) in bonds and
securities held (C)........................... 8,016.4 8,016.5 17,517.9 17,517.9 -21,887.7 -21,887.7
Other changes related to credits--net (B)....... -224.2 -213.1 2,169.5 2,169.5 150.6 150.6
------------ ----------- ------------ ----------- ---------- ----------
NET CASH (USED IN)/PROVIDED BY OPERATING
ACTIVITIES 13,607.4 13,617.4 18,019.9 17,884.2 -14,387.1 -14,382.5
------------ ----------- ------------ ----------- ---------- ----------
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures............................ -46.2 -56.2 -5.0 -5.1 -6.5 -6.5
------------ ----------- ------------ ----------- ---------- ----------
NET CASH (USED IN)/PROVIDED BY INVESTING
ACTIVITIES -46.2 -56.2 -5.0 -5.1 -6.5 -6.5
------------ ----------- ------------ ----------- ---------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES
Net decrease (-)/increase (+) in originally
short-term debt................................ 5,968.8 5,968.8 -41,809.8 -41,809.8 21,777.3 21,777.3
Proceeds from issuance of long-term senior
debt........................................... 44,926.5 44,926.5 37,957.0 37,957.0 18,416.5 18,416.5
Proceeds from issuance of long-term subordinated
debt........................................... -- -- -- -- 442.9 442.9
Repayments of long-term senior subordinated
debt........................................... -2,513.4 -2,513.4 -- -- -- --
Repayments of long-term senior debt, including
effects of currency translations on all debt... -67,592.3 -67,592.3 -11,655.7 -11,519.9 -25,912.8 -25,917.4
Dividend paid.................................... -360.4 -360.4 -401.0 -401.0 -1,725.1 -1,725.1
Own long-term debt repurchased, net change....... 6,009.6 6,009.6 -2,105.4 -2,105.4 1,394.8 1,394.8
---------- ----------- ------------ ----------- ------------ ----------
NET CASH (USED IN)/PROVIDED BY FINANCING
ACTIVITIES -13,561.2 -13,561.2 -18,014.9 -17,879.1 14,393.6 14,389.0
---------- ----------- ------------ ----------- ------------ ----------
Net increase(+)/decrease(-) in cash and cash
equivalents.................................... 0.0 0.0 0.0 0.0 0.0 0.0
Cash and cash equivalents at beginning of
period......................................... 0.0 0.0 0.0 0.0 0.0 0.0
---------- ----------- ------------ ----------- ------------ ----------
CASH AND CASH EQUIVALENTS AT END OF PERIOD (B)... 0.0 0.0 0.0 0.0 0.0 0.0
---------- ----------- ------------ ----------- ------------ ----------
</Table>
- ------------------------------
(A) The statements of cash flows have been drawn up in accordance with
principles applied by the Swedish Financial Accounting Standards Council's
recommendation number 7--Accounting Recommendation for Cash Flows.
(B) Deposits with banks are included as one component of credits to credit
institutions. However, the gross amount of new deposits made during the year
has not been included in the amount of Disbursements of credits. Instead,
the net change during the year in deposits has been included in Other
changes--net. The amount of deposits with banks at December 31, 2002 was Skr
375.5 million (151.5).
Such amounts are not included in the amounts of Cash in hand on the balance
sheet.
(C) Net increase(-)/decrease(+) in credits granted against documentation in the
form of interest-bearing securities are included as one component in Net
increase/decrease in bonds and securities held.
See accompanying notes to the consolidated financial statements.
F-4
<Page>
AB SVENSK EXPORTKREDIT
(SWEDISH EXPORT CREDIT CORPORATION)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
All amounts are in Skr million, unless otherwise indicated.
SWEDISH FINANCIAL SUPERVISORY AUTHORITY'S REGULATIONS REGARDING ANNUAL REPORTS
This annual report has been prepared in compliance with regulations of the
Swedish Financial Supervisory Authority regarding annual reports for Credit
Institutions and Securities Companies and the Swedish Financial Accounting
Standards Council's recommendations.
INTRODUCTORY NOTE
THE PARENT COMPANY COMPARED WITH THE CONSOLIDATED GROUP
AB Svensk Exportkredit ("the Company") reports separate Income Statements
and Balance Sheet Statements for the Consolidated Group and the Parent Company.
The Consolidated Group (the "Consolidated Group" or the "Group")
comprises SEK (the "Parent Company") and its wholly owned subsidiaries AB
SEKTIONEN and AB SEK Securities (the "Subsidiaries). AB SEKTIONEN's most
material asset is its building, serving as SEK's headquarters, and it does
not presently operate any business other than renting its building to SEK. AB
SEK Securities is a securites company under the supervision of the Swedish
Financial Supervisory Authority. AB SEK Securities was established during
2002.
The information in the following notes represents, unless otherwise
stated, both the Consolidated Group and the Parent Company.
NOTE 1. ACCOUNTING PRINCIPLES APPLIED
INTRODUCTION
Swedish accounting legislation, as well as the related accounting
regulations of the Swedish Financial Supervisory Authority, have been adapted
to applicable EU directives. The regulations apply to Swedish credit
institutions, including SEK.
The regulations include, among other things, specific rules for "hedge
accounting". Hedge accounting enables reporting based on common valuation
principles for financial assets and financial liabilities which, acquired for
that purpose, together hedge the holder against unfavorable changes in the
net values of the same. Hedge accounting also has been applied in prior years.
THE FOLLOWING ACCOUNTING POLICIES HAVE BEEN APPLIED:
(a) CONSOLIDATION. The consolidated financial statements have been drawn
up based on the purchase method. Thus, in the consolidation, the acquisition
price of the shares of the Subsidiaries and the equity of the Subsidiaries,
at the date of the acquisition, have been eliminated. The difference
(surplus value) between the two amounts relates wholly to the building owned
by the AB SEKTIONEN and is consolidated accordingly. Thus, the Consolidated
Balance Sheet principally reflects the same situation as would have been the
case if the Parent Company had directly owned the building. All intercompany
accounts and transactions have been eliminated in consolidation.
No untaxed reserves are reported in the Consolidated Balance Sheet, nor
are revenues and expenses, including taxes, related to untaxed reserves
reported in the Consolidated Income Statement. Instead, in the Consolidated
Balance Sheet, the untaxed reserves are broken down by
F-5
<Page>
(i) an after-tax portion, reported as one component of non-distributable
reserves, and (ii) a portion representing deferred taxes, reported as one
component of "allocations". Any changes in the untaxed reserves are reported
as adjustments to the relevant items in the Consolidated Balance Sheet.
However, untaxed reserves are disclosed in the Balance Sheet of the Parent
Company as are changes in untaxed reserves in the Income Statement of the
Parent Company. Accordingly, some line items in the Balance Sheets and
Income Statements are applicable only to the Parent Company or the
Consolidated Group, as the case may be. For line items that are not
applicable, the abbreviation "n.a." has been used.
(b) S-SYSTEM. SEK administers, against compensation, the State's export
credit support system and the State's tied aid credit program (the
"S-system"). Pursuant to agreements between SEK and the State, as long as
any credits or borrowings remain outstanding, all interest differentials,
financing costs and net foreign exchange losses under the S-system will be
reimbursed by the State. Settlements of such are made in arrears, for
certain programs every four months and for other programs every three
months. Claims for reimbursement from the State (and liabilities for
reimbursement to the State) are reported as "Due from the State" (see also
Note 20) until settled.
(c) S-SYSTEM STATEMENTS. Separate income statements are shown for the
S-system. Amounts included in such income statements are not included in
income statements of the Consolidated Group and the Parent Company.
With regard to balance-sheet statements, all amounts related to the
S-system are included in the relevant amounts shown for the Consolidated
Group and the Parent Company. However, in the balance-sheet statements are
also included columns with the heading "Of which S-system", where the
S-system-related items are shown separately.
Assets and liabilities related to the administration of the S-system are
assets and liabilities, respectively, of SEK. However, the results under
such system are settled between SEK and the State as described in Note 1
(b).
(d) ACCRUAL BASIS ACCOUNTING. The SEK-group applies the accrual basis of
accounting. However, in the S-system certain items are reported on cash
basis in compliance with an agreement between SEK and the State (see also
Note 1(b)).
(e) PAYMENT OR BUSINESS DAY REPORTING. The reporting on the balance
sheet is based on business transaction days, however, in the case of credits
and debt, on payment days.
(f) GROSS BASIS REPORTING. The reporting of all interest revenues and
interest expenses is made on a gross basis with the exception of interest
revenues and interest expenses related to derivative instruments. In
accordance with the regulations of the Swedish Financial Supervisory
Authority, interest revenues and interest expenses related to derivative
instruments are reported on a net basis.
(g) CURRENT AND FIXED FINANCIAL ASSETS. Financial assets are classified
as "current financial assets" or "fixed financial assets".
(h) UNTAXED RESERVES. In accordance with Swedish tax law, the Parent
Company maintains certain untaxed reserves. (See also Note 1(a).)
(i) CURRENCY TRANSLATION. Assets and liabilities in foreign currencies
have been translated to Swedish kronor at the year-end exchange rates (see
Note 2). Currency exchange effects are included as one component of "net
results of financial transactions".
Revenues and expenses denominated in foreign currencies are translated
to Swedish kronor at the current exchange rate as of the respective day of
accrual. Any changes in the currency
F-6
<Page>
exchange rates between the relevant currencies and Swedish kronor related to
the period between the day of accrual and the day of settlement are reported
as currency exchange effects.
(j) SECURITIES. The following principles have been applied with regard
to interest-bearing securities ("securities" or "interest-bearing
securities"):
Securities acquired with the purpose of hedging the return on SEK's
equity during the tenor of the securities, and aimed to be held to maturity
("held-to-maturity account securities"), are classified as fixed financial
assets and reported at amortized cost.
Securities included in interest-rate and currency-exchange-rate hedged
transactions ("hedge account securities") are classified as current
financial assets and reported--in accordance with the hedge accounting
rules--at amortized cost. Hedge account securities are offset mainly by
other items, mostly liabilities, with matching principal or notional
amounts, interest rates and currencies, such that the Company's exposure to
changes in net values of the same due to movements in interest and exchange
rates is hedged.
Securities in the Trading Portfolio ("trading account securities" or
"Trading Securities"), as defined by the regulations of the Swedish
Financial Supervisory Authority, are classified as current financial assets
and reported at market value. (It should be noted that, in accordance with
the Company's policies, only limited exposures to interest rates and/or
currency fluctuations are allowed.) The difference between market value and
amortized cost (unrealized net gains or losses) of Trading Securities is
reported as one component of net results of financial transactions in
accordance with the Swedish Financial Supervisory Authority's regulations.
Realized gains and losses in connection with sales of hedge account
securities are deferred and amortized as one component of interest revenues
or interest expenses, as the case may be, while such gains and losses in
connection with sales of other securities are reported as one component of
net results of financial transactions.
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.
The reporting of securities will, according to regulations of the
Swedish Financial Supervisory Authority, be broken down by two component
categories, namely (i) "Treasuries, etc., eligible for refinancing with
central banks", and (ii) "Other interest-bearing securities". Since SEK has
no legal right to refinance any securities with the Swedish Central Bank,
the first heading may, in SEK's opinion, confuse the reader of the relevant
statement. To avoid such confusion, SEK has determined to instead use the
term "Treasuries/government bonds". All the above statements in this Note 1
(j) apply to both categories of securities, i.e., to "Treasuries/government
bonds" and to "Other interest-bearing securities".
(k) DEPOSITS. Under the regulations of the Swedish Financial Supervisory
Authority, deposits with banks are reported as one component of "credits to
credit institutions".
