SEB — Interim / Quarterly Report 2008

Oct 23, 2008

Interim report Jan - Sept 2008

STOCKHOLM 23 OCTOBER 2008

The first three quarters – SEB's operating profit SEK 7.9bn (12.4)

• Operating profit for January-September 2008 amounted to SEK 7,927m, a decrease of 36 per cent compared with the corresponding period of 2007. Net profit was SEK 6,171m (9,885).
• Net interest income rose by 14 per cent. Net fee and commission income was 11 per cent lower. Overall operating income decreased by 8 per cent; valuation losses on the investment portfolio amounted to SEK 1,286m.
• Operating expenses increased by 7 per cent.
• Net credit losses amounted to SEK 1,545m (703). The credit loss level was 0.19 per cent (0.10).
• Return on equity was 10.9 per cent (19.0) and earnings per share SEK 9.00 (14.62).

The third quarter – SEB's operating profit SEK 2.0bn (3.7)

• Operating profit amounted to SEK 2,010m. Net profit for the third quarter was SEK 1,514m.
• Highest net interest income to date. Combined lending and deposit volumes grew by SEK 109bn.
• Valuation losses on the investment portfolio were SEK 348m and losses from the default of Lehman Holdings, Inc. and related companies amounted to SEK 677m including settlement of all positions.
• Operating expenses decreased by 7 per cent compared with the previous quarter, but were 7 per cent higher than the corresponding period of 2007.

"In these challenging times SEB has had a continued sound capital position and good access to funding. It has been key for us to maintain business as usual and to strengthen customer relationships. In the new financial landscape I believe we will gradually see a return to more traditional banking, which fits well to our strategy built on a robust platform and long-term customer relationships."

8.0

Annika Falkengren

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President's comment

During the third quarter, financial markets experienced an unprecedented turbulence on a global scale following the Lehman Brothers' default. Also the fundamentally sound Swedish financial system was impacted.

For those of us who experienced and learned from the Swedish financial crisis in the early 1990s, it was alarming to see how mistrust gripped markets globally, resulting in scarce liquidity and non-functioning interbank markets. As the crisis mounted day by day, it was clear that there were large financial systemic risks affecting also the outlook for the world economy. Following the actions taken by governments and central banks around the world, there are signs that funding markets are slowly returning to a more normalised situation.

In these challenging times SEB has had a continued sound capital position and good access to funding. It has been key for us to maintain business as usual and to strengthen customer relationships throughout the quarter, offering our customers advisory services and financing solutions. Our staff has shown a deep commitment.

The quarterly operating profit of SEK 2,010m is not satisfactory, but must be seen in the light of the markets almost coming to a standstill during September.

Income dropped in areas such as asset management and life insurance due to lower values caused by falling equity markets. With bond markets partly closed and the sharply widening credit spreads, net financial income dropped substantially. The quarter also included provisions of SEK 677m for losses related to SEB's exposure on Lehman Brothers.

However, the underlying business remained robust. Business volumes and sales were strong in foreign exchange, cash management, mutual funds and life insurance as well as within areas such as Swedish retail and private banking. We strengthened our position as market leader on the Nordic stock exchange.

In the Baltic countries, the macro-economic outlook has further deteriorated. Our view is that there will be a protracted period of low, even negative, GDP growth in Estonia and Latvia during the next few years. Also Lithuania is beginning a gradual, domestically driven slowdown. Watch-list volumes and impaired loans are higher in the region. As a consequence, we continue to increase collective reserves and to proactively address asset quality.

The bleak global economic outlook will impact our customers and thus earnings in the financial industry. We are planning for marked effects in the real economy.

In 2007, we took several steps to integrate the bank and to increase efficiency and quality, freeing up resources for investments in new business. Productivity gains were created as higher business volumes were handled by reduced number of employees in Sweden. Since then the number of employees have increased and we are now back to the same level as in 2006. As we are now on the brink of an economic downturn we will accelerate cost efficiency measures. One measure will be to realise effects equivalent to 5 per cent of the staff in Sweden. This translates into a net reduction of 500 employees. The redundancy cost of SEK 600m may be provisioned for in the fourth quarter.

This quarter with its drama and fears for the global financial system will indeed be remembered. To me, with over 20 years in banking, it has been the most challenging period ever. No one had expected the tunnel to be so dark and long as it turned out to be. The light in the tunnel is now slowly beginning to filter through as central banks and governments have joined forces to stabilise financial markets.

It is clear that the financial turmoil has repainted the prerequisites for the financial industry. Liquidity premiums will be higher. The bar has been raised for banks' capitalisation. Banks with a strong balance sheet will be able to act on opportunities that now arise. I believe we will see a return to more traditional banking, which fits well with our strategy built on a robust platform and longterm customer relationships.

Third quarter isolated

SEB's operating profit for the third quarter amounted to SEK 2,010m (3,726). This was a decrease of 46 per cent compared with the corresponding quarter of 2007 and 43 per cent lower than in the second quarter of 2008. Net profit dropped by 51 per cent to SEK 1,514m (3,101).

Income

Total operating income amounted to SEK 8,705m (9,493). This was 8 per cent lower than for the third quarter of last year and 16 per cent down from the previous quarter.

Net interest income increased by 16 per cent compared with the corresponding quarter of 2007 due to positive development of volumes and deposit margins in combination with higher interest on equity. Lending margins were lower. Dysfunctional funding markets led to large variations in internal and external price levels causing both lag effects and shifts in margins between lending and deposits. In addition, constraints in corporate customers' access to market liquidity increased their utilisation of committed facilities at historic pre-committed levels, offsetting the positive effects from higher margins on new business. Compared with the second quarter of 2008, net interest income was up by 3 per cent.

Net fee and commission income decreased by 8 per cent compared with the corresponding quarter of last year and by 4 per cent compared with the second quarter of this year, due to lower securities commissions.

Net financial income was strongly affected by the accelerated market turmoil. The bankruptcy of Lehman Brothers reduced income by SEK 540m from valuation losses on bonds and effects from SEB's close-out of all outstanding positions. Net financial income was 34 per cent down from the corresponding period in 2007 and 50 per cent down from the previous quarter, adjusted for losses related to the default of Lehman Brothers and the valuation loss of SEK 348m (779) in the investment portfolio. The lower income reflected low activity levels and falling bond prices in the disrupted capital markets.

Net life insurance income dropped, as unit-linked values decreased and further provisions for guarantees for Nya Liv were made. The decrease was 36 per cent compared with the third quarter of 2007 and 21 per cent compared with the previous quarter.

Expenses

Total operating expenses rose by 7 per cent, to SEK 5,970m (5,580) compared with the corresponding period in 2007, partly explained by acquisition effects (SEK 63m), investments in One IT Roadmap (SEK 80m) and pension provisions (SEK 94m). Excluding the higher costs for these items, costs were up by 3 per cent. Compared with the previous quarter, costs were down by 7 per cent. Provisions for short-term performance-related remuneration were reduced by 38 per cent from the previous quarter and by 35 per cent in relation to the third quarter of 2007.

Credit losses

Net credit losses increased to SEK 725m (189), of which SEK 371m (93) referred to provisions for credit losses in the Baltic countries and SEK 137m to provisions for Lehman Brothers' bankruptcy filing.

The first three quarters of 2008

SEB's operating profit for the first nine months of 2008 amounted to SEK 7,927m (12,437), a decrease of 36 per cent compared with the corresponding period in 2007. Net profit decreased by 38 per cent, to SEK 6,171m (9,885).

Income

Total operating income decreased to SEK 27,910m (30,405).

Net interest income improved by 14 per cent, to SEK 13,197m (11,623). Higher volumes contributed SEK 1,181m in net interest income; average deposit volumes grew by 5 per cent, while average lending to the public was 10 per cent higher than twelve months ago. The margin trend on new business was positive on both lending and deposits. However, the effects on margins during the third quarter impacted lending margins negatively and increased deposit margins on a nine month basis. The net effect of lending and deposit margins was an increase of net interest income by SEK 55m. Customer-driven net interest income grew by 12 per cent compared with the first nine months of 2007. Increased duration of new borrowings and higher short-term interest rate levels had a negative impact on funding costs, but including interest on equity and higher returns on treasury assets, the combined effect was a positive contribution of SEK 338m.

Net fee and commission income decreased by 11 per cent, to SEK 11,464m (12,922), mostly due to declining income from advisory services and securities transactions both within the retail and institutional business. Card-related income increased.

Net financial income fell to SEK 731m (2,819), due to lower valuations of the investment portfolio (1,286), Lehman-related losses (540) and lower income from Group Treasury and Capital Markets.

Net life insurance income decreased by 14 per cent, to SEK 1,859m (2,167). Positive sales growth could not compensate for decreased unit-linked values and provisions for guarantees for Nya Liv. A complete description of Life's operations, including changes in surplus values, is found in "Additional information" on www.sebgroup.com.

Net other income decreased to SEK 659m (874) due to lower capital gains, SEK 128m (828), and fair value adjustments in the hedge accounting.

Expenses

Total operating expenses increased by 7 per cent, to SEK 18.442m (17.266) following investments made in staff. IT and new businesses. On a more comparable basis, i.e. excluding acquisition effects (171), investments in One IT

Roadmap (302) and pension provisions (264), costs were up by 3 per cent.

The cost-efficiency gains during January-September amounted to SEK 319m, resulting in an accumulated gain of SEK 865m from the start of last year.

Staff costs rose by 5 per cent, to SEK 11,644m (11,134). This was mainly due to salary inflation and higher pension costs, arising from falling return on plan assets and changed actuarial assumptions regarding longevity. During the first nine months SEK 267m (185) was provided for redundancy costs and SEK 41m (120) for the long-term incentive programmes. Short-term performance-related remuneration was reduced by SEK 669m, to SEK 1,771m $(2,440)$ . The average number of full time equivalents increased by 1,874 to 21,310 (19,436), of whom more than 1,000 following acquisitions consolidated during 2008. Organic growth in the Baltic countries and Ukraine contributed about 500 new staff.

Other expenses increased by 10 per cent, to SEK 5,674m (5,137), mostly due to investments in One IT Roadmap, other IT development and efficiency projects.

Credit losses

The Group's net credit losses, including changes in the value of assets taken over, amounted to SEK 1,545m (703). The annualised credit loss level was 0.19 per cent (0.10), reflecting the overall stable asset quality of the Group.

Net credit losses in the Baltic countries increased to SEK 878m (215). The continued build-up of collective reserves in Estonia, Latvia and Lithuania in the third quarter offsets the reversals of specific provisions in Estonia made during the second quarter. The credit loss development in the Baltic countries was in line with SEB's earlier anticipated higher loss level. The net credit loss level in the Baltic countries was 0.85 per cent.

The increase in the credit loss level outside the Baltic countries was mainly due to provisioning for the Card business, partly following an increased number of frauds.

Tax costs

Total tax amounted to SEK 1,758m (2,552). The total tax rate was 22 per cent.

The Swedish Government has presented a bill that the corporate tax rate shall be lowered to 26.3 per cent from 28.0 per cent. As a consequence, the Group's effective tax rate starting 2009 will be 0.8 percentage units lower. Furthermore, a passing of the bill during the fourth quarter will lead to a revaluation of deferred tax liabilities with an immediate positive effect on total tax of around SEK 350m. Thus, the expected tax rate for the whole year of 2008 is below 20 per cent.

Business volumes

The Group's total balance sheet of SEK 2,416bn as per 30 September represented an increase of 3 per cent since yearend 2007. Positive currency effects increased total assets by SEK 53bn. Lending to banks decreased, while lending to

and deposits from the public increased by 13 and 6 per cent respectively.

SEB's total credit exposure increased to SEK 1,805bn (1,552 at year-end) during the first nine months. Credit volumes continued to grow in the corporate sectors in the Nordic countries and in Germany as did Nordic household lending. The Baltic banks' lending growth was significantly lower than in previous years.

As of 30 September 2008, assets under management amounted to SEK 1,244bn (1,370 at year-end). Net inflow during the period was SEK 34bn (47), while the change in value was SEK -177bn (76). (The acquisition of Key Asset Management contributed SEK 17bn.) SEB remained the market leader within net sales of mutual funds in Sweden. with SEK 6bn of net inflows during the first nine months on a market which experienced outflows of SEK 31bn. Assets under custody amounted to SEK 4.437bn (5.314).

Fixed-income securities portfolios

As per 30 September, SEB held total net positions in fixedincome securities of SEK 358bn (331 at year-end 2007) for investment, treasury and client trading purposes. Holdings consist mainly of covered bonds, bonds issued by financial institutions and asset-backed securities.

The SEK 130bn investment portfolio of Merchant Banking remained negatively affected by the dislocations in the credit markets. The third quarter valuation losses at SEK 2,482m, of which SEK 348m over income and SEK 2,134m over equity, were significantly higher compared with the previous quarter due to a rapid widening of credit spreads. Thus, year-to-date the mark-to-market loss on this portfolio amounted to SEK 5,106m, of which SEK 1,286m affected Net financial income and SEK 3,820m was recorded as a valuation loss in equity for Available-for-sale portfolios. SEK 3,347m of the mark-to-market loss referred to holdings in asset-backed securities and SEK 1,759m to other financial instruments, mainly bonds issued by financial institutions. Under prevailing credit market conditions and government intentions, SEB views a default on the holdings in these portfolios as unlikely.

Based on SEB's long-term investment view, risk management has focused on limiting further income volatility. Thus, the Available-for-Sale holdings have increased, while the Held-for-Trading securities have decreased. At 30 September, 87 per cent of the total holdings in the investment portfolio of SEK 130bn were classified as Available-for-Sale (46 per cent at year-end).

The holdings of asset-backed securities in the investment portfolio amounted to SEK 63bn (71 at yearend); 96.8 per cent of these securities are AAA-rated and only 0.2 per cent have a sub-investment grade rating. The average economic duration of the holdings is approximately four years. 61 per cent of the asset-backed exposures are related to the European markets and 39 per cent to the U.S. market. Direct and indirect asset-backed securities exposures on the U.S. subprime mortgage sector amounted to SEK 1.9bn (2.3 at year-end).

The holdings of covered bonds and bonds issued by

financial institutions in the investment portfolio amounted to SEK 67bn (60).

Market risk

During the first three quarters of 2008, the Group's Value at Risk in the trading operations averaged SEK 140m (92 during the calendar year 2007). This means that the Group, on average, with 99 per cent probability, should not expect to lose more than this amount during a ten-day period.

Liquidity and funding

During the third quarter of 2008, funding markets were severely disrupted by increased uncertainty among banks and investors. Due to a stable deposit-to-loan ratio of around 70 per cent and ample capacity to issue covered bonds, SEB has not restricted its lending. Furthermore, SEB has maintained good market access and benefited from the close to SEK 150bn of funds with a maturity above one year raised during the year. SEB continued to maintain a large pool of eligible assets, in excess of SEK 200bn.

At 30 September 2008, the match-funding of net cash inflows and outflows was approximately twelve months, taking liquidity reserves into consideration.

Capital position

At 30 September 2008, SEB reported a core capital ratio of 8.1 per cent (8.6 at year-end 2007) and a total capital ratio of 10.4 per cent (11.0). The lowering of Basel II implementation floors (from 95 to 90 per cent of previous requirements) in 2008 is reflected in these ratios. Capital requirements according to Basel I regulation would give ratios of 7.3 and 9.3 per cent, respectively. Since year-end, risk-weighted assets (Basel I) increased by 17 per cent. Appendix 3 provides details of capital adequacy.

Risks and uncertainties

The macro-economic environment is the major driver of risk to the Group's earnings and financial stability. In particular, it affects the asset quality and thereby the credit risk of the Group (details on the credit portfolio are described in Appendix 2). The outlook for the global economy has deteriorated and SEB holds the view that economic growth will be substantially lower in the next few years.

Also, there are financial risks mainly in the form of price risks (details on market risks are described in Appendix 4). Credit and market risks as well as other risks and risk management of all risks for the Group and the Parent Company are described in SEB's annual report for 2007 (see pp 34-41 and Note 44).

A sharp reduction of economic growth and continued economic imbalances in Estonia and Latvia together with higher past due payments on loans during the first nine months of 2008 have emphasised the need for a continued proactive treatment of any arising asset quality problems and for monitoring further developments closely. Also Lithuania is experiencing a downturn, although milder,

which has made SEB increase collective provisions.

The tight liquidity conditions in the credit and interbank markets prevailing since the summer of 2007 and which accelerated during the autumn of 2008, still put stable funding and liquidity management in focus. Liquidity injections by central banks globally have eased the pressure on banks but the funding markets are still not fully functioning, in particular as regards long-term durations

The general credit spread widening across all assets which started mid-2007 has continued and accelerated in the third quarter. Wider spreads have resulted in mark-tomarket losses on SEB's fixed-income securities portfolios (see under Fixed-income securities portfolios). Following the actions taken by governments and central banks around the world, the likelihood of achieving global financial stability has increased substantially, but further mark-to-market losses cannot be ruled out.

Organisational changes within SEB's German operations

SEB has decided to initiate an organisational change in its German operations. The purpose is to separate Retail Banking from Merchant Banking within the legal entity SEB AG. This will create flexibility and increase the opportunities of benefiting from the changing German banking market.

The organisational change is of an internal character and is deemed to have limited implications on daily operations and relations with customers, partners and other stakeholders. SEB Asset Management is not part of this organisational change.

Rating

In September, Moody's changed its outlook from positive to stable, but affirmed SEB's long-term Aa2 rating.

In October, Fitch Ratings affirmed its A+ rating for SEB with maintained stable outlook. Furthermore, Standard & Poor's affirmed its long-term A+ rating for SEB, but changed its outlook to negative primarily due to concerns regarding the Bank's Baltic operations.

Subsequent events

On 13 October 2008, IASB issued amendments to IAS 39 and IFRS 7, endorsed by the EU on 15 October. The amendments introduce the possibility of reclassifications of financial instruments from 1 July, 2008. SEB has not reclassified any financial instruments out of Held-for-Trading or Available-for-sale categories in this interim report. A thorough evaluation will be finalised in the fourth quarter. This may result in a restatement of the financial reporting for the third quarter.

Stockholm, 23 October 2008

Annika Falkengren

President and Chief Executive Officer

This Interim Report has been prepared in accordance with International Financial Reporting Standards IFRS/IAS, endorsed by the European Commission and therefore complies with IAS 34 Interim Financial Reporting. The Parent company accounts are prepared in accordance with the Annual Accounts Act for Financial Institutions. The accounting regulations of the Swedish Financial Supervisory Authority require some additional disclosures. The same accounting policies and methods of computation are followed in the interim financial statements as those applied to the most recent annual financial statements.

More detailed information is presented on www.sebgroup.com "Additional information" including:

Appendix 1	Division Life
Appendix 2	Credit exposure
Appendix 3	Capital adequacy
Appendix 4	Market risk
Appendix 5	P&L by division, business area and quarter
Appendix 6	P&L by geography and quarter
Appendix 7	Skandinaviska Enskilda Banken (parent
	company)

Access to telephone conference and video web cast

The telephone conference at 16.00 (CEST) on 23 October 2008 with CEO Annika Falkengren and CFO Jan Erik Back can be accessed by telephone, $+44$ (0) 20 7162 0025, not later than 10 minutes in advance. A replay of the conference call will be available on www.sebgroup.com.

A video web-cast with CFO Ian Erik Back will be available on www.sebgroup.com.

Further information is available from

Jan Erik Back, Chief Financial Officer Tel: +46 8 22 19 00 Ulf Grunnesiö, Head of Investor Relations Tel. + 46 8 763 85 01, +46 70 763 85 01 Annika Halldin, Senior Financial Information Officer Tel. +46 8 763 85 60, +46 70 379 00 60

Skandinaviska Enskilda Banken AB (publ) SE-106 40 Stockholm, Sweden Telephone: +46 771 62 10 00 www.sebgroup.com Corporate organisation number: 502032-9081

Review report

We have reviewed this report for the period 1 January 2008 to 30 September 2008 for Skandinaviska Enskilda Banken AB (publ). The board of directors and the CEO are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Swedish Annual Act for Credit institutions and Securities Companies. Our responsibility is to express a conclusion on this interim report based on our review.

We conducted our review in accordance with the Swedish Standard on Review Engagements SÖG 2410, Review of Interim Report Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing in Sweden, RS, and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Act for Credit institutions and Securities Companies regarding the Group, and with the Swedish Annual Act for Credit institutions and Securities Companies, regarding the Parent Company.

