This document provides an overview of key financial figures and performance metrics for SEB Group for 2008. Some key points: - Operating profit declined 27% year-over-year to SEK 12.5 billion in 2008 due to lower net interest income, fee and commission income, and life insurance income as well as higher credit losses. - Net profit declined 26% to SEK 10.1 billion. Return on equity fell to 13.1% and the cost/income ratio increased to 0.62. - All divisions saw declines in profitability except Merchant Banking. Sweden, Norway, and Germany were the strongest markets while the Baltic countries struggled. - Exchange rate fluctuations had a negative impact

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

2. Contents
Page
SEB Group 3 – 30
Asset quality 32 – 49
Bond portfolios 50 – 59
Divisional level 60 – 66
Merchant Banking 67 – 76
Retail Banking 77 – 102
Wealth Management 103 – 114
Life 115 – 130
Macro update 131 – 140
2

3. 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
3

4. Organisation President &
CEO
Annika Falkengren
Group Credits & CFO Group IT
Group Risk Control
Jan Erik Back Ulf Thorstensson
Johan Andersson
Business
Support &
Compliance HR & Org. Dev. Group Operations
Group Staff
Gent Jansson Ingrid Engström Pia Warnerman
Bo Magnusson,
Deputy CEO
Internal Audit Group Strategy & Group Staff
Business Planning
Agneta Brevenhag* Bo Magnusson
Hans Larsson
Merchant Retail Banking Wealth Life
Banking Management
Magnus Carlsson Mats Torstendahl Fredrik Boheman Anders Mossberg
* Reports directly to the Board
4

5. Share of operating profit
Jan – Dec 2008
Merchant
Lithuania Germany
Life Banking
Latvia Wealth
6% 6%
Estonia Management 7%
3%
Finland 3% 13%
Denmark 4%
4%
53%
Norway 27%
9% 65%
Sweden
Retail
Banking
Geography – Adjusted for Other
Divisions – Adjusted for Other
Sweden – adjusted for centralisation of CPM portfolio
5

6. 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 A1 A A+ AA (low)
Outlook Negative Negative Stable Stable
Last Action Rating action Outlook change Outlook change Unaffected
rating
Date April-09 Mar-09 Jul-08 Jul-08
6

7. Key figures
SEB Group
Change
Q4 Jan-Dec Q3 Q4 Jan-Dec
SEK m 2008 2008 2008 2007 2007
Operating income 12,714 41,140 38% 27% 2%
Operating expenses -6,965 -25,407 17% 17% 10%
Operating profit 4,028 12,471 59% -12% -27%
Net profit 3,507 10,050 86% -7% -26%
Return on Equity, % 17.6 13.1 7.6 -2.6 -6.2
Cost / income ratio 0.55 0.62 -0.10 -0.04 0.05
Credit loss level, % 0.63 0.30 0.36 0.50 0.19
Basel II - fully implemented
Tier I capital ratio, % 10.1 10.1 -0.2 -0.2 -0.2
Risk-weighted assets, SEK bn 818 818 48 81 81
7

8. Profit and loss account
Q4 2008 vs. Q4 2007
SEK m Q4 Q4 Change Excluding
2008 2007 % portfolios
Net interest income 5,513 4,375 26
Net fee and commissions 3,790 4,129 -8
Net financial income 1,723 420
Net life insurance income 516 766 -33
Net other income 1,172 345
Total operating income 12,714 10,035 27 17%
Staff costs -4,597 -3,787 21
Other expenses -1,968 -1,782 10
Depreciation of assets -400 -359 11
Total operating expenses -6,965 -5,928 17
Gain/loss tangible/intangible assets 2 787 -100
Net credit losses etc -1,723 -313
Operating profit 4,028 4,581 -12 -24%
Net profit 3,507 3,757 -7 -19%
8

9. Profit and loss account
Q4 2008 vs. Q3 2008
SEK m Q4 Q3 Change Excluding
2008 2008 % portfolios
Net interest income 5,513 4,553 21
Net fee and commissions 3,790 3,754 1
Net financial income 1,723 247
Net life insurance income 516 504 2
Net other income 1,172 163
Total operating income 12,714 9,221 38 41%
Staff costs -4,597 -3,752 23
Other expenses -1,968 -1,820 8
Depreciation of assets -400 -398 1
Total operating expenses -6,965 -5,970 17
Gain/loss tangible/intangible assets 2
Net credit losses etc -1,723 -725 138
Operating profit 4,028 2,526 59 71%
Net profit 3,507 1,886 86 97%
9

10. Profit and loss account
Jan – Dec 2008 vs. Jan – Dec 2007
SEK m Jan – Dec Jan – Dec Change Excluding
2008 2007 % portfolios
Net interest income 18,710 15,998 17
Net fee and commissions 15,254 17,051 -11
Net financial income 2,970 3,239 -8
Net life insurance income 2,375 2,933 -19
Net other income 1,831 1,219 50
Total operating income 41,140 40,440 2 0%
Staff costs -16,241 - 14,921 9
Other expenses -7,642 - 6,919 10
Depreciations/amortisations -1,524 - 1,354 13
Total operating expenses -25,407 - 23,194 10
Gain/loss
tangible/intangible assets 6 788 -99
Net credit losses etc -3,268 - 1,016
Operating profit 12,471 17,018 -27 -28%
Net Profit 10,050 13,642 -26 -27%
10

