Investor Presentation

Q3 2013

Contents

1. Kingdom of Sweden 4

2. Swedish Mortgage Market 9

3. SBAB 17

4. Appendix I: SCBC 34

5. Appendix II: Key economic data 45

Contact details 59

2

Executive Summary

Short Term Long Term

Moody’s P-1 A2

Standard & Poor’s A-1 A

SBAB Bank Ratings

SCBC Covered Bond Ratings

• 100% owned by the Kingdom of Sweden

• Business targets:

– Profitability: RoE 10%

– Capitalisation 18% – 20%

• Swedish mortgage portfolio, predominantly residential mortgages

• SBAB senior unsecured investors benefit from government change of ownership clause

• Increased focus on retail segment- loyalty volume

• Dedicated covered bond subsidiary – SCBC – with full access to the sophisticated

Swedish covered bond market

SBAB Jan – Sep 2013 (Jan – Sep 2012) • Net Interest Income SEK 1,520 mn (1,450 mn)

• Mortgage Portfolio SEK 258 bn (257 bn)

• Positive loan losses ( -0.02%)

• Tier 1 Capital Ratio under Basel II

25.8% (16.2%) Long Term

Moody’s Aaa

Standard & Poor’s AAA

3

Kingdom of Sweden

Kingdom of Sweden AAA/Aaa/AAA (stable)

• Government debt is low and declining

– Public debt-to-GDP of 42% in 2013, 42% in 2014, 41% in 2015 (IMF)

• Budget currently very close to balance

– Average budget balance has been +0.8% of GDP over the last 15 years

• Average annual GDP-growth has been 2.7% over the last 15 years vs 1.5% in the Euro area

– GDP growth is expected to increase from 1.0% in 2013 to 2.6% in 2014 (Consensus Forecast, Oct-13)

• Average inflation has been 1.3% over the last 15 years, well below the target of 2%

– Inflation is expected to increase from 0.1% in 2013 to 1.3% in 2014 (Consensus, Oct-13)

Source : IMF World Economic Outlook

5

Interest Rates

• Interest rates have a high correlation with European (i.e. German) rates

– The ten year spread against Germany has on average been +13bp, over the last 15 years, correlation has been 0.98

• Sweden has gained safe haven status during the financial crisis

– Strong public finances, a stable financial system, low inflation, international flight to quality and the strong krona have

been holding down long term interest rates

• Very low interest rates

– Less stress in international markets and a stronger business cycle will put upward pressure on interest rates in the

future

– Market expectation is that the Riksbank will hike the repo rate in late 2014

Source : Macrobond

6

Households are doing quite well…

• Labour market efficiency and flexibility has increased since the mid-1990s

– Employment has increased by on average 1.0% and hours worked by 0.7% per year over the last 15 years

• The labour market has trengthened during 2013

– Expected to continue to gain strength during the course of 2014 and 2015

• Households have increased their savings ratio

– Savings stand above 10 percent of disposable income. Both income and consumption are expected to grow

at a rate above 2% in the years to come

7

Source : Macrobond, The Riksbank, National Institute of Economic Research

Kingdom of Sweden - CDS 5yr

Source : Bloomberg, 7th Nov 2013

8

Swedish Mortgage Market

Mortgage lending in Sweden - A low risk business

- National computerized data base with information regarding

civil status, income and changes in income, assets, debt,

payment complaints and recent inquiries at the agency. Used in

every credit process regarding loans

- A Mortgage Deed for every house or apartment is registered

and controlled by the Swedish mapping, cadastral and land

registration authority (Lantmäteriet)

- Lender can initiate an enforcement order with this office to

enforce his claim, this process normally takes up to 90 days

Credit Information Agency

Enforcement Authority

Mortgage Deed System

10

Mortgage lending in Sweden - A low risk business

- No “originate to distribute” model

- Restricted buy-to-let market due to regulated rental market

and tenant owner subletting restrictions

- A borrower is personally liable even after a default and

foreclosure procedure, i.e. full and personal recourse

- Well developed welfare system raising households’ ability to

service debt even during times of unemployment

Personal Liability

No Buy-to-Let Market

“Originate and hold” model

Social Security

11

The Swedish Housing Market

• Most Swedes own their dwelling

– 65 % of the dwelling stock is owner occupied and 35 % is rented

• The rental market is highly regulated

– Rent controls are strong and a large part is owned by property companies controlled by municipalities. The share of rented

apartments has been declining due to rent regulations making it unprofitable to build new units where demand is high (large

cities)

