1. Investor
presentation
1

2. Outline
Overview of the SEB Group
Earnings
NFI and Bond portfolios
Asset quality
Baltics
Funding and capitalisation
The Swedish stability package
2

3. SEB’s market franchise
Customer segmentation, 2007 Customer survey
Distribution of income
100
100%
Important
relation-
80%
ships/
customers
%
60%
Large
Institutional
corporates
clients and
40% Sweden
banks –
Nordic region
20%
0%
0
DnB NORDanske Nordea SHB Swedbank SEB
Bank
100
Retail- Nordic Retail Germany
0
Retail-Baltic Retail GB/Ireland Difference from
Merchant B AM
100
the average, %
Life
3

4. …with a different income mix
0% 20% 40% 60% 80% 100%
Net interest
SEB
income
Net fee &
Swedbank
commissions
SHB Net financial
income
Nordea
Net life
insurance
income
DnB NOR
Net other
income
Danske Bank
4

5. SEB's franchise
Merchant Banking
● #1 Nordic stock broker
● #1 Nordic and Baltic investment bank
● #1 Nordic and Baltic cash manager
● #1 Custody Nordic and Baltic markets
● #1 Scandinavian currencies
Wealth Management
● #1 Nordic and Baltic private bank
● #2 Nordic asset manager
Life and pension
● #1 Nordic unit-linked business
Retail
● #2 Baltic region
5

6. Ratings of
Skandinaviska Enskilda Banken AB
Rating target set by SEB Board at AA
Moody’s S&P Fitch DBRS
Bank Senior Rating
Short Term P-1 A-1 F-1 R-1
(middle)
Long Term Aa2 A+ A+ AA (low)
Outlook Stable Negative Stable Stable
Last Action Outlook change Outlook change Outlook change Unaffected
rating
Date Sep-08 Oct-08 Jul-08 Jul-08
6

7. Outline
Overview of the SEB Group
Earnings
NFI and Bond portfolios
Asset quality
Baltics
Funding and capitalisation
The Swedish stability package
7

8. Highlights Q3 2008
Strong capital and liquidity SEK m
Income 8,705
Resilient underlying business
Expenses -5,970
– Robust customer franchise Operating result 2,010
– Strong volume growth Net result 1,514
– Strengthened market position
RoE, % 8.0
Negative financial effects due to
financial crisis C/I-ratio 0.69
Net credit loss level, % 0.27
Continued collective provisions
in the Baltic countries
8

9. Key figures
SEB Group
Change
Q3 Jan-Sep Q2 Q3 Jan-Sep
SEK m 2008 2008 2008 2007 2007
Operating income 8,705 27,910 -16% -8% -8%
Operating expenses -5,970 -18,442 -7% 7% 7%
Operating profit 2,010 7,927 -43% -46% -36%
Net profit 1,514 6,171 -46% -51% -38%
Return on Equity, % 8.0 10.9 -7.2 -9.3 -8.1
Cost / income ratio 0.69 0.66 0.07 0.10 0.09
Credit loss level, % 0.27 0.19 0.10 0.19 0.09
Basel II
Core capital ratio, % 8.1 8.1 -0.5 -0.2 -0.2
Risk-weighted assets, SEK bn 937 937 66 140 140
9

10. Resilient underlying business
SEK m
Financial crisis impacts profit… …but underlying income generation is stable
5 000
10,000
4 000
8,000
3 000
6,000
2 000 4,000
1 000 2,000
0
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2007 2008
2007 2008
Other income**
Lehman Brothers-related losses
Net fee and commission income
Portfolio losses Net interest income
Reported operating profit*
** Net financial income, Net insurance income and Other income
* Excluding sales of Baltic properties in Q4 2007 of SEK 785m
10

11. Net interest income
Group, SEK m Lending to the public
SEKbn Jan-Sep 08 +18% yoy
1,400
13,197
+14% 1,200
Total NII 1,000
11,623
800
11,911 600
+12%
Customer 400
10,676 Q1 Q2Q3 Q4Q1 Q2 Q3Q4Q1 Q2Q3Q4 Q1 Q2Q3
driven* 2005 2006 2007 2008
Deposits from the public
SEKbn Jan-Sep 08 +12% yoy
900
800
700
600
500
400
Q1 Q2Q3Q4Q1 Q2Q3 Q4Q1 Q2Q3Q4Q1 Q2Q3
2005 2006 2007 2008
Jan-Sep 07 Jan-Sep 08
* Volumes and margins on lending and deposits
11

