1. www.sebgroup.com
Facts & Figures
January – September 2008
1

2. Contents
Page
SEB Group 3 – 30
Asset quality 31 – 47
Bond portfolios 48 – 57
Divisions 58 – 64
Merchant Banking 65 – 74
Retail Banking 75 – 100
Wealth Management 101 – 112
Life 113 – 128
Macro update 129 – 138
2

3. SEB – the key to
North-European markets
SEB has…
an attractive platform
high customer satisfaction
stable profit growth
several leading positions
...a strong customer base
2,500 customers are large
companies and financial institutions
400,000 SME customers
5 million private customers
3

4. SEB's organisation
President & CEO
Annika Falkengren
Group Credits & Internal Audit
Group Risk Control
Johan Andersson Agneta Brevenhag
Merchant Banking Retail Banking Wealth Life
Management
Magnus Carlsson Bo Magnusson Anders Mossberg
Fredrik Boheman
Business Support/Group Staff
Jan Erik Back / Ingrid Engström / Hans Larsson
4

5. Share of operating profit
Jan – Sep 2008
Germany Wealth Merchant
Life
Management
Sweden Banking
8%
9%
Lithuania 13%
12%
Latvia 5%
43%
4%
50%
Estonia 36%
5%
6%
Finland 9%
Denmark
Norway Retail Banking
Geography - Adjusted for Other
Divisions - Adjusted for Other
5

6. Ratings of
Skandinaviska Enskilda Banken AB
Rating target set by SEB Board 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 Oct-08 Jul-08 Jul-08
6

7. Key figures
SEB Group
Change
Q3 Jan-Sep Q2 Q3 Jan-Sep
SEK m 2008 2008 2008 2007 2007
Operating income 8,705 27,910 -16% -8% -8%
Operating expenses -5,970 -18,442 -7% 7% 7%
Operating profit 2,010 7,927 -43% -46% -36%
Net profit 1,514 6,171 -46% -51% -38%
Return on Equity, % 8.0 10.9 -7.2 -9.3 -8.1
Cost / income ratio 0.69 0.66 0.07 0.10 0.09
Credit loss level, % 0.27 0.19 0.10 0.19 0.09
Basel II
Core capital ratio, % 8.1 8.1 -0.5 -0.2 -0.2
Risk-weighted assets, SEK bn 937 937 66 140 140
7

8. Profit and loss account
Q3 2008 vs. Q3 2007
SEK m Q3 Q3 Change Excluding
2008 2007 % portfolios
Net interest income 4,553 3,917 16
Net fee and commissions 3,754 4,101 -8
Net financial income -269 163
Net life insurance income 504 782 -36
Net other income 163 530 -69
Total operating income 8,705 9,493 -8 -12%
Staff costs -3,752 - 3,564 5
Other expenses -1,820 - 1,691 8
Depreciation of assets -398 - 325 22
Total operating expenses -5,970 - 5,580 7
Gain/loss tangible/intangible assets 2
Net credit losses etc -725 - 189
Operating profit 2,010 3,726 -46 -48%
Net profit 1,514 3,101 -51 -52%
8

9. Profit and loss account
Q3 2008 vs. Q2 2008
SEK m Q3 Q2 Change Excluding
2008 2008 % portfolios
Net interest income 4,553 4,421 3
Net fee and commissions 3,754 3,909 -4
Net financial income -269 1,161 -123
Net life insurance income 504 642 -21
Net other income 163 270 -40
Total operating income 8,705 10,403 -16 -14%
Staff costs -3,752 -3,993 -6
Other expenses -1,820 -2,098 -13
Depreciation of assets -398 -354 12
Total operating expenses -5,970 -6,445 -7
Gain/loss tangible/intangible assets 1
Net credit losses etc -725 -452 60
Operating profit 2,010 3,507 -43 -34%
Net profit 1,514 2,809 -46 -38%
9

10. Profit and loss account
Jan – Sep 2008 vs. Jan – Sep 2007
SEK m Jan – Sep Jan – Sep Change Excluding Jan – Dec
2008 2007 % portfolios 2007
Net interest income 13,197 11,623 14 15,998
Net fee and commissions 11,464 12,922 -11 17,051
Net financial income 731 2,819 -74 3,239
Net life insurance income 1,859 2,167 -14 2,933
Net other income 659 874 -25 1,219
Total operating income 27,910 30,405 -8 -6% 40,440
Staff costs -11,644 -11,134 5 -14,921
Other expenses -5,674 -5,137 10 -6,919
Depreciations/amortisations -1,124 -995 13 -1,354
Total operating expenses -18,442 -17,266 7 -23,194
Gain/loss
tangible/intangible assets 4 1 788
Net credit losses etc -1,545 -703 120 -1,016
Operating profit 7,927 12,437 -36 -30% 17,018
Net Profit 6,171 9,885 -38 -32% 13,642
10

11. SEB Group
Income, Expenses and Operating profit, SEK m
Excluding portfolios Income Expenses
12,000
10,000
8,000
*
6,000
4,000
2,000
0
Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q3-
04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08
Operating profit
6 000 **
5 000
4 000
3 000 *
2 000
1 000
0
Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q3-
04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08
* One-off charges of SEK 890m in Q4 2005 ** Including sales of Baltic properties in Q4 2007 of SEK 785m
11

12. Net interest income analysis
SEB Group Q3 2008 vs. Q3 2007
SEK m 82
96
539
381
-462 4,553
3,917
Q3 2007 Lending Lending Deposit Deposit Funding & Q3 2008
margin volume margin volume other
12

13. Net interest income analysis
SEB Group Q3 2008 vs. Q2 2008
SEK m 538
-6
-209
107
-298 4,553
4,421
Q2 2008 Lending Lending Deposit Deposit Funding & Q3 2008
margin volume margin volume other
13

