SKANDINAVISKA ENSKILDA BANKEN AB (publ)

Transcription

1 PROHIBITION OF SALES TO EEA RETAIL INVESTORS From 1 January 2018, the Securities are not intended to be offered, sold or otherwise made available to and, with effect from such date, should not be offered, sold or otherwise made available to any retail investor in the European Economic Area (EEA). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (MiFID II); (ii) a customer within the meaning of Directive 2002/92/EC (IMD), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Directive 2003/71/EC (as amended, the Prospectus Directive). Consequently no key information document required by Regulation (EU) No 1286/2014 (the PRIIPs Regulation) for offering or selling the Securities or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the Securities or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation. 15 November 2017 SKANDINAVISKA ENSKILDA BANKEN AB (publ) Issue of up to EUR 10,000,000 Duo Telecom Memory Express Certificates under the Structured Note and Certificate Programme (the Programme) Any person making or intending to make an offer of the Securities may only do so: (i) (ii) in those Non-exempt Offer Jurisdictions mentioned in Paragraph 11 of Part B below, provided such person is a Dealer or Authorised Offeror (as such term is defined in the Base Prospectus (as defined below)) and that such offer is made during the Offer Period specified in that paragraph and that any conditions relevant to the use of the Base Prospectus are complied with; or otherwise in circumstances in which no obligation arises for the Bank or any Dealer to publish a prospectus pursuant to Article 3 of the Prospectus Directive or supplement a prospectus pursuant to Article 16 of the Prospectus Directive, in each case, in relation to such offer. Neither the Bank nor any Dealer has authorised, nor do they authorise, the making of any offer of Securities in any other circumstances. PART A CONTRACTUAL TERMS Terms used herein shall be deemed to be defined as such for the purposes of the Conditions (the Conditions) set forth in the Base Prospectus dated 20th July, 2017 and the supplement to it dated 9 November 2017 which together constitute a base prospectus for the purposes of the Prospectus Directive (the Base Prospectus). This document constitutes the Final Terms of the securities described herein for the purposes of Article 5.4 of the Prospectus Directive and must be read in conjunction with the Base Prospectus. Full information on the Bank and the offer of the Securities is only available on the basis of the combination of these Final Terms and the Base Prospectus. A summary of the Securities (which comprises the summary in the Base Prospectus as amended to reflect the provisions of these Final Terms) is annexed to these Final Terms. The Base Prospectus is available for viewing at Skandinaviska Enskilda Banken AB (publ), Kungsträdgårdsgatan 8, SE Stockholm, Sweden and copies may be obtained from the Central Bank of Ireland's website at No person has been authorised to give any information or make any representation not contained in or not consistent with these Final Terms, or any other information supplied in connection with the Securities and, if given or made, such information or representation must not be relied upon as having been authorised by the Bank or any Dealer. By investing in the Securities each investor represents that: (i) Non-Reliance. It is acting for its own account, and it has made its own independent decisions to invest in the Securities and as to whether the investment in the Securities is appropriate or proper for it based upon its own judgement and upon advice from such advisers as it has deemed necessary. It is not relying on any communication (written or oral) of the Bank or any Dealer as investment advice or as a recommendation to invest in the Securities, it being understood that information and explanations

2 (ii) (iii) related to the terms and conditions of the Securities shall not be considered to be investment advice or a recommendation to invest in the Securities. No communication (written or oral) received from the Bank or any Dealer shall be deemed to be an assurance or guarantee as to the expected results of the investment in the Securities. Assessment and Understanding. It is capable of assessing the merits of and understanding (on its own behalf or through independent professional advice), and understands and accepts the terms and conditions and the risks of the investment in the Securities. It is also capable of assuming, and assumes, the risks of the investment in the Securities. Status of Parties. Neither of the Bank nor any Dealer is acting as a fiduciary for or adviser to it in respect of the investment in the Securities. 1. Issuer: Skandinaviska Enskilda Banken AB (publ) 2. Type of Securities Certificates (i) Series Number: 633 (ii) Tranche Number: 1 (iii) Date on which the Securities will be consolidated and form a single Series: (iv) Applicable Annexes: The following Annexes apply: Payout Conditions/Equity Linked Conditions (v) Trading Method Unit 3. Specified Currency or Currencies: Euro (EUR) 4. Aggregate Issue Size: (i) Series: Up to 10,000 units (ii) Tranche: Up to 10,000 units (iii) Nominal Amount per Unit: For calculation purposes only, each Unit shall be deemed to have a nominal amount of EUR 1, (i) Unit Issue Price of Tranche: EUR 1,000 per Unit as at the Issue Date (the Issue Price) (ii) Unit Value on Issue: EUR 1,000 per unit (iii) Aggregate Proceeds Amount: Up to EUR 10,000,000 Investors should note that the value of a Unit in the secondary market or on redemption may be less than the Unit Value on Issue 6. (a) Minimum Tradable Size: 1 Unit and in multiples of 1 Unit (the "Multiple Tradeable Size") in excess thereof. (b) Calculation Amount: EUR 1, (i) Issue Date: 8 December 2017 (ii) Interest Commencement Date: 8. Maturity Date: 8 March Interest Basis: (i) Basis of Coupon Payout Amount calculations: Equity Linked Interest 2