12. Fee and commission income
Gross development Jan-Sep 2008 vs. Jan-Sep 2007, SEK m
Capital markets driven
Non-capital
Value driven –
market driven
performance
driven
+3%
Securities
-6%
transaction
5,376 5,557
driven 5,402
5,091
Deal
driven -14%
3,163
2,729
-35%
1,431
936 769
524
New issues & Secondary market Custody & mutual Payment, cards, Other
advisory & derivatives funds structured lending,
deposits,
Jan-Sep 07 Jan-Sep 08 guarantees
12

13. Cost development
Cost increase, +7% Cost management program 2007 – 2009
Jan – Sep 2008 vs. Jan – Sep 2007, SEK m
Target
Achieved
1,400
SEK -865m SEK 1.5
1,200
Other
– 2.0bn
1,000
Baltics
800
*
Acquisitions
600
Pension
400
cost
One IT
200
Roadmap 2007 2008 2009
*
0
13

14. Operating profit per division
Jan – Sep 2008 vs. Jan – Sep 2007 Excl.
SEK m portfolio
ROE
Change
losses
vs. Jan-Sep 2007 Jan-Sep 2008
Merchant
-21% (-11%) 15.6% (20.2%)
Banking
Retail Banking -19% 14.5%
Sweden: 3%
Germany: -41%
Wealth
-31% 19.8%
Estonia: -67%
Management Latvia: -58%
Lithuania: -11%
Cards: -7%
Jan-Sep 2008
-36% 13.3%
Life
Jan-Sep 2007
0 1,000 2,000 3,000 4,000 5,000 6,000 7,000
14

15. High business activity – Merchant Banking
FX profit growth driven by increased
Market Shares Nordic Stock Exchanges
focus on advisory services
Jan – Sep 2008
Index
180
SEB 9.2%
160
Glitnir 5.4%
140
Morgan Stanley 5.4%
120
SHB 5.3%
100
80
Carnegie 4.6%
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2006 2007 2008
Source: The Nordic Stock exchanges
”No. 1 Globally for Overall Customer Satisfaction in Cash Management”
”Best for Commercial Real Estate Banking in the Nordic and Baltic region”
15

16. High business activity – Retail Banking
Retail Sweden insurance sales Attractive deposit offerings
SEK m *
2007 2008
2 000
1 500
1 000
500
0
Retail Estonia new package offering
Jan Feb Mar Apr Maj Jun Jul Aug Sep
Packages sold since launch in May
Retail Sweden SME
35,000
Cash managementkunder (tusental)
New customers
30,000
90 account for 50 %
25,000
of sales.
80 20,000
+ 5 300
70 15,000
Income 10,000
60 +7%
growth 5,000
50 0
2005 2006 2007 2008 May Jun Jul Aug Sep Oct
*As of Oct 23
16

17. High business activity – long-term savings
Swedish mutual funds – Net inflows Life – Total sales
Jan-Sep, SEK bn SEK bn
5.9 13.3
12.0
12.0 11.9
10.7
10.7 9.7
-1.1
-7.3
-11.6
-17.0
Q1-07 Q2 Q3 Q4 Q1-08 Q2 Q3
Robur SHB Nordea SEB Others
Private Banking – Net sales
SEK bn
5.8 5.3
4.9
4.1
3.5
2.9 2.6
*
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2007 2008
*As of Oct 23
17

18. Outline
Overview of the SEB Group
Earnings
NFI and Bond portfolios
Asset quality
Baltics
Funding and capitalisation
The Swedish stability package
18

19. Net financial income
Group
SEK m
1,000
500
+ corp fin intäkter I
0
marknaden?
-500
FX Equities Capital CPM Other incl.
-1,000 Markets Treasury
Q3 07 Q2 08 Q3 08
Merchant Banking Investment portfolio
Structured
SEK m Q1 08 Q2 08 Q3 08
SEK credits
12bn
Financial P/L -872 -66 -348
SEK
institutions
SEK 63bn
Equity -1,630 -56 -2,134
55bn
Covered
-2,502 -122 -2,482
bonds etc
19

