SEB January–September 2015 Press conference

Annika Falkengren President & CEO

Highlights Q3 2015

2

Increased uncertainty spurred market volatility

Continued strong asset quality and improved capital position

Muted customer activity across most segments

Repricing of risk

3

Swedish credit spreads 5y covered bonds vs. 5y Sovereign

Stock exchanges MSCI World and OMXSPI, Indexed to 100 2013

80

90

100

110

120

130

140

150

160

170

Jan 2013 Jan 2014 Jan 2015

OMXSPI

MSCI World

0

20

40

60

80

100

120

140

160

180

200

Jan 2013 Jan 2014 Jan 2015-0.6

-0.4

-0.2

0

0.2

0.4

0.6

0.8

1

1.2

Jan 2013 Jan 2014 Jan 2015

Swedish policy rate

40% 30%

19% 17%

13%

11% 23%

13%

2%

1% 7%

6%

27%

33%

36%

41%

5% 10%

6%

9%

9% 13% 7%

9%

2% 2% 1% 4%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

SEB Peer Peer Peer

Other

Institutions

Other retail loans (SME andhouseholds)

Household mortgages

Housing co-operative associations

Real estate

Corporates

Sector credit exposure composition (EAD)1) FY 2014

1) EAD = Risk Exposure Amount / Risk Weight Source: Companies ’ Pillar 3 reports 2014

SEB is a corporate bank and has the lowest exposure to household mortgages and real estate

4

Profit & Loss, (SEK m) Jan-Sep '15 Jan-Sep '14 % Jan-Sep '14 %

Total Operating income 33,677 32,852 3 32,775 34,173 -4whereof NII 14,343 14,933 -4 14,261 14,933 -5whereof NFI 3,769 2,578 46 2,949 2,578 14

Total Operating expenses -16,616 -16,352 2 -16,616 -16,352 2Profit before credit losses 17,061 16,500 3 16,159 17,821 -9Net credit losses etc. -799 -1,050 -24 -799 -1,050 -24

Operating profit 16,262 15,450 5 15,360 16,771 -8Tax expense -3,380 -3,058 -3,380 -3,240Net profit 12,882 12,392 11,980 13,531

Jan-Sep '15

Underlying Reported

5

Financial summary

Key figures Jan-Sep ‘15 Jan-Sep ‘14 Jan-Sep ‘15 Jan-Sep ‘14

Return on Equity, % 12.8 13.3 11.9 14.6

Cost /income ratio 0.49 0.50 0.51 0.48

Earnings per share, SEK 5.88 5.72 5.47 6.19

CET1 ratio B3, % 17.8 16.2

Leverage ratio B3, % 4.5 4.1

Credit loss level, % 0.06 0.10

% Q3-14 %

Total Operating income 10,079 11,986 -16 11,332 -11Total Operating expenses -5,452 -5,606 -3 -5,495 -1Profit before credit losses 4,627 6,380 -27 5,837 -21Net credit losses etc. -309 -226 35 -493 -37

Operating profit 4,318 6,154 -30 5,344 -19

Q3-15 Q2-15

4.7

3.7

0.9 0.7

6

Operating income by type, Q3 2015 vs. Q2 2015 (SEK bn)

Profit and loss (SEK m)

Net interest income

Net fee and commissions

Net financial income

Net life insurance income

Q2-15 Q3-15 Q2-15 Q3-15 Q2-15 Q3-15 Q2-15 Q3-15

Financial summary – excluding one-offs

47%

37%

9% 7%

Q2-15

Income distribution Q3 2015

Net interest income development SEK bn, excluding one-off

7

Net interest income Jan-Sep 2015 vs. Jan-Sep 2014

Net interest income type Q3 2013 – Q3 2015

3.7 4.1 4.4

Q3-13 Q3-14 Q3-15

0.6 0.6 0.2

Q3-13 Q3-14 Q3-15

0.5 0.4 0.1

Q3-13 Q3-14 Q3-15

Deposits

Funding & other

Lending

14.9 14.3

Jan-Sep '14 Jan-Sep'15

-4%

Net fee and commission income development SEK bn

8

Net fee and commissions Jan-Sep 2015 vs. Jan-Sep 2014

Gross fee and commissions by income type Q3 2013 – Q3 2015

Custody and mutual funds

Payments, cards, lending, deposits & guarantees

Advisory, secondary markets and derivatives

+9% 11.8

12.8

Jan-Sep '14 Jan-Sep '15

0.6 0.6 0.6

Q3-13 Q3-14 Q3-15

1.6 1.9 2.0

Q3-13 Q3-14 Q3-15

2.6 2.6 2.3

Q3-13 Q3-14 Q3-15

2.6

3.8

Jan-Sep '14 Jan-Sep '15

0.8

1.2 1.1 0.8

0.7 0.3

1.3

1.6

0.9

Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15

Net financial income development SEK bn, excluding one-off

9

NFI and total Markets result Q1 2013 – Q1 2015 Net financial income Jan-Sep 2015 vs. Jan-Sep 2014