14. Net interest income analysis
SEB Group Jan – Sep 2008 vs. Jan – Sep 2007
SEK m
338
311
670
870
-615
13,197
11,623
Jan – Sep Lending Lending Deposit Deposit Funding & Jan – Sep
2007 margin volume margin volume other 2008
14

15. Net interest and Net fee and
commission income
SEB Group, SEK m
5,000
4,000
3,000
2,000
1,000
0
Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q3-
04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08
Net interest income Net fee and commissions
15

16. Fee and commission income
Gross quarterly development Q1 2004 – Q3 2008 SEB Group, SEK m
Capital market driven
Value driven –
2,500
performance
Non-capital
driven
market driven
2,000 Securities
transaction
driven *
1,500
1,000 Deal
driven
500
0
New issues & Secondary Custody & Payment, cards, Other
advisory market & mutual funds structured
derivatives lending,
deposits,
* Q2 2006 adjusted for gross
commission on security lending, guarantees
SEK 200m
16

17. Net financial, Life and Other
insurance income
Quarterly development Q1 2004 – Q3 2008 SEB Group, SEK m
1,600
1,400
1,200
1,000
800
600
400
200
0
Net financial income Net life insurance income Net other income
-200
-400
17

18. Cost development per quarter
Quarterly development Q1 2004 – Q3 2008* SEB Group, SEK m
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000 **
500
0
Staff costs Other expenses Restructuring costs
* Include capitalisation of acquisition cost in Life from Q1 2005 – onwards
** One-off charges of SEK 890m in Q4 2005
18

19. Cost management
Total expenses, Jan-Sep 2008 vs. Jan-Sep 2007 SEK 865m
from the start
129 of 2007
1,217
82
-669
736 -319
18,679 18,442
17,266
Organic* Depreciation
Jan-Sep Inflation Variable Cost before Efficiency Redundancy Jan-Sep
2007 growth + salaries efficiency gains cost 2008
Acq gains
*• Investments for operational excellence of SEK 668m included
• Organic growth of SEK 378m
• Acquisitions of KAM, Factorial of SEK 171m
19

20. Return on equity
SEB Group, per cent
Excluding portfolios Return on Equity
21.1
20.8
19.3
15.8 *
14.7
12.6
10.9
2004 2005 2006 2007 Jan – Sep 2008
* 17.0 excluding one-off charges of SEK 890m in Q4 2005
20

21. Cost/income ratio
SEB Group
C/I ratio Excluding portfolio losses
0.66
0.65*
0.65
0.58 0.57
0.63
0.55
2004 2005 2006 2007 Jan – Sep 2008
* 0.62 excluding one-off charges of SEK 890m in Q4 2005
21

22. Basic earnings per share
SEB Group, SEK
Excluding portfolios Earnings per share
21.83
18.72
19.97
12.58 *
10.83 10.35
9.00
2004 2005 2006 2007 Jan – Sep 2008
* 13.54 excluding one-off charges of SEK 890m in Q4 2005
22

23. 12 month rolling
SEB Group*, SEK m
45,000
40,000
Income
35,000
30,000
25,000 Expenses
20,000
15,000
Operating
10,000 profit
5,000
0
Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q3-
04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08
* Excluding restructuring costs and one-off charges of SEK 890m in Q4 2005
23

24. Assets under management
SEB Group, SEK bn
Assets under management year-end 2007 1,370
Inflow 222 (16%)
Outflow -188 (-14%)
Acquisition/disposal net 17
Change in value -177 (-13%)
Assets under management Sep 2008 1,244 *
* Of which:
Retail Banking 75
Wealth Management 1,181
Life 382
24

25. SEB Group net inflow AuM
Jan – Sep 2008, SEK bn
2.5
1.3
11.1
-11.1
34.0
30.2
Sweden Other Nordic Germany Baltic countries Other & Elim Group
& Poland
25

26. Balance sheet
Sep 2008 Jun 2008 Sep 2007
Cash and balances with central banks 18,733 27,557 16,402
Loans to credit institutions 221,403 219,111 242,706
Loans to the public 1,204,713 1,132,374 1,021,498
Financial assets at fair value 633,099 597,723 661,314
Available-for-sale financial assets 257,634 247,245 133,608
Held-to-maturity investments 2,067 2,266 2,089
Investment in associates 1,387 1,361 1,180
Tangible and intangible assets 27,163 26,177 22,994
Other assets 50,154 50,335 46,864
Total assets 2,416,353 2,304,149 2,148,655
Deposits by credit institutions 399,940 397,601 360,609
Deposits and borrowings from the public 794,266 757,904 706,623
Liabilities to policyholders 206,473 211,938 217,516
Debt securities 554,257 506,564 465,381
Financial liabilities at fair value 248,142 229,285 209,380
Other liabilities 90,357 83,129 75,966
Provisions 1,378 1,265 1,590
Subordinated liabilities 45,736 41,664 38,631
Total equity 75,804 74,799 72,959
Total liabilities and equity 2,416,353 2,304,149 2,148,655
26

27. Relationship Deposits from and
Lending to the public 2001 – 2008
Deposits to loans ratio
100%
90%
80%
70%
60%
50%
40%
30%
2001 2002 2003 2004 2005 2006 2007 Q3
2008
27

28. Funding structure
SEB Group, Sep 2008
SEK 1,702bn Schuldscheins and
Reg Bonds
CPs/CDs 3%
11% Mortgage Covered
Bonds Sweden
10%
Mortgage Covered
Bonds Germany
2%
Deposits - General
Public Covered
Public
Bonds Germany
42%
7%
Senior debt
2%
Deposits -
Subordinated debt
Interbank
3%
20%
* Over collateral within covered pools SEK 57bn
28

