The document summarizes Jan Erik Back's presentation at the Morgan Stanley European Financials Conference on April 2, 2009. The presentation discusses SEB's capital measures of SEK 19.5 billion which increases its Tier 1 capital ratio to 12.1% pro forma. It also discusses SEB having a stable and diversified credit portfolio, with 85% located in Nordic countries and Germany. The credit portfolio is well rated, with 58% investment grade excluding households.

1. Jan Erik Back
Morgan Stanley
European
Financials
Conference
2 April 2009
1

2. 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 Statements
This 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.
2

3. Strategy overview
Long- and short-term implications
Capital measures of SEK 19.5bn
Tier 1 capital ratio increases to 12.1 % (pro forma)
Asset quality
Stable and diversified credit portfolio
3

4. 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 investment portfolio
4

5. 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
5

6. Continued focus on productivity
SEB Way freed up time Example: Group Operations
2006-2008 (FTEs) Transactions, millions
1,600 7% 12
10
1,400 6%
8
1,200
6
5%
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)
6

7. Strategic goals
Customer Sustainable profit
satisfaction: growth
No 1 in chosen
Long- markets
Long-term
term Highest Return on
AA-rating
Equity
The leading bank in Northern Europe
Grow revenues with existing customers through high
medium-term
interaction and increased share of wallet
Short-to
Cost management
Risk management - Credit quality and work-out activities
Maintain a strong capital and liquidity position
7

8. Increased focus on areas of strength
Examples
Swedish savings market
Q3 2008, market shares
SEB
15%
Corporate credit exposure 2008
Other Swedbank
Total exposure = SEK 782bn
43% 15%
Skandia
10%
Large
Handelsbanken Nordea
companies
8% 9%
76 %
SEB Savings barometer, Q3 2008
Nordic stock exchanges
Market shares, turnover 2008
9.2%
Other
Baltic
5.4% companies Swedish
companies
6% SMEs
5.2% 12%
6%
4.3%
3.9%
Source: The Nordic stock exchanges
8

9. Strategy overview
Long- and short-term implications
Capital measures of SEK 19.5bn
Tier 1 capital ratio increases to 12.1 % (pro forma)
Asset quality
Stable and diversified credit portfolio
9

10. Recent measures taken to maintain a
strong capital position
Capital measures of SEK 19.5 bn
The capital increase is ● 2008 YE pro forma Tier 1
achieved through: Capital Ratio of 12.1% (Basel
1. A fully committed and underwritten II without transition floor)
rights issue of SEK 15 bn of A-shares
● New long-term Tier 1 Capital
2. No dividend payments for 2008
Ratio target of 10%
10

11. A very successful rights issue
Trading Performance Since Announcement Key Themes
150%
● Strong primary take-up – 98.6%
140%
● Secondary rights oversubscription
130%
● Broad Institutional Support
28.0%
120%
● Very significant retail participation
Strong
Outperformance
Indexed Price
110%
● Pronounced outperformance vs the
0.9%
market and peers since
100%
(1.8%)
announcement
90%
(12.4%)
● 28% gain from SEK19.76 to
80%
SEK25.3
70%
● Strong liquidity in shares and rights
60%
4- 10- 16- 22- 28- 6- 12- 18- 24- 30-
even as markets broke through 6
Feb Feb Feb Feb Feb Mar Mar Mar Mar Mar
SEB Euro Stoxx Banks Nordic Banks Composite OMX
year lows over the process
Source: Bloomberg as of 30-Mar-2009
Note: Nordic Banks Composite consists of Swedbank, Nordea, Danske Bank, DNB Nor and SHB
11

12. Addresses market expectations of higher
levels of capital
Rights issue positions SEB in the top quartile of capital ratios among European and Nordic peers
SEB's leverage ratio (FDIC rules) 3,74%
SEB FY’08 Tier 1 ratio vs. peers SEB FY’08 Core Tier 1 ratio vs. peers
SEB Post-Cap Measures (8)
13.3 10.4
(6)
12.1 9.9
SEB Post-Cap Measures (1)
9.3
11.5
9.1
10.8
(1) (1)
9.0
10.7
(1)
10.7 8.6
10.1 8.4
9.9 8.3
(1) (1)
SEB Pre-Cap Measures(7)
9.8 8.0
(1)
9.8 8.0
(2)
9.7 7.8
(1)
9.6 7.3
(3)
(5)
9.4 7.3
SEB Pre-Cap Measures
9.3 7.3
(1)
7.2
9.3
7.0
9.2 (1)
6.7
9.1 (1)
8.8 6.7
(1)
8.5 6.4
(3) (2)
7.9 6.2
6.2
7.9 (4)
5.7
6.9
(4) (4)
5.5
6.5
(4)
Other Western European Banks
Nordic banks
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 contribution
of 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.
12

