SEB — Interim / Quarterly Report 2014

Feb 27, 2015

SEB

AB SEB bankas
Gedimino ave. 12
LT-01103 Vilnius

CONFIRMATION OF RESPONSIBLE PERSONS

Abiding by Article 22 of the Law of the Republic of Lithuania on Securities as well as by the rules approved by the board of the bank of the Republic of Lithuania for the preparation and submitting of periodic and supplementary information, we hereby confirm that, in accordance with our knowledge, the information provided in the 12 month condensed interim consolidated financial reporting, that has been prepared in accordance with the International Financial Reporting Standards, is true and correctly reflects the issuer’s and the consolidated companies’ total assets, liabilities, financial standing, profit or loss and cash flows.

President of AB SEB bankas
Raimondas Kvedaras

Head of Business Support Division and CFO of SEB bankas
Jonas Iržikevičius

Director of Finance Department of AB SEB bankas
Saulius Salda

Vilnius,
February 2015

AB SEB bankas
Address: Gedimino ave. 12, LT-01103 Vilnius
Information by telephone: 1528, (8 5) 268 2800, fax (8 5) 268 2333, e-mail: info@seb.lt
AB SEB bankas, company code: 112021258
www.seb.lt

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SEB

AB SEB bankas condensed interim financial information for the 12 months period ended 31 December 2014

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AB SEB bankas

GENERAL INFORMATION

1. Reporting period

The report has been produced for the 9 months period ended 31 December 2014.

1. The issuer's key data

Issuer's name	AB SEB bankas
Share capital	LTL 1,034,575,341
Domicile address	Gedimino ave.12, LT-01103 Vilnius
Telephone	(8 5) 2682 800
Fax	(8 5) 2682 333
E-mail	info@seb.lt
Legal organisational form	Public limited company
Registration date and place	29 November 1990, Bank of Lithuania
Company's code	112021238
Company's registration number	AB90-4
Website	www.seb.lt

2

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AB SEB bankas

CONDENSED INTERIM INCOME STATEMENT FOR THE 12 MONTHS PERIOD ENDED 31 DECEMBER 2014

(AB amounts in LTL thousands unless otherwise stated)

The Group
January 1-
December 31,
2014	January 1-
December 31,
2014	January 1-
December 31,
2013	The fourth
quarter 2013
461,026	111,372	470,985	115,159
(144,365)	(32,974)	(182,245)	(42,824)
316,661	78,398	288,740	72,535
(11,752)	5,407	(80,673)	(62,830)
1,533	(10,182)	33,415	38,155
(9,245)	(7,239)	4,567	1,682
11	2	-	-
(19,453)	(12,012)	(42,691)	(22,903)
297,208	66,386	246,049	49,542
270,350	69,734	264,799	68,593
(71,996)	(21,382)	(67,653)	(17,471)
198,354	48,352	197,146	51,122
7,613	(5,350)	23,406	15,203
25,630	26,083	(1,073)	(433)
-	-	-	-
63,010	18,588	71,303	17,925
5,227	2,321	6,271	2,010
101,480	41,642	99,807	34,705
(133,135)	(34,908)	(129,141)	(33,745)
(139,082)	(47,374)	(170,332)	(58,141)
324,825	74,098	243,529	45,483
324,825	74,098	243,529	45,483
(74,919)	(43,652)	(31,220)	(629)
249,906	30,446	212,309	44,854
Interest Income
---	---	---	---
January 1-
December 31,
2014	January 1-
December 31,
2014	January 1-
December 31,
2013	The fourth
quarter 2013
481,118	111,428	470,505	115,040
(144,366)	(32,979)	(182,282)	(42,831)
316,732	78,449	288,243	72,409
(11,752)	5,407	(80,673)	(62,830)
1,533	(10,182)	33,415	38,155
(9,245)	(7,239)	4,567	1,682
11	2	-	-
(19,453)	(12,012)	(42,691)	(22,903)
297,279	66,437	245,552	49,416
257,407	65,952	251,858	65,962
(68,555)	(18,904)	(68,855)	(17,288)
188,852	47,048	184,801	47,779
7,620	(343)	22,183	15,203
(601)	(148)	(1,073)	(433)
7,477	-	7,351	-
63,039	18,596	71,357	17,943
5,938	2,531	6,868	2,133
83,542	20,636	107,484	34,846
(121,810)	(34,716)	(128,813)	(33,302)
(137,897)	(47,061)	(188,879)	(55,738)
300,166	52,344	242,145	43,001
300,166	52,344	242,145	43,001
(74,558)	(43,267)	(29,834)	(272)
225,608	9,077	212,311	42,729

Attributable to:
- Owners of the bank
- Non controlling interest

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AB SEB bankas

CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME

FOR THE 12 MONTHS PERIOD ENDED 31 DECEMBER 2014

(All amounts in LTL thousands unless otherwise stated)

The Group			The Bank
2014	2013		2014	2013
249,906	212,309	Net profit for the year	225,608	212,311
		Items that may subsequently be reclassified to the income statement:
2,064	1,565	Net gain on available for sale assets	2,064	1,565
		Amortisation of financial assets revaluation reserve
201	256	of reclassified financial assets	201	256
		Income tax relating to the components of other
(340)	(273)	comprehensive income	(340)	(273)
-	-	Items that will not be reclassified to the income statement:	-	-
1,925	1,548	Total other comprehensive income	1,925	1,548
251,831	213,857	Total comprehensive income	227,533	213,859
		Attributable to:
251,831	213,857	Owners of the Bank	227,533	213,859
-	-	Non controlling interest
251,831	213,857		227,533	213,859

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AB SEB bankas

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION

AS OF 31 DECEMBER 2014

(All amounts in LTL thousands unless otherwise stated)

The Group			The Bank
2014	2013		2014	2013
Assets
342,529	418,136	Cash on hand	342,529	418,136
3,680,418	935,323	Balances with the Central Bank	3,680,418	935,323
832,792	3,691,046	Due from banks	832,792	3,691,046
61,422	59,895	Government securities available for sale	60,782	59,228
		Financial assets at fair value through
profit and loss	1,195,907	909,613
1,267,646	953,982	Derivative financial instruments	406,022	259,288
406,022	259,288	Loans to credit institutions	38,199	86,077
38,199	86,077	Loans to credit institutions	14,856,824	15,191,785
14,823,443	15,164,544	Loans to customers	1,357,227	1,428,394
1,356,996	1,428,253	Finance lease receivables
		Investment securities:
189,162	191,126	– loans and receivables	189,162	191,126
200	200	– available for sale	200	200
15,045	13,302	– held to maturity	15,045	13,302
-	-	Investments in subsidiaries	34,900	34,900
38,711	48,239	Intangible fixed assets	38,711	48,239
27,042	24,643	Property, plant and equipment	26,659	24,469
2,240	3,924	Non-current assets held for sale	2,240	3,924
10,909	14,047	Investment property	10,909	14,047
129,047	167,633	Deferred tax asset	129,039	167,600
81,862	131,288	Other assets	81,095	130,295
23,303,685	23,590,946	Total assets	23,298,660	23,606,992
Liabilities
59	33	Due to the Central Bank	59	33
4,390,793	7,177,824	Due to credit institutions	4,390,793	7,177,824
413,231	270,943	Derivative financial instruments	413,231	270,943
15,427,569	13,224,857	Deposits from public	15,451,792	13,245,685
48,092	51,822	Accrued expenses and deferred income	45,239	50,778
36,953	2,135	Income tax payable	36,338	-
72,387	117,556	Debt securities in issue	72,387	117,556
163,288	144,249	Other liabilities and provisions	163,157	143,996
20,552,372	20,989,419	Total liabilities	20,572,996	21,006,815
Equity
Equity attributable to owners of the Bank
1,034,575	1,034,575	Share capital	1,034,575	1,034,575
2,200	2,200	Reserve capital	2,200	2,200
(624)	(2,550)	Financial assets revaluation reserve	(624)	(2,550)
352,347	289,202	Legal reserve	350,472	287,327
10,876	15,731	General and other reserves	10,876	15,731
1,351,939	1,262,369	Retained earnings	1,328,165	1,262,894
2,751,313	2,601,527		2,725,664	2,600,177
-	-	Non controlling interest in equity	-	-
2,751,313	2,601,527	Total equity	2,725,664	2,600,177
23,303,685	23,590,946	Total liabilities and equity	23,298,660	23,606,992

