# EDGAR Filing Document

**Accession Number:** 0000352960
**File Stem:** 0001104659-23-009011
**Filing Date:** 2023-2
**Character Count:** 124293
**Document Hash:** 44731268ccca04d7bcbbf4547b6f1772
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-009011.hdr.sgml**: 20230201

**ACCESSION NUMBER**: 0001104659-23-009011

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20230201

**FILED AS OF DATE**: 20230201

**DATE AS OF CHANGE**: 20230201

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SWEDISH EXPORT CREDIT CORP /SWED/
- **CENTRAL INDEX KEY:** 0000352960
- **STANDARD INDUSTRIAL CLASSIFICATION:** MISCELLANEOUS BUSINESS CREDIT INSTITUTION [6159]
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-08382
- **FILM NUMBER:** 23574920

**BUSINESS ADDRESS:**
- **STREET 1:** KLARABERGSVIADUKTEN 61-63
- **STREET 2:** P.O. BOX 194
- **CITY:** STOCKHOLM SWEDEN
- **STATE:** V7
- **ZIP:** SE-101 23
- **BUSINESS PHONE:** 49-8-613-8300

**MAIL ADDRESS:**
- **STREET 1:** KLARABERGSVIADUKTEN 61-63
- **STREET 2:** P.O. BOX 194
- **CITY:** STOCKHOLM SWEDEN
- **STATE:** V7
- **ZIP:** SE-101 23

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AB SVENSK EXPORTKREDIT
- **DATE OF NAME CHANGE:** 19890731

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SWEDISH EXPORT CREDIT CORP
- **DATE OF NAME CHANGE:** 19880329

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K**

**Report of Foreign Private Issuer**

**Pursuant to Rule 13a-16 or 15d-16 under**

**the Securities Exchange Act of 1934**

**For the month of February, 2023**

**Commission File Number**

**001-08382**

**Aktiebolaget Svensk Exportkredit (publ)**

**Swedish Export Credit Corporation**

(Translation of Registrant's Name into English)

**Fleminggatan 20**

**SE-112 26 Stockholm**

**Sweden**

(Address of Principal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ⌧ Form 40-F ◻

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): N/A

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): N/A

**<u>Incorporation by Reference</u>**

This Report on Form 6-K, including the exhibits hereto, is hereby incorporated by reference, in its entirety, into the registration statement on [Form F-3 (File No. 333-249829)](https://www.sec.gov/Archives/edgar/data/352960/000110465920121023/tm2034676-1_f3.htm) of Aktiebolaget Svensk Exportkredit (publ) ("SEK").

This Report comprises the following:

1. Registrant's report for the fourth quarter of 2022. <br>[Exhibit 99.2](tm234501d1_ex99-2.htm) [Table of unaudited consolidated capitalization of the Registrant.](tm234501d1_ex99-2.htm)

AB Svensk Exportkredit (publ)

*Swedish Export Credit Corporation*

**Year-end Report 2022** 

January-December 2022

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated: February 1, 2023

---

| | |
|:---|:---|
| AB Svensk Exportkredit (publ) | AB Svensk Exportkredit (publ) |
| (Swedish Export Credit Corporation) | (Swedish Export Credit Corporation) |
| By: | /s/ Magnus Montan |
|  | Magnus Montan, Chief Executive Officer |

---

---

| | |
|:---|:---|
| ![](tm234501d1_6kimg001.jpg) | **AB Svensk Exportkredit**<br> *Swedish Export Credit Corporation* |

---

![](tm234501d1_6kimg01.jpg)

![](tm234501d1_6kimg003.jpg)

![](tm234501d1_6kimg004.jpg)

![](tm234501d1_6kimg004a.jpg)

![](tm234501d1_6kimg004b.jpg)

![](tm234501d1_6kimg004c.jpg)

**January–December 2022**

(Compared to the period January-December 2021)

● Net interest income Skr 2,179 million (2021: Skr 1,907 million)

● Operating profit Skr 1,471 million (2021: Skr 1,305 million)

● Net profit Skr 1,166 million (2021: Skr 1,034 million)

● New lending Skr 133.2 billion (2021: Skr 77.0 billion)

● New green lending Skr 7.4 billion (2021: Skr 11.5 billion)

● New green borrowing Skr 9.0 billion (2021: Skr 6.1 billion)

● Basic and diluted earnings per share Skr 292 (2021: Skr 259)

● After-tax return on equity 5.5 percent (2021: 5.1 percent)

**October–December 2022**

(Compared to the period October-December 2021)

● Net interest income Skr 648 million (4Q21: Skr 482 million)

● Operating profit Skr 621 million (4Q21: Skr 300 million)

● Net profit Skr 491 million (4Q21: Skr 236 million)

● New lending Skr 34.8 billion (4Q21: Skr 26.6 billion)

● New green lending<sup>1</sup> Skr 0.3 billion (4Q21: –)

● New green borrowing Skr – billion (4Q21: –)

● Basic and diluted earnings per share Skr 123 (4Q21: Skr 59)

● After-tax return on equity 9.2 percent (4Q21: 4.6 percent)

**Equity and balances**

(Compared to December 31, 2021)

● Total capital ratio 20.6 percent (year-end 2021: 21.6 percent)

● Total assets Skr 375.5 billion (year-end 2021: Skr 333.6 billion)

● Loans, outstanding and undisbursed Skr 348.8 billion (year-end 2021: Skr 291.1 billion)

● Proposed ordinary dividend Skr 233 billion (year-end 2021: Skr 414 billion)

1 New key performance indicator to which there is no comparative historical information.

Page 2 of 29

![](tm234501d1_6kimg005.jpg)

**Strong growth during a challenging year**

SEK has maintained a strong business flow during the year, including in the fourth quarter. New lending in the fourth quarter amounted to Skr 34.8 billion, and Skr 133.2 billion for the full year, which was the highest ever new lending volume in the space of one year. This was achieved during an eventful and challenging year.

At the beginning of the year, we were still in an economic upturn. The recovery following the pandemic was rapid. However, Russia's invasion of Ukraine changed that situation. The war led to substantial human suffering, streams of refugees and geopolitical concern. The war and the remaining effects from the COVID-19 pandemic resulted in deteriorated conditions for the Swedish export industry, such as increased transportation and fuel prices, supply chain disruptions, reduced purchasing power, high inflation and a reduced risk appetite in the capital markets as a result of these factors. Consequently, the growth scenario has changed towards a downturn scenario.

The continued Russian war in Ukraine resulted in challenging markets for corporate bonds and high demand for financing from SEK in the fourth quarter. This demonstrates the importance of our mission to finance the Swedish export industry and the transition to a low-carbon economy.

We posted profitability of 9.2 percent during the fourth quarter, reflecting a year-on-year increase of 4.6 percentage points. The increase was driven by very strong net interest income. Net interest income for the quarter totaled Skr 648 million, reflecting an increase of 34 percent year-on-year. We also posted net profit of Skr 491 million for the quarter, reflecting a year-on-year increase of 108 percent.

The high volatility in the financial markets during the year increased the effects that unrealized value changes of financial instruments had on net profit. The net results of financial transactions are neutral over time, but during the fourth quarter there was a positive effect on net profit from net results of financial transactions of Skr 223 million.

For the full year, we posted profitability of 5.5 percent and a net profit of Skr 1,166 million. This reflected a year-on-year increase of 0.4 percentage points or Skr 132 million.

The company's strong results were partly due to a substantial increase in working capital financing to Swedish exporters as well as major export credits to exporters' foreign customers. We have also witnessed higher lending to clients in the defense industry. During the fourth quarter, one of the transactions we financed in Sweden was the co-financing of the Kölvallen wind farm comprising 60 wind turbines located in Ljusdal Municipality. Financing of projects that contribute to climate transition is an important part of SEK's offering. The share of green assets in the loan portfolio increased from 7.5 percent to 9.5 percent year on-year. We continue to develop our offerings, skills and working methods to increase the share of green assets.

Our focus on increasing the client portfolio and offering more companies access to Sweden's export credit system has been highly successful. The number of clients increased 14 percent during the year following a very strong growth in the client base during the fourth quarter.

In order to meet the increased demand for financing, SEK, in the fourth quarter, issued a EUR 1 billion five-year fixed-rate bond and a USD 1.75 billion three-year fixed-rate bond. The latter comprised the largest borrowing transaction SEK has completed since April 2020.

We enter 2023 well capitalized and with high liquidity to continue to meet Sweden's export industry's financing needs, even during highly uncertain times with highly volatile financial markets and reduced market liquidity.

**Magnus Montan<br> Chief Executive Officer**

Page 3 of 29

![](tm234501d1_6kimg008.jpg)

![](tm234501d1_6kimg008a.jpg)

**Record-high growth in client base and lending volumes**

Global uncertainty continued to dominate during the fourth quarter. Russia's war in Ukraine showed no signs of coming to an end. Capital market volumes remained at lower levels than usual and demand for SEK's financial solutions was unusually high. SEK's mission to provide financing to Sweden's export industry becomes increasingly important in times of great uncertainty. This was particularly noticeable during the year as demand increased for a number of the company's offerings compared to the preceding year.

SEK achieved a new lending volume during the fourth quarter of Skr 34.8 billion and Skr 133.2 billion during the full year, reflecting an increase of 31 percent compared to the previous quarter and 73 percent compared to the full-year 2021. This is the highest new lending volume in the history of the company and can only be compared to the new lending volumes achieved in 2009 (the financial crisis) and 2020 (the COVID-19 pandemic). The company achieved a 15 percent growth in 2022 with regard to the total lending portfolio.

The high level of new lending was primarily the result of high demand for working capital finance from large and medium-sized Swedish exporters, but also from increased demand for major export credits. Particulary, demand for financing from the defense industry has shown a sharp rise. While the share of new green lending declined year-on-year, SEK's ambition of being a force in the transition to a low-carbon economy remains firm.

Among other transactions in Sweden, SEK co-financed the Kölvallen wind farm comprising 60 wind turbines located in Ljusdal Municipality.

SEK's focus on increasing the client portfolio and offering more companies access to Sweden's export credit system has been highly successful. The number of clients increased 14 percent during the year compared to the full-year 2021, exceeding the company's ambitious target of a 10 percent increase.

---

| | | |
|:---|:---|:---|
| **SEK's new lending** | **SEK's new lending** | **SEK's new lending** |
| **Skr bn** | **Jan-Dec 2022** | **Jan-Dec 2021** |
| Lending to Swedish exporters<sup>1</sup> | 50.3 | 25.1 |
| Lending to exporters' customers<sup>2</sup> | 82.9 | 51.9 |
| **Total** | **133.2** | **77.0** |
| &nbsp;&nbsp;&nbsp;&nbsp;***of which green lending*** | ***6%*** | ***15%*** |
| &nbsp;&nbsp;&nbsp;&nbsp;***of which CIRR-loans*** | ***22%*** | *15%* |
| 1 Of which Skr 6.2 billion (year-end 2021: Skr 2.6 billion) had not been disbursed at period end. <br> 2 Of which Skr 28.6 billion (year-end 2021: Skr 18.6 billion) had not been disbursed at period end.  | 1 Of which Skr 6.2 billion (year-end 2021: Skr 2.6 billion) had not been disbursed at period end. <br> 2 Of which Skr 28.6 billion (year-end 2021: Skr 18.6 billion) had not been disbursed at period end.  | 1 Of which Skr 6.2 billion (year-end 2021: Skr 2.6 billion) had not been disbursed at period end. <br> 2 Of which Skr 28.6 billion (year-end 2021: Skr 18.6 billion) had not been disbursed at period end.  |

---

Page 4 of 29

![](tm234501d1_6kimg010.jpg)

![](tm234501d1_6kimg010a.jpg)

**High borrowing volume meets record-high lending**

The high uncertainty in international capital markets continued throughout the fourth quarter. Russia's war in Ukraine, the remaining effects from the COVID-19 pandemic in the form of deficient supply chains, sharply rising energy prices and historically high inflation across much of the world are elements of concern that have led to the risk appetite in international capital markets remaining lower than usual. Demand for financing from SEK from the Swedish export industry increased as a result of these circumstances.

SEK is highly regarded in the global markets and increased its borrowing volume in the fourth quarter, with challenging market conditions. SEK has therefore been able to meet the increased demand for financing and remain a stable and secure financing partner for Sweden's export industry.

SEK has raised borrowings, with maturities exceeding one year, of Skr 32.8 billion during the fourth quarter and a total of Skr 88.5 billion during the full-year 2022.

During the quarter, the company issued a EUR 1 billion five-year fixed-rate bond and a USD 1.75 billion three-year fixed-rate bond. The latter of these was the largest borrowing transaction SEK had completed since April 2020.

The company therefore has high liquidity for new lending and is well prepared to meet the future financing needs of Sweden's export industry, even during these highly uncertain times with highly volatile financial markets and reduced market liquidity.

---

| | | |
|:---|:---|:---|
| **SEK's borrowing** | **SEK's borrowing** | **SEK's borrowing** |
| **Skr bn** | **Jan-Dec 2022** | **Jan-Dec 2021** |
| New long-term borrowing | 88.5 | 81.1 |
| New short-term borrowing | 71.3 | 6.4 |
| New green borrowing | 9.0 | 6.1 |
| Outstanding senior debt | 326.3 | 295.0 |
| Repurchase and redemption of own debt | 2.5 | 1.5 |

---

Page 5 of 29

**January-December 2022** 

Operating profit amounted to Skr 1,471 million (2021: Skr 1,305 million). Net profit amounted to Skr 1,166 million (2021: Skr 1,034 million). The higher net profit compared to the previous year was primarily the result of a Skr 272 million higher net interest income. The difference between the years was reduced by increased expenses and increased provisions for expected credit losses in 2022.

**Net interest income** 

Net interest income amounted to Skr 2,179 million (2021: Skr 1,907 million), representing an increase of 14 percent compared to the previous year. During the year, a high new lending rate, rising interest rates in Swedish kronor and a weaker Swedish krona contributed to higher interest income. On January 1, 2022, a new risk tax on credit institutions was introduced in Sweden. Net interest income was negatively affected by the risk tax amounting to Skr 109 million.

The table below shows average interest-bearing assets and liabilities.

---

| | | | |
|:---|:---|:---|:---|
| **Skr bn, average** | **Jan-Dec <br> 2022** | **Jan-Dec<br> 2021** | **Change** |
| Total lending portfolio | 255.3 | 234.5 | 9% |
| Liquidity investments | 72.1 | 63.5 | 14% |
| **Interest-bearing assets** | **338.0** | **314.2** | **8%** |
| **Interest-bearing liabilities** | **310.6** | **291.2** | **7%** |

---

**Net results of financial transactions** 

Net results of financial transactions amounted to Skr 69 million (2021: Skr 56 million). The year has been volatile with large movement in the financial markets. The results were mainly attributable to unrealized value changes of financial instruments from cross-currency basis spreads, increased credit spreads in the liquidity portfolio and increased interest rates.