29. Net liquidity position across maturities
30 Sep, SEK bn
SEK bn
300
SEB is match-
funded approx.
250
one year
200
150
Year-end 2007
30-Sep-08
100
50
0
1 week
2 weeks
4 weeks
2 months
3 months
4 months
5 months
6 months
9 months
12 months
More than 12 months matched funding, i.e. based on no access to capital
markets, no refinancing of debt to credit institutions, issued bonds or
subordinated capital; and moderate reduction of business activities.
29

30. Capital adequacy
SEB Group
Core capital ratio, % Total capital ratio, %
Basel II
Basel I
11.5
11.0
10.8
10.5 9,3%
10.4
10.3
10.2
Basel I
8.6
8.2 8.1
8.0
7.9 7.8 7.5 7,3%
Dec Dec Dec Dec Dec Dec Sep
2002 2003 2004 2005 2006 2007 2008
SEK bn
Capital base 52.7 54.7 58.7 76.2 85.8 93.0 97.7
Basel I
Risk-w. Assets 503 535 570 704 741 842 937
1.045
30

31. Asset quality
31

32. Credit exposure
On and off balance, SEK 1,805bn
By sector
Banks
Public Corporate
14%
administration
6%
40%
26%
14%
Households
Property
management
32

33. Credit exposure
On and off balance, SEK bn
Sep 2008 (Dec 2007) Nordic German Baltic Total
Corporates 533 (416) 99 (72) 88 (83) 720 (571)
Property
Management 119 (100) 98 (87) 28 (26) 245 (212)
Households 313 (292) 94 (87) 61 (55) 469 (434)
Public Administration 20 (18) 87 (66) 6 (3) 113 (88)
Total non-banks 986 (826) 377 (312) 183 (166) 1,547 (1,304)
Banks 204 (187) 52 (58) 2 (3) 258 (248)
Total 1,189 (1,013) 430 (369) 186 (169) 1,805 (1,552)
33

34. Credit exposure
On and off balance, SEK bn
Dec -05 Dec -06 Dec -07 Jun -08 Sep -08
Corporates 494 484 571 616 720
Property Management 192 192 212 229 245
Households 319 374 434 463 469
Public Administration 125 97 88 95 113
Total non-banks 1,130 1,146 1,304 1,403 1,547
Banks 198 169 248 227 258
Total 1,328 1,315 1,552 1,631 1,805
34

35. Credit exposure – Households
SEK bn
Mortgage Other
469
434
374 111
319 104
105
79
357
330
269
240
Dec 2005 Dec 2006 Dec 2007 Sep 2008
35

36. Households Credit Portfolio
SEK bn
Mortgage Other
79 78
76
73
68
235 235
227
219
186
22
21
20
20
27
11
11
11
10
72
70
68
67 10
55 50
47
45
44
28
Dec Dec Mar Jun Sep Dec Dec Mar Jun Sep Dec Dec Mar Jun Sep
'06 '07 '08 '08 '08 '06 '07 '08 '08 '08 '06 '07 '08 '08 '08
Nordic Germany Baltic
36

37. Corporate credit exposure – by industry
SEB Group, SEK bn
720
12%
19%
573
11%
463
458
10%
27%
18%
3%
Finance and insurance Wholesale and retail
Transportation Other service sectors
Dec Dec Dec Sep
Construction Manufacturing
2005 2006 2007 2008 Other
37

38. Property management – by geography*
SEB Group, SEK bn
Commercial Multi-family
1,2%
3,3%
8,0%
245
6,3%
212
192 192 2,4%
86 40,5%
75 3,3%
81
91
159
137
111
101
35,0%
Sweden Germany Estonia
Dec 2005 Dec 2006 Dec 2007 Sep 2008 Latvia Lithuania Other Nordic
Other European Other
* By obligor’s domicile
38

39. Impaired Loan Volumes*
% of Credit Exposure**
SEB Group Germany Nordic Baltic
2%
1.5%
1.4%
0.6%
0.2%
0%
Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep
'03 '04 '04 '04 '04 '05 '05 '05 '05 '06 '06 '06 '06 '07 '07 '07 '07 '08 '08 '08
* Impaired loans gross
* *Excluding Banks
39

40. Impaired loans and reserves
SEK m
Dec 2005 Dec 2006 Dec 2007 Sep 2008
Impaired loans
Non-performing, gross (60 days) 7,957 7,123 7,619 9,146
Performing, gross 1,144 1,403 772 852
Impaired loans, gross 9,101 8,526 8,391 9,998
Specific reserves 4,787 4,234 3,787 4,139
Collective reserves 2,283 2,170 2,602 3,072
Off-balance sheet reserves 268 215 209 200
Total reserves 7,338 6,619 6,598 7,411
Reserve ratio 77.7% 75.1% 76.1% 72.1%
40

41. Level of Net Credit Losses, %
Estonia 1.31
Latvia 0.96
Lithuania 0.43
Baltics 0.85
0.90
0.80
0.70
0.60
0.50
0.40
0.30
0.20
0.10
0.00
2003 2004 2005 2006 2007 Q1 Q1-Q2 Q1-Q3
2008* 2008* 2008*
Germany Baltics Nordics SEB Group
* Annualised
41

42. Credit losses and build up of reserves
SEK m
Sum Average/ Jan – Sep Jan – Sep Change
8 quarters quarter 2007 2008
Net credit losses, quarterly 2006 – 2008
Provisions
Net collective provisions -597 -75 -405 -419 -14
Specific provisions -2,038 -255 -422 -930 -508
Reversals of specific
provisions no longer required 772 97 242 194 -48
Net provisions for contingent liabilities -2 0 32 -20 -52
Net provisions (build-up of reserve) -1,865 -233 -553 -1,175 -622
Write-offs
Total write-offs -2,803 -350 -833 -964 -131
Reversal of specific provisions
utilized for write-offs 1,421 178 469 489 20
Write-offs not previously provided for -1,382 -173 -364 -475 -111
Recovered from previous write-offs 477 60 208 122 -86
Net write-offs -905 -113 -156 -353 -197
Net credit losses -2,770 -346 -709 -1,528 -819
Change in value of seized assets -13 -2 6 -17 -23
Net credit losses incl change in value -2,783 -348 -703 -1,545 -842
42

