SEB — Interim / Quarterly Report 2009

Oct 21, 2009

Interim report Jan - Sept 2009

STOCKHOLM 21 OCTOBER 2009

The first three quarters – operating profit SEK 2.8bn (8.4)

• Profit before provisions for credit losses amounted to SEK 12,068m (9,967), an increase of 21 per cent. Adjusted for goodwill impairment and capital gains, profit before losses rose by 38 per cent.
• Operating profit amounted to SEK 2,808m (8,443) and net profit to SEK 894m (6,543).
• Operating income increased by 21 per cent. Net interest income rose by 20 per cent and Net fee and commission income dropped by 8 per cent. Net other income included a capital gain of SEK 1.3bn.
• Operating expenses, excluding goodwill impairment charges of SEK 3.0bn, were up by 5 per cent.
• Provisions for credit losses were SEK 9,288m (1,528); the net credit provision level 0.91 per cent (0.19).
• Return on equity was 1.2 per cent (11.6) and earnings per share SEK 0.57 (6.75).
• The core Tier 1 capital ratio was 11.8 per cent and the Tier 1 capital ratio 13.5 per cent.

The third quarter – SEB's operating profit SEK 0.4bn (2.5)

• Profit before provisions for credit losses amounted to SEK 3,720bn (3,242). Operating profit amounted to SEK 388m (2,526) and net profit to SEK 37m (1,886).
• Operating income was up by 6 per cent compared with the corresponding quarter in 2008, but was down by 26 per cent from the previous quarter.
• Operating expenses were marginally higher than in the corresponding quarter of 2008 and 9 per cent lower than in the previous quarter, adjusted for goodwill impairment charges.

"We have further strengthened our financial position. In combination with emerging signs of economic stability and better functioning financial markets, SEB has decided not to apply for prolongation of the Swedish Funding Guarantee Programme. SEB has not utilised the Programme. We see continued stability in the Nordic region and decelerating growth of non-performing loans in the Baltic countries."

Annika Falkengren

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President's comment

It has now been two years since the financial crisis started in earnest and subsequently accelerated with the bankruptcy of Lehman Brothers. During the ensuing twelve months, the world grappled with rapidly widening credit spreads, extreme volatility in capital markets and the sudden withdrawal of liquidity from the marketplace.

With the recovery of equity and debt markets during the last six months and the return of credit spreads to levels last seen before Lehman Brothers defaulted, we are approaching an end to the acute phase of the financial crisis. Global growth in the real economy is subdued and the recovery will not be free from setbacks – it is still dependent on both central bank liquidity measures and government stimulus packages.

Diversification serves us well in seasonally slow quarter

Even if the third quarter is typically slower due to the effects of the summer months, SEB's result is solid evidence of our position as a relationship bank. So this quarter, perhaps more than ever, I want to underline SEB's diversified business mix and the breadth and width of our franchise. Our wholesale position in the Nordic market is unique and was confirmed once again by Prospera who ranked SEB as overall number one in corporate finance in each of the Nordic countries.

Customer activity remained high in Merchant Banking. The Life and Private Banking businesses recorded sturdy profits. At the same time, measures have been taken to strengthen the balance sheet by an extended long-term funding. The operating profit before provisions for credit losses dropped to SEK 3,720m, 11 per cent lower than the previous quarter. Excluding goodwill impairments and capital gains, operating profit before provisions for credit losses for the first nine months of 2009 was SEK 13,756m, an increase of 38 per cent.

A strong balance sheet following further measures

Through the further balance sheet measures during the quarter, we have now established a strong financial position. The core Tier 1 capital ratio was 11.8 per cent and the Tier 1 capital ratio 13.5 per cent. Next year is already pre-financed after having raised SEK 130bn of long-term funds during the year at an additional funding cost of SEK 600m so far (SEK 100m in the second quarter and SEK 500m in the third).

Our financial position, in combination with emerging signs of economic stability and better functioning financial markets, form the background for the decision not to apply for prolongation of the Swedish Funding Guarantee Programme. SEB has not utilised the Programme.

Improved productivity

The efforts to increase productivity continue. SEK 1,610m have been realized in cost-efficiency gains since the start of the cost-management programme in 2007. Over the last year we have reduced cost per transaction by 9 per cent. Since year-end, the number of staff has decreased by 1,219 full time employees, while income has increased.

Signs of stabilisation in the Baltic countries

The economic situation in the Baltic countries remains challenging but we are beginning to see signs of stabilisation. The slowing trend in new past due volumes first seen in the second quarter can now be confirmed non-perfoming loans have increased by only 5 per cent this quarter. The net credit loss level was 6 per cent, unchanged from the previous quarter. We see an emerging trend shift as specific provisions clearly exceeded collective provisions. Also, portfolio reviews and a slow-down of new high risk volumes indicate an emerging trend shift. The reserve ratio in the Baltic countries remained at 69 per cent.

Asset quality remained stable outside Eastern Europe with provisions for net credit losses below 0.30 per cent.

New regulation, new challenges

A new financial landscape is no doubt emerging. The leaders of the G20 nations have met and mapped out a road to recovery. It is a road which involves many industry-wide changes requiring higher capitalisation, more transparency as well as liquidity and countercyclical capital buffers.

While I am supportive of a more robust banking system which is more in line with traditional sound banking practices, banking is all about taking and managing risks. Effective risk and principle-based frameworks are ultimately more important than having more detailed regulation.

The Group

Third quarter isolated

SEB's profit before provisions for credit losses for the third quarter amounted to SEK 3,720m (3,242), an increase of 15 per cent compared with the corresponding quarter of 2008. In comparison with the previous quarter, profit before losses dropped by 11 per cent, partly due to seasonal effects. The third quarter is normally the weakest quarter of the year.

In order to facilitate comparisons with the previous quarter - which included both goodwill impairment charges relating to the Baltic countries and Russia and a capital gain on repurchased subordinated debt - income and costs have been adjusted in the table below.

Operative income statement	03	02		03
SEK m	2009	2009	%	2008	%
Operating income	9 7 3 5	11874	-18	9 2 1 2	6
Operating expenses	$-6015$	$-6618$	$-9$	$-5970$
Pre-provision operating profit	3720	5 2 5 6 - 29		3 2 4 2	15
Net tangible and intangible assets	3	23	-87
Net credit losses	$-3335$	$-3567$	$-7$	$-716$
Operating profit ongoing business	388	1712	$-77$	2526	-85
Capital gain on subordinated debt		1 300
Goodwill impairment		$-2394$
Operating profit	388	618	-37	2526	-85

Operating profit amounted to SEK 388m (2,526), including a negative foreign exchange rate effect of SEK 60m. Net profit (after tax) was SEK 37m (1,886).

Income

Total operating income amounted to SEK 9,735m (9,212). This was an improvement of 6 per cent compared with the third quarter of last year, including a positive foreign exchange translation effect of SEK 318m. In comparison with the second quarter of 2009, operating income was down 26 per cent, including a negative foreign exchange effect of SEK 167m. Operating income includes negative income effects of SEK 620m, which are related to decisions to strengthen the balance sheet, primarily related to extended funding duration and reduced bond portfolios.

Net interest income was marginally lower than in the corresponding quarter of 2008 and 16 per cent down from the previous quarter, mainly due to SEK 400m in additional cost for extending funding duration and SEK 350m lower return on the bond investment portfolio.

Customer-driven net interest income dropped by SEK 183m on a twelve-month basis and by SEK 305m from the previous quarter, mainly due to falling deposit margins. Net interest income from other activities, mainly the bond investment portfolio, other trading and treasury, was up by SEK 149m compared with the corresponding quarter of 2008 and down by SEK 546m from the previous quarter.

Net fee and commission income decreased by 5 per cent compared with the corresponding quarter of last year and by 6 per cent compared with the second quarter of 2009. This was an effect of lower securities commissions and

fewer new issues reflecting the summer period.

Net financial income increased to SEK 946m (247), partly due to higher foreign exchange and fixed income activities. Also, a SEK 540m loss on Lehman was included in the third quarter of last year. The valuation gain in the investment portfolio was SEK 22m (55). Compared with the previous quarter, net financial income decreased by 36 per cent due to normal seasonality and lower volatility.

Net life insurance income rose by 70 per cent, or SEK 353m, compared with the third quarter of 2008. This was mainly due to higher market values and to a lesser degree recovered provisions for traditional portfolio guarantees.

Net other income was negative in the third quarter due to the cost of SEK 220m related to the sales of bonds in Treasury's Available-for-Sale portfolio. In the previous quarter. Net other income included a capital gain of SEK $1.3_hn$

Expenses

Total operating expenses amounted to SEK 6,015m (5,970), up 1 per cent compared with the corresponding quarter of 2008 and down 9 per cent from the previous quarter, excluding goodwill impairments of SEK 2,394m during that period. Adjusted also for currency translation effects, operating expenses were down by 2 per cent compared with the third quarter last year and by 8 per cent in relation to the previous quarter.

Staff costs were flat compared with the corresponding quarter last year and down by 12 per cent compared with the previous quarter. Provisions for short- and long-term performance-related remuneration at SEK 317m were reduced by 51 per cent from the previous quarter.

Net of credit provisions and losses

Net credit losses increased to SEK 3,335m (716). The net credit loss level rose to 0.98 per cent (0.27). Provisions made for the Baltic region amounted to SEK 2,642m (367), 79 per cent of the Group's total, corresponding to a net credit loss level of 6.00 per cent, unchanged from the previous quarter.

Individually assessed impaired loans increased by SEK 1,679m, or 10 per cent, during the quarter. The quarterly increase in the Baltic region was SEK 2,615m, or 32 per cent. Impaired loans in Germany and the Nordic countries decreased. SEK 525m of non-performing loans in Ukraine were moved to the past due portfolio assessed loans.

The Group's past due portfolio assessed loans (homogeneous groups) rose by SEK 546m, or 9 per cent, during the quarter. The quarterly increase in the Baltic region was SEK 15m. The increase outside the Baltic countries related mainly to Ukraine and consumer lending in Norway.

The first three quarters of 2009

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Operative income statement		Jan - Sep
SEK m	2009	2008	%
Operating income	33 039	28 409	16
Operating expenses	-19 283	-18 442	5
Pre-provision operating profit	13 756	9 967	38
Net tangible and intangible assets	28	4
Net credit provisions	-9 288	-1 528
Operating profit ongoing business	4 496	8 443	-47
Capital gain on subordinated debt	1 300
Impairment of goodwill	-2 988
Operating profit	2 808	8 443	-67

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Income

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Expenses

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Net of credit provisions and losses

qÜÉ=dêçìéÛë=åÉí=ÅêÉÇáí=äçëëÉë=áåÅêÉ~ëÉÇ=íç=pbh=VIOUUã= ENIROUFI=äÉ~ÇáåÖ=íç=~=åÉí=ÅêÉÇáí=äçëë=äÉîÉä=çÑ=MKVN=éÉê=ÅÉåí= $(0.19)$ . The total reserve ratio for individually assessed impaired loans increased to 72.2 percent compared with 68.5 per cent at year-end 2008.

Higher collective provisions to meet the deteriorating Baltic economies increased the total provisions for credit losses in the region to SEK 6,985m (857). Collective provisions accounted for 35 per cent. The net credit loss level in the Baltic countries was 5.29 per cent (0.85).

Net credit provisions and losses in Sweden increased to SEK 875m (219) and in the other Nordic countries to SEK 325m (245). In Ukraine, SEB provisioned SEK 487m and in Russia SEK 31m, equal to a net credit loss level of 20.78 $(1.33)$ and 1.70 per cent $(0.17)$ , respectively.

Individually assessed impaired loans more than doubled, to SEK 18,369m (8,154), compared with a year ago. This corresponded to a level of impaired loans of net 0.70 per cent $(0.28)$ and gross 1.26 per cent $(0.53)$ . The level of impaired loans in the Baltic countries was net 4.44 per cent $(0.35)$ and gross 7.00 per cent $(0.82)$ .

The Group's past due portfolio assessed loans (homogeneous groups) amounted to SEK 6,939m (2,437). In the Baltic region, these loans amounted to SEK 4,366m.

Tax costs

Total tax amounted to SEK 1,923m (1,902). The total tax rate of 68 per cent reflects the non-tax deductibility of the goodwill impairment charges, which added 20 percentage points to the effective tax rate. Furthermore, it is affected by the increased credit provisions in the Baltic countries, where tax rates are between 0-20 per cent.

Rusiness volumes

The Group's total balance sheet of SEK 2,233bn as per 30 September represented a decrease of 11 per cent since yearend 2008. Lending to banks decreased, while lending to and deposits from the public dropped by 7 and 10 per cent, respectively. Negative currency effects amounted to SEK 92bn.

SEB's total credit exposure decreased, to SEK 1,753bn (1,934 at year-end) during the first nine months. Currency translation effects explain a third of the decrease. Two thirds are due to reduced corporate and property management customer demand, partly offset by higher Nordic household lending. The Baltic banks' lending decreased by 15 per cent during the year.

SEB's total net positions in fixed-income securities for investment, treasury and client trading purposes decreased to SEK 280bn (338) excluding excess liquidity invested in certificates issued by the Swedish National Debt Office.

As of 30 September 2009, assets under management amounted to SEK 1,295bn (1,201 at year-end 2008). Net inflow during the period was SEK 20bn (34), while the change in value was SEK 74bn (-177). SEB's share of total net sales in Sweden improved. Assets under custody amounted to SEK 4,743bn (3,891).

Bond investment portfolio

As per 30 September, the bond investment portfolio of Merchant Banking had decreased to SEK 97bn from SEK 130bn a year earlier. The holdings of structured credits in the investment portfolio amounted to SEK 50bn (63) and the holdings of covered bonds and bonds issued by financial institutions in the investment portfolio amounted to SEK 47bn (67). The foreign exchange translation effects were limited after the SEK appreciation in the quarter. The valuation gains and $\frac{1}{\sqrt{2}}$ are shown below.

Bond investment	QЗ	02	Q3	Jan - Sep
portfolio, SEK m	2009	2009	2008	2009	2008
Structured credits	28	26	27	$-449$	$-808$
Financial institutions	$-7$	$-7$	84	26	$-20$
Covered bonds etc.	1		- 56	10	$-54$
Income effect	22	19	55	$-413$	- 882
Structured credits	259	225	$-184$	457	$-1188$
Financial institutions	144	90	$-113$	454	$-603$
Covered bonds etc.	727	248	- 338	341	$-531$
Equity effect	1 1 3 0	563	- 635	1 2 5 2	$-2322$
Total	1 152	582	- 580	839	$-3204$

The fair value losses during the first nine months of 2009 on securities, classified as loans and receivables in the bond investment portfolio, would have amounted to SEK 864m had they not been reclassified during the autumn 2008.

Based on SEB's long-term investment view, risk management has been focused on limiting further income volatility. Thus, and including the reclassification within the portfolio, the Held-for-Trading holdings decreased to SEK 3bn (9), the Available-for-Sale holdings to SEK 15bn (32) and securities classified as Loans and Receivables to SEK 79bn (89).

Under prevailing credit market conditions, SEB views material defaults on the holdings in the investment portfolio as unlikely. The risk for impairment charges has increased in the structured credits portfolio but is deemed unlikely to be material.

74.7 per cent of the holdings of structured credits in the investment portfolio are AAA-rated and 7.6 per cent have a sub-investment grade rating. There are no impaired assets in the portfolio and no 'level 3' assets. The current average remaining life of the holdings is approximately four years and the current annual amortisation rate is about SEK 9bn.

68 per cent of the structured credits are related to the European markets, 31 per cent to the U.S. market while other markets make up 1 per cent. 62 per cent of the bonds issued by financial institutions involve European, 33 per cent U.S. and 5 per cent Australian institutions. 100 per cent of the holdings of covered bonds are European.