**Operating expenses** 

Operating expenses amounted to Skr -712 million (2021: Skr -670 million), an increase of 6 percent compared to the same period in the previous year. The increase in operating expenses is mainly due to increased personnel and depreciation costs. A provision of Skr 7 million was made for the individual variable remuneration program (2021: –).

**Net credit losses** 

Net credit losses amounted to Skr -34 million (2021: Skr 41 million). Net credit losses were mainly attributable to increased provisions for expected credit losses for exposures in stage 1 and stage 3, offset by recovered credit losses, as well as decreased provisions for expected credit losses for exposures in stage 2.

SEK's IFRS 9 model is based on a business cycle parameter. The business cycle parameter reflects the general risk of default in each probability of default (PD) segment and should reflect the general risk of default in the economy. Due to the current macroeconomic

uncertainty, SEK has made an overall adjustment according to management's assessment, see Note 4.

Loss allowances as of December 31, 2022, amounted to Skr -223 million compared to Skr -164 million as of December 31, 2021, of which exposures in stage 3 amounted to Skr -70 million (year-end 2021: Skr -48 million).

The provision ratio amounted to 0.06 percent (year-end 2021: 0.06 percent).

**Taxes** 

Tax costs amounted to Skr -305 million (2021: Skr -271 million), and the effective tax rate amounted to 20.7 percent (2021: 20.8 percent).

**Other comprehensive income (OCI)** 

Other comprehensive income before tax amounted to Skr 20 million (2021: Skr 0 million). The outcome is explained by a positive result related to the changes in own credit risk due to increased credit spreads, as well as a positive result related to the revaluation of defined benefit plans that were affected by a higher discount rate, offset in part by unrealized losses incurred from derivatives in cash flow hedging due to rising interest rates.

**October-December 2022**

Operating profit for the fourth quarter amounted to Skr 621 million (4Q21: Skr 300 million). Net profit amounted to Skr 491 million (4Q21: Skr 236 million). The higher net profit compared to the same period in the previous year was mainly explained by higher net results of financial transactions and higher net interest income.

**Net interest income** 

Net interest income amounted to Skr 648 million (4Q21: Skr 482 million), representing an increase of 34 percent compared to the same period in the previous year. A high new lending rate during the year and higher interest rates in Swedish kronor contributed to higher interest income during the quarter. Net interest income was negatively affected by the new risk tax amounting to Skr 28 million.

The table below shows average interest-bearing assets and liabilities.

---

| | | | |
|:---|:---|:---|:---|
| **Skr bn, average** | **Oct-Dec <br> 2022** | **Oct-Dec<br> 2021** | **Change** |
| Total lending portfolio | 274.5 | 233.0 | 18% |
| Liquidity investments | 76.1 | 64.2 | 19% |
| **Interest-bearing assets** | **364.1** | **308.2** | **18%** |
| **Interest-bearing liabilities** | **334.6** | **291.2** | **15%** |

---

**Net results of financial transactions** 

Net results of financial transactions amounted to Skr 223 million (4Q21: Skr 41 million). The financial markets were volatile during the period and characterized by substantial movement. The results were mainly attributable to unrealized value changes of financial instruments from cross-currency basis spreads.

Page 6 of 29

![](tm234501d1_6kimg009.jpg)

**Operating expenses** 

Operating expenses amounted to Skr -229 million (4Q21: Skr -208 million), representing an increase of 10 percent compared to the same period in the previous year. The increase in operating expenses was mainly due to increased personnel costs. A provision of Skr 1 million was made for the individual variable remuneration program (4Q21: –).

**Net credit losses** 

Net credit losses amounted to Skr -12 million (4Q21: Skr -9 million). Net credit losses were mainly attributable to increased provisions for expected credit losses for exposures in stage 3.

SEK's IFRS 9 model is based on a business cycle parameter. The business cycle parameter reflects the general risk of default in each probability of default (PD) segment and should reflect the general risk of default in the economy. Due to the current macroeconomic uncertainty, SEK has made an overall adjustment according to management's assessment, see Note 4.

**Taxes** 

Tax costs amounted to Skr -130 million (4Q21: Skr -64 million), and the effective tax rate amounted to 20.9 percent (4Q21: 21.3 percent).

**Other comprehensive income (OCI)** 

Other comprehensive income before tax amounted to Skr 7 million (4Q21: Skr -10 million). The outcome is explained by a positive result related to the changes in own credit risk due to increased credit spreads, offset in part by incurred unrealized losses from derivatives in cash flow hedging due to rising interest rates.

**Statement of Financial Position**

**Total assets and liquidity investments** 

Total assets increased by 13 percent compared to the end of 2021. The company's increased customer lending, together with a weaker Swedish krona, drove the increase in the company's assets.

---

| | | | |
|:---|:---|:---|:---|
| **Skr bn** | **December 31,** <br> **2022**  | **December 31,<br> 2021** | **Change** |
| Total assets | 375.5 | 333.6 | 13% |
| Liquidity investments | 76.3 | 67.9 | 12% |
| Total lending portfolio | 273.4 | 237.2 | 15% |
| &nbsp;&nbsp;&nbsp;&nbsp;*of which green* | &nbsp;&nbsp;&nbsp;&nbsp;*25.9* | &nbsp;&nbsp;&nbsp;&nbsp;*18.0* | &nbsp;&nbsp;&nbsp;&nbsp;*44%* |
| &nbsp;&nbsp;&nbsp;&nbsp;*of which CIRR-loans* | &nbsp;&nbsp;&nbsp;&nbsp;*94.2* | &nbsp;&nbsp;&nbsp;&nbsp;*87.9* | &nbsp;&nbsp;&nbsp;&nbsp;*7%* |

---

SEK's total net exposures, after risk mitigation, amounted to Skr 438.2 billion as of December 31, 2022 (year-end 2021: Skr 372.5 billion). Credit exposures have increased to central governments and corporates, which is mainly due to new lending in the form of larger export credits that are guaranteed by EKN as well as increased lending to Swedish exporters.

**Liabilities and equity** 

As of December 31, 2022, the aggregate volume of available funds and shareholders' equity exceeded the aggregate volume of loans outstanding and loans committed at all maturities. SEK considers all of its outstanding commitments to be covered through maturity.

SEK has a credit facility in place with the Swedish National Debt Office of up to Skr 175 billion. The credit facility can be utilized when the Swedish export industry's demand for financing is particularly high.

**Capital adequacy** 

As of December 31, 2022, SEK's total own funds amounted to Skr 20.8 billion (year-end 2021: Skr 19.9 billion). The total capital ratio was 20.6 percent (year-end 2021: 21.6 percent), representing a margin of 4.1 percentage points above SEK's estimate of Finansinspektionen's (the "Swedish FSA") requirement of 16.5 percent as of December 31, 2022. The corresponding Common Equity Tier 1 capital estimated requirement was 11.4 percent. Given that SEK's own funds are comprised solely of Common Equity Tier 1 capital, this total capital ratio represents a margin of 9.2 percentage points above the requirement. Overall, SEK is strongly capitalized and has healthy liquidity.

---

| | | |
|:---|:---|:---|
| **Percent** | **December 31, <br> 2022** | **December 31,** <br> **2021**  |
| Common Equity Tier 1 capital ratio | 20.6 | 21.6 |
| Tier 1 capital ratio | 20.6 | 21.6 |
| Total capital ratio | 20.6 | 21.6 |
| Leverage ratio | 8.4 | 9.3 |
| Liquidity coverage ratio (LCR) | 311 | 463 |
| Net stable funding ratio (NSFR) | 119 | 139 |

---

**Rating**

---

| | | |
|:---|:---|:---|
|  | **Skr** | **Foreign currency** |
| Moody's | Aa1/Stable | Aa1/Stable |
| Standard & Poor's | AA+/Stable | AA+/Stable |

---

**Dividend** 

The Board of Directors has resolved to propose the payment of a dividend of 20 percent of the year's profit at the company's annual general meeting, corresponding to Skr 233 million (2021: Skr 414 million), which is in line with the company's dividend policy of 20-40 percent.

Page 7 of 29

![](tm234501d1_6kimg009.jpg)

**Other events** 

At SEK's annual general meeting on March 24, 2022, Lars Linder-Aronson stepped down from his position as Chairman of the Board of Directors of SEK (the "Board") and Lennart Jacobsen was elected as new Chairman of the Board. Hans Larsson stepped down from his position as member of the Board, and three new members were elected: Håkan Berg, Katarina Ljungqvist and Paula da Silva. A resolution was passed at the annual general meeting to adopt the income statement and balance sheet in SEK's Annual and Sustainability Report 2021, and to appropriate distributable funds pursuant to the Board's proposal.

SEK's Deputy CEO Per Åkerlind has retired and no new Deputy CEO will be appointed.

During the year, the roles as Head of Sustainability, Chief Information Officer, Head of Human Resources and Head of International Finance were filled. During the fourth quarter, SEK's Chief Risk Officer left the company. His successor takes up the position in January 2023.

**Risk factors and the macro environment**

Various risks arise as part of SEK's operations, including primarily credit risks, but also market, liquidity, refinancing, operational and sustainability risks. For a more detailed description of these risks, refer to the separate risk report Capital Adequacy and Risk Management Report Pillar 3 2021 and the Risk and Capital Management section in SEK's 2021 Annual and Sustainability Report.

According to Statistics Sweden, Sweden's GDP increased by 0.6 percent in the third quarter of 2022 compared to the previous quarter. Exports rose 0.5 percent. The unemployment rate amounted to 7.0 percent at the end of the third quarter of 2022, down 0.7 percentage points compared to the second quarter of 2022. The rate of inflation was 9.5 percent in November 2022, which represented an increase from October 2022 when the rate of inflation was 9.3 percent. The inflation rate is increasing significantly due to sharply rising food and energy prices. The Riksbank (Sweden's Central Bank) has raised the repo rate on four occasions in 2022 by a total of 250 basis points and further hikes to the repo rate are expected.

A continued high, and partly rising, inflation gives rise to expectations of continued interest rate hikes. A higher repo rate positively impacts SEK's net interest income. The company anticipates that higher market interest rates will have a limited impact on its clients and, therefore, a limited indirect impact on SEK.

SEK believes that there is a higher-than-normal level of risk factors in the financial markets that affect the company. SEK believes that information security threats, particularly cyber security, have increased, as a consequence of Sweden supporting Ukraine. Russia's war in Ukraine is fueling inflation and the overall likelihood of a recession has increased. The war has little direct financial impact on SEK. The company has very low lending in Russia and no lending in Ukraine or Belarus. However, the high level of uncertainty may have a more long-term effect on SEK's customers and, therefore, on SEK.

The western world has gradually escalated sanctions against Russia and continues to support Ukraine with military and protective equipment, and contributes direct economic support to Ukraine's armed forces. The long-term humanitarian and socioeconomic effects of Russia's war in Ukraine are expected to be significant and the prevailing geopolitical security tension occasioned by the conflict could continue for a long time.

There is still some increase in the spread of COVID-19. Despite this, the number of lockdowns due to COVID-19 is decreasing and SEK therefore sees some reduction in the probability of disruptions in supply chains resulting from COVID-19.

Page 8 of 29

**Financial targets**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Profitability target** | &nbsp;&nbsp;A return on equity after tax of at least 5 percent. |
| &nbsp;&nbsp;**Dividend policy** | &nbsp;&nbsp;Payment of an ordinary dividend of 20-40 percent of the profit for the year. |
| &nbsp;&nbsp;**Capital target** | &nbsp;&nbsp;SEK's total capital ratio is to exceed the Swedish FSA's requirement by 2 to 4 percentage points and SEK's Common Equity Tier 1 capital ratio is to exceed the Swedish FSA's requirement by at least 4 percentage points. Currently, the capital targets mean that the total capital ratio should amount to 18.5-20.5 percent and the Common Equity Tier 1 capital ratio should amount to 15.4 percent, based on SEK's estimation of the Swedish FSA's requirements as of December 31, 2022. |

---

**Key performance indicators (unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Skr mn (if not otherwise indicated)** | **Oct-Dec<br> 2022** | **Jul-Sep**<br> **2022**  | **Oct-Dec**<br> **2021** | **Jan-Dec<br> 2022** | **Jan-Dec<br> 2021** |
| New lending | 34774 | 28628 | 26565 | 133181 | 76988 |
| &nbsp;&nbsp;&nbsp;&nbsp;*of which to Swedish exporters* | &nbsp;&nbsp;&nbsp;&nbsp;*11873* | &nbsp;&nbsp;&nbsp;&nbsp;*10912* | &nbsp;&nbsp;&nbsp;&nbsp;*8520* | &nbsp;&nbsp;&nbsp;&nbsp;*50307* | &nbsp;&nbsp;&nbsp;&nbsp;*25075* |
| &nbsp;&nbsp;&nbsp;&nbsp;*of which to exporters' customers* | &nbsp;&nbsp;&nbsp;&nbsp;*22901* | &nbsp;&nbsp;&nbsp;&nbsp;*17716* | &nbsp;&nbsp;&nbsp;&nbsp;*18045* | &nbsp;&nbsp;&nbsp;&nbsp;*82874* | &nbsp;&nbsp;&nbsp;&nbsp;*51913* |
| &nbsp;&nbsp;&nbsp;&nbsp;*of which green as a percentage of new lending<sup>1</sup>* | &nbsp;&nbsp;&nbsp;&nbsp;*1%* | &nbsp;&nbsp;&nbsp;&nbsp;*2%* | &nbsp;&nbsp;&nbsp;&nbsp;*–* | &nbsp;&nbsp;&nbsp;&nbsp;*6%* | &nbsp;&nbsp;&nbsp;&nbsp;*15%* |
| &nbsp;&nbsp;&nbsp;&nbsp;*of which CIRR-loans as a percentage of new lending* | &nbsp;&nbsp;&nbsp;&nbsp;*20%* | &nbsp;&nbsp;&nbsp;&nbsp;*28%* | &nbsp;&nbsp;&nbsp;&nbsp;*10%* | &nbsp;&nbsp;&nbsp;&nbsp;*22%* | &nbsp;&nbsp;&nbsp;&nbsp;*15%* |
| Total lending portfolio | 273448 | 275638 | 237224 | 273448 | 237224 |
| &nbsp;&nbsp;&nbsp;&nbsp;*of which green* | &nbsp;&nbsp;&nbsp;&nbsp;*9.5%* | &nbsp;&nbsp;&nbsp;&nbsp;*9.1%* | &nbsp;&nbsp;&nbsp;&nbsp;*7.5%* | &nbsp;&nbsp;&nbsp;&nbsp;*9.5%* | &nbsp;&nbsp;&nbsp;&nbsp;*7.5%* |
| &nbsp;&nbsp;&nbsp;&nbsp;*of which social* | &nbsp;&nbsp;&nbsp;&nbsp;*0.4%* | &nbsp;&nbsp;&nbsp;&nbsp;*0.2%* | &nbsp;&nbsp;&nbsp;&nbsp;*–* | &nbsp;&nbsp;&nbsp;&nbsp;*0.4%* | &nbsp;&nbsp;&nbsp;&nbsp;*–* |
| &nbsp;&nbsp;&nbsp;&nbsp;*of which sustainability-linked* | &nbsp;&nbsp;&nbsp;&nbsp;*2.1%* | &nbsp;&nbsp;&nbsp;&nbsp;*1.4%* | &nbsp;&nbsp;&nbsp;&nbsp;*0.5%* | &nbsp;&nbsp;&nbsp;&nbsp;*2.1%* | &nbsp;&nbsp;&nbsp;&nbsp;*0.5%* |
| Loans, outstanding and undisbursed | 348817 | 350984 | 291095 | 348817 | 291095 |
| Customer growth<sup>1</sup> | 6% | 3% |  | 14% | 11% |
| New long-term borrowings | 32778 | 25677 | 19100 | 88472 | 81103 |
| New short-term borrowings | 33663 | 6372 | 3777 | 71338 | 6409 |
| New green borrowings |  |  |  | 9001 | 6100 |
| Outstanding senior debt | 326270 | 343007 | 295000 | 326270 | 295000 |
| After-tax return on equity | 9.2% | 7.4% | 4.6% | 5.5% | 5.1% |
| Proposed ordinary dividend |  |  |  | 233 | 414 |
| Common Equity Tier 1 capital ratio | 20.6% | 20.0% | 21.6% | 20.6% | 21.6% |
| Tier 1 capital ratio | 20.6% | 20.0% | 21.6% | 20.6% | 21.6% |
| Total capital ratio | 20.6% | 20.0% | 21.6% | 20.6% | 21.6% |
| Leverage ratio | 8.4% | 8.4% | 9.3% | 8.4% | 9.3% |
| Liquidity coverage ratio (LCR) | 311% | 301% | 463% | 311% | 463% |
| Net stable funding ratio (NSFR) | 119% | 122% | 139% | 119% | 139% |
| Risk exposure amount | 100926 | 102416 | 92140 | 100926 | 92140 |
| 1 New key performance indicators to which there is no comparative historical information. | 1 New key performance indicators to which there is no comparative historical information. | 1 New key performance indicators to which there is no comparative historical information. | 1 New key performance indicators to which there is no comparative historical information. | 1 New key performance indicators to which there is no comparative historical information. | 1 New key performance indicators to which there is no comparative historical information. |

---

See definitions on page 31.

Page 9 of 29

**Condensed Consolidated Statement of Comprehensive Income (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Skr mn** | **Note** | **Oct-Dec<br> 2022** | **Jul-Sep<br> 2022** | **Oct-Dec<br> 2021** | **Jan-Dec<br> 2022** | **Jan-Dec <br> 2021** |
| Interest income |  | 3124 | 1926 | 703 | 6729 | 2719 |
| Interest expenses |  | -2476 | -1385 | -221 | -4550 | -812 |
| **Net interest income** | 2 | **648** | **541** | **482** | **2179** | **1907** |
| Net fee and commission expense |  | -9 | -7 | -6 | -31 | -29 |
| Net results of financial transactions | 3 | 223 | 108 | 41 | 69 | 56 |
| **Total operating income** |  | **862** | **642** | **517** | **2217** | **1934** |
| Personnel expenses |  | -123 | -85 | -96 | -402 | -359 |
| Other administrative expenses |  | -56 | -48 | -66 | -216 | -231 |
| Depreciation and impairment of non-financial assets |  | -50 | -15 | -46 | -94 | -80 |
| **Total operating expenses** |  | **-229** | **-148** | **-208** | **-712** | **-670** |
| **Operating profit before credit losses** |  | **633** | **494** | **309** | **1505** | **1264** |
| Net credit losses | 4 | -12 | -5 | -9 | -34 | 41 |
| **Operating profit** |  | **621** | **489** | **300** | **1471** | **1305** |
| Tax expenses |  | -130 | -101 | -64 | -305 | -271 |
| **Net profit<sup>1</sup>** |  | **491** | **388** | **236** | **1166** | **1034** |
| **Other comprehensive income related to:** |  |  |  |  |  |  |
| Items to be reclassified to profit or loss |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Derivatives in cash flow hedges* |  | &nbsp;&nbsp;&nbsp;&nbsp;*-7* | &nbsp;&nbsp;&nbsp;&nbsp;*-115* | &nbsp;&nbsp;&nbsp;&nbsp;*–* | &nbsp;&nbsp;&nbsp;&nbsp;*-122* | &nbsp;&nbsp;&nbsp;&nbsp;*–* |
| Tax on items to be reclassified to profit or loss |  | 1 | 24 | – | 25 | – |
| **Net items to be reclassified to profit or loss** |  | **-6** | **-91** | **–** | **-97** | **–** |
| Items not to be reclassified to profit or loss |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Own credit risk* |  | &nbsp;&nbsp;&nbsp;&nbsp;*15* | &nbsp;&nbsp;&nbsp;&nbsp;*20* | &nbsp;&nbsp;&nbsp;&nbsp;*7* | &nbsp;&nbsp;&nbsp;&nbsp;*99* | &nbsp;&nbsp;&nbsp;&nbsp;*-24* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Revaluation of defined benefit plans* |  | &nbsp;&nbsp;&nbsp;&nbsp;*-1* | &nbsp;&nbsp;&nbsp;&nbsp;*-2* | &nbsp;&nbsp;&nbsp;&nbsp;*-17* | &nbsp;&nbsp;&nbsp;&nbsp;*43* | &nbsp;&nbsp;&nbsp;&nbsp;*24* |
| Tax on items not to be reclassified to profit or loss |  | -3 | -3 | 2 | -30 | 0 |
| **Net items not to be reclassified to profit or loss** |  | **11** | **15** | **-8** | **112** | **0** |
| **Total other comprehensive income** |  | **5** | **-76** | **-8** | **15** | **0** |
| **Total comprehensive income<sup>1</sup>** |  | **496** | **312** | **228** | **1181** | **1034** |
| Skr |  |  |  |  |  |  |
| Basic and diluted earnings per share<sup>2</sup> |  | 123 | 97 | 59 | 292 | 259 |
| 1 The entire profit is attributable to the shareholder of the Parent Company. <br> 2 Net profit divided by average number of shares, which amounts to 3,990,000 for each period.  | 1 The entire profit is attributable to the shareholder of the Parent Company. <br> 2 Net profit divided by average number of shares, which amounts to 3,990,000 for each period.  | 1 The entire profit is attributable to the shareholder of the Parent Company. <br> 2 Net profit divided by average number of shares, which amounts to 3,990,000 for each period.  | 1 The entire profit is attributable to the shareholder of the Parent Company. <br> 2 Net profit divided by average number of shares, which amounts to 3,990,000 for each period.  | 1 The entire profit is attributable to the shareholder of the Parent Company. <br> 2 Net profit divided by average number of shares, which amounts to 3,990,000 for each period.  | 1 The entire profit is attributable to the shareholder of the Parent Company. <br> 2 Net profit divided by average number of shares, which amounts to 3,990,000 for each period.  | 1 The entire profit is attributable to the shareholder of the Parent Company. <br> 2 Net profit divided by average number of shares, which amounts to 3,990,000 for each period.  |

---

Year-end Report 2022 Page 10 of 29

**Consolidated Statement of Financial Position (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Skr mn** | **Note** | **December 31, <br> 2022** | **December 31, <br> 2021** |
| **Assets** |  |  |  |
| Cash and cash equivalents | 5 | 4060 | 11128 |
| Treasuries/government bonds | 5 | 15048 | 10872 |
| Other interest-bearing securities except loans | 5 | 57144 | 45881 |
| Loans in the form of interest-bearing securities | 4, 5 | 54257 | 46578 |
| Loans to credit institutions | 4, 5 | 22145 | 20775 |
| Loans to the public | 4, 5 | 207737 | 180288 |
| Derivatives | 5, 6 | 10304 | 8419 |
| Tangible and intangible assets |  | 307 | 331 |
| Deferred tax asset |  | 25 | 11 |
| Other assets |  | 285 | 7451 |
| Prepaid expenses and accrued revenues |  | 4162 | 1913 |
| **Total assets** |  | **375474** | **333647** |
| **Liabilities and equity** |  |  |  |
| Borrowing from credit institutions | 5 | 7153 | 5230 |
| Borrowing from the public | 5 |  | 10000 |
| Debt securities issued | 5 | 319117 | 279770 |
| Derivatives | 5, 6 | 13187 | 14729 |
| Other liabilities |  | 10242 | 1167 |
| Accrued expenses and prepaid revenues |  | 4172 | 1875 |
| Provisions |  | 28 | 68 |
| **Total liabilities** |  | **353899** | **312839** |
| Share capital |  | 3990 | 3990 |
| Reserves |  | -114 | -129 |
| Retained earnings |  | 17699 | 16947 |
| **Total equity** |  | **21575** | **20808** |
| **Total liabilities and equity** |  | **375474** | **333647** |

---

Year-end Report 2022 Page 11 of 29

**Condensed Consolidated Statement of Changes in Equity (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Skr mn** | **Equity** | **Share capital** | **Reserves** | **Reserves** | **Reserves** | **Retained <br> earnings** |
| **Skr mn** | **Equity** | **Share capital** | ***Hedge* <br> *reserve*** | ***Own*** <br> ***credit risk*** | ***Defined* <br> *benefit plans*** | **Retained <br> earnings** |
| **Opening balance of equity January 1, 2021** | **20064** | **3990** | **–** | **-84** | **-45** | **16203** |
| Net profit Jan-Dec 2021 | 1034 |  |  |  |  | 1034 |
| Other comprehensive income Jan-Dec 2021 | 0 |  |  | -18 | 18 |  |
| **Total comprehensive income Jan-Dec 2021** | **1034** | **–** | **–** | **-18** | **18** | **1034** |
| Dividend | -290 |  |  |  |  | -290 |
| **Closing balance of equity December 31, 2021<sup>1</sup>** | **20808** | **3990** | **–** | **-102** | **-27** | **16947** |
| **Opening balance of equity January 1, 2022** | **20808** | **3990** | **–** | **-102** | **-27** | **16947** |
| Net profit Jan-Dec 2022 | 1166 |  |  |  |  | 1166 |
| Other comprehensive income Jan-Dec 2022 | 15 |  | -97 | 79 | 33 |  |
| **Total comprehensive income Jan-Dec 2022** | **1181** | **–** | **-97** | **79** | **33** | **1166** |
| Dividend | -414 |  |  |  |  | -414 |
| **Closing balance of equity December 31, 2022<sup>1</sup>** | **21575** | **3990** | **-97** | **-23** | **6** | **17699** |
| 1 The entire equity is attributable to the shareholder of the Parent Company. | 1 The entire equity is attributable to the shareholder of the Parent Company. | 1 The entire equity is attributable to the shareholder of the Parent Company. | 1 The entire equity is attributable to the shareholder of the Parent Company. | 1 The entire equity is attributable to the shareholder of the Parent Company. | 1 The entire equity is attributable to the shareholder of the Parent Company. | 1 The entire equity is attributable to the shareholder of the Parent Company. |

---

Year-end Report 2022 Page 12 of 29

**Condensed Statement of Cash Flows in the Consolidated Group (unaudited)**

---

| | | |
|:---|:---|:---|
| **Skr mn** | **Jan-Dec<br> 2022** | **Jan-Dec <br> 2021** |
| **Operating activities** |  |  |
| Operating profit | 1471 | 1305 |
| Adjustments for non-cash items in operating profit | 329 | 69 |
| Income tax paid | -420 | -263 |
| Changes in assets and liabilities from operating activities | -29617 | 19464 |
| **Cash flow from operating activities** | **28237** | **20575** |
| **Investing activities** |  |  |
| Capital expenditures | -70 | -242 |
| **Cash flow from investing activities** | **-70** | **-242** |
| **Financing activities** |  |  |
| Change in senior debt | 10793 | -10958 |
| Derivatives, net | 9770 | -1523 |
| Dividend paid | -414 | -290 |
| Payment of lease liability | -23 | -24 |
| **Cash flow from financing activities** | **20126** | **-12795** |
| **Cash flow for the period** | **-8181** | **7538** |
| Cash and cash equivalents at beginning of the period | 11128 | 3362 |
| Cash flow for the period | -8181 | 7538 |
| Exchange-rate differences on cash and cash equivalents | 1113 | 228 |
| **Cash and cash equivalents at end of the period<sup>1</sup>** | **4060** | **11128** |
| 1 Cash and cash equivalents include, in this context, cash at banks that can be immediately converted into cash and short-term deposits for which the time to maturity does not exceed three months from trade date. | 1 Cash and cash equivalents include, in this context, cash at banks that can be immediately converted into cash and short-term deposits for which the time to maturity does not exceed three months from trade date. | 1 Cash and cash equivalents include, in this context, cash at banks that can be immediately converted into cash and short-term deposits for which the time to maturity does not exceed three months from trade date. |

---

Year-end Report 2022 Page 13 of 29

**Notes**

Note 1. Accounting policies

Note 2. Net interest income

Note 3. Net results of financial transactions

Note 4. Impairments

Note 5. Financial assets and liabilities at fair value

Note 6. Derivatives

Note 7. CIRR-system

Note 8. Pledged assets and contingent liabilities

Note 9. Capital adequacy

Note 10. Exposures

Note 11. Reference interest rate reform

Note 12. Transactions with related parties

Note 13. Events after the reporting period

References to "SEK" or the "Parent Company" are to AB Svensk Exportkredit. References to "Consolidated Group" are to SEK and its consolidated subsidiary. All amounts are in Skr million, unless otherwise indicated. All figures relate to the Consolidated Group, unless otherwise indicated.

**Note 1. Accounting policies**

This condensed year-end report is presented in accordance with International Accounting Standard (IAS) 34, Interim Financial Reporting. The Consolidated Group's consolidated accounts have been prepared in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), together with the interpretations from IFRS Interpretations Committee (IFRS IC). The IFRS standards applied by SEK are all endorsed by the European Union (EU). The accounting also follows the additional standards imposed by the Annual Accounts Act for Credit Institutions and Securities Companies (1995:1559) (ÅRKL) and the regulation and general guidelines issued by Finansinspektionen (the Swedish FSA), "Annual Reports in Credit Institutions and Securities Companies" (FFFS 2008:25). In addition to this, the supplementary accounting rules for groups (RFR 1) issued by the Swedish Financial Reporting Board have been applied. SEK also follows the state's principles for external reporting in accordance with its State Ownership Policy and principles for state-owned enterprises.

