High lending and satisfied customers – in 2015 we aim to do even more for the customers

Our new lending to Swedish exporters and their customers in 2014 amounted to Skr
57.1 billion (2013: Skr 55.7 billion). The slight increase in lending is due
partly to a need for long-term export finance. We have also to a large amount
refinanced customers loan at maturity. The company also broadened the customer
base. The outstanding volume of offers for loans at the end of the period were
up and amounted to Skr 78.4 billion (Skr 65.5 billion at year-end 2013).

The volume of new end-customer finance for the full year was Skr 33.9 billion
(2013: Skr 39.0 billion). The volume of new corporate lending was Skr 23.2
billion (2013: Skr 16.7 billion). Operating profit was good and amounted to Skr
1,629 million (12M13: Skr 1,408 million) and return on equity amounted to 8.1
percent (12M13: 7.4 percent), which exceeded the owner's profitability

The development of the Swedish export during 2014 has been effected by weaker
economic performance in the European Union, which accounts for 60 percent of
Swedish exports. Swedish exporters are being affected by the current global
unrest. Two out of three of the companies responding to our Export Credit Trends
Survey from December say their business has been adversely affected by increased
geopolitical turmoil. However, the Export Credit Trends Survey showed that
Swedish exporters are well positioned should geopolitical risks decrease. They
generally have a healthy financial position and positive funding opportunities,
and large companies in particular have good access to borrowing on the capital
market. The favorable interest rate environment and weaker krona are also
positive for Swedish export opportunities.

Conditions on our funding market are good. The market is strong and stable, and
borrowing costs have fallen.

Our strategic challenge going forward is how to generate greater client value
for Swedish exporters with improved profitability. We have started a number of
initiatives to improve both organizational efficiency and capital efficiency. We
have simplified the structure of our organization so that it has fewer levels of
management and have created clearer decision-making procedures. Client-facing
departments have been more closely coordinated and we have added a new unit
working solely with medium-sized companies.

- In summary, the changes we are introducing will allow us to assist Sweden’s
exporters even more in 2015, by offering existing clients more products and
reach new clients. This will enable us to realize our vision of strengthening
the competitiveness of Swedish exporters and helping to create employment and
sustainable growth in Sweden, says SEK´s CEO Catrin Fransson.

January-December 2014

  · New lending amounted to Skr 57.1 billion (12M13: Skr 55.7 billion)
  · Net interest revenues amounted to Skr 1,578 million (12M13: Skr 1,555
million)
  · Operating profit amounted to Skr 1,629 million (12M13: Skr 1,408 million)
  · Net profit amounted to Skr 1,260 million (12M13: Skr 1,090 million)
  · Return on equity amounted to 8.1 percent (12M13: 7.4 percent)
  · The outstanding volume of offers for loans at the end of the period amounted
to Skr 78.4 billion (Skr 65.5 billion at year-end 2013)
  · The Common Equity Tier 1 capital ratio was 16.9 percent at the end of the
period according to CRR (19.5 percent at year-end 2013 according to Basel II)