Stockholm, 23 October 2008

PricewaterhouseCoopers AB

Peter Clemedtson Authorised Public Accountant Partner in charge

Peter Nyllinge Authorised Public Accountant

The SEB Group

Income statement – SEB Group

Condensed	Q3	Q2		Q3			Jan - Sep		Full year
SEKm	2008	2008	%	2007	%	2008	2007	%	2007
Net interest income	4 553	4 421	3	3 917	16	13 197	11 623	14	15 998
Net fee and commission income	3 754	3 909	-4	4 101	-8	11 464	12 922	-11	17 051
Net financial income	- 269	1 161	-123	163		731	2 819	-74	3 239
Net life insurance income	504	642	-21	782	-36	1 859	2 167	-14	2 933
Net other income	163	270	-40	530	-69	659	874	-25	1 219
Total operating income	8 705	10 403	-16	9 493	-8	27 910	30 405	-8	40 440
Staff costs	-3 752	-3 993	-6	-3 564	5	-11 644	-11 134	5	-14 921
Other expenses	-1 820	-2 098	-13	-1 691	8	-5 674	-5 137	10	-6 919
Depreciation of assets	- 398	- 354	12	- 325	22	-1 124	- 995	13	-1 354
Total operating expenses	-5 970	-6 445	-7	-5 580	7	-18 442	-17 266	7	-23 194
Gains less losses from tangible and intangible
assets		1	-100	2	-100	4	1		788
Net credit losses incl. changes in value of
seized assets	- 725	- 452	60	- 189		-1 545	- 703	120	-1 016
Operating profit	2 010	3 507	-43	3 726	-46	7 927	12 437	-36	17 018
Income tax expense	- 497	- 699	-29	- 625	-20	-1 758	-2 552	-31	-3 376
Net profit from continuing operations	1 513	2 808	-46	3 101	-51	6 169	9 885	-38	13 642
Discontinued operations	1	1				2
Net profit	1 514	2 809	-46	3 101	-51	6 171	9 885	-38	13 642
Attributable to minority interests	4	3	33	7	-43	8	19	-58	24
Attributable to equity holders *	1 510	2 806	-46	3 094	-51	6 163	9 866	-38	13 618
* Basic earnings per share, SEK	2.20	4.10		4.59		9.00	14.62		19.97
Diluted earnings per share, SEK	2.20	4.09		4.57		8.99	14.54		19.88

Key figures - SEB Group

	Q3	Q2	Q3		Jan - Sep
	2008	2008	2007	2008	2007	2007
Return on equity, %	8.0	15.2	17.3	10.9	19.0	19.3
Return on total assets, %	0.26	0.48	0.57	0.35	0.63	0.63
Return on risk-weighted assets, %	0.67	1.33	1.49	0.95	1.64	1.68
Basic earnings per share, SEK	2.20	4.10	4.59	9.00	14.62	19.97
Weighted average number of shares, millions*	685	684	673	685	675	682
Diluted earnings per share, SEK	2.20	4.09	4.57	8.99	14.54	19.88
Weighted average number of diluted shares, millions**	686	686	677	686	679	685
Net worth per share, SEK	123.21	122.51	121.40	123.21	121.40	127.44
Average equity, SEK billion	75.1	73.8	71.3	75.2	69.3	70.6
Cost/income ratio	0.69	0.62	0.59	0.66	0.57	0.57
Credit loss level, %	0.27	0.17	0.08	0.19	0.10	0.11
Reserve ratio for impaired loans, %	72.1	71.5	78.5	72.1	78.5	76.1
Level of impaired loans, %	0.23	0.21	0.17	0.23	0.17	0.18
Basel II:***
Total capital ratio, incl net profit, %	10.42	10.77	10.70	10.42	10.70	11.04
Core capital ratio, incl net profit, %	8.15	8.64	8.30	8.15	8.30	8.63
Risk-weighted assets, SEK billion	937	871	797	937	797	842
Basel I:
Total capital ratio, incl net profit, %	9.34	9.65	10.09	9.34	10.09	10.42
Core capital ratio, incl net profit, %	7.30	7.74	7.82	7.30	7.82	8.15
Risk-weighted assets, SEK billion	1 045	972	846	1 045	846	892
Number of full time equivalents****	21 428	21 645	19 440	21 310	19 436	19 506
Assets under custody, SEK billion	4 437	4 728	5 461	4 437	5 514	5 314
Assets under management, SEK billion	1 244	1 295	1 385	1 244	1 385	1 370

* Issued number of shares was 687,156,631 at year-end 2007. SEB then owned 3.7 million Class A shares for the employee stock option programme. During 2008 1.4 million net of these shares have been sold as employee stock options have been exercised. Thus, as of 30 September SEB owned 2.3 million Class A-shares with a market value of SEK 237m.

** Calculated dilution based on the estimated economic value of the long-term incentive programmes.

*** 90 per cent of RWA in Basel I for 2008 and 95 per cent of RWA in Basel I for 2007.

**** Quarterly numbers are for last month of quarter. Accumulated numbers are average for the period.

Income statement on quarterly basis - SEB Group

SEKm	2008:3	2008:2	2008:1	2007:4	2007:3
Net interest income	4 553	4 421	4 223	4 375	3 917
Net fee and commission income	3 754	3 909	3 801	4 129	4 101
Net financial income	- 269	1 161	- 161	420	163
Net life insurance income	504	642	713	766	782
Net other income	163	270	226	345	530
Total operating income	8 705	10 403	8 802	10 035	9 493
Staff costs	-3 752	-3 993	-3 899	-3 787	-3 564
Other expenses	-1 820	-2 098	-1 756	-1 782	-1 691
Depreciation of assets	- 398	- 354	- 372	- 359	- 325
Total operating expenses	-5 970	-6 445	-6 027	-5 928	-5 580
Gains less losses from tangible and intangible assets		1	3	787	2
Net credit losses incl. changes in value of seized assets	- 725	- 452	- 368	- 313	- 189
Operating profit	2 010	3 507	2 410	4 581	3 726
Income tax expense	- 497	- 699	- 562	- 824	- 625
Net profit from continuing operations	1 513	2 808	1 848	3 757	3 101
Discontinued operations	1	1
Net profit	1 514	2 809	1 848	3 757	3 101
Attributable to minority interests	4	3	1	5	7
Attributable to equity holders*	1 510	2 806	1 847	3 752	3 094
* Basic earnings per share, SEK	2.20	4.10	2.70	5.49	4.59
Diluted earnings per share, SEK	2.20	4.09	2.69	5.48	4.57

Income statement, by Division - SEB Group

	Merchant	Retail	Wealth		Other incl
Jan-Sep 2008, SEKm	Banking	Banking	Management	Life*	eliminations	SEB Group
Net interest income	4 801	7 899	678	- 32	- 149	13 197
Net fee and commission
income	4 085	4 233	2 562		584	11 464
Net financial income	1 296	281	42		- 888	731
Net life insurance income				2 557	- 698	1 859
Net other income	199	134	38		288	659
Total operating income	10 381	12 547	3 320	2 525	- 863	27 910
Staff costs	-2 936	-3 470	-1 080	- 813	-3 345	-11 644
Other expenses	-2 676	-3 978	- 807	- 406	2 193	-5 674
Depreciation of assets	- 65	- 229	- 71	- 454	- 305	-1 124
Total operating expenses	-5 677	-7 677	-1 958	-1 673	-1 457	-18 442
Gains less losses from
tangible and intangible
assets	4					4
Net credit losses**	- 311	-1 267	- 2		35	-1 545
Operating profit	4 397	3 603	1 360	852	-2 285	7 927

* Business result in Life amounted to SEK 1,461m (2,169), of which change in surplus values was net SEK 609m (842).

** Including change in value of seized assets.

Merchant Banking

jÉêÅÜ~åí=_~åâáåÖ=Ü~ë=íïç=ä~êÖÉ=ÄìëáåÉëë=~êÉ~ë=J=qê~ÇáåÖ=~åÇ=~éáí~ä=j~êâÉíë=~åÇ=däçÄ~ä=qê~åë~Åíáçå=pÉêîáÅÉëK=qÜÉ=çíÜÉê=ÄìëáåÉëë=ìåáíëI= ÉKÖK=íÜÉ=oj=ÑìåÅíáçåI=çããÉêÅá~ä=oÉ~ä=bëí~íÉI=çêéçê~íÉ=cáå~åÅÉ=~åÇ=píêìÅíìêÉÇ=cáå~åÅÉI=~êÉ=ÅçåëçäáÇ~íÉÇ=áå=`çêéçê~íÉ=_~åâáåÖK==

Profit and loss account

	Q3	Q2		Q3		Jan- Sep			Full year
SEK m	2008	2008	%	2007	%	2008	2007	%	2007
Net interest income	1 738	1 538	13	1 407	24	4 801	4 112	17	5 610
Net fee and commission income	1 374	1 470	- 7	1 364	1	4 085	4 584	- 11	5 945
Net financial income	241	936	- 74	31		1 296	2 364	- 45	2 613
Net other income	83	72	15	411	- 80	199	645	- 69	839
Total operating income	3 436	4 016	- 14	3 213	7	10 381	11 705	- 11	15 007
Staff costs	- 867	-1 105	- 22	- 921	- 6	-2 936	-3 191	- 8	-4 246
Other expenses	- 830	- 937	- 11	- 887	- 6	-2 676	-2 621	2	-3 489
Depreciation of assets	- 22	- 21	5	- 19	16	- 65	- 59	10	- 85
Total operating expenses	-1 719	-2 063	- 17	-1 827	- 6	-5 677	-5 871	- 3	-7 820
Profit before credit losses etc	1 717	1 953	- 12	1 386	24	4 704	5 834	- 19	7 187
Gains less losses on assets	1					4			2
Net credit losses	- 255	- 27		- 33		- 311	- 257	21	- 326
Operating profit	1 463	1 926	- 24	1 353	8	4 397	5 577	- 21	6 863
Cost/Income ratio	0.50	0.51		0.57		0.55	0.50		0.52
Business equity, SEK bn	27.0	27.0		26.4		27.0	26.4		26.4
Return on equity, %	15.6	20.5		14.8		15.6	20.3		18.7
Number of full time equivalents	2 719	2 760		2 550		2 726	2 542		2 566

• Continued strong earnings, despite market dislocations and seasonal effects
• Operating profit reduced by MTM valuation losses and credit provisions for exposure on Lehman Brothers
• Stable underlying costs, as efficiency gains continue to offset new investment costs

Comments on the first nine months

jÉêÅÜ~åí=_~åâáåÖÛë=óÉ~êJíçJÇ~íÉ=êÉëìäíë=êÉÑäÉÅíÉÇ=ÜáÖÜ= ÅìëíçãÉê=~ÅíáîáíóI=çÑÑëÉí=Äó=åÉÖ~íáîÉ=ÉÑÑÉÅíë=çÑ=íÜÉ=ÖäçÄ~ä= Ñáå~åÅá~ä=ã~êâÉí=íìêãçáäK=çãé~êÉÇ=ïáíÜ=íÜÉ=Ñáêëí=åáåÉ= ãçåíÜë=çÑ=OMMTI=çéÉê~íáåÖ=áåÅçãÉ=ï~ë=NN=éÉê=ÅÉåí=äçïÉêI= ïáíÜ=É~êåáåÖë=ëí~ÄáäáëáåÖ=~ÑíÉê=íÜÉ=Ñáêëí=èì~êíÉêK=aÉëéáíÉ= ã~êâÉí=ÇáëäçÅ~íáçåëI=áåÅçãÉ=áå=íÜÉ=íÜáêÇ=èì~êíÉê=ï~ë=ÜáÖÜI= ~ÄçîÉ=pbh=PKQÄåI=~åÇ=èì~êíÉêäó=éêçÑáíë=ïÉêÉ=áå=äáåÉ=ïáíÜ= OMMTK=j~êâJíçJã~êâÉí=äçëëÉë=çå=íÜÉ=ÇáîáëáçåÛë=ÑáñÉÇJáåÅçãÉ= áåîÉëíãÉåí=éçêíÑçäáç=áåÅêÉ~ëÉÇ=íç=pbh=NKPÄåI=ïáíÜ=ÉÑÑÉÅíë=çÑ= pbh=PQUã=áå=íÜÉ=íÜáêÇ=èì~êíÉê=~ë=~=êÉëìäí=çÑ=íÜÉ=ÅçåíáåìÉÇ= ÅÜ~ääÉåÖáåÖ=ëáíì~íáçå=áå=íÜÉ=ÖäçÄ~ä=ÅêÉÇáí=ã~êâÉíëK=aÉëéáíÉ= íÜÉëÉ=ÜÉ~ÇïáåÇëI=ÄìëáåÉëë=~Åíáîáíó=êÉã~áåÉÇ=ëíêçåÖ=~åÇI= çå=~=Åçãé~ê~ÄäÉ=Ä~ëáëI=ÜÉäÇ=ìé=ïÉää=Åçãé~êÉÇ=ïáíÜ=íÜÉ= ÅçêêÉëéçåÇáåÖ=éÉêáçÇ=çÑ=ä~ëí=óÉ~êK=^í=íÜÉ=ë~ãÉ=íáãÉI=Åçëí= ÇÉîÉäçéãÉåí=ï~ë=éçëáíáîÉ=ïáíÜ=Åçëíë=pbh=PQQã=äçïÉê=íÜ~å= áå=íÜÉ=éêÉîáçìë=èì~êíÉê=~åÇ=~äëç=äçïÉê=óÉ~êJçåJóÉ~êK= léÉê~íáåÖ=éêçÑáí=ï~ë=åÉÖ~íáîÉäó=~ÑÑÉÅíÉÇ=Äó=ÜáÖÜÉê=ÅêÉÇáí= äçëëÉëI=éêáã~êáäó=ÇìÉ=íç=~=éêçîáëáçå=çÑ=pbh=NPTã=Ñçê= ÅäçëáåÖ=çìí=çÑ=íê~ÇáåÖ=ÉñéçëìêÉë=çå=iÉÜã~å=\_êçíÜÉêë=~ë= ïÉää=~ë=~=ëéÉÅáÑáÅ=éêçîáëáçå=çÑ=pbh=TOã=ïáíÜáå=çêéçê~íÉ= _~åâáåÖ=dÉêã~åóK=lîÉê~ääI=ÜçïÉîÉêI=~ëëÉí=èì~äáíó= êÉã~áåÉÇ=ÖççÇ=~åÇ=ëí~ÄäÉK=

táíÜáå=qê~ÇáåÖ=~åÇ=`~éáí~ä=j~êâÉíëI=ÄìëáåÉëë=ìåáíë= ïÉêÉ=áãé~ÅíÉÇ=íç=ÇáÑÑÉêÉåí=ÇÉÖêÉÉë=Äó=íÜÉ=Ñáå~åÅá~ä=ã~êâÉí= íìêãçáäK=qÜÉ=bèìáíáÉë=~åÇ=cu=ÄìëáåÉëëÉë=éÉêÑçêãÉÇ= ëíêçåÖäóI=ÇÉëéáíÉ=ëÉ~ëçå~ä=ÉÑÑÉÅíëI=ÅçãéÉåë~íáåÖ=áå=é~êí=Ñçê= ïÉ~â=êÉëìäíë=ïáíÜáå=ÑáñÉÇ=áåÅçãÉJêÉä~íÉÇ=~êÉ~ëK=cu= ÇÉîÉäçéÉÇ=é~êíáÅìä~êäó=ëíêçåÖäóI=êÉÑäÉÅíáåÖ=ÖêçïíÜ=áå=íÜÉ= ÇáîáëáçåÛë=çîÉê~ää=ÅìëíçãÉê=Ä~ëÉ=~ë=ïÉää=~ë=éêÉîáçìë= áåîÉëíãÉåíë=áå=åÉï=éêçÇìÅíë=~åÇ=~Çîáëçêó=cu=ë~äÉëK==

mêçÑáíë=áåÅêÉ~ëÉÇ=ïáíÜáå=`çêéçê~íÉ=_~åâáåÖK=qÜÉ= áåÅêÉ~ëÉ=áå=jC^=~åÇ=Éèìáíó=Å~éáí~ä=ã~êâÉíë=~Åíáîáíó=îáëáÄäÉ= áå=ä~íÉ=ëéêáåÖ=ÅçåíáåìÉÇ=íÜêçìÖÜ=íÜÉ=ëìããÉêI=~äíÜçìÖÜ= çîÉê~ää=~Åíáîáíó=êÉã~áåÉÇ=ëìÄÇìÉÇ=Åçãé~êÉÇ=ïáíÜ=OMMTK= kÉí=áåíÉêÉëí=áåÅçãÉ=ÖêÉï=êÉÑäÉÅíáåÖ=ÜáÖÜ=ÅìëíçãÉê=ÇÉã~åÇ= Ñçê=Ñáå~åÅáåÖI=ÑçääçïáåÖ=ëìëí~áåÉÇ=Çáëêìéíáçåë=áå=íÜÉ=ÖäçÄ~ä= ÄçåÇ=~åÇ=ÅçããÉêÅá~ä=é~éÉê=ã~êâÉíëK=^ë=~=ÅçåëÉèìÉåÅÉI= äÉåÇáåÖ=îçäìãÉ=ÖêçïíÜ=ï~ë=ãçëí=éêçåçìåÅÉÇ=~ãçåÖ= ÅäáÉåíë=ïáíÜ=ÄÉííÉê=êáëâ=Åä~ëëÉëK=aÉëéáíÉ=ÜáÖÜÉê=ÑìåÇáåÖ= ÅçëíëI=çîÉê~ää=ã~êÖáåë=ïÉêÉ=ëí~ÄäÉK=qê~åë~Åíáçå=ëíêìÅíìêÉë= ÅçåíáåìÉÇ=íç=áãéêçîÉK==

táíÜáå=däçÄ~ä=qê~åë~Åíáçå=pÉêîáÅÉëI=ÜáÖÜ=îçäìãÉë=áå= é~óãÉåíë=~åÇ=ÅìëíçÇó=ä~êÖÉäó=çÑÑëÉí=íÜÉ=åÉÖ~íáîÉ=ÉÑÑÉÅíë= Ñêçã=ÇÉÅäáåáåÖ=~ëëÉí=î~äì~íáçåëK=^ëëÉíë=ìåÇÉê=ÅìëíçÇó=ïÉêÉ= pbh=QIQPTÄåK=pb_Ûë=äÉ~ÇáåÖ=éçëáíáçå=ïáíÜáå=Å~ëÜ=ã~å~ÖÉJ ãÉåí=ï~ë=êÉÅçÖåáëÉÇ=áå=íÜÉ=bìêçãçåÉó=OMMU=`~ëÜ= j~å~ÖÉãÉåí=éçääI=ê~åâáåÖ=kçK=N=ÖäçÄ~ääó=Ñçê=ÅìëíçãÉê= ë~íáëÑ~ÅíáçåK==

qÜÉ=oÉí~áä=_~åâáåÖ=Çáîáëáçå=Åçåëáëíë=çÑ=ëáñ=ÄìëáåÉëë=~êÉ~ë=J=pïÉÇÉåI=dÉêã~åóI=bëíçåá~I=i~íîá~I=iáíÜì~åá~=~åÇ=`~êÇK=

Profit and loss account

	Q3	Q2		Q3		Jan- Sep			Full year
SEK m	2008	2008	%	2007	%	2008	2007	%	2007
Net interest income	2 755	2 593	6	2 444	13	7 899	7 149	10	9 698
Net fee and commission income	1 372	1 430	- 4	1 510	- 9	4 233	4 582	- 8	6 219
Net financial income	84	102	- 18	106	- 21	281	312	- 10	482
Net other income	26	85	- 69	38	- 32	134	95	41	159
Total operating income	4 237	4 210	1	4 098	3	12 547	12 138	3	16 558
Staff costs	-1 148	-1 168	- 2	-1 087	6	-3 470	-3 150	10	-4 235
Other expenses	-1 326	-1 348	- 2	-1 253	6	-3 978	-3 872	3	-5 286
Depreciation of assets	- 76	- 76		- 78	- 3	- 229	- 240	- 5	- 318
Total operating expenses	-2 550	-2 592	- 2	-2 418	5	-7 677	-7 262	6	-9 839
Profit before credit losses etc	1 687	1 618	4	1 680	0	4 870	4 876	0	6 719
Gains less losses on assets				2			2		4
Net credit losses	- 516	- 440	17	- 146		-1 267	- 429 195		- 715
Operating profit	1 171	1 178	- 1	1 536	- 24	3 603	4 449	- 19	6 008
Cost/Income ratio	0.60	0.62		0.59		0.61	0.60		0.59
Business equity, SEK bn	25.3	25.3		24.8		25.3	24.8		24.8
Return on equity, %	14.0	14.2		19.3		14.5	18.6		18.8
Number of full time equivalents	9 139	9 325		8 807		9 107	8 767		8 802

• Result before losses was stable
• Growth in net interest income offset declining securities fees
• Continued provisioning for deteriorating Baltic outlook

Comments on the first nine months

^ãáÇ=íÜÉ=Ñáå~åÅá~ä=ÅêáëáëI=åÉí=áåíÉêÉëí=áåÅçãÉ=ÅçåíáåìÉÇ=íç= ÇÉîÉäçé=ëíêçåÖäó=~åÇ=áåÅêÉ~ëÉÇ=Äó=NM=éÉê=ÅÉåí=Åçãé~êÉÇ= ïáíÜ=íÜÉ=ÅçêêÉëéçåÇáåÖ=éÉêáçÇ=áå=OMMTK=aÉéçëáí=~åÇ= äÉåÇáåÖ=îçäìãÉë=áåÅêÉ~ëÉÇ=íÜêçìÖÜçìí=íÜÉ=éÉêáçÇK= jÉ~åïÜáäÉI=ëÉÅìêáíáÉëJêÉä~íÉÇ=áåÅçãÉ=ï~ë=ëáÖåáÑáÅ~åíäó= åÉÖ~íáîÉäó=~ÑÑÉÅíÉÇ=Äó=êÉÇìÅÉÇ=ÅìëíçãÉê=~Åíáîáíó=ÑçääçïáåÖ= íÜÉ=Ñáå~åÅá~ä=ã~êâÉí=íìêãçáäK=mêçÑáí=ÄÉÑçêÉ=äçëëÉë=ï~ë=ëí~ÄäÉ= Åçãé~êÉÇ=ïáíÜ=íÜÉ=Ñáêëí=åáåÉ=ãçåíÜë=çÑ=OMMTK=`êÉÇáí=äçëëÉë= áåÅêÉ~ëÉÇI=ã~áåäó=ÇìÉ=íç=ÜáÖÜÉê=éêçîáëáçåë=áå=bëíçåá~I= i~íîá~=~åÇ=iáíÜì~åá~K=léÉê~íáåÖ=éêçÑáí=ÇÉÅêÉ~ëÉÇ=Äó=NV=éÉê= ÅÉåíK==

få=pïÉÇÉåI=çéÉê~íáåÖ=éêçÑáí=áåÅêÉ~ëÉÇ=Äó=P=éÉê=ÅÉåí= Åçãé~êÉÇ=ïáíÜ=íÜÉ=Ñáêëí=åáåÉ=ãçåíÜë=çÑ=OMMTI=ëìééçêíÉÇ=Äó= åÉí=áåíÉêÉëí=áåÅçãÉ=ÖêçïíÜ=çÑ=NQ=éÉê=ÅÉåíK=eçìëÉÜçäÇ= ãçêíÖ~ÖÉë=ïÉêÉ=ìé=Äó=NN=éÉê=ÅÉåí=çå=~=íïÉäîÉJãçåíÜ=Ä~ëáëX= îçäìãÉ=ÖêçïíÜ=ÅçåíáåìÉÇ=íÜêçìÖÜçìí=íÜÉ=éÉêáçÇ=~äíÜçìÖÜ= ~í=~=äçïÉê=ê~íÉ=ÇìêáåÖ=íÜÉ=íÜáêÇ=èì~êíÉêK=aÉéçëáí=îçäìãÉ= ÖêÉï=Äó=U=éÉê=ÅÉåí=Åçãé~êÉÇ=ïáíÜ=íÜÉ=ÅçêêÉëéçåÇáåÖ= èì~êíÉê=çÑ=OMMT=~åÇ=Äó=N=éÉê=ÅÉåí=Ñêçã=íÜÉ=éêÉîáçìë= èì~êíÉêK=tÜáäÉ=Ñáå~åÅá~ä=ã~êâÉíJëÉåëáíáîÉ=ÑÉÉë=ëìÅÜ=~ë= ÄêçâÉê~ÖÉ=áåÅçãÉ=~åÇ=ÉèìáíóJäáåâÉÇ=ÄçåÇ=ÑÉÉë=ÇÉÅêÉ~ëÉÇI= áåëìê~åÅÉ=ë~äÉë=ÅçåíáåìÉÇ=~í=ëáÖåáÑáÅ~åíäó=ÜáÖÜÉê=äÉîÉäë=íÜ~å= áå=OMMTK=qÜÉ=áåÅêÉ~ëÉÇ=ÑçÅìë=çå=íÜÉ=pjb=ëÉÖãÉåí= ÅçåíáåìÉÇ=íç=óáÉäÇ=êÉëìäíX=ãçêÉ=íÜ~å=RIPMM=EOIUMMF=åÉï=ëã~ää= ~åÇ=ãÉÇáìãJëáòÉÇ=Åçêéçê~íÉ=ÅìëíçãÉêë=ïÉêÉ=Ö~áåÉÇK=`çëíë=

áåÅêÉ~ëÉÇ=Äó=R=éÉê=ÅÉåíI=~ÑÑÉÅíÉÇ=Äó=ÜáÖÜÉê=éÉåëáçå=ÅçëíëK= oÉÑäÉÅíáåÖ=íÜÉ=ÇÉíÉêáçê~íáåÖ=çìíäççâ=Ñçê=íÜÉ=bëíçåá~å= ~åÇ=i~íîá~å=ÉÅçåçãáÉë=~åÇ=íÜÉ=îçäìãÉ=çÑ=äç~åë=çîÉêÇìÉI= ÅêÉÇáí=éêçîáëáçåë=ïÉêÉ=áåÅêÉ~ëÉÇK=^äëç=Ñçê=iáíÜì~åá~I= éêçîáëáçåë=ïÉêÉ=áåÅêÉ~ëÉÇI=~ë=äç~åë=çîÉêÇìÉ=êçëÉ=~åÇ=íÜÉ= Öê~Çì~ä=ÇçãÉëíáÅ=ëäçïÇçïå=áë=ÉñéÉÅíÉÇ=íç=ÄÉ=~ÑÑÉÅíÉÇ=Äó= íÜÉ=ÖäçÄ~ä=ÇçïåíìêåK=

pb_Ûë=Å~ìíáçìë=äÉåÇáåÖ=éçäáÅó=ÖÉåÉê~íÉÇ=~=èì~êíÉêäó= ÅêÉÇáí=ÖêçïíÜ=çÑ=JNI=N=~åÇ=Q=éÉê=ÅÉåí=áå=bëíçåá~I=i~íîá~=~åÇ= iáíÜì~åá~I=êÉëéÉÅíáîÉäóK=pb_Ûë=äÉåÇáåÖ=ã~êâÉí=ëÜ~êÉë=áå=~ää= íÜêÉÉ=ÅçìåíêáÉë=êÉã~áåÉÇ=êÉä~íáîÉäó=ëí~ÄäÉK=`çëíë=áå=íÜÉ= íÜáêÇ=èì~êíÉê=ïÉêÉ=êÉÇìÅÉÇ=Åçãé~êÉÇ=ïáíÜ=íÜÉ=éêÉîáçìë= èì~êíÉê=áå=bëíçåá~=~åÇ=i~íîá~X=áå=iáíÜì~åá~=íÜÉó=áåÅêÉ~ëÉÇ= ëäáÖÜíäóK=pÉîÉê~ä=åÉï=ÅìëíçãÉê=çÑÑÉêáåÖë=ïÉêÉ=ëìÅÅÉëëÑìääó= ä~ìåÅÜÉÇI=é~êíáÅìä~êäó=ïáíÜáå=äçåÖJíÉêã=ë~îáåÖëK=få= bëíçåá~I=~=é~Åâ~ÖÉÇ=ëçäìíáçå=ÅçîÉêáåÖ=éêáî~íÉ=ÅìëíçãÉêëÛ= Ç~áäó=åÉÉÇë=~ííê~ÅíÉÇ=ãçêÉ=íÜ~å=PMIMMM=ÅìëíçãÉêëI=çÑ=ïÜçã= Ü~äÑ=ïÉêÉ=åÉï=íç=íÜÉ=Ä~åâK=

få=dÉêã~åóI=éêçÑáí~Äáäáíó=ï~ë=ëíáää=ìåë~íáëÑ~ÅíçêóK=p~äÉë= çÑ=ãçêíÖ~ÖÉë=~åÇ=áåëìê~åÅÉ=ïÉêÉ=ÜáÖÜÉêI=ïÜáäÉ=ëÉÅìêáíáÉëJ êÉä~íÉÇ=áåÅçãÉ=ï~ë=åÉÖ~íáîÉäó=~ÑÑÉÅíÉÇ=Äó=íÜÉ=ã~êâÉí= íìêãçáäK=

`~êÇ=ÅçåíáåìÉÇ=íç=êÉéçêí=ëíêçåÖ=ìåÇÉêäóáåÖ=ÄìëáåÉëë= ÖêçïíÜX=íìêåçîÉê=ÇìêáåÖ=íÜÉ=Ñáêëí=åáåÉ=ãçåíÜë=áåÅêÉ~ëÉÇ=Äó= T=éÉê=ÅÉåíK==

Wealth Management

qÜáë=Çáîáëáçå=Ü~ë=íïç=ÄìëáåÉëë=~êÉ~ë=J=fåëíáíìíáçå~ä=`äáÉåíë=~åÇ=mêáî~íÉ=_~åâáåÖK

Profit and loss account

	Q3	Q2		Q3	Jan- Sep		Full year
SEK m	2008	2008	%	2007 %	2008	2007	2007 %
Net interest income	237	199	19	214 11	678	598	13 843
Net fee and commission income	784	820	- 4	988 - 21	2 562	3 098	- 17 4 077
Net financial income	14	8	75	3	42	33	27 79
Net other income	3	26	- 88	13 - 77	38	46	- 17 86
Total operating income	1 038	1 053	- 1	1 218 - 15	3 320	3 775	- 12 5 085
Staff costs	- 330	- 367	- 10	- 325 2	-1 080	- 985	10 -1 340
Other expenses	- 249	- 270	- 8	- 255 - 2	- 807	- 751	7 -1 040
Depreciation of assets	- 25	- 22	14	- 12 108	- 71	- 46	54 - 60
Total operating expenses	- 604	- 659	- 8	- 592 2	-1 958	-1 782	10 -2 440
Profit before credit losses etc	434	394	10	626 - 31	1 362	1 993	- 32 2 645
Gains less losses on assets						- 1 - 100	- 1
Net credit losses			23 - 100	- 8 - 100	- 2	- 17	- 88 - 7
Operating profit	434	417	4	618 - 30	1 360	1 975	- 31 2 637
Cost/Income ratio	0.58	0.63		0.49	0.59	0.47	0.48
Business equity, SEK bn	6.6	6.6		5.5	6.6	5.5	5.5
Return on equity, %	18.9	18.2		32.4	19.8	34.5	34.5
Number of full time equivalents	1 123	1 143		1 064	1 145	1 074	1 074

• Strong net sales within both Private Banking and Institutional Clients
• Continued gain of market share in the Swedish mutual fund market
• Operating profit down by 31 per cent mainly due to lower performance fees and asset values

Comments on the first nine months

léÉê~íáåÖ=áåÅçãÉ=Ñçê=íÜÉ=Ñáêëí=åáåÉ=ãçåíÜë=ÇêçééÉÇ=Äó= NO=éÉê=ÅÉåí=Åçãé~êÉÇ=ïáíÜ=ä~ëí=óÉ~êK=kÉí=ë~äÉë=~åÇ= áåÅêÉ~ëÉÇ=åÉí=áåíÉêÉëí=áåÅçãÉ=ëçãÉïÜ~í=Ä~ä~åÅÉÇ=äçïÉê=åÉí= ÑÉÉ=~åÇ=Åçããáëëáçå=áåÅçãÉI=ÇìÉ=íç=Ñ~ääáåÖ=~ëëÉí=î~äìÉë=~åÇ= äçïÉê=ÅìëíçãÉê=~ÅíáîáíóK=mÉêÑçêã~åÅÉ=ÑÉÉë=~ãçìåíÉÇ=íç= pbh=OQVã=EQRMFK==

léÉê~íáåÖ=ÉñéÉåëÉë=ÇìêáåÖ=íÜÉ=éÉêáçÇ=áåÅêÉ~ëÉÇ=Äó= NM=éÉê=ÅÉåíI=çÑ=ïÜáÅÜ=T=éÉê=ÅÉåí=êÉä~íÉÇ=íç=íÜÉ=~Åèìáëáíáçå=çÑ= hÉó=^ëëÉí=j~å~ÖÉãÉåí=~åÇ=éÉåëáçå=ÅçëíëK=råÇÉêäóáåÖ= Åçëíë=áåÅêÉ~ëÉÇ=Äó=P=éÉê=ÅÉåí=ÇìÉ=íç=íÜÉ=Éñé~åëáçå=çÑ= mêáî~íÉ=_~åâáåÖ=~åÇ=fåëíáíìíáçå~ä=p~äÉëI=~äíÉêå~íáîÉ= áåîÉëíãÉåí=éêçÇìÅí=ÇÉîÉäçéãÉåí=~åÇ=áåîÉëíãÉåíë=áå= ÑìíìêÉ=ÉÑÑáÅáÉåÅó=éêçàÉÅíëI=ÉKÖK=pb_=t~óK=`çëíë=Ñçê=íÜÉ=íÜáêÇ= èì~êíÉê=Åçãé~êÉÇ=ïáíÜ=íÜÉ=ëÉÅçåÇ=èì~êíÉê=ÇÉÅäáåÉÇ=Äó= U=éÉê=ÅÉåíK=léÉê~íáåÖ=éêçÑáí=ÇÉÅêÉ~ëÉÇ=Äó=PN=éÉê=ÅÉåíI=íç= pbh=NIPSMã=ÇìêáåÖ=íÜÉ=Ñáêëí=åáåÉ=ãçåíÜëK==

pb_=ÅçåíáåìÉÇ=íç=Å~éíìêÉ=îçäìãÉë=çå=íÜÉ=pïÉÇáëÜ= ãìíì~ä=ÑìåÇ=ã~êâÉíK=qçí~ä=åÉí=áåÑäçïë=~ãçìåíÉÇ=íç=pbh= SÄå=ENNF=ÇìêáåÖ=íÜÉ=éÉêáçÇ=çå=~=ã~êâÉí=ÉñéÉêáÉåÅáåÖ=íçí~ä= åÉí=Ñäçïë=çÑ=pbh=JPNÄå=EUFK=^äíÉêå~íáîÉ=áåîÉëíãÉåíë=~äçåÉ= ~ííê~ÅíÉÇ=åÉí=áåÑäçïë=íçí~ääáåÖ=pbh=UKRÄå=EPKUFK=aìêáåÖ=íÜÉ= íÜáêÇ=èì~êíÉê=áåîÉëíãÉåí=~ééÉíáíÉ=ëÜáÑíÉÇ=Ñêçã=bèìáíáÉë=íç= cáñÉÇ=fåÅçãÉ=~åÇ=^äíÉêå~íáîÉ=áåîÉëíãÉåíëK==

kÉí=åÉï=~ëëÉíë=ÇìêáåÖ=íÜÉ=éÉêáçÇ=ïÉêÉ=ëìÄëí~åíá~äI= ÅçåëáÇÉêáåÖ=íÜÉ=ã~êâÉíI=~åÇ=~ãçìåíÉÇ=íç=pbh=PPÄå=EQSFK= qÜáë=é~êíäó=çÑÑëÉí=íÜÉ=áãé~Åí=çÑ=ÇÉÅäáåáåÖ=Éèìáíó=ã~êâÉíë=çå= ~ëëÉíë=ìåÇÉê=ã~å~ÖÉãÉåíI=ïÜáÅÜ=ÇÉÅêÉ~ëÉÇ=Äó=U=éÉê=ÅÉåí= íç=pbh=NINUNÄåI=Ñêçã=óÉ~êJÉåÇK==

fåîÉëíãÉåí=éÉêÑçêã~åÅÉ=ÇÉíÉêáçê~íÉÇ=ÇìêáåÖ=íÜÉ=ä~ëí= é~êí=çÑ=íÜÉ=íÜáêÇ=èì~êíÉêK=vÉ~êJíçJÇ~íÉ=éÉêÑçêã~åÅÉ= êÉã~áåÉÇ=ìåë~íáëÑ~ÅíçêóI=ïáíÜ=PM=éÉê=ÅÉåí=EQUF=çÑ=íÜÉ= éçêíÑçäáçë=~åÇ=PQ=éÉê=ÅÉåí=ESUF=çÑ=~ëëÉíë=ìåÇÉê=ã~å~ÖÉãÉåí= ~ÜÉ~Ç=çÑ=íÜÉáê=êÉëéÉÅíáîÉ=ÄÉåÅÜã~êâëK==

mêáî~íÉ=_~åâáåÖ=ÖÉåÉê~íÉÇ=åÉí=åÉï=~ëëÉíë=çÑ=pbh=NSÄå= EVKRF=ÇÉëéáíÉ=íÜÉ=~ÇîÉêëÉ=ã~êâÉí=ÅçåÇáíáçåëK=qÜáë=ëìÅÅÉëë= ï~ë=ÇìÉ=íç=îÉêó=ÜáÖÜ=~Åíáîáíó=~åÇ=ÅäçëÉ=ÅçJçéÉê~íáçå=ïáíÜ= íÜÉ=oÉí~áä=_~åâáåÖ=ÇáîáëáçåK==

fåëíáíìíáçå~ä=`äáÉåíëÛ=íÜáêÇ=èì~êíÉê=ï~ë=ëíêçåÖ=áå=íÉêãë= çÑ=åÉí=ë~äÉë=áå=pïÉÇÉå=~åÇ=íÜÉ=_~äíáÅ=ÅçìåíêáÉëK=pÉîÉê~ä=åÉï= éêçÇìÅíë=ïáíÜáå=íÜÉ=~äíÉêå~íáîÉ=ëÉÖãÉåí=ïÉêÉ=áåíêçÇìÅÉÇ= ÇìêáåÖ=íÜÉ=éÉêáçÇK

Life

iáÑÉ=Åçåëáëíë=çÑ=íÜêÉÉ=ÄìëáåÉëë=~êÉ~ë=J=pb_=qêóÖÖ=iáî=EpïÉÇÉåFI=pb_=mÉåëáçå=EaÉåã~êâF=~åÇ=pb_=iáÑÉ=C=mÉåëáçå=fåíÉêå~íáçå~äK==

Profit and loss account

	Q3	Q2	Q3	Jan- Sep	Full year
SEK m	2008	2008 %	2007 %	2008	2007	% 2007
Net interest income	- 3	- 13 - 77	- 6 - 50	- 32	- 21	52 - 28
Net life insurance income	720	883 - 18	1 039 - 31	2 557	2 927	- 13 3 958
Total operating income	717	870 - 18	1 033 - 31	2 525	2 906	- 13 3 930
Staff costs	- 266	- 285 - 7	- 249 7	- 813	- 766	6 -1 050
Other expenses	- 126	- 132 - 5	- 149 - 15	- 406	- 409	- 1 - 530
Depreciation of assets	- 149	- 145 3	- 134 11	- 454	- 404	12 - 548
Total operating expenses	- 541	- 562 - 4	- 532 2	-1 673	-1 579	6 -2 128
Operating profit	176	308 - 43	501 - 65	852	1 327	- 36 1 802
Change in surplus values, net	132	227 - 42	275 - 52	609	842	1 273 - 28
Business result	308	535 - 42	776 - 60	1 461	2 169	- 33 3 075
Cost/Income ratio	0.75	0.65	0.52	0.66	0.54	0.54
Business equity, SEK bn	7.5	7.5	7.5	7.5	7.5	7.5
Return on equity, %
based on operating profit	8.3	14.5	23.5	13.3	20.8	21.1
based on business result	14.5	25.1	36.4	22.9	33.9	36.1
Number of full time equivalents	1 250	1 235	1 199	1 232	1 197	1 201

• Positive sales development despite increasingly competitive markets and financial unrest
• Lower operating profit, mainly due to adverse equity and interest rate development
• Increased costs reflected investments in new markets and higher sales

Comments on the first nine months

léÉê~íáåÖ=éêçÑáí=Ñçê=íÜÉ=Ñáêëí=åáåÉ=ãçåíÜë=ÇÉÅêÉ~ëÉÇ=Äó= PS=éÉê=ÅÉåí=Åçãé~êÉÇ=ïáíÜ=ä~ëí=óÉ~êK=råáíJäáåâÉÇ=áåÅçãÉ= ï~ë=~ÇîÉêëÉäó=~ÑÑÉÅíÉÇ=Äó=íÜÉ=ÇÉÅêÉ~ëÉ=áå=Éèìáíó=î~äìÉë= ~åÇ=áåÅêÉ~ëáåÖ=Å~ìíáçìëåÉëë=ïáíÜ=êÉëéÉÅí=íç=Éèìáíó= ÉñéçëìêÉ=~ãçåÖ=ÅìëíçãÉêëK=^äëç=íÜÉ=íê~Çáíáçå~ä=áåëìê~åÅÉ= éçêíÑçäáçë=áå=aÉåã~êâ=~åÇ=pïÉÇÉå=Ü~îÉ=ÄÉÉå=åÉÖ~íáîÉäó= áãé~ÅíÉÇ=Äó=íÜÉ=ÇÉíÉêáçê~íáåÖ=î~äìÉ=çÑ=ÉèìáíáÉë=~åÇ=ÑáñÉÇ= áåÅçãÉ=áåîÉëíãÉåíë=áå=ÅçãÄáå~íáçå=ïáíÜ=êáëáåÖ=áåëìê~åÅÉ= äá~ÄáäáíáÉë=~ë=~=êÉëìäí=çÑ=~=ÇÉÅäáåÉ=áå=äçåÖJíÉêã=áåíÉêÉëí=ê~íÉë= ÇìêáåÖ=íÜÉ=íÜáêÇ=èì~êíÉêK=qÜÉ=ã~êâÉí=î~äìÉJêÉä~íÉÇ=ÉÑÑÉÅíë= ã~áåäó=êÉéêÉëÉåíÉÇ=ìåêÉ~äáëÉÇ=äçëëÉëI=êÉÅçîÉê~ÄäÉ=áå=~= ãçêÉ=åçêã~ä=ã~êâÉí=çêI=áå=íÜÉ=Å~ëÉ=çÑ=ÄçåÇëI=áÑ=ÜÉäÇ=íç= ã~íìêáíóK=qÜÉ=êÉëìäíë=Ñçê=êáëâ=éêçÇìÅíë=ëìÅÜ=~ë=ëáÅâåÉëë= áåëìê~åÅÉ=~åÇ=Å~êÉ=éêçÇìÅíë=ïÉêÉ=ïÉää=~ÄçîÉ=ä~ëí=óÉ~êK===

