-

"A strong quarter"

Total income amounted to SEK 688 M in the second quarter 2019, up 14% year-on-year. The second quarter 2019 was one of Catella's strongest in terms of earnings and operating profit which amount to SEK 164 M, corresponding to an increase of 38% on the second quarter 2018. The historical initiatives we've completed to date, which have focused on growing assets under management, have paid off in the quarter. Both fixed earnings and the potential provided by our earnings model in the form of variable earnings are now feeding through to profit. This is despite the absence of variable earnings in Equity, Hedge and Fixed Income Funds.

The wind-down of the Banking business area is proceeding according to plan, and is focusing on migrating as many card customers as possible to maximize the additional purchase consideration. Business area costs are expected to decrease over the coming quarters, and include functions necessary for Banking's operations and fulfilling commitments under the agreement with Advanzia Bank relating to the additional purchase consideration.

Corporate Finance

European property market transactions, excluding the UK, totaled some EUR 230 Bn in the last twelve months. The property market has remained at these high levels since 2015. In the second quarter 2019, property transaction volumes increased by 3% year-on-year.

In the Nordics, demand has shifted from commercial to residential property while volumes were up in the quarter in year-on-year terms. Volumes also increased in Continental Europe, where markets such as Germany grew while France contracted.

Catella's position remains strong on a majority of the markets where we're active. We're seeing a more integrated Catella, where collaboration between national mar kets and the Property Investment Management business area is growing stronger and pro-actively generating new business.

Property Investment Management

We're experiencing high demand for all our products from national and international investors, at the same time as collaborations are intensifying and synergies exploited.

One of Catella's flagship funds, Catella European Resi dential, which has assets under management of EUR 1.3 Bn, delivered surplus returns to unit holders and reached the level where the fund accrues performance-based fees. This demonstrates the strength of our earnings model which is in line with our customers' interest in generating returns.

Our residential fund, Catella Wohnen Europa, acquired a residential portfolio in Finland, where Catella's Property Asset Management operations acted as local advisors for the acquisition and will manage the residential portfolio.

The Sarasin Sustainable Properties - European Cities fund, which is managed by Catella, acquired an office property in Brussels with the help of Catella's Property Asset Management operations in the Netherlands.

Catella European Residential Fund III, which was launched in March 2019, completed its first acquisition of a property in Copenhagen. The fund is the first Luxembourg-based pan-European structure to provide international investors with access to a geographically diversified portfolio of residential properties. The fund's objective is to achieve assets under management of EUR 1.0 Bn.

In the quarter, Catella's asset management operations in the UK (APAM) won a mandate to manage and act as advi sor to banks and lenders for a number of shopping centers in the UK. The company's role in these projects is to assist in stabilizing the assets in the turbulent UK property market, where the retail sector in particular is under pressure. The operations have now been fully integrated into Catella, and APAM's broad-based investor network contributes to Catella's business in continental Europe.

In the quarter, Project Management, which establishes and runs property development projects, completed the project Living Lyon in Frankfurt according to plan. The di vestment of the residential portfolio was completed as a forward sale and transferred to German institutional investor Industria Wohnen. Through principal investments, Catella is a part-owner of the project where Catellas share, before tax, of SEK 19 M has been recognized for profit, of which SEK 3 M in the second quarter 2019. This corresponds to a return of 24% (IRR) on Catella's investment.

Equity Hedge and Fixed Income Funds

Systematic Macros' performance results made negative progress during the year, which has required a sharp customer focus. Performance results have not had a major impact on flows to date.

In the second quarter, Systematic Funds (IPM) decided to focus on the flagship product Systematic Macro and wind down Systematic Equity, which is expected to be terminated before the end of the year. Systematic Equity has only made a marginal contribution to operations and investor demand for the strategy has been low.

Mutual Funds' fixed-income products and the hedge fund both performed well in the recent market turbulence. We're continuing to strengthen the organisation further, focusing on adding fund management expertise. Mutual Funds will be launching a new Loan Fund towards the end of September, with the focus on institutional investors. The fund will focus on loans to medium-sized Nordic businesses seeking to make acquisitions, refinancing and/or ownership changes.

Annualised profit from fixed earnings/fixed expenses in the business area was SEK 38 I M at the end of the quarter, an increase of SEK 36 M compared to the second quarter 2018.

Sharp focus pays off

Catella has been sharpening its operational focus for a long time. Our local expertise in a pan-European platform with global reach means that we can provide professional inves tors with a tailor-made offering in property investments and alternative investments. Our focus is now starting to pay off and we're well positioned on our markets. Despite the complexity of the surrounding world I'm looking forward to Catella's continued success with great confidence over the coming quarters and years.

Knut Pedersen President and CEO

''The preferred European partner for investors"

Catella has built a pan-European platform with global reach. Through the platform, Catella offers local expertise and tailor-made services in property investment and alternative investments aimed at professional investors. Our vision is to be the preferred European partner for investors—together we shape the future of property investments and alternative investments.

Our geographical spread and broad offering targeted at multiple client groups reduces Catella's exposure to individual markets and asset classes. This builds stable earnings over time.

The Group manages total assets of some SEK 200 Bn and Catella is listed in the Mid Cap segment on Nasdaq Stockholm.

UNFOLDING THE CATELLA STRATEGY

A more focused Catella

Catella is the link between the property and financial markets. We create value for our stakeholders by working towards a clear vision together. The various parts of our strategy are like building blocks in a house-all the parts are important and necessary for achieving long-term success.

Our segments and business areas

Remaining operations in Catella comprises three business areas which reports two segments: Corporate Finance and Asset Management, where the latter includes Property Investment and Equity, Hedge and Fixed Income Funds.*

Corporate Finance

Catella provides quality capital markets services to property owners and advisory services for all types of property-related transactions to various categories of property owners and investors. Operations are carried out on ten markets and offer local expertise about the property markets in combination with European reach.

For more information about the business area, see page 10.

Property Investment Management

Catella is a market leader in property investments with a presence on ten markets around Europe. Professional investors are offered attractive, risk-adjusted returns through regulated property funds, asset management services and project management in the early phase of property development projects.

For more information about the business area, see page 11.

Equity Hedge and Fixed Income Funds

Catella is an active and alternative asset manager. For private and institutional investors, Catella offers funds with active management and a Nordic investment focus. Catella also offer systematic management for institutional investors with a global focus.

For more information about the business area, see page 12.

* Catello has four business areas (operating segments under is reported as a disposal group held for sale (see Nate 7), which are oggegated into two reportable segments that Catella terms Operating Segments that two or more operating segments moy be oggregated to one, providing that they have similar accounting characteristics, and are also similar in terms of products and services the nature of production process, customer categories, distribution, and the extent to where opplicable, are offected by varios regulatory structures and risks. On this bosis, Catella has defined Corporate Finance (consision of the Carporate Finance operating segment) (consisting of the combined Property Investment Management, Equity, Hedge and Fixed Income Funds, and Banking operating segments), as the Group's reportable segments.

Comments on the Group's progress

Amounts are in SEK M unless otherwise indicated. Figures in tables and comments may be rounded.

Disposal group held for sale

As previously communicated, the Banking business area is being wound down and has been reported as a disposal group held for sale in accordance with IFRS 5 from 30 September 2018. This means that in the Consolidated Income Statement Banking's net profit (after tax) is reported on a separate line under profit from disposal group held for sale for the period. See Note 7 for more information on the disposal group held for sale.

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 operation Second quarter 2019

The Group's total income for remaining operations was SEK 688 M (604) and net sales for remaining operations totalled SEK 677 M (596), of which SEK 165 M (157) related to Corporate Finance and SEK 5 I 4 M (441) to Asset Management. Comments on the progress of each business area can be found on pages 10-12.

The Group's operating profit for remaining operations was SEK 164 M (119). The improved operating profit is mainly due to increased earnings. Fixed as well as variable earnings increased by 15% and 12% respectively year-on-year. Increased operational costs are driven by a growing organisation with higher fixed personnel expenses, IT expenses and increased amortisation and depreciation. Last year's operating profit/loss was affected by losses from shares in associated companies of SEK 27 M. Profit/loss for the period relating to shares in associated companies amounted to SEK 5 M and was mainly attributable to the sale of the German property development project Living Lyon. The related income was recorded as other income in the Consolidated Income Statement

The Group's net financial income and expense was SEK -6 M (-4). Net financial income/expense included interest income of SEK 6 M (4), of which the majority was attributable to Catella's loan portfolio. In addition, net financial income/expense included interest expenses of SEK 13 M (4), of which SEK 8 M (5) were attributable to Catella's bond issue and SEK 5 M (0) related to interest expenses on the company's lease commitments (IFRS 16) which Catella reports from | |anuary 2019. Other financial items were SEK I M (-4), of which unrealised value changes relating to the loan portfolio and currency forwards amounted to SEK 2 M and SEK 3 M respectively. Realised profit/loss from currency forwards amounted to SEK -5 M.

The Group's operating profit before tax for remaining operations was SEK 157 M (115).

Profit for the period (after tax) from disposal group held for sale was SEK -49 M (-37) and related to the Banking business area. Profit includes costs in relation to Catella Bank's fulfilment of the purchase agreement with Advanzia Bank. Profit also includes deferred tax expenses of SEK I I M, but none of the expected additional purchase consideration from Advanzia Bank.

Profit for the period for the Group's total operations was SEK 64 M (39), of which SEK 38 M (13) was attributable to parent company shareholders. This corresponds to Earnings per share of SEK 0.44 (0.16).

First half-year 2019

The Group's total income for the first halfyear amounted to SEK 1,142 M (1,046), and the Group's net sales was SEK 1,124 M (1,007). Operating profit for remaining operations was SEK 226 M (200). The Group's net financial income and expense was SEK -23 M (1), of which interest income was SEK II M (8) and interest expenses were SEK 25 M (9).

The valuation of long-term securities holdings and short-term investments at fair value resulted in a value adjustment of SEK -1 M (2). Discontinued currency forwards, aimed at reducing currency exposure, realised a profit of SEK -10 M (-9), which was offset by favourable exchange differences of SEK 4 M (9).

Profit (after tax) from disposal group held for sale was SEK 61 M (-58) in the first half-year 2019. Profit includes income totalling SEK 256 M from transfers of the bank's Wealth Management operations in Luxembourg and in Sweden to VP Bank and Söderberg & Partners, and the fixed purchase consideration from the transfer of the card issuing operations in Luxembourg to Advanzia Bank. Profit also includes deferred tax expenses of SEK 3 I M.

Profit for the period for the Group's total operations was SEK 197 M (80), of which SEK 149 M (35) was attributable to parent company shareholders. This corresponds to Earnings per share of SEK 1.72 (0.41).

Significant events in the quarter Exercise of warrants and change in the number of shares

In March 2019, warrant holders exercised 2,166,667 warrants to subscribe for an equal number of new shares at a price of SEK 8.40 per share. The new Class B shares were issued on 8 April 2019 by registration with the Swedish Companies Registration Office and inclusion in Euroclear's share register. In March, 66,666 warrants held in treasury also expired.

As of 30 June 2019, the total number of shares in Catella AB (publ) was 86,281,905 after the exercise of warrants, and the total number of votes was 96,404,125, of which 2,530,555 are ordinary Class A shares (with a total of 12,652,775 votes) and 83,751,350 are class B ordinary shares (with a total of 83,751,350 votes).

The total number of warrants in Catella AB (publ) amounted to 2,333,334 as of 30 June 2019.

Report from the Annual General Meeting in Catella AB (publ)

The following resolutions were authorized at Catella AB (publ)'s Annual General Meeting:

· To adopt the Income Statement and Balance Sheet for the Parent Company and the Consolidated Income Statement and Consolidated Balance Sheet for 2018.
· Retained profits and net profit for the year to be carried forward.
· To pay a dividend of SEK 1.20 (1.00) per share for the financial year 2018. The record date for the dividend was 29 May, 2019. Payment was made through Euroclear Sweden AB on 4 June 2019.
· There shall be five (5) board members with no deputies, and one auditor shall he elected
Directors' fees shall total SEK 2,370,000 (previous year: SEK 2,370,000)
- o of which the Chairman shall receive SEK 570,000 (SEK 570,000) and other board members SEK 350,000 (SEK 350,000) each.
- o of which fees to the Chairman of the Audit Committee shall be SEK 130,000 (130,000) and SEK 100,000 (100,000) each to the other two members of the committee.
- o of which fees to the Chairman of the Remuneration Committee shall

be SEK 40,000 (40,000) and SEK 30,000 (30,000) to the other member of the committee.

