"Income increased by 3% to SEK 472 M, while operating profit decreased by 18% to SEK 90 M yearon-year in continuing operations. The decrease in operating profit was mainly due to lower variable earnings from managing the funds in the Equity, Hedge and Fixed Income Funds operating segment. The Catella Group's assets under management continued to increase and were up by SEK 28.5 Bn year-on-year, with growth of SEK 3.3 Bn in the third quarter 2018."

15 November 2018 KNUT PEDERSEN, CEO and President

The Period in Brief

As a result of the divestment of the Wealth Management operations in Luxembourg, and its significant proportion of Catella Bank, the Banking business area has been reported as a Disposal group held for sale in accordance with IFRS 5. This means that Banking's net profit (after tax) has been reported on a separate line under Profit for the period from disposal group held for sale in the Consolidated Income Statement.

CONSOLIDATED TOTAL INCOME*

CONSOLIDATED OPERATING PROFIT*

CORPORATE FINANCE TOTAL INCOME

ASSET MANAGEMENT TOTAL INCOME*

Group

THIRD QUARTER 2018

Total income SEK 472 M (457)
Net sales SEK 465 M (455)
Operating profit SEK 90 M (109)
Profit/loss before tax SEK 75 M (III)
Profit for the period from remaining operations SEK 50 M (84)
= Profit for the period SEK 12 M (84), of which attributable to parent company shareholders SEK-13 M (59)
Earnings per share** SEK -0.16 (0.72)

Corporate Finance

THIRD QUARTER 2018

Total income SEK 1 46 M (1 44)
Net sales SEK 145 M (143)
Operating profit SEK 5 M (23)
Property transaction volumes SEK 16.9 Bn (113):
France SEK 7.2 Bn (3.5)
Denmark SEK 4.1 Bn (4.0)
Sweden SEK 3.6 Bn (1.7)
Germany SEK 0.1 Bn (0.5)

Asset Management

THIRD QUARTER 2018

Total income SEK 328 M (316)
Net sales SEK 323 M (314)
Operating profit SEK 95 M (104)
Assets under management SEK 178.9 Bn (150.4):
increase SEK 3.3 Bn (6.9)
of which net flows SEK 4.1 Bn (6.3)

ADDITIONAL INFORMATION

Equity, Hedge and Fixed Income Funds
Total income SEK 204 M (220) ■ Operating profit SEK 87 M (97)

Property Investment Management

■ Total income SEK 123 IM (96)	= Total income SEK 460 IM (304)
■ Operating profit SEK 8 M (8)	■ Operating profit SEK 64 M (16)
Banking
■ Total income SEK 75 M (115)	■ Total income SEK 262 M (337)
■ Operating profit SEK -33 M (3)	■ Operating profit SEK -93 M (6)

* Remaining operations relating to the current and historical quarters.

** Attributable to parent company shareholders. Includes Disposal group held for sale (Banking). *** Accrued, nor-chargeable (not recognised for profit), variable earnings are calculated on the basis of Systematic Macros' performance-based management fees. In order for the performance-based management fee to be settled at year end, and recognized for profit/loss, returns must be higher than comparative indices and the most recent level settled (High watermark). Accordingly, actual settlement at year end may be higher, lower or entirely absent relative to the indicated amount. Amounts can never fall below zero.

NINE-MONTH PERIOD 2018

Total income SEK 1,518 M (1,324)
Net sales SEK 1,473 M (1,320)
Operating profit SEK 292 M (244)
Profit/loss before tax SEK 275 M (257)
Profit for the period from remaining operations SEK 188 M (191)
Profit for the period SEK 92 M (198), of which attributable to parent company shareholders SEK 21 M (125)
Earnings per share** SEK 0.26 (1.53)
Equity** SEK 1,579 M (1,628)
Equity per share** SEK 18.77 (19.89)
Accrued, non-chargeable (not recognized for profit), variable earnings™ in Systematic Funds totalled SEK 0 M at the end of the period.

NINE-MONTH PERIOD 2018

Total income SEK 416 M (396)
Net sales SEK 412 M (394)
Operating profit SEK 19 M (27)
Property transaction volumes SEK 45.3 Bn (33.6):
France SEK 245 Bn (7.5)
Denmark SEK 5.6 Bn (II 1.6)
Sweden SEK 8.7 Bn (9.7)
Germany SEK 2.1 Bn (1.2)

NINE-MONTH PERIOD 2018

Total income SEK I,109 M (937)
Net sales SEK 1,067 M (933)
Operating profit SEK 350 M (276)
Assets under management SEK 178.9 Bn (150.4)
increase SEK 14.6 Bn (11.2)
of which net flows SEK 2.2 Bn (8.3)

■ Total income SEK 648 M (633)

- Operating profit SEK 286 M (260)

Important step for Catella's future structure

The recently announced divestment of Catella's Wealth Management operations in Luxembourg to VP Bank was an important step towards a more efficient capital structure and a less extensive regulatory framework. VP Bank is one of the largest banks in Liechtenstein with approximately 900 employees in offices in several countries in Europe and Asia. The transaction with VP Bank ensured that our clients are well looked after, both in terms of product offering and retained customer relationships.

As a result of the divestment and Wealth Management's significant scale within Catella's Banking operations, the Catella Group reports the Banking business area as operations held for disposal from the third quarter 2018 onwards. The Swedish Wealth Management and card issuing operations are not included in the transaction, and the strategic review of these operations continues.

In the period, income increased by 3% to SEK 472 M, while operating profit decreased by 18% to SEK 90 M year-on-year in remaining operations. The decrease in operating profit was mainly due to lower variable earnings from managing the funds in the Equity, Hedge and Fixed Income Funds business area

The Catella Group's assets under management continued to increase and were up by SEK 28.5 Bn year-on-year, with growth of SEK 3.3 Bn in the third quarter 2018.

Equity, Hedge and Fixed Income Funds

The business area's assets under management increased by SEK 10 Bn year-onyear. Fixed earnings increased in both Mutual Funds and Systematic Funds, while variable earnings decreased, mainly in Mutual Funds, which was also the main driver of the lower operating profit. Systematic Funds moved to annual settlement of variable earnings for all products from | January 2018, implying that income can only be settled and recognized for profit at year end. Accrued, non-chargeable variable earnings in Systematic Funds totalled SEK 0 M at the end of the period and vary in line with Systematic Macro's fund management results

We're continuing our efforts to reach new customer groups on existing and new geographical markets, both through strategic partnerships and Catella's proprietary distribution. While we've seen strong growth in parts of the existing product portfolio, we need to seek out new products that are relevant to our customers in order to ensure continued growth, something which applies to both Mutual Funds and Systematic Funds. In addition, we're focusing on securing future high-quality management of our existing products, which is particularly important in a more volatile macro environment. Our management is founded on a very high level of expertise and a structured approach for all products, whether in systematic or teammanaged funds.

The business area's annualized profit from fixed revenue/fixed expenses was SEK 341 M at the end of the quarter, an increase of SEK 107 M year-on-year.

Property Investment Management

Assets under management increased by SEK 18.6 Bn year-on-year, driving income growth of SEK 26 M in the same period. Operating profit was in line with the previous year despite higher personnel expenses, mainly related to aggressive initiatives in Property Funds and the startup of Catella Logistic Europe.

Organic growth in combination with the forthcoming acquisition of UK-based property and asset management advisor APAM ensure that Catella is extremely well positioned to attract further capital for our property products. During the year, we've already benefitted from synergies between APAM and Catella, with APAM's clients investing in products developed by Catella, and Catella's customers being introduced to APAM. The platform's geographical breadth engenders increased stability as well as the potential to offer our existing customers an expanded range of products and services in terms of risk class and geographical diversity.

Corporate Finance

Income was in line with the third quarter 2017, while operating profit decreased by SEK 18 M, mainly due to increased assignment and personnel expenses in continental Europe. Overall, we're seeing positive activity on the property market, with logistics and residential properties the most attractive property types, while activity has declined in the retail segment. We're still seeing significant interest in property investments from international capital, although the focus on specific segments is gradually sharpening.

Catella Corporate Finance has a strong local position on its respective national markets, and in a pan-European perspective. The quality of our offering and the high level of expertise of our staff are evidenced by Catella's market position in complex advisory assignments/transactions and debt advisory, where a number of capital raisings generated promising investment products for the market.

Banking

Catella has signed an agreement relating to the transfer of assets and liabilities in connection with the divestment of Catella's Wealth Management operations in Luxembourg to VP Bank as a result of the previously announced strategic review. The total value of the transaction is some SEK I IO M.

VP Bank has the ambition and ability to develop the private banking offering to our Wealth Management clients in Luxembourg. Catella and VP Bank will also initiate a distribution partnership aimed at developing and supplying products for the Nordic and European markets. This

partnership enables Catella to distribute alternative products through a large and credible partner.

The Swedish Wealth Management and card issuing operations are not part of this transaction. The strategic review of these operations continues.

Income decreased by SEK 40 M and operating profit was down by SEK 36 M yearon-year. The card acquiring operations' customer portfolio was reduced during the spring with the aim of streamlining the customer portfolio, explaining the decrease in total income. Apart from the income reduction, the lower operating profit is mainly attributable to increased

personnel expenses and costs associated with the strategic review.

Stable platform for growth

Catella's platform enables substantial growth in both advisory services and asset management, evidenced in recent years, and we intend to continue to increase assets under management to create an even more stable base in the form of fixed earnings, but also to increase potential variable earnings.

KNUT PEDERSEN

CEO and President

Comments on the Group's progress

Catella is a leading specialist in property advisers and investments and mutual funds, with operations in 14 countries. Our vision is to be the leading partner in Europe for investors in property and finance. Catella is listed in the Mid Cap segment on Nasdaq Stockholm.

Amounts are in SEK M unless otherwise indicated.Figuresintables and commentsmay be rounded.

Disposal group held for sale

In October 2018, Catella Bank signed an agreement regarding the transfer of assets and liabilities in connection with the divestment of Catella's Wealth Management operations in Luxembourg. The Swedish Wealth Management and card issuing operations are not included in the transaction, and the strategic review of these operations continues.

As the Wealth Management operations in Luxembourg comprise a significant proportion of Catella Bank, the Banking business area has been reported as a Disposal group held for sale in accordance with IFRS 5. This means that Banking's net profit (after tax) has been reported on a separate line under Profit for the period from disposal group held for sale in the Consolidated Income Statement.

Comparative figures for previous years for the Banking business area have been reported in a corresponding manner in the Consolidated Income Statement.

Net sales and results of operations Third quarter 2018

The Group's total income forremaining op erationswas SEK 472 M (457), and net sales for remaining operations totalled SEK 465 M (455), of which SEK 145 M (143) related to Corporate Finance and SEK 323 M (314) to Asset Management. Comments on the progress of each business area can be found on pages8-11.

The Group's operating profit for remaining operations was SEK 90 M (109). Profit for the period was burdened by factors including increased assignment costs and commission, personnel costs and consulting expenses.

The Group's net financial income and expense was SEK -15 M (2). Net financial

income/expense also included interest income of SEK 5 M (6), mainly relating to loan portfolios, and interest expenses of SEK 8 M (5), mainly relating to Catella's bond issue. Other financial items were SEK -12 M ( I ) and related to factors such as negative value adjustments of SEK 7 M on holdings in IPM Systematic Funds and negative exchange rate differences of SEK 5 M.

The Group's profit before tax for remaining operations was SEK 75 M (III).

Profit for the period (after tax) from disposal group held for sale totalled SEK -38 M (-1) which relates to the Banking business area.

Profit for the period for the Group's total operations was SEK I I M (84), of which SEK -13 M (59) was attributable to parent company shareholders. This corresponds to Earnings per share of SEK -0.16 (0.72).

Nine-month period 2018

The Group's total income for remaining operations was SEK 1,518 M (1,324) in the nine-month period, and consolidated net sales for remaining operations were SEK 1,473 M (1,320).

The Group's operating profit for remaining operations totalled SEK 292 M (244).

The Group's net financial income and expense was SEK -17 M (13), of which interest income was SEK 12 M (17) and interest expenses SEK 19 M (12). Other financial items totalled SEK -10 M (9), of which closed currency forwards intended to reduce exchange rate exposure amounted to SEK -12 M (14), and positive exchange rate differences were SEK 5 M (-I ). Net financial income and expense also included loan arrangement fees of SEK I M (3).

The Group's profit before tax for remaining operations was SEK 275 M (257).

Profit (after tax) from disposal group held for sale amounted to SEK -96 M (7) which relates to the Banking business area.

Profit for total Group operations was SEK 92 M (198), of which SEK 2 I M (125) was attributable to parent company shareholders. This corresponds to Earnings per share of SEK 0.26 (1.53).

Significant events in the quarter Catella established Catella Logistic Europe in France

Catella has established Catella Logistic Europe S.A.S. in order to participate in the growing demand for logistics properties. The company focuses on early-phase logistics property development services in France, Spain and Germany that satisfy the high standards of logistics and industrial operators and meet institutional investor requirements.

Significant events after the end of the quarter

Catella divested Wealth Management operations in Luxembourg

Catella Bank S.A., a wholly owned subsidiary of Catella AB (publ), has signed an agreement relating to the transfer of assets and liabilities in connection with the divestment of its Wealth Management operations in Luxembourg to VP Bank (Luxemburg) S.A. as a result of the previously announced strategic review. The transaction totals some SEK I I I M.

The Swedish Wealth Management and card issuing operations are not part of the transaction, and the strategic review of these operations continues.

As a step in the process of transferring assets and liabilities in connection with the divestment, assets and liabilities will be transferred to VP Bank, which is expected to reduce Catella's total assets by some SEK 2 Bn.