11. SEB Group
Income, Expenses and Operating profit, SEK m
Excluding portfolios Income Expenses
14,000
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- Q4-
04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08
Operating profit
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- Q4-
-2 000 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 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 Jan – Dec 2008 vs. Jan – Dec 2007
SEK m
796
481
823
1,218
-606
18,710
15,998
Jan-Dec Lending Lending Deposit Deposit Funding & Jan-Dec
2007 margin volume margin volume other 2008
12

13. Net interest income analysis
SEB Group Q4 2008 vs. Q4 2007
SEK m
457
180
143
343
15
5,513
4,375
Q4 2007 Lending Lending Deposit Deposit Funding & Q4 2008
margin volume margin volume other
13

14. Net interest income analysis
SEB Group Q4 2008 vs. Q3 2008
SEK m
811
147
253
80
-331 5,513
4,553
Q3 2008 Lending Lending Deposit Deposit Funding & Q4 2008
margin volume margin volume other
14

15. Net interest and Net fee and
commission income
SEB Group, SEK m
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- Q4-
04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08
Net interest income Net fee and commissions
15

16. Fee and commission income
Gross quarterly development Q1 2004 – Q4 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 insurance and
Other income
Quarterly development Q1 2004 – Q4 2008 SEB Group, SEK m
2,000
1,500
1,000
500
0
Net financial income Net life insurance income Net other income
-500
17

18. Cost development per quarter
Quarterly development Q1 2004 – Q4 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 and 600m in Q4 2008
18

19. Cost management
Total expenses, Jan-Dec 2008 vs. Jan-Dec 2007 SEK 1,029m
from the start
of 2007
170
1,691
768
1,004 -937
-483
25,407
25,122
23,194
Jan-Dec Inflation Organic Depreciation Variable Cost before Efficiency Redundancy Jan-Dec
2007 growth + salaries efficiency gains cost 2008
Acq gains
19

20. Return on equity
SEB Group, per cent
Excluding portfolios Return on Equity
21.1
20.8
19.3
15.8
14.7 14.2
13.1
2004 2005 2006 2007 2008
20

21. Cost/income ratio
SEB Group
C/I ratio Excluding portfolio losses
0.65 0.65
0.62
0.58 0.57
0.60
0.55
2004 2005 2006 2007 2008
21

22. Basic earnings per share
SEB Group, SEK
Excluding portfolios Earnings per share
21,83
18,72
19,97
15,78
12,58 14,66
10,83
2004 2005 2006 2007 2008
22

23. Operating profit, 12 months 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- Q4-
04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08
* Excluding one-off charges
23

24. Impact from exchange rate fluctuations
SEB Group
EUR period end USD period end
12.00 8.50
11.50
8.00
11.00
7.50
10.50
10.00 7.00
9.50
6.50
9.00
6.00
8.50
8.00 5.50
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008
SEK m F-y 2008 H2/H1-08 Q4/Q3-08
Income 509 380 305
Expenses -293 -250 -210
Operating profit 150 45 10
SEK bn
Loans to the public 78 59
Deposits to the public 64 48
RWA- Basel I 80 60
Balance sheet 209 156
24

25. Assets under management
SEB Group, SEK bn
Assets under management year-end 2007 1,370
Inflow 295 (14%)
Outflow -261 (29%)
Acquisition/disposal net 17
Change in value -220 (-523%)
Assets under management year-end 2008 1,201 *
* Of which:
Retail Banking 74
Wealth Management 1,142
Life 346
25

26. SEB Group net inflow AuM
Jan – Dec 2008, SEK bn
2.3
1.3
-0.7
-11.6
43.0
34.3
Sweden Other Nordic Germany Baltic countries Other & Elim Group
& Poland
26

27. Balance sheet
Dec 2008 Sep 2008 Dec 2007
Cash and balances with central banks 44,852 18,733 96,871
Loans to credit institutions 266,363 300,591 263,012
Loans to the public 1,296,777 1,226,633 1,067,341
Financial assets at fair value 635,454 620,099 661,223
Available-for-sale financial assets 163,115 171,464 170,137
Held-to-maturity investments 1,997 2,067 1,798
Investment in associates 1,129 1,387 1,257
Tangible and intangible assets 29,511 27,163 24,697
Other assets 71,504 50,154 58,126
Total assets 2,510,702 2,418,291 2,344,462
Deposits by credit institutions 429,425 399,940 421,348
Deposits and borrowings from the public 841,034 794,266 750,481
Liabilities to policyholders 211,070 206,473 225,916
Debt securities 525,219 554,257 510,564
Financial liabilities at fair value 295,533 248,142 216,390
Other liabilities 71,565 90,500 97,519
Provisions 1,897 1,378 1,536
Subordinated liabilities 51,230 45,736 43,989
Total equity 83,729 77,599 76,719
Total liabilities and equity 2,510,702 2,418,291 2,344,462
27