This condensed year-end report of Aktiebolaget Svensk Exportkredit (publ) (Swedish Export Credit Corporation) (the "Parent Company") has been prepared in accordance with the ÅRKL, and the RFR 2 recommendation, "Accounting for Legal Entities," issued by the Swedish Financial Reporting Board, as well as the accounting regulations

of the Swedish FSA (FFFS 2008:25), which means that within the framework of the ÅRKL, IFRS has been applied to the greatest extent possible. The Parent Company's results and total assets represent most of the results and total assets of the Consolidated Group, so the Consolidated Group's information in these notes largely reflects the condition of the Parent Company. The condensed year-end report does not include all the disclosures required in the annual financial statements, and should be read in conjunction with the company's annual financial statements as of December 31, 2021.

The accounting policies, methods of computation and presentation of the Consolidated Group and the Parent Company are, in all material aspects, the same as those used for the 2021 annual financial statements. SEK analyzes and assesses the application and impact of changes in financial reporting standards that are applied within the Group. Changes that are not mentioned are either not applicable to SEK or have been determined to not have a material impact on SEK's financial reporting.

There are no IFRS or IFRS Interpretations Committee interpretations that are not yet applicable that are expected to have a material impact on SEK's financial statements, capital adequacy or large exposure ratios.

Year-end Report 2022 Page 14 of 29

**Note 2. Net interest income**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Skr mn** | **Oct-Dec<br> 2022** | **Jul-Sep<br> 2022** | **Oct-Dec <br> 2021** | **Jan-Dec<br> 2022** | **Jan-Dec<br> 2021** |
| **Interest income** |  |  |  |  |  |
| Loans to credit institutions | 232 | 163 | 29 | 506 | 131 |
| Loans to the public | 1698 | 1343 | 995 | 5106 | 3782 |
| Loans in the form of interest-bearing securities | 410 | 302 | 193 | 1114 | 776 |
| Interest-bearing securities excluding loans in the form of interest-bearing securities | 353 | 130 | 10 | 535 | 50 |
| Derivatives | 365 | -81 | -584 | -797 | -2239 |
| Administrative remuneration CIRR-system | 61 | 61 | 55 | 237 | 198 |
| Other assets | 5 | 8 | 5 | 28 | 21 |
| **Total interest income<sup>1</sup>** | **3124** | **1926** | **703** | **6729** | **2719** |
| **Interest expenses** |  |  |  |  |  |
| Interest expenses | -2426 | -1336 | -199 | -4353 | -724 |
| Resolution fee | -22 | -22 | -22 | -88 | -88 |
| Risk tax | -28 | -27 | – | -109 | – |
| **Total interest expenses** | **-2476** | **-1385** | **-221** | **-4550** | **-812** |
| **Net interest income** | **648** | **541** | **482** | **2179** | **1907** |
| 1 Interest income calculated using the effective interest method amounted to Skr 6,563 million during January-December 2022 (2021: Skr 4,264 million). | 1 Interest income calculated using the effective interest method amounted to Skr 6,563 million during January-December 2022 (2021: Skr 4,264 million). | 1 Interest income calculated using the effective interest method amounted to Skr 6,563 million during January-December 2022 (2021: Skr 4,264 million). | 1 Interest income calculated using the effective interest method amounted to Skr 6,563 million during January-December 2022 (2021: Skr 4,264 million). | 1 Interest income calculated using the effective interest method amounted to Skr 6,563 million during January-December 2022 (2021: Skr 4,264 million). | 1 Interest income calculated using the effective interest method amounted to Skr 6,563 million during January-December 2022 (2021: Skr 4,264 million). |

---

**Note 3. Net results of financial transactions**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Skr mn** | **Oct-Dec<br> 2022** | **Jul-Sep<br> 2022** | **Oct-Dec <br> 2021** | **Jan-Dec<br> 2022** | **Jan-Dec <br> 2021** |
| Derecognition of financial instruments not measured at fair value through profit or loss | 6 | 2 | 2 | 9 | 33 |
| Financial assets or liabilities at fair value through profit or loss | 233 | 70 | 33 | -19 | 13 |
| Financial instruments under fair-value hedge accounting | -17 | 39 | 5 | 88 | 12 |
| Currency exchange-rate effects on all assets and liabilities excl. currency exchange-rate effects related to revaluation at fair value | 1 | -3 | 1 | -9 | -2 |
| **Total net results of financial transactions** | **223** | **108** | **41** | **69** | **56** |

---

Year-end Report 2022 Page 15 of 29

**Note 4. Impairments**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Skr mn** | **Oct-Dec<br> 2022** | **Jul-Sep<br> 2022** | **Oct-Dec <br> 2021** | **Jan-Dec<br> 2022** | **Jan-Dec <br> 2021** |
| Expected credit losses, stage 1 | 0 | -6 | -3 | -38 | 60 |
| Expected credit losses, stage 2 | -1 | -2 | 1 | 6 | 29 |
| Expected credit losses, stage 3 | -12 | 0 | -1 | -15 | -46 |
| Established losses |  |  | -42 |  | -52 |
| Reserves applied to cover established credit losses |  |  | 35 |  | 49 |
| Recovered credit losses | 1 | 3 | 1 | 13 | 1 |
| **Net credit losses** | **-12** | **-5** | **-9** | **-34** | **41** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Skr mn** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** |
| **Skr mn** | **Stage 1** | **Stage 2** | **Stage 3** | **Total** | **Total** |
| Loans, before expected credit losses | 229902 | 37043 | 6713 | 273658 | 237381 |
| Off-balance sheet exposures, before expected credit losses | 53561 | 21520 | 5257 | 80338 | 60148 |
| **Total, before expected credit losses** | **283463** | **58563** | **11970** | **353996** | **297529** |
| Loss allowance, loans | -118 | -22 | -70 | -210 | -157 |
| Loss allowance, off-balance sheet exposures<sup>1</sup> | -12 | -1 | 0 | -13 | -7 |
| **Total loss allowance** | **-130** | **-23** | **-70** | **-223** | **-164** |
| *Provision ratio (in percent)* | *0.05* | *0.04* | *0.58* | *0.06* | *0.06* |
| 1 Recognized under provision in Consolidated Statement of Financial Position. Off-balance sheet exposures consist of guarantee commitments, committed undisbursed loans and binding offers, see Note 8. | 1 Recognized under provision in Consolidated Statement of Financial Position. Off-balance sheet exposures consist of guarantee commitments, committed undisbursed loans and binding offers, see Note 8. | 1 Recognized under provision in Consolidated Statement of Financial Position. Off-balance sheet exposures consist of guarantee commitments, committed undisbursed loans and binding offers, see Note 8. | 1 Recognized under provision in Consolidated Statement of Financial Position. Off-balance sheet exposures consist of guarantee commitments, committed undisbursed loans and binding offers, see Note 8. | 1 Recognized under provision in Consolidated Statement of Financial Position. Off-balance sheet exposures consist of guarantee commitments, committed undisbursed loans and binding offers, see Note 8. | 1 Recognized under provision in Consolidated Statement of Financial Position. Off-balance sheet exposures consist of guarantee commitments, committed undisbursed loans and binding offers, see Note 8. |

---

The table above shows the book value of loans and nominal amounts for off-balance sheet exposures before expected credit losses for each stage as well as related loss allowance amounts, in order to place expected credit losses in relation to credit exposures. Overall, the credit portfolio has an extremely high credit quality and SEK

often uses risk mitigation measures, primarily through guarantees from the Swedish Export Credit Agency (EKN) and other government export credit agencies in the Organisation for Economic Co-operation and Development (OECD), which explains the low provision ratio.

**Loss Allowance**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** |
| **Skr mn** | **Stage 1** | **Stage 2** | **Stage 3** | **Total** | **Total** |
| **Opening balance January 1** | **-88** | **-28** | **-48** | **-164** | **-249** |
| Increases due to origination and acquisition | -67 | -3 | 0 | -70 | -65 |
| Net remeasurement of loss allowance | 5 | 9 | 9 | 23 | 21 |
| Transfer to stage 1 | -1 | 7 |  | 6 | 0 |
| Transfer to stage 2 | 1 | -12 |  | -11 | -4 |
| Transfer to stage 3 | 1 | 3 | -23 | -19 | -19 |
| Decreases due to derecognition | 22 | 2 | 0 | 24 | 110 |
| Decrease in allowance account due to write-offs |  |  |  |  | 49 |
| Exchange-rate differences<sup>1</sup> | -3 | -1 | -8 | -12 | -7 |
| **Closing balance** | **-130** | **-23** | **-70** | **-223** | **-164** |
| 1 Recognized under net results of financial transactions in Statement of Comprehensive Income. | 1 Recognized under net results of financial transactions in Statement of Comprehensive Income. | 1 Recognized under net results of financial transactions in Statement of Comprehensive Income. | 1 Recognized under net results of financial transactions in Statement of Comprehensive Income. | 1 Recognized under net results of financial transactions in Statement of Comprehensive Income. | 1 Recognized under net results of financial transactions in Statement of Comprehensive Income. |

---

Provisions for expected credit losses (ECLs) are calculated using quantitative models based on inputs, assumptions and methods that are highly reliant on assessments. In particular, the following could heavily impact the level of provisions: the establishment of a material increase in credit risk, allowing for forward-looking macroeconomic scenarios, and the measurement of both ECLs over the next 12 months and lifetime ECLs. ECLs are based on objective assessments of what SEK expects to lose on the exposures given what was known on the reporting date and taking into account possible future events. The ECL is a probability-weighted amount that is determined by evaluating the outcome of several possible scenarios and where the data taken into consideration comprises information from previous conditions, current conditions and projections of future economic conditions. SEK's method entails three scenarios being prepared for each probability of default curve: a base scenario, a downturn scenario, and an upturn scenario, where the scenarios are expressed in a business cycle parameter. The business cycle parameter reflects the general

risk of default in each geographic segment. The parameter is standard normally distributed where zero indicates a neutral economy as the economy has been on average, historically. The business cycle parameters for the base scenario are between -0.8 and -0.2 for the various probability of default (PD) segments. The base scenarios have been weighted at between 40 and 90 percent, the downturn scenarios have been weighted at between 10 and 60 percent, and the upturn scenarios have been weighted at zero percent between the different PD-segments. An improvement of the PD model has taken place during the first quarter of 2022, which means, among other things, that the difference between the base and downturn/upturn scenarios has increased and that new data sources are used.

Due to the current macroeconomic uncertainty, SEK has made an overall adjustment according to management's overall assessment. This resulted in an increase of expected credit losses, which was calculated pursuant to SEK's IFRS 9 model as of December 31, 2022.

Year-end Report 2022 Page 16 of 29

**Note 5. Financial assets and liabilities at fair value**

---

| | | | |
|:---|:---|:---|:---|
| **Skr mn** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Skr mn** | **Book value** | **Fair value** | **Surplus value (+)/**<br> **Deficit value (–)** |
| Cash and cash equivalents | 4060 | 4060 |  |
| Treasuries/governments bonds | 15048 | 15048 |  |
| Other interest-bearing securities except loans | 57144 | 57144 |  |
| Loans in the form of interest-bearing securities | 54257 | 54877 | 620 |
| Loans to credit institutions | 22145 | 21747 | -398 |
| Loans to the public | 207737 | 204543 | -3194 |
| Derivatives | 10304 | 10304 | – |
| **Total financial assets** | **370695** | **367723** | **-2972** |
| Borrowing from credit institutions | 7153 | 7153 |  |
| Borrowing from the public |  |  |  |
| Debt securities issued | 319117 | 318900 | -217 |
| Derivatives | 13187 | 13187 | – |
| **Total financial liabilities** | **339457** | **339240** | **-217** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Skr mn** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
| **Skr mn** | **Book value** | **Fair value** | **Surplus value (+)/**<br> **Deficit value (–)** |
| Cash and cash equivalents | 11128 | 11128 |  |
| Treasuries/governments bonds | 10872 | 10872 |  |
| Other interest-bearing securities except loans | 45881 | 45881 |  |
| Loans in the form of interest-bearing securities | 46578 | 47991 | 1413 |
| Loans to credit institutions | 20775 | 20993 | 218 |
| Loans to the public | 180288 | 186436 | 6148 |
| Derivatives | 8419 | 8419 | – |
| **Total financial assets** | **323941** | **331720** | **7779** |
| Borrowing from credit institutions | 5230 | 5230 |  |
| Borrowing from the public | 10000 | 10000 |  |
| Debt securities issued | 279770 | 280294 | 524 |
| Derivatives | 14729 | 14729 | – |
| **Total financial liabilities** | **309729** | **310253** | **524** |

---

**Determination of fair value** 

The determination of fair value is described in the annual financial statements included in SEK's 2021 Annual and Sustainability Report, see Note 1 (h) (viii) Principles for determination of fair value of

financial instruments and (ix) Determination of fair value of certain types of financial instruments.

Year-end Report 2022 Page 17 of 29

**Financial assets in fair value hierarchy**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Skr mn** | **Financial assets at fair value** | **Financial assets at fair value** | **Financial assets at fair value** | **Financial assets at fair value** |
| **Skr mn** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Treasuries/governments bonds | 2366 | 12682 |  | 15048 |
| Other interest-bearing securities except loans | 21342 | 35802 |  | 57144 |
| Derivatives | – | 10201 | 103 | 10304 |
| **Total, December 31, 2022** | **23708** | **58685** | **103** | **82496** |
| **Total, December 31, 2021** | **32187** | **32499** | **486** | **65172** |

---

**Financial liabilities in fair value hierarchy**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Skr mn** | **Financial liabilities at fair value** | **Financial liabilities at fair value** | **Financial liabilities at fair value** | **Financial liabilities at fair value** |
| **Skr mn** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Debt securities issued |  | 2252 | 26536 | 28788 |
| Derivatives | – | 8568 | 4619 | 13187 |
| **Total, December 31, 2022** | **–** | **10820** | **31155** | **41975** |
| **Total, December 31, 2021** | **–** | **18967** | **35078** | **54045** |

---

There were no transfers between levels during the period (year-end 2021: a transfer of Skr -1 million for derivatives was made from level 2 to level 3, due to larger elements of assessment in the valuation).

