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					-1.50    96.50    98       98       98.50    96.50   6    42   104       66.5
 1.00   693      699      699      699      689      8    29   710      525
-2.00   691      695      691      695      688      7    28   707      527
-0.50   141      141.50   141      141.50   141     -2   -20   181      131



                     fact
-3.00   293.50   294      294      296.50   292     11    53   300      171
-3.50   291      291.50   291      294.50   290     11    54   297      167.5
+0.50   112      112.50   112      112.50   111     11    18   125       86.5


                     book
+0.50   111.50   112      112      112      110.50 11     17   124.50    86
+5.00   302      303      303      304      293.50 -22     6   504      254
-2.50    59       59.50    59.50    61.50    58.50   2   -19    88       52.5
        312      399        -        -        -     13     -   410      275
-1.00
-5.00
-3.50
        321.50
        144
        138.50
                 325
                 148
                 139
                     1998 325
                          148
                          139.50
                                   325
                                   149
                                   141
                                            319
                                            143
                                            136.50
                                                    18
                                                     5
                                                     7
                                                         -14
                                                          43
                                                          41
                                                               387
                                                               187.03
                                                               178.40
                                                                        254
                                                                         99.7
                                                                         95.5
        153.50   154      154      154      153.50 23     72   154       82.5
-1.00   398      399      405      405      394      8     5   510      368
-1.00   320      321      320      324      317     10    34   336      238
+1.00   321      322      321      324      317     14    35   337      238
-2.50   206      208      206      208      205      0     6   247      190
-1.50   200      202      200      201      200      0     6   241      187
-2.00   207      210      207      210      207     -2     6   250      198
-2.00   204      210        -        -        -     -0     6   245      191
-3.00   241      241.50   241      247      236.50 10     30   262      180
-3.50   240.50   241      240.50   247.50   236.50 10     30   260      180
-3.00   215      219      218      220      215      5   -11   270      162
-1.50   222      223      222.50   227      220      7   -10   273      165
-5.00   295      300      300      300      300      5   -16   483      270
        304      305      304      304      298      8   -12   485      270
-0.50   113.50   114      114      114      113     -1     -   120.50    99
+0.50   300      301      300      300.50   297     15     -   305      213
        126.50   127      126.50   127.50   126      9     5   150      108.5
        126.50   127      126.50   127.50   126.50   9     6   148      109
-2.50   171.50   172      172      175      171.50 -4     33   186      108.5
-0.90    48.80    48.90    48.90    50       48.50 -10    16    58       32.6
                                       STOCKHOLM STOCK EXCHANGE                        •   FACT BOOK 1998




                                                        Table of contents

The Stockholm Stock Exchange.......................1                              Leading International Stock Exchanges 1997.............35
                                                                                  Foreign Trade in Swedish equities..............................37
The Stockholm Stock Exchange over
the last 10 Years..........................................................2      A-list
                                                                                  New Companies in 1997............................................38
The Swedish Securities Market.........................4                           Delisted Companies in 1997......................................39
                                                                                  Most Traded Stocks in 1997......................................40
Trading on the Stockholm                                                          Basic Data 1997.........................................................41
Stock Exchange.....................................................6
Trading system............................................................6       OTC-list
                                                                                  New Companies in 1997............................................46
Investors ..................................................................8     Delisted Companies in 1997......................................47
                                                                                  Most Traded Stocks in 1997......................................47
Issuers ....................................................................10    Basic Data 1997.........................................................48
Issuers’ fees................................................................11
                                                                                  O-list
Members................................................................13         New Companies in 1997...........................................50
Members’ fees...........................................................13        Delisted Companies in 1997......................................51
Number of Stock Exchange Members........................15                        Most Traded Stocks in 1997......................................52
Number of Brokers’ Representatives..........................15                    Basic Data 1997........................................................53
Member Firms’ Market Share 1995 to 1997..............16
Number of Brokers’ Representatives                                                Convertible loans
per Member Firm......................................................18           New Loans in 1997...................................................56
                                                                                  Delisted Loans in 1997..............................................57
Information on the Stockholm Stock                                                Basic Data 1997........................................................57
Exchange Indices
Overview...................................................................19     Warrants, Call Options:
Description of Indices................................................19          Basic Data 1997........................................................58

Tables                                                                            Bond Market........................................................60
Stockholm Stock Exchange Indices,                                                 Bond Indices ............................................................61
1992 to 1997 ............................................................21       Bond and Money Market Indices ............................63
Stockholm Stock Exchange Indices............................21                    Bond Market ............................................................64
Market Capitalization by Industry,                                                SOX – Listed Bond Issues 1997 ................................65
year-end 1997 ..........................................................23        Premium Bonds ........................................................73
Supply of Risk Capital to the Stock Market ..............23
Supply of Risk Capital, 1990 to 1997 .......................24                    Publications          ........................................................74
Rights Issues and Capitalizations in 1997 .................25
Company Name Changes 1997.................................27                      Addresses
Acquisitions and Takeover Bids in 1997....................27                      Members of the Stockholm Stock Exchange..............75
Trading Halts and Listing Suspensions......................28                     Organizations ...........................................................79
International Stock Exchanges, 1988 to 1997............29
Foreign Investment in Swedish Equities ....................30                     Board of Directors                ...........................................80
Swedish Investment in Foreign Equities.....................31
                                                                                  Executive Management ....................................80
Foreign Companies Listed on the Stockholm
Stock Exchange .......................................................32          Currency Conversion Rates
Swedish Equities listed abroad ................................34
                             S TOCK HOLM S TOCK EX CHA NGE             •   FA CT BOO K 1 9 9 8




       THE STOCKHOLM STOCK EXCHANGE


The Stockholm Stock Exchange is an exchange authori-              list, for example regarding the minimum quality of dis-
zed under the Securities Exchange and Clearing Opera-             closure and a minimum distribution of share ownership.
tions Act (SFS 1992:543) and is regulated by the Swe-             Companies pay fees to the Exchange based on their mar-
dish Financial Supervisory Authority. The Stockholm               ket capitalization, with certain qualifications. Riksbanken
Stock Exchange is a limited liability company and a sub-          (Bank of Sweden) clears members’ share dealings. Sett -
sidiary within the OM Group.                                      lement and share registry services are generally provided
   The Stockholm Stock Exchange began operations in               by the Swedish Central Securities Depository (VPC).
1863 and was incorporated as a company in 1993. Early
in 1998, The Stockholm Stock Exchange merged with the             Interest bearing securities
Swedish derivatives exchange OM Group.                            The Exchange also provides an electronic system for
   The Stockholm Stock Exchange and the Copenhagen                small-scale bond trading, the Stockholm Bond Exchange
Stock Exchange have signed an agreement covering a                (SOX). In addition, the Exchange receives reports on sett-
common Nordic securities market, Nordic exchanges                 lement prices and quantities of institutional trading in
–NOREX. In a first step, trading in Danish shares via the          bonds. A daily list of the most heavily traded bonds and
Stockholm Stock Exchange’s new SAX2000 trading sys-               a monthly list of others are published. In addition, the
tem will commence in 1999.                                        Exchange calculates and distributes a number of indices
                                                                  for the interest bearing securities market.
BUSINESS CONCEPT
The Stockholm Stock Exchange shall meet the needs of              Other trading
capital, market valuation and investment opportunities            The SAX system also comprises trading in premium
by providing marketplace services for members, issuers            bonds, convertible loans, subscription rights, exchange
and investors.                                                    traded options/warrants and other instruments. The
                                                                  Exchange also provides facilities in the SAX system for
S T R ATEGIC GOALS                                                trading in shares quoted on “Aktietorget” (submarket for
The Stockholm Stock Exchange’s strategic goals are to             small company shares) and on “Nya Marknaden” (sub-
– be one of the leading stock exchanges in Europe, and            market for unlisted shares).
– create a common market for trading in Nordic securi-
   ties.                                                          Selling information
To achieve these objectives, the Stockholm Stock                  The Exchange sells electronic market information to ven-
Exchange shall provide                                            dors, who distribute it to Swedish and international sub-
– cost-effectiveness                                              scribers such as banks, securities houses and investors.
– quality and confidence
– extensive and fair trading, and                                 Regulations and surveillance
– future-oriented technology utilization.                         To ensure that market players receive reliable infor-
                                                                  mation on share trading, a members’ agreement
                                                                  regulates conditions, such as the obligation of mem-
THE EXCHANGE’S ACTIVITIES
                                                                  bers to report certain information to the Exchange.
Share Trading                                                     In addition, a registration contract and a listing
The Exchange’s dominant activity is share trading. Trades         agreement regulate information that listed compa-
are executed in SAX, the electronic trading system which          nies must report about their activities to the stock
the Exchange’s members are entitled to use. For this right,       market. The duties of the Exchange include super-
members pay fees based on the number and value of tra-            vising compliance with these rules and ensuring that
des executed. Only shares that are registered (on the A-          members and companies registered or listed on the
list) or listed (OTC and O-lists) on the Exchange can be          Exchange generally act in a manner that fosters the
traded. The Exchange stipulates prerequisites for each            confidence of investors in the securities market.




                                                              1
                                     S TOCK HOLM S TOCK EX CHA NGE              •   FACT BOOK 1998




                                                             TABLE 1


                         THE STOCKHOLM STOCK EXCHANGE
                              OVER THE LAST 10 YEARS

EXCHANGE TRADING: SHARES

TOTAL                                      1988    1989     1990         1991        1992      1993    1994      1995     1996      1997
Trading volume (SEK billion)               118.9   123.5    103.6        130.3       171.0    339.3    658.8    664.8     918.0    1 345.6
Year-end market value (SEK billion)        629.3   799.8    558.1        558.4       551.7    891.6    976.2   1 179.1   1 687.7   2 164.0
Turnover rate, %                            22       16      15           21          32       45       71       61        66        66
Number of shares traded, (million)         715     824      806         1 163       2 146    4 944    6 650    5 981     8 431     9 021
Number of trading days                     253     251      250          250         251      252      253      251       251       249
Number of new companies, net 3)             19     66 2 )    22            7           6       21       39       17        18        54
Number of delisted companies, net 3)        23       26      30           35          31       21       16       22        12        22
Number of listed companies at year-end     226     266      258          230         205      205      228      223       229       261
of which foreign companies                   9        9      15           13          13       11       11       11        12        16


LISTED STOCKS A-LIST         1)


Trading volume (SEK billion)               115.4   112.8     93.5        124.6       165.5    321.0    608.5    628.3     861.9    1 220.1
Number of shares traded, (million)         670     637      601          966        1 853    3 480    4 426    4 702     6 701     7 356
Average transaction size (SEK thousand)    204     233      171          178         186      244      294      288       320       335
Number of transactions (thousand)          346     308      371          492         683     1 309    2 074    2 269     2 697     3 640
Average daily volume (SEK million)         457     449      374          499         659     1 274    2 405    2 503     3 434     4 900
Market value (SEK billion)                 613.7   743.7    525.5        540.0       539.6    838.8    891.6   1 140.6   1 594.8   1 838.3
Turnover rate, %                            22       16      14           20          32       46       69       61        65        66
Change in index, %                         +51     +23      -30           +5          +-0     +52       +5      +18       +38       +24
Number of new companies                      9        9       7            6           5        7       10       20          8         6
Number of delisted companies                15       16      19           11          14       13        8         8         6       34
Number of listed companies at year-end     151     144      132          127         118      112      114      126       128       100


OTC-LIST      1)


Trading volume (SEK billion)                 3.5      3.7     3.4          1.6         1.2      4.7      9.0       8.9     11.5      14.2
Number of shares traded (million)           45       33      35           27          57      401      394      478       541       381
Average transaction size (SEK thousand)     57       73      74           46          36       55       61       58        63        59
Number of transactions (thousand)           61       33      26           22          22       85      147      157       184       238
Average daily volume (SEK million)          14.0     15.0    13.7          6.4         4.7     18.8     35.5     35.6      45.9      56.9
Market value (SEK billion)                  15.6     19.0    11.8          5.3         2.8      8.6     12.5     13.6      18.6      36.1
Turnover rate, %                            28       22      22           20          27       81       83       69        79        53
Change in index, %                         +51     +15      -34           -28         -35    +173      +29       +5       +51       +32
Number of new companies                     10        5       2            0           1        2        7         7         2       16
Number of delisted companies                 8        6      10           16           8        3        2         4         6         3
Number of listed companies at year-end      75       74      66           50          43       42       47       50        46        59


         1)
O-LIST
Trading volume (SEK billion)                 –        7.0     6.7          4.1         4.3     13.6     41.3     27.6      44.6     111.4
Number of shares traded (million)            –     154      170          170         236     1 063    1 830     801      1 189     1 284
Average transaction size (SEK thousand)      –     111       79           43          50       72      101       89       113       116
Number of transactions (thousand)            –         –     67           82          64      183      407      202       394       958



                                                                    2
                                       S TOCK HOLM S TOCK EXCHA NGE                       •   FA CT BOOK 1 9 9 8




                                                                      ...TABLE 1




                                                 1988      1989       1990         1991        1992           1993      1994       1995      1996         1997
Average daily volume (SEK million)                 –        27.9       26.9         16.5        17.1           54.0     163.4      109.9     177.9        447.0
Market value (SEK billion)                         –        37.1       20.8         13.1         9.3           44.2      72.1       24.9      74.3        289.6
Turnover rate, %                                   –        27         23           24          33             77        59         57        99           66
Change in index, %                                 –        +8        -47           -25         -30           +82       +14        +23       +49          +26
Number of new companies                            –        21         18            9          14             18        28          9        14           57
Number of delisted companies                       –        14          6           16          23             11        12         29            6        10
Number of listed companies at year-end             –        48         60           53          44             51        67         47        55          102


BONDS 4)
Convertible loans A-list
Trading volume (SEK billion)                       2.9        1.8       2.2          3.3         4.1            7.9        9.6       5.5          2.3       0.5
Number of outstanding loans                       31        35         45           50          38             27        25         11            7         5


Convertible loans O-list
Trading volume (SEK billion)                       –          0.7       1.2          0.2         0.1            3.3        0.6       0.3          0.0       0.1
Number of outstanding loans                        –          9        14           17          17              9          3         4            1         3


Premium bonds
Trading volume (SEK billion)                      21.5      12.7        4.9          4.3         3.0            4.2        3.6       3.5          4.0       3.5
Nominal value (SEK billion)                       55.0      48.9       46.8         45.6        49.4           55.8      60.2       64.8      60.1         60.8


SOX market (retail bond market)
Trading volume (SEK billion)                       –          –         –            0.4         9.3            7.3      28.7       29.0      11.8         12.3
Market value (SEK billion)                         –          –         –             –         18.3           21.8      44.8       69.1      76.2         69.2
Number of outstanding loans                        –          –         –           24          64             81       105        136       183          253
Number of issuers                                  –          –         –            9          15             17        20         19        18           20


Interest-bearing bonds on the daily list (off exchange)
Trading volume (SEK billion)                     986       801      1 030         1 870       2 955         5 326      7 757      6 473    10 227       13 558
Market value (SEK billion)                         –       458       455           588         683          1 004       906       1 122     1 243        1 422
Turnover rate %                                    –       175        226          318         432            530       856        577       823          953
Number of outstanding loans                      286       331       344           311         241            190       151        101        86           88


Interest-bearing bonds on the monthly list (off exchange)
Nominal value (SEK billion)                        –          –         –             –           –             –       250        168       186          188
Number of outstanding loans                    1 249     1 152      1 036          873         822            733       679        650       657          653


DERIVATIVES, number of contracts (thousand)
OM Stockholm
Stock options                                  2 100     3 195      2 849         4 074       3 543         7 068     10 055     12 808    12 920       19 486
OMX-options                                    4 467     5 016      5 169         4 826       5 605         4 073      5 812      6 067     5 399        3 546

1)                                                                                                     2)
     For a description of the A-list, OTC-list and O-list, please refer to pages 10 and 11.                 Incl. 41 companies from the O-list.
3)                              4)
     Net excl.list changes.          For a description of the bond market, please refer to page 60.


                                                                              3
                               STOCKHOLM STOCK EXCHANGE                     •   FACT BOOK 1998




               The Swedish Securities Market


                           Bonds                                Shares
                  (institutional trading)           (+ retail bonds through SOX)            Derivatives



Supervision                                  The Swedish Financial Supervisory Authority


 Securities
                        The Swedish Central Securities Depository (VPC)
registration


     Listing                        Stockholm Stock Exchange                               OM Stockholm

                                                    Stockholm Exchanges
    Trading     institutional money market




                                                           Intermediaries




                                                              Investors




The Swedish securities market primarily con-                          Legislation and Surveillance
sists of the Stockholm Stock Exchange which                           Swedish law regarding the trading of financial
main activity is equity trading and OM                                instruments is fully harmonized with EU legis-
Stockholm which organizes trading in deri-                            lation including the Investment Services Direc-
vatives. Early in 1998, the two exchanges                             tive, ISD. The Stockholm Stock Exchange is
merged, creating a joint equities and deriva-                         authorised pursuant to the Securities
tives exchange called Stockholm Exchanges.                            Exchange and Clearing Operations Act (SFS
   The bond market is divided into the institu-                       1992:543), with the Swedish Financial Super-
tional money market which is a telephone                              visory Authority as the competent authority.
contact market based on a primary dealer sys-                            The Swedish Financial Supervisory Authori-
tem and the retail, private bond market which                         ty is the central body for surveillance of insti-
is an automated market run by the Stockholm                           tutions on the securities market, including
Stock Exchange.                                                       banks and brokerage houses, fund managers,


                                                                  4
                      STOCKHOLM STOCK EXCHANGE           •   FACT BOOK 1998




exchanges and the Swedish Central Securities         sion of an authority in their home country.
Depository, VPC, which handles registration             Only exchange members are entitled to
and settlement of equities.                          trade in the SAX system. Through the
                                                     Membership Agreement signed with the
                                                     Exchange, the members agree to follow tra-
The Stockholm Stock                                  ding rules and report trades to the Exchange.
Exchange’s jurisdiction                              The Exchange’s Market Surveillance depart-
                                                     ment continuously monitors the market in
LISTED COMPANIES                                     order to ensure compliance with trading rules
The listed companies are supervised by the           and at an early stage detect any signs of mar-
Stockholm Stock Exchange according to the            ket movements that might compromise inves-
Registration Agreement, which stipulates             tors’ confidence. Breaches to the membership
obligations regarding the disclosure of infor-       agreement can lead to termination of the
mation to the market. Through the Discipli-          membership. The member firms have the
nary Committee, the Exchange has the power           legal responsibility for all orders and trades.
to fine or ultimately delist companies which
violate the terms of the agreement. The              CLEARING AND SETTLEMENT

Exchange’s Information Surveillance depart-          Registration of shares and settlement of tra-
ment monitors all information disclosed by           des is generally carried out through the Swe-
the companies in order to ensure compliance          dish Central Securities Depository VPC,
with the registration agreement.                     which operates a dematerialized book entry
                                                     system. Clearing of member firm’s equity tra-
EXCHANGE MEMBERS                                     ding is normally conducted as a daily netting
Swedish Exchange members must be authori-            operation via the Bank of Sweden among all
zed by the Financial Supervisory Authority to        participating banks. However, large trades
conduct securities business. Membership              may be processed via Real Time Gross Settle-
based on mutual recognition can be granted           ment, RTGS, an option mostly used in the
intermediaries based in an EEA country if            bond market.
they have a domestic permission to conduct              In the derivatives market, clearing and
securities business. Members based in other          settlement of trading is integrated with the
countries must be under satisfactory supervi-        trading system.




                                                 5
                         STOCKHOLM STOCK EXCHANGE              •   FACT BOOK 1998




               Trading on the Stockholm
                   Stock Exchange
Trading on the Stockholm Stock Exchange is
                                                                   MEMBERS
executed through the Exchange’s electronic
trading system SAX, to which members have
access. The members are banks and stockbro-                         SAXESS        3:RD PARTY        IN-HOUSE

king firms. All SAX traders must be employed
by a member firm and authorized by the                                              NETWORK
Exchange.
   Equity trading in SAX is open between                                               SAX
                                                                                     trading
10 a.m. and 5 p.m. CET (GMT +1 hour).                          Links from other
                                                                                     system
                                                                  exchanges.
However, intermediaries are allowed to trade                     Copenhagen           Data
                                                                     Oslo                            Information
around the clock on a proprietary or agency                        Helsinki
                                                                                  Dissemination
                                                                                     System            vendors

basis. Member firms are allowed to have short
                                                                                    Internet
positions within the limits of their capital cover.
   SAX is an order driven trading system, i.e.
orders are entered into the order book and                The Sax system mainly consists of the central SAX trading
                                                          system, a communications network and the members’ local
when prices and volumes meet, a trade is                  systems. The members’ system can either be developed in-
automatically executed. Although a large part             house by the member or supplied by a third party vendor or
of the trading is the direct result of buy and            by the Exchange (Saxess).
sell orders from investors, the members’
quote driven trading, as they quote prices                bonds and fixed interest rate securities.
through orders in the automated order book,               Although the usual denomination is SEK
has increased in recent years.                            100,000, trading in smaller amounts is pos-
   The stocks traded on the Stockholm Stock               sible. Trading is carried out through the
Exchange are divided into three separate lists:           SAX system.
the official A-list, the OTC list for smaller                 The majority of trading in interest bearing
companies with a record and the O-list for                instruments is carried out via telephone in a
other listed companies. At year-end 1997,                 professional money market and does not
there were 261 listed companies with shares               involve the Exchange. Trading volumes are
quoted on the Stockholm Stock Exchange                    subsequently reported to the Exchange and
and traded through SAX.                                   this information is published in the Exchange’s
   Trading in premium bonds has tradition-                daily price list covering 88 actively traded
ally been closely associated with equity tra-             bonds, and in a monthly list covering 653
ding. Premium bond transactions are also                  other registered bonds.
processed through the SAX system, in much
the same way as equities.                                 Trading System
   The Stockholm Bond Exchange, SOX, is a                 Trading is primarily conducted in the Stock-
computerized market place for trading in                  holm Stock Exchange’s automated trading


                                                      6
                       STOCKHOLM STOCK EXCHANGE               •   FACT BOOK 1998




system, SAX. SAX offers order routing,                THE NEW SAX2000 TRADING SYSTEM
automated matching, execution and integra-            Around year-end 1998, a new trading system,
ted real-time data dissemination facilities via       SAX2000, will start operating. SAX2000 has
PCs or other computers in the member                  been developed in-house by the Exchange’s
firms’ offices. The SAX system was introdu-           IT-department. Some of the main characteris-
ced in 1989 and enables the Exchange to               tics of the new system are support for extre-
handle large volumes of trading cost-effecti-         me peaks in order flow and integration of dif-
vely. The instruments traded through the              ferent types of instruments and markets.
SAX system include equities, bonds, premi-               SAX2000 is reverse-compatible which
um bonds, warrants, convertibles and fixed            means that members will be able to use the
interest securities. Only members of the              same systems that are currently connected to
Stockholm Stock Exchange have access to               SAX, thus minimizing adaptation costs.
the SAX system.                                          SAX2000 will cope with considerably more
   The SAX system matches buy and sell                concentrated order flows than any other share
orders to allow the automated execution of            trading system currently in use.
transactions when prices meet. Parties to             Numbers of trades per day
transactions involving large blocks of shares
may choose to deal directly with each other.          17500

These trades have to be reported to the SAX           15000
system within five minutes. There is also a
                                                      12500
small order - odd lot - system integrated with
the board lot market system.                          10000

   By international standards, SAX provides           7500
very high transparency in terms of both pre
                                                      5000
and post trade information.
                                                      2500
   SAX traders are provided with a thorough
overview of the market, because all current               0

orders can be displayed. Thus member firms                         1990 1991 1992 1993 1994 1995 1996 1997

have derived significant economies of scale            Since the introduction of SAX in 1989, the number of
and gained access to automated analysis by            trades per day has increased dramatically. In 1997, the
                                                      average number of transactions rose by 49 percent to
using the SAX system.
                                                      19 426 per day.