^=éêçîáëáçå=çÑ=pbh=NPRãI=çÑ=ïÜáÅÜ=pbh=SNã=áå=íÜÉ= íÜáêÇ=èì~êíÉêI=Ü~ë=ÄÉÉå=ã~ÇÉ=íç=ÅçîÉê=éçíÉåíá~ä=ÑìíìêÉ= Öì~ê~åíÉÉë=êÉä~íÉÇ=íç=íÜÉ=íê~Çáíáçå~ä=äáÑÉ=éçêíÑçäáç= íê~åëÑÉêêÉÇ=Ñêçã=kó~=iáî=áå=OMMTK=qÜÉ=éêçîáëáçå=áë=ã~êâÉí= î~äìÉJêÉä~íÉÇ=~åÇ=êÉÅçîÉê~ÄäÉI=áÑ=ÑìíìêÉ=áåîÉëíãÉåí=êÉíìêåë= ~êÉ=~ÇÉèì~íÉ=íç=ãÉÉí=Öì~ê~åíÉÉÇ=Äçåìë=äÉîÉäë=çîÉê=íáãÉK==

léÉê~íáåÖ=ÉñéÉåëÉë=áåÅêÉ~ëÉÇ=ÇìÉ=íç=ÜáÖÜÉê=ë~äÉë=~åÇ= áåîÉëíãÉåíë=áå=åÉï=ã~êâÉíëK=qÜÉ=åìãÄÉê=çÑ=ëí~ÑÑ=Ü~ë=ÄÉÉå= ëí~ÄäÉ=ÇìêáåÖ=íÜÉ=é~ëí=óÉ~êI=ÉñÅÉéí=Ñçê=~ÇÇáíáçåë=áå=íÜÉ= _~äíáÅ=ÅçìåíêáÉë=~åÇ=râê~áåÉK==

råáíJäáåâÉÇ=áåëìê~åÅÉ=ÅçåíáåìÉë=íç=ÄÉ=íÜÉ=ãçëí=

áãéçêí~åí=éêçÇìÅí=ÖêçìéI=êÉéêÉëÉåíáåÖ=TS=éÉê=ÅÉåí=EUMF=çÑ= íçí~ä=ë~äÉëK=qÜÉ=ëÜ~êÉ=çÑ=Åçêéçê~íÉ=éÉåëáçå=ÇÉÅêÉ~ëÉÇ=íç===== SV=éÉê=ÅÉåí=ETQF=~ë=~=êÉëìäí=çÑ=ëíêçåÖ=ÖêçïíÜ=áå=íÜÉ=ÇÉã~åÇ= Ñçê=mçêíÑçäáç=_çåÇ=~åÇ=ÉåÇçïãÉåí=éçäáÅáÉë=áå=pïÉÇÉåK==

qçí~ä=ë~äÉëI=ïÉáÖÜíÉÇ=îçäìãÉI=êçëÉ=Äó=NN=éÉê=ÅÉåí= Åçãé~êÉÇ=ïáíÜ=ä~ëí=óÉ~êK=qÜÉ=ëÜ~êÉ=çÑ=êÉÖìä~ê=éêÉãáìã= Åçåíê~Åíë=êÉã~áåÉÇ=ëí~ÄäÉ=~êçìåÇ=UM=éÉê=ÅÉåíK=mêáÅÉ= éêÉëëìêÉ=ÅçåíáåìÉë=íç=ÄÉ=~å=áëëìÉ=áå=íÜÉ=Åçêéçê~íÉ=ã~êâÉíë= áå=pïÉÇÉå=~åÇ=aÉåã~êâK=^ë=~=êÉëìäíI=íÜÉ=ë~äÉë=ã~êÖáå=Ñçê= íÜÉ=é~ëí=íïÉäîÉ=ãçåíÜë=ÇêçééÉÇ=íç=NVKP=éÉê=ÅÉåí=Åçãé~êÉÇ= ïáíÜ=OPKT=éÉê=ÅÉåí=Ñçê=íÜÉ=Ñìää=óÉ~ê=OMMTK=

få=pïÉÇÉåI=ÄçíÜ=ë~äÉë=~åÇ=éêÉãáìã=áåÅçãÉ=áåÅêÉ~ëÉÇ= Äó=T=éÉê=ÅÉåíK=få=aÉåã~êâI=ë~äÉë=êçëÉ=Äó=S=éÉê=ÅÉåí=ïÜáäÉ= éêÉãáìã=áåÅçãÉ=áåÅêÉ~ëÉÇ=Äó=NM=éÉê=ÅÉåíK=p~äÉë=áå=íÜÉ= _~äíáÅ=ÅçìåíêáÉë=ïÉêÉ=NN=éÉê=ÅÉåí=äçïÉê=íÜ~å=ä~ëí=óÉ~êI=ïÜáäÉ= ë~äÉë=çÑ=íÜÉ=mçêíÑçäáç=_çåÇ=éêçÇìÅí=áå=pïÉÇÉå=íÜêçìÖÜ=pb_= iáÑÉ=C=mÉåëáçå=fåíÉêå~íáçå~ä=ãçêÉ=íÜ~å=ÇçìÄäÉÇK=

qçí~ä=éêÉãáìã=áåÅçãÉ=áåÅêÉ~ëÉÇ=Äó=NQ=éÉê=ÅÉåíI=íç= pbh=ONKOÄå=Åçãé~êÉÇ=ïáíÜ=pbh=NUKSÄå=~í=íÜÉ=ÉåÇ=çÑ=íÜÉ= íÜáêÇ=èì~êíÉê=ä~ëí=óÉ~êK=qÜÉ=íçí~ä=î~äìÉ=çÑ=ìåáíJäáåâÉÇ=ÑìåÇë= ÇÉÅêÉ~ëÉÇ=Äó=NN=éÉê=ÅÉåí=íç=pbh=NONÄå=Åçãé~êÉÇ=ïáíÜ=pbh= NPSÄå=~í=óÉ~êJÉåÇ=OMMTK=qçí~ä=~ëëÉíë=ìåÇÉê=ã~å~ÖÉãÉåí= EåÉí=~ëëÉíëF=ÇÉÅêÉ~ëÉÇ=Äó=NN=éÉê=ÅÉåí=Ñêçã=óÉ~êJÉåÇI=íç= pbh=PSQÄåK

Result by geography – January-September 2008

pb_=çÑÑÉêë=ìåáîÉêë~ä=Ä~åâáåÖ=ëÉêîáÅÉë=áå=pïÉÇÉåI=dÉêã~åó=~åÇ=íÜÉ=_~äíáÅ=ÅçìåíêáÉë=J=bëíçåá~I=i~íîá~=~åÇ=iáíÜì~åá~K=fí=~äëç=Ü~ë=~=äçÅ~ä= éêÉëÉåÅÉ=áå=íÜÉ=çíÜÉê=kçêÇáÅ=ÅçìåíêáÉëI=mçä~åÇI=râê~áåÉ=~åÇ=oìëëá~=~åÇ=~=ÖäçÄ~ä=éêÉëÉåÅÉ=íÜêçìÖÜ=áíë=áåíÉêå~íáçå~ä=åÉíïçêâ=áå=~åçíÜÉê=NM= ÅçìåíêáÉëK=

• 50 per cent of operating profit was generated outside Sweden
• Credit market turbulence affected income in most markets

Comments on the first nine months

qÜÉ=ÇáëäçÅ~íáçå=çÑ=íÜÉ=ÅêÉÇáí=ã~êâÉíë=ÇÉÉéÉåÉÇ=ÇìêáåÖ=íÜÉ= íÜáêÇ=èì~êíÉêK=qÜÉ=Ñáå~åÅá~ä=íìêãçáä=~åÇ=íÜÉ=äáèìáÇáíó= ëèìÉÉòÉ=íêáÖÖÉêÉÇ=~=ÑìêíÜÉê=ÇÉÅäáåÉ=áå=ÖäçÄ~ä=Éèìáíó= ã~êâÉíë=~åÇ=äÉÇ=íç=~å=çîÉê~ää=ïÉ~âÉåÉÇ=ÄìëáåÉëë= ëÉåíáãÉåíK=qÜáë=ÇÉîÉäçéãÉåí=Ü~ë=åÉÖ~íáîÉäó=~ÑÑÉÅíÉÇ=pb_Ûë= çéÉê~íáçåë=áå=ãçëí=ã~êâÉíë=~äÄÉáí=~=êçÄìëí=ìåÇÉêäóáåÖ= ÄìëáåÉëëK=

få=pïÉÇÉåI=åÉí=áåíÉêÉëí=áåÅçãÉ=áåÅêÉ~ëÉÇ=ÇìÉ=íç= ÅçåíáåìÉÇ=îçäìãÉ=ÖêçïíÜI=ïÜáäÉ=ã~êÖáåë=ïÉêÉ=êÉä~íáîÉäó= ëí~ÄäÉK=eçïÉîÉêI=íÜáë=ÅçìäÇ=åçí=ÅçãéÉåë~íÉ=Ñçê=äçïÉê= Åçããáëëáçå=áåÅçãÉ=ÇìÉ=íç=íÜÉ=ïÉ~âÉåÉÇ=Éèìáíó=ã~êâÉíë= ~åÇ=Çêçé=áå=åÉí=Ñáå~åÅá~ä=áåÅçãÉ=ÑçääçïáåÖ=Ñ~ääáåÖ=ã~êâÉí= î~äì~íáçåë=çÑ=íÜÉ=ÑáñÉÇJáåÅçãÉ=ëÉÅìêáíáÉë=éçêíÑçäáçëK=qçí~ä= ÉñéÉåëÉë=êçëÉI=é~êíäó=~ë=~=êÉëìäí=çÑ=áåîÉëíãÉåíë=áå=låÉ=fq= oç~Çã~é=~åÇ=áåÅêÉ~ëÉÇ=Åçëíë=Ñçê=éÉåëáçå=~ÅÅçìåíáåÖK=

få=aÉåã~êâ=~åÇ=kçêï~óI=pb_Ûë=Åçêéçê~íÉ=Ä~åâáåÖ= ÄìëáåÉëë=ÇÉîÉäçéÉÇ=ïÉääK=få=ÄçíÜ=ÅçìåíêáÉëI=ÜçïÉîÉêI=äçïÉê= ~ÅíáîáíáÉë=ïáíÜáå=áåîÉëíãÉåí=Ä~åâáåÖ=äÉÇ=íç=ÇÉÅêÉ~ëÉÇ= áåÅçãÉ=Åçãé~êÉÇ=ïáíÜ=ä~ëí=óÉ~êK=pb_Ûë=äáÑÉ=áåëìê~åÅÉ= ÄìëáåÉëë=áå=aÉåã~êâ=ï~ë=åÉÖ~íáîÉäó=~ÑÑÉÅíÉÇ=Äó=äçïÉê= î~äìÉëK=få=cáåä~åÇI=jÉêÅÜ~åí=_~åâáåÖ=ÅçåíáåìÉÇ=íç=êÉéçêí= ëíêçåÖ=ÖêçïíÜ=ÄçíÜ=Ñçê=ÄìëáåÉëë=îçäìãÉë=~åÇ=çéÉê~íáåÖ= éêçÑáíK=tÉ~äíÜ=j~å~ÖÉãÉåí=éÉêÑçêãÉÇ=ïÉää=áå=êÉä~íáîÉ= íÉêãëK==

få=íÜÉ=_~äíáÅ=êÉÖáçåI=ÄìëáåÉëë=ÅçåíáåìÉÇ=íç=Öêçï=áå= iáíÜì~åá~I=ïÜáäÉ=pb_Ûë=áåÅçãÉ=ÇÉîÉäçéãÉåí=ï~ë=Ñä~í=áå= bëíçåá~=~åÇ=i~íîá~K=qÜÉ=êÉëìäíë=áå=bëíçåá~I=i~íîá~=~åÇ= iáíÜì~åá~=ïÉêÉ=åÉÖ~íáîÉäó=~ÑÑÉÅíÉÇ=Äó=áåÅêÉ~ëÉÇ=éêçîáëáçåë= Ñçê=ÅêÉÇáí=äçëëÉëI=ã~áåäó=áå=íÜÉ=Ñçêã=çÑ=ÅçääÉÅíáîÉ= éêçîáëáçåëK=få=~ää=íÜêÉÉ=ÅçìåíêáÉë=ÉñéÉåëÉë=êçëÉ=ÇìÉ=íç=ÜáÖÜ= áåÑä~íáçå=ê~íÉë=~åÇ=áåÅêÉ~ëÉÇ=Åçëíë=Ñçê=éêÉãáëÉë=ÑçääçïáåÖ== íÜÉ=éêçéÉêíó=ë~äÉë=~í=íÜÉ=ÉåÇ=çÑ=ä~ëí=óÉ~êK=

Operating profit per country, Jan-Sep 2008

få=dÉêã~åóI=jÉêÅÜ~åí=_~åâáåÖ=éÉêÑçêãÉÇ=ïÉää=áå=ëéáíÉ= çÑ=ÇáÑÑáÅìäí=ÅçåÇáíáçåëK=`çããÉêÅá~ä=oÉ~ä=bëí~íÉ=was able to áåÅêÉ~ëÉ=Åçããáëëáçå=áåÅçãÉK=táíÜáå=oÉí~áä=_~åâáåÖI=ë~äÉë= çÑ=ÅçåëìãÉê=äÉåÇáåÖI=ãçêíÖ~ÖÉë=~åÇ=áåëìê~åÅÉ=áåÅêÉ~ëÉÇI= ïÜáäÉ=ëÉÅìêáíáÉëJêÉä~íÉÇ=áåÅçãÉ=ï~ë=åÉÖ~íáîÉäó=~ÑÑÉÅíÉÇ=Äó= íÜÉ=ã~êâÉí=íìêãçáäK=^ëëÉí=j~å~ÖÉãÉåí=êÉéçêíÉÇ=åÉí=áåÑäçï= çÑ=ÑìåÇëK=qêÉ~ëìêóÛë=éÉêÑçêã~åÅÉ=ï~ë=áãé~ÅíÉÇ=Äó=äçëëÉë= çå=ÄçåÇë=áëëìÉÇ=Äó=iÉÜã~å=_êçíÜÉêëK=kÉí=ÅêÉÇáí=äçëëÉë=áå= dÉêã~åó=ïÉêÉ=äçïÉê=íÜ~å=áå=OMMTK=

sçäìãÉë=áå=åÉï=ã~êâÉíëI=áKÉK=râê~áåÉ=~åÇ=oìëëá~I= ÅçåíáåìÉÇ=íç=áåÅêÉ~ëÉK=qÜÉ=áåíÉÖê~íáçå=çÑ=íÜÉ=êÉÅÉåíäó= ~ÅèìáêÉÇ=c~Åíçêá~ä=_~åâ=áå=râê~áåÉ=éêçÅÉÉÇÉÇ=~ÅÅçêÇáåÖ=íç= éä~åK=páñ=åÉï=Äê~åÅÜÉë=ïÉêÉ=çéÉåÉÇ=ÇìêáåÖ=íÜÉ=íÜáêÇ= èì~êíÉêK==

Distribution by country Jan - Sep		Total operating income		Total operating expenses			Operating profit
SEKm	2008	2007	%	2008	2007	%	2008	2007	%
Sweden	14 574	14 813	-2	-10 303	-8 953	15	4 052	5 702	-29
Norway	1 913	2 165	-12	-1 063	-1 079	-1	690	997	-31
Denmark	1 617	2 124	-24	-1 073	-1 150	-7	467	958	-51
Finland	932	825	13	- 489	- 433	13	435	385	13
Germany	4 416	4 630	-5	-3 551	-3 519	1	688	893	-23
Estonia	1 231	1 233	0	- 523	- 475	10	279	697	-60
Latvia	1 191	1 179	1	- 534	- 432	24	400	682	-41
Lithuania	1 889	1 710	10	- 764	- 612	25	933	1 012	-8
Other countries and eliminations	147	1 726	-91	- 142	- 613	-77	- 17	1 111	-102
Total	27 910	30 405	-8	-18 442	-17 266	7	7 927	12 437	-36

The SEB Group

Net fee and commission income – SEB Group

	Q3	Q2		Q3			Jan - Sep		Full year
SEKm	2008	2008	%	2007	%	2008	2007	%	2007
Issue of securities	47	91	- 48	45	4	145	274	- 47	335
Secondary market shares	635	899	- 29	779	- 18	2 211	2 442	- 9	3 153
Secondary market other	19	14	36	107	- 82	114	450	- 75	598
Custody and mutual funds	1 623	1 664	- 2	1 787	- 9	5 091	5 402	- 6	7 165
Securities commissions	2 324	2 668	- 13	2 718	- 14	7 561	8 568	- 12	11 251
Payments	447	464	- 4	440	2	1 350	1 345	0	1 808
Card fees	1 066	1 108	- 4	1 010	6	3 206	3 006	7	4 093
Payment commissions	1 513	1 572	- 4	1 450	4	4 556	4 351	5	5 901
Advisory	329	173	90	321	2	791	1 157	- 32	1 473
Lending	258	270	- 4	204	26	713	761	- 6	1 055
Deposits	25	24	4	22	14	72	66	9	89
Guarantees	78	71	10	68	15	216	198	9	264
Derivatives	175	116	51	94	86	404	271	49	363
Other	168	180	- 7	275	- 39	524	769	- 32	1 004
Other commissions	1 033	834	24	984	5	2 720	3 222	- 16	4 248
Fee and commission income	4 870	5 074	- 4	5 152	- 5	14 837	16 141	- 8	21 400
Securities commissions	- 226	- 275	- 18	- 208	9	- 742	- 707	5	- 902
Payment commissions	- 593	- 631	- 6	- 576	3	-1 809	-1 754	3	-2 373
Other commissions	- 297	- 259	15	- 267	11	- 822	- 758	8	-1 074
Fee and commission expense	-1 116	-1 165	- 4	-1 051	6	-3 373	-3 219	5	-4 349
Securities commissions, net	2 098	2 393	- 12	2 510	- 16	6 819	7 861	- 13	10 349
Payment commissions, net	920	941	- 2	874	5	2 747	2 597	6	3 528
Other commissions, net	736	575	28	717	3	1 898	2 464	- 23	3 174
Net fee and commission income	3 754	3 909	- 4	4 101	- 8	11 464	12 922	- 11	17 051

Net financial income – SEB Group

	Q3	Q2		Q3			Jan - Sep		Full year
SEKm	2008	2008	%	2007	%	2008	2007	%	2007
Equity instruments and related derivatives	489	306	60	90		966	363	166	520
Debt instruments and related derivatives	-1 019	108		- 782	30	-2 075	376		- 101
Capital market related	- 530	414		- 692	- 23	-1 109	739		419
Currency-related	270	747	-64	855	- 68	1 849	2 080	-11	2 820
Other financial instruments	- 9					- 9
Net financial income	- 269	1 161	-123	163		731	2 819	-74	3 239

Net credit losses - Group

	Q3	Q2		Q3			Jan - Sep		Full year
SEKm	2008	2008	%	2007	%	2008	2007	%	2007
Provisions:
Net collective provisions	- 318	11		- 71		- 419	- 405	3	- 390
Specific provisions	- 331	- 409	-19	- 100		- 930	- 422	120	- 653
Reversal of specific provisions no longer required	71	79	-10	80	-11	194	242	-20	405
Net provisions for contingent liabilities	- 23	2		8		- 20	32	-163	8
Net provisions	- 601	- 317	90	- 83		-1 175	- 553	112	- 630
Write-offs:
Total write-offs	- 265	- 367	-28	- 350	-24	- 964	- 833	16	-1 395
Reversal of specific provisions utilized for write-offs	71	217	-67	214	-67	489	469	4	711
Write-offs not previously provided for	- 194	- 150	29	- 136	43	- 475	- 364	30	- 684
Recovered from previous write-offs	79	19		30	163	122	208	-41	293
Net write-offs	- 115	- 131	-12	- 106	8	- 353	- 156	126	- 391
Net credit losses	- 716	- 448	60	- 189		-1 528	- 709	116	-1 021
Change in value of seized assets	- 9	- 4	125			- 17	6		5
Net credit losses incl change in value	- 725	- 452	60	- 189		-1 545	- 703	120	-1 016

Balance sheet – SEB Group

Condensed	30 September		31 December 30 September
SEKm	2008	2007	2007
Cash and cash balances with central banks	18 733	96 871	16 402
Loans to credit institutions	221 403	263 012	242 706
Loans to the public	1 204 713	1 067 341	1 021 498
Financial assets at fair value *	633 099	661 223	661 314
Available-for-sale financial assets *	257 634	170 137	133 608
Held-to-maturity investments *	2 067	1 798	2 089
Investments in associates	1 387	1 257	1 180
Tangible and intangible assets	27 163	24 697	22 994
Other assets	50 154	58 126	46 864
Total assets	2 416 353	2 344 462	2 148 655
Deposits by credit institutions	399 940	421 348	360 609
Deposits and borrowing from the public	794 266	750 481	706 623
Liabilities to policyholders	206 473	225 916	217 516
Debt securities	554 257	510 564	465 381
Financial liabilities at fair value	248 142	216 390	209 380
Other liabilities	90 357	97 519	75 966
Provisions	1 378	1 536	1 590
Subordinated liabilities	45 736	43 989	38 631
Total equity	75 804	76 719	72 959
Total liabilities and equity	2 416 353	2 344 462	2 148 655
* Of which bonds and other interest bearing securities inclusive derivatives.	668 114	608 016	573 741

Memorandum items – SEB Group

	30 September		31 December 30 September
SEKm	2008	2007	2007
Collateral and comparable security pledged for own liabilities	342 560	308 342	314 832
Other pledged assets and comparable collateral	181 661	207 363	193 146
Contingent liabilities	81 277	66 984	61 458
Commitments	444 541	394 128	372 453

Statement of changes in equity – SEB Group

		Reserve for	Reserve for
	Minority	cash flow	afs financial	Share	Restricted	Retained
SEKm	interests	hedges	assets	capital	reserves	earnings	Total
Jan-Sep 2008
Opening balance	191	160	- 438	6 872	29 757	40 177	76 719
Change in market value		- 73	-3 202				-3 275
Recognised in income statement		4	- 72				- 68
Translation difference					- 90		- 90
Net income recognised directly in equity		- 69	-3 274		- 90		-3 433
Net profit	8					6 163	6 171
Total recognised income	8	- 69	-3 274		- 90	6 163	2 738
Dividend to shareholders						-4 466	-4 466
Dividend, own holdings of shares						15	15
Neutralisation of PL impact and utilisation of
employee stock options*						144	144
Eliminations of repurchased shares for employee
stock option programme**						182	182
Other changes	- 16				71	417	472
Closing balance	183	91	-3 712	6 872	29 738	42 632	75 804
Jan-Dec 2007
Opening balance	130	380	392	6 872	30 203	29 290	67 267
Change in market value		- 206	- 614				- 820
Recognised in income statement		- 14	- 216				- 230
Translation difference					98		98
Net income recognised directly in equity		- 220	- 830		98		- 952
Net profit	24					13 618	13 642
Total recognised income	24	- 220	- 830		98	13 618	12 690
Dividend to shareholders						-4 123	-4 123
Dividend, own holdings of shares						44	44
Neutralisation of PL impact and utilisation of
employee stock options*						- 428	- 428
Eliminations of repurchased shares for employee
stock option programme**						897	897
Other changes	37				- 544	879	372
Closing balance	191	160	- 438	6 872	29 757	40 177	76 719
Jan-Sep 2007
Opening balance	130	380	392	6 872	30 203	29 290	67 267
Change in market value		- 134	- 451				- 585
Recognised in income statement			- 3				- 3
Translation difference					- 3		- 3
Net income recognised directly in equity		- 134	- 454		- 3		- 591
Net profit	19					9 866	9 885
Total recognised income	19	- 134	- 454		- 3	9 866	9 294
Dividend to shareholders						-4 123	-4 123
Dividend, own holdings of shares						44	44
Neutralisation of PL impact and utilisation of
employee stock options*						- 457	- 457
Eliminations of repurchased shares for employee
stock option programme**						864	864
Other changes	10				688	- 628	70
Closing balance	159	246	- 62	6 872	30 888	34 856	72 959

* Includes changes in nominal amounts of equity swaps used for hedging of stock option programmes.