20. Bond investment portfolio – financial effects
30 September, 2008, SEK m
Structured credits Financial institutions
2007 Q1 08 Q2 08 Q3 08 Acc 2007 Q1 08 Q2 08 Q3 08 Acc
P/L -1,056 -794 -41 -400 -2,291 P/L -563 -78 -26 51 -616
Equity -72 -438 -52 -687 -1,249
-626 -990 -15 -1,107 -2,738
Equity
-635 -515 -78 -637 -1,864
-1,682 -1,784 -56 -1,507 -5,029
+ Covered bonds etc
accumulated -680
2007 Q1 08 Q2 08 Q3 08 Acc
MTM P/L -1,769 -872 -66 -348 -3,055
(SEK m) Equity -698 -4,518
-1,630 -56 -2,134
-2,467 -2,502 -122 -2,482 -7,573
20

21. Structured credits portfolio – rating
Rating Composition (S&P, Moody’s and Fitch)
Outstanding volumes , 30 September, 2008
Q4-07 Q1-08 Q2-08 Q3-08
100.00%
96.75%
90.00%
80.00%
70.00%
60.00%
50.00%
40.00%
30.00%
20.00%
10.00%
0.18% 0.02%
2.98% 0.07%
0.00%
AAA AA/A BBB BB/B CCC
21

22. Outline
Overview of the SEB Group
Earnings
NFI and Bond portfolios
Asset quality
Baltics
Funding and capitalisation
The Swedish stability package
22

23. Asset quality
Group credit exposure Impaired Loans Volumes
% of Credit Portfolio*
Total exposure = SEK 1,805bn
3% SEB Group Germany
Nordic Baltic
2%
1.5%
Nordics 1.4%
66% 1%
0.6%
0.2%
0%
Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep
'06 '06 '06 '06 '07 '07 '07 '07 '08 '08 '08
Germany
Estonia 1.31
24% Latvia 0.96
Net Credit Losses, Lithuania 0.43
% of lending Baltics 0.85
1.00
Lithuania Germany Baltics
0.80
5% Estonia Nordics SEB Group
Latvia 0.60
3%
2% 0.40
0.20
0.00
2006 2007 Q1 Q1-Q2 Q1-Q3
*Annualised figures 2008* 2008* 2008*
23

24. Credit exposure
On and off balance, SEK bn
Sep 2008 (Dec 2007) “Nordic” German Baltic Total
Corporates 533 (416) 99 (72) 88 (83) 720 (571)
Property
Management 119 (100) 98 (87) 28 (26) 245 (212)
Households 313 (292) 94 (87) 61 (55) 469 (434)
Public Administration 20 (18) 87 (66) 6 (3) 113 (88)
Total non-banks 986 (826) 377 (312) 183 (166) 1,547 (1,304)
Banks 204 (187) 52 (58) 2 (3) 258 (248)
Total 1,189 (1,013) 430 (369) 186 (169) 1,805 (1,552)
24

25. Corporate credit exposure – by industry
SEB Group, SEK bn
720
12%
19%
573
11%
463
458
10%
27%
18%
3%
Finance and insurance Wholesale and retail
Transportation Other service sectors
Dec Dec Dec Sep
Construction Manufacturing
2005 2006 2007 2008 Other
25

26. Property management – by geography*
SEB Group, SEK 229bn
Commercial Multi-family
3%1%
8%
245
6%
212
192 192 2%
86 42%
75 3%
81
91
159
137
111
101
35%
Sweden Germany Estonia
Dec 2005 Dec 2006 Dec 2007 Sep 2008 Latvia Lithuania Other Nordic
Other European Other
* By obligor’s domicile
26

27. Impaired Loan Volumes*
% of Credit Portfolio**
SEB Group Germany Nordic Baltic
2%
1.5%
1.4%
0.6%
0.2%
0%
Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep
'03 '04 '04 '04 '04 '05 '05 '05 '05 '06 '06 '06 '06 '07 '07 '07 '07 '08 '08 '08
* Impaired loans gross
* *Excluding Banks
27

28. Level of Net Credit Losses, %
Estonia 1.31
Latvia 0.96
Lithuania 0.43
Baltics 0.85
0.90
0.80
0.70
0.60
0.50
0.40
0.30
0.20
0.10
0.00
2003 2004 2005 2006 2007 Q1 Q1-Q2 Q1-Q3
2008* 2008* 2008*
Germany Baltics Nordics SEB Group
* Annualised
28

29. Outline
Overview of the SEB Group
Earnings
NFI and Bond portfolios
Asset quality
Baltics
Funding and capitalisation
The Swedish stability package
29

