#1SEK Investor presentation Fourth Quarter 2023#22 SEK is to strengthen the Mission competitiveness of the Swedish export Vision industry and create employment and sustainable growth in Sweden. A sustainable world through increased Swedish export. SEK#3100% Owned by the Swedish Government#4Kingdom of Sweden 4 Population Surface Capital Language Political system European status Currency 10 million 450 000 km² Stockholm Swedish, English widely spoken Parliamentary democracy Inside EU, outside Euro Swedish Krona SEK#5150 Economy of Sweden * % Public Debt to GDP 250 200 150 Rating GDP Growth Q3 2023 (QoQ/YoY) GDP Growth 2022 GDP 2022 AAA/Aaa/Aaa 100 -0.3% / -1.4% 50 50 2.4% USD 586 bn* USD 55 731* 0 GDP per capita 2022 Unemployment December 2023 CPI/CPIF*** December 2023 (YoY) Repo Rate December 2023 * ** *** USD/SEK average 2022, 10.12 Seasonally adjusted, % of labour force CPIF CPI with fixed mortgage rates = Source: Bloomberg, IMF, SCB 2002 2004 Japan 8.2%** bps 4.4% / 2.3% 150 4.00% 100 50 2006 2008 2010 ૮૧૦૮ 2014 2016 2018 2020 2022 Italy ⚫USA France 5 year CDS spreads Germany Sweden 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 Sweden -Italy France -Germany Japan USA#66 Swedish Exports Large part of GDP and well diversified Exports and Imports Share of GDP Key export goods 2022 % 55 50 45 40 35 30 25 1994 1996 1998 2000 2002 2004 2006 2008 -Export 2010 2012 2014 Import 2016 2018 2020 Source: SCB 2022 Materials 20% | Consumer goods 14% Machinery 13% Auto 13% Energy 11% Pulp & paper 10% IT & telecom 9% Health care 7% Construction 3% SEK#7111 Swedish exporters PROTECTS Tetra Pak WHAT'S GOOD H&M Ⓡ IKEA Klarna. Acne ERICSSON NCC⭑ 風 SAAB preem TECHNOLOGI MOJANG SANDVIK A SCA SKF Care of Life SCANIA SAAB ABB SKANSKA Atlas Copco Telia VOLVO Spotify SSAB VATTENFALL Electrolux skype AstraZeneca#88 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. III Bank & capital market Customer SEK SEK#99 Our offering Export Finance Project Finance Trade Finance Leasing & Installment credits On-lending Corporate Lending and Capital Market Products Our offer is available in all major currencies and selected emerging market currencies. SEK#10The Swedish Export Credit System 10 TAPP Exporter negotiates with buyer III Bank arranges EKN guarantees SEK finances SEK#11Ratings "Strong asset quality, benefiting from guarantees and insurance" “We assess government support to be very high for all of SEK's debt classes." "The commitment as an owner and the proven support by the Swedish government to SEK result in our assessment of a very high probability of government support for SEK's senior, junior senior (often referred to as senior non-preferred) and subordinated debt classes." “...we expect the Government of Sweden to inject capital - if needed – well ahead of any potential breach of SEK's minimum regulatory requirements, significantly reducing the risk of loss to all creditor classes." October 5, 2023 MOODY'S Aal (stable) " “... that there is an extremely high likelihood the Swedish government would provide timely and sufficient support..." "...will maintain a sound financial position, underpinned by a robust risk-adjusted capitalization and ample liquidity access.” “...we expect SEK will remain an important pillar of Swedish exporters' success, owing to its strong relationships with the country's largest exporters." October 9, 2023 STANDARD & POOR'S AA+ (stable) 11 SEK#12Sustainability framework 12 Owner instruction Sustainability reporting Sustainability targets and strategies OECD Common Approaches OECD Convention on Combating Bribery Equator Principles IFC Performance Standards UN Global Compact UN Guidelines on Business and Human Rights SEK#1313 0 5 2024 10 40 Funding and liquidity: No refinancing risk USD bn 45 35 30 25 20 20 15 2027 As of December 31, 2023 2030 2033 2036 ■Loan facility with the Swedish