** As of 31 December 2007 SEB owned 3.7 million Class A shares for the employee stock option programme. The acquisition cost for these shares is deducted from shareholders' equity. During 2008 1.4 million net of these shares have been sold as employee stock options have been exercised. Thus, as of 30 September SEB owned 2.3 million Class A-shares with a market value of SEK 237m for hedging of the long-term incentive programmes.

Cash flow statement – SEB Group

	Jan - Sep	Full year
SEKm	2008	2007	%	2007
Cash flow from the profit and loss statement	5 484	10 817	-49	17 476
Increase (-)/decrease (+) in portfolios	-45 077	-13 654		-32 503
Increase (+)/decrease (-) in issued short term securities	43 739	55 917	-22	72 454
Increase (-)/decrease (+) in lending to credit institutions	41 743	4 606		-45 995
Increase (-)/decrease (+) in lending to the public	-135 465	-75 770	79	-116 298
Increase (+)/decrease (-) in liabilities to credit institutions	-20 964	-5 371		52 274
Increase (+)/decrease (-) in deposits and borrowings from the public	37 296	64 865	-43	104 715
Increase (-)/decrease (+) in net investment contracts in insurance business	- 312	13 905	-102	22 302
Change in other balance sheet items	3 180	7 050	-55	10 348
Cash flow from operating activities	-70 376	62 365		84 773
Cash flow from investment activities1)	-5 603	-1 167		-2 350
Cash flow from financing activities	-3 146	11 746	-127	38 397
Net increase in cash and cash equivalents	-79 125	72 944		120 820
Cash and cash equivalents at beginning of year	194 985	73 751	164	73 751
Exchange difference in cash and cash equivalents	6 584	151		414
Net increase in cash and cash equivalents	-79 125	72 944		120 820
Cash and cash equivalents at end of period2)	122 444	146 846	-17	194 985
1) Including investments in subsidiaries
Cost of acquisitions	-1 040			- 759
Less cash acquired				102
Outflow on acquisition	-1 040			- 657

2) Cash and cash equivalents at end of period is defined as Cash and cash balances with central banks and Loans to credit institutions payable on demand.

Impaired loans and seized assets – SEB Group

	30 September		31 December 30 September
SEKm	2008	2007	2007
Non-performing impaired loans	9 146	7 619	7 468
Performing impaired loans	852	772	784
Impaired loans gross*	9 998	8 391	8 252
Specific reserves	-4 139	-3 787	-3 905
of which reserves for non-performing loans	-3 660	-3 456	-3 667
of which reserves for performing loans	- 479	- 331	- 238
Collective reserves	-3 072	-2 602	-2 577
Impaired loans net	2 787	2 002	1 770
Reserves for off-balance sheet items	- 200	- 209	- 179
Total reserves	-7 411	-6 598	-6 661
Level of impaired loans (Impaired loans, net in relation to lending, at end of period)	0.23%	0.18%	0.17%
Reserve ratio for impaired loans	72.1%	76.1%	78.5%
(Specific and collective reserves in relation to impaired loans gross, per cent)
Specific reserve ratio for impaired loans	41.4%	45.1%	47.3%
Pledges taken over
Properties	33	23	87
Shares	51	39	40
Total volume of pledges taken over	84	62	127

* Individually impaired loans.

Rating

	Moody's Outlook Stable (September 2008)		Standard & Poor's Fitch Outlook Negative Outlook Stable (October 2008) (July 2008)			DBRS Outlook Stable (July 2008)
Short	Long	Short	Long	Short	Long	Short	Long
P-1	Aaa	A-1+	AAA	F1+	AAA	R-1 (high)	AAA
P-2	Aa1	A-1	AA+	F1	AA+	R-1 (middle)	AA (high)
P-3	Aa2	A-2	AA	F2	AA	R-1 (low)	AA
	Aa3	A-3	AA-	F3	AA-	R-2 (high)	AA (low)
	A1		A+		A+	R-2 (middle)	A
	A2		A		A	R-2 (low)	BBB
	A3		A-		A-	R-3	BB
	Baa1		BBB+		BBB+	R-4	B
	Baa2		BBB		BBB	R-5	CCC CC C
	Baa3		BBB-		BBB-	D	D

SEB's major shareholders

	Share of capital,
September 2008	per cent
Investor AB	20.7
Trygg-foundation	9.6
Alecta	5.2
Swedbank Robur Funds	3.4
AFA Försäkring	2.7
SHB/SPP Funds	1.9
AMF Pension	1.6
SEB Funds	1.6
Wallenberg-foundations	1.5
Foreign shareholders Source: NCSD/SIS Ägarservice	18.3

Additional Information Q3 2008

STOCKHOLM 23 OCTOBER 2008

Appendix 1 The Life division

pb_=qêóÖÖ=iáî=áë=çåÉ=çÑ=íÜÉ=äÉ~ÇáåÖ=äáÑÉ=áåëìê~åÅÉ=Öêçìéë=áå= íÜÉ=kçêÇáÅ=êÉÖáçåK=léÉê~íáçåë=ÅçãéêáëÉ=áåëìê~åÅÉ= ëçäìíáçåë=ïáíÜáå=íÜÉ=áåîÉëíãÉåí=~åÇ=ëçÅá~ä=ëÉÅìêáíó=~êÉ~=Ñçê= áåÇáîáÇì~äë=~åÇ=Åçêéçê~íáçåëK=pb_=qêóÖÖ=iáî=éêçîáÇÉë=ÄçíÜ= ìåáíJäáåâÉÇ=~åÇ=íê~Çáíáçå~ä=áåëìê~åÅÉK=qÜÉ=Çáîáëáçå= çéÉê~íÉë=áå=pïÉÇÉåI=aÉåã~êâI=cáåä~åÇI=fêÉä~åÇI=iìñÉãJ ÄçìêÖI=bëíçåá~I=i~íîá~I=iáíÜì~åá~=~åÇ=râê~áåÉK=qÜÉ=Çáîáëáçå= áë=çêÖ~åáëÉÇ=áå=íÜêÉÉ=ÄìëáåÉëë=~êÉ~ëX=pb_=qêóÖÖ=iáî= pïÉÇÉåI=pb_=mÉåëáçå=aÉåã~êâ=~åÇ=pb_=iáÑÉ=C=mÉåëáçå= fåíÉêå~íáçå~äI=ëÉêîáåÖ=ëçãÉ=NKU=ãáääáçå=ÅìëíçãÉêëK=få= lÅíçÄÉê=OMMTI=cçåÇÑ∏êë®âêáåÖë~âíáÉÄçä~ÖÉí=pb_=qêóÖÖ=iáî= ~åÇ=kó~=iáîÑ∏êë®âêáåÖë~âíáÉÄçä~ÖÉí=pb_=qêóÖÖ=iáî=EÒkó~= iáîÒF=ãÉêÖÉÇK=kó~=iáî=ï~ë=çéÉê~íÉÇ=~ÅÅçêÇáåÖ=íç=ãìíì~ä= éêáåÅáéäÉë=~åÇ=åçí=ÅçåëçäáÇ~íÉÇ=áå=pb_=qêóÖÖ=iáîÛë=êÉëìäíëK= ^ÑíÉê=íÜÉ=ãÉêÖÉê=íÜÉ=êÉëìäí=çÑ=íÜáë=ÄìëáåÉëë=Ó=ïáíÜ=êÉëéÉÅí= íç=áåîÉëíãÉåí=áåÅçãÉ=~åÇ=áåëìê~åÅÉ=êáëâ=J=áë=ëíáää=~ääçÅ~íÉÇ= íç=íÜÉ=éçäáÅóÜçäÇÉêëK=eçïÉîÉêI=pb_=qêóÖÖ=iáî=Öì~ê~åíÉÉë= íÜÉ=Åçåíê~Åíì~ä=ÄÉåÉÑáíë=íç=íÜÉ=éçäáÅóÜçäÇÉêë=áå=íÜáë= ÄìëáåÉëëK=cêçã=j~ó=íç=^ìÖìëí=OMMUI=íÜÉ=éçäáÅóÜçäÇÉêë= ïÉêÉ=ÖáîÉå=~å=çÑÑÉê=çÑ=~=íê~åëÑÉê=Ñêçã=kó~=iáî=íç= cçåÇÑ∏êë®âêáåÖë~âíáÉÄçä~ÖÉí=pb_=qêóÖÖ=iáîK=qÜÉ= íê~åëÑÉêêÉÇ=~ãçìåí=íçí~ääÉÇ=pbh=NKOÄåK==

Comments on the first nine months 2008

léÉê~íáåÖ=éêçÑáí=~ãçìåíÉÇ=íç=pbh=UROãI=ïÜáÅÜ=ï~ë= pbh=QTRã=çê=PS=éÉê=ÅÉåí=äÉëë=íÜ~å=ä~ëí=óÉ~êK=léÉê~íáåÖ= áåÅçãÉ=ÇÉÅêÉ~ëÉÇ=Äó=pbh=PUNã=çê=NP=éÉê=ÅÉåíK=råáíJäáåâÉÇ= áåÅçãÉ=ÇÉÅêÉ~ëÉÇ=~ë=~=êÉëìäí=çÑ=ÇÉÅäáåáåÖ=Éèìáíó=î~äìÉë=~åÇ= ~=ëïáíÅÜ=íç=ãçêÉ=ÅçåëÉêî~íáîÉ=ÑáñÉÇ=áåÅçãÉ=~äíÉêå~íáîÉëI= ïÜáÅÜ=äÉÇ=íç=äçïÉê=ÑìåÇ=ÑÉÉëK=fåÅçãÉ=çíÜÉê=áåëìê~åÅÉ= áåÅäìÇÉë=íê~Çáíáçå~ä=áåëìê~åÅÉ=~åÇ=êáëâ=éêçÇìÅíëI=ëìÅÜ=~ë= ëáÅâåÉëë=áåëìê~åÅÉK=qÜÉ=ÇÉÅäáåÉ=áå=áåÅçãÉ=ï~ë=Å~ìëÉÇ=Äó= åÉÖ~íáîÉ=ã~êâÉí=î~äìÉ=~ÇàìëíãÉåíë=~åÇ=áåÅêÉ~ëÉÇ= éêçîáëáçåë=Ñçê=áåëìê~åÅÉ=äá~ÄáäáíáÉë=ÇìÉ=íç=Ñ~ääáåÖ=äçåÖJíÉêã= áåíÉêÉëí=ê~íÉëK=qÜÉ=êÉëìäí=Ñêçã=ëáÅâåÉëë=áåëìê~åÅÉ=áãéêçîÉÇI= ÜçïÉîÉêI=Åçãé~êÉÇ=ïáíÜ=ä~ëí=óÉ~ê=ÇÉëéáíÉ=îçä~íáäÉ= áåîÉëíãÉåí=áåÅçãÉK=få=~ÇÇáíáçåI=~=éêçîáëáçå=çÑ=pbh=NPRãI= çÑ=ïÜáÅÜ=pbh=SNã=áå=íÜÉ=íÜáêÇ=èì~êíÉêI=Ü~ë=ÄÉÉå=ã~ÇÉ=íç= ÅçîÉê=éçíÉåíá~ä=ÑìíìêÉ=Öì~ê~åíÉÉë=êÉä~íÉÇ=íç=íÜÉ=íê~Çáíáçå~ä= äáÑÉ=éçêíÑçäáç=íê~åëÑÉêêÉÇ=Ñêçã=kó~=iáî=áå=OMMTK=qÜÉ=êÉëÉêîÉ= áë=ã~êâÉí=î~äìÉ=êÉä~íÉÇ=~åÇ=êÉÅçîÉê~ÄäÉI=áÑ=ÑìíìêÉ= áåîÉëíãÉåí=êÉíìêåë=~êÉ=~ÇÉèì~íÉ=íç=ãÉÉí=Öì~ê~åíÉÉÇ=Äçåìë= äÉîÉäë=çîÉê=íáãÉK=líÜÉê=áåÅçãÉ=ÇÉÅêÉ~ëÉÇI=~ë=áåÅçãÉ=Ñêçã= íÜÉ=~Çãáåáëíê~íáçå=çÑ=kó~=iáî=áë=áåÅäìÇÉÇ=áå=áåÅçãÉ=çíÜÉê= áåëìê~åÅÉI=~ÑíÉê=íÜÉ=ãÉêÖÉê=áå=OMMTK===

léÉê~íáåÖ=ÉñéÉåëÉë=êçëÉ=Äó=pbh=VQã=çê=S=éÉê=ÅÉåíI= ã~áåäó=ÇìÉ=íç=ÜáÖÜÉê=ë~äÉë=îçäìãÉ=~åÇ=êÉä~íÉÇ= ÅçããáëëáçåëI=áåîÉëíãÉåíë=áå=åÉï=ã~êâÉíë=~åÇ=ÜáÖÜÉê= ÇÉéêÉÅá~íáçå=Ñçê=ÇÉÑÉêêÉÇ=~Åèìáëáíáçå=ÅçëíëK=bñÅäìÇáåÖ=íÜÉ= îçäìãÉJêÉä~íÉÇ=ÉÑÑÉÅíë=~åÇ=ÄìáäÇJìé=çÑ=êÉëçìêÅÉë=áå=åÉï= ã~êâÉíëI=íÜÉ=Åçëí=áåÅêÉ~ëÉ=ï~ë=äÉëë=íÜ~å=Q=éÉê=ÅÉåíK===

léÉê~íáåÖ=éêçÑáí=áå=pb_=mÉåëáçåI=aÉåã~êâI=ÇÉÅêÉ~ëÉÇ= Äó=pbh=NMVãI=íç=pbh=OROãK=qÜÉ=ã~áå=Ñ~Åíçêë=ïÉêÉ=íÜÉ= ~ÄçîÉJãÉåíáçåÉÇ=ã~êâÉí=î~äìÉ=~ÇàìëíãÉåíë=çÑ=~ëëÉíë=áå= ÅçãÄáå~íáçå=ïáíÜ=êáëáåÖ=áåëìê~åÅÉ=äá~ÄáäáíáÉëK=qÜÉ=çéÉê~íáåÖ= éêçÑáí=áå=pb_=qêóÖÖ=iáî=pïÉÇÉåI=áåÅäìÇáåÖ=ÅÉåíê~ä= ÑìåÅíáçåëI=ÇÉÅäáåÉÇ=Äó=pbh=OQPã=íç=pbh=RRUãK=qÜÉ=ã~áå= êÉ~ëçåë=ïÉêÉ=íÜÉ=ÇÉÅäáåÉ=áå=ìåáíJäáåâÉÇ=áåÅçãÉ=~åÇ=íÜÉ= éêçîáëáçåë=êÉä~íÉÇ=íç=kó~=iáîK=léÉê~íáåÖ=éêçÑáí=áå=pb_=iáÑÉ= C=mÉåëáçå=fåíÉêå~íáçå~ä=ÇÉÅäáåÉÇ=Äó=pbh=NOPã=íç=pbh=QOãK= qÜÉ=ÇÉÅêÉ~ëÉ=ï~ë=ã~áåäó=áåÅçãÉJêÉä~íÉÇK=i~ëí=óÉ~ê= áåÅäìÇÉÇ=çåÉJçÑÑ=áíÉãë=~ãçìåíáåÖ=íç=pbh=RMã=Åçãé~êÉÇ= ïáíÜ=pbh=NNã=áå=íÜÉ=ÅìêêÉåí=óÉ~êK=léÉê~íáåÖ=ÉñéÉåëÉë= áåÅêÉ~ëÉÇI=íççK==

qÜÉ=íçí~ä=î~äìÉ=çÑ=ìåáíJäáåâÉÇ=ÑìåÇë=~ãçìåíÉÇ=íç= pbh=NONÄå=áå=pÉéíÉãÄÉê=Åçãé~êÉÇ=ïáíÜ=pbh=NPSÄå=~í= óÉ~êJÉåÇK=qçí~ä=~ëëÉíë=ìåÇÉê=ã~å~ÖÉãÉåí=~ãçìåíÉÇ=íç= pbh=PSQÄåI=Ççïå=Äó=NN=éÉê=ÅÉåí=Ñêçã=óÉ~êJÉåÇK=

qçí~ä=ë~äÉëI=ïÉáÖÜíÉÇ=îçäìãÉI=~ãçìåíÉÇ=íç=pbh=PRKVÄåI= ~å=áåÅêÉ~ëÉ=çÑ=pbh=PKSÄå=çê=NN=éÉê=ÅÉåí=Åçãé~êÉÇ=ïáíÜ=ä~ëí= óÉ~êK=pbh=NKTÄå=çÑ=íÜÉ=áåÅêÉ~ëÉ=ï~ë=~ííêáÄìí~ÄäÉ=íç=íÜÉ=ìåáíJ äáåâÉÇ=éêçÇìÅí=mçêíÑçäáç=_çåÇ=EÇÉéçí=ÉåÇçïãÉåí= áåëìê~åÅÉFK=qÜáë=éêçÇìÅí=áë=~ÅÅçìåíÉÇ=Ñçê=áå=íÜÉ= fåíÉêå~íáçå~ä=ÄìëáåÉëë=~êÉ~=Äìí=áë=éêáã~êáäó=ëçäÇ=íç=pïÉÇáëÜ= ÅìëíçãÉêëK=qê~Çáíáçå~ä=áåëìê~åÅÉ=ïáíÜáå=pb_=mÉåëáçå= áåÅêÉ~ëÉÇ=Äó=pbh=NKVÄåI=ïÜÉêÉ~ë=íÜÉ=ìåáíJäáåâÉÇ=ë~äÉë= ÇêçééÉÇ=Äó=pbh=NKQÄåK

SEB Trygg Liv, Sweden

qÜÉ=pïÉÇáëÜ=çéÉê~íáçåë=~êÉ=ÅçåÇìÅíÉÇ=é~êíäó=~ÅÅçêÇáåÖ=íç= ~=Ä~åâ~ëëìê~åÅÉ=ÅçåÅÉéíI=áKÉK=~å=áåíÉÖê~íÉÇ=Ä~åâáåÖ=~åÇ= áåëìê~åÅÉ=ÄìëáåÉëëI=~åÇ=é~êíäó=íÜêçìÖÜ=áåëìê~åÅÉ= ãÉÇá~íçêë=~åÇ=çíÜÉê=ÉñíÉêå~ä=é~êíåÉêëK=qÜÉ=éìêéçëÉ=çÑ=íÜÉ= ÅçåÅÉéí=áë=íç=çÑÑÉê=pb_Ûë=ÅìëíçãÉêë=~=ÅçãéäÉíÉ=ê~åÖÉ=çÑ= éêçÇìÅíë=~åÇ=ëÉêîáÅÉë=ïáíÜáå=íÜÉ=Ñáå~åÅá~ä=~êÉ~K=p~îáåÖë=áå= äáÑÉ=áåëìê~åÅÉ=éêçÇìÅíëI=áåÅäìÇáåÖ=éÉåëáçå=ë~îáåÖëI= êÉéêÉëÉåí=~=ÖêçïáåÖ=ëÜ~êÉ=çÑ=íÜÉ=pïÉÇáëÜ=ÜçìëÉÜçäÇëÛ= Ñáå~åÅá~ä=~ëëÉíëK=^ÅÅçêÇáåÖ=íç=íÜÉ=pb_="pé~êÄ~êçãÉíÉêåÒ= íÜáë=ëÜ~êÉ=ï~ë=QV=éÉê=ÅÉåí=Äó=gìåÉ=OMMUK==

Market position

Sales focus is on unit-linked, which represents close to 80 per cent of total sales. SEB Trygg Liv is the market leader in Sweden within unit-linked insurance. The market share for the twelve month period to June 2008 was 24.4 per cent (25.3). Distribution channels are SEB's branch offices, own sales force and insurance mediators.

Significant occupational pension business

Corporate sales have gradually grown and increased the share of total sales. During the first nine months, however, this share decreased to 69 per cent (74). SEB Trygg Liv is the market leader within new business unit-linked occupational pension. The market share for the twelve month period to June 2008 was 20.6 per cent (22.6).

SEB Trygg Liv also offers administration and management of pension foundations. SEB Trygg Liv Pensionstjänst (Pension Service) is the leading Swedish company in this field.

Strong in the private market

In the private market SEB Trygg Liv has a strong position within new business unit-linked endowment insurance. The market share for the twelve month period to June 2008 was 31.4 per cent (28.3).

