Deeds of Undertaking in relation to outstanding hybrid capital
SEK3,000,000,000 Subordinated Fixed Rate Reset 7 year Non-Call Capital Securities due 2077, SEK3,000,000,000 Subordinated Floating Rate 7 year Non-Call Capital Securities due 2077 and €1,000,000,000 Subordinated Fixed Rate Reset 12 year Non-Call Capital Securities due 2077 (ISINs XS1205625251, XS1205618470, and XS1205627547) (the “Capital Securities”) issued by Vattenfall AB (publ) (“Vattenfall”)On 27 October 2015, Standard & Poor’s Credit Market Services Europe Limited (“S&P”) revised the equity content it originally assigned to the outstanding Capital Securities of the Issuer from “