Presentation at SEB's press conference for Q4 2011

Annika FalkengrenAnnual Accounts 2011 President & CEO

SEB founded in the service of enterprise The Relationship bank... ...in our part of the World.2012-02-07 | ANNUAL ACCOUNTS 2011 2

Delivery of 2011 strategy Continued to build customer relationships Growth in core and home markets Strengthened balance sheet further2012-02-07 | ANNUAL ACCOUNTS 2011 3

Continued to build customer relationships Private customers +90,000 +SEK 46bn new customers new lending (Sweden, Baltics, PB) (Sweden, Baltics, PB) Increased flows Bank of the Year – Sweden +160m transactions Bank of the Year – Estonia executed globally (incl. payments >1bn) Bank of the Year – Latvia Large corporate “Tier 1” clients Number of Tier 1 clients Customer income #1 Corporate Bank 2011 Sweden 2008 2009 2010 20112012-02-07 | ANNUAL ACCOUNTS 2011 4

Growth in core and home markets Swedish SME expansion Nordic & German large corporate expansion SME clients (#) Large cap clients (#) 140,000 +11,000 120,000 100,000 +88 +114 +202 80,000 2010 2011 60,000 40,000 Client executives (#) 2007 2008 2009 2010 2011 SME loans and commitments (SEK bn) +63 +48 +111 200 +25bn 150 2010 2011 100 Loans and commitments (SEK bn) 50 0 2007 2008 2009 2010 2011 +62 +46 +108 2010 2011 Market share 12.1% Note: Loans and commitments at constant exchange rates2012-02-07 | ANNUAL ACCOUNTS 2011 5

Strengthened balance sheet further High asset quality, low credit loss level (bps) Improving capital and liquidity position -10 -11 -8 -8 11 14 Core Tier 1 ratio 13.7% 30 Liquidity reserve SEK 377bn 92 2004 2005 2006 2007 2008 2009 2010 2011 Loan to deposit ratio 129% Credit rating upgrade >2 years matched funding A+ NPL coverage ratio 64%2012-02-07 | ANNUAL ACCOUNTS 2011 6

Profit and loss trend Profit and loss development Q4 2008 – Q4 2011 (SEK bn) 9.3 5.9 Q4-11 Q4-11 Q4-11 -0.2 Operating income Operating expenses Net credit losses Operating profit (SEK bn) 3.2 Q4-08 Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Q2-11 Q3-11 Q4-11Grey shaded areas represent net credit reversals in the Baltic countries2012-02-07 | ANNUAL ACCOUNTS 2011 7

Income statement 2011 Profit and loss (SEK bn) FY 2011 FY 2010 % Q4-11 % Q3-11 % Q4-10 Total Operating income 37,686 36,735 3 9,334 1 -7 Total Operating expenses -23,121 -23,751 -3 -5,928 7 -3 Profit before credit losses 14,565 12,984 12 3,406 -7 -12 Net credit losses etc. 780 -1,595 -241 Operating profit 15,345 11,389 35 3,165 -15 -28 Operating income by type, 2011 vs. 2010 (SEK bn) 16.9 15.9 14.2 14.1 8% 9% 46% Customer- 15.2 13.4 driven NII 3.5 3.1 3.2 3.3 37% 2011 2010 2011 2010 2011 2010 2011 2010 Net interest Net fee and Net financial Net life insurance income commissions income income2012-02-07 | ANNUAL ACCOUNTS 2011 8

Net interest income development NII Q4 2008 – Q4 2011 (SEK bn) Q1-08 Q2-08 Q3-08 Q4 Q1-09 Q2 Q3 Q4 Q1-10 Q2 Q3 Q4 Q1-11 Q2 Q3 Q4 Lending and deposit volumes Q4 2008 – Q4 2011 (SEK bn) +111bn 1 000 1000 +150bn 800 800 600 600 400 400 Q4 Q1 - Q2 Q3 Q4 Q1 -10 Q2 Q3 Q4 Q1 -11 Q2 Q3 Q4 Q4 Q1 - Q2 Q3 Q4 Q1 - Q2 Q3 Q4 Q1 -11 Q2 Q3 Q4 09 09 10 Lending DepositsNote: Lending to the public excluding repos and debt instruments; Deposits from the public excluding repos2012-02-07 | ANNUAL ACCOUNTS 2011 9

Net fee and commission income development Net fees and commissions Q4 2008 – Q4 2011 (SEK bn) 5 4 3 2 1 0 Q4 Q1-09 Q2 Q3 Q4 Q1-10 Q2 Q3 Q4 Q1-11 Q2 Q3 Q4 Gross fees and commissions by income type Q4 2008 – Q4 2011 (SEK bn) 2.2 1.8 0.9 Q4-08 Q4-09 Q4-10 Q4-11 Q4-08 Q4-09 Q4-10 Q4-11 Q4-08 Q4-09 Q4-10 Q4-11 Advisory, secondary markets and derivatives Custody and mutual funds Payments, cards, lending, deposits and guarantees2012-02-07 | ANNUAL ACCOUNTS 2011 10

