Debt Investor Presentation

Anders KvistHead of Group Treasury

March 2009

22

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 StatementsThis 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.

3

Overview of the SEB Group

4

SEB has…an attractive platformhigh customer satisfactionresilient income generationseveral leading positions

...a strong customer base2,500 large companies and financial institutions customers 400,000 SME customers5 million private customers

4

SEB – the key to North-European markets

5

A diversified platformOperating profit before credit losses, Jan – Dec 2008

Geography – Adjusted for OtherDivisions – Adjusted for OtherSweden – adjusted for centralisation of investment portfolio

4%

5%

9%

6%

6%

5%

56%

9%

35%

6%11%

48%

Retail Banking

Wealth Management

Life Merchant Banking

Germany Sweden

Lithuania

Latvia

Estonia

Norway

Finland

Denmark

6

Capital adequacy SEB Group

7.9 8.0 7.8 7.5 8.29.9 10.1

12.1

10.5 10.2 10.3 10.8 11.512.6

14.6

12.8

Dec2002

Dec2003

Dec2004

Dec2005

Dec2006

Dec2007

Dec2008

Dec2008

Total capital ratio, %

Tier I capital ratio, %

SEK bnCapital base 52.7 54.7 58.7 76.2 85.8 93.0 100.3 121.0Risk-w. Assets 503 535 570 704 741 737 818 818

Basel I 9,3%

Basel I 7,3%

Basel I 1,127

Basel II(without transition rules)

*

* Proforma after capital measures

7

Ratings of Skandinaviska Enskilda Banken ABRating 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

8

Capital Raising

9

Announced capital measuresof SEK 19.5 bn

The capital increase will beachieved through:1. A fully committed and underwritten

rights issue of SEK 15 bn of A-shares2. No dividend payments for 2008

● 2008 YE pro forma Tier 1 Capital Ratio of 12.1% (Basel II without transition floor)

● New long-term Tier 1 Capital target of 10%

10

Background and rationale

Further enhances capital ratios in response to the changing environment

- provides a substantial capital buffer2

Enhances SEB’s ability to be a strong business partner for its customers

3

Addresses market expectations of higher levels of capital in the banking sector1

11

Addresses market expectations of higher levels of capital1

SEB FY’08 Tier 1 ratio vs. peers

12.111.5

10.810.710.7

10.19.99.89.89.79.6

9.49.39.39.29.1

8.88.5

7.97.9

6.96.5

13.3SEB Post-Cap Measures

SEB Pre-Cap Measures

SEB FY’08 Core Tier 1 ratio vs. peers

9.99.3

9.19.0

8.68.48.3

8.08.0

7.87.37.37.37.2

7.06.76.7

6.46.26.2

5.75.5

10.4SEB Post-Cap Measures

SEB Pre-Cap Measures

(1)

Rights issue positions SEB in the top quartile of capital ratios among European and Nordic peersSEB is acting pro-actively in addressing any concerns surrounding its capital position

(1)

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 contributionof 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.

(1)

(1)

(2)

(1)

(1)

(4)

(4)

(3)

(3)

(1)

(1)

(1)

(2)

(4)

(4)

(1)

(1)

(1)

(5)

(6)

(7)

(8)

Nordic banks Other Western European Banks

12

4.44.44.4

4.34.3

4.14.1

3.93.8

3.63.4

3.12.9

2.82.6

2.52.4

2.02.0

1.91.7

1.4

4.4

SEB Post-Cap Measures

SEB Pre-Cap Measures

Addresses market expectations of higher levels of capital1

SEB FY’08 Tier 1 capital / total assets vs. peers

Rights issue significantly improves leverage ratiosSEB’s lending to the public only constitutes half of the balance sheet *

(1)

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.

