CAPITAL-PROTECTED INVESTMENTS MARCH 2015

Investment offers

Capital-protected investments Issue price

Nominal amount

Participation Rate

Term

Equity-linked Note Oil Companies Linked to a basket of ten Oil companies.

1503A

11 000

10 000

105%

3 yr

Equity-linked Note European Exporters Linked to a basket of ten European export companies.

1503E 11 000 10 000 105% 3 yr

Equity-linked Note Global Healthcare Linked to a basket of ten pharmaceutical companies.

1503H

11 000

10 000

125%

3 yr

Equity-linked Note Global Titans Linked to a basket of ten multi-national brands.

1503L 11 000 10 000 165% 3 yr

Equity-linked Note Sweden Linked to a basket of eight Swedish companies.

1503T 11 000 10 000 130% 4 yr

Full information about the offer Investments in financial instruments are risk related. You can learn more about the risks on the Fact sheet further back in the brochure. Full information on the Issuer and the offer of the financial instruments is only available on the basis of the combination of these Final Terms and Base Prospectus for the Medium Term Note Programme . SEB’s MTN-program is available at seb.se/strukt. The Final Terms is available at seb.se/kapitalskydd.

Product group B. More information about SEB’s product groups is available at www.seb.se. How to invest You can buy our capital-protected investments through our internet bank or at the nearest SEB office.

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The benefits of capital protected investments

Seen over a longer time period, there are benefits of investing in capital protected notes. Analyses on Swedish index-linked notes issued by SEB from 1999, show that the index-linked notes have outperformed its underlying index. Both the index-linked note and the underlying index follow the market movement. However, the capital protection prevents the downside market performance which benefits the performance of the index-linked note.

The graph illustrates the performance (including brokerage fee of 2 percent) of the capital protected investment whose return is linked to the Swedish stock market, compared with the Swedish stock market (including dividends). The data refers to past performance. Historical performance is no guarantee for future results.

What is a capital protected investment A capital protected investment means that the nominal amount will be paid by the issuer on redemption day. The investments described in the brochure are issued by SEB. Repayment of the nominal amount and possible return therefore requires that SEB meets its obligations on the maturity date. Normally, a capital protected investment is constructed to fit investors who believe in a rising market. This means that if the underlying market that the investment is linked to has risen on the maturity date, the investment will pay an amount related to the rise. If the price of the underlying market is unchanged or has fallen, the investment will repay the nominal amount (SEK 10,000 per note) on the redemption date .The growth in the underlying market is calculated as the difference between the initial and closing value. Some types of capital protected investments are constructed so that any additional amount is paid out even if the underlying market has fallen, moved within a certain range or has gone up compared to another market. The general description in the brochure relates to capital protected investments that are constructed for those who believe in a rising market. How each individual offer works is described on the respective product page in the brochure and it’s specific Final Terms. The closing value is often defined as an average over the final year, this reduces the impact of a possible fall. If the underlying market rises during this period, the closing value will be lower than the actual market rise. At a fall, the closing value will be higher than the actual market fall. Further information on how the closing value is determined for the current offer is detailed on the Fact sheet at the end of this brochure. What is participation? The participation shows how much of the market’s rise you will have access to (leverage). The participation is multiplied by the market rise. If the participation is greater than 100 percent, the investor can get a higher return than the underlying market rise. The participations in the brochure are preliminary and they will be determined at settlement date. Thereafter, they remain unchanged. A few examples of what affects participations are Swedish interest rates, the price movement (volatility) in the selected market and the situation on the currency markets. Information about the minimum participation rate can be found on the Fact sheet under the section “Issuer’s right to cancel”. The final participations will be confirmed in the Final Terms which can be found on the Secondary Market, quotation list on www.seb.se.

