1. Anders Kvist
Head of Group Treasury
Debt Investor
Presentation
March 2009

2. 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 Statements
This 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.
2

3. Overview of the SEB Group
3

4. SEB – the key to
North-European markets
SEB has…
an attractive platform
high customer satisfaction
resilient income generation
several leading positions
...a strong customer base
2,500 large companies and
financial institutions customers
400,000 SME customers
5 million private customers
4

5. A diversified platform
Operating profit before credit losses, Jan – Dec 2008
Wealth
Sweden Life Merchant
Germany
Management
Banking
6%
9%
Lithuania 11%
6%
Latvia
5%
Estonia 6%
35%
56%
4%
Finland 48%
5%
Denmark
9%
Norway
Retail
Banking
Geography – Adjusted for Other
Divisions – Adjusted for Other
Sweden – adjusted for centralisation of investment portfolio
5

6. Capital adequacy
SEB Group
Basel II
Total capital ratio, %
(without transition rules)
Tier I capital ratio, % 14.6 *
Basel I
12.6 12.8 9,3%
11.5
10.8
10.5 10.3
10.2
12.1
Basel I
10.1
9.9
8.2 7,3%
7.9 8.0 7.8 7.5
Dec Dec Dec Dec Dec Dec Dec Dec
SEK bn 2002 2003 2004 2005 2006 2007 2008 2008
Basel I
Capital base 52.7 54.7 58.7 76.2 85.8 93.0 100.3 121.0
1,127
Risk-w. Assets 503 535 570 704 741 737 818 818
* Proforma after
capital measures
6

7. Ratings of
Skandinaviska Enskilda Banken AB
Rating target set by SEB's board of directors 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 Negative Negative Stable Stable
Last Action Outlook change Outlook change Outlook change Unaffected
rating
Date Dec-08 Mar-09 Jul-08 Jul-08
7

8. Capital Raising
8

9. Announced capital measures
of SEK 19.5 bn
The capital increase will be ● 2008 YE pro forma Tier 1
achieved through: Capital Ratio of 12.1% (Basel
1. A fully committed and underwritten II without transition floor)
rights issue of SEK 15 bn of A-shares
● New long-term Tier 1 Capital
2. No dividend payments for 2008
target of 10%
9

10. Background and rationale
Addresses market expectations of higher levels of
1 capital in the banking sector
Further enhances capital ratios in response to the
2 changing environment
- provides a substantial capital buffer
Enhances SEB’s ability to be a strong business partner
3
for its customers
10

11. 1 Addresses market expectations of higher levels of capital
Rights issue positions SEB in the top quartile of capital ratios among European and Nordic
peers
SEB is acting pro-actively in addressing any concerns surrounding its capital position
SEB FY’08 Tier 1 ratio vs. peers SEB FY’08 Core Tier 1 ratio vs. peers
SEB Post-Cap Measures (8)
13.3 10.4
(6)
12.1 9.9
SEB Post-Cap Measures (1)
11.5 9.3
9.1
10.8
(1) (1)
9.0
10.7
(1)
10.7 8.6
10.1 8.4
9.9 8.3
(1) (1)
9.8 SEB Pre-Cap Measures(7) 8.0
(1)
9.8 8.0
(2)
9.7 7.8
(1)
7.3
9.6 (3)
(5)
7.3
9.4
SEB Pre-Cap Measures
7.3
9.3
(1)
7.2
9.3
7.0
9.2 (1)
6.7
9.1 (1)
8.8 6.7
(1)
8.5 6.4
(3) (2)
6.2
7.9
6.2
7.9 (4)
5.7
6.9
(4) (4)
5.5
6.5
(4)
Other Western European Banks
Nordic banks
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 contribution
of 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.
11