(2)

(3)

(5)

(1)

(1)

(1)

(1)

(1)

(1)

(1)

Nordic banks Other Western European Banks

(6)

4.34.0

3.73.7

3.63.6

3.43.23.23.2

3.12.9

2.62.3

2.22.2

2.11.8

1.71.7

1.51.0

4.7

SEB Post-Cap Measures

SEB Pre-Cap Measures

SEB FY’08 tangible equity / tangible assets vs. peers

(4)

(1)

(3)

(1)

(4)

(1)

(1)

(1)

(1)

(1)

(1)

(7)

(8)

(9)

* The other half of balance sheet consists inter alia of insurance assets and liabilities on behalf of policy holders, covered bond funding with assets maintained on the balance sheet and derivatives.

13

The global credit crisis, recession and unprecedented market volatility have put significant strain on the banking 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

77.2

98.7

Tier I capital 31 Dec 2008 before capital measures (2)

Tier I capital 31 Dec 2008 pro

forma after capital measures

60.6

Tier I capital 31 Dec 2006

Further enhances capital ratios in response to the changing environment2Provides a substantial capital buffer

Note1. Numbers in SEK Bn2. 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

14

Sweden50%

Lithuania 5%Latvia 3%

Estonia 3%

Germany25%

Property mgmt14%

Banks15%

Households25%Corporates

40%

Public administration

6%

Norway 6%

Other 5%

Denmark 2%Finland 2%

Credit portfolio, SEK 1.9 trillion as of 31/12/2008

Further enhances capital ratios in response to the changing environment2SEB 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 borrowersCorporate portfolio has a pre-dominance of large corporate clients

NoteThe 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.

15

Note1. As of 31/12/20082. Approximate relation to rating agency scales

Total credit portfolio excl. Households (%) (SEK 1,449bn)

Of which, Corporates (%)(SEK 782bn)

Swedish Households (%)(SEK 269bn)

Risk Class

S&P

39.4

18.9

35.0

4.1 2.5

'1 - 4 '5 - 7 '8 - 10 '11 - 12 '13 - 16AAA/A- BBB BB B+/B B-/D

Risk Class

S&P

20.3 26.045.3

5.6 2.9

'1 - 4 '5 - 7 '8 - 10 '11 - 12 '13 - 16AAA/A- BBB BB B+/B B-/D

7.5 6.0 8.9

0.9 0.3 0.3

30.743.8

1.6

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 - 100.0PD (%)

Investment grade Watchlist

Further enhances capital ratios in response to the changing environment2Highly rated credit portfolioHigh grade lending with investment grade in total portfolio ex. households accounting for 58%Similarly, 82% of Swedish household lending is investment gradeWatchlist is only 2.5% of portfolio ex. households and 1.5% of household portfolio

(1) (1)

(1)

(2) (2)

16

Asset quality deterioration driven by BalticsFurther enhances capital ratios in response to the changing environment2

Net credit loss level, %

0.10 0.120.08

0.13 0.13

0.15

0.27

0.63

0.17

0.19

0.30

0.130.110.100.100.10

Q12007

Q22007

Q32007

Q42007

Q12008

Q22008

Q32008

Q42008

Quarterly, annualised YTD, annualised

Impaired loans as % of Credit Portfolio

0.75 0.69 0.65 0.64 0.64 0.650.84

0.65

Q12007

Q2 Q3 Q4 Q12008

Q2 Q3 Q4

Credit losses ex-Baltics largely in line with Management expectations, sharp rise in net credit losses in Baltics in Q4 2008Ex-Baltics reserve ratio at 73%

Impaired Loans by Credit Portfolio, %

Impaired Loans/ Credit Portfolio Reserve Ratio

Ex-Baltics 0.6%

2.8%

0.8%

73%

Baltics 56%

Total 66%

(1)

Note1. 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.