Issue above par – the possibility of higher returns but to greater risk. Out offers are offered at different prices, for example SEK 10,000 or SEK 11,000. The higher the price the investor pays at time of purchase for a capital protected investment, the higher the participation rate and therefore the higher potential for future returns. If the investor chooses a capital protected investment for SEK 11,000 the investor will take a greater risk of SEK 1,000. If the market goes up, the investor receives a higher return. If the market falls or remains unchanged on the redemption date, the investor receives the principal amount (SEK 10,000) and makes a loss equal to the issue above par and Commission. Possibility to sell before maturity. The basic idea of a capital protected investment is that the investor keeps it until the redemption date, as this is when the investor receives at least the principal amount. You still have the opportunity to sell during the term of the investment, for example if the investment has risen in value and you want to make a profit hedging. Sales are made at daily value, which means that prices can be both higher and lower than the investment’s nominal amount, partly because of how the underlying market has developed to the time of sale. If the underlying market value rises, the value of the investment is also rising, but not as fast. At the beginning of the maturity of the investment, you should not have the same expectation that a capital protected investment will increase in value at the same pace as the underlying market. This is particularly true for the capital protected investments that have a limit on the possible return (when there are only returns up to a certain, predetermined level).

*Preliminary. For the lowest possible participation, please read the section “Issuer’s right to cancel”. ** For exact term, see Fact sheet

1503A Issue price: SEK 11 000 per Note Nominal amount: SEK 10 000 per Note Participation: 105 %* Maturity: 3 years**

Summary The return is linked to a basket of ten oil companies. The return is affected both by the basket performance and the exchange rate changes between the Swedish krona and the U.S. dollar. A weakening of the dollar has a negative effect while a strengthening of the dollar has a positive effect. The nominal amount is not affected by exchange rate changes. At maturity, the investor receives at least 100 percent of the Nominal Amount. Why invest in Oil Companies? + Global growth should contribute to oil prices gradually trending

higher. + Long term expectations for rising oil prices should lift stock prices of oil

companies. - Uncertainties about OPEC’s actions - A strengthening US Dollar has put the squeeze on oil prices

Company Sector Country

Exxon Mobile Corporation Chevron Corporation BP Royal Dutch Shell PLC Repsol YPF Total S.A. Eni S.p.A. Kinder Morgan INC ConocoPhillips CO Statoil ASA

Oil & Gas Oil & Gas Oil & Gas Oil & Gas Oil & Gas Oil & Gas Oil & Gas Pipelines Oil & Gas Oil & Gas

U.S. U.S. Great Britain Netherlands Spain France Italy U.S. U.S. Norway

EQUITY-LINKED NOTE OIL COMPANIES 1503A

*Preliminary. For the lowest possible participation, please read the section “Issuer’s right to cancel”. ** For exact term, see Fact sheet

1503E Issue price: SEK 11 000 per Note Nominal amount: SEK 10 000 per Note Participation: 105 %* Maturity: 3 years**

Summary The return is linked to a basket of ten European export companies. At maturity, the investor receives at least 100 percent of the Nominal Amount. Why invest in European exporters? + Better mood among both consumers and businesses have improved. + Good prospects for rising corporate profits. - Uncertainties regarding global growth and public finances. - Political risks regarding EU cooperation could scare away investors.

Company Sector Country

Royal Ahold Unilever NV Linde AG Danone SA Telefonica SA LVMH Moet Hennessy Louis Vuitton SA Porsche Automobil Holding SE Siemens AG Deutsche Telekom AG Reed Elsevier NV

Consumer Staples Consumer Staples Materials Consumer Staples Telecommunications Consumer Discretionary Consumer Discretionary Industrials Telecommunications Consumer Discretionary

Netherlands Great Britain Germany France Spain France Germany Germany Germany Great Britain

EQUITY-LINKED NOTE EUROPEAN EXPORTERS 1503E

*Preliminary. For the lowest possible participation rate, please read the section “Issuer’s right to cancel”. ** For exact term, see Fact sheet

1503H Issue price: SEK 11 000 per Note Nominal amount: SEK 10 000 per Note Participation: 125 %* Maturity: 3 years**

Summary The return is linked to a basket of ten pharmaceutical companies, please see list below. The product is Capital Protected. The return is affected both by the basket performance and the exchange rate changes between the Swedish krona and the U.S. dollar. A weakening of the dollar has a negative effect while a strengthening of the dollar has a positive effect. The nominal amount is not affected by exchange rate changes. At maturity, the investor receives at least 100 percent of the Nominal Amount. Why invest in Global Healthcare? + Rising demand for healthcare services and providers. + Many profitable company with strong financials. - Political decisions can have negative effect on the sector. - Investors with higher risk appetite tend to choose other sectors.