Market risk

During the first three quarters of 2009, the Group's Value at Risk in the trading operations averaged SEK 106m (151) during the calendar year 2008). 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

The funding markets, which have been severely disrupted since September 2008, have gradually returned to a more normal situation. Also, credit spreads have narrowed considerably during the year. With a loan-to-deposit ratio of 153 per cent, excluding reclassified bond portfolios, and having raised the equivalent of SEK 130bn of long-term funding during the first nine months of 2009, SEB has continued to extend its funding duration, even after restoring its maturity profile to the situation a year ago. The accumulated additional funding cost during the year is estimated at SEK 600m (SEK 100m in the second quarter and SEK 500m in the third).

On 30 September, the matched funding of net cash inflows and outflows was over 15 months. SEB continued to maintain a large pool of assets eligible for pledging with central banks in excess of SEK 200bn.

No securities have been issued under the Swedish Funding Guarantee Programme.

Capital position

As per 30 September 2009, the Group's Basel II risk weighted assets (RWA) amounted to SEK 747bn, leading to a Tier 1 capital ratio of 13.5 per cent (10.1) and a core Tier 1 capital ratio of 11.8 per cent (8.6). The total capital ratio was 15.2 per cent (12.8).

SEB's SEK 15.1bn rights issue, completed by the end of April, contributed to these strong ratios. The Tier 1 capital has been further strengthened by the capital gain of SEK 1.3bn from the completed tender to buy back GBP 400m of subordinated debt at 75 per cent of face value during the second quarter. The tender reduced the capital base by SEK 3.9bn.

The goodwill impairment related to SEB's Eastern European business in the first half of the year was neutral to the Tier 1 capital and the capital base, since goodwill is already deducted from Tier 1 capital.

Risk-weighted assets decreased by SEK 70bn, or 9 per cent, during the first nine months of 2009. The stronger Swedish krona caused risk-weighted assets to decrease by SEK 30bn. The remaining change is the net effect of risk class migration, Basel II methodology advances and a reduction of business volumes.

Adjusted for the supervisory transitional rules during the first Basel II years, SEB reports RWA of SEK 806bn (986), a Tier 1 capital ratio of 12.5 per cent (8.4) and a total capital ratio of 14.1 per cent (10.6). The lowering in 2009 of Basel II implementation floors (from 90 to 80 per cent of Basel I requirements) is reflected in these ratios.

Appendix 3 exposes capital adequacy details.

Hybrid capital issue completed

On 21 September, SEB announced two measures for the purpose of increasing the core Tier 1 ratio and reducing the capital ratio volatility through increased currency matching of risk-weighted assets and the capital base.

One of the measures - the issue of EUR 500m of noninnovative capital contribution securities - was completed in a couple of days and was highly successful. The orderbook was more than ten times oversubscribed. The settlement was in early October.

The other measure - a tender for SEB's two USD denominated capital contribution securities with first call dates in March 2014 and March 2015, respectively - was completed after the end of the quarter. USD 256m was repurchased of an outstanding amount of USD 1,100m.

As a consequence, SEB will record a capital gain of about SEK 250-300m during the fourth quarter.

The core Tier 1 capital ratio will increase by approximately 5 basis points and the Tier 1 capital ratio with 50 basis points.

Risks and uncertainties

The macroeconomic 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. (The credit portfolio is described in Appendix 2). The medium-term outlook for the global economy has stabilised, even if global imbalances persist for the nearest future.

There are also 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 the management of all the risks of the Group and the Parent Company are described in SEB's annual report for 2008 (see pp 36-51 and Note 44). This view is still valid.

The economic imbalances in the Baltic countries constitute specific risks and uncertainties for the Group.

The risk for impairment charges in the bond investment portfolio has increased during the year, but is unlikely to have a material effect (see Bond investment portfolio).

Rating

In March 2009, Standard & Poors changed its outlook from stable to negative, but affirmed SEB's long-term A rating. In April, Moody's lowered SEB's rating from Aa2 to A1, with a negative outlook. In June 2009, Fitch affirmed SEB's long-term rating at A+ with stable outlook, whereas DBRS affirmed the rating of AA (low) in February, but put it under review in April. The rating agencies refer to the Baltic macroeconomic challenges as the main rating driver.

Organisational changes

As communicated in the interim report for January-June 2009, SEB has consolidated its retail operations and all loan activities in Estonia, Latvia and Lithuania within a separate Baltic division. The internal financial reporting for the Baltic started on 1 July 2009. Restated figures for the divisions concerned - Retail Banking, Wealth Management and the new Baltic division - were released in early October and form the basis for all reporting in this report.

The Head of SEB Lithuania, Audrius Ziugzda, has decided to step down and will be replaced by Raimondas Kvedaras, Head of Merchant Banking in Lithuania.

The Head of SEB Estonia, Ahti Asmann, has been

appointed Head of Ukraine. Acting Head will be Allan Parik, Head of Merchant Banking in Estonia.

Investments and divestments

In September, SEB reached an agreement to buy 100 per cent of the shares in the Norwegian corporate finance boutique Astrup & Partners AS, specialised on complex and high profile transactions.

The previously announced transfer of SEB's 51 per cent share in the car financing operations in Norway, Møller BilFinans, will be finalised during the fourth quarter. In early July, SEB also divested its 24 per cent share of Privatgirot. Privatgirot provides giro services for the largest Swedish banks. The transactions have a limited impact on the Group's financials.

The Swedish Funding Guarantee Programme

SEB has taken considerable measures to safeguard its financial stability. In combination with emerging signs of economic stability and better functioning financial markets, SEB has decided not to apply for prolongation of the Swedish Funding Guarantee Programme. SEB has not utilised the Programme expiring on 31 October 2009.

Changes within the Board of Directors

As previously communicated, Penny Hughes, Director of the SEB Board since 2000, left the Board yesterday. The resignation follows the announcement that Penny Hughes has been elected independent Director of the Board of Royal Bank of Scotland plc as of 1 January 2010.

Tomas Nicolin will take on the chairmanship of the Remuneration and Human Resources Committee of the Board.

Stockholm, 21 October 2009

Annika Falkengren

President and Chief Executive Officer

The President declares that the interim report for January-September provides a fair overview of the Parent Company's and Group's operations, their financial position and results and describes material risks and uncertainties facing the Parent Company and other companies in the Group.

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 15.00 (CEST) on 21 October 2009 with CEO Annika Falkengren and CFO Jan Erik Back can be accessed by telephone, +44 (0) 20 7162 0025, please quote conference id: 847581, not later than 10 minutes in advance. A replay of the conference call will be available on www.sebgroup.com/IR.

Financial information during 2010

10 February	Annual Accounts for 2009
5 March	Annual Report on www.sebgroup.com
28 April	Interim Report January-March 2010
13 July	Interim Report January-June 2010
28 October	Interim Report January-September 2010

Further information is available from

Jan Erik Back, Chief Financial Officer Tel: +46 8 22 19 00 Ulf Grunnesjö, 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 Viveka Hirdman-Ryrberg, Head of Corporate Communications Tel. +46 8 763 8577, +46 70 550 35 00

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

Accounting policies

This Interim Report has been prepared in accordance with International Financial Reporting Standards IFRS/IAS, endorsed by the European Commission, and therefore comply with IAS 34 Interim Financial Reporting. The accounting regulations of the Swedish Financial Supervisory Authority require some additional disclosures.

Changes in accounting standards

Changes in the value of assets taken over are accounted for in the item Net other income as from January 2009. IAS 1 "Presentation of financial statements" - an additional statement for Other comprehensive income (changes in equity besides owner transactions) has been added and the Statement of changes in equity has been amended. The Group has implemented IFRS 8 "Operating segments". The new standard states that the segment reporting is to be presented according to management view

and follow the internal reporting. The implementation of IFRS 8 has had no impact on the operating segments presented. The implementation of the revised IAS 23 "Borrowing costs" has no material impact on the Group.

Otherwise, 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.

Review report

We have reviewed this report for the period 1 January 2009 to 30 September 2009 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, 21 October 2009

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
SEK m	2009	2009	%	2008	%	2009	2008	%	2008
Net interest income	4 519	5 370	-16	4 553	-1	15 793	13 197	20	18 710
Net fee and commission income	3 566	3 802	-6	3 754	-5	10 583	11 464	-8	15 254
Net financial income	946	1 471	-36	247		3 550	1 247	185	2 970
Net life insurance income	857	946	-9	504	70	2 665	1 859	43	2 375
Net other income	- 153	1 585	-110	154	-199	1 748	642	172	1 795
Total operating income	9 735	13 174	-26	9 212	6	34 339	28 409	21	41 104
Staff costs	-3 735	-4 262	-12	-3 752	0	-12 388	-11 644	6	-16 241
Other expenses	-1 899	-1 918	-1	-1 820	4	-5 655	-5 674	0	-7 642
Depreciation of assets	- 381	-2 832	-87	- 398	-4	-4 228	-1 124		-1 524
Total operating expenses	-6 015	-9 012	-33	-5 970	1	-22 271	-18 442	21	-25 407
Profit before credit losses etc	3 720	4 162	-11	3 242	15	12 068	9 967	21	15 697
Gains less losses from tangible and intangible
assets	3	23	-87			28	4		5
Net credit losses	-3 335	-3 567	-7	- 716		-9 288	-1 528		-3 231
Operating profit	388	618	-37	2 526	-85	2 808	8 443	-67	12 471
Income tax expense	- 350	- 792	-56	- 641	-45	-1 923	-1 902	1	-2 421
Net profit from continuing operations	38	- 174	-122	1 885	-98	885	6 541	-86	10 050
Discontinued operations	- 1	4	-125	1	-200	9	2
Net profit	37	- 170	- 122	1 886	- 98	894	6 543	- 86	10 050
Attributable to minority interests	12	23	-48	4	200	37	8		9
Attributable to equity holders *	25	- 193	-113	1 882	-99	857	6 535	-87	10 041
* Basic earnings per share, SEK	0.01	- 0.09		1.94		0.57	6.75		10.40
Diluted earnings per share, SEK	0.01	- 0.09		1.94		0.57	6.74		10.39

Statement of comprehensive income

	Q3	Q2		Q3			Jan - Sep		Full year
SEK m	2009	2009	%	2008	%	2009	2008	%	2008
Net profit	37	- 170	-122	1 886	-98	894	6 543	-86	10 050
Translation of foreign operations	- 11	- 172	-94	114	-110	- 431	- 90		152
Available-for-sale financial assets	1 488	417		-263		1 752	-1 849	-195	-2 624
Cash flow hedges	- 476	- 413	15	534	-189	- 956	- 69		1 607
Other	- 880	110		491		- 707	472		2 066
Other comprehensive income (net of tax)	121	- 58		876	-86	- 342	-1 536	- 78	1 201
Total comprehensive income	158	- 228	- 169	2 762	-94	552	5 007	- 89	11 251
Attributable to minority interests	13	17	-24	3		45	- 8		1
Attributable to equity holders	145	- 245	-159	2 759	-95	507	5 015	-90	11 250

Key figures - SEB Group

	Q3	Q2	Q3		Jan - Sep	Full year
	2009	2009	2008	2009	2008	2008
Return on equity, %	0.1	-0.8	10.0	1.2	11.6	13.1
Return on total assets, %	0.00	- 0.03	0.32	0.05	0.37	0.42
Return on risk-weighted assets, %	0.01	- 0.09	0.83	0.13	1.01	1.13
Basic earnings per share, SEK	0.01	- 0.09	1.94	0.57	6.75	10.40
Weighted average number of shares, millions*	2 194	2 193	969	1 492	968	966
Diluted earnings per share, SEK	0.01	- 0.09	1.94	0.57	6.74	10.39
Weighted average number of diluted shares, millions**	2 200	2 195	970	1 498	970	967
Net worth per share, SEK	49.91	49.18	125.82	49.91	125.82	134.10
Average equity, SEK billion	98.7	98.7	75.2	94.0	75.2	76.4
Cost/income ratio	0.62	0.68	0.65	0.65	0.65	0.62
Level of net credit losses, % Total reserve ratio for individually assessed impaired	0.98	1.07	0.27	0.91	0.19	0.30
loans, %	72.2	71.7	74.9	72.2	74.9	68.5
Net level of impaired loans, %	0.70	0.64	0.28	0.70	0.28	0.41
Gross level of impaired loans, %	1.26	1.10	0.53	1.26	0.53	0.73
Basel II (Legal reporting with transitional floor) :***
Risk-weighted assets, SEK billion	806	849	937	806	937	986
Core Tier 1 capital ratio, %	10.94	10.52	6.92	10.94	6.92	7.11
Tier 1 capital ratio, %	12.53	12.15	8.15	12.53	8.15	8.36
Total capital ratio, %	14.12	13.81	10.42	14.12	10.42	10.62
Basel II (without transitional floor):
Risk-weighted assets, SEK billion	747	790	770	747	770	818
Core Tier 1 capital ratio, %	11.80	11.31	8.42	11.80	8.42	8,57
Tier 1 capital ratio, %	13.51	13.07	9.91	13.51	9.91	10.08
Total capital ratio, %	15.23	14.85	12.68	15.23	12.68	12.81
Basel I:
Risk-weighted assets, SEK billion	1 019	1 080	1 045	1 019	1 045	1 127
Core Tier 1 capital ratio, %	8.65	8,27	6.21	8.65	6.21	6.22
Tier 1 capital ratio, %	9.91	9.56	7.30	9.91	7.30	7.32
Total capital ratio, %	11.16	10.88	9.34	11.16	9.34	9.29
Number of full time equivalents****	19 912	20 430	21 428	20 402	21 310	21 291
Assets under custody, SEK billion	4 743	4 505	4 437	4 743	4 437	3 891
Assets under management, SEK billion	1 295	1 267	1 244	1 295	1 244	1 201

* The number of issued shares was 2,194,171,802 after the rights issue in March 2009 (687,156,631 at year-end 2008). SEB owned 2.2 million Class A shares for the employee stock option programme at year-end 2008. During 2009 1.0 million net of these shares have been sold as employee stock options have been exercised. Thus, as of 30 September SEB owned 1.2 million Class A-shares with a market value of SEK 62m.