3 (ii) Coupon Payout Securities: Applicable (iii) Hybrid Interest Securities: Combined Coupon: (iv) Coupon Payout Amount: The Coupon Payout Amounts payable in respect of each Coupon Payment Date shall be as set out below: (i) other than in respect of Observation Date N, if no Mandatory Early Redemption Event has occurred on or prior to an Observation Date n, but the relevant Coupon Barrier Condition is fulfilled in respect of such Observation Date, the Coupon Payout Amount payable in respect of Coupon Payment Date n shall be equal to: CA x Coupon Rate n If in respect of any Observation Date n, Coupon Rate n is zero, no Coupon Payout Amount will be payable in respect of the corresponding Coupon Payment Date n. (ii) in all other cases, the Coupon Payout Amount will be zero. Where: 10. Redemption/Payment Basis: Equity Linked Redemption Coupon Barrier Condition for the purposes of the definition thereof in Payout Condition 6, means "Worst of", and the Observation Dates and corresponding values for Coupon Barrier n and Coupon Rate n are as set out in Paragraph 27 below and certain terms not otherwise specified will be as specified in Paragraphs 27 or 29 below. 11. Change of Interest Basis or Redemption/ Payment Basis: 12. Put/Call Options: 13. Status of the Securities: Senior PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE 14. Fixed Rate Provisions 15. Floating Rate Provisions 16. Interest Rate Linked Securities: 17. Zero Coupon Provisions 18. Dual Currency Interest Provisions 19. Index Linked Interest Securities 20. Equity Linked Interest Securities: Applicable The provisions of Annex 4 of the Terms and Conditions 3

4 Additional Terms and Conditions for Equity Linked Securities shall apply. (i) Share(s)/Basket of Share(s): 1) Share of Deutsche Telekom AG (Bloomberg Code: DTE GY Equity) (ISIN DE ) (ii) (iii) (iv) (v) Formula or provisions for calculating interest rate (if applicable): Calculation Agent responsible for making calculations in respect of the Securities: Specified Period(s)/Specified Interest Payment Dates: Specified Period(s)/Specified Interest Period End Date(s): 2) Share of Vodafone Group PLC (Bloomberg Code: VOD LN Equity) (ISIN GB00BH4HKS39) Issuer (vi) Business Day Convention: (vii) Additional Business Centre(s): (viii) Minimum Rate of Interest: (ix) Maximum Rate of Interest: (x) Day Count Fraction: (xi) Averaging Dates: Averaging does not apply to the Securities. (xii) Share Performance: (a) Best Performing Share: (b) Worst Performing Share: (xiii) Exchange Rate: (xiv) (xv) (xvi) Weighting: Exchange(s): Related Exchange: Xetra with respect to Share of Deutsche Telekom AG and London Stock Exchange with respect to Share of Vodafone Group PLC All Exchanges (xvii) Valuation Date(s): 4 December 2017 (the Initial Valuation Date) (xviii) Valuation Time: (xix) Observation Date(s): 1 March 2019, 2 March 2020, 1 March 2021 (xx) Observation Period: (xxi) Tender Offer: Applicable (xxii) Share Substitution: 4

5 (xxiii) Local Tax Adjustment: Applicable Local Jurisdiction: Germany (xxiv) Trade Date: 4 December 2017 (xxv) Additional Disruption Events: The following Additional Disruption Events apply to the Securities: Change in Law Hedging Disruption (xxvi) Knock-in, Knock-out Provisions: (xxvii) Trigger Event Provisions: (xxviii) GDR/ADR Linked Securities: 21. Currency Linked Interest Securities: 22. Commodity Linked Interest Securities: 23. Fund Linked Interest Securities: PROVISIONS RELATING TO REDEMPTION 24. Notice periods for Condition 5.02 of the Conditions: Minimum period: 5 days Maximum period: 20 days 25. Issuer Call 26. Investor Put 27. Final Redemption Amount If no Mandatory Early Redemption Event occurs then the Final Redemption Amount will be an amount in the Specified Currency equal to: Where: a) If the Call Barrier Condition is fulfilled in respect of Observation Date N, the Call Barrier Final Redemption Amount; or b) If the Call Barrier Condition is not fulfilled in respect of Observation Date N but the Risk Barrier Condition is fulfilled in respect of Observation Date N, the Risk Barrier Final Redemption Amount. Call Barrier Basket means Asset Weighting (w i ) 5

6 Share of Deutsche Telekom AG (Bloomberg Code: DTE GY Equity) (ISIN DE ) Share of Vodafone Group PLC (Bloomberg Code: VOD LN Equity) (ISIN GB00BH4HKS39) n. a. n. a. Call Barrier Condition means, for the purposes of the definition thereof in Payout Condition 6, Worst of ; Call Barrier Final Redemption Amount means: CCCC (1 + (nn pppppp) 5.1%) where ppc is the number of any previously paid Coupon Payout Amount(s) in respect of Security, and "n" means 3; For the avoidance of doubt, if on the second Coupon Payment Date a Coupon Payout Amount with a Coupon Rate of 10.2% is paid in respect of a Security, then the number of any Coupon Payout Amount previously paid in respect of the Securities shall refer to the number 2 (two) (taking into account the increased Coupon Payout Amount paid on such date) and correspondingly ppc shall equal 2 (two). k F % means 5.1%; n means 3. Risk Barrier Basket means Call Barrier Basket; Risk Barrier Condition means, for purposes of the definition thereof in Payout Condition 6, Worst of ; Risk Barrier Final Redemption Amount means: CA multiplied by the lowest (or equal lowest) value of EEEEEE VVVVVVVVVV ii calculated for any Asset i in the relevant Risk IIIIIIIIIIIIII VVVVVVVVVV ii Barrier Basket in respect of Observation Date N.), and the Observation Dates (subject to adjustment as provided in the Securities Conditions) and corresponding values for each of Call Barrier n, Coupon Rate n, Coupon Barrier n and Risk Barrier N are as follows: n Observation Call Risk Coupon Rate n Coupon Coupon Payment Date n Barrier n Barrier N Barrier n Date n 1 1 March % N/A 5.1% 65.00% 8 March March % N/A 10.2% minus 5.1 percentage 65.00% 9 March