12. 1 Addresses market expectations of higher levels of capital
Rights issue significantly improves leverage ratios
SEB’s lending to the public only constitutes half of the balance sheet *
(9)
SEB FY’08 Tier 1 capital / total assets vs. peers SEB FY’08 tangible equity / tangible assets vs. peers
4.7
4.4
(1)
4.3
4.4
(2) (4)
4.0
4.4
3.7
4.4 (1)
(3)
3.7
4.3
3.6
4.3 (3)
3.6
4.1 (1)
3.4
4.1
(6)
3.2
3.9
SEB Post-Cap Measures
3.2
3.8
(1) (1)
3.2
3.6 (4)
(1)
(8)
3.1
SEB Post-Cap Measures
3.4
2.9
(5)
3.1
SEB Pre-Cap Measures (1)
SEB Pre-Cap Measures(7) 2.6
2.9
2.3
2.8
(1) (1)
2.2
2.6
(1)
2.2
2.5 (1)
* The other half of balance
2.1
2.4
(1)
sheet consists inter alia of
1.8
2.0 insurance assets and liabilities (1)
(1)
on behalf of policy holders, 1.7
2.0
(1)
covered bond funding with
1.7
1.9 (1)
assets maintained on the
1.5
1.7 balance sheet and derivatives.
1.0
1.4
Other Western European Banks
Nordic banks
Ratios are based on latest available company reports (intangible assets from most recent disclosure provided) 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 acquisition (2) Pro forma for capital injection (3) As of 30/06/2008 (4) As of 30/09/2008 (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 assets of SEK 2,510,702 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 assets of SEK 2,525,302M,
adjusted for SEK14,600M net proceeds of rights issue (7) Tangible equity based on total equity of SEK83,729M less intangible assets of SEK 19,395M, and tangible assets based on total assets of
SEK2,510,702 less intangble assets of SEK19,395M (8) Based on tangible equity and tangible assets per footnote (7) adjusted for SEK14,600M of net proceeds of rights issue (9) Tangible equity is
calculated as total shareholders’ equity plus minority interest less intangible assets, and tangible assets are calculated as total assets less intangible assets.
12

13. 2 Further enhances capital ratios in response to the changing environment
Provides a substantial capital buffer
98.7
77.2
The global credit crisis, recession and
unprecedented market volatility have
put significant strain on the banking
60.6 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
Tier I capital Tier I capital Tier I capital
31 Dec 2006 31 Dec 2008 before 31 Dec 2008 pro
capital measures (2) forma after capital
measures
Note
1. Numbers in SEK Bn
2. 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
contribution of SEK786 M from perpetual subordinated debts as a result of the decreased share capital level
13

14. 2 Further enhances capital ratios in response to the changing environment
SEB has a strong and diversified credit portfolio
85% of total credit exposure is in Nordics and Germany and only 10% in Baltics
Credit portfolio is well diversified across types of borrowers
Corporate portfolio has a pre-dominance of large corporate clients
Norway 6%
Denmark 2%
Finland 2%
Households
Sweden Corporates
25%
50% 40%
Germany
25%
Banks
15%
Estonia 3%
Latvia 3% Public
Lithuania 5% administration Property mgmt
Other 5% 6% 14%
Credit portfolio, SEK 1.9 trillion as of 31/12/2008
Note
The 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.
14

15. 2 Further enhances capital ratios in response to the changing environment
Highly rated credit portfolio
High grade lending with investment grade in total portfolio ex. households accounting for 58%
Similarly, 82% of Swedish household lending is investment grade
Watchlist is only 2.5% of portfolio ex. households and 1.5% of household portfolio
(1)
Of which, Corporates (%) (1)
Total credit portfolio excl. Households (%)
(SEK 782bn)
(SEK 1,449bn)
39.4 45.3
35.0
26.0
20.3
18.9
5.6
4.1 2.9
2.5
Risk Class '1 - 4 Risk Class '1 - 4 '5 - 7 '8 - 10 '11 - 12 '13 - 16
'5 - 7 '8 - 10 '11 - 12 '13 - 16
AAA/A- BBB BB B+/B B-/D AAA/A- BBB BB B+/B B-/D
(2)
(2)
S&P S&P
Swedish Households (%) (1)
(SEK 269bn)
Investment grade Watchlist
43.8
30.7
8.9
7.5 6.0
1.6 0.9 0.3 0.3
PD (%) 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 - 100.0
Note
1. As of 31/12/2008
2. Approximate relation to rating agency scales
15

