Presentation made by SEB's CEO Annika Falkengren in connection with the bank's fourth-quarter and full year 2011 results release on 7 February 2012.

1. Annika Falkengren
Annual Accounts 2011
President & CEO

2. SEB founded in the service of enterprise
The Relationship bank... ...in our part of the World.
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3. Delivery of 2011 strategy
Continued to build
customer relationships
Growth in core and
home markets
Strengthened balance
sheet further
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4. Continued to build customer relationships
Private customers
+90,000 +SEK 46bn
new customers new lending
(Sweden, Baltics, PB) (Sweden, Baltics, PB)
Increased flows
Bank of the Year – Sweden
+160m transactions Bank of the Year – Estonia
executed globally
(incl. payments >1bn) Bank of the Year – Latvia
Large corporate “Tier 1” clients
Number of Tier 1 clients Customer income
#1 Corporate Bank 2011
Sweden
2008 2009 2010 2011
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5. Growth in core and home markets
Swedish SME expansion Nordic & German large corporate expansion
SME clients (#) Large cap clients (#)
140,000 +11,000
120,000
100,000
+88 +114 +202
80,000
2010 2011
60,000
40,000 Client executives (#)
2007 2008 2009 2010 2011
SME loans and commitments (SEK bn)
+63 +48 +111
200
+25bn
150 2010 2011
100 Loans and commitments (SEK bn)
50
0
2007 2008 2009 2010 2011 +62 +46 +108
2010 2011
Market share
12.1%
Note: Loans and commitments at constant exchange rates
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6. Strengthened balance sheet further
High asset quality, low credit loss level (bps) Improving capital and liquidity position
-10 -11 -8 -8
11 14
Core Tier 1 ratio 13.7%
30
Liquidity reserve SEK 377bn
92
2004 2005 2006 2007 2008 2009 2010 2011
Loan to deposit ratio 129%
Credit rating upgrade
>2 years matched funding
A+ NPL coverage
ratio 64%
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7. Profit and loss trend
Profit and loss development Q4 2008 – Q4 2011 (SEK bn)
9.3
5.9
Q4-11 Q4-11 Q4-11
-0.2
Operating income Operating expenses Net credit losses
Operating profit (SEK bn)
3.2
Q4-08 Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Q2-11 Q3-11 Q4-11
Grey shaded areas represent net credit reversals in the Baltic countries
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8. Income statement 2011
Profit and loss (SEK bn)
FY 2011 FY 2010 % Q4-11 % Q3-11 % Q4-10
Total Operating income 37,686 36,735 3 9,334 1 -7
Total Operating expenses -23,121 -23,751 -3 -5,928 7 -3
Profit before credit losses 14,565 12,984 12 3,406 -7 -12
Net credit losses etc. 780 -1,595 -241
Operating profit 15,345 11,389 35 3,165 -15 -28
Operating income by type, 2011 vs. 2010 (SEK bn)
16.9
15.9
14.2 14.1 8%
9%
46%
Customer-
15.2 13.4
driven NII
3.5 3.1 3.2 3.3
37%
2011 2010 2011 2010 2011 2010 2011 2010
Net interest Net fee and Net financial Net life insurance
income commissions income income
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9. Net interest income development
NII Q4 2008 – Q4 2011 (SEK bn)
Q1-08 Q2-08 Q3-08 Q4 Q1-09 Q2 Q3 Q4 Q1-10 Q2 Q3 Q4 Q1-11 Q2 Q3 Q4
Lending and deposit volumes Q4 2008 – Q4 2011 (SEK bn)
+111bn
1 000 1000 +150bn
800 800
600 600
400 400
Q4 Q1 - Q2 Q3 Q4 Q1 -10 Q2 Q3 Q4 Q1 -11 Q2 Q3 Q4 Q4 Q1 - Q2 Q3 Q4 Q1 - Q2 Q3 Q4 Q1 -11 Q2 Q3 Q4
09 09 10
Lending Deposits
Note: Lending to the public excluding repos and debt instruments; Deposits from the public excluding repos
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10. Net fee and commission income development
Net fees and commissions Q4 2008 – Q4 2011 (SEK bn)
5
4
3
2
1
0
Q4 Q1-09 Q2 Q3 Q4 Q1-10 Q2 Q3 Q4 Q1-11 Q2 Q3 Q4
Gross fees and commissions by income type Q4 2008 – Q4 2011 (SEK bn)
2.2
1.8
0.9
Q4-08 Q4-09 Q4-10 Q4-11 Q4-08 Q4-09 Q4-10 Q4-11 Q4-08 Q4-09 Q4-10 Q4-11
Advisory, secondary markets and derivatives Custody and mutual funds Payments, cards, lending, deposits and guarantees
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11. Net financial income development
Net financial income Q4 2008 – Q4 2011 (SEK bn)
2.0
1.5
