Q1 Results 2011Debt Investor Presentation

Thomas BengtsonJohn Arne Wang

1

May 2011

22

Contents

Franchise p.3

Financial Development p. 5

Credit Portfolio and Asset Quality p.13

Development of the Baltic Division p.21

Liquidity, Funding and Capital p.27

Going forward p.34

3333

● SEB founded in 1856

● Total assets of approx. SEK 2,118 bn (EUR 238bn) as at March 2011 and a market capitalisation of approx. SEK 129.2bn (EUR 16.2bn) on March 31, 2011

● Retail business– The leading Swedish Private Bank in terms of assets under management – No 2 in the Swedish total household savings market with approx. 12.2%– No 1 in unit-linked life and pension business with approx. 26.1% of the Swedish

market and approx 14% of the total life and pension business in Sweden– No 4 in residential household mortgage lending with approx 14% market share

● Corporate and Institutional business– The leading Nordic franchise in trading and capital markets activities, equities,

corporate and investment banking – No 2 Nordic asset manager with approx. SEK 1,372bn (EUR 154bn) under

management – No 1 Nordic custodian with approx. SEK 4,948bn (EUR 556bn) under custody

● Stable unsecured ratings: A1 by Moody’s, A by S&P and A+ by Fitch

● Stable Covered Bond rating: Aaa by Moody’s

● Publicly traded and listed on NASDAQ OMX. Largest owners: Investor AB 21%; Tryggfoundation 8%; Alecta 7%; SHB 4%; Robur Funds 3%. Non-Swedish owners 19%

Fx SEK/EUR = 8.90

SEB’s franchise

444

Asset quality in the Nordic and German business is excellent and further improved in the Baltic business

4

Strong macro-economic development in SEB’score markets

Resilient and well diversified income base

Amongst the best capitalized banks in Europe

Focused growth in areas of strength and sale of German Retail operations completed

Highlights

555

Financial Development

666

Operating profit (SEK bn)

SEB was profitable throughout the financial crisis - now returning to pre-crisis levels

Q1-07 – Q1-11 (SEK bn)

4,14,5

3,74,5

2,4

3,5

2,5

4,1

2,0

0,9 0,7 0,81,3

2,7 2,8

4,3 4,4

Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08 Q4-08 Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10 Q3-10 Q4-10 Q1-11

Q1 -07

Q3 Q1 -08

Q3 Q1 -09

Q3 Q1 -10

Q3 Q1-11

Operating income Operating expenses Net credit losses

Q1 -07

Q3 Q1 -08

Q3 Q1 -09

Q3 Q1 -10

Q3 Q1 -11

Q1 -07 Q3

Q1 -08 Q3

Q1 -09 Q3

Q1 -10 Q3

Q1-11

**

*

***

2007 excl. Retail Germany Proforma*Of which 1.3bn buy back of sub debt. ** of which 3.0bn goodwill write-offs*** of which 0.8bn restructuring costs in SEB AG

777

3%

7%7%

8%3%

9%7%

56%

8%

45%

27%

12%

8%Germany

SwedenNorway

Finland

Denmark

Other

Geographic Divisional*

Baltic

Merchant banking– TCM 19%– Corp bank. 17%– Payments,

trade finance etc 8%

Retail Sweden, inclPrivate Banking

Wealth,Institutional Sales

Life & pension

SEB has a well-diversified income base

Total operating income: SEK 9.7 bn (EUR 1.1 bn) March 31, 2011

Baltic– Estonia 3%– Latvia 3%– Lithuania 3%

OtherEurope

*excl. Treasury

888

NII growth driven by improved deposit margins and funding costs and enhanced liquidity management

Higher interest rates

Increased fee to the State Bank Stability Fund

Negative NII effect due to the sale of the German Retail operations

Strengthening of the Swedish currency

Net interest income, SEK mKey dynamics in Q1 2011

-1 000

0

1 000

2 000

3 000

4 000

5 000

6 000

Q107

Q2 Q3 Q4 Q108

Q2 Q3 Q4 Q109

Q2 Q3 Q4 Q110

Q2Q3 Q4 Q111

Lending Deposits Other

8

4.261

999

Stable commission and net life income and underlying franchise continues to strengthen

9

0,0

1,0

2,0

3,0

4,0

5,0

Q1-08 Q2-08 Q3-08 Q4-08 Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10 Q3-10 Q4-10 Q1-11

Franchise - underlying Franchise - transactional

Underlying and Transactional - Commission & life insurance income (SEK bn)

Diversified mix (SEK bn)2%

11%

35%

14%

38%

New issues & Advisory

Secondary market &derivativesCustody & mutual funds

Net life insurance

Payments, cards, lendingetc

Total SEK 4.3bn(EUR 0.5bn)