The sales consideration is dependent on certain terms and conditions relating to assets under management as of the transaction date. The transaction is expected to be completed on I February 2019.

income statement for remanining operations by operating segment in summary

	3 Months		9 Months		12 Months
	2018	2017	2018	2017	Rolling	2017
SEK M	Jul-Sep	Jul-Sep	Jan-Sep	lan-Sep	12 Months	lan-Dec
CORPORATE FINANCE
Total income	146	144	416	396	678	୧୧୨
Operating profit/loss	5	23	9	27	62	71
Operating margin, %	3	16	5	7	9	11
ASSET MANAGEMENT
Total income	328	316	1,109	937	1,544	1,371
Operating profit/loss	95	102	350	276	484	410
Operating margin, %	29	32	32	29	31	30
Equity-, Hedge and Fixed Income Funds
Total income *	204	220	648	633	866	851
Operating profit/loss	87	તે જે ર	286	260	362	337
Operating margin, %	43	43	44	41	42	40
Property Investment Management
Total income *	123	તેર	460	304	677	521
Operating profit/loss	8	8	64	। ୧	122	73
Operating margin, %	7	8	14	5	18	14
OTHER **
Total income	-2	-2	-7	- d	-15	-17
Operating profit/loss	-	-। ୧	-77	-59	-98	-80
GROUP
Total income	472	457	1,518	1.324	2,207	2,013
Operating profit/loss	90	109	292	244	449	400
Operating margin, %	19	24	19	18	20	20
	Divestment groups held for sale:
Banking
Total income *	75	115	262	337	400	475
Operating profit/loss before items affecting comparability	-33	3	-93	6	-111	-12
Operating profit/loss	-33	3	-93	6	- 44	-45
Operating margin, %	-44	3	-36	2	-36	-9

* Includes internal income.
** Includes eliminations.

SELECTED KEY FIGURES FOR REMAINING OPERATIONS BY OPERATING SEGMENT

Veerster De l'I Totones i ou nel laurille de preventive de Sterretting desir letti	3 Months		9 Months		12 Months
	2018	2017	2018	2017	Rolling	2017
GROUP	Jul-Sep	Jul-Sep	Jan-Sep	Jan-Sep	12 Months	Jan-Dec
Profit margin, %		। 8	12	14	ાર્ટ	। ୧
Adjusted profit margin, % ***	-
Return on equity, % *			20	14	-	21
Adjusted return on equity, % ****
Equity/Asset ratio, %			51	56		55
Equity, SEK M *			1,142	1,105		1,236
No. of employees, at end of period			498	438		446
Earnings per share, SEK *	0.30	0.73	1.40	1.45	2.76	2.85
Adjusted earnings per share, SEK ****
Equity per share, SEK *			13.58	13.5		15.10
CORPORATE FINANCE
Profit margin, %		IO	------------------------------------------------------------------------------------------------------------------------------------------------------------------------------	3	5	7
Return on equity, % *	-		40	15	=	30
Equity/Asset ratio, %			8	31		32
Equity, SEK M *			44	90		120
No. of employees, at end of period			209	212		210
Property transaction volume for the period, SEK Bn	16.9	113	45.3	33.6	679	56.2
ASSET MANAGEMENT
Profit margin, %	36	24	22	22	23	23
Adjusted profit margin, % ***
Return on equity, % *			54	43	-	51
Adjusted return on equity, % ***
Equity/Asset ratio, %			64	54		46
Equity, SEK M *			656	445		438
No. of employees, at end of period			269	210		221
Asset under management at end of period, SEK Bn			178.9	150.4		164.3
net in-(+) and outflow(-) during the period, mdkr	4.1	6.3	2.2	8.3	18.7	22.7

* Attributable to shareholders of the Parent Company.

27B8 28B9 29B30

8B10 9B1 10B2

1B3 12B4 13B5

Corporate Finance

Progress in the third quarter

The total commercial property transaction market in Europe, excluding the UK, totalled EUR 36.6 Bn (51.6) in the quarter, a reduction of 29% year-on-year.

Property transactions where Catella served as advisor totalled SEK 16.9 Bn (I I.3) in the quarter. Of total transaction volumes in the quarter, France provided SEK 7.2 Bn (3.5), Denmark SEK 4.1 Bn (4.0), Sweden SEK 3.6 Bn (1.7) and Germany SEK 0.1 Bn (0.5).

Total income was SEK 146 M (144) and operating profit SEK 5 M (23) in the quarter. Total income was in line with the previous year, with an increase in continental Europe, while income in the Nordics declined. Operating profit was mainly affected by increased assignment costs attributable to France and the Baltics, and increased personnel expenses in continental Europe.

Progress in the nine-month period

Transaction volumes in Europe, excluding the UK, totalled EUR 129.6 Bn (155.3) in the period, a decrease of 16% year-onyear. Catella's transaction volumes in the period totalled SEK 45.3 Bn (33.6).

Total income was SEK 416 M (396) and operating profit was SEK 19 M (27) in the period.

SEK M		3 Months		9 Months		12 Months
	2018	2017	2018	2017	Rolling	2017
INCOME STATEMENT-CONDENSED	Jul-Sep	Jul-Sep	Jan-Sep	Jan-Sep	12 Months	Jan-Dec
Nordic *	54	62	157	200	270	312
Continental Europe *	92	8	258	196	408	346
Total income	146	44	416	396	678	659
Assignment expenses and commission	-22	-13	-38	-44	-67	-74
Operating expenses	-120	-108	-359	-325	-549	-514
Operating profit/loss	5	23	19	27	62	7 I
KEY FIGURES
Operating margin, %	3%	16%	5%	7%	9%	11%
Property transaction volume for the period, SEK Bn	16.9	11.3	45.3	33.6	67.9	56.2
of which Nordic	9.4	6.7	18.3	23.4	32.1	37.3
of which Continental Europe	7.4	4.6	27.0	10.2	35.8	18.9
No. of employees, at end of period			209	212		210

* Includes internal income between business areas been eliminated within the service area for the current and carresponding beriod in 2017.

CATELLA'S PROPERTY TRANSACTION VOLUMES

TOTAL INCOME

Operating Profit/loss

Equity, Hedge and Fixed Income Funds

Progress in the third quarter

New savings in mutual funds in Sweden totalled SEK 17.8 Bn in the quarter. The fund categories with the largest inflows were Long Fixed Income, Mixed and Equity funds. At the end of the quarter, Mutual Funds' share of Swedish fund volumes was 0.8% (0.8).

Catella's assets under management increased by SEK 2.1 Bn (4.6) in the quarter, of which net flows were SEK -0.3 Bn (0.6) in Mutual Funds and SEK 2.5 Bn (4.1) in Systematic Funds. Systematic Macro and Systematic Equity experienced net inflows, with assets under management of SEK 48.7 Bn (43.3) and SEK 29.5 Bn (27.3) respectively at the end of the period. Income is mainly generated by Systematic Macro in Systematic Funds. SEK M

Total income was SEK 204 M (220) in the quarter, down on the previous year mainly due to lower variable earnings in Mutual Funds at the same time as fixed earnings increased during the period, mainly in Systematic Funds. Operating profit was SEK 87 M (97).

Up until 31 December 2017, Systematic Funds was able to recognise variable earnings on a quarterly basis for a proportion of assets under management through specific agreements with certain customers. From I January 2018, Systematic Funds moved to annual settlement of all products, meaning that variable earnings are recognised for profit at year end.

Progress in the nine-month period

In the period, total assets under management in Sweden increased by SEK 386.0 Bn, of which new savings were SEK 39.0 Bn, totalling SEK 4,405 Bn at the end of the period.

Catella's assets under management increased by SEK 2.9 Bn (3.4) in the period, amounting to SEK I 12.3 Bn (102.3) at the end of the period.

Total income was SEK 648 M (633) and operating profit/loss was SEK 286 M (260).

Accrued variable earnings * in Systematic Funds totalled SEK 0 M at the end of the period.

12 Months

9 Months

	2018	2017	2018	2017	Rolling	2017
INCOME STATEMENT-CONDENSED	Jul-Sep	Jul-Sep	Jan-Sep	Jan-Sep	12 Months	lan-Dec
Mutual Funds *	68		247	298	345	396
Systematic Funds *	137	108	40	334	52	455
Total income	204	220	648	633	866	82
Assignment expenses and commission	-41	-37	-121	-113	-159	-151
Operating expenses	-76	-88	-241	-260	-344	-363
Operating profit/loss	87	ે 5	286	260	362	337
KEY FIGURES
Operating margin, %	43	43	44	ব	42	40
Asset under management at end of period, SEK Bn			112.3	102.3		109.3
net in-(+) and outflow(-) during the period, mdkr	2.1	4.6	-4.5	18	2.5	8.9
of which Mutual Funds			34.1	31.6		32.0
net in-(+) and outflow(-) during the period, mdkr	-0.3	0.6	1.0	-0.8	1.8	0.0
of which Systematic Funds			78.2	70.7		77.3
net in-(+) and outflow(-) during the period, mdkr	2.5	4.1	-5.5	2.6	0.8	89
No. of employees, at end of period	ி	85	91	85		89

3 Months

® Includes internal income between business areas been eliminated within the service area for the current and corresponding period in 2017.

" Accued, nor-chargedbe (not recognized for profit), variable on the basis of Systematic Macros' performance-based maragenent fees. In order for the performance based management fee to be settled at year end, and receined must be higher than comparative indices and the most recent level settled (High waternark). Acordingly, actual settlement at year end may be higher, lower or entirely absent relative to the indicated anount. Amounts con never foll below zero

Banking

The Banking business area has been reported as a Disposal group held for sale in the consolidated Income Statement. Previous year's comparative figures are reported in a corresponding manner.

Progress in the third quarter

Volumes in the Cards and Payment Solutions operations were SEK 3.6 Bn (3.9) in the quarter.

Assets under management in Wealth Management decreased by SEK 0.7 Bn (0.2) and net flows were SEK -0.5 Bn (-0.1) in the quarter.

The loan portfolio decreased by SEK 85 M in the quarter, totalling SEK I.I Bn (1.4) at the end of the period.

Total income was SEK 75 M (115) in the quarter. Operating profit/loss was SEK -33 M (3) in the quarter.

As previously communicated, the customer portfolio in the card acquiring operations has decreased, reducing income by some SEK 70 M annually. This explains the decrease in total income of SEK 40 M year-on-year. In addition to the income reduction, the year-on-year decrease in operating profit/loss of SEK 36 M is also due to increased personnel costs from new recruitments in Wealth Management, consulting expenses relating to the implementation of new regulatory frameworks, IT investments charged to costs and costs in connection with the strategic review.

Progress in the nine-month period Volumes in the Cards and Payment Solutions operations were SEK I 1.7 Bn (12.0) in the period.

Assets under management in Wealth Management increased by SEK 1.2 Bn (3.3) and net flows were SEK 0.8 Bn (1.7) in the period, totalling SEK 21.3 Bn (19.8) at the end of the period.

Total income was SEK 262 M (337) and operating profit/loss totalled SEK -93 M (6).

SHK M		3 Months		9 Months		12 Months
	2018	2017	2018	2017	Rolling	2017
INCOME STATEMENT-CONDENSED	Jul-Sep	Jul-Sep	Jan-Sep	Jan-Sep	12 Months	Jan-Dec
Cards and Payment Solutions *	38	80	154	223	234	304
Wealth Management *	4	36	118	117	178	177
Total income	75	115	262	337	400	475
Assignment expenses and commission	-16	-26	-64	-89	-98	-122
Operating expenses	-92	-86	-292	-242	-413	-364
Operating profit/loss before items affecting comparability	-33	3	-93	6	------------------------------------------------------------------------------------------------------------------------------------------------------------------------------	-12
ltems affecting comparability	0	0	0	0	-33	-33
Operating profit/loss	-33	3	-93	6	-144	-45
KEY FIGURES
Operating margin, % **	-44	3	-36	7	-28	-2
Card and payment volumes, SEK Bn	3.6	3.9	117	12.0	17.6	17.9
Asset under management at end of period, SEK Bn			213	19.8		20.0
net in-(+) and outflow(-) during the period, mdkr	-0.5	-0.1	0.8	17	0.8	1.8
of which Wealth Management Sweden			10.3	8.9		9.0
net in-(+) and outflow(-) during the period, mdkr	0.5	0.2	13	0.6	13	0.7
No of emplovees at end of neriod			14	169		180

Includes internal income between business areas. Internal income has been eliminated for the curresponding period in 2017. "Includes internal income between business
** Adjusted for items affecting comparability

CARD AND PAYMENT VOLUMES

TOTAL INCOME

OPERATING PROFIT/LOSS*

Property Investment Management

Progress in the third quarter

Assets under management increased by SEK 1.7 Bn (1.8) and net flows were SEK 1.9 Bn (1.7) in the quarter, mainly attributable to Property Funds.

Total income was SEK 123 M (96). Operating profit was SEK 8 M (8).

The increase in income is driven by increased assets under management, up by 39% year-on-year, mainly in Property Funds and Property Asset Management in France.

In addition to increased income, operating profit was negatively affected by increased personnel expenses, mainly related to the aggressive initiatives in Property Funds and the start-up of Catella Logistic Europe.

Progress in the nine-month period

Assets under management increased by SEK I I .7 Bn (7.8) and net flows were SEK 6.7 Bn (6.5) in the period, amounting to SEK 66.7 Bn (48.1) at the end of the period.

Total income was SEK 460 M (304) and operating profit was SEK 64 M (16). The profit increase was mainly driven by Project Management and growth in assets under management in Property Funds.