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

*** 80 per cent of RWA in Basel I for 2009 and 90 per cent of RWA in Basel I for 2008.

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

Income statement on quarterly basis - SEB Group

SEK m	2009:3	2009:2	2009:1	2008:4	2008:3
Net interest income	4 519	5 370	5 904	5 513	4 553
Net fee and commission income	3 566	3 802	3 215	3 790	3 754
Net financial income	946	1 471	1 133	1 723	247
Net life insurance income	857	946	862	516	504
Net other income	- 153	1 585	316	1 153	154
Total operating income	9 735	13 174	11 430	12 695	9 212
Staff costs	-3 735	-4 262	-4 391	-4 597	-3 752
Other expenses	-1 899	-1 918	-1 838	-1 968	-1 820
Depreciation of assets	- 381	-2 832	-1 015	- 400	- 398
Total operating expenses	-6 015	-9 012	-7 244	-6 965	-5 970
Profit before credit losses etc	3 720	4 162	4 186	5 730	3 242
Gains less losses from tangible and intangible assets	3	23	2	1
Net credit losses	-3 335	-3 567	-2 386	-1 703	- 716
Operating profit	388	618	1 802	4 028	2 526
Income tax expense	- 350	- 792	- 781	- 519	- 641
Net profit from continuing operations	38	- 174	1 021	3 509	1 885
Discontinued operations	- 1	4	6	- 2	1
Net profit	37	- 170	1 027	3 507	1 886
Attributable to minority interests	12	23	2	1	4
Attributable to equity holders*	25	- 193	1 025	3 506	1 882
* Basic earnings per share, SEK	0.01	- 0.09	1.03	5.12	1.94
Diluted earnings per share, SEK	0.01	- 0.09	1.03	5.12	1.94

Income statement, by Division – SEB Group

	Merchant	Retail	Wealth			Other incl
Jan-Sep 2009, SEK m	Banking	Banking	Management	Life*	Baltic	eliminations	SEB Group
Net interest income	8 004	5 237	482	- 17	2 157	- 70	15 793
Net fee and commission income	4 116	3 270	2 102		713	382	10 583
Net financial income	3 665	208	53		95	- 471	3 550
Net life insurance income				3 298		- 633	2 665
Net other income	147	61	14		- 2	1 528	1 748
Total operating income	15 932	8 776	2 651	3 281	2 963	736	34 339
Staff costs	-2 973	-3 141	- 979	- 844	- 593	-3 858	-12 388
Other expenses	-2 905	-3 306	- 850	- 392	- 988	2 786	-5 655
Depreciation of assets	- 94	- 139	- 92	- 500	-2 368	-1 035	-4 228
Total operating expenses	-5 972	-6 586	-1 921	-1 736	-3 949	-2 107	-22 271
Profit before credit losses etc	9 960	2 190	730	1 545	- 986	-1 371	12 068
Gains less losses from
tangible and intangible
assets		- 1	30		- 1		28
Net credit losses	- 753	- 987	- 20		-6 985	- 543	-9 288
Operating profit	9 207	1 202	740	1 545	-7 972	-1 914	2 808

* Business result in Life amounted to SEK 2 275m (1 461), of which change in surplus values was net SEK 730m (609).

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==

Income statement

	Q3	Q2		Q3		Jan- Sep			Full year
SEK m	2009	2009	%	2008	%	2009	2008	%	2008
Net interest income	2 402	2 683	- 10	1 738	38	8 004	4 801	67	7 414
Net fee and commission income	1 326	1 618	- 18	1 374	- 3	4 116	4 085	1	5 248
Net financial income	981	1 498	- 35	757	30	3 665	1 812	102	3 625
Net other income	40	- 8		77	- 48	147	185	- 21	526
Total operating income	4 749	5 791	- 18	3 946	20	15 932	10 883	46	16 813
Staff costs	- 775	-1 106	- 30	- 867	- 11	-2 973	-2 936	1	-3 890
Other expenses	- 942	-1 014	- 7	- 830	13	-2 905	-2 676	9	-3 594
Depreciation of assets	- 35	- 34	3	- 22	59	- 94	- 65	45	- 95
Total operating expenses	-1 752	-2 154	- 19	-1 719	2	-5 972	-5 677	5	-7 579
Profit before credit losses etc	2 997	3 637	- 18	2 227	35	9 960	5 206	91	9 234
Gains less losses on assets				1	- 100		4	- 100	5
Net credit losses	- 107	- 367	- 71	- 249	- 57	- 753	- 297	154	- 889
Operating profit	2 890	3 270	- 12	1 979	46	9 207	4 913	87	8 350
Cost/Income ratio	0,37	0,37		0,44		0,37	0,52		0,45
Business equity, SEK bn	35,1	35,1		27,0		35,1	27,0		27,0
Return on equity, %	23,7	26,8		21,1		25,2	17,5		22,3
Number of full time equivalents	2 582	2 650		2 719		2 654	2 726		2 721

• High and stable customer income despite summer period
• Continued low lending losses
• Tight cost control and improved cost/income ratio

Comments on the first nine months

^Åíáîáíó=ïáíÜáå=jÉêÅÜ~åí=_~åâáåÖÛë=î~êáçìë=ÄìëáåÉëë=ìåáíë= êÉã~áåÉÇ=ÜáÖÜ=~åÇ=íÜÉ=éçëáíáîÉ=ÇÉîÉäçéãÉåí=ëÉÉå=áå=íÜÉ= Ñáêëí=ëáñ=ãçåíÜë=ÅçåíáåìÉÇ=íÜêçìÖÜçìí=íÜÉ=íÜáêÇ=èì~êíÉêI= ÇÉëéáíÉ=íÜÉ=ëÉ~ëçå~ä=ÉÑÑÉÅíë=çÑ=íÜÉ=ëìããÉê=éÉêáçÇK==

qçí~ä=çéÉê~íáåÖ=áåÅçãÉ=áåÅêÉ~ëÉÇ=Äó=QS=éÉê=ÅÉåí=óÉ~êJ çåJóÉ~ê=ïáíÜ=Öê~Çì~ääó=áåÅêÉ~ëÉÇ=ÅçåíêáÄìíáçå=Ñêçã= `çêéçê~íÉ=_~åâáåÖK=qáÖÜí=Åçëí=Åçåíêçä=~åÇ=~Åíáçåë=íç=áåÅêÉ~ëÉ= çéÉê~íáçå~ä=ÉÑÑáÅáÉåÅó=ÅçåíêáÄìíÉÇ=íç=~=ëí~ÄäÉ=ÇÉîÉäçéãÉåí= çÑ=Åçëíë=~åÇ=~=ÑìêíÜÉê=êÉÇìÅíáçå=áå=Ñìää=íáãÉ=Éèìáî~äÉåíë= EcqbëFK==

mêçîáëáçåë=Ñçê=ÅêÉÇáí=äçëëÉë=êÉã~áåÉÇ=äçï=~åÇ=~ëëÉí= èì~äáíó=áå=ÖÉåÉê~ä=ï~ë=ÖççÇK=j~êâJíçJã~êâÉí=î~äì~íáçå= ÉÑÑÉÅíë=áå=íÜÉ=áåîÉëíãÉåí=éçêíÑçäáç=~ãçìåí=íç=pbh=JQNPã== EJUUOF=EëÉÉ=é~ÖÉ=RFK=^ãçêíáë~íáçåë=~åÇ=ÇáîÉëíãÉåíë=Ü~îÉ= êÉÇìÅÉÇ=íÜÉ=éçêíÑçäáç=ëáòÉ=íç=pbh=VTÄåK=oÉã~áåáåÖ=~ëëÉíë= ÅçåíáåìÉ=íç=éÉêÑçêã=~ë=ÉñéÉÅíÉÇK=

qÜÉ=ëìããÉê=éÉêáçÇ=ÅçãÄáåÉÇ=ïáíÜ=~=Öê~Çì~ä= åçêã~äáëáåÖ=çÑ=ã~êâÉí=ÅçåÇáíáçåëI=é~êíáÅìä~êäó=ïáíÜáå= ÑçêÉáÖå=ÉñÅÜ~åÖÉI=ãÉ~åí=íÜ~í=~Åíáîáíó=~åÇ=É~êåáåÖë=ïáíÜáå= *qê~ÇáåÖ=~åÇ=~éáí~ä=j~êâÉíë*=ïÉêÉ=ëçãÉïÜ~í=äçïÉê=áå=íÜÉ= íÜáêÇ=èì~êíÉê=íÜ~å=É~êäáÉê=áå=íÜÉ=óÉ~êK=çãé~êÉÇ=ïáíÜ=íÜÉ= ë~ãÉ=éÉêáçÇ=áå=éêÉîáçìë=óÉ~êëI=ÜçïÉîÉêI=~Åíáîáíó=ï~ë=îÉêó= ëíêçåÖK=_çåÇ=çêáÖáå~íáçå=~åÇ=ÑáñÉÇ=áåÅçãÉ=íê~ÇáåÖ=ë~ï= ÜáÖÜ=îçäìãÉëI=ïÜáäÉ=ëÉåíáãÉåí=áãéêçîÉÇ=ÑìêíÜÉê=áå=íÜÉ= Éèìáíó=ã~êâÉíëK=cu=ìåáíë=~äëç=éÉêÑçêãÉÇ=ïÉääK==

qÜÉ=çåÖçáåÖ=áãéêçîÉãÉåí=çÑ=Å~éáí~ä=ã~êâÉí=ÅçåÇáíáçåëI= áåÅäìÇáåÖ=Ñçê=ÜáÖÜ=óáÉäÇ=áëëìÉêëI=~ääçïÉÇ=~å=áåÅêÉ~ëáåÖ= åìãÄÉê=çÑ=ÅäáÉåíë=íç=êÉÑáå~åÅÉ=Äáä~íÉê~ä=Ä~åâáåÖ=Ñ~ÅáäáíáÉëK= `êÉÇáí=ëéêÉ~Çë=~åÇ=äÉåÇáåÖ=ã~êÖáåë=ëÜçïÉÇ=ëáÖåë=çÑ= ëí~ÄáäáëáåÖ=~í=äÉîÉäë=ëäáÖÜíäó=ÄÉäçï=íÜçëÉ=éêÉî~áäáåÖ=ÇìêáåÖ= íÜÉ=ëéêáåÖK=qÜáë=ÇÉîÉäçéãÉåí=ï~ë=ÇêáîÉå=Äó=íÜÉ=ÖÉåÉê~ääó= áãéêçîÉÇ=~ÅÅÉëë=íç=ÑìåÇáåÖ=Ñçê=Ä~åâëK==

pb_=båëâáäÇ~=ï~ë=~Ö~áå=áåîçäîÉÇ=áå=~=åìãÄÉê=çÑ=ÜáÖÜ= éêçÑáäÉ=jC^=~åÇ=b`j=íê~åë~ÅíáçåëI=áåÅäìÇáåÖ=íÜÉ=éä~ÅáåÖ= çÑ=qêÉ~ëìêó=ëíçÅâ=áå=^KmK=j›ääÉêJj‹êëâ=^Lp=~åÇ=~ÇîáëáåÖ= qÉäá~pçåÉê~=çå=áíë=éìÄäáÅ=çÑÑÉêë=Ñçê=bÉëíá=qÉäÉâçã=~åÇ=qbl= iqK=mêçëéÉê~Ûë=êÉÅÉåí=Åçêéçê~íÉ=Ñáå~åÅÉ=ëìêîÉó=ÅçåÑáêãÉÇ= pb_Ûë=äÉ~ÇáåÖ=éçëáíáçå=ïáíÜáå=kçêÇáÅ=áåîÉëíãÉåí=Ä~åâáåÖI= ïÜáÅÜ=Ü~ë=ÄÉÉå=ÑìêíÜÉê=ÉåÜ~åÅÉÇ=Äó=íÜÉ=êÉÅÉåí=~Åèìáëáíáçå= çÑ=íÜÉ=kçêïÉÖá~å=ÄçìíáèìÉ=~Çîáëçêó=ÑáêãI=^ëíêìé=C= m~êíåÉêëK=pb_=ï~ë=~äëç=ê~åâÉÇ=~ë=ÄÉëí=Ä~åâ=áå=kçêÇáÅ=C= _~äíáÅ=oÉÖáçå=~åÇ=ëÉÅçåÇ=ÄÉëí=Ä~åâ=áå=dÉêã~åó=áå=íÜÉ= bìêçãçåÉó=oÉ~ä=bëí~íÉ=éçääK=

däçÄ~ä=qê~åë~Åíáçå=pÉêîáÅÉë=~Ö~áå=Ñ~ÅÉÇ=ÜÉ~ÇïáåÇë=Ñêçã= êÉÅçêÇ=äçï=áåíÉêÉëí=ê~íÉë=~åÇ=äçï=ëíçÅâ=ã~êâÉí=~ÅíáîáíóK= ^ëëÉíë=ìåÇÉê=ÅìëíçÇó=êÉÅçîÉêÉÇ=ëçãÉïÜ~íI=áåÅêÉ~ëáåÖ=íç= pbh=QITQPÄå=EPIUVN=~í=óÉ~êJÉåÇ=OMMUFK==

dçáåÖ=Ñçêï~êÇI=ÅìëíçãÉê=~ÅèìáëáíáçåI=~=ãçêÉ=éçëáíáîÉ= çìíäççâ=Ñçê=Éèìáíó=ã~êâÉíë=~åÇ=ëíêçåÖ=ÇÉã~åÇ=Ñçê=ïçêâáåÖ= Å~éáí~ä=ëçäìíáçåë=~êÉ=ÉñéÉÅíÉÇ=íç=ëìééçêí=éÉêÑçêã~åÅÉK=

Retail Banking

qÜÉ=oÉí~áä=_~åâáåÖ=Çáîáëáçå=Åçåëáëíë=çÑ=íÜêÉÉ=ÄìëáåÉëë=~êÉ~ë=J=pïÉÇÉåI=dÉêã~åó=~åÇ=`~êÇK=

Income statement

	Q3	Q2		Q3		Jan- Sep			Full year
SEK m	2009	2009	%	2008	%	2009	2008	%	2008
Net interest income	1 651	1 704	- 3	1 864	- 11	5 237	5 266	- 1	7 195
Net fee and commission income	1 089	1 124	- 3	1 134	- 4	3 270	3 526	- 7	4 691
Net financial income	55	81	- 32	47	17	208	177	18	248
Net other income	26	13	100	14	86	61	44	39	92
Total operating income	2 821	2 922	- 3	3 059	- 8	8 776	9 013	- 3	12 226
Staff costs	-1 022	-1 050	- 3	- 941	9	-3 141	-2 855	10	-3 828
Other expenses	-1 088	-1 140	- 5	-1 040	5	-3 306	-3 127	6	-4 283
Depreciation of assets	- 43	- 52	- 17	- 54	- 20	- 139	- 164	- 15	- 222
Total operating expenses	-2 153	-2 242	- 4	-2 035	6	-6 586	-6 146	7	-8 333
Profit before credit losses etc	668	680	- 2	1 024	- 35	2 190	2 867	- 24	3 893
Gains less losses on assets	- 1					- 1			2
Net credit losses	- 364	- 363	0	- 163	123	- 987	- 410	141	- 650
Operating profit	303	317	- 4	861	- 65	1 202	2 457	- 51	3 245
Cost/Income ratio	0,76	0,77		0,67		0,75	0,68		0,68
Business equity, SEK bn	15,8	15,8		14,5		15,8	14,5		14,5
Return on equity, %	6,3	6,4		17,5		8,0	17,5		16,5
Number of full time equivalents	5 007	5 171		5 338		5 109	5 363		5 346

Sustained solid result within Retail Sweden, some signs of a rebound in customer activity