30. Status report – Baltic business
Provisioning to build up reserves
Impaired loans in SEB’s portfolio
SEK m
Per cent Specific Collective
Estonia Latvia Lithuania
2.0% 350
250
1.5%
150
1.0%
50
0.5%
-50
0.0%
Q4-07 Q1-08 Q2-08 Q3-08
Mar-07 Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 Sep-08
Net credit losses Profit before credit losses etc.
SEK m SEK m
Estonia Latvia Lithuania
Estonia Latvia Lithuania
4,000
4,000
3,000
3,000
2,000 2,000
1,000 1,000
0 0
2005 2006 2007 Jan-Sep 2005 2006 2007 Jan-Sep
2008 2008
30

31. Baltic countries – Credit exposure
On and of balance, SEK bn
SEB Estonia SEB Latvia SEB Lithuania
89
Total
76
Banks
26
56 22
52
50 Public
44 15
41
41 13 13 Administration
34
20
19 8
14 Households
14
14
10
8 8 6
5 45
8 4 39
34 Property
22 22 22
21
18
17 Management
Corporate
Dec Dec Sep '08 Dec Dec Sep '08 Dec Dec Sep '08
'06 '07 '06 '07 '06 '07
2006 2007 2008 YTD 2006 2007 2008 YTD 2006 2007 2008 YTD
+4%
+40% +18% +47% +30% +13%
+38% +17% +1%
Growth rates in local currency
31

32. Baltic countries
Impaired Loans and Reserves
September 2008, SEK m
SEB SEB SEB Total
Estonia Latvia Lithuania Baltic
Impaired loans, 1,019 694 1,037 2,750
gross
Specific reserves 294 80 401 775
Collective 482 384 311 1,177
Off balance 0 0 0 0
Impaired loans Q4 Q1 Q2 Q3
reserves
SEK m 2007 2008 2008 2008
Total reserves 776 464 713 1,952
Estonia 186 334 819 1 019
Reserve ratio 76.1% 66.8% 68.8% 71.0%
Corporate 47 132 570 657
Private 138 202 249 362
Latvia 218 301 444 694
Corporate 84 86 152 285
Private 134 216 292 410
Lithuania 573 682 819 1 037
Corporate 398 416 492 633
Private 176 266 327 404
32

33. Baltic countries – Net Credit Losses
Jan – Sep 2008, SEK m
Estonia Latvia Lithuania Total
Net Write-offs & Actual Losses 3 -11 -1 -9
Net New Specific Provisions -273 -58 -69 -400
Net New Collective Provisions -158 -187 -117 -462
Change in Value of Seized Assets -1 -1 -5 -7
Net Credit Losses -429 -257 -192 -878
33

34. Outline
Overview of the SEB Group
Earnings
NFI and Bond portfolios
Asset quality
Baltics
Funding and capitalisation
The Swedish stability package
34

35. Capital supporting customer
business
Tier 1 capital ratios Risk-weighted assets
Per cent SEK bn
11 Basel I Basel II
Basel II (no floors) 1200
Basel II (transition rules)
Basel I
10
900
9
600
8
300
7 Basel I Tier 1 target
0
6
Q1 Q2 Q3 Q4 Q1 Q2 Q3
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2007 2007 2007 2007 2008 2008 2008
2007 2007 2007 2007 2008 2008 2008
35

36. Capital adequacy
SEB Group
Core capital ratio, % Total capital ratio, %
Basel II
Basel I
11.5
11.0
10.8
10.5 9,3%
10.4
10.3
10.2
Basel I
8.6
8.2 8.1
8.0
7.9 7.8 7.5 7,3%
Dec Dec Dec Dec Dec Dec Sep
2002 2003 2004 2005 2006 2007 2008
SEK bn
Capital base 52.7 54.7 58.7 76.2 85.8 93.0 97.7
Basel I
Risk-w. Assets 503 535 570 704 741 842 937
1.045
36

37. Structural liquidity position
Balance sheet structure
Net liquidity position across maturities
SEK bn, 30 Sep
300
Cash &
Short-term funding
SEB is match- Interbank
interbank loans
250
Liquid assets
deposits
funded approx.
one year Bond portfolio
200
ST funding
<1 year
Other trading
150
LT funding
100 >1 year
50
“Banking book”
Stable funding
Lending
0
1 week
2 weeks
4 weeks
2 months
3 months
4 months
5 months
6 months
9 months
12 months
Deposits
from the
public
More than 12 months matched funding, i.e. based on no access to
Equity
capital markets, no refinancing of debt to credit institutions, issued
bonds or subordinated capital; and moderate reduction of
Assets Equity & Liabilities
business activities.
37