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AB SEB bankas

CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY FOR THE 12 MONTHS PERIOD ENDED 31 DECEMBER 2014

(All amounts in LTL thousands unless otherwise stated)

The Group	Equity attributable to owners of the Bank
	Share capital	Reserve capital	Financial assets revaluation reserve (deficit)	Legal reserve	General and other reserves	Retained earnings	Total before noncontrolling interest	Non controlling interest	Total Equity
31 December 2012	1,034,575	2,200	(4,098)	239,612	14,132	1,126,872	2,413,293	-	2,413,293
Change in fair value measurement of financial assets	-	-	-	-	-	(27,222)	(27,222)	-	(27,222)
Adjusted balance as of 31 December 2012	1,034,575	2,200	(4,098)	239,612	14,132	1,099,650	2,386,071	-	2,386,071
Net change in available for sale investments, net of deferred tax	-	-	1,292	-	-	-	1,292	-	1,292
Amortisation of financial assets revaluation reserve of reclassified financial assets	-	-	256	-	-	-	256	-	256
Net profit for the year	-	-	-	-	-	212,309	212,309	-	212,309
Total comprehensive income	-	-	1,548	-	-	212,309	213,857	-	213,857
Share-based compensation	-	-	-	-	1,599	-	1,599	-	1,599
Transfers to reserves	-	-	-	49,590	-	(49,590)	-	-	-
31 December 2013	1,034,575	2,200	(2,550)	289,202	15,731	1,262,369	2,601,527	-	2,601,527
Net change in available for sale investments, net of deferred tax	-	-	1,724	-	-	-	1,724	-	1,724
Amortisation of financial assets revaluation reserve of reclassified financial assets	-	-	201	-	-	-	201	-	201
Net profit for the year	-	-	-	-	-	249,906	249,906	-	249,906
Total comprehensive income	-	-	1,925	-	-	249,906	251,831	-	251,831
Other movements					(6,393)	6,393	-		-
Dividends	-	-	-	-	-	(383,584)	(103,584)	-	(103,584)
Share-based compensation	-	-	-	-	1,538	-	1,538	-	1,538
Transfers to reserves	-	-	-	63,145	-	(63,145)	-	-	-
31 December 2014	1,034,575	2,200	(624)	352,347	10,876	1,351,939	2,751,313	-	2,751,313

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AB SEB bankas

CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY

FOR THE 12 MONTHS PERIOD ENDED 31 DECEMBER 2014

(All amounts in LTL thousands unless otherwise stated)

The Bank	Share capital	Reserve capital	Financial assets revaluation reserve (deficit)	Legal reserve	General and other reserves	Retained earnings	Total Equity
31 December 2012	1,034,575	2,200	(4,098)	237,737	14,132	1,127,395	2,411,941
Change in fair value measurement of financial assets	-	-	-	-	-	(27,222)	(27,222)
Adjusted balance as of 31 December 2012	1,034,575	2,200	(4,098)	237,737	14,132	1,100,173	2,384,719
Net change in available for sale investments, net of deferred tax	-	-	1,292	-	-	-	1,292
Amortisation of financial assets revaluation reserve of reclassified financial assets	-	-	256	-	-	-	256
Net profit for the year	-	-	-	-	-	212,311	212,311
Total comprehensive income	-	-	1,548	-	-	212,311	213,859
Share-based compensation	-	-	-	-	1,599	-	1,599
Transfers to reserves	-	-	-	49,590	-	(49,590)	-
31 December 2013	1,034,575	2,200	(2,550)	287,327	15,731	1,262,894	2,600,177
Net change in available for sale investments, net of deferred tax	-	-	1,724	-	-	-	1,724
Amortisation of financial assets revaluation reserve of reclassified financial assets	-	-	201	-	-	-	201
Net profit for the year	-	-	-	-	-	225,608	225,608
Total comprehensive income	-	-	1,925	-	-	225,608	227,533
Other movements	-	-	-	-	(6,393)	6,393	-
Share-based compensation	-	-	-	-	1,538	-	1,538
Transfers to reserves	-	-	-	63,145	-	(63,145)	-
Dividends						(103,584)	(103,584)
31 December 2014	1,034,575	2,200	(624)	350,472	10,876	1,328,165	2,725,664

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AB SEB bankas

CONDENSED INTERIM STATEMENT OF CASH FLOWS FOR THE 12 MONTHS PERIOD ENDED 31 DECEMBER 2014

(All amounts in LTL thousands unless otherwise stated)

The Group			The Bank
January 1 - December 31, 2014	January 1 - December 31, 2013		January 1 - December 31, 2014	January 1 - December 31, 2013
309,061	244,840	Net cash from operating activities before change in operating assets	299,898	237,492
1,493,924	(2,209,594)	Net decrease (increase) in operating assets	1,489,280	(2,211,238)
2,252,055	445,297	Net increase in operating liabilities	2,257,045	445,774
4,055,040	(1,519,457)	Net cash from (to) operating activities	4,046,223	(1,527,972)
4,055,040	(1,519,457)	Net cash from (to) operating activities after income tax	4,046,223	(1,527,972)
(273,753)	(99,388)	Cash used in investing activities	(264,936)	(90,873)
(2,034,701)	(45,054)	Cash used in financing activities	(2,034,701)	(45,054)
846,586	(1,663,899)	Net (decrease) increase in cash	846,586	(1,663,899)
1,454,891	3,118,790	Cash at the beginning of the period	1,454,891	3,118,790
2,301,477	1,454,891	Cash at the end of the period	2,301,477	1,454,891
Specified as follows:
1,141,880	448,769	Balance available for withdrawal with the Central Banks	1,141,880	448,769
671,145	385,235	Overnight deposits	671,145	385,235
342,529	418,136	Cash on hand	342,529	418,136
145,923	202,751	Current accounts with other banks	145,923	202,751
2,301,477	1,454,891		2,301,477	1,454,891

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AB SEB bankas

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE 12 MONTHS PERIOD ENDED 31 DECEMBER 2014

(All amounts in LTL thousands unless otherwise stated)

NOTE 1 GENERAL INFORMATION

AB SEB bankas (hereinafter - the Bank) was registered as a public company in the Enterprise Register of the Republic of Lithuania on 2 March 1990. The Bank is licensed by the Bank of Lithuania to perform all banking operations provided for in the Law on Banks of the Republic of Lithuania and the Statutes of the Bank.

