1

Result presentation

January –

September

2009

Annika FalkengrenPresident and CEO

1

2

Two years of financial turbulence

Strong support from low interest rate environment and governmental actions

iBoxx

Banks 5y Cash Index ASW Spread**

0

50

100

150

200

250

300

Jan-08

Apr-08

Jul-08

Oct-08

Jan-09

Apr-09

Jul-09

Oct-09

TED spread*

0.0

0.5

1.0

1.5

2.0

2.5

Jan-07

Apr-07

Jul-07

Oct-07

Jan-08

Apr-08

Jul-08

Oct-08

Jan-09

Apr-09

Jul-09

Oct-09

* The difference between the interest rates on inter bank loans and short-term Swedish government debt**ASW= Asset swap spread, representing the incremental risk of bonds issued by banks over the inter bank credit risk

2

3

SEB adapted and acted proactively

Safety measures–

Added SEK >150bn of long-term funds–

Tier 1 capital ratio 13.5% (8.1)–

Stable reserve ratio >70%

Customer support–

Close dialogue with customers–

Lending peak in Q1 2009; gradually reduced in line with the economy

–

Strengthened market position in Private Banking, Life, Corporate Banking, Trading...

–

#1 Swedish syndications–

Consistent market making

12-month achievements

3

4

Rock solid balance sheet

Financial Times

0

2

4

6

8

10

12

14

16

18

Q1-08

Q2-08

Q3-08

Q4-08

Q1-09

Q2-09

Q3-09Q2 09 Q3 09

11.8

Core Tier I capital ratio

11.3

SEB’s matched funding horizonMonths

4

5

Operating profit (SEK bn)

Continued high customer activity levels support underlying earnings generation

-6-5-4-3-2-101234567

Q107 Q2 Q3 Q4

Q108 Q2 Q3 Q4

Q109 Q2 Q3

Bond repurchase gain

Profit before gains, goodwill impairment andcredit losses

Strong underlying business–

SEK 3.7bn before provisions for credit losses

–

SEK 620m cost of further strengthening the balance sheet

–

Seasonality and normalising markets

Reduced cost level–

-4% on a comparable basis YoY–

Reduction of 1,219 FTEs since Dec

Highlights Q3 2009

5

6

Stabilising provisions

-6-5-4-3-2-101234567

Q107 Q2 Q3 Q4

Q108 Q2 Q3 Q4

Q109 Q2 Q3

Bond repurchase gainProfit before gains and credit lossesGoodwill impairmentProvisions

4.2

4.6

3.7

4.6

2.4

3.5

2.5

4.0

1.8

0.6

0.4

Operating profit (SEK bn)

Strong underlying business–

SEK 3.7bn before provisions for credit losses

–

SEK 620m cost of further strengthening the balance sheet

–

Seasonality and normalising markets

Reduced cost level–

-4% on a comparable basis YoY–

Reduction of 1,219 FTEs since Dec

Stabilisation of problem loans

–

Provisions: SEK 3.3bn

–

Reduced NPL formation rate

–

Stable reserve ratio

Highlights Q3 2009

6

7

Avg Q2005

Avg Q2006

Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09

NII Non-NII

Operating incomeSEK bn

Continued high operating income Best Q3 ever

* Adjusted for capital gains

10.2 10.79.5 10.0 10.4

9.2

12.711.4 11.9

9.78.88.6

9.6

7

+16%YTD

8

4,519

5,370

4,343 4,039

Q2-09 Q3-09

Net interest income

Extended funding duration SEK -400m

Normalised

spread levels in bond investment portfolio SEK -350m

Lower short-term rates SEK -300m

Limited volume contribution

Key Drivers in Q3

* volumes and margins on lending and deposits

Net interest incomeSEB Group, SEK m

Customer driven*

-16%

-7%

8

Q3-16%

9

Net interest income normalising

Gradually increased contribution from lending repricing

but weak demand for new lending: SEK +800m

Deposit margins significantly lower and limited impact from new volumes: SEK -1,000m

0

1,000

2,000

3,000

4,000

5,000

6,000

Q107

Q207

Q307

Q407

Q108

Q208

Q308

Q408

Q109

Q209

Q309

Lending Deposits

Net interest income, SEK mKey Drivers vs. Q3 2008

9

YTD+20%

10

Net interest income normalising

Gradually increased contribution from lending repricing

but weak demand for new lending: SEK +800m

Deposit margins significantly lower and limited impact from new volumes: SEK -1,000m

Back to “normal”

Net interest income, SEK mKey Drivers vs. Q3 2008

0

1,000

2,000

3,000

4,000

5,000

6,000

Q107

Q207

Q307

Q407

Q108

Q208

Q308

Q408

Q109

Q209

Q309

Lending Deposits Other

10

YTD+20%

11

Net commission income

Gross fee and commission Q1 07–Q3 09

0

500

1,000

1,500

2,000

2,500

New issues &advisory

Secondarymarket &derivatives

Custody &mutual funds

Payment,cards,

structuredlending,

deposits,guarantees

Turnover Card(SEK bn)

* Rank based on completed deals. All Nordic involvement. Source:

Thomson Financial

50

55

60

65

70

Q12007

Q2 Q3 Q4 Q12008

Q2 Q3 Q4 Q12009

Q2 Q3

Best Corporate Finance house in Nordic region

#1

Best Corporate Finance house in Nordic region*

11

SEK m

YTD-8%

12

2,150 1,650 2,600 3,600 4,100 4,850 4,300

2003 2004 2005 2006 2007 2008 2009YTD

NFI Other income lines

Net financial income TCM, excluding CPM Portfolio, SEK m

0

4

8

12

16

20

Q1 2007 Q3 2007 Q1 2008 Q3 2008 Q1 2009 Q3 2009406080

100120140160

2005 2006 2007 2008 2009 2010

EUR/SEK 365-day volatility (%) Equities volumes (index 2005)

3,950 3,7505,100

6,2006,950 6,650

7,600

12

YTD+185%

13

Net life income

Net life insurance incomeSEK m

Q1 07 Q2 Q3 Q4 Q1 08 Q2 Q3 Q4 Q1 09 Q2 Q3

Income excl. guarantees Nya Liv Potential guarantees Nya Liv

27% 36%

% equity allocation

Net assets Unit LinkNet assets Unit LinkChanging mix Growing volumesAuM

Unit Link, SEK bn

145134116115121125 126

Q1 08 Q2 Q3 Q4 Q1 09 Q2 Q3

743 642 782 766 713 642 504516 862 946 857

13

YTD+43%

14

Cost mgmt programme

Net salariesetc.

Redundan- cies

Pensions FXtranslation

Goodwillimpairment

Decreasing operating expenses on comparable basis

17,702 19,385

Change Jan-Sep

2009 vs. Jan-Sep

2008

18,442

YTD Q3 2008

SEK m

YTD Q3 2009

22,271

“Business related” “Market related”

- 4%

-581-121 -38

5961,087

2,886

Accumulated since start of programme

SEK 1,610m

FTE development since year end

Group: -1,219Net

500: -490

14

Decreasing underlying cost base

15

Retail Loans to the Public

+SEK 25bn (+8%)

SEB in SwedenNew Micro companies

4,000

New SME customers

4,500Private Banking

YTD Net sales: SEK

10.6bnNew clients:

321

Corporate Finance

#1 ProsperaLife sales volume

SEK 27bn

Corporate bond

issuance#1

Telephone bank customer

interactions

500,000 Q3

Swedish ECM

#1

15

16

Build-up of provisions

Realizing losses

Past due > 30 days +2%*

Past dues > 60 days: +5%*

Flow of new problem loans slowing

Initially collective reserves

Identified specific provisions

Realizing losses against provisions

Matching the cycles

XY

X=Y

* In local currencies, Q3 vs

Q2, 2009

2008 2009 2010 2011 ?

16

Baltic provisions –

stabilising

NPL

High risk loans

Non-performing loans

Write-offs

Past dues

17

Leasing Real estate Holding Companies Residential mortgages

●

Total lending SEK 19bn●

Multiple distribution channels

●

Sales > inflow

●

Total lending SEK 27bn●

Established valuation methodology

●

Real estate expertise

●

Total lending SEK 50bn●

Constructive dialogue with customers

Leasing

260 staff

are dealing

with work-outs

in the Group full-time

17

Proactive Baltic work-out process

18

0

5,000

10,000

15,000

20,000

Q1-08 Q2-08 Q3-08 Q4-08 Q1-09 Q2-09 Q3-09

Individually assessed Portfolio assessed

Development of Baltic non-performing

loansQuarterly growth rate

Outstanding volumes SEK m

0%

50%

100%

150%

Q3-09Q2-09Q1-09Q4-08Q3-08Q2-08Q1-08

Individually assessed Portfolio assessed

18

19

0

500

1,000

1,500

2,000

Q1-08 Q2-08 Q3-08 Q4-08 Q1-09 Q2-09 Q3-09

Specific Collective Write-offs

Increased visibility –

more specific provisions

Provisioning to build-up Baltic reservesSEK m

65% collective provisions

73% specific provisions

19

180

5,000

10,000

15,000

20,000

Q1-08 Q2-08 Q3-08 Q4-08 Q1-09 Q2-09 Q3-09

Individually assessedPortfolio assessed

Development of Baltic non-performing loans

Quarterly growth rate

Outstanding volumes

SEK m

0%50%

100%150% Q3-09

Q2-09Q1-09

Q4-08Q3-08

Q2-08Q1-08

Individually assessedPortfolio assessed

18

20

Non-performing loans

Development of non-performing loans

Q2 Q3 Q2 Q3 Q2 Q3 Q2 Q3

Portfolio assessed Individually assessedSEK m

Estonia Latvia Lithuania Ukraine

1,097 1,0911,303 1,432

2,032 1,990

1,859 2,767

1,222 1,285

4,8946,472

0 525503 232

10.8%of lending

12.7%of lending5.8%

of lending30.8%

of lending

20

21

Development of non-performing loans

Non-performing loans

Q2 Q3 Q2 Q3 Q2 Q3 Q2 Q3

Portfolio assessed Individually assessedSEK m

Nordic Germany Baltics Ukraine & Russia

1,881 1,904

2,509 2,304

161 144

5,539 5,0584,351 4,367

8,056 10,671

0 525586 336

9.9%of lending

1.4%of lending0.4%

of lending19.3%

of lending

21

22

Well

prepared

for new regulations

Tier 1 13.5%

15 months matched funding

Liquidity reserves

>10% assets

Leverage ratio 5.3%

(FDIC)

Reserve ratio 72%

SEB has a strong balance sheet

22

23

Q1 2009

Normalisation

after the financial crisisSigns of stabilisation

in the Baltic countries

SEB has strengthened its financial positionPrompt addressing of problem credits

Continued pro-active customer support

23

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