National Debt Office Borrowing total, including shareholder's funds Lending with first possible pre-payment, including the CIRR-system 2039 2042 2045 2048 SEK#14Not to scale 14 Assets Total USD 36.5 bn Derivatives and other assets Derivatives and other liabilities Liquidity Portfolio Agreed but undisbursed credits Credit Portfolio Senior Debt As of December 31, 2023 Liabilities & equity Equity SEK#15Credit Portfolio Demand for financing from the Swedish export industry increased dramatically during the financial crisis 2008/2009 The Swedish government heavily increased SEK's lending capacity during the financial crisis 2008/2009 Further measures were introduced during Q1 2020 due to the COVID-19 pandemic SEK secured access to financing for the Swedish exporters New credits accepted 2023: Skr 80.2 bn USD bn 20 20 15 10 5 0 New credits accepted Credit Portfolio ми n 15 As of December 31, 2023 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 SEK#16Counterparty exposures & risk mitigation 16 . Export credit agency guarantees 70% Bank guarantees 60% Credit derivatives 50% Collateral agreements 40% 30% Insurance company guarantees 20% 10% 0% Corporates As of December 31, 2023 Financial institutions including covered bonds Sovereigns (incl. local governments) Credit Portfolio Gross exposure Net exposure SEK#17Liquidity Portfolio 17 Liquidity Portfolio Investment profile 100% 90% • Average duration of new 80% investments: 6 months 70% 31 Dec 2023 30 Sep 2023 60% • Maximum maturity: Generally 24 50% months, with some exceptions 40% 30% • Minimum rating: Generally A-, 20% with some exceptions 10% 0% M≤1 year 1 year M≤ 3 years M > 3 years As of December 31, 2023 SEK#18Funding: Flexible and diversified Multiple funding programs 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 region, as of December 31, 2023 (2022, whole year) Japan 0% (9%) I North America 24% (33%) Europe excl. Nordic countries 39% (37%) I Non-Japan Asia 9% (7%) I Nordic countries 16% (6%) Middle East/Africa 7% (4%) I Latin America 4% (3%) Oceania 1% (1%) New funding by structure, as of December 31, 2023 (2022, whole year) 18 As of December 31, 2023 Plain Vanilla 97% (91%) Equity linked 0% (8%) FX linked 0% (1%) IR-linked 3% (0%) Senior Debt SEK#19Diversified funding, by region USD bn 14 12 10 8 6 4 2 Senior Debt 0 As of December 31, 2023 2016 2017 2018 2019 2020 2021 2022 2023 ■North America Non-Japan Asia Europe Nordic Countries Middle East/Africa Latin America Japan Oceania 19 SEK#20Diversified funding, by structure USD bn 14 12 10 8 6 4 2 0 2016 20 20 Senior Debt 2017 2018 2019 2020 2021 2022 2023 As of December 31, 2023 Equity linked ■FX linked ■Plain Vanilla IR linked PRDC ■Commodity linked SEK#21Awards mtn-i 2003 10 th 2012 ANNUAL AWARDS WINNER SSA Issuer of the Decade 2020 Best Uridashi Issuer SEK cmdportal mtn-i awards 2019 WINNER DEALS OF THE YEAR mtn-i awards 2019 WINNER Issuer of the Year 21 SEK#22Capitalization and Profitability • Common Equity Tier 1 capital ratio of 21.3% as of December 31, 2023 ' • Leverage ratio of 9.3% 12% 10% 8% as of December 31, 2023 6% • Dividend policy: 20-40% of profit after tax to our owner 4% Return on equity: 5.6% (target: 5%) 2% As of December 31, 2023 22 22 0% Return on equity (IFRS) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 SEK#23About SEK Owner: SEK's mission: Primary task: Credit rating: Established: Swedish government, 100% To ensure access to sustainable financial solutions for the Swedish export industry on commercial terms Financing of export credits S&P: AA+ /Stable/A-1+ Moody's: Aal/Stable/P-1 1962 Financial information as of December 31, 2023 Total assets Lending Common Equity Tier 1 capital ratio After-tax return on equity As of December 31, 2023 23 USD 36.5 bn USD 28.2 bn 21.3% 5.6% SEK#24Contact SEK 17998 www.sek.se Funding team [email protected] +46 8 613 83 00#25SEK