• The number of tenant owned apartments has risen

– Price increases have made it highly profitable for private (and public) landlords to sell their properties to tenant owner

associations

Source : Statistics Sweden

12

House Price Performance

• House prices have increased by an average of 7% over the last 15 years

– Increases have been higher in cities and growth regions than in the countryside. Prices on flats have risen more than

prices on houses

– On average prices fell by 6% in 2011 and increased by 6% in 2012, , in the first three quarters of 2013 prices have

increased almost 10 percent

• The Swedish housing market contrasts with the “bubble markets” in a number of ways

– Strict regulations on buy-to-let

– No subprime mortgage market

– There has not been any speculative building activity

Source : Macrobond

13

The Swedish Mortgage Market • New Rules

– In October 2010 the Swedish FSA introduced new rules regarding mortgage lending, which means that new mortgage

loans shall not exceed 85 % of the market value of the property

– In December 2010 the Swedish Bankers Association issued a new set of principles regarding mortgage lending which

recommends banks to require amortization on new mortgage loans over 75 % loan-to-value

– In November 2012 the Swedish FSA proposed a risk weight floor of 15 % for Swedish mortgages, in May 2013 FSA

decided to implement it

– Although studies show that the measures have been effective discussions about further dampening measures continue

to be extensive

• During 2011 and 2012 the growth rate of the market has slowed down

Source : Macrobond

14

Housing Construction & Demography

• Low level of housing construction

– After the real estate crisis in the early 1990s construction has been low in comparison to both history and to other

countries.

• Building activity has not kept up with demography

– During the next ten years the population is expected to increase from 9.5 to 10.3 million people. The number of people

aged 20-35, the ”first time buyers”, has increased quite fast during the past ten years (25 000 per year on average) but

will not grow that fast going forward.

Source : Macrobond, National Institute of Economic Research

15

Low Credit Losses • A history of low Credit losses

– At the height of the 1990s crises yearly credit losses in Swedish banks were more than 6% of their lending. Mortgage

institutions lost 0.7% during the worst years.

– Over the last 10 years mortgage losses have been insignificant

Source : Statistics Sweden

16

SBAB

SBAB

• SBAB was set up in 1985 by the Kingdom of Sweden

• 100% owned by the Kingdom of Sweden

• Government mandate

– promote competition in Swedish residential mortgage market

– evaluated using a profit target

• Successful and cost efficient origination through

– Call Centre

– Internet Platform

– Co-operation Partners

• New mandate to expand product offering

– SBAB became “SBAB Bank” in 2011

18

Highlighted numbers

(SEK million) Q3 2013 Q3 2012

NII 1 520 1 450

Total expenses 563 534

Net credit losses -0.02% 0.00%

Return on Equity 9.9% 2.6%

Operating profit 830 227

Deposits 35.9bn 24.6bn

Loan to deposit ratio 13.9% 9.6%

CI ratio 41% 46%

19

SBAB Group - Structural Overview

SBAB Unsecured

Funding

EMTCN Covered Programme

Covered Bonds

SCBC

Lending

CP Programmes

EMTN Programme

Principal and

Interest

Principal and

Interest

New lending Issuance proceeds

Lending

Bond

proceeds

Subordinated debt

Principal and

Interest

Call Centre

Internet

Co-operation Partners

Origination

The Kingdom of Sweden

100% Ownership

Samurai & Uridashi Programmes

AU$ Covered Programme

SEK Covered Programme

20

An ”everyday bank” with three clear

product areas

Loans

Launch in Q2 2014

Available today

Savings

Payments Transactions account

Card solutions

Savings accounts

Mutual funds

Residential mortgages

Consumer loans

21

SBAB Group Balance Sheet

Assets Liabilities and Equity

-Total balance sheet SEK 325 bn, September 30th 2013

22

SBAB’s deposits - Continued growth, expected to increase further

Source : SBAB

23

SBAB’s Net Interest Income - Continued stability and growth

24

SBAB’s loan losses

• In Sweden, there is a strong culture of timely payment of debt, especially, payment of

mortgages.