28. 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 2008
28

29. Funding structure
SEB Group, Dec 2008
SEK 1,787bn Deposits –
Financial
Mortgage covered
institutions 15%
bonds Sweden
10%
Commercial paper/
Certificates of
Deposits – General deposit 8%
public 42%
Deposits – Central
banks 7%
Public covered
bonds Germany
7%
Senior debt 2%
Schuldscheins and
Subordinated debt
Mortgage covered
Registered bonds
3%
bonds Germany
3%
3%
* Over collateral within cover pools SEK 48bn, which may be
used for further covered bond issuance or pledged for central
bank borrowing.
29

30. Net liquidity position across maturities
31 Dec, SEK bn
SEK bn
140
SEB is match-
Year-end 2008
120 funded approx.
6-8 months
100
80
60
40
20
0
1 week
2 weeks
4 weeks
2 months
3 months
4 months
5 months
6 months
6-7m
7-8m
9 months
9-10m
10-11m
12 months
-20
-40
6-8 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.
30

31. 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
31

32. Asset quality
32

33. Credit exposure
On and off balance, SEK 1,934bn
By sector
Banks
Public Corporates
15%
Administration
6%
40%
25%
14%
Households
Property
Management
33

34. Credit exposure
On and off balance, SEK bn
Dec 2008 (Dec 2007) Swedish Other German Baltic Total
Nordic*
Corporates 391 (293) 175 (123) 120 (72) 95 (83) 782 (571)
Property
Management 105 (82) 22 (18) 104 (87) 32 (26) 262 (212)
Households 269 (248) 45 (45) 104 (87) 68 (55) 486 (434)
Public
Administration 32 (16) 2 (3) 79 (66) 6 (3) 119 (88)
Total non-banks 797 (637) 244 (189) 407 (312) 200 (166) 1,649 (1,304)
Banks 175 (152) 41 (35) 68 (58) 2 (3) 286 (248)
Total 972 (790) 285 (223) 475 (369) 202 (169) 1,934 (1,552)
Currency effect,
SEK bn +41 +61 +27 +129
* Incl. other
34

35. Credit exposure
On and off balance, SEK bn
Dec -05 Dec -06 Dec -07 Sep -08 Dec -08
Corporates 494 484 571 720 782
Property Management 192 192 212 245 262
Households 319 374 434 469 486
Public Administration 125 97 88 113 119
Total non-banks 1,130 1,146 1,304 1,547 1,649
Banks 198 169 248 258 286
Total 1,328 1,315 1,552 1,805 1,934
35

36. Credit exposure – households
SEK bn
Mortgage Other
486
434
374
319
115
104
105
79
371
330
269
240
Dec 2005 Dec 2006 Dec 2007 Dec 2008
36

37. Households credit portfolio
SEK bn
Mortgage Other
79 78 78
76
73
68
235 235 236
219 227
186 25
22
21
20 20
27 12
11
11
11
10
79
72
70
67 68 10 55
55 50
47
45
44
28
Dec Dec Mar Jun Sep Dec Dec Dec Mar Jun Sep Dec Dec Dec Mar Jun Sep Dec
'06 '07 '08 '08 '08 '08 '06 '07 '08 '08 '08 '08 '06 '07 '08 '08 '08 '08
Nordic Germany Baltics
37

38. Corporate credit exposure – by industry
SEB Group, SEK bn
782
12%
16%
571 11%
494 484
10%
29%
19%
3%
Finance and insurance Wholesale and retail
Transportation Other service sectors
Dec Dec Dec Dec
Construction Manufacturing
2005 2006 2007 2008 Other
38

39. Property management – by geography*
SEB Group, SEK bn
Commercial Multi-family
3.3% 1.2%
262
8.1%
6.4%
212
93
192
192
2.8% 40.3%
75
3.4%
81
90
169
137
111
101
34.5%
Dec 2005 Dec 2006 Dec 2007 Dec 2008 Sweden Germany Estonia
Latvia Lithuania Other Nordic
Other European Other
* By obligor’s domicile
39

40. Impaired loan volumes*
% of Credit Exposure**
SEB Group Germany Nordic Baltic
3.0%
2.8%
2.5%
2.0%
1.5% 1.4%
1.0%
0.8%
0.5%
0.3%
0.0%
Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec
'03 '04 '04 '04 '04 '05 '05 '05 '05 '06 '06 '06 '06 '07 '07 '07 '07 '08 '08 '08 '08
* Impaired loans gross
* *Excluding Banks
40