SEK M		3 Months		9 Months		12 Months
	2018	2017	2018	2017	Rolling	2017
INCOME STATEMENT-CONDENSED	Jul-Sep	Jul-Sep	Jan-Sep	Jan-Sep	12 Months	lan-Dec
Property Funds *	ி	76	302	252	419	369
Property Asset Management *	38	22	176	ਟੇਰੇ	282	164
Total income	123	વેરૂ	460	304	677	521
Assignment expenses and commission	-25	-26	-131	-110	-167	-146
Operating expenses	-89	-63	-265	-179	-388	-302
Operating profit/loss	8	8	64	ા ર	122	73
KEY FIGURES
Operating margin, %	7	8	14	5	8	14
Asset under management at end of period, SEK Bn			66.7	48.		55.0
net in-(+) and outflow(-) during the period, mdkr	19	17	6.7	6.5	13.9	13.7
of which Property Funds			45.2	32.7		36.9
net in-(+) and outflow(-) during the period, mdkr	1.5	12	4.8	5.8	7.7	8.7
of which Property Asset Management			21.5	15.4		18.0
not in (+) and outflow( ) during the beriod make	01	05	12	07	62	こし

No. of employees, at end of period

* Includes internal income between business areas been eliminated within the service area for the current and carresponding period in 2017.

Assets Under Management

TOTAL INCOME

OPERATING PROFIT

178

l 25

132

Other financial information

The Group's financial position

The Banking business area has been reported in accordance with IFRS 5, representing a significant change to the Consolidated Statement of Financial Position. From 30 September 2018, Banking's assets and liabilities have been reported on separate lines as Assets in disposal group held for sale and Liabilities in disposal group held for sale respectively. Previous years' comparative figures relating to Banking's assets and liabilities have not been reclassified in the corresponding manner. The Balance Sheet items most affected by this change are loan receivables, loan liabilities and cash and cash equivalents.

In the third quarter, the Group's total assets decreased by SEK 72 M, totalling SEK 7,013 M as of 30 September 2018.

In accordance with IAS 12 Income Tax, deferred tax assets attributable to loss carry-forwards are recognized to the extent that it is probable that future taxable profit will be available. In accordance with this standard, Catella recognized a deferred tax asset of SEK 85 M (SEK 99 M as of 31 December 2017), of which the majority consists of tax loss carry-forwards, which is based on an assessment of the Group's future earnings. The Group's total loss carry-forwards amount to some SEK 710 M

In June 2018, Catella issued subsequent unsecured bonds of SEK 250 M under the framework of SEK 750 M at a price of 102.50% of the nominal amount. Catella has previously issued bonds totalling SEK 500 M, implying that the total framework has now been utilised. The bond accrues variable interest at 3-month STIBOR plus 400 b.p. with final maturity in June 2022.

The Group also has approved overdraft facilities totalling SEK 30 M, of which the unutilized part was SEK 30 M as of 30 September 2018.

The Group's equity decreased by SEK 43 M in the third quarter, amounting to SEK 1,748 M as of 30 September 2018. Dividends to non-controlling holdings totalled SEK 65 M. Other transactions with non-controlling holdings amounted to SEK 6 M. Other items that influenced Group equity include profit for the period of SEK

I I M, positive fair value changes in financial assets reported under Other comprehensive income of SEK 7 M and negative translation differences of SEK 3 M. The Group's equity/assets ratio as of 30 September 2018 was 25% (30% as of 31 December 2017).

Consolidated cash flow

The comments below relate to total Group operations, remaining operations and disposal group held for sale, unless otherwise indicated.

Third quarter 2018

Consolidated cash flow from operating activities before changes in working capital amounted to SEK 24 M ( 1 13). Tax paid totalled SEK 34 M (19) in the period.

Consolidated cash flow from operating activities was SEK 255 M (805), of which changes in working capital for the period totalled SEK 23 I M (692). Of the changes in working capital, SEK 161 M is attributable to banking operations and SEK 70 M to other operations. The change in the bank's working capital was mainly due to decreased lending to Wealth Management clients

Cash flow from investing activities was SEK 92 M (-5), of which SEK 103 M related to dividends from associated company Nordic Seeding GmbH. Furthermore, an additional purchase consideration of SEK 9 M was paid in the period relating to the additional purchase of shares in IPM completed in February 2018, and an additional SEK 5 M was invested in the Private Equity product Pamica 2. Cash flow from loan portfolios totalled SEK 3 M, and cash flow from terminated currency forwards amounted to SEK 5 M.

Cash flow from financing operations was SEK -65 M (29 I ) and relates to dividends to non-controlling shareholders.

Cash flow for the period was SEK 282 M (1,091), of which cash flow from remaining operations was SEK 153 M (441) and cash flow from disposal group held for sale was SEK 129 M (650).

Cash and cash equivalents at the end of the period were SEK 3,641 M (3,438), of which cash and cash equivalents relating to remaining operations were SEK 958 M (857) and cash and cash equivalents reported under Assets in disposal group held for sale were SEK 2,682 M (2,581).

Nine-month period 2018

Consolidated cash flow from operating activities before changes in working capital amounted to SEK I 16 M (250).

Consolidated cash flow from operating activities was SEK 545 M (603), of which changes in working capital for the period totalled SEK 429 M (353). Of the changes in working capital, SEK 567 M are attributable to banking operations and SEK -138 M to other operations.

Cash flow from investing activities was SEK -280 M (-5 I ), of which the largest item related to share acquisitions in IPM totalling SEK 207 M. Furthermore, Catella invested SEK 165 M in associated company Grand Central Beteiligungs GmbH, while also receiving dividends and repaid capital contributions totalling SEK 157 M from associated company Nordic Seeding GmbH. In the nine-month period, Catella also acquired shares in associated company Kaktus | TopCo ApS for SEK 66 M and made a down payment for the shares in APAM Ltd of SEK 3 I M. In addition, Catella completed investments in Biblioteksparken A/S and a number of unlisted Swedish limited companies totalling SEK 34 M. Cash flow from loan portfolios totalled SEK 93 M, of which SEK 85 M relates to the divestment of Minotaure and Ludgate. Furthermore, SEK 16 M was raised from Nordic Light Fund's buy-back of fund units. This means that the fund has now repaid a majority of its realized revenues and will now be liquidated. Cashflow from terminated currency forwards totalled SEK -4 M in the period.

Cash flow from financing operations was SEK 90 M (138), of which SEK 253 M relates to the issue of a new bond loan, SEK 184 M relates to dividends to parent company shareholders and non-controlling holdings, and SEK 21 M relates to payments from warrant holders for subscription in new shares in Catella AB.

Cash flow for the period was SEK 354 M (690), of which cash flow from remaining operations was SEK -121 M (181) and cash flow from disposal group held for sale was SEK 475 M (509).

Parent company Third quarter 2018

Catella AB (publ) is the Parent Company of the Group. Group management and other central Group functions are integrated in the Parent Company.

The Parent Company reported income of SEK 5.6 M (3.0) and operating profit/loss was SEK -15.9 M (-1 1.7). The profit decrease on the previous year is mainly due to costs associated with the strategic review of the bank and increased consultancy fees as a result of the new General Data Protection Regulation (GDPR) provisions and the implementation of new IFRS accounting regulations.

The Parent Company also reported financial items totalling SEK 0.3 M (-5.2), of which interest and costs for arranging bond loans were SEK 7.5 M and realized profit on derivatives totalled SEK 8.4 M. Net financial income/expense also includes unrealized profit/loss from derivatives of SEK -1.0 M.

In May, the parent company initiated currency hedging using derivatives. The hedging of EUR 60 M was carried out to reduce the exchange rate risk in Catella's net exposure in EUR.

Profit/loss before tax was SEK -15.6 M (-16.8), and profit /loss for the period was SEK -15.6 M (-16.8).

The Parent Company reported total loss carry-forwards of SEK 222 M. Catella's Balance Sheet includes a deferred tax asset of SEK 35.0 M (SEK 19.8 M as of 31 December 2017) relating to these loss carryforwards.

In June, Catella AB issued subsequent unsecured bonds of SEK 250 M under the framework of SEK 750 M at a price of 102.50% of the nominal amount. The parent company previously issued bonds totalling SEK 500 M, implying that the total framework has now been utilized. The bond accrues variable interest at 3-month STIBOR plus 400 b.p. with final maturity in June 2022.

Cash and cash equivalents on the reporting date were SEK 17.1 M. Cash and cash equivalents in Catella's transaction account in the Group's cash pool with a Swedish credit institute are reported as Current receivables with Group companies. On the reporting date, this item totalled SEK 3 I 7.8 M.

The number of employees in the Parent Company expressed as full -time equivalents was 13 (10).

Catella's principal investments

Catella has principal investments which are reported under the 'Other' category, see Notes I and 2. As of 30 September 2018, Catella's principal investments totalled SEK 343 M, a decrease of SEK 94 M on the previous quarter. The decrease is mainly due to dividends received of SEK 103 M from holdings in associated companies, for more information see Note 3

The 'Other' category also includes information on the Parent Company, other holding companies, acquisition and financing costs, Catella's brand and eliminations of intra-group transactions between the various operations.

Employees

The number of employees in remaining operations, expressed as full-time equivalents was 498 (438) at the end of the period, of which 209 (212) in the Corporate Finance operating segment, 269 (210) in the Asset Management operating segment and 20 (16) in other functions.

The number of employees in disposal group held for sale (Banking) was 174 (169) at the end of the period.

The total number of employees, expressed as full-time equivalents, was 672 (607) at the end of the period.

Share capital

As of 30 September 2018, Catella's registered share capital was SEK 168 M (164), divided between 84,115,238 shares (81,848,572). The quotient value per share is 2. Share capital is divided between two share classes with different voting rights. 2,530,555 Class A shares with 5 votes per share, and 81,584,683 Class B shares with I vote per share.

In March 2018, 2,266,666 warrants were utilised to subscribe for an equal number of new shares at a price of SEK 9.40 per share. The issue of the new Class B shares was effective on 3 May 2018

through registration with the Swedish Companies Registration Office and inclusion in EuroClear's share register. In March, 66,667 warrants held in treasury expired.

As of 30 September 2018, the parent company has a total of 4,666,667 outstanding warrants, of which 133,333 held in treasury. Upon full utilisation of the 4,666,667 warrants, dilution of the capital and votes in the company would be 5.3% and 4.7% respectively.

Catella is listed on Mid Cap on Nasdaq Stockholm, trading under the ticker symbols CAT A and CAT B. The price of Catella's Class B share was SEK 22.25 (19.30) as of 30 September 2018. Total market capitalization at the end of the period was SEK 1,877 M (1,594).

Shareholders

Catella had 7,353 (7,223) shareholders registered at the end of the period. As of 30 September 2018, the single largest shareholders were the Claesson & Anderzén group, with a holding of 48.9% (49.8) of the capital and 48.3% (49.1) of the votes, followed by Swedbank Robur fonder with a holding of 6.0% (6.1) of the capital and 6.2% (6.3) of the votes.

Dividend

Catella's target is to transfer the Group's profit after tax to shareholders to the extent it is not considered necessary for developing the Group's operating activities and considering the company's strategy and financial position. Adjusted for profit-related unrealized value in-creases, at least 50% of the Group's profit after tax will be transferred to shareholders over time

Given the growth opportunities in existing and new operations that are expected to generate long-term shareholder value, the Board proposes a dividend of SEK 1.00 per Class A and B shares to be paid to shareholders for the financial year 2017. For the financial year 2016, the Parent Company paid dividend of SEK 0.80 per Class A and B share respectively to shareholders.

Risks and uncertainties

Catella is affected by progress on the financial markets. The Corporate Finance operation is affected by the market's willingness to execute transactions, which in turn, is determined by the macroeconomic environment and the availability of debt finance.

Asset Management is affected by market progress on Nordic stock exchanges and progress on the property market. The banking operations are exposed to particularly significant operating risks. The bank's real time system containssubstantial volumes/transactions that require 24-hour availability.

Several companies in the Catella Group conduct licensable operations, regulated by the supervisory authorities of the relevant countries of fiscal domicile. Existing regulatory structures and the rapid evolution of these structures are generally complex, and particularly for Catella's banking operations. These regulations set stringent, and in the future, still more stringent standards on licensable operations, as well as on liquidity and capital reserves. Compliance with these regulatory structures is a prerequisite for licensable operations. Catella works.continuouslyto ensure compliance with current regulatory structures and prepares for compliance with forthcoming regulatory changes.

The preparation of financial statements requires the Board of Directors and Group management to make estimates and judgments of the value of loan portfolios, goodwill, trademarks and brands, as well as assumptions concerning revenue recognition. The estimates and judgments affect the Consolidated Income Statement and financial position, and disclosures on contingent liabilities, for example. See Note 4 in the Annual Report 2017 for significant estimates and judgments. Actual outcomes may differ from these estimates and judgments due to other circumstances or otherconditions.

Through associated companies Nordic Seeding GmbH and Grand Central Beteiligungs GmbH, Catella has investments in property development projects in Germany. These projects are run by Catella's German subsidiary Catella Project Management GmbH. Through Nordic Seeding GmbH and Grand Central Beteiligungs GmbH Catella intends to invest in the early phases of projects, when concept and frameworks are determined, subsequently divesting projects and realizing capital gains before construction begins and projects are completed. These investments include the risk that Nordic Seeding GmbH or Grand Central Beteiligungs GmbH may encounter situations where the company is obliged to continue to invest in later stages of projects, pursue projects to completion or abandon projects and lose the associated invested capital. The aforementioned risks apply to all property development projects that Catella invests in (see Note 3).

In March 2018, Catella signed a share purchase agreement regarding the acquisition of a majority of the shares in property investment and asset management advisor APAM Ltd. In connection with signing of the agreement, Catella made a non-refundable down payment of the purchase price totalling SEK 31 M. The outstanding amount will be paid upon completion of the transaction that requires approval from regulatory authorities and that certain conditions are met. In the event that the transaction cannot be completed, this would generate a cost of SEK 3 I M in the consolidated Income Statement.

Seasonal variations

Within the Corporate Finance operating segment, seasonal variations are significant. This means that sales and results of operations vary during the year. In Corporate Finance, transaction volumes are usually highest in the fourth quarter, followed by the second quarter, the third quarter and finally the first quarter.

Accounting principles

This Interim Report has been prepared in compliance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act.