The Head Office of the Bank is located at Gedimino ave. 12, Vilnius. At the end of the reporting period the Bank had 46 customer service units.

At the end of the reporting period AB SEB bankas had 2 subsidiaries (the Bank and its subsidiaries thereafter are referred to as the Group). The subsidiaries are as follows: UAB "SEB Venture Capital" is a fully owned subsidiary involved in venture capital activities; UAB "SEB investicijų valdymas" is a fully owned subsidiary engaged in provision of investments' management services activities.

On November 23rd Bank's subsidiary AB "SEB lizingas" has been merged to AB SEB bankas.

The Bank accepts deposits, issues loans, makes money transfers and documentary settlements, exchanges currencies for its clients, issues and processes debit and credit cards, is engaged in trade finance and finance leasing, investing and trading in securities as well as performs other activities set in the Law on Banks (except for operations with precious metals).

At the end of the reporting period the shareholder of the Bank is Skandinaviska Enskilda Banken AB (publ), owning 100 percent of the Bank's shares.

NOTE 2 BASIS OF PRESENTATION

This interim financial information is presented in national currency of Lithuania, Litas (LTL). The books and records of the Bank and other Group companies are maintained in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the European Union (EU). This interim financial report has been prepared in accordance with International Accounting Standard 34.

The accounting policies adopted and methods of computation used are consistent with those of the annual financial statements for the year ended 31 December 2013, as described in the annual financial statements for the year ended 31 December 2013.

The financial statements are prepared under the historical cost convention as modified by the revaluation of available for-sale financial assets, financial assets and liabilities held at fair value through profit and loss and all derivative contracts.

The preparation of financial statements in conformity with IFRS requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management's best knowledge of current event and actions, actual results ultimately may differ from those estimates.

NOTE 3 SEGMENT REPORTING

Operating segments are reported in a manner consistent with the internal reporting provided to the Board of Directors of the Bank. The Board of Directors is responsible for resources allocation and performance assessment of the operating segments and has been identified as the chief operating decision maker.

All transactions between business segments are conducted on an arm's length basis, with intra-segment revenue and costs being eliminated. Income and expenses directly associated with each segment are included in determining business segment performance.

For management and reporting purposes, the Group is organised into the following business groupings:

Baltic Division has overall responsibility for providing retail services to the all types of companies and individuals. Baltic division offers it's clients solutions in the areas of:

• Lending;
• Leasing and factoring products;
• Liquidity management and payment services;
• Private Banking – which serves the higher end of the private individual segment with wealth management services and advisory services.

All depreciation and amortization expenses (except for Asset Management) are attributed to this segment.

The Merchant Banking division has overall responsibility for servicing large and medium-sized companies, financial institutions, banks, and commercial real estate clients. Merchant Banking offers its clients integrated investment and corporate banking solutions, including the investment banking activities. Merchant Banking's main areas of activity include:

• Lending and debt capital markets;
• Trading in equities, currencies, fixed income, derivatives and futures;
• Advisory services, brokerage, research and trading strategies within equity, fixed income and foreign exchange markets;
• Cash management;
• Custody and fund services;
• Venture capital.

The Asset Management division main business area is Institutional Clients division – which provides asset management services to institutions, foundations and life insurance companies and is responsible for the investment management, marketing and sales of SEB's mutual funds.

The division offers a full spectrum of asset management and advisory services and its product range includes equity and fixed income, private equity, real estate and hedge fund management.

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AB SEB bankas

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE 12 MONTHS PERIOD ENDED 31 DECEMBER 2014

(All amounts in LTL thousands unless otherwise stated)

NOTE 3 SEGMENT REPORTING (CONTINUED)

The Treasury division has overall responsible for cash management, liquidity management and internal financing between the Group divisions.

Operations and IT divisions are the Group's internal segments responsible for providing operations support and processing, as well as information technologies services for all Group's divisions. In addition, Operations divisions handles bookings, confirmations, payments and reconciliations, and customer service and support.

Staff Functions division have dedicated responsibilities in order to support the business units within own area of expertise: HR, finance, marketing and communication, credits and risk control, security, procurement and real estate, compliance, internal audit.

The geographical segments are not defined by the Group. All activities of the Group are performed on the territory of Republic of Lithuania. Revenues and expenses related to major non resident customers services is immaterial for the purpose of these financial statements and are not presented to the chief operating decision maker.

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AB SEB bankas

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

FOR THE 12 MONTHS PERIOD ENDED 31 DECEMBER 2014

(All amounts in LTL thousands unless otherwise stated)

NOTE 3 SEGMENT REPORTING (CONTINUED)

Business segments of the Group for the period ended 31 December 2014 were as follows:

	Baltic Division	Merchant Banking	Asset Management	Treasury	Operations	Staff Functions	Information Technologies	Eliminations	Total Group
Interest income	434,639	432	41	207,233	-	-	-	(176,686)	465,659
- Internal	11,820	-	17	164,849	-	-	-	(176,686)	-
- External	422,819	432	24	42,384	-	-	-	-	465,659
Interest expense	(174,333)	(545)	-	(154,344)	-	-	-	176,686	(152,536)
- Internal	(164,306)	(545)	-	(11,835)	-	-	-	176,686	-
- External	(10,027)	-	-	(142,509)	-	-	-	-	(152,536)
Net commission income	182,411	(1,879)	6,548	1,430	-	-	-	-	188,510
- Internal	6,241	-	(13,000)	1,720	-	-	-	-	(5,039)
- External	176,170	(1,879)	19,548	(290)	-	-	-	-	193,549
Net financial income/(expense)	73,406	26,211	(26)	4,893	-	-	-	-	104,484
Net other income/(expense)	(1,408)	-	5,039	317	-	(6)	-		3,942
Net operating income/(expenses)	514,715	24,219	11,602	59,529	-	(6)	-	-	610,059
Total staff costs and other administrative expenses	(247,282)	(546)	(3,097)	(831)	240	2,342	2,466	-	(246,708)
Depreciation/amortisation/write off	(16,904)	(27)	(14)	(3)	(177)	(1,297)	(1,944)	-	(20,366)
Capital gain/(losses)	1,733	-	-	-	-	(425)	(4)	-	1,304
Total impairment losses	(19,464)	-	-	-	-	-	-	-	(19,464)
Profit (loss) before income tax	232,798	23,646	8,491	58,695	63	614	518	-	324,825
Income tax (expenses)	(74,558)	(3)	(358)	-	-	-	-	-	(74,919)
Net profit (loss) for the year	158,240	23,643	8,133	58,695	63	614	518	-	249,906
Total Assets	18,475,804	75,834	26,375	5,769,944	63	614	1,480	(1,046,429)	23,303,685
Total Liabilities	15,816,523	52,191	17,252	5,711,873	-	-	962	(1,046,429)	20,552,372
Acquisition of intangible assets and property, plant and equipment	14,081		259						14,340