• Continued low level of credit losses. (Jan-Sep ‘13, SEK 36mn, negative 0.02%)

Source : SBAB Bank Annual reports

Total mortgage portfolio SEK 258bn, September 30th 2013

25

Credit Quality

136 156

171 179 178

185

230

253 253 257

0,18% 0,13%

0,08% 0,11%

0,06%

0,16% 0,16% 0,12%

0,17% 0,18%

0,02% 0,00% 0,02% 0,00% 0,01% 0,01%

0,05% 0,02% 0,00% 0,01%

0,0%

0,2%

0,4%

0,6%

0,8%

1,0%

0

50

100

150

200

250

300

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

SEK Billion

Loan PortfolioNonperforming Loan Receivables as a % of Loan PortfolioLoan Losses as a % of Loan Portfolio

• ”SBAB Bank’s losses are among the lowest reported by rated European banks”

(S&Ps RatingDirect issued Dec 20th 2012)

Swedish 100% Secured 99%

Unsecured 1%

Residential mortgages 96%

Commercial mortgages 3%

Public sector guarantee 1%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Assets Lending Mortgages

26

Capitalisation -Strong capital ratios, given low risk profile of business

• CRD4/CRR to be published

– Expected implementation 1st of Jan 2014

– SBAB well positioned to comply with expected capital requirements

• Swedish FSA

– Four largest Swedish banks currently viewed as SIFIs (extra capital requirements)

– Risk weight floor in at 15% (Implemented as a pillar 2 requirement, May 2013)

7%

11%

11%

10%

7%

12,0%

9,8%

17,9%

17,3%

16,5%

12,2%

16,2%

LänsB

Skand

SHB

SWE

SEB

NDA

SBAB

Peer Group CET 1 Ratio (Basel II) as of Q3 2013

Source : Q3 2013 reports

27

Estimated impact of Basel 3 and

current risk weight floor • The Basel 3 rules, implemented through CRD

4 /CRR, is expected to affect SBAB’s capital

adequacy primarily through the following

changes

– Credit risk, derivatives: Increased capital

charge for OTC-derivatives through a

credit value adjustment (CVA) add-on

– Minority interest: Bulk of minority interest

in FriSpar Bolån no longer included in

CET1

• Additionally, the Swedish FSA will require

higher risk weights (15%) for retail mortgages,

implemented under Pillar 2 – The requirement

will not affect SBAB capital adequacy under

Pillar 1

• It should be noted that the some changes will

be phased in gradually through transitional

arrangements – with the timeline being

unknown for a number of elements

Estimated impact of fully phased in Basel 3 and the risk weight floor defined by Swedish FSA

► SBAB’s current capitalisation exceeds capital adequacy metrics introduced in coming regulation by a wide margin

Basel 3 Risk weight floor

28

Effects of new risk weight proposal

15 % risk weight floor 25 % risk weight floor

Basel 3 Risk weight floor

29

1,9%

2,1% 0,1%

11,0%

25,8%

21,6%

10,6%

0,0%

5,0%

10,0%

15,0%

20,0%

25,0%

30,0%

Core tier 1 -Basel 2

Minorityinterest

CVA, OTC-derivatives

Otherchanges

CET 1 -Basel 3

Pillar 2 -RWA

retail mtgs

Pillar 2"CET1ratio"

Co

re t

ier

1 / C

ET

1 r

ati

o

Positive impact Negative impact

1,9%

2,1% 0,1%

7,2%

25,8%

21,6%

14,4%

0,0%

5,0%

10,0%

15,0%

20,0%

25,0%

30,0%

Core tier 1- Basel 2

Minorityinterest

CVA, OTC-derivatives

Otherchanges

CET 1 -Basel 3

Pillar 2 -RWA

retail mtgs

Pillar 2"CET1ratio"