The Consolidated Financial Statements have been prepared in compliance with International Financial Reporting Standards (IFRS) as endorsed by the EU, the Annual Accounts Act and RFR I Complementary Accounting Rules for Groups issued by RFR, the Swedish Financial Reporting Board.

The Parent Company's financial statements are prepared in compliance with the Swedish Annual Accounts Act and RFR 2 Accounting for Legal Entities issued by RFR.

In October 2018, Catella Bank signed an agreement regarding the transfer of assets and liabilities in connection with the divestment of its wealth management operations in Luxembourg. The strategic review of the bank's remaining operations continues. From 30 September 2018, the Banking business area's operations are therefore presented in accordance with IFRS 5, Noncurrent assets held for sale and discontinued operations. This implies that the bank's operations are reported net on a separate line in the Consolidated Income Statement, under the item Profit from disposal group held for sale in the period. Comparative figures in the Income Statement for the current and previous year have been adjusted as if the bank's operations had never been part of Group operations. In the Consolidated Statement of Financial Position, the bank's assets and liabilities are reported separately from other assets and liabilities on dedicated lines under the items Assets in disposal group held for sale and Liabilities in disposal group held for sale respectively. Previous years' comparative figures relating to the bank's assets and liabilities have not been reclassified in the corresponding manner.

Furthermore, in 2018 Catella initiated currency hedging using derivatives. The hedging is intended to reduce the exchange rate risk (translation risk) in Catella's net investments in foreign operations denominated in EUR. At Group level, Catella applies hedge accounting in accordance with IFRS 9 from the date hedging of net exposure was entered into. According to IFRS 9, the effective portion of the value change of the hedging instrument, plus realized gains, is reported in Other comprehensive income and accumulated in the translation reserve under Equity. The ineffective portion is reported under Net financial items in the Income Statement.

In the parent company financial reports, with consideration given to the correlation between reporting and tax, hedging is reported at the lower of cost or market.

From I January 2018, Catella has applied two new accounting standards: IFRS 9 Financial instruments and IFRS 15 Revenue from contracts with customers. The effect of the transition to these standards has been described in summary below. For

more information, see Note 2 of Catella's Annual Report 2017.

With regard to IFRS 9 Financial instruments, Catella's transition to IFRS 9 has not implied any restating of comparative figures. The application of the anticipated loss model for impairment testing of financial assets had a SEK -2 M effect on financial reporting and equity as of I January 2018.

The information provided in Note 8 regarding the consolidated situation, relating to parts of Catella's operations, has been prepared in accordance with the Group's accounting policies and the Annual Accounts for Credit Institutions and Securities Companies Act.

IFRS 16 "Leases" was published in January 2016 and is effective from I |anuary 2019. The implementation of the standard will imply that essentially all lease contracts are reported in the Balance Sheet. The standard does not distinguish between operating and financial leases. Assets (the right to utilize a leased asset) and financial liabilities corresponding to the company's commitment to pay leasing charges must be reported for essentially all lease commitments. There is one exemption for short contracts and contracts of minor value. Catella mainly has leasing contracts for office premises and cars. Catella has not yet collated and evaluated the final effects of the introduction of the standard. The impact of the new standard will be communicated in connection with the Year-end Report 2018.

Furthermore, Catella intends to apply the simplified standard, and will not be restating comparative figures.

Accounting principles critical to the Group and Parent Company are stated in Catella's Annual Report for 2017. Figures in tables and comments may be rounded.

Related party transactions

Catella holds shares in associated companies Nordic Seeding GmbH and Grand Central Beteiligungs GmbH, whose other owners are the Claesson & Anderzén group and the management of Catella Project Management GmbH. Catella's total net investment in both companies amounted to SEK 70 M as of 30 September 2018. The remaining investment commitment in Nordic Seeding GmbH and Grand Central Beteiligungs GmbHamount to SEK 19 M. For more information, see Note 3 in this report and Notes 20 and 39 of the Annual Report 2017.

Catella's German subsidiary Catella Project Management GmbH operates the property development projects within associated company Nordic Seeding GmbH and Grand Central Beteiligungs GmbH. In the third quarter 2018, Catella Project Management GmbH invoiced Nordic Seeding GmbH and Grand Central Beteiligungs GmbH a total of SEK I M relating to services provided under applicable agreements. No proportion of this income was eliminated in Catella's Consolidated Income Statement as the associated companies fall outside of Catella's associated enterprises.

Catella made investments totalling SEK 66 M in associated company Kaktus I TopCo ApS, which acquired land including building rights for student housing in Copenhagen. Catella's total investment commitment amounts to some SEK 75 M, which implies a remaining outstanding investment commitment of some SEK 9 M.

Catella's Danish subsidiary Catella Investment Management A/S operates the property development project in associated company Kaktus I TopCo ApS. In the third quarter of 2018, Catella Investment Management A/S invoiced Kaktus | TopCo ApS just under SEK 2 M for services rendered under agreement. No proportion of income or profit was eliminated in Catella's consolidated Income Statement as the associated company is not an associated enterprise.

Forecast Catella does not publish forecasts.

Financial calendar

Year-end Report 2018 22 February 2019 Annual Report 2018 26 April 2019 Interim Report January-March 2019 9 May 2019

Annual General Meeting 2019

The Annual General Meeting in Catella AB (publ) will be held on 27 May 2019 in Stockholm, Sweden. Shareholders wishing to submit proposals to the Nomination Committee should do so in writing by no later than 22 February 2019.

Interim Report January-June 2019

23 August 2019

Interim Report January-September 2019 14 November 2019

Year-end Report 2019 21 February 2020

For further information, contact Knut Pedersen, CEO and President Tel. +46 (0)8 463 33 10	Stockholm, Sweden, 15 November 2018 Catella AB (publ)
More information on Catella and all fi- nancial reports are available at ca- tella.com.
The information in this Report is manda- tory for Catella AB to publish in accord- ance with the EU's Market Abuse Regulation and the Swedish Securities Mar- kets Act. This information was submitted to the market, through the agency of the	Johan Claesson, Chairman
above contact, for publication on 15 No- vember 2018 at 07:00 a.m. CET.	Johan Damne, Board member
The undersigned certify that this Interim report gives a true and fair view of the Parent Company's and the Group's oper- ations, financial position and results of op- erations, and describesthe material risks and uncertainties facingthe Parent Com- pany and companies included in the Group.	Joachim Gahm, Board member
	Anna Ramel, Board member

Jan Roxendal, Board member

Knut Pedersen, CEO and President

Report of review of interim financial information

Auditor's review report for interim financial in summary (Interim Report) prepared in accordance with IAS 34 and Chapter 9 of the Swedish Annual Accounts Act

Introduction

We have reviewed the condensed information (Interim Report) of Catella AB (corporate ID no. 556079-1419) as of 30 September 2018 and the nine-morth period then ended. The Board of Directors and the CEO are responsible for the preparation and presentation of the interim financial in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on the Interim Report based on our review.

Scope of review

We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of Interim Report Performed by the Independent Auditor of the Entity. A review consists of marily of persons responsible for financal and accounting matters, and applying analytical and other review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing ISA, and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express and audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the interm report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts the Group, and with the Swedish Annual Accounts Act, regarding the Parent Company.

Stockholm, Sweden, 15 November 2018

PricewaterhouseCoopers AB

Daniel Algotsson Authorized Public Accountant

Consolidated Income Statement

	2018	2017	2018	2017	2017
SEK M	Jul-Sep	Jul-Sep	Jan-Sep	Jan-Sep	Jan-Dec

Net sales	465	455	1,473	1,320	1,998
Other operating income	7	2	45	4	5
Total income	472	457	1,518	1,324	2,013
Assignment expenses and commission	-87	-75	-289	-258	-359
Other external expenses	-103	-80	-319	-259	-365
Personnel costs	-189	-181	-573	-530	-845
Depreciation	-6	-4	-17	-13	-17
Other operating expenses	3	-7	-29	-20	-26
Operating profit/loss	90	109	292	244	400
Interest income	5	6	12	17	23
Interest expenses	-8	-5	-19	-12	-17
Other financial items	-12	-	-10	9	28
Financial items-net	-15	2	-17	3	34
Profit/loss before tax	75	111	276	257	434
Tax	-25	-26	-88	-67	-108
Profit for the period from continuing operations	50	84	188	191	326
Operations held for sale:
Profit for the period from divestment groups held for sale	-38	-	-96	7	-41
Net profit/loss for the period	12	84	92	198	284

Profit/loss attributable to:
Shareholders of the Parent Company	-13	ਟੇਰੇ	22	1 25	192
Non-controlling interests	25	25	70	72	92
	12	84	92	198	284
Earnings per share attributable to shareholders of the Parent Company, SEK
Continuing operations
- before dilution	0.30	0.73	1.40	1.45	2.85
- after dilution	0.29	0.67	1.32	1.33	2.63
Divestment groups held for sale
- before dilution	-0.46	-0.01	-1.14	0.09	-0.51
- after dilution	-0.43	-0.01	-1.08	0.08	-0.47
Total operations
- before dilution	-0.16	0.72	0.26	1.53	2.35
- after dilution	-0.15	0.67	0.24	1.41	2.17
No. of shares at end of the period	84,115,238	81,848,572	84,115,238	81,848,572	81,848,572
Average weighted number of shares after dilution	88,648,572	88,648,572	88,766,728	88,648,572	88,648,572

Consolidated Statement of Comprehensive Income

SEK M	2018 Jul-Sep	2017 Jul-Sep	2018 Jan-Sep	2017 an-Sep	2017 Jan-Dec
Net profit/loss for the period	12	84	92	198	284
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss:
Value change in defined benefit pension plans	-0	0	-	0	0
ltems that will be reclassified subsequently to profit or loss:
Fair value changes in financial assets available for sale	7	3	16	6	9
Hedging of net investment	8	0	7	0
Translation differences	-12	-12	52	-	ന
Other comprehensive income for the period, net after tax	3	-9	14	5	40
Total comprehensive income/loss for the period	15	75	166	203	325
Profit/loss attributable to:
Shareholders of the Parent Company	-9	50	94	30	231
Non-controlling interests	24	25	72	72	03
	15	75	166	203	325

Information on Income Statement by operating segment is in Note I .

Consolidated Statement of Financial Position—condensed

SEK M	2018 Note	2017	2017
	30 Sep	30 Sep	31 Dec
ASSETS
Non-current assets
Intangible assets	392	423	390
Property, plant and equipment		28	27 25
Holdings in associated companies	3 104		45 53
Other non-current securities	3, 4, 5 342	432	438
Deferred tax receivables		82	ਰੇਰੇ તેરિ
Other non-current receivables		6 777	607
	957	1,807	1,606
Current assets
Current loan receivables		0 63 I	779
Accounts receivable and other receivables	562	556	725
Current investments	3, 4, 5 113		84 108
Cash and cash equivalents *	958	3,438	3,177
	1,633	4,709	4,790
Assets in divestment groups held for sale	4,423		0 0
	6,056	4,709	4,790
Total assets	7,013	6,516	6,396


EQUITY AND LIABILITIES
Equity
Share capital	168	164	164
Other contributed capital	253	253	253
Reserves	-20	-108	-77
Profit brought forward including net profit for the period	1,178	1,319	1,389
Equity attributable to shareholders of the Parent Company	1,579	1,628	1,729
Non-controlling interests	169	170	214
Total equity	1,748	1,798	1,943
Liabilities
Non-current liabilities
Long-term loan liabilities	748	494	494
Deferred tax liabilities		। ୧	35 38
Other provisions		2	5 4
	766	534	537
Current liabilities
Borrowings		0 192	122
Current loan liabilities		0 3,216	2,784
Accounts payable and other liabilities	505	684	894
Tax liabilities		67	92 116
	573	4,183	3,917
Liabilities in disposal groups held for sale	3,926		0 0
	4,499	4,183	3,917
Total liabilities	5,265	4,718	4,453
Total equity and liabilities	7,013	6,516	6,396
		38 203	205
* Of which pledged and blocked liquid funds

Information regarding financial position by operating segment is in Note 2.

Consolidated Statement of Cash Flows

	2018	2017	2018	2017	2017
SEK M	Jul-Sep	Jul-Sep	Jan-Sep	Jan-Sep	Jan-Dec
Cash flow from operating activities
Profit/loss before tax	37	114	175	270	395
Adjustments for non-cash items:
Other financial items	12	-	12	-9	-28
Depreciation	7	8	22	20	28
Items affecting comparability - Impairment of intangible assets	0	0	0	0	53
Impairment / reversal of impairment of current receivables	0	2	3	5	6
Change in provisions	0	2	- I	2	2
Reported interest income from loan portfolios	-4	-5	-12	-16	-22
Acquisition expenses	0		0		2
Profit/loss from participations in associated companies	-2	5	30	14	20
Personnel costs not affecting cash flow	8	7	ા ર્	24	్ నే
Other non-cash items	0	0	-
Paid income tax	-34	-19	-126	-61	-86
Cash flow from operating activities before changes in working capital	24	113	116	250	426

Cash flow from changes in working capital
Increase (-)/decrease (+) of operating receivables	193	-10	20	- 32	-234
Increase (+) / decrease (-) in operating liabilities	38	702	409	485	106
Cash flow from operating activities	255	805	545	603	297

Cash flow from investing activities
Purchase of property, plant and equipment	-2	-3	-13	-7	-12
Purchase of intangible assets	- I	-16	-10	-24	-40
Purchase of subsidiaries, after deductions for acquired cash and cash equivalents	9	-	-208	-	-5
Purchase of associated companies	-	0	-246	-16	-12
Dividend and other disbursements from associated companies	103	0	157
Purchase of financial assets	-6	-2	-92	-48	-50
Sale of financial assets	5	10	40	29	21
Cash flow from loan portfolios	3	6	ರೆತ	। ୧	23
Dividends from investments	0 92	0 - ટ	0	-5	-74
Cash flow from investing activities			-280

Cash flow from financing activities	0	0
Re-purchase of share warrants Proceeds from share warrants issued	0	0
New share issue	0	0	21
	0	493
Borrowings	0	-202	252 -0	494	493 -202
Repayment of loans Dividend	0	0	-84	-202 -65	-65
Transactions with, and payments to, non-controlling interests	-65	0	-100	-88	-87
Cash flow from financing activities	-65	291	90	138	139

Cash flow for the period	282	1,091	354	690	362
Cash and cash equivalents at beginning of period	3,392	2,371	3,177	2,750	2,750
Exchange rate differences in cash and cash equivalents	-34	-24	109	-	66
Cash and cash equivalents at end of the period *	3,641	3,438	3,641	3,438	3,177

Of which cash flow from divestment groups held for sale:
Cash flow from operating activities	129	റ്റ്‌ട	475	514	17
Cash flow from investing activities	0	-5	0	-5	-16
Cash flow from financing activities	0	0	0	0	0
Cash flow for the period from divestment groups held for sale	129	650	475	509	-

* Of which cash and cash equivalents recognised in Assets in disposal groups held for sale	2,682	2,581	2,682	2,581	2,111

SEK 2,600 Y of the Group's cash and can equivalents relates to Catella Bank and regulations that Catella Bank is subject to, the rest of the Group does
not have access to C

Consolidated Statement of Changes in Equity

	Other contributed		Profit brought forward incl.		Non- controlling
						1,943

			-2	-2		-2
164	253	-77	1,387	1.727	214	1,941

			22	22	70	92
		57	15	72	2	74
		57	37	94	72	166

			-179	-179	-118	-796
5			17	21		21
			-84	-84		-84
। ୧୫	253	-20	1,178	1,579	169	1,748
	Share capital 164	capital * 253	-77	Translation net profit/loss reserve for the period 1.389	Total 1,729	interests ** Total equity 214

* Other capital contributed pertains to reserve funds in the Parent Company.