· The audit fee shall be payable in accordance with the approved invoice.
· Re-election of all existing board members: Johan Claesson, Johan Damne, Joachim Gahm, Anna Ramel and Jan Roxendal. Johan Claesson was elected Chairman of the board.
· PricewaterhouseCoopers AB was reelected as the company's Auditor for a new term from the end of the AGM 2019 to the end of the AGM 2020. Daniel Algotsson was appointed Auditor in Charge.
· To adopt the Nomination Committee's proposals regarding principles for the Nomination Committee for the AGM 2020
· To approve the Board resolution regarding guidelines for remuneration to senior executives

Amended terms and conditions of Catella's bonds

Catella completed a written procedure whereby the company has requested permission from bondholders to amend the general terms and conditions of the bonds.

The changes to the terms and conditions include (i) permission to make a dividend payment at an aggregate amount of SEK 103,538,286, corresponding to SEK 1.20 per share, for the financial year 2018 and (ii) permission for the Group to raise

debt under a profit participating loan or profit participating loan securities issued by alternative investment funds (provided certain conditions are met).

The changes to the terms and conditions are made in part to enable an increased product offering and because Catella considers that profit for the full year 2018 does not reflect the strength of underlying operations where fixed earnings have increased steadily, for example, and because profit was charged with costs relating to 2019 which were attributable to the winding down of the Banking business area.

IPM focuses on Systematic Macro and divests Systematic Equity

IPM Informed Portfolio Management ("IPM" or "Systematic Funds"), where Catella's direct and indirect shareholding amounts to 60.6%, has decided to focus on its flagship product Systematic Macro and therefore divest the product Systematic Equity. After the strong growth in Macro strategy, Systematic Equity is only marginally contributing to operations.

Significant events after the end of the quarter

There were no significant events after the end of the quarter.

INCOME STATEMENT FOR REMAINING OPERATIONS BY OPERATING SEGMENT IN SUMMARY

		3 Months		6 Months		12 Months
	2019	2018	2019	2018	Rolling	2018
SEK M	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	12 Months	Jan-Dec
CORPORATE FINANCE
Total income	166	। 59	270	270	715	715
Operating profit/loss	15	। ୧	3	4	38	49
Operating margin, %	9	10	1	5	5	7
ASSET MANAGEMENT
Total income	520	447	871	781	1.600	1,510
Operating profit/loss	160	152	247	255	383	391
Operating margin, %	31	34	28	33	24	26
Equity-, Hedge and Fixed Income Funds
Total income *	215	235	425	443	857	875
Operating profit/loss	94	103	18	। ਰੇਰੇ	305	323
Operating margin, %	44	44	43	45	36	37
Property Investment Management
Total income *	305	212	446	338	742	634
Operating profit/loss	66	49	66	ટર્સ	78	୧୫
Operating margin, %	22	23	15	17	11	11
OTHER **
Total income		-2	-	-5	-3	- 9
Operating profit/loss	-12	-48	-23	-68	-43	-87
GROUP
Total income	688	604	1,142	1,046	2,312	2,216
Operating profit/loss	164	119	226	200	378	352
Operating margin, %	24	20	20	19	16	16
* Includes internal income.

** Includes eliminations.

See Note 7 for information on the disposal group held for sale.

SELECTED KEY FIGURES FOR REMAINING OPERATIONS BY OPERATING SEGMENT

		3 Months		6 Months		12 Months
	2019	2018	2019	2018	Rolling	2018
GROUP	Apr-Jun	Apr-Jun	Jan-Jun	an-Jun	12 Months	Jan-Dec
Profit margin, %	17	12	12	13	9	9
Return on equity, % *			12	24		11
Equity/Asset ratio, %			40	ടി		4
Equity, SEK M *			948	1,119		940
No. of employees, at end of period			551	484		552
Earnings per share, SEK *	1.01	0.59	1.02	1.10	1.41	1.50
Equity per share, SEK *			10.99	13.30		11.17
CORPORATE FINANCE
Profit margin, %	6	5	-2			2
Return on equity, % *			21	52		2 I
Equity/Asset ratio, %				। ୧		15
Equity, SEK M *			27	42		35
No. of employees, at end of period			216	208		220
Property transaction volume for the period, SEK Bn	10.2	16.0	15.3	28.4	55.5	68.6
ASSET MANAGEMENT
Profit margin, %	21	24	19	23	I ୧	। 8
Return on equity, % *			22	52		29
Equity/Asset ratio, %			୧।	୧।		୧।
Equity, SEK M *			983	626		887
No. of employees, at end of period			315	259		311
Asset under management at end of period, SEK Bn			202.2	175.6	-	186.2
net in-(+) and outflow(-) during the period, mdkr	2.7	1.9	3.3	-1.9	4.7	-0.5

* Attributable to shareholders of the Parent Company.

For more information about selected Key Performance Indicators that include disposal group held for sale, see Application of key performance indicators not defined by IFRS at the end of this document.

27B8 28B9 29B30

8B1 0B 10B 10 B 8B1 0B 10B 10 B 8B1 0B 10B 10 B

12B 14 B14 B1 4B 13B 15 B15 B1 5B

1B 13 B13 B1 3

Corporate Finance

Second quarter 2019

The total commercial property transaction market in Europe, excluding the UK, totalled EUR 51.4 Bn (49.9) in the quarter, an increase of 3% year-on-year.

Property transactions where Catella served as advisor totalled SEK 15.4 Bn (16.0) in the quarter. Of total transaction volumes in the quarter, France provided SEK 6.5 Bn (7.8), Sweden 6.4 Bn (3.5), Germany 1.1 Bn (2.0) and Denmark 0.0 Bn (0.7).

Total income was SEK 166 M (159), and operating profit was SEK 15 M (16) in the quarter. Income, adjusted for assignment costs, and operating profit were in line with

the previous year. France is the main driver of the increased assignment costs as a result of joint invoicing with another external advisor. In the Nordics, Sweden provided the majority of operating profit. The Danish operations are currently involved in a small number of large projects, explaining the weaker profit year-on-year. In Continental Europe, Spain increased profit while Germany decreased compared to corresponding period last year. France delivered slightly weaker operating profit compared to a strong second quarter in 2018.

First half-year 2019

Transaction volumes in Europe, excluding the UK, totalled EUR 90.7 Bn (100.2) in the period, a decrease of 9% year-on-year. Catella's transaction volume in the period was SEK 22.3 bn (28.4).

Total income was SEK 270 M (270), and operating profit was SEK 3 M (14) in the period, driven by a product mix with a higher proportion of jointly invoiced projects.

SEK M	3 Months		6 Months		l 2 Months
	2019	2018	2019	2018	Rolling	2018
INCOME STATEMENT-CONDENSED	Apr-Jun	Apr-Jun	lan-Jun	Jan-Jun	12 Months	lan-Dec
Nordic *	69	63	103	103	246	246
Continental Europe *	97	તે રે	166	। ୧୧	468	468
Total income	66	। ਦੇਰੇ	270	270	715	715
Assignment expenses and commission	-17	-10	-26	-16	-98	-88
Operating expenses	-134	-133	-240	-239	-580	-578
Operating profit/loss	15	16	3	4	38	49
KEY FIGURES
Operating margin, %	்	10		5	5	7
Property transaction volume for the period, SEK Bn	15.4	16.0	22.3	28.4	62.5	68.6
of which Nordic	7.5	6.0	10.2	8.8	31.4	30.1
of which Continental Europe	7.9	9.9	12.1	19.6	31.0	38.5
No. of employees, at end of period			216	208		220

Includes internal revenue between business areas has been eliminated in the service area for the current period in 2018.

CATELLA'S PROPERTY TRANSACTION VOLUMES

TOTAL INCOME

OPERATING INCOME

Property Investment Management

Second quarter 2019

Assets under management increased by SEK 5.9 Bn, and net flows were SEK 3.6 Bn in the quarter. The increase was mainly attributable to residential property funds within Property Funds, and one assignment in the Danish Asset Management operations. The business area as a whole increased assets under management by SEK 30 bn in year-on-year terms. When adjusted for APAM's opening balance, the increase was SEK 14.1 bn.

Total income was SEK 305 M (212), and income after assignment costs amounted to SEK 216 M (146) in the quarter. Property Funds' increased income year-on-year

was due to Catella European Residential Fund achieving a level where it attracts performance-based fees. These fees were shared with third parties which explains the increase in assignment costs. Property Asset Management's income decreased year-on-year due to reduced invoicing by Project Management. The share of fixed earnings increased significantly both including and adjusted for APAM.

Operating profit was SEK 66 M (49). Operating profit was affected by increased Personnel expenses. The personnel expenses mainly relate to the aggressive initiatives carried out in Property Funds. Head count increased by 53 compared to the

corresponding period in the previous year, of which 39 in APAM.

First half-year 2019

Catella's assets under management in the business area increased by SEK 12.7 bn in the period and was SEK 94.9 bn at the end of the period.

Total income was SEK 446 M (338), and operating profit for the year was SEK 66 M (56).

SEK M		3 Months		6 Months	12 Months
	2019	2018	2019	2018	Rolling	2018
INCOME STATEMENT-CONDENSED	Apr-Jun	Apr-Jun	lan-Jun	Jan-Jun	12 Months	Jan-Dec
Property Funds *	237	130	342	212	536	406
Property Asset Management *	80	90	127	138	249	260
Total income	305	212	446	338	742	634
Assignment expenses and commission	-89	-66	-121	-106	-158	-142
Operating expenses	-150	-97	-259	-176	-507	-423
Operating profit/loss	66	49	66	56	78	68
KEY FIGURES
Operating margin, %	22	23	15	17		-
Asset under management at end of period, SEK Bn			94.9	64.9		82.2
net in-(+) and outflow(-) during the period, mdkr	4.7	2.7	9 1	48	10.1	5.7
of which Property Funds			55.	43.6		47.6
net in-(+) and outflow(-) during the period, mdkr	2.4	1.3	5.1	3.3	8.3	6.6
of which Property Asset Management			39.8	21.3		34.6
net in-(+) and outflow(-) during the period, mdkr	2.3	1.4	4.1	1.4	1.8	-0.9
A - - C ------------------------------------			000	110		าวก

No. of employees, at end of period

* Indudes internal revenue business areas Internal reveaus has been eliminated in the service are for the carresponding period in 2018.

ASSETS UNDER MANAGEMENT

TOTAL INCOME

OPERATING INCOME

Equity Hedge and Fixed Income Funds

Second quarter 2019

New savings in mutual funds in Sweden totalled SEK 18.0 Bn in the quarter. The fund categories with the largest inflow were Share funds and Long Fixed Income Funds. Mixed Funds followed by Hedge Funds had the largest outflow. At the end of the quarter, Mutual Funds' share of Swedish fund volumes was 0.6% (0.8).

Catella's assets under management in the business area increased by SEK 0.3 bn in the quarter. In the quarter, net flows were SEK -1.2 bn in Mutual Funds and SEK -0.7 bn in Systematic Funds. Income is mainly generated by Systematic Macro, where assets under management increased by SEK 2.3 Bn year-on-year, of which net flows were SEK 2.4 Bn in the period. The increased assets under management in combination with a more favourable product mix generates more stable earnings in the form of fixed income and potential future variable income.

Total income was SEK 215 M (235) in the quarter, a decrease in year-on-year terms. The decrease was driven by lower variable earnings in the business area. A majority of income comprised fixed income, which was up in year-on-year terms.

Operating profit was SEK 94 M (103), which was negatively affected by the aforementioned shortfall in variable earnings. Assignment costs and provisions decreased due to lower fixed earnings in Mutual Funds, although personnel expenses and other costs were in line with the same period in the previous year.

