SEK s assignment to administrate the CIRR system is a specifically adopted public policy assignment decided by the Riksdag.

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1 OWNER S INSTRUCTION FOR AB SVENSK EXPORTKREDIT (SEK) 1 The company s operations The company shall: a) within the scope of the objects of the company, as set out in the articles of association, conduct lending activities on commercial and sustainable terms in order to support the Swedish export industry by offering financing solutions that directly or indirectly support Swedish exports. SEK shall play a complementary role in the market. In order to achieve the best possible financing solutions for the company s customers, SEK shall seek to cooperate with other state owned export promotion entities, banks and other financial institutions. b) provide export credits, including officially supported credits CIRR credits (commercial interest reference rate credits based on the OECD s Arrangement on Officially Supported Export Credits). SEK s assignment to administer the CIRR system is a specifically adopted public policy assignment decided by the Riksdag. The company shall endeavor to ensure that the Swedish system for officially supported export credits (CIRR credits) is as competitive as comparable systems in other countries. SEK s assignment to administrate the CIRR system is a specifically adopted public policy assignment decided by the Riksdag. c) in periods when the market can not satisfactorily provide financing to the Swedish export industry, constitute as a tool for the government to take specific measures to ensure that such financing can be provided. d) aim to ensure compliance with international guidelines within the area of sustainable business relating to the environment, anti-corruption, human rights, labor conditions and business ethics. Where applicable, in its credit assessments, adhere to international frameworks such as the OECD s Common Approaches for Officially Supported Export Credits and Environmental and Social Due Diligence or the Equator Principles, and observe OECD guidelines on sustainable lending in exports to low-income countries. 2 CIRR system administration and reporting The company shall: a) administer the Swedish system for officially supported export credits. The framework for this assignment is the Regulation (1981:665) on State-supported Export Credit Financing ( the Credit Regulation ) 1. The Credit Regulation also states that the terms and conditions for state-supported export credits must comply with the rules adopted by the EU on officially supported export credits. This means, for example, that the OECD s Arrangement on Officially Supported Export Credits, adopted by its members including the EU, must be adhered to. This regulatory framework governs, for example, the terms and conditions for the minimum fixed state-supported interest rate that may be offered to Swedish exporters or to Swedish exporters customers in export transactions. This rate 1 The Ministry for Foreign Affairs is responsible for this on behalf of the Swedish government in accordance with the Regulation (1996:1515) on the Duties of the Government Offices.

2 is called the CIRR (commercial interest reference rate), and officially supported export credits are therefore called CIRR credits. b) review applications received for CIRR credits in order to assess whether the applicable terms under the Credit Regulation and the Owner s Instruction are met. If an application is received by EKN (the Swedish Export Credits Guarantee Board), the company s assessment and review may be limited to the part of the application sent to SEK by EKN. If the terms are met, SEK undertakes to grant the credit application. The company may request compensation from the borrower or another party for costs occurred in SEK s operations, such as administrative costs, consolidation costs, costs for covering credit risks (in addition to costs attributable to credit risks relating to interest rate or currency swaps used in conjunction with the borrowing). c) borrow the amount required for the export credit financing operations at the lowest possible cost and risk for the Swedish state. This means that risks should be balanced against costs in order to limit the cost over time while maintaining a reasonable level of risk. The trade-off between minimizing cost and risk for the state shall be made by SEK within a risk appetite level decided upon by the Board of Directors. SEK shall raise funding that can be considered to provide the most favorable conditions in terms of maturity, interest and other costs. d) receive compensation from the Swedish state for the company s undertakings relating to the administration of the Swedish system for officially supported export credits in an amount corresponding to the difference between SEK s costs for the borrowing used for the financing of outstanding credits and SEK s income from outstanding credits. SEK s costs include: i. all interest expenses for the amounts borrowed for financing outstanding CIRR credits (including amounts made available for CIRR credits). ii. other direct funding costs (e.g. commission, fees, bond issue costs, stamp duty, commitment commission, rating fees, calculation fees and similar) that SEK is liable to pay to its creditors and other counterparties; iii. other costs related to funding (costs resulting from the impact of capital requirements and costs resulting from the impact of liquidity requirements); iv. stability fee, payable to the Swedish state, relating to outstanding credits; v. costs for credit risks relating to interest rate or currency swaps related to funding; vi. exchange losses that arise if the value of an asset or liability in Swedish kronor converted from a foreign currency is lower or higher than at the previous conversion or that arise in connection with the purchase and sale of currency within the CIRR system; and vii. other costs related to the CIRR credits that SEK may be charged. SEK s revenues include: i. all SEK s interest revenues on outstanding CIRR credits;