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AB SEB bankas

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

FOR THE 12 MONTHS PERIOD ENDED 31 DECEMBER 2014

(All amounts in LTL thousands unless otherwise stated)

NOTE 3 SEGMENT REPORTING (CONTINUED)

For the period ended 31 December 2014 reconciliation between Group's Segment reporting and financial statements is presented below:

	Segment Reporting	Eliminations
		Interest income from Hedged L&R	Other reconciling entries	Financial Statements
Interest income	465,659		(4,633)	461,026
Interest expence	(152,536)	8,168	3	(144,365)
Net commission income	188,510	-	9,844	198,354
Net financial income	104,484	(8,168)	1,222	97,538
Net other income	3,942	-		3,942
Net operating income	610,059	-	6,436	616,495
Total staff costs and other administrative expenses	(246,708)	-	(6,447)	(253,155)
Depreciation/amortisation/write off	(20,366)			(20,366)
Capital losses	1,304	-		1,304
Total impairment losses	(19,464)	-	11	(19,453)
Profit before income tax	324,825	-	-	324,825
Income tax (expenses)	(74,919)	-	-	(74,919)
Net profit for the year	249,906	-	-	249,906

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AB SEB bankas

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

FOR THE 12 MONTHS PERIOD ENDED 31 DECEMBER 2014

(All amounts in LTL thousands unless otherwise stated)

NOTE 3 SEGMENT REPORTING (CONTINUED)

Business segments of the Group for the period ended 31 December 2013 were as follows:

	Baltic Division	Merchant Banking	Asset Management	Treasury	Operations	Staff Functions	Information Technologies	Eliminations	Total Group
Interest income	455,064	1,020	43	202,115	-	-	-	(185,881)	472,361
- Internal	13,650	-	13	172,218	-	-	-	(185,881)	-
- External	441,414	1,020	30	29,897	-	-	-	-	472,361
Interest expense	(191,683)	(566)	(3)	(185,104)	-	-	-	185,881	(191,475)
- Internal	(171,655)	(566)	(3)	(13,657)	-	-	-	185,881	-
- External	(20,028)	-	-	(171,447)	-	-	-	-	(191,475)
Net commission income	183,874	262	12,084	(469)	-	-	-	-	195,751
- Internal	9,153	-	(8,684)	(469)	-	-	-	-	-
- External	174,721	262	20,768	-	-	-	-	-	195,751
Net financial income/(expense)	103,455	219	(53)	(673)	-	-	-	-	102,948
Net other income/(expense)	(1,671)	-	-	254	(6)	(11)	-	-	(1,434)
Net operating income/ (expenses)	549,039	935	12,071	16,123	(6)	(11)	-	-	578,151
Total staff costs and other administrative expenses	(269,694)	(1,055)	(3,185)	(586)	126	1,260	2,408	-	(270,726)
Depreciation/amortisation/write off	(16,823)	(39)	(31)	(2)	(253)	(1,896)	(2,187)	-	(21,231)
Capital (losses)	18	-	-	-	-	8	-	-	26
Total impairment reversals	(42,691)	-	-	-	-	-	-	-	(42,691)
Profit (loss) before income tax	219,849	(159)	8,855	15,535	(133)	(639)	221	-	243,529
Income tax benefit (expenses)	(29,834)	(8)	(1,378)	-	-	-	-	-	(31,220)
Net profit (loss) for the year	190,015	(167)	7,477	15,535	(133)	(639)	221	-	212,309
Total Assets	17,882,941	57,031	24,176	7,612,380	-	-	1,732	(1,987,314)	23,590,946
Total Liabilities	15,302,148	57,198	15,709	7,599,395	133	639	1,511	(1,987,314)	20,989,419
Acquisition of intangible assets and property, plant and equipment	6,807	-	106	-	-	-	-	-	6,913

---

AB SEB bankas

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

FOR THE 12 MONTHS PERIOD ENDED 31 DECEMBER 2014

(All amounts in LTL thousands unless otherwise stated)

NOTE 3 SEGMENT REPORTING (CONTINUED)

For the period ended, 31 December 2013 reconciliation between Group's Segment reporting and financial statements is presented below:

	Eliminations
	Segment Reporting	Interest income from Hedged L&R	Other reconciling entries	Financial Statements
Interest income	472,361		(1,376)	470,985
Interest expence	(191,475)	9,200	30	(182,245)
Net commission income	195,751	-	1,395	197,146
Net financial income	102,948	(9,200)	267	94,015
Net other income	(1,434)	-	7,226	5,792
Net operating income	578,151	-	7,542	585,693
Total staff costs and other administrative expenses	(270,726)	-	(7,517)	(278,243)
Depreciation/amortisation/write off	(21,231)		(25)	(21,256)
Capital losses	26	-	-	26
Total impairment credits	(42,691)	-	-	(42,691)
Loss before income tax	243,529	-	-	243,529
Income tax (expenses)	(31,220)	-	-	(31,220)
Net profit for the year	212,309	-	-	212,309

---

AB SEB BANKAS

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

FOR THE 12 MONTHS PERIOD ENDED 31 DECEMBER 2014

(All amounts in LTL thousands unless otherwise stated)

NOTE 4 FINANCIAL ASSETS AND LIABILITIES

The table below presents the carrying amounts and fair values of those financial assets and liabilities presented in the Group's statement of financial position at amortized cost:

	31 December 2014		31 December 2013
	Book value	Fair value	Book value	Fair value
Balances with the Central Bank	3,680,418	3,679,581	935,323	935,319
Due from banks	832,792	832,102	3,691,046	3,688,435
Loans to credit institutions	38,199	38,358	86,077	86,111
Loans to customers	14,823,443	14,544,759	15,164,544	14,630,340
Investment securities - loans and receivables	189,162	192,810	191,126	194,854
Finance lease receivable	1,356,996	1,355,577	1,428,253	1,423,330
Investment securities – held to maturity	15,045	15,062	13,302	13,240
Total financial assets valued at amortised cost	20,936,055	20,658,250	21,509,671	20,971,629
Due to the Central Bank	59	59	33	33
Due to credit institutions	4,390,793	4,476,573	7,177,824	7,285,084
Current and demand deposits	11,931,794	11,929,655	9,601,360	9,599,479
Term deposits from the public	3,495,775	3,499,803	3,623,497	3,617,644
Debt securities in issue	65,038	66,146	110,247	111,426
Total financial liabilities valued at amortised cost	19,883,459	19,972,236	20,512,961	20,613,666

The table below presents the carrying amounts and fair values of those financial assets and liabilities presented in the Bank's statement of financial position at amortized cost:

	31 December 2014		31 December 2013
	Book value	Fair value	Book value	Fair value
Balances with the Central Bank	3,680,418	3,679,581	935,323	935,319
Due from banks	832,792	832,102	3,691,046	3,688,435
Loans to credit institutions	38,199	38,358	86,077	86,110
Loans to customers	14,856,824	14,578,121	15,191,785	14,657,552
Investment securities - loans and receivables	189,162	192,810	191,126	194,854
Finance lease receivable	1,357,227	1,355,827	1,428,394	1,423,474
Investment securities – held to maturity	15,045	15,062	13,302	13,240
Total financial assets valued at amortised cost	20,969,667	20,691,862	21,537,053	20,998,985
Due to the Central Bank	59	59	33	33
Due to credit institutions	4,390,793	4,476,573	7,177,824	7,285,084
Current and demand deposits	11,943,112	11,940,954	9,607,282	9,605,402
Term deposits from the public	3,508,680	3,512,722	3,638,403	3,632,550
Debt securities in issue	65,038	66,146	110,247	111,426
Total financial liabilities valued at amortised cost	19,907,682	19,996,455	20,533,789	20,634,495