Excl. GIIPS de-risking
1.0
0.5
0.0
Q4 Q1-09 Q2 Q3 Q4 Q1-10 Q2 Q3 Q4 Q1-11 Q2 Q3 Q4
Trading income by asset class Daily trading income
Derivative & other
Fixed Income
Equities
FX
Q3- Q4 Q1 - Q2 Q3 Q4 Q1 - Q2 Q3 Q4 Q1 - Q2 Q3 Q4 Jul- Oct- Jan- Apr- Jul- Oct- Jan- Apr- Jul- Oct- Jan- Apr- Jul-11 Oct- Jan-
08 09 10 11 08 08 09 09 09 09 10 10 10 10 11 11 11 12
2 negative trading days in 2011
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12. Operating expense development
Cost by type (SEK bn) Income and cost trends, 12m rolling (SEK bn)
13.9 13.9 45
9.8 40
9.2
35
30
25
20
15
Q1- Q2 Q3 Q4 Q1-10 Q2 Q3 Q4 Q1-11 Q2 Q3 Q4
Staff costs IT & Other costs 09
2010 2011 Operating income Operating expenses
SEK 24bn cost cap met (SEK bn)
Cost cap 24bn
New ambition
24.0 23.1
2010 2011 2012 2013 2014
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13. Divisional performance
Operating profit 2011 vs. 2010 (SEK bn)
9 +14%
8
7
6
5
4
+36% +11%*
3 -8%
2 +0%
1
0
Merchant Banking Retail Banking Wealth Life Baltic
Management
2011 2010
Note: Shaded area of Baltic division shows net release of credit provisions in 2011 and net credit losses in 2010
* Excluding credit provision releases
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14. Swedish mortgages
SEB only bank to publish funding cost Funding markets drive mortgage pricing (%)
3m mortgages, monthly averages
Total
4.00
+0.69
3.50
SPREAD +0.06
SPREAD 0.64%
3.00
0.58% +0.02
Term financing cost
2.50
Low LTVs in mortgage portfolio 3m STIBOR +0.11
2.00
Loan-to-value Share of portfolio
>85% 2%
1.50 Riksbank policy rate +0.50
51-85% 22%
1.00
0-50% 76% 0.50
0.00
Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12
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15. Divisional performance
Operating profit 2011 vs. 2010 (SEK bn)
9 +14%
8
7
6
5
4
+36% +11%*
3 -8%
2 +0%
1
0
Merchant Banking Retail Banking Wealth Life Baltic
Management
2011 2010
Note: Shaded area of Baltic division shows net release of credit provisions in 2011 and net credit losses in 2010
* Excluding credit provision releases
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16. Closing the books on the Baltic credit crisis
Credit cycle shifting as expected NPLs continue to fall (SEK bn)
Portfolio assessed Individually assessed
Build-up of
20
provisions
16
Realizing
losses 12
8
4
0
Dec- Mar-10 Jun-10 Sep '10 Dec Mar '11 Jun '11 Sep '11 Dec '11
2008 2009 2010 2011 2012 ? 09 '10
Credit losses normalising (SEK bn)
 Realizing losses against provisions 0.3
0.7 0.6 0.7
0.2 0.0
 Releasing provisions where possible
-0.2 -0.3 -0.4
 Credit loss level now normalising
-0.5
-0.9
-1.4
-1.7
-2.6 -2.6 -2.6
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2008 2009 2010 2011
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17. Asset quality improving
Non-bank credit portfolio composition (%) Credit losses outside Baltic region (SEK bn)
2008 2009 2010 2011
Residential
Commercial Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
mortgages
real estate
31% -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.2
9% -0.2 -0.3
Public -0.3 -0.4 -0.4 -0.3
-0.5
sector -0.6
5% -0.8
Other
5%
Corporates
42% Baltic
8%
6 bps credit loss level outside Baltics
(average over 10 year period)
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18. Proposed dividend SEK 1.75
Net profit and total dividend (SEK bn)
13.6
12.6
11.1
10.1
6.8
4.1 4.5
3.3 3.8
2.2
1.1
2006 2007 2008
Net profit
0.0
2009
Total dividend
2010 2011 SEK 1.75
Dividend payout ratio, 5 year rolling avg (%)
40%
39%
38%
37%
36%
35%
34%
33%
2006 2007 2008 2009 2010 2011
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19. Right platform Robust region
High asset quality Active customers
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20. Outlook 2012
Continued uncertain
macro and regulatory
environment in 2012
SEB’s growth plans
and relationship
focus remains
Maintain balance sheet
strength and improve
efficiency further
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21. The leading
relationship bank
in our part
of the world
Cover photograph by Sven Golz
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