1. Jan Erik Back
CFO
Executive
summary
1

2. Annual accounts 2008
Higher operating income Operating profit
SEK bn
● Strong net interest income Operating profit
● Lower commission income Excluding one-offs and portfolio losses
5
● M-t-M valuation losses of SEK 1bn
4
3
Flat underlying costs 2
1
● Redundancy costs SEK 1bn
0
● Variable salaries -30% Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q4
04 05 06 07 08
● Pension provisions SEK 0.7bn
Operating income
SEK bn
Increased provisions for credit losses Income
Excluding one-offs and portfolio losses
● Mainly driven by the Baltic development 12
8
4
0
Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q4
04 05 06 07 08
2

3. Key figures
Q4 Q3
SEK m 2008 2007 2008 2008
Operating income 41,140 40,440 12,714 9,221
Operating expenses -25,407 -23,194 -6,965 -5,970
Operating profit 12,471 17,018 4,028 2,526
Net profit 10,050 13,642 3,509 1,886
Return on Equity, % 13.1 19.3 17.6 10.0
Cost / income ratio 0.62 0.57 0.55 0.65
Credit loss level, % 0.30 0.11 0.63 0.27
Tier I capital ratio, % 10.1 9.9 10.1 9.9
*Without transition floors
3

4. Continued growth of Net interest income
Group, SEK m Net interest income development 2008
Total NII growth 2,711
+17% 18,709
-606
Lending margin
1,218
Lending volume
15,998
Deposit margin 823
Total NII 16,281
Deposit volume 481
14,366
+13% Funding & other 796
Corporate lending, SEK bn
Customer
driven*
642 709
579
532 541 501 538 564
464 458 462 487
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Jan-Dec 07 Jan-Dec 08 2006 2007 2008
* volumes and margins on lending and deposits
4

5. Fee and commission income holding up
Market shares Nordic
Gross development
Jan-Dec 2008 vs. Jan-Dec 2007, SEK m stock exchanges
Turnover 2008
Jan – Dec 07
9.2%
Jan – Dec 08 +3%
-2%
5.4%
7,309 7,547
7,165 7,022
5.2%
-18% 4.3%
3.9%
4,114
-29% 3,370 Source: The Nordic stock exchanges
Assets under custody
1,808
1,290
1,004 SEK bn ‘000s
648 Assets under custody
Transactions/day
200
6,000
Other
Custody & Payment,
New issues & Secondary 150
4,000
mutual funds cards,
advisory market &
100
structured
derivatives 2,000
50
lending,
deposits, 0 0
Q1 2004 Q1 2006 Q1 2008
guarantees
5

6. High activity in long-term savings
Swedish savings market Swedish mutual funds – Net inflows
Q3, market shares 2008 Jan-Dec, SEK bn
SEB
6.5
15% 2.2
Other Swedbank
43% 15%
Skandia
-13.5
10% -18.6
Handelsbanken Nordea
Swedbank SHB Nordea SEB
8% 9%
Robur
SEB Savings barometer, Q3 2008
Life – Total sales Private Banking – Net sales
SEK bn
SEK bn
16 6
12
4
8
2
4
0 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2005 2006 2007 2008 2005 2006 2007 2008
6

7. Net financial income holding up
Full-year breakdown over business areas, 2004 – 2008
SEK m
4,000
3,000
2,000
1,000
0
FX Equities Capital Markets Other incl Treasury
-1,000
-2,000
Client-driven FX business MB investment portfolio
● SEK 133bn (31 Dec 2008)
● No.1 Nordic and No. 12 globally
● M-t-M losses SEK 187m in Q4
● Underpinned by strong corporate
relationships ● Structured credits 93 % AAA-rated
● Highly efficient trading platform (31 Dec 2008)
7