The Card business generated one of its best quarterly results ever

German Retail banking remains pressured by the unfavourable economic environment

Comments on the first nine months

léÉê~íáåÖ=êÉëìäí=Ñçê=íÜÉ=Ñáêëí=åáåÉ=ãçåíÜë=çÑ=OMMV= ~ãçìåíÉÇ=íç=pbh=NIOMOã=EOIQRTFK=mÉêÑçêã~åÅÉ=î~êáÉÇ= î~ëíäó=ÄÉíïÉÉå=íÜÉ=íÜêÉÉ=ÄìëáåÉëë=~êÉ~ëK==

oÉí~áä=pïÉÇÉå=ÖÉåÉê~íÉÇ=áåÅçãÉ=áå=äáåÉ=ïáíÜ=íÜÉ=Ñáêëí= íÜêÉÉ=èì~êíÉêë=çÑ=OMMUK=qÜÉ=ëíêçåÖ=ÇÉã~åÇ=Ñçê=ÜçìëÉÜçäÇ= ãçêíÖ~ÖÉë=êÉã~áåÉÇI=äÉ~ÇáåÖ=íç=~å=áåÅêÉ~ëÉ=áå=íçí~ä=äÉåÇáåÖ= îçäìãÉë=Äó=U=éÉê=ÅÉåí=Åçãé~êÉÇ=ïáíÜ=íïÉäîÉ=ãçåíÜë= É~êäáÉêK=fåÅçãÉ=Ñêçã=ÇÉéçëáíë=ï~ë=ÑìêíÜÉê=êÉÇìÅÉÇI=íç=îÉêó= äçï=äÉîÉäëI=êÉÑäÉÅíáåÖ=íÜÉ=Ñìää=èì~êíÉêäó=ÉÑÑÉÅí=çÑ=íÜÉ=Öê~Çì~ä= ã~êÖáå=ÇÉÅäáåÉ=ëÉÉå=íÜêçìÖÜçìí=íÜÉ=óÉ~êK=pÉéíÉãÄÉêI= ïÜáÅÜ=ï~ë=íÜÉ=ëíêçåÖÉëí=ãçåíÜ=çÑ=íÜÉ=èì~êíÉêI=ÉñÜáÄáíÉÇ= íÜÉ=ÄÉëí=ãçåíÜäó=ÄêçâÉê~ÖÉ=ÑÉÉë=çÑ=íÜÉ=óÉ~ê=~åÇ=áåÅäìÇÉÇ=~= ëìÅÅÉëëÑìä=pjb=Å~ãé~áÖåI=~ííê~ÅíáåÖ=O=QRM=êÉÅÉåíäó=ëí~êíÉÇ= Åçãé~åáÉëK=léÉê~íáåÖ=ÉñéÉåëÉë=êçëÉ=Äó=P=éÉê=ÅÉåí= Åçãé~êÉÇ=ïáíÜ=íÜÉ=ÅçêêÉëéçåÇáåÖ=éÉêáçÇ=ä~ëí=óÉ~ê=ÇìÉ=íç= áåÅêÉ~ëÉÇ=éÉåëáçå=ÅçëíëK=qÜÉ=åìãÄÉê=çÑ=ÉãéäçóÉÉë=Ü~ë= ÄÉÉå=êÉÇìÅÉÇ=Äó=ONP=ïáíÜáå=oÉí~áä=pïÉÇÉå=Åçãé~êÉÇ=ïáíÜ= íïÉäîÉ=ãçåíÜë=~ÖçK=mêçîáëáçåë=Ñçê=ÅêÉÇáí=äçëëÉë=~ãçìåíÉÇ= íç=pbh=OTSã=Ñçê=íÜÉ=Ñáêëí=åáåÉ=ãçåíÜë=çÑ=OMMVI=êÉÑäÉÅíáåÖ=~= îÉêó=ëçäáÇ=~ëëÉí=èì~äáíó=çÑ=êÉëáÇÉåíá~ä=ãçêíÖ~ÖÉë=~åÇ=~= ÅçåíáåìÉÇ=äçï=äÉîÉä=çÑ=éêçîáëáçåë=Ñçê=ëã~ää=~åÇ=ãÉÇáìãJ

ëáòÉÇ=Åçãé~åáÉë=~åÇ=ÅçåëìãÉê=Ñáå~åÅÉ=ÄìëáåÉëëK= léÉê~íáåÖ=éêçÑáí=óÉ~êJíçJÇ~íÉ=OMMV=ïáíÜáå=oÉí~áä=pïÉÇÉå= ï~ë=pbh=NIQRUãK=

oÉí~áä=dÉêã~åó=ÅçåíáåìÉÇ=íç=ÉñÜáÄáí=éççê=éÉêÑçêã~åÅÉ= áå=íÜÉ=íÜáêÇ=èì~êíÉêK=içï=ã~êâÉí=áåíÉêÉëí=ê~íÉë=áå= ÅçãÄáå~íáçå=ïáíÜ=äçï=ÅìëíçãÉê=~Åíáîáíó=äÉÇ=íç=OQ=éÉê=ÅÉåí= äçïÉê=èì~êíÉêäó=áåÅçãÉ=íÜ~å=áå=íÜÉ=ÅçêêÉëéçåÇáåÖ=èì~êíÉê= ä~ëí=óÉ~êK=`êÉÇáí=äçëëÉëI=ïÜáÅÜ=Ü~îÉ=Öêçïå=èì~êíÉê=Äó= èì~êíÉê=áå=OMMVI=áåÅêÉ~ëÉÇ=íç=pbh=NSQã=áå=íÜÉ=íÜáêÇ=èì~êíÉêK= qÜÉ=çéÉê~íáåÖ=äçëë=Ñçê=íÜÉ=Ñáêëí=åáåÉ=ãçåíÜë=ï~ë=pbh=VOVãK=

qÜÉ=*~êÇ=*ÄìëáåÉëë=~êÉ~I=ïÜáÅÜ=ÄÉåÉÑáíë=Ñêçã=äçï= ÑìåÇáåÖ=ÅçëíëI=ÖÉåÉê~íÉÇ=çåÉ=çÑ=áíë=ÄÉëí=èì~êíÉêäó=êÉëìäíë= ÉîÉê=áå=íÜÉ=íÜáêÇ=èì~êíÉêK=qÜêçìÖÜçìí=OMMV=pb\_=hçêí=Ü~ë= áåíêçÇìÅÉÇ=ëÉîÉê~ä=áãéêçîÉãÉåíëI=~ãçåÖëí=íÜÉã= ã~åÇ~íçêó=pÉÅìêÉ=çÇÉ=~Åêçëë=íÜÉ=pÅ~åÇáå~îá~å=ã~êâÉíëI= ïÜáÅÜ=ÜÉäéë=íç=äáãáí=íÜÉ=êáëâë=ÅìëíçãÉêë=~êÉ=ÉñéçëÉÇ=íç= ïÜÉå=ìëáåÖ=Å~êÇë=Ñçê=çåäáåÉ=éìêÅÜ~ëÉëK=mêçîáëáçåë=Ñçê= ÅêÉÇáí=äçëëÉëI=ïÜáÅÜ=áåÅäìÇÉ=Ñê~ìÇI=ïÉêÉ=äçïÉê=íÜ~å=íÜçëÉ= ã~ÇÉ=áå=íÜÉ=Ñáêëí=~åÇ=ëÉÅçåÇ=èì~êíÉê=çÑ=OMMV=~åÇ=~ãçìåíÉÇ= íç=pbh=NMTã=áå=íÜÉ=íÜáêÇ=èì~êíÉêK=léÉê~íáåÖ=éêçÑáí=Ñçê=íÜÉ= íÜêÉÉ=Ñáêëí=èì~êíÉêë=çÑ=OMMV=ï~ë=pbh=STOãK

Wealth Management

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

Income statement

	Q3	Q2		Q3		Jan- Sep			Full year
SEK m	2009	2009	%	2008	%	2009	2008	%	2008
Net interest income	133	159	- 16	237	- 44	482	679	- 29	892
Net fee and commission income	730	713	2	784	- 7	2 102	2 562	- 18	3 680
Net financial income	17	16	6	14	21	53	41	29	67
Net other income	1	12	- 92	3	- 67	14	39	- 64	50
Total operating income	881	900	- 2	1 038	- 15	2 651	3 321	- 20	4 689
Staff costs	- 302	- 337	- 10	- 331	- 9	- 979	-1 080	- 9	-1 427
Other expenses	- 272	- 292	- 7	- 249	9	- 850	- 807	5	-1 132
Depreciation of assets	- 29	- 33	- 12	- 25	16	- 92	- 72	28	- 101
Total operating expenses	- 603	- 662	- 9	- 605	0	-1 921	-1 959	- 2	-2 660
Profit before credit losses etc	278	238	17	433	- 36	730	1 362	- 46	2 029
Gains less losses on assets	1	29	- 97			30
Net credit losses		- 12	- 100			- 20	- 3		- 18
Operating profit	279	255	9	433	- 36	740	1 359	- 46	2 011
Cost/Income ratio	0,68	0,74		0,58		0,72	0,59		0,57
Business equity, SEK bn	5,5	5,5		6,6		5,5	6,6		6,6
Return on equity, %	14,6	13,4		18,9		12,9	19,8		21,9
Number of full time equivalents	981	1 013		1 123		1 023	1 145		1 133

Lower income due to lower assets under management in early 2009, but recuperating

• Strong Private Banking result
• Successful launches of investment programmes

Comments on the first nine months

léÉê~íáåÖ=áåÅçãÉ=Ñçê=íÜÉ=Ñáêëí=åáåÉ=ãçåíÜë=ÇêçééÉÇ=íç=pbh= OISRNã=EPIPONFI=ã~áåäó=~ë=~=êÉëìäí=çÑ=~=S=éÉê=ÅÉåí=êÉÇìÅíáçå= çÑ=~îÉê~ÖÉ=~ëëÉíë=ìåÇÉê=ã~å~ÖÉãÉåí=çå=~=íïÉäîÉJãçåíÜ= Ä~ëáë=~åÇ=äçïÉê=áåÅçãÉ=Ñêçã=éÉêÑçêã~åÅÉ=~åÇ=íê~åë~Åíáçå= ÑÉÉëI=~í=pbh=VQã=EOQVFK=_êçâÉê~ÖÉ=áåÅçãÉ=ï~ë=ëíêçåÖ=Ñçê=~= íÜáêÇ=èì~êíÉêI=ïÜáäÉ=íÜÉ=äçï=áåíÉêÉëí=ê~íÉ=äÉîÉäë=ÅçåíáåìÉÇ= íç=åÉÖ~íáîÉäó=~ÑÑÉÅí=åÉí=áåíÉêÉëí=áåÅçãÉI=~í=pbh=QUOã=ESTVFK= léÉê~íáåÖ=ÉñéÉåëÉë=ÇêçééÉÇ=Äó=O=éÉê=ÅÉåí=Åçãé~êÉÇ=ïáíÜ= ä~ëí=óÉ~êI=íç=pbh=NIVONãK==

pb_=áë=íÜÉ=ëÉÅçåÇ=ä~êÖÉëí=ãìíì~ä=ÑìåÇ=ã~å~ÖÉê=áå= pïÉÇÉåK=kÉí=ë~äÉë=çå=íÜÉ=pïÉÇáëÜ=ãìíì~ä=ÑìåÇ=ã~êâÉí= ÅçåíáåìÉÇ=íç=áãéêçîÉ=ÇìêáåÖ=íÜÉ=íÜáêÇ=èì~êíÉêI=ÇÉëéáíÉ= ä~êÖÉ=çìíÑäçïë=Ñêçã=ëÜçêíJíÉêã=ÑáñÉÇ=áåÅçãÉ=ÑìåÇëK=pb_= Ü~Ç=íÜÉ=ä~êÖÉëí=åÉí=áåÑäçïë=áå=Éèìáíó=ÑìåÇëI=äçåÖJíÉêã=ÑáñÉÇ= áåÅçãÉ=ÑìåÇë=~åÇ=~äíÉêå~íáîÉ=ÑìåÇë=áå=íÜÉ=Ñáêëí=åáåÉ= ãçåíÜëK=

qÜÉ=ÇáîáëáçåÛë=íçí~ä=~ëëÉíë=ìåÇÉê=ã~å~ÖÉãÉåí=êçëÉ=Äó= T=éÉê=ÅÉåí=Ñêçã=óÉ~êJÉåÇI=íç=pbh=NIOOMÄåI=éêáã~êáäó=ÇìÉ=íç= áåÅêÉ~ëÉÇ=~ëëÉí=î~äìÉë=~åÇ=ÖççÇ=åÉí=ë~äÉë=çÑ=pbh=ONÄå=EPPFK= fåîÉëíãÉåí=éÉêÑçêã~åÅÉ=áãéêçîÉÇ=ÇìêáåÖ=íÜÉ=íÜáêÇ= èì~êíÉêK=SP=éÉê=ÅÉåí=EPMF=çÑ=éçêíÑçäáçë=~åÇ=TO=éÉê=ÅÉåí=EPQF=çÑ= ~ëëÉíë=ìåÇÉê=ã~å~ÖÉãÉåí=ïÉêÉ=~ÜÉ~Ç=çÑ=íÜÉáê=êÉëéÉÅíáîÉ= ÄÉåÅÜã~êâë=~í=íÜÉ=ÉåÇ=çÑ=pÉéíÉãÄÉêK=

qÜÉ=fåëíáíìíáçå~ä=`äáÉåíë=ÄìëáåÉëë=~êÉ~=ï~ë=åÉÖ~íáîÉäó= ~ÑÑÉÅíÉÇ=Äó=ÇÉÅäáåáåÖ=~ëëÉí=î~äìÉë=áå=íÜÉ=Ñáêëí=èì~êíÉêI=Äìí= Å~å=åçï=êÉéçêí=~=Öê~Çì~ä=áåÅêÉ~ëÉ=áå=Ä~ëÉ=êÉîÉåìÉëK= iáãáíÉÇ=éÉêÑçêã~åÅÉ=~åÇ=íê~åë~Åíáçå=ÑÉÉë=ïÉêÉ=íÜÉ=ã~áå= êÉ~ëçåë=Ñçê=íÜÉ=Çêçé=áå=áåÅçãÉK=táíÜáå=íÜÉ=áåëíáíìíáçå~ä= ~êÉ~=ÅçåíáåìáåÖ=ÜáÖÜ=ÅäáÉåí=~Åíáîáíó=äÉîÉäë=Ü~ë=äÉÇ=íç=~= ëáÖåáÑáÅ~åí=åìãÄÉê=çÑ=åÉï=ã~åÇ~íÉëK=qÜÉ=íÜáêÇ=é~êíó= ÇáëíêáÄìíáçå=áë=ÖêçïáåÖ=ÄçíÜ=áå=pïÉÇÉå=~åÇ=ÖäçÄ~ääó=~åÇ= íÜÉ=ãìíì~ä=ÑìåÇ=ìåáí=Ü~ë=ÅçåíáåìÉÇ=íç=áãéêçîÉ=áíë= êÉîÉåìÉë=áå=äáåÉ=ïáíÜ=íÜÉ=ã~êâÉíK=aìêáåÖ=íÜÉ=íÜáêÇ=èì~êíÉêI= íÜÉ=áåÑäçï=íç=Éèìáíó=~åÇ=Ä~ä~åÅÉÇ=ÑìåÇë=~ÅÅÉäÉê~íÉÇK==

mêáî~íÉ=_~åâáåÖ=ÖÉåÉê~íÉÇ=åÉí=ë~äÉë=çÑ=pbh=NQKOÄå=ENSFK= p~äÉë=êÉã~áåÉÇ=ÜáÖÜ=áå=íÜÉ=íÜáêÇ=èì~êíÉêK=^ëëÉíë=ìåÇÉê= ã~å~ÖÉãÉåí=êÉÅçîÉêÉÇ=~åÇ=íÜÉ=áåÅêÉ~ëÉ=ëáåÅÉ=óÉ~êJÉåÇ= OMMU=ï~ë=OP=éÉê=ÅÉåíK=mêáî~íÉ=_~åâáåÖ=êÉÅÉåíäó=ä~ìåÅÜÉÇ= íÜêÉÉ=åÉï=áåîÉëíãÉåí=éêçÖê~ããÉë=J=jçÇÉêå=mêçíÉÅíáçåI= jçÇÉêå=dêçïíÜ=~åÇ=jçÇÉêå=^ÖÖêÉëëáîÉ=J=ïáíÜ=íÜÉ= ~ãÄáíáçå=íç=ÜÉäé=ÅäáÉåíë=~ÅÜáÉîÉ=ãçêÉ=ëí~ÄäÉ=êÉíìêåë=çå= íÜÉáê=áåîÉëíãÉåíëK=qÜÉ=éêçÖê~ããÉë=Ü~îÉ=ÄÉÉå=îÉêó=ïÉää= êÉÅÉáîÉÇ=Äó=ÅäáÉåíëK=aÉëéáíÉ=íÜÉ=~ÇîÉêëÉ=ã~êâÉí=ÅçåÇáíáçåëI= mêáî~íÉ=_~åâáåÖ=Ü~ë=ìéÜÉäÇ=éêçÑáí=äÉîÉäë=íÜêçìÖÜ=áãéêçîÉÇ= ë~äÉë=~åÇ=ÜáÖÜ=ÅìëíçãÉê=~ÅíáîáíóK==