3 ii. revenues for credit risks relating to interest rate and currency swaps used in connection with funding and revenues for liquidity management under the CIRR system; iii. exchange gains that arise if the value of an asset or liability in a foreign currency converted to Swedish kronor is lower or higher than the corresponding value of a previous conversion or that arise in connection with the purchase and sale of currency within the CIRR system. iv. an amount equal to 0.25 percent per year of the outstanding amount of credits at any given time; and v. the amount paid by SEK in administrative compensation under paragraph e) on behalf of the Swedish state to those managing the administration of CIRR credits, including SEK itself where applicable. e) on behalf of the Swedish state, compensate a party that manages the administration of a CIRR credit with an amount equivalent to 0.25 percent per annum, calculated on the outstanding principal of the administered CIRR credit. Such compensation is payable to SEK, in full in those cases where SEK itself administers a CIRR credit, or in part where SEK administers a CIRR credit together with a third party. f) keep a separate clearing account for settlement between the Swedish state and the company regarding the CIRR system. The company account for a surplus in the clearing account as an interestfree liability to the Swedish state. A deficit in the clearing account shall be accounted for by the company as an interest-free receivable from the Swedish state. Settlement of the company s liability or receivable shall be made by means of payment by the company to the Swedish state in the case of a surplus, or by means of a payment from the Swedish state to the company in the case of a deficit. Settlement shall take place on March 31 each year (or earlier business day if March 31 falls on a day that is not a business day) and is based on the balance of the clearing account at December 31 of the previous year. The first settlement shall take place on March 31, 2015 and relate to the balance at December 31, The Swedish state may, however, settle, in full or in part, a liability (deficit carried forward) on the clearing account at any time by a payment to SEK. Similarly, the Swedish state may at any time request SEK to pay the Swedish state all or part of the receivable (surplus carried forward) on the clearing account, payment shall take place within 7 (seven) business days of the request. g) ensure that costs and revenues are recognized separately from the clearing account in SEK s accounting. SEK s accounting of lending and funding, revenues and costs and other transactions relating to the CIRR system shall be kept separate from SEK s other accounting. Surpluses and deficits shall be carried forward in the clearing account and settled annually. h) to the Ministry for Foreign Affairs, on a quarterly basis, report the interest rate risks and estimated income statements for the CIRR system and comment on assumptions, outcomes and cost estimates for the current year and the next five calendar years. The summary for the final quarter of the year shall in addition contain total result for the year and a statement from an auditor that certifies that the reported amounts are correct and that the operations are being conducted in accordance with the owner instruction;

4 i) no later than two months after the end of the respective quarter, submit a written report to the Ministry for Foreign Affairs on its operations, including the current balance of the clearing account. In addition, the costs attributable to particularly favorable interest rate terms, funding costs and costs for exchange losses from the extension of development aid credits granted in accordance with previous agreements shall be reported separately. SEK s quarterly financial statements shall be enclosed with the report. j) no later than the end of March, submit a written report to the Swedish state on its operations over the previous calendar year according to what is stated in paragraph i). SEK s annual report and sustainability report shall be enclosed with the report. 3 Reporting requirements and monitoring of export credits SEK s assignment to administer the CIRR system is a specifically adopted public policy assignment decided by the Riksdag. The benefit for society, generated by the fulfillment of SEK s specifically adopted public policy assignment shall be evaluated by (a) measurement of the added value that SEK generates by providing export credits (which CIRRs are part of) and (b) by the company conducting a stakeholder dialogue. a) Measurement of added value: The measurement of the added value that SEK generates by providing export credits shall be based on a survey to the company s customers and, if possible, endcustomers. The survey shall be designed in a way that responses can be both converted into a quantitative monitorable index, and that qualitative comments regarding potential for improvements are captured. The survey shall be designed and carried out in cooperation with an external party. Aspects covered by the survey shall include how SEK s export credits have contributed to the customers export sales, the reason why customers (exporters) choose to cooperate with SEK, whether the cooperation met customers expectations, and how SEK can further improve its export credit offering. In order to ensure that the Swedish system for officially supported export credits, CIRR credits, is as competitive as comparable systems in other countries, the survey shall also cover the customers view of the Swedish system compared with corresponding systems in other countries. The survey shall be conducted at least every two years. The results of the survey shall be reported in SEK s dialogue with the owner. b) Stakeholder dialogue: The efforts from the Swedish state to promote Swedish exports through export credits are conducted in cooperation with a number of institutions and commercial entities. In order to achieve the best possible outcome and efficiency, it is essential that there is a stakeholder dialogue between the involved parties. In such dialogue, the parties shall discuss how, together and by developing their respective offerings, they can develop the promotion of the Swedish export industry. A stakeholder dialogue shall be conducted annually and reported in SEK s dialogue with the owner. 4 Validity

5 This owner s instruction replaces the owner s instruction adopted by the Annual General Meeting of the company on 26 April This owner s instruction shall apply from the date of adoption until the Annual General Meeting decides otherwise. Adopted by the Annual General Meeting of the company on 2015.