8. Increased productivity
SEB Way freed up time Example: Group Operations
2006-2008 (FTEs) Transactions, millions
7%
1,600
12
10
1,400 6%
8
1,200
5% 6
4
1,000
4%
2
800
0
3%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
600
07 08
2%
400
Group Operations 2008 vs. 2007
1%
200
Increased # transactions +1.5m
0%
0
Transactions/FTE +11%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
06 07 08
Cost/transaction -10%
Cumulative free-up FTEs (LHS)
Freed-up FTEs (annualised run-rate) in % of total (RHS)
8

9. Cost management program
Cost management program 2007 – 2009
Target
Achieved
SEK -1,029m SEK 1.5 – 2.0bn
*
2007 2008 2009 2010
*
Cost dynamics
Change vs. 2007
SEK m
769
SEK 23.3bn SEK 25.4bn
374
Operating Operating
318
246
expenses expenses
2007 2008
Redundancies Pensions One IT Acquisitions
Roadmap
Costs on comparable basis +2%
9

10. Diversified credit portfolio
Credit portfolio, SEK 1,934bn, 31 December 2008
Norway 6%
Denmark 2%
Finland 2%
Households
Sweden Corporates
25%
50% 40%
Germany
25%
Banks
15%
Other 5%
Estonia 3% Public
Latvia 3% administration Property
Lithuania 5% 6% mgmt
14%
10

11. Corporate portfolio
Corporate credit exposure 2008 Credit exposure 2006 – 2008
SEK bn
Total exposure = SEK 782bn
Dec '06 Dec '07 Dec '08
497
Large
companies
352
76 %
278
103 95
Other 70 83
Baltic 54 58
companies 40 40 44 43 38 44
Swedish companies
6%
SMEs 12%
6% quot;Nordicquot; German Baltic Swedish Other
Larger Larger Companies Retail companies
Companies Companies Clients
11

12. Private equity
Outstanding volumes – Private Equity
SEK bn Currency effect
25.2
SEK 2.5bn
20.2
18.6
Equity &
mezzanine
23.7
Senior debt
18.1 17.4
2006 2007 2008
12

13. Asset quality Baltics
Impaired loans gross
Provisions for Net Credit Losses
% of credit exposure excl. banks
% of lending
Estonia Latvia Lithuania
4.0%
1.40
3.5%
Germany Baltics 3.0%
Nordics SEB Group
2.5%
1.20
2.0%
1.5%
Estonia 1.17
1.0%
1.00 Latvia 1.43
0.5%
Lithuania 1.26
0.0%
Baltics 1.28
Dec-07 Mar-08 Jun-08 Sep-08 Dec-08
0.80
Provisioning to build up reserves
0.60 SEK m Specific Collective
1000
800
0.40
600
400
0.20
200
0.00 0
2006 2007 2008 2007 2008
13

14. SEB’s Baltic lending relative the market
SEB
Per cent, Q2 2005 – Q4 2008 Lending total
SEB Lending
Estonia Latvia Lithuania
EURbn EURbn EURbn
40 40% 40 40%
40 40%
30 30%
30 30%
30 30%
20 20%
20 20%
20 20%
10 10%
10 10% 10 10%
0 0%
0 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
Excluding Leasing portfolio
Source: Central Banks and SEB
14

15. A diversified platform
Operating profit before credit losses, Jan – Dec 2008
Wealth
Sweden Life Merchant
Germany
Management
Banking
6%
9%
Lithuania 11%
6%
Latvia
5%
Estonia 6%
35%
56%
4%
Finland 48%
5%
Denmark
9%
Norway
Retail
Banking
Geography – Adjusted for Other
Divisions – Adjusted for Other
Sweden – adjusted for centralisation of CPM portfolio
15

16. SEB – A relationship bank
Strong customer base Product excellence
Cash management globally
Large
companies Scandinavian currencies
globally
1,800
Nordic stock broker
Financial Nordic and Baltic investment
institutions bank
Custody Nordics and Baltics
700
Nordic asset management
SMEs SMEs Sweden
400,000
Private
individuals
5 million
16

17. 17