                                                  7
                       STOCKHOLM STOCK EXCHANGE            •   FACT BOOK 1998




                                      Investors

All shares in Swedish companies are freely             sions and may offer reductions or discounts
transferable between domestic and internatio-          for a large annual volume or for very large
nal investors as well as across borders. As a          single transactions. Commissions range from
rule, all shares of a given series of stock have       0.50 percent down to 0.05 per cent depending
equal rights. However, most listed companies           on the level of service. Foreign investors who
retain a system whereby one series of stock            are used to dealing in net prices, inclusive of
gives a lesser number of voting rights than            commission, can usually get the same service
another series of stock by the same issuer.            from Swedish stockbroking firms.
   International investors face no restraints on          Trades are confirmed through the issu-
the repatriation of the proceeds from their            ance of a printed contract note, which is
portfolio investments, nor of the principal            usually delivered to domestic clients by mail
amount. They are also exempt from Swedish              on the day after the trade day. Larger trades
capital gains and wealth tax. However, a               and transactions on behalf of foreign clients
withholding tax may apply to dividend pay-             are often confirmed over the telephone and
ments from Swedish companies to foreign                then by telefax. Clearing and settlement is
investors. Tax is normally withheld at the             carried out by the counter parties involved
standard Swedish rate of 30%, but in many              in the trade and is based on a continuous
cases can be reduced under existing bilateral          T+3 days cycle.
tax conventions so that it does not exceed the            In general, the registration of shares as well
tax on investment income in the country                as the settlement of traded shares is done
where the investor is domiciled. As an exam-           through the Central Securities Depository
ple investors from Belgium, Canada, Den-               VPC. Settlements are executed in SEK but a
mark, Finland, Germany, Italy, Japan, Net-             foreign customer may choose to settle trades
herlands, Norway, Spain, and the United Sta-           in any predetermined convertible currency.
tes will pay 15%, while UK investors pay 5%            This is often combined with the arrangement
and French investors pay nothing at all.               of a matching short-term forward foreign
                                                       exchange contract with the broker, in order to
COMMISSIONS                                            hedge the currency risk.
In order to buy or sell shares listed on the              Clearing of payments between intermedia-
Exchange investors can choose to use the ser-          ries is normally conducted as a daily netting
vices of any member of the Exchange. At year-          operation via Riksbanken (Bank of Sweden)
end 1997, the Stockholm Stock Exchange had             among all participating banks. For specific
46 member firms, domestic and foreign, with             trades, however, VPC can optionally offer the
access to the equity market. The member                facility of Real Time Gross Settlement
firms charge for their services through a com-          (RTGS), where each trade, delivery and pay-
mission on the amount shown on the contract            ment, is settled separately. This is primarily
note. They are free to set their own commis-           used in the bond market.


                                                   8
                              STOCKHOLM STOCK EXCHANGE                      •   FACT BOOK 1998




DEMATERIALIZED SYSTEM                                                “on behalf of customers”. Account operators
Swedish shares are completely dematerialized                         participate in the VPC clearing and settlement
and handled by VPC in an electronic book                             operations as clearing members. VPC distri-
entry system. There is no provision for the                          butes statements concerning payments,
issuance of depository certificates etc. in Swe-                      account changes and changes in holdings to
den in relation to securities in the VP-system.                      registered holders. They will also receive, if
Holders of securities are entered by private or                      so indicated, all information mailed from the
institutional name via a participating institu-                      company to their shareholders. Nominees
tion (KI), normally their bank or broker.                            are obliged to inform their customers about
Many foreign investors, however, use the                             payments, issues and other account state-
option of a nominee registration where their                         ments but will usually not forward annual
custodian bank or broker will be registered                          and interim reports etc.




                                           order                                      order
                                                            Bank /                                        Stockholm
               Investor
                                       contract note   Stockbroking firm                               Stock Exchange



                                                           Swedish
                           registration notice
                                                       Central Securities
                                                          Depository




All investors have to go through a bank or stockbroking firm in       the order has been executed and forwards the information to
order to buy or sell shares on the Stockholm Stock Exchange.         the Swedish Central Securities Depository, VPC, where the
When the bank or stockbroking firm receives a customer order,         settlement is done. Payment for traded shares is done through
a trader enters the order into the trading system SAX, where         the buyers’ and sellers’ bank or stockbroking firm. The inves-
a trade is automatically matched when prices and volumes             tor receives a contract note from the bank or stockbroking firm
meet. The trader immediately receives a confirmation when             and, when the trade is settled, a registration notice from VPC.




                                                                 9
                        STOCKHOLM STOCK EXCHANGE              •   FACT BOOK 1998




                                           Issuers

The issues traded on the Stockholm Stock                  exchange seeking a parallel listing on the
Exchange are separated into three lists: the              Stockholm Stock Exchange, or a company
official main market A-list and the two lists of           moving from one list to another, may be
the parallel markets, the OTC-list for smaller            exempted from publishing a prospectus as
companies with a record and the O-list for                long as there is not a new issue in connection
other listed companies.                                   to the transfer. Companies whose status as a
   The basic requirements for the disclosure              listed company has been called into doubt
of market information are specified in the                 may be temporarily listed under the heading
Securities Exchange and Clearing Operations               “Companies under observation”.
Act (SFS 1992:543) and by the Financial
Supervisory Authority’s regulation (FFFS                  SPECIFIC REQUIREMENTS FOR

1995:43) on the reporting and dissemination               THE A-LIST

of market information. These rules and regu-              In order to be listed on the A-list, a company
lations apply to the companies listed on the              must have:
Stockholm Stock Exchange and form the                     • At least 3 years of audited financial state-
basis of the Registration Agreement.                         ments.
   The agreement sets forth some specific                  • A minimum market capitalization of SEK
requirements regarding market information,                   300 million.
in addition to those required under Swedish               • At least 25% of the share capital and no
legislation. Companies on the A-, OTC- and                   less than 10% of the voting rights held by
O-lists fall under the jurisdiction of the                   no fewer than 2,000 investors, each of
Exchange, and may be fined or delisted if they                whom must hold at least one board lot
fail to comply with the rules of the Registra-               (approx. SEK 18,000 in 1997 market
tion Agreement or Swedish legislation.                       value). Holdings of 10% or more of the
   Decisions regarding the listing of a company              share capital will not be considered in this
are made by the Exchange Listing Committee.                  calculation.
In brief, the listing requirements are as follows.        The A-list is made up of the officially listed
                                                          companies and is the main market. The com-
GENERAL REQUIREMENTS FOR                                  panies are presented in alphabetical order
ALL LISTS                                                 under the headings; “Most traded stocks”,
In order to be listed on any of the Exchange’s            “Other stocks”, “Foreign stocks”, and “Pre-
lists, a company must:                                    ferred stocks”.
• Meet the Exchange’s requirements concer-
   ning financial stability, internal organiza-            SPECIFIC REQUIREMENTS FOR

   tion and its disclosure of information.                THE OTC-LIST

• Publish a Listing Prospectus.                           In order to be quoted on the OTC-list, a com-
A company already listed on a recognized                  pany must have:


                                                     10
                       STOCKHOLM STOCK EXCHANGE            •   FACT BOOK 1998




• At least 3 years of audited financial                 OTC- or O-list to the A-list SEK 300,000 is
  statements.                                          charged.
• A minimum market capitalization of
  SEK 50 million.                                      QUARTERLY FEES

• At least 25% of its share capital and no less        All listed companies pay a quarterly fee to
  than 10% of the voting rights held by no             the Exchange. The fee is 0.001125 % (i.e.
  fewer than 500 investors, each of whom               SEK 11.25 per million and quarter) based on
  must hold at least one board lot (approx.            the average market value of the company
  SEK 9,000 in 1997 market value). Hol-                during the last twelve months.
  dings of 10% or more of the share capital               Minimum charge: A-list: SEK 30,000 per
  will not be considered in this calculation.          quarter, OTC- and O-list together with
                                                       foreign companies with a secondary Swedish
SPECIFIC REQUIREMENTS FOR                              listing: SEK 15,000. Maximum charge:
THE O-LIST                                             SEK 750,000 per quarter.
In order to be quoted on the O-list, a compa-
ny must have:                                          FOREIGN COMPANIES

• At least 10% of its share capital and no less        Foreign companies may be admitted to the
   than 10% of the voting rights held by no            Stockholm Stock Exchange. Companies with
   fewer than 300 investors each of whom               a current listing on a recognized exchange
   must hold at least one board lot (approx.           may be admitted based on their domestic
   SEK 9,000 in 1997 market value). Hol-               markets’ regulatory framework. Companies
   dings of 10% or more of the share capital           with no listing on a recognized exchange
   will not be considered in this calculation.         must meet the same requirements as Swedish
                                                       companies.

Issuers’ fees                                          REGISTRATION OF SHARES

                                                       Swedish companies must have their shares
LISTING FEES                                           registered with the Swedish Central Securities
Companies seeking admittance to any of the             Depository (VPC), in order to be listed on the
three lists pay a listing fee when the applica-        Stockholm Stock Exchange.
tion is sent in to the Exchange. The fee inclu-           Foreign companies with a secondary lis-
des the costs of a standard external review            ting on the Stockholm Stock Exchange may
and a one year follow up.                              choose to enter into a depository arrange-
   The fees are: A-list: SEK 600,000, OTC-             ment with a Swedish bank, in order to parti-
and O-lists: SEK 300,000, foreign companies            cipate in the dematerialized book entry sys-
with a secondary Swedish listing: SEK                  tem for security transactions in Sweden. The
100,000. For shares transferred from the               company, as another option, may choose to


                                                  11
                      STOCKHOLM STOCK EXCHANGE           •   FACT BOOK 1998




have their shares remain in their domestic           Alternatively, foreign companies listed on the
Central Securities Depository (CSD) and              Stockholm Stock Exchange have the option
execute the clearing and settlement of trans-        of registering their shares with VPC under the
actions in Sweden through, for example,              same ISIN-code used on their domestic
Euroclear or Cedel.                                  exchange.




                                                12
                       STOCKHOLM STOCK EXCHANGE             •   FACT BOOK 1998




                                      Members

Trading on the Stockholm Stock Exchange                 bership of the Exchange and a separate agree-
can only be carried out through a member of             ment for trading in the SAX system.
the Exchange. At the beginning of 1998, the                By signing an additional agreement with
Exchange had 48 members including 22 Swe-               the Exchange, members may offer their cus-
dish banks and stockbroking firms and 26                 tomers the facility of automated order rou-
foreign owned, of which 15 were remote                  ting, which makes it possible for the custo-
members trading from abroad.                            mer to enter orders which are automatically
                                                        checked and forwarded to SAX by the mem-
REQUIREMENTS                                            bers’ systems.
The conditions for membership of the Stock-                To qualify as members, intermediaries
holm Stock Exchange are set forth in the                must participate directly or indirectly in the
Securities Exchange and Clearing Operations             Swedish Central Securities Depository, VPC,
Act (SFS 1992:543). Banks and stockbroking              in order to secure the necessary arrange-
firms which are authorized by the Financial              ments for timely clearing and settlement of
Supervisory Authority to conduct securities             transactions.
business can become members.
   Foreign companies located in a country
within the EEA can become members of the                Members’ fees
Stockholm Stock Exchange if they are autho-
rized to conduct securities business in that            ENTRY FEE

country. Securities companies located outside           A fee of SEK 250,000 is payable in connec-
the EEA can become members if they are sub-             tion when a new membership is granted. In
ject to satisfactory supervision of an authority        addition, an advance payment equivalent to
in their home country.                                  three years annual fees of SEK 100,000 is
   It is not necessary for foreign members to           required. This amount is credited against the
have a Swedish operation; they may choose to            fees detailed below during each of the first
operate as remote members.                              three years.
   The Act requires that members have a suffi-
cient capital base and are, in all other                TRADING FEES

respects, qualified to participate in securities         Members are charged monthly in arrears. Tra-
trading on the Stockholm Stock Exchange.                ding fees are in part value based and in part
The Exchange requires a minimum share                   transaction based. Where the trade has been
capital of SEK 10 million.                              automatically matched, the buyer or seller
   Membership is granted by the Board of                who has entered a fixed price order in the
Directors of the Stockholm Stock Exchange.              order book – the primary counterparty – pays
The member must sign an agreement with the              a lower fee than a buyer or seller who accepts
Stockholm Stock Exchange regarding mem-                 an existing price – the secondary counterparty.


                                                   13
                       STOCKHOLM STOCK EXCHANGE           •   FACT BOOK 1998




The average price is SEK 4 per trade and a             The primary counterparty pays 0.0064% of
value based part of 0.0035% (SEK 35 per                the value, the secondary 0.0096%. There is
SEK million traded). A primary counterpar-             no minimum fee for trading on SOX.
ty pays SEK 3.20 and 0.0028% of the value,
a secondary counterparty SEK 4.80 and                  COMPUTER FEES

0.0042%. The minimum monthly fee is                    Fixed connection fees are charged for connec-
SEK 8,333.                                             tions to the SAX trading system. The fee for
   For bonds in the SOX-market the same fee            every chargeable transaction in the central
structure is used. The prices per trade are the        SAX system is SEK 2 during trading hours.
same but the average value based price is              This charge is not related to orders, but for
0.0080% (SEK 80 per SEK million traded).               other trading related services.




                                                  14
                                     STOCKHOLM STOCK EXCHANGE              •   FA CT BOOK 1 9 9 8




                                 TABLE 2                                                             TABLE 3


         NUMBER OF STOCK                                                    NUMBER OF BROKERS’
        EXCHANGE MEMBERS                                                     REPRESENTATIVES

            Swedish Swedish     Foreign                                          Swedish Swedish     Foreign
Year         banks stockbrokers owned Remote Total                   Year         banks stockbrokers owned Remote Total
Category1)      A           B               C      D                 Category1)      A           B             C         D
1965           12            7              –       –     19         1965           53          23              –        –     76
1970           12            6              –       –     18         1970           48          21              –        –     69
1975           11            7              –       –     18         1975           53          31              –        –     84
1980           12            6              –       –     18         1980           60          31              –        –     91
1985           12          14               –       –     26         1985           63          63              –        –    126
1986           13          15               1       –     29         1986           56          69             2         –    127
1987           13          15               1       –     29         1987           64          80             1         –    145
1988           14          15               1       –     30         1988           75          79             2         –    156
1989           14          17               1       –     32         1989           69          85             2         –    156
1990           10          16               1       –     27         1990           83          88              3        –    174
1991            9          16               1       –     26         1991           98          85             3         –    186
1992            9          17               1       –     27         1992         103           85              4        –    192
1993            9          17               2       1     29         1993         102          103             5         2    212
1994            9          18               3       4     34         1994         100          144             6       15     265
1995            9          16               9       7     41         1995           97         146             57      29     329
1996           10          14               9     12      45         1996         100          167             86      49     402
1997            8          14              11     15      48         1997         106          200         107         70     483

                                                                     1)
Market share of turnover %                                                Member category (also refer to table 2, 4 and 5).
1995           32.9        33.3            27.4     6.4   100
1996           36.3        25.4            32.9     5.4   100
1997           30.3        29.3            35.1     5.3   100

1)
     Member category (also refer to table 3, 4 and 5).




                                                                15
                                    S TOCK HOLM S TOCK EX CHA NGE        •   FACT BOOK 1998




                                                             TABLE 4


                      MEMBER FIRMS’ MARKET SHARE, 1995–1997


                                                                                 Market shares as percentage of
                                                     Member                turnover                       transactions
        Member                                      category11)        1997 1996 1995               1997 1996 1995

THE SAX-MARKET
(Equity trading incl. premium bonds and convertible loans)
     1. Skandinaviska Enskilda Banken                   A              11.3     10.8     11.0           13.1     13.4       14.3
     2. Alfred Berg                                     C                9.4     8.7      8.8            5.1      5.2        5.3
     3. Svenska Handelsbanken                           A                8.6    13.1     10.1           11.6     14.6       13.9
     4. FöreningsSparbanken 5)                          A                8.2    10.0     10.1           15.4     16.9       18.2
     5. Carnegie                                        C                7.7     9.2      9.6            5.1      5.1        5.0
     6. Hagströmer & Qviberg                           B                 6.6     4.8      4.6            5.6      5.3        5.2
     7. Aros Securities 8)                              C                5.2     5.5      6.6            2.9      3.3        3.6
     8. Swiss Bank                                     C                 4.9     4.4      7.1            2.6      2.0        2.9
     9. E. Öhman J:or 3)                               B                3.9      3.2      4.8            3.7      2.3        3.1
10. Aragon 10)                                         B                 3.5     4.6      6.5            3.6      4.0        5.3
11. Nordiska                                           B                 3.2     2.6      3.0            4.3      4.1        3.8
12. Morgan Grenfell & Co Ltd (UK)                      C                 3.1     2.5      0.2            0.9      1.0        0.1
13. Erik Penser                                        B                 3.1     3.5      3.8            2.2      2.2        1.8
14. NET                                                B                 2.5     0.9      –              1.6      0.4        –
15. Fischer Partners                                   B                 2.3     1.1      1.1            1.9      1.3        1.2
16. HSBC Investment Bank 2)                             C               2.2      1.6      1.7            1.3      0.9        0.9
17. Matteus                                            B                 2.2     1.9      2.2            4.1      3.6        2.8
18. Nordbanken                                         A                 2.1     2.0      1.4            5.5      5.5        6.0
19. Den norske Bank AS                                  C               1.6      0.4      0.0            1.1      0.5        0.0
20. Den Danske Bank Aktieselskab 6)                    D                 1.2     0.9      0.5            0.9      0.7        0.4
21. UBS Limited London                                 D                 1.0     1.2      0.5            0.6      0.7        0.3
22. Myrberg                                            B                 0.8     0.7      0.6            0.5      0.4        0.3
23. CI Nordic Securities 7)    9)
                                                        C                0.7     2.2      2.7            0.5      1.0        1.1
24. SkandiaBanken                                      B                 0.6     0.7      0.9            0.9      0.9        0.9
25. NatWest Securities Ltd                             D                 0.5     0.4      0.0            0.2      0.2        0.0
26. Östgöta Enskilda Bank                               C                0.5     0.4      0.4            1.1      1.2        1.2
27. Timber Hill Europe AG                              D                 0.4     0.2      –              0.4      0.2        –
28. Bikuben GiroBank A/S                               D                 0.3     0.3      0.1            0.2      0.2        0.0
29. Morgan Stanley & Co. International Limited 1)      D                 0.3      –       –              0.1      –          –
30. Lehman Brothers International                      D                 0.3     0.4      –              0.1      0.1        –
31. H. Lundén                                          B                 0.3     0.2      0.4            0.2      0.2        0.2
32. Andersson Bråténius Grundberg Securities AS 1)      C                0.3      –       –              0.1      –          –
33. Instinet U.K. Ltd                                  D                0.3      0.2      –              0.3      0.2        –
34. Servisen 7)                                        B                0.2      0.8      1.1            0.1      0.6        1.1
35. Merrill Lynch International 1)                     D                 0.2      –       –              0.1      –          –

1)
   New members 1997 2) HSBC James Capel 3) Incl. NordNet Securities 4) Incl. Credit Lyonnais Bank Sweden
5)
   Prev. Föreningsbanken and Sparbanken Sv. (Swedbank) 6) Traded from Copenhagen and Sweden 7) Terminated membership 1997
8)
   Incl. Unibank A/S 9) Incl. FIBA Nordic 10) Incl. Merchant 11) Refers to table 2, 3 and 5


                                                                  16
                                 S TOCK HOLM S T OCK E XCHANG E          •   FACT BOOK 1998




                                                           ...TABLE 4




                                                                                   Market shares as percentage of
                                                    Member                   turnover                       transactions
        Member                                     category11)          1997 1996 1995                1997 1996 1995

36. Aktiespararnas Investerings                       B                  0.2     0.2      0.1            1.4      1.2        0.7
37. BNP. Frankfurt 1)                                 D                  0.2      –       –              0.2      –          –
38. Jyske Bank A/S                                    D                  0.1     0.2      0.2            0.1      0.2        0.1
39. Trygg–Banken       4)
                                                      A                  0.1     0.1      0.0            0.2      0.3        0.1
40. Bankgesellschaft Berlin AG                        D                  0.1     0.0      –              0.0      0.0        –
41. Stadshypotek Bank                                  A                 0.1     0.0      –              0.4      0.0        –
42. Cheuvreux de Virieu Nordic 1)                     C                  0.0      –       –              0.0      –          –
43. Merita                                            D                  0.0     0.0      –              0.0      0.0        –
44. Evli                                              D                  0.0     0.0      –              0.0      0.0        –
45. Posten Fondkommission                             B                  0.0     0.0      –              0.1      0.0        –
46. eXtrade Solutions 1)                              B                  0.0      –       –              0.0      –          –


THE SOX–MARKET
(retail bond market)
     1. FöreningsSparbanken 5)                        A                 31.9    31.6     30.9           44.9     41.9       45.2
     2. Skandinaviska Enskilda Banken                  A                28.0    31.2     24.5           17.8     26.3       20.8
 3. Svenska Handelsbanken                              A                25.1    19.4     23.0           22.7     15.1       18.0
     4. Nordbanken                                    A                 12.1    13.5     17.5           10.9     12.2       11.5
        Other                                          –                 2.9     4.3      4.1            3.7      4.5        4.5


1)
   New members 1997 2) HSBC James Capel 3) Incl. NordNet Securities 4) Incl. Credit Lyonnais Bank Sweden
5)
   Prev. Föreningsbanken and Sparbanken Sv. (Swedbank) 6) Traded from Copenhagen and Sweden 7) Terminated membership 1997
8)
   Incl. Unibank A/S 9) Incl. FIBA Nordic 10) Incl. Merchant 11) Refers to table 2, 3 and 5




                                                                 17
                                 S TOCK HOLM S TOCK E XCHANG E       •   F AC T B OOK 1 9 9 8




                                                         TABLE 5


                     NUMBER OF BROKERS’ REPRESENTATIVES
                       PER MEMBER FIRM, YEAR END 1997


                                             Represen-                                                           Represen-
                                              tatives                                                             tatives
SWEDISH BANKS                                                   FOREIGN OWNED
FöreningsSparbanken                             45              Andersson Bråténius Grundberg                        3
(Swedbank Fondkom.)                                             Securities AS (Norge)
JP Bank                                          –              Aros Securities                                     21
Nordbanken                                      14              Alfred Berg Fondkommission                          12
Skandinaviska Enskilda Banken                   19              D. Carnegie                                         22
(Enskilda Securities)                                           Cheuvreux de Virieu Nordic                           2
Stadshypotek Bank                                2              Den Danske Bank A/S                                  4
Svenska Handelsbanken                           20              Den norske Bank AS, filial Sverige                   11
Sveriges Riksbank                                –              HSBC Investment Bank plc filial Stockholm             7
Trygg-Banken                                     6              (James Capel & Co)
No. of members 8                               106              Morgan Grenfell & Co Ltd (UK) bankfilial              6
                                                                Swiss Bank Corp. Stockholm filial (SBC Warburg)      15
SWEDISH STOCKBROKERS                                            Östgöta Enskilda Bank                                4
Aktiespararnas Investerings AB                   7              No of members 11                                   107
(Aktieinvest)
Aragon Fondkommission                           22              REMOTE
eXtrade Solutions                                3              Bankgesellschaft Berlin AG                           4
Fischer Partners                                13              Banque Nationale de Paris                            2
Fondkommission                                                  Niederlassung Frankfurt am Main
Hagströmer & Qviberg                            31              Bikuben GiroBank A/S                                 4
Fondkommission                                                  Den Danske Bank A/S                                  6
H Lundén Fondkommission                          2              Evli Fondkommission                                  3
Matteus Fondkommission                          28              Instinet UK Ltd                                      4
Myrberg Fondkommission                           6              Jyske Bank, A/S                                      5
NET Fondkommission                               6              Lehman Brothers International(Europe)                3
NordNet Securities                               3              Merita Fondkommission                                6
(Secondary name used by Öhman Fk)                               Merrill Lynch International                          3
Nordiska Fondkommission                         48              Morgan Stanley & Co. International Ltd               3
Erik Penser Fondkommission                      11              NatWest Securities Limited                           9
Posten Fondkommission                            3              Timber Hill Europe AG                                2
SkandiaBanken Fondkommission                     8              UBS Limited                                          7
E. Öhman J:or Fondkommission                     9              Unibank A/S                                          9
No of members 14                               200              No of members 15                                    70




                                                           18
                                    STOCKHOLM STOCK EXCHANGE                        •   FACT BOOK 1998




               Information on the Stockholm
                  Stock Exchange Indices
                                                                                 on the index than a change in the share
Overview
                                                                                 price of a smaller company.
The Stockholm Stock Exchange share indices
                                                                              • They are based on the latest price paid. If
are price indices as opposed to reinvested
                                                                                 there is no price paid that day, the bid price
indices; i.e. they do not take dividends into
                                                                                 is used. If there is no bid or offer price, the
account.
                                                                                 previous day’s latest price paid is used, and
   The all share index of the Stockholm Stock
                                                                                 failing this, the previous day’s bid price.
Exchange, the SX-General, comprises all clas-
ses or series of stock, including convertible                                 • They do not take dividends into account.
participating debentures, of companies traded                                    The share price declines when a stock goes
on the A-, OTC- and O-list 1).                                                   ex-dividend and therefore has an effect on
   The price performance of the principal                                        the index.
series of stock of the 16 largest companies is                                • They are continuously updated and are
described by a special index, SX-16.                                             recalculated after each transaction, when
   The sector indices exhibit the share price                                    there is a change in a share price.
performances of companies in nine different
business sectors.                                                             • They are presented on a real time basis.
   There is also an index covering the O-list
(SX-O) and an index for OTC stocks (SX-
OTC).                                                                         Description of Indices
   The Stockholm Stock Exchange’s indices
are characterized by the following:                                           SX-GENERAL

                                                                              Includes all listed securities on the A-, OTC-
• The indices are chain linked, i.e. recalcula-                               and O-list. Index = 100 December 31, 1979.
      ted for new issues etc. to produce a contin-
      uous time series. The base date is Decem-                               SX-16

      ber 31, 1979 for all indices except SX-OTC                              Refers to the 16 most traded stock exchange
      and SX-O, which have December 31,                                       companies (by value). The index is based on
      1987, as their base date.                                               the principle series of stock of each company.
                                                                              Companies with more than one large class or
• They are based on stock market values.                                      series of stock therefore have a smaller weigh-
      The indices are calculated and based on                                 ting in the SX-16 than companies with a sing-
      the aggregate stock market value of all                                 le series or class of stock.
      stocks. A change in the share price of a                                   Inclusion in the SX-16 is decided for six
      major company has a much greater effect                                 months at a time. Selection for inclusion in


1)
     OTC- and O-list included as of January 1, 1998. Prior to this, the SX-General only comprised the A-list.