Company Sector Country

Eisai CO LTD Baxter International INC Fresenius Medical Care AG GlaxoSmithKline PLC Johnson & Johnson INC Medtronic INC Novartis AG Pfizer INC Roche Holding AG Sanofi SA

Pharmaceuticals & Biotechnology Health Care Equipment & Services Health Care Equipment & Services Pharmaceuticals & Biotechnology Pharmaceuticals & Biotechnology Health Care Equipment & Services Pharmaceuticals & Biotechnology Pharmaceuticals & Biotechnology Pharmaceuticals & Biotechnology Pharmaceuticals & Biotechnology

Japan U.S Germany Great Britain U.S U.S Switzerland U.S Switzerland France

EQUITY-LINKED NOTE GLOBAL HEALTHCARE 1503H

*Preliminary. For the lowest possible participation rate, please read the section “Issuer’s right to cancel”. ** For exact term, see Fact sheet

1503L Issue price: SEK 11 000 per Note Nominal amount: SEK 10 000 per Note Participation: 165 %* Maturity: 3 years**

Summary The return is linked to a basket of ten large multi-national companies, please see list below. The product is Capital Protected. The return is affected both by the basket performance and the exchange rate changes between the Swedish krona and the U.S. dollar. A weakening of the dollar has a negative effect while a strengthening of the dollar has a positive effect. The nominal amount is not affected by exchange rate changes. At maturity, the investor receives at least 100 percent of the Nominal Amount. Why invest in Global Titans? + Large, established companies offer higher stability. + Many stock valuations are at attractive levels. - Higher risk appetite will probably benefit smaller companies. - Many companies are sensitive to changes in private consumption.

Company Sector Country

BASF SE GlaxoSmithKline PLC CLP Holdings Ltd HSBC Holdings PLC Nestlé SA Pfizer Procter & Gamble Co Royal Dutch Shell Plc AT&T Inc Verizon Communications Inc

Material Health Care Utilities Finance Consumer Staples Health Care Consumer Staples Energy Telecommunications Telecommunications

Germany Great Britain Hong Kong Hong Kong Switzerland U.S U.S Netherlands U.S U.S

EQUITY-LINKED NOTE GLOBAL TITANS 1503L

*Preliminary. For the lowest possible participation rate, please read the section “Issuer’s right to cancel”. ** For exact term, see Fact sheet

1503T Issue price: SEK 11 000 per Note Nominal amount: SEK 10 000 per Note Participation: 130 %* Maturity: 4 years**

Summary The return is linked to a basket of eight Swedish companies that are listed on the Nasdaq OMX Stockholm AB, please see list below. The product is Capital Protected. At maturity, the investor receives at least 100 percent of the Nominal Amount. Why invest in Sweden? + Company profits have turned positive + Interest rates will remain low for a very long time. - Economic recovery is halting. - Geopolitical risk.

Company Sector ABB Ltd TeliaSonera AB Tele2 AB Nordea Bank AB Hennes & Mauritz AB Securitas AB Swedbank AB Telefonaktiebolaget LM Ericsson

Industrials Telecommunication Telecommunication Finance Consumer Staples Industrials Finance Telecommunication

EQUITY-LINKED NOTE SWEDEN 1503T

Calculation examples

Fact sheet Subscription period 2 - 26 March 2015.

Payment date 2 April 2015.

On payment date, the settlement amount is deducted in accordance with directions in the application form.

Term European Exporters Global Healthcare, Global Titans and Oil Companies 2 April 2015 – 29 March 2018.

Sweden 2 April 2015 – 2 April 2019.

Nominal amount SEK 10 000 per note.

Initial Valuation Date European exporters, Oil companies and Sweden Calculated on 30 March 2015.

Global Healthcare and Global Titans Calculated on 31 March 2015.

Initial Valuation Currency Date Global Healthcare, Global Titans and Oil companies Calculated on 30 March 2015.

Observation Dates European Exporters Global Healthcare, Global Titans and Oil Companies Calculated as an average of the closing value of the underlying market on the 13th of every month from 13 March 2017– 13 March 2018.

Sweden Calculated as an average of the closing value of the underlying market on the 15th of every month from 15 March 2018 – 15 March 2019.

Final Valuation Currency Date Global Healthcare, Global Titans and Oil companies Calculated on 14 March 2018.