7 points if a coupon has been paid on the previous Coupon Payment Date. If no coupon has been paid on the previous Coupon Payment Date the coupon rate is 10.2%. N 1 March % 65.00% N/A N/A N/A See further paragraph 31 (iii) of these Issue Terms 28. Early Redemption Amount(s) of each Security payable on redemption for taxation reasons or on an event of default or on an illegality (or, where otherwise required for purposes of any other relevant redemption specified in the Conditions): Market Value less Associated Costs per Calculation Amount 29. Mandatory Early Redemption Applicable (i) Mandatory Early Redemption Event: A Mandatory Early Redemption Event will occur if on any Observation Date n prior to Observation Date N the relevant Call Barrier Condition is fulfilled. (ii) Mandatory Early Redemption Date: 30. Index Linked Redemption Securities: In this case the Mandatory Early Termination Amount will be an amount in the Specified Currency equal to the Call Barrier Early Redemption Amount. Where: Call Barrier Basket is as defined in Paragraph 27 above; Call Barrier Condition is as defined in Paragraph 27 above; Call Barrier Early Redemption Amount means: CCCC (1 + (nn pppppp) 5.1%) where ppc is the number of any previously paid Coupon Payout Amount(s) in respect of Security, and "n" refers to the relevant Observation Date number; For the avoidance of doubt, if on the second Coupon Payment Date a Coupon Payout Amount with a Coupon Rate of 10.2% is paid in respect of a Security, then the number of any Coupon Payout Amount previously paid in respect of the Securities shall refer to the number 2 (two) (taking into account the increased Coupon Payout Amount paid on such date) and correspondingly ppc shall equal 2 (two). 8 March 2019 in respect of the Observation Date falling on 1 March 2019, 9 March 2020 in respect of the Observation Date falling on 2 March Equity Linked Redemption Securities: Applicable 7

8 The provisions of Annex 4 of the Terms and Conditions Additional Terms and Conditions for Equity Linked Securities shall apply. (i) Share(s) / Basket of Shares: 1) Shares of Deutsche Telekom AG (Bloomberg Code: DTE GY Equity) (ISIN DE ) (ii) Calculation Agent responsible for making calculations in respect of the Securities: 2) Shares of Vodafone Group PLC (Bloomberg Code: VOD LN Equity) (ISIN GB00BH4HKS39) Issuer (iii) Final Redemption Amount: See item 27 above (iv) Averaging Dates: Averaging does not apply to the Securities. (v) Share Performance: Best Performing Share: Worst Performing Share: (vi) Exchange Rate: (vii) Weighting: (viii) Exchange(s): Xetra with respect to Share of Deutsche Telekom AG and London Stock Exchange with respect to Share of Vodafone Group PLC (ix) Related Exchange: All Exchanges (x) Valuation Date(s): 4 December 2017 (the Initial Valuation Date) (xi) Valuation Time: (xii) Observation Date(s): 1 March 2019, 2 March 2020, 1 March 2021 (xiii) Observation Period: (xiv) Tender Offer: Applicable (xv) Share Substitution: (xvi) Local Tax Adjustment: Applicable Local Jurisdiction: Germany (xvii) Trade Date: 4 December 2017 (xviii) Additional Disruption Events: The following Additional Disruption Events apply to the Securities: Change in Law Hedging Disruption (xix) Knock-in, Knock-out Provisions: (xx) Trigger Event Provisions: (xxi) Mandatory Early Termination: (xxii) GDR/ADR Linked Securities: 8

9 32. Currency Linked Redemption Securities: 33. Commodity Linked Redemption Securities: 34. Fund Linked Redemption Securities: 35. Credit Linked Securities: GENERAL PROVISIONS APPLICABLE TO THE SECURITIES 36. Form of Securities: Temporary Global Security exchangeable for a Permanent Global Security which is exchangeable for definitive securities only upon an Exchange Event. 37. VP System Provisions: 38. Reference Item Linked Security: Yes 39. New Global Note: No 40. Additional Financial Centre(s) or other special provisions relating to Payment Days: 41. Talons for future Coupons or Receipts to be attached to definitive Securities (and dates on which such Talons mature): No 42. Details relating to Instalment Securities: (i) Instalment Amount(s): (ii) Instalment Date(s): 43. Redenomination applicable: Redenomination not applicable 44. Provisions applicable to Renminbi Securities: 45. Direct Agency: Applicable 46. Governing law: German law 47. Website for notifications: Signed on behalf of the Bank: By:... Duly authorised 9

10 PART B OTHER INFORMATION 1. LISTING AND ADMISSION TO TRADING (i) Admission to trading (however, it is intended to include the Securities to trading on the Freiverkehr of the Frankfurt Stock Exchange (Börse Frankfurt Zertifikate Standard) which is not a regulated market). (ii) Estimate of total expenses relating to admission to trading: Not applicable 2. RATINGS. Please note that as at the Issue Date it is not intended that this specific Series of Securities will be rated. 3. TERMS AND CONDITIONS OF THE OFFER Applicable Offer Price: Total amount of the offer: EUR 10,000,000 Conditions to which the offer is subject: Description of the application process: Details of the minimum and/or maximum amount of application: The initial Offer Price is the Issue Price, provided that financial intermediaries may purchase the Securities at a discount on the Issue Price of up to 2.0% (alternatively, financial intermediaries involved in the distribution of the Securities may receive a distribution fee from the Issuer amounting to up to 2.0% of the amounts subscribed at the Issue Price). Offers of the Securities are conditional on their issue. The Issuer may decide not to proceed with the issue of the Securities. Any such decision will be announced on or around Issue Date to purchasers of the Securities and by publication on The Issuer has the right to decide to early close the offer. Description of possibility to reduce subscriptions and manner for refunding excess amount paid by applicants: Details of the method and time limits for paying up and delivering the Securities: Manner in and date on which results of the offer are to be made public: Procedure for exercise of any right of preemption, negotiability of subscription rights 10