43. Credit losses and build up of
reserves quarterly development
SEK m
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Net credit losses, quarterly 2006 2006 2007 2007 2007 2007 2008 2008 2008
Provisions
Net collective provisions -89 212 -114 -220 -71 15 -112 11 -318
Specific provisions -124 -455 -245 -77 -100 -231 -190 -409 -331
Reversals of specific provisions
no longer required 133 173 75 87 80 163 44 79 71
Net provisions for contingent liabilities 1 10 31 -7 8 -24 1 2 -23
Net provisions (build-up of reserve) -80 -60 -253 -217 -83 -77 -257 -317 -601
Write-offs
Total write-offs -334 -444 -243 -240 -350 -562 -332 -367 -265
Reversal of specific provisions
utilized for write-offs 196 221 124 131 214 242 201 217 71
Write-offs not previously provided for -138 -223 -119 -109 -136 -320 -131 -150 -194
Recovered from previous write-offs 81 62 135 43 30 85 24 19 79
Net write-offs -57 -161 16 -66 -106 -235 -107 -131 -115
Net credit losses -137 -221 -237 -283 -189 -312 -364 -448 -716
Change in value of seized assets 1 -1 3 3 - -1 -4 -4 -9
Net credit losses incl change in value -136 -222 -234 -280 -189 -313 -368 -452 -725
43

44. Baltic countries – Credit exposure
On and of balance, SEK bn
SEB Estonia SEB Latvia SEB Lithuania
89
Total
76
Banks
26
56 22
52
50
Public
44 15
41
41 13 13 Administration
34
20
19 8 Households
14
14
14
10
8 8 6
5 45
8 4 39
34 Property
22
22 22 21
17 18 Management
Corporate
Dec Dec Sep '08 Dec Dec Sep '08 Dec Dec Sep '08
'06 '07 '06 '07 '06 '07
2006 2007 2008 YTD 2006 2007 2008 YTD 2006 2007 2008 YTD
+4%
+40% +18% +47% +30% +13%
+38% +17% +1%
Growth rates in local currency
44

45. Baltic countries - Asset Quality
Net credit losses Impaired loans Q4 Q1 Q2 Q3
% 2007 2008 2008 2008
Q1 2007 - Q3 2008, SEK m
250
Estonia 0.4 0.7 1.6 2.0
Corporate 0.2 0.5 2.0 2.2
200
Private 0.7 1.1 1.3 1.8
150
Latvia 0.5 0.8 1.1 1.6
Corporate 0.3 0.3 0.6 1.0
100
Private 1.0 1.5 2.0 2.8
50
Lithuania 0.8 0.9 1.0 1.2
Corporate 0.8 0.8 0.9 1.1
0
Private 0.8 1.2 1.4 1.6
Estonia Latvia Lithuania
* Corporate including Property Mangement
45

46. Baltic countries
Impaired Loans and Reserves
September 2008, SEK m
SEB SEB SEB Total
Estonia Latvia Lithuania Baltic
Impaired loans, 1,019 694 1,037 2,750
gross
Specific reserves 294 80 401 775
Collective 482 384 311 1,177
Off balance 0 0 0 0
Impaired loans Q4 Q1 Q2 Q3
reserves
SEK m 2007 2008 2008 2008
Total reserves 776 464 713 1,952
Estonia 186 334 819 1 019
Reserve ratio 76.1% 66.8% 68.8% 71.0%
Corporate 47 132 570 657
Private 138 202 249 362
Latvia 218 301 444 694
Corporate 84 86 152 285
Private 134 216 292 410
Lithuania 573 682 819 1 037
Corporate 398 416 492 633
Private 176 266 327 404
46

47. Baltic countries – Net Credit Losses
Jan – Sep 2008, SEK m
Estonia Latvia Lithuania Total
Net Write-offs & Actual Losses 3 -11 -1 -9
Net New Specific Provisions -273 -58 -69 -400
Net New Collective Provisions -158 -187 -117 -462
Change in Value of Seized Assets -1 -1 -5 -7
Net Credit Losses -429 -257 -192 -878
47

48. Bond portfolios
48

49. Impact on SEB’s portfolio values from
credit turbulence since summer 2007
Fixed-income securities portfolio
Mark-to-market losses over
30 September 2008, SEK 358bn
income of SEK 3,055m
Mark-to-market loss over equity
of SEK 4,518m 16
The losses are expected to be 130
227 114
recovered over time
Further volatility from the mark-
to-market of these securities is
expected; however with limited
Trading and Treasury etc
impact on income since 87 per
Investments (MB Credit and Portfolio
cent of the SEK 130bn portfolio Management)
is classified as Available-for-sale Held for trading (MTM over income)
at 30 September 2008 Available for sale (MTM over equity)
*Net of short and fully matched positions;
excluding holdings in the insurance business
49

50. SEB Bond Portfolio*
30 September, 2008, SEK bn
Structured
credits
18%
Cover pool
25%
Merchant Banking 207
Group Treasury 143
Other divisions 8
Financials
Corp, Gov't 24%
Total 358 etc
14%
Covered
bonds
19%
*Net of short and fully matched positions;
excluding holdings in the insurance business
50

