31 August, 2012 MARKETING MATERIAL. Ratings Nordic Borrowers. Standard & Poor's K-ratings. Rating scale equivalencies

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1 31 August, 2012 MARKETING MATERIAL Nordic Rating Guide Standard & Poor's Ratings Desk & Information Centre Moody's Rating Agency Client Service Desk Fitch Ratings Ratings Desk Ratings Nordic Borrowers Moody's, Standard & Poor's and Fitch s long-term ratings, short-term ratings and rating outlook of selected Nordic borrowers as per 30 August, Standard & Poor's K-ratings Standard & Poor's K-rating (K-1 to K-5) is a short-term rating for debt instruments issued on the Swedish commercial paper market as per 30 August, Rating scale equivalencies Moody's, Standard & Poor's and Fitch s rating scales. Debt Capital Markets Natalie Alves, , naal01@handelsbanken.se Daniel Hagwall, , daha20@handelsbanken.se Rating actions in selected names since 27 July, 2012 Company Action Date Agency From To Current Ratings Dong Energy A/S Change of Outlook 13 August, 2012 S&P Stable Watch Neg Baa1/A-/BBB+ E.ON Sverige AB Downgrade 27 July, 2012 S&P A A- n.r./a-/n.r. Eksportfinans ASA Change of Outlook 31 July, 2012 Moody's Review Negative Ba1/BB+/n.r. ISS A/S Upgrade 20 August, 2012 Moody's B2 (2) B1 (2) B1 (2)/BB-/n.r. ISS A/S Change of Outlook 17 August, 2012 S&P Stable Positive B1 (2)/BB-/n.r. ISS Global A/S Change of Outlook 17 August, 2012 S&P Stable Positive n.r./bb-/n.r. ISS World Services A/S Change of Outlook 17 August, 2012 S&P Stable Positive n.r./bb-/n.r. Nobina AB Downgrade 3 August, 2012 Moody's Caa2 (2) Caa3 (2) Caa3 (2)/SD/n.r. Nobina AB Downgrade 2 August, 2012 S&P CC SD Caa3 (2)/SD/n.r. Nobina Europe Holding AB Downgrade 2 August, 2012 S&P CC SD n.r./sd/n.r. Nokia Oyj Downgrade 15 August, 2012 S&P BB+ BB- Ba3 (2)/BB-/BB- Securitas AB Downgrade 17 August, 2012 S&P BBB+ BBB n.r./bbb/n.r. Swedish Club Upgrade 6 August, 2012 S&P BBB BBB+ n.r./bbb+/n.r. SD= Selective default LD= limited default For full disclaimer and definitions, please refer to the end of this report.

2 Issuer Rating Sweden Akademiska Hus AB AA A-1+ Stable K-1 Akzo Nobel Sweden Finance AB Baa1 (1) (P)P-2 Stable Alfa Laval AB BBB+ Positive Apoteket AB A+ A-1 Stable K-1 Assa Abloy AB P-2 Stable A- A-2 Stable K-1 Assa Abloy Financial Services AB P-2 Stable Atlas Copco AB A3 P-2 Positive A A-1 Stable K-1 Autoliv inc. BBB+ A-2 Stable K-1 Borås (Municipality of) AA+ A-1+ Stable K-1 Dometic Group AB B3 (2) Negative B Negative Dometic Holding AB B Negative E.ON Sverige AB A- A-2 Stable K-1 Electrolux AB BBB+ A-2 Stable K-1 BBB WD Negative Ericsson BBB+ A-2 Stable K-1 Fastighets AB Förvaltaren AA- A-1+ Stable K-1 Förvaltnings AB Framtiden AA- A-1+ Stable K-1 Gard Marine & Energy Försäkring AB A Positive Göteborg (Municipality of) Aaa P-1 Stable AA+ A-1+ Stable K-1 Helsingborg (Municipality of) AAA A-1+ Stable K-1 Holmen AB BBB A-2 Stable K-2 Huddinge (Municipality of) AA+ A-1+ Stable K-1 If P&C Insurance Ltd. (publ) A2 Stable A NR Stable Industrivärden AB A- A-2 Stable K-1 Investor AB A1 P-1 Stable AA- A-1+ Stable K-1 Kommuninvest i Sverige AB Aaa P-1 Stable AAA A-1+ Stable K-1 L E Lundbergforetagen AB A+ A-1 Stable K-1 Landshypotek AB A A-1 Stable K-1 A+ F1 Stable Lejonfastigheter AB AA- A-1+ Stable K-1 Linköpings Stadshus AB AA+ A-1+ Stable K-1 Lund (Municipality of) AAA A-1+ Stable K-1 Lunds Energikoncernen AB BBB+ A-2 Negative K-1 Länsförsäkringar AB A3 Negative A- Stable Länsförsäkringar Bank A2 P-1 Negative A A-1 Stable K-1 Länsförsäkringar Sak Försäkrings AB A2 Negative A Stable Malmö (Municipality of) AAA A-1+ Stable K-1 MKB Fastighets AB AA- A-1+ Stable K-1 NASDAQ OMX Stockholm AB A+ A-1 Stable Nobina AB Caa3 (2) Negative SD NM Nobina Europe Holding AB SD NM NorCell Sweden Holding 2 AB B2 (2) Stable B Stable Norcell Sweden Holding 3 AB B1 Stable Nordea Bank AB Aa3 P-1 Stable AA- A-1+ Stable K-1 AA- F1+ Stable Nordea Hypotek AB A-1+ Norrköping (Municipality of) AA+ A-1+ Stable K-1 Octapharma Nordic AB Ba1 (2) Stable BB+ Stable OMX AB NR NR NR NR PRI Pensionsgaranti A Stable 31 August,

3 Issuer Rating Sweden Sandvik AB BBB+ A-2 Stable K-1 SAS AB Caa1 (2) Stable B- Negative SBAB Bank AB A2 P-1 Stable A+ A-1 Stable K-1 SCA Baa1 P-2 Stable BBB+ A-2 Stable K-1 SCA Finans AB Baa1 (1) Stable Scania AB A- A-2 Stable SEB AB A1 P-1 Stable A+ A-1 Stable A+ F1 Stable Securitas AB BBB A-2 Stable Sirius International Insurance Corp. A3 Stable A- Stable Skandia Insurance Company Ltd. A2 Stable SkandiaBanken AB A3 P-2 Stable SKF AB A3 Stable A- Stable Sparbanken 1826 BBB+ A-2 Stable K-1 Specialfastigheter Sverige AB AA+ A-1+ Stable K-1 SSAB AB BB+ B Negative NR Stadshypotek AB P-1 Stable AA- A-1+ Stable K-1 AA- F1+ Stable Stena AB Ba3 (2) Negative BB Stable Stockholm (Municipality of) Aaa P-1 Stable AAA A-1+ Stable K-1 Stockholm County Council AA+ A-1+ Stable K-1 Stockholms Kooperativa Bostadsförening (SKB) AA- A-1+ Stable K-1 Stångåstaden AB AA- A-1+ Stable K-1 Sundsvall (Municipality of) AA+ Stable K-1 Swedbank AB A2 P-1 Stable A+ A-1 Stable A+ F1 Stable Swedbank Mortgage AB A2 P-1 Stable A+ A-1 Stable Sweden (Kingdom of) Aaa P-1 Stable AAA A-1+ Stable AAA F1+ Stable Swedish Club BBB+ Stable Swedish Export Credit Corp. Aa1 P-1 Stable AA+ A-1+ Stable Swedish Match AB Baa2 P-2 Stable BBB A-2 Stable Svenska Handelsbanken Aa3 P-1 Stable AA- A-1+ Stable AA- F1+ Stable Sveriges Riksbank AAA A-1+ Stable Södertälje (Municipality of) AA+ A-1+ Stable K-1 Tekniska Verken i Linköping AB A A-1 Stable K-1 TeliaSonera AB A3 P-2 Stable A- A-2 Stable K-1 A- Stable Trygg-Hansa Forsakrings AB A2 Stable A+ Stable Täby (Municipality of) AAA Stable K-1 Uppsala (Municipality of) AA+ A-1+ Positive K-1 Uppsalahem AB AA- A-1+ Stable K-1 Vattenfall AB A2 P-1 Negative A- A-2 Stable K-1 A- WD Stable Vattenfall Treasury AB A2 (1) Stable Verisure Holding AB B3 (2) Stable B Stable Volvo AB Baa2 P-2 Stable BBB A-2 Stable K-2 BBB F2 Stable Volvo Treasury AB (P)Baa2 P-2 Stable Volvofinans Bank AB Baa2 P-2 Negative(m) Västerås (Municipality of) AA+ A-1+ Stable K-1 Västra Götaland (Region of) AAA A-1+ Stable K-1 Örebro (Municipality of) AA+ A-1+ Stable K-1 31 August,