**Financial assets and liabilities at fair value in Level 3, 2022**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Skr mn** | **January 1, 2022** | **Purchases** | **Settlements & sales** | **Transfers to Level 3** | **Transfers from Level 3** | **Gains (+) and losses (–) through profit <br> or loss<sup>1</sup>** | **Gains (+) and losses (–) in Other comprehensive income** | **Exchange-rate differences** | **December 31, 2022** |
| Debt securities issued | -32555 | -4267 | 10255 |  |  | 2641 | -52 | -2558 | -26536 |
| Derivatives, net | -2037 | 0 | 221 | – | – | -616 | – | -2 084 | -4516 |
| **Net assets and liabilities** | **-34592** | **-4267** | **10476** | **–** | **–** | **2025** | **-52** | **-4642** | **-31052** |

---

**Financial assets and liabilities at fair value in Level 3, 2021**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Skr mn** | **January 1, 2021** | **Purchases** | **Settlements & sales** | **Transfers to Level 3** | **Transfers from Level 3** | **Gains (+) and losses (–) through profit <br> or loss<sup>1</sup>** | **Gains (+) and losses (–) in Other comprehensive income** | **Exchange-rate differences** | **December 31, 2021** |
| Debt securities issued | -41198 | -10372 | 19337 |  |  | 196 | -36 | -482 | -32555 |
| Derivatives, net | -263 | 5 | -599 | -1 | – | 411 | – | -1590 | -2037 |
| **Net assets and liabilities** | **-41461** | **-10367** | **18738** | **-1** | **–** | **607** | **-36** | **-2072** | **-34592** |
| 1 Gains and losses through profit or loss, including the impact of exchange rates, is reported as net interest income and net results of financial transactions. The unrealized fair value changes for assets and liabilities, including the impact of exchange rates, held as of December 31, 2022, amounted to a Skr 2,024 million gain (year-end 2021: Skr 594 million gain) and are reported as net results of financial transactions. | 1 Gains and losses through profit or loss, including the impact of exchange rates, is reported as net interest income and net results of financial transactions. The unrealized fair value changes for assets and liabilities, including the impact of exchange rates, held as of December 31, 2022, amounted to a Skr 2,024 million gain (year-end 2021: Skr 594 million gain) and are reported as net results of financial transactions. | 1 Gains and losses through profit or loss, including the impact of exchange rates, is reported as net interest income and net results of financial transactions. The unrealized fair value changes for assets and liabilities, including the impact of exchange rates, held as of December 31, 2022, amounted to a Skr 2,024 million gain (year-end 2021: Skr 594 million gain) and are reported as net results of financial transactions. | 1 Gains and losses through profit or loss, including the impact of exchange rates, is reported as net interest income and net results of financial transactions. The unrealized fair value changes for assets and liabilities, including the impact of exchange rates, held as of December 31, 2022, amounted to a Skr 2,024 million gain (year-end 2021: Skr 594 million gain) and are reported as net results of financial transactions. | 1 Gains and losses through profit or loss, including the impact of exchange rates, is reported as net interest income and net results of financial transactions. The unrealized fair value changes for assets and liabilities, including the impact of exchange rates, held as of December 31, 2022, amounted to a Skr 2,024 million gain (year-end 2021: Skr 594 million gain) and are reported as net results of financial transactions. | 1 Gains and losses through profit or loss, including the impact of exchange rates, is reported as net interest income and net results of financial transactions. The unrealized fair value changes for assets and liabilities, including the impact of exchange rates, held as of December 31, 2022, amounted to a Skr 2,024 million gain (year-end 2021: Skr 594 million gain) and are reported as net results of financial transactions. | 1 Gains and losses through profit or loss, including the impact of exchange rates, is reported as net interest income and net results of financial transactions. The unrealized fair value changes for assets and liabilities, including the impact of exchange rates, held as of December 31, 2022, amounted to a Skr 2,024 million gain (year-end 2021: Skr 594 million gain) and are reported as net results of financial transactions. | 1 Gains and losses through profit or loss, including the impact of exchange rates, is reported as net interest income and net results of financial transactions. The unrealized fair value changes for assets and liabilities, including the impact of exchange rates, held as of December 31, 2022, amounted to a Skr 2,024 million gain (year-end 2021: Skr 594 million gain) and are reported as net results of financial transactions. | 1 Gains and losses through profit or loss, including the impact of exchange rates, is reported as net interest income and net results of financial transactions. The unrealized fair value changes for assets and liabilities, including the impact of exchange rates, held as of December 31, 2022, amounted to a Skr 2,024 million gain (year-end 2021: Skr 594 million gain) and are reported as net results of financial transactions. | 1 Gains and losses through profit or loss, including the impact of exchange rates, is reported as net interest income and net results of financial transactions. The unrealized fair value changes for assets and liabilities, including the impact of exchange rates, held as of December 31, 2022, amounted to a Skr 2,024 million gain (year-end 2021: Skr 594 million gain) and are reported as net results of financial transactions. |

---

**Uncertainty of valuation of Level 3 instruments** 

As the estimation of parameters included in the models used to calculate the market value of Level 3 instruments is associated with subjectivity and uncertainty, SEK has conducted an analysis of the difference in fair value of Level 3 instruments using other established parameter values. Option models and discounted cash flows are used to value the Level 3 instruments. For the Level 3 instruments that are significantly affected by different types of correlations, which are not based on observable market data, a revaluation has been made by shifting the correlations. The correlation is expressed as a value between 1 and –1, where 0 indicates no relationship, 1 indicates a maximum positive relationship and -1 indicates a maximum negative relationship. The maximum correlation in the range of unobservable inputs can thus be from 1 to –1. In the analysis, the correlations have been adjusted by +/– 0.12, which represents the level SEK uses within its prudent valuation framework. For Level 3 instruments that are significantly affected by non-observable market data

in the form of SEK's own creditworthiness, a revaluation has been made by shifting the credit curve. The revaluation is made by shifting the credit spreads by +/– 10 basis points, which has been assessed as a reasonable change in SEK's credit spread. The analysis shows the impact of the non-observable market data on the market value. In addition, the market value will be affected by observable market data. The result of the analysis corresponds with SEK's business model where issued securities are linked with a matched hedging derivative. The underlying market data is used to evaluate the issued security as well as to evaluate the fair value in the derivative. This means that a change in fair value of the issued security, excluding SEK's own credit spread, is offset by an equally large change in fair value in the derivative.

Year-end Report 2022 Page 18 of 29

**Sensitivity analysis – level 3 assets and liabilities**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Assets and liabilities** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Skr mn** | **Fair Value** | **Unobservable input** | **Range of estimates for unobservable input** | **Valuation method** | **Sensitivity max** | **Sensitivity min** |
| Equity | -2890 | Correlation | 0.12 – (0.12) | Option Model | -13 | 13 |
| Interest rate | 13 | Correlation | 0.12 – (0.12) | Option Model |  |  |
| FX | -1528 | Correlation | 0.12 – (0.12) | Option Model | -34 | 34 |
| Other | -111 | Correlation | 0.12 – (0.12) | Option Model | – | – |
| **Sum derivatives, net** | **-4516** |  |  |  | **-47** | **47** |
| Equity | -10797 | Correlation | 0.12 – (0.12) | Option Model | 13 | -13 |
|  |  | Credit spreads | 10BP – (10BP) | Discounted cash flow | 14 | -14 |
| Interest rate | -8817 | Correlation | 0.12 – (0.12) | Option Model |  |  |
|  |  | Credit spreads | 10BP – (10BP) | Discounted cash flow | 102 | -102 |
| FX | -6750 | Correlation | 0.12 – (0.12) | Option Model | 36 | -36 |
|  |  | Credit spreads | 10BP – (10BP) | Discounted cash flow | 36 | -36 |
| Other | -172 | Correlation | 0.12 – (0.12) | Option Model |  |  |
|  |  | Credit spreads | 10BP – (10BP) | Discounted cash flow | 1 | -1 |
| **Sum debt securities issued** | **-26536** |  |  |  | **202** | **-202** |
| **Total effect on total comprehensive income** |  |  |  |  | **155** | **-155** |
| **Derivatives, net, December 31, 2021** | **-2037** |  |  |  | **-59** | **59** |
| **Debt securities issued, December 31, 2021** | **-32555** |  |  |  | **181** | **-181** |
| **Total effect on total comprehensive income, December 31, 2021** |  |  |  |  | **122** | **-122** |

---

The sensitivity analysis shows the effect that a shift in correlations or SEK's own credit spread has on Level 3 instruments. The table presents maximum positive and negative change in fair value when correlations or SEK's own credit spread is shifted by +/– 0.12 and +/– 10 basis

points, respectively. When determining the total maximum/minimum effect on total comprehensive income the most adverse/favorable shift is chosen, considering the net exposure arising from the issued securities and the derivatives, for each correlation.

**Fair value related to credit risk**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair value originating from credit risk**<br> **(- liabilities increase/ + liabilities decrease)** | **Fair value originating from credit risk**<br> **(- liabilities increase/ + liabilities decrease)** | **The period's change in fair value originating from credit risk (+ income/ - loss)** | **The period's change in fair value originating from credit risk (+ income/ - loss)** |
| **Skr mn** | **December 31, <br> 2022** | **31 December <br> 2021** | **Jan–Dec <br> 2022** | **Jan-Dec<br> 2021** |
| CVA/DVA, net<sup>1</sup> | -51 | -14 | -37 | 3 |
| OCA<sup>2</sup> | -32 | -132 | 100 | -24 |
| 1 Credit value adjustment (CVA) and Debt value adjustment (DVA) reflects how the counterparties' credit risk as well as SEK's own credit rating affects the fair value of derivatives. <br> 2 Own credit adjustment (OCA) reflects how the changes in SEK's credit rating affects the fair value of financial liabilities measured at fair value through profit and loss. | 1 Credit value adjustment (CVA) and Debt value adjustment (DVA) reflects how the counterparties' credit risk as well as SEK's own credit rating affects the fair value of derivatives. <br> 2 Own credit adjustment (OCA) reflects how the changes in SEK's credit rating affects the fair value of financial liabilities measured at fair value through profit and loss. | 1 Credit value adjustment (CVA) and Debt value adjustment (DVA) reflects how the counterparties' credit risk as well as SEK's own credit rating affects the fair value of derivatives. <br> 2 Own credit adjustment (OCA) reflects how the changes in SEK's credit rating affects the fair value of financial liabilities measured at fair value through profit and loss. | 1 Credit value adjustment (CVA) and Debt value adjustment (DVA) reflects how the counterparties' credit risk as well as SEK's own credit rating affects the fair value of derivatives. <br> 2 Own credit adjustment (OCA) reflects how the changes in SEK's credit rating affects the fair value of financial liabilities measured at fair value through profit and loss. | 1 Credit value adjustment (CVA) and Debt value adjustment (DVA) reflects how the counterparties' credit risk as well as SEK's own credit rating affects the fair value of derivatives. <br> 2 Own credit adjustment (OCA) reflects how the changes in SEK's credit rating affects the fair value of financial liabilities measured at fair value through profit and loss. |

---

Year-end Report 2022 Page 19 of 29

**Note 6. Derivatives**

**Derivatives by category**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Skr mn** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
| **Skr mn** | **Assets**<br> **Fair value** | **Liabilities**<br> **Fair value** | **Nominal**<br> **amounts** | **Assets**<br> **Fair value** | **Liabilities**<br> **Fair value** | **Nominal**<br> **amounts** |
| Interest rate-related contracts | 2396 | 2119 | 423124 | 3192 | 9464 | 361160 |
| Currency-related contracts | 7897 | 8056 | 189323 | 5218 | 3518 | 157362 |
| Equity-related contracts | 11 | 2901 | 12022 | 2 | 895 | 9801 |
| Contracts related to commodities, credit risk, etc. | – | 111 | 3330 | 7 | 852 | 3521 |
| **Total derivatives** | **10304** | **13187** | **627799** | **8419** | **14729** | **531844** |

---

In accordance with SEK's policies with regard to counterparty, interest rate, currency exchange, and other exposures, SEK uses, and is a party to, different kinds of derivative instruments, mostly various interest rate-related and currency exchange-related contracts,

primarily to hedge risk exposure inherent in financial assets and liabilities. These contracts are carried at fair value in the statements of financial position on a contract-by-contract basis.

**Note 7. CIRR-system**

Pursuant to the company's assignment as stated in its owner instruction issued by the Swedish government, SEK administers credit granting in the Swedish system for officially supported export credits (CIRR-system). SEK receives compensation from the Swedish government in the form of an administrative compensation, which is calculated based on the principal amount outstanding.

The administrative compensation paid by the state to SEK is recognized in the CIRR-system as administrative remuneration to SEK. Refer to the following tables of the statement of comprehensive income and statement of financial positions for the CIRR-system, presented as reported to the owner. Interest expenses includes interest expenses for loans between SEK and the CIRR-system which reflects the borrowing cost for the CIRR-system. Interest expenses for derivatives hedging CIRR-loans are also recognized as interest

expenses, which differs from SEK's accounting principles. Arrangement fees to SEK are recognized together with other arrangement fees as interest expenses.

In addition to the CIRR-system, SEK administers the Swedish government's previous concessionary credit program according to the same principles as the CIRR-system. No new lending is being offered under the concessionary credit program. As of December 31, 2022, concessionary loans outstanding amounted to Skr 361 million (year-end 2021: Skr 315 million) and operating profit for the program amounted to Skr -19 million (2021: Skr -21 million) for the period January-December 2022. SEK's administrative compensation for administrating the concessionary credit program amounted to Skr 1 million (2021: Skr 1 million).