(l) REPURCHASE AGREEMENTS AND BOND LENDING. Repurchase agreements are
reported as financial transactions on the balance sheet. Securities lent to
other parties are reported as securities on the balance sheet. However,
according to regulations of the Swedish Financial Supervisory Authority,
securities/assets sold subject to repurchase agreements and
securities/assets lent to other parties will--although not formally
representing collateral--be reported under the heading "Collateral
Provided".
(m) PAST-DUE CREDITS AND PROBLEMATIC CREDITS. Past-due credits are
credits or other assets on which interest or principal has been
contractually past-due for more than 60 days. Problematic credits are
doubtful credits (or other assets), and restructured credits (or other
assets). Doubtful
F-7
<Page>
credits (or other assets) are credits (or other assets) that are past due or
where the payments most likely will not be fulfilled according to the terms
of agreement. Restructured credits (or other assets) are credits (or other
assets) on which the interest-rate has been reduced to below commercial
levels.
(n) PROVISIONS FOR PROBABLE CREDIT LOSSES. Provisions for potential
credit losses are made if and when SEK determines that the obligor under a
credit, or another asset held, and the existing guarantee or collateral are
likely to fail to cover SEK's full claim. Such determinations are made for
each individual credit/asset. No such provisions were made in 2002, 2001 nor
2000. There has been no need to make any provision in groups for
individually valued claims.
(o) DEPRECIATION. Office equipment is depreciated "according to plan" by
20 percent per annum of acquisition cost. Buildings and building equipment
are depreciated at the highest amounts allowable for tax purposes. Further,
additional non tax-deductible depreciations are made on the consolidated
acquisition cost of the building held by AB SEKTIONEN, such that the annual
consolidated depreciation on that building is 1.5 percent of the acquisition
cost. Intangible assets consisting of computer systems and software are
depreciated by 20 percent per annum, which represents the estimated useful
life, from the point in time when the new systems will be used in
production.
(p) REACQUIRED DEBT. SEK from time to time reacquires its debt
instruments. The nominal value of reacquired debt is deducted from the
corresponding liability on the balance sheet. Unless the instrument has been
repurchased with the intention of cancellation, any discount or premium in
connection with the repurchase is amortized during the remaining contractual
tenor of the instrument.
(q) DERIVATIVE INSTRUMENTS. In its normal course of business, SEK uses,
and is a party to, different types of derivative instruments, mostly
interest-rate related and currency-exchange-rate related instruments,
exclusively for the purpose of hedging or eliminating SEK's interest-rate
and currency-exchange-rate exposures.
Such instruments are reported, in accordance with the hedge accounting
rules, at amortized cost.
Net receivables or liabilities related to individual
currency-exchange-rate related instruments are reported on the balance sheet
as one component of "other assets" or "other liabilities", as the case may
be. The amounts included in "other assets" or "other liabilities", related
to such instruments, only reflect the differences between the nominal value
of the receivable or asset constituent, on the one hand, and the liability
constituent, on the other hand, of each such instrument held.
Counterparty exposures in derivative instruments and off-balance sheet
contracts are calculated and included in the reporting of capital adequacy
in accordance with the Swedish Financial Supervisory Authority's
regulations.
(r) PENSION OBLIGATIONS. The Company's compulsory pension obligations
are covered by insurance. However, the Company also has certain additional
contractual pension obligations. These are non-tax-deductible when provided
for, and are reported as one component of "allocations".
See information regarding additional contractual pensions obligations,
Note 10.
(s) INTANGIBLE ASSETS. The Swedish Financial Accounting Standards
Council's recommendation number 15, Intangible Assets, has been applied from
the financial year 2002 regarding the capitalized part of the investment in
the IT-system in progress. Such recommendation has earlier not been
applicable for SEK. The basis for capitalization is external
F-8
<Page>
direct costs of materials, services utilized in developing or obtaining
internal-use computer software, and pay-roll related costs for employees
directly associated with an internal-use computer software project.
(t) INCOME TAX. Income tax for the profit or loss for the year comprises
current and deferred taxes. Current tax is the expected tax payable on the
taxable income for the financial year. Deferred tax includes deferred tax in
the untaxed reserves of the individual Group companies and deferred taxes on
taxable temporary differences.
(u) CERTAIN REFERENCES. In certain cases, references are made in the
"Notes to the Consolidated Financial Statements" to information included in
item 5.e "Operating and Financial Review and Prospects--Risk Management"
including subsections "Credit or Counterparty Risks", "Market Risks" and
"Funding and Liquidity Risks", and in item 5.d "Operating and Financial
Review and Prospects--Liquidity and Capital Resources--Capital Adequacy"
elsewhere in this report. Such information shall be deemed to be included
herein by reference.
NOTE 2. CURRENCY EXCHANGE RATES
Assets, liabilities and off-balance sheet contracts denominated in foreign
currencies (i.e., other currencies than Swedish kronor) have been translated to
Swedish kronor at the year-end exchange rates between such currencies and
Swedish kronor.
The relevant exchange rates for the currencies representing the largest
portions of SEK's in the balance sheet reported net assets and liabilities were
the following (expressed in Swedish kronor per unit of each foreign currency):
<Table>
<Caption>
2002 2001 2000
--------------------- --------------------- ---------------------
EXCHANGE PORTION AT EXCHANGE PORTION AT EXCHANGE PORTION AT
CURRENCY RATE YEAR-END RATE YEAR-END RATE YEAR-END
- -------- -------- ---------- -------- ---------- -------- ----------
EUR........................................ 9.1925 26.7% 9.419 16.8% 8.8570 22.8%
JPY........................................ 0.07395 22.2% 0.08125 19.9% 0.08315 29.6%
USD........................................ 8.825 21.0% 10.6675 42.8% 9.535 26.2%
SKR........................................ 1.00 14.8% 1.00 10.9% 1.00 14.7%
CHF........................................ 6.3235 4.1% 6.3600 2.2% 5.8135 1.7%
ZAR........................................ 1.01 3.2% -- -- -- --
Others..................................... -- 8.0% -- 7.4% -- 5.0%
</Table>
NOTE 3. ASSETS, LIABILITIES AND OFF-BALANCE SHEET CONTRACTS DENOMINATED IN
FOREIGN CURRENCIES
Assets, liabilities and off-balance sheet contracts denominated in foreign
currencies are included in the total amount of assets, liabilities and
off-balance sheet contracts reported by the following amounts (expressed in
millions of Swedish kronor).
<Table>
<Caption>
2002 2001
--------------------------------------- -----------------------------------
CONSOLIDATED PARENT OF WHICH CONSOLIDATED PARENT OF WHICH
GROUP COMPANY S-SYSTEM GROUP COMPANY S-SYSTEM
------------ ------------ --------- ------------ --------- --------
Total assets............. 132,538.5 132,590.1 11,877.8 149,540.8 149,563.1 15,978.8
Of which denominated in
foreign currencies..... 102,092.8 102,091.9 11,037.3 119,077.1 119,054.2 14,949.6
Total liabilities........ 128,773.7 128,423.1 11,877.8 145,895.3 145,512.3 15,978.8
Of which denominated in
foreign currencies..... 117,928.3 117,929.2 11,120.4 134,875.4 134,875.4 14,960.4
</Table>
F-9
<Page>
<Table>
<Caption>
2002 2001
--------------------------- ------------------------
CONSOLIDATED PARENT CONSOLIDATED PARENT
GROUP COMPANY GROUP COMPANY
------------ ------------ ------------ ---------
Total nominal amount of off-balance sheet
contracts and commitments.................. 255,462.9 255,462.9 260,518.1 260,518.1
Of which denominated in foreign currencies... 236,557.3 236,557.3 241,803.6 241,803.6
</Table>
In the case of off-balance sheet contracts, individual contracts that
include both an asset-constituent and a liability-constituent have been included
in the category "of which denominated in foreign currencies" if at least one
constituent of the contract is denominated in a foreign currency. Although large
gross amounts of assets and liabilities are denominated in foreign currencies,
only limited net currency exchange exposures are allowed under SEK's policy with
regard to foreign currency exposures. See Item 5.e "Operating and Financial
Review and Prospects--Risk management--Currency Risks".
If the translation from foreign currencies to Swedish kronor would have been
made at the end of year 2002 with the translation rates that were applicable at
the end of the year 2001, the volume of total assets at the end of year 2002
would have been Skr 141.8 billion, i.e., Skr 9.3 billion more than actually
reported. Of that amount, Skr 5.3 billion relates to lending and Skr
4.0 billion relates to interest-bearing securities.
NOTE 4. NET INTEREST REVENUES
<Table>
<Caption>
2002 2001 2000
---------------------------------- ---------------------------------- ----------------------------------
CONSOLIDATED PARENT CONSOLIDATED PARENT CONSOLIDATED PARENT
GROUP COMPANY S-SYSTEM GROUP COMPANY S-SYSTEM GROUP COMPANY S-SYSTEM
------------ -------- -------- ------------ -------- -------- ------------ -------- --------
Interest revenues
were related to:
Credits to credit
institutions....... 599.4 598.9 375.0 975.4 967.6 384.5 1,194.8 1,187.5 340.3
Credits to the
public............. 720.6 720.6 207.2 944.3 944.3 220.6 1,037.3 1,037.3 218.4
Interest-bearing
securities......... 3,528.1 3,528.1 7.6 4,977.5 4,977.5 9.7 5,110.5 5,110.5 14.6
Other items.......... -9.7 -3.8 2.7 14.5 28.1 7.9 4.5 17.8 11.6
------- ------- ------ ------- ------- ------ -------- -------- ------
Total interest
revenues........... 4,838.4 4,843.8 592.5 6,911.7 6,917.5 622.7 7,347.1 7,353.1 584.9
Interest expenses
were related to:
Borrowings from
credit
institutions....... 112.0 111.8 215.1 214.0 206.3 448.2 244.2 236.9 499.0
Borrowings from the
public............. 11.2 11.2 3.2 18.8 18.8 11.8 10.9 10.9 0.0
Senior securities
issued............. 4,147.9 4,147.9 362.6 3,481.7 3,481.7 384.0 7,000.6 7,000.7 594.1
Subordinated
securities issued.. 247.4 247.4 -- 291.5 291.5 -- 268.4 268.3 --
Derivative
instruments........ -514.8 -514.8 204.8 2,065.7 2,065.7 9.1 -1,080.8 -1,080.8 -174.1
Other items.......... 36.5 36.7 0.7 9.3 17.2 0.2 8.3 16.1 0.0
------- ------- ------ ------- ------- ------ -------- -------- ------
Total interest
expenses........... 4,040.2 4,040.2 786.4 6,081.0 6,081.2 853.3 6,451.6 6,452.1 919.0
Net interest
revenues........... 798.2 803.6 -193.9 830.7 836.3 -230.6 895.5 901.0 -334.1
</Table>
F-10
<Page>
SEK's policy with regard to counterparty exposures states that SEK will be
selective in accepting counterparty exposures. See Item 5.e "Operating and
Financial Review and Prospects--Risk management--Credit or Counterparty Risks".
Interest revenues related to derivative instruments are deducted from
interest expenses since the derivative instruments, in most cases, are hedging
securities issued.
The average interest rate on credits outstanding under the category "credits
to the public" at year-end was 3.8 percent (2001: 3.8, 2000: 3.4) under the
M-system and 3.2 percent (2001: 3.3, 2000: 3.7) under the S-system. It should be
noted that such interest rates represent aggregated information related to
fixed-rate as well as floating-rate credits denominated in varying currencies
with varying maturities.
NOTE 5. INTEREST-RATE EXPOSURES
See Item 5.e "Operating and Financial Review and Prospects--Risk
management--Market Risks--Interest Rate Risks" for information about SEK's
policy with regard to interest-rate exposures and SEK's interest-rate exposures
at year-end.
