SEK: Interim report, first six months of 2007

SEK stands strong

Thanks to high business volumes in a market otherwise characterized
by high liquidity and pressures on margins, AB Svensk Exportkredit
achieved improved earnings for the first half of the year. Core
earnings amounted to Skr 284.6 million, compared to Skr 267.4 million
during the same period of the previous year.  Borrowing during the
first six months was very successful, amounting to Skr 71.8 billion.
This is more than borrowing for the previous year as a whole. SEK has
high liquidity in order to provide credit to the Swedish export
industry - a liquidity that is particularly important at a time when
it can be difficult to borrow money.

  * Core earnings for the first six months amounted to Skr 284.6
    (267.4)
  * Operating profit (IFRS) totalled Skr 292.6 million (249)
  * The volume of new customer financial transactions was Skr 27.2
    billion (36.2)
  * A new financing alternative intended for small and medium-sized
    companies - the Export Loan - is established
  * Company lending remained strong
  * Successful borrowing, new bond platform and high liquidity


SEK improved it core earnings for the first six months by Skr 17.2
million to Skr 284.6. New customer financial transactions for the
first six months totalled Skr 27.2 billion, of which approximately 50
percent comprised loans to companies. The lending volume for Q2 was
Skr 13.7 billion."It is extremely satisfying that we achieved such strong earnings
despite reduced margins on our lending. The Swedish companies remain
very active in the global export market. Facilitating their work is
an important and natural aspect of our operations. In addition, for
small and medium-sized companies we created the Export Loan, which we
hope will help hone their competitive edge," says Peter Yngwe, MD of
AB Svensk Exportkredit.

SEK's borrowing during the first six months was very successful.
Borrowing totalled Skr 71.8 billion, which is 10.5 billion more than
borrowing during the previous year as a whole. This period also saw
the largest individual borrowing in SEK's history - a three-year bond
loan in the amount of 1 billion Euros. In addition, SEK issued a
number of large bond loans, including a two-year bond for 1 billion
US Dollars. SEK has also entered into an agreement as first emitter
to participate in a new platform - ELEMENTS - for bond trade on the
stock exchange in the USA. SEK will be partnering with Distributors,
Index Providers and US Securities Exchanges to offer index linked
notes across asset classes. Investors will be able to buy and sell
the notes through Financial Advisors on U.S. securities exchanges.

The finance market of many countries was characterized by unrest and
turbulence in August. The uncertainty also affected the credit risk
market, resulting in greatly reduced liquidity that made it more
difficult for banks and other borrowers to borrow money. SEK has high
liquidity and has now further enhanced its liquidity in preparation
for a possible increased need from the Swedish export industry.  The
liquidity is primarily placed in high-qualitative assets with very
high rating. A small portion of these undergo market valuation. SEK
has no direct exposure to the uncertain American subprime market.

For more information, contact Peter Yngwe, MD, 08-613 83 00 or Johan
Winlund, Information Director, 08-613 84 88

The full report including tables can be downloaded from the enclosed
link: