Presented at the 4th Global Infrastructure Basel Summit 21 & 22 May 2014. Read more about the world leading platform for Sustainable Infrastructure Finance at www.gib-foundation.org. Next Summit: 27 & 28 May 2015 in Switzerland

1. Mats Olausson
Senior Advisor
Sustainable Products
The Green Bonds Framework –
where it comes from and where it is going
Global Infrastructure Basel Summit, 22 May 2014

2. 1
The Green Bond Story
History of the Green Bond market
A concept developed by
SEB and the World Bank
in 2007/08
Linking environmental
and financial risks
Linking short and long
term perspectives
Designed to encourage
sustainable investments

3. 2
Green Bonds – in response to investor demand
Increasing number of investors signing off on the 6 Principles for Responsible Investments (PRI) (1)
Source: Unpri.org
(1) PRI is an investor driven initiative in partnership with UNEP Finance Initiative and the UN Global Compact
(2) ESG=Environmental, Social & Governance
Growing demand for Green investment opportunities amongst global investors
Incorporate ESG(2) into investment analysis and decision making process1
Incorporate ESG into ownership policies and practices2
Seek appropriate disclosure on ESG by entities in which we invest3
Promote acceptance and implementation of the Principles within the industry4
Work together to enhance our effectiveness in implementing the Principles5
Report our activities and progress towards implementing the Principles6
6.5
10
13
18
21
25
3432
-
200
400
600
800
1,000
1,200
1,400
Apr-06 Apr-07 Apr-08 Apr-09 Apr-10 Apr-11 Apr-12 Apr-13
0
5
10
15
20
25
30
35
Number of investor signatories
Assets under management, US$ trillion (right axis)

4. Market development
3
Supranationals
Munici-
palities
& Cities
State
related
agencies
Project
Financing
Corporates
The Green Bond market
Engage and educate mainstream stakeholders of the potential effects climate
change can have on financial assets
To develop solutions that enable existing mainstream financial mandates to engage
in climate finance
To create a unified development of the Green Bond market
Across the credit and yield curves with various types of issuers

5. Green Bond market development
A fast growing market
4

6. Top Green Bond underwriters 2007 – end of Q1 2014Select Green Bond issues
SEK 500m
2.750% fixed bond
September 2032
Joint Lead
SEK 2,100m
3.000% fixed bond
April 2019
Joint Lead
SEK 500m
2.915% fixed bond/ FRN
October 2019
Sole Lead
USD 500m
0.750% fixed bond
October 2016
Joint Lead
USD 300m
0.875% fixed bond
January 2017
Joint Lead
USD 250m
1.625% fixed bond
April 2018
Joint Lead
USD 1billion
0.625% fixed bond
November 2016
Joint Lead
USD 550m
0.375% fixed bond
Aug 2015
Joint Lead
EUR 250m (increase)
1.375%
Nov 2019
Joint Lead
SEK 1,575m
3.250% fixed bond
December 2017
Sole Lead
SEK 1,300m
1.774% / FRN
May 2016
Sole Lead
SEK 3,250m
3.500% fixed bond
November 2014
Sole Lead
USD 500m
1.750% fixed bond
February 2018
Joint Lead
USD 500m
0.750% fixed bond
Nov 2016
Joint Lead
SEB Green Bond placements
5
Source: Bloomberg and SEB
5 year SEK 1bn/500m
2.500% / FRN
April 2019
Sole Bookrunner
5 year SEK 850m
FRN
April 2019
Sole Bookrunner
SEB in the Green Bond market
SEB is a pioneer and the Global leader within the field of Green Bonds
Source: Climate Bond Initiative
0
500
1 000
1 500
2 000
2 500
3 000
3 500
4 000
4 500
5 000