(1)

17

131

168202

2006 2007 2008Estonia Latvia Lithuania

31% 30% 28%26% 25% 25%43%

45%47%

Credit Exposure growth rate in local currency

Further enhances capital ratios in response to the changing environment2

More limited organic growth in 2008 in local currency termsKey credit issues centered around Property Management and certain Corporate segments

Baltics: Proactively managing growth and focusing on key risk areas

Baltic Portfolio as % of Total, as of 31 Dec 2008

Estonia Latvia

0% 1%

13%

4%

0%

Households 11% 8% 14% 33%

Total 28% 25% 47% 100%

11%

4%

1%

Banks

Corporates

PropertyManagement

PublicAdministration

Lithuania Total

0% 1%

47%

16%

3%

23%

8%

2%

Credit Exposure, SEK Bn

Estonia 17% -2%

Latvia18% 5%

Lithuania30% 8%

2007 2008

18

2006 2007 2008Increased capitalisation

Tightening of credit policy

ROE priority > volume

18

Continued integration

Further tightening of credit policy

Volume caps

Collective provisioning

Preparation for crisis scenario

Re-allocation of resources

Work-out units

High Risk Committees

Baltic SPVs

Dialogue with authorities

Further enhances capital ratios in response to the changing environment2Managing Baltics: measures taken

Baltics have been one of SEB’s core markets since acquisitions in 1998-2000SEB has been proactive in recognising and taking actions to deal with imbalances and risksNonetheless, there are substantial near- to mid-term challenges

19

2586

168

30

195154

51-9

347 334252

-217

166

202 61

83

3947

171

18 35139

191

288

229

113

234201

222246

365 369391

343

560

255

Pre-Tax Profit Credit Losses Pre-Provision Profit

Impaired loans as % of credit exposure¹

Further enhances capital ratios in response to the changing environment2Sharp 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

Baltic Loss Absorption, SEK mLatvia

Q1 Q2 Q3 Q4

2008

Notes1. Excluding banks

3.0

2.3

1.6

2.0

0.7

2.8

1.6

1.10.81.21.10.9

2.8

1.51.2

0.8

Q1 2008 Q2 2008 Q3 2008 Q4 2008

Estonia Latvia Lithuania Baltics

Estonia Lithuania

Q1 Q2 Q3 Q4

2008

Q1 Q2 Q3 Q4

2008

Impaired Loans as % of Credit Portfolio (1)

Pre-provision profit

Estonia 821

(512)

309

Credit losses

Latvia903

(512)

391

Lithuania1,468

(752)

716Pre-tax profit

Full Year 2008 (SEK m)

20

Average year-end 2007

Net negative risk migration

Effect from new volumes

Average year-end 2008

Further enhances capital ratios in response to the changing environment2Loan book quality improved despite challenging environment

IRB reported credit exposures 31 Dec 30 Sep 30 Jun 31 March 31 DecAverage risk weight for Corporate credit exposures 2008 2008 2008 2008 2007

Corporate credit exposures as reported by SEB 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%

* 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.

6.95

+0.15

-0.30

6.81

SEB Group Average risk class(Excl households and banks)

In 2008, ratings migration of non-retail exposure is estimated to have increased RWA net by SEK 23bn, 2.8%.

Average risk class of corporate book improved in 2008Limited impact of risk class migration New lending to high grade customers more than offset risk class migration in 2008

0.4% 0.3% 1.4% 1.1% 4.9%

90.4%

1.1% 0.1% 0.0% 0.0% 0.2%0%

20%

40%

60%

80%

100%

>-4 -4 -3 -2 -1 0 1 2 3 4 >+4 # of internal risk class rating notches up- or down-rated

