/MONTH END: SEB's model "indicates that the.....>

SEK: /MONTH END: SEB's model "indicates that the most pronounced currency

rebalancing need for a typical Swedish portfolio manager this April is to buy

SEK and sell USD. According to our model the need in April is to buy SEK

corresponding to 1.2% of the portfolio which is 3.8 standard deviation larger

than the average buying need of 0.3% and the largest SEK buying need since at

least 2010 (when we began recording the needs). The relative monthly development

indicates that there is a need to buy Swedish bonds (corresponding to +1.1% of

the portfolio) and to sell Swedish equity (corresponding to -0.3% of the

portfolio). The allocation rebalancing need is thus net to buy SEK

(corresponding to +0.8% of the portfolio). Combining the hedge-, bond- and

equity rebalancing needs lead to a SEK buying need corresponding to 1.2% of the

portfolio."