Catella

Quarterly Report • May 20, 2010

SCRIBONA AB (publ), corporate ID number 556079-1419

INTERIM REPORT 1 JANUARY – 31 MARCH 2010 FOR THE SCRIBONA GROUP

Stockholm, 20 May 2010

• n Net sales for the quarter reached SEK 70 million (0).
• n Profit after tax for the quarter was SEK 21 million (-24), equal to SEK 0.26 per share (-0.29).
• n Equity decreased during the quarter by SEK 21 million to SEK 843 million. The quarter's translation differences in equity amounted to SEK -42 million. Equity per share is SEK 10.32. Negative goodwill in Banque Invik is equal to SEK 1.27 per share.
• n The funds available for new investments, in the form of cash and cash equivalents and short-term investments at market value, totalled SEK 252 million at 31 March 2010.

For additional information, contact: Lorenzo Garcia, President and CEO, telephone +46 (0)737 08 38 88

This document is a translation of the original published in Swedish. In the event of any discrepancies between the Swedish and English versions, or in any other context, the Swedish version shall have precedence.

Scribona is listed on the First North market place. Mangold Fondkommission AB is the company's Certified Adviser on First North. As of 1 June 2010, Remium will be the company's new Certified Adviser on First North.

GROUP

The Scribona Group consists of the Parent Company Scribona AB, Banque Invik SA, European Equity Tranche Income Limited (EETI) and the three subsidiaries in Sweden, Finland and Norway. The subsidiary in Finland is under liquidation. The subsidiary in Norway is dormant. Scribona Nordic AB contains the investments in Banque Invik, EETI and short-term investments.

Scribona acquired Banque Invik S.A., a private bank in Luxembourg, in April 2009. Banque Invik is consolidated as a subsidiary as of April 2009.

In December 2008 Scribona took over Citibank's loans to European Equity Tranche Income Limited (EETI). In February 2009 Scribona converted part of the loan portfolio into stock through a direct equity placement and thereby became the majority shareholder, with 84% of the shares and votes in the company. EETI is consolidated as a subsidiary as of July 2009. At 31 March 2010, and at the time of the presentation of this report, Scribona owned 94% of the company.

GROUP DEVELOPMENT

Net sales and profit in the first quarter of 2010

Consolidated net sales reached SEK 70 million, of which the full amount refers to commission income in Banque Invik (0).

Consolidated operating profit is reported at SEK -2 million (0), which includes a reversal of negative goodwill of SEK 8 million for Banque Invik.

Net financial items totalled SEK 24 million (-24). Net financial items amounted to SEK 11 million in Banque Invik and SEK 10 million in EETI. In investing activities, net financial items amounted to SEK 4 million (-24).

Profit before tax was SEK 22 million (-24).

Profit for the quarter was SEK 21 million (-24), equal to earnings per share of SEK 0.26 (-0.29).

Note 1 provides income statements for the quarter by operating segment. Note 2 presents balance sheets by operating segment. Notes 3, 4 and 5 present income statements for Banque Invik, EETI and investing activities.

Cash flow

The Group's cash flow from operating activities for the quarter was SEK -63 million (-33).

Cash flow from investing activities amounted to SEK 11 million (17), of which cash flow from EETI's funds accounted for SEK 10 million. In March 2010 EETI reinvested SEK 2 million of the cash flow in Portuguese residential mortgage-backed securities

Cash flow for the quarter was SEK -52 million (-16).

Financial position

Cash and cash equivalents at 31 March 2010 amounted to SEK 705 million (428), of which SEK 177 million in investing activities that can be used for new investments. The market value of the equity portfolio on the same date was SEK 75 million.

Employees

The number of employees at the end of the quarter, equal to the number of full-time positions, was 117 (1). Of these, 115 were employed in Banque Invik and two were employed in the Parent Company.

Key ratios

Earnings per share for the quarter amounted to SEK 0.26 (-0.29).

Equity per share at the end of the quarter was SEK 10.32 (6.92). Negative goodwill per share amounted to SEK 1.27.