16. 2 Further enhances capital ratios in response to the changing environment
Asset quality deterioration driven by Baltics
Credit losses ex-Baltics largely in line with Management expectations, sharp rise in net
credit losses in Baltics in Q4 2008
Ex-Baltics reserve ratio at 73%
Net credit loss level, %
Impaired Loans by Credit Portfolio, %
Impaired Loans/
Reserve Ratio
(1)
Credit Portfolio 0.63
Ex-Baltics 0.6% 73%
Baltics 2.8% 56%
Total 0.8% 66%
0.30
0.27
(1)
Impaired loans as % of Credit Portfolio
0.17
0.13 0.13
0.84 0.12
0.75 0.10 0.19
0.69 0.08
0.65 0.65 0.65
0.64 0.64
0.15
0.13
0.11
0.10 0.10 0.10
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2007 2007 2007 2007 2008 2008 2008 2008
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2007 2008 Quarterly, annualised YTD, annualised
Note
1. 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.
16

17. 2 Further enhances capital ratios in response to the changing environment
Baltics: Proactively managing growth and focusing on key risk areas
More limited organic growth in 2008 in local currency terms
Key credit issues centered around Property Management and certain Corporate
segments
Credit Exposure, SEK Bn Baltic Portfolio as % of Total, as of 31 Dec 2008
Lithuania Total
Estonia Latvia
202
168 Banks 0% 1%
0% 1%
131 47%
45%
Corporates 23%
11% 47%
13%
43%
25%
25%
26% Property
8%
4% 16%
4%
28%
30% Management
31%
Public
2006 2007 2008 2%
1% 3%
0%
Administration
Estonia Latvia Lithuania
Households 11% 8% 14% 33%
Credit Exposure growth rate in local currency
Lithuania
Latvia
Estonia
2007 30%
18%
17%
Total 28% 25% 47% 100%
2008 8%
5%
-2%
17

18. 2 Further enhances capital ratios in response to the changing environment
Managing Baltics: measures taken
Baltics have been one of SEB’s core markets since acquisitions in 1998-2000
SEB has been proactive in recognising and taking actions to deal with imbalances
and risks
Nonetheless, there are substantial near- to mid-term challenges
2006 2007 2008
Increased Continued Re-allocation
capitalisation integration of resources
Tightening of Further tightening Work-out
credit policy of credit policy units
ROE priority Volume caps High Risk
> volume Committees
Collective
provisioning Baltic SPVs
Preparation for Dialogue with
crisis scenario authorities
18

19. 2 Further enhances capital ratios in response to the changing environment
Sharp increase in credit losses in Baltics
Acceleration of deterioration in Lithuania during Q4 2008 after lower losses than other
Baltic countries during Q1-Q3 2008
Impaired loans as % of credit exposure¹ (1) Baltic Loss Absorption, SEK m
Impaired Loans as % of Credit Portfolio
Estonia Latvia Lithuania
3.0 391
365 369
2.8 343
18 35
2.8
139
288
246
234
229 222
201
2.3 191 39
202 61 47 347 334 560
2.0 113 171 255 252
166 195
168 83 154
1.6 1.6 86
51
30
25
-9
1.5
1.2
-217
0.9 1.2
1.1 2008 2008 2008
0.8
1.1
0.8 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
0.7
Pre-Tax Profit Credit Losses Pre-Provision Profit
Q1 2008 Q2 2008 Q3 2008 Q4 2008 Estonia Latvia Lithuania
Full Year 2008 (SEK m)
821 903 1,468
Pre-provision profit
Estonia Latvia Lithuania Baltics
(512) (512) (752)
Credit losses
309 391 716
Pre-tax profit
Notes
1. Excluding banks
19