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=

Income statement

	Q3	Q2		Q3		Jan- Sep			Full year
SEK m	2009	2009	%	2008	%	2009	2008	%	2008
Net interest income	- 2	- 5	- 60	- 3	- 33	- 17	- 32	- 47	- 36
Net life insurance income	1 107	1 148	- 4	720	54	3 298	2 557	29	3 296
Total operating income	1 105	1 143	- 3	717	54	3 281	2 525	30	3 260
Staff costs	- 271	- 299	- 9	- 266	2	- 844	- 813	4	-1 105
Other expenses	- 120	- 146	- 18	- 126	- 5	- 392	- 406	- 3	- 523
Depreciation of assets	- 158	- 177	- 11	- 149	6	- 500	- 454	10	- 569
Total operating expenses	- 549	- 622	- 12	- 541	1	-1 736	-1 673	4	-2 197
Operating profit	556	521	7	176		1 545	852	81	1 063
Change in surplus values, net	224	395	- 43	132	70	730	609	20	989
Business result	780	916	- 15	308	153	2 275	1 461	56	2 052
Cost/Income ratio	0,50	0,54		0,75		0,53	0,66		0,67
Business equity, SEK bn	6,8	6,8		7,5		6,8	7,5		7,5
Return on equity, %
based on operating profit	28,8	27,0		8,3		26,7	13,3		12,5
based on business result	40,4	47,4		14,5		39,3	22,9		24,1
Number of full time equivalents	1 184	1 196		1 250		1 195	1 232		1 233

Best quarter to date supported by a positive trend in market values

Higher sales and premium income

Comments on the first nine months

léÉê~íáåÖ=éêçÑáí=áåÅêÉ~ëÉÇ=Äó=UN=éÉê=ÅÉåí=Åçãé~êÉÇ=ïáíÜ= íÜÉ=Ñáêëí=åáåÉ=ãçåíÜë=çÑ=OMMUK=bñÅäìÇáåÖ=íÜÉ=ÉÑÑÉÅí=çÑ= êÉÅçîÉêÉÇ=éêçîáëáçåë=Ñçê=íê~Çáíáçå~ä=éçêíÑçäáç=Öì~ê~åíÉÉëI= íÜÉ=áåÅêÉ~ëÉ=áå=éêçÑáí=ï~ë=PO=éÉê=ÅÉåíK=^ää=ÄìëáåÉëë=~êÉ~ë= ëÜçïÉÇ=ëáÖåáÑáÅ~åí=éêçÑáí=ÖêçïíÜ=Åçãé~êÉÇ=ïáíÜ=ä~ëí=óÉ~êI= ÉëéÉÅá~ääó=pïÉÇÉå=~åÇ=íÜÉ=_~äíáÅ=ÅçìåíêáÉëK==

råáíJäáåâÉÇ=áåÅçãÉ=ÅçåíáåìÉÇ=íç=áãéêçîÉ=~ë=~=êÉëìäí=çÑ= éçëáíáîÉ=ã~êâÉí=íêÉåÇë=ëáåÅÉ=^éêáä=~åÇ=áåÅêÉ~ëÉÇ=êáëâ= ~ééÉíáíÉ=~ãçåÖ=éçäáÅóÜçäÇÉêëI=ëïáíÅÜáåÖ=Ñêçã=ÑáñÉÇ= áåÅçãÉ=êÉä~íÉÇ=ÑìåÇë=íç=Éèìáíó=êÉä~íÉÇ=~äíÉêå~íáîÉëK=qÜÉ= íçí~ä=ÑìåÇ=î~äìÉ=~í=íÜÉ=ÉåÇ=çÑ=íÜÉ=éÉêáçÇ=ï~ë=OM=éÉê=ÅÉåí= ÜáÖÜÉê=íÜ~å=~=óÉ~ê=~Öç=~åÇ=OS=éÉê=ÅÉåí=ÜáÖÜÉê=íÜ~å=~í=óÉ~êJ= ÉåÇK=qÜÉ=êÉëìäí=Ñçê=ëáÅâåÉëë=áåëìê~åÅÉ=~åÇ=Å~êÉ=éêçÇìÅíë= ï~ë=ÜáÖÜÉê=íÜ~å=ä~ëí=óÉ~êI=ÇÉëéáíÉ=ëçãÉ=~ÇÇáíáçå~ä=Åä~áãë= éêçîáëáçåë=áå=íÜÉ=íÜáêÇ=èì~êíÉêK=få=~ÇÇáíáçåI=íÜÉ=êÉíìêå=çå= íÜÉ=áåîÉëíãÉåí=éçêíÑçäáç=Ñçê=çïå=~ÅÅçìåí=áå=íÜÉ=a~åáëÜ= ÄìëáåÉëë=ï~ë=ÜáÖÜÉê=íÜ~å=ä~ëí=óÉ~ê=ÇìÉ=íç=Ñ~ääáåÖ=áåíÉêÉëí= ê~íÉëK

mêçîáëáçåë=ã~ÇÉ=áå=éêáçê=óÉ~êë=íç=ÅçîÉê=éçíÉåíá~ä=ÑìíìêÉ= Öì~ê~åíÉÉë=áå=íÜÉ=íê~Çáíáçå~ä=äáÑÉ=éçêíÑçäáçë=áå=pïÉÇÉå=ïÉêÉ= é~êíäó=êÉÅçîÉêÉÇI=pbh=OQPã=EJNPRFI=çÑ=ïÜáÅÜ=pbh=PQã= êÉä~íÉë=íç=íÜÉ=íÜáêÇ=èì~êíÉêK=qÜÉ=êÉã~áåáåÖ=pbh=NQUã=çÑ= éêçîáëáçåë=Ñêçã=éêáçê=óÉ~êë=~êÉ=êÉÅçîÉê~ÄäÉI=áÑ=ÑìíìêÉ= áåîÉëíãÉåí=êÉíìêåë=~êÉ=~ÇÉèì~íÉ=íç=ãÉÉí=Öì~ê~åíÉÉÇ=Äçåìë= äÉîÉäë=çîÉê=íáãÉK=

léÉê~íáåÖ=ÉñéÉåëÉë=ïÉêÉ=ëí~ÄäÉ=Åçãé~êÉÇ=ïáíÜ=ä~ëí=

óÉ~ê=Äìí=ÇÉÅêÉ~ëÉÇI=áÑ=íÜÉ=åÉÖ~íáîÉ=áãé~Åí=çÑ=íÜÉ=ïÉ~â= pïÉÇáëÜ=ÅìêêÉåÅó=áë=Éäáãáå~íÉÇK=aÉéêÉÅá~íáçå=çÑ=ÇÉÑÉêêÉÇ= ~Åèìáëáíáçå=Åçëíë=áåÅêÉ~ëÉÇ=~åÇ=ïáää=ÅçåíáåìÉ=íç=Çç=ëçI=Äìí= ëÜçìäÇ=ÄÉ=êÉä~íÉÇ=íç=íÜÉ=áåÅêÉ~ëÉ=áå=ìåáíJäáåâÉÇ=áåÅçãÉK=

råáíJäáåâÉÇ=áåëìê~åÅÉ=êÉã~áåë=íÜÉ=ã~àçê=éêçÇìÅí ÖêçìéI=êÉéêÉëÉåíáåÖ=TV=éÉê=ÅÉåí=ETSF=çÑ=íçí~ä=ë~äÉëK=qÜÉ=ëÜ~êÉ= çÑ=Åçêéçê~íÉ=éÉåëáçå=ÇÉÅêÉ~ëÉÇ=íç=SP=éÉê=ÅÉåí=ESVF=~ë=~= êÉëìäí=çÑ=ÜáÖÜ=îçäìãÉë=çÑ=ÉåÇçïãÉåí=éçäáÅáÉë=áå=pïÉÇÉåK= ^=ãçÇÉëí=áåÅêÉ~ëÉ=çÑ=Åçêéçê~íÉ=éÉåëáçå=ï~ë=åçíÉÇ=ÇìêáåÖ= íÜÉ=íÜáêÇ=èì~êíÉêK=

qçí~ä=ë~äÉë=ïÉáÖÜíÉÇ=îçäìãÉ=áåÅêÉ~ëÉÇ=Äó=Q=éÉê=ÅÉåí= ~åÇ=íÜÉ=ëÜ~êÉ=çÑ=êÉÖìä~ê=éêÉãáìã=Åçåíê~Åíë=ï~ë=UN=éÉê=ÅÉåí= EUNFK qÜÉ=åÉï=ÄìëáåÉëë=ë~äÉë=ã~êÖáå=êÉã~áåÉÇ=ìåÅÜ~åÖÉÇ= ÇìêáåÖ=íÜÉ=èì~êíÉêI=NSKU=éÉê=ÅÉåí=Ñçê=íÜÉ=é~ëí=íïÉäîÉ= ãçåíÜëI=Åçãé~êÉÇ=ïáíÜ=NUKS=éÉê=ÅÉåí=Ñçê=íÜÉ=Ñìää=óÉ~ê=OMMUK= få=pïÉÇÉåI=ë~äÉë=áåÅêÉ~ëÉÇ=Äó=T=éÉê=ÅÉåí=~åÇ=áå=aÉåã~êâ= Äó=P=éÉê=ÅÉåíK=p~äÉë=çÑ=mçêíÑçäáç=_çåÇ=Ñêçã=pb_=iáÑÉI=fêÉä~åÇ= ïÉêÉ=ÅäçëÉ=íç=ä~ëí=óÉ~êÛë=êÉÅçêÇ=îçäìãÉK=p~äÉë=áå=íÜÉ=_~äíáÅ= ÅçìåíêáÉë=ïÉêÉ=PO=éÉê=ÅÉåí=ÄÉäçï=íÜçëÉ=çÑ=ä~ëí=óÉ~ê=~åÇ=íÜÉ= íçí~ä=îçäìãÉ=ï~ë=ãçÇÉëíK=

qçí~ä=éêÉãáìã=áåÅçãÉ=áåÅêÉ~ëÉÇ=Äó=P=éÉê=ÅÉåíI=íç= pbh=ONKVÄå=EONKOFK=qÜÉ=íçí~ä=î~äìÉ=çÑ=ìåáíJäáåâÉÇ=ÑìåÇë=ï~ë= pbh=NQRÄå=Åçãé~êÉÇ=ïáíÜ=NNRÄå=~í=óÉ~ê=ÉåÇK=qçí~ä=~ëëÉíë= ìåÇÉê=ã~å~ÖÉãÉåí=EåÉí=~ëëÉíëF=áåÅêÉ~ëÉÇ=Äó=NN=éÉê=ÅÉåí= ÇìêáåÖ=íÜÉ=Ñáêëí=åáåÉ=ãçåíÜëI=íç=pbh=PVOÄåK=

Baltic

qÜÉ=_~äíáÅ=Çáîáëáçå=Åçåëáëíë=çÑ=íÜêÉÉ=ÄìëáåÉëë=~êÉ~ë=J=bëíçåá~I=i~íîá~=~åÇ=iáíÜì~åá~K=

Income statement

	Q3	Q2		Q3		Jan- Sep			Full year
SEK m	2009	2009	%	2008	%	2009	2008	%	2008
Net interest income	628	751	- 16	889	- 29	2 157	2 632	- 18	3 555
Net fee and commission income	227	248	- 8	237	- 4	713	706	1	948
Net financial income	35	23	52	38	- 8	95	105	- 10	150
Net other income	- 6	- 8	- 25	12	- 150	- 2	89	- 102	130
Total operating income	884	1 014	- 13	1 176	- 25	2 963	3 532	- 16	4 783
Staff costs	- 176	- 197	- 11	- 191	- 8	- 593	- 569	4	- 743
Other expenses	- 307	- 345	- 11	- 301	2	- 988	- 898	10	-1 228
Depreciation of assets	- 15	-2 328	- 99	- 21	- 29	-2 368	- 63		- 86
Total operating expenses	- 498	-2 870	- 83	- 513	- 3	-3 949	-1 530	158	-2 057
Profit before credit losses etc	386	-1 856 - 121		663	- 42	- 986	2 002	- 149	2 726
Gains less losses on assets	3	- 6	- 150			- 1
Net credit losses	-2 642	-2 641	0	- 353		-6 985	- 856		-1 709
Operating profit	-2 253	-4 503	- 50	310		-7 972	1 146		1 017
Cost/Income ratio	0,56	2,83		0,44		1,33	0,43		0,43
Business equity, SEK bn	11,8	11,8		10,8		11,8	10,8		10,8
Return on equity, %	-62,9	-130,7		10,2		-76,0	12,0		8,2
Number of full time equivalents	3 252	3 285		3 420		3 308	3 412		3 404

Baltic economic environment has stabilised, but remains challenging

Continued pressure on net interest income due to falling volumes and increased impaired loans

Decelerating growth of past due volumes

Comments on the first nine months

qÜÉ=êÉëìäí=ÄÉÑçêÉ=éêçîáëáçåë=Ñçê=ÅêÉÇáí=äçëëÉë=Ñçê=íÜÉ=Ñáêëí= åáåÉ=ãçåíÜë=~ãçìåíÉÇ=íç=pbh=JVUSã=EOIMMOFI=áåÅäìÇáåÖ= ÖççÇïáää=áãé~áêãÉåíë=çÑ=pbh=OIOVVã=áå=íÜÉ=ëÉÅçåÇ=èì~êíÉê= çÑ=pb_Ûë=_~äíáÅ=áåîÉëíãÉåíëK=léÉê~íáåÖ=áåÅçãÉ=Ñçê=íÜÉ= éÉêáçÇ=ÇÉÅêÉ~ëÉÇ=Äó=NS=éÉê=ÅÉåíI=ïÜáäÉ=çéÉê~íáåÖ=ÉñéÉåëÉë= ÉñÅäìÇáåÖ=ÖççÇïáää=áãé~áêãÉåí=êçëÉ=Äó=U=éÉê=ÅÉåí=ÇìÉ=íç= ÑçêÉáÖå=ÉñÅÜ~åÖÉ=ÉÑÑÉÅíëK==

qÜÉ=ëÉîÉêÉ=_~äíáÅ=ã~ÅêçÉÅçåçãáÅ=ÉåîáêçåãÉåí=äÉÇ=íç=~= Åçåíáåìçìëäó=ÜáÖÜ=äÉîÉä=çÑ=éêçîáëáçåáåÖ=Ñçê=ÅêÉÇáí=äçëëÉëW= íÜÉ=éêçîáëáçåë=Ñçê=g~åì~êóJpÉéíÉãÄÉê=OMMV=~ãçìåíÉÇ=íç= pbh=SIVURã=~ÇÇáåÖ=íÜÉ=íçí~ä=êÉëÉêîÉë=íç=pbh=VIOTMã=~í=íÜÉ= ÉåÇ=çÑ=pÉéíÉãÄÉêK=léÉê~íáåÖ=êÉëìäí=Ñçê=íÜÉ=éÉêáçÇ= ~ãçìåíÉÇ=íç=pbh=JTIVTOã=ENINQSFK=

qÜÉ=íÜáêÇ=èì~êíÉê=ëÜçïÉÇ=~=ïÉ~âÉê=êÉëìäí=íÜ~å=áå=íÜÉ= ëÉÅçåÇ=èì~êíÉêK=qçí~ä=çéÉê~íáåÖ=áåÅçãÉ=ÇÉÅêÉ~ëÉÇ=Äó= pbhNPMã=çê=NP=éÉê=ÅÉåí=ÄÉíïÉÉå=íÜÉ=èì~êíÉêëI=ä~êÖÉäó= êÉÑäÉÅíáåÖ=~=êÉÇìÅíáçå=çÑ=pbh=NOPã=áå=åÉí=áåíÉêÉëí=áåÅçãÉK==