**Statement of Comprehensive Income for the CIRR-system**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Skr mn** | **Oct-Dec<br> 2022** | **Jul-Sep<br> 2022** | **Oct-Dec <br> 2021** | **Jan-Dec<br> 2022** | **Jan-Dec <br> 2021** |
| Interest income | 550 | 568 | 579 | 2231 | 2105 |
| Interest expenses | -462 | -520 | -533 | -2012 | -2061 |
| Interest compensation |  |  |  | 2 | 7 |
| Exchange-rate differences | -1 | 2 | 0 | 3 | -1 |
| **Profit before compensation to SEK** | **87** | **50** | **46** | **224** | **50** |
| Administrative remuneration to SEK | -61 | -61 | -55 | -236 | -197 |
| **Operating profit CIRR-system** | **26** | **-11** | **-9** | **-12** | **-147** |
| Reimbursement to (–) / from (+) the State | -26 | 11 | 9 | 12 | 147 |

---

Year-end Report 2022 Page 20 of 29

**Statement of Financial Position for the CIRR-system**

---

| | | |
|:---|:---|:---|
| **Skr mn** | **December 31, <br> 2022** | **December 31, <br> 2021** |
| Cash and cash equivalents | 1 | 8 |
| Loans | 94241 | 87872 |
| Derivatives | 8571 | 36 |
| Other assets | 218 | 7359 |
| Prepaid expenses and accrued revenues | 1597 | 470 |
| **Total assets** | **104628** | **95745** |
| Liabilities | 103336 | 88092 |
| Derivatives |  | 7060 |
| Accrued expenses and prepaid revenues | 1292 | 593 |
| **Total liabilities** | **104628** | **95745** |
| **Commitments** |  |  |
| Committed undisbursed loans | 56265 | 39084 |
| Binding offers | – | 1510 |

---

**Note 8. Pledged assets and contingent liabilities**

---

| | | |
|:---|:---|:---|
| **Skr mn** | **December 31, <br> 2022** | **December 31, <br> 2021** |
| **Collateral provided** |  |  |
| Cash collateral under the security agreements for derivative contracts | 10691 | 10417 |
| **Contingent liabilities**<sup>1</sup> |  |  |
| Guarantee commitments | 4802 | 4767 |
| **Commitments**<sup>1</sup> |  |  |
| Committed undisbursed loans | 75369 | 53871 |
| Binding offers | 167 | 1510 |
| 1 For expected credit losses in guarantee commitments, committed undisbursed loans and binding offers, see Note 4. | 1 For expected credit losses in guarantee commitments, committed undisbursed loans and binding offers, see Note 4. | 1 For expected credit losses in guarantee commitments, committed undisbursed loans and binding offers, see Note 4. |

---

Year-end Report 2022 Page 21 of 29

**Note 9. Capital adequacy**

The capital adequacy analysis relates to the parent company AB Svensk Exportkredit. The information is disclosed according to FFFS 2014:12 and FFFS 2008:25. For further information on capital adequacy and risks, see the section entitled "Risk and capital management" in SEK's 2021 Annual and Sustainability Report and see SEK's 2021 Capital Adequacy and Risk Management (Pillar 3) Report.

**Capital Adequacy Analysis**

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
| **Capital ratios** | **percent<sup>1</sup>** | **percent<sup>1</sup>** |
| Common Equity Tier 1 capital ratio | 20.6 | 21.6 |
| Tier 1 capital ratio | 20.6 | 21.6 |
| Total capital ratio | 20.6 | 21.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;1 Capital ratios exclusive of buffer requirements are the quotients of the relevant capital measure and the total risk exposure amount. <br> See tables Own funds – adjusting items and Minimum capital requirements exclusive of buffer. | &nbsp;&nbsp;&nbsp;&nbsp;1 Capital ratios exclusive of buffer requirements are the quotients of the relevant capital measure and the total risk exposure amount. <br> See tables Own funds – adjusting items and Minimum capital requirements exclusive of buffer. | &nbsp;&nbsp;&nbsp;&nbsp;1 Capital ratios exclusive of buffer requirements are the quotients of the relevant capital measure and the total risk exposure amount. <br> See tables Own funds – adjusting items and Minimum capital requirements exclusive of buffer. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** |
| **Total risk-based capital requirement** | **Skr mn** | **percent<sup>1</sup>** | **Skr mn** | **percent<sup>1</sup>** |
| **Capital base requirement of 8 percent<sup>2</sup>** | **8074** | **8.0** | **7371** | **8.0** |
| &nbsp;&nbsp;&nbsp;&nbsp;of which Tier 1 requirement of 6 percent | 6056 | 6.0 | 5528 | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;of which minimum requirement of 4.5 percent | 4542 | 4.5 | 4146 | 4.5 |
| **Pillar 2 capital requirements<sup>3</sup>** | **3704** | **3.7** | **3382** | **3.7** |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Equity Tier 1 capital available to meet buffer requirements<sup>4</sup> | 9013 | 8.9 | 9149 | 9.9 |
| **Capital buffer requirements** | **3330** | **3.3** | **2333** | **2.5** |
| &nbsp;&nbsp;&nbsp;&nbsp;of which Capital conservation buffer | 2523 | 2.5 | 2303 | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;of which Countercyclical buffer | 807 | 0.8 | 30 | 0.0 |
| **Pillar 2 guidance**<sup>5</sup> | **1514** | **1.5** | **1382** | **1.5** |
| **Total risk-based capital requirement including Pillar 2 guidance** | **16622** | **16.5** | **14468** | **15.7** |
| 1 Expressed as a percentage of total risk exposure amount. <br> 2 The minimum requirements according to CRR (Regulation (EU) No 575/2013 of the European Parliament and of the Council of June 26, 2013 on prudential requirements for credit institutions). <br> 3 Individual Pillar 2 requirement of 3.67 percent calculated on the total risk exposure amount, according to the decision from the latest Swedish FSA Supervisory Review and Evaluation Process ("SREP") on September 29, 2021. <br> 4 Common Equity Tier 1 capital available to meet buffer requirement after 8 percent minimum capital requirement (SEK covers all minimum requirements with CET1 capital, that is 4.5 percent, 1.5 percent and 2 percent) and after the Pillar 2 requirements (3.67 percent). <br> 5 The Swedish FSA notified SEK on September 29, 2021, within the latest SREP, that in addition to the capital requirements according to Regulation (EU) no 575/2013 on prudential requirements, SEK should hold additional capital (Pillar 2 guidance) of 1.50 percent of the total risk-weighted exposure amount. The Pillar 2 guidance is not a binding requirement.  | 1 Expressed as a percentage of total risk exposure amount. <br> 2 The minimum requirements according to CRR (Regulation (EU) No 575/2013 of the European Parliament and of the Council of June 26, 2013 on prudential requirements for credit institutions). <br> 3 Individual Pillar 2 requirement of 3.67 percent calculated on the total risk exposure amount, according to the decision from the latest Swedish FSA Supervisory Review and Evaluation Process ("SREP") on September 29, 2021. <br> 4 Common Equity Tier 1 capital available to meet buffer requirement after 8 percent minimum capital requirement (SEK covers all minimum requirements with CET1 capital, that is 4.5 percent, 1.5 percent and 2 percent) and after the Pillar 2 requirements (3.67 percent). <br> 5 The Swedish FSA notified SEK on September 29, 2021, within the latest SREP, that in addition to the capital requirements according to Regulation (EU) no 575/2013 on prudential requirements, SEK should hold additional capital (Pillar 2 guidance) of 1.50 percent of the total risk-weighted exposure amount. The Pillar 2 guidance is not a binding requirement.  | 1 Expressed as a percentage of total risk exposure amount. <br> 2 The minimum requirements according to CRR (Regulation (EU) No 575/2013 of the European Parliament and of the Council of June 26, 2013 on prudential requirements for credit institutions). <br> 3 Individual Pillar 2 requirement of 3.67 percent calculated on the total risk exposure amount, according to the decision from the latest Swedish FSA Supervisory Review and Evaluation Process ("SREP") on September 29, 2021. <br> 4 Common Equity Tier 1 capital available to meet buffer requirement after 8 percent minimum capital requirement (SEK covers all minimum requirements with CET1 capital, that is 4.5 percent, 1.5 percent and 2 percent) and after the Pillar 2 requirements (3.67 percent). <br> 5 The Swedish FSA notified SEK on September 29, 2021, within the latest SREP, that in addition to the capital requirements according to Regulation (EU) no 575/2013 on prudential requirements, SEK should hold additional capital (Pillar 2 guidance) of 1.50 percent of the total risk-weighted exposure amount. The Pillar 2 guidance is not a binding requirement.  | 1 Expressed as a percentage of total risk exposure amount. <br> 2 The minimum requirements according to CRR (Regulation (EU) No 575/2013 of the European Parliament and of the Council of June 26, 2013 on prudential requirements for credit institutions). <br> 3 Individual Pillar 2 requirement of 3.67 percent calculated on the total risk exposure amount, according to the decision from the latest Swedish FSA Supervisory Review and Evaluation Process ("SREP") on September 29, 2021. <br> 4 Common Equity Tier 1 capital available to meet buffer requirement after 8 percent minimum capital requirement (SEK covers all minimum requirements with CET1 capital, that is 4.5 percent, 1.5 percent and 2 percent) and after the Pillar 2 requirements (3.67 percent). <br> 5 The Swedish FSA notified SEK on September 29, 2021, within the latest SREP, that in addition to the capital requirements according to Regulation (EU) no 575/2013 on prudential requirements, SEK should hold additional capital (Pillar 2 guidance) of 1.50 percent of the total risk-weighted exposure amount. The Pillar 2 guidance is not a binding requirement.  | 1 Expressed as a percentage of total risk exposure amount. <br> 2 The minimum requirements according to CRR (Regulation (EU) No 575/2013 of the European Parliament and of the Council of June 26, 2013 on prudential requirements for credit institutions). <br> 3 Individual Pillar 2 requirement of 3.67 percent calculated on the total risk exposure amount, according to the decision from the latest Swedish FSA Supervisory Review and Evaluation Process ("SREP") on September 29, 2021. <br> 4 Common Equity Tier 1 capital available to meet buffer requirement after 8 percent minimum capital requirement (SEK covers all minimum requirements with CET1 capital, that is 4.5 percent, 1.5 percent and 2 percent) and after the Pillar 2 requirements (3.67 percent). <br> 5 The Swedish FSA notified SEK on September 29, 2021, within the latest SREP, that in addition to the capital requirements according to Regulation (EU) no 575/2013 on prudential requirements, SEK should hold additional capital (Pillar 2 guidance) of 1.50 percent of the total risk-weighted exposure amount. The Pillar 2 guidance is not a binding requirement.  |

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---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
| **Leverage ratio<sup>1</sup>** | **Skr mn** | **Skr mn** |
| On-balance sheet exposures | 241239 | 209889 |
| Off-balance sheet exposures | 7357 | 5309 |
| **Total exposure measure** | **248596** | **215198** |
| **Leverage ratio<sup>2</sup>** | **8.4%** | **9.3%** |
| 1 The leverage ratio reflects the full impact of IFRS 9 as no transitional rules were utilized. <br> 2 Defined by CRR as the quotient of the Tier 1 capital and an exposure measure.  | 1 The leverage ratio reflects the full impact of IFRS 9 as no transitional rules were utilized. <br> 2 Defined by CRR as the quotient of the Tier 1 capital and an exposure measure.  | 1 The leverage ratio reflects the full impact of IFRS 9 as no transitional rules were utilized. <br> 2 Defined by CRR as the quotient of the Tier 1 capital and an exposure measure.  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** |
| **Total Leverage ratio requirement** | **Skr mn** | **percent<sup>1</sup>** | **Skr mn** | **percent<sup>1</sup>** |
| Capital base requirement of 3 percent | 7458 | 3.0 | 6456 | 3.0 |
| Pillar 2 guidance<sup>2</sup> | 373 | 0.2 | 323 | 0.2 |
| **Total capital requirement relating to Leverage ratio including Pillar 2 guidance** | **7831** | **3.2** | **6779** | **3.2** |
| 1 Expressed as a percentage of total exposure amount. <br> 2 The Swedish FSA has on September 29, 2021 notified SEK, within the latest SREP, that SEK may hold additional capital (Pillar 2 guidance) of 0.15 percent calculated on the total Leverage ratio exposure measure. The Pillar 2 guidance is not a binding requirement.  | 1 Expressed as a percentage of total exposure amount. <br> 2 The Swedish FSA has on September 29, 2021 notified SEK, within the latest SREP, that SEK may hold additional capital (Pillar 2 guidance) of 0.15 percent calculated on the total Leverage ratio exposure measure. The Pillar 2 guidance is not a binding requirement.  | 1 Expressed as a percentage of total exposure amount. <br> 2 The Swedish FSA has on September 29, 2021 notified SEK, within the latest SREP, that SEK may hold additional capital (Pillar 2 guidance) of 0.15 percent calculated on the total Leverage ratio exposure measure. The Pillar 2 guidance is not a binding requirement.  | 1 Expressed as a percentage of total exposure amount. <br> 2 The Swedish FSA has on September 29, 2021 notified SEK, within the latest SREP, that SEK may hold additional capital (Pillar 2 guidance) of 0.15 percent calculated on the total Leverage ratio exposure measure. The Pillar 2 guidance is not a binding requirement.  | 1 Expressed as a percentage of total exposure amount. <br> 2 The Swedish FSA has on September 29, 2021 notified SEK, within the latest SREP, that SEK may hold additional capital (Pillar 2 guidance) of 0.15 percent calculated on the total Leverage ratio exposure measure. The Pillar 2 guidance is not a binding requirement.  |

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Year-end Report 2022 Page 22 of 29

**Own funds – Adjusting items**

---

| | | |
|:---|:---|:---|
| **Skr mn** | **December 31, <br> 2022** | **December 31, <br> 2021** |
| Share capital | 3990 | 3990 |
| Retained earnings | 16133 | 15518 |
| Accumulated other comprehensive income and other reserves | 212 | 323 |
| Independently reviewed profit net of any foreseeable charge or dividend | 1009 | 601 |
| **Common Equity Tier 1 (CET1) capital before regulatory adjustments** | **21344** | **20432** |
| Additional value adjustments due to prudent valuation | -474 | -395 |
| Intangible assets<sup>1</sup> | -44 | -99 |
| Fair value reserves related to gains or losses on cash flow hedges | 97 |  |
| Gains or losses on liabilities valued at fair value resulting from changes in own credit standing | 9 | 98 |
| Negative amounts resulting from the calculation of expected loss amounts | -94 | -111 |
| **Total regulatory adjustments to Common Equity Tier 1 capital** | **-506** | **-507** |
| **Total Common Equity Tier 1 capital** | **20838** | **19925** |
| **Total Own funds** | **20838** | **19925** |
| 1 From December 31, 2020, SEK applies the amendments to Delegated Regulation (EU) No 241/2014 regarding deduction of software assets from Common Equity Tier 1 (CET1). The amendments introduce an exemption from the deduction of intangible assets from CET1 for prudently valued software assets of which the value is not negatively affected by resolution, insolvency or liquidation of the institution. | 1 From December 31, 2020, SEK applies the amendments to Delegated Regulation (EU) No 241/2014 regarding deduction of software assets from Common Equity Tier 1 (CET1). The amendments introduce an exemption from the deduction of intangible assets from CET1 for prudently valued software assets of which the value is not negatively affected by resolution, insolvency or liquidation of the institution. | 1 From December 31, 2020, SEK applies the amendments to Delegated Regulation (EU) No 241/2014 regarding deduction of software assets from Common Equity Tier 1 (CET1). The amendments introduce an exemption from the deduction of intangible assets from CET1 for prudently valued software assets of which the value is not negatively affected by resolution, insolvency or liquidation of the institution. |