Sales of private pension savings were relatively stable. SEB's sales in this area consist mainly of IPS - Individual Pension Savings and "Enkla Pensionen", a unit-linked product with a guarantee.

SEB Pension, Denmark

SEB Pension's traditional life insurance operations in Denmark are carried out in a profit-sharing company and therefore included in the division's result. By hedging the investment portfolios, the market and investment risks are controlled in relation to guaranteed commitments to policyholders. Variations in investment returns can be absorbed to a great extent by accumulated buffer funds, called "collective bonus potential".

The result includes an additional accrued income of SEK 233m (SEK 50m at year end) from the traditional life portfolios in Denmark. The amount is placed in a "shadow account", according to Danish legislation regarding shareholder fee available for distribution in profit-sharing traditional life insurance. The restriction on distribution to the shareholder fee is relevant in relation to the full-year results only.

SEB Pension's products

SEB Pension sells savings, life, sickness and disability insurance to private individuals and corporate clients through private and corporate sales personnel, insurance mediators and Codan Forsikring (general insurance).

Savings insurance is available both as unit-linked and traditional insurance (in a profit-sharing company). In the private market unit-linked insurance accounts for almost 90 per cent of sales, while more than 50 per cent of the corporate market consists of traditional insurance, since certain collective agreement or companies do not allow unit-linked insurance to be the only component of an occupational pension plan.

The market for non-traditional life insurance, such as unit-linked, keeps expanding. This growth emanates mainly from the corporate segment, via insurance mediators.

Growing occupational pension market

The Danish occupational pension market has grown by approximately 10 per cent annually since year 2000, while the private market has shown virtually zero-growth. SEB Pension's growth rate within occupational pension has been in the range of 15-18 per cent in recent years, and the company has gained market shares accordingly.

SEB Pension's development in the private market has been in line with the general trend. Measured in terms of premium income, SEB Pension is the fourth largest life insurance company in Denmark. The market share in the unit-linked segment was around 10 per cent in 2007.

Distribution

Most insurance companies, including SEB Pension, have developed specialised private pension sales units that primarily concentrate on high-salary groups and customers with qualified advisory requirements.

Insurance mediators and the insurance companies' corporate sales personnel comprise the two dominant sales channels in the occupational pension market.

SEB Life & Pension International

SEB Life & Pension International includes operating subsidiaries in Ireland, Estonia, Latvia, Lithuania and Ukraine. The Irish company has a branch in the UK.

The operations of the Irish company SEB Life (Ireland) are focused primarily on sales of Portfolio Bond (depot endowment insurance). Sales are primarily concentrated on the Swedish market. Since 2004, the company also has a branch office in Luxembourg via SEB Private Banking, with sales focused on Swedes living abroad.

The Baltic subsidiaries concentrate primarily on unitlinked insurance but offer traditional insurance and sickness/disability insurance as well. 91 per cent of the sales volume is private and 9 per cent corporate paid.

Profit & loss account

	Q3	Q2	Q1	Q4	Q3	Jan - Sep		Full year
SEKm	2008	2008	2008	2007	2007	2008	2007	2007
Income unit-linked	469	491	484	553	538	1 444	1 589	2 142
Income other insurance	129	317	295	322	316	741	886	1 208
Other income	119	62	159	149	179	340	431	580
Total operating income	717	870	938	1 024	1 033	2 525	2 906	3 930
Operating expenses	-647	-583	-608	-623	-528	-1 838	-1 683	-2 306
Other expenses	-1	-20	-2	7	-11	-23	-19	-12
Change in deferred acquisition costs	107	41	40	67	7	188	123	190
Total expenses	-541	-562	-570	-549	-532	-1 673	-1 579	-2 128
Operating profit 1)	176	308	368	475	501	852	1 327	1 802
Change in surplus value, net	132	227	250	431	275	609	842	1 273
Business result	308	535	618	906	776	1 461	2 169	3 075
Financial effects due to market fluctuations 2)	-897	-196	-1 819	-436	-322	-2 912	374	-62
Change in assumptions 2)	-1	38	-25	53	0	12	0	53
Total result	-590	377	-1 226	523	454	-1 439	2 543	3 066
Business equity	7 500	7 500	7 500	7 500	7 500	7 500	7 500	7 500
Return on business equity 3)
based on operating profit, %	8,3%	14,5%	17,3%	22,3%	23,5%	13,3%	20,8%	21,1%
based on business result, %	14,5%	25,1%	29,0%	42,5%	36,4%	22,9%	33,9%	36,1%
Expense ratio, % 4)	9,7	8,2	8,2	8,0	9,1	8,7	9,1	8,7
1) SEB Trygg Liv, Sweden	172	282	222	321	329	676	901	1 222
SEB Pension, Denmark	34	61	157	111	153	252	361	472
SEB Life & Pension, International	1	22	19	51	59	42	165	216
Other including central functions etc	-31	-57	-30	-8	-40	-118	-100	-108
	176	308	368	475	501	852	1 327	1 802

2) Effect on surplus values.

3) Annual basis after 12 per cent tax which reflects the divisions effective tax rate.

4) Operating expenses as percentage of premium income.

Sales volume insurance (weighted)

	Q3	Q2	Q1	Q4	Q3		Jan - Sep	Full year
SEKm	2008	2008	2008	2007	2007	2008	2007	2007
Total	10 686	11 884	13 314	12 018	9 667	35 884	32 321	44 339
SEB Trygg Liv Sweden	6 592	6 732	7 674	6 718	5 173	20 998	19 553	26 271
Traditional life and sickness/health insurance	340	367	564	510	342	1 271	1 281	1 791
Unit-linked insurance	6 252	6 365	7 110	6 208	4 831	19 727	18 272	24 480
Private paid	1 713	1 952	2 021	1 683	976	5 686	4 162	5 845
Corporate paid	4 879	4 780	5 653	5 035	4 197	15 312	15 391	20 426
SEB Pension Denmark	3 138	3 433	3 947	3 667	3 360	10 518	9 934	13 601
Traditional life and sickness/health insurance	2 050	2 269	2 302	1 811	1 833	6 621	4 682	6 493
Unit-linked insurance	1 088	1 164	1 645	1 856	1 527	3 897	5 252	7 108
Private paid	472	560	885	852	495	1 917	2 188	3 040
Corporate paid	2 666	2 873	3 062	2 815	2 865	8 601	7 746	10 561
SEB Life & Pension International	956	1 719	1 693	1 633	1 134	4 368	2 834	4 467
Traditional life and sickness insurance	285	212	152	192	150	649	447	639
Unit-linked insurance	671	1 507	1 541	1 441	984	3 719	2 387	3 828
Private paid	786	1 489	1 309	1 320	823	3 584	2 075	3 395
Corporate paid	170	230	384	313	311	784	759	1 072

Premium income and Assets under management

	Q3	Q2	Q1	Q4	Q3		Jan - Sep	Full year
SEKm	2008	2008	2008	2007	2007	2008	2007	2007
Premium income
Total	6 684	7 131	7 421	7 794	5 828	21 236	18 576	26 370
SEB Trygg Liv Sweden	4 247	3 750	4 048	4 098	3 215	12 045	11 272	15 370
Traditional life and sickness/health insurance	590	749	755	1 002	657	2 094	2 278	3 280
Unit-linked insurance	3 657	3 001	3 293	3 096	2 558	9 951	8 994	12 090
SEB Pension Denmark	1 753	1 902	1 726	2 319	1 743	5 381	4 900	7 219
Traditional life and sickness insurance	1 204	1 361	1 123	1 506	1 112	3 688	3 082	4 588
Unit-linked insurance	549	541	603	813	631	1 693	1 818	2 631
SEB Life & Pension International	684	1 479	1 647	1 377	870	3 810	2 404	3 781
Traditional life and sickness insurance	83	78	76	84	64	237	177	261
Unit-linked insurance	601	1 401	1 571	1 293	806	3 573	2 227	3 520
Assets under management, net assets *
Total	364 400	376 300	384 300	408 400	411 700	364 400	411 700	408 400
SEB Trygg Liv Sweden	260 300	274 800	281 400	303 600	309 400	260 300	309 400	303 600
Traditional life and sickness/health insurance	165 100	174 900	181 700	192 700	197 100	165 100	197 100	192 700
Unit-linked insurance	95 200	99 900	99 700	110 900	112 300	95 200	112 300	110 900
SEB Pension Denmark	86 500	83 100	85 100	87 300	85 000	86 500	85 000	87 300
Traditional life and sickness insurance	77 800	74 500	76 800	79 000	77 300	77 800	77 300	79 000
Unit-linked insurance	8 700	8 600	8 300	8 300	7 700	8 700	7 700	8 300
SEB Life & Pension International	17 600	18 400	17 800	17 500	17 300	17 600	17 300	17 500
Traditional life and sickness insurance	600	600	500	500	500	600	500	500
Unit-linked insurance	17 000	17 800	17 300	17 000	16 800	17 000	16 800	17 000

* rounded to whole 100 millions

Surplus value accounting

SEKm	Q 3 2008	Q 2 2008	Q 1 2008	Q4 2007	Q 3 2007	Jan - Sep 2008	2007	Full year 2007
Surplus values, opening balance Adjustment opening balance 1)	12 902	12896 $-69$	14 4 96	14 085 334	14 130	14 4 96 -69	12872 $\mathbf 0$	12872 334
Present value of new sales 2) Return/realised value on policies from previous periods Actual outcome compared to assumptions 3)	473 -79 $-155$	399 -72 $-59$	449 -71 -88	576 $-127$ 49	319 -78 41	1 3 2 1 $-222$ $-302$	1 1 9 7 $-208$ -24	1 7 7 3 $-335$ 25
Change in surplus values ongoing business, gross	239	268	290	498	282	797	965	1463
Capitalisation of acquisition costs for the period Amortisation of capitalised acquisition costs	-244 137	$-175$ 134	$-188$ 148	$-196$ 129	$-125$ 118	$-607$ 419	-487 364	$-683$ 493
Change in surplus values ongoing business, net 4)	132	227	250	431	275	609	842	1 273
Financial effects due to short term market fluctuations 5) Change in assumptions b)	$-897$ -1	$-196$ 38	$-1819$ $-25$	$-436$ 53	$-322$	$-2912$ 12	374 0	$-62$ 53
Total change in surplus values	$-766$	69	$-1594$	48	$-47$	$-2291$	1 2 1 6	1 2 6 4
Exchange rate differences etc	24	6	$-6$	29	2	24	$-3$	26
Surplus values, closing balance 7)	12 160	12 902	12896	14 4 9 6	14 085	12 160	14 085	14 496

The Baltic countries are included from Q4 2007. Q2 2008 includes effects from an adjustment of the calculation method (mainly Denmark). $1)$

²⁾ Sales defined as new contracts and extra premiums in existing contracts.

3) The reported actual outcome of contracts signed can be placed in relation to the operative assumptions that were made. Thus, the value of the deviations can be estimated. The most important components consist of extensions of contracts as well as cancellations. However, the actual income and administrative expenses are included in full in the operating result.

• $4)$ Deferred acquisition costs are capitalised in the accounts and amortised according to plan. The reported change in surplus values is therefore adjusted by the net result of the capitalisation and amortisation during the period.
• $5$ Assumed unit growth is 6 per cent, i.e. 1.5 per cent per quarter. Actual growth results in positive or negative financial effects.
• $6$ During 2008 administrative costs per policy in SEB Pension were adjusted (effect Q1 SEK -25m, Q2 +25m). During Q2 2008 adjustments in the Baltics had an effect of SEK 13m. Main changes in 2007: Administrative costs per policy were adjusted with a positive effect. In Sweden the surrender rate was adjusted from $6/6/12$ per cent to $1/10/12$ per cent depending on years past since the sign of contracts (within $1/5/10$ years). This change had a negative effect.
• $7)$ Estimated surplus value according to the above are not included in the SEB Group's consolidated accounts. The closing balance is shown after the deduction of capitalised acquisition costs (SEK 3,223m at September 30, 2008).

Surplus values

Surplus values are the present values of future profits from written insurance policies. They are calculated to better evaluate the profitability of a life insurance business since an insurance policy often has a long duration. Income accrues regularly throughout the duration of the policy. Costs, on the other hand, mainly arise at the point of sale, which leads to an imbalance between income and costs at the time when a policy is signed.

SEB Trygg Liv uses the method of surplus value calculations since 1997 for both internal management accounting and external reporting. The reporting is according to international practice and is reviewed by an external party annually. Surplus values are not consolidated in the SEB Group accounts. For the Danish business, surplus values are included for the unit-linked business but not for the traditional insurance business. For traditional insurance in Denmark, profit distribution between shareholders and policyholders is defined by the so-called contribution principle.

The Baltic insurance business is included from O4 2007.

Assumptions for calculating surplus values

The surplus value calculation is based on different assumptions, which are adjusted when necessary to correspond to the long-term actual development.

Discount rate	8%
Surrender of endowment insurance
contracts, Sweden: contracts signed
within 1 year $/5$ years $/$ thereafter	1%/10%/12%
Surrender of insurance contracts, Denmark	6%
Lapse rate of regular premiums, unit-linked	10%
Growth in fund units, Sweden	6%
Growth in fund units, Denmark	5.1%
Inflation CPI / Inflation expenses	$2\% / 3\%$
Right to transfer policy (unit-linked)	1%
	According to the
	Group's
Mortality	experience

The sensitivity analysis

The calculation of surplus values is relatively sensitive to changes in assumptions. A change of the discount rate by +1/-1 percentage point gives an effect in surplus values of SEK-1,410/+1,644m. A higher or lower actual return/growth in fund units will result in positive or

negative effects when the surplus value change of the period is calculated. A change in the growth assumption by +1/-1 percentage point will give a change in surplus values of SEK +1,445/-1,250m.

New business profit

One way of measuring profitability of sales is to calculate the new business profit. Profit from new business, the net of present value of new sales and sales expenses, is measured in relation to the weighted sales volume.

The margin during 2008 is adversely affected by a change in the product mix.

SEKm	Oct 2007-Sep 2008	Full year 2007	Full year 2006	Full year 2005
Sales volume weighted (regular $+$ single/10)	3845	3689	3 3 4 5	3678
Present value of new sales	1 5 9 2	1 7 7 5	1788	1 924
Sales expenses	-850	$-901$	-970	$-1116$
Profit from new business	742	874	818	808
Sales margin new business	19.3%	23,7%	24.5%	22.0%

2007 and later is calculated for the total division, 2005 - 2006 is business area Sweden.

The margin during 2008 is adversely affected by a change in the product mix.

Embedded value

SEKm	30 Sep 2008	31 Dec 2007	31 Dec 2006	31 Dec 2005
Equity $1$ Surplus values	8 4 2 1 12 160	8836 14 496	8450 12872	7 696 10 755
$1$ Dividend paid to the parent company during the period	$-1275$	-1 150	$-400$

Gamla Livförsäkringsaktiebolaget

Traditional insurance business is operated in Gamla Livförsäkringsaktiebolaget SEB Trygg Liv ("Gamla Liv"). The entity is operated according to mutual principles and is not consolidated in SEB Trygg Liv's result. Gamla Liv is closed for new business.

The policyholder organisation, Trygg Stiftelsen (the Trygg Foundation), has the purpose to secure policy holders' influence in Gamla Liv. The Trygg Foundation is

entitled to:

•Appoint two board members of Gamla Liv and, jointly with SEB, appoint the Chairman of the Board, which consists of five members.

• Appoint the majority of members and the Chairman of the Finance Delegation, which is responsible for the asset management of Gamla Liv.

Appendix 2 Credit Exposure

Credit Exposure by Industry, SEKbn (before provisions for possible credit losses)

	TOTAL
	30 Sept 2008	%	31 Dec 2007	%
Banks	257.9	14.3	247.6	16.0
Corporate	720.1	39.9	572.5	36.9
Finance and insurance	84.4	4.7	48.7	3.1
Wholesale and retail	81.4	4.5	70.6	4.5
Transportation	72.1	4.0	53.4	3.4
Other service sectors	133.0	7.4	117.0	7.5
Construction	19.9	1.1	21.0	1.4
Manufacturing	194.9	10.8	157.5	10.2
Other	134.4	7.4	104.3	6.7
Property Management	245.2	13.6	210.1	13.5
Public Administration	112.7	6.2	87.6	5.6
Households	468.6	26.0	434.0	28.0
Housing loans	357.2	19.8	330.5	21.3
Other	111.4	6.2	103.5	6.7
Total credit portfolio	1 804.5	100.0	1 551.7	100.0
Repos	160.2		227.6
Credit institutions	60.0		97.2
General public	100.2		130.4
Bonds and other interest bearing securities	521.0		530.6

Appendix 3a Capital base of the SEB financial group of undertakings

	30 Sept	31 Dec
SEKm	2008	2007
Total equity according to balance sheet (1)	75 804	76 719
./. Proposed dividend 2007 (excl repurchased shares)		-4 442
./. Estimated dividend for the current year (excl repurchased shares)	-3 339
./. Deductions for investments outside the financial group of undertakings (2)	- 76	- 81
./. Other deductions outside the financial group of undertakings (3)	-2 359	-2 975
=Total equity in the capital adequacy	70 030	69 221
Core capital contribution	11 448	10 907
Adjustment for hedge contracts (4)	280	237
Net provisioning amount for IRB-reported credit exposures (5)	- 150	- 235
Unrealised value changes on available-for-sale financial assets (6)	3 712	572
./. Goodwill (7)	-7 012	-6 079
./. Other intangible assets	-1 574	-1 135
./. Deferred tax assets	- 423	- 786
= Core capital (tier 1)	76 311	72 702
Dated subordinated debt	19 293	18 670
./. Deduction for remaining maturity	-1 943	-1 414
Perpetual subordinated debt	14 357	14 256
Net provisioning amount for IRB-reported credit exposures (5)	- 150	- 235
Unrealised gains on available-for-sale financial assets (6)	1 570	451
./. Deductions for investments outside the financial group of undertakings (2)	- 76	- 81
= Supplementary capital (tier 2)	33 051	31 647
./. Deductions for investments in insurance companies (8)	-10 594	-10 592
./. Deduction for pension assets in excess of related liabilities (9)	-1 117	- 784
= Capital base	97 651	92 973

To note:

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Appendix 3b Capital requirements for the SEB financial group of undertakings

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Capital requirements	30 Sept	31 Dec
SEKm	2008	2007
Credit risk, IRB reported capital requirements
Institutions	5 074	4 506
Corporates (1)	33 343	21 420
Securitisation positions	364	174
Retail mortgages	4 731	3 409
Other exposure classes	524
Total for credit risk, IRB approach	44 036	29 509
Other Basel II reported capital requirements
Credit risk, Standardised approach (2)	10 777	6 227
Operational risk, Basic Indicator approach		3 723
Operational risk, Advanced Measurement approach	3 192
Foreign exchange rate risk	570	580
Trading book risks	3 041	4 010
Total, reporting according to Basel II	61 616	44 049
Reporting according to Basel I
Credit risk		14 859
Foreign exchange rate risk		0
Trading book risks		41
Total, reporting according to Basel I		14 900
Summary
Credit risk	54 813	50 595
Operational risk	3 192	3 723
Market risk	3 611	4 631
Total	61 616	58 949
Adjustment for flooring rules
Additional requirement according to transitional flooring (3)	13 336	8 409
Total reported	74 952	67 358

To note:

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Appendix 3c Capital adequacy analysis

Representing business volume as RWA (risk weighted assets, 12.5 times the capital requirement) the regulatory minima can be expressed as a total capital ratio of at least 8 per cent and a core capital ratio of at least 4 per cent. However, and following the "second pillar" of the new framework, banks are expected to operate above this level. The margin supports SEB's high rating ambitions, covering risks that are not included in the capital adequacy regulation, and representing a buffer for the less benign phases of the business cycle. The Group's internal capital assessment process is based on the long term business plans and utilises SEB's economic capital model, supplemented e.g. with macro economic analysis and stress testing.

	30 Sept	31 Dec
Capital adequacy	2008	2007
Capital resources
Core capital (tier 1)	76 311	72 702
Capital base	97651	92 973
Capital adequacy with risk weighting according to Basel I
Capital requirement	83 614	71 398
Expressed as Risk weighted assets	1045 177	892 473
Core capital ratio	7.3%	8.1%
Total capital ratio	9.3%	10.4%
Capital adequacy quotient (capital base / capital requirement)	1.17	1.30
Capital adequacy as officially reported with transitional rules (Basel II)
Transition floor applied	90%	95%
Capital requirement	74 952	67 358
Expressed as Risk weighted assets	936 906	841 974
Core capital ratio	8.1%	8.6%
Total capital ratio	10.4%	11.0%
Capital adequacy quotient (capital base / capital requirement)	1.30	1.38
Capital adequacy without transitional floor (Basel II)
Capital requirement	61 616	58 949
Expressed as Risk weighted assets	770 200	736 864
Core capital ratio	9.9%	9.9%
Total capital ratio	12.7%	12.6%
Capital adequacy quotient (capital base / capital requirement)	1.58	1.58

The following changes hold compared with 2007 when only SEB AB, SEB AG and SEB Gyllenberg were reported according to Basel II:

IRB reporting of exposures that previously followed Basel I. This mainly relates to retail, corporate and interbank exposures in Latvia, Lithuania and (from the third quarter of 2008) Estonia.

Basel II Standardised reporting of other credit exposures that previously followed Basel I.

Operational risk reporting extended to the entire Group. After supervisory approval, the Group from the second quarter of 2008 reports the capital requirement for operational risk according to the Advance Measurement Approaches. Please note that the SEK 3 723bn reported at year end related to a subset of the SEB Group only; the third-quarter number 3 192 can better be compared with the 5428 reported (following the Basic Indicator approach) at the end of the first quarter 2008.