11 and treatment of subscription rights not exercised: Categories of potential investors to which the Securities are offered and whether tranche (s) have been reserved for certain countries: Process for notification to applicants of the amount allotted and an indication of whether dealing may begin before notification is made: Amount of any expenses and taxes specifically charged to the subscriber or purchaser: Name(s) and address(es), to the extent known to the Bank, of the placers in the various countries where the offer takes place: Name and address of the entities which have a firm commitment to act as intermediaries in secondary trading, providing liquidity through bid and offer rates and description of the main terms of their commitment: The Issue Price comprises a structuring fee amounting to approx. 0.50% of the Specified Denomination per annum. In addition, financial intermediaries may purchase the Securities at a discount of the Issue Price of up to 2.0%. SEB AG, Stephanstrasse 14-16, Frankfurt am Main, Germany (the Manager). None 4. INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE The Dealers/Managers will be paid an aggregate structuring fee equal to 0.50 per cent. p.a. of the nominal amount of the Securities. Any Dealer/Manager and its affiliates may also have engaged, and may in the future engage, in investment banking and/or commercial banking transactions with, and may perform other services for, the Bank and its respective affiliates in the ordinary course of business. Other than as mentioned above, and save for the Dealers/Managers, so far as the Bank is aware, no person involved in the issue of the Securities has an interest material to the offer, including conflicting interests. 5. REASONS FOR THE OFFER; ESTIMATED NET PROCEEDS AND TOTAL EXPENSES The proceeds of the issue of each Series of Securities will be used by the Bank for general corporate purposes, which include making a profit. 6. YIELD 7. PERFORMANCE OF REFERENCE ITEM / FORMULA, EXPLANATION OF EFFECT ON VALUE OF INVESTMENT AND OTHER INFORMATION CONCERNING REFERENCE ITEM Reference Item Linked Securities 1) Share of Deutsche Telekom AG Name of the Share issuer: Deutsche Telekom AG Securities identification codes of the underlying Share: ISIN: DE ; Bloomberg Code: DTE GY Equity 11

12 Details of past and future performance and volatility of the underlying Share can be obtained on the internet site of Deutsche Telekom AG under Neither SEB AB nor SEB AG assumes responsibility for the accuracy of the information set out on this internet site. 2) Share of Vodafone Group PLC Name of the Share issuer: Vodafone Group PLC Securities identification codes of the underlying Share: ISIN: GB00BH4HKS39; Bloomberg Code: VOD LN Equity Details of past and future performance and volatility of the underlying Share can be obtained on the internet site of Vodafone Group PLC under Neither SEB AB nor SEB AG assumes responsibility for the accuracy of the information set out on this internet site. 8. HISTORIC INTEREST RATES 9. PROVISION OF POST-ISSUANCE INFORMATION The Bank does not intend to provide post-issuance information. 10. OPERATIONAL INFORMATION (i) Intended to be held in a manner which would allow Eurosystem eligibility: (ii) ISIN: XS No (iii) Common Code: (iv) WKN number: SEB1G3 (v) Clearing System(s) and the relevant identification number (s): Whilst the designation is specified no at the date of these Final Terms, should the Eurosystem eligibility criteria be amended in the future such that the Securities are capable of meeting them the Securities may then be deposited with one of the ICSDs as common safekeeper. Note that this does not necessarily mean that the Securities will then be recognised as eligible collateral for Eurosystem monetary policy and intra day credit operations by the Eurosystem at any time during their life. Such recognition will depend upon the ECB being satisfied that Eurosystem eligibility criteria have been met. Euroclear/Clearstream, Luxembourg (vi) Delivery: Delivery against payment (vii) 11. DISTRIBUTION Names and addresses of additional Paying Agent(s) (if any): (i) If syndicated, names and addresses 12

13 of Managers and underwriting commitments: (ii) Date of Subscription Agreement: (iii) Stabilisation Manager (if any): (iv) If non-syndicated, name and address of relevant Dealer: (v) TEFRA compliance category: TEFRA D SEB AG, Stephanstraße 14-16, Frankfurt am Main, Deutschland (the Manager) (vi) Total commission and concession: Financial intermediaries may purchase the Securities at a discount on the Issue Price of up to 2.0%. Alternatively, Financial intermediaries involved in the distribution of the Securities may receive a distribution fee from the Issuer amounting to up to 2.0% of the amounts subscribed at the Issue Price. (vii) Non-exempt Offer: Applicable (viii) Non-exempt Offer Jurisdictions: Luxembourg; Germany Offer Period: 17 November 2017 until 1 December 2017 (20:00 Brussels time) Financial intermediaries granted specific consent to use the Base Prospectus in accordance with the Conditions in it: General Consent: Other Authorised Offeror Terms: Prohibition of Sales to EEA Retail Investors: Applicable 12. U.S. FEDERAL INCOME TAX CONSIDERATIONS from 15 November 2017 until 31 December 2017, otherwise, Applicable The Securities are not Specified Securities (as defined in the Base Prospectus) for purposes of Section 871(m) of the U.S. Internal Revenue Code of

