SBB Norden (SBB) Investor Presentation summary

Transaction overview

• 95% of outstanding senior unsecured bonds participated, with 93% exchanged for new bonds in Samhällsbyggnadsbolaget i Norden Holding AB (publ).

• New unsecured bonds total €2.65 billion, with average interest of 1.73% and maturities from 2026 to 2029.

• €326.8 million of hybrid bonds exchanged for €154.4 million new unsecured bonds at 5% fixed interest, maturing in 2029.

• Equity to shareholders increased by €172.3 million (SEK 2.0 billion), or SEK 1.23 per ordinary share.

• Tender offer for January 2025 maturities accepted €111 million at a 0.68% discount to nominal value.

Legal and risk management

• New bonds are not subject to cross-acceleration due to ongoing litigation in the English High Court.

• Majority of bondholders have relinquished rights to pursue further legal action after participating in the exchange.

• Litigation risk in old senior unsecured bonds reduced by 93% following the exchange.

• SBB intends to launch an additional exchange offer to further reduce outstanding risk.

Investor and market response

• Some investors who did not participate now seek to exchange their 2028 and 2029 bonds.

• SBB is open to further discussions with investors on similar or improved terms.

• Banks remain supportive, with plans to transfer remaining bank debt into the holding company.

• Investors have approached SBB with proposals for additional funding.