NOTE 6. NET COMMISSION REVENUES
<Table>
<Caption>
2002 2001 2000
---------------------------------- ---------------------------------- ----------------------------------
CONSOLIDATED PARENT CONSOLIDATED PARENT CONSOLIDATED PARENT
GROUP COMPANY S-SYSTEM GROUP COMPANY S-SYSTEM GROUP COMPANY S-SYSTEM
------------ -------- -------- ------------ -------- -------- ------------ -------- --------
Commissions earned
were related to:
Financial consultant
commissions........ 5.2 5.2 -- 2.7 2.7 -- 1.5 1.5 --
Other commissions
earned............. 8.8 8.8 -- 10.1 10.1 -- -- -- --
Capital market
commissions........ 4.5 -- -- -- -- -- -- -- --
---- ---- -------- ---- ---- -------- ---- ---- --------
- --Total commissions
earned............. 18.5 14.0 -- 12.8 12.8 -- 1.5 1.5 --
Commissions incurred
were related to:
Risk capital
guarantee from
shareholders....... 6.0 6.0 -- 6.0 6.0 -- 6.0 6.0 --
Financial consultant
commissions........ 0.5 0.5 -- 1.7 1.7 -- 0.6 0.6 --
---- ---- -------- ---- ---- -------- ---- ---- --------
- --Total commissions
incurred........... 6.5 6.5 -- 7.7 7.7 -- 6.6 6.6 --
Net commission
revenues........... 12.0 7.5 -- 5.1 5.1 -- -5.1 -5.1 --
</Table>
F-11
<Page>
NOTE 7. NET RESULTS OF FINANCIAL TRANSACTIONS
<Table>
<Caption>
2002 2001 2000
---------------------------------- ---------------------------------- ----------------------------------
CONSOLIDATED PARENT CONSOLIDATED PARENT CONSOLIDATED PARENT
GROUP COMPANY S-SYSTEM GROUP COMPANY S-SYSTEM GROUP COMPANY S-SYSTEM
------------ -------- -------- ------------ -------- -------- ------------ -------- --------
Net results of
financial
transactions were
related to:
Currency exchange
effects............ -5.4 -5.4 2.6 12.6 12.6 -12.9 -16.5 -16.5 -7.8
Unrealized losses
related to
interest-bearing
securities and
other financial
instruments........ -2.2 -2.2 -- -4.6 -4.6 -- -7.9 -7.9 --
Realized profits(+)/
losses(-) related
to interest-
bearing securities
and other financial
instruments........ 6.9 6.9 -- -2.0 -2.0 -- 41.1 41.1 --
Realized profit
related to shares
held............... -- -- -- -- -- -- 1.9 1.9 --
---- ---- --- ---- ---- ----- ----- ----- ----
Total results of
financial
transactions....... -0.7 -0.7 2.6 6.0 6.0 -12.9 18.6 18.6 -7.8
</Table>
NOTE 8. CURRENCY EXCHANGE EXPOSURES
See Item 5.e "Operating and Financial Review and Prospects--Risk
management--Market Risks--Currency Risks" for information about SEK's policy
with regard to currency exchange exposures and SEK's currency exchange exposures
at year-end.
NOTE 9. OTHER OPERATING INCOME AND EXPENSES
<Table>
<Caption>
2002 2001 2000
---------------------------------- ---------------------------------- ----------------------------------
CONSOLIDATED PARENT CONSOLIDATED PARENT CONSOLIDATED PARENT
GROUP COMPANY S-SYSTEM GROUP COMPANY S-SYSTEM GROUP COMPANY S-SYSTEM
------------ -------- -------- ------------ -------- -------- ------------ -------- --------
OTHER OPERATING
INCOME:
Remuneration related
to excess funds to
the benefit of
policyholders of
certain pension
insurance
companies.......... -- -- -- 6.3 6.3 -- 16.7 16.7 --
Effects related to
compensation from
S-system........... -- -- -- 1.1 1.1 -- -- -- --
Other................ 0.9 1.8 -- 0.8 0.8 -- 0.1 0.1 --
--- --- -------- --- --- -------- ---- ---- --------
Total other operating
income............. 0.9 1.8 -- 8.2 8.2 -- 16.8 16.8 --
</Table>
F-12
<Page>
<Table>
<Caption>
2002 2001 2000
---------------------------------- ---------------------------------- ----------------------------------
CONSOLIDATED PARENT CONSOLIDATED PARENT CONSOLIDATED PARENT
GROUP COMPANY S-SYSTEM GROUP COMPANY S-SYSTEM GROUP COMPANY S-SYSTEM
------------ -------- -------- ------------ -------- -------- ------------ -------- --------
OTHER OPERATING
EXPENSES:
Value adjustment of
claims for
policyholders of
certain pension
insurance
companies.......... 3.5 3.5 -- -- -- -- -- -- --
Effects related to
compensation to
S-system........... 0.7 0.7 -- -- -- -- 0.7 0.7 --
Other................ 0.9 0.1 -- 0.7 -- -- 0.6 -- --
--- --- -------- --- -------- -------- --- --- --------
Total other operating
expenses........... 5.1 4.3 -- 0.7 -- -- 1.3 0.7 --
</Table>
NOTE 10. ADMINISTRATIVE EXPENSES
<Table>
<Caption>
2002 2001 2000
----------------------- ----------------------- -----------------------
CONSOLIDATED PARENT CONSOLIDATED PARENT CONSOLIDATED PARENT
GROUP COMPANY GROUP COMPANY GROUP COMPANY
------------ -------- ------------ -------- ------------ --------
ADMINISTRATIVE EXPENSES WERE
RELATED TO:
PERSONNEL EXPENSES:
Salaries and remuneration to the
Board of Directors and the
President(1).................... 4.0 4.0 5.0 5.0 4.5 4.5
Salaries.......................... 56.4 55.0 47.4 47.4 38.7 38.7
Pensions(2)....................... 19.2 18.7 13.2 13.2 9.5 9.5
Social insurance.................. 21.7 21.3 18.5 18.5 14.6 14.6
Other personnel expenses.......... 8.2 8.2 14.1 14.1 10.7 10.7
----- ----- ----- ----- ----- -----
Total personnel expenses.......... 109.5 107.2 98.2 98.2 78.0 78.0
Other administrative expenses:
The company's real estate and
premises........................ 3.8 10.6 2.9 9.2 3.6 9.9
Other expenses.................... 53.1 52.6 49.6 49.6 44.1 44.1
----- ----- ----- ----- ----- -----
- -- Total other administrative
expenses........................ 56.9 63.2 52.5 58.8 47.7 54.0
Total administrative expenses..... 166.4 170.4 150.7 157.0 125.7 132.0
(1) 2001 and 2000 included
salaries and remunerations to
the previous Executive Vice
President
(2) Of which: Calculated pension
expenses........................ 1.2 1.2 2.2 2.2 2.2 2.2
Pension premium expenses (3).... 18.0 17.5 11.0 11.0 7.3 7.3
(3) Of which Skr 1.2 million
relates to the President and of
which Skr 1.0 million in excess
of what is tax-deductible. Skr
2.8 million pertains to other
key officers included in senior
management, of which Skr 1.5
million is in excess of what is
tax-deductible.
</Table>
F-13
<Page>
In addition to the information in the Report of Directors and in Note 1 (r),
which is prepared on the basis of the provisions of the Swedish Act on Annual
Accounts, the following information about certain officers and directors is
provided in accordance with a recommendation of the Swedish Industry and
Commerce Stock Exchange Committee:
The Chairman of the Board of Directors received Skr 0.2 million for 2002
(2001: 0.2, 2000: 0.1) in remuneration.
The President's remuneration consists of basic salary, bonus and other
benefits. The President received in total Skr 3.2 million for 2002 (2001: 3.0,
2000: 2.8) in remuneration, of which bonus 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. Of the total remuneration to the President, Skr
3.0 million (2001: 3.0, 2000: 2.8) is qualifying income for pension purposes.
His retirement age is 60 years, with a pension, to the benefit of himself, of
75 percent of his final salary up to 65 years after which it reduces. Such
commitment is covered by insurance and includes survivors' pension.
The remuneration to other key officers included in the senior management
consists of basic salary, bonus and other benefits. The amount of the
remuneration to other key officers in the senior management was Skr
8.6 million, of which Skr 1.3 million was bonus. The bonus relates to individual
set targets and targets defined in the business plan. Of the total remuneration
to the key officers Skr 7.6 million is qualifying income for pension purposes.
For certain key officers in the senior management, if their employment contracts
are terminated by the Company, there is an agreement to pay such officers
compensation during a two-year period, although any salary received in new
employment will be deducted. Key officers included in the senior management have
a retirement age between 60 and 65 years. The pension commitments are covered by
insurance, are defined benefit and include survivors' pension.
Remuneration to the auditors and related audit companies
<Table>
<Caption>
2002 2001 2000
---------------------- ---------------------- ----------------------
CONSULTANT CONSULTANT CONSULTANT
AUDIT FEE FEE AUDIT FEE FEE AUDIT FEE FEE
--------- ---------- --------- ---------- --------- ----------
AUDIT COMPANY..........................
Deloitte & Touche...................... 0.1 -- -- -- -- --
Ernst & Young AB....................... 0.2 1.1 0.2 -- 0.2 --
KPMG................................... 4.1 3.9 3.4 5.0 2.0 0.4
Ohrlings PricewaterhouseCoopers........ 0.1 -- 0.1 -- 0.2 --
--- --- --- --- --- ---
Total remuneration..................... 4.5 5.0 3.7 5.0 2.4 0.4
</Table>
Audit fee includes also auditing of stock exchange reporting and issue
prospectus.
NOTE 11. OFFICE AND BUILDING EQUIPMENT
<Table>
<Caption>
2002 2001 2000
----------------------- ----------------------- -----------------------
CONSOLIDATED PARENT CONSOLIDATED PARENT CONSOLIDATED PARENT
GROUP COMPANY GROUP COMPANY GROUP COMPANY
------------ -------- ------------ -------- ------------ --------
Acquisition cost.............. 33.6 33.6 41.3 41.3 36.7 36.7
Accumulated depreciation at
year-end.................... -13.4 -13.4 -22.9 -22.9 -19.0 -19.0
Of which made during the
year........................ (-4.4) (-4.4) (-4.2) (-4.2) (-3.4) (-3.4)
----- ----- ----- ----- ----- -----
Book value.................... 20.2 20.2 18.4 18.4 17.7 17.7
See also Note 1 (o).
</Table>
F-14
<Page>
NOTE 12. BUILDINGS AND LAND
<Table>
<Caption>
2002 2001 2000
----------------------- ----------------------- -----------------------
CONSOLIDATED PARENT CONSOLIDATED PARENT CONSOLIDATED PARENT
GROUP COMPANY GROUP COMPANY GROUP COMPANY
------------ -------- ------------ -------- ------------ --------
Buildings:
Acquisition cost.............. 142.8 0.7 142.8 0.7 142.8 0.7
Accumulated depreciation at
year-end.................... -24.2 -0.3 -22.0 -0.3 -20.0 -0.2
Of which made during the
year...................... (-2.1) (0.0) (-2.1) (0.0) (-2.2) (0.0)
----- ------ ----- ------ ----- ------
Book value.................... 118.6 0.4 120.8 0.4 122.8 0.5
Taxable value................. 46.9 0.4 37.2 0.3 32.5 0.3
Land:
Acquisition cost.............. 0.1 0.1 0.1 0.1 0.1 0.1
Accumulated depreciation at
year-end.................... -- -- -- -- -- --
Of which made during the
year...................... (--) (--) (--) (--) (--) (--)
----- ------ ----- ------ ----- ------
Book value.................... 0.1 0.1 0.1 0.1 0.1 0.1
Taxable value................. 37.7 0.2 29.9 0.2 26.2 0.2
Buildings and land:
Total acquisition cost........ 142.9 0.8 142.9 0.8 142.9 0.8
Total accumulated depreciation
at year-end................. -24.2 -0.3 -22.0 -0.3 -20.0 -0.2
Of which made during the
year...................... (-2.1) (0.0) (-2.1) (0.0) (-2.2) (0.0)
----- ------ ----- ------ ----- ------
Total book value.............. 118.7 0.5 120.9 0.5 122.9 0.6
Total taxable value........... 84.6 0.6 67.2 0.5 58.7 0.5
See also Note 1 (o).