** Nor-controllings areatributabletoninorityholdingsinsishing in band Property Fund, andanumber of substitanish Property Asset Magement Corporate finace

There were no transactions involving varrants in the third quarter 2018, 2,266,666 warrants were used to subscribe for an equal number of new shares at SEK 9.40 per share, and 66,667 warrants held in treasury expired. As of 30 September 2018, the Parent company had 4,666,67 warants outstanding of which 13,333 held in treasury.

Equity attributable to shareholders of the Parent Company
-----------------------------------------------------------	--

Equity attributable to shareholders of the Parent. Company

SEK M Opening balance as of I January 2017	Share capital 164	Other contributed capital * 253	reserve -107	Profit brought forward incl. Translation net profit/loss for the period 1,253	Total 1,563	Non- controlling interests ** Total equity 167	1,730
Comprehensive income for January - September 2017:
Net profit/loss for the period				125	125	72	198
Other comprehensive income, net of tax			-	6	5	0	5
Comprehensive income/loss for the period			-	131	130	72	203
Transactions with shareholders:
Transactions with non-controlling interests				0	0	-69	-69
Warrants issued					0		0
Re-purchase of warrants issued					0		0
New share issue					0		0
Dividend				-65	-65		-65
Closing balance at 30 September 2017	164	253	-108	1,319	1,628	170	1,798

* Other capital contributed pertains to reserve funds in the Parent Company.

** Nor-controllings relate to minority holdings in Systematic Finds and Property Furds, and a majority of Subsidianes in Property Asset Management and Corporate Finance.

In the first nine months of 2017, there were no trans. As of 30 September 2017, the parent company had a total of 7,000,000 cutstanding warants, of which 200,000 held in treasury. Repurchas of warrants are reported acounts a Other additional apid where classified as non-restricted equity, and as Relained earnings were classified as residual amounts.

Note I . Income Statement by Operating Segment

		Corporate Finance		Asset Management		Other		Group
	2018	2017	2018	2017	2018	2017	2018	2017
SEK M	Jul-Sep	Jul-Sep	Jul-Sep	Jul-Sep	Jul-Sep	Jul-Sep	Jul-Sep	Jul-Sep
Net sales	145	143	323	314	-3	-2	465	455
Other operating income		-	5	2	0	-0	7	2
Total income	146	144	328	316	2	-2	472	457
Assignment expenses and commission	-22	-13	-66	-62	0	0	-87	-75
Other external expenses	-38	-33	-61	-44	-4	-3	-103	-80
Personnel costs	-82	-75	-100	-98	-7	-7	-189	-181
Depreciation	-	-	-4	-5	-0	2	-6	-4
Other operating expenses	2	-	-2	-3	3	-5	3	-7
Operating profit/loss	5	23	ે કે ર	102	-	- 6	90	109
Interest income		0	0	0	3	5	5	6
Interest expenses	- I	-	- I	-0	-6	-4	-8	5
Other financial items	-0	0	8		-4	-0	-12
Financial items-net	0	-0	8	-	-7		-15	2
Profit/loss before tax	5	23	87	103	-17	- 5	75	-
Tax	-4	-8	-22	-27		8	-25	-26
Profit for the period from continuing operations		15	ર્દ	77	-17	-7	50	84
Operations held for sale:
Profit for the period from divestment groups held for sale	0	0	-34	-	-4	0	-38	-
Net profit/loss for the period		15	31	76	-21	-7	12	84
Profit/loss attributable to shareholders of the
Parent Company		15	6	51	-21	-7	-13	ਦੇ ਰੇ

	Corporate Finance			Asset Management			Other			Group
	2018	2017	2017	2018	2017	2017	2018	2017	2017	2018	2017	2017
SEK M	Jan-Sep	Jan-Sep	Jan-Dec	Jan-Sep	Jan-Sep	lan-Dec	Jan-Sep	Jan-Sep	Jan-Dec	Jan-Sep	Jan-Sep	lan-Dec
Net sales	412	394	656	1.068	933	1,358	-7	-7	-15	1.473	1.320	1,998
Other operating income	4	2	3	41	3	14	- I	-	-2	45	4	। 5
Total income	416	396	659	1,109	937	1,371	-7	-9	-17	1,518	1,324	2.013
Assignment expenses and commission	-38	-44	-74	-251	-221	-295	0	7	10	-289	-258	-359
Other external expenses	-117	-104	-137	-180	-131	-204	-22	-25	-25	-319	-259	-365
Personnel costs	-242	-217	-372	-312	-294	-443	-18	-20	-30	-573	-530	-845
Depreciation	-4	-3	-4	-12	- 0	-13	-	-0	-0	-17	-13	-17
Other operating expenses	4	-	-2	-4	-6	-6	-29	-13	-18	-29	-20	-26
Operating profit/loss	19	27	7	350	276	410	-77	-59	-80	292	244	400
Interest income		0		0	0		11	ાર્ ર	22	12	17	23
Interest expenses	-2	-2	-3	-3	-	-	- 4	- à	-13	-19	- 2	-17
Other financial items		-	2	-17	9	8	5	-2	9	-10	9	28
Financial items-net	-0	-	-0	-19	9	7	3	6	27	-17	13	34
Profit/loss before tax	19	27	70	331	284	4 7	-74	-54	-53	276	257	434
Tax	-15	-13	-27	-86	-74	-108	13	21	27	-88	-67	-108
Profit for the period from continuing operations	4	14	43	245	210	309	-61	-33	-26	188	191	326
Operations held for sale:
Profit for the period from divestment groups held for sale	0	0	0	-92		-48	-4	6	6	-96	7	-4
Net profit/loss for the period	4	4	43	153	211	262	-65	-27	-20	92	198	284
Profit/loss attributable to shareholders of the Parent Company	4	4	43	83	139	। ୧୨	-65	-27	-20	22	125	192

The operating segments reported above, Corporate Finagement, are consistent with internal reporting submitted to management and the Baard of Directors and thus repear the Grops operating inter in the Corners. The last Companies no Pricipal no Pricipal no Pricipal no Privincimes are copizal the Prescopies in the Propertion Primer of ducted on arm's length basis.

Historical earnings trend by quarter and operating segment

	Corporate Finance
	2018	2018	2018	2017	2017	2017	2017	2016
SEK M	Jul-Sep	Apr-Jun	Jan-Mar	Oct-Dec	Jul-Sep	Apr-Jun	Jan-Mar	Oct-Dec
Net sales	45	57	110	262	43	30	121	187
Other operating income		2		0				2
Total income	146	159	-	262	144	131	121	188
Assignment expenses and commission	-22	-10	-6	-29	-13	-19	-13	-19
Other external expenses	-38	-44	-36	-33	-33	-33	-38	-32
Personnel costs	-82	-90	-70	-155	-75	-74	-68	-112
Depreciation	-	-	-	-	-	-	-	।
Other operating expenses	2	2		-		-2	-0	-4
Operating profit/loss	5	ા ર	-2	43	23	2	2	20
Interest income		0	0	0	0	0	0	0
Interest expenses	-	-	-	-	-	-	-	-0
Other financial items	-0	-	2		0	0	0	-0
Financial items-net	0	-		0	-0	-0	-0	-0
Profit/loss before tax	5	14	-0	44	23	2	2	20
Tax	=4	-7	-5	-15	-8	-2	-3	-8
Periodens resultat	-	7	-5	29	15	0	-	-
Profit/loss attributable to shareholders of the Parent Company		7	-5	29	15	0	-	-

	Asset Management
	2018	2018	2018	2017	2017	2017	2017	2016
SEK M	Jul-Sep	Apr-Jun	Jan-Mar	Oct-Dec	Jul-Sep	Apr-Jun	Jan-Mar	Oct-Dec
Net sales	323	343	402	424	314	355	264	303
Other operating income	5	5	31	10	2	0
Total income	328	348	433	435	316	356	265	304
Assignment expenses and commission	-66	-85	-100	-74	-62	-100	-58	-65
Other external expenses	-61	-14	-104	-73	-44	-4	-45	-52
Personnel costs	-100	-74	-139	-149	-98	-	-85	-105
Depreciation	-4	-3	-5	-4	-5	-2	-2	-2
Other operating expenses	-2		-4	-	-3	-2	-0	4
Operating profit/loss	ે છે ક	173	8	134	102	99	74	83
Interest income	0	0	0	0	0	-0	0	0
Interest expenses	-	0	-2	-0	-0	-0	-0	-0
Other financial items	-8	-8	-	-		4	4	-5
Financial items-net	-8	-8	-3	-		4	4	-5
Profit/loss before tax	87	166	78	133	103	103	78	77
Tax	-22	-39	-25	-34	-27	-26	-21	-19
Profit for the period from continuing operations	ર્શ્વ સ્વિક	126	53	99	77	77	57	28
Operations held for sale:
Profit for the period from divestment groups held for sale	-34	-58	0	-49	-	-0	2	6
Net profit/loss for the period	31	69	53	50	76	76	ਟ ਰੇ	64
Profit/loss attributable to shareholders of the Parent Company	6	43	33	30	ਤ।	49	39	43

Note 2. Financial position by operating segment—condensed

		Corporate Finance Asset Management						Other	Group
SEK M	2018 30 Sep	2017 30 Sep	2017 31 Dec	2018 30 Sep	2017 30 Sep	2017 31 Dec	2018 30 Sep	2017 30 Sep	2017 31 Dec	2018 30 Sep	2017 30 Sep

ASSETS
Non-current assets
Intangible assets	65	62	63	270	311	271	56	50	ટર્સ	392	423
Property, plant and equipment	=			। ୧	4	। ୧	0	-	-	28	25
Holdings in associated companies	0	0	0	। ୧	0	0	88	23	44	104	ಲೆ 3
Other non-current securities	0	0	0	151	173	173	191	259	265	342	432
Deferred tax receivables	0	0	0	15	28	31	70	୧୫	୧୫	85	ેરે
Other non-current receivables	17	8	8	2	772	603	-13	-3	-4	6	777
	94	8 I	83	470	1,297	1,093	393	429	431	957	1,807
Current assets
Current loan receivables	0	0	0	0	631	779	0	0	0	0	631
Accounts receivable and other receivables	131	126	173	409	417	547	21	13	5	562	ટર્ટર
Current investments	0	0	0	49	57	62	64	26	46	113	84
Cash and cash equivalents	128	181	255	336	2,940	2,625	495	317	298	958	3,438
	259	308	428	794	4,045	4,013	580	356	349	1,633	4,709
Assets in divestment groups held for sale	0	0	0	4,425	0	0	-3	0	0	4,423	0
	259	308	428	5,220	4,045	4,013	577	356	349	6,056	4,709
Total assets	353	389	511	5,690	5,343	5,106	970	785	779	7,013	6,516

EQUITY AND LIABILITIES
Equity
Equity attributable to shareholders of the Parent Company	44	90	120	1,093	967	ਰੇਤੇ।	442	570	678	1,579	1,628
Non-controlling interests	18	28	45	151	142	। ୧୨	-0	-0	-0	169	170
Total equity	62	118	। ୧୮	1,244	1,109	1,100	442	570	678	1,748	1,798
Liabilities
Non-current liabilities
Long-term loan liabilities	0	0	0	0	0	0	748	494	494	748	494
Other non-current liabilities	0	0	0	12	3	4	-13	-3	-4	0	0
Deferred tax liabilities	0	0	0	5	24	26	=	11	12	ાર્ ર	35
Other provisions	2	2	3	0	3	2	0	0	0	2	5
	3	3	3	18	29	31	746	502	502	766	534
Current liabilities
Borrowings	0	0	0	0	192	122	0	0	0	0	192
Current loan liabilities	0	0	0	0	3,216	2,784	0	0	0	0	3,216
Accounts payable and other liabilities	271	242	314	390	709	980	-156	-267	-400	505	684
Tax liabilities	17	25	29	50	87	88	0	-20	0	67	92
	289	267	343	44 I	4,204	3,974	-156	-288	-400	573	4,183
Liabilities in disposal groups held for sale	0	0	0	3,988	0	0	-62	0	0	3,926	0
	289	267	343	4,429	4,204	3,974	-219	-288	-400	4,499	4,183
Total liabilities	291	270	346	4,446	4,233	4,006	528	214	102	5,265	4,718
	353	389	511	5,690	5,343	5,106	970	785	779	7,013	6,516
Total equity and liabilities

Note 3. Catella's principal investments

From an international perspective, it is important that, in specific circumstances, Catella is able to carry out investments alongside its customers in order to attract capital for the projects and products Catella is working with. Over the coming years, Catellaintends to set aside capital for these investments, which are primarily in the property sphere.