7. 6
Green Bond issuers
SEB has worked with the following issuers developing their Green Bond frameworks
Issuer Issuer type
Programme
name Allocations
Earmarked
a/c
CICERO
Second
opinion
Investor
reporting
World Bank
(IBRD)
Supranational Green Bond
Mitigation
Adaptation
Y Y Y
African Development Bank Supranational Green Bond
Mitigation
Adaptation
Y Y Y
City of Gothenburg Municipality Green Bond
Renewable Energy
Energy Efficiency
Water Management
Y Y Y
European Bank of
Reconstruction and
Development
Supranational Green Bond
Mitigation
Adaptation
Y Y Y
Export Development Canada
Export Import
Agency
Green Bond
Renewable Energy
Energy Efficiency
Water Management
Y Y Y
European Investment Bank Supranational
Climate
Awareness
Bond
Renewable Energy
Energy Efficiency
Y Y
International Finance
Corporation
Supranational Green Bond
Mitigation
Adaptation
Y Y Y
Kommunalbanken, Norway Municipality Green Bond
Renewable Energy
Waste Management
Y Y Y
Korea Export Import Bank
Export Import
Agency
Green Bond
Renewable Energy
Energy Efficiency
Y Y Y
Svenska Cellulosa AB (SCA) Corporate Green Bond
Sustainable Forestry
Renewable Energy
Energy Efficiency
Y Y Y
Skanska Corporate Green Bond
Sustainable
buildings
Y Y Y
Vasakronan Corporate Green Bond
Sustainable
Buildings
Renewable Energy
Y Y Y
First Green Bond
issuer
First municipal
Green Bond issuer
First non-supranational
Green Bond issuer
First corporate
Green Bond issuer
First Nordic listed
Green Bond issuer

8. 7
The five pillars of the Green Bond framework
Simplicity – scalability1
Governance – selection process2
Credibility – vetting of Green3
Traceability – earmarked account4
Transparency – reporting5

9. The Green Bond Principles
8
The Green Bond Principles (GBP) are a set
of voluntary guidelines for:
- use of proceeds
- process for project evaluation and
selections
- management of proceeds and
- reporting
The purpose of the GBP is:
to encourage transparency, disclosure
and integrity of the Green Bond market
Signed by 13 + 12 banks
ICMA Secretatiat:
- facilitate information exchange with
issuers, investors, underwriters, and
other stakeholders
- gather input for the annual update of
the Green Bond Principles

10. Cautiously welcomed - with strings attached
9
NGOs demand clarification:
include real commitments by banks to ensure
high standards of transparency and disclosure
for bond issuances they underwrite;
reference clear and science-based definitions
and criteria of what constitutes “green” under
the Principles; and
commit unambiguously to third party,
independent verification of the information on
sustainability and use of proceeds reported by
Green Bond issuers.

11. At the hart of it - Verification of Green
10
1. World Bank
2. AfDB
3. EBRD
4. IFC
5. Kommunalbanken
6. KEXIM
7. EDC
8. City of Gothenburg
9. Vasakronan
10. SCA
11. Skanska
12. Stockholm County
Council
13. Rikshem
1. EDF
2. Unibail-Rodamco
3. Iberdrola
4. Ile-de-France
5. GDF Suez
1. Unilever
2. Arise
1. Credit Agricole
2. TD-Bank
3. Toyota
4. BAML
5. Solar City
6. Hannon Armstrong
7. NRW Bank
8. Landwirtsch
Rentenbank
9. FMO
10. Massachusetts
11. Regency Centers LP
12. Aligera Holding
No 2’nd opinion
No official comment:
• EIB
• NIB
• ADB

12. Green Bonds Framework: where to from here?
11
Other potential providers of third party
verification: MSCI, McKinsey, KPMG…?
Uncertain outcome – a process involving
various stakeholders
Issue at stake: establishing a solid framework to
permit the Green Bonds market to grow and
make a difference
Expanding the CICERO model – work in
progress
Purpose of the CICERO – SEB cooperation
- Establish a prudent framework
- Secure the dialogue between banks and
academics
”Warehousing arrangement” until a prudent
model is in place
Objective to give equal access to all
Network of environmental research institutes
needed to meet demand
Possible ways forward:
- Consultancy service – banks pay for vetting of
green
- Green Bonds Platform (response to investor
demand)
* Information services
* Second opinions

13. Thank you!