Swedish Export Credit Corporation

2 Kingdom of Sweden Population: 10 million Surface: km 2 Capital:Stockholm Language:Swedish, but English widely spoken Political system:Parliamentary democracy Status in Europe:Inside EU, outside Euro Currency:Swedish Krona 2

3 Economy of Sweden Source: SCB, Worldbank, Bloomberg, Macrobond 3 Public debt to GDP Facts Rating:AAA/Aaa/Aaa GDP growth (Q1 2013), YoY:1.7% GDP:USD bn* GDP per capita: USD * Unemployment (May 2013): 8.2% Inflation rate (May 2013):-0,2% Current Repo Rate: 1.00% * USD/SEK per 31 December year CDS spreads

4 Swedish export – 50 % of GDP Source: SCB, Bloomberg, SEK 4 Key export goodsTrade balance

5 5 Well-known exporters

6 The Swedish Export Credit System EKN SEK Funded system

Credit periodDeliveryProduction Payments Contract guarantees Working capital Sales process /Negotiation

9 SEK – Swedish Export Credit Corporation established by the Parliament and 100% owned by the Kingdom of Sweden For more than 50 years, SEK has been the financial partner to the backbone of the Swedish economy – the export industry 9

10 Our mission is…. …to secure access to financial solutions on a commercial basis for the Swedish export economy 10

11 We promote Swedish export industry worldwide by… … financing buyers of Swedish goods and services … financing international investments by Swedish companies in Sweden by… … lending to companies involved in export related activities 11

12 SEK in short Export finance Administers the state-supported export credit system, the S-system, on behalf of the government Corporate lending Project finance Customer finance Trade finance Our offer is available in all major currencies and selected local currencies 12

13 The Swedish export credit system 13 The Swedish Export Credits Guarantee Board – guarantees SEK – financier Bank – arranger Exporter – generates the deal

14 Sustainable financing – a high priority for SEK SEK supports Global compacts 10 principles “OECD Common approaches” for evaluating projects Financing of cleantech exports Sustainability risk assessments is an integreated part of SEK credit process 14

15 Striving for co-operation Benefits for you: Access to substantial financing amounts Access to long tenors Signal value Competitive interest rates ­Market rates, floating and fixed ­CIRR (Commercial Interest Reference Rate) Diversification of funding Exempt from WHT in certain jurisdictions No ancillary business Expertise on the Swedish ECA system Benefits for us: Global reach

16 Export Finance Funding partner ­Refinancing/assignment of the transaction ­Standardized/simplified documentation ­No participation in borrower credit risk ­No participation in documentation risk Co-arranger/co-risk taker ­Participation on normal and equal market practice terms ­Participation in borrower credit risk ­Participation in documentation risk ­Funding of whole or part of the transaction On lending ­Framework agreements with local banks SEK supports the transaction irrespective of bank and remains neutral until a bank has been mandated

17 Market rates ­Normally floating ­Can be fixed when all cash-flows have been defined CIRR rates ­Apply before signing of the commercial contract ­No cost in connection with application ­Possible subsidy compared to market rates ­Administration fee of 25 bps p.a. to agent bank ­The Swedish CIRR system is funded Interest rate options Option to choose between CIRR and floating market rate up to signing of the loan agreement.

18 SEK in the Middle East 150 Projects financed 13 offers outstanding today of which 6 in Iraq 18

19 Contact Details – SEK André Sebelius Director Regional Head of Middle East & Africa