</Table>
NOTE 13. INTANGIBLE ASSETS
<Table>
<Caption>
2002 2001 2000
----------------------- ----------------------- -----------------------
CONSOLIDATED PARENT CONSOLIDATED PARENT CONSOLIDATED PARENT
GROUP COMPANY GROUP COMPANY GROUP COMPANY
------------ -------- ------------ -------- ------------ --------
Acquisition cost.............. 40.1 40.1 -- -- -- --
Accumulated amortization at
year-end.................... -1.0 -1.0 -- -- -- --
Of which made during the
year........................ (-1.0) (-1.0) (--) (--) (--) (--)
----- ----- --- --- --- ---
Book value.................... 39.1 39.1 -- -- -- --
See also Note 1 (s).
</Table>
NOTE 14. COUNTERPARTY RISK EXPOSURES
SEK's policy with regard to counterparty risk exposures is described in Item
5.e "Operating and Financial Review and Prospects-- Risk management--Credit or
Counterparty Risks". Further, included in the specified section is the table
"Total Counterparty Risk Exposures" showing SEK's counterparty exposures, broken
down by different categories of contracts, at year-end.
F-15
<Page>
NOTE 15. UNTAXED RESERVES
<Table>
<Caption>
2002 2001 2000
-------- -------- --------
PARENT PARENT PARENT
COMPANY COMPANY COMPANY
-------- -------- --------
Tax equalization reserve:
Opening balance............................................. -- -- 147.4
Dissolution during the year................................. -- -- -147.4
Closing balance............................................. -- -- --
------- ------- -------
Tax allocation reserve:
Opening balance............................................. 1,375.0 1,394.3 1,404.3
Dissolution during the year................................. -245.2 -263.6 -262.3
Allocation during the year.................................. 230.2 244.3 252.3
------- ------- -------
Closing balance............................................. 1,360.0 1,375.0 1,394.3
Of which:
1995 Tax allocation reserve -- -- 263.6
1996 Tax allocation reserve -- 245.2 245.2
1997 Tax allocation reserve 219.2 219.2 219.2
1998 Tax allocation reserve 218.5 218.5 218.5
1999 Tax allocation reserve 195.5 195.5 195.5
2000 Tax allocation reserve 252.3 252.3 252.3
2001 Tax allocation reserve 244.3 244.3 --
2002 Tax allocation reserve 230.2 -- --
</Table>
In the financial statements of the Consolidated Group, the untaxed reserves
of the Group companies are allocated by 72 percent to "non-distributable
reserves" and by 28 percent to deferred taxes (related to untaxed reserves),
included as one component of "allocations", in the Balance Sheet. Changes in the
amounts reported as deferred taxes are included in "taxes" in the Income
Statement.
F-16
<Page>
Accordingly, the amounts related to the Group companies' untaxed reserves are
included in the statements of the Consolidated Group as shown below:
<Table>
<Caption>
2002 2001 2000
------------ ------------ ------------
CONSOLIDATED CONSOLIDATED CONSOLIDATED
GROUP GROUP GROUP
------------ ------------ ------------
BALANCE SHEET:
Opening balance included in
"non-distributable reserves"............................. 989.9 1,003.8 1,117.1
Net change during the year............................... -10.6 -13.9 -113.3
------- ------- -------
Closing balance included in
"non-distributable reserves"............................. 979.3 989.9 1,003.8
Opening balance reported as "deferred taxes" (included in
"allocations")........................................... 385.0 390.4 434.5
Net change during the year............................... -4.2 -5.4 -44.1
------- ------- -------
Closing balance reported as "deferred taxes" (included in
"allocations")........................................... 380.8 385.0 390.4
Total opening balance included in "allocations" and "non-
distributable reserves".................................. 1,375.0 1,394.3 1,551.7
Total net change during the year......................... -14.8 -19.3 -157.4
------- ------- -------
Total closing balance included in "allocations" and
"non-distributable reserves"............................. 1,360.2 1,375.0 1,394.3
Income statement:
Amount included in "taxes" related to net change during
the year in "deferred taxes"............................. -4.2 -5.4 -44.1
</Table>
NOTE 16. TAXES
<Table>
<Caption>
2002 2001 2000
----------------------- ----------------------- -----------------------
CONSOLIDATED PARENT CONSOLIDATED PARENT CONSOLIDATED PARENT
GROUP COMPANY GROUP COMPANY GROUP COMPANY
------------ -------- ------------ -------- ------------ --------
Provision for taxes for the
year........................ 191.2 190.8 205.2 205.2 282.7 282.7
Less: Credit for foreign
taxes....................... -0.8 -0.8 -6.4 -6.4 -10.5 -10.5
Change in deferred taxes
related to other assets..... -1.6 -1.6 -- -- -- --
Change in deferred taxes
related to allocations...... 0.1 0.1 -5.1 -5.1 -- --
Change in deferred taxes
related to untaxed
reserves.................... -4.2 n.a -5.4 n.a -44.1 n.a.
----- ----- ----- ----- ----- -----
Net amount of taxes........... 184.7 188.5 188.3 193.7 228.1 272.2
</Table>
As from year 2001 deferred taxes are accounted for in accordance with the
Swedish Financial Accounting Standards Council's recommendation number 9--Income
Taxes.
The nominal tax rate amounts to 28 percent (2001: 28, 2000: 28) and the
effective tax rate amounts to 27.8 percent (2001: 25.8, 2000: 27.5).
F-17
<Page>
DIFFERENCE BETWEEN NOMINAL AND EFFECTIVE TAX RATE
<Table>
<Caption>
2002 2001 2000
------------ ------------ ------------
CONSOLIDATED CONSOLIDATED CONSOLIDATED
% GROUP GROUP GROUP
- - ------------ ------------ ------------
Nominal income tax rate.................................. 28.0 28.0 28.0
Depreciation on consolidated surplus value............... 0.1 0.1 0.1
Other non tax-deductible costs........................... 0.2 0.0 0.5
Credit for foreign taxes................................. -0.1 -0.6 -1.1
Non-taxable income....................................... 0.0 -1.2 0.0
Change in deferred taxes related to allocations.......... 0.0 -0.7 0.0
Other items.............................................. -0.4 0.2 0.0
---- ---- ----
Effective tax rate....................................... 27.8 25.8 27.5
</Table>
Deferred taxes are calculated based on nominal tax rates. Exceptions from
that rule are only made in the case of acquisitions based on net worth when the
tax effects have been an important part of the business transaction. In that
case the deferred taxes are calculated based on the acquisition cost. If the
deferred taxes instead should have been calculated based on the nominal tax rate
an accumulated deferred tax liability amounting to Skr 32.5 million (2001: 33.1,
2000: 33.6) would have been posted to the balance sheet.
F-18
<Page>
NOTE 17. CREDITS OUTSTANDING
<Table>
<Caption>
2002 2001
---------------------------------- ----------------------------------
CONSOLIDATED PARENT OF WHICH CONSOLIDATED PARENT OF WHICH
GROUP COMPANY S-SYSTEM GROUP COMPANY S-SYSTEM
------------ -------- -------- ------------ -------- --------
Credits to credit institutions........ 12,984.7 12,973.6 6,537.5 15,361.8 15,361.7 8,480.8
Credits to the public................. 26,048.2 26,048.2 4,964.2 30,149.2 30,149.2 7,001.5
-------- -------- -------- -------- -------- --------
Total credits outstanding............. 39,032.9 39,021.8 11,501.7 45,511.0 45,510.9 15,482.3
Of which denominated in:
Swedish kronor........................ 11,526.6 11,515.5 694.2 21,397.3 21,397.2 893.6
Foreign currencies.................... 27,506.3 27,506.3 10,807.5 24,113.7 24,113.7 14,588.7
Deposits with banks included in
"credits to credit institutions",
repurchase agreements and cash on
demand.............................. -3,474.9 -3,463.8 -20.5 -3,224.1 -3,224.0 -27.9
Credits reported as interest-bearing
securities (A)...................... 29,912.1 29,912.1 -- 28,074.2 28,074.2 --
Total credits outstanding, including
credits reported as interest-bearing
securities, but excluding deposits
with banks.......................... 65,470.1 65,470.1 11,481.2 70,361.1 70,361.1 15,454.4
</Table>
- ------------------------
(A) Under the amended regulations, 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.
Credits outstanding are classified as fixed financial assets.
The counterparty exposures related to credits outstanding are shown in Item
5.e "Operating and Financial Review and Prospects--Risk management--Credit or
Counterparty Risks" in the table "Total Counterpart Risk Exposures".
The maturity profile of SEK's credit portfolio, i.e., credits outstanding
and credits committed, is included as one component of the graph "Development
over Time of SEK's Available Funds" shown in 5.e "Operating and Financial Review
and Prospects--Risk management--Funding and Liquidity Risks".
The following information with regard to past-due credits outstanding is
included in accordance with regulations of Swedish Financial Supervisory
Authority. See also Notes 1(m) and 1(n).
Past-due credits and Problematic credits at year-end
<Table>
<Caption>
2002 2001
---------------------------------- ----------------------------------
CONSOLIDATED PARENT OF WHICH CONSOLIDATED PARENT OF WHICH
GROUP COMPANY S-SYSTEM GROUP COMPANY S-SYSTEM
------------ -------- -------- ------------ -------- --------
PAST-DUE CREDITS(B):
Aggregate amount of principal and
interest past-due.............. 64.3 64.3 1.4 43.7 43.7 3.1
Principal amount not past-due on
such credits................... 622.1 622.1 27.1 106.2 106.2 8.4
</Table>
- ------------------------
(B) All past-due credits are covered by guarantees SEK believes are adequate.
The average interest rate on credits outstanding at year-end 2002 under the
category "Past-due credits" was 3.9 percent.
F-19
<Page>
NOTE 18. INTEREST-BEARING SECURITIES
Under the regulations, 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. Such credits are included by Skr 29,912.1 million (28,074.2)
in the amount of other interest-bearing securities, classified as fixed
financial assets, reported.
The counterparty exposures related to interest-bearing securities are shown
in Item 5.e "Operating and Financial Review and Prospects--Risk
management--Credit or Counterparty Risks" in the table "Total Counterparty Risk
Exposures".
The following table includes aggregated book values and fair values of
securities held at year-end.
SECURITIES HELD AT YEAR-END. AGGREGATED BOOK VALUES AND FAIR VALUES
<Table>
<Caption>
2002 2001
----------------------- -----------------------
AGGREGATED AGGREGATED
BOOK AGGREGATED BOOK AGGREGATED
VALUE FAIR VALUE VALUE FAIR VALUE
---------- ---------- ---------- ----------
SECURITY ACCOUNT
Held-to-maturity................................... 31,369.2 31,978.3 29,429.3 29,819.5
Hedge.............................................. 45,919.8 46,577.0 58,878.7 59,262.3
Trading............................................ 8,113.2 8,113.2 5,110.6 5,110.6
-------- -------- -------- --------
Total.............................................. 85,402.2 86,668.5 93,418.6 94,192.4
</Table>
Of the total book value, Skr 48,642.5 million was related to securities
whose book value exceeded the nominal value and Skr 36,759.8 million was related
to securities whose book value was below the nominal value. The nominal values
for these two categories amounted to Skr 47,297.2 million and Skr
38,060.0 million, respectively.