10

Corporate and institutional businesses -Strong and entrenched franchise

1010

Total income

SEK m

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011Corp banking (excl Corp Fin incl GTS) 54% 54% 57% 48% 44% 44% 51% 53% 56% 51% 58% 56% 55%TCM & Corp Fin 46% 46% 43% 52% 56% 56% 49% 47% 44% 49% 42% 44% 45%

1 000

2 000

3 000

4 000

5 000

6 000

Q12008

Q12011

Corp banking (excl Corp Fin incl GTS) TCM & Corp Fin

111111

0

500

1,000

1,500

2,000

2,500

3,000

Q1 -08

Q2 Q3 Q4 Q1 -09

Q2 Q3 Q4 Q1 -10

Q2 Q3 Q4 Q1 -11

FX EquitiesCapital Markets SD and Other TCM

Consistently strong trading record with low VAR

Low risk and stable Trading and Capital Markets incomeSEK m

Jan-07

Apr-07

Jul-07

Oct-07

Jan-08

Apr-08

Jul-08

Oct-08

Jan-09

Apr-09

Jul-09

Oct-09

Jan-10

Apr-10

Jul-10

Oct-10

Jan-11

Apr-11

Excluding Bond Investment Portfolio

Daily trading income Q1 2007 –Q1 2011. 40 negative out of 1,060 trading days. Average loss SEK 14m (EUR 1.6m)

121212

SEK bn

0

5

10

15

Q1-08 Q2-08 Q3-08 Q4-08 Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10 Q3-10 Q4-10 Q1-11

Non NII Net Interest Income

12.5

8.09.6

8.4

11.910.8

9.1 9.2 8.7 9.2

59%59%64%54%60%49%58%52%59%53%

41%41%36%46%

40%51%42%

48%41%47%

8.9

53%

47%

Conclusion: SEB’s businesses generate stable and diversified revenue streams

0%

10%

20%

30%

40%

50%

60%

Wholesale Retail Asset gathering

Relative importance different types of income. Income Q1 2007 – Q1 2011

Split between Non NII and NII

10.0

55%

45%

9.7

44%

56%

131313

Credit Portfolio and Asset Quality

14

General government public debt, % of GDP

GDP, % y/y

General government deficit, % of GDP

Unemployment, %

0

20

40

60

80

100

-00 -01 -02 -03 -04 -05 -06 -07 -08 -09 -10 -11 -12

Germany Denmark FinlandNorway Sweden Eurozone

-15-10-505

10152025

-91 -93 -95 -97 -99 -01 -03 -05 -07 -09 -11

Eurozone Germany DenmarkFinland Norway Sweden

Source: OECD and DG-ECFIN

Source: Eurostat

Source: OECD

Source: Eurostat

Strong macro-economic development in core markets

-15

-10

-5

0

5

10

-00 -01 -02 -03 -04 -05 -06 -07 -08 -09 -10

Denmark Finland SwedenNorway Germany

0123456789

10

-01 -02 -03 -04 -05 -06 -07 -08 -09 -10 -11

Finland Sverige Danmark Norge

151515

SEB's Credit Portfolio is well diversifiedCredit portfolioOn & Off Balance SheetTotal SEK 1,639 bn (EUR 185 bn)

Development of Credit portfolio

FX-adjustment calculated using end of year 2010 FX rates as base for prior periods.

March 31, 2011 Swedish Nordic German Baltic Total

Corporates 20% 10% 6% 3% 40%

Property Management 9% 1% 4% 1% 16%

Households 21% 2% 0% 3% 26%

Public

Administration 1% 0% 4% 0% 6%

Total non-banks 51% 14% 15% 8% 87%

Banks 7% 3% 3% 0% 13%

Total 58% 17% 18% 8% 100%

Banks

Corporates

Prop Mgmt

Public Admin

Households

0

100

200

300

400

500

600

700

800

Dec '06 Dec '07 Dec '08 Dec '09 Dec '10

FX-adjusted

Excl. German retail

161616

SEB Group corporate credit portfolio

345

490421 415 422 425 444 438

57

103

89 95 98 8892 98

83

95

68 60 56 54 51 4950

53

49 51 52 51 53 53

35

41

29 26 26 29 26571

782

656 646 655 647 66612

650

Dec '07 Dec '08 Dec '09 Mar '10 Jun '10 Sep '10 Dec '10 Mar '11

Other

"Nordic" - Retail

Baltic

Germany - Larger

"Nordic" - Larger

SEK bn

>80% of SEB's corporate credit portfolio is to large corporates with very low net credit losses

17

17% of total assets are high qualitySwedish residential mortgage lending

Residential apartment buildingsStrong asset quality– No net credit losses since 2004– Level of NPLs 10 bps– No major problem loans since

the 1990’s– Low and conservative LTVs

Conservative lending policy– Purpose– Cash-flow generation– Legal situation. Counterparty

has to have clear and immediate access to the cash-flow and the assets taken in as collateral.