First half-year 2019

Total assets under management in Sweden increased by SEK 653 Bn in the period, of which new savings were SEK 28.1 Bn, totaling SEK 4,63 | Bn at the end of the period.

Catella's assets under management in the business area increased by SEK 3.4 bn in the period, totalling SEK 107.3 bn at the end of the period.

Total income was SEK 425 M (443), and operating profit for the year was SEK 181 M (199).

Accrued, non-chargeable (not recognized for profit), variable earnings** in Systematic Funds totalled SEK 0 M at the end of the period.

്കുന്നു വി. 1110 നീവി ശ്രാമവ അത്തര വിവരി 111611
SEK M		3 Months		6 Months		12 Months
	2019	2018	2019	2018	Rolling	2018
INCOME STATEMENT-CONDENSED	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	12 Months	Jan-Dec
Mutual Funds *	64	85	123	179	255	311
Systematic Funds *	151	149	302	264	602	564
Total income	215	235	475	443	857	875
Assignment expenses and commission	-33	-43	-69	-80	-150	-161
Operating expenses	-88	-89	-174	-164	-401	-391
Operating profit/loss	94	103	181	1 ਰੇਰੇ	305	323
KEY FIGURES
Operating margin, %	44	44	43	45	36	37
Asset under management at end of period, SEK Bn			107.3	110.7		103.9
net in-(+) and outflow(-) during the period, mdkr	-2.0	-0.8	-5.8	-6.7	-5.4	-6.2
of which Mutual Funds			29.2	33.8	-	29.3
net in-(+) and outflow(-) during the period, mdkr	-1.2	1.1	-2.4	1.3	-4.9	-1.1
of which Systematic Funds			78.1	76.8		74.7
net in-(+) and outflow(-) during the period, mdkr	-0.7	-1.9	-3.4	-8.0	-0.5	-5.1
of which Systematic Macro			50.8	48.5		49.8
net in-(+) and outflow(-) during the period, mdkr	0.4	0.5	-1.0	-5.5	2.4	-2.1
of which Systematic Equity			27.3	28.3		249
net in-(+) and outflow(-) during the period, mdkr	-1.1	-2.4	-2.4	-2.5	-2.9	-3.0
No of omployone at and of pariod	02	On	02	On		o

ASSETS UNDER MANAGEMENT

TOTAL INCOME

OPERATING INCOME

* Includes internal revenue business areas. Intend revenue has been eliminated in the service areof period and for the carresporting period in 2018. ** From I Jonus 2018, Systematic In anual settlement for all products, which means that virishe con any be settled and reageized at your end. Voride earnings colucted on Systemor. Mores ( enclosed nongener) fee la noter for the beforman (feat be setted of your of cagazing in britisted on control of the interest more. Provins, conver en never

Other financial information

The Group's financial position

From 30 September 2018, the Banking business area is reported in accordance with IFRS 5, which means that Banking's assets and liabilities are reported on separate lines as Assets in disposal group held for sale and Liabilities in disposal group held for sale respectively. However, comparative figures from earlier years relating to Banking's assets and liabilities have not been reclassified in this way. The Balance Sheet items most affected by this change are loan receivables, loan liabilities and cash and cash equivalents.

From 1 January 2019, Catella has included two new Balance Sheet items in the Consolidated Financial Statement, Contractual assets and Contractual liabilities. Contractual assets relate to the company's right to use its leased assets and Contractual liabilities to the company's commitments to paying lease charges. These two Balance Sheet items totalled SEK 266 M and SEK 267 M respectively as of 30 June 2019.

In the second quarter, the Group's total assets decreased by SEK 282 M, amounting to SEK 3,950 M as of 30 June 2019. The change is essentially due to the Banking business area which is being divested.

According to IAS 12, "Income Taxes", deferred tax assets relating to tax loss carry- forwards are recognised to the extent it is probable that future taxable profits will be available. In accordance with this standard, Catella recognized a deferred tax asset of SEK 81 M (SEK 81 M as of 31 December 2018), of which the majority consists of tax loss carry-forwards, which is based on an assessment of the Group's future earnings. The Group had total loss carry-forwards amounting to some SEK 880 M.

Catella has issued a total of SEK 750 M in unsecured bonds which accrue variable interest of 3-month STIBOR plus 400 b.p. The loan matures in June 2022.

The Group also has an overdraft facility of SEK 30 M, of which SEK 30 M was unutilized as of as of 30 June 2019.

In the second quarter, consolidated equity decreased by SEK 53 M, amounting to SEK 1,772 M as of 30 June 2019. Dividends to Parent Company shareholders and dividends to non-controlling holdings totaled SEK 104 M and SEK 28 M respectively. Other transactions with non-controlling holdings amounted to SEK 10 M. Consolidated equity also increased by profit for the period of SEK 64 M, and by positive fair value changes in financial assets reported under Other comprehensive income totaling SEK 7 M. Translation differences for the period were SEK -2 M. As of 30 June 2019, the Group's equity/assets ratio was 45% (24% as of 31 December 2018). The increased equity/asset ratio is mainly due to the significant reduction in total Assets due to divestment of the Banking business area.

Consolidated cash flow

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

Second quarter 2019

Consolidated cash flow from operating activities before changes in working capital amounted to SEK 33 M (81), of which SEK 118 M was attributable to remaining operations and SEK -85 M to the Banking operations. Tax paid amounted to SEK 107 M (34) for the period, of which SEK 41 M related to Catella Bank's tax payments for the 2014-2017 tax year.

Consolidated cash flow from operating activities was SEK 267 M (504), of which changes in working capital comprised SEK 234 M (422) in the period. Of the changes in working capital, SEK 180 M was attributable to banking operations and SEK 54 M to other operations.

Cash flow from investing activities was SEK -37 M (-188), of which additional investments in property development projects in associated companies Kaktus, Grand Central and Nordic Seeding totalled SEK 26 M. Catella also received a payment of SEK 16 M from Visa Inc. relating to settlement of the deferred cash purchase consideration from the acquisition of Visa Europe in June 2016. Cash flow from loan

portfolios totalled SEK 4 M, and terminated currency forward contracts generated liquidity outflows of SEK 18 M in the period.

Cash flow from financing operations amounted to SEK - I 50 M (150), of which dividends to Parent Company shareholders and dividends to non-controlling holdings were SEK 104 M and SEK 28 M respectively. Cash flow from financing operations also includes amortisation of the Group's lease liabilities of SEK 14 M, and payment of a fee of SEK 4 M to Catella AB's bond holders in compensation for amended terms and conditions.

Cash flow for the period amounted to SEK 80 M (465), of which cash flow from remaining operations was SEK -34 M (-108) and cash flow from disposal group held for sale was SEK 114 M (573).

Cash and cash equivalents at the end of the period were SEK 1,372 M (3,392), of which cash and cash equivalents relating to remaining operations were SEK 677 M (3,392) and cash and cash equivalents reported under Assets in disposal group held for sale were SEK 695 M (-).

First half-year 2019

Consolidated cash flow from operating activities before changes in working capital amounted to SEK - I 4 M (92), of which SEK 122 M was attributable to remaining operations and SEK - I 36 M to the Banking operations. Tax paid totalled SEK 174 M (92) in the period.

Consolidated cash flow from operating activities was SEK -1,972 M (290), of which changes in working capital comprised SEK -1958 M (198) in the period. Of the changes in working capital, SEK -2,044 M was attributable to banking operations and SEK 86 M to other operations. The bank's negative change in working capital was mainly due to the transfer of the Wealth Management operations in Luxembourg and Sweden

Cash flow from investing activities was SEK 192 M (-372), of which SEK -247 M related to sales proceeds from the bank's transfers of operations net of advisory

costs. In addition, the bank received a payment of SEK 16 M from Visa Inc. in relation to the acquisition of Visa Europe in 2016. Furthermore, additional investments in associated companies amounted to SEK 29 M. Cash flow from loan portfolios totalled SEK 6 M, and terminated currency forward contracts generated cash outflow of SFK 74 M

Cash flow from financing activities was SEK -155 M (155), of which SEK 132 M related to dividends to parent company shareholders and non-controlling interests, and SEK 3 I M related to amortisation of the Group's lease liability. Cash flow from investing activities also includes payment received of SEK 18 M from warrant holders for the subscription of new Class B shares in Catella AB, and a payment of SEK 4 M relating to the re-purchase of warrants.

Cash flow for the period amounted to SEK -1,934 M (73), of which cash flow from remaining operations was SEK -23 M (-273) and cash flow from disposal group held for sale was SEK -1,911 M (346).

Parent Company

Second quarter 2019 Catella AB (publ) is the Parent Company of the Group. Group Management and other central Group functions are gathered into the Parent Company.

The Parent Company recognised income of SEK 4.6 M (4.6) and operating profit/loss for the year of SEK -15.7 M (-15.3). Profit/loss was negatively affected by costs of SEK 4 M related to the ongoing divestment of the Banking business area.

The Parent Company also reported financial items totalling SEK -26.0 M (-4.9), of which interest and costs for arranging bond loans were SEK 8.2 M and realized profit on derivatives totalled SEK -17.7 M.

In May 2018, the Parent Company started currency hedging using derivatives. The purpose of the hedging of EUR 60 M was to reduce the exchange rate risk in Catella's net exposure in EUR.

Profit before tax was SEK -41.8 M (-20.3), and profit/loss for the period was SEK -41.8 M (-5.1 ).

Cash and cash equivalents on the reporting date were SEK 5.7 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 102.5 M.

At the end of the period, there were 12 (13) employees in the Parent Company, expressed as full-time equivalents.

First half-year 2019

Total income was SEK 9.2 M (9.2), and operating profit for the year was SEK -24.9 M (-27.6) in the period. Financial items amounted to SEK -40.3 M (-9.8), and profit before tax and profit for the period was SEK -65.3 M (-37.4) and SEK -65.3 M (-22.2) respectively.

Employees

The number of employees in remaining business units, expressed as full-time equivalents, was 551 (484), of which 216 (208) were employed in the Corporate Finance operating segment, 315 (259) in the Asset Management operating segment and 20 (17) in other functions.

The number of employees in the divestment group held for sale (Banking) was 96 (179) at period end.

At the end of the period, there were 646 (662) employees, expressed as fulltime equivalents.

Share capital

As of 30 June 2019, Catella's registered share capital was SEK 173 M (168), divided between 86,281,905 shares (84 1 15 238). 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 83,751,350 Class B shares with I vote per share.

As of 30 June 2019, the parent company had a total of 2.333.334 warrants outstanding, of which 166,667 in treasury. Upon full utilisation of the 2,333,334 warrants, dilution of the capital and votes in the company would be 2.6% and 2.4% 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 26.05 (23.00) as of 30 June 2019. Total market capitalization at the end of the period was SEK 2,251 M (1,936).

Shareholders

Catella had 7,269 (7,503) shareholders registered at the end of the period. The principal shareholder on 30 June 2019 was the Claesson & Anderzén Group with 48.3% (48.9) of the capital and 47.8% (48.3) of the votes, followed by Swedbank Robur with 5.8% (6.0) of the capital and 6.0% (6.2) 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 increases, at least 50% of the Group's profit after tax will be transferred to shareholders over time.

On the basis of the growth potential in existing and new operations that is expected to generate long-term shareholder value, Catella paid a dividend of SEK 1.20 per Class A and B share to shareholders for the financial year 2018. For the financial year 2017, Catella paid a dividend of SEK 1.00 per Class A and B share 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. There are especially significant operating risks in the banking operations, where there are significant volumes/transactions using realtime systems that require 24-hour availability. At a pace with the wind down of the

banking operations in 2019, the operational risk is expected to decrease.

A number of companies in the Catella Group conduct operations that are under the supervision of regulatory financial authorities in their respective domestic markets. Existing regulatory frameworks and rapid regulatory changes are complex in general, and specifically with regard to Catella's banking operations. These regulatory framework place stringent, and in future even more stringent, demands on the routines and procedures, and liquidity and capital reserves, of the operations under supervision. Compliance with these regulatory frameworks is a pre-condition for conducting operations subject to supervision. Catella continuously seeks to ensure compliance with existing regulatory frameworks and to prepare for future compliance with coming regulatory changes. At a pace with the wind down of the banking operations in 2019, the regulatory risk is expected to decrease.

