Mats Torstendahl is the Head of Retail Banking at SEB, a major bank in Sweden and the Baltic region. In the first half of 2009, SEB's Retail Banking division in Sweden performed strongly, with 4% income growth and a 19% return on equity. However, credit losses were higher year-over-year at SEK 185 million. Going forward, SEB is well positioned to support customers and grow in core areas like serving small- and medium-sized enterprises, while improving the customer experience.

1. Mats Torstendahl
Head of Retail Banking
Retail Banking
presentation
January – June
2009

2. Organisation
President &
CEO
Annika Falkengren
Group Credits & CFO Group IT
Group Risk Control
Johan Andersson Jan Erik Back Ulf Thorstensson
Business
Support &
Compliance HR & Org. Dev. Group Operations
Group Staff
Gent Jansson Ingrid Engström Pia Warnerman
Bo Magnusson,
Deputy CEO
Internal Audit Group Strategy & Group Staff
Business Dev.
Agneta Brevenhag* Hans Larsson Bo Magnusson
Merchant Retail Banking Wealth Life Baltic
Banking Management
Magnus Carlsson Mats Torstendahl Fredrik Boheman Anders Mossberg Martin Johansson
* Reports directly to the Board

3. SEB's retail operations
H1: 2009
 812 FTE's
 3.2m cards
 945 FTE's
 #1 inom charge card
 59 branches
 2 642 FTE's  #2 position, ~25%
 161 branches market share
 #4 position, 10-15%
market share
 883 FTE's
 60 branches
 #2 position, ~15%
 1 716 FTE's market share
 174 branches
 ~1% market share
 1 411 FTE's
 75 branches
 # 1 position, ~30%
market share

4. Retail Sweden in short
Retail Sweden - Strong performance
 Attractive customer base
– sustained growth in SME
and affluent segment
 Proven earnings capacity
– 4% income growth H1-09 vs. H1-08
– Mortgage volumes +6% since year start
 Competitive profitability
– 19% RoE in first half of 2009
 Innovative product offerings
– Enkla firman, SME product of the year
 Healthy credit quality
– Credit losses in H1
manageable: SEK 185m

5. Retail Sweden, H1 2009
SEK m Jan – Jun 2009  2008 Highlights
Total income 3,231 4%  Both the SME and mass affluent
Interest, net 2,344 6% segment has continued to develop
well during 2009
Commission, net 727 -4%
– 2,800 net new SME customers
Total expenses -2,034 4%
– 1,400 net new mass affluent customers
 Importance of lending is growing
Profit bef. credit losses 1,197 3%
– Increasing margins and sustained
Credit losses, net -185 462% growth in lending volumes,
Operating profit 1,012 -10% not least in mortgages
– Sharply falling margins and limited
RoE, % 19.0 22.0 growth in deposit volumes
C/I 0.63 0.63  Although higher than previous year, credit
loss-level is still reflecting good credit
quality
Total lending 322,500 6%
Total deposits 155,000 4%

6. Financial performance over time
Retail Banking Sweden
Income Expenses SEK m
2 000
1 500
1 000
500
0
Q1 07 Q2 07 Q3 Q4 Q1 08 Q2 08 Q3 Q4 Q1 09 Q2 09
Credit losses Profit (after Credit losses)
800
600
400
200
0
-200
Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08 Q4-08 Q1-09 Q2-09

7. Changes in income generation
NII Q3 ’08 – Q2 ’09, Retail Banking, Sweden
24%
Mortgages 21% 28%
35%
Other lending 25%
28%
30%
33%
Deposits 54% 48%
42%
33%
Q3 2008 Q4 2008 Q1 2009 Q2 2009

8. Mortgages private market
Total Sweden, volumes and margins
Outstanding volume, SEK bn Average margin
250 1,25%
200 1,00%
150 0,75%
100 0,50%
50 0,25%
0 0,00%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2006 2007 2008 2009

9. Mortgages private market
Retail Sweden, market share, per cent
Sales Volume
20
18
16
14
12
10
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4* Q1 Q2 Q3 Q4 Q1 Q2
06 07 08 09
* New measurement method from Q4 2007. Lowers the volume market share with approximately 0.2 percentage points

10. Equities
Commissions re-bounce
Light in the tunnel….? +21%
Q1 2009 Q2 2009
Total commissions, net
Equity linked bonds
-17%
+26%
Q1 2009 Q2 2009
Mutual funds
YTD YTD YTD
2007 2008 2009 +20%
Q1 2009 Q2 2009

11. Change in expense level
– driven by pensions
Swedish Retail, H12009 vs. H12008, SEK m
Cost base Increased pension cost
2 200
2 000
176
1 800
1 600
1 950
1 400
1 200
1 000
Total expenses H1-08 Total expenses H1-09
Number of FTEs: 2 865 2 642

12. Credit losses
Retail Sweden Q1 ’07 – Q2 ’09, SEK m
120
100
80
60
40
20
0
-20
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
'07 '07 '07 '07 '08 '08 '08 '08 '09 '09

13. Credit loss level
Retail Sweden: H1 2009
Component Total: Credit loss level
185 MSEK
Other loans to
private individuals 56 bps
Mortgage loans to 0.4 bps
private individuals
Loans to 28 bps
corporates
Note: Including specific and collective provisions. Losses and loss level in relation to on and off balance exposure. Annualized rate.

14. Stabilising economy Improve customer
but long and winding experience &
road to recovery satisfaction
SEB well positioned Grow SME – not only
to support our the micro segment
customers and
develop the business Strengthen remote
in core areas channels (e.g. OITR)
Swedish Retail is one Leadership & employee
of these core areas development

16. Appendix

17. Business volume development
Retail Sweden, SEK bn Corporate
Private
Mortgages Other lending* Deposits
250 250 250
200 200 200
150 150 150
100 100 100
50 50 50
0 0 0
Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q2 Q4 Q2 Q4 Q2 Q4 Q2
06 07 08 09 06 07 08 09 06 07 08 09
* Excluding leasing