41. Impaired loans and reserves
SEB Group, SEK m
Dec 2005 Dec 2006 Dec 2007 Dec 2008
Impaired loans
Non-performing, gross (60 days) 7,957 7,123 7,619 12,963
Performing, gross 1,144 1,403 772 948
Impaired loans, gross 9,101 8,526 8,391 13,911
Specific reserves 4,787 4,234 3,787 5,022
Collective reserves 2,283 2,170 2,602 4,197
Off-balance sheet reserves 268 215 209 251
Total reserves 7,338 6,619 6,598 9,470
Reserve ratio 77.7% 75.1% 76.1% 66,3%
41

42. Level of net credit losses, %
Estonia 1.17
Latvia 1.43
Lithuania 1.26.
Baltics 1.28
1.40
1.20
1.00
0.80
0.60
0.40
0.20
0.00
2003 2004 2005 2006 2007 2008
Germany Baltics Nordics SEB Group
42

43. Credit losses and build up of reserves
SEB Group, SEK m
Sum Average/ Jan – Dec Jan – Dec Change
8 quarters quarter 2007 2008
Net credit losses, quarterly 2007 – 2008
Provisions
Net collective provisions -1,693 -212 -390 -1,303 -913
Specific provisions 2,371 -296 - 653 -1,718 -1,065
Reversals of specific
provisions no longer required 741 93 405 336 -69
Net provisions for contingent liabilities -48 -6 8 -56 -64
Net provisions (build-up of reserve) -3,371 -421 - 630 -2,741 -2,111
Write-offs
Total write-offs -2,823 -353 - 1,395 -1,428 -33
Reversal of specific provisions
utilized for write-offs 1,410 176 711 699 -12
Write-offs not previously provided for -1,413 -177 - 684 -729 -45
Recovered from previous write-offs 532 67 293 239 -54
Net write-offs -881 -110 - 391 -490 -99
Net credit losses -4,252 -532 - 1,021 -3,231 -2,210
Change in value of seized assets -32 -4 5 -37 -42
Net credit losses incl change in value -4,284 -536 -1,016 -3,268 -2,252
43

44. Credit losses and build up of
reserves quarterly development
SEB Group, SEK m
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Net credit losses, quarterly 2006 2006 2007 2007 2007 2007 2008 2008 2008 2008
Provisions
Net collective provisions -89 212 -114 -220 -71 15 -112 11 -318 -884
Specific provisions -124 -455 -245 -77 -100 -231 -190 -409 -331 -787
Reversals of specific provisions
no longer required 133 173 75 87 80 163 44 79 71 142
Net provisions for contingent liabilities 1 10 31 -7 8 -24 1 2 -23 -36
Net provisions (build-up of reserve) -80 -60 -253 -217 -83 -77 -257 -317 -601 -1,566
Write-offs
Total write-offs -334 -444 -243 -240 -350 -562 -332 -367 -265 -464
Reversal of specific provisions
utilized for write-offs 196 221 124 131 214 242 201 217 71 210
Write-offs not previously provided for -138 -223 -119 -109 -136 -320 -131 -150 -194 -254
Recovered from previous write-offs 81 62 135 43 30 85 24 19 79 117
Net write-offs -57 -161 16 -66 -106 -235 -107 -131 -115 -137
Net credit losses -137 -221 -237 -283 -189 -312 -364 -448 -716 -1,703
Change in value of seized assets 1 -1 3 3 - -1 -4 -4 -9 -20
Net credit losses incl change in value -136 -222 -234 -280 -189 -313 -368 -452 -725 -1,723
44

45. 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
45

46. Baltic countries – credit exposure
On and off balance, SEK bn
SEB Estonia SEB Latvia SEB Lithuania
89.3 95.2
82.9
76.4 78.6 Banks
29
56.6 26 Public
24
50.0 49.5 51.0 52.3 23
22
41.4 41.1 42.3 44.0 49.8 Administration
16
15
13
13 13
23 Households
20 16
19 20
19 14
14
14 14 7
9
8
8 7 8 6
5 46
5 5 45
42
39 40
Property
25
22 23 22
22 21 21 21 21
20
Management
Corporates
Dec Mar Jun Sep Dec Dec Mar Jun Sep Dec Dec Mar Jun Sep Dec
'07 '08 '08 '08 '08 '07 '08 '08 '08 '08 '07 '08 '08 '08 '08
2007 Q1 Q2 Q3 Q4 2007 Q1 Q2 Q3 Q4 2007 Q1 Q2 Q3 Q4
+18% 0% +3% +1% +1% +30% +4% +4% +4% -5%
+17% 0% +2% -1% -3%
Growth rates in local currency
46

47. Baltic countries - asset quality
Net credit losses Impaired Q4 Q1 Q2 Q3 Q4
loans, % 2007 2008 2008 2008 2008
Q1 2007 – Q4 2008, SEK m
600
Estonia 0.4 0.7 1.6 2.0 2.3
500 Corporate 0.2 0.5 2.0 2.2 2.5
Private 0.7 1.1 1.3 1.8 2.1
400
Latvia 0.5 0.8 1.1 1.6 2.8
300
Corporate 0.3 0.3 0.6 1.0 2.2
Private 1.0 1.5 2.0 2.8 3.9
200
Lithuania 0.8 0.9 1.0 1.2 3.0
100
Corporate 0.8 0.8 0.9 1.1 3.8
0
Private 0.8 1.2 1.4 1.6 1.7
Estonia Latvia Lithuania
Corporate including Property Management
Impaired loans gross
47

