1

2 April 2009

Jan Erik Back

Morgan Stanley European Financials

Conference

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This presentation does not constitute an offer for sale of securities of Skandinaviska Enskilda Banken AB (publ) (the “Company”) in the United States, Canada, Australia or Japan or other jurisdiction in which the distribution or release would be unlawful. Such securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration thereunder. No communication or information related to the capital increase of the Company with preferential subscription rights (“Rights”) for the Company shares (“Shares”) referred to herein may be disseminated to the public in jurisdictions other than Sweden (and any other jurisdiction into which the offering of such Rights is passported) where prior registration or approval is required for that purpose. No steps have been taken or will be taken relating to the offering of Rights or Shares outside of Sweden (and any other jurisdiction into which the offering of such Rights is passported) in any jurisdiction in which such steps would be required.The issue, exercise or sale of Rights and the subscription or purchase of Shares or Rights are subject to specific legal or regulatory restrictions in certain jurisdictions. The Company assumes no responsibility in the event there is a violation by any person of such restrictions.This document does not constitute an offering circular or prospectus in connection with an offering of securities of the Company. Investors must neither accept any offer for, nor acquire, any securities to which this document refers, unless they do so on the basis of the information contained in the applicable prospectus published or offering circular distributed by the Company. This document does not constitute an offer to sell, or the solicitation of an offer to buy or subscribe for, any securities and cannot be relied on for any investment contract or decision.This document has not been approved by any regulatory authority. This document is an advertisement and not a prospectus and investors should not subscribe for or purchase any securities referred to in this document except on the basis of information provided in the prospectus to be published by the Company on its website in due course.

Forward-Looking StatementsThis document and any other materials distributed in connection with this document may contain certain forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they reflect the Company’s current expectations and assumptions as to future events and circumstances that may not prove accurate. A number of material factors could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.

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Capital measures of SEK 19.5bnTier 1 capital ratio increases to 12.1 % (pro forma)

Strategy overviewLong- and short-term implications

Asset qualityStable and diversified credit portfolio

4

A diversified platformOperating profit before credit losses, Jan – Dec 2008

Geography – Adjusted for OtherDivisions – Adjusted for OtherSweden – adjusted for centralisation of investment portfolio

4%

5%

9%

6%

6%

5%

56%

9%

35%

6%11%

48%

Retail Banking

Wealth Management

Life Merchant Banking

Germany Sweden

Lithuania

Latvia

Estonia

Norway

Finland

Denmark

5

SEB – A relationship bank

Cash management globallyScandinavian currencies globallyNordic stock brokerNordic and Baltic investment bankCustody Nordics and BalticsNordic asset managementSMEs Sweden

Strong customer base Product excellence

700

400,000

5 million

1,800

Large companies

Financial institutions

SMEs

Private individuals

5

6

Continued focus on productivity Example: Group OperationsTransactions, millions

Group Operations 2008 vs. 2007

SEB Way freed up time 2006-2008 (FTEs)

0

2

4

6

8

10

12

Q107

Q2 Q3 Q4 Q108

Q2 Q3 Q4

Increased # transactions +1.5m

Transactions/FTE +11%

Cost/transaction -10%

0

200

400

600

800

1,000

1,200

1,400

1,600

Q106

Q2 Q3 Q4 Q107

Q2 Q3 Q4 Q108

Q2 Q3 Q40%

1%

2%

3%

4%

5%

6%

7%

Cumulative free-up FTEs (LHS)Freed-up FTEs (annualised run-rate) in % of total (RHS)

7

Strategic goals

The leading bank in Northern Europe

Customer satisfaction: No 1 in chosenmarkets

Sustainable profit growth

Highest Return on Equity AA-rating

Grow revenues with existing customers through high interaction and increased share of wallet

Cost management

Risk management - Credit quality and work-out activities

Maintain a strong capital and liquidity position

Long-term

Long

-term

Shor

t-to

med

ium

-term

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Increased focus on areas of strengthExamples

Other43%

Nordea9%

Swedbank15%

SEB15%

Skandia10%

Handelsbanken8%

Swedish savings marketQ3 2008, market shares

SEB Savings barometer, Q3 2008

3.9%

4.3%

5.2%

5.4%

9.2%

Source: The Nordic stock exchanges

Corporate credit exposure 2008 Total exposure = SEK 782bn

Baltic companies

12%

Large companies

76 %

Other companies

6%Swedish SMEs

6%

Nordic stock exchangesMarket shares, turnover 2008

8

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Capital measures of SEK 19.5bnTier 1 capital ratio increases to 12.1 % (pro forma)

Asset qualityStable and diversified credit portfolio

Strategy overviewLong- and short-term implications

1010

Recent measures taken to maintain a strong capital positionCapital measures of SEK 19.5 bn