The equity/assets ratio at 31 March was 23.2% (93.9). Return on equity over the past 12-month period was 47.6% (45.7% for the full year 2009).

FUTURE OUTLOOK

Scribona´s financial position is good and allows further investments. The board continually evaluates additional acquisitions.

COMPENSATION TO SENIOR EXECUTIVES

Lorenzo Garcia, a member of Scribona's Board of Directors, is also President and CEO of Scribona AB with a fixed monthly salary of SEK 200,000.

RELATED PARTY TRANSACTIONS

No transactions with related parties have taken place during the quarter.

SUBSEQUENT EVENTS

In April 2010 EETI reinvested SEK 5 million of cash flow from the funds in Spanish securities backed by a diversified pool of loans to small and mid-sized enterprises in Spain.

SIGNIFICANT RISKS AND UNCERTAINTIES

In the most recent annual report, risks and uncertainties are described in the administration report, as well as Note 35 Risk and Sensitivity Analysis and Note 36 Financial Risks.

PARENT COMPANY

The operating loss in the Parent Company is reported at SEK –1.8 million (0.2).

Profit before tax was SEK 46.0 million (0,2). Dividends from subsidiaries were received in an amount of SEK 183.8 million (-). In connection with payment of dividends, an impairment loss of SEK 136.0 million (-) was recognised on shares in subsidiaries.

Cash and cash equivalents at the end of the quarter totalled SEK 4.5 million (88.5). Total assets amounted to SEK 550.8 million (445.4). No investments in property, plant and equipment were made during the period.

ACCOUNTING POLICIES

This interim report has been prepared in compliance with the rules in the Swedish Annual Accounts Act and the general advice of the Swedish Accounting Standards Board for large companies.

AUDIT REPORT

This interim report has not been examined by the company's independent auditors.

FINANCIAL CALENDAR 2010

Interim report for January-June 27 August 2010 Interim report for January-September 26 November 2010 Year-end report for January-December 25 February 2011 Annual report 2010 May 2011

Stockholm, 20 May 2010

Scribona AB The Board of Directors

SUBSIDIARIES

BANQUE INVIK

Scribona acquired Banque Invik S.A., a private bank in Luxembourg, in April 2009. The bank's core activities are wealth management and card operations. The bank has a branch office in Stockholm that was supplemented with a new corporate finance department in the autumn of 2009.

Under Scribona's ownership, Banque Invik will maintain its position as an independent Luxembourgbased private bank focusing on the Nordic markets. For more information about Banque Invik, visit the website www.banqueinvik.lu.

Wealth management

The aim of these operations is to be the preferred choice of high net worth individuals and corporations seeking financial planning solutions.

The bank adds value by serving as a "One-Stop-Shop" for all of the client's wealth planning. Banque Invik's wealth management includes both traditional private banking services and discretionary asset and fund management. The bank offers high net worth individuals, corporations and foundations professional advice for trading in equities, other securities and currencies.

Card operations

The aim of these operations is to provide personal and exclusive services that are tailored to the client's individual situation and needs.

Bank Invik issues both credit and debit cards, including financing and payment services. The bank is a member of the Visa and MasterCard/Eurocard organisations in Europe and offers a unique range of cardrelated services for credit and debit cards. The bank's comprehensive selection of products is designed to meet the needs of customer segments from classic to ultra-premium all over Europe. Bank Invik operates through partnerships with banks and other financial institutions, or other businesses with a need for tailored financial solutions, whether for payments or increasing customer loyalty.

EETI

European Equity Tranche Income Limited, EETI, was established in Guernsey as a closed investment company in 2006. The company invests in financing of "first loss" positions of residential mortgage-backed securities in the following European countries: Italy, Spain, Portugal, France, the Netherlands, Germany and the United Kingdom. The company's investment objective is to deliver a stable return to the shareholders by investing in non-investment grade and equity tranche (or "first loss") positions in residential mortgagebacked securities ("RMBS").

