Introduction to the Swedbank and Kepler Cheuvreux partnership - PowerPoint PPT Presentation

Introduction to the Swedbank and Kepler Cheuvreux partnership ​ October 2018 In cooperation with : Information class Public

New partnership strengthens Swedbank’s offering ​ Excellent international distribution power through local presence in all major markets = Stil ill l the e same… Our Nordic presence remains unchanged with the same staff and strong local commitment + … … but ut s streng ngthened ned Through the Kepler Cheuvreux strategic partnership, our research coverage and sales force have been significantly expanded on an international level Toget ether er, Swedbank nk and nd Kepler er Cheuvreux eux offer r worl rld-class dis distrib ibutio ion an and d research bas ased on lo local al expertise an and d glo global l presence In cooperation with Information class Source: Swedbank, Kepler Cheuvreux 2 Public

A Nordic investment bank… ​ Strong synergies between Swedbank and Kepler Cheuvreux result in an unbeatable offering Corpora orate client organization and offering unchanged within Swedbank Client Coverage Corporate Finance Debt Capital Markets Structured Finance Lending Mergers & Acquisitions Bond issuance, trading Acquisition- and project financing, Deposits Equity Capital Markets convertibles, hybrids IPO financing Investor or reach significantly strengthened through Kepler Cheuvreux partnership Loans & Syndication Markets Equities Corporate Access Sector- and asset-based debt financing, Macro and credit research. Credit Equity sales, company- and Roadshows, company presentations, project- and event-driven financing sales, currencies, derivatives industry research events, field trips In cooperation with Information class Source: Swedbank, Kepler Cheuvreux 3 Public

…with a locally anchored equity distribution with global reach Kepler Cheuvreux signs exclusive strategic • partnership with Belfius for Belgium 2017 Belfius holds 5% of the capital • 8th 125+ largest broker equities brokers Kepler Cheuvreux signs exclusive strategic in Europe 1 • partnership with Swedbank for the Nordics 2017 Swedbank holds 6% of the capital • #1 14 brokerage firm across local offices in Europe countries in Europe 2 and the US Kepler Cheuvreux signs exclusive strategic • partnership with Rabobank for the 2016 Netherlands Rabobank holds 5% of the capital • 90+ 830 equity research companies Kepler acquires CA Cheuvreux • analysts covered Exclusive partnership with Crédit Agricole 2013 • CIB for France and Iberia Crédit Agricole holds 15% of the capital • 1,350 US and Asia active institutional Kepler Cheuvreux signs exclusive strategic equity research 3 • partnership with UniCredit for Germany, clients 2011 Italy and Austria 1,000 UniCredit holds 5% of the capital • corporate roadshows per year Kepler is founded as the equity brokerage • 1997 business of Bank Julius Baer , a Swiss private bank Source: Swedbank, Kepler Cheuvreux In cooperation with Information class 4 1: Measured on secondary trading Public 2: Extel 2014/15/16/17: Leading Brokerage Firm – Countries 3: Through partnership with CIMB in Asia and Piper Jaffray in the US

How does the new partnership model actually work? ​ Workflows in the cooperation are handled seamlessly Origination & Structuring, Investor contact, Sales & Sales & client preparations & roadshows & distribution distribution contact execution research to institutions to retail All client contact and project coordination is handled by Swedbank Swedbank process Swedbank fuels the transaction to Kepler Cheuvreux In cooperation with Information class Source: Swedbank, Kepler Cheuvreux 5 Public

Global distribution through multi-local presence ​ Excellent international distribution power through local presence in all major markets Broker and sales trader overview Active clients per region Countries and Active institutional + regions clients United Kingdom 21.9% United States 18.7% 45 7 2 France 15.0% 2 3 9 40 Switzerland 10.4% 8 18 6 1 9 Nordics 7.5% 2 13 6 Italy 7.1% 3 Benelux 6.8% Swedbank/Kepler Cheuvreux or Germany & affiliate office 6.4% Austria Europe: equity sales & sales traders Spain 3.9% #2 #1 #1 RoW 2.2% Pan-European Equity Pan-European Leading & Equity-Linked Small & Small Brokerage Firm 2017 2017 Brokerage Firm Mid Caps Countrie ies Sales Sales In cooperation with Information class Source: Swedbank, Kepler Cheuvreux 6 Public