48. Baltic countries
Impaired loans and reserves
December 2008, SEK m
SEB SEB SEB Total
Estonia Latvia Lithuania Baltic
Impaired loans, 1,287 1,346 2,867 5,499
gross
Specific reserves 380 173 791 1,344
Collective 546 603 612 1,761
Off balance 0 0 0 0
reserves Impaired loans Q4 Q1 Q2 Q3 Q4
SEK m 07 08 08 08 08
Total reserves 926 776 1,404 3,105
Estonia 186 334 819 1,019 1,287
Reserve ratio 71.9% 57.7% 49.0% 56.5%
Corporate 47 132 570 657 799
Private 138 202 249 362 488
Latvia 218 301 444 694 1,346
Corporate 84 86 152 285 722
Private 134 216 292 410 624
Lithuania 573 682 819 1,037 2,867
Corporate 398 416 492 633 2,377
Private 176 266 327 404 490
48

49. Baltic countries – net credit losses
Jan – Dec 2008, SEK m
Estonia Latvia Lithuania Total %
Net write-offs & actual losses 0 -13 -1 -15 0.8
Net new specific provisions -323 -142 -357 -822 46.3
Net new collective provisions -184 -352 -376 -912 51.4
Change in value of seized assets -4 -4 -18 -26 1.5
Net credit losses -512 -512 -752 -1,775
49

50. Bond portfolios
50

51. SEB bond portfolio*
31 December 2008
Acc 2007- Mark-to-market losses over
Fixed-income securities portfolio
– income of SEK 2,838m SEK 355bn
– equity of SEK 3,605m
8
– Loans & Receivables (MTM not
recorded) of SEK 6,875m 24
The losses are expected to be 222 133
101
recovered over time
Further volatility from the mark-to-
market is expected; however with
limited impact on income since Trading and Treasury etc
investment portfolio classification is:
Investments (MB Credit & Portfolio
– 76 per cent Loans & Receivables, Management)
Held for trading (MTM over income)
– 18 per cent Available-for-sale and
Available for sale (MTM over equity)
– 6 per cent Held-for Trading Loans & Receivables (MTM not recorded)
*Net of short and fully matched positions;
excluding holdings in the insurance business
51

52. SEB bond portfolio*
31 December, 2008, SEK bn
ABS
19%
Cover pool
27%
Merchant Banking 190
Group Treasury 156
Other divisions 9 Financials
20%
Total 355 Corp, Gov't
etc
15% Covered
bonds
19%
*Net of short and fully matched positions;
excluding holdings in the insurance business
52

53. Merchant Banking bond portfolios
31 December, 2008
Trading Investments
Capital Markets and other Credit & Portfolio Management
15%
4%
51%
39%
21%
60%
10%
Structured credits Financial institutions
Corporate bonds Financial institutions
Covered bonds
Gov't Covered bonds
Volume SEK 59bn Volume SEK 133bn
53

54. Bond investment portfolio – status
31 December, 2008 (31 December, 2007)
Structured credits Financial institutions
Volume: SEK 68bn (71) Volume: SEK 52bn (55)
AAA-rating: 93.0% (99.3) No level 3 assets
No level 3 assets No impaired assets
Still amortising, no impaired assets
Covered bonds etc. SEK 13bn (5)
2007 2008 Acc Q3 08 Q4 08
P/L -1,769 -1,069 -2,838 56 -187
Equity -698 -2,907 -3,605 -635 -585
MTM (SEK m) -2,467 -3,976 -6,443 -579 -772
The unrealised valuation loss on the fixed-income securities reclassified during 2008
amounted to SEK 6,875m at year-end 2008.
54

55. Bond investment portfolio – financial effects
31 December, 2008, SEK m
Structured credits Financial institutions
2007 2008 Acc Q3 08 Q4 08 2007 2008 Acc Q3 08 Q4 08
P/L -1,056 -1,070 -2,126 27 -262 P/L -563 -9 -572 84 11
Equity -626 -1,460 -2,086 -187 -271 Equity -72 -667 -739 -113 -64
-1,682 -2,530 -4,212 -160 -533 -635 -676 -1,311 -29 -53
+ Covered bonds etc
accumulated -920
2007 2008 Acc Q3 08 Q4 08
P/L -1,769 -1,069 -2,838 56 -187
Equity -585
-698 -2,907 -3,605 -635
MTM (SEKm) -772
-2,467 -3,976 -6,443 -579
55

