Notes

All amounts in SEK thousands.

Note 1. Premium income

	2007	2006
Premium income, gross	397,946	770,024
Premium refunds	-214,021	-75,455
Premium repayments	-244	-9,639
Other premium-related costs	-93	-67
Premium income, net	183,588	684,863
Changes to claims relating to premiums in arrears, nominal	226,923	1,489,461
Changes to claims relating to premiums in arrears, adjusted for present value	-16,003	-415,720
Changes to claims relating to premiums in arrears, risk adjustment	11,861	-167,156
Changes to claims relating to premiums in arrears, net	222,781	906,585
Total premium income	406,369	1,591,448

Note 2. Technical reserves for estimated risk in exposure

Provisions for actuarially calculated risk of the exposure: gross (before re-insurance)

	Provision for expected losses	Provision for unexpected losses	Total provision
OB 2006	-3,782,000	-5,055,000	-8,837,000
Change during the year	-338,000	-430,000	-768,000
CB 2006 / OB 2007	-4,120,000	-5,485,000	-9,605,000
Change during the year	255,000	73,000	328,000
CB 2007	-3,865,000	-5,412,000	-9,277,000

Reinsurer’s share of provisions for actuarially calculated risk in the exposure:

	Provision for expected losses	Provision for unexpected losses	Total provision
OB 2006	52,000	42,000	94,000
Change during the year	435,000	645,000	1,080,000
CB 2006 / OB 2007	487,000	687,000	1,174,000
Change during the year	31,000	99,000	130,000
CB 2007	518,000	786,000	1,304,000

Provisions for actuarially calculated risk in the exposure: net (after re-insurance):

	Provision for expected losses	Provision for unexpected losses	Total provision
OB 2006	-3,730,000	-5,013,000	-8,743,000
Change during the year	97,000	215,000	312,000
CB 2006 / OB 2007	-3,633,000	-4,798,000	-8,431,000
Change during the year	286,000	172,000	458,000
CB 2007	-3,347,000	-4,626,000	-7,973,000

Note 3. Recoveries

Recoveries with agreed due dates up to and including the closing date are stated as income for the year. As of the closing date, recovered claims of SEK 60,780 thousand had been received, and were still to be allocated. Of this total, some 80%, or SEK 48,624 thousand was stated as income without specific allocation. The remaining 20% has been stated as a liability to guarantee-holders. In the previous year, a sum of SEK 310,781 thousand was stated without specific allocation. The net difference between the amounts without specific allocation in 2007 and 2006 (SEK -262,157 thousand) is included in the result for the year.

	2007	2006
Principal, own insurance	720,110	1,284,105
Principal, from re-insurers	7,535	6,991
Principal, re-insurers’ share	-3,051	-5,784
Total principal	724,594	1,285,312
Capitalised interest, own insurance	248,283	143,339
Capitalised interest, from re-insurers	306	263
Capitalised interest, re-insurers’ share	-131	0
Total capitalised interest	248,458	143,602
Interest, own insurance	216,416	149,937
Interest, from re-insurers	2,797	2,302
Interest, re-insurers’ share	-5,200	-6,748
Total interest	214,013	145,491
Recovered claims without specific allocation	-262,157	141,061
Total recovered claims	924,908	1,715,466

Note 4. Actuarially calculated net value of claims

	Gross value	Provision for expected losses	Provision for unexpected losses	Net value
OB 2006	10,573,000	-7,319,000	-140,000	3,114,000
Change during the year	-2,309,000	1,105,000	3,000	-1,201,000
CB 2006 / OB 2007	8,264,000	-6,214,000	-137,000	1,913,000
Change during the year	-1,397,000	864,000	13,000	-520,000
CB 2007	6,867,000	-5,350,000	-124,000	1,393,000

Note 5. Other operating costs

	2007	2006
Total	-6,104	-6,054
Premiums PA91 and PA03	-7,502	-6,060
Change in pension provision	1,398	6

Note 6. Operating costs

	2007	2006
Personnel costs	-78,708	-69,191
Cost of premises	-11,079	-14,664
Other operating costs	-26,887	-22,764
Depreciation	-1,270	-1,334
Administrative compensation	182	1,915
Total operating costs	-117,762	-106,038

A sum of SEK 135,000 in taxable remuneration was paid to the chairman. SEK 107,500 was paid to the first deputy chairman and SEK 83,250 to the second deputy chairman. SEK 75,000 each was paid to Kristina Alsér and Wilhelm Alstermark. Anna-Karin Jatko received SEK 71,666. Yvonne Gustafsson received SEK 55,000, Christian de Filippi received 27,500 up to 30 June, and Andreas Skinnars and Teppo Tauriainen were each paid SEK 27,500.

Karin Apelman, Director General, was paid remuneration of SEK 981,012, and the retiring Director General, Olof Rydh, was paid SEK 246,574. No remuneration was paid to Karin Apelman or Olof Rydh in their capacity as board members.

No other benefits or future commitments have been agreed in favour of any members of the EKN board or its Director General.

Members of EKN’s Board held the following positions as members of the boards of other state authorities or companies.