The capital to be invested mainly relates to anticipated cash flows from or divestments of loan portfolios. Catella perceives significant potential in various projects and dedicated property products where Catella's active participation will contribute to growth and credibility in addition to generating positive returns. The goal is for investments to generate minimum ret urns (IRR) of 20% over time.

Through associated companies, Catella has investments in property development projects in Germany and Denmark (For a description of the projects, see below). The projects are run by Catella's German and Danish subsidiaries. Through its associated companies, Catella intends to invest in the early phases of projects where the concept and framework is determined subsequently divesting projects and realizing

capital gains before construction begins and projects are completed.

In order to structure its principal investment and support new property products, Catella has established an investment committee whose task is to evaluate the respective investments or divestments of assets.

For more information about Catella's principal investments under the 'Other ' category divided by Holdings in associated companies, Other non-current securities and Current investments, see below.

other, sek m	Holdings in associated companies	Other non-current	securities Current investments	Total
Property Development Projects *	88		-	88
Loan portfolios		। ਟੇਡੇ	57	211
Other holdings		37		44
Total	88	191	64	343
Investment commitments				65

Investment commitments

* Investments include the risk that Catella nocument in in forced to choose between continuing to invest in later phass of projects on ormpletion or abandon projects and the associated invested capital.

Property development projects

Living Central

Residential property development project located in Düsseldorf consisting of 1,000 apartments over a total of 38,075 m².

Living Lyon

Residential property development project located in Frankfurt consisting of 125 apartments and premises over a total of 4,258 m².

Kaktus

Residential property development project located in central Copenhagen consisting of 495 apartments and premises over a total of 21,000 m².

Loan portfolios

The loan portfolios consist of securitised European loans mainly exposed to residential property. The progress of the loan portfolios is closely, monitored, and revaluations are made on a continuous basis. Forecasting is performed by French investment advisor Cartesia S.A.S. Book value in

Catella's consolidated accounts is determined on the basis of forecast discounted cash flows mainly comprising interest payments, but also amortization.

A summary of Catella's loan portfolio as well as actual and forecast cash flows are presented in the relevant Note below.

Other holdings

Other holdings mainly consist of listed and unlisted shares in Swedish limited companies.

Summary of Catella's loan portfolios

		Forecast	Share of	Forecast	Share of
SEK M		undiscounted	undiscounted	discounted	discounted	Discount
Loan portfolio	Country	cash flow *	cash flow	cash flow	cash flow	rate	Duration, years
Pastor 2	Spain	51.5	18.5%	48.6	23.4%	6.0%	1.0
Pastor 3 **	Spain
Pastor 4	Spain	26.2	9.4%	14.0	6.8%	11.0%	6.0
Pastor 5 **	Spain
Lusitano 3	Portugal	80.5	28.8%	67.4	32.5%	6.0%	3.2
Lusitano 4 **	Portugal
Lusitano 5	Portugal	120.9	43.3%	77.4	37.3%	11.0%	4.5
Sestante 2 **	Italy
Sestante 3 **	Italy
Sestante 4 **	Italy
Total cash flow ***		279.1	100.0%	207.4	100%	8.2%	3.6
Accrued interest				3.5
	Carrying smount in concolidated prince sheet			2109

* The forecast was produced by investment advisor Cartesia S.A.S.

** These investments were assigned a value of SEK 0.

*** The discount rate recognised in the 'Total cash flow' is the weighted average interest of the total discounted cash flow.

Method and assumption for cash flow projections and discount rates

The cash flow for each loan portfolio is presented in the table on the next page and the discount rates by portfolio are stated above. There is more information on Catella's loan portfolio on the website.

Cash flow projections

The portfolio is valued according to the fair value method, as defined in IFRS. In the absence of a functional and sufficiently liquid market for essentially all in-vestments and comparable subordinated investments, valuation is performed using the markto-model method. This method is based on projecting cash flow until maturity for each investment using market-based credit assumption. Projected cash flows have been produced by the external investment advisor Cartesia. The credit assumption used by Cartesia is based on the historical performance of each investment and a broad selection of comparable transactions.

Projected cash flows include assumptions of potential deterioration of credit variables. They do not include the full effect of a scenario of low probability and high potential negative impact, such as a dissolution of the Euro zone, where one of the countries in which EETI has underlying investments leaves the European Monetary Union, or similar scenarios. Adjustments of cash flows affect this value and are stated in a sensitivity analysis on Catella's website.

Discount rates

The discount rates applied are set internally and are based on a rolling 24-month index of non-investment grade European corporate bonds as underlying assets (iTraxx). The discount rates per portfolio are also set relative to other assets in the absence of market prices for the assets held by EETI. Each quarter, the Board of EETI evaluates the projected cash flows and related assumptions, combined with the market pricing of other assets for possible adjustment of the discount rates in

addition to variations in the index. Adjustments to discount rates affect this value and are stated in a sensitivity analysis on Catella's website.

Risks and uncertainties relating to loan portfolios

Most of the investments consist of holdings in and/or financial exposure to securities that are subordinate in terms of payment and are ranked lower than securities that are secured or represent ownership of the same asset class. Some investments also include structural features by which more highly ranked securities that are secured on represented by owner ship of the same asset class are prioritized in instances of default or if the lossexceeds predetermined levels. This could result in interruptions in the income flow that Catella has assumed from itsinvestment portfolio. For more information, see Note 23 in the Annual Report for 2017.

Actual and forecast cash flow from the loan portfolio*

SEK M			Spain			Portugal		ltaly	Netherlands		Germany		France	UK
Loan portfolio		Pastor 2	Pastor 3	Pastor 4	Pastor 5	Lusitano 3 Lusitano 5		Sestante 4	Memphis Shield		Gems **	Semper **	Minotaure	Ludgate **	Outcome Forecast		Diff
Outcome
Q4	2009	4.6				0:4	0.8		0.9	1.7	0.2	1.6	2.2	0.0	12.4	7.7	4.7
QI	2010	3.4							0.8	1.6	0.2	1.5	'à	0.3	વે 5	6.3	3.3
Q2	2010	2.3				0.7			0.8	1.5	0.2	1.4	2.3	0. I	9.3	15.5	-6.2
Q3	2010	0.6				2.0			0.8	1 .5	0.2	1.4	2.5	0. I	9.1	8.0	1.1
Q4	2010	1.5				-			0.8	1.5	0.2	1.4	2.1	0. I	7.7	5.9	1.7
QI	2011	2.8				0.8			0.8	1.5	0.2	1.3	1.2	0. I	8.6	6.5	2.1
Q2	2011	3.4				4.7		0.2	0.8	1.4	0.2	1.4	1.9	0. I	14.3	7.1	7.1
റ്റ്‌3	2011	2.0				3.2		0.2	0.8	1.5	0.2	1.5	2.2	0. I	11.8	6.9	4.9
Q4	2011	1.5				2.5		0.2	0.9		0.3	1.5	1.6	0. I	8.5	7.8	0.6
QI	2012	2.1				4.3		0.2	0.8		0.2	1.4	1.7	0.0	10.8	6.9	3.9
Q2	2012	1.5				3.4		0. I			0.2	1.3	1.2	0.0	7.8	8.7	-0.9
റ്റ്‌3	2012	0.8				2.5		0. I			0.1	1.3	0.9	0.0	5.7	7.7	-2.0
Q4	2012	0. I						0. I			0. I	1.2		0.0	1.5	6.8	-5.3
QI	2013	0. I						0. I			0. I	1.2		0. I	1.5	1.5	-0.0
Q2	2013							0. I			0. I	-			0.2	2.3	-2.1
റ്റ്‌3	2013	0. I				1.7		0. I			0. I			0. I	2.2	2.6	-0.4
Q4	2013					1.0		0. I			0. I				1.1	1.1	0.0
QI	2014					1.6		0. I			0. I			0.0	1.9	1.0	0.8
Q2	2014					0.7		0. I			0. I			2.6	3.5	0.3	3.3
റ്റ്‌3	2014					2.2		0. I			0. I			5.2	7.7	2.9	1.8
Q4	2014	0.3				2.2		0. I			0. I			5.2	7.9	5.7	2.2
QI	2015	0.0				1.1		0. I			0. I			4.3	5.6	5.8	-0.2
Q2	2015	0.0				1.0		0. I			0. I			4.5	5.7	5.9	-0.2
റ്റ്‌3	2015	0.0				0.7		0. I			0. I			5. I	6.0	6. I	-0.1
Q4	2015					1.0		0. I			0. I			3.1	4.3	5.4	-1.2
QI	2016					1.7		0. I			46.7			3.9	52.4	51.3	1.1
Q2	2016	0.1				2.0		0. I						4.0	6.2	5.4	0.9
റ്റ്‌3	2016					0.9		0. I						3.4	4.5	5.0	-0.5
Q4	2016					3.7		0. I						3.4	7.2	5.2	2.1
QI	2017					1.5								2.6	4.1	5.0	-0.9
Q2	2017					1.9								3.5	5.5	5.6	-0.1
റ്റ്‌3	2017					1.8								4.6	6.4	5.0	1.4
Q4	2017	0.0				3.8 3.1								2.7	6.5 3.1	4.8 2.6	1.7 0.5
Ql	2018 2018	0.0 0.0				2.4									2.4	2.7	-0.3
Q2 റ്റ്‌3	2018	0.0				2.1									2.2	2.2	-0.1
Total		27.2	0.0	0.0	0.0	62.5	0.8	2.9	8.4	12.2	50.4	19.4	21.7	59.3	264.7	240.0	24.7

																Forecast
																Quarter/
Forecast																Year	Acc.
Q4	2018	0.0				2.3										2.3	2.3
Full year	2019	51.5				11.0										62.5	64.8
Full year	2020					15.2										15.2	80.0
Full year	2021					20.0	42.2									62.2	142.2
Full year	2022					14.2	37.3									51.5	193.7
Full year	2023					2.5	18.3									20.8	214.5
Full year	2024			26.2		15.4	2.2									43.7	258.2
Full year	2025						1.8									1.8	260.0
Full year	2026						1.5									1.5	261.5
Full year	2027						17.6									17.6	279.1
Total		ਦੇ। 'ਤੇ	0.0		26.2	80.5	120.9	0.0			0.0	0.0	0.0	0.0		279. I
		* The forecast was produced by investment advisor Cartesia S.A.S.							** Shield was divested in Q4 2011, Mempis in Q2 2013. Gens was re-purchased in Q1 2016 by the issue: Ludgate and Minotaure were divested Q1 2018.

Note 4. Short and long-term investments

SEK M	30 September 2018
Loan portfolios	211
Operation-related investments	196
Other securities	48
Total *	455

* of which short-term investments SEK I I 3 M and long-term investments SEK 342 M.

Note 5. The Group's assets and liabilities measured at fair value

In accordance with IFRS7, financial instruments are recognized on the basis of fair value hierarchically with three different levels. Classification is based on the input dataused for measuring instruments. Quoted prices on an active market on the reporting date are applied for level I. Observable market data for the asset or

liability other than quoted prices are used in level 2. Fair value is determined with the aid of valuation techniques. For level 3, fair value is determined on the basis of valuation techniques based on non-observable market data. Specific valuation techniques used for level 3 are the measurement of discounted cash flows to determine the

fair value of financial instruments. For more information, see Note 3 in the Annual Report 2017.

The Group's assets and liabilities measured at fair value as of 30 September 2018 are stated in the following table.

SEK M	Tier	Tier 2	Tier 3	l otal
ASSETS
Derivative instruments
Financial assets measured at fair value through profit or oss	55	120	279	454
Total assets	ਟ ਦੇ	121	279	455
LIABILITIES
Derivative instruments
Total liabilities	0		0

No changes between levels occurred the previous year.

CHANGE ANALYSIS, FINANCIAL ASSETS, LEVEL 3 IN THE NINE-MONTH PERIOD 2018

	2018

as of I January	309
Purchases	54
Disposals	-102
Amortisation	-5
Gains and losses recognised through profit or loss	10
Reclassification to Assets in divestment groups held for sale	-0
Exchange rate differences	12
At 30 September	279

Note 6. Pledged assets and contingent liabilities

Pledged assets

	2018	2017	2017
SEK M	30 Sep	30 Sep	31 Dec
Cash and cash equivalents	215	203	205
Other pledged assets	52	47	48
	267	250	253
Of which pledged assets related to divestment groups held for sale:
Cash and cash equivalents	177
Other pledged assets	49
	226

Cash and cash equivalents include pledged cash funds. These funds are used as collateral in the Asset Management operating segment for ongoing transactions. Cash and cash equivalents also include cash

funds in accordance with minimum retention requirements of Catella Bank's card operations, funds that are to be accessible from time to time for regulatory reasons, as well as frozen funds for other purposes.

Contingent liabilities

	2,018	2,017	2017
SEK M	30 Sep	30 Sep	31 Dec
Client funds managed on behalf of clients	74	50	56
Other contingent liabilities	15	ರ	6
	89	59	63
Of which contingent liabilities related to divestment groups held for sale:
Client funds managed on behalf of clients	74
Other contingent liabilities	4
	88

Client funds relate to assets belonging to customers managed by Catella Bank branch office. These assets are deposited in separate bank accounts by the branch

office under a third-party name. Other contingent liabilities mainly re late to guarantee commitments primarily provided for rental contracts with landlords.