Co

re t

ier

1 / C

ET

1 r

ati

o

Positive impact Negative impact

Basel 3 Risk weight floor

SBAB EMTN Programme - Government Ownership Clause

(i) OPTIONAL: Investors keep notes

MANDATORY:

Kingdom of Sweden Guarantee

(ii) OPTIONAL: Investors put back notes to

issuer, i.e. SBAB

30

Funding Sources and Currency

Breakdown - Total funding portfolio SEK 244bn, September 30th 2013

Currency Profile Wholesale Funding Sources

31

0

20

40

60

80

100

120

140

160

2007 2008 2009 2010 2011 2012 2013* 2014*

Senior and Covered Annual Issuance

Covered Bonds Senior Unsecured

SEK Bn

* Expected Issuance

0

20

40

60

80

100

120

140

160

2007 2008 2009 2010 2011 2012 2013* 2014*

Domestic and International Annual Issuance

Non-SEK funding SEK

* Expected Issuance

SEK Bn

SBAB Group Funding

• SBAB Group operates in a number of funding markets. A broad and efficiently diversified investor

base is an important part of the Group’s funding strategy

• In 2013 we have issued SEK 50bn of which approximately 28bn in senior unsecured format

• Lower annual funding requirements due to deposit growth, slowdown in lending and increased

duration

-Lower funding needs ahead

32

• Increasing covered bond redemptions over the coming three years. Liquidity risk is being

mitigated through buy-backs of maturing bonds

• Maturing SEK benchmark covered bonds are actively being bought back ahead of redemption

• Upcoming redemptions in Q1 2014 have been pre-funded

Maturity Profile - As of September 30th 2013

0

10

20

30

40

50

60

2013 2014 2015 2016 2017 2018 2019 2020-

SEK Billions Covered Bonds

SEK Other

0

10

20

30

40

50

60

2013 2014 2015 2016 2017 2018 2019 2020-

SEK Billions Senior Unsecured

33

Funding Programme in 2014

• Long term funding estimate for 2014 at SEK 75bn

– 3-5 public transactions in international funding markets

– 1-2 new SEK covered bond benchmarks

– Private placements in SEK

– Private placements in international funding markets

• Overall funding strategy is to maintain presence and

regularity in core funding markets (predominantly EUR)

• SBAB’s focus is to further extend its maturity profile

• Plan is to increase liquidity buffers

34

Trading levels of outstanding bonds

-10

-5

0

5

10

15

20

Aug-13 Dec-14 May-16 Sep-17 Feb-19 Jun-20 Oct-21S

pre

ad

to

sw

ap

s (

bp

) SHB Nordea SEB Swedbank SBAB

0

10

20

30

40

50

60

70

80

Dec-14 May-16 Sep-17 Feb-19 Jun-20 Oct-21 Mar-23

Sp

read

to

sw

ap

s (

bp

)

SHB Nordea SEB Swedbank SBAB

EUR Covered Bond EUR Senior Unsecured

35

Source : Handelsbanken/ Bloomberg, 29th Oct 2013

Securities Portfolio - SEK 36bn, 93% AAA

36

Securities Portfolio

• LCR compliant since 1st January 2013

• New investment only AAA

• Maximum 10y maturity on new investmenst

• RMBS legacy portfolio, approx. 5% of the portfolio

– ”Loans and recievebles” classified (hold to maturity)

– Internal stresstests shows no expected losses

37

Key Highlights

• 100% owned by the Kingdom of Sweden

• SBAB senior unsecured investors benefit from government ownership clause

• Purely Swedish mortgage portfolio, predominantly residential mortgages

• Strong asset quality

– Extremely low loan losses

• Developing SBAB Bank

– Increased focus on retail customers

• Access to domestic market both in the Senior unsecured and Covered Bond market-

good access to variety of funding sources

• International funding diversification is strategically important

38

Appendix I SCBC

The SCBC Product -The Limited Activities of SCBC provide additional Benefits to Investors

Robust Structure

Strength of a regulated entity combined with a restricted activity vehicle reduces number of

other potential creditors

As a result, in addition to the eligible assets, investors also benefit from over-collateralisation

provided by:

– Non-eligible assets

– Regulatory capital held by SCBC (maintain 8% capital adequacy ratio)

Subordination of

SBAB Interests

Fees for services provided by SBAB are subordinated to SCBC’s senior creditors

Where a mortgage certificate serves as collateral for 2 different mortgage loans, SBAB has

subordinated its interest to SCBC

Loans in Arrears Loans 30 days in arrears are normally repurchased by SBAB

Other Features

Dynamic O C in compliance with AAA/Aaa requirements

UCITS Compliant

Swedish covered bonds are eligible for repo at Riksbank

Following the ECBS’s labelling initiative

40

SCBC Cover Pool - Key characteristics as of September 30th 2013

Collateral

Weighted average LTV 58.2%

Loans in arrears Arrears below 0.01% (SBAB buys back loans in arrears > 30 days)

Number of loans 347,552

Geographical location Spread throughout Sweden; concentrated in economic hubs

Pool type Dynamic

Originator SBAB Bank Group

100% Swedish residential mortgages*

Weighted average seasoning 59.6 months

* Occasionally, minor volumes of substitute collateral consisting of AAA rated securities, can be included in the cover pool

Interest rate type 44.4% floating, 55.6% fixed

Loans in arrears

Number of loans

Geographical location

Pool type

Originator

Weighted average seasoning

Interest rate type

41

SCBC Cover Pool -Breakdown by Seasoning as of September 30th 2013

Weighted average seasoning of 59.6 months Weighted average LTV of 58.2%

LTV ratio by borrower type Breakdown by Seasoning

42

SCBC Cover Pool -Regional Distribution as of September 30th 2013

Regional Distribution

Over 85% of the cover pool assets are located in Sweden’s economic hubs

(incl. Göteborg) (incl. Malmö)

43

SCBC Cover Pool -Distribution by Collateral and Owner as of September 30th 2013

Predominantly residential mortgages

Breakdown by Owner Breakdown by Collateral

(Occasionally, minor volumes of substitute collateral consisting of AAA rated

securities, can be included in the cover pool)

44

SCBC Funding - Total covered bonds outstanding: SEK 148bn as of September 30th 2013

Currency profile Maturity profile

45

SCBC Ratings - Current AAA/Aaa ratings are robust

ALMM risk: “Low”

Sweden is classified as a category 1 jurisdiction

Sponsor Bank rating (A) with 7 notches uplift =>

SCBC rating = AAA with 2 notches cushion

•TPI for SCBC is “Probable-High ”

•Sponsor Bank rating (A2) =>

•SCBC rating = Aaa with 1 notch cushion

S&P Moody´s

46

The Swedish Legislation in Comparison - A Secure Framework

47

Swedish Mortgage Covered Bonds - vs. 3M Stibor 2013-09-02

Source: SEB

48

Swedish Covered Bond Market - One of the best functioning bond markets in the world.

The bond market has been open and well functioning throughout the crisis, providing

reliability and liquidity.

Source: ASCB, Association of Swedish Covered Bond Issuers

Key distinction of the market is the tap issuance format via contracted market makers.

Tap issuances can be made on a daily basis in small to medium sizes.

Typically issuers start reducing their outstanding debt about 6-9 months before maturity

via successive buy-backs and switches

Market is supported by market makers with separate market making agreements and

repo functionality providing issuers with enhanced liability management options.

The total value of the Swedish covered bond market was

EUR 220 billion as of December 2012

49

Appendix II Swedish key economic figures

Kingdom of Sweden

• Area : 450 295 km2

• Population : 9 616 429 (Aug 2013)

• Urban population: 85% of total population

• Capital : Stockholm

• Constitutional monarchy

• Unicameral Parliament (Riksdag) with 349 seats

• Elections: last held on 19 September 2010 (next

to be held in September 2014)

• Government : Coalition of Conservatives, Liberal

People’s Party, Center Party and Christian

Democrats

• The Swedish economy rests on a capitalist

system mixed with public-private partnership,

centralized wage negotiations and substantial

welfare elements

• Sweden has the world's eighth highest income

per capita (IMF)

51

Kingdom of Sweden

• Approx. 45% of GDP is exported . Largest

goods trading partners are the Scandinavian

countries, Germany and UK.