The preparation of financial statements requires the Board of Directors and Group management to make estimates and judgements of the value of loan portfolios, goodwill, trademarks and brands, as well as assumptions concerning revenue recognition. Estimates and judgements affect the Group's Income Statement and financial position, as well as disclosures regarding contingent liabilities, for example. See Note 4 in the Annual Report 2018 for significant estimates and judgements. Actual outcomes may differ from these estimates and judgements, due to other circumstances or conditions. Catella has investments in property development projects in Germany through associated companies Nordic Seeding GmbH and Grand Central Beteiligungs GmbH. The projects are operated 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 phase of projects, where the concept and framework are determined with the aim of subsequently divesting projects and realizing any gains before construction begins and the projects are completed. The investments include the risk that Nordic Seeding GmbH or Grand Central Beteiligungs GmbH are forced to choose between continuing to invest in

late stages of projects, run the projects to completion or leave the project and losing the invested capital. The aforementioned risks apply to all property development projects that Catella invests in (see Note 3).

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 were prepared in accordance with the Swedish Annual Accounts Act and Recommendation RFR 2 Accounting for legal entities, issued by RFR, the Swedish Financial Reporting Board.

ln October - December 2018, Catella Bank signed agreements regarding the sale of all its operations through the transfer of assets and liabilities to three different market operators. From 30 September 2018, the Banking business area has been reported in accordance with IFRS 5 Noncurrent Assets Held for Sale and Discontinued Operations. This means that in the Consolidated Income Statement the bank's net profit (after tax) is reported on a separate line under Profit from disposal group held for sale for the period. The comparative figures in the Income Statement for the current and previous year have been adjusted as if the banking operations had never formed part of the Group's operations. In the Consolidated Statement of Financial Position, the bank's assets and liabilities are reported separately from other assets and liabilities on separate lines

under Assets in divestment group held for sale and Liabilities in divestment group held for sale respectively. However, comparative figures from previous years relating to bank's assets and liabilities have not been reclassified in this way.

The information provided in Note 10 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 applies from I January 2019. The implementation of the standard implies that virtually all lease contracts are reported in the Balance Sheet. The standard does not distinguish between operating and financial lease contracts. An asset (the right to use a leased asset) and a financial liability corresponding to the company's commitment to pay lease charges must be reported for virtually all lease commitments. One exception exists for short contracts and contracts of minor value. Catella mainly has leasing contracts for office premises and cars. Catella applies the simplified standard, and does not restate comparative figures. Accordingly, Catella reports two new items in the Consolidated Statement of Financial Position: Contractual Assets and Contractual Liabilities. which totalled SEK 266 M and SEK 267 M respectively as of 30 June 2019. The Consolidated Income Statement includes amortisation and depreciation of Contractual assets of SEK 32 M in the first halfyear 2019, and Contractual liabilities of SEK 9 M. Rental costs are no longer included in the Consolidated Income Statement. The new accounting standard also affects Group KPIs. The equity/asset ratio for remaining operations had decreased by some 3% as of 30 June 2019. Operating margin and profit margin for remaining operations were only marginally impacted in the first half-year of 2019.

The Group's and Parent Company's key accounting principles are presented in Catella's Annual Report for 2018. 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 85 M as of 30 June 2019. The remaining investment commitment in Nordic Seeding GmbH and Grand Central Beteiligungs GmbH amounted to SEK 5 M. For more information, see Note 3 of this report and Notes 20 and 39 in the Annual Report 2018.

Catella's German subsidiary Catella Project Management GmbH operated the property development projects within associated companies Nordic Seeding GmbH and Grand Central Beteiligungs GmbH. In the second quarter 2019, CPM invoiced Nordic Seeding GmbH and Grand Central Beteiligungs GmbH a total of SEK 13 M relating to services provided. In addition, CPM recorded performance related remuneration of SEK 10 M attributable to the sale of the Living Lyon project, in accordance with the applicable agreement. No part of this income was eliminated in Catella's Consolidated Income Statement as the associated companies fall outside Catella's associated enterprises.

Catella has made investments totalling SEK 80 M in associated company Kaktus I TopCo ApS which has acquired land with building rights for student housing in Copenhagen. Catella's total investment undertaking amounted to some SEK 140 M, and the remaining investment undertaking totalled some SEK 59 M.

Catella's Danish subsidiary Catella Investment Management A/S operates the property development project in associated company Kaktus I TopCo ApS. In the second quarter of 2019, Catella Investment Management A/S invoiced Kaktus | TopCo ApS SEK I M for services rendered under agreement. No part of income was eliminated in Catella's Consolidated Income Statement as the associated company falls outside Catella's associated enterprises.

Forecast

Catella does not publish forecasts.

Audit

This Interim Report has not been subject to review by the Company's Auditors.

Financial calendar

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

More information on Catella and all financial reports are available at catella.com.

The information in this Report is mandatory for Catella AB to publish in accordance with the EU's Market Abuse Regulation and the Swedish Securities Markets Act. This information was submitted to the market, through the agency of the above contact, for publication on 23 August 2019 at 07:00 a.m. CET.

The undersigned certify that this Interim report gives a true and fair view of the Parent Company's and the Group's operations, financial position and results of operations, and describes the material risks and uncertainties facing the Parent Company and companies included in the Group.

Stockholm, Sweden, 23 August 2019 Catella AB (publ)

Johan Claesson Chairman of the Board

Johan Damne, Board member

Joachim Gahm Board member

Anna Ramel, Board member

Jan Roxendal, Board member

Knut Pedersen, President and CEO

	2019	2018	2019	2018	2018
SEK M Note	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jan-Dec

Net sales	677	596	1,124	1,007	2,159
Other operating income	11	8	18	38	57
Total income	688	604	1,142	1,046	2,216
Assignment expenses and commission	-136	-119	-213	-201	-389
Other external expenses	-107	-118	-208	-218	-471
Personnel costs	-252	-217	-441	-384	-960
Depreciation	-30	-5	-57	-	-26
Other operating expenses	-	-25	3	-31	-18
Operating profit/loss	164	119	226	200	352
Interest income	6	4	11	8	18
Interest expenses	-13	4	-25	9	-27
Other financial items	-	-4	-10	-	-6
Financial items-net	-6	-4	-23	-	-15
Profit/loss before tax	157	115	203	201	337
Tax	-44	-40	-67	-63	-127
Profit for the period from continuing operations	114	75	136	138	210
Operations held for sale:
Profit for the period from divestment group held for sale	7 -49	-37	୧।	-28	-238
Net profit/loss for the period	64	39	197	80	-28
Profit/loss attributable to:
Shareholders of the Parent Company	38	13	149	35	-112
Non-controlling interests	27	26	49	46	84
	64	39	197	80	-28
Earnings per share attributable to shareholders of the Parent Company, SEK
Continuing operations
- before dilution	1.01	0:59	1.02	1.10	1.50
- after dilution	0.99	0.56	0.99	1.04	1.43
Divestment groups held for sale
- before dilution	-0.57	-0.43	0.71	-0.69	-2.83
- after dilution	-0.56	-0.41	0.69	-0.65	-2.69
Total operations
- before dilution	0.44	0.16	1.72	0.41	-1.33
- after dilution	0.43	0.15	1.68	0.39	-1.26
No. of shares at end of the period	86,281,905	84,115,238	86,281,905	84,115,238	84,115,238
Average weighted number of shares after dilution	87,996,972	88,724,128	88,718,244	89,081,634	88,663,683

	2019	2018	2019	2018	2018
SEK M	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jan-Dec
Net profit/loss for the period	64	39	197	80	-28
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 through other comprehensive income	7	8	19	9	9
Hedging of net investment	-9	-0	-14	-0	12
Translation differences	7	=	40	62	49
Other comprehensive income for the period, net after tax	5	18	45	7	70
Total comprehensive income/loss for the period	70	56	242	151	42
Profit/loss attributable to:
Shareholders of the Parent Company	43	31	193	103	-43
Non-controlling interests	27	26	50	48	૪૯
	70	56	747	പ്	47

SEK M Note	2019 30 Jun	2018 30 Jun	2018 31 Dec

ASSETS
Non-current assets
Intangible assets	648	396	646
Contract assets	266	0	0
Property, plant and equipment	28	34	29
3 Holdings in associated companies	157	203	।। ୧
3, 4, 5 Other non-current securities	345	467	337
Deferred tax receivables	81	I O I	81
Other non-current receivables	6	286	6
	1,530	1,788	1,215
Current assets
Current loan receivables	0	701	0
Accounts receivable and other receivables	୧୧।	1,126	737
3, 4, 5 Current investments	133	77	123
Cash and cash equivalents *	677	3,392	687
	1,461	5,296	1,547

7 Assets in divestment groups held for sale	ਰੇਤੇ ਕੇ ਉੱਚੇ ਉੱਚੇ ਉੱਚ ਉੱਚ ਉੱਚ ਉੱਚ ਉੱਚ ਉੱਚ ਉੱਚ ਉੱਚ ਉੱਚ ਉੱਚ ਉੱਚ ਉੱਚ ਉੱਚ ਉੱਚ ਉੱਚ ਉੱਚ ਉੱਚ ਉੱਚ ਉੱਚ ਉੱਚ ਉੱਚ ਉੱਚ ਉੱਚ ਉੱਚ ਉੱਚ ਉੱਚ ਉੱਚ ਉੱਚ ਉੱਚ ਉੱਚ ਉੱਚ ਉੱਚ ਉੱਚ ਉੱਚ ਉੱਚ ਉੱਚ ਉੱਚ ਉੱਚ ਉੱਚ	0	4,247
	2,420	5,296	5,794
Total assets	3,950	7,084	7,009


EQUITY AND LIABILITIES
Equity
Share capital	173	। ୧୫	। ୧୫
Other contributed capital	280	270	270
Reserves	48	4	4
Profit brought forward including net profit for the period	1,044	1,146	1,000
Equity attributable to shareholders of the Parent Company	1,544	। '288	1,442
Non-controlling interests	228	203	205
Total equity	1,772	1,791	1,647

Liabilities
Non-current liabilities
Long-term loan liabilities	745	748	748
Contract liabilities	267	0	0
Deferred tax liabilities	29	40	29
Other provisions	52	5	53
	1,094	793	83 I

Current liabilities
Borrowings	0	214	0
Current loan liabilities	0	3,493	0
Accounts payable and other liabilities	569	୧୫୧	714
Tax liabilities	49 617	108 4,501	77 790

7 Liabilities in disposal groups held for sale	467	0	3,741
	1,084	4,501	4,531
Total liabilities	2,178	5,294	5,362

Total equity and liabilities	3,950	7,084	7,009
* Of which pledged and blocked liquid funds		209	205

	2019	2018	2019	2018	2018
SEK M	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	lan-Dec
Cash flow from operating activities
Profit/loss before tax	ರಿಕ	74	297	1 38	44
Adjustments for non-cash items:
Wind down expenses	0	0	42	0	ા ટેટ
Other financial items	4	6	-233	0	5
Depreciation	31	l O	58	। ୧	32
Impairment / reversal of impairment of current receivables	7	-3	10	-3	3
Change in provisions	- I	-0	- I	-	-2
Reported interest income from loan portfolios	-4	-4	9	-7	-। ୧
Acquisition expenses	0	0	0	0	5
Profit/loss from participations in associated companies	5	27	-7	32	18
Personnel costs not affecting cash flow	10	6	3	8	49
Other non-cash items	0	0	0	-	-
Paid income tax	-107	-34	-174	-92	-154
Cash flow from operating activities before changes in working capital	33	8 I	- 14	92	140

Cash flow from changes in working capital
Increase (-)/decrease (+) of operating receivables	450	-356	1,542	-172	-66
Increase (+) / decrease (-) in operating liabilities	-216	779	-3,500	370	271
Cash flow from operating activities	267	504	-1,972	290	344