                                                                        19
                               STOCKHOLM STOCK EXCHANGE                •   FACT BOOK 1998




the index is determined by the traded                             SX-OTC

volume over the twelve month period end-                          Refers to all outstanding stock series of
ing one month before the index is revised                         companies listed on the OTC-list.
(January 1 and July 1). However, temporary
factors affecting the trading volume, such as                     SX-O

tender offers, are taken into account in the                      Refers to all outstanding stock series of
determination.                                                    companies listed on the O-list.




                                             SX-INDICES 1988 –1997

SX-General, SX-OTC and SX-O index year-end 1987 = 100

400
                                                                                           SX-General Index

300
                                                                                                              SX-OTC

200
                                                                                                       SX-O

100



  0

      88           89          90           91          92      93         94         95          96           97

             During 1997, the SX-General rose by 24%, SX-OTC advanced by 32% and SX-O by 26%. During
             the last decade, the SX-General has experienced a steady rise except for 1990 when prices fell by
             30%. The SX-OTC and SX-O have shown more volatile performances with sharper rises and falls.




                                                             20
                               S TOCK HOLM S TOCK EX CHA NGE               •   FA CT BOOK 1 9 9 8




                                                            TABLE 6


         STOCKHOLM STOCK EXCHANGE INDICES, 1992–1997


                                                                                                                           % of market
                                                                                                                          capitalization
                                                                                                                          A-list year-end
                                   1992          1993           1994             1995         1996               1997         1997
YEAR-END INDICES
A-list
Engineering industry              1 051         1 642          1 856            2 031         2 926              3 804             45
Forestry products industry        1 108         1 400          1 493            1 297         1 680              1 889              6
Chemicals and
pharmaceuticals                   3 405         4 417          4 363            6 576         8 109              8 734             15
Miscellaneous industry               622          793            823              969         1 205              1 444              6
Wholesale and retail trade           817        1 642          2 288            2 339         4 879              6 403              1
Service industry                     414          742            754              752         1 095              1 243              2
Property and construction            388          735            742              877         1 101              1 161              3
Investment companies                 628          896          1 008            1 250         1 760              2 272              6
Bank and insurance                   205          717            566              744         1 083              1 550           16


SX-General Index                     912        1 388          1 451            1 716         2 371              2 936          100
SX-16                                975        1 479          1 562            1 842         2 527              3 198             53
SX-OTC                                 55.6       152.0          196.6            206.7        312.4              413.2             –
SX-O                                   44.9         81.8            93.3          114.7        171.3              215.2             –


Index year-end, 1979 = 100 except for index SX-OTC index, SX-O index year-end, 1987 = 100.




                                                             TABLE 7


                   STOCKHOLM STOCK EXCHANGE INDICES


Year                          High              Date              Low                Date             Year-end             Change

SX-GENERAL INDEX, A-LIST (refer to page 19)
Index year-end 1979 = 100
1984                          483.4               6/2             365.3             22/11              380.4               -11.4
1985                          474.6            16/12              358.0                 9/7            472.9               +24.3
1986                          760.1             7/11              478.2              20/1              715.0               +51.2
1987                          987.4             8/10              607.9             11/11              662.8                 -7.3
1988                          999.5            30/12              652.4                 4/1            999.5               +50.8
1989                         1 349.1            16/8              953.1                 2/1           1 231.3              +23.3
1990                         1 308.4              5/7             807.1             27/11              865.4               -29.7
1991                         1 138.7            11/7              803.7                 8/1            912.2                +5.4



                                                               21
                            STOCKHOLM STOCK EXCHANGE        •   FACT BOOK 1998




                                             ...TABLE 7




Year                        High      Date         Low               Date        Year-end    Change

1992                        999.9     11/5         640.8             5/10         912.2      +/-0
1993                      1 415.2     3/11         874.1             28/1        1 387.7     +52.1
1994                      1 582.0     31/1       1 318.5              6/7        1 451.2      +4.6
1995                      1 850.8     19/9       1 419.0             29/3        1 716.2     +18.3
1996                      2 371.1    30/12       1 684.6             22/1        2 371.1     +38.2
1997                      3 276.8      7/8       2 345.1              2/1        2 935.8     +23.8



SX-OTC (refer to page 20)
Index year-end 1987 = 100
1988                        152.5    16/12           96.1            13/1         150.8      +50.8
1989                        188.6    10/10         142.0              3/1         174.4      +15.6
1990                        170.8      2/1         112.8            27/12         116.0      -33.5
1991                        122.4     18/3           78.0           19/12          83.4      -28.1
1992                         88.0      7/2           48.1           21/10          55.6      -33.3
1993                        152.3    28/12           54.1             4/1         152.0     +173.4
1994                        202.4     21/2         151.5              3/1         196.6      +29.3
1995                        229.5     21/9         188.4              6/6         206.7       +5.2
1996                        312.7    27/12         196.4             29/1         312.4      +51.1
1997                        416.8     6/10         302.0             10/1         413.2      +32.3



SX-O (refer to page 20)
Index year-end 1987 = 100
1988                        152.9    30/12           99.2             4/1         152.9      +52.9
1989                        174.8     15/8         143.1              2/1         164.6       +7.7
1990                        163.3      9/1           83.5            21/1          87.2      -47.0
1991                         91.9     19/2           60.7           19/12          64.6      -25.9
1992                         65.6     27/1           34.4            29/9          44.9      -30.5
1993                         84.4     3/11           44.1            25/1          81.8      +82.1
1994                        103.0     19/5           81.3            18/7          93.3      +14.1
1995                        114.7    29/12           86.7            29/3         114.7      +22.9
1996                        171.3    30/12         111.9             29/1         171.3      +49.3
1997                        215.3    30/12         165.0             29/4         215.3      +25.7




                                                22
                                  S TOCK HOL M S TOCK EX CHA NGE                •    FA CT BOOK 1 9 9 8




                                                                   TABLE 8


             MARKET CAPITALIZATION VALUE BY INDUSTRY,
                          YEAR-END 1997

                                                                                 Market               % of market                   Index
                                                        Number of             capitalization         capitalization                change,
                                                        companies              SEK billion         A-list         Total            1997 %

A-LIST (refer to page 19)
Engineering industry                                         26                      819             45                             +30
Foresty products industry                                     5                      113              6                             +12
Chemicals and pharmaceuticals                                 6                      280             15                              +8
Miscellaneous industry                                       18                      115              6                             +20
Wholesale and retail trade                                    6                       15              1                             +31
Service industry                                             14                       29              2                             +13
Property and construction                                    13                       60              3                              +5
Investment companies                                          5                      109              6                             +29
Bank and insurance                                            7                      299             16                             +43

SX-GENERAL INDEX                                           100                   1 838             100            (85)              +24
of which SX-16 1)                                            16                      966             53                             +27

SX-OTC (refer to page 20)                                    59                       36              –              (2)            +32

SX-O (refer to page 20)                                    102                       290              –           (13)              +26


Total                                                      261                   2 164                –          (100)                 –

1)
   Based on the most traded series of shares in each company. The total market capitalization
of all series of shares in these companies amounts to SEK 1 170 billion, 64% of total A-list.




                                                                   TABLE 9


          SUPPLY OF RISK CAPITAL TO THE STOCK MARKET


(SEK million)                 1988        1989       1990         1991       1992          1993    1994      1995          1996       1997

New issues                   3 522       2 499       4 727        9 108      1 520     16 546      9 885     9 056         1 756     5 084
Directed issues                 673        378       2 441        4 961      2 259      1 397       568        893           58            31
Public offerings             1 953       5 431       2 755         356        372       9 508     31 346   16 348      21 779       12 279
Total                        6 148       8 308       9 923     14 425        4 151     27 451     41 799   26 297      23 593       17 394




                                                                     23
                                    S TOCKHOL M S TOCK EX CHA NGE                 •   FACT BOOK 1998




                                                                   TABLE 10


                              SUPPLY OF RISK CAPITAL1), 1990–1997


 (SEK million)                                      1990        1991          1992       1993        1994        1995         1996        1997

NEW ISSUES
a) With preferential rights for existing
   shareholders: (refer to table 11)
     A-list                                         2 368       8 218         1 414    15 215        8 881       8 165         756       3 721
     OTC-list                                         667         344            0        353          464         274         293         750
     O-list                                         1 692         546          106        978          540         617         707         613
                                                    4 727       9 108         1 520    16 546        9 885       9 056       1 756       5 084
b) Directed cash issues:
     Sweden                                              0      4 961         1 549       527          374         700           58          31
     Abroad                                         2 441            0         710        870          194         193            0               0
                                                    2 441       4 961         2 259     1 397          568         893           58          31
     Total, new issues                              7 168     14 069          3 779    17 943      10 453        9 949       1 814       5 115


PUBLIC OFFERINGS
     A-list (refer to table 22)                       289            0           0      4 586      11 253      10 676      20 307        1 645
     OTC-list (refer to table 26)                      44            0           0          56         291         144           45      1 043
     O-list (refer to table 30)                     2 422         356          372      4 866      19 802        5 528       1 427       9 591
                                                    2 755         356          372      9 508      31 346      16 348      21 779       12 279
     Total, shares                                  9 923     14 425          4 151    27 451      41 799      26 297      23 593       17 394


C O N V E RTIBLE LOANS
a) With preferential rights: (refer to table 34)
     A-list                                           442       6 630          211      2 172          558            0           0               0
     OTC-list                                         126            0           0            0           0           0           0               0
     O-list                                           269          50            0            0           0        432            0          40
     Sub total                                        837       6 680          211      2 172          558         432            0          40
b) Directed issues:
     Sweden, incl. employee
     convertibles                                   1 559            0         741         732         656         209         225       6 299
     Abroad                                           312            0        1 160           0           0           0           0               0
     Sub total, conv. loans                         2 708       6 680         2 112     2 904        1 214         641         225       6 339


Total for new issues, public offerings
and convertible loans                              12 631     21 105          6 263    30 355      43 013      26 938      23 818       23 733


OTHER:
Total debenture loans with
subscription options:                               1 312            0           0            0         50          34            0               0

1)
  The supply of risk capital is the net flow of funds to the stock market. Therefore, directed non-cash issues by listed companies in connection
with acquisitions of large blocks of shares in other companies have been eliminated. The effect of cash acquisitions of listed companies has
also been omitted.




                                                                         24
                                       STOCKHOLM STOCK EXCHANGE                   •   FA CT BOOK 1 9 9 8




                                                                   TABLE 11


                 RIGHTS ISSUES AND CAPITALIZATIONS IN 1997


                                                                                               First day         Last day
                                                                                Subscribed     excluding     for subscription       Period
                                                                                   SEK        issue right/         and            for trading
Company                    Terms                                                  million      after split       payment           of rights

 Piren                         S 1:40                                                  –         13/1                –                    –
 IBS                           S 5:1                                                   –         20/1                –                    –
 Segerström & Svensson S 3:1                                                           –         28/1                –                    –
 Elekta                        N 1:4 price SEK 165                                 325           21/2            21/3            3/3 – 18/3
 Ratos                         Redemption 1:10 price                             (754)           21/2                –           3/3 – 27/3
                           SEK 305 (after split SEK 76.25)
 Segerström & Svensson N 1B:5 price SEK 70                                            65         27/2            21/3            6/3 – 18/3
 Pricer                        N 1B:12 price SEK 150                               207            7/3             4/4            14/3 – 1/4
 Trygg-Hansa               Redemption price                                    (2 000)              –                –          application
                           SEK 152.23                                                                                           19/2 – 11/3
 Custos                    Redemption 1:10 price                                 (822)           13/3                –                    –
                               SEK 195
 Taurus Petroleum              N 1B:2 price SEK 11.50                             32.4           25/3            17/4            3/4 –14/4
 ABB                           S 10:1                                                  –         21/4                –                    –
 Ratos                     S 4:1                                                       –         24/4                –                    –
 Latour                        1 Fagerhult + SäkI: 1 Latour                            –         25/4                –                    –
 Hufvudstaden              Redemption SEK 14 +                                         –          2/5                –                    –
                               1 Hufvudstaden Intern.: 1
 Monark Stiga                  N 1:4 price SEK 40                                  217            2/5            30/5           12/5 – 27/5
 Volvo                     Redemption 1:20                                     (5 807)            6/5                –           13/5 – 6/6
                               price SEK 257
 Hennes & Mauritz          S 5:1                                                       –         12/5                –                    –
 Allgon                    B 1:1                                                       –         12/5                –                    –
 Evidentia                 S 1:10                                                      –         12/5                –                    –
 FABEGE                        S 1:50                                                  –         12/5                –                    –
 ASSA ABLOY                    N 1:10 price SEK 100                                642           13/5            13/6           26/5 – 10/6
 Electrolux                    1 Gränges : 2 Electrolux                                –         15/5                –                    –
 PriFast                       S 2:1                                                   –         15/5                –                    –
 IBS                           N 1:5 price SEK 50                                  115           16/5            18/6           26/5 – 13/6
 Tricorona Mineral             1 Riddarhyttan: 1 price SEK 3                           –         16/5                –                    –
 Sandvik                   Redemption price SEK 197.16                          (4 000)              –               –          application
                                                                                                                                 7/5 – 22/5
 Astra                         B 1:3 + S 2:1                                           –         26/5                –          central sale
 Gullspångs Kraft          N 1:4 price SEK 85                                  1 497.7           26/5            25/6            3/6 – 19/6
 HL Display                B 1:1                                                       –         26/5                –                    –
 Skanska                   Redemption 1:10 price                              (4 971.7)          26/5                –           3/6 – 27/6
                           SEK 400


N = new issue.    S = split.       B= bonus issue.    P= preliminary figure.



                                                                      25
                                       STOCKHOLM STOCK EXCHANGE                  •   FACT BOOK 1998




                                                                  ...TABLE 11




                                                                                               First day        Last day
                                                                                Subscribed    excluding     for subscription        Period
                                                                                   SEK       issue right/         and             for trading
Company                    Terms                                                  million     after split       payment            of rights

 Bylock & Nordsjöfrakt         1 Gorthon Lines: 1 B&N                                –         29/5                 –                     –
 Cloetta                       S 2:1                                                 –         29/5                 –                     –
 VBG Produkter                 N 1B:6B price SEK 115                             51.8          11/6             16/7            23/6 - 11/7
 Platzer Bygg              N 1:1 price SEK 9                                    193.9          11/6              9/7             19/6 - 3/7
 ZETECO (Zetterbergs)          B 1:1                                                 –         13/6                 –                     –
 WM-data                       B 4:1                                                 –         16/6                 –                     –
 ITAB                      S 2:1                                                     –         16/6                 –                     –
 Sandblom & Stohne             1 Firefly AB: 1 S & S                                  –         19/6                 –                     –
 NEA                       S 5:1                                                     –         23/6                 –                     –
 Volvo                     B change in nominal value                                 –           7/7                –                     –
                           from SEK 5 to SEK 6
 Skanska                       B change in nominal value                             –         18/8                 –                     –
                               from SEK 10 to SEK 12
 Piren                         N 1:4 price SEK 40                                 262          27/8             24/9             3/9 - 19/9
 Midway Holding                1 KO in Klövern: 1 Midway                             –         28/8                 –                     –
 BT Industries                 N 2:5 price SEK 100                                800p           2/9            26/9             9/9 - 23/9
 Kinnevik                  MTG: Kinnevik                                             –         11/9                 –                     –
 Bergman & Beving          B 1:1                                                     –         18/9                 –                     –
 Gotland                       Redemption 1:4 price                             (157)          19/9                 –                     –
                               SEK 100
 Midway Holding            1 Liljeholmens: 1 Midway                                  –         26/9                 –                     –
 Kalmar Industries             Redemption 1:10 price                            (256)         27/10           20/11        31/10 -17/11
                           SEK 200
 Storheden                 N 1:1 price SEK 21                                   444.2         10/11             5/12           17/11 - 2/12
 Sandvik                   B change in nominal value                                 –        11/11                 –                     –
                           from SEK 5 to SEK 6
 Elanders                  N 1:4 price SEK 60                                    73.7         13/11             9/12           20/11 - 4/12
 SalusAnsvar                   N 1:2 price SEK 22                                 157         17/11           12/12            24/11 - 9/12
 Eldon                     S 2:1                                                     –         8/12                 –                     –
 Pandox                    N 1:2 price SEK 42                                     210p        17/12         29/1-98        7/1 - 26/1-98


N = new issue.    S = split.       B= bonus issue.    P= preliminary figure.




                                                                      26
                                S TOCK HOLM S TOCK EX CHA NGE             •   FA CT BOOK 1 9 9 8




                                                               TABLE ?
                                                              TABLE 12


                             COMPANY NAME CHANGES 1997


THE FOLLOWING COMPANIES CHANGED THEIR NAMES
 From                                                 To                               Shortname
 ACTIVE i Malmö                                       Active Biotech AB                ACTI
 Bilspedition Transport & Logistics (BTL) AB          BTL AB                           BTL
 Bongs Fabriker AB                                    Bong Ljungdahl AB                BONG
 Catena, AB                                           Bilia AB                         BILI
 Elanders Kommunikation AB                            Elanders AB                      ELAN
 ERRCE AB                                             Bulten AB                        BULT
 FFNS Gruppen AB                                      SWECO AB                         SWEC
 Garphyttan Industrier AB                             Haldex AB                        HLDX
 Gullspångs Kraftab.                                  Gullspångs Kraft AB              GULL
 Klippans Finpappersbruk, AB                          KLIPPAN AB                       KLIP
 Klövern AB                                           Klövern Fastigheter AB           KLÖV
 Martinsson Elektronik AB                             Martinsson Gruppen AB            MART
 Medical Invest Svenska AB                            Ortivus AB                       ORTI
 NordicTel Holdings AB                                Europolitan Holdings AB          EURO
 Salus Holding AB                                     SalusAnsvar AB                   SALA
 Sparbanken Sverige AB                                FöreningsSparbanken AB           FSPA
 Wihlborg & Son AB                                    Wihlborgs Fastigheter AB         WIHL
 Zetterberg Industriab.                               ZETECO AB                        ZETE




                                                               TABLE 13


                    ACQUSITIONS AND TAKEOVER BIDS IN 1997


Target company                                    Buyer                                             Cash payment SEK million4)

A-LIST
 FABEGE                                           Näckebro                                                   2 200
 FABEGE 1)                                        Hufvudstaden                                                    –
 FORCENERGY 2)          6)
                                                  FORCENERGY Inc.                                                 –
 Frontline                                        Frontline Ltd                                                   –
 Föreningsbanken                                  Sparbanken                                                      –
 ICB Shipping 2)   6)
                                                  ICB Shipping Ltd                                                –
 ICB Shipping 1)                                  Frontline                                                  3 153
 Klövern 2)   6)
                                                  Wihlborgs                                                     605)

1)
  Bids not completed. 2) Listed companies year-end 1997. 3) Bid 1996. 4) Cash purchase settlement, excl the buyer owned part at
bid time. 5) Part of the bid was a new issue - offer. 6) Acceptance period during 1998.


                                                                  27
                                S TOCK HOLM S TOCK EX CHA NG E            •   FACT BOOK 1998




                                                           ...TABLE 13




Target company                                    Buyer                                             Cash payment SEK million4)

 Linjebuss 2)       6)
                                                  CGEA Transport                                               956
 M2 FASTIGHETER 3)                                Wihlborg & Son / Bergaliden                                      –
 Nordbanken                                       Nordbanken Holding                                               –
 Sandblom & Stohne 2)                             Sandblom & Stohne Intressenter                               358
 SIAB                                             NCC                                                              –
 SIFAB 2)      3)
                                                  Tornet                                                       540
 Skoogs                                           Trelleborg                                                   380
 Stadshypotek 3)                                  Sv. Handelsbanken                                         22 900
 Trygg-Hansa 2)                                   S-E-Banken                                                       –
 Östgöta Enskilda Bank                            Den Danske Bank                                            2 845


OTC-LIST
 Acrimo 2)                                        Newell comp.                                                 197
 CynCrona                                         OEM International                                                –
 Verimation 1)                                    Norman Data                                                      –


O-LIST
 Atlantica                                        Invik & Co.                                                    35
 GOTIC                                            Vasakronan                                                   773
 Hufvudstaden International                       Diligentia                                                       –
 IPC 2)                                           Sands Petroleum                                                  –
 Nordström & Thulin 2)     6)
                                                  Argonaut                                                         –
          2)
 Spira                                            Konsortium LRF, KF Invest mfl                                 873
 VBBgruppen                                       SWECO (fd. FFNS Gruppen)                                         –
 VenCap                                           GRIMALDI Industri                                            126

1)
  Bids not completed. 2) Listed companies year-end 1997. 3) Bid 1996. 4) Cash purchase settlement, excl the buyer owned part at
bid time. 5) Part of the bid was a new issue - offer. 6) Acceptance period during 1998.




                                                               TABLE 14


                         TRADING HALTS AND LISTING SUSPENSIONS


                                 1991           1992             1993          1994          1995          1996           1997

 A-list                             30             35              17            19            11             27             33
 OTC-list                           14              7               3            12             3              7              9
 O-list                             21             17              13            14            16             10             14
 Total                              65             59              33            45            30             44             56



                                                                 28
STOCKHOLM STOCK EXCHANGE   •   FA CT BOOK 1 9 9 8




                   29
S TOCK HOLM S TOCK E XCHANG E   •   F AC T B OOK 1 9 9 8




                       30
S TOCK HOLM S TOCK EX CHA NGE   •   FA CT BOOK 1 9 9 8




                       31
                                     STOCKHOLM STOCK EXCHANGE                      •   FACT BOOK 1998




                                                                    TABLE 18


                            FOREIGN COMPANIES LISTED ON THE
                              STOCKHOLM STOCK EXCHANGE

                                                                                          Depositary      Trading      Year-end
                                                                                           shares at      volume        market
                                                                   Listed                  year-end        1997       value SEK
Country and company                            Note                 from                    1997        SEK million     million

A-LIST
 Finland
 Oy Nokia AB                                      1                1983-06-23           22 318 506        55 709       12 431


 France
 Alcatel Alsthom Compagnie
 Générale d’Electricité                           2                1988-11-15               33 975              7          29
 Compagnie de Saint Gobain                        2                1988-07-11               22 520              4          22


 Germany
 Bayer AG                                         2                1990-02-01              212 305            14           53


 Netherlands
 Akzo Nobel N.V.                                  1                1994-02-21              485 838           120          632


 Norway
 Kværner A/S ser. A fr                            2                1990-12-12                2 701              0           1
 Kværner A/S ser. B                               2                1990-12-12                  477              0            –
 Norsk Hydro A/S                                  1                1983-11-07              343 659            29          125


 United States
 Autoliv, Inc.                                    1                1997-05-02           73 099 479        34 981       18 896
 OMI Corporation                                  2                1989-06-29               92 410              4           6
 Pharmacia & Upjohn Inc.                          1                1995-11-06           96 239 033        37 608       28 102


O-LIST
 Belgium
 ORESA Ventures S.A.                           1, 4                1997-07-01            2 968 765           172          288


 Canada
 International Petroleum
 Corporation IPC                                  1                1990-10-05           26 073 344         1 585        1 006


 Finland
 Jaakko Pöyry Group Oyj                           3                1997-12-02            1 071 550             27          81

1)
     Traded as Swedish Depositary Reciepts, SDB, in the VPC system.
2)
     Traded via a costody program in major Swedish bank.
3)
     Ordinary shares lodged with the Swedish Central Securities Depository, VPC.
4)
     Primary listing on the Stockholm Stock Exchange.