20. 2 Further enhances capital ratios in response to the changing environment
Loan book quality improved despite challenging environment
Average risk class of corporate book improved in 2008
Limited impact of risk class migration
New lending to high grade customers more than offset risk class migration in 2008
Corporate risk class migration during Q4 2008* SEB Group Average risk class
100% (Excl households and banks)
90.4%
Average year-end 2007 6.95
80%
Net negative risk migration +0.15
60%
Effect from new volumes -0.30
Down-Rated Up-Rated
40%
Average year-end 2008 6.81
20%
4.9%
0.4% 0.3% 1.4% 1.1% 1.1% 0.1% 0.0% 0.0% 0.2%
In 2008, ratings migration of
0%
non-retail exposure is
>-4 -4 -3 -2 -1 0 1 2 3 4 >+4
estimated to have increased
# of internal risk class rating notches up- or down-rated
RWA net by SEK 23bn, 2.8%.
* Based on SEK 778bn of Exposure at Default (EAD) included in the IRB reported RWA
calculation and where exposures existed at the end of Q3 and Q4 2008. As such, 94% of the
Group’s corporate EAD for IRB is included. The remainder is explained by the inclusion of
additional volumes in IRB during the quarter.
IRB reported credit exposures 31 Dec 30 Sep 30 Jun 31 March 31 Dec
Average risk weight for Corporate credit exposures 2008 2008 2008 2008 2007
Corporate credit exposures as reported by SE B 56.2% 53.3% 53.9% 51.0% 53.4%
excluding addition of Baltic IR B exposures during 2008 53.5% 50.9% 52.0% 48.3% 53.5%
excluding addition of Baltic IR B exposures during 2008 and repos 54.7% 55.5% 54.9% 56.7% 56.4%
20

21. 2 Further enhances capital ratios in response to the changing environment
vHigh quality structured credit book
High degree of high grade assets (93% AAA as of 31/12/2008) due to investment portfolio strategy since 1998
Limited exposure to real problem areas
Limited impact of ratings migration
Volume breakdown by structured credit type as of 31 Dec 2008
Product breakdown as of 31 Dec 2008 - SEK 68bn
SEK Bn
US UK Spain NL Italy Den Euro Other Total
CDO Subprime
RMBS 4.2 8.4 2.5 4.6 1.4 2.7 0.7 24.6
2%
7%
CMBS
CLO 5.4 1.1 5.6 0.5 12.6
7% RMBS
36% ABS 0.7 0.6 2.3 1.6 4.1 1.8 11.1
CMO
13% CMO 8.7 8.7
CMBS 0.4 0.8 0.2 0.2 3.0 4.6
CDO 2.6 0.2 1.6 0.2 4.6
ABS
16% SubPrime 1.6 1.6
CLO
19% 23.6 11.0 4.8 4.9 3.2 4.1 14.7 1.5 67.7
Ratings breakdown by structured credit category as of 31 Dec 2008 Ratings migration from AAA tranche during 2008
Investment- Non-Investment % of ratings % % % of ratings
AAA Grade Grade 31 Dec 08
31 Dec 2007 Upgraded Downgraded
RMBS 1.4%
35.0% 37.1%
93.0%
AAA 99.6% 0%
0%
CMO 12.8% 12.8%
3.5%
AA/A 0.4% 0% 3.1%
0%
CLO 18.6% 18.6%
1.8%
BBB 0%
0% 1.8%
0.3%
CDO 4.2% 6.4%
1.2%
BB/B 0%
0% 1.2%
0%
CMBS 6.4% 6.9%
0.5%
CCC/CC 0%
0% 0.5%
0%
ABS 16.0% 16.5%
100%
Total 0% 6.6%
100%
1.70%
Total 93.0% 98.30%
21