14 SUMMARY OF THE PROGRAMME Summaries are made up of disclosure requirements known as Elements. These Elements are numbered in Sections A to E (A.1 E.7). This Summary contains all the Elements required to be included in a summary for the Securities and the Bank. Because some Elements are not required to be addressed, there may be gaps in the numbering sequence of the Elements. Even though an Element may be required to be inserted in a summary because of the type of securities and issuer, it is possible that no relevant information can be given regarding the Element. In this case a short description of the Element should be included in the summary explaining why it is not applicable. Section A Introduction and Warnings Element A.1 This summary should be read as an introduction to this Base Prospectus and the relevant Final Terms. Any decision to invest in any Securities should be based on a consideration of this Base Prospectus as a whole, including any documents incorporated by reference and the applicable Final Terms. Where a claim relating to information contained in the Base Prospectus and the applicable Final Terms is brought before a court in a Member State of the European Economic Area, the plaintiff may, under the national legislation of the Member State where the claim is brought, be required to bear the costs of translating the Base Prospectus and the applicable Final Terms before the legal proceedings are initiated. Civil liability attaches to the Bank solely on the basis of this summary, including any translation of it, but only if the summary is misleading, inaccurate or inconsistent when read together with the other parts of this Base Prospectus and the applicable Final Terms or following the implementation of the relevant provisions of Directive 2010/73/EU in the relevant Member State, it does not provide, when read together with the other parts of this Base Prospectus and the applicable Final Terms, key information in order to aid investors when considering whether to invest in the Securities. A.2 Certain Tranches of Securities with a denomination of less than 100,000 (or its equivalent in any other currency) may be offered in circumstances where there is no exemption from the obligation under the Prospectus Directive to publish a prospectus. Any such offer is referred to as a Non-exempt Offer. Subject to the conditions set out below, the Bank consents to the use of this Base Prospectus in connection with a Non-exempt Offer of Securities by the Managers and each financial intermediary whose name is published on the Bank s website ( and identified as an Authorised Offeror in respect of the relevant Non-exempt Offer and any financial intermediary which is authorised to make such offers under applicable legislation implementing the Markets in Financial Instruments Directive (Directive 2004/39/EC) and publishes on its website the following statement (with the information in square brackets being duly completed): "We, [insert legal name of financial intermediary], refer to the offer of [insert title of relevant Securities] (the Securities) described in the Final Terms dated [insert date] (the Final Terms) published by Skandinaviska Enskilda Banken AB (publ) (the Bank). In consideration of the Bank offering to grant its consent to our use of the Base Prospectus (as defined in the Final Terms) in connection with the offer of the Securities in [specify Member State(s)] during the Offer Period and subject to the other conditions to such consent, each as specified in the Base Prospectus, we hereby accept the offer by the Bank in accordance with the Authorised Offeror Terms (as specified in the Base Prospectus) and confirm that we 14

15 are using the Base Prospectus accordingly. Duration of consent: The Bank s consent referred to above is given for Non-exempt Offers of Securities during the Offer Period specified in Element E.3 below (the Offer Period)]. Conditions to consent: The conditions to the Bank s consent (in addition to the conditions referred to above) are that such consent: (a) is only valid during the Offer Period; and (b) only extends to the use of this Base Prospectus to make Non-exempt Offers of the relevant Tranche of Securities in Luxembourg and Germany. AN INVESTOR INTENDING TO PURCHASE OR PURCHASING ANY NOTES IN A NON- EXEMPT OFFER FROM AN AUTHORISED OFFEROR WILL DO SO, AND OFFERS AND SALES OF SUCH NOTES TO AN INVESTOR BY SUCH AUTHORISED OFFEROR WILL BE MADE, IN ACCORDANCE WITH THE TERMS AND CONDITIONS OF THE OFFER IN PLACE BETWEEN SUCH AUTHORISED OFFEROR AND SUCH INVESTOR INCLUDING ARRANGEMENTS IN RELATION TO PRICE, ALLOCATIONS, EXPENSES AND SETTLEMENT. THE RELEVANT INFORMATION WILL BE PROVIDED BY THE AUTHORISED OFFEROR AT THE TIME OF SUCH OFFER.] The term Non-exempt Offer means an offer of Securities with a denomination of less than 100,000 (or its equivalent in any other currency) in circumstances where there is no exemption from the obligation under the Prospectus Directive to publish a prospectus. Section B Issuer Element Title B.1 Legal and Commercial Name Skandinaviska Enskilda Banken AB (publ) (the Bank). The Bank's commercial name is "SEB". B.2 Domicile/ Legal Form/ Legislation/ Country of Incorporation The Bank is incorporated in Sweden under Swedish law as a limited liability company with registration number and its principal executive offices are in Stockholm, Sweden. B.4b Trend information There are no known trends, uncertainties, demands, commitments or events that are reasonably likely to have a material effect on the Bank's prospects for its current financial year. B.5 1 Description of the Group The Bank and its subsidiaries (the Group or SEB) are a leading Nordic financial services group. As a relationship bank strongly committed to delivering customer value, SEB offers financial advice and a wide range of financial services to corporate customers, financial institutions and private individuals in Sweden and the Baltic countries. In Denmark, Finland, Norway and Germany, SEB s operations focus on delivering a full-service offering to corporate and institutional clients and building long-term customer relationships. As of the date of this Base Prospectus, SEB serves more than four million private customers. As of 30th September, 2017, SEB had total assets of SEK 2,933 billion and total equity of SEK 143 billion. For the nine months ended 30th September, 2017, SEB s net profit was SEK 13.1 billion and for the year ended 31st December, 2016, SEB s net profit was SEK 10.6 billion. 1 By virtue of the Supplement dated 9th November, 2017, selected key unaudited financial information as at and for the nine months ended 30th September, 2017 has been included. 15