EETI has previously obtained all of its external financing from Citibank. However, the company's investments lost significant value during the financial crisis in the autumn of 2008 and refinancing in connection with the loan's maturity date in December 2008 was no longer possible. In December 2008 Scribona entered into an agreement with Citibank to acquire all of the bank's loans to EETI. Scribona acquired all loans outstanding from Citibank to EETI, amounting to a nominal EUR 30 million. The purchase price was EUR 14 million.

In connection with EETI's new share issue in February 2009, Scribona converted EUR 10 million of the loan into shares. Scribona held 84% of the votes and share capital after the issue. Scribona has successively purchased additional shares after the issue and held 94% of the company at 31 March 2009 and at the time of the presentation of this report.

The company is closely monitoring developments and continuously adjusting the fair value of the loan portfolio. In Scribona's consolidated accounts, the portfolio is valued at the Group's historical cost.

For more information about EETI, visit the website www.eeti.co.uk.

SUMMARY CONSOLIDATED INCOME STATEMENT

SEK M	2010 Jan-Mar	2009 Jan-Mar	2009/10 Apr-Mar	2009 Jan-Dec
Net sales	70	-	276	206
Other operating income	4	-	18	14
	74	-	294	220
OPERATING EXPENSES
Other external expenses	-56	0	-230	-174
Staff costs	-27	0	-102	-75
Depreciation/amortisation and impairment	-1	-	-6	-5
Reversal of negative goodwill	8	-	301	293
Disposal of operations, net	-	-	2	2
OPERATING PROFIT/LOSS	-2	0	259	261
Net financial items	24	-24	88	40
PROFIT/LOSS BEFORE TAX	22	-24	347	301
Income tax	0	0	-5	-5
Non-controlling interests	-1	-	-2	-1
PROFIT/LOSS FOR THE PERIOD	21	-24	340	295
BASIC AND DILUTED EARNINGS PER SHARE Total, SEK	0.26	-0.29	4.16	3.61
Number of shares at end of period Number of shares at end of period after full dilution Average weighted number of shares after full dilution	81,698,572 81,698,572 81,698,572	81,698,572 81,698,572 81,698,572	81,698,572 81,698,572 81,698,572	81,698,572 81,698,572 81,698,572

Scribona has no outstanding convertible loans or subscription warrants. Income statements by operating segment are presented in Note 1.

SUMMARY CONSOLIDATED BALANCE SHEET

		2010	2009	2009	2009	2009
SEK M	Note	31 Mar	31 Dec	30 Sep	30 Jun	31 Mar
ASSETS
Intangible assets*		-	-	-	44	-
Tangible assets		12	14	15	17	-
Non-current securities	6	381	407	431	-	-
Receivables		2,495	2,647	2,333	3,166	17
Short-term investments in investing activities	7	45	45	23	182	157
Cash in hand and at bank		705	791	814	580	428
Assets		3,638	3,904	3,616	3,989	602
EQUITY AND LIABILITIES
Equity		843	864	580	574	565
Non-controlling interests**		24	25	24	-	-
Negative goodwill		104	118	383	153	-
Provisions		20	22	19	22	19
Liabilities to credit institutions		93	238	225	843	-
Tax liabilities		27	28	12	31	1
Other liabilities		2,527	2,609	2,373	2,366	17
Total equity and liabilities		3,638	3,904	3,616	3,989	602

Balance sheets by operating segment are presented in Note 2.

* In connection with an adjustment of the purchase price allocation (PPA) for Banque Invik in the third quarter of 2009, goodwill and intangible assets in the bank have been eliminated in the consolidated accounts.

