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Stadshypotek: Highlights of Stadshypotek's Annual Report January - December 2016

Stadshypotek's operating profit increased by 6%, or SEK 650m, to SEK
11,366m (10,716). Net interest income grew by SEK 606m to SEK 12,362m
(11,756). This increase was primarily due to higher lending volumes
to the private market in Sweden. Of the net interest income, SEK 577m
(875) was attributable to the branch in Norway, SEK 377m (417) to the
branch in Finland and SEK 345m (276) to the branch in Denmark. The
decrease in net interest income at the Norwegian branch was
attributable to lower margins for both the private and corporate
markets, although this was offset slightly by an increase in lending
volumes. The decrease in net interest income at the Finnish branch
can mainly be explained by lower margins, while net interest income
at the Danish branch rose due to an increase in lending volumes to
the private market. Excluding the branches, net interest income
increased by SEK 875m. Net gains/losses on financial transactions
increased to SEK 82m (29).

Expenses decreased by SEK 18m to SEK -1,047m (-1,065), mainly due to a
lower level of sales compensation paid to the parent company for the
services performed by the branch operations on behalf of Stadshypotek
in relation to the sale and administration of mortgage loans.

Net loan losses totalled SEK -2m (2).
Loans to the public increased by 6%, or SEK 68bn, to SEK 1,151bn
(1,083). In Sweden, loans to the public increased by 5%, or SEK 46bn,
to SEK 983bn (937). Loans to the private market in Sweden increased
by 7%, or SEK 46bn, to SEK 670bn (624). The credit quality of lending
operations remains very good. Impaired loans, before deduction of the
provision for probable loan losses, decreased by SEK 6m and totalled
SEK 103m (109). Of this amount, non-performing loans accounted for
SEK 41m (66), while SEK 62m (43) related to loans on which the
borrowers pay interest and amortisation, but which are nevertheless
considered impaired. There were also non-performing loans of SEK 328m
(338) that are not classed as being impaired loans. After deductions
for specific provisions totalling SEK -32m (-32) and collective
provisions of SEK -4m (-5) for probable loan losses, impaired loans
totalled SEK 67m (72).

Issues made under Stadshypotek's Swedish covered bond programme
totalled SEK 112.7bn (112.8). During the year, a nominal volume
totalling SEK 82.7bn (115.3) matured or was repurchased. In Norway,
bonds to the value of NOK 10.2bn (1.5) were issued during the year
and bonds to the value of NOK 200m were repurchased. Issues of
covered bonds under the EMTCN programme totalled EUR 2.75bn (1.25),
of which EUR 0.5bn related to the first issue using the cover pool
that was established in Finland during the year as collateral. During
the year, bonds to the value of EUR 1.5bn, CHF 225m, GBP 350m and SEK
4.7bn matured.

The total capital ratio according to CRD IV was 67.4% (67.8) while the
common equity tier 1 ratio calculated according to CRD IV was 39.2%
(40.2). Further information on capital adequacy is provided in the
Own funds and capital requirement section on page 19.

During the year, Fitch upgraded Stadshypotek's long-term rating from
AA- to AA. Stadshypotek's other ratings remained unchanged during the

|Stadshypotek |Covered bonds|Long-term|Short-term|
|Moody's | Aaa| -| P-1|
|Standard & Poor's| | AA-| A-1+|
|Fitch | | AA| F1+|

Stockholm, 8 February 2017
Ulrica Stolt Kirkegaard
Chief Executive
Stadshypotek discloses the information provided herein pursuant to the
Securities Markets Act.

Submitted for publication on 8 February 2017, at 11.00 CET.

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