Down-Rated Up-Rated

Corporate risk class migration during Q4 2008*

21

v

Ratings migration from AAA tranche during 2008

% of ratings 31 Dec 2007

99.6%

0.4%

0%

0%

0%

100%

%Upgraded

%Downgraded

AAA 0%

0% 3.1%

1.8%

1.2%

0.5%

% of ratings 31 Dec 08

6.6%

0%

0%

0%

0%

93.0%

AA/A 3.5%

BBB 1.8%

BB/B 1.2%

CCC/CC 0.5%

Total 100%

0%16.5%16.0%ABS

93.0%

6.4%

4.2%

18.6%

12.8%

35.0%

AAA

Ratings breakdown by structured credit category as of 31 Dec 2008

Non-Investment Grade

Investment-Grade

98.30%

6.9%

6.4%

18.6%

12.8%

37.1%

1.70%Total

0%CMBS

0.3%CDO

0%CLO

0%CMO

1.4%RMBS

Further enhances capital ratios in response to the changing environment2High quality structured credit bookHigh degree of high grade assets (93% AAA as of 31/12/2008) due to investment portfolio strategy since 1998Limited exposure to real problem areas Limited impact of ratings migration

Product breakdown as of 31 Dec 2008 - SEK 68bn Volume breakdown by structured credit type as of 31 Dec 2008SEK Bn

67.71.514.74.13.24.94.811.023.6

1.61.6SubPrime

4.60.21.60.22.6CDO

4.63.00.20.20.80.4CMBS

8.78.7CMO

11.11.84.11.62.30.60.7ABS

12.60.55.61.15.4CLO

24.60.72.71.44.62.58.44.2RMBS

TotalOtherEuroDenItalyNLSpainUKUS

RMBS36%

CMO13%

CMBS7%

CDO7%

Subprime2%

ABS16%

CLO19%

22

Overview methodology:

We apply a “bottom-up” approach to stress testing, utilizing all our areas of expertise We have estimated the impact of a range of GDP scenarios, including a severe worsening, in each of our core markets on

revenues and expenses

loan losses

capital and capital requirementsWe have modelled scenarios, taking into account a range of GDP scenarios and drawing upon our experience of the Swedish banking crisis in the early 1990’s and past crises comparable to the one in Baltics

Further enhances capital ratios in response to the changing environment2Robustness of our capitalisation confirmed by severe stress testing

Overview worst case scenario:

Extreme stress scenario – significantly more conservative than our base case

very low probabilityScenario with simultaneous severe recessions with significant contraction in all SEB’s geographic markets for 3 consecutive yearsSignificant decline in pre-provision earningsSignificant increase in RWAs from risk class migration, more than offsetting the effects of full implementation of Basel IIIn all scenarios that SEB has tested, SEB expects its capital ratios (assuming 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%

23

Enhanced ability to be a strong business partner for our customersB

Strengthened ability to act as market counterpartyC

Capital strength is key competitive advantageA

Enhances SEB’s ability to be a strong business partner for our customers3Rights issue provides opportunities for SEB

24

Cash management globallyScandinavian currencies globallyNordic stock brokerNordic and Baltic investment bankCustody Nordics and BalticsNordic asset managementSMEs Sweden

Strong customer base Product excellence

700

400,000

5 million

1,800

Large companies

Financial institutions

SMEs

Private individuals

24

Enhances SEB’s ability to be a strong business partner for our customers3SEB – built on long-term customer relationships and leading market positions in core business areas

25

Funding & Liquidity Management

26262626

400600800

1 0001 2001 400

Q12005

Q2Q3Q4Q12006

Q2Q3Q4Q12007

Q2Q3Q4Q12008

Q2Q3Q4

Lending to the publicSEKbn

Deposits from the publicSEKbn

Deposit Development

Deposits to loans ratio

400500600700800900

Q12005

Q2Q3Q4Q12006

Q2Q3Q4Q12007

Q2Q3Q4Q12008

Q2Q3Q4

30%40%50%60%70%80%90%

100%

2001 2002 2003 2004 2005 2006 2007 2008

Deposits to loans ratio

2727

A range of short and long term funding options

CP Programmes– Sweden– France– Global CP

ECP

USCP

US Extendible

CD’s– Yankee CD– London Branch

CD’s– Yankee CD– London Branch

Senior unsecured bonds– Germany – Sweden

Structured bonds

Covered bonds– Germany

Public (Pfandbriefe)Mortgage (Pfandbriefe)

