Exhibit 2

AB Svensk Exportkredit

Certain non-IFRS Financial Measures used in the Interim Report

for the Three-Month Periods Ended March 31, 2008 and 2007

Core Earnings

We have disclosed for the three-month period ended March 31, 2008 and 2007 Core Earnings, which is a non-IFRS financial measure derived from our consolidated Operating profit under International Financial Reporting Standards (IFRS).  Management believes Core Earnings better reflects the impact of the economic hedge relationships on SEK’s activities by eliminating that portion of Net results of financial transactions that arises from changes in fair value related to financial assets except held-for-trading securities, financial liabilities and related derivatives.  SEK seeks to ensure that these assets and liabilities are economically hedged as to interest rate, currency and any other risk with the result that SEK does not expect to book realized gains or losses on these items.

Accordingly, SEK believes that it is appropriate to have a measure of its operating performance for a financial reporting period that ignores changes in the values of these assets and liabilities during that period.

Core earnings for the three months ended March 31, 2008 and 2007 is derived from IFRS as follows:

	3 months ended March 31,
	2008		2007
	(Skr million)
Consolidated Operating profit reported under IFRS	161.6		160.5
Less: changes in fair value related to financial assets except held-for-trading securities, financial liabilities and related derivatives, reported as part of Net results of financial transactions – see note 2 to the unaudited financial statements included in the Report	(28.3	)	(16.3	)
Core Earnings	133.3		144.2

Return on equity (Core Earnings)

SEK has also disclosed pre-tax and after-tax returns on equity on the basis of Core Earnings.  In calculating equity for this purpose, we have disregarded equity attributable to reserves carried against those assets whose changes in values are deducted from operating profit to reach Core Earnings.

	3 months ended March 31,
	2008		2007
	SKR million (except %)
Total opening balance of equity in accordance with IFRS	4,496.5		4,250.7
Less:reserves related to assets available for sale and reserves for cash flow hedge accounting:	(168.5	)	(61.3	)
	4,328.0		4,189.4
Pre-tax Core Earnings (annualized)	533.2		576.8
Pre-tax return on equity (Core Earnings)	11.7	%	13.8	%
Net profit (Core Earnings): Pre-tax Core Earnings, less effect of 28% standard tax rate (annualized)	383.9		415.3
After tax return on equity (Core Earnings)	8.4	%	9.9	%