The table below summarizes the hierarchy of fair value measurement of asset and liabilities presented on the Group's statement of financial position at fair value:

31 December 2014	Fair value measurement at the end of reporting period based on:
	Quoted price in active markets (Level 1)	Valuation techniques using observable inputs (Level 2)	Valuation techniques using non-observable inputs (Level 3)
Government securities available for sale	61,422	-	-
Financial assets at fair value through profit and loss	1,195,906	-	71,740
Derivative financial instruments (assets)	258	405,764	-
Equity securities – available for sale	-	-	200
Derivative financial instruments (liabilities)	(133)	(413,098)	-
Debt securities in issue	-	(7,349)	-
Total	1,257,453	(14,683)	71,940

---

AB SEB bankas

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

FOR THE 12 MONTHS PERIOD ENDED 31 DECEMBER 2014

(All amounts in LTL thousands unless otherwise stated)

NOTE 4 FINANCIAL ASSETS AND LIABILITIES (CONTINUED)

31 December 2013	Fair value measurement at the end of reporting period based on:
	Quoted price in active markets (Level 1)	Valuation techniques using observable inputs (Level 2)	Valuation techniques using non-observable inputs (Level 3)
Government securities available for sale	59,895	-	-
Financial assets at fair value through profit and loss	909,614	-	44,368
Derivative financial instruments (assets)	132	259,141	15
Equity securities – available for sale	-	-	200
Derivative financial instruments (liabilities)	(33)	(270,895)	(15)
Debt securities in issue	-	(7,309)	-
Total	969,608	(19,063)	44,568

The table below summarizes the hierarchy of fair value measurement of asset and liabilities presented on the Bank's statement of financial position at fair value:

31 December 2014	Fair value measurement at the end of reporting period based on:
	Quoted price in active markets (Level 1)	Valuation techniques using observable inputs (Level 2)	Valuation techniques using non-observable inputs (Level 3)
Government securities available for sale	60,782	-	-
Financial assets at fair value through profit and loss	1,195,906	-	-
Derivative financial instruments (assets)	258	405,764	-
Equity securities – available for sale	-	-	200
Derivative financial instruments (liabilities)	(133)	(413,098)	-
Debt securities in issue	-	(7,349)	-
Total	1,256,813	(14,683)	200
31 December 2013	Fair value measurement at the end of reporting period based on:
---	---	---	---
	Quoted price in active markets (Level 1)	Valuation techniques using observable inputs (Level 2)	Valuation techniques using non-observable inputs (Level 3)
Government securities available for sale	60,782	-	-
Financial assets at fair value through profit and loss	1,195,907	-	-
Derivative financial instruments (assets)	132	259,141	15
Equity securities – available for sale	-	-	200
Derivative financial instruments (liabilities)	(33)	(270,895)	(15)
Debt securities in issue	-	(7,309)	-
Total	1,256,788	(19,063)	200

---

AB SEB bankas

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

FOR THE 12 MONTHS PERIOD ENDED 31 DECEMBER 2014

(All amounts in LTL thousands unless otherwise stated)

NOTE 5 ASSETS UNDER MANAGEMENT

The Group			The Bank
31 December 2014	31 December 2013		31 December 2014	31 December 2013
29,994	86,181	Customers funds	-	-
900,715	757,743	Financial instruments acquired at customer account	-	-
2,081,202	1,842,752	Accounts receivable from customer assets managed on trust basis	-	-
3,011,911	2,686,676	Total assets under management	-	-

NOTE 6 OFF BALANCE SHEET ITEMS

The Group			The Bank
31 December 2014	31 December 2013		31 December 2014	31 December 2013
3,381,408	2,915,536	Agreements to grant loans	3,388,887	2,920,735
451,185	610,245	Guarantees issued	451,185	610,245
17,105	132,090	Letters of credit issued	171,105	132,090
42,485	39,798	Commitments to purchase assets	42,485	39,798
-	-	Other commitments	-	-
38	38	Customs guarantees collateralised by deposits	38	38

NOTE 7 RELATED PARTIES

A number of banking transactions are entered into with related parties in the normal course of business. The transactions with top parent company include loans, deposits and debt instrument transactions. Transactions with AB SEB bankas group (including parent bank) can be specified as follows:

The Group			Interest rate	The Bank
31 December 2014	31 December 2013		%	31 December 2014	31 December 2013
751,975	3,644,324	Outstanding loan amount at year end	0.05-3.50	751,975	3,644,324
		Derivative financial instruments
293,162	72,919	at the year ended	-	293,162	72,919
2,209	3,269	Other assets at the year end	-	2,209	2,729
		Outstanding deposit amount
4,039,529	6,756,676	at the year end	0.05	4,039,529	6,756,676
159,372	216,974	Other liabilities at the year end	-	159,212	216,616
		Commitments to grant loans
5,071	59,369	at the year end	-	5,071	59,369
-	-	Guarantees issued at the year end	-	-	-
664,042	396,172	Guarantees received at the year end	-	664,042	396,172
20,237	11,242	Interest income	-	20,237	11,242
(82,671)	(113,996)	Interest expense	-	(82,671)	(113,996)
		Other services received and cost
(5,212)	(6,021)	incurred from SEB group, net	-	(5,376)	(12,790)

---

AB SEB bankas

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

FOR THE 12 MONTHS PERIOD ENDED 31 DECEMBER 2014

(All amounts in LTL thousands unless otherwise stated)

NOTE 7 RELATED PARTIES (CONTINUED)

Transactions with parent bank can be specified as follows:

The Group			Interest rate	The Bank
2014	2013		%	2014	2013
		Outstanding loan amount
694,127	3,521,798	at the year end	0.05-3.50	694,127	3,521,798
		Derivative financial instruments	-
293,162	72,919	at the year ended		293,162	72,919
977	62	Other assets at the year end	-	977	62
		Outstanding deposit amount
3,977,230	6,679,239	at the year end		3,977,230	6,679,239
146,112	204,251	Other liabilities at year end	-	146,112	204,251
5,054	59,352	Unused granted overdraft facilities	-	5,054	59,352
		Guarantees issued at the year end	-
661,600	390,446	Guarantees received at the year end	-	661,600	390,446
19,956	10,736	Interest income	-	19,956	10,736
(82,610)	(113,943)	Interest expense	-	(82,610)	(113,943)
		Other services received and cost
(413)	(261)	incurred from SEB group, net	-	(675)	(6,195)

Transactions between the Bank and its subsidiaries can be specified as follows:

	Interest rate %	The Bank
		2014	2013
Off-balance sheet commitments as of 31 December:
Agreements to grant loans	1.33	7,479	5,199
Guarantees issued	-	-	-
Outstanding loan amounts at year end:
UAB "SEB Venture Capital"	1.25-3.50	37,476	39,970
UAB "SEB investicju valdy mas"	3.5	235	74
Outstanding deposit amounts at year end:
UAB "SEB Venture Capital"		4,747	271
UAB "SEB investicju valdy mas"	0.05	19,476	20,557
Other assets at year end	-	1,938	2,241
	-
Interest income	-	547	5,379
Interest expense	-	(17)	(13)
Dividend income	-	7,477	7,351
Other services received and cost incurred from subsidiaries, net	-	8,753	9,871

---

AB SEB bankas

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

FOR THE 12 MONTHS PERIOD ENDED 31 DECEMBER 2014

(All amounts in LTL thousands unless otherwise stated)

NOTE 8 DEBT SECURITIES ISSUANCE AND REDEMPTION

During the twelve months of 2014 the Bank successfully placed 21 issues of the non-equity securities, as presented in the table below:

Issue date	Redemption date	Duration	Currency	Amount in issue (in LTL)	Reference item
2014.02.04	2018.02.09	1466 days	LTL	228,800	CECE Composite Index in EUR
2014.02.04	2018.02.09	1466 days	LTL	235,400	CECE Composite Index in EUR
2014.02.04	2018.02.09	1466 days	EUR	181,617	CECE Composite Index in EUR
2014.02.04	2017.02.10	1102 days	EUR	877,011	Basket of European companies' shares – Vinci SA, Bayerische Motoren Werke (BMW) AG, Deutsche Telekom AG, Muenchener Rueckversicherungs-Gesellschaft AG (MunichRe), Siemens AG, TeliaSonera AB, Air Liquide SA, GDF Suez, Eni S.p.A. and Unilever NV
2014.03.18	2017.04.04	1113 days	LTL	589,000	Basket of global companies' shares – CLP Holdings Ltd, HSBC Holdings PLC, E.ON SE, Johnson & Johnson, Procter & Gamble Co, Royal Dutch Shell PLC, ConocoPhillips, Siemens AG, AT&T Inc and Vodafone Group PLC
2014.03.18	2017.04.04	1113 days	LTL	417,100	Basket of global companies' shares – CLP Holdings Ltd, HSBC Holdings PLC, E.ON SE, Johnson & Johnson, Procter & Gamble Co, Royal Dutch Shell PLC, ConocoPhillips, Siemens AG, AT&T Inc and Vodafone Group PLC
2014.03.18	2017.04.04	1113 days	EUR	621,159	Basket of global companies' shares – CLP Holdings Ltd, HSBC Holdings PLC, E.ON SE, Johnson & Johnson, Procter & Gamble Co, Royal Dutch Shell PLC, ConocoPhillips, Siemens AG, AT&T Inc and Vodafone Group PLC
2014.05.06	2017.05.08	1098 days	LTL	606,000	Basket of Swedish companies' shares – ABB Ltd, Autoliv Inc., Telefonaktiebolaget LM Ericsson, Hennes & Mauritz AB, Investor AB, Nordea Bank AB, Sandvik AB, Swedbank AB, TeliaSonera AB and Volvo AB
2014.05.06	2017.05.08	1098 days	EUR	422,277	Basket of Swedish companies' shares – ABB Ltd, Autoliv Inc., Telefonaktiebolaget LM Ericsson, Hennes & Mauritz AB, Investor AB, Nordea Bank AB, Sandvik AB, Swedbank AB, TeliaSonera AB and Volvo AB
2014.05.06	2017.05.08	1098 days	EUR	935,364	Basket of Swedish companies' shares – ABB Ltd, Autoliv Inc., Telefonaktiebolaget LM Ericsson, Hennes & Mauritz AB, Investor AB, Nordea Bank AB, Sandvik AB, Swedbank AB, TeliaSonera AB and Volvo AB
2014.05.12	2017.05.30	1114 days	EUR	3,069,884	The basket of Singapore and Taiwan indices – MSCI Singapore Free Index and MSCI Taiwan Index .
2014.06.26	2018.07.13	1478 days	LTL	902,200	S&P Southern Europe Low Volatility Index
2014.06.26	2018.07.13	1478 days	LTL	122,500	S&P Southern Europe Low Volatility Index
2014.06.26	2018.07.13	1478 days	EUR	187,832	S&P Southern Europe Low Volatility Index
2014.08.26	2017.09.01	1102 days	LTL	962,200	Basket of global companies' shares – CLP Holdings Ltd, HSBC Holdings PLC, ConocoPhillips, GazeSim®Kline PLC, Johnson & Johnson, Nestle SA, Procter & Gamble Co, Royal Dutch Shell PLC, Siemens AG and AT&T Inc
2014.08.26	2017.09.01	1102 days	LTL	623,700	Basket of global companies' shares – CLP Holdings Ltd, HSBC Holdings PLC, ConocoPhillips, GazeSim®Kline PLC, Johnson & Johnson, Nestle SA, Procter & Gamble Co, Royal Dutch Shell PLC, Siemens AG and AT&T Inc
2014.08.26	2017.09.01	1102 days	EUR	1,125,613	Basket of global companies' shares – CLP Holdings Ltd, HSBC Holdings PLC, ConocoPhillips, GazeSim®Kline PLC, Johnson & Johnson, Nestle SA, Procter & Gamble Co, Royal Dutch Shell PLC, Siemens AG and AT&T Inc
2014.09.30	2017.10.05	1101 days	LTL	828,300	S&P Europe 350 Low Volatility Index
2014.09.30	2017.10.05	1101 days	LTL	538,300	S&P Europe 350 Low Volatility Index
2014.09.30	2017.10.05	1101 days	EUR	257,234	S&P Europe 350 Low Volatility Index
2014.10.15	2015.10.30	380 days	USD	2,305,308	Company's "3D Systems Corp" share price

---

AB SEB bankas

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

FOR THE 12 MONTHS PERIOD ENDED 31 DECEMBER 2014

(All amounts in LTL thousands unless otherwise stated)

NOTE 8 DEBT SECURITIES ISSUANCE AND REDEMPTION (CONTINUED)

During the twelve months of 2014 the Bank successfully redeemed 38 issues of the non-equity securities, as presented in the table below:

Issue date	Redemption date	Duration	Currency	Amount in issue (in LTL)	Reference item
2010.12.21	2014.01.23	1 129 days	LTL	3,185,000	Silver, aluminium, copper, palladium, nickel, zinc
2010.12.21	2014.01.23	1 129 days	LTL	1,491,000	Silver, aluminium, copper, palladium, nickel, zinc
2010.12.21	2014.01.23	1 129 days	EUR	1,498,860	Silver, aluminium, copper, palladium, nickel, zinc
2010.12.21	2014.01.23	1 129 days	LTL	3,725,700	Basket of Scandinavian companies' shares - Volvo AB, ABB Ltd, Atlas Copco AB, Boliden AB, Auteliv Inc, Sandvik AB, Outokompu OY, Outotec OYJ, Metro OYJ and AP Moller - Maersk A/S
2010.12.21	2014.01.23	1 129 days	LTL	1,221,100	Basket of Scandinavian companies' shares - Volvo AB, ABB Ltd, Atlas Copco AB, Boliden AB, Auteliv Inc, Sandvik AB, Outokompu OY, Outotec OYJ, Metro OYJ and AP Moller - Maersk A/S
2010.12.21	2014.01.23	1 129 days	EUR	741,661	Basket of Scandinavian companies' shares - Volvo AB, ABB Ltd, Atlas Copco AB, Boliden AB, Auteliv Inc, Sandvik AB, Outokompu OY, Outotec OYJ, Metro OYJ and AP Moller - Maersk A/S
2012.01.30	2014.02.03	735 days	LTL	1,001,800	USD/CNY FX rate
2012.01.30	2014.02.03	735 days	LTL	524,300	USD/CNY FX rate
2011.01.26	2014.02.12	1 113 days	LTL	2,340,500	Commerzbank East Asia Index
2011.01.26	2014.02.12	1 113 days	LTL	1,999,700	Commerzbank East Asia Index
2011.01.26	2014.02.12	1 113 days	EUR	1,086,596	Commerzbank East Asia Index
2013.02.05	2014.02.20	380 days	EUR	2,172,847	"Brent" oil
2011.03.01	2014.03.19	1 114 days	LTL	3,095,300	Basket of Russian companies' shares - Gazprom OAO, Rosneft Oil Co, Lukoil OAO, NovaTek OAO, MMC Norilsk Nickel OJSC, Severstal OAO, Evraz Group SA, Mechel, XS Retail Group NV and Magnit OJSC
2011.03.01	2014.03.19	1 114 days	LTL	848,500	Basket of Russian companies' shares - Gazprom OAO, Rosneft Oil Co, Lukoil OAO, NovaTek OAO, MMC Norilsk Nickel OJSC, Severstal OAO, Evraz Group SA, Mechel, XS Retail Group NV and Magnit OJSC
2011.03.01	2014.03.19	1 114 days	EUR	646,039	Basket of Russian companies' shares - Gazprom OAO, Rosneft Oil Co, Lukoil OAO, NovaTek OAO, MMC Norilsk Nickel OJSC, Severstal OAO, Evraz Group SA, Mechel, XS Retail Group NV and Magnit OJSC
2011.04.20	2014.05.12	1 118 days	LTL	4,475,400	Basket of Germany companies' shares - Bayer AG, Daimler AG, Fresenius Medical Care AG & Co KGaA, Infineon Technologim AG, MAN SE, SAP AG, K+S AG and Siemens AG
2011.04.20	2014.05.12	1 118 days	LTL	1,732,900	Basket of Germany companies' shares - Bayer AG, Daimler AG, Fresenius Medical Care AG & Co KGaA, Infineon Technologim AG, MAN SE, SAP AG, K+S AG and Siemens AG
2011.04.20	2014.05.12	1 118 days	EUR	1,338,305	Basket of Germany companies' shares - Bayer AG, Daimler AG, Fresenius Medical Care AG & Co KGaA, Infineon Technologim AG, MAN SE, SAP AG, K+S AG and Siemens AG
2010.10.26	2014.05.15	1 297 days	LTL	2,849,200	BNP Paribas Next 11 Core 8 Excess Return Index
2010.10.26	2014.05.15	1 297 days	LTL	1,347,300	BNP Paribas Next 11 Core 8 Excess Return Index
2010.10.26	2014.05.15	1 297 days	EUR	2,948,691	BNP Paribas Next 11 Core 8 Excess Return Index
2012.05.03	2014.05.23	750 days	LTL	238,900	Basket of exchange rates - EUR/TRY, EUR/BRL and EUR/KRW
2012.05.03	2014.05.23	750 days	LTL	145,200	Basket of exchange rates - EUR/TRY, EUR/BRL and EUR/KRW
2011.05.31	2014.06.05	1 101 days	LTL	1,108,400	Basket of Russian and Central and Eastern Europe companies' shares - Mobile Telesystems OJSC, Mechel, Sberbank of Russia, Federal Hydrogenerating Co JSC, Lukoil OAO, Surgutneftegas OJSC, Severstal OAO, KGHM Polska Miedz SA, Telekomunikacja Polska SA and Komercni Banka AS
2011.05.31	2014.06.05	1 101 days	LTL	637,400	Basket of Russian and Central and Eastern Europe companies' shares - Mobile Telesystems OJSC, Mechel, Sberbank of Russia, Federal Hydrogenerating Co JSC, Lukoil OAO, Surgutneftegas OJSC, Severstal OAO, KGHM Polska Miedz SA, Telekomunikacja Polska SA and Komercni Banka AS
2011.05.31	2014.06.05	1 101 days	EUR	482,011	Basket of Russian and Central and Eastern Europe companies' shares - Mobile Telesystems OJSC, Mechel, Sberbank of Russia, Federal Hydrogenerating Co JSC, Lukoil OAO, Surgutneftegas OJSC, Severstal OAO, KGHM Polska Miedz SA, Telekomunikacja Polska SA and Komercni Banka AS
2011.07.05	2014.07.23	1 114 days	LTL	1,747,700	Basket of rare metals mining and processing companies' shares - Molycorp Inc, Lynas Corp Ltd, Iluka Resources Ltd, Kenmare Resources PLC, OSAKA Titanium Technologim Co, Toho Titanium Co Ltd, Hunan Non-Ferrous Metal Corp Ltd, China Molybdenum Co Ltd, China Rare Earth Holdings Ltd and Thompson Creek Metals Co Inc.
2011.07.05	2014.07.23	1 114 days	LTL	625,900	Basket of rare metals mining and processing companies' shares - Molycorp Inc, Lynas Corp Ltd, Iluka Resources Ltd, Kenmare Resources PLC, OSAKA Titanium Technologim Co, Toho Titanium Co Ltd, Hunan Non-Ferrous Metal Corp Ltd, China Molybdenum Co Ltd, China Rare Earth Holdings Ltd and Thompson Creek Metals Co Inc.
2011.07.05	2014.07.23	1 114 days	EUR	801,740	Basket of rare metals mining and processing companies' shares - Molycorp Inc, Lynas Corp Ltd, Iluka Resources Ltd, Kenmare Resources PLC, OSAKA Titanium Technologim Co, Toho Titanium Co Ltd, Hunan Non-Ferrous Metal Corp Ltd, China Molybdenum Co Ltd, China Rare Earth Holdings Ltd and Thompson Creek Metals Co Inc.
2013.07.15	2014.07.31	381 days	EUR	1,829,639	Shire PLC xSharex
2013.07.15	2014.07.31	381 days	EUR	3,762,861	Nokia OYI xSharex
2011.08.30	2014.09.17	1 114 days	LTL	2,314,200	Consumer Staples Select Sector SPDR ETF
2011.08.30	2014.09.17	1 114 days	LTL	387,100	Consumer Staples Select Sector SPDR ETF
2011.08.30	2014.09.17	1 114 days	EUR	1,007,527	Consumer Staples Select Sector SPDR ETF
2010.11.08	2014.11.10	1 463 days	EUR	2,175,264	Dow Jones EURO STOXX 50 Index
2011.10.27	2014.11.12	1 112 days	LTL	2,855,500	The basket of six commodities: oil, gold, zinc, corn, soybeans and sugar
2011.10.27	2014.11.12	1 112 days	LTL	678,500	The basket of six commodities: oil, gold, zinc, corn, soybeans and sugar
2011.10.27	2014.11.12	1 112 days	EUR	666,736	The basket of six commodities: oil, gold, zinc, corn, soybeans and sugar

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AB SEB bankas

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE 12 MONTHS PERIOD ENDED 31 DECEMBER 2014

(All amounts in LTL thousands unless otherwise stated)

NOTE 9 SIGNIFICANT EVENTS AFTER THE BALANCE SHEET DATE

After 31 December 2014 the Bank has not issued non-equity securities issues.