F-20
<Page>
INTEREST-BEARING SECURITIES
<Table>
<Caption>
AS OF DECEMBER 31, 2002
---------------------------------------------------------------
TREASURIES & GOVERNMENT OTHER INTEREST BEARING
BONDS ETC SECURITIES
------------------------------ ------------------------------
BOOK FAIR SURPLUS/ BOOK FAIR SURPLUS/
VALUE VALUE DEFICIT VALUE VALUE DEFICIT
-------- -------- -------- -------- -------- --------
CURRENT FINANCIAL ASSETS:
- -- Government debt, Swedish......................... 1,469.0 1,565.1 96.1
- -- Municipalities, Swedish.......................... 240.0* 239.8* -0.2*
- -- Mortgage institutions, Swedish................... 4,091.8 4,090.7 -1.1
- -- OTHER SWEDISH ISSUERS:
-- Banking groups................................. 1,350.6 1,360.4 9.8
-- Other financial corporations................... 1,267.4 1,276.9 9.5
-- Other corporations............................. 6,358.2 6,486.9 128.6
- -- Goverment debt, foreign.......................... 3,128.9 3,191.5 62.6
- -- Municipalities and provinces, foreign............ 380.4 390.4 10.0
- -- OTHER FOREIGN ISSUERS:
-- Banking groups of which subordinated........... 19,775.6 19,963.0 187.4
-- Other financial corporations................... 53.0 54.6 1.6 13,686.4 13,742.0 55.5
-- Other corporations............................. 2,231.9 2,329.0 97.1
SUBTOTAL............................................ 5,031.2 5,201.6 170.4 49,001.9 49,488.7 486.8
FIXED FINANCIAL ASSETS:
- -- Government debt, Swedish......................... 862.6 981.7 119.1
- -- Municipalities, Swedish.......................... 595.0* 611.1* 16.1*
- -- Mortgage institutions, Swedish................... 132.9 147.0 14.1
- -- OTHER SWEDISH ISSUERS:
-- Banking groups................................. 5,929.1 5,947.5 18.4
-- Other financial corporations................... 1,282.4 1,284.8 2.4
-- Other corporations............................. 12,848.1 13,087.4 239.3
- -- Goverment debt, foreign.......................... 114.7 125.8 11.1
- -- Municipalities and provinces, foreign
- -- OTHER FOREIGN ISSUERS:
-- Banking groups................................. 950.7 939.1 -11.6
-- Other financial corporations................... 1,451.6 1,503.4 51.8
-- Other corporations............................. 7,201.9 7,350.3 148.4
SUBTOTAL............................................ 977.3 1,107.5 130.2 30,391.8 30,870.7 479.0
*--of which issued by public authorities.......... 595.0* 611.1* 16.1*
TOTAL OF CURRENT AND FIXED FINANCIAL ASSETS:
- -- Government debt, Swedish......................... 2,331.6 2,546.8 215.2
- -- Municipalities, Swedish.......................... 835.0* 850.9* 15.9*
- -- Mortgage institutions, Swedish................... 4,224.7 4,237.7 13.0
- -- OTHER SWEDISH ISSUERS:
-- Banking groups................................. 7,279.8 7,307.9 28.1
-- Other financial corporations................... 2,549.8 2,561.7 12.0
-- Other corporations............................. 19,206.4 19,574.3 368.0
- -- Goverment debt, foreign.......................... 3,243.6 3,317.2 73.6
- -- Municipalities and provinces, foreign............ 380.4 390.4 10.0
- -- OTHER FOREIGN ISSUERS:
-- Banking groups of which subordinated........... 0.0 0.0 0.0 20,726.2 20,902.1 175.9
-- Other financial corporation.................... 53.0 54.6 1.6 15,138.0 15,245.5 107.4
-- Other corporations............................. 9,433.8 9,679.3 245.5
GRAND TOTAL......................................... 6,008.5 6,309.1 300.4 79,393.7 80,359.4 965.7
*-of which issued by public authorities........... 835.0* 850.9* 15.9*
Of which:
S-system.......................................... 75.3 83.1 7.8
Securities subject to hedge accounting............ 15,643.6 15,894.7 251.1 48,522.6 49,014.9 492.3
Securities with market values quoted on an
exhange......................................... 6,100.1 6,324.6 224.5 37,745.5 38,227.9 482.4
</Table>
F-21
<Page>
<Table>
<Caption>
TOTAL AS OF TOTAL AS OF
DECEMBER 31, 2002 DECEMBER 31, 2001
------------------------------ ------------------------------
BOOK FAIR SURPLUS/ BOOK FAIR SURPLUS/
VALUE VALUE DEFICIT VALUE VALUE DEFICIT
-------- -------- -------- -------- -------- --------
CURRENT FINANCIAL ASSETS:
- -- Government debt, Swedish.......................... 1,469.0 1,565.1 96.1 1,872.2 1,889.2 17.0
- -- Municipalities, Swedish........................... 240.0* 239.8* -0.2*
- -- Mortgage institutions, Swedish.................... 4,091.8 4,090.7 -1.1 3,870.4 3,884.8 14.4
- -- OTHER SWEDISH ISSUERS:
-- Banking groups.................................. 1,350.6 1,360.4 9.7 2,606.1 2,619.3 13.2
-- Other financial corporations.................... 1,267.4 1,276.9 9.5 1,143.3 1,155.2 11.9
-- Other corporations.............................. 6,358.2 6,486.9 128.7 4,267.4 4,276.5 9.1
- -- Goverment debt, foreign........................... 3,128.9 3,191.5 62.5 14,311.6 14,351.7 40.1
- -- Municipalities and provinces, foreign............. 380.4 390.4 10.0 326.4 335.6 9.2
- -- OTHER FOREIGN ISSUERS:
-- Banking groups of which subordinated............ 19,775.6 19,963.0 187.4 27,862.2 28,050.8 188.6
-- Other financial corporations.................... 13,739.4 13,796.6 57.3 4,568.0 4,606.0 38.0
-- Other corporations.............................. 2,231.9 2,329.0 97.1 3,161.6 3,203.8 42.2
SUBTOTAL............................................. 54,033.1 54,690.3 657.2 63,989.2 64,372.9 383.7
FIXED FINANCIAL ASSETS:
- -- Government debt, Swedish.......................... 862.6 981.7 119.1 950.2 1,134.3 184.1
- -- Municipalities, Swedish........................... 595.0* 611.1* 16.1* 475.0* 478.8* 3.8*
- -- Mortgage institutions,Swedish..................... 132.9 147.0 14.1 266.4 290.4 24.0
- -- OTHER SWEDISH ISSUERS:
-- Banking groups.................................. 5,929.1 5,947.5 18.4 8,632.6 8,528.5 -104.1
-- Other financial corporations.................... 1,282.4 1,284.8 2.4 700.2 672.0 -28.2
-- Other corporations.............................. 12,848.1 13,087.4 239.3 11,282.6 11,573.3 290.7
- -- Goverment debt, foreign........................... 114.7 125.8 11.1 138.6 151.5 12.9
- -- Municipalities and provinces, foreign
- -- OTHER FOREIGN ISSUERS:
-- Banking groups.................................. 950.7 939.1 -11.5 470.5 466.0 -4.5
-- Other financial corporations.................... 1,451.6 1,503.4 51.8 0.0 0.0 0.0
-- Other corporations.............................. 7,201.9 7,350.3 148.4 6,513.2 6,524.7 11.5
SUBTOTAL............................................. 31,369.2 31,978.4 609.2 29,429.3 29,819.5 390.2
*-of which issued by public authorities.............. 835.0* 850.9* 15.9* 475.0* 478.8* 3.8*
TOTAL OF CURRENT AND FIXED FINANCIAL ASSETS:
- -- Government debt, Swedish.......................... 2,331.6 2,546.8 215.2 2,822.4 3,023.5 201.1
- -- Municipalities, Swedish........................... 835.0* 850.9* 15.9* 475.0* 478.8* 3.8*
- -- Mortgage institutions,Swedish..................... 4,224.7 4,237.7 13.0 4,136.8 4,175.2 38.4
- -- OTHER SWEDISH ISSUERS:
-- Banking groups.................................. 7,279.8 7,307.9 28.1 11,238.7 11,147.8 -90.9
-- Other financial corporations.................... 2,549.8 2,561.7 11.9 1,843.5 1,827.2 -16.3
-- Other corporations.............................. 19,206.4 19,574.3 368.0 15,550.0 15,849.8 299.8
- -- Goverment debt, foreign........................... 3,243.6 3,317.2 73.6 14,450.2 14,503.2 53.0
- -- Municipalities and provinces, foreign............. 380.4 390.4 10.0 326.5 335.6 9.1
- -- OTHER FOREIGN ISSUERS:
-- Banking groups of which subordinated............ 20,726.2 20,902.2 176.0 28,332.8 28,516.8 184.0
-- Other financial corporations.................... 15,191.0 15,300.1 109.1 4,568.0 4,606.0 38.0
-- Other corporations.............................. 9,433.8 9,679.3 245.5 9,674.7 9,728.4 53.7
GRAND TOTAL.......................................... 85,402.2 86,668.5 1,266.3 93,418.6 94,192.4 773.8
*-of which issued by public authorities............ 835.0* 850.9* 15.9* 475.0* 478.8* 3.8*
Of which:
S-system........................................... 75.3 83.1 7.8 73.4 83.6 10.2
Securities subject to hedge accounting............. 64,166.2 64,909.6 743.4 63,981.7 64,372.9 391.2
Securities with market values quoted on an
exchange......................................... 43,845.6 44,552.5 706.9 51,848.6 52,527.7 679.1
</Table>
F-22
<Page>
NOTE 19. SHARES IN SUBSIDIARIES
<Table>
<Caption>
2002 2001
---------------------------------- ----------------------------------
CONSOLIDATED PARENT OF WHICH CONSOLIDATED PARENT OF WHICH
GROUP COMPANY S-SYSTEM GROUP COMPANY S-SYSTEM
------------ -------- -------- ------------ -------- --------
Shares in subsidiary
(SEKTIONEN) (A)................ n.a. 103.5 -- n.a 103.5 --
Shares in subsidiary (SEK
Securities) (B)................ n.a. 10.0 -- n.a 0.1 --
---- ----- -- --- ----- --
Total............................ -- 113.5 -- -- 103.6 --
</Table>
- ------------------------
(A): The wholly-owned subsidiary, AB SEKTIONEN (reg.no. 556121-0252), is
domiciled in Stockholm. AB SEKTIONEN's shareholders' funds at year-end 2002
amounted to Skr 0.6 million. The nominal value of the shares was Skr
0.4 million. See also Note 1(a).
(B): The wholly-owned subsidiary, AB SEK Securities (reg.no. 556608-8885), is
domiciled in Stockholm. AB SEK Securities' shareholders' funds at year-end 2002
amounted to Skr 10.5 million. The nominal value of the shares was Skr
10 million. See also Note 1(a).
The net result of the Subsidiaries for the year 2002 was Skr 0.5 million
(0.0).
