Investor PresentationDecember 2017

SEK’s mission and vision

SEK’s mission is to ensure access to sustainable financial solutions for the Swedish export industry on commercial terms.

SEK’s vision is to strengthen the competitiveness of Swedish exporters and help create employment and sustainable growth in Sweden.

100% owned by the Swedish government

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Kingdom of Sweden

Population 10 million

Surface 450 000 km2

Capital Stockholm

Language Swedish, English widely spoken

Political system Parliamentary democracy

European status Inside EU, outside Euro

Currency Swedish Krona

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Economy of Sweden

Rating AAA/Aaa/Aaa

GDP growth Q2 2017 (QoQ/YoY) 1.3% / 3.1%

GDP growth 2016 3.3%

GDP 2016 USD 511.6bn*

GDP per capita 2016 USD 51 554*

Unemployment Oct 2017 6.7%**

CPI / CPIF*** Oct 2017 (YoY) 1.7% / 1.8%

Repo Rate Sep 2017 -0.50%

*USD/SEK average 2016, 8.56

** seasonally adjusted, % of labour force

*** CPIF = CPI with fixed mortgage rates

5 year CDS spreads

Public debt to GDP

Source: SCB, IMF, Macrobond, Bloomberg

Swedish Exports – large part of GDP and well diversified

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Key export goods

Materials 17%

Machinery 15%

Consumer goods 15%

Auto 13%

IT & telecom 12%

Pulp & paper 10%

Health care 8%

Energy 6%

Construction 4%

Source: SCB, IMFAs of December 31 2016

25

30

35

40

45

50

55

Exports and importsShare of GDP %

Import Export

Well-known Swedish exporters

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SEK has a complementary role in the market

Our offering provides a complement to bank and capital market finance for exporters that want a range of different financing sources.

SEK creates client value on market terms through its strong international network, extensive experience and expertise in export finance.

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Bank and capital market Customer SEK

Our offering

• Export Finance

• Project Finance

• Trade Finance

• Customer Finance

• Small Ticket Finance

• On-lending

• Corporate Lending and Capital Market Products

Our offer is available in all major and selected emerging market currencies

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The Swedish Export Credit System

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SEKfinances

EKNguarantees

Bankarranges

Exporternegotiates with buyer

Ratings

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"...there is an extremely high likelihood of timely support to SEK from the Swedish government..."

"SEK's capital ratios reflect its high-quality loan book and associated guarantees, highly rated exposures in its liquidity portfolio, and superior capital base."

"SEK is an important pillar of Swedish exporters' success andit has strong relationships with Sweden's largest and most creditworthy corporations."October 2, 2017

"SEK's debt instruments continue to benefit from high government support given its strong linkages with the sovereign."

"Adequate Capital and Stronger-Than-Peers Leverage”

"This [leverage ratio] places SEK in a stronger position compared to Nordic public sector peers..."June 21, 2017

AA+ (stable)

Aa1 (stable)

SEK’s sustainability framework

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• Owner instruction• Sustainability reporting• Sustainability targets and strategies

• OECD Common Approaches• OECD Convention on Combating Bribery

• UN Global Compact• UN Guidelines on Business and Human Rights

• IFC Performance Standards

• Equator Principles

Funding and liquidity: No refinancing risk

12As of September 30 2017

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5

10

15

20

25

30

35

40

45

USD bnBorrowing total,including shareholder's funds

Loan facility with the SwedishNational Debt Office

Lending with first possiblepre-payment, including theCIRR-system

13As of September 30 2017

Asse

tsLiabilities &

equity

Total USD 34.8 bnDerivatives and other assets

Liquidity Placements

Agreed but indisbursed credits

Credit Portfolio

Derivatives and other liabilities

Senior securities issued

Equity

Subordinated capital

14As of September 30 2017

Credit portfolio

• Demand for financing from the Swedish export industry increased dramatically during the financial crisis

• The Swedish government heavily increased SEK´s lending capacity during the financial crisis

• SEK secured access to financing for the Swedish exporters

0

5

10

15

20

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Q3

USD bn New credits accepted

15As of September 30 2017

Counterparty exposures & risk mitigation

• Export credit agency guarantees• Bank guarantees• Credit derivatives• Collateral agreements• Insurance company guarantees

0%

10%

20%

30%

40%

50%

60%

70%

Corporates Financial institutions incl.ABS and covered bonds

Sovereigns (incl. localgovernments)

Gross exposureNet exposure

Financial institutions including covered bonds

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

M ≤ 1 year 1 year < M ≤ 3 years M > 3 years

30 Sep 2017 31 Dec 2016

Liquidity portfolio

Investment profile• Average duration of new investments: 5 months• Maximum maturity: Generally 18 months, with some exceptions• Minimum rating: Generally A-, with some exceptions

16As of September 30 2017

17As of September 30 2017

Funding: flexible and diversified

• Multiple funding programmes in all major currencies

• Funding in local currencies• Responsive to investor needs• An experienced benchmark issuer

Risk Management policy• No currency risk • Very limited interest rate risk• All structured notes are hedged

New funding by structure, as of September 30, 2017(2016, whole year)

Plain Vanilla 65,3% (64,8%)

Equity linked 26,6% (24,5%)

FX linked 7,5% (5,3%)

Commodity linked 0,5% (1,5%)

PRDC 0,1 % (0,0%)

IR linked 0,0% (3,9%)

New funding by region, as of September 30, 2017 (2016, whole year)

Japan 39,2% (28,6%)

North America 23,5% (25,6%)

Europe excl. Nordic countries 18,8% (23,0%)

Non-Japan Asia 11,1% (14,6%)

Nordic countries 3,2% (1,0%)

Middle East/Africa 3,0% (4,2%)

Latin America 1,1% (2,7%)

Oceania 0,2% (0,3%)

Diversified funding, by region

18As of September 30 2017

0

2

4

6

8

10

12

14

16

18

2011 2012 2013 2104 2015 2016 2017 Q3

USD bn

North America Non-Japan Asia Europe Nordic Countries Middle East/Affrica Latin America Oceania Japan

Diversified funding, by structure

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0

2

4

6

8

10

12

14

16

18

2011 2012 2013 2014 2015 2016 2017 Q3

USD bn

Commodity linked Equity linked FX linked Plain Vanilla IR linked PRDC

As of September 30 2017

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Most impressive MTN borrower 2014Most impressive sovereign, supranational or agency borrower 2014

Global Issuer of the Year

Capitalization and Profitability

21As of September 30 2017

• Common Equity Tier 1 capital ratio of 18.9%as of September 30, 2017

• Leverage ratio of 5.4%as of September 30, 2017

• Dividend policy: 30% of profit after tax to our owner

• Return on equity: 3.9%as of September 30, 2017 (target: 6%)

Return on equity (IFRS)

0%

2%

4%

6%

8%

10%

12%

2010 2011 2012 2013 2014 2015 2016 Q1-Q32017

22As of September 30 2017

About SEK

Owner: Swedish government, 100%

Mission: To ensure access to financial solutions forthe Swedish export industry on commercial terms

Primary task: Financing of export credits

Credit rating: S&P: AA+ /Stable/A-1+ Moody’s: Aa1/Stable/P-1

Established: 1962

Financial information at September 30, 2017

Total assets USD 34.8 bn

Lending USD 23.8 bn

Common Equity Tier 1 capital ratio 18.9%

After-tax return on equity 3.9%