Net financial income development Net financial income Q4 2008 – Q4 2011 (SEK bn) 2.0 1.5 Excl. GIIPS de-risking 1.0 0.5 0.0 Q4 Q1-09 Q2 Q3 Q4 Q1-10 Q2 Q3 Q4 Q1-11 Q2 Q3 Q4Trading income by asset class Daily trading income Derivative & other Fixed Income Equities FX Q3- Q4 Q1 - Q2 Q3 Q4 Q1 - Q2 Q3 Q4 Q1 - Q2 Q3 Q4 Jul- Oct- Jan- Apr- Jul- Oct- Jan- Apr- Jul- Oct- Jan- Apr- Jul-11 Oct- Jan- 08 09 10 11 08 08 09 09 09 09 10 10 10 10 11 11 11 12 2 negative trading days in 20112012-02-07 | ANNUAL ACCOUNTS 2011 11

Operating expense development Cost by type (SEK bn) Income and cost trends, 12m rolling (SEK bn) 13.9 13.9 45 9.8 40 9.2 35 30 25 20 15 Q1- Q2 Q3 Q4 Q1-10 Q2 Q3 Q4 Q1-11 Q2 Q3 Q4 Staff costs IT & Other costs 09 2010 2011 Operating income Operating expenses SEK 24bn cost cap met (SEK bn) Cost cap 24bn New ambition 24.0 23.1 2010 2011 2012 2013 20142012-02-07 | ANNUAL ACCOUNTS 2011 12

Divisional performance Operating profit 2011 vs. 2010 (SEK bn) 9 +14% 8 7 6 5 4 +36% +11%* 3 -8% 2 +0% 1 0 Merchant Banking Retail Banking Wealth Life Baltic Management 2011 2010Note: Shaded area of Baltic division shows net release of credit provisions in 2011 and net credit losses in 2010* Excluding credit provision releases2012-02-07 | ANNUAL ACCOUNTS 2011 13

Swedish mortgages SEB only bank to publish funding cost Funding markets drive mortgage pricing (%) 3m mortgages, monthly averages Total 4.00 +0.69 3.50 SPREAD +0.06 SPREAD 0.64% 3.00 0.58% +0.02 Term financing cost 2.50 Low LTVs in mortgage portfolio 3m STIBOR +0.11 2.00 Loan-to-value Share of portfolio >85% 2% 1.50 Riksbank policy rate +0.50 51-85% 22% 1.00 0-50% 76% 0.50 0.00 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-122012-02-07 | ANNUAL ACCOUNTS 2011 14

Divisional performance Operating profit 2011 vs. 2010 (SEK bn) 9 +14% 8 7 6 5 4 +36% +11%* 3 -8% 2 +0% 1 0 Merchant Banking Retail Banking Wealth Life Baltic Management 2011 2010Note: Shaded area of Baltic division shows net release of credit provisions in 2011 and net credit losses in 2010* Excluding credit provision releases2012-02-07 | ANNUAL ACCOUNTS 2011 15

Closing the books on the Baltic credit crisis Credit cycle shifting as expected NPLs continue to fall (SEK bn) Portfolio assessed Individually assessed Build-up of 20 provisions 16 Realizing losses 12 8 4 0 Dec- Mar-10 Jun-10 Sep 10 Dec Mar 11 Jun 11 Sep 11 Dec 11 2008 2009 2010 2011 2012 ? 09 10 Credit losses normalising (SEK bn)  Realizing losses against provisions 0.3 0.7 0.6 0.7 0.2 0.0  Releasing provisions where possible -0.2 -0.3 -0.4  Credit loss level now normalising -0.5 -0.9 -1.4 -1.7 -2.6 -2.6 -2.6 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2008 2009 2010 20112012-02-07 | ANNUAL ACCOUNTS 2011 16

Asset quality improving Non-bank credit portfolio composition (%) Credit losses outside Baltic region (SEK bn) 2008 2009 2010 2011 Residential Commercial Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 mortgages real estate 31% -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.2 9% -0.2 -0.3 Public -0.3 -0.4 -0.4 -0.3 -0.5 sector -0.6 5% -0.8 Other 5% Corporates 42% Baltic 8% 6 bps credit loss level outside Baltics (average over 10 year period)2012-02-07 | ANNUAL ACCOUNTS 2011 17

Proposed dividend SEK 1.75 Net profit and total dividend (SEK bn) 13.6 12.6 11.1 10.1 6.8 4.1 4.5 3.3 3.8 2.2 1.1 2006 2007 2008 Net profit 0.0 2009 Total dividend 2010 2011 SEK 1.75 Dividend payout ratio, 5 year rolling avg (%) 40% 39% 38% 37% 36% 35% 34% 33% 2006 2007 2008 2009 2010 20112012-02-07 | ANNUAL ACCOUNTS 2011 18

Right platform Robust region High asset quality Active customers2012-02-07 | ANNUAL ACCOUNTS 2011 19

Outlook 2012 Continued uncertain macro and regulatory environment in 2012 SEB’s growth plans and relationship focus remains Maintain balance sheet strength and improve efficiency further2012-02-07 | ANNUAL ACCOUNTS 2011 20

The leading relationship bank in our part of the worldCover photograph by Sven Golz2012-02-07 | ANNUAL ACCOUNTS 2011 21

Presentation at SEB's press conference for Q4 2011

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