NOTE 20. OTHER ASSETS
<Table>
<Caption>
2002 2001
---------------------------------- ----------------------------------
CONSOLIDATED PARENT OF WHICH CONSOLIDATED PARENT OF WHICH
GROUP COMPANY S-SYSTEM GROUP COMPANY S-SYSTEM
------------ -------- -------- ------------ -------- --------
Due from the State............... 65.7 65.7 65.7 51.7 51.7 14.0
Claim on subsidiary.............. n.a. 67.6 -- n.a. 39.2 --
Balanced premiums and discounts
and corresponding items related
to assets and liabilities,
respectively (balanced as
assets)........................ 337.7 337.7 -- 250.0 250.0 --
Derivative contracts with
positive values................ 2,674.0 2,674.0 0.2 4,233.3 4,233.3 0.8
Debt for which value has not yet
been received.................. 454.8 454.8 -- 1,306.0 1,306.0 --
Claims for assets sold though not
yet delivered and paid for..... 479.8 479.8 -- 101.0 101.0 --
Other............................ 514.0 514.0 95.0 556.1 556.1 175.4
------- ------- ----- ------- ------- -----
Total............................ 4,526.0 4,593.6 160.9 6,498.1 6,537.3 190.2
</Table>
NOTE 21. PREPAID EXPENSES AND ACCRUED REVENUES
<Table>
<Caption>
2002 2001
---------------------------------- ----------------------------------
CONSOLIDATED PARENT OF WHICH CONSOLIDATED PARENT OF WHICH
GROUP COMPANY S-SYSTEM GROUP COMPANY S-SYSTEM
------------ -------- -------- ------------ -------- --------
Interest revenues accrued........ 3,394.7 3,394.7 139.9 3,970.0 3,970.0 232.9
Prepaid expenses and other
accrued revenues............... 4.7 4.5 -- 3.8 3.8 --
------- ------- ----- ------- ------- -----
Total............................ 3,399.4 3,399.2 139.9 3,973.8 3,973.8 232.9
</Table>
F-23
<Page>
NOTE 22. SENIOR DEBT
<Table>
<Caption>
2002 2001
------------------------------------ ------------------------------------
CONSOLIDATED PARENT OF WHICH CONSOLIDATED PARENT OF WHICH
GROUP COMPANY S-SYSTEM GROUP COMPANY S-SYSTEM
------------ --------- --------- ------------ --------- ---------
Total senior borrowings exclusive of
senior securities issued........... 645.3 645.3 8.6 1,603.5 1,603.5 12.5
Total senior securities issued....... 111,968.3 111,968.3 3,170.1 121,697.5 121,697.5 5,158.6
--------- --------- ------- ------------ --------- ---------
Total senior debt outstanding........ 112,613.6 112,613.6 3,178.7 123,301.0 123,301.0 5,171.1
Of which denominated in:
Swedish kronor....................... 6,557.2 6,557.2 202.2 6,538.5 6,538.5 423.3
Foreign currencies................... 106,056.4 106,056.4 2,796.5 116,762.5 116,762.5 4,747.8
The reported amount of total senior
debt outstanding has been affected
(reduced) by the following amounts,
representing own debt
repurchased........................ -6,325.5 -6,325.5 -- -14,105.7 -14,105.7 --
</Table>
The maturity profile of SEK's debt is included as one component of the graph
"Development over Time of SEK's Available Funds" shown in Item 5.e "Operating
and Financial Review and Prospects--Risk management--Funding and Liquidity
Risks".
NOTE 23. OTHER LIABILITIES
<Table>
<Caption>
2002 2001
----------------------------------- -----------------------------------
CONSOLIDATED PARENT OF WHICH CONSOLIDATED PARENT OF WHICH
GROUP COMPANY S-SYSTEM GROUP COMPANY S-SYSTEM
------------ -------- --------- ------------ -------- ---------
Liability to subsidiaries............... n.a. 30.8 -- n.a. 2.2 --
Tax liability........................... 11.5 11.2 -- -- -- --
Balanced premiums and discounts and
corresponding items related to
liabilities and assets, respectively
(balanced as liabilities)............. 143.0 143.0 1.5 81.2 81.2 3.7
Derivative contracts with negative
values................................ 6,630.0 6,630.0 4.0 9,880.7 9,880.7 227.1
Liabilities related to assets acquired
though not yet delivered and paid
for................................... -- -- -- 169.5 169.5 --
Other................................... 3,763.3 3,763.3 59.5 3,756.0 3,756.0 61.7
-------- -------- ---- -------- -------- -----
Total................................... 10,547.8 10,578.3 65.0 13,887.4 13,889.6 292.5
</Table>
NOTE 24. ACCRUED EXPENSES AND PREPAID REVENUES
<Table>
<Caption>
2002 2001
----------------------------------- -----------------------------------
CONSOLIDATED PARENT OF WHICH CONSOLIDATED PARENT OF WHICH
GROUP COMPANY S-SYSTEM GROUP COMPANY S-SYSTEM
------------ -------- --------- ------------ -------- ---------
Interest expenses accrued............... 2,923.9 2,923.9 241.1 3,503.7 3,503.7 328.8
Prepaid revenues and other accrued
expenses.............................. 64.9 64.5 0.0 61.9 61.6 0.0
------- ------- ----- ------- ------- -----
Total................................... 2,988.8 2,988.4 241.1 3,565.6 3,565.3 328.8
</Table>
F-24
<Page>
NOTE 25. ALLOCATIONS
<Table>
<Caption>
2002 2001
----------------------------------- -----------------------------------
CONSOLIDATED PARENT OF WHICH CONSOLIDATED PARENT OF WHICH
GROUP COMPANY S-SYSTEM GROUP COMPANY S-SYSTEM
------------ -------- --------- ------------ -------- ---------
Pension liabilities.............. 18.2 18.2 -- 18.4 18.4 --
Deferred taxes related to untaxed
reserves....................... 380.8 n.a. -- 385.0 n.a. --
----- ---- --------- ----- ---- ---------
Total............................ 399.0 18.2 -- 403.4 18.4 --
</Table>
NOTE 26. SUBORDINATED DEBT
<Table>
<Caption>
2002 2001
----------------------------------- -----------------------------------
CONSOLIDATED PARENT OF WHICH CONSOLIDATED PARENT OF WHICH
GROUP COMPANY S-SYSTEM GROUP COMPANY S-SYSTEM
------------ -------- --------- ------------ -------- ---------
Perpetual, non-cumulative
subordinated loan, foreign
currency (A),(B)............... 1,765.0 1,765.0 -- 2,133.5 2,133.5 --
Non-perpetual, cumulative
subordinated loan, foreign
currency (C)................... 459.6 459.6 -- 2,604.5 2,604.5 --
------- ------- --------- ------- ------- ---------
Total subordinated debt
outstanding.................... 2,224.6 2,224.6 -- 4,738.0 4,738.0 --
Of which denominated in:
Swedish kronor................... -- -- -- -- -- --
Foreign currencies............... 2,224.6 2,224.6 -- 4,738.0 4,738.0 --
</Table>
- ------------------------
(A): Nominal value USD 150 million. Interest payments quarterly in arrears at a
rate of 7.375 percent per annum provided that (i) SEK pays a dividend to its
shareholders, or (ii) the Annual General Meeting has expressly approved such
interest payments. Convertible, at SEK's option, into non-cumulative preference
shares. Redeemable, at SEK's option, on or after September 1, 2003, at
100 percent of the nominal value. Redemption requires the prior approval of the
Swedish Financial Supervisory Authority.
(B): Nominal value USD 50 million. Interest payments quarterly in arrears at a
rate of 7.2 percent per annum provided that (i) SEK pays a dividend to its
shareholders, or (ii) the Annual General Meeting has. expressly approved such
interest payments. Convertible, at SEK's option, into non-cumulative preference
shares. Redeemable, at SEK's option, on or after December 5, 2002, at
100 percent of the nominal value. Redemption requires the prior approval of the
Swedish Financial Supervisory Authority.
(C): Nominal value EUR 50 million. Matures on June 21, 2010. Interest payments
quarterly in arrears at a rate of Euribor plus 0.43 percent. Callable, at SEK's
option, on or after June 21, 2005, at 100 percent of the nominal value.
Redemption requires the prior approval of the Swedish Financial Supervisory
Authority. If not called coupon will step up to Euribor plus 1.43 percent.
The accrued interest related to the subordinated debt, at year-end Skr
10.8 million (27.3), has been included in the item "Accrued expenses and prepaid
revenues".
F-25
<Page>
NOTE 27. SHAREHOLDERS' FUNDS
<Table>
<Caption>
SHARE
CAPITAL(A) OTHER NON- TOTAL NON- NET PROFIT TOTAL
AND LEGAL DISTRIBUTABLE DISTRIBUTABLE UNDISTRIBUTED FOR THE DISTRIBUTABLE
RESERVE CAPITAL CAPITAL PROFITS YEAR CAPITAL TOTAL
---------- ------------- ------------- ------------- ---------- ------------- ---------
Consolidated Group 2002:
Opening balance.................... 1,130.0 989.9 2,119.9 1,525.5 1,525.5 3,645.4
Dividend paid during the year...... -360.4 -360.4 -360.4
Transfer between distributable and
nondistributable shareholders'
funds............................ 2.8 2.8 -2.8 -2.8
Net profit for the year............ 479.7 479.7 479.7
------- ------- ------- ------------- ---------- -------------- --------
Closing balance.................... 1,130.0 992.7 2,122.7 1,162.3 479.7 1,642.0 3,764.7
Parent Company 2002:
Opening balance.................... 1,130.0 1,130.0 1,545.8 1,545.8 2,675.8
Dividend paid during the year...... -360.4 -360.4 -360.4
Net profit for the year............ 491.6 491.6 491.6
------- ------- ------- ------------- ---------- -------------- --------
Closing balance.................... 1,130.0 1,130.0 1,185.4 491.6 1,677.0 2,807.0
Consolidated Group 2001:
Opening balance.................... 1,130.0 1,003.8 2,133.8 1,371.9 1,371.9 3,505.7
Dividend paid during the year...... -401.0 -401.0 -401.0
Transfer between distributable and
nondistributable shareholders'
funds............................ -13.9 -13.9 13.9 13.9
Net profit for the year............ 540.7 540.7 540.7
------- ------- ------- ------------- ---------- -------------- --------
Closing balance.................... 1,130.0 989.9 2,119.9 984.8 540.7 1,525.5 3,645.4
Parent Company 2001:
Opening balance.................... 1,130.0 1,130.0 1,390.2 1,390.2 2,520.2
Dividend paid during the year...... -401.0 -401.0 -401.0
Net profit for the year............ 556.6 556.6 556.6
------- ------- ------- ------------- ---------- -------------- --------
Closing balance.................... 1,130.0 1,130.0 989.2 556.6 1,545.8 2,675.8
</Table>
- ------------------------
(A): The share capital amounts to Skr 990 million (990,000 shares at Skr 1,000
each) and the legal reserve amounts to Skr 140 million. All line items in the
column "Share capital and Legal reserve" include these two components.
The Swedish Government's ownership share in SEK is approximately 65 percent
and ABB's ownership share is approximately 35 percent.
The ownership of the Swedish State is managed by the Ministry for Foreign
Affairs, while the ownership of the ABB Group is held by ABB Structured Finance
Investment AB.
It is the intention of the shareholders and of the Company that SEK will
always have risk capital that is well above the regulatory requirements.
The Government and ABB established, in connection with the ownership change
in June 2000, a guarantee fund of callable capital, amounting to Skr
600 million in total (Skr 300 million from each) in favor of SEK. SEK may call
on capital under the guarantee fund if SEK finds it necessary in order to be
able to fulfill its obligations.
NOTE 28. CONTINGENT LIABILITES AND COMMITMENTS
Contingent liabilities and commitments are reported in connection with the
balance sheet. Further, the amounts are also specified in the table "Capital
Base and Required Capital" in Item 5.d "Operating and Financial Review and
Prospects--Liquidity and Capital Resources--Capital Adequacy".
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
F-26
<Page>
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 table "Capital Base
and Required Capital" in Item 5.d "Operating and Financial Review and
Prospects--Liquidity and Capital Resources--Capital Adequacy" are included
derivative instruments to a nominal value amounting to Skr 243,285 million
(243,965).