Price, Fees and Compensation The price per Note is SEK 11 000 plus a Commission depending on the chosen investment. A Commission (transaction cost) and an arranger’s fee (included in the price of the investment) are charged to cover SEB’s operating expenses and operating profit. The conditions for the product are set on the payment date, and settlement amount and Commission are due for payment. If the product is sold on the secondary market a Commission will

be charged according to current price list.

Commission 2 percent of settlement amount per settlement note. VP account holders are subject to an additional transaction fee of SEK 10.

Arranger’s fee The arranger’s fee may vary and is determined after the terms have been decided. The arranger’s fee may not exceed 1.2 percent of the issued amount per year. The calculation is based on the assumption that the investment is retained until the redemption date. The arranger’s fee covers costs such as production, stock exchange registration, distribution, licensing and risk management. Risk management refers to the risk arising from SEB’s commitment to fulfill the terms of the investment; this risk must be actively managed during the investment's term. As a result, a risk management margin arises which can be either positive or negative. The arranger’s fee is included in the price of the investment.

Compensation SEB may provide compensation to a third party that distributes the Bank’s capital protected investments. The compensation is normally calculated as a percentage of the invested nominal amount related to the sales of such a distributor. This means that the compensation is calculated only after the sales period is closed.

SEB normally pays out 0.5-1 percent of the invested nominal amount. The compensation is part of SEB’s Arranger’s fee. More information about the bank’s compensation and conflicts of interest can be at www.seb.se.

Depository VP or custodian account with SEB or other bank or securities broker.

Currency hedging These capital protected investments offer the opportunity to invest in global markets without currency fluctuations directly affecting the return because all calculations and payments are made in Swedish kronor. Do not apply to 1503A, 1503H and 1503L whose return is affected by FX changes.

Exchange listing The NASDAQ OMX Stockholm Stock Exchange or other regulated stock exchange.

Secondary market You can sell your capital protected investment at any time, since SEB under normal circumstances will offer a bid price. The price may be higher or lower than both the original amount invested and the nominal amount depending on the valuation. The price on the secondary market is determined by terms to maturity, the underlying market development, price movement (volatility) and interest rates. Generally, investments that contain restrictions on the growth in underlying assets have fewer adherences with gains in the underlying assets than would otherwise be the case. These investments are suitable in general for an investor whose investment horizon is consistent with the investment’s maturity. A Commission will be charged according to current price list.

Codes and Isin codes Information regarding the value of capital protected investments is provided on contract notes, annual statements, internet and letters from SEB and Euroclear Sweden AB (previously VPC) and on NASDAQ OMX Stockholm AB’s price quote list. Capital protected investments are referred to by their codes which are listed below:

Codes Isin Codes SEB1503A SE0006258414 SEB1503E SE0006258422 SEB1503H SE0006258430 SEB1503L SE0006258448 SEB1503T SE0006258455

Comprehensive terms and conditions The terms in SEB’s MTN programme published July 2014 and any published prospectus supplements together with the Final Terms, dated April 2015, govern these capital protected investments. SEB's base prospectus is published and approved by The Swedish Financial Supervisory Authority. The published base prospectus and Final Terms are available for viewing at www.seb.se. The base prospectus is also available at The Swedish Financial Supervisory Authority. These capital protected investments and all related contractual documentation will be governed by, and construed in accordance with, Swedish law. Disputes concerning the interpretation and application of these General Terms and Conditions shall be adjudicated by Swedish courts, in the first instance by the Stockholm District Court.

Swedish confidentiality (PuL) legislation For information regarding SEB’s treatment of personal and other information pursuant to Swedish PuL confidentiality legislation, please refer to the reverse of the application form.

Issuer Skandinaviska Enskilda Banken AB (publ) ”SEB”, SE106 40, Stockholm, orgnr 502032-9081, has permission to manage Securities operations. SEB is under supervision of The Swedish Financial Supervisory Authority. SEB has received rating ”A+” according to Standard & Poor’s, and ”A1” according to Moody’s. Rating may be subject to change so it is the Investor’s duty to obtain information about the current rating.

Issuer’s right to cancel

SEB reserves the right to cancel any or all of the investment alternatives if:

A) Economic, financial or political events occur, which according to SEB's judgment may jeopardise the successful launch of these capital protected investments.