– Tenor max 10 years– LTV <75% but depending on

geographic location– Amortization depending on

geographical location

22%

78%

Households SEK 284 bn

Single family homes 51%Tenant owned apts 23%Second homes 4%

Residential apartment buildings

SEK 78 bn

Private companies 9%Tenant owners’ assoc. 8%State/Community owned 5%

Total 362 bn

181818

218 221 229 237 247 253 260 266 272 284

Dec'08

Mar'09

Jun'09

Sep'09

Dec'09

Mar'10

Jun'10

Sep'10

Dec'10

Mar'11

Selective origination● The mortgage product is the

foundation of the client relationship

● SEB is not a market share seeker

High asset performance● Low level of loans past due more

than 60 days at 14bps

● Net credit loss level remains low at 1.0bp

0-50% 76%

51-85% 22%>85% 2%

Loan-to-value Share of portfolio

SEK bn

Credit scoring and assessment7% interest rate test 85% first lien mortgage capSecond mortgages abolished15% of own equity required Max loan amount 5x total gross household income irrespective of LTV and no more than one payment claim ('UC')

Mortgage lending based on affordability

SEB Swedish household mortgage lending13% of total assets

Q/Q +1% +4% +3% +4% +2% +3% +2% +2% +4%

Portfolio grows with the market

Low LTVs by regional and global standards

191919

Net credit losses* SEB Group(SEK bn)

SEB Group – Non-performing loan and reserve development

Substantial fall in SEB’s net credit losses resulting in write-backs in 2H 2010 and Q1 2011

2.3

3.43.2 3.1

1.8

0.6

-0.2-0.4 -0.5

Q1-09

Q2 Q3 Q4 Q1-10

Q2 Q3 Q4 Q1-11

0

5

10

15

20

25

30

35

Q109

Q2 Q3 Q4 Q110

Q2 Q3 Q4 Q111

NPLs Reserves

NPL coverage ratios% 66% 63% 65% 65% 70% 71% 68% 66%

* Net credit losses = aggregated net of write-offs, write-backsand provisions

Level of NPLs 1.7%All geographies show falling NPLsBaltic NPLs constitute 68% of total SEB’s NPLsBaltic Reserves constitute 64% of SEB’s total Reserves

SEK bn

22.124.325.626.927.228.6

25.323.1

17.5

20

Excellent asset quality

0.27 0.13 0.431.28

5.43

0.63

-2.112005 2006 2007 2008 2009 2010 2011

0.04 0.04 0.050.18 0.17

0.06 0.08

2005 2006 2007 2008 2009 2010 2011

0.19 0.14 0.10 0.090.22 0.13

-0.04

2005 2006 2007 2008 2009 2010 2011

0.11 0.08 0.110.30

0.92

0.14

-0.17

2005 2006 2007 2008 2009 2010 2011

Germany – Net credit losses

• Strong credit profile• Corporates proven resilient• Wind-down property mgmt portfolio halved since 2005• Write-backs in corporate and property mgmt portfolios in Q1 2011

Nordic countries – Net credit losses

• Strong credit profile• ’No’ losses in the household mortgage book• Corporates proven resilient• Underweight SMEs• No net credit losses in property mgmt