51. Merchant Banking Bond Portfolios
30 September, 2008
Trading Investments
Capital Markets and other Credit & Portfolio Management
9%
14%
49%
47% 42%
30%
9%
Structured credits Financial institutions
Corporate bonds Financial institutions
Covered bonds etc
Gov't Covered bonds
Volume SEK 77bn Volume SEK 130bn
51

52. Bond investment portfolio – status
30 September, 2008 (31 December, 2007)
Structured credits Financial institutions
Reduced volume: SEK 63bn (71) Unchanged volume: SEK 55bn (55)
AAA-rating: 96.8% (99.3) Rapid credit spread widening
MTM losses highly dependent on MTM losses on all financial holdings,
seniority, underlying assets and not only investment banks
vintage
Covered bonds etc. SEK 12bn (5)
2007 Q1 08 Q2 08 Q3 08 Acc
MTM P/L -1,769 -872 -66 -348 -3,055
(SEK m) Equity -698 -1,630 -56 -2,134 -4,518
-2,467 -2,502 -122 -2,482 -7,573
52

53. Bond investment portfolio – financial effects
30 September, 2008, SEK m
Structured credits Financial institutions
2007 Q1 08 Q2 08 Q3 08 Acc 2007 Q1 08 Q2 08 Q3 08 Acc
P/L -1,056 -794 -41 -400 -2,291 P/L -563 -78 -26 51 -616
Equity -72 -438 -52 -687 -1,249
-626 -990 -15 -1,107 -2,738
Equity
-635 -515 -78 -637 -1,864
-1,682 -1,784 -56 -1,507 -5,029
+ Covered bonds etc
accumulated -680
2007 Q1 08 Q2 08 Q3 08 Acc
MTM P/L -1,769 -872 -66 -348 -3,055
(SEK m) Equity -698 -4,518
-1,630 -56 -2,134
-2,467 -2,502 -122 -2,482 -7,573
53

54. Bond investment portfolio – strategy
Limit P/L volatility by increasing AFS portfolios and reducing HFT portfolios
Reduce subprime holdings, primarily in the HFT portfolio
Reduce the credit spread risk through partial hedging (ITRAXX)
Held for trading Available for sale
SEK bn
(MTM over income) (MTM over equity)
Q2 08 Q3 08
Q4 07
51 51 51
49
41
30 29
26
12
10 11
11
5
4 4
1 1
0
ABS Financial Covered ABS Financial Covered ABS Financial Covered
institutions bonds etc. institutions bonds etc. institutions bonds etc.
54

55. Distribution of Bond Investment portfolio
30 September, 2008
Financial institutions Structured credits
SEK 55bn SEK 63bn Direct and
indirect
RMBS
exposure
DE 2% 35%
IT 6% SE 3%
NL 7% FI 1%
Sub
Other 9%
prime 3%
FR 14%
ABS
15%
CMO
US 26% 15%
ES 18%
CDO 9%
CMBS
7% CLO
UK 14%
16%
55

56. Main characteristics of structured
credits portfolio
30 September, 2008
A high quality investment portfolio initiated 1998 with fixed income
securities eligible as central bank collateral
Total volume SEK 63bn – 684 positions
96.8% of the portfolio is rated Aaa/AAA, only 0.2% below investment grade
– 9 positions have been downgraded from Aaa/AAA during Q3 by Moody’s
and Standard & Poor’s. Since the summer 2007, 34 positions have been
downgraded
– Well diversified across products, asset classes and geographies
– Cash-flow based – only one synthetic transaction (USD 10.5m)
Mark-to-market prices applied to all 684 positions
– No level 3 assets
Current average remaining maturity ~4 years
Current annual amortisation rate is SEK ~10bn
56

57. Structured credits portfolio – rating
Rating Composition (S&P, Moody’s and Fitch)
Outstanding volumes , 30 September, 2008
Q4-07 Q1-08 Q2-08 Q3-08
100.00%
96.75%
90.00%
80.00%
70.00%
60.00%
50.00%
40.00%
30.00%
20.00%
10.00%
0.18% 0.02%
2.98% 0.07%
0.00%
AAA AA/A BBB BB/B CCC
57

58. Please note:
A restatement of the divisional financial reporting has
been carried out in conjunction with the Q1 2008
report as previously announced.
Please consult www.sebgroup.com for more
information.
Divisions
58

59. Operating profit per division
Jan – Sep 2008 vs. Jan – Sep 2007 Excl.
SEK m portfolio
ROE
Change
losses
vs. Jan-Sep 2007 Jan-Sep 2008
Merchant
-21% (-11%) 15.6% (20.2%)
Banking
Retail Banking -19% 14.5%
Sweden: 3%
Germany: -41%
Wealth
-31% 19.8%
Estonia: -67%
Management Latvia: -58%
Lithuania: -11%
Cards: -7%
Jan-Sep 2008
-36% 13.3%
Life
Jan-Sep 2007
0 1,000 2,000 3,000 4,000 5,000 6,000 7,000
59

60. Volumes
Public lending
SEK bn
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2007 2007 2007 2007 2008 2008 2008
MB 465 492 459 483 526 531 589
Retail Banking 468 483 493 513 518 545 561
RB Sweden 256 264 271 279 286 303 307
RB Estonia 37 39 40 42 42 43 44
RB Latvia 31 35 34 36 35 36 37
RB Lithuania 46 50 54 59 60 64 69
RB Germany 85 81 80 81 81 82 87
RB Cards 13 14 14 14 14 17 17
Wealth Management 30 31 33 32 31 29 28
Life - - - - - - -
Other/Elim 54 42 36 39 24 27 27
SEB Group 1,017 1,048 1,021 1,067 1,099 1,132 1,205
60