NOTE 29. CERTAIN ASSETS AND LIABILITIES
BREAK-DOWN BY MATURITY, 2002
<Table>
<Caption>
3 MONTHS
LESS THAN
MATURITY MATURITY
LESS THAN LESS THAN
TOTAL MATURITY OR EQUAL TO OR EQUAL TO
BOOK VALUE ON DEMAND 3 MONTHS YEAR
------------ ---------- ------------- ------------
Total credits outstanding... 39,032.9 106.3 5,386.6 6,466.5
Interest-bearing
securities................ 85,402.2 -- 7,200.3 19,806.3
TOTAL ASSETS................ 124,435.1 106.3 12,586.9 26,272.8
Borrowing from credit
institutions.............. 611.9 44.6 181.7 14.5
Borrowing from the public... 33.4 -- 20.7 9.3
Senior securities issued.... 111,968.3 -- 5,629.1 9,691.2
TOTAL SENIOR DEBT........... 112,613.6 44.6 5,831.5 9,715.0
NET......................... 11,821.5 61.7 6,755.4 16,557.8
<Caption>
1 YEAR 5 YEARS
LESS THAN LESS THAN
MATURITY MATURITY
LESS THAN LESS THAN MATURITY AVERAGE
OR EQUAL TO OR EQUAL TO GREATER THAN MATURITY
5 YEARS 10 YEARS 10 YEARS (IN DAYS)
--------------- --------------- -------------- ---------
Total credits outstanding... 21,396.2 4,938.1 739.2 1,022
Interest-bearing
securities................ 50,246.4 7,473.9 675.3 465
TOTAL ASSETS................ 71,642.6 12,412.0 1,414.5
Borrowing from credit
institutions.............. 371.1 -- -- 352
Borrowing from the public... 2.7 0.7 -- 247
Senior securities issued.... 57,418.8 9,923.3 29,305.9 2,986
TOTAL SENIOR DEBT........... 57,792.6 9,924.0 29,305.9 2,972
NET......................... 13,850.0 2,488.0 -27,891.4
</Table>
BREAK-DOWN BY INTEREST-TERM MATURITY, 2002
<Table>
<Caption>
3 MONTHS 1 YEAR 5 YEARS
LESS THAN LESS THAN LESS THAN
MATURITY MATURITY MATURITY MATURITY
LESS THAN LESS THAN LESS THAN LESS THAN
TOTAL MATURITY OR EQUAL TO OR EQUAL TO OR EQUAL TO OR EQUAL TO
BOOK VALUE ON DEMAND 3 MONTHS 1 YEAR 5 YEARS 10 YEARS
---------- ---------- ------------- ------------- ------------- ------------
Total credits
outstanding............. 39,032.9 106.3 13,657.4 10,872.2 9,977.3 3,940.4
Interest-bearing
securities.............. 85,402.2 -- 48,882.9 8,521.4 22,237.1 5,737.5
TOTAL ASSETS.............. 124,435.1 106.3 62,540.3 19,393.6 32,214.4 9,677.9
Borrowing from credit
institutions............ 611.9 44.6 181.7 14.5 371.1 --
Borrowing from the
public.................. 33.4 -- 20.7 9.3 2.7 0.7
Senior securities
issued.................. 111,968.3 -- 15,073.4 21,817.8 60,386.6 7,804.1
TOTAL SENIOR DEBT......... 112,613.6 44.6 15,275.8 21,841.6 60,760.4 7,804.8
NET....................... 11,821.5 61.7 47,264.5 -2,448.0 -28,546.0 1,873.1
<Caption>
MATURITY AVERAGE
LESS THAN MATURITY
10 YEARS (IN DAYS)
----------- ----------
Total credits outstanding.................. 479.3 639
Interest-bearing securities................ 23.3 281
TOTAL ASSETS............................... 502.6
Borrowing from credit institutions......... -- 352
Borrowing from the public.................. -- 247
Senior securities issued................... 6,886.4 1,291
TOTAL SENIOR DEBT.......................... 6,886.4 1,285
NET........................................ -6,383.8
</Table>
NOTE 30. COMPARISON OF BOOK VALUES AND FAIR VALUES
Although, as a consequence of the policies applied with regard to
interest-rate and currency exchange exposures, the net value of the Company's
assets (with exception for assets held to hedge the return on the Company's
equity), liabilities and off-balance sheet instruments generally is not
materially affected by changes in interest-rates and currency exchange rates,
the Company has determined--solely for the purpose of satisfying the
regulations in effect--to report fair values of its assets, liabilities and
other contracts at year-end. The Company has--with exception of the S-system,
the results of which are settled by the State according to agreements between
SEK and the State (see also Note 1 (b)--(c))--positive margins between the
yield on its assets and the yield on its liabilities. These margins are
reported on an accrual basis over the maturity of the underlying contracts.
Accordingly, the fair value of the liabilities of SEK (i.e., SEK exclusive of
the S-system) does not exceed the difference between, on the one hand, the
aggregate fair value of SEK's assets and derivative contracts and, on the
other hand, the book value of SEK's shareholders' funds. The following table
includes book values and fair
F-27
<Page>
values (however, see below) for items reported, on or off balance sheet, in
the cases when book values and fair values, according to the Company's
calculations, differ.
In the cases where quoted market values for the relevant items are available
(which is the case for certain interest-bearing securities), such market values,
calculated based on bid prices, 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.
In the process of estimating or deriving fair values, certain simplifying
assumptions have been made. For instance, the fair values of credits with fixed
interest rates have been calculated based on estimated market interest rates
that would have been applicable if the credits had been granted on December 31,
2002, other things being equal. Similarly, the fair values of borrowings with
fixed interest rates have been calculated based on estimated market interest
rates that would have been applicable if the borrowings had been made on
December 31, 2002, other things being equal. Further, the fair values of assets,
liabilities, and other contracts with floating interest rates have, in
accordance with the regulations, been approximated to be equal to the nominal
amount of these contracts. The Company estimates the fair values of "Prepaid
expenses and accrued revenues" and "Accrued expenses and prepaid revenues" to be
approximately the same as their book values.
Accordingly, the fair values reported do to a large extent represent values
that have been estimated by the Company.
No representation is made that the fair values reported reflect real market
values.
With regard to the S-system, it should be noted that the results under such
system are settled by the State according to agreements between SEK and the
State. See also Notes 1(b)-(c).
Due to the large uncertainty about the fair values, the values in the
following table are stated in billions of Swedish kronor.
It should be noted that certain business contracts of the Company may
include components that are included in various items, reported on- or
off-balance sheet.
<Table>
<Caption>
CONS. GROUP AND OF WHICH CONS. GROUP AND OF WHICH CONS. GROUP AND
PARENT COMPANY S-SYSTEM PARENT COMPANY S-SYSTEM PARENT COMPANY OF WHICH S-SYSTEM
BOOK VALUE BOOK VALUE FAIR VALUE FAIR VALUE SURPLUS/DEFICIT VALUE SURPLUS/DEFICIT VALUE
2002 (SKR BILLION) --------------- ---------- --------------- ---------- --------------------- ---------------------
Treasuries/government
bonds.............. 6.0 0.1 6.3 0.1 0.3 0.0
Other interest-bearing
securities......... 79.4 -- 80.4 -- 1.0 --
Credits to credit
institutions....... 13.0 6.5 12.9 7.0 -0.1 0.5
Credits to the
public............. 26.0 5.0 26.3 5.1 0.3 0.1
Derivative contracts
with positive
values (net
assets)............ 2.7 -- -0.6 -- -3.3 --
Borrowing from credit
institutions....... -0.6 0.0 -0.5 0.0 0.1 0.0
Borrowing from the
public............. 0.0 0.0 0.0 0.0 0.0 0.0
Senior securities
issued............. -112.0 -3.2 -113.8 -3.4 -1.8 -0.2
Derivative contracts
with negative
values (net
liabilities (-))... -6.6 -- -3.5 -- 3.1 --
Subordinated
securities issued.. -2.2 -- -3.0 -- -0.8 --
</Table>
F-28
<Page>
NOTE 31. PROPOSAL FOR THE DISTRIBUTION OF PROFITS
All amounts are in Skr million, unless otherwise indicated.
The results of the Company's operations during the year and its financial
position at December 31, 2002 can be seen in the Income Statements, Balance
Sheets, Statements of Cash Flows and related Notes for the Consolidated Group
and the Parent Company. The following proposal regarding distribution of profits
relates to the Parent Company. Total distributable capital in the Consolidated
Group as of December 31, 2002 was 1,642.0. Transfer to non-distributable capital
in the Consolidated Group amounts to 0.1.
<Table>
After the payment of a dividend of 360.4 to the shareholders
as approved by the 2002 Annual General Meeting, the
remaining profit carried forward is....................... 1,185.4
Add profit for the year after appropriations and taxes...... 491.6
-------
At the disposal of the Annual General Meeting 1,677.0
-------
The Board of Directors and the President propose that the
Annual General Meeting dispose of these funds as follows:
- --Dividend of Skr 323 per share, amounting to............... 319.8
- --Remaining disposable funds to be carried forward.......... 1,357.2
-------
1,677.0
-------
</Table>
NOTE 32. TRANSACTIONS WITH RELATED PARTIES
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 the other shareholder(s). Such transactions may include borrowings as
well as extensions of credits (in the form of direct or pass-through credits).
Transactions with such parties are conducted on the same terms (including
interest rates and repayment schedules) as transactions with unrelated parties.
The amounts of assets and liabilities in respect of related parties
outstanding at December 31, 2002, 2001, and 2000, and selected other information
regarding transactions with related parties during the three-year period ended
December 31, 2002, are as follows:
<Table>
<Caption>
DECEMBER 31,
------------------------------
2002 2001 2000
-------- -------- --------
(IN MILLIONS OF SKR)
Interest-bearing Securities................................. 2,331.6 2,822.4 3,404.0
Outstanding Credits(1)...................................... 217.1 336.7 482.3
Outstanding Senior Debt..................................... 85.2 45.6 30.2
Outstanding Subordinated Debt............................... -- -- --
</Table>
- ------------------------
(1) Not including credits guaranteed by the State and related entities or other
shareholders.
<Table>
<Caption>
YEAR ENDED
DECEMBER 31,
------------------------------
2002 2001 2000
-------- -------- --------
(IN MILLIONS OF SKR)
Net interest revenues(2).................................... 31.1 52.6 866.6
Net commission expenses..................................... (6.0) (6.0) (6.0)
</Table>
- ------------------------
(2) Excluding reimbursement from the State
F-29
<Page>
NOTE 33. RECONCILIATION TO ACCOUNTING PRINCIPALS GENERALLY ACCEPTED IN THE
UNITED STATES
Swedish generally accepted accounting principles vary in certain respects
from U.S. GAAP. The significant variations with respect to SEK excluding the
S-system are:
DEFERRED TAXATION--U.S. GAAP requires the recognition of a deferred tax
liability on all taxable temporary differences in full. A deferred tax asset is
recognized for temporary differences that will result in deductible amounts in
the future to the extent it is more likely than not that the benefit will be
realized. Such comprehensive tax accounting has only been required in Sweden as
from January 1, 2001 with the implementation of the provisions of IAS 12.
Accordingly, certain deferred tax assets have not been recognized in SEK
financial statements through December 31, 2000.
OWN DEBT REPURCHASED--Under U.S. GAAP, any gain or loss incurred in
connection with reacquisition of the Company's debt instruments would be
recognized immediately together with gains or losses on early termination of
related derivatives. Se Note 1 (p) for the Swedish GAAP treatment.
DEBT SECURITIES--The Company holds a large hedge account in securities which
under Swedish GAAP are reported on an amortized-cost basis (see Note 1(j)). The
Company has determined to treat all of its securities held in the hedge account
as "Available-for-Sale-Securities" under U.S. GAAP and, accordingly, to
recognize related unrealised gains or losses, net of tax as comprehensive
income.