B) The subscribed amount for any of the investment alternatives is less than SEK 20,000,000.

C) The participation cannot be set to at least:

SEB1503A 90 % SEB1503E 90 % SEB1503H 110 % SEB1503L 150 % SEB1503T 115 %

Product group B. More information about SEB’s product groups can be found at www.seb.se.

Complaint If you have any complaints regarding this product, you can contact the division within SEB that provided the product. If the complaint remains please contact:

SEB Kundrelationer SE106 40 Stockholm Sweden

Further information about complaints and how to proceed with your complaint case can be found on SEB’s website, www.seb.se.

Want to know more? To contact SEB, visit your nearest SEB office or visit us our website, www.seb.se.

In general This brochure is produced by SEB and provides general market information on SEB’s capital protected investments. The content is based on sources that SEB have judged to be reliable. SEB is not responsible for errors or defects in that information or for any loss whatsoever that may occur from reliance on it. If the information refers to an investment analysis you should if possible read the full report and information published in relation thereto. You are responsible in full for your investment decisions and should always obtain detailed information before deciding on an investment. Further information, such as product sheets, the Final Terms and the information-/marketing brochures for capital protected investments are available at www.seb.se. If necessary, you can also obtain advice on investments customized to your individual needs from your advisor at SEB.

RISKS A safe investment, but a risk nonetheless. A capital protected investment is safe because it combines the possibility of investment gains, from the underlying markets, with the security of a bond. However, there are certain risks associated with a capital protected investment. A summary of these risks follows here: Credit risk: SEB is the issuer of these capital protected investments. This means that you, as the holder of a capital protected investment, have a credit risk at SEB. Repayment of the nominal amount and any applicable return assumes that SEB is able to fulfill these commitments on the redemption date. A capital protected investment is not covered by the state deposit guarantee programme. Liquidity risk / Price risk: The capital protection, i.e. the repayment of the nominal amount, is only applicable on the redemption date. This means that the market price of the investment may be lower than the nominal amount if it is sold during its term. The price on the secondary market during the term may be higher or lower than the nominal amount depending upon the valuation. The price is calculated on various factors, amongst others, the remaining term, underlying market movements and volatility in the markets. Currency risk: A capital protected investment offers the opportunity to invest in global markets without fluctuations in currency rates directly affecting the return, because all calculations and payments are made in Swedish Kronor. This does not apply to products which have their returns linked to currency rate fluctuations.

Other risks: A capital protected investment which has an issue price of e g SEK 11,000, carries a risk through the payment of a premium of SEK 1,000. If the underlying market rises it offers the possibility of a higher return. If the underlying market has dropped in value on the redemption date the investment returns the nominal amount. You take a risk on the interest you could have received if the money had been invested in pure interest-bearing investments. An investment in a capital protected investment can give a different return than a direct investment in the underlying market. Different arrangers’ capital protected investments, linked to the same market, are often constructed in different ways and are therefore difficult to compare. Information about how this capital protected investment is constructed can be found in the brochure. You can find more information in SEB’s Swedish MTN program which is published on SEB’s website. Rules on taxation Information about taxation is based on the rules that apply today. Tax rules may change over time. Any individual who is unsure about how a capital protected investment is taxed should consult a tax advisor. The consequences of the tax rules for each person will depend on their individual circumstances. Investment is constructed can be found in the brochure. You can find more information in SEB’s Swedish MTN program which is published on SEB’s website.

Example of total cost when investing a nominal amount of SEK 10 000 with a commission of 2 percent

Investment alternative Term

Issue Price Commission* Maximum arranger’s fee **

Total cost

Oil Companies 1503A 3 years 110% 220 SEK 360 SEK 580 SEK European Exporters 1503E 3 years 110% 220 SEK 360 SEK 580 SEK Global Healthcare 1503H 3 years 110% 220 SEK 360 SEK 580 SEK Global Titans 1503L 3 years 110% 220 SEK 360 SEK 580 SEK Sweden 1503T 4 years 110% 220 SEK 480 SEK 700 SEK • The Commission is calculated as a percentage of the invested nominal amount and is paid separately. • ** Maximum arranger’s fee is calculated as 1.2 percent x term.