– Sweden (Säkerställda Obligationer)

Subordinated debt/Hybrid Tier 1

Short Term Funding programmes Long Term Funding programmes

28

Deposits - General Public42%

Deposits - Interbank

15%

Deposits - Central Banks

7%

CPs/CDs8%

Schuldscheins and Reg Bonds2% Mortgage Covered

Bonds Sweden10%

Mortgage Covered Bonds Germany3%

Public Covered Bonds Germany7%

Senior debt3%

Subordinated debt3%

Funding structureSEB Group, Dec 2008SEK 1,787bn

* Over collateral within covered pools SEK 48bn

29

Schuldscheins and Reg Bonds, 4%

Subordinated debt, 8% CPs/CDs, 24%

Senior debt, 9%

Public Covered Bonds Germany, 20%

Mortgage Covered Bonds Germany, 7% Mortgage Covered

Bonds Sweden, 28%

Funding structure – Issued SecuritiesSEB Group, Dec 2008SEK 634 bn

30

* Issued in Dec 2007

Funding raised with original maturity > 1 yearJan – Dec 30th 2008, SEK bn

Instrument Total Q4 YCD 5,9 2,9Senior unsecured Germany 2 0,3Senior unsecured Sweden 37,4 1,4Structured bonds 13,4 0,2Covered bonds Germany 29,7 0,6Covered bonds Sweden 72,9 8,7Hybrid tier 1* 4,7 0Total 166 14,1

31

Funding raised with original maturity > 1 yearJan – Feb 2009, SEK bn

Instrument Total Jan + FebYCD 0 0Senior unsecured Germany 0.02 0.02Senior unsecured Sweden 0 0Structured bonds 1.26 1.26Covered bonds Germany 4.05 4.05Covered bonds Sweden 4.18 4.18Hybrid tier 1 0 0Total 9.51 9.51

32

Loan/Deposit Ratio OverviewSelected European Bank Q4 2008

Financial Institutions Loans/Deposits

117%

75%

73%

68%

62%

58%

52%

51%

50%

49%

46%

42%

41%

38%

38%

37%

36%

34%

33%29%

Intesa Sanpaolo*

SocGen*

Lloy ds*

KBC

SEB

Santander

Handelsbanken

Erste Bank*

Bank of Ireland*

Commerzbank

Nordea

Barclay s

Sw edbank

Danske Bank

RBS*

UniCredit*

BNP Paribas*

AIB*

DnB NOR

HBOS*

Total Loans/Deposits

191%172%

161%

154%

144%142%

133%

128%123%

123%

120%115%

113%

109%

104%99%

96%

96%84%

71%

Handelsbanken

Sw edbankDnB NOR

HBOS*

NordeaBank of Ireland*

Santander

Lloy ds*SEB

AIB*

RBS*

CommerzbankBarclay s

Danske Bank

SocGen*BNP Paribas*

Erste Bank*

Intesa Sanpaolo*UniCredit*

KBC

Customer Loans/Deposits

253%

200%

178%

177%

167%

159%

155%

154%

153%

151%

148%

142%

138%

132%

116%

113%

98%

95%

71%

272%Handelsbanken

Sw edbank

DnB NOR

Nordea

HBOS*

Commerzbank

Bank of Ireland*

Danske Bank

SEB

Allied Irish*

Santander

RBS*

Lloyds TSB*

Barclays*

BNP Paribas*

SocGen*

Erste Bank

UniCredit

Intesa Sanpaolo

KBC

9

*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

33

Recap of 2008 Results

34

Annual accounts 2008

012345

Q106

Q2 Q3 Q4 Q107

Q2 Q3 Q4 Q108

Q2 Q3 Q4

Operating profitExcluding one-offs and portfolio losses

Operating profit, SEK bn

Operating income, SEK bn

048

12

Q106

Q2 Q3 Q4 Q107

Q2 Q3 Q4 Q108

Q2 Q3 Q4

Operating IncomeExcluding one-offs and portfolio losses

Higher operating income ● Strong net interest income● Lower commission income ● Strong customer-driven foreign exchange and