Lennart Nilsson, chairman of AP Real Estate, member of The Swedish Financial Supervisory Authority. Göran Johnsson, chairman of Unionkonsult, member of Swedbank, Elanders, The Swedish Television, IQ-Initiativet, The Fourth Swedish National Pension Fund, Swedish Foundation for Strategic Research and Umeå University Karin Apelman, member of SEK. Kristina Alsér, member of Swentec, Globalisation Council and Kalmar University. Yvonne Gustafsson, chairman of The National Government Employee Pension Board, chairman of The Swedish Nuclear Waste Fund, member of BAE Systems AB, The Swedish National Defence College and ESO. Wilhelm Alstermark, Ulla Holm, Andreas Skinnars, Teppo Tauriainen and Anna-Karin Jatko had no other board positions.

Note 7. Currency fluctuations

	2007	2006
Realised currency gains/losses on assets	10,775	-127,763
Realised currency gains/losses on liabilities	0	-1
Unrealised currency gains/losses on assets	-51,064	-485,382
Unrealised currency gains/losses on liabilities	37,573	61,713
Total	-2,716	-551,433

Not 8. Computers and other equipment

	2007		2006
	Acquisition value	Accumulated depreciation	Acquisition value	Accumulated depreciation
Net value stated in balance sheet	2,011		1,908
Opening balance	21,939	-20,031	21,050	-18,697
Acquisitions during the year	1,373	0	889	0
Depreciation for the year	0	-1,270	0	-1,334
Closing balance	23,312	-21,301	21,939	-20,031

Note 9. Pension funds and provisions for pension liabilities

Pension funds amounting to SEK 21,904 thousand have been funded with the Swedish National Debt Office for future pension payments and corresponded to pension provisions. Pension provisions refer to previous employees who as of 31 Dec 2003 received a retirement pension.

Note 10. Other long-term holdings of securities

The breakdown of EKN’s other long-term holdings of securities was as follows:

	2007		2006
Currency	Amount in currency thousand	Equivalent value in SEK 000s	Amount in currency thousand	Equivalent value in SEK 000s
Total		10,217,045		9,833,508
SEK	7,500,000	7,500,000	7,500,000	7,500,000
USD	240,882	1,551,278	260,090	1,779,015
EUR	123,361	1,165,767	61,406	554,493

As at 31 Dec 2007, EKN’s other long-term holdings of securities consisted of fixed interest investments in SEK with the Swedish National Debt Office [RGK], for a fixed duration of up to five years to an amount of SEK 7,500,000 thousand; foreign exchange deposits in USD at Swedish commercial banks with a duration of up to two years to an amount equivalent to SEK 257,600 thousand; bonds in USD issued by Swedish and European banks as well as Swedish State-owned companies with a duration of up to four years to an amount equivalent to SEK 1,293,678 thousand; foreign exchange deposits in EUR at Swedish commercial banks with a duration of up to three years to an amount equivalent to SEK 274,050 thousand; plus bonds in EUR issued by Swedish and European commercial banks and Swedish State-owned companies, with a duration of up to four years to an amount equivalent to SEK 891,717 thousand.

Note 11. Receivables from guarantee holders

	2007	2006
Total receivables from guarantee-holders	1,606,935	1,218,020
Debited premiums owing	12,729	112,258
Premiums relating to binding offers	369,577	187,391
Investment guarantee premiums	0	2,709
Counter-guarantee premiums	1,336	9,077
Total receivables from guarantee holders, advance payments	383,642	311,435
Premiums in arrears, nominal	1,716,384	1,489,461
Premiums in arrears, change in capitalized value	-337,796	-415,720
Premiums in arrears, adjusted for risk	-155,295	-167,156
Total receivables from guarantee-holders, payments in arrears	1,223,293	906,585

Note 12. Accruals and deferrals

Prepaid costs and accrued income consisted of the following:

	2007	2006
Accrued interest income on investments at fixed rates of interest	147,838	149,788
Prepaid rent for first quarter of coming year	2,457	2,319
Other	84	10
Total	150,379	152,117
Accrued costs and deferred income consisted of the following:
Interest compensation to guarantee holders for recoveries without specific allocation	1,592	1,541
Accrued vacation and overtime pay	3,554	3,607
Other	235	165
Total	5,381	5,313

Note 13. Short-term investments, plus cash and bank balances

The breakdown of the EKN’s liquid funds and securities by currency was as follows:

	2007		2006
Currency	Amount in currency thousand	Equivalent value in SEK 000s	Amount in currency thousand	Equivalent value in SEK 000s
Total		4,368,660		3,475,121
SEK	3,113,702	3,113,702	2,157,618	2,157,618
USD	171,865	1,106,814	56,073	383,538
EUR	6,379	60,280	93,938	848,257
CHF	2,838	16,121	2,590	14,553
JPY	1,195,716	71,743	1,185,914	71,155

As at 31 Dec 2007, EKN’s liquid funds consisted of bank deposits in SEK of SEK 3,113,702 thousand, of which SEK 3,084,881 thousand were placed in interest-bearing accounts at the Swedish National Debt Office (RGK), and SEK 28,821 thousand was invested in the Swedish commercial banks. Foreign currency bank deposits amounted to the equivalent of SEK 67,806 thousand. Investments at fixed rates of interest in foreign currencies consisted of currency deposits at Swedish commercial banks, plus bonds issued by Swedish banks with a duration of up to one year at a value equivalent to SEK 1,187,152 thousand.

Note 14. Loans for fixed assets, Swedish National Debt Office RGK

EKN’s loan limit for fixed assets equalled SEK 6,500 thousand at 31 Dec 2007

	2007	2006
Closing liability	2,108	2,781
Opening liability	2,781	2,341
Amount of loan	600	500
Amortisation payments	-1,273	-60