4 Issuer Rating Norway Aker Solutions ASA BB+ Stable Assuranceforeningen Gard A Positive Assuranceforeningen Skuld A Stable Copeinca ASA B+ Stable Den norske Creditbank Baa3 (1) Stable DNB Bank ASA A1 P-1 Stable A+ A-1 Stable A+ F1 Stable DNB Boligkreditt A+ F1 Stable Eksportfinans ASA Ba1 NP Negative BB+ B Negative Fjellinjen AS AA- A-1+ Stable Gjensidige A Stable KBN Kommunalbanken Norway Aaa P-1 Stable AAA A-1+ Stable KLP Banken AS Group A- F2 Stable KLP Kommunekreditt AS A- F2 Stable Kommunal Landspensjonskasse A2 Stable A- Stable A Stable Nordea Bank Norge ASA Aa3 P-1 Stable AA- A-1+ Stable AA- F1+ Stable Norges Statsbaner AS Aa2 P-1 Negative AA- A-1+ Stable Norsk Hydro ASA Baa2 Stable BBB A-2 Stable Norske Skogindustrier ASA Caa1 (2) Negative B- B Stable Norway (Kingdom of) Aaa Stable AAA A-1+ Stable AAA F1+ Stable Norwegian Hull Club A- Stable Oslo (Municipality of) Aaa Stable AAA Stable Petroleum Geo-Services ASA Ba2 (2) Stable BB Stable Songa Offshore SE B2 (2) Stable SpareBank 1 Boligkreditt AS A- F2 Stable SpareBank 1 Gruppen AS Baa1 P-2 Review SpareBank 1 Nord-Norge A1 P-1 Review A F1 Stable SpareBank 1 SMN A1 P-1 Review A- F2 Stable SpareBank 1 SR-Bank A1 P-1 Review A- F2 Stable Sparebanken Hedmark A1 P-1 Review Sparebanken More A2 P-1 Review Sparebanken Oest A3 P-2 Stable Sparebanken Pluss A2 P-1 Stable Sparebanken Sogn og Fjordane A3 P-2 Stable Sparebanken Sor A3 P-2 Stable Sparebanken Vest A2 P-1 Stable A- F2 Stable SpareBanken Vest Boligkreditt AS A- F2 Stable Statkraft AS Baa1 (P)P-2 Stable A- A-2 Stable BBB+ F2 Stable Statkraft Energi AS A- A-2 Stable Statkraft SF A- A-2 Stable Statnett SF A2 P-1 Stable A+ A-1 Stable Statoil ASA Aa2 P-1 Stable AA- A-1+ Stable Statoil Forsikring AS A+ Stable Storebrand ASA Baa3 Stable BBB Stable BBB- Stable Storebrand Bank Baa1 P-2 Negative(m) BBB+ A-2 Stable Storebrand Livsforsikring AS A3 Stable A- Stable BBB Stable Telenor ASA A3 P-2 Stable A- A-2 Stable Teller AS BB+ B Stable Tryg Garantiforsikring A/S A- Stable Yara International ASA Baa2 Stable BBB A-2 Stable 31 August,

5 Issuer Rating Finland Aktia Bank p.l.c A3 P-2 Stable Dynea International Oy B Stable Elisa Corp. Baa2 Stable BBB A-2 Stable Fennia Mutual Insurance Co. Fingrid Oyj A1 P-1 Stable AA- A-1+ Negative K-1 A F1 Stable Finland (Republic of) Aaa Stable AAA A-1+ Negative AAA F1+ Stable Fortum Oyj A2 Stable A A-1 Negative K-1 A- F2 Stable Försakringsaktiebolaget Alandia Garantia Insurance Co. Ltd. A- Stable If P&C Insurance Co. Ltd. A2 Stable A Stable A- Stable Leonia Corporate Bank plc A2 (1) Stable Metsa Board Corp. (M-real) B3 (2) (P)NP Stable B- B Stable Metsa Group Financial Services Oy (P)B3 (1) NP Stable