Cash flow from investing activities
Purchase of property, plant and equipment	- I	-4	3	-	-। ୧
Purchase of intangible assets	3	7	6	-10	-19
Purchase of subsidiaries, after deductions for acquired cash and cash equivalents	0	0	0	- ਰੇਖੇ	-428
Sale of subsidiaries, net of cash disposed	0	0	-0		-
Business transfers net of advisory costs	2	0	247
Purchase of associated companies	-26	-154	-29	-192	-246
Dividend and other disbursements from associated companies	0	0	0	0	157
Purchase of financial assets	-34	-45	-45	-86	-85
Sale of financial assets	24	17	20	35	62
Cash flow from loan portfolios	4	4	6	90	97
Cash flow from investing activities	-37	-188	192	-372	-479

Cash flow from financing activities
Re-purchase of share warrants	0	0	-4
New share issue	0	। ୧	18	21	21
Borrowings	-4	253	-4	253	252
Amortisation of leasing debt	-14	0	-31
Dividend	-104	-84	-104	-84	-84
Transactions with, and payments to, non-controlling interests	-28	-35	-31	-35	-100
Cash flow from financing activities	-150	150	-155	।	89

Cash flow for the period	80	465	-1,934	73	-45
Cash and cash equivalents at beginning of period	1,261	2,886	3,234	3,177	3,177
Exchange rate differences in cash and cash equivalents	31	41	72	142	102
Cash and cash equivalents at end of the period *	1,372	3,392	1,372	3,392	3,234

Of which cash flow from divestment groups held for sale:
Cash flow from operating activities	ರಿನ	576	-2,180	346	174
Cash flow from investing activities	9	-3	268	0	0
Cash flow from financing activities	0	0	0	0	170
Cash flow for the period from divestment groups held for sale	114	574	-1,911	346	344

* Of which cash and cash equivalents recognised in Assets in disposal groups held for sale	655		695		2,547

Consolidated Statement of Changes in Equity

		Equity attributable to shareholders of the Parent Company
SEK M	Share capital	Other contributed capital *	Fair value reserve		Profit brought forward incl. Translation net profit/loss reserve for the period	Total	Non- controlling interests **	Total equity
Opening balance at 1 January 2019	168	270	22	-19	1,000	1,442	205	1,647
Comprehensive income for January - June 2019:
Net profit/loss for the period					149	149	49	197
Other comprehensive income, net of tax			19	25		44		45
Comprehensive income/loss for the period			19	25	149	193	50	242
Transactions with shareholders:
Transactions with non-controlling interests					-2	-2	-27	-29
Re-purchase of warrants issued		-4				-4		-4
New share issue	4	14				18		18
Dividend					-104	-104		-104
Closing balance at 30 June 2019	173	280	41	6	1,044	1,544	228	1,772

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

** Holdings in non-controlling interests are attributable in Systematic Funds and Property Fund, and several subsitiaries in Property Asset Plangenett and Corporate Finance.

In March 2019, warant holders exercised 2,166,67 warrants to subscribe for an equal number of new shares at a price of SEK 8.40 per shere issued on 8 April 2019 by registration with the Swedish Companies 20,000 varrants were re-purchased de to Group Mangenent changes in Catella A. In the Consolicated Accounts, the repurchase of share warrants is reported on the extent it consists of non-restricted equity, and the remainder against retained earnings. No warrant transactions took placer 2019. As of 30 June 2019, the parent company had a total of 2,33,334 varrants outstanding, of which 16,667 in trasury.

					Equity attributable to shareholders of the Parent Company
SEK M	Share capital	Other contributed capital *	Fair value reserve		Profit brought forward incl. Translation net profit/loss reserve for the period	Total	Non- controlling interests **	Total equity
Opening balance at 1 January 2018	164	253	12	-77	1.377	1,729	24	1,943
Adjustment for retroactive application of IFRS 9
Increased provision for anticipated credit losses in accordance with IFRS 9					-2	-2		-2
Adjusted opening balance at I January 2019	164	253	12	-77	1,375	1,726	214	1,940
Comprehensive income for January - June 2018:
Net profit/loss for the period					35	35	46	80
Other comprehensive income, net of tax			9	ਦੇ ਰੇ	-	୧୫	3	7
Comprehensive income/loss for the period			9	ਟ ਰੇ	34	103	48	15
Transactions with shareholders:
Transactions with non-controlling interests					-179	-179	-59	-238
New share issue	5	17				21		21
Dividend					-84	-84		-84
Closing balance at 30 June 2018	। ୧୫	270	22	-18	1.146	1,588	203	1.791

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

** Holdings in non-controlling interests are attributable in Systematic Euros and Property Funds and subsitiaries in Property Asset Paragenert and Corporate Finance.

In the first half-year 2018, 2,266,666 varants were utlised or an equal number of SEK 9.40 per share, and 6,667 warrants held in treasury expired without being utilised. As of 30 June 2018, the parent company had a total of 4,666,667 warrants outstanding, of which 133,333 in treasury.

		Corporate Finance			Asset Management			Other			Group
	2019	2018		2019	2018		2019	2018		2019	2018
SEK M Note	Apr-Jun	Apr-Jun		Apr-Jun	Apr-Jun		Apr-Jun	Apr-Jun		Apr-Jun	Apr-Jun
Net sales	। 65	157		514	441		3	-		677	596
Other operating income	-	2		6	6		4	-0		11	8
l otal income	166	। ਟੇਰੇ		520	447		-	-2		688	604
Assignment expenses and
commission	-17	-10		-122	-109		3	0		-136	-119
Other external expenses	-40	-44		-68	-61		-	-13		-107	-118
Personnel costs	90	-90		-148	-121		-14	-6		-252	-217
Depreciation	5	- I		-22	-4		-4	-0		-30	-5
Other operating expenses	-	2		-0	-		-	-27		-	-25
Operating profit/loss	15	। ୧		160	152		-12	-48		164	। 19
Interest income	-	0		0	0		5	4		6	4
Interest expenses	-2	- I		-4	-0		7	-2		-13	-4
Other financial items	0	- I		3	-8		3	4		-	-4
Financial items-net	- I	- I		6	8		-	6		-6	-4
Profit/loss before tax	14	14		154	144		-	-43		157	115

Tax	-3	-7		-42	-39		2	5		-44	-40
Profit for the period from continuing	-	7		112	105		9	-37		114	75
Operations held for sale:
Profit for the period from divestment group held for sale	7 0	0		-49	-36		-0	-0		-49	-37
Net profit/loss for the period	1 1	7		63	ਦਰੇ		9	-37		64	39

Profit/loss attributable to shareholders of the Parent Company	11	7		36	43		-9	-37		38	13
		Corporate Finance			Asset Management			Other			Group
	2019
		2018	2018	2019	2018	2018	2019	2018	2018	2019	2018	2018
SEK M Note	an-Jun	an-Jun	Jan-Dec	an-Jun	Jan-Jun	Jan-Dec	Jan-Jun	Jan-Jun	Jan-Dec	an-Jun	Jan-Jun	Jan-Dec
Net sales	268	266	710	861	745	1,457	5	-4	-9	1,124	1,007	2,159
	2	3	5	10	36	23	6	-	-0	18	38	57
Other operating income l otal income	270	270	715	871	781	1,510	-	-5	9	1,142	1,046	2,216
Assignment expenses and
commission	-26	-। ୧	-88	-190	-185	-301	3	0	0	-213	-201	-389
Other external expenses	-77	-80	-175	-130	-118	-268	- I	-20	-27	-208	-218	-471
Personnel costs	-156	-160	-405	-264	-213	-521	-20	-12	-33	-441	-384	-960
Depreciation	9	-2	-5	-40	-8	-20	-8	-	-	-57	-	-26
Other operating expenses	2	3	7	0	-2	-8	-	-32	-16	3	-31	-18
Operating profit/loss	3	14	49	247	255	391	-23	-68	-87	226	200	352
Interest income	-	0	2	0	0	-	10	8	5	11	8	18
Interest expenses	-4	-2	-3	8	-2	3	-13	-6	-20	-25	9	-27
Other financial items	-0	-	-	-13	-9	-13	4	I O	6	-10	-	-6
	-3	-0	-0	-21	-	-16	0		-	-23		-15
Financial items-net Profit/loss before tax	-0	14	48	226	244	375	-23	-57	-86	203	201	337

Tax Profit for the period from continuing operations	6 -6	-12 2	-33 । 5	-64 162	-64 180	-104 27 I	3 -20	l 3 -44	- -76	-67 136	-63 138	-127 210
Operations held for sale:
Profit for the period from divestment group held for sale	7 0	0	0	୧।	-28	-242	-	-0	4	୧।	-28	-238
Net profit/loss for the period	-6	2	। 5	223	122	29	-19	-44	-72	197	80	-28

	Corporate Finance
	2019	2019	2018	2018	2018	2018	2017	2017
SEK M	Apr-Jun	Jan-Mar	Oct-Dec	Jul-Sep	Apr-Jun	lan-Mar	Oct-Dec	Jul-Sep
Net sales	165	102	299	45	157	110	262	143
Other operating income	-				2		0
Total income	166	103	299	46	159		262	44
Assignment expenses and commission	-17	- d	-50	-22	-10	-6	-29	-13
Other external expenses	-40	-37	-58	-38	-44	-36	-33	-33
Personnel costs	-90	-66	-163	-82	-90	-70	-155	-75
Depreciation	-5	-5	-	-	-	-	-	-
Other operating expenses	-		3	2	2		-
Operating profit/loss	15	-12	30	5	16	-2	43	23
Interest income		0	0		0	0	0	0
Interest expenses	-2	-2	-	-	-		-	-
Other financial items	0	-0	0	-0	- I	2	-	0
Financial items-net	-	-2	-0	0	-	-	0	-0
Profit/loss before tax	14	- 4	29	5	14	-0	44	23
Tax	-3	-2	-18	-4	-7	-5	-15	-8
Periodens resultat	-	-16	-		7	-5	29	। ਟ
Profit/loss attributable to shareholders of the Parent Company	-	-16	12		7	-5	29	15

	Asset Management
	2019	2019	2018	2018	2018	2018	2017	2017
SEK M	Apr-Jun	an-Mar	Oct-Dec	Jul-Sep	Apr-Jun	Jan-Mar	Oct-Dec	Jul-Sep
Net sales	514	347	390	323	441	304	424	314
Other operating income	6	4	12	5	6	30	10	2
Total income	520	351	401	328	447	334	435	316
Assignment expenses and commission	-122	-68	-51	-66	-109	-76	-74	-62
Other external expenses	-68	-63	-89	-61	-61	-57	-73	-44
Personnel costs	-148	-116	-209	-100	-121	-91	-149	-98
Depreciation	-22	-18	-8	-4	-4	-4	-4	-5
Other operating expenses	-0	0	-4	-2	-	-3	-	-3
Operating profit/loss	160	86	41	તેને	152	103	34	102
Interest income	0	-0	0	0	0	0	0	0
Interest expenses	4	-4	-	-	-0	-	-0	-0
Other financial items	-3	-	4	-8	-8	-	-	-
Financial items net	-6	- 4	3	-8	-8	-2	-
Profit/loss before tax	154	72	44	87	144	100	33	103
Tax	-42	-22	-18	-22	-39	-26	-34	-27
Profit for the period from continuing operations	112	50	26	ર્ ર	105	75	ਰੇਰੇ	77
Operations held for sale:
Profit for the period from divestment group held for sale	-49	110	-150	-34	-36	-21	-49	-
Net profit/loss for the period	63	160	-123	31	69	53	50	76
Profit/loss attributable to shareholders of the Parent Company	36	138	-137	6	43	33	30	51

