5 October 2011

BoA

Merrill Lynch Banking & Insurance

CEO Conference London

Annika FalkengrenPresident & CEO, SEB

2

SEB today

Stability

Continuous

improvement

Sustainable

growth

3

Relationship bank with diversification Share of operating income H1 2011

8%7%

10%

56%

19%

44%

24%

32%

Retail

Asset Gathering

Wholesale

GermanySweden

Nordics

RoW

3

Baltics

444

Stable growth in all business areas Income, SEK bn

Wholesale

0

2

4

6

8

10

H1 2006 H1 2011 H1 2006 H1 2011 H1 2006 H1 2011

Retail Asset gathering

+10%

+6%

+16%

5

Wholesale franchise We work close to our customers

Leading product offering

Foreign Exchange

FixedIncome

Mergers & Acquisitions

Cash Management

Custody

Prime Brokerage

Structured Derivatives

Equities

Trade & Supply Chain Finance

Lending

Corporate portfolio (SEK bn)

5

0100200300400500600700800

2006 2007 2008 2009 2010Jun2011

+8% CAGR

Assets under custody (SEK bn)

01,0002,0003,0004,0005,0006,000

2004 2006 2008 2010 Jun2011

+10% CAGR

6

Retail franchise Simplicity and accessibility

Offerings

Availability

6

~12%

SME market share

0%2%4%6%8%

10%12%14%

2005 2007 2009 Jun 2011

+11% CAGR

Retail

deposits (SEK bn)

0

40

80

120

160

200

2005 2007 2009 Jun 2011

Private individualsCorporates

7

Asset gathering Full range of savings products through bancassurance

model

7

0

50

100

150

200

2005 2006 2007 2008 2009 2010 Jun2011

Unit-linked

AuM (SEK bn)

+13% CAGR

Private Banking AuM (SEK bn)

050

100150200250300

2005 2006 2007 2008 2009 2010 Jun2011

+11% CAGR

8

Balance

sheet

strength

Core

Tier

1*

Matched

funding

Leverage

ratio

(FDIC)

2008 2009 2010 Jun 2011

8.6%

11.7% 12.8% 13.5%13.5%

23x18x 17x 16x16x

7 months

17 months 18 months26 months26 months

Bond inv

portfolio

SEK 133bnSEK 90bn

SEK 48bn SEK 34bnSEK 34bn

* Basel II without transitional floor; 2010 pro forma for disposal of German retail

SEK 131bn

8

Baltic lending

SEK 167bn

SEK 102bn SEK 103bnSEK 103bn

9

Strong capital situation

Core Tier 1 ratio (%)Basel II

5%

7%

9%

11%

13%

15%

Q108

Q2 Q3 Q4 Q109

Q2 Q3 Q4 Q110

Q2 Q3 Q4 Q111

Q2

Basel II

Basel IIIRegulatory target range

Strong capital formation

Maintain buffer to minimum regulatory levels

Capacity to issue additional tier 1 instruments and return capital to shareholders in future

1010

Solid funding and deposit situation

10

Structurally sound balance sheet

Loan-to-deposit ratio excluding household mortgage lending 100%

Unutilised capacity for covered bonds SEK ~100bn

Assets Equity & Liabilities

Funding, remaining

maturity >1 year

Deposits from the General PublicOther

Lending

Equity

Stable funding

“Banking book”

Household Lending

1,2001,050

Balance sheet structureJun 2011, SEK bn

+150bn more stable funding

1111

Resilient long-term funding position

Funding raised with original maturity >1 year

11

2009 2010 2011 2012 2013 2014 2015 2016 2017

Reduced long-term debt dependence for current lending due to proactive pre-funding

Additional issuance will be primarily driven by loan growth

Opportunistic issuance in the senior unsecured and covered bond markets

Swedish covered bondsSenior unsecured bonds

130

92

75

102

Issued Maturing

66 61

39

56

21

/18

1212

Resilient liquidity position

0

100

200

300

400

500

SBA*/SEB CoreReserve

Total SEB LiquidResources

Net TradingAssetsOvercollateralisationOther

Financials

CoveredbondsGVT andpublic bondsCB and bankdeposits

Liquid assetsSEK bn

* Swedish Bankers Association (Bankföreningen)