22. 2 Further enhances capital ratios in response to the changing environment
Robustness of our capitalisation confirmed by severe stress testing
Overview worst case scenario:
Overview methodology:
Extreme stress scenario – significantly more
We apply a “bottom-up” approach to stress
conservative than our base case
testing, utilizing all our areas of expertise
very low probability
We have estimated the impact of a range of
GDP scenarios, including a severe Scenario with simultaneous severe
worsening, in each of our core markets on recessions with significant contraction in all
SEB’s geographic markets for 3 consecutive
revenues and expenses
years
loan losses
Significant decline in pre-provision earnings
capital and capital requirements Significant increase in RWAs from risk class
migration, more than offsetting the effects of
We have modelled scenarios, taking into
full implementation of Basel II
account a range of GDP scenarios and
drawing upon our experience of the Swedish In all scenarios that SEB has tested, SEB
banking crisis in the early 1990’s and past expects its capital ratios (assuming
crises comparable to the one in Baltics successful completion of the Offering and
non-payment of the 2008 dividend) would be
above the level determined by the Swedish
National Debt Office as a prerequisite to
participation in the Swedish Government
Guarantee program, which is a minimum Tier
I capital ratio of 6%
22

23. 3 Enhances SEB’s ability to be a strong business partner for our customers
Rights issue provides opportunities for SEB
A Capital strength is key competitive advantage
Enhanced ability to be a strong business partner for our
B
customers
C Strengthened ability to act as market counterparty
23

24. 3 Enhances SEB’s ability to be a strong business partner for our customers
SEB – built on long-term customer relationships and leading market
positions in core business areas
Strong customer base Product excellence
Cash management globally
Large
companies Scandinavian currencies
globally
1,800
Nordic stock broker
Financial Nordic and Baltic investment
institutions bank
Custody Nordics and Baltics
700
Nordic asset management
SMEs SMEs Sweden
400,000
Private
individuals
5 million
24

25. Funding & Liquidity Management
25

26. Deposit Development
Deposits from the public Lending to the public
SEKbn SEKbn
900 1 400
800 1 200
700 1 000
800
600
600
500
400
400
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
2005 2006 2007 2008
2005 2006 2007 2008
Deposits to loans ratio
Deposits to loans ratio
100%
90%
80%
70%
60%
50%
40%
30%
2001 2002 2003 2004 2005 2006 2007 2008
26

27. A range of short and long term funding
options
Short Term Funding programmes Long Term Funding programmes
CP Programmes CD’s
– Sweden – Yankee CD
– France – London Branch
– Global CP
Senior unsecured bonds
ECP – Germany
– Sweden
USCP
Structured bonds
US Extendible
Covered bonds
– Germany
CD’s Public (Pfandbriefe)
Mortgage (Pfandbriefe)
– Yankee CD
– Sweden (Säkerställda Obligationer)
– London Branch
Subordinated debt/Hybrid Tier 1
27

28. Funding structure
SEB Group, Dec 2008
SEK 1,787bn Schuldscheins and
CPs/CDs Reg Bonds
8% 2% Mortgage Covered
Bonds Sweden
10%
Deposits - General Mortgage Covered
Public Bonds Germany
42% 3%
Public Covered
Bonds Germany
7%
Senior debt
3%
Deposits - Central Subordinated debt
Banks Deposits - 3%
7% Interbank
15%
* Over collateral within covered pools SEK 48bn
28

29. Funding structure – Issued Securities
SEB Group, Dec 2008
SEK 634 bn
CPs/CDs, 24%
Subordinated debt, 8%
Senior debt, 9%
Schuldscheins and
Reg Bonds, 4%
Public Covered Bonds
Germany, 20%
Mortgage Covered
Mortgage Covered
Bonds Germany, 7%
Bonds Sweden, 28%
29

30. Funding raised with
original maturity > 1 year
Jan – Dec 30th 2008, SEK bn
Instrument Total Q4
YCD 5,9 2,9
Senior unsecured Germany 2 0,3
Senior unsecured Sweden 37,4 1,4
Structured bonds 13,4 0,2
Covered bonds Germany 29,7 0,6
Covered bonds Sweden 72,9 8,7
Hybrid tier 1* 4,7 0
Total 166 14,1
* Issued in Dec 2007
30

31. Funding raised with
original maturity > 1 year
Jan – Feb 2009, SEK bn
Instrument Total Jan + Feb
YCD 0 0
Senior unsecured Germany 0.02 0.02
Senior unsecured Sweden 0 0
Structured bonds 1.26 1.26
Covered bonds Germany 4.05 4.05
Covered bonds Sweden 4.18 4.18
Hybrid tier 1 0 0
Total 9.51 9.51
31

