UBS Global Financial Services Conference, 9 May 2012

Annika Falkengren

President & CEO

2

Relationship banking as the key franchise driver

Maintain strong balance sheet and asset quality

In the new world, what are SEB’s priorities?

Relationship banking as key franchise driver

4

Denmark

NorwayFinland

Sweden

LithuaniaLatvia

Estonia

Germany

2.7

2

1.1

2.5

2010 2011 2012E 2013E

1.8 1.5

-0.6

0.8

2010 2011 2012E 2013E

Nordic GDP growth (per cent)

Eurozone GDP growth (per cent)

Fundamentals remain robust in Northern Europe

5

London

S:t

Petersburg

Geneva

Hong KongShanghaiNew DelhiBeijing

Kiev

Dublin

MoscowDenmark

NorwayFinland

Sweden

New York

São Paulo

Singapore

LithuaniaLatvia

Estonia

GermanyWarsaw

Luxembourg

A Nordic bank with global reach Following

in our

customers’

footprint

5

Northern Europe 25.5%

Americas18%

RoW

14.5%

Asia 14%

Nordics 28%

Note: Sales of 120 largest listed Swedish corporatesSource: Annual reports

SEB in Asia

25% income growth

Full service offering to

Corporates

& Institutions

through 5 regional offices

and 200 employees

66

For the first time SEB named Best Bank for Large Corporates and Institutions in the Nordics 2011

Note: Net change between 2010 and 2011 (left-hand graph). Country scores 2011 (right-hand graph)The result is based on 62 surveys across the Nordics. Source: Prospera Large Corporates & Institutions Surveys 2011

Voice of the customer: SEB is the #1 wholesale bank in the Nordics

+20%

SEB #2 #3

SEB SEB

SEB SEB

77

Example: SEB in Finland

Transforming the business

A “true

relationship ” perception

A product provider

perception

From

TargetValue for SEB

Value for the Customer

An “advisory” perception

Increased customer satisfaction (Prospera)

0

50

100

150

200

2006 2011

Corporates Non-corporates

Increased income and credit exposure (EUR m)

Credit Exposure

EUR 3bn

Credit Exposure

EUR 8bn

Source: Prospera Large Corporates & Institutions Surveys 2011

SEB

8

Growing customer base and enhanced relationships

8

Profitability

*Basel III alignment of capital added 40 per cent capital allocation

Customer income, SEK m # of customers

7,000

8,000

9,000

10,000

11,000

Q4 08 Q4 09 Q4 10 Q4 11 Q1 12

010203040

Q1-07

Q2 Q3 Q4 Q1-08

Q2 Q3 Q4 Q1-09

Q2 Q3 Q4 Q1-10

Q2 Q3 Q4 Q1-11

Q2 Q3 Q4 Q1-12

010203040

Business Equity (SEK bn) Return on BE (%)

Nordic and German expansion

1,800

+110

2,025

+25

+90

Dec 2009 2010 2011 Q1 2012 Mar 2012

Number of corporate clients in Merchant Banking

*

Tier 1 clients in Merchant Banking

CAGR +9%

9

Large Corporates

Customer segments in Merchant Banking

Financial Institutions

Income distribution

Relationship lending

Product income

Income distributionRelationship lending

Product income

9

~65% of total revenues

~ 2,000 customers~ 5 home markets &

17 supporting sites

~35% of total revenues

~ 700 customers~ 5 home markets &

4 financial centres

1010

Successful repositioning in the Swedish SME market

Growing number of clients

40,000

80,000

120,000

160,000

2005 2006 2007 2008 2009 2010 2011 Q1-12

+14,000

Market share

0%

4%

8%

12%

2005 2006 2007 2008 2009 2010 2011 Q1-12

Note: Active cash management customers

Operating income (SEK bn)

1.0

2.0

3.0

4.0

5.0

2005 2006 2007 2008 2009 2010 2011 Q1-12

Availability and offerings

Note: Active cash management customers Note: Q1-12 annualised

11

Increased presence in the Swedish household mortgage market reflects SEB’s customer base

Low LTVs by regional and global standards

0-50%

51-

85%

22%

>85% 2%Loan-to-value Share of portfolio

76%

* Source: Swedish Credit Bureau (“UC AB”)

Swedish mortgages, market shares, 31 Dec 2011

Strict credit policy

●

Affordability

●

LTV and leverage caps

●

Amortisation

●

Stress tests

Source: SCB

1%4%4%8%

15%

25%

27%

16% SEB

Swedbank

SHB

Nordea

SBAB

LF

Danske

Other

~14% ofcredit portfolio

~6% oftotal revenues

12

0102030405060

Incomegroup 1

Incomegroup 2

Incomegroup 3

Incomegroup 4

Incomegroup 5

Share of total debt Share of financial assetsShare of real assets

Income group 1 has the lowest disposable incomeIncome group 5 the highest

Majority of Assets and Debt held by households with higher income

Source: Sveriges Riksbank Nov 2009

Resilient mortgage market with repricing features

0

2

4

6

8

10

-07 -08 -09 -10 -11

Germany Denmark SpainUK Netherlands USASweden

Source: Reuters EcoWin

Mortgage lending rates are going up due to stricter regulatory framework

Credit loss level for SEB’s Swedish household mortgage portfolio

-0.10%

0.00%

0.10%

0.20%

0.30%

0.40%

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

Mar '12

Maintain strong balance sheet and asset quality

14

Resilience

Strong capital position

High liquidity reserves

Solid asset quality

Good market access

15

Strong capital situation

5%

7%

9%

11%

13%

15%

Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11

Core Tier 1 ratio (per cent)

Basel II

Basel II

Basel III 12.7Regulatory target range

Maintain buffer to minimum regulatory levels

RWA stable in continuing operations. Lending to high-

quality customers and increased use of collateral for RWA purposes offset Basel 2.5 effects and volume growth.