283

467 Deposits from central banks 7%

Deposits from

financial institutions

40%

CPs/CDs 53%

Short-term funding SEK bn

SEK 467bn SEK 360bn

Liquidity Coverage Ratio exceeds 100%

13

-120-80-40

04080

120

2004 2005 2006 2007 2008 2009 2010 H1 2011

USD Loan/ Deposit ratio

100% 112% 80% 86% 131% 72% 99%

USD lending funded by USD deposits SEK bn

-300

-200

-100

0

100

200

300

Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11

Net trading assets

CPs/

CDs

Loans

Deposits

103%

Trading assets move

in tandem with CP and CD programmes

14

-50

0

50

100

150

200

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 Q2 11

High asset quality

3.3

1.31.10.90.60.2

Note: Reported figures (definitions vary slightly).

#2

414350

606065

Loan loss ratio by quarter (bps)

Net level impaired loans H1 2011 (%) Reserve ratio H1 2011 (%)#1

15

SEB today

Continuous

improvement

Sustainable

growth

Resilience and flexibility from strong balance sheet and earnings diversification

16

Priorities for 2011-2013 –

Growing in areas of strength

Growth strategy

Geography

Segment initiatives

Nordic and German corporate expansion

Continue to excel and strengthen core markets

Core relationships

Segment initiatives

Geographic growth

Core relationship growth

SME

Savings

17

Expansion targets until end of 2012

Loans and commitments:

New clients:

+50bn

+200

RoBE

Loans and commitments:

New clients:

+150bn

+200

C/I <0.5

Germany Nordics

>15%

Incremental from wholesale expansion

1818

Loans and commitments:

Progress of wholesale expansion H1 Nordic and German expansion* continues

18

Large cap clients:

+91bn

Top FX-provider No 1 Equity House

Best Sub-custodian Bank Best Supply Chain Finance Provider

+136

Best Bank

Best M&A House

Best Cash Management House

* Statistics since launch of expansion 1 Jan 2010

Client executives: +94

SEB

Customers’ intention to expand banking services over next 12 months (net)+11%

+9%

+5% +4%

+2%

Source: Corporate Banking year-end 2010 Nordics

19

SEB today

Continuous

improvement

Sustainable growth opportunities in unique customer franchise

Resilience and flexibility from strong balance sheet and earnings diversification

20

Efficiency focus continues

Communicated externally

Savings invested in front

Continuation of previous programme

Cost management programme

Continuous improvement

2007-2009 2009-2011

Key activities:–

Staff & Support –

Op. Excellence –

IT–

Procurement

Key activities:–

Net 500–

Group Staff–

Procurement–

Baltic & Germany restructuring

2006 2009 2011

20

21

FTE impact from efficiency measures

18,933

17,351

2008 H1 2011

Baltics: 600 FTEs

Ukraine: 500 FTEs

Sweden: 500 FTEs (gross 900)

Retail Germany divestment: 2,150 FTEs

FTE actions since 2008FTE development 2008-2011Excluding German Retail

Reduction

1,582 FTEs

21

22

10 9

1514

2010 2014

Flat costs until 2014 Reduced underlying cost base to enable investments in growth

24 24

* Assuming 3% annual inflation

-5%Front

office

Support functions

Saving

targets*

-20%

SEK 3.0bn

Gross savingsCost

base, SEK bn

23

5 workstreams

to save SEK 3bn

Staff Functions

Right size staff and support functions

Increase synergies by taking away functional overlaps

Loan operations

Increase efficiency in loan administration

Accelerate offshoring

to Baltic operations center

1

2

3

Strict group-wide prioritisation

and execution of IT development

Streamline IT operationsIT

Improve procurement processes and coverage

4

Procurement

5 Simplicity

Increase synergies by taking away functional overlaps

Simplify governance

Focus

2.4

0.6

3.0

Costs(SEK bn)

24

Summing up

Resilience and flexibility from strong balance sheet and earnings diversification

Sustainable growth opportunities in unique customer franchise

Profit protection from continuous efficiency measures to enable growth