61. Volumes
Public deposit
SEK bn
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2007 2007 2007 2007 2008 2008 2008
MB 371 384 364 389 409 392 426
Retail Banking 231 249 249 262 257 264 269
RB Sweden 130 139 139 145 145 149 151
RB Estonia 18 20 20 22 20 22 22
RB Latvia 16 17 17 18 17 18 17
RB Lithuania 25 26 26 30 28 28 30
RB Germany 43 46 46 48 47 47 49
RB Cards - - - - - - -
Wealth Management 47 54 51 53 54 56 52
Life - - - - - - -
Other/Elim 20 28 43 46 45 46 47
SEB Group 670 715 707 750 765 758 794
61

62. FTEs, end of quarter
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2007 2007 2007 2007 2008 2008 2008
MB 2,540 2,568 2,550 2,672 2,742 2,760 2,719
Retail Banking 8,655 8,912 8,807 8,925 8,995 9,325 9,139
RB Sweden 2,742 2,812 2,660 2,736 2,733 2,875 2,738
RB Estonia 1,011 1,095 1,061 1,061 1,048 1,084 1,046
RB Latvia 1,052 1,089 1,117 1,118 1,108 1,122 1,093
RB Lithuania 1,333 1,387 1,428 1,492 1,520 1,579 1,652
RB Germany 1,668 1,699 1,728 1,733 1,802 1,830 1,794
RB Cards 849 830 813 785 784 835 816
Wealth Management 1,099 1,050 1,064 1,073 1,160 1,143 1,123
Life 1,194 1,203 1,199 1,218 1,222 1,235 1,250
Other/Elim 5,842 5,886 5,820 5,906 7,091 7,182 7,197
SEB Group 19,330 19,619 19,440 19,794 21,210* 21,645 21,428
* Whereof 1,039 encompasses the consolidated acquisitions of
Factorial bank in Ukraine and Key Asset Management.
62

63. Summary per division
Jan – Sep 2008
Merchant Retail Wealth
Banking Banking Management Life Other Group
Operating profit, SEK m 4,397 3,603 1,360 852 -2,285 7,927
Business equity, SEK bn 27 25.3 ** 6.6 7.5 75.2 *
Return on equity, % 15.6 14.5 19.8 13.3 10.9
Cost / income ratio 0.55 0.61 0.59 0.66 0.66
RWA, SEK bn, Basel II 473 378 37 49 937
RWA, SEK bn, Basel I 541 426 23 55 1,045
Tax Rate 28% 24% 28% 12%
* Average shareholders' equity
** Where of Sweden 7.4bn Estonia 3.3bn, Latvia 3.1bn, Lithuania 4.4bn, Germany 4.5bn and Cards 2.6bn.
63

64. RoE and Cost/Income ratio per division
Return on Equity per division, per cent
50
40
30
20
10
0
Merchant Retail Banking Wealth Life* Group
Banking Management
Jan - Sep 2007 Jan - Sep 2008
Cost/income ratio per division
1.00
0.80
0.60
0.40
0.20
0.00
Merchant Retail Banking Wealth Life Group
Banking Management
Jan- Sep 2007 Jan- Sep 2008
* Based on operating profit
64

65. Merchant Banking
Highlights
Magnus Carlsson
Head of
Continued strong earnings, despite
Merchant Banking
market dislocations and summer
effects
Jan – Sep 2008 Δ 2007
SEK m Underlying income in line with Q3
last year
Total income 10,381 -11%
Cost decline 17% from Q2
Interest, net 4,801 17%
Commission, net 4,085 -11%
Operating profit reduced by MTM
Financial, net 1,296 -45% valuation effects and provisions for
exposure on Lehman Brothers
Total expenses -5,677 -3%
Ranked No. 1 globally for customer
Credit losses, net -311 21%
satisfaction in cash management
Operating profit 4,397 -21%
(Euromoney)
RoE, % 15.6 20.3
C/I 0.55 0.50
65

66. Merchant Banking
SEK m
Excluding portfolios Income Expenses
5,000
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08
Operating profit Excluding portfolios
2,500
2,000
1,500
1,000
500
0
Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08
66

67. Share of income and result by area
Jan – Sep 2008, per cent of total
Income Operating profit
Global transaction Trading and Global transaction Trading and
services Capital Markets services Capital Markets
23% 25%
34%
40%
37% 41%
Corporate Corporate
Banking Banking
67

68. Trading and Capital Markets
SEK m
Excluding portfolios Income Expenses
2,500
2,000
1,500
1,000
500
0
Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08
Operating profit Excluding portfolios
1,200
900
600
300
0
Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08
68

69. Trading and Capital Markets
– focus on client driven activities
Trading and Capital Markets income by main
product cluster, excl. investment portfolios ● Focus on customer flows
ensures continued strong
5%
11%
8% 7%
revenues
11%
3% 8%
15% 4%
22% 1%
● Positive profitability trend in
6% 8%
FX areas
46%
49% 49%
46% 64% 45% ● Strong revenues and
44%
increased market shares in
Equities
38% 41% 36% 45%
28% 33%
26% ● Lower profits in fixed income
related units due to ongoing
uncertainty in credit markets
Q1 - Q2 Q3 Q4 Q1 - Q2 Q3
07 08
Equities FX
Capital Markets Structured Derivatives and other TCM
69

70. Corporate banking
SEK m Income Expenses
1,600
1,400
1,200
1,000
800
600
400
200
0
Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08
Operating profit
1,000
800
600
400
200
0
Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08
2007 and 2008 including Baltics
70

71. Global Transaction Services
SEK m Income Expenses
900
800
700
600
500
400
300
200
100
0
Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08
Operating profit
400
300
200
100
0
Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08
2007 and 2008 including Baltics
71