^=ã~àçêáíó=çÑ=íÜáë=êÉÇìÅíáçåI=pbh=STãI=~êçëÉ=áå= iáíÜì~åá~I=ïÜÉêÉ=ÇÉéçëáí=ã~êÖáåë=Ü~îÉ=íáÖÜíÉåÉÇ= ÅçåëáÇÉê~ÄäóK=få=i~íîá~I=åÉí=áåíÉêÉëí=áåÅçãÉ=ÇÉÅêÉ~ëÉÇ=Äó= pbh=QQãI=ÇêáîÉå=ä~êÖÉäó=Äó=~=êÉÇìÅíáçå=áå=ÇÉéçëáí=îçäìãÉëK= bëíçåá~=~äëç=ë~ï=ëçãÉ=êÉÇìÅíáçå=áå=ÇÉéçëáí=îçäìãÉë=~åÇ=

ã~êÖáåëI=äÉ~ÇáåÖ=íç=~=èì~êíÉêäó=êÉÇìÅíáçå=çÑ=åÉí=áåíÉêÉëí= áåÅçãÉ=çÑ=pbh=NOãK=^ää=íÜêÉÉ=ÅçìåíêáÉë=~êÉ=~äëç=åÉÖ~íáîÉäó= áãé~ÅíÉÇ=Äó=ÜáÖÜÉê=åçåJéÉêÑçêãáåÖ=äç~å=îçäìãÉëK=

pí~ÑÑ=Åçëíë=ïÉêÉ=pbh=ONã=äçïÉê=~åÇ=çíÜÉê=ÉñéÉåëÉë= ïÉêÉ=Ççïå=Äó=pbh=PUã=Åçãé~êÉÇ=ïáíÜ=íÜÉ=éêÉîáçìë= èì~êíÉêK=^å=çîÉê~ää=ëí~ÑÑ=êÉÇìÅíáçå=çÑ=NSU=ÉãéäçóÉÉë=Ü~ë= ÄÉÉå=ã~ÇÉ=ïáíÜáå=íÜÉ=_~äíáÅ=ÇáîáëáçåI=ÇÉÅêÉ~ëáåÖ=íÜÉ= åìãÄÉê=çÑ=Ñìää=íáãÉ=Éèìáî~äÉåíë=EcqbF=íç=PIORO=Åçãé~êÉÇ= ïáíÜ=PIQOM=cqbÛë=íïÉäîÉ=ãçåíÜë=~ÖçK=

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K

Baltic update

• Challenging macro-economic outlook, but the period of rapid GDP decline is over
• Tailored work-out activities based on asset type in close dialogue with customers
• Portfolio reviews and slow-down of new high risk volumes indicate stabilisation of provisioning need

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the volume related to high risk clients which has also started to stabilise.

The combined impaired loans individually assessed and the portfolio assessed loans that are more than 60 days past-due - retail loans - amount to SEK 15bn, or 10 per cent of total lending. The additional volume related to high risk

clients is approximately twice that size.

Reserves amounted to SEK 9.3bn at the end of September. During the third quarter, specific provisions exceeded collective provisions, due to increased identification of individual problem loans.

Result by geography - January-September 2009

SEB offers universal banking services in Sweden, Germany and the Baltic countries- Estonia, Latvia and Lithuania. It also has a local presence in the other Nordic countries, Ukraine and Russia and has a global presence through its international network in another 10 countries.

• Nordic business generated 70 per cent of operating income $\blacksquare$
• Provisions for credit losses and goodwill impairments impact Baltic profitability $\blacksquare$

Comments on the first nine months

The economic situation in the world has improved in the past months, following a gradual normalisation of the financial systems in combination with low interest rates and higher share prices.

In Sweden, operating income increased, mostly due to volume-driven growth of net interest income in combination with a doubled profit from life insurance operations. Commission income decreased due to lower income from securities trading. Total expenses rose as a result of goodwill impairments related to SEB's investments in Eastern Europe. Adjusted for that, expenses were flat.

In Denmark and Norway, SEB's operating profit more than doubled compared with the first nine months last year, mainly due to a strong activity within the capital markets area and foreign exchange. In Norway, Cards contributed substantially to the positive development. In Denmark, SEB's life insurance business was positively affected by higher investment return. In Finland, results were negatively affected by overall lower fee and commission income as well as increased provision for credit losses.

In the Baltic region, the provisioning for credit losses continued and total provisions for the three countries rose

to SEK 6,985m (857) for the first three quarters of 2009.

The net credit loss level increased to 5.29 per cent (1.28) and the net level of impaired loans in the Baltic countries to 0.70 per cent (0.30).

Total income was still growing in Latvia, while it dropped in Estonia and Lithuania. Total expenses increased, largely due to goodwill impairments.

Operating income per country, Jan-Sep 2009

In Germany, Merchant Banking performed well in spite of difficult conditions and income grew strongly. Within Retail Banking, low market interest rates and low business activities led to poor results. Provisions for credit losses for January-September increased to SEK 534m (171).

In Ukraine and Russia, provisions for credit losses for the first nine months amounted to SEK 487m and SEK 31m, respectively.

Distribution by country Jan - Sep		Total operating income			Total operating expenses			Operating profit
SEK m	2009	2008	%	2009	2008	%	2009	2008	%
Sweden	18 192	15 0 90	21	$-12323$	$-10303$	20	4 9 9 4	4568	9
Norway	2799	1913	46	$-1071$	$-1063$		1 5 3 9	690	123
Denmark	2 3 5 1	1617	45	$-1220$	$-1073$	14	1 0 2 0	467	118
Finland	819	932	$-12$	$-378$	$-489$	$-23$	416	435	$-4$
Germany	4539	4 4 0 7	3	$-3995$	$-3550$	13	9	688	-99
Estonia	1 0 3 2	1 2 3 0	-16	$-808$	$-523$	54	- 674	279
Latvia	356	1 1 8 9	14	$-585$	$-534$	10	$-1771$	400
Lithuania	.368	1885	$-27$	$-1329$	$-764$	74	$-3506$	933
Other countries and eliminations	883	146		$-562$	$-143$		781	- 17
Total	34 339	28 409	21	-22 271	$-18442$	21	2808	8443	-67

Goodwill impairments for holdings in the Baltic region, Russia and Ukraine affected operating expenses and profit in Sweden by SEK 1.5bn in Q2 and 0.6bn in Q1 2009. Impairments in Q2 2009 affected operating expenses and profit in Estonia and Lithuania with SEK 0.3bn and 0.6bn, respectively. Centralisation of bond portfolios from the U.S. to Sweden affected operating income and profit by SEK 1.8bn in Q4 2008.

The SEB Group

Net interest income – SEB Group

	Q3	Q2		Q3	Jan - Sep			Full year
SEK m	2009	2009	%	2008	%	2009	2008	%	2008
Interest income	14 147	16 276	- 13	24 069	- 41	50 389	72 125	- 30	97 281
Interest expense	-9 628	-10 906	- 12	-19 516	- 51	-34 596	-58 928	- 41	-78 571
Net interest income	4 519	5 370	- 16	4 553	- 1	15 793	13 197	20	18 710

Net fee and commission income – SEB Group

	Q3	Q2		Q3			Jan - Sep		Full year
SEK m	2009	2009	%	2008	%	2009	2008	%	2008
Issue of securities	99	167	- 41	47	111	301	145	108	172
Secondary market	594	732	- 19	654	- 9	1 885	2 325	- 19	2 769
Custody and mutual funds	1 504	1 445	4	1 623	- 7	4 294	5 091	- 16	7 022
Securities commissions	2 197	2 344	- 6	2 324	- 5	6 480	7 561	- 14	9 963
Payments	458	465	- 2	447	2	1 380	1 350	2	1 844
Card fees	1 047	1 090	- 4	1 066	- 2	3 174	3 206	- 1	4 300
Payment commissions	1 505	1 555	- 3	1 513	- 1	4 554	4 556	0	6 144
Advisory	266	293	- 9	329	- 19	736	791	- 7	1 118
Lending	357	352	1	258	38	1 044	713	46	1 004
Deposits	27	27		25	8	82	72	14	98
Guarantees	115	99	16	78	47	309	216	43	301
Derivatives	131	153	- 14	175	- 25	443	404	10	601
Other	161	179	- 10	168	- 4	511	524	- 2	648
Other commissions	1 057	1 103	- 4	1 033	2	3 125	2 720	15	3 770
Fee and commission income	4 759	5 002	- 5	4 870	- 2	14 159	14 837	- 5	19 877
Securities commissions	- 249	- 190	31	- 226	10	- 672	- 742	- 9	- 970
Payment commissions	- 591	- 597	- 1	- 593	0	-1 827	-1 809	1	-2 450
Other commissions	- 353	- 413	- 15	- 297	19	-1 077	- 822	31	-1 203
Fee and commission expense	-1 193	-1 200	- 1	-1 116	7	-3 576	-3 373	6	-4 623
Securities commissions, net	1 948	2 154	- 10	2 098	- 7	5 808	6 819	- 15	8 993
Payment commissions, net	914	958	- 5	920	- 1	2 727	2 747	- 1	3 694
Other commissions, net	704	690	2	736	- 4	2 048	1 898	8	2 567
Net fee and commission income	3 566	3 802	- 6	3 754	- 5	10 583	11 464	- 8	15 254

Net financial income – SEB Group

	Q3	Q2		Q3			Jan - Sep		Full year
SEK m	2009	2009	%	2008	%	2009	2008	%	2008
Equity instruments and related derivatives	- 40	- 166	-76	489	- 108	- 111	966	-111	1 415
Debt instruments and related derivatives	- 33	568	-106	- 114	- 71	593	-1 170	-151	-1 059
Currency-related	1 060	1 127	-6	270		3 228	1 849	75	3 076
Other financial instruments	- 12	- 2		- 9	33	- 11	- 9	22	12
Impairments	- 29	- 56	-48	- 389	- 93	- 149	- 389	-62	- 474
Net financial income	946	1 471	-36	247		3 550	1 247	185	2 970

Net credit losses - Group

	Q3	Q2		Q3			Jan - Sep		Full year
SEK m	2009	2009	%	2008	%	2009	2008	%	2008
Provisions:
Net collective provisions for individually assessed
loans	- 216	-1 305	-83	- 110	96	-2 423	- 84		- 712
Net collective provisions for portfolio assessed loans	- 530	- 549	-3	- 208	155	-1 511	- 335		- 591
Specific provisions	-2 086	-1 691	23	- 331		-4 689	- 930		-1 718
Reversal of specific provisions no longer required	153	176	-13	71	115	519	194	168	336
Net provisions for contingent liabilities	- 83	133	-162	- 23		- 101	- 20		- 56
Net provisions	-2 762	-3 236	-15	- 601		-8 205	-1 175		-2 741
Write-offs:
Total write-offs	- 730	- 494	48	- 265	175	-1 515	- 964	57	-1 428
Reversal of specific provisions utilized for write-offs	146	135	8	71	106	360	489	-26	699
Write-offs not previously provided for	- 584	- 359	63	- 194		-1 155	- 475	143	- 729
Recovered from previous write-offs	11	28	-61	79	-86	72	122	-41	239
Net write-offs	- 573	- 331	73	- 115		-1 083	- 353		- 490
Net credit losses	-3 335	-3 567	-7	- 716		-9 288	-1 528		-3 231

Balance sheet – SEB Group

Condensed	30 September		31 December 30 September
SEK m	2009	2008	2008
Cash and cash balances with central banks	25 158	44 852	18 733
Loans to credit institutions	231 697	266 363	300 591
Loans to the public	1 206 833	1 296 777	1 226 633
Financial assets at fair value *	604 624	635 454	620 099
Available-for-sale financial assets *	88 138	163 115	171 464
Held-to-maturity investments *	1 793	1 997	2 067
Investments in associates	1 122	1 129	1 387
Tangible and intangible assets	27 432	29 511	27 163
Other assets	46 602	71 504	50 154
Total assets	2 233 399	2 510 702	2 418 291
Deposits by credit institutions	342 518	429 425	399 940
Deposits and borrowing from the public	752 966	841 034	794 266
Liabilities to policyholders	237 665	211 070	206 473
Debt securities	480 564	525 219	554 257
Financial liabilities at fair value	201 069	295 533	248 142
Other liabilities	76 855	71 565	90 498
Provisions	1 791	1 897	1 378
Subordinated liabilities	40 993	51 230	45 736
Total equity	98 978	83 729	77 601
Total liabilities and equity	2 233 399	2 510 702	2 418 291
* Of which bonds and other interest bearing securities inclusive derivatives.	496 467	628 675	668 114

Memorandum items – SEB Group

	30 September		31 December 30 September
SEK m	2009	2008	2008
Collateral and comparable security pledged for own liabilities	458 454	375 227	342 560
Other pledged assets and comparable collateral	175 658	152 142	181 661
Contingent liabilities	81 889	86 675	81 277
Commitments	371 651	416 533	444 541

Statement of changes in equity – SEB Group

				Available
			Translation	for-sale			Total Share
	Share	Retained	of foreign	financial	Cash flow		holder's	Minority
SEK m	capital	earnings	operations	assets	hedges	Other	equity		interests Total Equity
Jan-Sep 2009
Opening balance	6 872	75 949	-225	-3 062	1 767	2 236	83 537	192	83 729
Net profit		857					857	37	894
Other comprehensive income (net of tax)			-431	1 752	- 956	-714	- 349	7	- 342
Total comprehensive income		857	- 431	1 752	- 956	- 714	508	44	552
Rights issue	15 070	- 397					14 673		14 673
Swap hedging of employee stock option programme* Eliminations of repurchased shares for employee		2					2		2
stock option programme**		22					22		22
Closing balance	21 942	76 433	- 656	-1 310	811	1 522	98 742	236	98 978
Jan-Dec 2008
Opening balance	6 872	70 149	-377	- 438	160	162	76 528	191	76 719
Net profit		10 041					10 041	9	10 050
Other comprehensive income (net of tax)			152	-2 624	1 607	2 074	1 209	- 8	1 201
Total recognised income		10 041	152	-2 624	1 607	2 074	11 250	1	11 251
Dividend to shareholders		-4 451					-4 451		-4 451
Swap hedging of employee stock option programme* Eliminations of repurchased shares for employee		27					27		27
stock option programme**		183					183		183
Closing balance	6 872	75 949	- 225	-3 062	1 767	2 236	83 537	192	83 729
Jan-Sep 2008
Opening balance	6 872	70 149	-377	- 438	160	162	76 528	191	76 719
Net profit		6 535					6 535	8	6 543
Other comprehensive income (net of tax)			-90	-1 849	- 69	488	-1 520	- 16	-1 536
Total recognised income		6 535	- 90	-1 849	- 69	488	5 015	- 8	5 007
Dividend to shareholders		-4 451					-4 451		-4 451
Swap hedging of employee stock option programme* Eliminations of repurchased shares for employee		144					144		144
stock option programme**		182					182		182
Closing balance	6 872	72 559	- 467	-2 287	91	650	77 418	183	77 601

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

** As of 31 December 2008 SEB owned 2.2 million Class A-shares for the employee stock option programme. The acquisition cost for these shares is deducted from shareholders' equity. During 2009 1.0 million net of these shares have been sold as employee stock options have been exercised. Thus, as of 30 September 2009 SEB owned 1.2 million Class Ashares with a market value of SEK 62m for hedging of the long-term incentive programmes.