Metso Corp. Baa2 Positive BBB A-2 Positive Municipal Guarantee Board Aaa Stable AAA A-1+ Negative Municipality Finance PLC Aaa P-1 Stable AAA A-1+ Negative Nokia Oyj Ba3 (2) NP Negative BB- B Negative BB- WD Negative Nordea Bank Finland PLC Aa3 P-1 Stable AA- A-1+ Stable AA- F1+ Stable OP-Pohjola Group Stable A+ F1 Stable Pohjola Bank PLC Aa3 P-1 Stable AA- A-1+ Stable A+ F1 Stable Pohjola Insurance Ltd A3 Stable AA- Stable Redarnas Omsesidiga Forsakringsbolag Sampo Bank PLC A2 P-1 Stable A- A-2 Stable Sampo PLC Baa2 (P)P-2 Stable BBB+ Stable Stora Enso Oyj Ba2 (2) NP Stable BB B Stable K-4 BB- B Stable TeliaSonera Finland Oyj A- A-2 Stable TVO BBB A-2 Stable BBB+ F2 Stable UPM-Kymmene Ba1 (2) Stable BB B Stable BB B Stable Ålands Ömsesidiga Försäkringsbolag BBpi 31 August,

6 Issuer Rating Denmark Amagerbanken A/S Aaa (1) Stable Amalie I Limited B2 Arbejdernes Landsbank A/S Aaa (1) Stable BRFKredit A/S Aaa (1) A- A-2 Stable Carlsberg Breweries A/S Baa2 Stable BBB F3 Stable Codan Forsikring A/S A2 Stable A+ Stable Copenhagen Airports A/S BBB- Negative Copenhagen Airports Denmark ApS BBB- Negative Danmarks Skibskredit A/S Baa2 Negative Danske Bank A/S Baa1 P-2 Stable A- A-2 Stable K-1 A F1 Negative Danske Kredit Realkreditaktieselskab Aaa Stable Denmark (Kingdom of) Aaa P-1 Stable AAA A-1+ Stable AAA F1+ Stable DLR Kredit A/S Ba1 Negative Dong Energy A/S Baa1 Stable A- A-2 Watch Neg BBB+ WD Stable Energinet.dk AA A-1+ Stable K-1 Europaeiske Rejseforsikring A/S FIH Erhvervsbank A/S B1 NP Negative GF-Forsikring A/S Great Belt A/S Aaa (1) Stable Hovedstadsregionens Naturgas I/S Aaa (P)P-1 Stable ISS A/S B1 (2) Stable BB- Positive ISS Global A/S BB- Positive ISS World Services A/S BB- B Positive Jyske Bank A/S Baa1 P-2 Stable A- A-2 Stable K-1 KommuneKredit Aaa P-1 Stable AAA A-1+ Stable Mare Baltic PCC Limited C Nordea Bank Danmark A/S A1 P-1 Stable AA- A-1+ Stable AA- F1+ Stable Novo Nordisk A/S A2 P-1 Positive A+ A-1 Stable Nykredit Bank A/S Baa2 P-2 Negative A+ A-1 Stable Nykredit Realkredit A/S Baa2 P-2 Negative A+ A-1 Stable Ringkjobing Landbobank A/s Baa1 P-2 Stable ScandiNotes Five p.l.c. Aaa Spar Nord Bank A/S Baa3 P-3 Negative Sparbank A/S Aaa (1) Sparekassen Lolland A/S Aaa (1) Stable Sydbank A/S Baa1 P-2 Stable Sygeforsikringen Danmark TDC A/S Baa2 (P)P-2 Stable BBB A-2 Positive BBB F3 Stable Tryg Forsikring A/S A- Stable Welltec A/S B1 (2) Stable BB- Stable Vestjysk Bank A/S Aaa (1) Stable 31 August,

7 Rating Scale Equivalencies Moody's Standard & Poor's Fitch Short-Term Long-Term Nordic National Short-Term* Short-Term Long-Term Short-Term Long-Term Investment grade ratings Aaa AAA AAA Aa1 AA+ F1+ AA+ Aa2 A - 1+ AA AA Prime - 1 Aa3 K - 1 AA- AA- F1 A1 A - 1 A+ A+ A2 A A Prime - 2 A3 A - 2 A- F2 A- Baa1 BBB+ BBB+ Prime - 3 Baa2 K - 2 A - 3 BBB F3 BBB Speculative grade ratings Baa3 K - 3 BBB- BBB- Ba1 BB+ BB+ Ba2 B BB BB Ba3 BB- BB- B B1 B+ B+ Not B2 K - 4 B B Prime B3 B- B- Caa1 CCC+ CCC+ Caa2 C CCC C CCC Caa3 CCC- CCC- Ca K - 5 CC CC C C C D D D D The rating agencies apply various ratings reflecting the long-term credit quality of a company. In this publication the Issuer Rating is listed as a first choice, thereafter the rating that is considered to most appropriately reflect the long-term senior debt quality of the company is chosen. 31 August,