• Sweden joined the EU in 1995, but the public

rejected the introduction of the euro in a 2003

referendum.

• The currency, the krona, has been floating

since 1992 when the fixed exchange rate

regime was abandoned.

• The Centralbank, Sveriges Riksbank, operates

monetary policy under an inflation target of 2

percent.

• Fiscal discipline over the past several years

has allowed Sweden to weather economic

difficulties.

• Sweden ranked second in the world in The

Economist's Democracy Index 2012, seventh

in the United Nations' Human Development

Index 2013, sixth in the World Economic

Forum Global Competitiveness Index 2013-14

and second in the Global innovation Index

2013

52

Foreign Trade and the Krona

• Very strong current account

– Exports make up about 45% of GDP. Foreign trade has shown a surplus since the mid-1990s

• The Krona has been floating since 1992

– As a fairly small currency it is rather sensitive to changes in international risk appetite and business flows. It has

however historically been highly correlated with the Euro

• The Krona is at its strongest level for nearly 20 years..

– ..if compared to a trade weighted basket. Factors contributing to a continued strong krona are a strong current

account, high relative growth, solid public finances and high relative policy rates

Source : Macrobond

53

Lower Costs of Owning a Dwelling • Mortgage rates have been on a downward trend for almost 25 years

– Mortgage rates and house prices have been highly correlated

– Interest costs are deductible to 30% (20% on amounts above 100 000 SEK)

• No increase in debt service costs

– Interest rate cost of acquiring an average house have been quite stable around 25% of average disposable income over

the last 15 years

• Relaxation of taxes connected to housing

– Inheritance & gift tax abolished in 2005, wealth tax abolished in 2007

– Residential real estate tax lowered 2008

Source : Macrobond

54

High savings ratio, high net wealth

• High savings ratio

– Swedish households have a savings ratio around 10% which is high compared to other countries

• High net wealth

– Both financial assets and housing assets have been rising faster than debt. Average net wealth stands at over 300 % of

disposable income

• Assets and incomes cover debt and interest costs

– Research by both the Riksbank and FSA show that the households with the highest debt levels also are the households

with the most assets and the highest incomes

Source : OECD Economic Outlook 92, Statistics Sweden

55

High Relative House Prices

• Price metrics are near historic highs

– House prices compared to CPI, to rents or to household income have increased markedly since the mid 1990s

• Price increases have been concentrated to big cities and growth regions

– The average house prices in Stockholm is SEK 4mn, in Norrbotten it is SEK 1.1mn

• Most of the price rise can however be explained by higher income, lower interest rates and slow

housing construction

– e.g. Riksbank Economic Review 2010:3, The Riksbanks commission of inquiry into risks on the Swedish housing market

2011

Source : Macrobond 56

Household Debt has Increased

• High debt to income but low interest costs

– The household debt to income ratio has increased from around 90 % in 1995 to over 170 % in 2012. The rise in the debt

ratio is strongly connected to the decline in interest rates. The interest ratio is still hovering around 4 %

• Exposed to interest rate risk

– Rising interest rate levels will eventually push up the interest ratio in the coming years. This effect will be reinforced by a

higher use of floating rate interests than before

Source : The Riksbank, Macrobondtackt

57

Debt compared to other countries

• Household debt to income rather high compared to some other countries

– The general conclusion from authorities is that household debt is not a threat to financial stability but future growth should

be contained

• Total debt (household, company and public) around average in an international comparison

– Strong public finances puts Sweden in a favorable position

Source : The Riksbank, Eurostat

58

Key Economic Figures

Swedish EconomyYearly change in per cent 2006 2007 2008 2009 2010 2011 2012 2013f 2014f 2015f