16 Element Title The Bank is the parent company of the Group. B.9 Profit forecast or estimate No profit forecast or estimates have been made in the Base Prospectus. B.10 Qualifications to audit report No qualifications are contained in any audit or review report included in the Base Prospectus. B.12 2 Selected historical key financial information The following tables summarise SEB s income statements and balance sheets and provide certain key ratios as at and for each of (a) the two years ended 31st December, 2016 and 2015 and (b) the nine months ended 30th September, 2017 and The financial information for the nine months ended 30th September, 2017 and 30th September, 2016 was extracted without material adjustment from SEB s unaudited consolidated interim financial statements as at and for the nine months ended 30th September, 2017 and the financial information for the years ended 31st December, 2016 and 2015 was extracted without material adjustment from SEB s audited consolidated financial statements as at and for the year ended 31st December, Income Statements For the year ended 31st December SEK million Net interest income... 18,738 18,938 Net fee and commission income... 16,628 18,345 Net financial income... 7,056 5,478 Net other income... 1,349 1,002 Total operating income... 43,771 43,763 Staff costs ,562-14,436 Other expenses... -6,703-6,355 Depreciation, amortisation and impairment of tangible and intangible assets... -6,496-1,011 Total operating expenses ,761-21,802 Profit before credit losses... 16,010 21,961 Gains less losses from tangible and intangible assets Net credit losses Operating profit... 14,867 20,865 Income tax expense... -4,249-4,284 Net profit from continuing operations... 10,618 16,581 Discontinued operations Net profit... 10,618 16,581 Attributable to minority interests - - Attributable to shareholders... 10,618 16,581 2 By virtue of the Supplement dated 9th November, 2017, selected key audited and unaudited financial information and figures as at and for the nine months ended 30th September, 2017 together with comparative financial information for the same period in the previous financial year has been included. The statement of no significant change in the financial position of SEB has been updated accordingly. 16

17 SEK million For the nine months ended 30th September, (Unaudited) Net interest income... 14,709 13,940 Net fee and commission income... 12,985 12,019 Net financial income... 5,249 5,018 Net other income ,176 Total operating income... 33,750 32,153 Staff costs ,502-10,788 Other expenses... -5,117-4,976 Depreciation, amortisation and impairment of tangible and intangible assets ,288 Total operating expenses ,331-22,052 Profit before credit losses... 17,419 10,101 Gains less losses from tangible and intangible assets Net credit losses Operating profit... 16,590 9,309 Income tax expense... -3,530-2,935 Net profit... 13,061 6,374 Attributable to shareholders... 13,061 6,374 Balance sheets As at 30th September As at 31st December (Unaudited) SEK million Cash and cash balances with central banks , , ,429 Other lending to central banks... 22,274 66,730 32,222 Loans to credit institutions 1)... 65,496 50,527 58,542 Loans to the public... 1,536,710 1,453,019 1,353,386 Financial assets at fair value through profit or loss 2) , , ,945 Fair value changes of hedged items in a portfolio hedge Available-for-sale financial assets 2)... 30,585 35,747 37,331 Assets held for sale Investments in subsidiaries and associates... 1,209 1,238 1,218 Tangible and intangible assets... 19,668 20,158 26,203 Other assets... 68,163 56,425 57,783 Total assets... 2,933,330 2,620,646 2,495,964 Deposits from central banks and credit 161, , ,506 institutions... Deposits and borrowing from the public... 1,226, , ,785 Liabilities to policyholders , , ,709 Debt securities issued , , ,444 Financial liabilities at fair value through profit or loss , , ,785 Fair value changes of hedged items in a 1,284 1,537 1,608 17

18 Element Title portfolio hedge... Other liabilities... 87,326 67,082 75,084 Provisions... 1,812 2,233 1,873 Subordinated liabilities... 37,414 40,719 31,372 Total equity , , ,798 Total liabilities and equity... 2,933,330 2,620,646 2,495,964 1) Loans to credit institutions and liquidity placements with other direct participants in interbank fund transfer systems. 2) Within these line items, bonds and other interest-bearing securities including derivatives in aggregate in each year totalled 260, , ,409 The table below shows certain key figures for SEB on a consolidated basis. Key figures As at/nine months ended 30th September, As at/year ended 31st December, Unaudited Return on equity 1) % Return on equity, excluding items affecting comparability 2 )% Return on risk exposure amounts 3) Basic earnings per share 4) (SEK) Cost/income ratio 5) Cost/income ratio, excluding items affecting comparability 6 Credit loss level 7) % Gross level of impaired loans 8) % Net level of impaired loans 9) % Total capital ratio 10), 11) % (at period end) CET1 capital ratio 12) % (at period end) Tier 1 capital ratio 13) % (at period end) Weighted average number of shares outstanding 2,168 2,178 (millions) 14) 2,191 Liquidity Coverage Ratio 15) % (at period end) Leverage Ratio 16) % (at period end) ) Net profit attributable to shareholders in relation to average shareholders equity (calculated using month-end data). 2) Net profit attributable to shareholders, excluding items affecting comparability and their related tax effect in relation to average shareholders equity (calculated using month-end data). Items affecting comparability include (i) the Swiss Supreme Court s decision in relation to SEB s claim for a withholding tax refund in 2015 in the amount of SEK 902 million which reduced net interest income by SEK 82 million and net financial income by SEK 820 million, (ii) impairment of goodwill due to reorganisation in the amount of SEK 5,334 million, (iii) the booking of financial effects from restructuring activities in the Baltic and German businesses and a write-down (derecognition) of intangible IT assets no longer in use which affected operating expenses in the amount of SEK 615 million; and (iv) the sale of SEB s Baltic holdings in VISA Europe at a gain of SEK 520 million in ) Net profit attributable to shareholders in relation to average risk exposure amounts (REA) (calculated using month-end data). 4) Net profit attributable to shareholders in relation to the weighted average number of shares outstanding (calculated on a daily basis). 18