72. Custody volume development
Assets under custody, SEK bn No of transactions/day
7,000 160,000
140,000
6,000
120,000
5,000
100,000
4,000
80,000
3,000
60,000
2,000
40,000
1,000 20,000
0 0
2004 2005 2006 2007 2008
72

73. Merchant Banking
Investment banking rankings
Market Shares Nordic Stock Exchanges * Nordic M&A**
Jan – Sep 2008 Jan – Sep 2008 (EUR m)
SEB 9.2% 14 Deals
JP Morgan 18,127
Deutsche
Glitnir 5.4% 10 Deals 15,582
Bank
Morgan Morgan
5.4% 14 Deals 12,786
Stanley Stanley
SHB 5.3% 17 Deals
UBS 12,163
Carnegie 4.6% 29 Deals
SEB 9,137
*Source: The Nordic Stock exchanges
**Rank based on announced deals. All Nordic involvement. Source: Thomson Financial
73

74. Merchant Banking– Recent rankings
No. 1 Globally for Overall Customer Satisfaction regarding Cash Management
October 2008
Best for Real Estate Commercial Banking in the Nordic and Baltic region
Trade and
July 2008 Best Trade Bank in Northern Europe & Scandinavia
Forfaiting Review
Best for Cash Management in Nordic & Baltic region
July 2008
Euromoney Best Equities House in Nordic & Baltic region
Best M&A House in the Nordic & Baltic region
Risk Magazine July 2008 Best derivatives dealer in Sweden
Thomson Rueters
June 2008 Best research house in the Nordic countries
Extel
Global Finance World’s Best Developed Market Banks 2008, no. 1 in Sweden
April 2008 World’s Best Emerging Market Banks 2008 Central and Eastern Europe, no. 1 in Latvia
and Lithuania
Söderberg &
February 2008 Best Arranger Structured Products, Sweden
Partners
Euroweek February 2008 Best Arranger Nordic Loans, Syndicated Loans and Leveraged Finance Awards 2007
Prospera January 2008 No.1 stockbroker in the Nordic region
Global Finance Best Bank for Cash, Liquidity and Risk Management, Nordic Region
January 2008 Best Trade Finance bank, Nordic Region, Sweden and Lithuania
Best Foreign Exchange Bank and Provider in the Nordic countries and Lithuania
TMI Best bank for Cash Management, Nordic Region
January 2008
Best Bank for supply Chain Finance, Nordic Region
FX Week January 2008 Best bank for international currency forecasts in 2007
Global Custodian November 2007 Top rated in Central and Eastern Europe (2007 Emerging Markets Agent Bank Review)
October 2007 Top rated in all four Nordic markets (2007 Major Market Agent Bank Review )
74

75. Retail Banking
Highlights
Bo Magnusson
Head of
Continued strong income
Retail Banking
– NII +10% vs. 2007 offsets low
security related fees
– Income growth Q3 +1% vs. Q2
Jan – Sep 2008 Δ 2007
SEK m
Cost growth in Baltics due to inflation,
Total income 12,547 3% real estate sale and 2007 sales
Interest, net 7,899 10% expansion; higher pension cost in
Sweden
Commission, net 4,233 -8%
– Cost Q3 -2% vs. Q2
Total expenses -7,677 6%
Profit before credit losses stable
Credit losses, net -1,267 195%
Decrease in operating profit mainly
Operating profit 3,603 -19%
driven by increased provisions in
Estonia, Latvia and Lithuania
RoE, % 14.5 18.6
C/I 0.61 0.60
75

76. Retail Banking
SEK m
Income Expenses
5,000
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08
Operating profit
2,000
1,500
1,000
500
0
Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08
76

77. Share of income and result by area
Jan – Sep 2008, per cent of total
Income Operating profit
Cards Cards
Sweden
Sweden
16%
Lithuania 15%
38%
13% Lithuania 49%
21%
Latvia 7%
8% 6%
19% 5%
3%
Estonia Latvia
Estonia
Germany Germany
77

78. Business volume development by area
SEK bn Q3 2008 change vs. Q3 2007 (local currency)
Other lending Deposits
Mortgages
70 151 8%
Sweden 237 10% 10%
23 49
Germany 2%
64 0% 2%
29 22 1%
Estonia 15 8% 4%
27 17 -2%
Latvia 11 8% 4%
53 30 8%
Lithuania 16 37% 19%
Note: Figures for Estonia, Latvia and Lithuania include SEB:s large corporate business volumes
Swedish Other lending growth adjusted for transfered leasing volumes
78

79. Deposit breakdown Transaction account private
Percent of total deposits Transaction account corporate & public
13%
25%
41%21%
Savings account private
Savings account corporate & public
Retail Total Sweden Germany
3%
10% 9%
17%
24%
42% 52%
21%
45%
21% 53%
3%
Estonia Latvia Lithuania
10%
15%
18% 20%
21% 24%
35%
29%
22%
36%
39% 31%
79

80. Development of lending market SEB
Swedbank
shares – Baltics DnB Nord
Parex Banka
Per cent, Jan 2005 – Sep 2008 Sampo/Danske bank
Nordea
Estonia* Latvia Lithuania
50%
50%
50%
40% 40%
40%
30% 30%
30%
20% 20%
20%
10% 10%
10%
0% 0%
0%
Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3
Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3
05 06 07 08
05 06 07 08 05 06 07 08
* Sampo as per Q1 2008
Swedbank as per Q2 2008
80

81. Retail Sweden
Δ 2007
SEK m Jan – Sep 2008 Highlights
Total income 4,749 4% Continued strong net income growth
supported by volume and margin
Interest, net 3,453 14%
development
Commission, net 1,106 -14%
Decreased commission income due to
Total expenses -2,899 5% brokerage and structured products
Credit losses, net -86 29%
Strong SME growth: 5,300 new SME
Operating profit 1,764 3% customers (2,800 same period 2007)
Cost affected by higher pension costs
RoE, % 22.9 22.9
C/I 0.61 0.61
Total lending* 306,600 13%
Total deposits 150,600 8%
* Adjusted for moved leasing volumes,
lending increased with 10%
81