The capital increase isachieved through:1. A fully committed and underwritten

rights issue of SEK 15 bn of A-shares2. No dividend payments for 2008

● 2008 YE pro forma Tier 1 Capital Ratio of 12.1% (Basel II without transition floor)

● New long-term Tier 1 Capital Ratio target of 10%

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Trading Performance Since Announcement Key Themes

Source: Bloomberg as of 30-Mar-2009Note: Nordic Banks Composite consists of Swedbank, Nordea, Danske Bank, DNB Nor and SHB

60%

70%

80%

90%

100%

110%

120%

130%

140%

150%

4-Feb

10-Feb

16-Feb

22-Feb

28-Feb

6-Mar

12-Mar

18-Mar

24-Mar

30-Mar

Inde

xed

Pric

e

SEB Euro Stoxx Banks Nordic Banks Composite OMX

28.0%

(12.4%)

0.9%(1.8%)

● Strong primary take-up – 98.6%

● Secondary rights oversubscription

● Broad Institutional Support

● Very significant retail participation

● Pronounced outperformance vs the market and peers since announcement

● 28% gain from SEK19.76 to SEK25.3

● Strong liquidity in shares and rights even as markets broke through 6 year lows over the process

Strong Outperformance

A very successful rights issue

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SEB FY’08 Tier 1 ratio vs. peers

12.111.5

10.810.710.7

10.19.99.89.89.79.6

9.49.39.39.29.1

8.88.5

7.97.9

6.96.5

13.3SEB Post-Cap Measures

SEB Pre-Cap Measures

SEB FY’08 Core Tier 1 ratio vs. peers

9.99.3

9.19.0

8.68.48.3

8.08.0

7.87.37.37.37.2

7.06.76.7

6.46.26.2

5.75.5

10.4SEB Post-Cap Measures

SEB Pre-Cap Measures

(1)

Rights issue positions SEB in the top quartile of capital ratios among European and Nordic peersSEB's leverage ratio (FDIC rules) 3,74%

(1)

Ratios are based on latest available company reports (presented on Basel II basis and, where available, without transitional floors) and adjusted pro forma for announced dividend cuts, capital injections, mergers and acquisitions. Peers include the top 20 Western European banks by market cap and the six largest Nordic banks by market cap as at 03/03/2009.Notes:(1) Pro forma for capital injection (2) Pro forma for acquisition (3) As of 30/06/2008 (4) As of 30/09/2009 (5) Based on Tier 1 capital of SEK82,463 M as of 31/12/08, less SEK4,500 M of dividend cancelled pursuant to capital measures announced by SEB, less reduction in Tier 1 capital contribution of SEK786 M from perpetual subordinated debts as a result of the decreased share capital level, divided by total risk-weighted assets of SEK 817,788 M (6) Based on Tier 1 capital of SEK98,666 M, as adjusted for the amount of net proceeds of the rights issue, divided by total risk-weighted assets of SEK 817,788 M (7) Tier 1 capital per footnote (5) less Tier 1 capital contributionof SEK 12,371M, divided by risk-weighted assets of SEK 817,788M (8) Tier 1 capital per footnote (6) less Tier 1 capital contribution of SEK 13,974M, divided by risk-weighted assets of SEK 817,788M.

(1)

(1)

(2)

(1)

(1)

(4)

(4)

(3)

(3)

(1)

(1)

(1)

(2)

(4)

(4)

(1)

(1)

(1)

(5)

(6)

(7)

(8)

Nordic banks Other Western European Banks

Addresses market expectations of higherlevels of capital

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The global credit crisis, recession and unprecedented market volatility have put significant strain on the banking sector

Capital measures create a substantial buffer of true loss absorbing capital

Enables SEB to create value and withstand a very significant deterioration in macroeconomic conditions

77.2

98.7

Tier I capital 31 Dec 2008 before capital measures (2)

Tier I capital 31 Dec 2008 pro

forma after capital measures

60.6

Tier I capital 31 Dec 2006

Provides a substantial capital buffer

Note1. Numbers in SEK Bn2. Calculated based on Tier 1 capital of SEK82,463 M as of 31/12/08, less SEK4,500 M of 2008 dividend cancelled pursuant to capital measures announced by SEB, less reduction in Tier 1 capital

Further enhances capital measures in response to the changing environment

contribution of SEK786 M from perpetual subordinated debts as a result of the decreased share capital level

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Capital measures of SEK 19.5bnTier 1 capital ratio increases to 12.1 % (pro forma)

Asset qualityStable and diversified credit portfolio

Strategy overviewLong- and short-term implications

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Sweden50%

Lithuania 5%Latvia 3%

Estonia 3%

Germany25%

Property mgmt14%

Banks15%

Households25%Corporates

40%

Public administration

6%

Norway 6%

Other 5%

Denmark 2%Finland 2%

Credit portfolio, SEK 1.9 trillion as of 31/12/2008

SEB has a stable and diversified credit portfolio1

85% of total credit exposure is in Nordics and Germany and only 10% in Baltics Credit portfolio is well diversified across types of borrowersCorporate portfolio has a pre-dominance of large corporate clients

NoteThe chart above show the distribution by industry and location of SEB’s credit portfolio as of 31/12/08, which does not include SEB’s fixed-income investment portfolio.

