1

Executive summary

Jan Erik BackCFO

1

2

Annual accounts 2008Higher operating income ● Strong net interest income● Lower commission income ● M-t-M valuation losses of SEK 1bn

Flat underlying costs● Redundancy costs SEK 1bn● Variable salaries -30%● Pension provisions SEK 0.7bn

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

012345

Q104

Q3 Q105

Q3 Q106

Q3 Q107

Q3 Q108

Q3

Operating profitExcluding one-offs and portfolio losses

Operating profit SEK bn

Operating incomeSEK bn

0

4

8

12

Q104

Q3 Q105

Q3 Q106

Q3 Q107

Q3 Q108

Q3

IncomeExcluding one-offs and portfolio losses

Q4

Q4

3

Q4 Q32008 2007 2008 2008

Operating income 41,140 40,440 12,714 9,221Operating expenses -25,407 -23,194 -6,965 -5,970Operating profit 12,471 17,018 4,028 2,526Net profit 10,050 13,642 3,509 1,886

Return on Equity, % 13.1 19.3 17.6 10.0Cost / income ratio 0.62 0.57 0.55 0.65Credit loss level, % 0.30 0.11 0.63 0.27

Tier I capital ratio, % 10.1 9.9 10.1 9.9

Key figures

SEK m

*Without transition floors

4

15,998

18,709

16,281

14,366

Jan-Dec 07 Jan-Dec 08

+17%

+13%

* volumes and margins on lending and deposits

Net interest income development 2008

Corporate lending, SEK bn

796481

8231,218

-6062,711Total NII growth

Lending marginLending volumeDeposit marginDeposit volumeFunding & other

464 458 462 487 532 501 538 564 579642 709

541

Q12006

Q2 Q3 Q4 Q12007

Q2 Q3 Q4 Q12008

Q2 Q3 Q4

Customer driven*

Total NII

Continued growth of Net interest incomeGroup, SEK m

5

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

0

2,000

4,000

6,000

Q1 2004 Q1 2006 Q1 20080

50

100

150

200

Assets under custodyTransactions/day

1,808

4,114

1,0041,290648

7,3097,165 7,5477,022

3,370

New issues &advisory

Secondarymarket &

derivatives

Custody &mutual funds

Payment,cards,

structuredlending,

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

Fee and commission income holding up

6

High activity in long-term savings

Other43%

Nordea9%

Swedbank15%

SEB15%

Skandia10%

Handelsbanken8%

Swedish mutual funds – Net inflows2008 Jan-Dec, SEK bn

Swedish savings marketQ3, market shares

SEB Savings barometer, Q3 2008

Private Banking – Net salesSEK bn

0

4

8

12

16

Q12005

Q2Q3Q4 Q12006

Q2Q3Q4 Q12007

Q2Q3Q4 Q12008

Q2Q3Q4

Life – Total salesSEK bn

0

2

4

6

Q12005

Q2 Q3Q4Q12006

Q2Q3 Q4Q12007

Q2Q3 Q4Q12008

Q2 Q3Q4

2.2

-13.5-18.6

6.5

SwedbankRobur

SHB Nordea SEB

7

-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, 2004 – 2008SEK 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)

●M-t-M losses SEK 187m in Q4●Structured credits 93 % AAA-rated

(31 Dec 2008)

8

Increased productivity Example: Group OperationsTransactions, millions

Group Operations 2008 vs. 2007

Increased # transactions +1.5m

Transactions/FTE +11%

Cost/transaction -10%

SEB Way freed up time 2006-2008 (FTEs)

0

200

400

600

800

1,000

1,200

1,400

1,600

Q106

Q2 Q3 Q4 Q107

Q2 Q3 Q4 Q108

Q2 Q3 Q40%

1%

2%

3%

4%

5%

6%

7%

Cumulative free-up FTEs (LHS)Freed-up FTEs (annualised run-rate) in % of total (RHS)

0

2

4

6

8

10

12

Q107

Q2 Q3 Q4 Q108

Q2 Q3 Q4

9

Cost management program

*

*

SEK -1,029m SEK 1.5 – 2.0bn

2007 2009

Achieved Target

2008 2010

769

374 318246

Redundancies Pensions One ITRoadmap

Acquisitions

Costs on comparable basis +2%

SEK 23.3bn

Operating expenses

2007

Cost dynamics

SEK 25.4bn

Operating expenses

2008

Change vs. 2007SEK m

Cost management program 2007 – 2009

10

Diversified credit portfolioCredit portfolio, SEK 1,934bn, 31 December 2008

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%

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Corporate portfolioCorporate credit exposure 2008Total exposure = SEK 782bn

Credit exposure 2006 – 2008SEK bn

Baltic companies

12%

Large companies

76 %

Other companies

6% Swedish SMEs

6%

5470

40 435883

40 38

497

103 95

44 44

278

352

"Nordic"Larger

Companies

GermanLarger

Companies

BalticCompanies

SwedishRetailClients

Othercompanies

Dec '06 Dec '07 Dec '08

12

Private equity

Outstanding volumes – Private Equity

18.1 17.423.7

2006 2007 2008

Equity &mezzanine

Senior debt

20.218.6

25.2Currency effect SEK 2.5bn

SEK bn

13

Asset quality Baltics

0.0%0.5%1.0%1.5%2.0%2.5%3.0%3.5%4.0%

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

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

2006 2007 2008

Germany BalticsNordics SEB Group

Estonia 1.17Latvia 1.43Lithuania 1.26Baltics 1.28

14

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%

15

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

Geography – Adjusted for OtherDivisions – Adjusted for OtherSweden – adjusted for centralisation of CPM 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

16

SEB – A relationship bank

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

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