After 31 September 2014 the Bank redeemed 3 non-equity securities issues with the nominal value of LTL 1,454.3 thousand.

NOTE 10 MAJOR EVENTS IN THE ISSUER'S ACTIVITIES

On 5 February 2014, the Bank announced that according to preliminary data, unaudited net profit earned over the year 2013 by AB SEB bankas is LTL 212,3 million (EUR 61,5 million) and by AB SEB bankas Group – LTL 212,3 million (EUR 61,5 million). The result has been calculated in accordance with the requirements set by the acts of the Bank of Lithuania and legal acts of the Republic of Lithuania. Over the year 2012, audited net profit earned by AB SEB bankas totaled LTL 87,6 million (EUR 25,4 million) and by AB SEB bankas Group – LTL 84,9 million (EUR 24,6 million). In November 2013 AB "SEB lizingas" was merged with AB SEB bankas therefore AB SEB bankas results of the year 2012 are presented including the result of AB "SEB lizingas".

On 21 March 2014, the Bank announced that on the 31st of March 2014, the Annual General Meeting of Shareholders of AB SEB bankas (hereinafter – the Bank) will take place. The Annual General Meeting is initiated and convened by the Management Board of the Bank. 100% of shares of the Bank is owned by the bank Skandinaviska Enskilda Banken AB.

Issues on the agenda:
1. Regarding the Annual Report of the Bank;
2. Regarding the Report of the Auditor of the Bank;
3. Regarding the comments and proposals of the Supervisory Council of the Bank;
4. Regarding approval of the Consolidated Financial Statements of the Bank for the year 2013;
5. Regarding appropriation of the year 2013 profit (loss) of the Bank.

The Management Board of the Bank endorsed the draft resolutions of the Annual General Meeting of Shareholders of the Bank

On 31 March 2014, the Bank announced that on the 31st March 2014, the Annual General Meeting of Shareholders of AB SEB bankas (hereinafter – the SEB Bank) took place and decisions on all issues on the agenda were adopted:

1. Bank Group's year 2013 Consolidated Annual Report and its Annex "Disclosure form concerning the compliance with the Corporate Governance Code for the Companies Listed on NASDAQ OMX Vilnius" have been familiarized with;
2. Report of the audit company UAB "PricewaterhouseCoopers", which has performed the audit, has been familiarized with;
3. Comments and proposals of the Supervisory Council of the Bank regarding the Bank's Activity Strategy, its Annual Consolidated Financial Statements, Draft Profit (Loss) Appropriation and the Bank's Consolidated Annual Report as well as the activities of the Bank's Management Board and President have been familiarized with;
4. Bank's and Bank Group's year 2013 Consolidated Financial Statements produced in accordance with the International Financial Reporting Standards were approved;
5. Appropriation of the year 2013 profit (loss) of the Bank was approved;

On 9 April 2014, the Bank announced that on the 8th of April 2014 the Supreme Administrative Court of Lithuania adopted a decision whereby the decision of Vilnius Regional Administrative Court was changed by cancelling the fine imposed on AB SEB bankas by the Competition Council of the Republic of Lithuania on the 20th of December 2012 for agreements which restricted competition in cash-in-transit (CIT) and cash handling services' markets and returning the case to the Competition Council for the additional investigation.

On 25 April 2014, the Bank announced that according to preliminary data, unaudited net profit earned over the first quarter of the year 2014 by AB SEB bankas is LTL 56.7 million (EUR 16.4 million) and by AB SEB bankas Group is LTL 55.1 million (EUR 16.0 million). The result has been calculated in accordance with the requirements set by the acts of the Bank of Lithuania and legal acts of the Republic of Lithuania. Over the first quarter of the year 2013, unaudited net profit earned by AB SEB bankas totalled LTL 44.3 million (EUR 12.8 million) and by AB SEB bankas Group – LTL 38.7 million (EUR 11.2 million). In November 2013 AB "SEB lizingas" was merged with AB SEB bankas therefore AB SEB bankas results of the first quarter of the year 2013 are presented including the result of AB "SEB lizingas".

On 14 July 2014, the Bank announced that according to preliminary data, unaudited net profit earned over the first half of the year 2014 by AB SEB bankas is LTL 148.4 million (EUR 43.0 million) and by AB SEB bankas Group is LTL 148.5 million (EUR 43.0 million). The result has been calculated in accordance with the requirements set by the acts of the Bank of Lithuania and legal acts of the Republic of Lithuania. Over the first half-year of the year 2013, unaudited net profit earned by AB SEB bankas was LTL 101.8 million (EUR 29.5 million) and by AB SEB bankas Group – LTL 97.5 million (EUR 28.2 million). In November 2013 AB "SEB lizingas" was merged with AB SEB bankas, therefore AB SEB bankas results of the first half-year of the year 2013 are presented including the result of AB "SEB lizingas".

On 23 October 2014, the Bank announced that according to preliminary data, unaudited net profit earned over the three quarters of the year 2014 by AB SEB bankas is LTL 216.5 million (EUR 62.7 million) and by AB SEB bankas Group is LTL 219.5 million (EUR 63.6 million). The result has been calculated in accordance with the requirements set by the acts of the Bank of Lithuania and legal acts of the Republic of Lithuania. Over the three quarters of the year 2013, unaudited net profit earned by AB SEB bankas was LTL 169.6 million (EUR 49.1 million) and by AB SEB bankas Group – LTL 167.5 million (EUR 48.5 million). In November 2013 AB "SEB lizingas" was merged with AB SEB bankas, therefore AB SEB bankas results of the three quarters of the year 2013 are presented including the result of AB "SEB lizingas".

On 26 October 2014, the Bank announced that on the 26th of October 2014, the results of European Central Bank and European Banking Authority review of asset quality and capital position under stressed conditions were made available. The standardized outcomes are reported for SEB Group and the four subsidiary banks in the euro area, ie Estonia, Latvia, Lithuania and Germany. The results from the ECB and EBA Comprehensive Assessments confirm SEB's and AB SEB bankas' solid capital position. In addition, there were no substantial findings in the asset quality review (AQR).

The access to assessment results of AB SEB bankas: https://www.seb.lt/node/7359. The access to the assessment results of SEB Group: http://sebgroup.com/

On 29 January 2015, the Bank announced that according to preliminary data, unaudited net profit earned over the year 2014 by AB SEB bankas is EUR 65.3 million (LTL 225.6 million) and by AB SEB bankas Group – EUR 72.4 million (LTL 249.9 million). The result has been calculated in accordance with the requirements set by the acts of the Bank of Lithuania and legal acts of the Republic of Lithuania. Over the year 2013, audited net profit earned by AB SEB bankas totalled EUR 61.5 million (LTL 212.3 million) and by AB SEB bankas Group – EUR 61.5 million (LTL 212.3 million).

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