19 Element Title 5) Total operating expenses in relation to total operating income. 6) Total operating expenses in relation to total operating income, excluding items affecting comparability. Items affecting comparability include those set out in footnote 2) above. 7) Net credit losses as a percentage of the opening balance of loans to the public, loans to credit institutions and loan guarantees less specific, collective and off balance sheet reserves. 8) Individually assessed impaired loans, gross, as a percentage of loans to the public and loans to credit institutions before reduction of reserves. 9) Individually assessed impaired loans, less specific reserves, as a percentage of net loans to the public and loans to credit institutions less specific reserves and collective reserves. 10) The total capital of the financial group of undertakings, which includes both Group companies (other than insurance companies within the Group) and non-consolidated associated companies, adjusted according to the Basel III capital adequacy rules as a percentage of REA. 11) According to SEB s interpretation of the CRD IV/CRR regulatory requirements and as reported to the Swedish Financial Supervisory Authority (the SFSA). 12) The common equity Tier 1 capital as a percentage of REA. 13) The Tier 1 capital as a percentage of REA. 14) The number of issued shares, less shares owned by the Group, weighted on a daily basis. 15) High-quality liquid assets in relation to the estimated net cash outflows over the next 30 days. Calculated according to SFSA regulations for the respective period. 16) Tier 1 capital as a percentage of total assets including off balance sheet items with conversion factors according to the standardised approach. Statements of no significant or material adverse change There has been no significant change in the financial position of SEB since 30th September, 2017 and there has been no material adverse change in the prospects of SEB since 31st December, B.13 Events impacting the Bank s solvency B.14 Dependence upon other group entities There are no recent events particular to the Bank which are to a material extent relevant to the evaluation of the Bank s solvency. The Bank is not dependent on any other members of the Group. B.15 Principal activities The Group s business is organised into three customer-aligned business divisions and one division which supports all customers. The Group s business was, until 31st December, 2015, organised into the following five divisions: Merchant Banking providing wholesale banking and investment banking services to large companies and financial institutions in SEB s core markets; Retail Banking providing banking and advisory services to private individuals and small and medium-sized enterprises in Sweden, and card services in the Nordic countries; Wealth Management providing asset management and private banking services to institutions, foundations and private individuals in SEB s core markets, and managing SEB s mutual funds; 19

20 Element Title Life providing unit-linked and traditional life insurance products mainly in Sweden, Denmark and the Baltic countries; and Baltic providing retail, corporate and institutional banking services, such as trading and capital markets and transaction services, to Estonian, Latvian and Lithuanian clients. The financial results generated by structured finance, wealth management and life services provided in these countries are recorded in the Merchant Banking, Wealth Management and Life divisions, respectively. With effect from 1st January, 2016, SEB reorganised its business structure with a view to aligning it more closely with the Group s customer segments (the Reorganisation). The new structure comprises three customer-aligned business divisions and one division which supports all customers. The customer-aligned business divisions are as follows: Large Corporates & Financial Institutions which provides wholesale banking and investment banking services to large companies and institutional clients and asset management sales and investor services to institutional clients in SEB s core markets. This division comprises two separate business areas, Large Corporates and Financial Institutions (which was the previous Merchant Banking division), and also includes the institutional clients business activities of the former Wealth division, which has been disbanded; Corporate & Private Customers which provides banking and advisory services to private individuals and small and medium sized enterprises in Sweden and card services in the Nordic countries (which was the previous Retail Banking division). This division also includes the private banking business of the former Wealth division; and Baltic which provides retail, corporate and institutional banking services, such as trading and capital markets and transaction services, to Estonian, Latvian and Lithuanian clients. The financial results generated by structured finance, wealth management and life services provided in these countries are recorded in the Large Corporate & Financial Institutions and the Life & Investment Management divisions, respectively. The separate customer support division, Life & Investment Management, comprises two separate business areas: the previous Life division and the investment management part of the former Wealth division. The new division provides all of the Group s different customer segments with pension and insurance products and also manages SEB s mutual funds. Please also refer to Element B.5. 20

21 Element Title B.16 Controlling shareholders The Bank is not aware of any shareholder or group of connected shareholders who directly or indirectly control the Bank. B.17 Credit ratings The Bank has been rated A+ by Standard & Poor s Credit Market Services Europe Limited (S&P), Aa3 by Moody s Investors Services Limited (Moody s) and AA- by Fitch Ratings Limited (Fitch). Securities issued under the Programme may be rated or unrated by any one or more of the rating agencies referred to above. Where a Tranche of Securities is rated, such rating will not necessarily be the same as the rating assigned to the Bank. A security rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction or withdrawal at any time by the assigning rating agency. No ratings have been or are expected to be assigned to the Securities to be issued at the request of or with the co-operation of the Bank in the rating process. 21