Commitments

	2.018	2.01 /	20 /
SEK M	30 Sep	30 Sep	31 Dec
Unutilised credit facilities, granted by Catella Bank	2.764	2,636	2,668
Investment commitments	ર્સ	22	2
Other commitments	3	1
	2.83 I	2.664	2.697
Of which commitments related to divestment groups held for sale:
Unutilised credit facilities, granted by Catella Bank	2,764
Investment commitments	0
Other commitments
	2.767

Unutilized credit facilities mainly relate to the credit commitments issued by Catella Bank to its credit card clients. Customers can utilize these facilities under certain circumstances, depending on what collateral they can provide. Investment commitments

mainly relate to associated companies Nordic Seeding GmbH, Grand Central Beteiligungs GmbH and Kaktus | TopCo ApS and the unlisted holding in Pamica 2 AB.

Note 7. Capital adequacy-consolidated financial situation

Catella AB and those subsidiaries that conduct operations regulated by Swedish or foreign financial supervisory authorities constitute a financial corporate group, known as a consolidated financial situation. The consolidated financial situation is governed by CSSF in Luxemburg. Catella Bank S.A is the reporting entity and responsible institute.

In January 2018, CSSF announced that a further four smaller Group companies, Catella Asset Management AS, Elementum Asset Management AS, Ambolt Advisors Sarl and IPM Informed Portfolio Management UK Ltd, would be included in the consolidated financial situation from 3 l December 2017. Group companies cur-

rently included in / excluded from the consolidated financial situation are shown in Note 20 of Catella's Annual Report 2017. Discussions are underway with CSSF regarding reporting and other mattersthat apply to the consolidated financial situation which could lead to all or a majority of the group being considered to constitute a consolidated financial situation. The potential effects of an expanded consolidated financial situation in addition to the companies mentioned above have been analysed and the calculations indicate that the Group as a whole would satisfy the minimum capital adequacy requirement.

The consolidated financial situation complies with the EU 's and the Council's statute (EU) no.575/32013 (CRR).

The Annual Accounts for Credit Institutions and Investment Firms Act (1995: 1559), ARKL, stipulates that consolidated accounts shall be prepared for a consolidated financial situation. Catella complies with this requirement by supplying the information contained in this Note on the consolidated financial situation's accounts in accordance with ÅRKL. The accounting principles indicated in Other financial information have been applied when preparing these financial statements and are consistent with ARKL. Otherwise, please refer to Catella AB's consolidated accounts.

The following tables state extracts from the accounts for the consolidated financial situation.

Income Statement-condensed, consolidated financial situation

	2018	2017	2017
SEK M	Jan-Sep	Jan-Sep	Jan-Dec
Net sales	941	896	1,232
Other operating income	23	2	l 3
Total income	965	898	1,245
Assignment expenses & commission	-295	-225	-333
Income excl. direct assignment costs and commission	669	673	912
Operating expenses	-406	-427	-597
Operating profit/loss	264	245	316
Financial items-net	-13	86	407
Profit/loss before tax	251	332	723
Tax	-57	-56	-69
Profit for the period from continuing operations	194	276	653
Operations held for sale:
Profit for the period from divestment groups held for sale	-96	7	-4
Net profit/loss for the period	98	283	612
Profit/loss attributable to:
Shareholders of the Parent Company	28	211	520
Non-controlling interests	70	72	92
	98	283	612
Employees at and of pariod	256	220	242

Financial position—condensed, consolidated financial situation

	2018	2017	2017
SEK M	30 Sep	30 Sep	31 Dec
Non-current assets	1,011	1,726	1,921
Current assets	1,433	4,474	4,264
Assets in divestment groups held for sale	4,423		-
Total assets	6,867	6,200	6,185
Equity	1,840	1,653	2,011
l iabilities	I, IOI	4,547	4,174
Liabilities in disposal groups held for sale	3,926		-
Total equity and liabilities	6,867	6,200	6,185

Capital adequacy—consolidated financial situation

The company Catella AB is a parent financial holding company in the Catella Group and publishes disclosures on capital acequacy for the consolidated financial situation below.

	2018	2017	2017
SEK M	30 Sep	30 Sep	31 Dec
Common Equity Tier I capital	1,251	902	1,111
Additional Tier I capital	0	0	0
Tier 2 capital	0	0	0
Own funds	1,25 l	902	1,111
Total risk exposure amount	5,027	5,236	5,708
own funds and buffers
Own funds requirements Pillar I	402	419	457
of which own funds requirements for credit risk	231	220	259
of which own funds requirements for market risk	15	71	71
of which own funds requirements for operational risk	156	127	126
of which own funds requirements for credit valuation adjustment risk	0	0	0
Own funds requirements Pillar 2	ાં રા	। ਟੇਰੇ	184
Institution-specific buffer requirements	179	। 65	200
Internal buffer	50	52	57
Total own funds and buffer requirements	783	783	783

Capital surplus after own funds and buffer requirements	468	107	212
Capital surplus after regulatory required own funds and buffer requirements	518	। ਟੇਰੇ	269
CAPITAL RATIOS, % OF TOTAL RISK EXPOSURE AMOUNT
Common Equity Tier I capital ratio	24.9	17.2	19.5
Tier I capital ratio	24.9	17.2	19.5
l otal capital ratio	24.9	17.2	19.5

OWB FUNDS AND BUFFERS, % OF TOTAL RISK EXPOSURE AMOUNT
Own funds requirements Pillar I	8.0	8.0	8.0
Own funds requirements Pillar 2	3.0	3.0	3.2
Institution-specific buffer requirements	3.6	3.2	3.5
of which requirement for capital conservation buffer	2.5	2.5	2.5
of which requirement for countercyclical capital buffer	1.1	0.7	1.0
Internal buffer	1.0	1.0	1.0
Total own funds and buffer requirements	15.6	15.2	15.7
Capital surplus after own funds and buffer requirements	93	2.0	3.7
Capital surplus after regulatory required own funds and buffer requirements	10.3	3.0	4.7

Catella AB's consolidated financial stuation satisfies the minimum capital adequacy calculations have also been performed in the event that a majority or all of the group were to be considered financial situation. These calculations indicate that the group as a whole would satisfy minimum capital adequacy requirements.

	2018	2017	2017
Own funds, SEK M	30 Sep	30 Sep	31 Dec
Common Equity Tier I capital
Share capital and share premium reserve	404	399	399
Retained earnings and other reserves	1,437	1,253	1,612
Less:
Intangible assets	-298	-329	-298
Price adjustments	-24	-28	-31
Deferred tax receivables	-70	-68	-68
Qualifying holdings outside the financial sector	-33		-51
Positive results not yet verified by the Annual General Meeting	-98	-283	-329
Other deductions	-67	-42	-123
Total Common Equity Tier I capital	1,251	902	I,III
Additional Tier I capital
Tier 2 capital
Own funds	1,251	902	I,III

2018			2017	2017
	30 Sep		30 Sep		31 Dec
Specification of risk-weighted exposure amounts and own funds requirements Pillar I, SEK M	Risk-weighted exp.amount	requirements Pillar I	Risk-weighted exp.amount	requirements Pillar I	Risk-weighted exp.amount	requirements Pillar
Credit risk according to Standardised Approach
Exposures to institutions	647	52	580	46	584	47
Exposures to corporates	649	52	718	57	850	୧୫
Exposures to retail	52	4		0	3	0
Exposures secured by mortgages on immovable property	180	14	280	22	244	20
Exposures in default	200	16	271	22	295	24
Items associated with particular high risk	178	14	176	14	। ୧୨	l 3
Exposures in the form of covered bonds	3	0	3	0	3	0
Exposures to collective investment undertakings (funds)		0	14	-	5
Equity exposures	384	31	139	-	340	27
Other items	597	48	572	46	741	ਦੇ ਰੇ
	2,891	231	2,754	220	3,242	259
Market risk
Interest risk	0	0	0	0	0	0
Foreign exchange risk	187	15	893	71	893	7
	187	ા ર	893	7	893	71
Operational risk according to the Basic Indicator Approach	1,948	156	1,589	127	1,570	126
Credit valuation adjustment risk	2	0	0	0	3	0
Total	5,027	402	5,236	419	5,708	457

Parent Company Income Statement

	2018	2017	2018	2017	2017
SEK M	Jul-Sep	Jul-Sep	Jan-Sep	an-Sep	Jan-Dec

Net sales	4.6	3.0	13.8	9.2
Other operating income	1.0	0.0	1.0	0.0	0.0
Total income	5.6	3.0	14.8	9.2	11.2
Other external expenses	-12.9	-6.3	-35.0	-20.7	-26.8
Personnel costs *	-8.6	-8.4	-23.2	-23.6	-36.2
Depreciation	-0.0	-0.0	-0.0	-0.0	-0.0
Other operating expenses	0.0	-0.0	-0.0	0.0	0.0
Operating profit/loss	-15.9	-11.7	-43.5	-35.1	-51.9
Profit/loss from participations in group companies	0.0	0.0	0.0	90.0	190.0
Interest income and similar profit/loss items	8.4	-0.0	8.9	-0.0	-0.0
Interest expenses and similar profit/loss items	-8.1	-5.1	-18.4	-13.3	-18.6
Financial items	0.3	-5.2	-9.5	76.6	171.4
Profit/loss before tax	- 15.6	-16.8	-53.0	41.5	119.5
Tax on net profit for the year	0.0	0.0	15.2	0.9	0.9
Net profit/loss for the period	-15.6	-16.8	-37.8	42.4	120.4

* Personnel costs include directors" fees

Parent Company Statement of Comprehensive Income

SEK M	2018 lul-Sep	2017 ul-Sep	2018 lan-Sep	2017 lan-Sep	2017 lan-Dec
Net profit/loss for the period	-15.6	-168	-37.8	42.4	120.4
Other comprehensive income
Other comprehensive income for the period, net after tax	0.0	0.0	0.0	0.0	0.0
Total comprehensive income/loss for the period	-15.6	-16.8	-37.8	42.4	120.4

Parent Company Balance Sheet-condensed

SEK M	2018 30 Sep	2017 30 Sep	2017 31 Dec

Property, plant and equipment	0.	0.0	0.0
Participations in Group companies	852.6	656.9	654.
Deferred tax receivables	35.0	19.8	19.8
Current receivables from Group companies	319.4	54.4	46.8
Other current receivables	11.0	5.1	103.9
Cash and cash equivalents	17.1	267.8	263.9
Total assets	1,235.1	1,004.1	1,088.6

Equity	473.4	495.9	574.0
Non-current liabilities	747.8	493.7	494.0
Current liabilities to Group companies	0.5	0.1	0.5
Other current liabilities	13.5	4.3	20.
Total equity and liabilities	1,235.1	1,004.1	1,088.6

There were no assets pledged or contingent liabilities as of 30 September 2018.

Application of key performance indicators not defined by IFRS

The Consolidated Accounts of Catella are prepared in accordance with IFRS. See above for more information regarding accounting principles. IFRS defines only alimited number of performance measures. From the second quarter 2016, Catella applies the European Securities and Markets Authority's (ESMA) new guidelines for alternative performance measures. In summary, an alternative performance measure is a financial measure Definitions

of historical or future profit progress, financial position or cash flow not defined by or specified under IFRS. In order to assist corporate management and other stakeholders in their analysis of Group progress, Catella presents certain performance measures not defined under IFRS. Corporate management considers that this information facilitates the analysis of the Group's performance. This additional

information is complementary to the information provided by IFRS and does not replace performance measures defined in IFRS. Catella's definitions of measures not defined under IFRS may differ from other companies' definitions. All of Catella's definitions are presented below. The calculation of all performance measures corresponds to items in the Income Statement and Balance Sheet.

Non-IFRS performance measure	Description	Reason for using the measure
Equity per share attributable to	Equity attributable to parent company shareholders di-	Provides investors with a view of equity as represented by a
parent company shareholders*	vided by the number of shares at the end of the period.	single share.
Return on equity*	Total profit in the period attributable to parent company	The company considers that the performance measure pro-
	shareholders for the most recent four quarters divided	vides investors with a better understanding of return on eq-
	by average equity attributable to parent company share-	urty.
	holders in the most recent five quarters.
Adjusted return on equity*	Total profit in the period attributable to the parent com-	The company considers that the performance measure pro-
	pany share adjusted for items affecting comparability for	vides investors with a better understanding of return on eq-
	the most recent four quarters divided by average equity	uity when making comparisons with earlier periods.
	attributable to parent company shareholders in the most
	recent five quarters.
Equity/assets ratio*	Equity divided by total assets.	Catella considers the measure to be relevant to investors and
		other stakeholders wishing to assess Catella's financial stability
		and long-term viability.
Dividend per share	Dividend divided by the number of shares.	Provides investors with a view of the company's dividend
		over time.
Profit margin*	Profit for the period divided by total income for the pe-	The measure illustrates profitability regardless of the rate of
	riod.	corporation tax.
Adjusted profit margin*	Profit for the period adjusted for items affecting compa-	The measure illustrates profitability regardless of the rate of
	rability divided by total income for the period.	corporation tax when making comparisons with earlier peri-
		ods.
Property transaction volumes in	Property transaction volumes in the period constitutes	An element of Catella's income in Corporate Finance is
the period	the value of underlying properties at the transaction	agreed with customers on the basis of the underlying prop-
	dates.	erty value of the relevant assignments. Provides investors
		with a view of what drives parts of the income.
Assets under management at year-	Assets under management constitutes the value of Ca-	An element of Catella's income in Asset
end	tella's customers' deposited/invested capital.	Management is agreed with customers on the basis of the
		value of the underlying invested capital. Provides investors
		with a view of what drives parts of the income.
Card and payment volumes	Card and payment volumes are the value of the underly-	Card and payment volumes are value drivers for Catella's in-
	ing card transactions processed by Catella.	come in Card & Payment Solutions. Provides investors with a
		view of what drives an element of Catella's income.
Adjusted Earnings per share	Profit for the period attributable to parent company	Provides investors with a view of the company's Earnings per
	shareholders divided by the number of shares.	share when making comparisons with earlier periods.