M-t-M valuation losses of SEK 1bn

Flat underlying costs● Redundancy costs SEK 1bn● Variable salaries -30%(1)

● Pension provisions SEK 0.7bn

Increased provisions for credit losses● Mainly driven by the Baltic development

Resilient business activity● Lending to the public +21%

● Deposits from the public +12%

● Strong sales in several distribution channelsNotes1. Decrease in variable salaries driven by decrease in short-term and long-term incentive compensation

2006 2007 2008Operating income 38.7 40.4 41.1

2006 2007 2008Operating profit 15.6 17.0 12.5

35

2008 2007Operating income 41,140 40,440Operating expenses -25,407 -23,194Operating profit 12,471 17,018Net profit 10,050 13,642

Return on Equity, % 13.1 19.3Cost / income ratio 0.62 0.57Credit loss level, % 0.30 0.11

Basel II* Tier I capital ratio, % 10.1 9.87

Key figures

SEK mStrong revenues in Merchant Banking division in Q4 2008, driven by

financing activitieshigh foreign exchange transaction revenues improved fixed-income investment portfolio performance

Merchant Banking income supported by market share gains and weakened competition

*Without transition floors

36

Deposits from public, SEK bn

628 643 626 644 700 707 750 765 758 794 841715

Q12006

Q2 Q3 Q4 Q12007

Q2 Q3 Q4 Q12008

Q2 Q3 Q4

Continued growth of Net interest income

Loans to public, SEK bn

916 921 926 951 1,017 1,021 1,067 1,099 1,1321,205

1,297

1,048

Q12006

Q2 Q3 Q4 Q12007

Q2 Q3 Q4 Q12008

Q2 Q3 Q4

15,99818,709

2007 2008

Net interest income development 2008

Total NII

795

217

1,699

2,711Total NII growth

Volume Growth

Margin Development

Other

+17%

Net interest income, SEK m

Customerdriven

37

Gross development Jan-Dec 2008 vs. Jan-Dec 2007, SEK m

Fee and commission income holding up

0

2,000

4,000

6,000

Q1 2006 Q1 2008050100150200

Assets under custodyTransactions/day

1,808

4,114

1,0041,290648

7,3097,1657,547

7,022

3,370

New issues &advisory

Secondarymarket &

derivatives

Custody &mutual funds

Payment,cards, lending,

deposits,guarantees

Other

Jan – Dec 07Jan – Dec 08

-29%

-18%

-2% +3%

3.9%

4.3%

5.2%

5.4%

9.2%

Source: The Nordic stock exchanges

Market shares Nordic stock exchangesTurnover 2008

Assets under custodySEK bn ‘000s

38

-2,000

-1,000

0

1,000

2,000

3,000

4,000

FX Equities Capital Markets Other incl Treasury

Net financial income holding upFull-year breakdown over business areas, 2006 – 2008 (1)

SEK m

Client-driven FX business●No.1 Nordic and No. 12 globally

●Underpinned by strong corporate relationships

●Highly efficient trading platform

MB investment portfolio ●SEK 133bn (31 Dec 2008)●Structured credits 93 % AAA-rated

(31 Dec 2008)

Notes1. 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.