Baltic countries – Net credit losses

• Write-backs of bothspecific and collective reserves

SEB Group – Net credit losses

212121

Development of the Baltic Division

22

GDP, Year-on-year percentage change

Retail salesSource: Reuters EcoWin

Source: Reuters EcoWin

Unemployment, Per cent of total labour force

Exports, Year-on-year percentage change

Source: Reuters EcoWin

Source: Reuters EcoWin

Turnaround of Baltic macro situation

-25

-20

-15

-10

-5

0

5

10

15

-00 -01 -02 -03 -04 -05 -06 -07 -08 -09 -10

Estonia Latvia Lithuania

0.0

5.0

10.0

15.0

20.0

25.0

-95 -96 -97 -98 -99 -00 -01 -02 -03 -04 -05 -06 -07 -08 -09 -10

Estonia Latvia Lithuania

-60

-40

-20

0

20

40

60

80

-96 -97 -98 -99 -00 -01 -02 -03 -04 -05 -06 -07 -08 -09 -10 -11

Estonia Latvia Lithuania

-40

-30

-20

-10

0

10

20

30

-02 -03 -04 -05 -06 -07 -08 -09 -10 -11

Estonia Latvia Lithuania

2323

Baltic Division's operating profit returning to pre-crisis levels

Operating profit

-2 500

-1 500

-500

500

1 500

Q1-07

Q2-07

Q3-07

Q4-07

Q1-08

Q2-08

Q3-08

Q4-08

Q1-09

Q2-09

Q3-09

Q4-09

Q1-10

Q2-10

Q3-10

Q4-10

Q1-11

0200400600800

1 0001 2001 4001 600

Q1-07

Q2-07

Q3-07

Q4-07

Q1-08

Q2-08

Q3-08

Q4-08

Q1-09

Q2-09

Q3-09

Q4-09

Q1-10

Q2-10

Q3-10

Q4-10

Q1-11

Income Expenses

* Excluding SEK 3bn of goodwill write-down in Q2 2009

*

** Including SEK 0.2bn of IT system write-off

SEK m

**

242424

-500

0

500

1 000

1 500

2 000

Estonia Latvia Lithuania

Net credit losses, SEK m Q1 2008 – Q1 2011

Non-performing and Reserves, SEK bn

024

68

101214

161820

NPL Reserves Net write-offs

December 2009 December 2010 March 2011

61% NPL coverage ratio

18.7

15.9

9.1

11.4

15.0

10.0

Baltic NPLs and net credit losses have been managed by a thorough and conservative evaluation and provisioning policy

Continued net release of provisions – both specific and collective

Sharp reductions in impaired and watch-list volumesImproving weighted average risk classesIncreased heating costs and price shocks put some pressure on households

252525

Net credit loss dynamics, SEK bn

25

Build-up of provisions

2008 2009 2010 2011 ?

Realizing losses

-0.7 -0.6-0.3

0.4

1.4

2.62.52.6

1.7

0.90.40.30.2

Q1-08 Q2 Q3 Q4 Q1-09 Q2 Q3 Q4 Q1-10 Q2 Q3 Q4 Q1-11

Solid grip on the Baltic credit portfolio –end of extraordinary provisioning cycle

2626

Austerity measuresTurnaround of macro-economicsituationDetermination, flexibility and fighting spiritConsumers holding up better than expectedExport / transit business recovering fast on back of important trading partners’recoveryConsumer confidence recovering in residential propertyFirst Euro accession in the Baltic area a morale boosterSEB’s proactive work-out and provisioning

Net credit losses rapidly falling

26

Successful Euro transition in Estonia put SEB in the limelightSEB Estonia ranked #1 in customer satisfaction study (EPSI)SEB Estonia ranked #1 service company in Estonia (TNS Emor)SEB Estonia opened next-generation internet bank and homepage SEB Latvia ranked #1 in Corporate reputation index (TNS TRI*M)SEB Latvia & SEB Lithuania ranked #1 as best FX provider (Global Finance)

SEB Baltic subsidiaries receiving positive market recognition

Reasons:

272727

Liquidity, Funding and Capital

28

Strong and well aligned balance sheetstructure

2828

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

Q12006

Q32006

Q12007

Q32007

Q12008

Q32008

Q12009

Q32009

Q12010

Q32010

Q12011

Public sector Corporate sectorTotal deposits Private sectorSEK m

Development of deposits from the general public, excl repos

Balance Sheet structure

Assets Equity &Liabilities

Funding <1 year

Funding, remaining

maturity >1 year

Cash & LendingFinancial

Institutions

Deposits from the general publicOther

Lending

Net Trading Assets

Equity

Liquid assets

Stable funding

Short-term funding

Required stable

funding

Bond Liquidity Portfolios

Deposits Financial

Institutions

Household Lending

29

Strong structural liquidity situation

Strong structural liquidity situation in the two most important business areas; 80% of all lending

Lending Funding

Retail banking Sweden

Lending Funding

Wholesale banking1

323

90

209

174

440

51

300

SEK bn

1. Excluding repos and reclassified bondsBalance mis-matches funded via long-term debt issuance

-300

-200

-100

0

100

200

300

jan-09 maj-09 sep-09 jan-10 maj-10 sep-10 jan-11

Net Trading Assets CPs/CDs

CP

/CD

Fu

ndin

gN

et T

radi

ng

Ass

ets

1. CPs/CDs 2. Net Trading Assets excluding Derivatives

Short-term funding1 moves in line with Net Trading Assets2 (SEK bn)

