Carnegie Investment Bank AB - Interim report 1 January – 31 March 2010

- Higher commission fees in Securities, increased customer activity in Private Banking and high activity in the M&A and ECM markets. - Strong equity market but continued low turnover. - Income amounted to SEK 369m (283), an increase of 30 percent in relation to 2009. - Operating expenses amounted to SEK 358m (389), corresponding to a decrease of 8 percent, compared with 2009. - Profit before tax amounted to SEK 81m (loss: 105). - Claus Gregersen appointed head of Carnegie’s Danish operations. - The Asset Management business area was divested from Carnegie on 31 December 2009.

President’s comments Cautious optimism The beginning of 2010 extended the cautiously positive trend that concluded last year, with a gradually improving economic climate and increased market activity. In parallel with a lower cost base, selective recruitments and overall greater efficiency, Carnegie’s prerequisites for continued positive development were strengthened. The Investment Banking business area is the part of Carnegie where increased market activity was most clearly evident. Activity in the corporate transaction market was favourable, and Carnegie won several major mandates during the quarter. Within Private Banking, activity also increased, and the inflow of capital remained strong. Securities showed the greatest percentage improvement in relation to the preceding year, but consideration must be given to the weak comparison period. The trend on the stock exchange was strong, but turnover on the exchanges remained low as a consequence of uncertainty regarding the strength of the economic recovery in Europe and the US. During the quarter, there were several key recruitments. Claus Gregersen was appointed as head of Carnegie’s Danish operations and will be a member of Group management. Claus has extensive expertise, and his large network provides every opportunity for contributing to a strengthening of Danish operations and Carnegie as a whole. Another new initiative during the quarter was that we recruited a team within algorithm/high frequency trading in order to strengthen this area within Securities. Our industry will undergo a major transition over the coming years driven by changes in regulations, new demands from clients and a changed competitive situation. Carnegie’s ability to adapt to client demands has always been one of the company’s foremost strengths. We constantly strive to be a flexible organisation that attracts the best employees in order to be able to meet client demands and to create an attractive comprehensive offering. That is what our clients expect from us. Frans Lindelöw President and CEO