GDP 4,6 3,4 -0,8 -4,9 6,3 3,0 1,3 1,1 2,4 2,5

Private Consumption 2,7 3,7 0,1 -0,3 4,0 1,7 1,6 1,8 2,1 2,4

Public Consumption 1,7 0,6 1,1 2,1 2,0 0,9 0,7 1,1 3,0 1,4

Gross Fixed Capital Formation 9,1 9,0 1,5 -15,5 7,0 8,4 3,4 -2,2 4,5 4,1

Stockbuilding (contr. to GDP) 0,3 0,7 -0,5 -1,7 2,3 0,6 -1,2 0,3 0,0 0,0

Exports 9,0 5,8 1,9 -13,7 11,3 6,3 0,7 -1,1 3,6 4,6

Imports 9,0 9,1 3,7 -14,1 12,0 7,4 -0,5 -0,7 4,5 4,8

Current Account, % of GDP 8,7 9,4 9,0 6,3 6,3 6,4 6,0 5,8 6,0 5,5

Industrial Production 5,2 4,1 -3,3 -19,5 8,8 6,8 -3,2 -3,5 3,5 5,0

Unemployment, % 7,1 6,2 6,2 8,3 8,6 7,8 8,0 8,0 7,4 7,4

Employment 1,8 2,6 1,1 -2,1 0,5 2,3 0,6 0,8 1,0 1,0

Consumer Prices 1,4 2,2 3,4 -0,5 1,2 3,0 0,9 0,1 1,3 1,9

Underlying Inflation, CPIF 1,4 1,5 2,7 1,7 1,9 1,4 0,9 0,9 1,2 1,3

Wage Costs 3,1 3,3 4,3 3,4 2,6 2,4 3,1 2,8 2,5 2,5

Real Disposable Household Income 3,6 5,5 2,3 2,0 1,6 3,3 3,3 3,0 2,0 2,0

Households Savings Ratio, % 4,9 7,2 9,0 11,0 8,3 10,4 12,1 12,0 11,0 10,0

Central Government Budget, SEK bn 18 103 132 -176 -1 68 -24 -120 -70 -50

Central Government Debt, % of GDP 43 37 35 38 34 32 32 34 33 33

Public Sector Financial Balance, SEK bn 16 28 17 -8 0 0 -4 -15 -10 -5

Public Sector Debt, % of GDP 45 40 39 43 39 39 38 38 38 37

59

Key Economic Figures (cont’d)

Financial indicators (end of period) 4th Nov 2013 2013f 2014f 2015f

Repo rate 1,00 1,00 1,50 2,50

STIBOR, 3-month 1,21 1,30 2,00 2,75

10-year Bond Yield 2,29 2,60 3,50 4,50

10-year spread to German, bp 52 60 50 25

USD/SEK 6,50 6,88 7,20 7,20

EUR/SEK 8,78 8,80 9,00 9,00

TCW 118,2 121,9 124,6 125,0

Source : Statistics Sweden and SBAB Bank Forecast

60

Important Notice The presentation was prepared by SBAB Bank AB (publ) for use in relation to the SBAB Bonds (the “Bonds”). This presentation contains forward-looking statements, which are subject to risks, uncertainties, and assumptions. This presentation is being presented solely for your information and is subject to change without notice. No representation or warranty, expressed or implied, is made and no reliance should be placed on the accuracy, actuality, fairness, or completeness of the information presented. This presentation does not constitute an offer or invitation to purchase or subscribe for any shares of the Company, and no part of this presentation shall form the basis of or be relied upon in connection with any contract or commitment. The contents of this presentation may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, in whole or in part, for any purpose.

61

SBAB – Contacts

For further information, please contact: EMTN number +46 8 614 4398 investor@sbab.se Per Tunestam, Treasurer +46 8 614 4369 per.tunestam@sbab.se Fredrik Jönsson, Head of Funding +46 8 614 3822 fredrik.jonsson@sbab.se Johan Paulsson, Funding Manager +46 8 614 3814 johan.paulsson@sbab.se Louise Bergström, Head of Investor Relations +46 8 614 4311 louise.bergstrom@sbab.se

www.sbab.com www.scbc.se www.ascb.se - Association of Swedish Covered Bond issuers

SBAB Corp- this is a joint code both for SBAB and SCBC

Information on the Internet

Bloomberg codes

62