13. Further enhances capital measures in
response to the changing environment
98.7
Provides a substantial capital buffer
77.2
The global credit crisis, recession and
unprecedented market volatility have
put significant strain on the banking
60.6 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
Tier I capital Tier I capital Tier I capital
31 Dec 2006 31 Dec 2008 before 31 Dec 2008 pro
capital measures (2) forma after capital
measures
Note
1. Numbers in SEK Bn
2. 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
13

14. Strategy overview
Long- and short-term implications
Capital measures of SEK 19.5bn
Tier 1 capital ratio increases to 12.1 % (pro forma)
Asset quality
Stable and diversified credit portfolio
14

15. 1 SEB has a stable 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 borrowers
Corporate portfolio has a pre-dominance of large corporate clients
Norway 6%
Denmark 2%
Finland 2%
Households
Sweden Corporates
25%
50% 40%
Germany
25%
Banks
15%
Estonia 3%
Latvia 3% Public
Lithuania 5% administration Property mgmt
Other 5% 6% 14%
Credit portfolio, SEK 1.9 trillion as of 31/12/2008
Note
The 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

16. 2 Highly rated credit portfolio
High grade lending with investment grade in total portfolio ex. households accounting for 58%
Similarly, 82% of Swedish household lending is investment grade
Watchlist is only 2.5% of portfolio ex. households and 1.5% of household portfolio
(1)
Of which, Corporates (%) (1)
Total credit portfolio excl. Households (%)
(SEK 782bn)
(SEK 1,449bn)
39.4 45.3
35.0
26.0
20.3
18.9
5.6
4.1 2.9
2.5
Risk Class '1 - 4 Risk Class '1 - 4 '5 - 7 '8 - 10 '11 - 12 '13 - 16
'5 - 7 '8 - 10 '11 - 12 '13 - 16
AAA/A- BBB BB B+/B B-/D AAA/A- BBB BB B+/B B-/D
(2)
(2)
S&P S&P
Swedish Households (%) (1)
(SEK 269bn)
Investment grade Watchlist
43.8
30.7
8.9
7.5 6.0
1.6 0.9 0.3 0.3
PD (%) 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 - 100.0
Note
1. As of 31/12/2008
2. Approximate relation to rating agency scales
16

17. 3 Loan book quality improved despite challenging environment
Average risk class of corporate book improved in 2008
Limited impact of risk class migration
New lending to high grade customers more than offset risk class migration in 2008
Corporate risk class migration during Q4 2008* SEB Group Average risk class
(Excl households and banks)
100%
● Average year-end 2007 6.95
90.4%
90%
● Net negative risk migration +0.15
80%
● Effect from new volumes -0.30
70%
● Average year-end 2008 6.81
60%
50%
In 2008, ratings migration of
40% non-retail exposure is
estimated to have increased
30%
RWA net by SEK 23bn, 2.8%.
Down-Rated Up-Rated
20%
10% 4.9%
0.4% 0.3% 1.4% 1.1% 1.1% 0.1% 0.0% 0.0% 0.2%
0%
>-4 -4 -3 -2 -1 0 1 2 3 4 >+4
# of internal risk class rating notches up- or down-rated
17

18. 4 Asset quality deterioration driven by Baltics
Credit losses ex-Baltics largely in line with Management expectations, sharp rise in net
credit losses in Baltics in Q4 2008
Ex-Baltics reserve ratio at 73%
Impaired Loans by Credit Portfolio, % Impaired loan volumes*
% of Credit Exposure**
Impaired Loans/
Reserve Ratio
(1) SEB Group Germany
Credit Portfolio
Nordic Baltic
3.0%
73%
Ex-Baltics 0.6%
2.8%
Baltics 56%
2.8% 2.5%
Total 66%
0.8%
2.0%
(1)
Impaired loans as % of Credit Portfolio
1.5%
1.4%
0.84
0.75 0.69 0.65 0.65 0.65 1.0%
0.64 0.64
0.8%
0.5%
0.3%
0.0%
Dec '03 Dec '04 Dec '05 Dec '06 Dec '07 Dec '08
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2007 2008 * Impaired loans gross **Excluding Banks
Note
1. 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.
18

19. 5 Baltics: Proactively managing growth and focusing on key risk areas
More limited organic growth in 2008 in local currency terms
Key credit issues centered around Property Management and certain Corporate
segments
Credit Exposure, SEK bn Measures taken
202 …… ……
2006 2008
168
Increased Re-allocation of
131 47%
capitalisation resources
45%
43%
Tightening of
25% Work-out units
25%
26% credit policy
28%
30% High Risk
31%
ROE priority > Committees
2006 2007 2008 volume
Estonia Latvia Lithuania Baltic SPVs
Credit Exposure growth rate in local currency Dialogue with
authorities
Lithuania
Latvia
Estonia
2007 30%
18%
17%
2008 8%
5%
-2%
19

20. Strengthen existing client relationships
Continued focus on cost efficiency
Maintain sound risk management as well
as strong capitalisation and liquidity levels
20

21. 21