Net financial income development Q3 2013 – Q3 2015

Increased volatility in the quarter*

10

15

20

25

30

35

40

Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15

* (VIX S&P 500 volatility)

+46%

Operating leverage excluding one-offs Average quarterly income (SEK bn)

9.2 9.4 9.8 10.4 11.0 11.2

Avg2010

Avg2011

Avg2012

Avg2013

Avg2014

Jan-Sep2015

Average quarterly expenses (SEK bn)

5.8 5.9 5.7 5.6 5.5 5.5

Avg2010

Avg2011

Avg2012

Avg2013

Avg2014

Jan-Sep2015

Average quarterly profit before credit losses (SEK bn)

Notes: Excluding one-offs (restructuring in 2010, bond buy-back and IT impairment in 2012, sale of MasterCard shares and Euroline in 2014, Swiss withholding tax in 2015). Estimated IAS 19 costs in 2010

3.4 3.5 4.1 4.8 5.5 5.7

Avg2010

Avg2011

Avg2012

Avg2013

Avg2014

Jan-Sep2015

10

Repo rate 1.25 1.75 1.00 0.75 0.00 -0.35 BNP 6.0 2.7 -0.3 1.2 2.3 3.0(F)

Sweden

Divisional performance Excluding one-offs

11

7.8

4.7

1.9 1.6 1.0

Merchant Banking Retail Banking Wealth Management Life Baltic

Operating profit Jan-Sep 2015 vs. Jan-Sep 2014 (SEK bn)

RoBE 13.0% (13.6) 14.2% (21.0) 19.8% (19.2) 22.0% (22.2) 18.8% (18.2)*

Business Equity

(SEK bn) 61.5 (52.3) 34.3 (24.4) 9.6 (8.6) 8.4 (8.2) 8.1 (9.1)

Jan-Sep 2015

Jan-Sep 2014

*Excl. Baltic real estate companies

Credit demand and event-driven activities low, but growth in net sales of mutual funds and life insurance

Low event-driven activities in the Nordics*

0

200

400

600

800

1,000

1,200

Sep'10

Mar'11

Sep'11

Mar'12

Sep'12

Mar'13

Sep'13

Mar'14

Sep'14

Mar'15

Sep'15

…and net sales of SEK 48bn YTD in Sweden (Mutual funds net inflows Swedish market**)

Corporate credit portfolio (SEK bn)

12

19%

22%

25%

8%

7%

6% 13%

SEB

Peer 1

Peer 2

Peer 3

Peer 4

Peer 5

Other

Total market share Sweden, AuM Peer 6 22% SEB 12% Peer 1 12% Peer 2 11% Peer 5 4% Peer 4 2% Peer 3 1%

Other 36%

0

100

200

300

400

500

600

700

0

10,000

20,000

30,000

40,000

50,000

Q1-13 Q2 Q3 Q4 Q1-14 Q2 Q3 Q4 Q1-15 Q2 Q3

Deal valueNumber of Deals

Sources: *Dealogic and Thomson Reuters **Svensk Fondstatistik

(SEK bn) 2009 2014 Jan-Sep 2015

Non-performing loans 28.6bn 10.6bn 8.5bn

NPL coverage ratio 65% 59% 63%

Net credit loss level 0.92% 0.09% 0.06%

Customer deposits 750bn 943bn 975bn

Liquidity resources >10% ~25% ~25%

Liquidity coverage ratio N.A. 115% 116%

CET 1 ratio (Basel 3) 11.7% 16.3% 17.8%

Total capital ratio (Basel 3) 14.7% 22.0% 22.7%

Leverage ratio (Basel 3) N.A. 4.8% 4.5%

Strong asset quality and balance sheet A

sset

qua

lity

Fund

ing

and

liqui

dity

C

apita

l Basel 2.5

Basel 2.5

13

Going forward

14

Continued disciplined execution

Resilience and long-term perspective in challenging economic climate

Focus on customer relationships