82. Business volume development
Retail Sweden, SEK bn Corporate
Private
Other lending*
Mortgages Deposits
250
250 250
200
200 200
150
150 150
100
100 100
50
50 50
0
0 0
Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3
Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3
05 06 07 08
05 06 07 08 05 06 07 08
* Excluding leasing
82

83. Market share development
Sweden, per cent Corporate
Private
Other lending
Mortgages* Deposits
20 30
20
25
15 15
20
10 15
10
10
5
5
5
0
0 0
Q1 Q3 Q1 Q3 Q1 Q3 Q1 Aug
Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Aug
05 06 07 08
05 06 07 08 08 05 06 07 08
Note: Other lending and deposits=SEB Parent Bank Sweden, i.e. not only Retail Sweden
* New measurement method from Q4 2007. Lowers the volume market share with approximately 0.2 percentage points
83

84. Mortgages private market
Retail Sweden
Market share, per cent
Sales Volume
20
18
16
14
12
10
8
6
4
2
0
Q4* Q1
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q2 Q3
05 06 07 08
* New measurement method from Q4 2007. Lowers the volume market share with approximately 0.2 percentage points
84

85. Mortgages private market
Total Sweden
Volumes and margins
Outstanding volume, SEK bn Average margin
250 1.25%
200 1.00%
150 0.75%
100 0.50%
50 0.25%
0 0.00%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2005 2006 2007 2008
85

86. Mortgages private market
Sweden
Customers’ choice of fixed / floating interest rates
100%
80%
60%
Fixed
Floating
40%
20%
0%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2005 2006 2007 2008
86

87. Retail Germany
Δ 2007 Highlights
SEK m Jan – Sep 2008
Total income 2,434 -4% Reduced profitability due to lower
customer activity within securities-
Interest, net 1,449 3%
related-areas
Commission, net 960 -11%
Higher sales of insurance (+13%) and
Total expenses -2,247 -1% mortgages (+31%) vs. same period
2007
Credit losses, net -67 14%
Operating profit 120 -41% Stable cost level
RoE, % 2.8 5.1
C/I 0.92 0.90
Total lending 87,000 8%
Total deposits 49,200 6%
87

88. Business volume development
Retail Germany, EUR bn
Other lending
Mortgages* Deposits
8 8 8
7 7 7
6 6 6
5 5 5
4 4 4
3
3 3
2 2
2
1
1
1
0
0
0
Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3
Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3
Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3
05 06 07 08
05 06 07 08
05 06 07 08
Figures above present Mortgage, lending and deposits from private individuals and SME
* Effected by amortizations on large historical sales volumes, partly sold through external sales organizations
88

89. Sales development
Retail Germany
Customer Insurance
EUR m New mortgage* EUR m
appointments*
140
50,000
450
45,000
400 120
40,000
350
100
35,000
300
30,000 80
250
25,000
60
200
20,000
150
15,000 40
100 10,000
20
50 5,000
0
0
0 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3
Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3
Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3
05 06 07 08
05 06 07 08
05 06 07 08
* by Call centre
* incl. prolongation
89

90. Retail Estonia
Δ 2007
SEK m Jan – Sep 2008 Highlights
Total income 1,032 8% Strong focus on credit quality,
including increase of loans overdue
Interest, net 685 6%
Increased credit provisioning
Commission, net 255 -2%
reflecting weakened macro
economic outlook
Total expenses -426 23%
Reduced lending market share
Credit losses, net -428 598%
Increased savings focus - new
Operating profit 178 -67%
mutual funds launched
RoE, % 6.1 17.7 Package solution for private
customers’ daily needs attracted
C/I 0.41 0.36
more than 30,000 customers,
whereof half new to the bank
Total lending 44,500 +12%
Lower cost in Q3 than Q2
Total deposits 21,900 +7%
90

91. Business volume development
Retail Estonia, EUR bn Corporate
Private
Other lending
Mortgages Deposits
3 3 3
2 2 2
1 1 1
0
0 0
Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3
Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3
05 06 07 08
05 06 07 08 05 06 07 08
Mortgages defined as home loans to
private individuals
Note: Figures include SEB:s large corporate business volumes
91

92. Market share development
Retail Estonia, per cent Corporate
Private
Mortgages Deposits
35 35
30 30
25 25
20 20
15
15
10
10
5
5
0
0
Q1 Q3 Q1 Q3 Q1 Q3 Q1 Aug
Q1 Q3 Q1 Q3 Q1 Q3 Q1 Aug
05 06 07 08
05 06 07 08
Mortgage market share for home loans
to private individuals
92

93. Retail Latvia
Δ 2007
SEK m Jan – Sep 2008 Highlights
Total income 926 -6% Strong focus on credit quality, including
increase of loans overdue
Interest, net 754 4%
Commission, net 141 -43% Increased credit provisioning reflecting
weakened macro economic outlook
Total expenses -462 19%
Reduced lending market share
Credit losses, net -244 268%
Increased savings focus - new mutual
Operating profit 220 -58%
funds launched
Lower cost in Q3 than Q2
RoE, % 8.1 18.6
C/I 0.50 0.40
Total lending 37,500 11%
Total deposits 17,000 3%
93

94. Business volume development
Corporate
Retail Latvia, EUR bn
Private
Other lending
Mortgages Deposits
3 3 3
2 2 2
1 1 1
0 0
0
Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3
Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3
05 06 07 08 05 06 07 08
05 06 07 08
Mortgages defined as home loans to
private individuals
Note: Figures include SEB:s large corporate business volumes
94