ExpErts inintErnationalfinancing

www.sek.se

New funding in 2013 by issue market

Us 30.4%

Europe 29.7%

Japan 19.2%

non-Japan asia 14.6%

Middle East 5.0%

nordic countries 0.8%

south america 0.4%

Funding and liquidity: no refinancing risk

Financial highlightsAs of June 30, 2013

total assets ..................................UsD 45.6 bn

total credits1 ................................UsD 34.6 bn

tier-1 capital adequacy ratio ................23,2%

after-tax return on equity, operating profit (ifrs) ..............................1,1%

after-tax return on equity, excl. unrealized changes in fair value ............. 6,4%1 Outstanding and undisbursed

Credit portfolio: exposure by industry

Experienced issuersEK is well known for its flexible approach and has issued structured notes for more than thirty years. these can be linked to interest rate, fx, equity, commodity or credit. sEK accepts callable, non-principal-protected and physical delivery notes. sEK has a broad investor base, both retail and institutional, the most important markets being the Us, Europe and Japan.

sEK has been active in the Us and Japanese markets since the 1980´s. sEK is also an experienced benchmark issuer. We have transactions in e.g. the Us, Euro, Maple, samurai, swiss, Dim sum, thai and sterling markets. sEK’s long experience in interna-tional finance has made it a favored and

trusted partner and a leading issuer in chosen fields.

the most frequently used borrowing programs are the Us Mtn program and the Euro Mtn program. the Us Mtn program is fully sEc registered with transactions listed on nYsE. sEK also has a Uridashi shelf, which is frequently used for retail transactions in Japan.

During the first six months of 2013, sEK borrowed UsD 8.6 bn in long term funding. in 2013, sEK has achieved the ”issuer of the Decade award” by the market leading information organization mtn-i and ”Most impressive Mtn borrower” by Euroweek.

Owner:• 100percentownedbytheKingdom

of sweden. Assignment:•Ourmissionistosecureaccessto financial solutions on a commercial basis for the swedish export economy.

Public policy role:•Theonlyfinancialinstitutionin sweden authorized to grant credits in the state-supported export credit system on behalf of the government.

Strong asset qualityand no refinancing risk:•Mostcreditexposureeitherguaran- teed or backed by highly rated sovereigns or financial institutions.•Allcreditsfullyfundeduntilmaturity.

Stable and long term approach: •PartnertotheSwedishexport industry for more than 50 years.•Experiencedbenchmarkissuerin both EUr and UsD.• Issuerofstructurednotesfor more than thirty years.•Oneofthelargestthird-partyissuers in the Japanese and Us retail markets.

Frequently used borrowing facilities:•USMTNProgram,fullySECregistered•EuroMTNProgram•Uridashishelf•SwedishMTNProgram•USCommercialPaperProgramand Euro commercial paper program

Ratings:•S&PAA+,stable•Moody’sAa1,stable

QuiCk FACtS

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www.sek.se

sWEDisH Export crEDit corporation (sEK)Klarabergsviadukten 61–63, Box 194, sE 101 23 stockholm, sweden.Telephone:+46-8-6138300.Fax:+46-8-203894.e-mail:info@sek.se.Swiftaddress:SEKXSES.www.sek.se

About SEksEK, which is 100 per cent owned by the Kingdom of sweden, provides financial solutions on commercial terms by granting export credits and direct lending to exporters. sEK also administers the state-supported export credit system.

sEK plays an important public policy role in swedish trade promotion. it was founded in 1962 in order to strengthen the competitiveness of the swedish export industry by meeting the need for long- term credits. the swedish business sector is unique for its large number of multinatio-nal corporations in relation to the relative size of the economy. today, sweden’s export represents some 50 per cent of gDp and sEK continues to be an impor-tant partner for the exporters.

Prudent credit risk approachrisk mitigation techniques, such as export credit agency guarantees, bank guarantees and credit default swaps, reduce sEK’s corpo rate exposure and transfer the exposure to sovereigns and financial institutions. consequently, part of the

net exposure to sovereigns and financial institutions is a double default exposure with underlying corporate exposures.

sEK avoids all currency exposure, and all swaps are covered by isDa and collateral agreements.

No refinancing risksEK has raised more debt than committed credits in all maturities.

sEK’s liquidity portfolio has a maturity profile that fits the commitments in thelending activities. sEK can stay out of the market for a substantial time period and still be able to provide lending to itscustomers – the export industry.

What rating agencies say about usleading rating agencies give strong rankings to sEK:

S&P(AA+):“The stable outlook on Swedish Export Credit Corp. (SEK), refects Standard & Poor’s Rating Services’ view that there is an ‘extremely high’

likelihood the Swedish government would provide timely and suffcient extraordinary support to SEK, if necessary. It also factors in our expectation that SEK’s asset quality will remain strong and its capitalization robust.” september 28, 2012

MooDY’s (aa1):“As a 100% government-owned entity and the only specialized export lender in Sweden including a unique role as the administrator of the state-supported export credit system (the S-System), Moody’s views SEK as having a high default dependence and a high probabi-lity of government support in the event of a stressed scenario.“March 13, 2013

Credit strengths• 100%ownershipbytheKingdom

of sweden• Strongfranchiseprotectedbyits important public role and well- established business relationships• Satisfactoryfinancialfundamentals• Strongqualityoflendingbook

despite high loan concentration.