INTERIM REPORT JANUARY 1 - MARCH 31, 2006

OPERATING INCOME SEK 219 (95) MILLION OPERATING EARNINGS SEK 82 (18) MILLION EARNINGS AFTER TAX SEK 58 (13) MILLION EARNINGS PER SHARE SEK 8.6 (2.7) OPERATING MARGIN DOUBLED TO 38 (19) PERCENT ASSETS UNDER MANAGEMENT INCREASED SEK 10 BILLION IN FIRST QUARTER TO SEK 64 BILLION, OF WHICH NET INFLOW SEK 2.2 BILLION

Comments from CEO Patrik Enblad Developments in the first quarter have exceeded our expectations. Income has almost doubled, while operating earnings and earnings per share have tripled relative to the first quarter of 2005, pro forma including HQ Fonder. This positive trend has continued during April. HQ’s business concept has for a long time been to explore, innovate and perform, a concept that has successively earned success through increasingly large market shares and a strengthened position. HQ has developed from a private brokerage into a manager of assets, and in other words has moved from volatility to stability. Advanced financial services and tailored solutions sometimes demand bank status, and with the launch of HQ Bank we are also able to deliver this type of service. HQ Bank is one of several strategic steps in securing HQ’s leading position. Our focus is on added-value services. By exploring, innovating and performing we will refine our own niches and take a profitable position in both Investment Banking and Private Banking. This will benefit HQ’s clients, employees and our shareholders.

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