	Corporate Finance		Asset Management			Other			Group
SEK M	2019 30 Jun	2018 30 Jun	2018 31 Dec	2019 30 Jun	2018 30 Jun	2018 31 Dec	2019 30 Jun	2018 30 Jun	2018 31 Dec	2019 30 Jun	2018 30 Jun	2018 31 Dec
ASSETS
Non-current assets
Intangible assets	66	୧୮	୧୮	524	273	525	58	58	ટર્	648	396	646
Contract assets	48	0	0	197	0	0	20	0	0	266	0	0
Property, plant and equipment	10	l 2	11	17	21	l 8	0	-		28	34	29
Holdings in associated companies	0	0	0	17	। ୧	। ୧	141	187	100	157	203	।। ୧
Other non-current securities	0	0	0	145	233	142	200	234	194	345	467	337
Deferred tax receivables	0	0	0	11	31	11	70	70	70	81	101	8 l
Other non-current receivables	18 142	। ୧ 94	17 94	2 912	582 1,156	2 714	-13 476	-12 239	-13 408	6 1,530	286 1,788	6 1,215
Current assets
Current loan receivables	0	0	0	0	701	0	0	0	0	0	701	0
Accounts receivable and other receivables	162	ા ટેર્ણ	ા 86	415	947	482	74	23	રતે	୧୧।	1,126	737
Current investments	0	0	0	51	୧।	52	81	। ୧	7 I	133	77	123
Cash and cash equivalents	118 281	108 264	185 371	571 1,037	2,942 4,652	486 1,020	-12 143	342 380	17 । 56	677 1,461	3,392 5,296	687 1,547
Assets in divestment groups held for sale	0	0	0	1,034	0	4,249	-75	0	-2	વેરવે	0	4,247
	281	264	371	2,071	4,652	5,269	68	380	। 55	2,420	5,296	5,794
Total assets	423	357	465	2,983	5,808	5,982	543	ਰੇ। ਰੇ	562	3,950	7,084	7,009
EQUITY AND LIABILITIES
Equity
Equity attributable to shareholders of the Parent Company	27	42	35	1,579	1,096	1,389	-62	450	18	1,544	1,588	1,442
Non-controlling interests	19	। ୧	34	209	187	171	-0	-0	-0	228	203	205
l otal equity Liabilities	46	58	ਦਰੇ	1,788	1,283	1,560	-62	450	17	1,772	1,791	1,647

Non-current liabilities Long-term loan liabilities	0	0	0	0	0	0	745	748	748	745	748	748
Contract liabilities	49	0	0	201	0	0	17	0	0	267	0	0
Other non-current liabilities	105	0	101	। 3	12	12	-118	-12	-114	0	0	0
Deferred tax liabilities	0	0	0	18	29	l 8	=	-	-	29	40	29
Other provisions	0	2	0	52	3	53	0	0	0	52	5	53
	155	3	102	284	43	84	655	747	646	1,094	793	83 I
Current liabilities
Borrowings	0	0	0	0	214	0	0	0	0	0	214	0
Current loan liabilities	0	0	0	0	3,493	0	0	0	0	0	3,493	0
Accounts payable and other liabilities	216	279	261	432	୧୫୮	548	-79	-277	-95	569	୧୫୧	714
Tax liabilities	6 222	l 8 296	33 293	43 474	91 4,482	44 591	0 -79	0 -277	0 -94	49 617	108 4,501	77 790

Liabilities in disposal groups held for sale	0	0	0	437	0	3,747	30	0	-6	467	0	3,741
	222	296	293	912	4,482	4,338	-49	-277	-101	1,084	4,501	4,531
Total liabilities	377	299	395	1,195	4,525	4,422	606	469	545	2,178	5,294	5,362
I otal equity and liabilities	423	357	465	2,983	5,808	5,982	543	ਰੇ ਰੇ	562	3,950	7,084	7,009

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 at-tract capital for the projects and products Catella is working with. Over the coming years, Catella intends to set aside capital for these investments, which are primarily in the property sphere.

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 returns (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 managed 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 with the aim to 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.

oldings in	Other non-current

	1 16191122 111	ବିଷ୍ପାତା ପାଇପା ବିଧାନ ସଭାକ
OTHER, SEK M	associated companies		securities Current investments	Total
Property Development Projects *	141			4
Loan portfolios		163	60	223
Other holdings	-	41		57
Total	140	204	77	421

Investment commitments

* The investments include the risk that Catella might find in the company is forced to choose between continuing to invest in lates tages of projects on the projects on the p completion or leaving the project and losing the invested capital.

Comments on Catella's principal investments in the second quarter 2019

Catella's principal investments are reported under the 'Other' category in the Consolidated Income Statement and Statement of Financial Position, see Notes I and 2. As of 30 June 2019, the principal investments totalled SEK 421 M, an increase of SEK 47 M on the previous quarter. The increase is mainly comprised of additional investments in property development projects of SEK 26 M, profit recognition of the property development project Living Lyon of SEK 2 M and fair value adjustments on loan portfolios and other holdings of SEK 13 M.

Catellas has recognized profit before tax related to the project Living Lyon totalled SEK 19 M, of which SEK 3 M in the second quarter 2019. This corresponds to a return of 24% (IRR) on Catella's investment.

Property development projects

Grand 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 comprise securitised European loans with primary exposure in housing. The performance of the loan portfolios is closely monitored and remeasurements are continuously performed. Forecasts are conducted by the French investment advisor Cartesia S.A.S. The book value in Catella's Consolidated Accounts is determined based on the projected discounted cash flows mainly comprising interest payments but also amortisation.

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	52.8	17.8%	52.0	23.8%	6.0%	0.3
Pastor 3 **	Spain
Pastor 4	Spain	33.7	11.4%	15.0	6.9%	11.0%	7.8
Pastor 5 **	Spain
Lusitano 3	Portugal	78.2	26.4%	65.2	29.8%	6.0%	3.2
Lusitano 4 **	Portugal
Lusitano 5	Portugal	131.7	44.5%	86.7	39.6%	11.0%	4.2
Gems	Germany
Minotaure ****	France
Ludgate ****	UK
Sestante 2 **	Italy
Sestante 3 **	Italy
Sestante 4 **	Italy
Sestante 4 Al	Italy
Total cash flow ***		296.3	100.0%	219.0	100%	0.8%	3.6
Accrued interest				-219.0
Carrying amount in consolidated balance sheet				0.0

* 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 assumptions 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. More information about the loan portfolio can be found on Catella's website.

Cash flow projections

The portfolio is measured according to the fair-value method, according to the definition in IFRS. In the absence of a functional and sufficiently liquid market for essentially all investments and comparable subordinated investments, valuation is performed using the mark-to-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 external investment advisor Cartesia. The credit assumptions produced by Cartesia are based on historical performance of the individual investments and a broad selection

of comparable transactions. In the projected cash flows, an assumption is made of the potential weakening of the credit variables. These do not include the full effect of a scenario, with low probability and high potential negative impact, such as the dissolution of the Eurozone, where one of the countries in which EETI has its underlying investments, leaves the European monetary union or similar scenarios. Adjustments of cash flows impact the value and are presented 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 were also determined relative to other assets in the absence of market prices for the assets held by EETI. Each quarter, the Board of EETI evaluates forecast cash flows and assumptions in combination with market pricing of other assets, in order to make potential adjustments to discount rates in addition to index variations. 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 or represented by owner ship of the same asset class are prioritized in instances of default or if the loss exceeds predetermined levels. This could lead to interruptions in Catella's expected revenue flow from its investment portfolio. For more information, see Note 23 in the Annual Report for 2018.

Actual and forecast cash flows from the loan portfolio*

SEK M				Spain			Portugal	Italy		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 来	Ludgate **	Outcome Forecast		D!#
Outcome
Full year	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
Full year	2010	7.8				2.7	0.0		3.3	6.1	0.7	5.8	8.8	0.5	35.6	35.7	-0.1
Full year	2011	9.8				11.1	0.0	0.6	3.3	4.4	0.9	5.7	6.9	0.4	43.1	28.4	14.7
Full year	2012	4.5				10.2	0.0	0.5	0.8		0.7	5.2	3.7	0.1	25.8	30.1	-4.3
Full year	2013	0.2				2.7	0.0	0.4			0.4	1.2	-	0.2	5.0	7.5	-2.5
Full year	2014	0.3				6.7	0.0	0.4			0.4		-	13.1	20.9	12.8	8.1
Full year	2015	0. I				3.7	0.0	0.5			0.3			16.9	21.5	23.2	-1.6
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
Q3	2016					0.9	-	0.1					-	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
Q3	2017					1.8	-							4.6	6.4	5.0	1.4
Q4	20 7	0.0				3.8								2.7	6.5	4.8	1.7
QI	2018	0.0				3.1	-								3.1	2.6	0.5
Q2	2018	0.0				2.4									2.4	2.7	-0.3
Q3	2018	0.0				2.1									2.2	2.2	-0.1
Q4	2018					3.6									3.6	2.3	1.3
QI	2019	0.0				1.9	-								1.9	2.2	-0.3
Q2	2019	0.0				4.3									4.3	2.3	2.0
Total		27.2	0.0	0.0	0.0	72.2	0.8	2.9	8.4	12.2	50.4	19.4	21.7	59.3	274.5	246.9	27.7

															Forecast
Forecast															Quarter/ Year	Acc.
Q3	2019	52.8				2.4	-								55.2	55.2
Q4	2019					2.7	-								2.7	57.9
Full year	2020			-		11.3	-								11.3	69.2
Full year	2021					12.2	31.0								43.3	112.5
Full year	2022					15.1	28.2								43.3	155.8
Full year	2023					14.7	30.5								45.2	201.1
Full year	2024					19.6	20.2								39.8	240.9
Full year	2025						2.0								2.0	242.9
Full year	2026						1.7								1.7	244.6
Full year	2027			33.7			18.1								51.7	296.3
Total		52.8	0.0	33.7	0.0	78.2	131.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	296.3

* The forecast was produced by invesment advisor Caresia S.A.S.
** Shield was divested in Q4 2011, Memphis in Q2 2013. Gens was re-purchased in Q1 2016 by the issuer. Ludga

Note 4 Short and long-term investments

SEK M	30 June 2019
Loan portfolios	223
Operation-related investments	206
Other securities	48
Total *	477

* of which short-term investments SEK 133 M and long-term investments SEK 345 M.

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

In accordance with IFRS 7, financial instruments are recognized on the basis of fair value hierarchically with three different levels. Classification is based on the input data used for measuring instruments. Quoted prices on an active market on the reporting date are applied for level 1. Ob-

servable 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 2018.

The Group's assets and liabilities measured at fair value as of 30 June 2019 are stated in the following table.

SEK M	Tier I	Tier 2	lier 3	Total
ASSETS
Derivative instruments		13		l 3
Financial assets measured at fair value through profit or loss	56	। 19	289	464
Total assets	56	132	289	477
I IABILITIES
Derivative instruments		0		0
Total liabilities	0	0	0	0

No changes between levels occurred the previous year.

CHANGE ANALYSIS, FINANCIAL ASSETS, LEVEL 3 IN THE FIRST HALF-YEAR 2019

	2019

as of I January	275
Purchases	4
Disposals	0
Amortisation	-4
Gains and losses recognised through profit or loss	8
Exchange rate differences	1
At 30 June	289

Note 6 Pledged assets and contingent liabilities

Pledged assets

	2019	2018	2018
SEK M	30 Jun	30 Jun	31 Dec
Cash and cash equivalents	98	209	205
Other pledged assets	19	52	49
	117	261	255
Of which pledged assets related to divestment groups held for sale:
Cash and cash equivalents	54		167
Other pledged assets	19		49
	73		217

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 made available at all times for regulatory reasons as well as frozen funds for other purposes.

Contingent liabilities

	2.019	2.018	2018
SEK M	30 Jun	30 Jun	31 Dec
Client funds managed on behalf of clients	9	85	91
Other contingent liabilities	6	15	6
	15	100	97
Of which contingent liabilities related to divestment groups held for sale:
Client funds managed on behalf of clients	9		91
Other contingent liabilities	5		5
	14		96

Client funds relate to assets belonging to customers and 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 relate to guarantees which were primarily provided for rental contracts with landlords.

Commitments

	2.019	2.018	2018
SEK M	30 Jun	30 Jun	31 Dec
Unutilised credit facilities, granted by Catella Bank	રક	2.719	2.760
lnvestment commitments	87	୧।	113
Other commitments	0		ന
	152	2,783	2,876
Of which commitments related to divestment groups held for sale:
Unutilised credit facilities, granted by Catella Bank	65		2.760
Investment commitments	0		0
Other commitments	0		3
	65		2,763

Unutilised credit facilities mainly relate to the credit commitments issued by Catella Bank to credit card clients. A majority of these commitments were transferred to Advanzia Bank as of I April 2019.

