Merrill Lynch Banking & Insurance CEO Conference in London. 30 September 2009.

1. Annika Falkengren
President and CEO
Merrill Lynch
Banking & Insurance
CEO Conference
London
30 September
2009
1

2. The starting point: SEB has a strong competitive position
A long-term relationship bank
Strong income, focus on efficiency and balance sheet
Robust liquidity and capital position
Mitigating effects from the financial crises
Current status with a stable and diversified credit portfolio
Going forward
Economic outlook and the new financial landscape
2

3. SEB – A relationship bank
Strong customer base Product excellence
Large  #1 Cash management globally
companies  #1 Scandinavian currencies
globally
1,800
 #1Nordic stock broker
Financial  #1Nordic and Baltic investment
institutions bank
 #1 Custody Nordics and Baltics
700
 #2 Nordic asset management
SMEs  #1 SME offering Sweden
400,000
Private
individuals
5 million
3

4. A strong large corporate franchise
Nordic target market Strong growth in core markets
100 Income Nordic “top 50”
Core (public companies)
banking
relation-
ships +79%
%
Large
corporates
Nordics
+33%
Large
corporates
Sweden
-100
Perceived 0
quality* 100 H1 08 H1 09
2006 2008 2009 Sweden Other Nordic
* Relative to peer group
4

5. Rightly positioned to leverage
recovery of markets
Mutual Funds Net Sales Sweden Assets under Management
Cumulative Jan 2005 – Aug 2009, including PPM June 30, 2009, SEK bn
SEK m 1 478
Nordea
70,000
60,000 SEB
SEB 1 267
50,000 SHB
40,000 Robur
Sw edbank 743
30,000 Nordea
20,000
10,000 Danske Bank 617
0
-10,000 DnB NOR 595
-20,000
-30,000 Handelsbanken 224
Source: Morgan Stanley
Jan-05 Jan-06 Jan-07 Jan-08 Jan-09
SEB Market share Competitors
Market shares SEB Rank
Gross premium
Sweden* 26 1
income, unit-linked Denmark** 9 2
insurance
%, Q1 2009 Estonia 14 3
Latvia 14 3
* Q2 2009
** Full year 2008
Lithuania 28 1
5

6. Growing franchise of Swedish Retail
High customer interaction: 24h – 7 – 365d
No of corporate customers
Thousands
ROE
150
19% 145
140
135
130
Net credit loss 125
120
level 12 bps 115
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2007 2008 2009
6

7. The starting point: SEB has a strong competitive position
A long-term relationship bank
Strong income, focus on efficiency and balance sheet
Robust liquidity and capital position
Mitigating effects from the financial crises
Current status with a stable and diversified credit portfolio
Going forward
Economic outlook and the new financial landscape
7

8. Stability from a diversified platform
Share of pre-provision earnings* Jan – Jun 2009
Baltic Retail Wealth
countries Banking Management
Life
14% Nordics 4%
Germany 23% 9%
8% 26%
52% 64%
Sweden
* Adjusted for goodwill impairments Merchant
Geography – Adjusted for Other and SEK 1,3bn capital gain on repurchased bond
Banking
Divisions – Adjusted for Other
8

9. Resilient income generation
12-month rolling earnings generation excluding one-off effects
SEK bn
50
Operating income
40
30 Profit before credit losses
20 and goodwill
10
Operating profit
0
Q1 - Q2 Q3 Q4 Q1- Q2 Q3 Q4 Q1 - Q2 Q3 Q4 Q1 - Q2 Q3 Q4 Q1 - Q2
05 06 07 08 09
Diversified income generation
SEK m
Net interest income Non-interest income *
8,000
7,000
6,000
+21%*
5,000
4,000 H1 2009
3,000 vs. H1 2008
2,000
1,000
0
Q1Q2Q3Q4 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4 Q1Q2
-05 -06 -07 -08 -09 * Income adjusted for capital gains
9

10. Efficiency and productivity
Exploiting cost synergies from increased integration while developing continuous
productivity enhancements through SEB Way
FTE development Group Operations Cost/transaction
SEB Group, thousands 21.6 No. of transaction, millions -6% y-o-y
20.4 12
10
19.3 8
6
CEE 4
2
Non-CEE 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Dec 06 Jun 08 Jun 09 07 08 09
Efficiency and productivity gains offset inflation on a comparable basis
Total cost base reported
Excluding pensions, redundancies, CEE goodwill impairment and FX effect
30
28 Rolling 12 m
costs in Q2
26 2009
24 up SEK 0.3bn
22 or 6% vs. FY
20 2006
Q4 06 Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09
10

11. Financial strategy
Establish and maintain a strong capital and liquidity position
Core capital Long-term funding (>1 year)
SEK bn SEK bn
103.2
Other
13.9 117.3 Covered bonds
45.9
60.7 74.7
Hybrid
7.5
capital +36.2 89.3
52.4
48.7 41.8
"Book 53.1 71.4 17.5
equity " 40.2
31.2 32.9
7.1
Dec 2006 Jun 2009 H1 08 H2 08 H1 09 Q3 09
Core Tier
8.2% 1 ratio 11.3%
~15 months matched funding
11