56. Bond investment portfolio – strategy
1. Limit P/L volatility by increasing AFS portfolios and reducing HFT portfolios.
2. Use IAS 39 possibility to reclassify holdings to further limit volatility.
Held for trading Available for sale Loans and Receivables
SEKbn
(MTM over income) (MTM over equity) (MTM not recorded)
Q4 08
Q4 07
56
45
41
30 29
26
13
57
5
34 0 0
0
ABS Financial Covered
ABS Financial Covered
institutions bonds etc. institutions bonds etc.
56

57. Distribution of bond investment portfolio
31 December, 2008
Financial institutions Structured credits
SEK 52bn SEK 68bn
DK
IT
6%
SE 4% FI 2% Other 5%
DE 2%
15% NL
US
IT 6%
7%
35%
Other
NL 7%
2%
FR 8%
Pan Europé
US 26% 22%
ES 17%
UK
ES
16%
UK 13% 7%
57

58. Main characteristics of structured
credits portfolio
31 December, 2008 Structured credits
SEK 68bn
A high quality investment portfolio
initiated 1998 with fixed-income RMBS
securities eligible as central bank prime
collateral 33% RMBS
655 positions, well diversified across Non
products, asset classes and geographies prime 5%
93.0% of the portfolio is rated Aaa/AAA,
only 1.8% below investment grade
– Since the summer 2007, 60 of 655 ABS
positions have been downgraded 16%
CMO
Mark-to-market prices applied to all 13%
positions - no level 3 assets
Current average expected maturity ~3,5 CDO 7%
years CMBS
7%
Current annual amortisation rate is SEK CLO
~10bn 19%
58

59. Bond investment portfolio
Structured credits – rating composition (S&P, Moody’s and Fitch)
Outstanding volumes, 31 December, 2008
Q1-08 Q2-08 Q3-08 Q4-08
93.0%
100%
90%
80%
70%
60%
50%
40%
30%
20%
10% 3.5% 1.8% 1.3% 0.5%
0%
AAA AA/A BBB BB/B CCC/CC
59

60. 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.
Divisional level
60

61. Operating profit per division
Jan – Dec 2008 vs. Jan – Dec 2007
SEK m Excl. portfolio
losses
Change ROE
vs. Jan-Dec 2007 Jan-Dec 2008
Merchant
Banking
22.3% (25.0%)
22% (9%)
Retail Banking
-29% 12.7%
Income Op.profit
Sweden: +5% -1%
Wealth Germany: -3% -50%
-24% 21.9%
Estonia: +7% -49%
Management Latvia: -5% -77%
Lithuania: +5% -53%
Kort: +8% -15%
Jan-Dec 2008
-41% 12.5%
Life
Jan-Dec 2007
0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 9 000 10 000
61

62. Volumes Affected by
restated volumes
Public lending
SEK bn
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2007 2007 2007 2007 2008 2008 2008 2008
MB 465 492 459 483 526 531 606 645
Retail Banking 468 483 493 513 518 545 561 586
RB Sweden 256 264 271 279 286 303 307 309
RB Estonia 37 39 40 42 42 43 44 48
RB Latvia 31 35 34 36 35 36 37 41
RB Lithuania 46 50 54 59 60 64 69 76
RB Germany 85 81 80 81 81 82 87 95
RB Cards 13 14 14 14 14 17 17 17
Wealth Management 30 31 33 32 31 29 28 28
Life - - - - - - - -
Other/Elim 54 42 36 39 24 27 31 38
SEB Group 1,017 1,048 1,021 1,067 1,099 1,132 1,226 1,297
62

63. Volumes
Public deposit
SEK bn
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2007 2007 2007 2007 2008 2008 2008 2008
MB 371 384 364 389 409 392 426 433
Retail Banking 231 249 249 262 257 264 269 287
RB Sweden 130 139 139 145 145 149 151 153
RB Estonia 18 20 20 22 20 22 22 25
RB Latvia 16 17 17 18 17 18 17 19
RB Lithuania 25 26 26 30 28 28 30 32
RB Germany 43 46 46 48 47 47 49 58
RB Cards - - - - - - - -
Wealth Management 47 54 51 53 54 56 52 48
Life - - - - - - - -
Other/Elim 20 28 43 46 45 46 47 73
SEB Group 670 715 707 750 765 758 794 841
63

64. FTEs, end of quarter
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2007 2007 2007 2007 2008 2008 2008 2008
MB 2,540 2,568 2,550 2,672 2,742 2,760 2,719 2,698
Retail Banking 8,655 8,912 8,807 8,925 8,995 9,325 9,139 8,951
RB Sweden 2,742 2,812 2,660 2,736 2,733 2,875 2,738 2,720
RB Estonia 1,011 1,095 1,061 1,061 1,048 1,084 1,046 1,036
RB Latvia 1,052 1,089 1,117 1,118 1,108 1,122 1,093 1,006
RB Lithuania 1,333 1,387 1,428 1,492 1,520 1,579 1,652 1,624
RB Germany 1,668 1,699 1,728 1,733 1,802 1,830 1,794 1,746
RB Cards 849 830 813 785 784 835 816 819
Wealth Management 1,099 1,050 1,064 1,073 1,160 1,143 1,123 1,088
Life 1,194 1,203 1,199 1,218 1,222 1,235 1,250 1,226
Other/Elim 5,842 5,886 5,820 5,906 7,091 7,182 7,197 7,170
SEB Group 19,330 19,619 19,440 19,794 21,210* 21,645 21,428 21,131
* Whereof 1,039 encompasses the consolidated acquisitions of
Factorial bank in Ukraine and Key Asset Management.
64