Investment commitments mainly relate to associated companies Kaktus I TopCo ApS and the unlisted holding in Pamica 2 AB.

Note 7 Disposal group held for sale

The Banking business area is reported as a disposal group held for sale in the Consolidated Income Statement. Comparative figures from previous years have been reported in a corresponding manner. The condensed Income Statement and Statement of Financial Position for the Banking business area presented below excludes eliminations between the Corporate Finance and Asset Management (and Banking) operating segments.

Second quarter 2019

Total income was SEK 16 M (88), and profit/loss for the period was SEK -49 M (-36).

Profit/loss in the period was negatively influenced by lower earnings due to Banking's operations: Wealth Management in Sweden and Luxembourg and the card issuing operations were divested in the first quarter of 2019. Other costs are expected to decrease over the coming quarters, and include functions required for Banking's

operations and fulfilling Catella's commitments under the agreement with Advanzia Bank.

Catella estimates that income from the additional purchase consideration will amount to SEK 126 M, which will be recognised for profit towards the end of 2019 or in early 2020 once the migration of card customers has been completed. Catella retains its assessment that shareholders' equity totalling SEK 437 M as of the third quarter 2018 will be protected.

SEK M 3 Months			6 Months		12 Months
	2019	2018	2019	2018	Rolling	2018
INCOME STATEMENT-CONDENSED	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	12 Months	Jan-Dec
Total income	। ୧	88	49	187	202	340
Other expenses	-72	-127	-199	-247	-594	-643
Financial items-net	-3	-2	244	-3	253	6
Profit/loss before tax	-59	-41	95	-63	-139	-297
Tax	9	5	-34	5	। ୧	55
Net profit/loss for the period	-49	-36	રા	-58	-123	-242
FINANCIAL POSITION - CONDENSED			2019	2018		2018
Assets			30 Jun	30 Jun		31 Dec
Loan receivables			48	1,266	-	1,036
Cash and cash equivalents			695	2,585	-	2,547
Other assets			291	620	-	666
Assets in divestment groups held for sale			1,034	4,471		4,249
Equity
Equity attributable to shareholders of the Parent Company			597	384		502
Non-controlling interests			0	0		0
Total equity			597	384		502
Liabilities
Borrowings and loan liabilities			213	3.707	-	3,397
Other liabilities			223	380		349
Liabilities in disposal groups held for sale			437	4.087		3.747
Total equity and liabilities			1.034	4.471		4,249

Note 8 Capital adequacy-consolidated financial situation

Catella AB and the subsidiaries that conduct operations regulated by Swedish or foreign financial supervisory authorities comprise a financial corporate Group, known as a consolidated financial situation. The consolidated financial situation is under the supervision of the Luxembourg supervisory authority, CSSF. Catella Bank S.A is the reporting entity and responsible institute. Group companies currently included in / excluded from the consolidated financial situation are shown in Note 20 of Catella's Annual Report 2018.

Discussions are underway with CSSF regarding the divestment of the bank's operations, reporting and other matters that apply to the consolidated financial situation.

The consolidated financial situation is obliged to adhere to the European Parliament's regulation (EU) 575/32013 (CRR).

The Annual Account s for Credit Institutions and Investment Firms Act (1995: I 559), ÃRKL, 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 ÅRKL. Otherwise, please refer to Catella AB's consolidated accounts.

The following tables present extracts from the accounts of the consolidated financial situation.

Income Statement-condensed, consolidated financial situation

	2019	2018	2018
SEK M	Jan-Jun	Jan-Jun	Jan-Dec
Net sales	756	648	1,271
Other operating income	9	17	25
Total income	764	665	1,296
Assignment expenses & commission	-297	-213	-386
Income excl. direct assignment costs and commission	467	452	910
Operating expenses	-291	-276	-629
Operating profit/loss	177	176	281
Financial items-net	-4	-	-49
Profit/loss before tax	172	177	232
Tax	-42	-35	-73
Profit for the period from continuing operations	130	142	। ਦੇ ਰੇ
Operations held for sale:
Profit for the period from divestment group held for sale	୧।	-56	-238
Net profit/loss for the period	191	86	-79
Profit/loss attributable to:
Shareholders of the Parent Company	143	41	-163
Non-controlling interests	48	46	84
	191	86	-79
Employees at end of period	294	357	339

Financial position—condensed, consolidated financial situation

	2019	2018	2018
SEK M	30 Jun	30 Jun	31 Dec
Non-current assets	1.326	1.743	1.245
Current assets	1.158	5,199	1.145
Assets in divestment groups held for sale	959		4.247
Total assets	3,442	6,942	6,637

Equity	1.783	1.884	.661
Liabilities	1.192	5.058	.235
Liabilities in disposal groups held for sale	467		3.741
Total equity and liabilities	3,442	6,942	6,637

Capital adequacy—consolidated financial situation

The company Catella AB is a parent financial holding compand accordingly publishes disclosures on capital adequacy for the consolidated financial situation.

SEK M	2019	2018	2018
Common Equity Tier I capital	30 Jun 1,033	30 Jun 1,240	31 Dec 896
Additional Tier I capital	0	0	0
Tier 2 capital	0	0	0
Own funds	1,033	1,240	896
Total risk exposure amount	4,209	5,367	4,920
own Funds and Buffers
Own funds requirements Pillar I	337	429	394
of which own funds requirements for credit risk	142	256	216
of which own funds requirements for market risk	24	17	21
of which own funds requirements for operational risk	171	। રેણ	ા રેસ
of which own funds requirements for credit valuation adjustment risk	0	0	0
Own funds requirements Pillar 2	126	। ୧।	1 48
Institution-specific buffer requirements	149	194	175
Internal buffer	42	54	49
Total own funds and buffer requirements	654	838	766
Capital surplus after own funds and buffer requirements	379	402	1 30
Capital surplus after regulatory required own funds and buffer requirements	421	456	180
CAPITAL RATIOS, % OF TOTAL RISK EXPOSURE AMOUNT
Common Equity Tier I capital ratio	24.5	23.1	18.2
Tier I capital ratio	24.5	23.1	18.2
Total capital ratio	24.5	23.1	18.2
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	3.0
Institution-specific buffer requirements	3.5	3.6	3.6
of which requirement for capital conservation buffer	2.5	2.5	2.5
of which requirement for countercyclical capital buffer	1.0	1.1	1. I
Internal buffer	1.0	1.0	1.0
Total own funds and buffer requirements	15.5	15.6	15.6
Capital surplus after own funds and buffer requirements	9.0	7.5	2.6
Capital surplus after regulatory required own funds and buffer requirements	10.0	8.5	3.6

Catella AB's consolidated financial situation is in compliance with minimum capital base includes profitloss for the first quarter 2019 that has been reviewed by the Auditor.

	2019	2018	2018
Own funds, SEK M	30 Jun	30 Jun	31 Dec
Common Equity Tier I capital
Share capital and share premium reserve	440	404	404
Retained earnings and other reserves	1,343	1.480	1.258
Less:
Intangible assets	-287	-303	-285
Price adjustments	-26	-23	-24
Deferred tax receivables	-93	-70	-121
Qualifying holdings outside the financial sector	-154	-34	-185
Positive results attributable to sharenoiders of the Farent
Company and which are not yet verified by the Annual General Mosting		-4
Other deductions	-191	-173	-150
Total Common Equity Tier I capital	1.033	1,240	896
Additional Tier I capital			-
Tier 2 capital
Own funds	1,033	1,240	896

	2019		2018		2018
	30 Jun		30 Jun		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	SALTIST TOUTED requirements Pillar I
Credit risk according to Standardised Approach
Exposures to institutions	181	4	୧୮୧	49	446	36
Exposures to corporates	21	2	758	୧।	630	50
Exposures to retail	2	0	9		13
Exposures secured by mortgages on immovable property	20	2	218	17	125	I O
Exposures in default	200	ા ર	250	20	191	15
Items associated with particular high risk	179	14	188	15	180	4
Exposures in the form of covered bonds	3	0	3	0	4	0
Exposures to collective investment undertakings (funds)		0		0		0
Equity exposures	550	44	367	29	483	39
Other items	612	49	791	63	628	50
	1,771	142	3,201	256	2,701	216
Market risk
Interest risk	0	0	0	0	0	0
Foreign exchange risk	294	24	218	17	268	21
	294	24	218	17	268	21
Operational risk according to the Basic Indicator Approach	2, 43	171	1,948	156	1,948	156
Credit valuation adjustment risk		0		0	4	0
Total	4,209	337	5,367	429	4,920	394

Parent Company Income Statement

SEK M	2019	2018	2019	2018	2018
	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	lan-Dec
Net sales	4.6	4.6	9.2	9.2	31.2
Other operating income	0.0	0.0	0.0	0.0	1.2
Total income	4.6	4.6	9.2	9.2	32.5
Other external expenses	-13.8	-12.5	-21.1	-22.	-49.4
Personnel costs *	-6.6	-7.4	-13.0	-14.7	-38.4
Depreciation	-0.0	-0.0	-0.0	-0.0	-0.1
Other operating expenses	0.0	0.0	0.0	-0.0	-0.0
Operating profit/loss	-15.7	-15.3	-24.9	-27.6	-55.5
Profit/loss from participations in group companies	0.0	0.0	0.0	0.0	0.0
Interest income and similar profit/loss items	0.0	0.5	0.0	0.5	7.5
Interest expenses and similar profit/loss items	-26.0	-5.4	-40.3	-10.3	-25.
Financial items	-26.0	-4.9	-40.3	-9.8	-17.6
Profit/loss before tax	-41.8	-20.3	-65.3	-37.4	-73.1
Appropriations	0.0	0.0	0.0	0.0	236.2
Tax on net profit for the year	0.0	15.2	0.0	15.2	-19.8
Net profit/loss for the period	-41.8	-5.1	-65.3	-22.2	143.4

* Personnel costs include directors' fees

Parent Company Statement of Comprehensive Income

SEK M	2019 Apr-lun	2018 Apr-Jun	2019 an-Jun	2018 an-Jun	2018 lan-Dec
Net profit/loss for the period	-41.8	-5.1	-65.3	-22.2	143.4
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	-41.8	-5.1	-65.3	-22.2	143.4

Parent Company Balance Sheet-condensed

	2019	2018	2018
SEK M	30 Jun	30 Jun	31 Dec

Intangible assets	2.6	0.0	0.0
Property, plant and equipment	0.1	0.1	0.2
Participations in Group companies	1,052.6	852.6	1,052.6
Deferred tax receivables	0.0	35.0	0.0
Current receivables from Group companies	202.3	324.6	350.4
Other current receivables	9.8	10.3	5.6
Cash and cash equivalents	5.7	31.1	17.8
Total assets	1,273.3	1,253.7	1,426.5


Equity	504.0	489.0	654.6
Non-current liabilities	745.3	747.6	748.4
Current liabilities to Group companies	0.0	0.3	1.5
Other current liabilities	24.0	16.8	22.2
Total equity and liabilities	1,273.3	1,253.7	1,426.5

As of 30 June 2019, there were no pledged assets or contingent liabilities.

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 a limited 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 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.

Definitions

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/asset 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 an element of Catella's income.
Assets under management at year	Assets under management constitutes the value of Ca-	An element of Catella's income in Asset Management is
end	tella's customers' deposited/invested capital.	agreed with customers on the basis of the value of the un-
		derlying invested capital. Provides investors with a view of
		what drives an element of Catella's 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.