                                                                        32
                                     STOCKHOLM STOCK EXCHANGE                      •   FA CT BOOK 1 9 9 8




                                                                   ...TABLE 18




                                                                                           Depositary         Trading      Year-end
                                                                                           shares at          volume        market
                                                                   Listed                   year-end           1997       value SEK
Country and company                            Note                 from                     1997           SEK million     million



 Luxembourg
 Luxonen S.A                                   1, 4                1990-06-11            11 671 500              193          173


 United States
 Maxim Pharmaceuticals, Inc.                      3                1997-10-24             1 950 000              134          237
 OXiGENE, Inc                                     3                1996-11-19            10 080 609            3 272        1 431
 Total                                                                                                       133 859       63 514


1)
     Traded as Swedish Depositary Reciepts, SDB, in the VPC system.
2)
     Traded via a costody program in major Swedish bank.
3)
     Ordinary shares lodged with the Swedish Central Securities Depository, VPC.
4)
     Primary listing on the Stockholm Stock Exchange.




                                                                        33
                                    S TOCK HOLM S TOCK EX CHA NGE           •   FACT BOOK 1998




                                                             TABLE 19


                               SWEDISH EQUITIES LISTED ABROAD


March 1998
Company                 Market

                        Nordic countries        Europe                                    Other




 ABB                       x                             x                       o                o
 AGA                                                     x              x                  o              x
 Astra                                                   x                                 o          x
 Atlas Copco                                             x                       x         o
 Avesta-Sheffield                                         o
 Biacore Int.                                                                                     x
 BTL                       x
 Dahl                      x
 Electrolux                                              x    x         x        o                x
 Ericsson                                                x    x         x        x                x
 Esselte                                                 x
 Incentive                                               o
 Investor                                                o
 Lindab                    x
 MoDo                                                    o
 NetCom Systems                                                                                   x
 Nordbanken Hold.                                        x                                 o
 Nordström & Thulin                   x
 Perstorp                                                x
 S-E-Banken                                              o
 Sandvik                                                 x                                 o
 SCANIA                                                                                               x
 Securitas                                               o
 Skandia                   x                             x
 SKF                                                     x    x         x                         x
 Stora                                                   x                       x
 Swedish Match                                                                                    x
 Sv. Cellulosa SCA                                       x                       x         o
 Sv. Handelsbanken                                       o
 Trelleborg                                              o
 Volvo                                           x       x    x         x        x                x       x


X = official listing.   O = unofficial listing.




                                                                  34
                                S TOCK HOLM S TOCK EX CHA NG E                 •   FA CT B OOK 1 9 9 8




                                                              TABLE 20


         LEADING INTERNATIONAL STOCK EXCHANGES 1997


                                                                 1997                Market value        Turnover   Number of
World   European                                                turnover              End 1997            rate %    companies
ranking ranking             Exchange or market                 USD billion           USD billion           1997     End 1997

     1                       NYSE, New York                     5 777.6                8 879.6             66         2 626
     2                       Nasdaq, USA                        4 481.7                1 737.6           237          5 487
     3        1              London                             1 989.5                2 068.2             44         2 991
     4        2              Paris                              1 414.1                  674.4           223           862
     5                       Taiwan                             1 308.6                  287.8           407           404
     6        3              Germany                            1 067.7                  825.2           135          2 696
     7                       Tokyo                                896.1                2 085.4             33         1 865
     8        4              Switzerland                          570.5                  575.3           110           428
     9                       Hong Kong                            453.7                  413.3             91          658
 10           5              Madrid                               424.3                  290.4           158           388
 11                          Toronto                              305.2                  567.6             56         1 420
 12           6              Amsterdam                            279.7                  468.6             65          348
 13                          Osaka                                222.0                1 741.6             10         1 274
 14           7              Italy                                203.3                  344.7             71          239
 15                          Chicago                              198.3                2 141.6 1)          10          268
 16                          Sao Paulo                            190.7                  255.5             70          536
 17           8              Stockholm                            175.8                  264.7             66          261
 18                          Australian                           171.0                  295.8             54         1 219
 19                          Korea                                170.8                   41.9           146           776
 20           9              Barcelona                            150.5                  326.7             76          337
 21         10               Bilbao                               148.4                  227.1             72          263
 22                          Kuala Lumpur                         145.7                   93.2             60          703
 23                          AMEX, New York                       143.2                  152.5           100           771
 24                          Singapore                              74.1                 104.4             56          294
 25         11               Istanbul                               56.0                  61.1           116           258
 26                          Mexico                                 55.0                 156.6             39          198
 27         12               Oslo                                   49.6                  66.5             73          217
 28         13               Copenhagen                             46.8                  93.8             56          249
 29                          Johannesburg                           44.7                 230.0             17          642
 30                          Montreal                               44.7                 442.9             10          577
 31                          Jakarta                                42.6                  29.1             57          282
 32                          Buenos Aires                           38.2                  59.3             71          136
 33         14               Helsinki                               36.3                  73.8             49          126



1)
  End November 1997.
Total world equity turnover 1997 (FIBV exchanges) 22 195 USD billion.
Total world equity market value end 1997 (FIBV exchanges) 24 665 USD billion




                                                                 35
                               STOCKHOLM STOCK EXCHANGE                 •   FACT BOOK 1998




                                                         ...TABLE 20




World equity market                  Turnover %                 Market value %

Europe
London                                 9                            8
“EMU”                                17                            14
Others                                 4    30                      4    26

Pacific
Japan                                  5                           15
Others                               11     16                      5    20

America
NYSE                                 26                            36
Nasdaq                               20                             7
South                                  1                            3
Others                                 3    50                      5    51
Others                                 4                            3
                                    100                          100

Sweden’s GNP 1997, current prices, USD 224 billion   Source: FIBV and Stockholm Stock Exchange




                                                              36
                               S TOCK HOLM S TOCK E XCHANG E            •   FACT BOOK 1998




                                                           TABLE 21


                        FOREIGN TRADE IN SWEDISH EQUITIES


                                         Turnover             Share of company             Net outflow               Ranking by
                                        SEK million            stock exchange                1997                   net outflow
Company                                   1997 1)                 turnover 1)              SEK million                1997
 1. Ericsson                             110 589                      27                      153                          40
 2. Astra                                100 615                      34                    -9 006                              –
 3. ABB                                    45 135                     43                      754                          13
 4. Volvo                                  44 914                     34                    -6 845                              –
 5. Electrolux                             27 726                     47                      970                           9
 6. Skandia                                22 681                     51                    1 853                           3
 7. FöreningsSparbanken                    20 499                     53                    4 266                           1
 8. S-E-Banken                             16 791                     24                     - 368                              –
 9. Handelsbanken                          16 269                     36                      856                          11
10.Incentive                               14 748                     48                    1 451                           4
11. Hennes & Mauritz                       14 062                     30                     - 912                              –
1 2 .S K F                                 13 457                     48                      162                          37
13.SCANIA                                  13 185                     30                    -1 270                              –
14.Nordbanken                              12 980                     38                    1 999                           2
1 5 .S t o r a                             12 813                     30                    -1 591                              –
16. Atlas Copco                            12 533                     41                    -1 843                              –
17.Investor                                10 394                     22                      583                          15
18.Sandvik                                  8 894                     20                      234                          28
19.Trygg-Hansa                              8 148                     38                    1 406                           5
20. Mo & Domsjö                             7 150                     27                     - 190                              –
2 1 .A G A                                  6 323                     32                     - 535                              –
22. Sv. Cellulosa SCA                       5 851                     27                      211                          30
23.Skanska                                  5 824                     20                      264                          25
24.NetCom                                   5 567                     19                    -1 383                              –
25. Swedish Match                           5 284                     37                    1 026                           8
26.Trelleborg                               5 036                     16                     - 113                              –
27.Kinnevik                                 4 961                     32                    -1 375                              –
28. Avesta Sheffield                         4 348                     29                      143                          41
29.Pricer                                   4 007                     47                    1 150                           6
30.Gränges                                  4 004                     54                      832                          12
31.Securitas                                3 920                     45                     - 574                              –
3 2 .S S A B                                3 560                     26                        15                              –
33.Stadshypotek                             3 044                     97                     - 979                              –
Total of above                           595 312                       –                    -8 657                              –
Other companies:                         108 645                       –                    -2 412                              –
Total                                    703 957                       –                  -11 069                               –

1)
   Turnover is the outflow plus the inflow of the shares. January–November 1997. In column 2, the figure is related to the total
turnover in the company’s shares in Sweden.




                                                              37
                                             STOCKHOLM STOCK EXCHANGE                           •    FACT BOOK 1998




                 FOREIGN INVESTMENT IN                                                                     SWEDISH INVESTMENT IN
                   SWEDISH EQUITIES                                                                          FOREIGN EQUITIES

SEK billion                                                                   %          SEK billion                                                               %

 50                                                                          50
                                                                                         60


 40                                                                          40                             Net purchase (bars)
                                                                                         50                                                                       100

 30                                                                          30                             Trading in foreign equities as
                                                                                                            a percent of total trading
                                                                                         40                                                                       80
 20                                                                          20

                                                                                         30                                                                       60
 10                                                                          10

                                                                                         20                                                                       40
      0                                                                       0
                        Trading in Swedish equities as
                        a percent of trading volume                                      10                                                                       20
-10                                                                          -10
                        Net exports (bars)
-20                                                                          -20            0                                                                      0
          1990   1991     1992     1993      1994   1995       1996   1997                          1990   1991 1992       1993    1994      1995   1996   1997


Foreign investors have accounted for an almost constant 30% of                           During the 1990’s, Swedish investors have directed about one
equity trading in Stockholm during the last five years. Previous                          third of their share trading to foreign markets. Since the removal
years’ large net out-flows of Swedish shares was in 1997 rever-                           of foreign exchange regulations in 1989, Swedish investors’
sed to a net in-flow. The in-flow should be viewed against the                             foreign equity portfolios have grown steadily. Net purchases
fact that foreign investors at the beginning of the year owned                           amounted to SEK 65.8 billion through November 1997. Turn-
31.6% of the Swedish market capitalisation corresponding to                              over in foreign shares for the first eleven months of 1997 repre-
approximately SEK 530 billion. These portfolios have increased                           sented 36% of Swedish investors’ total share trading, compared
in value by at least SEK 125 billion during 1997. The SEK 7.9                            to 30% and 31% respectively for the preceding years.
billion in net sales and yields to approximately the same amount
only represent a small part of the total growth during the year.



                                                                               TABLE 22


                                          A-LIST: NEW COMPANIES IN 1997

                                                                             Market value on the                           Risk capital
                                                                             first day of listing,                         Public offerings
 Company                                             Date                      SEK million1)                               SEK million

 Norrporten, Fastighetsab.                           20/2                            813                           Transferred from the O-list.
 AB Sardus                                               7/4                         740                                           515
 Autoliv Inc.                                            2/5                       11 175                               Merger with Morton
 Swedish Match AB                                        9/5                       12 516                          Transferred from the O-list.
 Hemköpskedjan AB                                    27/6                           1 670                                         1 130
 Nordbanken Holding AB                              15/12                          55 621                                Merger with Merita
                                                                                   82 535                                         1 645
 1)
      Refers to listed series of shares.



                                                                                    38
                                   STOCKHOLM STOCK EXCHANGE       •   FA CT BOOK 1 9 9 8




                                                  TABLE 23


                           A-LIST: DELISTED COMPANIES IN 1997


                                                       Market value on
                                                        the last day of
                                                           listing,
Company                                    Date          SEK million1)         Note

Terra Mining AB                            10/1                617             Acquired by William Resources Inc.
Borås Wäfveri AB                           16/4                228             Transferred to the OTC-list
M2 FASTIGHETER AB                          18/4                565             Acquired by Wihlborg & Son
Autoliv AB                                  9/5              15 070            Merger with Morton
Investmentab. Latour                       29/5               4 060            Transferred to the OTC-list
L E Lundbergföretagen AB                    6/6               6 537            Transferred to the O-list
H&M Hennes & Mauritz AB                     9/6              44 733            Transferred to the O-list
Föreningsbanken AB                         11/6               9 119            Acquired by Sparbanken Sverige
Tidnings AB Marieberg                      13/6               4 773            Transferred to the O-list
AB Custos                                  18/6               8 001            Transferred to the O-list
Östgöta Enskilda Bank AB                   19/6               2 817            Acquired by Den Danske Bank
Investmentab. Öresund                      24/6               2 445            Transferred to the O-list
Graningeverkens AB                         27/6               8 924            Transferred to the O-list
SIAB AB                                    30/6               2 440            Acquired by NCC
Stadshypotek AB                            30/6              17 005            Acquired by Svenska Handelsbanken
Förvaltningsab. Ratos                       1/7               7 138            Transferred to the O-list
OM Gruppen AB                               1/7               5 652            Transferred to the O-list
Frontline AB                                4/7               2 957            Acquired by Frontline Ltd
ASSA ABLOY AB                              18/7              11 112            Transferred to the O-list
Securitas AB                               22/7              14 769            Transferred to the O-list
Bergman & Beving AB                        14/8               3 932            Transferred to the O-list
Lindab AB                                  21/8               2 385            Transferred to the O-list
United Tankers AB                           1/9                556             United Tankers initiative
Perstorp AB                                 3/9               9 832            Transferred to the O-list
WM-data AB                                  4/9               7 935            Transferred to the O-list
Allgon AB                                   4/9               3 479            Transferred to the O-list
Jacobson & Widmark AB                       8/9                208             Transferred to the O-list
Atle AB                                     9/9               5 837            Transferred to the O-list
Argonaut AB                                11/9               1 782            Transferred to the O-list
Nordström & Thulin AB                      11/9               1 588            Transferred to the O-list
Skoogs AB                                 31/10                326             Acquired by Trelleborg
FABEGE AB                                  2/12               1 865            Acquired by Näckebro
Nordbanken AB                              8/12              46 599            Merger with Marita
B&N, Bylock & Nordsjöfrakt AB             10/12                567             Transferred to the O-list
                                                        255 853

1)
     Refers to listed series of shares.




                                                       39
                               S TOCK HOLM S TOCK EX CHA NGE     •   FACT BOOK 1998




                                                   TABLE 24


                     A-LIST: MOST TRADED COMPANIES IN 1997


                                       Trading      Percentage                                         Percentage
                                       volume         of total        Market value at    Ranking         of total
Ranking                                 1997           A-list         year-end 1997         by           market
by turnover                          SEK million      trading          SEK million      market value    value %

 1. Ericsson                         226 225          18.5               292 188            (1)          15.9
 2. Astra                            160 591          13.2               224 720            (2)          12.2
 3. Volvo                              73 057           6.0               93 905            (3)           5.1
 4. ABB                                57 969           4.8               88 029            (4)           4.8
 5. Nokia                              55 709           4.6               12 431           (30)           0.7
 6. Autoliv Inc.                       42 379 1)        3.5               18 896           (24)           1.0
 7. S-E-Banken                         38 188           3.1               58 939            (8)           3.2
 8. Pharmacia & Upjohn                 37 608           3.1               28 102           (20)           1.5
 9. Electrolux                         32 468           2.7               40 350           (13)           2.2
 10. Investor                          25 529           2.1               73 867            (5)           4.0
 Total. 10 most traded               749 724          61.5               931 428                         50.7


 11 Svenska Handelsbanken              25 126           2.1               65 261            (6)           3.6
 12 Sandvik                            24 965           2.0               58 535            (9)           3.2
 13 Skandia                            24 419           2.0               38 332           (15)           2.1
 14 SCANIA                             23 881           2.0               35 650           (16)           1.9
 15 Stora Kopparbergs                  23 403           1.9               32 061           (19)           1.7
 16 FöreningsSparbanken                21 114           1.7               63 513            (7)           3.5
 17 Nordbanken Holding                 18 951 2)        1.6               57 149           (10)           3.1
 18 Trelleborg                         17 823           1.5               10 534           (32)           0.6
 19 Incentive                          16 924           1.4               48 924           (11)           2.7
 20 Atlas Copco                        16 840           1.4               43 463           (12)           2.4
 Total. 20 most traded               963 171          79.0            1 384 848                          75.4


 21 Skanska                            16 416           1.3               34 097           (18)           1.9
 22 SKF                                15 335           1.3               18 746           (25)           1.0
 23 Mo och Domsjö                      14 561           1.2               18 125           (26)           1.0
 24 Trygg-Hansa                        11 791           1.0               15 189           (29)           0.8
 25 Svenska Cellulosa AB SCA           11 708           1.0               35 267           (17)           1.9


 Total of above                     1 032 982         84.7             1 506 273                         82.0
 26 - 100 companies                  187 145          15.3              331 990                          18.0


 Total. 100 companies               1 220 127        100.0             1 838 263                        100.0

1)
     incl Autoliv AB
2)
     incl Nordbanken AB




                                                      40
                                    STOCKHOLM STOCK EXCHANGE                        •   FA CT BOOK 1 9 9 8




                                                                     TABLE 25


                                           A-LIST: BASIC DATA 1997


                                      Trading            Average                        Average                        Market value
                                      volume               daily             Turnover transaction           Days       at year-end
                                                                                   1)
                                     1997 SEK            turnover             rate        size            traded 2)       1997             Spread 3)
 Note    Series of shares             million          SEK thousand             %     SEK thousand           %         SEK million            %

 MOST TRADED STOCKS
         ABB A                         35 945            144 359               55           364            100            62 811             0.46
         ABB B                         22 023              88 448              84           348            100            25 218             0.47
         AGA A                          1 775               7 127              13           186            100            14 240             0.80
         AGA B                          9 124              36 645              76           263            100            11 907             0.57
         AssiDomän                      4 839              19 433              19           108            100            23 793             0.57
         Astra A                     133 822             537 439               76           464            100           183 899             0.32
         Astra B                       26 768            107 503               69           235            100            40 821             0.42
         Atlas Copco A                 10 598              42 563              41           318            100            29 032             0.45
         Atlas Copco B                  6 242              25 068              48           310            100            14 431             0.50
     X   Autoliv (SDB) 4)              34 981            209 465              297           426            100            18 896             0.22
         Avesta                         8 244              33 110              70           180            100              8 295            0.78
         Electrolux A                         4                 17              0            56              19             1 100          11.51
         Electrolux B                  32 464            130 378               85           553            100            39 250             0.31
         Ericsson A                       567               2 276               2           105            100            25 798             1.51
         Ericsson B                  225 659             906 260               86           639            100           266 390             0.21
         FöreningsSparbanken A         21 114              84 795              41           336            100            63 513             0.46
         Incentive A                   10 527              42 277              33           686            100            35 832             0.46
         Incentive B                    6 397             25 692               56           421            100            13 092             0.48
         Industrivärden A               4 371              17 554              33           490            100            13 895             0.76
         Industrivärden C               2 091               8 396              43           394            100              5 072            1.00
         Industrivärden KVB A               28                113               3           156              39             1 011            5.11
         Industrivärden KVB C               32                129               3           154              34             1 268            4.85
         Investor A                     3 269              13 129              11           219            100            30 156             0.63
         Investor B                    22 260              89 399              53           286            100            43 711             0.29
         Kinnevik A                         82                329               3            94              86             2 042            3.36
         Kinnevik B                     8 490              34 097              97           225            100              5 861            0.48
         Mo & Domsjö A                    275               1 103               5           284              80             4 547            4.82
         Mo & Domsjö B                 14 287              57 377              90           316            100            13 578             0.43
         Nokia A                       55 709            223 732              809           405            100            12 431             0.23
     X   Nordbanken Holding 5)          5 285            377 531              257         1 162            100            57 149             0.50
         Pharmacia & Upjohn            37 608            151 038              126           392            100            28 102             0.27
         Sandvik A                     15 015              60 303              33           567            100            42 816             0.49
         Sandvik B                      9 949             39 957               66           299            100            15 719             0.40


T = Listed public takeover bid.    X = Listed in 1997 (refer to table 22).
1)
   Refers to the annual turnover in relation to the average market capitalization during the year. 2) Refers to the number of days a given series
of stock was traded in relation to the total number of trading days. 3) The difference between buy and sell prices in relation to the share price.
4)
   Excl Autoliv AB (Autoliv please refer to stocks delisted). 5) Excl Nordbanken AB (Nordbanken please refer to stocks delisted).



                                                                        41
                                    S TOCK HOLM S TOCK EX CHA NGE                    •   FACT BOOK 1998




                                                                   ...TABLE 25




                                      Trading            Average                        Average                        Market value
                                      volume               daily             Turnover transaction           Days       at year-end
                                                                                   1)
                                     1997 SEK            turnover             rate        size            traded 2)       1997             Spread 3)
 Note    Series of shares             million          SEK thousand             %     SEK thousand           %         SEK million            %

         SCANIA A                       7 969              32 004              39           328            100            17 750             0.42
         SCANIA B                      15 912              63 904              78           325            100            17 900             0.34
         Skandia                       24 419              98 066              82           420            100            38 332             0.36
         S-E-Banken A                  37 394            150 176               89           377            100            56 537             0.64
         S-E-Banken C                     794               3 188              39            82            100              2 402            0.99
         Skanska B                     16 416              65 928              45           327            100            34 097             0.33
         SKF A                          2 334               9 372              26           434            100              7 832            1.04
         SKF B                         13 001              52 213             106           341            100            10 914             0.42
         SSAB A                         5 464              21 943              41           213            100            12 151             0.59
         SSAB B                         1 970               7 913              41           195            100              4 524            0.76
         Stora A                       17 408              69 912              59           282            100            26 180             0.54
         Stora B                        5 995              24 078              89           228            100              5 881            0.65
         Svenska Cellulosa SCA A          428               1 718                4          157              98           11 124             2.11
         Svenska Cellulosa SCA B 11 280                    45 301              49           279            100            24 143             0.48
         Sv. Handelsbanken A           23 723              95 272              47           474            100            59 470             0.39
         Sv. Handelsbanken B            1 398               5 613              29           209            100              5 519            1.11
         Sv. Handelsbanken I                  5                 19              2            11              38               249            4.20
         Swedish Match                  7 886              31 670              67           162            100            12 284             0.51
         Sydkraft A                       132                 529               1            95              90           23 888             3.65
         Sydkraft C                     7 834              31 461              62         1 119            100            15 579             1.01
         Trelleborg B                  17 306              69 503             142           177            100            10 534             0.48
     T   Trygg-Hansa B                 11 791              47 352              88           248              98           15 189             0.57
         Volvo A                        4 729              18 994              17           251            100            29 384             0.53
         Volvo B                       68 328            274 408              109           506            100            64 521             0.29


 OTHER STOCKS
         ASG B                          2 758              11 077             122           336            100              3 011            1.14
         Beijer B                         250               1 003              42           181              86               630            2.23
         Bilia A                        1 331               5 345              41           138            100              3 484            1.17
         BPA A                              45                180               6            29              86               663            3.72
         BPA B                            151                 605              26            39              99               488            1.87
         BT Industries                  1 897               7 618              55           234            100              4 452            1.16
         BTL A                            244                 981              18           109              94             1 606            2.09
         BTL B                          2 439               9 796             116            89            100              2 486            0.67
         Bure                           2 541              10 204              48           154            100              5 700            0.80


T = Listed public takeover bid.    X = Listed in 1997 (refer to table 22).
1)
  Refers to the annual turnover in relation to the average market capitalization during the year. 2) Refers to the number of days a given series
of stock was traded in relation to the total number of trading days. 3) The difference between buy and sell prices in relation to the share price.



                                                                        42
                                    S TOCK HOLM S TOCK E XCHANG E                    •   FACT BOOK 1998




                                                                   ...TABLE 25




                                      Trading            Average                        Average                        Market value
                                      volume               daily             Turnover transaction           Days       at year-end
                                                                                   1)
                                     1997 SEK            turnover             rate        size            traded 2)       1997             Spread 3)
 Note    Series of shares             million          SEK thousand             %     SEK thousand           %         SEK million            %

         Cardo                          3 674              14 756              55           221            100              6 210            0.69
         Celsius B                      2 139               8 590              61           174            100              3 234            0.86
         Consilium B                      291               1 169              93            42            100                266            1.48
         Dahl International             1 519               6 099              48           232            100              2 434            1.09
         Elekta B                       1 998               8 023             131            86            100                866            0.76
         Esselte A                        686               2 753              20           291              97             2 870            2.13
         Esselte B                      2 688             10 794               97           249            100              2 432            0.85
         Evidentia A                        86                346              28            41              89               292            3.36
         Evidentia B                        52                209              94            42              78                 48           3.37
         Finnveden B                      700               2 810              43           109            100              1 565            1.23
     T   FORCENERGY B                   2 039               8 190             166            97            100              1 373            0.71
         Getinge B                      4 238             17 019               73           142            100              5 340            0.66
         Geveko B                         376               1 511             114           143              96               353            1.57
         Gotland A                            8                 34               5           46              37               187          11.01
         Gotland B                          71                287              20            74              78               365            3.32
         Gunnebo                          866               3 479              69           103            100              1 345            1.10
         Haldex                         2 633              10 576             136           104            100              2 192            0.76
     X   Hemköpskedjan B                  813               6 257              93           111            100              2 058            0.87
         Hexagon B                      1 856               7 452              63           129            100              3 042            0.62
         Hufvudstaden A                 1 320               5 303              26           104            100              3 917            1.05
         Höganäs B                      4 008              16 097              63           197            100              6 038            0.61
     T   ICB Shipping A                   100                 401              42           703              29               324          12.59
     T   ICB Shipping B                 2 010               8 074              86           342              99             2 566            1.31
         JM Bygg B                      1 154               4 633              32           703              91             3 558            1.84
         JP BANK A                        387               1 554             102           153              98               432            2.34
         JP BANK B                        513               2 062             248            77            100                242            1.24
         Kalmar Industries              1 897               7 617             111           213            100              3 009            1.02
         Kjessler & Mannerstråle          112                 450              61            43              97               138            2.34
     T   Klövern Fastigheter B          1 610               6 464             118            71              99             1 461            0.80
         Lindex                         2 168               8 708              82           126            100              3 328            0.79
     T   Linjebuss A                    1 062               4 265             110           118            100              1 421            1.33
         Midway A                             4                 17               1           28              34               277            8.33
         Midway B                         300               1 205              60            39            100                338            1.29
         Munksjö                        1 061               4 262              33           141            100              3 272            1.17
         NCC A                            164                 661                3           59              96             5 175            2.33


T = Listed public takeover bid.    X = Listed in 1997 (refer to table 22).
1)
  Refers to the annual turnover in relation to the average market capitalization during the year. 2) Refers to the number of days a given series
of stock was traded in relation to the total number of trading days. 3) The difference between buy and sell prices in relation to the share price.