65. Summary per division
Jan – Dec 2008
Merchant Retail Wealth
Banking Banking Management Life Other Group
Operating profit, SEK m 8,350 4,262 2,011 1,063 -3,215 12,471
Business equity, SEK bn 27 25.3 ** 6.6 7.5 76.4 *
Return on equity, % 22.3 12.7 21.9 12.5 13.1
Cost / income ratio 0.45 0.61 0.57 0.67 0.62
RWA, SEK bn, Basel II 538 390 44 14 986
RWA, SEK bn, Basel I 613 439 24 51 1,127
28%*** 28%***
Tax Rate 24% 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.
*** As from Jan 2009, the tax rate is 26.3%.
65

66. Summary per division
Jan – Dec 2008
Without floor
Merchant Retail Wealth
Banking Banking Management Life Other Group
Operating profit, SEK m 8,350 4,262 2,011 1,063 -3,215 12,471
Business equity, SEK bn 27 25.3 ** 6.6 7.5 76.4 *
Return on equity, % 22.3 12.7 21.9 12.5 13.1
Cost / income ratio 0.45 0.61 0.57 0.67 0.62
RWA, SEK bn, Basel II 463 268 44 43 818
RWA, SEK bn, Basel I 613 439 24 51 1,127
28%*** 28%***
Tax Rate 24% 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.
*** As from Jan 2009, the tax rate is 26.3%.
66

67. 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 - Dec 2007 Jan - Dec 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 - Dec 2007 Jan - Dec 2008
* Based on operating profit
67

68. Merchant Banking
Highlights
Magnus Carlsson
Head of
Income and operating profit the
Merchant Banking
highest to date
Strong business volumes and
Jan – Dec 2008 Δ 2007 customer demand
SEK m
Lower investment banking revenues
Total income 16,828 12%
offset by increases in commercial
Interest, net 7,414 32%
banking
Commission, net 5,248 -12%
Credit loss provisions increase from
Financial, net 3,625 39%
a low level
– in general asset quality remains
Total expenses -7,579 -3%
stable
Credit losses, net -904 177%
– continued conservative approach
Operating profit 8,350 22%
to provisioning
RoE, % 22.3 18.7
C/I 0.45 0.52
68

69. Merchant Banking
SEK m
Excluding portfolios Income Expenses
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08 Q4-08
Operating profit Excluding portfolios
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 Q4-08
69

70. Share of income and result by area
Jan – Dec 2008, per cent of total
Income Operating profit
Global Transaction Trading and Global Transaction Trading and
Services Capital Markets Services Capital Markets
19% 17%
47%
32% 51%
34%
Corporate Corporate
Banking Banking
70

71. Trading and Capital Markets
SEK m
Excluding portfolios Income Expenses
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 Q4-08
Operating profit Excluding portfolios
2,700
2,400
2,100
1,800
1,500
1,200
900
600
300
0
Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08 Q4-08
71

72. 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
-3%
revenues
21%
11%
Continued strong results in FX
8% 7%
19%
6%
5%
8% -2%
11%
15% 8%
22% 3% Lower volumes but increased
12%
6%
market shares in Equities
44% 50%
59% 46%
46% 45%
44% 63%
Normalisation of results in fixed
income units
38% 36% 44%
41%
26% 28% 33%
Q1 - Q2 Q3 Q4 Q1 - Q2 Q3 Q4
07 08
Equities FX
Capital Markets Structured Derivatives and other TCM
72

73. Corporate Banking
SEK m Income Expenses
2,000
1,800
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 Q4-08
Operating profit
1,000
800
600
400
200
0
Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08 Q4-08
73

74. 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 Q4-08
Operating profit
400
300
200
100
0
Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08 Q4-08
74

75. Custody volume development
Assets under custody, SEK bn No of transactions/day
180,000
7,000
160,000
6,000
140,000
5,000
120,000
4,000 100,000
80,000
3,000
60,000
2,000
40,000
1,000
20,000
0 0
2004 2005 2006 2007 2008
75

76. Merchant Banking
Investment banking rankings
Market Shares Nordic Stock Exchanges * Nordic M&A**
Jan – Dec 2008 Jan – Dec 2008 (EUR m)
SEB 9.2% 18,987
16 Deals
JP Morgan
Deutsche
SHB 5.4% 14 Deals 16,574
Bank
Morgan Morgan
5.2% 13,327
15 Deals
Stanley Stanley
Carnegie 4.3% 12,978
UBS 19 Deals
Danske Bank 3.9% 37 Deals 9,762
SEB
*Source: The Nordic Stock exchanges
**Rank based on announced deals. All Nordic involvement. Source: Thomson Reuters
76