12. The starting point: SEB has a strong competitive position
A long-term relationship bank
Strong income, focus on efficiency and balance sheet
Robust liquidity and capital position
Mitigating effects from the financial crises
Current status with a stable and diversified credit portfolio
Going forward
Economic outlook and the new financial landscape
12

13. The "perfect storm"
hts iss
ue scenario...
rig
From ch 2009
Mar
We prepared for “the worst”:
●Extreme stress scenario –
Scenario with simultaneous
severe recessions with
significant contraction in all
SEB’s geographic markets for
3 consecutive years
●Significant decline in pre-
provision earnings
●Significant increase in RWAs
from risk class migration
13

14. ...has not materialised
 Sweden, other Nordics and
Germany already turning the corner
with stable asset quality
 Limited impact from risk migration;
on the contrary RWA decline due to
lower demand for lending and
efficiency gains
 Flight to quality; SEB increased
share of wallet among large corps
and resilient life insurance
operations
14

15. SEB’s Baltic lending relative the market SEB
Per cent, Q2 2005 – Q2 2009 Lending total
SEB Lending
Estonia Latvia Lithuania
EURbn EURbn EURbn
40 40% 40 40% 40 40%
30 30% 30 30% 30 30%
20 20% 20 20% 20 20%
10 10% 10 10% 10 10%
0 0% 0 0% 0 0%
Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q2 - Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2
05 06 07 08 09 05 06 07 08 09 05 06 07 08 09
Excluding Leasing portfolio
Source: Central Banks and SEB
15

16. The Baltics: problematic, but contained
Actions Non performing loans
% of lending Portfolio assessed, past due > 60 days
 Gradual tightening of credit and Individually assessed
15%
portfolio policies requirements
since Q4 2005 10%
5%
 Accelerated collective 0%
provisions Lending
Estonia
45
Latvia
39
Lithuania
75
(SEK bn)
 Substantial work-out resources Provisioning to build-up Baltic reserves
SEK m Specific Collective
 Review of all loans >€1m 2,000
completed 65% collective
1,500
provisions
 Separate division 1,000
500
 Full goodwill write-off in CEE
0
Q1-08 Q2-08 Q3-08 Q4-08 Q1-09 Q2-09
16

17. Stable and well diversified credit portfolio
Credit portfolio Q2-09 Gross impaired loans* Q2-09
SEK 1,806bn Distribution of SEK 16,690m within SEB Group
Norway 7% Denmark 3%
85%
Finland 3%
Sweden Germany Baltic
48% 24% Germany
countries
Estonia 3%
Latvia 3% 34%
5% Other Lithuania 5% 10%
5% 49%
Impaired loans*- change Q2-09 vs. Q4-08
SEK m 10%
Sweden 7%
Denmark
Norway
Finland
Estonia
Sweden
Latvia Other
Lithuania
Germany
Other
-500 0 500 1,000 1,500 2,000 2,500 3,000
*Individually assessed
17

18. The starting point: SEB has a strong competitive position
A long-term relationship bank
Strong income, focus on efficiency and balance sheet
Robust liquidity and capital position
Mitigating effects from the financial crises
Current status with a stable and diversified credit portfolio
Going forward
Economic outlook and the new financial landscape
18

19. Sweden – Positioned for recovery
 Improved situation for manufacturing Household debt service burden
Percent of disposable income
 Low mortgage rates support 12
consumption, debt service burden 10
8
historically low
6
 GDP bounces back 4
2
 Riksbank starts to increase rates
0
spring 2010 1981 1985 1989 1993 1997 2001 2005 2009
GDP growth New export orders
Yearly growth, percent Manufacuring industry, net
OECD Sweden Orders Expected orders
8 80
6 60
4 40
2
20
0
-2
0
-4 -20
-6 -40
-8 -60
97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09
Source: SEB Nordic Outlook, 1 Sept 2009
19

20. Baltics – Stabilisation on a low level
 A broader recovery in 2011
 First signs of improved economic sentiment
 GDP deficits leaves the negative territory
 Wage cuts continue
Economic sentiment Current accounts
Index Percent of GDP
Euro-zone Estonia Latvia Lithuania Estonia Latvia Lithuania
140 5
0
120
-5
100 -10
80 -15
-20
60 -25
40 -30
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 01 02 03 04 05 06 07 08 09
Source: SEB Nordic Outlook, 1 Sept 2009
20

21. Multiple growth opportunities
Merchant Banking
Market penetration*
Penetration to date
Untapped potential
Bank relationship – Recognised
a closer tie product excellence
* indicative
Leading Nordic asset manager and bancassurance business!
21

22. The big unknown: A new financial landscape
– Still limited visibility and no level playing field
Capital requirements
Liquidity regimes
Regulatory environment
Government ownership
SEB has a strong balance sheet
15 months Liquidity Reserve
Tier 1 Loan/deposit
match reserves ratio 72%
13.1% ratio 154%
funding >10% assets
22

23.  SEB well positioned to support our customers and
seize growth opportunities on a selective basis
 Stabilising economy for 90 per cent of credit portfolio
 Full attention and actions on Baltic challenges
23

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