Overall Basel I RWA increased by 17 per cent since year end while Basel II RWA (before the effect of regulatory floors) increased by 5 per cent. Considering also the lowering of the regulatory floor from 95 per cent of Basel I (2007) to 90 per cent (2008), reported RWA increased from SEK 842bn at year end to SEK 937bn at the reporting date.

Appendix 3 c continued

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IRB reported credit exposures	30 Sept	31 Dec
Average risk weight	2008	2007
Institutions	15.8%	15.1%
Corporates	53.3%	53.4%
Securitisation positions	8.0%	7.4%
Retail mortgages	17.6%	16.1%

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Appendix 4 Market risk

qÜÉ=dêçìéÛë=êáëâ=í~âáåÖ=áå=íê~ÇáåÖ=çéÉê~íáçåë=áë=ãÉ~ëìêÉÇ= Äó=î~äìÉ=~í=êáëâI=s~oK=qÜÉ=dêçìé=Ü~ë=ÅÜçëÉå=~=äÉîÉä=çÑ=VV= éÉê=ÅÉåí=éêçÄ~Äáäáíó=~åÇ=~=íÉåJÇ~ó=éÉêáçÇK=qÜÉ=í~ÄäÉ=ÄÉäçï= ëÜçïë=íÜÉ=êáëâ=Äó=êáëâ=íóéÉK=qÜÉ=ã~êâÉí=íìêÄìäÉåÅÉ=ëÉÉå= ÇìêáåÖ=íÜÉ=ä~ëí=óÉ~ê=Ü~ë=ÅçåíáåìÉÇ=~åÇ=áåÅêÉ~ëÉÇ=áå= ëíêÉåÖíÜ=Ñêçã=ãáÇJpÉéíÉãÄÉêK=bîÉå=íÜçìÖÜ=pb_=Ü~ë=

êÉÇìÅÉÇ=áåíÉêÉëí=ê~íÉ=ÉñéçëìêÉë=áå=íÜÉ=íê~ÇáåÖ=ÄççâI=s~o= äÉîÉä=Ü~ë=áåÅêÉ~ëÉÇ=ÇìÉ=íç=íÜÉ=ÜáÖÜÉê=îçä~íáäáíó=áå=íÜÉ= Ñáå~åÅá~ä=ã~êâÉíëK=^ë=~=ÅçåëÉèìÉåÅÉI=~îÉê~ÖÉ=s~o=Ñçê= áåíÉêÉëí=ê~íÉ=êáëâ=Ü~ë=ãçêÉ=íÜ~å=ÇçìÄäÉÇ=áå=OMMU=Åçãé~êÉÇ= ïáíÜ=íÜÉ=Å~äÉåÇ~ê=óÉ~ê=OMMTK

SEKm	Min	Max	30 Sept 2008	Average 2008	Average 2007
Interest rate risk	57	282	169	136	64
Foreign exchange rate risk	4	71	24	23	21
Equity price risk	18	144	130	70	75
Diversification			-193	-89	-68
Total	69	308	130	140	92

Appendix 5 Profit and loss accounts by division, business area and quarter

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Q 3	Full year
SEKm	2007	2007	2007	2007	2008	2008	2008	2007
Net interest income	3 767	3 939	3 917	4 375	4 223	4 421	4 553	15 998
Net fee and commission income	4 277	4 544	4 101	4 129	3 801	3 909	3 754	17 051
Net financial income	1 311	1 345	163	420	- 161	1 161	- 269	3 239
Net life insurance income	743	642	782	766	713	642	504	2 933
Net other income	95	249	530	345	226	270	163	1 219
Total operating income	10 193	10 719	9 493	10 035	8 802	10 403	8 705	40 440
Staff costs	-3 796	-3 774	-3 564	-3 787	-3 899	-3 993	-3 752	-14 921
Other expenses	-1 678	-1 768	-1 691	-1 782	-1 756	-2 098	-1 820	-6 919
Depreciation of assets	- 328	- 342	- 325	- 359	- 372	- 354	- 398	-1 354
Total operating expenses	-5 802	-5 884	-5 580	-5 928	-6 027	-6 445	-5 970	-23 194
Profit before credit losses etc	4 391	4 835	3 913	4 107	2 775	3 958	2 735	17 246
Gains less losses from assets		- 1	2	787	3	1		788
Net credit losses including change in value
of seized assets	- 234	- 280	- 189	- 313	- 368	- 452	- 725	-1 016
Operating profit	4 157	4 554	3 726	4 581	2 410	3 507	2 010	17 018
Income tax expense	- 895	-1 032	- 625	- 824	- 562	- 699	- 497	-3 376
Net profit continued operations	3 262	3 522	3 101	3 757	1 848	2 808	1 513	13 642
Discontinued operations						1	1
Net profit	3 262	3 522	3 101	3 757	1 848	2 809	1 514	13 642
Attributable to minority interests	4	8	7	5	1	3	4	24
Attributable to equity holders	3 258	3 514	3 094	3 752	1 847	2 806	1 510	13 618

Merchant Banking

Total

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Q 3	Full year
SEKm	2007	2007	2007	2007	2008	2008	2008	2007
Net interest income	1 328	1 377	1 407	1 498	1 525	1 538	1 738	5 610
Net fee and commission income	1 561	1 659	1 364	1 361	1 241	1 470	1 374	5 945
Net financial income	1 164	1 169	31	249	119	936	241	2 613
Net other income	51	183	411	194	44	72	83	839
Total operating income	4 104	4 388	3 213	3 302	2 929	4 016	3 436	15 007
Staff costs	-1 098	-1 172	- 921	-1 055	- 964	-1 105	- 867	-4 246
Other expenses	- 857	- 877	- 887	- 868	- 909	- 937	- 830	-3 489
Depreciation of assets	- 23	- 17	- 19	- 26	- 22	- 21	- 22	- 85
Total operating expenses	-1 978	-2 066	-1 827	-1 949	-1 895	-2 063	-1 719	-7 820
Profit before credit losses etc	2 126	2 322	1 386	1 353	1 034	1 953	1 717	7 187
Gains less losses from assets				2	3		1	2
Net credit losses	- 109	- 115	- 33	- 69	- 29	- 27	- 255	- 326
Operating profit	2 017	2 207	1 353	1 286	1 008	1 926	1 463	6 863

Merchant Banking

Trading and Capital Markets

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Q 3	Full year
SEKm	2007	2007	2007	2007	2008	2008	2008	2007
Net interest income	144	100	163	217	290	253	315	624
Net fee and commission income	636	718	627	655	528	782	594	2 636
Net financial income	1 155	1 156	- 15	186	80	889	357	2 482
Net other income	12	27	283	14	10	14	8	336
Total operating income	1 947	2 001	1 058	1 072	908	1 938	1 274	6 078
Staff costs	- 499	- 547	- 405	- 480	- 430	- 508	- 380	-1 931
Other expenses	- 383	- 384	- 384	- 387	- 414	- 414	- 369	-1 538
Depreciation of assets	- 7	- 6	- 6	- 9	- 6	- 7	- 8	- 28
Total operating expenses	- 889	- 937	- 795	- 876	- 850	- 929	- 757	-3 497
Profit before credit losses etc	1 058	1 064	263	196	58	1 009	517	2 581
Gains less losses from assets			- 1		- 1			- 1
Net credit losses	- 22	- 25	- 38		- 20	- 13	- 68	- 85
Operating profit	1 036	1 039	224	196	37	996	449	2 495

Merchant Banking

Corporate Banking

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Q 3	Full year
SEKm	2007	2007	2007	2007	2008	2008	2008	2007
Net interest income	849	884	856	918	871	884	1 031	3 507
Net fee and commission income	528	532	347	303	316	279	395	1 710
Net financial income	- 14	- 9	22	37	22	29	* - 126	36
Net other income	34	147	123	170	28	56	73	474
Total operating income	1 397	1 554	1 348	1 428	1 237	1 248	1 373	5 727
Staff costs	- 501	- 518	- 421	- 464	- 427	- 482	- 384	-1 904
Other expenses	- 160	- 165	- 188	- 121	- 170	- 185	- 152	- 634
Depreciation of assets	- 14	- 9	- 12	- 14	- 13	- 13	- 13	- 49
Total operating expenses	- 675	- 692	- 621	- 599	- 610	- 680	- 549	-2 587
Profit before credit losses etc	722	862	727	829	627	568	824	3 140
Gains less losses from assets			1	2	4		1	3
Net credit losses	- 87	- 87	7	- 69	- 9	- 14	- 180	- 236
Operating profit	635	775	735	762	622	554	645	2 907

G=m~êíäó=îçä~íáäáíó=áå=ÒÉÅçåçãáÅÒ=ÜÉÇÖÉ=pbh=îÉêëìë=bro=íç=ÄÉ=åÉìíê~äáëÉÇLÅäçëÉÇ=áå=íÜÉ=ÅçãáåÖ=èì~êíÉêëK=

Merchant Banking

Global Transaction Services

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Q 3	Full year
SEKm	2007	2007	2007	2007	2008	2008	2008	2007
Net interest income	335	393	388	363	364	400	394	1 479
Net fee and commission income	397	409	390	403	397	409	384	1 599
Net financial income	23	22	25	25	17	18	10	95
Net other income	5	8	5	10	5	3	3	28
Total operating income	760	832	808	801	783	830	791	3 201
Staff costs	- 98	- 107	- 96	- 110	- 106	- 115	- 105	- 411
Other expenses	- 314	- 328	- 315	- 360	- 325	- 338	- 308	-1 317
Depreciation of assets	- 2	- 2	- 1	- 3	- 3	- 1	- 2	- 8
Total operating expenses	- 414	- 437	- 412	- 473	- 434	- 454	- 415	-1 736
Profit before credit losses etc	346	395	396	328	349	376	376	1 465
Gains less losses from assets
Net credit losses		- 2	- 2				- 7	- 4
Operating profit	346	393	394	328	349	376	369	1 461

Total

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Q 3	Full year
SEKm	2007	2007	2007	2007	2008	2008	2008	2007
Net interest income	2 276	2 429	2 444	2 549	2 551	2 593	2 755	9 698
Net fee and commission income	1 523	1 549	1 510	1 637	1 431	1 430	1 372	6 219
Net financial income	92	114	106	170	95	102	84	482
Net other income	22	35	38	64	23	85	26	159
Total operating income	3 913	4 127	4 098	4 420	4 100	4 210	4 237	16 558
Staff costs	-1 018	-1 045	-1 087	-1 085	-1 154	-1 168	-1 148	-4 235
Other expenses	-1 295	-1 324	-1 253	-1 414	-1 304	-1 348	-1 326	-5 286
Depreciation of assets	- 75	- 87	- 78	- 78	- 77	- 76	- 76	- 318
Total operating expenses	-2 388	-2 456	-2 418	-2 577	-2 535	-2 592	-2 550	-9 839
Profit before credit losses etc	1 525	1 671	1 680	1 843	1 565	1 618	1 687	6 719
Gains less losses from assets			2	2				4
Net credit losses	- 122	- 161	- 146	- 286	- 311	- 440	- 516	- 715
Operating profit	1 403	1 510	1 536	1 559	1 254	1 178	1 171	6 008

Retail Banking

Retail Sweden
SEKm	Q 1 2007	Q 2 2007	Q 3 2007	Q 4 2007	Q 1 2008	Q 2 2008	Q 3 2008	Full year 2007
Net interest income	1 007	1 005	1 018	1 076	1 085	1 135	1 233	4 106
Net fee and commission income	462	415	409	460	393	364	349	1 746
Net financial income	56	77	65	105	57	69	50	303
Net other income	12	13	7	9	10	- 1	5	41
Total operating income	1 537	1 510	1 499	1 650	1 545	1 567	1 637	6 196
Staff costs	- 390	- 403	- 410	- 403	- 450	- 448	- 445	-1 606
Other expenses	- 518	- 527	- 494	- 554	- 509	- 536	- 492	-2 093
Depreciation of assets	- 2	- 13	- 3	- 3	- 3	- 4	- 12	- 21
Total operating expenses	- 910	- 943	- 907	- 960	- 962	- 988	- 949	-3 720
Profit before credit losses etc	627	567	592	690	583	579	688	2 476
Gains less losses from assets
Net credit losses	- 25	- 19	- 22	2	- 10	- 23	- 53	- 64
Operating profit	602	548	570	692	573	556	635	2 412

Retail Estonia

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Q 3	Full year
SEKm	2007	2007	2007	2007	2008	2008	2008	2007
Net interest income	204	218	226	223	211	224	250	871
Net fee and commission income	82	91	88	91	86	90	79	352
Net financial income	13	14	15	22	9	8	9	64
Net other income		5	- 2	18	3	61	2	21
Total operating income	299	328	327	354	309	383	340	1 308
Staff costs	- 48	- 54	- 58	- 60	- 59	- 53	- 57	- 220
Other expenses	- 56	- 59	- 56	- 65	- 72	- 90	- 80	- 236
Depreciation of assets	- 4	- 5	- 5	- 4	- 5	- 5	- 5	- 18
Total operating expenses	- 108	- 118	- 119	- 129	- 136	- 148	- 142	- 474
Profit before credit losses etc	191	210	208	225	173	235	198	834
Gains less losses from assets
Net credit losses	- 12	- 17	- 32	- 153	- 166	- 202	- 60	- 214
Operating profit	179	193	176	72	7	33	138	620

Retail Banking

Retail Latvia
SEKm	Q 1 2007	Q 2 2007	Q 3 2007	Q 4 2007	Q 1 2008	Q 2 2008	Q 3 2008	Full year 2007
Net interest income	190	278	258	265	273	241	240	991
Net fee and commission income	74	89	86	89	44	48	49	338
Net financial income	6	7	11	8	10	7	10	32
Net other income	- 5	- 8	- 5	- 6		3	1	- 24
Total operating income	265	366	350	356	327	299	300	1 337
Staff costs	- 43	- 51	- 51	- 58	- 54	- 59	- 50	- 203
Other expenses	- 73	- 74	- 74	- 86	- 87	- 97	- 89	- 307
Depreciation of assets	- 7	- 8	- 8	- 9	- 9	- 8	- 9	- 32
Total operating expenses	- 123	- 133	- 133	- 153	- 150	- 164	- 148	- 542
Profit before credit losses etc	142	233	217	203	177	135	152	795
Gains less losses from assets
Net credit losses	- 8	- 31	- 28	- 45	- 38	- 47	- 159	- 112
Operating profit	134	202	189	158	139	88	- 7	683

Retail Lithuania

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Q 3	Full year
SEKm	2007	2007	2007	2007	2008	2008	2008	2007
Net interest income	315	380	388	433	412	381	400	1 516
Net fee and commission income	88	108	110	112	91	110	109	418
Net financial income	15	16	16	16	17	16	18	63
Net other income	8	8	3	12	8	3	10	31
Total operating income	426	512	517	573	528	510	537	2 028
Staff costs	- 74	- 70	- 75	- 86	- 85	- 95	- 97	- 305
Other expenses	- 87	- 99	- 94	- 123	- 108	- 114	- 118	- 403
Depreciation of assets	- 9	- 9	- 10	- 10	- 8	- 8	- 9	- 38
Total operating expenses	- 170	- 178	- 179	- 219	- 201	- 217	- 224	- 746
Profit before credit losses etc	256	334	338	354	327	293	313	1 282
Gains less losses from assets			2					2
Net credit losses	- 15	- 44	- 32	- 34	- 19	- 32	- 135	- 125
Operating profit	241	290	308	320	308	261	178	1 159

Retail Banking

Retail Germany

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Q 3	Full year
SEKm	2007	2007	2007	2007	2008	2008	2008	2007
Net interest income	473	471	469	484	480	469	500	1 897
Net fee and commission income	374	350	350	330	340	307	313	1 404
Net financial income				3	3	1	- 3	3
Net other income	6	6	28	16	1	12	11	56
Total operating income	853	827	847	833	824	789	821	3 360
Staff costs	- 293	- 293	- 328	- 308	- 327	- 326	- 329	-1 222
Other expenses	- 416	- 405	- 396	- 410	- 390	- 363	- 397	-1 627
Depreciation of assets	- 44	- 45	- 44	- 43	- 42	- 41	- 32	- 176
Total operating expenses	- 753	- 743	- 768	- 761	- 759	- 730	- 758	-3 025
Profit before credit losses etc	100	84	79	72	65	59	63	335
Gains less losses from assets	- 1			2				1
Net credit losses	- 31	- 16	- 11	- 8	- 27	- 23	- 17	- 66
Operating profit	68	68	68	66	38	36	46	270

Cards

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Q 3	Full year
SEKm	2007	2007	2007	2007	2008	2008	2008	2007
Net interest income	89	77	85	66	90	142	132	317
Net fee and commission income	436	487	462	543	469	508	468	1 928
Net financial income				17				17
Net other income	8	16	12	23	8	13	4	59
Total operating income	533	580	559	649	567	663	604	2 321
Staff costs	- 170	- 173	- 165	- 171	- 179	- 187	- 170	- 679
Other expenses	- 145	- 155	- 141	- 170	- 138	- 150	- 150	- 611
Depreciation of assets	- 8	- 8	- 9	- 9	- 10	- 10	- 10	- 34
Total operating expenses	- 323	- 336	- 315	- 350	- 327	- 347	- 330	-1 324
Profit before credit losses etc	210	244	244	299	240	316	274	997
Gains less losses from assets				1				1
Net credit losses	- 31	- 35	- 19	- 49	- 51	- 112	- 94	- 134
Operating profit	179	209	225	251	189	204	180	864

Wealth Management

Total
	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Q 3	Full year
SEKm	2007	2007	2007	2007	2008	2008	2008	2007
Net interest income	186	198	214	245	242	199	237	843
Net fee and commission income	1 024	1 086	988	979	958	820	784	4 077
Net financial income	14	16	3	46	20	8	14	79
Net other income	6	27	13	40	9	26	3	86
Total operating income	1 230	1 327	1 218	1 310	1 229	1 053	1 038	5 085
Staff costs	- 346	- 314	- 325	- 355	- 383	- 367	- 330	-1 340
Other expenses	- 253	- 243	- 255	- 289	- 288	- 270	- 249	-1 040
Depreciation of assets	- 13	- 21	- 12	- 14	- 24	- 22	- 25	- 60
Total operating expenses	- 612	- 578	- 592	- 658	- 695	- 659	- 604	-2 440
Profit before credit losses etc	618	749	626	652	534	394	434	2 645
Gains less losses from assets		- 1						- 1
Net credit losses	- 4	- 5	- 8	10	- 25	23		- 7
Operating profit	614	743	618	662	509	417	434	2 637

Wealth Management

Institutional Clients

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Q 3	Full year
SEKm	2007	2007	2007	2007	2008	2008	2008	2007
Net interest income	44	41	49	56	56	62	65	190
Net fee and commission income	807	881	776	807	770	638	613	3 271
Net financial income	3	5	6	3	4		- 2	17
Net other income	5	8	11	2	7	- 3		26
Total operating income	859	935	842	868	837	697	676	3 504
Staff costs	- 216	- 184	- 197	- 236	- 242	- 230	- 203	- 833
Other expenses	- 158	- 147	- 160	- 188	- 161	- 160	- 144	- 653
Depreciation of assets	- 5	- 5	- 6	- 6	- 17	- 16	- 18	- 22
Total operating expenses	- 379	- 336	- 363	- 430	- 420	- 406	- 365	-1 508
Profit before credit losses etc	480	599	479	438	417	291	311	1 996
Gains less losses from assets Net credit losses		- 1						- 1
Operating profit	480	598	479	438	417	291	311	1 995

Wealth Management

Private Banking

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Q 3	Full year
SEKm	2007	2007	2007	2007	2008	2008	2008	2007
Net interest income	142	157	166	188	185	138	173	653
Net fee and commission income	215	205	212	172	188	181	173	804
Net financial income	11	12	- 4	44	16	8	15	63
Net other income	1	18	2	40	2	31		61
Total operating income	369	392	376	444	391	358	361	1 581
Staff costs	- 130	- 129	- 128	- 119	- 140	- 137	- 128	- 506
Other expenses	- 94	- 97	- 94	- 103	- 127	- 112	- 103	- 388
Depreciation of assets	- 7	- 16	- 7	- 8	- 7	- 6	- 7	- 38
Total operating expenses	- 231	- 242	- 229	- 230	- 274	- 255	- 238	- 932
Profit before credit losses etc	138	150	147	214	117	103	123	649
Gains less losses from assets
Net credit losses	- 4	- 5	- 8	10	- 25	23		- 7
Operating profit	134	145	139	224	92	126	123	642

Life

Total

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Q 3	Full year
SEKm	2007	2007	2007	2007	2008	2008	2008	2007
Net interest income	- 9	- 6	- 6	- 7	- 16	- 13	- 3	- 28
Net life insurance income	981	907	1 039	1 031	954	883	720	3 958
Net other income
Total operating income	972	901	1 033	1 024	938	870	717	3 930
Staff costs	- 254	- 263	- 249	- 284	- 262	- 285	- 266	-1 050
Other expenses	- 130	- 130	- 149	- 121	- 148	- 132	- 126	- 530
Depreciation of assets	- 130	- 140	- 134	- 144	- 160	- 145	- 149	- 548
Total operating expenses	- 514	- 533	- 532	- 549	- 570	- 562	- 541	-2 128
Profit before credit losses etc	458	368	501	475	368	308	176	1 802
Gains less losses from assets Net credit losses
Operating profit *	458	368	501	475	368	308	176	1 802
Change in surplus values	244	323	275	431	250	227	132	1 273
Business result	702	691	776	906	618	535	308	3 075