32. Loan/Deposit Ratio Overview
Selected European Bank Q4 2008
Total Loans/Deposits
Financial Institutions Loans/Deposits
Customer Loans/Deposits
117%
272% Intesa Sanpaolo*
Handelsbanken Handelsbanken 191%
253% 75%
SocGen*
Sw edbank 172%
Sw edbank
73%
200% DnB NOR 161%
DnB NOR Lloy ds*
178% 68%
Nordea KBC HBOS* 154%
62%
177%
HBOS* SEB Nordea 144%
167% 58% Bank of Ireland*
Santander 142%
Commerzbank
159% 52% Santander 133%
Bank of Ireland* Handelsbanken
51%
155% Lloy ds* 128%
Erste Bank*
Danske Bank
50%
154% SEB 123%
Bank of Ireland*
SEB
AIB* 123%
49%
Commerzbank
153%
Allied Irish*
9
46%
151% RBS* 120%
Nordea
Santander
115%
42%
148% Commerzbank
Barclay s
RBS*
41% Barclay s 113%
142% Sw edbank
Lloyds TSB*
Danske Bank 109%
138% 38%
Danske Bank
Barclays*
38% SocGen* 104%
132%
BNP Paribas* RBS*
BNP Paribas* 99%
37%
116% UniCredit*
SocGen*
Erste Bank*
36% 96%
113% BNP Paribas*
Erste Bank
Intesa Sanpaolo* 96%
34%
AIB*
98%
UniCredit
UniCredit* 84%
33%
95% DnB NOR
Intesa Sanpaolo
71%
29% KBC
HBOS*
71%
KBC
*H1 2008/Q3 figures due to non-disclosure of Q4 data by the respective institutions
Note: Analysis based on headline numbers for ”loans to customers”, ”loans to banks/financial institutions”, deposits from customers” and ”deposits from financial institutions”
Source: Goldman Sachs
32

33. Recap of 2008 Results
33

34. Annual accounts 2008
Higher operating income Operating income, SEK bn
● Strong net interest income Operating Income
Excluding one-offs and portfolio losses
● Lower commission income 2006 2007 2008
Operating income 38.7 40.4 41.1
12
● Strong customer-driven foreign exchange and
8
M-t-M valuation losses of SEK 1bn
4
Flat underlying costs 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
06 07 08
● Redundancy costs SEK 1bn
(1)
● Variable salaries -30% Operating profit, SEK bn
● Pension provisions SEK 0.7bn
Operating profit
Excluding one-offs and portfolio losses
Increased provisions for credit losses 2006 2007 2008
Operating profit 15.6 17.0 12.5
5
● Mainly driven by the Baltic development
4
Resilient business activity 3
2
● Lending to the public +21% 1
● Deposits from the public +12% 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
● Strong sales in several distribution channels 06 07 08
Notes
1. Decrease in variable salaries driven by decrease in short-term and long-term incentive compensation
34

35. Key figures
SEK m 2008 2007
Strong revenues in Merchant
Operating income 41,140 40,440 Banking division in Q4 2008,
driven by
Operating expenses -25,407 -23,194
financing activities
Operating profit 12,471 17,018
high foreign exchange
Net profit 10,050 13,642 transaction revenues
improved fixed-income
investment portfolio
Return on Equity, % 13.1 19.3 performance
Cost / income ratio 0.62 0.57 Merchant Banking income
Credit loss level, % 0.30 0.11 supported by market share gains
and weakened competition
Basel II*
Tier I capital ratio, % 10.1 9.87
*Without transition floors
35

36. Continued growth of Net interest income
Net interest income, SEK m Loans to public, SEK bn
Total NII +17% 1,297
1,205
1,099 1,132
18,709 1,017 1,048 1,021 1,067
15,998 951
926
916 921
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2007 2008 2006 2007 2008
Net interest income development 2008 Deposits from public, SEK bn
841
750 765 758 794
700 715 707
Total NII growth 2,711
628 643 626 644
1,699
Volume Growth
Customer
driven
217
Margin Development
Other 795
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2006 2007 2008
36