                                                                        43
                                    S TOCK HOLM S TOCK EXCHA NGE                     •   FACT BOOK 1998




                                                                   ...TABLE 25




                                      Trading            Average                        Average                        Market value
                                      volume               daily             Turnover transaction           Days       at year-end
                                                                                   1)
                                     1997 SEK            turnover             rate        size            traded 2)       1997             Spread 3)
 Note    Series of shares             million          SEK thousand             %     SEK thousand           %         SEK million            %

         NCC B                          1 679               6 742              46           127            100              3 785            1.01
         Nobel Biocare                  1 560               6 266              75           218              99             1 971            1.54
         Norrporten                       333               1 339              39            95              99               966            0.96
         Piren                            667               2 679              46            55            100              1 615            1.27
         Platzer B                        685               2 752             139            63              99               494            1.28
         PLM                            1 627               6 536              30           138            100              4 824            0.92
         PriFast                        1 023               4 108              64           264              98             1 483            1.81
     T   Sandblom & Stohne B              215                 862              73            60              97               323            2.15
     X   Sardus                           498               2 692             104           152              99               610            1.67
         SAS                            1 028               4 128              14           145            100              8 108            1.20
         Scancem A                      4 251             17 073               35         1 747              95           13 633             2.83
         Scancem B                      3 063             12 300               99         2 205              89             3 364            2.75
         Scandiaconsult                   271               1 089              91            78              97               287            2.51
         Scandic Hotels                 1 031               4 140              41           147            100              3 298            1.14
         Scribona A                       333               1 338              19           240              92             1 741            3.29
         Scribona B                       701               2 815              49            93            100              1 337            1.35
         Seco Tools B                     435               1 747              10           210              92             5 275            2.35
         SIFAB                              37                150                6           31              78               722            3.49
         Spectra-Physics A              4 066              16 330             141           225            100              2 652            0.83
         Spendrups B                      444               1 782              91            56            100                569            1.31
         Stena Line B                     597               2 398              32           104            100              1 398            1.49
         Svedala                        3 718             14 930               51           214            100              6 290            0.90
     X   SWECO A                              2                 14               3           48              12               122          13.91
         SWECO B                          244                 981              35           146              90               840            2.49
         TV4 A                            731               2 935              27           129            100              2 920            1.30
         Wihlborgs B                      726               2 914              57            48              99             1 330            1.02
         Ångpanneföreningen B             316               1 270              49           137              96               612            1.80


 FOREIGN STOCKS
         Akzo Nobel                       120                 480              20            76              88               632            2.72
         Alcatel Alsthom CGE                  7                 29             23            67              26                 29           9.95
         Bayer AG                           14                  54             22           163              22                 53         12.63
         Kvaerner A                           0                   1            32            46               1                  1
         Kvaerner B                           0                  0             36            25               1                  0
         Norsk Hydro SDB                    29                115              20            61              58               125            4.31


T = Listed public takeover bid.    X = Listed in 1997 (refer to table 22).
1)
  Refers to the annual turnover in relation to the average market capitalization during the year. 2) Refers to the number of days a given series
of stock was traded in relation to the total number of trading days. 3) The difference between buy and sell prices in relation to the share price.



                                                                        44
                                    STOCKHOLM STOCK EXCHANGE                        •   FA CT BOOK 1 9 9 8




                                                                   ...TABLE 25




                                      Trading            Average                        Average                        Market value
                                      volume               daily             Turnover transaction           Days       at year-end
                                                                                   1)
                                     1997 SEK            turnover             rate        size            traded 2)       1997             Spread 3)
 Note   Series of shares              million          SEK thousand             %     SEK thousand           %         SEK million            %

        OMI                                   4                 15             45            54              16                  6         19.84
        Saint-Gobain                          4                 18             18            50              20                 22         12.91


 PREFERENCE STOCKS
        Sv. Handelsbanken pr A                1                   2             4              6              5                10          24.84
        Sv. Handelsbanken pr B 63             0                   2             3              9              3                 13         13.33


 O B S E RVATION LIST
        Gullspång B                     1 975               7 931              22           374              98           10 261             1.80


 STOCKS DELISTED IN 1997 (refer to table 23)
        Autoliv                         7 399              85 042             123           327            100            15 070
        FABEGE B                        1 716               7 397             121           116              94             1 865
        Frontline                         763               6 103              79           146            100              2 957
        Föreningsbanken A               2 258              20 713              68            91            100              8 213
        Föreningsbanken PR B              142               1 305              39            25              94               907
        Klövern A                             1                 11             59            13              32                  4
        M2 FASTIGHETER                      62                843              35            94              93               565
        Nordbanken                     13 665              57 903              31           339            100            46 599
        SIAB A                            267               2 210              31           110              91             1 830
        SIAB B                              34                278              12            58              64               610
        Skoogs B                          171                 816              71           150              77               326
        Stadshypotek A                  1 721              14 225              21           498            100            17 005
        Terra Mining                          0                 22              1            15              67               617
        Trelleborg C                      517               5 329             120            84            100              1 241
        United Tankers B                    10                  61              3            42              60               556
        Östgöta Enskilda Bank           2 519              21 905             250           717              79             2 817




T = Listed public takeover bid.    X = Listed in 1997 (refer to table 22).
1)
  Refers to the annual turnover in relation to the average market capitalization during the year. 2) Refers to the number of days a given series
of stock was traded in relation to the total number of trading days. 3) The difference between buy and sell prices in relation to the share price.




                                                                        45
                                   S TOCK HOLM S TOCK E XCHANG E      •   F AC T B OOK 1 9 9 8




                                                         TABLE 26


                             OTC-LIST: NEW COMPANIES IN 1997



                                                          Market value on                 Risk capital
                                                       the first day of listing,          Public offerings
Company                                   Date             SEK million1)                  SEK million

Svolder AB                                   24/2                   800               Transferred from the O-list
Borås Wäfveri AB                             17/4                   228              Transferred from the A-list.
AB Fagerhult                                 13/5                   645                            –
SäkI AB                                      13/5                   874                            –
Investmentab. Latour                         30/5                4 060               Transferred from the A-list.
Arkivator AB                                     5/6                228                           80
Gorthon Lines AB                                 6/6                854                            –
Scandinavia PC Systems AB                        6/6                227                          144
NIBE Industrier AB                           16/6                   319                          79
ProfilGruppen AB                              19/6                   265                          100
Wedins Norden AB                                 1/7                226                          100
Svedbergs i Dalstorp AB                      3/10                   391                          175
Wilkenson Handskmakar’n AB                  27/10                   164                          114
New Wave Group AB                           11/12                   142                           75
Gibeck AB, Louis                            12/12                   163                          103
FB Industri Holding AB                      22/12                   140                           73
                                                                 9 726                       1 043

1)
     Refers to listed series of shares.




                                                           46
                                   S TOCK HOLM S TO CK E XCHANG E     •   FACT BOOK 1998




                                                        TABLE 27


                       OTC-LIST: DELISTED COMPANIES IN 1997


                                                            Market value on
                                                             the last day of
Company                                     Date         listing, SEK million1)              Note

Lodet Fastighets AB                          3/2                   327                       Acquired by av Sv. Bostäder
CynCrona AB                                 30/4                   466                       Acquired by OEM International
RörviksGruppen AB                           24/6                   425                       Splitted into R-vik Industrigrupp AB
                                                                                             and Rörvik Timber AB
                                                                1 218

1)
     Refers to listed series of shares.




                                                        TABLE 28


                 OTC-LIST: MOST TRADED COMPANIES IN 1997


                                           Trading       Percentage                                                 Percentage
                                            volume         of total        Market value at      Ranking               of total
Ranking                                      1997         OTC-list         year-end 1997           by                 market
by turnover                               SEK million      trading          SEK million        market value          value %

1. Rottneros                                1 626          11.5                    1 287             (7)                3.6
2. IBS                                      1 010            7.1                   1 226            (10)                3.4
3. Nolato                                     953            6.7                   1 850             (3)                5.1
4. Storheden                                  761            5.4                   1 494             (5)                4.1
5. Wallenstam                                 599            4.2                    889             (14)                2.5
6. Elanders                                   569            4.0                    567             (22)                1.6
7. PEAB                                       557            3.9                   1 092            (11)                3.0
8. Svolder                                    494            3.5                   1 071            (12)                3.0
9. OEM                                        427            3.0                   1 257             (9)                3.5
10. IMS Data                                  416            2.9                    127             (51)                0.4
Total of above                              7 412          52.3                   10 860                              30.1
11 - 59 companies                           6 756          47.7                   25 209                              69.9


Total. 59 companies                       14 168          100.0                   36 069                             100.0




                                                           47
                                    S TOCK HOLM S TOCK EX CHA NGE                  •   FACT BOOK 1998




                                                                    TABLE 29


                                        OTC-LIST: BASIC DATA 1997


                                                     Average                               Average                      Market value
                                         Trading       daily              Turnover       transaction          Days      at year-end
                                      volume 1997    turnover              rate 1)           size           traded 2)      1997          Spread 3)
 Note    Series of shares              SEK million SEK thousand              %          SEK thousand           %        SEK million         %

     T   Acrimo B                           53              214               17             106              53             352          11.14
     X   Arkivator                        161             1 108               75              46             100             509           1.63
         Beijer & Alma B                  102               411              17               66              94             771           2.26
         Berg & Co. CF B                    75              302               59              32              96              93           2.26
         Bong Ljungdahl                   200               803               63             145              87             489           2.53
         Borås Wäfveri B                  167               672               65              74              90            254            2.47
         BRIO B                           108               432               51              83              85             186           3.54
         Caran B                          288             1 156               84              41             100            288            1.65
         Doro                             116               467              131              26             100            155            1.81
         Elanders B                       569             2 285              157              84             100             567           1.26
         Eldon B                          339             1 361               34             145              93          1 522            1.88
         ElektronikGruppen BK B           285             1 143              173              70             100            279            1.35
         Empire B                           23                91              42              21              89              56           3.18
         Enea Data A                        11                46             16              123              19              92          16.71
         Enea Data B                      319             1 279              125              54             100            393            1.26
     X   Fagerhult                        128               798               31              53              99             708           1.71
     X   FB Industri Holding B                4           1 041              183              35             100             146           1.65
         Fjällräven B                       48              191               62              40              83              71           3.23
         Folkebolagen B                     12                47             29               38              51              49           5.22
     X   Gibeck B                           11            1 107              174              52             100            174            2.71
     X   Gorthon Lines B                  208             1 443               45              75             100             762           1.10
         HL Display B                     207               832               26              44             100          1 267            1.73
         IMS                              416             1 671              225              37             100             127           1.37
         IBS B                          1 010             4 057               93             137             100          1 226            1.58
         ITAB B                             79              319               30              47              92            421            3.08
         KABE B                             25                99             33               30              74              71           3.72
         Latour A                           11                44               1              64              37          1 221            7.57
         Latour B                         134               538                5              89              93          2 371            2.61
         Lindvallen i Sälen B               38              151               19              56              76            364            4.27
         Lundgrens B                        22                89             24               30              78             105           3.35
         Martinsson B                     246               989              101              45             100             238           1.74
         Meda A                           162               653              57               65              98             263           1.81
         Måldata B                        277             1 114              145              35             100             199           1.62
         Nefab B                          126               506              21               56              96             772           2.25
     X   New Wave B                         28            2 569              452              63             100            144            1.04
     X   NIBE Industrier B                204             1 479               80              44             100            853            1.37

T = Listed public takeover bid.    X = Listed in 1997 (refer to table 26).
1)
  Refers to the annual turnover in relation to the average market capitalization during the year. 2) Refers to the number of days a given series
of stock was traded in relation to the total number of trading days. 3) The difference between buy and sell prices in relation to the share price.



                                                                        48
                                    STOCKHOLM STOCK EXCHANGE                       •   FA CT BOOK 1 9 9 8




                                                                    ...TABLE 29




                                                     Average                               Average                      Market value
                                         Trading       daily              Turnover       transaction          Days      at year-end
                                      volume 1997    turnover              rate 1)           size           traded 2)      1997          Spread 3)
 Note    Series of shares              SEK million SEK thousand              %          SEK thousand           %        SEK million         %

         Nolato B                         953             3 828               67              77             100          1 850            0.95
         Nordifagruppen A                     2                 8              5              17              24              38          18.72
         Nordifagruppen B                 123               492               70              22             100            140            1.96
         Närkes Elektriska B              188               753               27              74              98             609           2.09
         OEM B                            427             1 715               51              67              99          1 257            1.26
         PEAB B                           557             2 235               52              36             100          1 092            0.87
     X   ProfilGruppen B                     67              494               35              28              99             424           2.12
         Rottneros                      1 626             6 530               93              45             100          1 287            0.85
     X   Scandinavian PC Systems          228             1 583              135              33             100             415           1.43
         Segerström & Svensson B          296             1 187               36              73              99          1 330            1.88
         Senea                              60              240               45              29              92            201            3.34
         Storheden B                      761             3 058               74             130              99          1 494            1.31
         Strålfors B                      267             1 073               17             165              90          1 929            1.69
     X   Svedbergs B                      100             1 663              104              53             100             476           1.58
         Svolder A                          64              257               40             308              41            177            6.28
         Svolder B                        430             1 726               59              60             100            894            1.15
     X   SäkI                             109               676               19             131              89            989            3.98
         Tivox B                            59              235               85              25              95              85           2.70
         Tryckindustri B                    56              225               41              55              90            163            2.17
         VBG Produkter B                    57              230               14              50              88            462            3.15
         Verimation                         59              238               43              61              79              91           5.66
         VLT B                            103               413               32             112              78             530           3.83
         Wallenstam B                     599             2 405               62              91             100            889            1.61
     X   Wedins B                           69              536               56              67              95             270           2.59
         Westergyllen B                   195               782               67              65              97             386           1.83
     X   Wilkenson Handskmakar’n            35              787              122              36             100             163           1.48
         ZETECO B                         213               856               30             173              94            868            2.27


STOCKS DELISTED IN 1997 (refer to table 27)
         CynCrona B                       160             1 953              109              83              93            466
         Lodet                                2               92               7              41              86             327
         RörviksGruppen B                 311             2 654              171              55             100            425

T = Listed public takeover bid.    X = Listed in 1997 (refer to table 26).
1)
  Refers to the annual turnover in relation to the average market capitalization during the year. 2) Refers to the number of days a given series
of stock was traded in relation to the total number of trading days. 3) The difference between buy and sell prices in relation to the share price.




                                                                        49
                                S TOCK HOLM S TOCK E XCHANG E     •   F AC T B OOK 1 9 9 8




                                                       TABLE 30


                              O-LIST: NEW COMPANIES IN 1997


                                                                  Market value on the             Risk capital
                                                                  first day of listing,           Public offerings
Company                                         Date                SEK million1)                 SEK million

Medical Invest Svenska AB                        2/1                     1 013                           –
Salus Holding AB                                 2/1                       109                           –
ADB-Gruppen Mandator AB                          3/1                       643                          59
Biora AB                                        10/2                     1 398                        390
Entra Data AB                                   14/2                       363                        122
Sigma AB                                        21/2                       543                        100
Alfaskop AB                                     24/2                       312                          45
NK Cityfastigheter AB                           21/3                     1 207                        768
GOTIC AB                                        25/3                       611                        104
MTV Produktion AB                               14/4                       523                          76
Ticket Travel Group AB                          25/4                       214                        105
Gränges AB                                      21/5                     3 588                           –
Modul 1 Data AB                                 22/5                       250                           –
Castellum AB                                    23/5                     2 800                      1 530
Semcon AB                                       26/5                       572                        406
Karlshamns AB                                    5/6                     1 995                        873
L E Lundbergföretagen AB                         9/6                     6 537               Transferred from the A-list.
H&M Hennes & Mauritz AB                         10/6                   44 733                Transferred from the A-list.
PartnerTech AB                                  12/6                       408                        263
Tidnings AB Marieberg                           16/6                     4 773               Transferred from the A-list.
Handelsbanken Hypotek AB                        18/6                       255                           –
Prosolvia AB                                    18/6                     1 315                        362
AB Custos                                       19/6                     8 001               Transferred from the A-list.
Information Highway AB                          19/6                       278                          64
Pandox Hotellfastigheter AB                     23/6                       530                        416
North Atlantic Natural Resources AB             24/6                       532                        225
Investmentab. Öresund                           25/6                     2 445               Transferred from the A-list.
R-vik Industrigrupp AB                          25/6                       160                           –
Rörvik Timber AB                                25/6                       205                           –
Graningeverkens AB                              30/6                     8 924               Transferred from the A-list.
ORESA Ventures S.A.                              1/7                       209                        430
Förvaltningsab. Ratos                            2/7                     7 138               Transferred from the A-list
OM Gruppen AB                                    2/7                     5 652               Transferred from the A-list
ASSA ABLOY AB                                   21/7                   11 112                Transferred from the A-list
Securitas AB                                    23/7                   14 769                Transferred from the A-list
Bergman & Beving AB                             15/8                     3 932               Transferred from the A-list
Lindab AB                                       22/8                     2 385               Transferred from the A-list.
Hufvudstaden International AB                   29/8                       976                           –
Perstorp AB                                      4/9                     9 832               Transferred from the A-list.
WM-data AB                                       5/9                     7 935               Transferred from the A-list.


                                                         50
                                   S TOCK HOLM S TOCK E XCHANG E            •   FACT BOOK 1998




                                                             ...TABLE 30




                                                                            Market value on the                Risk capital
                                                                            first day of listing,              Public offerings
Company                                               Date                    SEK million1)                    SEK million

Allgon AB                                              5/9                        3 479                   Transferred from the A-list.
AB Jacobson & Widmark                                  9/9                          208                   Transferred from the A-list.
Atle AB                                               10/9                        5 837                   Transferred from the A-list.
Argonaut AB                                           12/9                        1 782                   Transferred from the A-list.
Nordström & Thulin AB                                 12/9                        1 588                   Transferred from the A-list.
Invik & Co AB                                         22/9                        2 530                                  –
Liljeholmens Stearinfabriks AB                        3/10                          300                                  –
Gylling Optima Batteries AB                           8/10                          764                                  –
Munters AB                                           21/10                        2 000                          1 816
Maxim Pharmaceuticals, Inc.                          24/10                          234                            230
Svenska Orient Linien AB                             29/10                          360                            308
Artimplant Development Artdev AB                      5/11                          314                                 67
Columna Fastigheter AB                               26/11                          515                                  –
Jaakko Pöyry Group Oyj                                2/12                            98                            752
ConNova Group AB                                      9/12                          197                                 60
B&N, Bylock & Nordsjöfrakt AB                        11/12                          567                   Transferred from the A-list.
Gandalf AB                                           18/12                            85                                20
                                                                                180 035                          9 591
1)
     Refers to listed series of shares.




                                                              TABLE 31


                          O-LIST: DELISTED COMPANIES IN 1997

                                                                  Market value on
                                                                  the last day of
                                                                      listing,
Company                                       Date                 SEK million1)           Note

Hemstaden, Bostadsab.                         31/1                      292                Acquired by Diös
Norrporten, Fastighetsab.                     19/2                      813                Transferred to the A-list.
Svolder AB                                    21/2                       800               Transferred to the OTC-list
Atlantica Försäkringsab.                      30/4                         75              Acquired by Invik & Co.
Swedish Match AB                               7/5                    12 516               Transferred to the A-list.
VenCap Industrier AB                          23/5                      720                Acquired by GRIMALDI Industri




                                                                 51
                                   STOCKHOLM STOCK EXCHANGE              •   FACT BOOK 1998




                                                           ...TABLE 31




                                                               Market value on
                                                               the last day of
                                                                   listing,
Company                                             Date        SEK million1)         Note

Kanthal AB                                          22/8            2 225                 Acquired by Sandvik
VBBgruppen AB                                       15/9              493             Acquired by SWECO
GOTIC AB                                        14/10                 744             Acquired by Vasakronan
Hufvudstaden International AB                   30/12               1 043                 Acquired by Diligentia
                                                                 19 721
1)
     Refers to listed series of shares.




                                                           TABLE 32


                    O-LIST: MOST TRADED COMPANIES IN 1997


                                                                                Market
                                           Trading         Percentage           value at                           Percentage
                                            volume           of total          year-end            Ranking           of total
Ranking                                      1997             O-list             1997                 by             market
by turnover                               SEK million        trading          SEK million         market value      value %

 1. Hennes & Mauritz                       25 651            23.0                63 904                (1)           22.1
 2. NetCom Systems                         16 268            14.6                17 587                (2)             6.1
 3. Allgon                                  7 749             7.0                 2 943               (23)             1.0
 4. Securitas                               4 795             4.3                16 528                (3)             5.7
 5. Pricer                                  4 659             4.2                 2 803               (24)             1.0
 6. WM-data                                 4 139             3.7                 8 862                (7)             3.1
 7. Gränges                                 4 108             3.7                 4 559               (17)             1.6
 8. Enator                                  3 968             3.6                 5 288               (15)             1.8
 9. Custos                                  3 914             3.5                 7 355                (9)             2.5
10. Diligentia                              3 781             3.4                 6 647               (12)             2.3
Total of above                             79 032            71.0             136 475                                47.1
11 – 102 companies                         32 329            29.0             153 081                                52.9


Total. 102 companies                      111 361           100.0             289 556                               100.0




                                                              52
                                    STOCKHOLM STOCK EXCHANGE                       •   FA CT BOOK 1 9 9 8




                                                                    TABLE 33


                                           O-LIST: BASIC DATA 1997


                                                    Average                                Average                     Market value
                                        Trading       daily              Turnover        transaction         Days      at year-end
                                     volume 1997    turnover              rate 1)            size          traded 2)      1997           Spread 3)
Note     Series of shares             SEK million SEK thousand              %           SEK thousand          %        SEK million          %

         Active A                         197               791               62              97              91            431            3.13
         Active B                       1 214             4 875              262              82             100            627            0.92
     X   ADB-Gruppen Mandator             784             3 163              103              63             100          1 328            1.29
     X   Alfaskop                         187               876               86              42             100            264            1.84
         Allgon B                       7 749            31 120              241             172             100          2 943            0.47
         Althin Medical B                 474             1 905               68              67             100            629            1.06
         Argonaut A                       160               644               31              48              97            456            1.95
         Argonaut B                     1 701             6 831              155              81             100            972            0.91
     X   Artimplant B                       36              986               86              33             100            275            1.76
         ASSA ABLOY B                   2 152             8 643               20             234             100         13 974            1.03
         Atle                           2 882            11 576               50             126             100          6 846            0.72
         Benima Ferator                   237               952              112              33             100            188            1.33
         Bergman & Beving B               523             2 100               14             194              99          3 906            1.38
         Biacore                        1 032             4 146              102              61             100            663            1.03
     X   Biora                            665             2 982               48              86             100          1 698            1.39
         Bulten B                         957             3 844               77              60             100          1 321            1.04
         Bylock & Nordsjöfrakt B          586             2 355               61              66             100            572            0.95
     X   Castellum                      1 681           10 917                82             181             100          3 950            1.08
         Celtica                            12                49              12              44              47              95           9.32
         Cloetta B                        308             1 236               76              57             100            563            1.40
     X   Columna Fastigheter B              22              996               58              11             100            407            2.44
         Concordia B                      368             1 477               72              66              99            571            1.48
     X   ConNova Group                        8             640               83              36             100            191            2.47
         Custos A                       2 195             8 814               39             319             100          5 537            1.19
         Custos B                       1 719             6 903               92             195             100          1 817            0.88
         Diligentia                     3 781           15 185                74             120             100          6 647            0.69
         Diös                             960             3 854               92              80             100          1 070            0.87
         Enator                         3 968           15 935                75             191             100          5 288            0.80
     X   Entra Data                       344             1 570              112              72             100            511            1.49
         Europolitan Holdings           1 533             6 158              19              133             100         12 382            0.96
         Fagerlid Industrier              273             1 098               51              46             100            319            1.83
         Fastighetspartner NF             141               566               37              64              98            339            2.17
         Frontec B                      2 618           10 515               177              82             100          1 333            0.91
     X   Gandalf B                            2             351              109              27             100              79           2.76
         Graningeverken                   215               864                2              80              99          8 816            1.55
         Graphium                         202               810               95              39             100            179            1.63

T = Listed public takeover bid.    X = Listed in 1997 (refer to table 30).
1)
  Refers to the annual turnover in relation to the average market capitalization during the year. 2) Refers to the number of days a given series
of stock was traded in relation to the total number of trading days. 3) The difference between buy and sell prices in relation to the share price.



