SEB's Financial Officers Survey - Macro concern...

Pessimism among Norwegian and Swedish CFOs continues to increase, driven by
greater concerns regarding the business climate and the effect additional
macroeconomic turmoil could have on their companies. Still, respondents express
further satisfaction with their own financial position while most expect to
increase profitability next year. Present index values remain depressed by
concerns regarding the development of credit spreads, reflecting increasing
economic unrest in several European countries and greater volatility and
uncertainty in financial markets.

SEB's Financial Officers' survey, addressed to over 100 of the largest companies
in Sweden and Norway, shows that respondents have become more pessmistic during
the autumn, although the deterioration in sentiment has been slower than we
reported over the summer. SEB's Financial Officers Index for Sweden published
today is 51, down from 55 in August, and SEB's Financial Officers Index for
Norway 54, down from 55 in August.

Swedish business climate deteriorating rapidly

"Concerns regarding demand have increased significantly among financial officers
in Sweden particular as shown by the continued rapid deterioration in the
business climate to near 2009 lows. Far fewer companies now plan to employ more
staff either domestically or internationally during the next six months. At the
same time, their investment expectations are decreasing. Swedish CFOs are also
expressing increasing interest in using excess cash flow to repay debt, a
clearly defensive strategy", says Disa Hammar, Credit Analyst at SEB.

More positive in Norway

"Despite volatile and uncertain financial markets, Norwegian CFOs appear
relatively calm", says Henrik Blymke, Credit Analyst at SEB. "The Norwegian
survey shows CFOs remain willing to invest and employ more personnel
domestically, which must be regarded as positive".

Lending willingness among banks

According to the study, Swedish CFOs believe banks are less willing to lend,
although their Norwegian counterparts report no change during the last three
months. Only 52% of Swedish officers now rank banks' willingness to lend as
"good", compared to 75% in August. The corresponding Norwegian share is 65%,
compared to 67% in August.

This is the twenty-third publication of SEB's Financial Officers' Index Sweden
and the sixth publication of SEB's Financial Officers' Index Norway. The purpose
of this unique survey is to reflect changes of sentiment in the financial
environment and facilitate the understanding of economic and financial trends.
The survey comprises a total of 15 questions covering areas such as business
climate, strategic investments, employment, views on currencies and interest
rates, financial strength, and lending attitudes amongst financial institutions.
The full report (in Swedish and Norwegian) is available at
www.sebgroup.com/press.

 For further information, please contact   Press contact
 Disa Hammar, Credit Research              Elisabeth Lennhede
 Phone [phone]                    Phone [phone]
 [e-mail]                  [e-mail]

 For further information, please contact
 Henrik Blymke, Credit Research
 Phone [phone]
 [e-mail]

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