22 Section C Securities Element Title C.1 Type and class of the Securities Title of Securities: Series Number: 633 Tranche Number 1 ISIN: SEB AB Duo Telekom Memory Express Certificates XS Common Code: WKN number: SEB1G3 C.2 Currency of the Securities Specified Currency: Euro C.5 Restrictions on free transferability C.8 Description of the rights attaching to the Securities The Securities will be freely transferable, subject to the offering and selling restrictions in the United States of America, the United Kingdom, France, Ireland, Japan, Hong Kong, Singapore and within the European Economic Area under the Prospectus Directive and the laws and regulations of any jurisdiction in which the relevant Securities are purchased, offered, sold or delivered. Persons into whose hands the Base Prospectus or the Issue Terms comes are required by the Bank and the Dealers to comply with all applicable laws and regulations in each country or jurisdiction in or from which they purchase, offer, sell or deliver Securities or have in their possession or distribute such offering material, in all cases at their own expense. The Securities constitute unsecured and unsubordinated obligations of the Bank and rank pari passu without any preference among themselves and with all other outstanding unsecured and unsubordinated obligations of the Bank, present and future, but (in the event of insolvency) only to the extent permitted by laws relating to creditors' rights. Guarantee: The Securities do not have the benefit of any guarantee. Negative pledge: The Securities do not have the benefit of a negative pledge or cross-default provisions (in respect of events of default). Right to interest: See Element C.18 below. Right to redemption: The early redemption amount, final redemption amount or other redemption amount is determined as shown in Element C.18 below. Taxation: All amounts payable in respect of the Securities will 22

23 be made free and clear of any withholding or deduction for or on account of any present or future taxes or duties of whatever nature imposed or levied by or on behalf of the Kingdom of Sweden or any political subdivision thereof or any authority or agency therein or thereof having power to tax, unless the withholding or deduction of such taxes or duties is required by law. In such event the Bank will make such payment after withholding or deduction of such taxes or duties and no additional amounts are payable. Events of Default: This includes non-payment, the commencement of insolvency proceedings in the Kingdom of Sweden, the insolvency, liquidation or winding up of the Bank or non-performance or non-observance of the Bank's obligations under the Securities. Governing law: German Law C.11 Listing and Admission to trading C.15 Description of how the value of the Securities is affected by the value of the underlying Asset (however, it is intended to include the Securities to trading on the Freiverkehr of the Frankfurt Stock Exchange (Börse Frankfurt Zertifikate Standard) which is not a regulated market). The following table sets out illustrative values of the amounts payable per Security on the Maturity Date or on the Coupon Payment Dates, as applicable: Point time in Reference Value w (as defined below) Coupon 1 st Observation Date 1 st Observation Date 1 st Observation Date 2 nd Observation Date 23 90% of the closing price on 1 March 2019 (the Initial Value) of the Share with the lowest or equal lowest performance on the 1 st Observation Date < 90% and 65% of the Initial Value of the Share with the lowest or equal lowest performance on the 1 st Observation Date < 65% of the Initial Value of the Share with the lowest or equal lowest performance on the 1 st Observation Date 90% of the Initial Value of the Share with the lowest or equal lowest performance on the 2 nd 5.1% 5,1% 0% 10.2% minus previously paid Coupons

24 2 nd Observation Date 2 nd Observation Date 3 rd Observation Date (i.e. Observation Date N ) 3 rd Observation Date 3 rd Observation Date Observation Date < 90% und 65% of the Initial Value of the Share with the lowest or equal lowest performance on the 2 nd Observation Date < 65% of the Initial Value of the Share with the lowest or equal lowest performance on the 2 nd Observation Date 90% of the Initial Value of the Share with the lowest or equal lowest performance on the 3 rd Observation Date < 90% and 65% of the Initial Value of the Share with the lowest or equal lowest performance on the 3 rd Observation Date < 65% of the Initial Value of the Share with the lowest or equal lowest performance on the 3 rd Observation Date 10.2% minus previously paid Coupons 0% 15.3% minus previously paid Coupons 15.3% minus previously paid Coupons 0% Point time in Reference Value w Redemption 1 st Observati on Date 1 st Observati on Date 90% of the Initial Value of the Share with the lowest or equal lowest performance on the 1 st Observation Date < 90% of the Initial Value of the Share with the lowest or equal lowest performance on the 1 st Observation Date 100% of the Calculation Amount None 2 nd 90% of the Initial 100% of the 24

25 Observati on Date 2 nd Observati on Date 3 rd Observati on Date (i.e. Observati on Date N ) 3 rd Observati on Date Value of the Share with the lowest or equal lowest performance on the 2 nd Observation Date < 90% of the Initial Value of the Share with the lowest or equal lowest performance on the 2 nd Observation Date 65% of the Initial Value of the Share with the lowest or equal lowest performance on the 3 rd Observation Date < 65% of the Initial Value of the Share with the lowest or equal lowest performance on the 3 rd Observation Date Calculation Amount None 100% of the Calculation Amount 100% of the Calculation Amount multiplied by the lowest (or equal lowest) value of End Valuei Intial Value i calculated for any Asset i in the Barrier Basket in respect of the 3 rd Observation Date These Securities are derivative securities and their value may go down as well as up. Worst Case Scenario: In a worst case scenario: (i) (ii) the Coupon Payout Amount that is payable per Security on a Coupon Payment Date will be zero, if the Coupon Barrier Condition is not satisfied in respect of that Coupon Payment Date; and the amount payable per Calculation Amount at the Maturity Date will be zero if the price of one of the underlying shares is zero on the last Observation Date (i.e. Observation Date N ). C.16 Maturity Date of the Securities The Maturity Date of the Securities is 8 March 2021, subject to adjustment in accordance with the Conditions. C.17 Settlement procedures of the Securities Subject to early redemption or purchase and cancellation the Securities will be settled on the applicable Maturity Date at the relevant amount per Security. 25