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Note1. As of 31/12/20082. Approximate relation to rating agency scales

Total credit portfolio excl. Households (%) (SEK 1,449bn)

Of which, Corporates (%)(SEK 782bn)

Swedish Households (%)(SEK 269bn)

Risk Class

S&P

39.4

18.9

35.0

4.1 2.5

'1 - 4 '5 - 7 '8 - 10 '11 - 12 '13 - 16AAA/A- BBB BB B+/B B-/D

Risk Class

S&P

20.3 26.045.3

5.6 2.9

'1 - 4 '5 - 7 '8 - 10 '11 - 12 '13 - 16AAA/A- BBB BB B+/B B-/D

7.5 6.08.9

0.9 0.3 0.3

30.743.8

1.6

0 - 0.2 0.2 - 0.4 0.4 - 0.6 0.6 - 1.0 1.0 - 5.0 5.0 - 10.0 10.0 - 30.0 30.0 - 50.0 50.0 - 100.0PD (%)

Investment grade Watchlist

Highly rated credit portfolio2

High grade lending with investment grade in total portfolio ex. households accounting for 58%Similarly, 82% of Swedish household lending is investment gradeWatchlist is only 2.5% of portfolio ex. households and 1.5% of household portfolio

(1) (1)

(1)

(2) (2)

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● Average year-end 2007

● Net negative risk migration

● Effect from new volumes

● Average year-end 2008

Loan book quality improved despite challenging environment3

6.95

+0.15

-0.30

6.81

SEB Group Average risk class(Excl households and banks)

In 2008, ratings migration of non-retail exposure is estimated to have increased RWA net by SEK 23bn, 2.8%.

Average risk class of corporate book improved in 2008Limited impact of risk class migration New lending to high grade customers more than offset risk class migration in 2008

0.4% 0.3% 1.4% 1.1%4.9%

90.4%

1.1% 0.1% 0.0% 0.0% 0.2%0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

>-4 -4 -3 -2 -1 0 1 2 3 4 >+4

# of internal risk class rating notches up- or down-rated

Down-Rated Up-Rated

Corporate risk class migration during Q4 2008*

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Asset quality deterioration driven by Baltics4

Impaired loan volumes*% of Credit Exposure**

Impaired loans as % of Credit Portfolio

0.75 0.69 0.65 0.64 0.64 0.650.84

0.65

Q12007

Q2 Q3 Q4 Q12008

Q2 Q3 Q4

Credit losses ex-Baltics largely in line with Management expectations, sharp rise in net credit losses in Baltics in Q4 2008Ex-Baltics reserve ratio at 73%

Impaired Loans by Credit Portfolio, %

Impaired Loans/ Credit Portfolio Reserve Ratio

Ex-Baltics 0.6%

2.8%

0.8%

73%

Baltics 56%

Total 66%

(1)

Note1. Calculated by dividing impaired loans (before netting off loan loss reserves) by credit portfolio, credit portfolio is after excluding exposure to banks and does not include fixed-income investment portfolio. 2008 ratio of 0.84% calculated by

dividing impaired loans of SEK13,911M by credit portfolio of SEK 1,649Bn, net of credit exposure to banks of SEK 286Bn.

* Impaired loans gross **Excluding Banks

(1)

0.8%

1.4%

0.3%

2.8%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

Dec '03 Dec '04 Dec '05 Dec '06 Dec '07 Dec '08

SEB Group GermanyNordic Baltic

19

131

168202

2006 2007 2008Estonia Latvia Lithuania

31% 30% 28%26% 25% 25%43%

45%47%

Credit Exposure growth rate in local currency

Baltics: Proactively managing growth and focusing on key risk areas5

More limited organic growth in 2008 in local currency termsKey credit issues centered around Property Management and certain Corporate segments

Credit Exposure, SEK bn

Estonia 17% -2%

Latvia18% 5%

Lithuania30% 8%

2007 2008

Increased capitalisation

Tightening of credit policy

ROE priority > volume

Re-allocation of resources

Work-out units

High Risk Committees

Baltic SPVs

Dialogue with authorities

2008

Measures taken

2006 …… ……

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Strengthen existing client relationshipsContinued focus on cost efficiency

Maintain sound risk management as well as strong capitalisation and liquidity levels

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