Cash flow statement – SEB Group

		Jan - Sep		Full year
SEK m	2009	2008	%	2008
Cash flow from operating activities	- 43 055	- 63 792	- 33	- 16 441
Cash flow from investment activities1)	- 23	- 5 603	- 100	- 6 050
Cash flow from financing activities	- 6 923	- 3 146	120	2 653
Net increase in cash and cash equivalents	- 50 001	- 72 541	- 31	- 19 838
Cash and cash equivalents at beginning of year	175 147	194 985	- 10	194 985
Net increase in cash and cash equivalents	- 50 001	- 72 541	- 31	- 19 838
Cash and cash equivalents at end of period2)	125 146	122 444	2	175 147
1) Including investments in subsidiaries
Cost of acquisitions		- 1 040	- 100	- 1 040
Less cash acquired
Outflow on acquisition		- 1 040 - 100		- 1 040

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.

Reclassified portfolios – SEB Group

	Q3	Q2		Q3			Jan - Sep		Full year
	2009	2009	%	2008	%	2009	2008	%	2008
Reclassified, SEK bn
Opening balance	152	157	-3			107
Reclassified				95	-100	52	95	-45	95
Amortisations	- 2	- 2		- 1	100	- 6	- 1		- 4
Securities sold	- 9	- 1				- 12
Accrued coupon		- 1	-100	1	-100		1	-100	2
Translation difference	- 10	- 1		4		- 10	4		14
Closing balance*	131	152	- 14	99	32	131	99	32	107
* Market value	124	142	-13	97	28	124	97		100
Fair value impact - if not reclassified, SEK m
In Equity (AFS origin)	2 627	- 514		-1 499		-1 093	-1 499	-27	-5 252
In Income Statement (HFT origin)	471	454	4	- 460		607	- 460		-1 623
Total	3 098	- 60		-1 959		- 486	-1 959	-75	-6 875
Effect in Income Statement, SEK m*
Net interest income	529	674	-22	979	-46	2 574	979	163	1 959
Net financial income	-7 100	-1 344		3 754		-7 168	3 754		13 699
Other income	64	- 196	-133			73
Total	-6 507	- 866		4 733		-4 521	4 733	-196	15 658

* The effect in Income Statement is the profit or loss transactions from the reclassified portfolio reported gross. Net interest income is the interest income from the portfolio without taking into account the funding costs. Net financial income is the foreign currency effect related to the reclassified portfolio but does not include the off-setting foreign currency effect from financing activities. Other income is the realised gains or losses from sales in the portfolio.

Impaired loans and seized assets – SEB Group

	30 September		31 December 30 September
SEK m	2009	2008	2008
Individually assessed loans
Non-performing impaired loans	17 298	10 463	7 307
Performing impaired loans Total impaired loans	1 071 18 369	948 11 411	847 8 154
Reserves for non-performing loans	- 7 681	- 4 679	- 3 660
Reserves for performing loans	- 666	- 343	- 479
Total specific reserves	- 8 347	- 5 022	- 4 139
Collective reserves for individually assessed loans	- 4 915	- 2 793	- 2 036
Total reserves	- 13 262	- 7 815	- 6 175
Specific reserve ratio for individually assessed impaired loans	45,4%	44,0%	50,8%
Total reserve ratio for individually assessed impaired loans	72,2%	68,5%	75,7%
Net level of impaired loans	0,70%	0,41%	0,30%
Gross level of impaired loans	1,26%	0,73%	0,60%
Portfolio assessed loans
Loans past due > 60 days*	6 939	3 164	2 437
Collective reserves for portfolio assessed loans	- 2 781	- 1 404	- 1 036
Reserve ratio for portfolio assessed loans	40,1%	44,4%	42,5%
* Previous periods updated due to improved reporting process.
Reserves
Specific reserves	-8 347	-5 022	-4 139
Collective reserves	-7 696	-4 197	-3 072
Reserves for off-balance sheet items	- 348	- 251	- 200
Total reserves	- 16 391	- 9 470	- 7 411

Seized assets – SEB Group

	30 September		31 December 30 September
SEK m	2009	2008	2008
Properties, vehicles and equipment	428	106	33
Shares	62	50	51
Total volume of pledges taken over	490	156	84

Rating

	Moody's Outlook Negative (April 2009)	Standard & Poor's Outlook Negative (March 2009)			Fitch Outlook Stable (June 2009)	DBRS Outlook Under review (April 2009)
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 2009	per cent
Investor AB	20,8
Trygg Foundation	9,6
Alecta	5,7
Swedbank/ Robur Funds	4,0
AMF Insurance & funds	2,6
AFA Insurance	2,1
SEB Funds	1,9
Wallenberg-foundations	1,5
SHB Funds	1,5
Nordea Funds	1,4
Foreign owners	18,2
Source: Euroclear Sweden/SIS Ägarservice

Additional Information January-September 2009

STOCKHOLM 21 OCTOBER 2009

Appendix 1 The Life division

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Comments on the first nine months of 2009

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SEB Trygg Liv. Sweden

The Swedish operation is partly conducted according to a bank assurance concept and partly through distribution via insurance mediators and other external partners. The bank assurance concept involves an integrated banking and insurance operation with distribution through SEB's branch offices and own sales personnel. The purpose of the concept is to offer SEB's customers a complete range of products and services within the financial area. Savings in life insurance products, including pension savings, represent a growing share of the Swedish households' financial assets. According to the SEB "Sparbarometern" this share was 48 per cent on 30 June 2009.

Market position

Sales focus is on unit-linked, which represents 95 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 2009 was 25.5 per cent $(22.9).$

Significant occupational pension business

Corporate sales have gradually grown and increased the share of total sales. During the full year 2008, this share decreased to 72 per cent, however, from 78 per cent in 2007. During the first nine months of 2009 the decrease continued, to 59 per cent. SEB Trygg Liv is the market leader within new business unit-linked occupational pension. The market share for the twelve month period to June 2009 was 18.4 per cent (18.7).

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 also 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 2009 was 36.1 per cent (30.7).

Sales of private pension savings are 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

The traditional life insurance operation of SEB Pension Denmark is 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".

By year-end, 275 million Danish kronor were placed in a "shadow account", according to Danish legislation regarding shareholder fee available for distribution in

profit-sharing traditional life insurance. The amount is considered as restricted equity and is not available for dividend to the shareholders of the company. During the first nine months of 2009, the amount decreased to 221 million Danish kronor.

SEB Pension's products

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

Savings insurance is available both as unit-linked and traditional insurance. In the Danish private market unitlinked insurance dominates whereas traditional insurance still accounts for the major part of sales in the corporate market. Some collective agreements do not allow sole unitlinked insurance solutions in occupational pension plans. The trend is that the market for non-traditional life insurance such as unit-linked is expanding. The growth is mainly in the corporate segment, sold mainly by insurance mediators.

Growing occupational pension market

Since year 2000 it is mainly the Danish occupational pension market that shows growth, while the private market is relatively unchanged.

SEB Pension's development has been in line with the general trend. Measured in terms of premium income, SEB Pension has a total market share of about 5 per cent. The market share in the unit-linked segment is about 10 per cent. Danica is the dominating company with a market share of about 17 and 40 per cent, respectively.

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 are the two dominant sales channels in the occupational pension market.

SEB Life & Pension International

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

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. The branch office in Luxembourg focuses on sales via SEB Private Banking to Swedes living abroad. Since 2008 the Finnish branch office focuses on sales to the Finnish market.

The Baltic subsidiaries concentrate primarily on unitlinked insurance, but offer traditional insurance and sickness/disability insurance as well. More than 90 per cent of the sales volume is to private individuals.

Profit & loss account

	Q 3	Q 2	Q 1	Q 4	Q 3	Jan - Sep		Full ye ar
SEKm	2009	2009	2009	2008	2008	2009	2008	2008
Income unit-linked	536	491	437	459	469	1 464	1 444	1 903
Income other insurance 1)	417	507	440	47	129	1 364	741	788
Other income	152	145	156	229	119	453	340	569
Total operating income	1 105	1 143	1 033	735	717	3 281	2 525	3 260
Operating expenses	-550	-620	-627	-623	-647	-1 797	-1 838	-2 461
Other expenses	-3	-23	-1	-1	-1	-27	-23	-24
Change in deferred acquisition costs	4	21	63	100	107	88	188	288
Total expenses	-549	-622	-565	-524	-541	-1 736	-1 673	-2 197
Operating profit	556	521	468	211	176	1 545	852	1 063
Change in surplus value, net	224	395	111	380	132	730	609	989
Business result	780	916	579	591	308	2 275	1 461	2 052
Financial effects due to market fluctuations 2)	652	1 132	-282	-914	-897	1 502	-2 912	-3 826
Change in assumptions 2)	35	-253	-32	-151	-1	-250	12	-139
Total result	1 467	1 795	265	-474	-590	3 527	-1 439	-1 913
Business equity	6 800	6 800	6 800	7 500	7 500	6 800	7 500	7 500
Return on business equity 3)
based on operating profit, %	28,8	27,0	24,2	9,9	8,3	26,7	13,3	12,5
based on business result, %	40,4	47,4	30,0	27,7	14,5	39,3	22,9	24,1
Premium income, gross	6 588	7 347	7 919	7 692	6 684	21 854	21 236	28 928
Expense ratio, % 4)	8,3	8,4	7,9	8,1	9,7	8,2	8,7	8,5
Operating profit by business area
SEB Trygg Liv, Sweden	387	403	277	-14	172	1 067	676	662
SEB Pension, Denmark	120	147	180	232	34	447	252	484
SEB Life & Pension, International	68	3	25	27	1	96	42	69
Other including central functions etc	-19	-32	-14	-34	-31	-65	-118	-152
	556	521	468	211	176	1 545	852	1 063
1) Effect of guarantee commitments in traditional insurance in Sweden	34	103	106	-218	-61
						243	-135	-353

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)

	Q 3	Q 2	Q 1	Q 4	Q 3		Jan - Sep	Full y ear
SEKm	2009	2009	2009	2008	2008	2009	2008	2008
Total	11 042	13 268	12 912	12 939	10 686	37 222	35 884	48 823
SEB Trygg Liv Sweden	6 452	7 987	8 086	7 352	6 592	22 525	20 998	28 350
Traditional life and sickness/health insurance	252	280	401	349	340	933	1 271	1 620
Unit-linked insurance	6 200	7 707	7 685	7 003	6 252	21 592	19 727	26 730
Private paid	2 593	3 721	2 983	2 279	1 713	9 297	5 686	7 965
Corporate paid	3 859	4 266	5 103	5 073	4 879	13 228	15 312	20 385
SEB Pension Denmark	3 586	3 771	3 459	4 404	3 138	10 816	10 518	14 922
Traditional life and sickness insurance	2 087	2 245	2 080	2 953	2 050	6 412	6 621	9 574
Unit-linked insurance	1 499	1 526	1 379	1 451	1 088	4 404	3 897	5 348
Private paid	429	444	586	696	472	1 459	1 917	2 613
Corporate paid	3 157	3 327	2 873	3 708	2 666	9 357	8 601	12 309
SEB Life & Pension International	1 004	1 510	1 367	1 183	956	3 881	4 368	5 551
Traditional life and sickness insurance	168	246	182	342	285	596	649	991
Unit-linked insurance	836	1 264	1 185	841	671	3 285	3 719	4 560
Private paid	866	1 056	1 083	1 013	786	3 005	3 584	4 597
Corporate paid	138	454	284	170	170	876	784	954

Premium income and Assets under management

	Q 3	Q 2	Q 1	Q 4	Q 3		Jan - Sep	Full y ear
SEKm	2009	2009	2009	2008	2008	2009	2008	2008
Premium income
Total	6 588	7 347	7 919	7 692	6 684	21 854	21 236	28 928
SEB Trygg Liv Sweden	3 938	4 179	4 508	4 085	4 247	12 625	12 045	16 130
Traditional life and sickness/health insurance	643	655	777	866	590	2 075	2 094	2 960
Unit-linked insurance	3 295	3 524	3 731	3 219	3 657	10 550	9 951	13 170
SEB Pension Denmark	1 778	1 804	2 071	2 517	1 753	5 653	5 381	7 898
Traditional life and sickness insurance	1 167	1 220	1 436	1 795	1 204	3 823	3 688	5 483
Unit-linked insurance	611	584	635	722	549	1 830	1 693	2 415
SEB Life & Pension International	872	1 364	1 340	1 090	684	3 576	3 810	4 900
Traditional life and sickness insurance	95	100	96	109	83	291	237	346
Unit-linked insurance	777	1 264	1 244	981	601	3 285	3 573	4 554
Assets under management, net assets *
Total	392 100	371 800	347 000	354 400	364 400	392 100	364 400	354 400
SEB Trygg Liv Sweden	273 700	255 200	235 800	242 000	260 300	273 700	260 300	242 000
Traditional life and sickness/health insurance	161 500	151 300	145 000	151 700	165 100	161 500	165 100	151 700
Unit-linked insurance	112 200	103 900	90 800	90 300	95 200	112 200	95 200	90 300
SEB Pension Denmark	96 100	96 300	94 000	95 900	86 500	96 100	86 500	95 900
Traditional life and sickness insurance	84 400	85 500	84 500	86 900	77 800	84 400	77 800	86 900
Unit-linked insurance	11 700	10 800	9 500	9 000	8 700	11 700	8 700	9 000
SEB Life & Pension International	22 300	20 300	17 200	16 500	17 600	22 300	17 600	16 500
Traditional life and sickness insurance	1 100	1 100	1 100	700	600	1 100	600	700
Unit-linked insurance	21 200	19 200	16 100	15 800	17 000	21 200	17 000	15 800

* rounded to whole 100 millions

Denmark* Jan-Sep Full ye ar
2008
958
155
-163
99
91
91
-195
106
2
151
1 111
The Group's experience

* Based on preliminary calculations - not included in the total figures for the division.

1) Effects from adjustments of the calculation method.

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 5.5 per cent gross (before fees and taxes). Actual growth results in positive or negative financial effects.

6) The negative effect during Q2 2009 is due to more conservative assumptions for the Baltic business due to the macroeconomic development. During Q4 2008 the major negative net effect was due to adjustments of the surrender rate and the lapse rate. The lower assumed growth in fund assets had a negative effect which was more than offset by a positive effect from a lower discount rate.

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 3,422m at September 30, 2009).

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.

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. Surplus values relating to the traditional business in Denmark are not yet included in the total surplus values for the division. In the table on previous page initial

calculations are presented as supplementary information. Profit distribution between shareholders and policyholders in this business is defined by the so-called contribution principle. Surplus values are therefore the net present value of future profits allocated to the shareholders. As for unit-linked, the calculations are based on different assumptions, which are adjusted as required to correspond to the long term actual development. During the full year 2008 there were positive effects of changes in assumptions mainly due to lower expenses per policy and a reduction in the surrender rate in combination with an increase in surrender fees. During 2009 the positive effect of changed assumptions was due to a decrease of the discount rate from 8 to 7.5 per cent.

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.

SEKm	Oct 2008-Sep 2009	Jan-Dec 2008	Jan-Dec 2007	Jan-Dec 2006
Sales volume weighted (regular $+$ single/10)	3996	3858	3689	3 3 4 5
Present value of new sales	554	1 598	1 775	. 788
Sales expenses	$-883$	-879	$-901$	$-970$
Profit from new business	671	719	874	818
Sales margin new business	16.8%	18,6%	23,7%	24,5%

2007 and later is calculated for the total division. 2006 is business area Sweden. The traditional insurance in Denmark is not included.

During the last year the margin has been adversely affected by a change in the product mix.

Embedded value

SEKm	30 Sep 2009	31 Dec 2008	31 Dec 2007	31 Dec 2006
Equity $1$	8 1 5 6	8827	8836	8450
Surplus values	13423	11 549	14 4 9 6	12872
$1$ Dividend paid to the parent company during the period	$-1850$	$-1275$	$-1150$	$-400$

The traditional insurance in Denmark is not included in the surplus values.