Otherloans

Residentialmortgage

loans

Retaildeposits

Issuedcoveredbonds

Corporateloans

Corporatedeposits

Publicdeposits

303030

CPs/CDs15%

Corporate deposits30%

Private Individual deposits

12%Financial Institution deposits

10%

Public entity deposits

4%

Central Bank deposits

3%

Mortgage Cov Bonds SEB AB

15%

Mortgage Cov Bonds SEB AG

2%

Senior Debt7% Subordinated debt

2%

Overall funding mix

SEB Group, SEK 1,392 bn (EUR 156 bn), March 2011

3131

Net liquidity position: Allows for sustained periods of no market access

Loan to deposit ratio excl. repos and reclassified bonds

100%120%140%160%180%200%

2002 2004 2006 2008 2010

146%

1) Note: this is a cash flow based model where assets and liabilities are mapped to contractual maturities. SEB will manage more than 18 months without any new funding if the loans and liabilities mature without prolongation.

SEB’s matched funding horizonMonths

05

10152025

Q1-08

Q3-08

Q1-09

Q3-09

Q1-10

Q3-10

Q1-11

InstrumentFull year

2009Full year

2010Q1

2011

Yankee CD 3,1 2,9 0,0

Senior unsecured SEB AG 5,2 0,4 0,2

Senior unsecured SEB AB 60,4 13,9 4,5

Structured bonds 8,3 3,2 1,5

Covered bonds SEB AG 24,4 10,7 0,0

Covered bonds SEB AB 25,7 71,0 43,9

Hybrid tier 1 3,3 0,0 0,0

Total 130,4 102,1 50,1

Funding raised with original maturity > 1 year SEK bn

*

As per April 5*

1)

323232

Maturity of long-term funding: Well distributed across type and market SEK bn

0

10

20

30

40

50

60

70

80

90

100

<1Y 1-2Y 2-3Y 3-4Y 4-5Y 5-7Y 7-10Y >10Y

Mortgage pfandbriefe, SEB AGCovered bonds SEK, SEB ABCovered bonds non SEK, SEB ABSenior unsecuredSubordinated debt

Product <1Y 1-2Y 2-3Y 3-4Y 4-5Y 5-7Y 7-10Y >10Y TotalSubordinated debt -2 -4 -3 -3 -5 -4 0 -1 -23Senior unsecured -25 -22 -8 -21 -12 -9 -5 -2 -104Covered bonds non SEK, SEB AB -9 0 -10 -9 -21 -9 -1 0 -59Covered bonds SEK, SEB AB -28 -35 -28 -20 -21 -11 0 -9 -151

Mortgage pfandbriefe, SEB AG -2 -4 -4 -1 -3 -3 -10 -6 -31Total -66 -66 -52 -54 -62 -36 -15 -18 -368

SEK bn

333333

SEB's Core Tier 1 ratio is amongst the strongest in Europe

15.114.213.9

10.19.9

8.4 8.6

13.012.211.7

12.6 12.8

14.713.8

14.6

Dec 2007 Dec 2008 Dec 2009 Dec 2010 Mar 2011

Tier 1 capital ratio, % Total capital ratio, % Core Tier 1 (from 2007)

Tier 1 capital SEK bn 72.7 82.5 101.6 102.0 102.1Capital base SEK bn 93.0 104.7 107.3 99.1 98.8RWA 737 818 730 716 678

Basel III

Estimated effect ~150 bps deduction from Core Tier 1

Basel II – without transition rules

343434

Going Forward

353535

Perceived quality*

Cor

e re

latio

nshi

ps

* Relative to mean performance in relative market (Source: Greenwich)

2012 Target20092006

Competitive positionLarge

corporatesSweden

Largecorporates

Nordics

CorporatesGermany

SEB is clearly perceived as No 1 in Sweden, making progress in the other Nordic countries and aim to leverage off its knowledge in Germany

Expansion in:

Nordic large corporates

Selected German Mittelstand

Strategy – Focused growth in areas of strength1. Large Corporates

36363636

4. Baltic banksBuilding an attractivebusiness for a post-crisis world

Offer universal bank services

Become mostrespected bank and the No 1 home bank

Strategy – focused growth in areas of strength1. Large Corporates

Nordic countries

Germany

2. Retail

SMEs & Mid-Corp sectors in Sweden

Consumer savings

3. Institutional business

Asset management

Intitutionalcustody

37373737

Positioned for increased market activity

Continued Nordic and German corporate expansion

Resilient and diversified income base

Tier 1Core Tier 1 ratio Tier 1Matched funding Tier 1Leverage

ratio Tier 1Liquidity reserveSEK 422 bn13.0% >18m 16x1/

1/ FDIC

Conclusions