37. Fee and commission income holding up
Market shares Nordic
Gross development
Jan-Dec 2008 vs. Jan-Dec 2007, SEK m stock exchanges
Turnover 2008
Jan – Dec 07
9.2%
Jan – Dec 08 +3%
-2%
5.4%
7,547
7,309
7,165 7,022 5.2%
-18% 4.3%
3.9%
-29% 4,114 Source: The Nordic stock exchanges
3,370
Assets under custody
SEK bn ‘000s
1,808
Assets under custody
1,290
1,004 Transactions/day
648 6,000 200
150
4,000
100
Other
Custody & Payment,
New issues & Secondary
2,000
mutual funds cards, lending,
advisory market & 50
deposits,
derivatives 0 0
guarantees Q1 2006 Q1 2008
37

38. Net financial income holding up
(1)
Full-year breakdown over business areas, 2006 – 2008
SEK m
4,000
3,000
2,000
1,000
0
FX Equities Capital Markets Other incl Treasury
-1,000
-2,000
Client-driven FX business MB investment portfolio
● SEK 133bn (31 Dec 2008)
● No.1 Nordic and No. 12 globally
● Structured credits 93 % AAA-rated
● Underpinned by strong corporate
relationships (31 Dec 2008)
● Highly efficient trading platform
Notes
1. Net financial income reflects the net financial income of the Foreign Exchange, Equities and Capital Markets business units within the Trading & Capital Markets business area of Merchant Banking
as well as the net financial income generated outside these three business units which largely is derived from the Merchant Banking Investment Portfolio and Group Treasury.
38

39. Financial Development: Baltics
Income and cost Operating Result
SEK m SEK m
Income Cost
6,000 6,000
5,695 5,671
5,000 5,000
4,081
4,000 4,000
454
3,000 3,000
2,479
2,127 86 1,776
2,000 2,000
1,726
3,114
2,269
1,000
1,000
1,416
0
0
2006 2007 2008
2006 2007 2008
Operating Result Credit losses
C/I 0.42 0.37 0.44
Note: Result excluding net gains
39

40. A diversified platform
Operating profit before net credit losses, Jan - Dec 2008
Wealth
Sweden Life Merchant
Germany
Management
Banking
6% 5%
11%
Lithuania
9%
Latvia
6%
Estonia
5%
35%
56%
4%
Finland 49%
5%
Denmark
9%
Norway
Retail
Banking
Geography - Adjusted for Other, including eliminations
Divisions - Adjusted for Other, including eliminations
Sweden - adjusted for centralisation of investment portfolio
40

41. Strategic goals
Customer Sustainable profit
satisfaction: growth
No 1 in chosen
Long- markets
Long-term
term Highest Return on
AA-rating
Equity
The leading bank in Northern Europe
Grow revenues with existing customers through high
medium-term
interaction and increased share of wallet
Short-to
Cost management
Risk management - Credit quality and work-out activities
Maintain a strong capital and liquidity positions
41

42. Focus on Baltics
42

43. SEB’s Baltic lending relative the market
SEB
Per cent, Q2 2005 – Q4 2008 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 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4
05 06 07 08
05 06 07 08
05 06 07 08
Excluding Leasing portfolio
Source: Central Banks and SEB
43

44. Baltic countries – credit exposure
On and off balance, SEK bn
SEB Estonia SEB Latvia SEB Lithuania
95,2
Banks
76,4
29
Public
56,6 22
56,3
49,8 Administration
50,0 16
13
40,7 41,4 13 Households
23 16
19 33,6 8
14
14 7
10
9
8 46
5
8 Property
4 39
34
25
23
22 21 Management
18
17
Corporate
Dec Dec Dec Dec Dec Dec Dec Dec Dec
'06 '07 '08 '06 '07 '08 '06 '07 '08
2006 2007 2008 YTD 2006 2007 2008 YTD 2006 2007 2008 YTD
+5%
+40% +18% +47% +30% +8%
+38% +17% -2%
Growth rates in local currency
44