Highly regarded research team with in-depth sector knowledge Research team, overview KECH research coverage, overview Number of stocks covered Continental Europe (excl. UK) Western Europe incl. UK 90+ 829 141 300 with target # Broker / # of comp. # Broker / # of comp. covering of which equity companies Nordic Nordic Investment bank covered Investment bank covered of covering research analysts covered companies companies 1 Kepler Cheuvreux 785 1 Kepler Cheuvreux 829 within Q3 2018 2 Deutsche Bank 486 2 JP Morgan 782 3 Exane 452 3 Deutsche Bank 674 4 JP Morgan 449 4 UBS 640 5 UBS 444 5 Berenberg 622 Jose Hernandez 6 Goldman Sachs 424 6 Citi 617 Global Head of 7 BAML 415 7 BAML 593 Research 8 Citi 413 8 Exane 584 9 Berenberg 408 9 Goldman Sachs 569 10 Credit Suisse 401 10 Credit Suisse 569 11 Henning Steffenrud … … 12 Head of Nordic Research 15 Carnegie 320 18 Carnegie 326 … … 18 Nordea 275 21 Nordea 282 … 270 22 ABG Sundal Collier 269 11 Additional research teams 10 20 ABG Sundal Collier 264 23 Danske Bank 257 14 21 Danske Bank 249 ... 3 Economics & Strategy 5 40 … 237 25 SEB 242 6 research analysts 23 SEB 236 26 Pareto 242 8 24 Pareto 229 27 Handelsbanken 231 Environmental, Social & Governmental 5 8 25 Handelsbanken 228 … research analysts … 206 29 DNB 198 27 DNB 190 30 Commerzbank 184 Quantitative 2 research analysts KECH research coverage and analysts, disaggregated by segment Segment Coverage Analysts Financials 90 22 Industrials 207 27 #1 #3 Top 10 Consumer 157 34 brokerage firm sustainability/SRI in 14 research 2017 TMT 116 13 country research research sectors Pharma & Chemicals 91 12 Energy & Environmental 92 17 In cooperation with Information class Source: Bloomberg as of Dec. 2017, Swedbank, Kepler Cheuvreux, 7 Public

Strong combined ECM track record ​ Kepler Cheuvreux partnership model proven through UniCredit, Crédit Agricole and Rabobank Selected Swedbank ECM transactions Performance of existing KECH partners Dut utch ch champion in I in IPOs since start Rights Private Equity issue Private issue placement placement of Kepler Cheuvreux partnership in July 2016 December December December December 2017 2017 2017 2017 SE SEK 794m 794m NOK OK 50m 50m NOK OK 70m 70m NOK OK 55m 55m Leading E g ECM p player er i in France e Private placement Block sale Initial Public Equity raise since start of Kepler Cheuvreux Offering partnership in April 2013 November 2017 June 2017 June 2017 June 2017 NOK OK 4 4 100m 100m NOK OK 426m 426m SE SEK 4 4 524m 524m USD SD 500m 500m Convertibles Italia lian E n ECM champio ion n since start of Rights issue Initial Public Initial Public and bond Kepler Cheuvreux partnership in 2012 Offering Offering issue June 2017 June 2017 April 2017 March 2017 NOK OK 190m 190m NOK OK 8 8 400m 400m SE SEK 136m 136m SEK 245m SE 245m In cooperation with Information class Source: Swedbank, Dealogic 8 Public

Strong performance in the NOK 4.1bn private placement for Aker BP ​ Swedbank/Kepler Cheuvreux a definitive top performer in the syndicate Transaction details Total demand per manager at offer price (% of shares) Company Aker BP ASA Bank B 22,5 % Ticker/Listing AKERBP (Oslo Børs) Launch date October 30, 2017 22, 22,1 % % Completion date October 31, 2017 Type of transaction Private placement Bank C 20,0 % Transaction size NOK 4.1bn Placement price NOK 184 per share Bank D 18,9 % Discount to close 0% # shares issued 22,376,438 new shares Bank E 16,5 % Buyers Norwegian and international investors Joint Bookrunners Nordea, Danske Bank, DNB, SEB, Swedbank Global institutional investor demand per managers at offer price Actual allocation per manager (% of shares) 22, 22,4 % % Bank B 21,6 % Bank B 21,3 % 20, 20,3 % % Bank C 20,3 % Bank C 20,1 % Bank D 19,2 % Bank D 19,7 % Bank E 16,8 % Bank E 18,3 % In cooperation with Information class Source: Dealogic, Swedbank, Kepler Cheuvreux 9 Public Note: Subscription by Aker ASA and BP plc equally split among arrangers