* Consolidated in the Group accounts

Other and eliminations

Total
	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Q 3	Full year
SEKm	2007	2007	2007	2007	2008	2008	2008	2007
Net interest income	- 14	- 59	- 142	90	- 79	104	- 174	- 125
Net fee and commission income	169	250	239	152	171	189	224	810
Net financial income	41	46	23	- 45	- 395	115	- 608	65
Net life insurance income	- 238	- 265	- 257	- 265	- 241	- 241	- 216	-1 025
Net other income	16	4	68	47	150	87	51	135
Total operating income	- 26	- 24	- 69	- 21	- 394	254	- 723	- 140
Staff costs	-1 080	- 980	- 982	-1 008	-1 136	-1 068	-1 141	-4 050
Other expenses	857	806	853	910	893	589	711	3 426
Depreciation of assets	- 87	- 77	- 82	- 97	- 89	- 90	- 126	- 343
Total operating expenses	- 310	- 251	- 211	- 195	- 332	- 569	- 556	- 967
Profit before credit losses etc	- 336	- 275	- 280	- 216	- 726	- 315	-1 279	-1 107

Gains less losses from assets 783 1 - 1 783 Net credit losses 1 1 - 2 32 - 3 - 8 46 32 Operating profit - 335 - 274 - 282 599 - 729 - 322 -1 234 - 292

The SEB Group Net fee and commission income

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Q 3	Full year
SEKm	2007	2007	2007	2007	2008	2008	2008	2007
Issue of securities	32	197	45	61	7	91	47	335
Secondary market shares	891	772	779	711	677	899	635	3 153
Secondary market other	177	166	107	148	81	14	19	598
Custody and mutual funds	1 692	1 923	1 787	1 763	1 804	1 664	1 623	7 165
Securities commissions	2 792	3 058	2 718	2 683	2 569	2 668	2 324	11 251
Payments	459	446	440	463	439	464	447	1 808
Card fees	957	1 039	1 010	1 087	1 032	1 108	1 066	4 093
Payment commissions	1 416	1 485	1 450	1 550	1 471	1 572	1 513	5 901
Advisory	499	337	321	316	289	173	329	1 473
Lending	231	326	204	294	185	270	258	1 055
Deposits	27	17	22	23	23	24	25	89
Guarantees	68	62	68	66	67	71	78	264
Derivatives	96	81	94	92	113	116	175	363
Other	226	268	275	235	176	180	168	1 004
Other commissions	1 147	1 091	984	1 026	853	834	1 033	4 248
Total commission income	5 355	5 634	5 152	5 259	4 893	5 074	4 870	21 400
Securities commissions	- 204	- 295	- 208	- 195	- 241	- 275	- 226	- 902
Payment commissions	- 576	- 602	- 576	- 619	- 585	- 631	- 593	-2 373
Other commissions	- 298	- 193	- 267	- 316	- 266	- 259	- 297	-1 074
Commission expense	-1 078	-1 090	-1 051	-1 130	-1 092	-1 165	-1 116	-4 349
Securities commissions	2 588	2 763	2 510	2 488	2 328	2 393	2 098	10 349
Payment commissions	840	883	874	931	886	941	920	3 528
Other commissions	849	898	717	710	587	575	736	3 174
Net fee and commission income	4 277	4 544	4 101	4 129	3 801	3 909	3 754	17 051

The SEB Group

Net financial income

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Q 3	Full year
SEKm	2007	2007	2007	2007	2008	2008	2008	2007
Equity instruments and related derivatives Debt instruments and related derivatives	147 645	126 513	90 - 782	157 - 477	171 -1 164	306 108	489 -1 019	520 - 101
Capital market related	792	639	- 692	- 320	- 993	414	- 530	419
Currency related Other financial instruments	519	706	855	740	832	747	270 - 9	2 820
Net financial income	1 311	1 345	163	420	- 161	1 161	- 269	3 239

Appendix 6 Profit and loss accounts by geography and quarter

Sweden

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Q 3	Full year
SEKm	2007	2007	2007	2007	2008	2008	2008	2007
Total operating income	4 965	5 342	4 506	5 676	5 096	4 850	4 628	20 489
Total operating expenses	-3 157	-3 107	-2 689	-3 312	-3 384	-3 643	-3 276	-12 265
Profit before credit losses etc	1 808	2 235	1 817	2 364	1 712	1 207	1 352	8 224
Gains less losses from assets
Net credit losses	- 13	- 113	- 32	79	- 19	- 38	- 162	- 79
Operating profit	1 795	2 122	1 785	2 443	1 693	1 169	1 190	8 145

Norway

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Q 3	Full year
SEKm	2007	2007	2007	2007	2008	2008	2008	2007
Total operating income	853	701	611	777	560	729	624	2 942
Total operating expenses	- 442	- 387	- 250	- 467	- 323	- 390	- 350	-1 546
Profit before credit losses etc	411	314	361	310	237	339	274	1 396
Gains less losses from assets
Net credit losses	- 37	- 15	- 37	- 5	- 60	- 61	- 39	- 94
Operating profit	374	299	324	305	177	278	235	1 302

Denmark

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Q 3	Full year
SEKm	2007	2007	2007	2007	2008	2008	2008	2007
Total operating income	754	664	706	699	604	492	521	2 823
Total operating expenses	- 356	- 433	- 361	- 405	- 356	- 385	- 332	-1 555
Profit before credit losses etc	398	231	345	294	248	107	189	1 268
Gains less losses from assets
Net credit losses		- 8	- 8	- 20	- 23	- 24	- 30	- 36
Operating profit	398	223	337	274	225	83	159	1 232

Finland

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Q 3	Full year
SEKm	2007	2007	2007	2007	2008	2008	2008	2007
Total operating income	247	296	282	352	281	348	303	1 177
Total operating expenses	- 137	- 160	- 136	- 156	- 152	- 176	- 161	- 589
Profit before credit losses etc	110	136	146	196	129	172	142	588
Gains less losses from assets
Net credit losses	- 4	- 2	- 1	- 2	- 2	- 4	- 2	- 9
Operating profit	106	134	145	194	127	168	140	579

Germany

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Q 3	Full year
SEKm	2007	2007	2007	2007	2008	2008	2008	2007
Total operating income	1 620	1 676	1 334	1 518	1 356	1 921	1 139	6 148
Total operating expenses	-1 140	-1 148	-1 231	-1 291	-1 210	-1 155	-1 186	-4 810
Profit before credit losses etc	480	528	103	227	146	766	- 47	1 338
Gains less losses from assets		- 1	- 1	1	2			- 1
Net credit losses	- 149	- 51	- 16	- 125	- 40	- 31	- 108	- 341
Operating profit	331	476	86	103	108	735	- 155	996

Estonia

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Q 3	Full year
SEKm	2007	2007	2007	2007	2008	2008	2008	2007
Total operating income	388	445	400	427	328	503	400	1 660
Total operating expenses	- 151	- 169	- 155	- 174	- 137	- 215	- 171	- 649
Profit before credit losses etc	237	276	245	253	191	288	229	1 011
Gains less losses from assets				298				298
Net credit losses	- 12	- 17	- 32	- 158	- 166	- 202	- 61	- 219
Operating profit	225	259	213	393	25	86	168	1 090

Latvia

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Q 3	Full year
SEKm	2007	2007	2007	2007	2008	2008	2008	2007
Total operating income	329	424	426	470	410	388	393	1 649
Total operating expenses	- 137	- 149	- 146	- 170	- 176	- 187	- 171	- 602
Profit before credit losses etc	192	275	280	300	234	201	222	1 047
Gains less losses from assets			1	256				257
Net credit losses	- 8	- 30	- 28	- 46	- 39	- 47	- 171	- 112
Operating profit	184	245	253	510	195	154	51	1 192

Lithuania

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Q 3	Full year
SEKm	2007	2007	2007	2007	2008	2008	2008	2007
Total operating income	508	609	593	676	597	633	659	2 386
Total operating expenses	- 195	- 202	- 215	- 264	- 232	- 264	- 268	- 876
Profit before credit losses etc	313	407	378	412	365	369	391	1 510
Gains less losses from assets			2	232				234
Net credit losses	- 12	- 43	- 33	- 35	- 18	- 35	- 139	- 123
Operating profit	301	364	347	609	347	334	252	1 621

Other countries and eliminations

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Q 3	Full year
SEKm	2007	2007	2007	2007	2008	2008	2008	2007
Total operating income	529	562	635	- 560	- 430	539	38	1 166
Total operating expenses	- 87	- 129	- 397	311	- 57	- 30	- 55	- 302
Profit before credit losses etc	442	433	238	- 249	- 487	509	- 17	864
Gains less losses from assets					1	1
Net credit losses	1	- 1	- 2	- 1	- 1	- 10	- 13	- 3
Operating profit	443	432	236	- 250	- 487	500	- 30	861

SEB Group Total

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Q 3	Full year
SEKm	2007	2007	2007	2007	2008	2008	2008	2007
Total operating income	10 193	10 719	9 493	10 035	8 802	10 403	8 705	40 440
Total operating expenses	-5 802	-5 884	-5 580	-5 928	-6 027	-6 445	-5 970	-23 194
Profit before credit losses etc	4 391	4 835	3 913	4 107	2 775	3 958	2 735	17 246
Gains less losses from assets		- 1	2	787	3	1		788
Net credit losses	- 234	- 280	- 189	- 313	- 368	- 452	- 725	-1 016
Operating profit	4 157	4 554	3 726	4 581	2 410	3 507	2 010	17 018

Appendix 7 Skandinaviska Enskilda Banken (parent company)

Income statement – Skandinaviska Enskilda Banken

In accordance with SFSA regulations	Q3	Q2		Q3			Jan - Sep		Full year
SEKm	2008	2008	%	2007	%	2008	2007	%	2007
Interest income	12 370	12 171	2	12 450	-1	35 862	34 796	3	43 913
Leasing income	1 562	1 629	-4	242		4 699	691		6 154
Interest expense	-10 658	-10 601	1	-11 408	-7	-31 152	-31 621	-1	-38 464
Net interest income 1)
Dividends received	8	2 232	-100	1 203	-99	2 253	1 843	22	3 925
Commission income 2)	1 881	1 778	6	1 916	-2	5 509	6 338	-13	8 455
Commission costs 2)	- 376	- 304	24	- 342	10	- 999	- 980	2	-1 331
Net commission income 2)	1 505	1 474	2	1 574	-4	4 510	5 358	-16	7 124
Net financial income 3)	- 137	774	-118	277	-149	680	2 250	-70	2 490
Other operating income	319	218	46	645	-51	790	1 177	-33	658
Total income	4 969	7 897	-37	4 983	0	17 642	14 494	22	25 800
Staff costs	-2 136	-2 204	-3	-2 133	0	-6 672	-6 451	3	-8 611
Other administrative and operating costs	-1 088	-1 245	-13	- 972	12	-3 351	-2 901	16	-3 978
Depreciation of assets	-1 168	-1 223	-4	- 108		-3 534	- 310		-4 847
Total costs	-4 392	-4 672	-6	-3 213	37	-13 557	-9 662	40	-17 436
Profit/loss from banking operations before
credit losses	577	3 225	-82	1 770	-67	4 085	4 832	-15	8 364
Net credit losses 4)	- 187	- 17		- 41		- 209	- 83	152	- 24
Change in value of seized assets
Impairment financial assets	- 35	- 3		- 5		- 48	- 72	-33	- 106
Operating profit	355	3 205	-89	1 724	-79	3 828	4 677	-18	8 234
Pension compensation	104	103	1	86	21	306	264	16	362
Profit before appropriation and tax	459	3 308	-86	1 810	-75	4 134	4 941	-16	8 596
Other appropriations	1 249	- 89		- 91		1 071	- 271		- 520
Current tax	- 63	- 61	3	- 213	-70	- 329	- 309	6	- 800
Deferred tax				151	-100		- 153	-100	209
Net profit	1 645	3 158	-48	1 657	-1	4 876	4 208	16	7 485

1) Net interest income - Skandinaviska Enskilda Banken

	Q3	Q2		Q3			Jan - Sep		Full year
SEKm	2008	2008	%	2007	%	2008	2007	%	2007
Interest income	12 370	12 171	2	12 450	-1	35 862	34 796	3	43 913
Leasing income	1 562	1 629	-4	242		4 699	691		6 154
Interest costs	-10 658	-10 601	1	-11 408	-7	-31 152	-31 621	-1	-38 464
Leasing depreciation	-1 128	-1 190	- 5	- 82		-3 427	- 233		-4 735
Net interest income	2 146	2 009	7	1 202	79	5 982	3 633	65	6 868

2) Net fee and commission income - Skandinaviska Enskilda Banken

	Q3	Q2		Q3			Jan - Sep		Full year
SEKm	2008	2008	%	2007	%	2008	2007	%	2007
Securities commissions	936	976	- 4	1 061	- 12	2 960	3 579	- 17	4 787
Payment commissions	317	317		310	2	948	959	- 1	1 279
Other commissions	628	485	29	545	15	1 601	1 800	- 11	2 389
Commission income	1 881	1 778	6	1 916	- 2	5 509	6 338	- 13	8 455
Securities commissions	- 68	- 64	6	- 70	- 3	- 200	- 188	6	- 260
Payment commissions	- 132	- 114	16	- 123	7	- 364	- 385	- 5	- 520
Other commissions	- 176	- 126	40	- 149	18	- 435	- 407	7	- 551
Commission expense	- 376	- 304	24	- 342	10	- 999	- 980	2	-1 331
Securities commissions, net	868	912	- 5	991	- 12	2 760	3 391	- 19	4 527
Payment commissions, net	185	203	- 9	187	- 1	584	574	2	759
Other commissions, net	452	359	26	396	14	1 166	1 393	- 16	1 838
Net fee and commission income	1 505	1 474	2	1 574	- 4	4 510	5 358	- 16	7 124

3) Net financial income - Skandinaviska Enskilda Banken

	Q3	Q2		Q3		Jan - Sep		Full year
SEKm	2008	2008	%	2007	%	2008	2007	%	2007
Equity instruments and related derivatives	322	213	51	34		637	183		587
Debt instruments and related derivatives	- 416	- 32		- 474	-12	-1 160	436		- 104
Capital market related	- 94	181	-152	- 440	-79	- 523	619	-184	483
Currency-related	- 43	593	-107	717	-106	1 203	1 631	-26	2 007
Net financial income	- 137	774	-118	277	-149	680	2 250	-70	2 490

4) Net credit losses - Skandinaviska Enskilda Banken

	Q3	Q2		Q3			Jan - Sep		Full year
SEKm	2008	2008	%	2007	%	2008	2007	%	2007
Provisions:
Net collective provisions	- 15	- 5	200	- 33	-55	- 9	- 57	-84	38
Specific provisions	- 156	- 6		- 1		- 174	- 5		- 51
Reversal of specific provisions no longer
required	11	6	83	1		20	4		25
Net provisions for contingent liabilities				- 1	-100
Net provisions	- 160	- 5		- 34		- 163	- 58	181	12
Write-offs:
Total write-offs	- 46	- 28	64	- 35	31	- 137	- 114	20	- 160
Reversal of specific provisions utilized for
write-offs	9	9		17	-47	65	48	35	53
Write-offs not previously provided for	- 37	- 19	95	- 18	106	- 72	- 66	9	- 107
Recovered from previous write-offs	10	7	43	11	-9	26	41	-37	71
Net write-offs	- 27	- 12	125	- 7		- 46	- 25	84	- 36
Net credit losses	- 187	- 17		- 41		- 209	- 83	152	- 24
Change in value of seized assets
Net credit losses incl. change in value of
seized assets	- 187	- 17		- 41		- 209	- 83	152	- 24

Balance sheet - Skandinaviska Enskilda Banken

Condensed	30 September		31 December 30 September
SEKm	2008	2007	2007
Cash and cash balances with central banks	4 353	1 758	2 630
Loans to credit institutions	320 590	357 482	471 157
Loans to the public	706 563	637 138	377 698
Financial assets at fair value	369 421	367 985	393 762
Available-for-sale financial assets	116 885	62 085	36 465
Held-to-maturity investments	2 963	3 348	4 235
Investments in associates	1 149	1 063	1 013
Shares in subsidiaries	54 624	51 936	56 091
Tangible and intangible assets	37 210	35 497	15 933
Other assets	32 423	41 027	30 088
Total assets	1 646 181	1 559 319	1 389 072
Deposits by credit institutions	399 229	367 699	376 762
Deposits and borrowing from the public	428 764	412 499	414 467
Debt securities	424 592	408 002	257 004
Financial liabilities at fair value	233 448	201 761	199 792
Other liabilities	59 365	67 093	53 152
Provisions	241	271	302
Subordinated liabilities	44 793	43 046	37 772
Untaxed reserves	17 946	19 016	12 357
Total equity	37 803	39 932	37 464
Total liabilities and shareholders' equity	1 646 181	1 559 319	1 389 072

Memorandum items - Skandinaviska Enskilda Banken

	30 September		31 December 30 September
SEK m	2008	2007	2007
Collateral and comparable security pledged for own liabilities	210 959	146 563	195 861
Other pledged assets and comparable collateral	62 207	73 510	57 607
Contingent liabilities	60 079	50 909	50 419
Commitments	281 535	259 024	224 082

Statement of changes in equity - Skandinaviska Enskilda Banken

	Reserve for cash flow	Reserve for afs financial	Share	Restricted	Retained
SEKm	hedges	assets	capital	reserves	earnings	Total
Jan-Sep 2008
Opening balance Change in market value	190 -76	- 408 - 2 797	6,872	12,260	21 018	39 932 - 2 873
Recognised in income statement	4	- 10				- 6
Translation difference					- 56	- 56
Net income recognised directly in equity	-72	-2,807			-56	-2,935
Net profit					4 876	4 876
Total recognised income	-72	-2,807			4,820	1,941
Dividend to shareholders					- 4 466	- 4 466
Dividend, own holdings of shares					15	15
Group contributions net after tax					487	487
Neutralisation of PL impact and utilisation of
employee stock options*					144	144
Eliminations of repurchased shares for employee
stock option programme**					182	182
Other changes					- 432	- 432
Closing balance	118	- 3 215	6 872	12 260	21 768	37 803
Jan-Dec 2007
Opening balance	367	212	6,872	12,804	15 558	35 813
Change in market value	-163	- 653				- 816
Recognised in income statement	-14	33				19
Translation difference					- 36	- 36
Net income recognised directly in equity	-177	-620			-36	-833
Net profit					7 485	7 485
Total recognised income	-177	-620			7,449	6,652
Effect of merger of SEB BoLån and SEB Finans					399	399
Dividend to shareholders					- 4 123	- 4 123
Dividend, own holdings of shares					44	44
Group contributions net after tax					806	806
Neutralisation of PL impact and utilisation of
employee stock options*					- 428	- 428
Eliminations of repurchased shares for employee
stock option programme**					897	897
Other changes				-544	416	- 128
Closing balance	190	- 408	6 872	12 260	21 018	39 932
Jan-Sep 2007
Opening balance	367	212	6,872	12,804	15 558	35 813
Change in market value	- 113	- 163				- 276
Recognised in income statement		- 6				- 6
Translation difference					- 31	- 31
Net income recognised directly in equity	-113	-169			-31	-313
Net profit					4 208	4 208
Total recognised income	-113	-169			4,177	3,895
Dividend to shareholders					- 4 123	- 4 123
Dividend, own holdings of shares					44	44
Group contributions net after tax					1 428	1 428
Neutralisation of PL impact and utilisation of
employee stock options*					- 457	- 457
Eliminations of repurchased shares for employee
stock option programme**					864	864
Other changes				369	- 369
Closing balance	254	43	6 872	13 173	17 122	37 464

* Includes changes in nominal amounts of equity swaps used for hedging of stock option programmes.

** As of 31 December 2007 SEB owned 3.7 million Class A shares for the employee stock option programme. The acquisition cost for these shares is deducted from shareholders' equity. During 2008 1.4 million net of these shares have been sold as employee stock options have been exercised. Thus, as of 30 September SEB owned 2.3 million Class A-shares with a market value of SEK 237m for hedging of the long-term incentive programmes.

Cash flow analysis - Skandinaviska Enskilda Banken

	Jan - Sep		Full year
SEKm	2008	2007	%	2007
Cash flow from the profit and loss statement	2 386	4 514	-47	9 831
Increase (-)/decrease (+) in portfolios	-3 045	-6 062	-50	2 338
Increase (+)/decrease (-) in issued short term securities	6 491	63 112	-90	84 144
Increase (-)/decrease (+) in lending to credit institutions	30 583	6 519		-87 515
Increase (-)/decrease (+) in lending to the public	-69 746	-44 774	56	-56 939
Increase (+)/decrease (-) in liabilities to credit institutions	31 530	44 390	-29	35 327
Increase (+)/decrease (-) in deposits and borrowings from the public	16 265	25 341	-36	23 373
Change in other balance sheet items	-26 087	9 748		6 627
Cash flow, current operations	-11 623	102 788	-111	17 186
Cash flow, investment activities	-4 040	1 935		-15 971
Cash flow, financing activities	7 395	13 019	-43	49 340
Cash flow	-8 268	117 742	-107	50 555
Liquid funds at beginning of year	139 767	89 198	57	89 198
Exchange difference in liquid funds	4 554	- 6		14
Cash flow	-8 268	117 742	-107	50 555
Liquid funds at end of period1)	136 053	206 934	-34	139 767

Only liquid funds have been adjusted for exchange rate differences.

1) Cash and cash equivalents at end of period is defined as Cash and cash balances with central banks and Loans to credit institutions - payable on demand.

Derivative contracts - Skandinaviska Enskilda Banken

30 September 2008
	Derivatives with positive	Derivatives with negative
Book value, SEK m	amounts	amounts
Interest-related	63 353	55 142
Currency-related	73 387	65 584
Equity-related	5 297	6 182
Other	10 436	464
Total	152 473	127 372