As of January 1, 1996, the Company transferred certain debt securities
which were reported as trading-securities under US GAAP to
held-to-maturity-securities. The excess of the market value over par value,
previously recorded in income, at the date of such transfer is amortized over
the remaining life of the security.
DERIVATIVES--Statement of Financial Accounting Standard (SFAS) No. 133,
Accounting for Derivative Instruments and Hedging Activities, and SFAS No. 138,
Accounting for Certain Derivative Instruments and Certain Hedging Activities,
were effective for the Company as of January 1, 2001. SFAS 133 and SFAS 138
require that an entity recognizes all derivatives as either assets or
liabilities measured at fair value. The accounting for changes in the fair value
of a derivative depends on the use of the derivative. Derivatives that are not
designated as part of a hedging relationship must be adjusted to fair value
through income. If a derivative is a hedge, depending on the nature of the
hedge, the effective portion of the hedge derivative's change in fair value is
either (i) offset against the change in fair value of the hedged asset,
liability or firm commitment for the risk being hedged through income, or
(ii) held in equity until the hedged item is recognized through income. The
ineffective portion of a hedge derivatives' change in fair value is recognized
immediately in income.
Certain assets, liabilities and designated derivatives had qualified for
hedge accounting under previous U.S. GAAP standards. These hedging relationships
did not on January 1, 2001, nor on December 31, 2001, qualify for hedge
accounting under the new accounting standards. 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 qualified for hedge accounting under the new
accounting standards and thereby the volatility in earnings has been reduced.
Adoption of these new accounting standards has resulted in the Company
recording a cumulative after-tax increase in other comprehensive income of Skr
181 million (net of related income tax of Skr 71 million) at January 1, 2001.
Also at January 1, 2001, the carrying value of certain assets and liabilities
and designated derivatives that qualified for hedge accounting under previous
U.S. GAAP standards and were deemed fair value hedges was adjusted by Skr
1,645 million with no impact on net income. Because such hedging relationships
did not qualify for hedge accounting under the new accounting standards, changes
in the fair value of the previously designated derivatives are being recognized
in income while the adjustment to the carrying value of the assets and
liabilities is being
F-30
<Page>
accreted to income on a level yield basis over an estimated average life of
eleven years. Such changes in fair value and accretion are included in
"derivatives and hedging activities" in the summary of significant adjustments
tables which follow.
FOREIGN EXCHANGE DIFFERENCES ON INVESTMENT SECURITIES--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 liabilities denominated in, or
hedged into, the same currency.
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.
OTHER--Other items include refunds of surplus from a multiemployer pension
plan not yet collected recognized under Swedish GAAP but to be recognized on a
cash basis under U.S. GAAP.
EARNINGS PER SHARE--Earnings per share (Swedish GAAP) and earnings per share
(U.S. GAAP) are calculated as, respectively, net profit (Swedish GAAP) per share
and net profit (U.S. GAAP) per share. The total number of shares at
December 31, 2002, was 990,000 (2001: 990,000, 2000: 990,000, 1999: 700,000). In
connection with the ownership change in 2000, a bonus issue of 290,000 shares
was made in favor of the Swedish Government resulting in a total number of
990,000 outstanding shares in SEK. Therefore, the earnings per share (Swedish
GAAP) and earnings per share (U.S. GAAP) in 2000 were calculated on the average
number of shares that year.
No reconciliation of significant material variations between Swedish
accounting principles and U.S. GAAP has been made with respect to the S-system
because any such variations that affected the Company's net profit would be
offset by an adjustment in the amount reimbursed by the State. (See Note 1(b)
and (c)).
F-31
<Page>
The following is a summary of the significant adjustments to net profit and
shareholders' funds that would be required if U.S. GAAP were to be applied
instead of Swedish GAAP:
<Table>
<Caption>
YEAR ENDED DECEMBER 31,
------------------------------
2002 2001(1) 2000
-------- -------- --------
(IN MILLIONS OF SKR UNLESS
OTHERWISE STATED)
Net profit for the year under Swedish GAAP.................. 479.7 540.7 601.8
After-tax effects of amortization of unrealised gains on
securities transferred into the held-to-maturity category
in 1996................................................... (5.1) (5.7) (18.3)
Gains/(losses) in connection with repurchases of own-debt... 51.4 56.9 22.6
Transition adjustment related to adoption of SFAS 133....... -- -- n.a.
Derivatives and hedging activities.......................... 210.3 1,242.9 n.a.
Foreign exchange differences on available-for-sale
securities................................................ 2,695.9 (2,458.9) n.a.
Other....................................................... 13.0 (0.3) (12.7)
Tax effect of U.S. GAAP adjustments......................... (831.8) 324.6 (2.8)
Deferred taxation........................................... 0 (12.5) 18.1
Net adjustments............................................. 2,133.7 (853.0) 6.9
Net profit (loss) for the year under U.S. GAAP.............. 2,613.4 (312.3) 608.7
Earnings (loss) per share under U.S. GAAP (Skr)............. 2,639.8 (315) 720
</Table>
- ------------------------
(1) Restated.
<Table>
<Caption>
DECEMBER 31,
---------------------
2002 2001
--------- ---------
(IN MILLIONS OF SKR)
Shareholders' funds under Swedish GAAP..................... 3,764.7 3,645.4
Unamortized gains on securities transferred to held to
maturity securities in 1996 on an after-tax basis........ 22.3 27.4
After-tax difference between fair value and book value in
available-for-sale securities............................ 79.3 276.3
Transition adjustment related to adoption of SFAS 133
resulting in an after-tax increase in other comprehensive
income................................................... 181.5 181.5
Amortization of transition adjustment on an after-tax
basis.................................................... (98.3) (52.4)
Derivatives and hedging activities......................... 1,453.2 1,242.9
Gains/(losses) in connection with repurchases of
own-debt................................................. 65.7 14.3
Other...................................................... -- (13.0)
Tax effect of U.S. GAAP adjustments........................ (425.3) (348.3)
Deferred taxation.......................................... 5.6 5.6
Net adjustments............................................ 1,284.0 1,334.3
Shareholders' funds under U.S. GAAP........................ 5,048.7 4,979.7
</Table>
Reportable segments of SEK's operations under SFAS No. 131 "Disclosures
about Segments of an Enterprise and Related Information" are the M-system and
the S-system, both reported separately in the consolidated income statement with
additional information in Note 1(b) and Note 1(c).
F-32
<Page>
The holding gains on available-for-sale securities, including foreign
exchange difference adjusted from net profit, would under U.S. GAAP be reported
with "Comprehensive Income" under SFAS No. 130 "Reporting Comprehensive Income".
The following is a summary of the significant adjustments to Comprehensive
Income that would be required if U.S. GAAP were to be applied instead of Swedish
GAAP:
<Table>
<Caption>
YEAR ENDED DECEMBER 31
------------------------------
2002 2001 2000
-------- -------- --------
(IN SKR MILLION UNLESS
OTHERWISE STATED)
Net profit (loss) for the year under U.S. GAAP.............. 2,613.4 (312.3) 608.7
Other comprehensive income:
After-tax difference between fair value and book value of
available-for-sale securities (exclusive of foreign
exchange differences)..................................... (197.0) 0.7 (120.6)
After-tax difference between fair value and book value of
available-for-sale securities solely related to foreign
exchange differences...................................... (1,941.0) 1,770.4 --
After-tax effect of transition adjustment related to
adoption of SFAS 133...................................... -- 181.5 --
After-tax effect of amortization of SFAS 133 transition
adjustment................................................ (45.9) (52.4) --
Total other comprehensive income............................ (2,183.9) 1,900.2 (120.6)
Comprehensive income under U.S. GAAP........................ 429.5 1,587.9 488.1
</Table>
ACCOUNTING FOR DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES--SFAS 133
"Accounting for Derivative Instruments and Hedging Activities," as amended by
SFAS 138 (the "Standard") is the foundation of a set of U.S. GAAP requirements
for accounting for derivatives. The Standard requires that all derivative
instruments be recorded on the balance sheet at fair value; the accounting for
changes in fair value of the derivative depends on whether the derivative
qualifies as a hedge. If the derivative instrument does not qualify as a hedge,
changes in fair value are reported in earnings when they occur. However, if the
derivative qualifies as a hedge, the accounting varies based on the type of risk
being hedged (see previous discussion herein of accounting for derivatives in
designated hedging relationships).
In the hedging relationship of a financial asset or liability, SEK
designates the risk being hedged as one of the following:
(1) The risk of changes in the overall fair value of the entire hedged item
(2) The risk of changes in its fair value attributable to changes in the
designated benchmark rate (referred to as interest rate risk)
(3) The risk of changes in its fair value attributable to changes in the
related foreign currency exchange rates (referred to as foreign exchange
risk)
(4) The risk of changes in its fair value attributable to changes in the
obligor's creditworthiness and changes in the spread over the benchmark
interest rate with respect to the hedged item's credit sector at
inception of the hedge (referred to as credit risk).
If the risk designated as being hedged is not the risk in (1) in the
paragraph above, SEK may designate one or more of the other risks (interest rate
risk, foreign currency exchange risk and credit risk) as the hedged risk. The
benchmark interest rate being hedged in a hedge of interest rate risk will be
specifically identified as part of the designation and documentation at the
inception of the hedging relationship.
As SEK currently hedges the risk of fair value changes in its loans or
investments, the transactions are accounted for according to the fair value
hedge model pursuant to SFAS 133.
There are currently four different strategies used within SEK to hedge
changes in fair value.
F-33
<Page>
(A) Hedge of changes in fair value due to interest rates. It is SEK's objective
to mitigate the risk of changes in fair value due to changes in interest
rates, i.e., to convert a fixed interest rate in loans or investments into a
variable interest rate. The hedging instrument is an interest rate swap
(IRS), swapping fixed to floating interest rates.
(B) Hedge of changes in fair value due to interest and foreign exchange rates.
It is SEK's objective to mitigate the risk of changes in fair value due to
changes in interest and foreign exchange rates, i.e. to convert a fixed
interest rate in one currency into a variable interest rate in the
functional currency. The hedging instrument is a Cross currency interest
rate swap (CIRS), going from fixed interest rate in one currency to floating
interest rate in another currency.
(C) Hedge of changes in fair value due to interest rates, including embedded
derivatives bifurcated from debt host contracts. As in strategy (A), above
it is SEK's objective to mitigate the risk of changes in fair value due to
changes in interest rates, i.e., to convert a fixed interest rate in loans
or investments into a variable interest rate. The hedging instrument is a
group of derivatives consisting of IRS and options, forwards or futures. The
group of derivatives will result in going from fixed interest rate to
floating interest rate.
(D) Hedge of changes in fair value due to interest and foreign exchange rates,
including embedded derivatives bifurcated from debt host contracts. As in
strategy (B) above, it is SEK's objective to mitigate the risk of changes in
fair value due to changes in interest and foreign exchange rates, i.e., to
convert a fixed interest rate in one currency into a variable interest rate
in the functional currency. The hedging instrument is a group of derivatives
consisting of CIRS and options, forwards or futures. The group of
derivatives will result in going from fixed interest rate in one currency to
floating interest rate in another currency.
Both at inception of the hedge and on an ongoing basis, SEK's hedging
relationships are expected to be highly effective in offsetting changes in fair
values attributable to the hedged risks.
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. Embedded features, such as options,
futures or forwards will be valued using the best accessible market data and
best practice valuation models. A valuation from an external counterparty may
also be used. Using a market price for the transaction in question or for a
similar transaction will derive the fair value of the option, future or forward
contracts. The fair value may also be delivered from an external counterparty.
F-34