---

**Minimum capital requirements exclusive of buffer**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Skr mn** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
| **Skr mn** | **EAD<sup>1</sup>** | **Risk exposure amount** | **Minimum <br> capital requirement** | **EAD<sup>1</sup>** | **Risk exposure amount** | **Minimum <br> capital requirement** |
| **Credit risk standardized method** |  |  |  |  |  |  |
| Corporates | 3012 | 2987 | 239 | 2990 | 2990 | 239 |
| Exposures in default | 102 | 102 | 8 | 74 | 74 | 6 |
| **Total credit risk standardized method** | **3114** | **3089** | **247** | **3064** | **3064** | **245** |
| **Credit risk IRB method** |  |  |  |  |  |  |
| Central Governments | 242609 | 11018 | 882 | 196606 | 9673 | 774 |
| Financial institutions<sup>2</sup> | 33299 | 6356 | 508 | 41082 | 8843 | 707 |
| Corporates<sup>3</sup> | 136849 | 72779 | 5822 | 115412 | 62988 | 5039 |
| Assets without counterparty | 351 | 351 | 28 | 372 | 372 | 30 |
| **Total credit risk IRB method** | **413108** | **90504** | **7240** | **353472** | **81876** | **6550** |
| Credit valuation adjustment risk | n.a. | 2565 | 205 | n.a. | 2922 | 233 |
| Foreign exchange risk | n.a. | 800 | 64 | n.a. | 645 | 52 |
| Commodities risk | n.a. | 19 | 2 | n.a. | 11 | 1 |
| Operational risk | n.a. | 3949 | 316 | n.a. | 3622 | 290 |
| **Total** | **416222** | **100926** | **8074** | **356536** | **92140** | **7371** |
| 1 Exposure at default (EAD) shows the size of the outstanding exposure at default. <br> 2 Of which counterparty risk in derivatives: EAD Skr 6,355 million (year-end 2021: Skr 5,975 million), Risk exposure amount of Skr 2,022 million (year-end 2021: Skr 2,000 million) and Capital requirement of Skr 162 million (year-end 2021: Skr 160 million). <br> 3 Of which related to specialized lending: EAD Skr 6,112 million (year-end 2021: 5,224 million), Risk exposure amount of Skr 4,412 million (year-end 2021: Skr 3,589 million) and Capital requirement of Skr 353 million (year-end 2021: Skr 287 million).  | 1 Exposure at default (EAD) shows the size of the outstanding exposure at default. <br> 2 Of which counterparty risk in derivatives: EAD Skr 6,355 million (year-end 2021: Skr 5,975 million), Risk exposure amount of Skr 2,022 million (year-end 2021: Skr 2,000 million) and Capital requirement of Skr 162 million (year-end 2021: Skr 160 million). <br> 3 Of which related to specialized lending: EAD Skr 6,112 million (year-end 2021: 5,224 million), Risk exposure amount of Skr 4,412 million (year-end 2021: Skr 3,589 million) and Capital requirement of Skr 353 million (year-end 2021: Skr 287 million).  | 1 Exposure at default (EAD) shows the size of the outstanding exposure at default. <br> 2 Of which counterparty risk in derivatives: EAD Skr 6,355 million (year-end 2021: Skr 5,975 million), Risk exposure amount of Skr 2,022 million (year-end 2021: Skr 2,000 million) and Capital requirement of Skr 162 million (year-end 2021: Skr 160 million). <br> 3 Of which related to specialized lending: EAD Skr 6,112 million (year-end 2021: 5,224 million), Risk exposure amount of Skr 4,412 million (year-end 2021: Skr 3,589 million) and Capital requirement of Skr 353 million (year-end 2021: Skr 287 million).  | 1 Exposure at default (EAD) shows the size of the outstanding exposure at default. <br> 2 Of which counterparty risk in derivatives: EAD Skr 6,355 million (year-end 2021: Skr 5,975 million), Risk exposure amount of Skr 2,022 million (year-end 2021: Skr 2,000 million) and Capital requirement of Skr 162 million (year-end 2021: Skr 160 million). <br> 3 Of which related to specialized lending: EAD Skr 6,112 million (year-end 2021: 5,224 million), Risk exposure amount of Skr 4,412 million (year-end 2021: Skr 3,589 million) and Capital requirement of Skr 353 million (year-end 2021: Skr 287 million).  | 1 Exposure at default (EAD) shows the size of the outstanding exposure at default. <br> 2 Of which counterparty risk in derivatives: EAD Skr 6,355 million (year-end 2021: Skr 5,975 million), Risk exposure amount of Skr 2,022 million (year-end 2021: Skr 2,000 million) and Capital requirement of Skr 162 million (year-end 2021: Skr 160 million). <br> 3 Of which related to specialized lending: EAD Skr 6,112 million (year-end 2021: 5,224 million), Risk exposure amount of Skr 4,412 million (year-end 2021: Skr 3,589 million) and Capital requirement of Skr 353 million (year-end 2021: Skr 287 million).  | 1 Exposure at default (EAD) shows the size of the outstanding exposure at default. <br> 2 Of which counterparty risk in derivatives: EAD Skr 6,355 million (year-end 2021: Skr 5,975 million), Risk exposure amount of Skr 2,022 million (year-end 2021: Skr 2,000 million) and Capital requirement of Skr 162 million (year-end 2021: Skr 160 million). <br> 3 Of which related to specialized lending: EAD Skr 6,112 million (year-end 2021: 5,224 million), Risk exposure amount of Skr 4,412 million (year-end 2021: Skr 3,589 million) and Capital requirement of Skr 353 million (year-end 2021: Skr 287 million).  | 1 Exposure at default (EAD) shows the size of the outstanding exposure at default. <br> 2 Of which counterparty risk in derivatives: EAD Skr 6,355 million (year-end 2021: Skr 5,975 million), Risk exposure amount of Skr 2,022 million (year-end 2021: Skr 2,000 million) and Capital requirement of Skr 162 million (year-end 2021: Skr 160 million). <br> 3 Of which related to specialized lending: EAD Skr 6,112 million (year-end 2021: 5,224 million), Risk exposure amount of Skr 4,412 million (year-end 2021: Skr 3,589 million) and Capital requirement of Skr 353 million (year-end 2021: Skr 287 million).  |

---

**Credit risk** 

For classification and quantification of credit risk, SEK uses the internal ratings-based (IRB) approach. Specifically, SEK applies the Foundation Approach. Under the Foundation Approach, the company determines the PD within one year for each of its counterparties, while the remaining parameters are established in accordance with CRR. Application of the IRB approach requires the Swedish FSA's permission and is subject to ongoing supervision. Certain exposures are, by permission from the Swedish FSA, exempted from application of the IRB approach, and, instead, the *standardized approach* is applied. Counterparty risk exposure amounts in derivatives are calculated in accordance with the standardized approach for counterparty credit risk.

**Credit valuation adjustment risk** 

Credit valuation adjustment risk is calculated for all over-the-counter derivative contracts, except for credit derivatives used as credit protection and transactions with a qualifying central counterparty. SEK calculates this capital requirement according to the *standardized approach*.

**Foreign exchange risk** 

Foreign exchange risk is calculated according to the *standardized approach*, whereas the *scenario approach* is used for calculating the gamma and volatility risks.

Year-end Report 2022 Page 23 of 29

**Commodities risk** 

Capital requirements for commodity risk are calculated in accordance with the *simplified approach* under the *standardized approach*. The *scenario approach* is used for calculating the gamma and volatility risks.

**Operational risk** 

Capital requirement for operational risk is calculated according to the *standardized approach*. The company's operations are divided into business areas as defined in the CRR. The capital requirement for each area is calculated by multiplying a factor depending on the business area by an income indicator. The factors applicable for SEK are 15 percent and 18 percent. The income indicators consist of the average operating income for the past three financial years for each business area.

**Transitional rules** 

The capital adequacy ratios reflect the full impact of IFRS 9 as no transitional rules for IFRS 9 were utilized.

**Capital buffer requirements** 

SEK expects to meet capital buffer requirements with Common Equity Tier 1 capital. The mandatory capital conservation buffer is 2.5 percent. The countercyclical buffer rate that is applied to exposures located in Sweden was increased from 0 percent to 1 percent as of September 29, 2022. As of December 31, 2022, the capital requirement related to relevant exposures in Sweden was 71 percent (year-end 2021: 68 percent) of the total relevant capital requirement regardless of location; this fraction is also the weight applied on the Swedish buffer rate when calculating SEK's countercyclical capital buffer. On June 21, 2022, the Swedish FSA decided to further increase the countercyclical buffer rate to 2 percent, which will take effect on June 22, 2023. Buffer rates applicable in other countries may have effects on SEK, but as most capital requirements for SEK's relevant credit exposures are related to Sweden, the potential effect is limited. As of December 31, 2022, the contribution to SEK's countercyclical buffer from buffer rates in other countries was 0.09 percentage points (year-end 2021: 0.03 percentage points). SEK has not been classified as a systemically important institution by the Swedish FSA. The capital buffer requirements for systemically important institutions that came into force January 1, 2016, therefore do not apply to SEK.

**Pillar 2 guidance**

The Swedish FSA will in connection with the Supervisory Review and Evaluation Process ("SREP") determine appropriate levels for the institution's own funds. The Swedish FSA will then inform the institution of the differences between the appropriate levels and requirements under the Supervisory Regulation, the Buffer Act and the Pillar 2 requirements. These notifications are called Pillar 2 guidance. The Pillar 2 guidance covers both the risk-based capital requirement and the leverage ratio requirement.

**Internally assessed economic capital**

---

| | | |
|:---|:---|:---|
| **Skr mn** | **December 31, <br> 2022** | **December 31, <br> 2021** |
| Credit risk | 7202 | 6038 |
| Operational risk | 311 | 225 |
| Market risk | 1466 | 1247 |
| Other risks | 205 | 234 |
| Capital planning buffer | 2697 | 1610 |
| **Total** | **11881** | **9354** |

---

SEK regularly conducts an internal capital adequacy assessment process, during which the company determines how much capital is needed in order to cover its risks. The result of SEK's assessment of capital adequacy is presented above. For more information regarding the internal capital adequacy assessment process and its methods, please see the Risk and Capital management section of SEK's 2021 Annual and Sustainability Report.

**Liquidity coverage**

---

| | | |
|:---|:---|:---|
| **Skr bn, 12 month average** | **December 31, <br> 2022** | **December 31, <br> 2021** |
| Total liquid assets | 58.4 | 56.1 |
| Net liquidity outflows<sup>1</sup> | 10.9 | 10.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Liquidity outflows* | *25.0* | *21.2* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Liquidity inflows* | *15.7* | *12.2* |
| **Liquidity Coverage Ratio** | **784%** | **695%** |
| 1 Net liquidity outflows is calculated as the net of liquidity outflows and capped liquidity inflows. Capped liquidity inflows is calculated in accordance with article 425 of CRR (EU 575/2013) and article 33 of the Commission Delegated Regulation (EU) 2015/61. | 1 Net liquidity outflows is calculated as the net of liquidity outflows and capped liquidity inflows. Capped liquidity inflows is calculated in accordance with article 425 of CRR (EU 575/2013) and article 33 of the Commission Delegated Regulation (EU) 2015/61. | 1 Net liquidity outflows is calculated as the net of liquidity outflows and capped liquidity inflows. Capped liquidity inflows is calculated in accordance with article 425 of CRR (EU 575/2013) and article 33 of the Commission Delegated Regulation (EU) 2015/61. |

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Information on Liquidity Coverage Ratio (LCR) in accordance with article 447 of the CRR (EU 575/2013), calculated in accordance with the Commission Delegated Regulation (EU) 2015/61.

**Net stable funding**

---

| | | |
|:---|:---|:---|
| **Skr bn** | **December 31, <br> 2022** | **December 31, <br> 2021** |
| Available stable funding | 235.2 | 245.9 |
| Requiring stable funding | 198.2 | 176.4 |
| **Net Stable Funding Ratio** | **119%** | **139%** |

---

Information on Net Stable Funding Ratio (NSFR) in accordance with article 447 of the CRR (EU 575/2013), calculated in accordance with the Commission Delegated Regulation (EU) 2015/61.

Year-end Report 2022 Page 24 of 29

**Note 10. Exposures**

Net exposures are reported after taking into consideration effects of guarantees and credit default swaps. Amounts are calculated in accordance with capital adequacy calculations, but before the application of credit conversion factors.

**Total net exposures by exposure class**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Credits & interest-bearing <br> securities** | **Credits & interest-bearing <br> securities** | **Credits & interest-bearing <br> securities** | **Credits & interest-bearing <br> securities** | **Committed undisbursed loans, <br> derivatives, etc.** | **Committed undisbursed loans, <br> derivatives, etc.** | **Committed undisbursed loans, <br> derivatives, etc.** | **Committed undisbursed loans, <br> derivatives, etc.** | **Total** | **Total** | **Total** | **Total** |
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** |
| **Skr bn** | **Amount** | **%** | **Amount** | **%** | **Amount** | **%** | **Amount** | **%** | **Amount** | **%** | **Amount** | **%** |
| Central governments | 162.3 | 46.2 | 136.1 | 44.4 | 65 | 75 | 49.4 | 74.8 | 227.3 | 51.9 | 185.5 | 49.8 |
| Regional governments | 22.5 | 6.4 | 14.3 | 4.7 | 0.8 | 0.9 | 1 | 1.5 | 23.3 | 5.3 | 15.3 | 4.1 |
| Multilateral development banks | 6.1 | 1.7 | 3 | 1 | 0.4 | 0.5 |  |  | 6.5 | 1.5 | 3 | 0.8 |
| Public Sector Entity | 2.1 | 0.6 | 5.4 | 1.7 |  |  |  |  | 2.1 | 0.5 | 5.4 | 1.4 |
| Financial institutions | 26.1 | 7.4 | 34.9 | 11.4 | 7.5 | 8.6 | 6.3 | 9.5 | 33.6 | 7.6 | 41.2 | 11.1 |
| Corporates | 132.4 | 37.7 | 112.7 | 36.8 | 13 | 15 | 9.4 | 14.2 | 145.4 | 33.2 | 122.1 | 32.8 |
| **Total** | **351.5** | **100.0** | **306.4** | **100.0** | **86.7** | **100.0** | **66.1** | **100.0** | **438.2** | **100.0** | **372.5** | **100.0** |

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**Net exposure by region and exposure class, as of December 31, 2022**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Skr bn** | **Middle East/ <br> Africa** | **Asia excl. Japan** | **Japan** | **North America** | **Latin America** | **Sweden** | **West European countries excl. Sweden** | **Central-and East European countries** | **Total** |
| Central governments | 0 | 0.3 | 2.4 | 0.8 |  | 191.3 | 30.3 | 2.2 | 227.3 |
| Regional governments |  |  |  |  |  | 19.2 | 4.1 |  | 23.3 |
| Multilateral development banks |  | 0.3 |  | 1.1 |  |  | 5.1 |  | 6.5 |
| Public Sector Entity |  |  |  |  |  |  | 2.1 |  | 2.1 |
| Financial institutions | 0.1 |  | 0.2 | 1.3 |  | 16 | 15.9 | 0.1 | 33.6 |
| Corporates | 0.2 | 1 | 1.3 | 6.5 | 3.8 | 97 | 34.4 | 1.2 | 145.4 |
| **Total** | **0.3** | **1.6** | **3.9** | **9.7** | **3.8** | **323.5** | **91.9** | **3.5** | **438.2** |