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9 Contact information Capital Markets Michael Green Head Per Elcar Global co-head of Equities Björn Linden Global co-head of Equities Jan Häggström Head of Economic Research and Chief Economist, SHB Magnus Fageräng Head of Structured Products Peter Karlsson Head of Equity & Credit Research Fixed Income, Foreign Exchange & Commodities Carl Cederschiöld Head of Fixed Income, Currencies and Commodities Håkan Larsson Head of Currencies Magnus Strömer Head of Commodities Patrik Castman-Langlet Head of Derivative Sales Lars Henriksson Head of F/X Sales Debt Capital Markets Tony Lindlöf Head of Debt Capital Markets Kjell Arvidsson Head of Loans Per Jäderberg Head of Structured Finance Måns Niklasson Head of Acquisition Finance Ulf Stejmar Head of Corporate Bonds Economic Research Jan Häggström Head of Economic Research Sweden Petter Lundvik USA, Special Analysis Gunnar Tersman Eastern Europe, Emerging Markets Helena Trygg Japan, United Kingdom Anders Brunstedt Swedish Economy Eva Dorenius Web Editor Trading Strategy Claes Måhlén Head Martin Enlund Senior Strategist FI/FX Johan Sahlström Senior Credit Strategist Therese Ruth Senior Credit Strategist Martin Jansson Senior Commodity Strategist Nils Kristian Knudsen Senior Strategist FX/FI Denmark Jes Asmussen Head, Economic Research Rasmus Gudum-Sessingø Danish economy Thomas Haugaard Latin America, Emerging Markets Finland Tiina Helenius Head, Economic Research Tuulia Asplund Finnish economy Olli Hyytiäinen Finnish economy Norway Knut Anton Mork Head, Economic Research Ida Wolden Bache Norwegian economy Nils Kristian Knudsen Senior Strategist FX/FI Kari Due-Andresen Norwegian economy Regional Sales Copenhagen Kristian Nielsen Gothenburg Karl-Johan Svensson Gävle Andreas Edvardson Helsinki Mika Rämänen Linköping Fredrik Lundgren London Ray Spiers Luleå Ove Larsson Luxembourg Christiane Junio Malmö Jonas Darte Oslo Petter Fjellheim Stockholm Malin Nilén Umeå Kenneth Båtsman Toll-free numbers From Sweden to N.Y. & Singapore From Norway to N.Y. & Singapore From Denmark to N.Y. & Singapore From Finland to N.Y. & Singapore Within the US Svenska Handelsbanken AB (publ) Stockholm Copenhagen Blasieholmstorg 11 Havneholmen 29 SE Stockholm DK-1561 Copenhagen V Tel Tel Fax Fax Helsinki Aleksanterinkatu 11 FI Helsinki Tel Fax Oslo Tjuvholmen Allé 11, Postboks 1249 Vika NO-0110 Oslo Tel Fax London 3 Thomas More Square London GB-E1W 1WY Tel Fax New York Handelsbanken Markets Securities, Inc. 875 Third Avenue, 4 th Floor New York, NY Tel Fax FINRA, SIPC