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

KPI, remaining operations (excl. Banking business area)

Calculation of performance measures for the Group

								3 Months			6 Months			12 Months
							2019		2018		2019	2018		Rolling	2018
GROUP							Apr-Jun		Apr-Jun		lan-Jun	Jan-Jun	12 Months		lan-Dec
Net profit/loss for the period, SEK M								114	75		136	138		209	210
Total income, SEK M								688	604		1.142	1.046		2.312	2,216
Profit margin, %								17	12		12	13		்	்
Equity, SEK M											1.176	1.321			1,145
Total assets, SEK M											2,915	2.613		-	2,760
Equity/Asset ratio, %											40	51			4
Net profit/loss for the period, SEK M *								87	50		88	92		122	127
No. of shares at end of the period							86,281,905 84,115,238					86,281,905 84,115,238			86,281,905 84,115,238
Earnings per share, SEK *
Equity, SEK M *											948	1.119			940
No. of shares at end of the period							86,281,905 84,115,238					86,281,905 84,115,238			86,281,905 84,115,238
Equity per share, SEK *											10.99	13.30			11.17
	2019	2019	2018	2018	2018		2018 2017 2017			2017 2017 2016		2016	2016	2016	2015
GROUP															Apr-Jun an-Mar Jct-Dec ul-Sep Apr-Jun an-Mar Jct-Dec ul-Sep Apr-Jun an-Mar Jct-Dec ul-Sep Apr-Jun an-Mar Oct-Dec
Net profit/loss for the period, SEK M *	87		9	25	50	43	114	60	37	34		32 33	44	32	116
Equity SEK M *	000	072	040	1 147	1119	1 122	726	1 105	1 050	1 097	1 062	1 079	1 020	1 040	1 024

1 1 1 12 1 2 1 8 1 8 1 1 1 1 2 2 20 1 2 24 2 2 2 2 2 2 1 1 15 2 2 13 1 13 2 1 4 1 1 1 14 1 Return on equity, %

Calculation of performance measures for the Corporate Finance operating segment

	3 Months		6 Months		l 2 Months
	2019	2018	2019	2018	Rolling	2018
CORPORATE FINANCE	Apr-Jun	Apr-Jun	Jan-Jun	lan-Jun	12 Months	lan-Dec
Net profit/loss for the period, SEK M			-6			15
Total income, SEK M	166	। ਟੈਰੇ	270	270	715	715
Profit margin, %	6	5	-2			2
Equity, SEK M		-	46	58	-	રેતે
Total assets, SEK M			423	357		464
Equity/Asset ratio, %			-	16	-	15

					2019 2019 2018 2018 2018 2018 2017 2017 2017 2017 2016 2016 2016 2016 2015
CORPORATE FINANČE					Apr-Jun Jan-Mar Oct-Dec Jul-Sep Apr-Jun Jan-Mar Jct-Dec Jul-Sep Apr-Jun Jan-Mar Jct-Dec Jul-Sep Apr-Jun Jan-Mar Dct-Dec
Net profit/loss for the period, SEK M *			-16 - 12		1 - 1 - 7 - 29 - 29 - 15 - 29 - 15 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 36 - - - - 8 - - 32
Equity, SEK M *	27	17	35		44			206 213
Return on equity, %	21	8 -	21	40 52	34 34 30	15 15 11 11 2 26 1	27

* Attributable to shareholders of the Parent Company.

Calculation of performance measures for the Asset Management operating segment

	3 Months 6 Months			l 2 Months
	2019	2018	2019	2018	Rolling	2018
ASSET MANAGEMENT	Apr- un	Apr-lun	an-Jun	an- un	l 2 Months	lan-Dec
Net profit/loss for the period, SEK M	12	1 65	162	180	254	271
Total income, SEK M	520	447	871	781	1.600	1.510
Profit margin, %	21	74	19	23	16	18
Equity, SEK M			1.192	814	-	1.058
Total assets, SEK M			1.949	1.337		1.733
Equity/Asset ratio, %			61	61	-	61

* Attributable to shareholders of the Parent Company.

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

										2019 2019 2018 2018 2018 2017 2017 2017 2017 2016 2016 2016 2016 2015
ASSET MANAGEMENT										Apr-Jun Jan-Mar Oct-Dec Jul-Sep Apr-Jun Jan-Mar Jct-Dec Jul-Sep Apr-Jun Jan-Mar Oct-Dec Jul-Sep Apr-Jun Jan-Mar Dct-Dec
Net profit/loss for the period, SEK M *	85	28			12 12 4 41 79 79 555 8 79		52 49		37 37 37	15 15 14 4 40 5 59
Equity, SEK M *	983	937							887 656 626 626 630 626 491 491 428 347 347 359 349 349 8343		365 325
Return on equity, %	20	22	29	46 52		52 52 51 44 38		29	31

* Attributable to shareholders of the Parent Company.

KPI, all operations (incl. Banking business area)

Selected KPIs per operating segment

	3 Months			6 Months	12 Months
	2019	2018	2019	2018	Rolling	2018
GROUP	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	12 Months	lan-Dec
Profit margin, %	9	6	17	7	4	-
Return on equity, % *			0	10		-7
Equity/Asset ratio, %			45	25		24
Equity, SEK M *			1,544	1,588		1,442
No. of employees, at end of period			646	662		706
Earnings per share, SEK *	0.44	0.16	1.72	0.41	0.02	-1.33
Equity per share, SEK *			17.89	18.87		17.14
CORPORATE FINANCE
Profit margin, %	6	5	-2			2
Return on equity, % *			21	52		21
Equity/Asset ratio, %				। ୧		15
Equity, SEK M *			27	42		35
No. of employees, at end of period			216	208		220
Property transaction volume for the period, SEK Bn	10.2	16.0	15.3	28.4	55.5	68.6
ASSET MANAGEMENT AND BANKING
Profit margin, %	12	13	24	13	8	2
Return on equity, % *			য	। ୧		-5
Equity/Asset ratio, %			୧୦	22		26
Equity, SEK M *			1,579	1.096		1,389
No. of employees, at end of period			4	438		466
Asset under management at end of period, SEK Bn			202.4	194.2		203.7
net in-(+) and outflow(-) during the period, mdkr	2.3	3.5	-14.0	-0.6	-13.5	-0.1
Card and payment volumes, SEK Bn	0.0	3.8	0.0	8.1	8.0	16.2

* Attributable to shareholders of the Parent Company.

Calculation of performance measures for the Group

		3 Months			6 Months	12 Months
						Rolling	2018
GROUP		Apr-Jun	Apr-Jun	lan-Jun	Jan-Jun	12 Months	lan-Dec
Net profit/loss for the period, SEK M		64	39	197	80	89	-28
Total income, SEK M		701	રેતે	1,188	1.231	2,509	2,553
Profit margin, %		9	6	17		4	-
Equity, SEK M				1,772	1,791		1,647
Total assets, SEK M				3,949	7.084	-	7.009
Equity/Asset ratio, %				45	25		24
Net profit/loss for the period, SEK M *		38	13	149	35	2	-112
No. of shares at end of the period			86,281,905 84,115,238		86,281,905 84,115,238		86,281,905 84,115,238
Earnings per share, SEK *
Equity, SEK M *				1.544	1.588		1.442
No. of shares at end of the period			86,281,905 84,115,238		86,281,905 84,115,238		86,281,905 84,115,238
Equity per share, SEK *				17.89	18.87		17.14
GROUP	2019 2019 2018 2018 2018 Apr-lun lan-Mar. 2ct-Dec. Jul-Sep Apr-lun lan-Mar. 2ct-Dec. Jul-Sep Apr-lun lan-Mar. 2ct-Dec	2018 2017 2017 2017		2017 2016	2016	2016	2016 2015

GROUP
Net profit/loss for the period, SEK M *	38	37	35 182	17 17 123
Equity, SEK M *				1,544 1,603 1,442 1,579 1,588 1,626 1,729 1,628 1,577 1,597 1,563 1,534 1,484 1,333 1,319
Return on equity, %	00 - - 1 - 1 - 7 - 7 - 1 - 5 - 10 - - 1 1 - 1 2 - - 10 - - 9 - 1 9 - 1 9 - 1 9

Calculation of performance measures for the Corporate Finance operating segment

	3 Months		6 Months		12 Months
	2019	2018	2019 2018		Rolling	2018
CORPORATE FINANCE	Apr-Jun	Apr-Jun	lan-Jun	an- un	I 2 Months	lan-Dec
Net profit/loss for the period, SEK M			-6			15
Total income, SEK M	166	। 59	270	270	715	715
Profit margin, %	6	5	-2			2
Equity, SEK M			46	58		રતે
Total assets, SEK M			423	357		464
Equity/Asset ratio, %			-	16	-	15

						2019 2018 2018 2018 2017 2017 2017 2017 2017 2016 2016 2016 2015
CORPORATE FINANCE						Apr-Jun Jan-Mar´Oct-Dec Jul-Sep Apr-Jun Jan-Mar Jct-Dec Jul-Sep Apr-Jun Jan-Mar Dct-Dec Jul-Sep Apr-Jun Jan-Mar Dct-Dec
Net profit/loss for the period, SEK M *						- - - - - - - - - 29 - - 15 - - 0 - - - - - -
Equity, SEK M *	35	47			115 120 90 90 78 78 177 254 254 237 222		206 213
Return on equity. %			34 7	30

* Attributable to shareholders of the Parent Company.

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

								3 Months			6 Months			I 2 Months
								2019	2018		2019	2018	Rolling		2018
ASSET MANAGEMENT AND BANKING							Apr-Jun		Apr-Jun		Jan-Jun	Jan-Jun	12 Months		lan-Dec
Net profit/loss for the period, SEK M		63 ୧୬			223 122		30		29
Total income, SEK M									536 535		920		967 .799		.847
Profit margin, %								12	13		24		13		2
Equity, SEK M											1.788	1.283			1.560
Total assets, SEK M											2.983	5.808			5.982
Equity/Asset ratio, %											60	22			26
	2019	2019	2018	2018	2018	2018	2017	2017	2017	2017	2016	2016	2016	2016	2015
ASSET MANAGEMENT		Apr-Jun Jan-Mar Oct-Dec Jul-Sep Apr-Jun Jan-Mar Jct-Dec Jul-Sep Apr-Jun Jan-Mar Oct-Dec Jul-Sep Apr-Jun Jan-Mar Jct-Dec
Net profit/loss for the period, SEK M *	36	38	-137	6	43	33	30	51	49	39	43	27	158	24	68
Equity, SEK M *	1,579	.268	1.389	1.093	1.096	.022	976	1.014	955	852	859	855	789	650	620
Return on equity, %	3	4	-5		16	17	18	20	8	33	33

* Attributable to shareholders of the Parent Company.

Catella INTERIM REPORT January – June 2019

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

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3024_ir_2019-08-23_5e2bfa51-76ed-41a1-9838-a947e568f23a.pdf

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"A strong quarter"

Corporate Finance

Property Investment Management

Equity Hedge and Fixed Income Funds

Sharp focus pays off

''The preferred European partner for investors"

UNFOLDING THE CATELLA STRATEGY

A more focused Catella

Our segments and business areas

Corporate Finance

Property Investment Management

Equity Hedge and Fixed Income Funds

Comments on the Group's progress

Disposal group held for sale

Net sales and results of operation Second quarter 2019

First half-year 2019

Significant events in the quarter Exercise of warrants and change in the number of shares

Report from the Annual General Meeting in Catella AB (publ)

Amended terms and conditions of Catella's bonds

IPM focuses on Systematic Macro and divests Systematic Equity

Significant events after the end of the quarter

INCOME STATEMENT FOR REMAINING OPERATIONS BY OPERATING SEGMENT IN SUMMARY

SELECTED KEY FIGURES FOR REMAINING OPERATIONS BY OPERATING SEGMENT

27B8 28B9 29B30

Corporate Finance

Second quarter 2019

First half-year 2019

Includes internal revenue between business areas has been eliminated in the service area for the current period in 2018.

TOTAL INCOME

Property Investment Management

Second quarter 2019

First half-year 2019

ASSETS UNDER MANAGEMENT

TOTAL INCOME

Equity Hedge and Fixed Income Funds

Second quarter 2019

First half-year 2019

ASSETS UNDER MANAGEMENT

OPERATING INCOME

Other financial information

The Group's financial position

Consolidated cash flow

Second quarter 2019

First half-year 2019

Parent Company

First half-year 2019

Employees

Share capital

Shares

Shareholders

Dividend

Risks and uncertainties

Seasonal variations

Accounting principles

Related party transactions

Forecast

Consolidated Statement of Changes in Equity

Note 3 Catella's principal investments

Comments on Catella's principal investments in the second quarter 2019

Property development projects

Grand Central

Living Lyon

Kaktus

Loan portfolios

Other holdings

Summary of Catella's loan portfolios

Method and assumptions for cash flow projections and discount rates