** Refers to non-controlling interests in EETI, which own 6% of the company

SUMMARY CASH FLOW STATEMENT

SEK M	2010 Jan-Mar	2009 Jan-Mar	2009/10 Apr-Mar	2009 Jan-Dec
OPERATING ACTIVITIES
Profit/loss after financial items	22	-24	347	301
Depreciation, amortisation and impairment	1	-	6	5
Reversal of negative goodwill	-8	-	-301	-293
Other	-7	31	-42	-4
Tax paid	-4	-8	-24	-28
Cash flow from operating activities
before change in working capital	4	-1	-14	-19
Cash flow from change in working capital
Change in operating receivables	152	-1	245	92
Change in operating payables	-219	-31	-237	-49
Cash flow from operating activities	-63	-33	-6	24
INVESTING ACTIVITIES
Repayment of borrowings (EETI before consolidation)	-	20	16	36
Payments to EETI's funds	10	-	31	21
Investment in new funds in EETI	-2	-	-2	-
Acquisition of listed equities (net)	3	-3	-30	-36
Acquisition of operations	-	-	331	331
Disposal of operations	-	-	2	2
Acquisition of property, plant and equipment	0	-	-1	-1
Disposal of property, plant and equipment	0	0	0	0
Cash flow from investment activities	11	17	346	352
CASH FLOW FOR THE PERIOD	-52	-16	339	376
Cash and cash equivalents at beginning of period	791	451	428	451
Cash flow for the period	-52	-16	339	376
Exchange difference in cash and cash equivalents	-34	-7	-62	-35
Cash and cash equivalents at end of period	705	428	705	791

SUMMARY STATEMENT OF CHANGES IN EQUITY

	2010	2009	2009/10	2009
SEK M	Jan-Mar	Jan-Mar	Apr-Mar	Jan-Dec
Opening balance at beginning of period	864	562	565	562
Change in exchange differences	-42	26	-62	7
Profit/loss for the period	21	-24	340	295
Closing balance at end of period	843	565	843	864

KEY RATIOS

	2010	2009	2009/10	2009
	Jan-Mar	Jan-Mar	Apr-Mar	Jan-Dec
Return on equity, %			47.6	45.7
Average equity, SEK M			715	646
Equity/assets ratio, %	23.2	93.9	23.2	22.1
Equity per share, SEK	10.32	6.92	10.32	10.58
Negative goodwill per share, SEK	1.27	-	1.27	1.44
Earnings per share, SEK	0.26	-0.29	4.16	3.61
Number of employees at end of period	117	1	117	118

For definitions of key ratios, see Scribona's latest annual report.

NOTES

Note 1 INCOME STATEMENTS BY OPERATING SEGMENT

	2010	2009	2010	2009	2010	2009	2010	2009
SEK M	Jan-Mar	Jan-Mar	Jan-Mar	Jan-Mar	Jan-Mar	Jan-Mar	Jan-Mar	Jan-Mar
	Banque	Banque	EETI	EETI	Investing	Investing	Group	Group
	Invik	Invik			activities	activities
Net sales	70	-	-	-	-	-	70	-
Other operating	4	-	-	-	-	-	4	-
	74	-	-	-	-	-	74	-
OPERATING EXPENSES
Other external expenses	-53	-	-1	-	-2	0	-56	0
Staff costs	-26	-	0	-	-1	0	-27	0
Depreciation/amortisation and impairment	-1	-	-	-	0	-	-1	-
Reversal of negative goodwill	8	-	-	-	-	-	8	-
Disposal of operations, net	-	-	-	-	-	0	-	0
OPERATING PROFIT/LOSS	2	-	-1	-	-3	0	-2	0
Net financial items	11	-	10	-	4	-24	24	-24
PROFIT/LOSS BEFORE TAX	12	-	9	-	1	-24	22	-24
Income tax	0	-	-	-	0	0	0	0
Non-controlling interests	-	-	-1	-	-	-	-1	-
PROFIT/LOSS FOR THE PERIOD	12	-	9	-	1	-24	21	-24

Investing activities include management and disposal of operations.