                                                                       53
                                    S TOCK HOLM S TOCK EX CHA NGE                  •   FACT BOOK 1998




                                                                    ...TABLE 33




                                                    Average                                Average                     Market value
                                        Trading       daily              Turnover        transaction         Days      at year-end
                                     volume 1997    turnover              rate 1)            size          traded 2)      1997           Spread 3)
Note      Series of shares            SEK million SEK thousand              %           SEK thousand          %        SEK million          %

     X    Gränges                       4 108           26 332               152             215             100          4 559            0.71
     X    Gylling B                         89            1 569               54              40             100             659           1.62
          Hagströmer & Qviberg          1 129             4 534               98              72             100          1 496            1.06
     X    Handelsbanken Hypotek pr          21              152               15              73              95            265            0.96
          Havsfrun B                          2                 8              5              27              18              39          11.92
          Heba B                          132               529               28              71              92            554            1.92
          Hennes & Mauritz B           25 651          103 017                51             262             100         63 904            0.37
     TX   Hufvudstaden Int                  58              688               17              37              80          1 043            4.46
     X    Information Highway             172             1 277               88              46             100             537           1.53
          Intentia B                    1 567             6 292               73              87             100          3 127            1.08
     T    IPC                           1 585             6 367              183              49             100          1 006            0.67
     X    Invik A                           26              381                8             109              62          1 276            5.53
     X    Invik B                           36              521               12              72              88          1 124            2.12
          IRO                             742             2 979               61             101             100          1 450            1.12
          Jacobson & Widmark                50              201               24              38              90            211            3.07
     X    Karlshamns                      817             5 631               67             132             100          2 604            0.86
          KLIPPAN                         243               976              120              40             100            162            1.44
          Lap Power A                         0                1               0              16                3             24          75.40
          Lap Power B                     601             2 412              121              28             100            356            1.19
     X    Liljeholmens A                      1               17               3              17              48             149          12.60
     X    Liljeholmens B                    29              488               69              17             100            197            2.09
          Lindab B                        575             2 309               26             129              98          2 523            1.59
          LjungbergGruppen B                62              249               19             102              73            396            4.13
          Lundberg B                    1 368             5 493               22             147             100          6 018            0.84
          Luxonen                         193               775               82              35             100            173            1.63
          Marieberg A                   1 563             6 279               32             288             100          4 600            1.33
          Matteus                         283             1 137               64              75              98             592           1.89
     X    Maxim                           134             2 968              338              76             100             237           1.51
          Medivir B                       381             1 529               51              95             100            706            1.53
     X    Modul 1 Data                    215             1 387              117              49              99            533            1.39
          Monark Stiga                    242               971               15              48              99          1 843            2.22
     X    MTV B                           108               603               35              35              99             253           2.73
     X    Munters                         700           14 586               197             239             100          1 713            1.05
          NetCom A                        568             2 281               28             172             100          3 094            1.60
          NetCom B                     15 701           63 055               178             185             100         14 492            0.46
          NH Nordiska Holding             260             1 046              113              39             100            306            1.29

T = Listed public takeover bid.    X = Listed in 1997 (refer to table 30).
1)
  Refers to the annual turnover in relation to the average market capitalization during the year. 2) Refers to the number of days a given series
of stock was traded in relation to the total number of trading days. 3) The difference between buy and sell prices in relation to the share price.



                                                                        54
                                    S TOCKHOL M S TOCK EX CHA NGE                  •   FA CT BOOK 1 9 9 8




                                                                    ...TABLE 33




                                                    Average                                Average                     Market value
                                        Trading       daily              Turnover        transaction         Days      at year-end
                                     volume 1997    turnover              rate 1)            size          traded 2)      1997           Spread 3)
Note     Series of shares             SEK million SEK thousand              %           SEK thousand          %        SEK million          %

     X   NK                                704            3 630               81             141             100          1 129            1.47
     T   Nordström & Thulin B             610             2 449               44              67             100          1 201            0.93
     X   NAN                                63              473               28              22             100            344            2.29
         Näckebro                       1 970             7 912               80             121             100          2 752            0.87
         OM Gruppen                     1 877             7 538               33             122             100          6 809            0.75
     X   ORESA SDB                        172             1 347              127              50             100             288           1.58
     X   Ortivus A                         224              898               77             201              74             253           3.14
     X   Ortivus B                      1 100             4 418               88             145             100          1 231            1.27
         OXiGENE                        3 272           13 139               215             105             100          1 431            0.79
     X   Pandox                           333             2 488              106             119             100             825           1.41
     X   PartnerTech                      338             2 416              126              74             100             446           1.72
         Peak Performance B               170               682               45              45             100            292            1.67
     X   Perstorp A                         91              450                9             544              37          1 240            6.65
         Perstorp B                     2 312             9 284               27             160             100          8 950            0.90
         Pricer B                       4 659            18 710              115             116             100          2 803            0.71
     X   Prosolvia B                      632             4 646               48             105             100          3 446            1.22
         Provobis B                         60              242               25              40              84             219           5.07
     X   Pöyry                              27            1 510              415             269              89              81           5.22
         Ratos A                            15                61               1              36              63          1 630            5.32
         Ratos B                        1 338             5 373               26             112             100          4 867            0.89
         Realia A                             2                 9              5              31              14              32          21.49
         Realia B                         238               957               79              31             100             302           1.64
         Resco B                          238               958              148              44              99             181           1.77
     X   R-vik Industrigrupp B              68              516               73              34             100             206           1.89
     X   Rörvik Timber B                    75              565               59              32             100             209           2.14
     X   Svenska Orient Linien AB           77            1 844              137              46             100            325            1.19
     X   SalusAnsvar B                    154               617               57              23              99             369           2.42
         Sands Petroleum B              1 499             6 020               81              40             100          1 954            0.77
         Securitas B                    4 795           19 258                34             399             100         16 528            0.83
     X   Semcon                           231             1 509              69               76             100             616           1.88
     X   Sigma B                          343             1 602               79              47             100            870            1.64
         SinterCast A                     803             3 225              196              57             100             225           1.61
         SinterCast B                       67              269               82              90              53              42          12.62
         Skandigen A                      594             2 387              162              37             100             287           1.02
         Solitair                         135               542              36               43              98             393           1.52
     T   Spira                            927             3 724              105             239              80          1 182            1.34

T = Listed public takeover bid.    X = Listed in 1997 (refer to table 30).
1)
  Refers to the annual turnover in relation to the average market capitalization during the year. 2) Refers to the number of days a given series
of stock was traded in relation to the total number of trading days. 3) The difference between buy and sell prices in relation to the share price.



                                                                        55
                                      S TOCK HOLM S TOCK E XCHANG E                   •   F AC T B OOK 1 9 9 8




                                                                      ...TABLE 33




                                                       Average                                Average                  Market value
                                           Trading       daily             Turnover         transaction      Days      at year-end
                                        volume 1997    turnover             rate 1)             size       traded 2)      1997           Spread 3)
Note       Series of shares              SEK million SEK thousand             %            SEK thousand       %        SEK million          %

           Taurus B                            83              334              100             19            99              47           2.93
     X     Ticket                            265              1 552             125             53            99            451            1.51
           Tornet                          1 297              5 209              49            135           100          3 143            1.08
           Tricorona B                       278              1 116             153             33           100            124            2.01
           WM-data B                       4 139             16 621              50            169           100          8 862            0.67
           Öresund                         1 085              4 359              45            155           100          2 530            0.88


O B S E RVATION LIST
           Trustor B                         794              3 191             105            143            92          1 034            1.23


STOCKS DELISTED IN 1997 (refer to table 31)
           Atlantica                            1               12                2             20            22              75
     X     GOTIC A                             22              156               29            174            41             134
     X     GOTIC B                           383              2 738             128            108            89             611
           Hemstaden                            0                 2               0             16            10            292
           Kanthal B                       1 144              7 151              90          2 349            78          2 225
           VBBgruppen A                         4               24                6             35            28              98
           VBBgruppen B                      109               621               39             88            72             395
           VenCap                              45              473               19             93            76            720


T = Listed public takeover bid.       X = Listed in 1997 (refer to table 30).
1)
  Refers to the annual turnover in relation to the average market capitalization during the year. 2) Refers to the number of days a given series
of stock was traded in relation to the total number of trading days. 3) The difference between buy and sell prices in relation to the share price.




                                                                       TABLE 34


                       CONVERTIBLE LOANS: NEW LOANS IN 1997


                                                                                                            Par value,
Company                                                                Date                                SEK million


 SalusAnsvar AB loan I ser. B, 3% 1997/02 1)                           26/5                                      40
 Graningeverkens AB loan, 9.25% 1987/97 2)                             30/6                                      30
                                                                                                                 70
 1)
      New loan on the O-list.
 2)
      New loan on the O-list. Transferred from the A-list.



                                                                          56
                                     S TOCK HOLM S TOCK EX CHA NGE                 •   FA CT B OOK 1 9 9 8




                                                                     TABLE 35


                CONVERTIBLE LOANS: DELISTED LOANS IN 1997


Company                                                                                 Date
 Graningeverkens AB loan, 9.25% 1987/97 1)                                             27/6
 Frontline AB loan, 9% 1992/99                                                           4/7

1)
     Delisted loan on the A-list. Transferred to the O-list.




                                                                     TABLE 36


                           CONVERTIBLE LOANS: BASIC DATA 1997


                                                            Trading                  Average                    Average
                                                            volume                     daily                  transaction   Days 1)
                                                             1997                    turnover                     size      traded
Note Loan                                                 SEK million              SEK thousand              SEK thousand      %

A-LIST CONVERTIBLE LOANS
         Ericsson B                                            273                     1 097                     214         80
         Gunnebo I                                               4                         17                     58         12
         Investor I B                                           36                        144                    274         16
         Kinnevik III B                                          1                           3                    27           5
         Stena Line II B                                       122                        489                    250         57


O-LIST CONVERTIBLE LOANS
         Concordia II B                                        66                         264                    236         46
         Graningeverkens                                         2                           9                    82           8
     X   SalusAnsvar I B                                         3                         18                      4         84


C O N V E RTIBLE LOANS DELISTED IN 1997 (refer to table 35)
         Frontline                                              42                        340                    193         59


X = Listed in 1997 (refer to table 34)
1)
  Refers to the number of days a given series was traded in relation to the total number of trading days.




                                                                        57
                                   STOCKHOLM STOCK EXCHANGE                       •   FACT BOOK 1998




                                                                   TABLE 37


                 WARRANTS, CALL OPTIONS: BASIC DATA 1997


                                                     Trading                    Average                         Average
                                                     volume                       daily                       transaction   Days 1)
                                                      1997                      turnover                          size      traded
Note    Loan                                       SEK million                SEK thousand                   SEK thousand      %

WA R R A N T S
        BPA TO B                                       43,5                        175                            25          92
        Klövern TO B                                   44,6                        179                             9          98
 X     NAN TO                                          10,1                           76                           7          97
  X     Wihlborgs TO B                                 14,1                           78                          22          82
 X      Wihlborgs TO2 B                                  0,1                          16                           8          50


CALL OPTIONS
  X     ABB KO A (130)                                   6,2                       144                            16          95
 X      AGA KO B (140)                                   0,7                          15                          13          51
        Astra KO A (120)                             362,9                       1 458                            46          98
 X     Astra KO A (150)                                89,7                        675                            48          99
  X     Autoliv KO SDB (330)                           76,9                        537                            23          99
 X     Autoliv KO SDB (350)                            27,3                        206                            39          85
  X     Avesta Sheffield KO (90)                          9,4                       118                            15          99
       Electrolux KO B                                 27,1                        109                          163           37
  X     Electrolux KO B (750)                            1,1                          25                          33          53
        Ericsson, KO B (200)                         324,9                       1 305                            93          92
 X      Ericsson, KO B (375)                         196,7                       1 479                            59        100
  X     Ericsson, KO B (450)                           38,3                        485                            23        100
 X     Gränges KO (63)                                 20,4                        130                            45          71
 X     Hennes & Mauritz KO B (400)                     37,3                        473                            34          97
        Investor KO B                                  91,5                        368                          102           86
  X     Investor KO B (500)                              9,4                       119                            23          89
  XU    Klövern KO2 B                                    0,8                          10                           2          78
  X     Nokia KO SDB A (650)                         401,7                       3 020                            91          98
  X     Nokia KO SDB A (900)                           14,9                        346                            32        100
  X     Nordström & Thulin KO B                          0,2                          6                            7          51
 X     PEAB KO B                                       22,0                           94                          11          94
 X      Pharmacia KO SDB (300)                           8,9                          67                          42          62
        Sandvik KO B                                   11,5                           46                          49          49
        SCANIA KO B                                  917,6                       3 685                            47        100
  X     SCANIA KO B (250)                                3,1                          23                          28          47
 X     Skandia KO (400)                                14,5                        183                            50          90
  X    S-E-Banken KO A (100)                           20,3                        153                            41          80
  X     SEB Warrant 9910                                 0,8                          21                          49          28
  X     Skanska KO B                                     0,6                          13                          25          35


X = Listed in 1997.
1)
   Refers to the number of days a given series was traded in relation to the total number of trading days.


                                                                       58
                                   S TOCK HOLM S TOCK E XCHA NGE                   •   FA CT BOOK 1 9 9 8




                                                                  ...TABLE 37




                                                     Trading                    Average                         Average
                                                     volume                       daily                       transaction   Days 1)
                                                      1997                      turnover                          size      traded
Note    Loan                                       SEK million                SEK thousand                   SEK thousand      %

  X     SKF KO B                                         1,0                           24                         13          70
        SHB 9811                                       27,8                        112                            35          87
  X     SHB FRDN                                         0,2                           10                         18          46
  X     SHB TELE                                         8,3                       345                            45          96
  X     SHB Warrant 9903                             103,6                         498                            56          99
  X     Stora KO A (140)                               16,5                        124                            30          92
        Sv. Handelsbanken KO A                           8,4                           34                         88          29
  X     Swedish Match KO B                               0,9                           21                          9          74
        Trelleborg KO B                              151,2                         607                            36        100
  X     Trelleborg KO B (170)                          12,5                            94                         19          94
        Volvo KO B                                   122,9                         493                            62          93
  X     Volvo KO B (250)                               15,0                        189                            20          97
        Wihlborgs KO B                                 37,6                        151                            15          96
  X     Swiss Bank, K 2300                               9,1                           68                         74          46
  X     Swiss Bank, K 2500                               2,0                           15                         22          33
  X     Swiss Bank, K 2700                               3,0                           23                         21          50
  X     Swiss Bank, S 1900                               0,8                            6                         15          26
  X     Swiss Bank, S 2100                               1,3                           10                         23          24
  X     Swiss Bank, S 2300                               7,3                           55                         20          82


DELISTED IN 1997
        Astra KO A (280)                               26,1                        266                            69          93
        Ericsson KO B (175)                            10,7                        109                            84          64
        Jacobson & Widmark TO I                        10,9                            90                         26          74
        Jacobson & Widmark TO II                         3,4                           28                         64          27
        Klövern KO B                                     1,9                           18                          2          85
        SHB 9702                                         1,3                           48                         36          67
        Stora Kopparberg Bergslags                     17,0                        173                            26          94


X = Listed in 1997.
1)
   Refers to the number of days a given series was traded in relation to the total number of trading days.




                                                                       59
                       STOCKHOLM STOCK EXCHANGE             •   FACT BOOK 1998




                                Bond Market

The Swedish bond market consists of two                 providing bond indices and other services.
markets; institutional trades are handled by              In 1996, the Stockholm Stock Exchange
market makers in a direct telephone contact             launched a new service for participants in the
market. The retail, private bond market is              bond market, the Electronic Directory of
automated and included in the Stockholm                 Swedish Bond Issues, which includes extensive,
Stock Exchange trading system under the                 daily updated, information on practically all
name of SOX.                                            public bonds issued in Sweden as well as daily
                                                        updated bond indices. The Electronic Direc-
INSTITUTIONAL MARKET                                    tory is easily accessible through the Stock-
Trading in the institutional market is based on         holm Stock Exchange Internet web site.
a primary dealer system. There are currently
11 primary dealers appointed by Sveriges                RETAIL MARKET

Riksbank (Bank of Sweden) and some market               The SOX system offers Exchange members
makers who maintain a secondary market in               an automated trading facility for private
benchmark government bonds, treasury bills,             bonds. At year-end 1997, the outstanding
mortgage bonds issued by the Swedish mort-              nominal amount of private bonds was
gage credit institutions and others. Bonds are          SEK 103.3 billion (market value 98.0 billion).
quoted and traded on a yield-to-maturity                Of this SOX-listed loans contributed with a
basis and not on the nominal price which is             nominal amount of SEK 72.7 billion (market
common in other markets.                                value 69.2 billion).
   The primary dealer system and the con-                 Turnover in the SOX system in 1997 was
centration to benchmark issues has led to a             SEK 12.3 billion in market value. 20 issuers,
substantial increase in liquidity in recent             between them, had 253 bonds listed on SOX.
years. Turnover on the bond market totaled                Further, the National Debt Office offers an
SEK 13,570 billion in 1997.                             account system, while Stadshypotek have their
   The bond market is dominated by issues               own private bonds without a SOX listing.
from the government and the mortgage credit             Together these three segments make up the
institutions. Other issuers are banks, industri-        Swedish market in private bonds. Individual
al companies, power companies, local autho-             investors can also invest in premium bonds
rities and county councils.                             which are issued by the Swedish government
   The exchange plays a vital role in offering          through the Swedish National Debt Office.
listing/registration of bond issues as well as          These are listed and traded in the SAX system.




                                                   60
                       STOCKHOLM STOCK EXCHANGE            •   FACT BOOK 1998




                                Bond Indices

All domestic bond issues, with few exceptions,         SSE BOND INDEX

are listed on the Stockholm Stock Exchange.            Includes all bonds that are actively traded in
   In 1996, the Exchange launched a new and            the market and listed on the Daily List.
improved series of bond indices. A new plat-           However, index linked issues are not inclu-
form was created, which makes it possible to           ded. Sub-indices based on issuer and maturity
offer customers tailor-made indices with               are also calculated and presented.
maintained official status. Another new ser-
vice is the Electronic Directory of Swedish            SSE GOVERNMENT BENCHMARK

Bond Issues which offers an easy way of retri-         BOND INDEX

eving information on bond data as well as              Includes all Government benchmark issues.
updates on indices and index populations.              The SSE Government benchmark bond index
The electronic Directory is distributed                was introduced in November 1996.
through the Exchange’s Internet web site.
                                                       SSE T-BILL INDEX (SSVX)
The Exchange provides four groups of bond
                                                       Calculations are made for all maturities, but
indices:
                                                       only a selection of maturities is offered as a
• SSE Bond index
                                                       general service.
• SSE Government benchmark bond index

• SSE T-bill index (SSVX)
                                                       SOX INDEX
• SOX index
                                                       Includes all bond issues except index linked
The indices are chain linked and coupons are           issues traded in the electronic trading system
reinvested in the respective indices. The indi-        for bonds, SOX. Calculation and presenta-
ces are based on closing prices and they are           tion is done on a real time basis through the
normally updated once a day, at market close.          trading system.




                                                  61
                               STOCKHOLM STOCK EXCHANGE                   •   FACT BOOK 1998




                                          YIELD INDEX 1993–1997

Price indices January 1989 = 100

275                                              SSV/90 (Treasury Bills, 90 days to maturity)

                                                 RX-5 (Benchmark bonds, Swedish Government
                                                 bonds, with over 5 years to maturity)
250


225


200


175


150
      93                      94                    95                        96                97




                                   EFFECTIVE INTEREST RATES 1993–1997

 %


 10



  8



  6

                                       RX-5 (Benchmark bonds, Swedish Government
                                       bonds, with over 5 years to maturity)
  4
                                       SSV/90 (Treasury Bills, 90 days to maturity)

  2
       93                      94                    95                       96                97




                                                               62
                                STOCKHOLM STOCK EXCHANGE         •   FACT BOOK 1998




                                                      TABLE 38


                      BOND AND MONEY MARKET INDICIES


                                          Yield indices                            Yield to maturity
                                            Year-end                                   Year-end
                                     1996             1997            +/- (%)    1996          1997      +/-
SOX-INDEX:
Index year–end, 1992 = 100
General Index                        157.61        166.15             +5.42      5.89          6.04    +0.15
Debentures                           172.06        182.44             +6.03      6.51          6.70    +0.19
Zerocoupon bonds                     158.13        166.97             +5.59      5.99          6.04    +0.05
 –3 years                            148.65        155.88             +4.86      4.92          5.48    +0.56
3–5 years                            170.07        179.64             +5.63      5.87          6.12    +0.25
5– years                             191.20        210.18             +9.93      6.68          6.57    -0.11


SEE BOND:
Index year-end, 1988 = 100
Swedish Government
1–3 years                            233.75        244.26             +4.50      4.42          5.33    +0.91
3–5 years                            249.04        264.19             +6.08      5.28          5.62    +0.34
5– years                             272.50        301.33            +10.58      6.52          5.93    -0.59
Total                                261.79        282.25             +7.82      6.14          5.82    -0.32


Other mortgage credit institutions
1–3 years                            251.21        262.92             +4.66      4.96          5.71    +0.75
3–5 years                            269.78        287.27             +6.48      5.74          6.08    +0.34
5– years                             286.80        313.91             +9.45      6.77          6.20    -0.57
Total                                258.17        271.04             +4.99      5.78          5.99    +0.21


All bonds
1–3 years                            244.03        255.17             +4.57      4.91          5.66    +0.75
3–5 years                            263.43        279.49             +6.10      5.67          6.00    +0.33
5– years                             271.24        299.83            +10.54      6.60          6.05    -0.55
Total                                261.22        278.96             +6.79      5.87          5.94    +0.07


SSE GOVERNMENT BENCHMARK
Index 1996-11-28 = 100               102.54        110.66             +7.92      6.29          5.84    -0.45


SSE T-BILL;
Index year-end, 1988 = 100
Swedish Treasury Bills, SSVX
30 days                              224.24        233.47             +4.12      3.70          4.43    +0.73
60 days                              224.11        233.35             +4.12      3.58          4.34    +0.76
90 days                              224.49        233.76             +4.13      3.63          4.50    +0.87
180 days                             226.02        235.41             +4.15      3.76          4.75    +0.99




                                                         63
                                      STOCKHOLM STOCK EXCHANGE                          •   FACT BOOK 1998




                                                                     TABLE 39


                                                      BOND MARKET 1)


                                                        New             Number of                 Number of out-              Number of loans on
                                                       loans             reissued                 standing loans                the bond lists at
                                                      1997               in loans                   at year-end                  year-end 1997
Issuer                                                issues              1997                   1997        1996           Daily list Monthly list

GOVERNMENT SECTOR
 Kingdom of Sweden (interest bearing)                    3                  4                      19          20                19                 –
 Telecom, administration loan                            5                  3                     15           13                 –            15
 Municipal bond loans                                  22                 12                      77           67                 –            77
 County council bond loans                               –                  –                       7           7                 –                 7
 Other loans for municipal credit                        –                  –                       4           4                 –                 4
                                                       30                 19                     122         111                 19           103

PUBLIC SECTOR
 Urban Mortgage Bank of Sweden                         22                 46                       83        107                 11            72
 Swedish General Mortgage Bank                           2                  4                     48           50                 1            47
 Other mortgage loans                                  17                 34                     235         252                 57           178
 Ship bond loans                                         –                  1                       –           1                 –                 –
 Foreign bond loans                                      5                  1                     14           10                 –            14
 Banks, industrial and utility loans 2)                71                 44                     239         212                  –           239
                                                      117                130                     619         632                 69           550


 Total                                                147                149                     741         743                 88           653

1)                                                                                 2)
     Excl. convertible loans, premium bonds and SOX-market. (refer to table 1)          Incl. partial loans, debenture loans and bank bond loans.