38. Funding structure
SEB Group, Sep 2008
SEK 1,702bn Schuldscheins and
Reg Bonds
CPs/CDs 3%
11% Mortgage Covered
Bonds Sweden
10%
Mortgage Covered
Bonds Germany
2%
Deposits - General
Public Covered
Public
Bonds Germany
42%
7%
Senior debt
2%
Deposits -
Subordinated debt
Interbank
3%
20%
* Over collateral within covered pools SEK 57bn
38

39. Outline
Overview of the SEB Group
Earnings
NFI and Bond portfolios
Asset quality
Baltics
Funding and capitalisation
The Swedish stability package
39

40. Unprecedented government and
central bank intervention Nordic central banks & governments:
● Extension of maturity and collateral for
borrowing. Strengthened deposit
Iceland
guarantees.
● Nationalisation of all three
● SE: SEK 1,500bn to guarantee mid-term
major banks.
funding up to 5 years and SEK 15bn
● $6bn rescue loan from IMF,
injected into new stability fund with mandate
Nordic and Japanese central
to recapitalise failing banks.
banks.
● DK: General guarantee on all senior
unsecured bank debt.
● NO: NOK 350bn government liquidity facility
against collateral in mortgage bonds.
● Government:
$700bn (TARP) to buy illiquid ● Government: ● Eurozone governments:
assets, whereof $250bn to £50bn to recapitalise banks, €150bn to recapitalise banks,
recapitalise banks. £350bn to guarantee funding. €920bn to guarantee funding.
● Fed: Extension of maturity and ● BoE: Extension of maturity and ● ECB: extension of maturity and
collateral, emergency support to collateral for borrowing. collateral for borrowing.
Bear Stearns, AIG.
● Nationalisation: Northern Rock, ● Nationalisation: Partly Fortis,
● Nationalisation: Fannie Mae, partly RBS, HBOS and Lloyds Dexia, capital injections in French
Freddie Mac and Washington TSB. banks, liquidity guarantee Hypo
Mutual. Real.
40

41. The Swedish measures
The Guarantee program
The Swedish situation
● SEK 1,500bn to support medium-term bank funding
● The Riksbank (central bank) deem the
stability in the Swedish financial system ● Cover Swedish banks & mortgage companies
as satisfactory.
● Possibility to refinance funding with
● Finansinspektionen (FSA) deem the state guarantee to a risk based fee
Swedish banks as solvent. The capital
● Require Tier 1 of ≥6% to utilize guarantee
adequacy requirements are met with a
broad margin. ● Handled by National Debt Office (Riksgälden)
The framework The Stability fund
● Based on an EU agreement ● Will amount to an average of 2,5 per cent of GDP
● Install a guarantee program in 2023, ~SEK 150bn
● Setting up a stability fund ● The government will insert SEK 15bn
● The government has a broad
● The existing deposit guarantee fund of SEK 18bn
mandate to decide on further
is moved into the stability fund
measures if deemed necessary
● Capital injections is primarily ● The rest, ~ SEK 117bn or ~SEK 2,6bn / annually
given through preference will be paid by the financial system on a risk
shares issuance adjusted fee basis as well as through the
guarantee program fee and the ongoing deposit
● The government has the right to
guarantee fee.
compulsory redemption of shares
to market price under certain ● Stability fund fee payments will start when the
circumstances financial turmoil has calmed down
41

42. Stability fund functionality
PAYMENTS IN PAYMENTS OUT
Deposit guarantee errands
Deposit guarantee fees
Max SEK 0,5m/person/bank
Guarantee - and
Redeemed guarantees
stability fees 2023
2,5% of GDP
Interest/redemptions Capital injection to
~ SEK 150bn banks in crisis
Deposit guarantee
Supplied funds
fund SEK 18bn*
l% of GDP SEK 33bn
The State SEK 15bn*
* One-Time
STABILITY FUND
contribution
42

43. Global downturn, and…
● Strong capital and
good liquidity
● Robust customer
business
● Intensified advisory
services
… financial turmoil has
turned a corner ● Lower absolute costs
43

44. 44