* See next page for basis of calculation

Key figures regarding remaining operations (Excl. business area Banking)

Calculation of performance measures for the Group

	3 Months		9 Months			12 Months
	2018	2017	2018	2017	Rolling	2017
GROUP	Jul-Sep	Jul-Sep	Jan-Sep	lan-Sep	12 Months	lan-Dec
Net profit/loss for the period, SEK M	50	84	188	ੇ ਹੋ	323	326
Total income, SEK M	472	457	1.518	1.324	2,207	2,013
Profit margin, %	=	18	12	4	15	l 6
Equity, SEK M			1,311	1.276	-	1,450
Total assets, SEK M			2,587	2,259	-	2,621
Equity/Asset ratio, %			51	56		રે રે
Net profit/loss for the period, SEK M *	25	60	118	118	233	233
No. of shares at end of the period		84.115,238 81.848,572		84.115,238 81.848,572		84,115,238 81,848,572
Earnings per share, SEK *
Equity, SEK M *			1,142	1.105		1,236
No. of shares at end of the period		84,115,238 81,848,572		84, 15,238 81,848,572		84,115,238 81,848,572
Equity per share, SEK *			13.58	13.51		15.10

							2018 2018 2017 2017 2017 2017 2017 2016 2016 2016 2016 2015 2015 2015
GROUP							lul Sep Apr-jun an-Mar Oct-Dec ul-Sep Apr-Jun an-Mar Oct-Dec ul-Sep Apr-Jun an-Mar ar-Mar
Net profit/loss for the period, SEK M *	25	71		22 115 60	1 30 30 2 29 2 30 30 1 14 2 333 3 3 32 32			45 45 50 49
Equity, SEK M *							1.142 1.119 1.133 1.236 1.105 1.050 1.092 1.091 1.029 1.038 1.048 1.021 949 894 875
Return on equity, %	20		24 2 20 20 2 21 214 14 10 10 10 10 10 10 10 10 19 22 2			25

Calculation of performance measures for the Corporate Finance operating segment

	3 Months		9 Months		l 2 Months
	2018	20 7	2018	2017		2017
CORPORATE FINANCE	Jul-Sep	Jul-Sep	lan-Sep	lan-Sep	12 Months	lan-Dec
Net profit/loss for the period, SEK M		ાં ર	ব	এ	33	43
Total income, SEK M	146	44	416	396	678	୧୮୨
Profit margin, %		10		3	ട	7
Equity, SEK M			62	118		65
I otal assets, SEK M			353	388		511
Equity/Asset ratio, %			18	31		32

					2018 2018 2017 2017 2017 2017 2017 2016 2016 2016 2016 2015 2015 2015 2015
CORPORATE FINANCE					ul-Sep Apr-Jun Jan-Mar Oct-Dec ul-Sep Apr-Jun an-Mar Jct-Dec ul-Sep Apr-Jun an-Mar ar-Mar an-Mar an-Mar an-Mar an-Mar an-Mar
Net profit/loss for the period, SEK M *					-5 -5 - - 29 - - 15 - - 0 - - - 1 - - 1 - - 1 - - 1 - - 36 - - - - 8 - - 32 - - 13					16 -15
Equity, SEK M *	44				42 115 120 178 90 78 177 2239 228 213 197 204 1139				146 162
Return on equity, %		52	34 34 30	15 15 11 27	23	35	40	31

* Attributable to shareholders of the Parent Company.

Calculation of performance measures for the Asset Management operating segment

	3 Months		9 Months		12 Months
	2018	2017	2018	2017	Rolling	2017
ASSET MANAGEMENT	lul-Sep	Jul-Sep	an-Sep	an-Sep	I 2 Months	lan-Dec
Net profit/loss for the period, SEK M	126	77	245	210	355	309
Total income, SEK M	348	316	1.109	937	.531	1.371
Profit margin, %	36	24	22	22	23	23
Equity, SEK M			807	587		607
Total assets, SEK M			1.265	1.086		.330
Equity/Asset ratio, %	-		64	54	-	46

* Attributable to shareholders of the Parent Company.

** Return on equity, %: Sum of profit after tax for the four most recent quarters divided by overoge equity for the five most recent quarters.

					2018 2018 2017 2017 2017 2017 2017 2016 2016 2016 2015 2015 2015 2015 2015
ASSET MANAGEMENT					Jul-Sep Apr-Jun Jan-Mar Oct-Dec Jul-Sep Apr-Jun Jan-Mar Oct-Dec Jul-Sep Apr-Jun Jan-Mar Mar
Net profit/loss for the period, SEK M *					41 1 101 1 33 1 1 79 1 52 1 49 1 37 1 137 1 15 1 14 1 40 1 159 1 1 21 1	25 58
Equity, SEK M *					656 627 531 438 445 414 393 446 349 343 364 322 403 377 401
Return on equity, %	47	29 36	37 /	39

* Attributable to shareholders of the Parent Company.

Key figures regarding all operations (Incl. business area Banking)

Selected key figures by operating segment

	3 Months	9 Months		12 Months
	2018	2017	2018	2017	Rolling	2017
GROUP	Jul-Sep	Jul-Sep	Jan-Sep	lan-Sep	12 Months	lan-Dec
Profit margin, %	2	5	ട	12	8	-
Return on equity, % *			5	10		12
Equity/Asset ratio, %			25	28		30
Equity, SEK M *			1,579	,628		1,729
No. of employees, at end of period			672	607		626
Earnings per share, SEK *	-0.16	0.72	0.26	1.53	1.08	2.35
Equity per share, SEK *			18.77	19.89		21.12
Corporate Finance
Profit margin, %		10		3	5	7
Return on equity, % *			40	15		30
Equity/Asset ratio, %			18	31		32
Equity, SEK M *			44	90		120
No. of employees, at end of period			209	212		210
Property transaction volume for the period, SEK Bn	16.9	11.3	45.3	33.6	679	56.2
ASSET MANAGEMENT AND BANKING
Profit margin, %	13	8		17	ાર્ ર	14
Return on equity, % *			ાર્ ર	20		। 8
Equity/Asset ratio, %			22	21		22
Equity, SEK M *			1.093	967		93
No. of employees, at end of period			443	379		40
Asset under management at end of period, SEK Bn			200.2	170.2		184.3
net in-(+) and outflow(-) during the period, mdkr	3.5	6.2	2.9	10.1	20.0	24.5
Card and payment volumes, SEK Bn	3.6	3.9	11.7	12.0	18.0	17.9

* Attributable to shareholders of the Parent Company.

Equity, SEK M *

Return on equity, %

Calculation of performance measures for the Group

								3 Months 9 Months			12 Months
						2018	2017		2018	2017	Rolling		2017
GROUP							Jul-Sep	Jul-Sep	Jan-Sep		an-Sep	12 Months		lan-Dec
Net profit/loss for the period, SEK M							12	84		92	198		178	284
Total income, SEK M							546	57		1,778	1,653	2,602		2,477
Profit margin, %							2	ા ટે		5	12		8
Equity, SEK M										1,748	1,798			1,943
Total assets, SEK M										7,013	6,516		-	6,396
Equity/Asset ratio, %										25	28			30
Net profit/loss for the period, SEK M *							-13	ਟੇਰੇ		22	125		88	192
No. of shares at end of the period								84,115,238 81,848,572			84,115,238 81,848,572			84,115,238 81,848,572
Earnings per share, SEK *
Equity, SEK M *										1,579	1,628			1,729
No. of shares at end of the period								84,115,238 81,848,572			84, 115,238 81,848,572			84,115,238 81,848,572
Equity per share, SEK *										18.77	19.89			21.12
	2018	2018	2018	2017	2017	2017	2017	2016 2016	2016		2016 2015	2015	2015	2015
GROUP			Jul-Sep Apr-Jun Jan-Mar Oct-Dec				Jul-Sep Apr-Jun Jan-Mar Oct-Dec				Jul-Sep Apr-Jun Jan-Mar Oct-Dec	Jul-Sep Apr-Jun Jan-Mar
Net profit/loss for the period, SEK M *	-13	13	22	67	ਦੇ ਹੋ	33	33	37 35	182		17 123	37	48	35

1,579 1,588 1,626 1,729 1,628 1,577 1,597 1,597 1,563 1,534 1,484 1,333 1,319 1,232 1,177 1,151

1 1 1 5 1 1 10 1 1 1 1 1 1 1 12 1 1 1 10 1 1 1 9 1 1 19 1 1 19 1 1 1 26 1 1 27 1 1 18

Calculation of performance measures for the Corporate Finance operating segment

	3 Months		9 Months		I 2 Months
	2018	2017	2018	2017	Rolling	2017
CORPORATE FINANCE	lul-Sep	Jul-Sep	lan-Sep	lan-Sep	12 Months	lan-Dec
Net profit/loss for the period, SEK M		15	4	4	33	43
Total income, SEK M	146	144	416	396	678	ર્દેત્વે
Profit margin, %		10		3	ട	7
Equity, SEK M			62	118		ા
Total assets, SEK M			353	388		511
Equity/Asset ratio, %			18	31	-	32
						AAIP

			2018 2018 2017 2017 2017 2017 2016 2016 2016 2016 2015 2015 2015 2015
CORPORATE FINANCE			ul-Sep Apr-un Jan-Mar Əct-Dec ul-Sep Apr-Jun an-Mar Əct-Dec ul-Sep Apr-Jun an-Mar ar- ar- ar- ar- ar- ar- ar- ar- ar- ar- ar- ar- ar- ar- ar- ar- ar- ar- ar- ar- ar
Net profit/loss for the period, SEK M *			------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Equity, SEK M *	44		42 115 120 90 78 78 177 239 239 228 213 197 204 159 162
Return on equity, %	40	52 /		34 34 30 15 15 11 227	23	35	40	31

* Attributable to shareholders of the Parent Company.

Calculation of performance measures for the Asset Management and Banking operating segment

							3 Months				9 Months			12 Months
								2018	2017		2018	2017		Rolling	2017
ASSET MANAGEMENT AND BANKING							Jul-Sep		Jul-Sep		lan-Sep	an-Sep		12 Months	lan-Dec
Net profit/loss for the period, SEK M								69	76		153	211		248	262
Total income, SEK M								535	430		1,369	.272		.970	,844
Profit margin, %								13	18			17		16	14
Equity, SEK M											1.244	1,109			1,100
l otal assets, SEK M											5,690	5,342			5,106
Equity/Asset ratio, %											22	21			22
	2018	2018		2018 2017	2017	2017	2017	2016	2016	2016	2016	2015	2015	2015	2015
ASSET MANAGEMENT							Jul-Sep Apr-Jun Jan-MarJct-Dec ul-Sep Apr-Jun an-Mar Oct-Dec ul-Sep Apr-Jun an-Mar Oct-Dec ul-Sep Apr-Jun an-Mar
Net profit/loss for the period, SEK M *	6	43	33	30	51	49	39	43	27	158	24	68	12	18	44
Equity, SEK M *	1.093	1.097	1.023	931	967	941	898	918	855	789	649	620	686	660	676
Return on equity %	-	16	17	10	20	1 2	23	33	20	20	19

* Attributable to shareholders of the Parent Company.

Catella AB (publ) P.O. Box 5894, 102 40 Stockholm, Sweden | Visitors: Birger Jarlsgatan 6 Corp. ID no. 556079–1419 | Reg. Office: Stockholm, Sverige Tel. +46 (0)8 463 33 10 | [email protected]

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Catella

3024_10-q_2018-11-15_5a76f8c4-5c3b-4381-92c3-ea823d4af890.pdf

The Period in Brief

CONSOLIDATED TOTAL INCOME*

CONSOLIDATED OPERATING PROFIT*

CORPORATE FINANCE TOTAL INCOME

ASSET MANAGEMENT TOTAL INCOME*

Group

THIRD QUARTER 2018

Corporate Finance

THIRD QUARTER 2018

Asset Management

THIRD QUARTER 2018

ADDITIONAL INFORMATION

NINE-MONTH PERIOD 2018

NINE-MONTH PERIOD 2018

NINE-MONTH PERIOD 2018

■ Total income SEK 648 M (633)

- Operating profit SEK 286 M (260)

Important step for Catella's future structure

Equity, Hedge and Fixed Income Funds

Property Investment Management

Corporate Finance

Banking

Stable platform for growth

KNUT PEDERSEN

Comments on the Group's progress

Disposal group held for sale

Net sales and results of operations Third quarter 2018

Nine-month period 2018

Significant events in the quarter Catella established Catella Logistic Europe in France

Significant events after the end of the quarter

Catella divested Wealth Management operations in Luxembourg

income statement for remanining operations by operating segment in summary

SELECTED KEY FIGURES FOR REMAINING OPERATIONS BY OPERATING SEGMENT

27B8 28B9 29B30

1B3 12B4 13B5

Corporate Finance

Progress in the third quarter

Progress in the nine-month period

CATELLA'S PROPERTY TRANSACTION VOLUMES

TOTAL INCOME

Operating Profit/loss

Equity, Hedge and Fixed Income Funds

Progress in the third quarter

Progress in the nine-month period

Banking

Progress in the third quarter

CARD AND PAYMENT VOLUMES

TOTAL INCOME

OPERATING PROFIT/LOSS*

Property Investment Management

Progress in the third quarter

Progress in the nine-month period

Assets Under Management

TOTAL INCOME

OPERATING PROFIT

Other financial information

The Group's financial position

Consolidated cash flow

Third quarter 2018

Nine-month period 2018

Parent company Third quarter 2018

Catella's principal investments

Employees

Share capital

Shares

Shareholders

Dividend

Risks and uncertainties

Seasonal variations

Accounting principles

Related party transactions

Financial calendar

Annual General Meeting 2019

Interim Report January-June 2019

Report of review of interim financial information

Introduction

Scope of review