                                                         YIELD CURVES 1997

        %
         8
                                                                                                    End 1996
         7                                                                                          Mid 1997
                                                                                                    End 1997
         6


         5


         4


         3


         2

             30 days   60 days   90 days 180 days    1 year    2 year     3 year        4 year    5 year    6 year     7 year    8 year    9 year




                                                                         64
                                      S TOCK HOLM S TOCK EX CHA NGE                  •   FA CT BOOK 1 9 9 8




                                                                       TABLE 40


                                     SOX - LISTED BOND ISSUES 1997


                                                                                                Last paid 1997
                                                                                                                               Turnover          Days 1)
 Maturity                                                   Security             %             Yield to                       value 1997         traded
  date 2)       Issuer                                       code              Coupon          maturity       price          SEK thousand           %

BOND LOANS
 000901         Electrolux AB                               ELXO 10               zero          5.68          86.38 3)           18 293            35
 980901         Föreningsbanken Kredit AB                   FBKO 308            9.00            5.00         102.42              75 265            77
 990601         Föreningsbanken Kredit AB                   FBKO 309              zero          5.40          92.90            385 028            100
 040130         Föreningsbanken Kredit AB                   FBKO 310              zero          6.29          69.08            124 989            100
 001201         Föreningsbanken Kredit AB                   FBKO 311              zero          5.68          85.20            234 918            100
 980330         Föreningsbanken Kredit AB                   FBKO 312              zero          4.66          98.94 3)           94 894            88
 010330         Föreningsbanken Kredit AB                   FBKO 313            9.00            5.84         109.02 3)           34 762            50
 020123         Handelsbanken Hypotek AB                    HBHO 1018             zero          5.64          80.10            163 888             97
 030120         Handelsbanken Hypotek AB                    HBHO 2003             zero                       104.60 3)         112 348             66
 980330         Handelsbanken Hypotek AB                    HBHO 944           11.50            4.65         101.47 3)            1 890                 4
 980415         Handelsbanken Hypotek AB                    HBHO 945           11.00            4.68         101.60 3)           18 538            21
 990129         Handelsbanken Hypotek AB                    HBHO 947            8.00            5.57         102.43 3)            3 369            10
 040531         Handelsbanken Hypotek AB                    HBHO 951            7.75            6.09         108.53 3)           67 359            47
 990915         Handelsbanken Hypotek AB                    HBHO 952            9.25            5.43         105.96            135 570             78
 000315         Handelsbanken Hypotek AB                    HBHO 953              zero          5.32          89.27            459 345             99
 001115         Landshypotek AB                             LAHO 213              zero          5.88          84.95 3)              815            37
 021115         Landshypotek AB                             LAHO 5003             zero          6.29          74.36 3)            8 176            12
 021115         Landshypotek AB                             LAHO 5024           5.50            6.29          96.76 3)            3 108            12
 000601         Landshypotek Jordbrukskredit AB             LHJO 501              zero          5.78          87.38 3)           51 482            88
 011129         Nordbanken AB                               NORO 21               zero          6.00          79.70 3)           86 743            78
 011129         Nordbanken AB                               NORO 22             8.00            6.00         106.75 3)           65 069            45
 991021         Nordbanken AB                               NORO 23             5.25            5.65          99.35 3)            3 809            80
 980617         Nordbanken Hypotek AB                       NBHO 6503             zero          5.20          97.74 3)         153 296             98
 990329         Nordbanken Hypotek AB                       NBHO 6504             zero          5.55          93.58 3)         100 729             95
 000920         Nordbanken Hypotek AB                       NBHO 6505             zero          5.85          85.76 3)           63 423            81
 000920         Nordbanken Hypotek AB                       NBHO 6506           10.75           5.85         111.87 3)           12 071            20
 980617         Nordbanken Hypotek AB                       NBHO 7503             zero          4.70          97.95            187 100             79
 990329         Nordbanken Hypotek AB                       NBHO 7504             zero          5.35          93.80 3)         256 675             84
 000920         Nordbanken Hypotek AB                       NBHO 7505             zero          5.60          86.31 3)         165 281             88
 020930         Nordbanken Hypotek AB                       NBHO 7506             zero          5.95          76.08 3)           76 281            81
 980615         S-E-Banken BoLån AB                         SEBB 539              zero          4.60          98.02            465 746             92
 980819         S-E-Banken BoLån AB                         SEBB 541           10.00            4.87         102.96            185 858             81
 990324         S-E-Banken BoLån AB                         SEBB 544              zero          5.13          94.11            477 286             93
 000119         S-E-Banken BoLån AB                         SEBB 546              zero          5.58          89.55            722 481             95
 040114         S-E-Banken BoLån AB                         SEBB 547              zero          6.17          69.74 3)         210 922             88
 000209         S-E-Banken BoLån AB                         SEBB 548           11.00            5.50         110.56 3)         207 608             80
 001016         S-E-Banken BoLån AB                         SEBB 550              zero          5.57          86.04 3)         257 858             90
1)                                                                                                             2)
     Refers to the number of days a given bond was traded in relation to the total number of trading days.          Maturity date = year, month, day.
3)
     Bid yield and price.  Zero = Zero-coupon bonds.

                                                                          65
                                      S TOCK HOLM S T OCK E XCHANG E                 •   F AC T B OOK 1 9 9 8




                                                                       ...TABLE 40




                                                                                                Last paid 1997
                                                                                                                               Turnover          Days 1)
 Maturity                                                   Security              %            Yield to                       value 1997         traded
  date 2)       Issuer                                       code               Coupon         maturity       price          SEK thousand           %

 010424         S-E-Banken BoLån AB                         SEBB 552             9.00           5.61         109.90 3)         102 191             65
 020315         S-E-Banken BoLån AB                         SEBB 554             zero           5.77          79.06 3)         141 161             67
 980916         SPINTAB, AB                                 SPIO 1161            zero           4.69          96.86            450 551            100
 040615         SPINTAB, AB                                 SPIO 1162            zero           5.98          68.80            209 415             97
 990517         SPINTAB, AB                                 SPIO 1163            zero           5.14          93.41            870 977            100
 000505         SPINTAB, AB                                 SPIO 1164           11.00           5.49         111.68              41 134            35
 000505         SPINTAB, AB                                 SPIO 1165            zero           5.44          88.40            369 541             99
 980218         SPINTAB, AB                                 SPIO 1166            zero           4.23          99.52              20 885            28
 011121         SPINTAB, AB                                 SPIO 1167            8.50           5.86         108.89 3)           45 241            33
 011121         SPINTAB, AB                                 SPIO 1168            zero           5.71          80.65            260 184             89
 000505         Statens Bostadsfinansieringsab, SBAB SBAB 114                    10.25           5.71         109.58            121 691             82
 010615         Statens Bostadsfinansieringsab, SBAB SBAB 115                     9.00           5.90         109.34            116 439             68
 020918         Statens Bostadsfinansieringsab, SBAB SBAB 116                     6.50           6.13         101.43 3)           52 529            54
 041031         Svensk Exportkredit, AB                     SEKO 10             11.45           6.14         128.81 3)            6 622                 9
 010215         Svenska Handelsbanken AB                    SHBO 215             zero           5.47          84.76              71 864            79
 031110         Svenska Handelsbanken AB                    SHBO 216             zero           5.76          72.10              12 844            79
 140401         Svenska Staten                              RGKO 3001            zero           3.99          56.10 3)           16 388            36
 040401         Svenska Staten                              RGKO 3002            zero           3.80          83.92 3)           34 673            63
 011001         Svenska Staten                              RGKO 3003            zero           3.70          92.45 3)           37 993            58
 081201         Svenska Staten                              RGKO 3101            4.00           3.95         106.34 3)           23 497            12
 201201         Svenska Staten                              RGKO 3102            4.00           4.05         105.10 3)            2 877                 2
 980615         Sveriges Allmänna Hypoteksbank              HYPO 2015            9.75           5.13         101.86 3)            3 206                 7
 981110         Sveriges Allmänna Hypoteksbank              HYPO 2016            7.75           5.11         102.08 3)            6 296                 7
 991025         Sveriges Allmänna Hypoteksbank              HYPO 2018           10.75           5.60         108.55 3)           10 139            10
 980305         Sveriges Allmänna Hypoteksbank              HYPO 211             9.00           4.66         100.64 3)              564                 2
 990315         Sveriges Allmänna Hypoteksbank              HYPO 212             4.75           5.48          99.16 3)           17 756            13
 000315         Sveriges Allmänna Hypoteksbank              HYPO 5001            zero           5.68          88.61 3)            3 454                 5
 020315         Sveriges Allmänna Hypoteksbank              HYPO 5002            zero           6.19          77.76 3)           37 657            23
 000505         Sveriges Allmänna Hypoteksbank              HYPO 5019           10.25           5.73         109.53 3)            1 094                 2
 010305         Sveriges Allmänna Hypoteksbank              HYPO 5020            9.25           5.89         109.41 3)            4 210                 4
 020315         Sveriges Allmänna Hypoteksbank              HYPO 5022            6.00           6.19          99.29 3)           29 927            23
 011031         Vattenfall Treasury AB                      VATT 10              zero           5.82          80.59 3)           38 127            39


DEBENTURE LOANS
 981218         FöreningsSparbanken AB                      FBBO 14              zero           5.00          95.48 3)           80 745            89
 060104         FöreningsSparbanken AB                      FBBO 17              zero           7.19          57.41 3)           74 019            94
 011218         FöreningsSparbanken AB                      FBBO 3               zero           6.09          79.19 3)           73 387            69
 100131         FöreningsSparbanken AB                      SPAR 1694            zero           7.05          43.96            125 264             89
1)                                                                                                             2)
     Refers to the number of days a given bond was traded in relation to the total number of trading days.          Maturity date = year, month, day.
3)
     Bid yield and price. Zero = Zero-coupon bonds.

                                                                           66
                                      S TOCK HOLM S TOCK E XCHANG E                  •   FACT BOOK 1998




                                                                       ...TABLE 40




                                                                                                Last paid 1997
                                                                                                                               Turnover          Days 1)
 Maturity                                                   Security              %            Yield to                       value 1997         traded
  date 2)       Issuer                                       code               Coupon         maturity       price          SEK thousand           %

 980330         Handelsbanken Hypotek AB                    HBHO 942             zero           4.60          98.95 3)         195 637             95
 980930         Handelsbanken Hypotek AB                    HBHO 946             zero           4.72          96.67              86 067            69
 990129         Handelsbanken Hypotek AB                    HBHO 948             zero           5.03          94.93            598 687            100
 090420         Nordbanken AB                               NORO 10              zero           7.00          46.60 3)           53 036            73
 990910         Nordbanken AB                               NORO 11             10.75           5.80         107.63 3)            8 674            14
 010315         Nordbanken AB                               NORO 12              zero           6.40          82.05 3)           14 590            31
 030915         Nordbanken AB                               NORO 18              9.00           6.00         114.05 3)            1 759                 3
 050209         Nordbanken AB                               NORO 20              zero           6.70          63.15 3)           13 981            33
 980910         Nordbanken AB                               NORO 8               zero           5.35          96.52 3)           26 805            64
 011129         Nordbanken AB                               NORO 9               zero           6.45          78.39 3)           61 064            77
 010301         Skandinaviska Enskilda Banken               SEBO 14              zero           5.75          83.85 3)         123 530             79
 020301         Skandinaviska Enskilda Banken               SEBO 16              zero           5.97          78.61 3)         117 071             75
 021215         Wihlborgs Fastigheter AB                    WIBO 1               5.83           8.67          88.96              18 453           100


INDEX BOND LOANS
 001221         Finlands Exportkredit Ab                    FEKO MID1                                         98.50 3)                 0                0
 001221         Finlands Exportkredit Ab                    FEKO MID2                                        117.50 3)                 0                0
 990329         Föreningsbanken Kredit AB                   FBKO 1EU3                                        158.00                 478                 6
 990222         Föreningsbanken Kredit AB                   FBKO 1SV2                                        168.00 3)              200                 2
 990329         Föreningsbanken Kredit AB                   FBKO 2EU3                                        197.00 3)            1 394            11
 990222         Föreningsbanken Kredit AB                   FBKO 2SV2                                        207.00 3)              640                 5
 990329         Föreningsbanken Kredit AB                   FBKO 3AS3                                         87.00 3)              809            10
 990222         Föreningsbanken Kredit AB                   FBKO 3EU2                                        221.00                 215                 4
 990329         Föreningsbanken Kredit AB                   FBKO 4AS3                                         88.00 3)            1 964            16
 990222         Föreningsbanken Kredit AB                   FBKO 4EU2                                        278.00               1 243                 8
 990222         Föreningsbanken Kredit AB                   FBKO 5JN2                                         90.00 3)              376                 4
 990329         Föreningsbanken Kredit AB                   FBKO 5JN3                                         89.00 3)              443                 9
 990222         Föreningsbanken Kredit AB                   FBKO 6JN2                                         90.00 3)              608            11
 990329         Föreningsbanken Kredit AB                   FBKO 6JN3                                         89.00 3)              455            11
 991011         Föreningsbanken Kredit AB                   FBKO EUR1                                        209.00 3)            2 421            18
 991011         Föreningsbanken Kredit AB                   FBKO JPN1                                         92.00               2 579            20
 991011         Föreningsbanken Kredit AB                   FBKO USA1                                        202.00 3)            1 077            15
 000222         FöreningsSparbanken AB                      FBBO 1EU4                                        160.00 3)                82                2
 011205         FöreningsSparbanken AB                      FBBO 1OE5                                         90.00                 141                 3
 990406         FöreningsSparbanken AB                      FBBO 1OE6                                        103.00 3)              975                 3
 020404         FöreningsSparbanken AB                      FBBO 1OE7                                         86.00 3)                92                2
 990625         FöreningsSparbanken AB                      FBBO 1TM8                                         98.00 3)                30                2
 020626         FöreningsSparbanken AB                      FBBO 1TM9                                         80.00 3)                 0                0
1)                                                                                                             2)
     Refers to the number of days a given bond was traded in relation to the total number of trading days.          Maturity date = year, month, day.
3)
     Bid yield and price. Zero = Zero-coupon bonds.

                                                                           67
                                      S TOCK HOLM S TOCK EX CHA NGE                  •   FACT BOOK 1998




                                                                       ...TABLE 40




                                                                                                Last paid 1997
                                                                                                                               Turnover          Days 1)
 Maturity                                                   Security              %            Yield to                       value 1997         traded
  date 2)       Issuer                                       code               Coupon         maturity       price          SEK thousand           %

 000222         FöreningsSparbanken AB                      FBBO 2EU4                                        197.00                 244                 3
 011205         FöreningsSparbanken AB                      FBBO 2OE5                                        103.00 3)              352                 7
 020404         FöreningsSparbanken AB                      FBBO 2OE7                                        100.00 3)                29                1
 020626         FöreningsSparbanken AB                      FBBO 2TM9                                         92.00 3)                11                2
 990406         FöreningsSparbanken AB                      FBBO 2VK6                                        130.00 3)              730                 6
 990625         FöreningsSparbanken AB                      FBBO 2VK8                                        108.00 3)                30                2
 011205         FöreningsSparbanken AB                      FBBO 3HK5                                         90.00 3)                30                0
 000222         FöreningsSparbanken AB                      FBBO 3US4                                        140.00 3)              166                 1
 020404         FöreningsSparbanken AB                      FBBO 3VK7                                        104.00 3)              409                 2
 020626         FöreningsSparbanken AB                      FBBO 3VK9                                         89.00 3)                51                1
 011205         FöreningsSparbanken AB                      FBBO 4HK5                                        106.00 3)              109                 3
 000222         FöreningsSparbanken AB                      FBBO 4US4                                        167.00 3)                33                2
 020404         FöreningsSparbanken AB                      FBBO 4VK7                                        128.00 3)                33                1
 020626         FöreningsSparbanken AB                      FBBO 4VK9                                        107.00 3)                 6                1
 000222         FöreningsSparbanken AB                      FBBO 5AS4                                         84.00 3)              465                 4
 011205         FöreningsSparbanken AB                      FBBO 5VK5                                        109.00                 806                 4
 000222         FöreningsSparbanken AB                      FBBO 6AS4                                         84.00 3)              264                 4
 011205         FöreningsSparbanken AB                      FBBO 6VK5                                        134.00 3)              305                 5
 991130         FöreningsSparbanken AB                      SPSO EUR2                                         98.00 3)              764            11
 000913         FöreningsSparbanken AB                      SPSO EUR3                                        122.00 3)            3 235            23
 000913         FöreningsSparbanken AB                      SPSO EUR4                                        110.00 3)            5 039            39
 000913         FöreningsSparbanken AB                      SPSO EUR5                                        100.00 3)            1 038                 7
 000913         FöreningsSparbanken AB                      SPSO EUR6                                         96.00 3)            1 024            10
 000913         FöreningsSparbanken AB                      SPSO EUR7                                         96.00 3)            1 132            10
 010516         FöreningsSparbanken AB                      SPSO EUR8                                         97.00 3)            1 521            42
 010516         FöreningsSparbanken AB                      SPSO EUR9                                        101.00 3)            1 354            27
 991130         FöreningsSparbanken AB                      SPSO EURO                                        100.00 3)            1 263            14
 980916         FöreningsSparbanken AB                      SPSO HK2                                         101.00 3)            2 911            25
 980916         FöreningsSparbanken AB                      SPSO HK95                                        105.00 3)            4 426            20
 981130         FöreningsSparbanken AB                      SPSO JPY3                                         94.00 3)            4 941            29
 981130         FöreningsSparbanken AB                      SPSO JPY4                                         90.00 3)            3 478            24
 010516         FöreningsSparbanken AB                      SPSO NRD1                                         94.00 3)            1 721            25
 010516         FöreningsSparbanken AB                      SPSO NRD2                                         94.00 3)              855            44
 011205         FöreningsSparbanken AB                      SPSO OST1                                        120.00 3)            6 383            51
 010830         FöreningsSparbanken AB                      SPSO OST2                                         95.00 3)              877            11
 010830         FöreningsSparbanken AB                      SPSO OST3                                         94.00 3)              475                 6
 050120         FöreningsSparbanken AB                      SPSO PS10                                        190.00 3)            2 432            11
 100120         FöreningsSparbanken AB                      SPSO PS15                                        190.00 3)              132                 2
1)                                                                                                             2)
     Refers to the number of days a given bond was traded in relation to the total number of trading days.          Maturity date = year, month, day.
3)
     Bid yield and price.  Zero = Zero-coupon bonds.

                                                                           68
                                      S TOCK HOLM S TOCK EX CHA NGE                  •   FA CT BOOK 1 9 9 8




                                                                       ...TABLE 40




                                                                                                Last paid 1997
                                                                                                                               Turnover          Days 1)
 Maturity                                                   Security              %            Yield to                       value 1997         traded
  date 2)       Issuer                                       code               Coupon         maturity       price          SEK thousand           %

 980916         FöreningsSparbanken AB                      SPSO SV2                                         145.00 3)            2 856            20
 980916         FöreningsSparbanken AB                      SPSO SV95                                        160.00 3)            2 105            16
 010516         FöreningsSparbanken AB                      SPSO SVE2                                         94.00 3)              676            21
 010516         FöreningsSparbanken AB                      SPSO SVE3                                         94.00 3)              501            21
 011205         FöreningsSparbanken AB                      SPSO SVE4                                        102.00 3)            1 243            42
 991130         FöreningsSparbanken AB                      SPSO SVEX                                        100.00 3)            3 519            19
 991130         FöreningsSparbanken AB                      SPSO SVX2                                         98.00 3)            1 612                 9
 980916         FöreningsSparbanken AB                      SPSO TFO1                                        115.00 3)           60 548            73
 990517         FöreningsSparbanken AB                      SPSO TFO2                                        117.00 3)           11 323            52
 990517         FöreningsSparbanken AB                      SPSO TFO3                                        109.00 3)            5 348            11
 990517         FöreningsSparbanken AB                      SPSO TIG2                                         90.00 3)           21 390            74
 990517         FöreningsSparbanken AB                      SPSO TIG3                                         90.00 3)           19 854            75
 991130         FöreningsSparbanken AB                      SPSO TVX1                                         95.00 3)            8 125            53
 991130         FöreningsSparbanken AB                      SPSO TVX2                                         95.00 3)            3 156            22
 980916         FöreningsSparbanken AB                      SPSO TY2                                         174.00 3)            4 841            28
 980916         FöreningsSparbanken AB                      SPSO TY95                                        185.00 3)            5 227            23
 980916         FöreningsSparbanken AB                      SPSO US2                                         178.00 3)            2 591            20
 980916         FöreningsSparbanken AB                      SPSO US95                                        192.00 3)            3 381            24
 000428         Nordbanken AB                               NORO AS51                                         84.00 3)              680            12
 981214         Nordbanken AB                               NORO EU50                                        170.00               1 066                 4
 981214         Nordbanken AB                               NORO JA50                                         93.50 3)            3 529                 8
 000428         Nordbanken AB                               NORO JA51                                         83.00 3)              263                 7
 000525         Nordbanken AB                               NORO KC52                                        110.00 3)            2 993            27
 000525         Nordbanken AB                               NORO KT52                                         94.00 3)            2 699            23
 011115         Nordbanken AB                               NORO MC53                                        120.00 3)            3 304            54
 011115         Nordbanken AB                               NORO MT53                                         98.00                 671            17
 981214         Nordbanken AB                               NORO US50                                        150.00 3)              278                 3
 000405         SkandiaBanken AB                            SKBO EUR1                                        117.00 3)              866                 4
 000929         SkandiaBanken AB                            SKBO NOR3                                         96.00 3)                95                2
 001215         SkandiaBanken AB                            SKBO OEU2                                         97.00 3)              106                 1
 000417         Skandinaviska Enskilda Banken               SEBO 171E                                        135.00 3)              418                 3
 000417         Skandinaviska Enskilda Banken               SEBO 171J                                         90.00 3)              629                 4
 000417         Skandinaviska Enskilda Banken               SEBO 171T                                         88.00 3)            1 687                 7
 000417         Skandinaviska Enskilda Banken               SEBO 171V                                        121.00 3)                 0                0
 000630         Skandinaviska Enskilda Banken               SEBO 172L                                        107.00                 806                 2
 000630         Skandinaviska Enskilda Banken               SEBO 172S                                        103.00 3)              576                 3
 000630         Skandinaviska Enskilda Banken               SEBO 172T                                         88.00               1 119                 4
 000630         Skandinaviska Enskilda Banken               SEBO 172V                                        109.00 3)            1 324                 4
1)                                                                                                             2)
     Refers to the number of days a given bond was traded in relation to the total number of trading days.          Maturity date = year, month, day.
3)
     Bid yield and price.  Zero = Zero-coupon bonds.