---

**Net exposure by region and exposure class, as of December 31, 2021**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Skr bn** | **Middle East/ <br> Africa** | **Asia excl. Japan** | **Japan** | **North America** | **Latin America** | **Sweden** | **West European countries excl. Sweden** | **Central-and East European countries** | **Total** |
| Central governments |  | 0.4 | 2.0 | 2.0 |  | 161.5 | 17.0 | 2.6 | 185.5 |
| Regional governments |  |  |  |  |  | 15.3 | 0.0 |  | 15.3 |
| Multilateral development banks |  |  |  |  |  |  | 3.0 |  | 3.0 |
| Public Sector Entity |  |  |  |  |  |  | 5.4 |  | 5.4 |
| Financial institutions | 0.0 |  | 2.4 | 4.9 |  | 15.1 | 18.6 | 0.2 | 41.2 |
| Corporates | 1.4 | 1.2 | 3.3 | 5.7 | 3.3 | 82.7 | 23.1 | 1.4 | 122.1 |
| **Total** | **1.4** | **1.6** | **7.7** | **12.6** | **3.3** | **274.6** | **67.1** | **4.2** | **372.5** |

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Year-end Report 2022 Page 25 of 29

**Net exposure to European countries, excluding Sweden**

---

| | | |
|:---|:---|:---|
| **Skr bn** | **December 31, <br> 2022** | **December 31, <br> 2021** |
| France | 16.2 | 7.8 |
| Germany | 13.1 | 10.3 |
| Finland | 11.6 | 8.2 |
| Luxembourg | 10.6 | 4.3 |
| United Kingdom | 10.5 | 7 |
| Austria | 5.9 | 6 |
| Denmark | 5.6 | 5.4 |
| Norway | 5.4 | 6.8 |
| The Netherlands | 4 | 4 |
| Belgium | 3.2 | 2.9 |
| Poland | 2.3 | 2.8 |
| Spain | 2.3 | 2.3 |
| Ireland | 1.5 | 0.6 |
| Portugal | 1 | 1 |
| Switzerland | 0.6 | 0.4 |
| Serbia | 0.5 | 0.4 |
| Lithuania | 0.2 | 0.3 |
| Italy | 0.2 | 0.1 |
| Czech Republic | 0.2 | 0.2 |
| Estonia | 0.1 | 0.1 |
| Latvia | 0.1 | 0.1 |
| Iceland | 0.1 | 0.1 |
| Slovakia | 0.1 | 0.1 |
| **Total** | **95.3** | **71.2** |

---

**Note 11. Reference interest rate reform**

Since the 2010s, there has been an ongoing reform to replace or amend benchmark interest rates such as LIBOR and other interbank offered rates ("IBOR"). SEK's exposure that is directly affected by the reference interest rate reform is primarily its lending contracts with floating interest rates, its lending and borrowing contracts at fixed interest rates that are hedged to floating interest rates as well as swaps to floating interest rates. The main floating interest rate exposures relate to USD LIBOR, STIBOR and EURIBOR. LIBOR is the group of benchmark interest rates that currently has a timed settlement plan. GBP LIBOR, CHF LIBOR, EUR LIBOR, JPY LIBOR and USD LIBOR 1W and USD LIBOR 2M ceased on December 31, 2021. For USD LIBOR, the rest of the maturities will expire after June 30, 2023. Outstanding exposures with a reference interest rate of USD LIBOR and a maturity after June 2023 will be converted during the period up to June 30, 2023. Change of reference interest rate during the reform will be carried out with the intention that the change shall be financially neutral for each party. SEK has lending contracts and derivative contracts maturing after June 30, 2023 in USD LIBOR with a nominal amount of USD 1,682 million and USD 19,063 million, respectively. SEK has adhered to the 2020 ISDA Fallback Protocol, which sets a market standard for handling between counterparties the conversion of derivatives to a new reference interest rate during the reference interest rate reform. For lending contracts, conversion is handled by agreement. SEK has applied the relief under IFRS 9 Reform for new reference rates.

**Note 12. Transactions with related parties**

Transactions with related parties are described in Note 27 to the annual financial statements in SEK's 2021 Annual and Sustainability Report. During the first quarter of 2022, SEK repaid the drawdown of Skr 10 billion that was made from the credit facility with the Swedish National Debt Office during the first quarter of 2020. Beyond that, no material changes have taken place in relation to transactions with related parties compared to the description in SEK's 2021 Annual and Sustainability Report.

**Note 13. Events after the reporting period**

No events with significant impact on the information in this report have occurred after the end of the reporting period.

Year-end Report 2022 Page 26 of 29

This year-end report has not been subject to review by the Company's auditors.

The Board of Directors and the Chief Executive Officer confirm that this year-end report provides a fair overview of both the Parent Company and the Consolidated Group's operations and their respective financial position and results, and describes material risks and uncertainties facing the Parent Company and the Consolidated Group.

Stockholm, February 1, 2023

AB SVENSK EXPORTKREDIT

SWEDISH EXPORT CREDIT CORPORATION

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lennart Jacobsen | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lennart Jacobsen | Håkan Berg | Håkan Berg |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Chairman of the Board* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Chairman of the Board* | *Director of the Board* | *Director of the Board* |
| Anna Brandt | Paula da Silva | Paula da Silva | Reinhold Geijer |
| *Director of the Board* | *Director of the Board* | *Director of the Board* | *Director of the Board* |
| Hanna Lagercrantz | Katarina Ljungqvist | Katarina Ljungqvist | Eva Nilsagård |
| *Director of the Board* | *Director of the Board* | *Director of the Board* | *Director of the Board* |
|  | Magnus Montan | Magnus Montan |  |
|  | *Chief Executive Officer* | *Chief Executive Officer* |  |

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**Annual General Meeting** 

The company's annual general meeting will be held March 27, 2023.

**Annual and Sustainability Report** 

The company's Annual and Sustainability report is expected to be available on SEK's website www.sek.se beginning February 28, 2023.

SEK has established the following expected dates for the publication of financial information and other related matters:

April 24, 2023 Interim report for the period January 1, 2023 – March 31, 2023

July 14, 2023 Interim report for the period January 1, 2023 – June 30, 2023

October 27, 2023 Interim report for the period January 1, 2023 – September 30, 2023

The report contains information that SEK will disclose pursuant to the Securities Markets Act and/or the Financial Instruments Trading Act. The information was submitted for publication on February 1, 2023, 15:00 (CEST).

Additional information about SEK, including investor presentations and SEK's 2021 Annual and Sustainability Report, is available at www.sek.se. Information available on or accessible through SEK's website is not incorporated herein by reference.

Year-end Report 2022 Page 27 of 29

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| ***Alternative performance measures (see \*)*** <br> *Alternative performance measures (APMs) are key performance indicators that are not defined under IFRS or in the Capital Requirements Directive IV (CRD IV) or in regulation (EU) No. 575/2013 on prudential requirements for credit institutions and investment firms (CRR). SEK has presented these, either because they are in common use within the industry or because they comply with SEK's assignment from the Swedish government. The APMs are used internally to monitor and manage operations, and are not considered to be directly comparable with similar key performance indicators presented by other companies. For additional information regarding the APMs, refer to www.sek.se.*<br>**\* After-tax return on equity** <br> Net profit, expressed as a percentage per annum of the current year's average equity (calculated using the opening and closing balances for the report period).<br>**\* Average interest-bearing assets** <br> This item includes cash and cash equivalents, treasuries/government bonds, other interest-bearing securities except loans, loans in the form of interest-bearing securities, loans to credit institutions and loans to the public, and is calculated using the opening and closing balances for the reporting period.<br>**\* Average interest-bearing liabilities** <br> This item includes borrowing from credit institutions, borrowing from the public and debt securities issued and is calculated using the opening and closing balances for the reporting period.<br>**Basic and diluted earnings per share (Skr)** <br> Net profit divided by the average number of shares, which amounted to 3,990,000 for each period.<br>**\* CIRR loans as percentage of new lending** <br> The proportion of officially supported export credits (CIRR) of new lending.<br>**CIRR-system** <br> The CIRR-system comprises of the system of officially supported export credits (CIRR).<br>**Common Equity Tier 1 capital ratio** <br> The capital ratio is the quotient of total common equity tier 1 capital and the total risk exposure amount.<br>**Green bond** <br> A green bond is a bond where the capital is earmarked for various forms of environmental projects.  | &nbsp;&nbsp;**Green lending and green loans** <br> SEK's green lending comprises green loans that promote the transition to a low-carbon economy. The classification is performed by sustainability analysts at SEK. The effects that the loan will give rise to, such as reduced emissions of greenhouse gases, are monitored and reported. Green loans are categorized under SEK's framework for green bonds and green loans finance products or services that lead to significant and demonstrable progress toward the goal of sustainable development.<br>**Leverage ratio** <br> Tier 1 capital expressed as a percentage of the exposure measured under CRR (refer to Note 9).<br>**Liquidity coverage ratio (LCR)** <br> The liquidity coverage ratio is a liquidity metric that shows SEK's highly liquid assets in relation to the company's net cash outflows for the next 30 calendar days. An LCR of 100 percent means that the company's liquidity reserve is of sufficient size to enable the company to manage stressed liquidity outflows over a period of 30 days. Unlike the Swedish FSA's rules, the EU rules take into account the outflows that correspond to the need to pledge collateral for derivatives that would arise as a result of the effects of a negative market scenario.<br>**Loans** <br> Lending pertains to all credit facilities provided in the form of interest-bearing securities, and credit facilities granted by traditional documentation. SEK considers these amounts to be useful measurements of SEK's lending volumes. Accordingly, comments on lending volumes in this report pertain to amounts based on this definition.<br>**\* Loans, outstanding and undisbursed** <br> The total of loans in the form of interest-bearing securities, loans to credit institutions, loans to the public and loans, outstanding and undisbursed. Deduction is made for cash collateral under the security agreements for derivative contracts and deposits with time to maturity exceeding three months (see the Statement of Financial Position and Note 8).<br>**Net stable funding ratio (NSFR)** <br> This ratio measures stable funding in relation to the company's illiquid assets over a one-year, stressed scenario in accordance with CRRII.<br>| &nbsp;&nbsp;**\* New lending** <br> New lending includes all new committed loans, irrespective of tenor. Not all new lending is reported in the Consolidated Statement of Financial Position and the Consolidated Statement of Cash Flows since certain portions comprise committed undisbursed loans (see Note 8). The amounts reported for committed undisbursed loans may change when presented in the Consolidated Statement of Financial Position due to changes in exchange rates, for example.<br>**\* New long-term borrowings** <br> New borrowings with maturities exceeding one year, for which the amounts are based on the trade date.<br>**\* Outstanding senior debt** <br> The total of borrowing from credit institutions, borrowing from the public and debt securities issued.<br>**Own credit risk** <br> Net fair value change due to credit risk on financial liabilities designated as at fair value through profit or loss.<br>**Repurchase and redemption of own debt** <br> The amounts are based on the trade date.<br>**Social loans** <br> Social loans are offered to exporters and suppliers for projects, often in developing countries, whose aim is to improve social conditions.<br>**Sustainability-linked loans** <br> Sustainability-linked loans concern working capital connected to the borrower's sustainability targets, for example, energy-efficiency enhancements, reduced transportation or reduced number of accidents. If the borrower reaches their targets, they are rewarded with a lower interest rate.<br>**Swedish exporters** <br> SEK's clients that directly or indirectly promote Swedish export.<br>**Tier 1 capital ratio** <br> The capital ratio is the quotient of total tier 1 capital and the total risk exposure amount.<br>**Total capital ratio** <br> The capital ratio is the quotient of total Own funds and the total risk exposure amount. |

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Unless otherwise stated, amounts in this report are in millions (mn) of Swedish kronor (Skr), abbreviated "Skr mn" and relate to the group consisting of the Parent Company and its consolidated subsidiary (together, the "Group" or the "Consolidated Group"). AB Svensk Exportkredit (SEK), is a Swedish corporation with the identity number 556084-0315, and with its registered office in Stockholm, Sweden. SEK is a public limited liability company as defined in the Swedish Companies Act. In some instances, under Swedish law, a public company is obliged to add "(publ.)" to its company name.

Year-end Report 2022 Page 28 of 29

**About Swedish Export Credit Corporation (SEK)**

SEK is owned by the Swedish state, and since 1962 has enabled growth for thousands of Swedish companies. To expand their production, make acquisitions, employ more people and enable selling goods and services to customers worldwide.

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| **SEK's mission** | Our mission is to ensure access to financial solutions for the Swedish export industry on commercial and sustainable terms. The mission includes making available fixed-interest export credits within the officially supported CIRR-system. |
| **SEK's vision** | Our vision is a sustainable world through increased Swedish exports. |
| **SEK's core values** | We are professionals, make the difficult easy and build sustainable relationships. |
| **SEK's clients** | We finance exporters, their subcontractors and foreign clients. The target group is companies with annual sales exceeding Skr 200 million and that are linked to Swedish interests and exports. |
| **SEK's partnerships** | Through Team Sweden, we have close partnerships with other export promotion agencies in Sweden such as Business Sweden and The Swedish Export Credit Agency (EKN). Our international network is substantial and we also work with numerous Swedish and international banks. |

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Year-end Report 2022 Page 29 of 29

## Exhibit 99.2

**Exhibit 99.2**

**CAPITALIZATION**

The following table sets out SEK's consolidated capitalization as at December 31, 2022. This table should be read in conjunction with the unaudited financial statements included in our Report on Form 6-K for the twelve months ended December 31, 2022.

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| | |
|:---|:---|
| **(Skr millions)** |  |
| **Senior debt:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term | 186992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term | 139278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total senior debt (1), (2) | 326270 |
| **Subordinated debt:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total subordinated debt (1) |  |
| **Equity:** |  |
| Share capital (3990000) shares issued and paid-up, par value skr 1,000 (3) | 3990 |
| Reserves | -114 |
| Retained earnings | 17699 |
| Total | 21575 |
| Total capitalization | 347845 |

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(1) At December 31, 2022, our consolidated group had no contingent
liabilities. Other than that disclosed herein, we had no other indebtedness as at December 31, 2022.

(2) Unguaranteed and unsecured.

(3) In accordance with our Articles of Association, SEK's
share capital shall neither be less than Skr 1,500 million nor more than Skr 6,000 million.

There has been no material change in SEK's capitalization, contingent liabilities and guarantees since December 31, 2022.