39

2,2693,114

1,416

86

454

1,776

0

1,000

2,000

3,000

4,000

5,000

6,000

2006 2007 2008

Operating ResultSEK m

4,081

5,695 5,671

1,7262,127

2,479

0

1,000

2,000

3,000

4,000

5,000

6,000

2006 2007 2008

C/I 0.42 0.37 0.44 Operating Result Credit losses

Income Cost

Income and costSEK m

Financial Development: Baltics

Note: Result excluding net gains

40

A diversified platformOperating profit before net credit losses, Jan - Dec 2008

Geography - Adjusted for Other, including eliminationsDivisions - Adjusted for Other, including eliminationsSweden - adjusted for centralisation of investment portfolio

4%

6%

6%

5%

9%

5%

56%

9%

35%

5%11%

49%

Retail Banking

Wealth Management

Life Merchant Banking

Germany Sweden

Lithuania

Latvia

Estonia

Norway

Finland

Denmark

41

Strategic goals

The leading bank in Northern Europe

Customer satisfaction: No 1 in chosenmarkets

Sustainable profit growth

Highest Return on Equity AA-rating

Grow revenues with existing customers through high interaction and increased share of wallet

Cost management

Risk management - Credit quality and work-out activities

Maintain a strong capital and liquidity positions

Long-term

Long

-term

Shor

t-to

med

ium

-term

42

Focus on Baltics

43

SEBLending totalSEB Lending

SEB’s Baltic lending relative the market Per cent, Q2 2005 – Q4 2008

EURbn EURbnEstonia Latvia

Excluding Leasing portfolioSource: Central Banks and SEB

EURbnLithuania

0

10

20

30

40

Q205

Q4 Q206

Q4 Q207

Q4 Q208

Q40%

10%

20%

30%

40%

0

10

20

30

40

Q205

Q4 Q206

Q4 Q207

Q4 Q208

Q40%

10%

20%

30%

40%

0

10

20

30

40

Q2 -05

Q4 Q206

Q4 Q207

Q4 Q208

Q40%

10%

20%

30%

40%

44

17 22 23 18 21 25 34 39 468 8 94 5

78

1316

1419 23

1014

1613

22

29

95,2

76,4

56,349,8

41,433,6

56,650,0

40,7

Dec'06

Dec'07

Dec'08

Dec'06

Dec'07

Dec'08

Dec'06

Dec'07

Dec'08

Banks

PublicAdministrationHouseholds

PropertyManagementCorporate

SEB Estonia SEB Latvia SEB Lithuania

Growth rates in local currency+38% +17% +40% +18% +47% +30%

2006 2007 2006 2007 2006 2007

-2%

2008 YTD

+5% +8% 2008 YTD 2008 YTD

Baltic countries – credit exposure On and off balance, SEK bn

45

Asset quality Baltics

0,0%1,0%2,0%3,0%4,0%5,0%6,0%

dec-07 mar-08 jun-08 sep-08 dec-08

Estonia Latvia Lithuania

Impaired loans gross% of credit exposure excl. banks

0

200

400

600

800

1000

2007 2008

Specific Collective

Provisioning to build up reservesSEK m

Provisions for Net Credit Losses% of lending

*Annualised figures

0,00

0,20

0,40

0,60

0,80

1,00

1,20

1,40

1,60

1,80

2006 2007 2008

Germany BalticsNordics SEB Group

Estonia 1.17Latvia 1.43Lithuania 1.26Baltics 1.28*

46

Baltic countries - asset quality

0

100

200

300

400

500

600

Estonia Latvia Lithuania

Net credit losses Q1 2007 – Q4 2008, SEK m

Impaired Q4 Q1 Q2 Q3 Q4loans, % 2007 2008 2008 2008 2008

Estonia 0.4 0.7 1.6 2.0 2.3Corporate 0.2 0.5 2.0 2.2 2.5Private 0.7 1.1 1.3 1.8 2.1

Latvia 0.5 0.8 1.1 1.6 2.8Corporate 0.3 0.3 0.6 1.0 2.2Private 1.0 1.5 2.0 2.8 3.9

Lithuania 0.8 0.9 1.0 1.2 3.0Corporate 0.8 0.8 0.9 1.1 3.8Private 0.8 1.2 1.4 1.6 1.7

Corporate including Property Management

Impaired loans gross

47

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

Baltic countries – net credit losses Jan – Dec 2008, SEK m

4848