                                                                           69
                                      S TOCKHOL M S TOCK EX CHA NGE                  •   FACT BOOK 1998




                                                                       ...TABLE 40




                                                                                                Last paid 1997
                                                                                                                               Turnover          Days 1)
 Maturity                                                   Security              %            Yield to                       value 1997         traded
  date 2)       Issuer                                       code               Coupon         maturity       price          SEK thousand           %

 000925         Skandinaviska Enskilda Banken               SEBO 173B                                        104.00 3)            1 735            20
 000925         Skandinaviska Enskilda Banken               SEBO 173I                                        101.00 3)                 0                0
 000925         Skandinaviska Enskilda Banken               SEBO 173J                                         88.00 3)              631                 8
 000925         Skandinaviska Enskilda Banken               SEBO 173T                                         88.00 3)              941            16
 000925         Skandinaviska Enskilda Banken               SEBO 173V                                        104.00 3)            1 397            11
 000925         Skandinaviska Enskilda Banken               SEBO 173W                                         98.00 3)            2 889            22
 001218         Skandinaviska Enskilda Banken               SEBO 174I                                        111.00 3)              184            50
 001218         Skandinaviska Enskilda Banken               SEBO 174M                                        113.00                 599            50
 001218         Skandinaviska Enskilda Banken               SEBO 174N                                        101.00 3)              153            17
 001218         Skandinaviska Enskilda Banken               SEBO 174R                                        125.00 3)                25           17
 001218         Skandinaviska Enskilda Banken               SEBO 174V                                        101.00 3)              204            17
 001218         Skandinaviska Enskilda Banken               SEBO 174W                                        111.00 3)              520            33
 991116         Skandinaviska Enskilda Banken               SEBO NOVA                                        100.00 3)            3 106            11
 990330         Skandinaviska Enskilda Banken               SEBO TAI1                                         93.00 3)            1 020                 7
 990330         Skandinaviska Enskilda Banken               SEBO TAI2                                         93.00 3)            8 777            32
 991116         Skandinaviska Enskilda Banken               SEBO TERA                                        130.00 3)            3 240                 7
 001220         Statens Bostadsfinansieringsab, SBAB SBAB PEU1                                                102.00 3)              887            28
 001220         Statens Bostadsfinansieringsab, SBAB SBAB PEU2                                                112.00 3)            1 723            38
 010420         Statens Bostadsfinansieringsab, SBAB SBAB PNO1                                                 98.00 3)                61           10
 010420         Statens Bostadsfinansieringsab, SBAB SBAB PNO2                                                108.00 3)           22 773            29
 011029         Svensk Exportkredit, AB                     SEKO 2EO                                         115.50 3)            2 504            40
 020402         Svensk Exportkredit, AB                     SEKO 2SO                                         112.00 3)            1 923            12
 011029         Svensk Exportkredit, AB                     SEKO 2VG                                          97.50 3)              446            23
 011029         Svensk Exportkredit, AB                     SEKO 2VO                                         110.50 3)            1 261            25
 011029         Svensk Exportkredit, AB                     SEKO 3SO                                         109.00 3)            1 071            35
 990920         Svensk Exportkredit, AB                     SEKO A                                            91.00 3)            7 834            22
 990920         Svensk Exportkredit, AB                     SEKO AO                                           91.50 3)           25 500            65
 020402         Svensk Exportkredit, AB                     SEKO EG                                          105.00 3)            3 089            17
 020402         Svensk Exportkredit, AB                     SEKO EO                                          133.00 3)           12 227            32
 990920         Svensk Exportkredit, AB                     SEKO K                                           166.50 3)           10 339            11
 990920         Svensk Exportkredit, AB                     SEKO KO                                          208.00 3)           17 186            27
 011029         Svensk Exportkredit, AB                     SEKO NO                                          109.00 3)            5 502            70
 020402         Svensk Exportkredit, AB                     SEKO OO                                           97.50 3)            8 740            37
 990920         Svensk Exportkredit, AB                     SEKO SO                                          165.00 3)           40 485            31
 990920         Svensk Exportkredit, AB                     SEKO UO                                          174.50 3)           21 953            36
 011029         Svensk Exportkredit, AB                     SEKO V                                            99.50 3)                76                8
 020402         Svensk Exportkredit, AB                     SEKO VG                                           99.50 3)              962                 8
 020402         Svensk Exportkredit, AB                     SEKO VO                                          112.50 3)            6 254            18
1)                                                                                                             2)
     Refers to the number of days a given bond was traded in relation to the total number of trading days.          Maturity date = year, month, day.
3)
     Bid yield and price.  Zero = Zero-coupon bonds.

                                                                           70
                                      STOCKHOLM STOCK EXCHANGE                       •   FA CT BOOK 1 9 9 8




                                                                       ...TABLE 40




                                                                                                Last paid 1997
                                                                                                                               Turnover          Days 1)
 Maturity                                                   Security              %            Yield to                       value 1997         traded
  date 2)       Issuer                                       code               Coupon         maturity       price          SEK thousand           %

 000215         Svenska Handelsbanken                       SHBO 2JO                                          90.00 3)           37 613            30
 001006         Svenska Handelsbanken                       SHBO 2VG                                          97.50 3)            3 798            18
 001006         Svenska Handelsbanken                       SHBO 2VO                                         110.50 3)            5 447            21
 001006         Svenska Handelsbanken                       SHBO EG                                          115.00 3)            7 702            19
 001006         Svenska Handelsbanken                       SHBO EO                                          168.50 3)           28 346            37
 981026         Svenska Handelsbanken                       SHBO EUR                                         235.50 3)           15 587            26
 981102         Svenska Handelsbanken                       SHBO EUR2                                        206.00 3)           11 767            21
 981102         Svenska Handelsbanken                       SHBO EUR3                                        262.50 3)           26 190            33
 981026         Svenska Handelsbanken                       SHBO EURR                                        177.50 3)            9 511                 3
 981026         Svenska Handelsbanken                       SHBO J                                            95.00 3)              984                 4
 991130         Svenska Handelsbanken                       SHBO JG                                          102.00 3)            5 214            21
 991130         Svenska Handelsbanken                       SHBO JO                                           91.00 3)            5 792            29
 980428         Svenska Handelsbanken                       SHBO JPN                                          97.50 3)           23 418            32
 981026         Svenska Handelsbanken                       SHBO JPN2                                        103.00 3)            6 427            18
 981102         Svenska Handelsbanken                       SHBO JPN3                                         96.50 3)            5 486            12
 981102         Svenska Handelsbanken                       SHBO JPN4                                         97.50 3)           11 360            32
 981026         Svenska Handelsbanken                       SHBO JPNR                                        103.00 3)              438                 2
 000929         Svenska Handelsbanken                       SHBO LO                                          109.00 3)                 0                0
 000929         Svenska Handelsbanken                       SHBO NO                                          109.00 3)                 0                0
 981026         Svenska Handelsbanken                       SHBO OMX2                                        176.50 3)            5 489                 8
 001006         Svenska Handelsbanken                       SHBO S1                                          145.00 3)            8 584            19
 001006         Svenska Handelsbanken                       SHBO S2                                          166.00 3)            6 631            18
 980428         Svenska Handelsbanken                       SHBO SH                                          105.00 3)           14 243            36
 980428         Svenska Handelsbanken                       SHBO S&P2                                        350.00 3)           19 686            39
 981102         Svenska Handelsbanken                       SHBO S&P3                                        169.50 3)           11 674            15
 981102         Svenska Handelsbanken                       SHBO S&P4                                        211.00 3)           22 921            22
 000215         Svenska Handelsbanken                       SHBO TO                                          113.00 3)            3 894            22
 000929         Svenska Handelsbanken                       SHBO UO                                          109.00 3)                 0                0
 991130         Svenska Handelsbanken                       SHBO VG                                          110.50 3)            7 134            27
 991130         Svenska Handelsbanken                       SHBO VO                                          136.50 3)           12 270            32


BONDS DELISTED IN 1997
 970901         Föreningsbanken Kredit AB                   FBKO 307            11.00           4.55         100.43              30 974            79
 971217         Handelsbanken Hypotek AB                    HBHO 1016            zero           4.46          99.83            456 512            100
 970319         Handelsbanken Hypotek AB                    HBHO 1017            zero           4.30          99.83              11 496            73
 970319         Nordbanken Hypotek AB                       NBHO 6501            zero           4.25          99.84 3)           62 489           100
 970319         Nordbanken Hypotek AB                       NBHO 6502           11.00           4.25         100.25 3)            8 053            49
 970618         S-E-Banken BoLån AB                         SEBB 535             zero           4.38          99.83            179 569             95
1)                                                                                                             2)
     Refers to the number of days a given bond was traded in relation to the total number of trading days.          Maturity date = year, month, day.
3)
     Bid yield and price.  Zero = Zero-coupon bonds.

                                                                           71
                                      S TOCK HOLM S TOCK E XCHANG E                  •   F AC T BOOK 1 9 9 8




                                                                       ...TABLE 40




                                                                                                Last paid 1997
                                                                                                                               Turnover          Days 1)
 Maturity                                                   Security              %            Yield to                       value 1997         traded
  date 2)       Issuer                                       code               Coupon         maturity       price          SEK thousand           %

 970319         S-E-Banken BoLån AB                         SEBB 536            11.00           3.89         100.26 3)            7 568            59
 970319         SPINTAB, AB                                 SPIO 1159            zero           3.86          99.85            136 469            100
 970319         SPINTAB, AB                                 SPIO 1160           11.00           4.13         100.25 3)            2 033            17
 971201         Sveriges Allmänna Hypoteksbank              HYPO 2014           12.50           4.38         100.55 3)            2 125                 7
 970505         Sveriges Allmänna Hypoteksbank              HYPO 210             9.75           4.51         100.43 3)              152                 3
 970930         Handelsbanken Hypotek AB                    HBHO 939             zero           4.50          99.66 3)           21 913            39
 970910         Nordbanken AB                               NORO 7              12.50           4.70         100.14 3)            8 557            26
 970430         Proventus AB                                WELO 1              15.30           5.55         100.67 3)            3 650            10
 971020         Skandinaviska Enskilda Banken               SEBO EURO                                        209.00 3)            6 640            21
 970930         Sparbanken Sverige AB                       SPSO JPN1                                        100.00 3)           11 954            56
 970930         Sparbanken Sverige AB                       SPSO SVE1                                        183.00               5 228            38


1)                                                                                                             2)
     Refers to the number of days a given bond was traded in relation to the total number of trading days.          Maturity date = year, month, day.
3)
     Bid yield and price. Zero = Zero-coupon bonds.




                                                                           72
                                     S TOCK HOLM S TOCK EX CHA NGE                       •   FA CT BOOK 1 9 9 8




                                                                      TABLE 41


                           PREMIUM BONDS, TURNOVER IN 1997


                                Turnover                  Turnover                 Loan
                                 1997,                     rate 1)                amount,                                                     Maturity
Year, loan                     SEK million                   %                   SEK billion           Lottery dates 1998                      year

 86:I                              361                        5                     6.9                5/1, 13/7                               2000
 87:I 4)                            26                        –                      –                 –                                           –
 87:II 4)                           22                        –                      –                 –                                           –
 88:I                              303                        6                     5.0                6/4, last                               1998
 88:II                             254                        5                     5.0                6/4, last                               1998
 89:I                              145                        5                     3.1                26/1, 25/5, 21/9                        1999
 89:II                             115                        4                     2.6                26/1, 25/5, 21/9                        1999
 90:I                              119                        5                     2.2                27/4, 24/8, 7/12                        1999
 91:I                              131                        6                     2.1                2/3, 6/7, 2/11                          1999
 91:II                             131                        5                     2.6                2/3, 6/7, 2/11                          1999
 92:I                              118                        5                     2.2                12/1, 11/5, 7/9                         2000
 92:II                               88                       6                     1.6                12/1, 11/5, 7/9                         2000
 93:I                              163                        5                     3.0                16/2, 15/6, 19/10                       2001
 93:II                             244                        7                     3.4                16/2, 15/6, 19/10                       2001
 94:I                              155                        6                     2.6                16/3, 27/7, 16/11                       2001
 94:II                             107                        6                     1.8                16/3, 27/7, 16/11                       2001
 95:I                              152                        6                     2.7                19/1, 20/7                              2002
 95:II                             101                        5                     1.9                19/1, 20/7                              2002
 96:I                              399                        9                     4.5                9/2, 8/6, 5/10                          2003
 96:II                             192                        8                     2.4                20/4, 17/8, 14/12                       2003
 97:I 2)                           190                        7                     3.7                9/3, 13/7, 9/11                         2004
 97:II 3)                           15                      28                      1.5                4/5, 14/9                               2004
 Totalt                          3 531                        6                    60.8

1)                                           2)                             3)                                4)
     Turnover as percent of loan amount.          Loan listed 21/4 1997.         Loan listed 15/12 1997.           Loan delisted 14/3 1997.




                                                                           73
                       S TOCK HOLM S TOCK E XCHANG E          •   F AC T B OOK 1 9 9 8




                                 Publications


In 1998, the Stockholm Stock Exchange will             Liquidity Report (English and Swedish).
issue the following information:
                                                       Annual Report1) (English and Swedish).
Daily price list: equities, premium bonds and
fixed interest bonds (English and Swedish).             Facts & Figures 1998: short version of the
                                                       Fact Book (English).
Monthly Report1): stock market statistics -
around the first of each month (English and             NOREX News1): information and news from
Swedish).                                              the Danish and Swedish markets (English).

SOX Monthly Report1): private bond market              Nordic monthly statistics1): monthly statistics
statistics - around the first of each month             from the five Nordic stock exchanges, joint
(Swedish).                                             publication (English and Swedish).

The Stock Exchange’s Quarterly Report:                 Nordic Quarterly Report1): statistics from the
quarterly stock market statistics – end of             five Nordic stock exchanges, joint publication
January, April, July, October, the subscription        (English).
includes the Exchange’s newsletter (English
and Swedish).                                          The publications can be ordered from the
                                                       Market Communication department at the
The Notification Series: subscription to official        Stockholm Stock Exchange.
information relating to important events regar-
ding listed companies (English and Swedish).           1)
                                                            Publications which are free of charge.




                                                  74
                     S TOCK HOLM S TOCK E XCHA NGE     •   FA CT BOOK 1 9 9 8




                                    Addresses

Members of the Stockholm Stock Exchange (A S O F F E B R U A R Y 2 7 , 1 9 9 8 )
BANKS
Address                                            Telephone                    Fax

Bankgesellschaft Berlin AG                         Int +49 30 24 56 24 28 Int +49 30 24 56 24 88
Alexanderplatz 2, D-10178 Berlin
Germany
Banque Nationale de Paris,                         Int +49 69 719 30            Int +49 69 71 932 19
Niederlassung Frankfurt am Main
Bockenheimer Landstrasse 22,
60323 Frankfurt am Main
Germany
Bikuben GiroBank A/S                               Int +45 43 30 30 30          Int +45 33 32 22 61
Postboks 2189, DK-1017 Copenhagen K
Denmark
Den Danske Bank A/S                                Int +45 33 44 00 00          Int +45 33 44 09 95
Holmens Kanal 2-12, DK-1092 Copenhagen K
Denmark
Den Danske Bank A/S Danmark, Sverige Filial        Int +46 8 440 51 00          Int +46 8 440 51 50
Box 7762, S-103 96 Stockholm
Den norske Bank AS, filial Sverige                  Int +46 8 440 58 00          Int +46 8 440 58 60
Box 5550, S-114 85 Stockholm
FöreningsSparbanken AB                             Int +46 8 585 90 000         Int +46 8 723 71 93
(Swedbank Fondkommission)
S-105 34 Stockholm
HSBC Investment Bank plc filial Stockholm           Int +46 8 454 54 00          Int +46 8 454 54 54
(HSBC James Capel)
Box 7615, S-103 94 Stockholm
JP Bank AB                                         Int +46 8 700 47 00          Int +46 8 411 06 86
Klarabergsviadukten 70, S-107 81 Stockholm
Jyske Bank, A/S                                    Int +45 89 22 45 36          Int +45 86 80 35 30
Vestergade 8-16, DK-8600 Silkeborg
Denmark


                                              75
                     S TOCK HOLM S TOCK EXCHA NGE     •   FACT BOOK 1998




Lehman Brothers International (Europe)            Int +44 171 601 00 11    Int +44 171 260 29 99
One Broadgate, London EC2M 7HA
England
Merrill Lynch International                       Int +44 171 628 10 00 Int +44 171 867 28 65
25 Ropemaker Street, London EC2Y 9LY
England
Morgan Grenfell & Co Ltd (UK) bankfilial           Int +46 8 463 55 00      Int +46 8 463 55 50
Box 5781, S-114 87 Stockholm
Morgan Stanley & Co. International Limited        Int +44 171 425 80 00    Int +44 171 45 89 90
25 Cabot Square, Canary Wharf
London E14 4QA
England
NatWest Securities Limited                        Int +44 171 375 50 00 Int +44 171 375 50 50
135 Bishopsgate, London EC2M 3XT
England
Nordbanken AB                                     Int +46 8 614 70 00      Int +46 8 10 12 14
S-105 71 Stockholm
SkandiaBanken AB                                  Int +46 8 679 05 30      Int +46 8 679 05 85
Hamngatan 15, S-106 55 Stockholm
Skandinaviska Enskilda Banken AB                  Int +46 8 52 22 95 00    Int +46 8 763 96 62
(Enskilda)
S-103 36 Stockholm
Stadshypotek Bank AB                              Int +46 8 725 53 00      Int +46 8 659 62 39
Box 10085, S-101 27 Stockholm
Svenska Handelsbanken AB                          Int +46 8 701 10 00      Int +46 8 701 24 37
S-106 70 Stockholm
Sveriges Riksbank (Bank of Sweden)                Int +46 8 787 00 00      Int +46 8 21 05 31
S-103 37 Stockholm
Swiss Bank Corporation Stockholm Filial           Int +46 8 453 73 00      Int +46 8 24 91 30
(SBC Warburg)
Box 1722, S-111 87 Stockholm
Trygg-Banken AB                                   Int +46 8 693 50 00      Int +46 8 693 41 60
Box 70270, S-107 22 Stockholm
UBS Limited                                       Int +44 171 901 33 33    Int +44 171 901 23 45
100 Liverpool Street, London EC2M 2RH
England



                                             76
                     S TOCK HOLM S TOCK E XCHANG E     •   FACT BOOK 1998




Unibank A/S                                        Int +45 33 33 33 33      Int +45 33 33 33 41
Torvegade 2, DK-1786 Copenhagen V
Denmark
Östgöta Enskilda Bank AB                           Int +46 8 796 04 00      Int +46 8 611 75 03
Box 7523, S-103 92 Stockholm



STOCKBROKING FIRMS
Address                                            Telephone                Fax
Aktiespararnas InvesteringsAB                      Int +46 8 457 17 00      Int +46 8 33 26 38
(Aktiespar Fondkommission)
Norrtullsgatan 6, 4 tr, S-113 89 Stockholm
Andersson Bråténius Grundberg Securities AS        Int +46 8 566 28 600     Int +46 8 566 28 601
(Norge) filial Stockholm
(ABG Securities)
Box 7269
S-103 89 Stockholm
Aragon Fondkommission AB                           Int +46 8 791 35 00      Int +46 8 611 88 61
Box 7794, S-103 96 Stockholm
Aros Securities AB                                 Int +46 8 458 56 00      Int +46 8 458 56 99
S-113 96 Stockholm
Avanza AB                                          Int +46 8 566 143 00     Int +46 8 566 143 01
Hitech building 93
S-101 52 Stockholm
Alfred Berg Fondkommission AB                      Int +46 8 723 58 00      Int +46 8 611 16 81
Box 70447, S-107 25 Stockholm
D. Carnegie AB                                     Int +46 8 676 88 00      Int +46 8 676 88 95
S-103 38 Stockholm
Cheuvreux de Virieu Nordic AB                      Int +46 8 678 51 00      Int +46 8 678 51 01
Birger Jarlsgatan 5, S-111 45 Stockholm
Evli Fondkommission Ab                             Int +35 89 47 66 90      Int +35 89 66 13 87
PB 1081, 00101 Helsinki
Finland
eXtrade Solutions AB                               Int +46 8 587 132 50     Int +46 8 587 132 70
Box 1064, S-101 39 Stockholm
Fischer Partners Fondkommission AB                 Int +46 8 463 85 00      Int +46 8 611 64 05
Box 16027, S-103 21 Stockholm



                                              77
                     S TO CK HOLM S TOCK E XCHANG E   •   F AC T B OOK 1 9 9 8




Hagströmer & Qviberg Fondkommission AB            Int +46 8 696 17 00            Int +46 8 696 17 01
S-103 71 Stockholm
H Lundén Fondkommission AB                        Int +46 8 611 21 00            Int +46 8 611 21 01
Kungsträdgårdsgatan 18, S-114 47 Stockholm
Instinet UK Limited                               Int +44 171 702 40 40 Int +44 171 702 18 79
Commodity Quay, East Smithfield,
London E1 9UN
England
Matteus Fondkommission AB                         Int +46 8 613 42 00            Int +46 8 20 39 10
Box 1368, S-111 93 Stockholm
Merita Fondkommission Ab                          Int +35 891 23 41              Int +35 89 612 14 26
Fabiansgatan 29 B, 00020 MERITA
Finland
Myrberg Fondkommission AB                         Int +46 8 440 50 00            Int +46 8 440 50 09
Biblioteksgatan 29, S-114 35 Stockholm
NET Fondkommission AB                             Int +46 8 454 15 00            Int +46 8 10 40 66
Box 7545, S-103 93 Stockholm
Nordiska Fondkommission AB                        Int +46 8 791 48 00            Int +46 8 611 26 90
Box 7362, S-103 90 Stockholm
NordNet Securities                                Int +46 8 402 53 50            Int +46 8 402 53 60
(Secondary name used by Öhman Fk)
Box 7821, S-103 97 Stockholm
Erik Penser Fondkommission AB                     Int +46 8 463 80 00            Int +46 8 611 27 05
Box 7405, S-103 91 Stockholm
Posten Fondkommission AB                          Int +46 8 781 10 00            Int +46 8 20 08 75
Vasagatan 11, 6 tr, S-105 00 Stockholm
Timber Hill Europe AG                             Int +41 41 726 50 60           Int +41 41 720 03 05
Gotthardstrasse 3, CH-6300 Zug
Switzerland
E. Öhman J:or Fondkommission AB                   Int +46 8 402 50 00            Int +46 8 20 00 75
Box 7415, S-103 91 Stockholm




                                             78
                      STOCKHOLM STOCK EXCHANGE         •   FA CT BOOK 1 9 9 8




Organizations
Address                                            Telephone                    Fax
Financial Supervisory Authority                    Int +46 8 787 80 00          Int +46 8 241 335
P.O. Box 7831, S-103 98 Stockholm
Securities Council (AMN)                           Int +46 8 783 80 00          Int +46 8 661 54 53
P.O. Box 5501, S-114 85 Stockholm
Sweden Bond Promotion                              Int +46 8 678 00 45          Int +46 8 678 00 98
Kungsträdgårdsgatan 16, S-111 47 Stockholm
Swedish Association for Share Promotion            Int +46 8 243 385            Int +46 8 207 842
Kungsgatan 33, S-111 56 Stockholm
Swedish Central Securities Depository (VPC)        Int +46 8 402 90 00          Int +46 8 246 788
P.O. Box 7822, S-103 97 Stockholm
Swedish Industry and Commerce                      Int +46 8 783 80 00          Int +46 8 661 54 53
Stock Exchange Committee (NBK)
P.O. Box 5501, S-114 85 Stockholm
Swedish Securities Dealers Association             Int +46 8 679 78 79          Int +46 8 611 61 37
P.O. Box 1426, S-111 84 Stockholm




                                              79
            S TOCK HOLM S TOCK EX CHA NGE   •   FACT BOOK 1998




              Board of Directors

Bengt Rydén                                 Lars Linder-Aronson
Chairman                                    Enskilda Securities

Karl-Olof Hammarkvist                       Ingvar Petersson
Nordbanken Kapitalförvaltning               Stora Kopparbergs Bergslags AB

Matti Kinnunen                              Marcus Storch
D Carnegie AB

Per E Larsson
OM Gruppen AB




       Executive Management

Lars Bredin                                 Carl Johan Högbom
Chief Executive Officer                      Deputy Chief Executive




                                   80
S TOCK HOLM S TOCK EX CHA NGE              •   FA CT B OOK 1 9 9 8




CURRENCY CONVERSION RATES
        END 1997
       Country etc.                  SEK 1       equals
       Australia                     AUD           0.19
       Austria                       ATS           1.59
       Belgium                       BEF           4.67
       Canada                        CAD           0.18
       Denmark                       DKK           0.86
       European Union, EU            ECU           0.12
       Finland                       FIM           0.69
       France                        FRF           0.76
       Germany                       DEM           0.23
       Greece                        GDR          35.76
       Iceland                       ISK           9.15
       Ireland                       IEP           0.09
       Italy                         ITL        222.83
       Japan                         JPY          16.39
       Netherlands                   NLG           0.26
       Norway                        NOK           0.93
       Portugal                      PTE          23.17
       Spain                         ESP          19.21
       Switzerland                   CHF           0.18
       United Kingdom                GBP           0.08
       United States                 USD           0.13




                         ISSN: 1400-6405
               Production: Stockholm Stock Exchange
                   Graphic Design: Kontrapunkt
                                         address:
                                Stockholm Stock Exchange
                           P.O. Box 1256, SE-111 82 Stockholm
                              Visitingaddress: Källargränd 2

                                        telephone:
                                   +46 8 613 88 00
                      The switchboard is open from 8 a.m. – 6 p.m.
                                   (GMT + 1 hour)

                                          telefax:
                     Chief Executive Officer              +46 8 613 86 20
                     Deputy Chief Executive               +46 8 24 34 88
                     Market Surveillance                  +46 8 10 81 10
                     Market Communication                 +46 8 24 68 62
                     SAX Customer Desk                   +46 8 613 87 03
                     Statistics                          +46 8 411 68 49
                     Information Technology               +46 8 24 63 67
                     Administration                       +46 8 14 97 62
                     Research & International
                     Relations                            +46 8 24 68 61

                                           e-mail:
                                        info @ xsse.se

                                         internet:
                                     http://www.xsse.se

                                    trading hours:
                                   (GMT +1 hour)
                     Shares                    10 a.m. – 5 p.m.
                     Convertible Loans      10.45 a.m. – 5 p.m.
                     Premium Bonds           9.30 a.m. – 3 p.m.
                     Bonds via SOX           9.30 a.m. – 4 p.m.




                  Stockholm Stock Exchange is a company within the OM Group:
OM Group, Box 16305, SE-103 26 Stockholm. Telephone: +46 8 405 60 00, Telefax: +46 8 405 60 01.
                                      www.omgroup.com

				
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