Regulatory treatment of IAS 19 still not clarified

13.9

16

2.3*

12.0*

16.5*14.3*

13.9 14.5 2.310.0

12.3-1.0-1.2

0.6

68

1012141618

Mar 2012 Dec 2012 Dec 2012 Dec 2012

SEB’s road to Basel III, and conservatism across all customer segments in terms of risk modelling RWA

Basel II to Basel III Core Tier 1 Pro forma (per cent)

Basel II total IRB risk weight, Swedish banks, per cent, Q1 2009 – Q4 2011

Consensus retainedearnings

Estimated B3 effect

Maximum IAS19 adjustment

Pro forma B3Pro forma B2.5 Swedish finish

”Buffer”

*Start 2015

2.6*

01020304050

Peer 1 Peer 2 Peer 3 SEB

17

Solid funding and deposit situation

Structurally sound balance sheet

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

Unutilised capacity for covered bonds SEK 94bn

Assets Equity & Liabilities

Funding, remaining maturity

>1 year

Deposits from the General Public

Other Lending

Equity

Stable funding

“Banking book”

Household Lending

1,230

1,100

Balance sheet structureMar 2012, SEK bn

+130bn more stable funding

18

Loan growth funded through deposit growth and issued long-term covered and senior bondsHousehold lending, deposits and covered bond funding

Corporate & public lending, deposits and senior bonds

-100

0

100

200

300

400

500

Dec

-07

Mar

-08

Jun-

08S

ep-0

8D

ec-0

8M

ar-0

9Ju

n-09

Sep

-09

Dec

-09

Mar

-10

Jun-

10S

ep-1

0D

ec-1

0M

ar-1

1Ju

n-11

Sep

-11

Dec

-11

Mar

-12

SE

K b

n

LendingDepositsCovered BondsNet = lending - deposits - outstanding cov bonds

-200-100

0100200300400500600700800

Dec

-07

Mar

-08

Jun-

08S

ep-0

8D

ec-0

8M

ar-0

9Ju

n-09

Sep

-09

Dec

-09

Mar

-10

Jun-

10S

ep-1

0D

ec-1

0M

ar-1

1Ju

n-11

Sep

-11

Dec

-11

Mar

-12

SE

K b

n

LendingDepositsSenior DebtNet = Lending - deposits - senior debt

Retail Germany disposal

Stable net funding base

19

0

300

600

900

1,200

1,500

Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11

Lending to and deposits from corporates and households

“Financial crisis”Jul 08 – Mar 09

“Sov debt crisis”

Apr-11 – Dec-11

Lending

Deposits

Average 6% CAGR since 2000

Average 6% CAGR since 2000

+95

+150

+145

+80

Lending and deposit volumes SEK bn

Excluding divested businesses

20

SEB’s stable corporate business is not captured in Basel III Example: accredited stability in structural liquidity ratio (”NSFR”)

0

100

200

300

400

500

600

700

800

900

Jun-06

dec Jun-07

dec Jun-08

dec Jun-09

dec Jun-10

dec Jun-11

dec

Balance sheet amountBasel III funding stability

0

100

200

300

400

500

600

700

800

900

Jun-06

dec Jun-07

dec Jun-08

dec Jun-09

dec Jun-10

dec Jun-11

dec

Balance sheet amountBasel III funding stability

SEB’s household deposits, SEK bn SEB’s corporate deposits, SEK bn

84% 27%

21

SEB is already LCR compliant

SEB has a very liquid balance sheet

LCR at 109 per cent vs. 95 per cent end of 2011

50 per cent of core liquidity reserve invested in central banks due to limited availability of AAA-

rated papers in local markets LCR varying heavily due to its

short-term nature – deposit base development– excess liquidity investments

Liquid resources / Short-term fundingMarch 31, 2012, SEK bn

SEK 140bn more in liquid assets than the ST funding

Liquidity Portfolio

Cash & Deposits

in CB

Funding <1y

Net Trading

Assets

Credit Institutions

Credit Institutions

0

100

200

300

400

500

600

700

Assets Liabilities

22

Continued strong asset quality

Non-performing loans/lending and non- performing loans (SEK bn)

0

5

10

15

20

25

30

Q4-08 Q4-09 Q4-10 Q4-110.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%NPLs NPL/Lending (RHS)

Baltics0.09

Germany0.00

Nordics0.07

Other

Distribution of lending portfolio and credit loss levels by geography (per cent)

SEB Group 0.06

Non-performing loans in relations to the loan portfolio outside the Baltic countries

0.58% 0.49%0.11% 0.01%

0.53%

Wholesale and retail Manufacturing Nordic commercialreal estate

Shipping SEB Group

23

Net credit losses, Q1 08 – Q1 12Non-performing loans and Reserves

12.2

7.2

0.2

11.7

7.0

0.10.6

11.4

18.7

0.1

10.0

15.9

0

24

6

8

1012

14

1618

20

NPL Reserves Net write-offs

2009 2010 2011 Mar-12

Continued recovery of Baltic asset quality

SEK bn SEK m

-2,000

-1,500

-1,000

-500

0

500

1,000

Estonia Latvia Lithuania

Cumulative credit loss expectations Baltic crisis at the end of 2009 (SEK bn)

18 2210.7

3229

Swedish '90s crisislevels on Baltic portfolio

Finansinspektionen Riksbanken Analyst consensus Outcome 2008-2011

30% used for write-offs

Sum-up

25

Robust regionRobust region The Relationship bankThe Relationship bank

Balanced growthBalanced growth High asset qualityHigh asset quality

The leadingrelationship bank

in our partof the world