77. Merchant Banking – Recent rankings
Best Trade Finance bank, Nordic Region, Sweden, Latvia and Lithuania
Best Overall Bank for Cash Management, Nordic Region
January 2009
Best Bank for Liquidity Management, Nordic Region
Best Bank for Risk Management, Nordic Region
January 2009 Top rated in Central and Eastern Europe
February 2009 Best Arranger Nordic Loans 2008
January 2009 Best Equity House in the Nordic region
Best Cash Management Bank, Nordic Region
January 2009
Best Financial Supply Chain Bank, Nordic Region and Eastern Europe
No. 1 Globally for Overall Customer Satisfaction regarding Cash Management
October 2008
Best for Real Estate Commercial Banking in the Nordic and Baltic region
Thomson Rueters
September 2008 Best Trade Bank in Northern Europe & Scandinavia
Extel
July 2008 Best M&A House in the Nordic & Baltic region
July 2008 Best derivatives dealer in Sweden
June 2008 Best research house in the Nordic countries
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
February 2008 Best Arranger Structured Products, Sweden
January 2008 Best Corporate Finance House in the Nordic Region* * Survey executed every 2nd year
77

78. Retail Banking
Highlights
Mats Torstendahl
Head of
Retail Banking
Stable income, despite turbulent year
– NII +11% vs. 2007 offsets low
security related fees
Jan – Dec 2008 Δ 2007
SEK m Cost growth affected by currency
effects, Baltic real estate sale and
Total income 17,032 3%
higher pension cost
Interest, net 10,750 11%
Profit before credit losses stable
Commission, net 5,641 -9%
(-1% vs 2007)
Total expenses -10,392 6% Decrease in operating profit driven by
increased provisions, mainly in the
Credit losses, net -2,380 233%
Baltic countries and Cards
Operating profit 4,262 -29%
Risk management and cost key focus
RoE, % 12.7 18.8 areas across all business areas
C/I 0.61 0.59
78

79. 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 Q4-08
Operating profit
2,000
1,500
1,000
500
0
Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08 Q4-08
79

80. Share of income and result by area
Jan – Dec 2008, per cent of total
Income Operating profit
Cards
Cards Sweden
Sweden
17%
Lithuania 15%
38%
13% Lithuania 13%
56%
Latvia 7% 4%
Latvia 7%
8%
19% 3%
Estonia
Estonia
Germany
Germany
80

81. Business volume development by area
SEK bn Q4 2008 change vs. Q4 2007 (local currency)
Other lending Deposits
Mortgages
68 152 5%
Sweden 241 8% 8%
23 58
Germany 4%
71 0% 0%
31 25
Estonia -2%
17 4% -3%
29 19
Latvia 12 -10%
5% 2%
58 32
Lithuania 18 -6%
28% 5%
Note: Figures for Estonia, Latvia and Lithuania include SEB:s large corporate business volumes
Swedish Other lending growth adjusted for transfered leasing volumes
81

82. Deposit breakdown Transaction account private
Percent of total deposits, Dec 2008 Transaction account corporate & public
13%
25%
41%21%
Savings account private
Savings account corporate & public
Retail Total Sweden Germany
2%
10% 9%
16%
24%
48%
47%
23%
45% 21% 52%
3%
Estonia Latvia Lithuania
11%
17% 18% 21% 24%
26%
24% 38%
35%
22% 27%
37%
82

83. Development of lending market SEB
Swedbank
shares – Baltics DnB Nord
Parex Banka
Per cent, Jan 2005 – Dec 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%
Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4
06 07 08 06 07 08 06 07 08
* Sampo as per Q1 2008
Swedbank as per Q2 2008
83

84. Retail Sweden
Δ 2007
SEK m Jan – Dec 2008 Highlights
Total income 6.484 5%
SEB #1 market position for Swedish
Interest, net 4.726 15%
household savings (SEB
Commission, net 1.490 -15% Sparbarometer)
Best SME bank 2008 according to
Total expenses -3.916 5%
Privata Affärer
Credit losses, net -191 197%
Continued growth in mortgages and
Operating profit 2.377 -1%
deposits, +8% and +5% respectively
RoE, % 23.1 24.1 Stable mortgage margin
development during 2008
C/I 0.60 0.60
Growth in attractive client segments,
Total lending* 308.700 7% e.g. more than 10 000 new SME
clients
Total deposits 152.400 5%
* Adjusted for moved leasing volumes,
lending increased with 10%
84

85. 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
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
* Excluding leasing
85

86. 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
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
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
86

87. Mortgages private market
Retail Sweden, market share, per cent
Sales Volume
20
18
16
14
12
10
8
6
4
2
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4* Q1 Q2 Q3 Q4
05 06 07 08
* New measurement method from Q4 2007. Lowers the volume market share with approximately 0.2 percentage points
87

88. 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 Q4
2005 2006 2007 2008
88

89. 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 Q4
2005 2006 2007 2008
89