Note 2 BALANCE SHEETS BY OPERATING SEGMENT

	2010	2009	2010	2009	2010	2009	2010	2009
SEK M	31 Mar	31 Mar	31 Mar	31 Mar	31 Mar	31 Mar	31 Mar	31 Mar
	Banque	Banque	EETI	EETI	Investing	Investing	Group	Group
	Invik	Invik			activities	activities
ASSETS
Tangible assets	12	-	-	-	0	-	12	-
Non-current securities	-	-	381	-	-	-	381	-
Receivables*	2,477	-	15	-	3	17	2,495	17
Short-term investments	-	-	-	-	45	157	45	157
Cash in hand and at bank	512	-	16	-	177	428	705	428
Total assets	3,001	-	412	-	225	602	3,638	602
LIABILITIES
Non-controlling interests	-	-	24	-	-	-	24	-
Negative goodwill	104	-	-	-	-	-	104	-
Provisions	6	-	-	-	13	19	20	19
Liabilities to credit institutions	93	-	-	-	-	-	93	-
Tax liabilities	23	-	-	-	4	1	27	1
Other liabilities*	2,518	-	0	-	10	17	2,527	17
Total liabilities	2,744	-	24	-	27	37	2,795	37
Equity							843	565
Total equity and liabilities							3,638	602
NET ASSETS – LIABILITIES	257	-	388	-	198	565	843	565

* In all essential respects, Banque Invik's receivables and other liabilities consist of lending to and deposits from the bank's customers. Investing activities include management and disposal of operations.

Note 3 INCOME STATEMENT FOR BANQUE INVIK
SEK M	2010 Jan-Mar	2009 Jan-Mar	2009/10 Apr-Mar	2009 Jan-Dec
Operating income
Commission income	70	-	276	206
Commission costs	-27	-	-111	-84
Other operating income	4	-	18	14
Interest income	14	-	79	65
Interest expenses	-3	-	-39	-36
Other financial items	0	-	17	17
Total operating income	58	-	239	181
Operating expenses
Other external expenses	-26	-	-106	-80
Staff costs	-26	-	-97	-71
Depreciation/amortisation and impairment	-1	-	-6	-5
Total operating expenses	-54	-	-210	-156
Reversal of negative goodwill in the consolidated accounts	8	-	27	19
Profit before tax	12	-	55	43
Number of employees	115	-	115	116

Banque Invik is consolidated in the Group as of 1 April 2009.

Note 4 INCOME STATEMENT FOR EETI
SEK M	2010 Jan-Mar	2009 Jan-Mar	2009/10 Apr-Mar	2009 Jan-Dec
Interest income, funds	10	-	33	23
Other external expenses	-1	-	-5	-4
Reversal of negative goodwill in the consolidated ac-	-	-	274	274
Profit before tax	9	-	302	293

EETI is consolidated in the Group as of 1 July 2009.

Note 5 INCOME STATEMENT FOR INVESTING ACTIVITIES
SEK M	2010 Jan-Mar	2009 Jan-Mar	2009/10 Apr-Mar	2009 Jan-Dec
Other external expenses	-2	0	-6	-4
Staff costs	-1	0	-5	-4
Disposal of operations*	-	0	2	2
Operating profit/loss	-3	0	-9	-6
Financial items
Net interest income	0	5	-1	4
Net capital gain on short-term investments	1	-	5	4
Issue guarantees	-	-	2	2
Exchange differences
Intra-group transactions	5	-26	4	-27
Receivables from EETI before consolidation	-	-2	0	-2
Foreign currency accounts	-1	-1	-9	-9
Correction of historical cost for EETI	-2	-	-2	-
Profit before tax	1	-24	-10	-36

*The disposal of operations in 2009 has been included in investing activities.

Note 6 NON-CURRENT SECURITIES

Valuation of EETI's portfolio at 31 March 2010

EUR M		Undiscounted	Discounted	Discount
Fund	Country	cash flow	cash flow	rate
Pastor 2	Spain	7.9	5.0	8.5%
Pastor 3	Spain	14.4	4.1	15.0%
Pastor 4	Spain	9.8	2.8	15.0%
Pastor 5	Spain	6.9	1.8	15.0%
Lusitano 3	Portugal	3.1	2.1	10.0%
Lusitano 4D*	Portugal	1.0	0.2
Lusitano 4E	Portugal	-	0.0	-
Lusitano 5	Portugal	3.3	1.8	10.0%
Shield 1	Netherlands	10.2	8.2	8.5%
Memphis	Netherlands	6.2	4.4	8.5%
Semper	Germany	10.4	7.4	8.5%
Gems	Germany	3.8	1.7	10.0%
Minotaure	France	4.2	3.0	8.5%
Ludgate	UK	-	0.0	-
Sestante 2	Italy	-	0.0	-
Sestante 3	Italy	-	0.0	-
Sestante 4	Italy	-	0.0	-
Total		81.2	42.7	11.2%**
	Accrued interest that is recognised in accrued income		-1.2
	Value gains in EETI during 2009 that have been eliminated in the consolidated accounts		-2.3
	Book value of the consolidated balance sheet, EUR M		39.1
Translated to SEK M			381

*The investment in Lusitano 4D, which was made on 26 March 2010, had not been assigned any discount rate at the time of the report's preparation. The discounted cash flow corresponds to historical cost.

**The discount rate shown on the line "Total" represents the weighted average interest rate for the total cash flow.

Note 7 SHORT-TERM INVESTMENTS IN INVESTING ACTIVITIES AT 31 MARCH 2010

SEK M	Marketplace	Historical cost	Book value		Market Unrealized value gains/losses
Listed equities
KDD Group N.V.	AIM, London Stock Exchange	4.1	4.1	34.2	30.1
K3 Business Technologi Group PLC	AIM, London Stock Exchange	7.5	7.5	14.3	6.8
Astra Zeneca PLC	Large Cap, Nasdaq OMX Sthlm	8.8	8.8	8.0	-0.7
Dragon-Ukrainian Properties & Development PLC	AIM, London Stock Exchange	5.5	5.5	8.7	3.1
Opcon AB	Small Cap, Nasdaq OMX Sthlm	18.2	18.2	17.0	-1.2
Tricorona	Small Cap, Nasdaq OMX Sthlm	0.9	0.9	0.9	0.0
Options, misc.		-0.8	-0.8	-8.9	-8.1
Bonds, misc.		0.7	0.7	0.8	0.1
Total		44.9	44.9	74.9	30.0

Collective valuation has been applied for the equity portfolio.

SUMMARY PARENT COMPANY INCOME STATEMENT

SEK M	2010 Jan-Mar	2009 Jan-Mar	2009/10 Apr-Mar	2009 Jan-Dec
Other external expenses	-0.5	0.5	-3.0	-2.0
Staff costs	-1.3	-0.3	-5.4	-4.4
OPERATING PROFIT/LOSS	-1.8	0.2	-8.4	-6.5
Net financial items*	47.8	0.0	116.6	68.8
PROFIT BEFORE TAX	46.0	0.2	108.2	62.4
Income tax	-	-	-	-
PROFIT FOR THE PERIOD	46.0	0.2	108.2	62.4

*In all essential respects, net financial items consist of dividends from subsidiaries and the related impairment of shares in subsidiaries.

SUMMARY PARENT COMPANY BALANCE SHEET

	2010	2009	2009	2009	2009
SEK M	31 Mar	31 Dec	30 Sep	30 Jun	31 Mar
Participations in group companies	114.0	250.0	265.0	289.0	320.6
Non-current receivables	1.2	1.2	-	-	-
Current receivables	431.1	252.3	166.9	127.2	36.2
Cash in hand and at bank	4.5	1.2	88.1	92.3	88.5
TOTAL ASSETS	550.8	504.7	520.0	508.5	445.4
Equity	548.1	501.8	518.9	504.7	439.4
Provisions	1.2	1.2	-	-	-
Current liabilities	1.5	1.7	1.0	3.8	6.0
TOTAL EQUITY AND LIABILITIES	550.8	504.7	520.0	508.5	445.4