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 portfolio, loan portfolio and impaired loans by industry and geography

Credit portfolio by industry and geography*

SEB Group, 30 September 2009
SEK bn		Sweden Denmark		Norway Finland Estonia		Latvia	Lithuania	Germany	Other	Total
Banks	142,0	14,7	11,1	1,8	0,1	0,9	0,5	43,5	14,0	228,6
Finance and insurance	52,0	0,6	2,3	0,7	0,3	0,7	0,3	18,7	3,6	79,2
Wholesale and retail	32,7	0,9	1,8	0,2	3,3	5,4	10,3	14,8	5,1	74,5
Transportation	24,8	0,4	1,3	0,2	1,3	2,3	4,8	6,9	0,4	42,4
Shipping	30,2	0,3	1,5	0,1	1,0	0,2	0,3		4,3	37,9
Business and household services	88,2	0,7	3,4	0,2	2,1	1,8	3,2	19,1	1,2	119,9
Construction	9,1	0,1	0,4	0,4	1,5	2,1	2,3	4,1	0,6	20,6
Manufacturing	136,3	1,4	4,0	4,0	4,3	3,0	9,0	27,0	6,5	195,5
Agriculture, forestry and fishing	3,6	0,2			1,2	2,1	0,7	0,1		7,9
Mining and quarrying	12,2		2,6	0,3	0,1	0,1	0,1	0,4		15,8
Electricity, gas and water supply	28,7	0,2	1,2	4,7	2,3	1,2	2,5	5,9	0,1	46,8
Other	17,5	4,5	0,7	0,1	0,4	0,4	0,6	4,4	4,6	33,2
Corporates	435,3	9,3	19,2	10,9	17,8	19,3	34,1	101,4	26,4	673,7
Commercial	65,0	0,2	5,6	0,6	7,8	4,5	13,9	58,7	0,7	157,0
Multi-family	62,4					2,5		31,0		95,9
Property Management	127,4	0,2	5,6	0,6	7,8	7,0	13,9	89,7	0,7	252,9
Public Administration	17,7	0,1	0,3	0,6	2,3	0,3	2,2	69,5	1,6	94,6
Household mortgage	259,7		3,5		16,8	10,5	23,1	73,2	1,6	388,4
Other	40,1	6,7	29,5	1,5	3,8	3,7	2,7	23,7	2,9	114,6
Households	299,8	6,7	33,0	1,5	20,6	14,2	25,8	96,9	4,5	503,0
Credit portfolio	1 022,2	31,0	69,2	15,4	48,6	41,7	76,5	401,0	47,2	1 752,8

* The geographical distribution is based on where the loan is booked. Amounts before provisions for credit losses.

SEB Group, 31 December 2008
SEK bn		Sweden Denmark		Norway Finland Estonia		Latvia	Lithuania	Germany	Other	Total
Banks	178,8	10,1	8,0	2,2	0,2	1,1	0,6	68,1	16,5	285,6
Finance and insurance	57,3	2,1	1,5	0,7	0,2	1,2	0,5	16,0	13,7	93,2
Wholesale and retail	36,2	1,0	1,1	0,2	5,2	7,2	14,2	16,9	4,8	86,8
Transportation	26,0	0,4	1,2	0,2	2,0	2,8	6,7	3,1	0,4	42,8
Shipping	29,3	0,5	1,3	0,1	1,1	0,3	0,4		5,2	38,2
Business and household services	95,1	0,9	4,9	0,4	3,0	2,4	4,4	36,1	1,6	148,8
Construction	8,9	0,1	0,7	0,1	2,0	2,9	3,3	4,1	0,3	22,4
Manufacturing	152,5	1,4	2,9	3,9	5,2	3,6	12,4	31,8	7,2	220,9
Agriculture, forestry and fishing	3,9	0,4			1,5	2,7	0,9	0,2		9,6
Mining and quarrying	15,2		2,9	0,2		0,1	0,1	0,7	0,6	19,8
Electricity, gas and water supply	29,2	0,2	1,6	5,2	2,2	1,4	2,8	6,0	0,1	48,7
Other	32,7	1,1	3,6	0,1	0,4	0,6	0,7	5,3	5,9	50,4
Corporates	486,3	8,1	21,7	11,1	22,8	25,2	46,4	120,2	39,8	781,6
Commercial	60,5	0,3	6,5	0,6	8,5	4,6	16,1	71,7	0,7	169,5
Multi-family	58,4					2,5		32,0		92,9
Property Management	118,9	0,3	6,5	0,6	8,5	7,1	16,1	103,7	0,7	262,4
Public Administration	31,7	0,1	0,3	0,4	2,4	0,4	3,2	78,9	1,5	118,9
Household mortgage	230,3		3,7		18,3	11,7	25,5	79,4	1,8	370,7
Other	38,8	6,9	27,5	1,7	4,4	4,3	3,4	25,0	3,0	115,0
Households	269,1	6,9	31,2	1,7	22,7	16,0	28,9	104,4	4,8	485,7
Credit portfolio	1 084,8	25,5	67,7	16,0	56,6	49,8	95,2	475,3	63,3	1 934,2

* The geographical distribution is based on where the loan is booked. Amounts before provisions for credit losses.

Loan portfolio by industry and geography*

SEK bn		Sweden Denmark		Norway Finland	Estonia	Latvia	Lithuania	Germany	Other	Total
Banks	76,5	8,0	2,9	0,6	0,1	0,8	0,4	25,8	9,3	124,4
Finance and insurance	21,9	0,4	0,6	0,2		0,6		13,5	3,3	40,5
Wholesale and retail	19,0	0,3	0,6	0,1	2,7	4,1	8,1	5,9	1,8	42,6
Transportation	19,7	0,1	0,9		1,3	2,1	4,3	1,4	0,4	30,2
Shipping	20,4	0,3	0,9	0,1	0,8	0,2	0,3		3,4	26,4
Business and household services	53,6	0,5	1,6		2,0	1,6	2,5	12,7	0,6	75,1
Construction	4,3	0,1	0,1	0,2	0,8	1,5	1,5	1,9	0,1	10,5
Manufacturing	63,0	0,5	1,5	2,7	3,3	2,5	7,1	10,3	2,0	92,9
Agriculture, forestry and fishing	2,7				1,1	2,0	0,7	0,1		6,6
Mining and quarrying	7,8		0,1	0,4	0,1	0,1	0,1			8,6
Electricity, gas and water supply	12,3		0,1	4,6	1,7	0,9	1,4	2,4	0,1	23,5
Other	12,7	1,0	3,8	0,1	0,4	0,4	0,6	3,9	4,1	27,0
Corporates	237,4	3,2	10,2	8,4	14,2	16,0	26,6	52,1	15,8	383,9
Commercial	54,7	0,3	3,3	0,5	7,5	4,5	13,0	50,3	0,7	134,8
Multi-family	54,5					2,3		27,7		84,5
Property Management	109,2	0,1	3,3	0,5	7,5	6,8	13,0	78,0	0,7	219,1
Public Administration	7,6	0,1	0,3	0,6	1,9	0,3	1,9	67,1	1,6	81,4
Household mortgage	237,3		3,5		16,8	10,5	22,4	67,3	1,6	359,4
Other	23,5	3,1	12,0	0,8	3,0	3,0	2,2	9,0	2,9	59,5
Households	260,8	3,1	15,5	0,8	19,8	13,5	24,6	76,3	4,5	418,9
Loan portfolio	691,5	14,5	32,2	10,9	43,5	37,4	66,5	299,3	31,9	1 227,7
Repos										95,5
Debt instruments										131,3
Reserves										-16,0
Total										1 438,5

* The geographical distribution is based on where the loan is booked.

SEB Group, 31 December 2008

SEK bn		Sweden Denmark		Norway Finland	Estonia	Latvia	Lithuania	Germany	Other	Total
Banks	110,7	5,9	1,0	0,8	0,2	1,1	0,5	44,9	12,7	177,8
Finance and insurance	20,9	2,0	0,4	0,2		1,2	0,1	10,4	3,2	38,4
Wholesale and retail	24,4	0,3	0,7	0,1	3,6	5,0	10,8	7,4	2,7	55,0
Transportation	21,4	0,1	0,8		1,8	2,4	5,9	1,2	0,3	33,9
Shipping	21,6	0,4	0,6	0,1	1,0	0,3	0,4		3,4	27,8
Business and household services	58,5	0,5	2,6	0,1	2,6	2,0	3,0	24,3	0,6	94,2
Construction	4,8	0,1	0,5	0,1	1,0	1,9	2,0	1,9	0,1	12,4
Manufacturing	66,3	0,9	0,2	3,2	4,1	2,8	9,5	14,1	1,9	103,0
Agriculture, forestry and fishing	2,7	0,2			1,4	2,5	0,8	0,1		7,7
Mining and quarrying	9,4			0,2		0,1	0,1		0,3	10,1
Electricity, gas and water supply	13,9		0,1	5,2	1,7	1,1	1,4	1,8		25,2
Other	21,0	1,1	3,3	0,1	0,5	0,4	0,7	4,8	5,4	37,3
Corporates	264,9	5,6	9,2	9,3	17,7	19,7	34,7	66,0	17,9	445,0
Commercial	52,8	0,3	3,1	0,5	8,0	4,6	14,7	58,7	0,7	143,4
Multi-family	52,9					2,4		29,1		84,4
Property Management	105,7	0,3	3,1	0,5	8,0	7,0	14,7	87,8	0,7	227,8
Public Administration	18,3	0,1	0,3	0,4	2,0	0,3	2,8	74,7	1,6	100,5
Household mortgage	217,9		3,7		18,3	11,6	23,9	72,7	1,8	349,9
Other	23,4	3,1	11,4	0,8	3,4	3,5	2,9	9,4	2,8	60,7
Households	241,3	3,1	15,1	0,8	21,7	15,1	26,8	82,1	4,6	410,6
Loan portfolio	740,9	15,0	28,7	11,8	49,6	43,2	79,5	355,5	37,5	1 361,7
Repos										102,4
Debt instruments										108,2
Reserves										-9,2
Total										1 563,1

* The geographical distribution is based on where the loan is booked.

pb_=^ÇÇáíáçå~ä=fåÑçêã~íáçå=g~åì~êóJpÉéíÉãÄÉê=OMMV= U=

Impaired loans by industry and geography*

(Individually assessed loans)

SEB Group, 30 September 2009
SEK m		Sweden Denmark	Norway Finland		Estonia	Latvia	Lithuania	Germany	Other	Total
Banks	409							5		414
Finance and insurance	1			4	1			26	193	225
Wholesale and retail	265				89	140	464	365		1,323
Transportation	21				52	135	966	7		1,181
Shipping	12		3							1 5
Business and household services	149	121			56	49	2,082	133	118	2,708
Construction	39	14			73	240	93	120		579
Manufacturing	161				359	266	528	418	189	1,921
Agriculture, forestry and fishing					11	100	31	1		143
Mining and quarrying					2	13				15
Electricity, gas and water supply					12	42		10		64
Other	230	20	138				1	68	289	746
Corporates	878	155	141	4	655	985	4,165	1,148	789	8,920
Commercial	90				765	1,519	2,298	2,688	8	7,368
Multi-family	22					156		542		720
Property Management	112				765	1,675	2,298	3,230	8	8,088
Public Administration
Household mortgage								674		674
Other		8	135		12	106	10			271
Households		8	135		12	106	10	674		945
Impaired loans	1,399	163	276	4	1,432	2,766	6,473	5,057	797	18,367

* The geographical distribution is based on where the loan is booked. Amounts before provisions for credit losses.

SEB Group, 31 December 2008

SEK m		Sweden Denmark		Norway Finland	Estonia	Latvia	Lithuania	Germany	Other	Total
Banks	320							6		326
Finance and insurance				5				33		38
Wholesale and retail	327				87	19	223	421		1,077
Transportation	6				33	12	93	14		158
Shipping	11				1					12
Business and household services	30	143			15	35	662	133		1,018
Construction	3				38	84	49	157		331
Manufacturing	151				209	154	411	458	209	1,592
Agriculture, forestry and fishing	1				4	53	3	5		66
Mining and quarrying
Electricity, gas and water supply						45		13		58
Other	153	29	183		1	33		218	37	654
Corporates	682	172	183	5	388	435	1,441	1,452	246	5,004
Commercial	16				305	139	855	2,848	10	4,173
Multi-family	94					12		614		720
Property Management	110				305	151	855	3,462	10	4,893
Public Administration
Household mortgage	15		27					651		693
Other	39	2	21		17		14	136	266	495
Households	54	2	48		17		14	787	266	1,188
Impaired loans	1,166	174	231	5	710	586	2,310	5,707	522	11,411

* The geographical distribution is based on where the loan is booked. Amounts before provisions for credit losses.

Portfolio assessed loans*

(Loans past due > 60 days)

SEB Group, 30 September 2009
SEK m	Sweden	Denmark	Norway	Finland	Estonia	Latvia	Lithuania	Germany	Other	Total
Corporates	33	13	85	4	220	255	332		22	964
Household mortgage	335				744	1,417	764	144	166	3,570
Other	551	325	463	94	127	319	189		337	2,405
Households	886	325	463	94	871	1,736	953	144	503	5,975
Loans past due	919	338	548	98	1,091	1,991	1,285	144	525	6,939

* The geographical distribution is based on where the loan is booked.

SEB Group, 31 December 2008
SEK m	Sweden	Denmark	Norway	Finland	Estonia	Latvia	Lithuania	Germany	Other	Total
Corporates	29	16	61	5	105	136	80			432
Household mortgage	361				394	419	362			1,536
Other	128	243	370	55	81	205	114			1,196
Households	489	243	370	55	475	624	476			2,732
Loans past due	518	259	431	60	580	760	556			3,164

* The geographical distribution is based on where the loan is booked.

Credit portfolio by industry and geography*

SEB Group, 30 September 2009
SEK bn		Sweden Denmark	Norway	Finland	Estonia	Latvia	Lithuania	Germany	Other	Total
Banks	139.4	15.3	12.7	2.1	0.1	0.9	0.5	43.5	14.0	228.5
Corporates	339.7	18.2	56.9	32.1	17.8	19.3	34.1	103.8	51.8	673.7
Property Management	112.9	0.2	12.6	8.0	7.8	7.0	13.9	89.7	0.8	252.9
Public Administration	17.7	0.1	0.3	0.7	2.3	0.3	2.2	69.5	1.5	94.6
Households	299.8	6.7	33.0	1.6	20.6	14.2	25.8	96.9	4.5	503.1
Credit portfolio	909.5	40.5	115.5	44.5	48.6	41.7	76.5	403.4	72.6	1,752.8

* Geography distribution is based on SEB's operations. Amounts before provisions for credit losses

SEB Group, 31 December 2008 SEK bn		Sweden Denmark	Norway	Finland	Estonia	Latvia	Lithuania	Germany	Other	Total
Banks	174.9	10.9	10.7	2.6	0.2	1.1	0.6	68.1	16.5	285.6
Corporates	391.4	18.6	58.7	33.6	22.8	25.3	46.4	120.4	64.5	781.7
Property Management	105.0	0.3	11.9	8.9	8.5	7.1	16.1	103.7	0.8	262.3
Public Administration	31.7	0.1	0.3	0.4	2.4	0.4	3.2	78.9	1.5	118.9
Households	269.1	6.9	31.2	1.8	22.7	15.9	28.9	104.4	4.8	485.7
Credit portfolio	972.1	36.8	112.8	47.3	56.6	49.8	95.2	475.5	88.1	1,934.2

* Geography distribution is based on SEB's operations. Amounts before provisions for credit losses

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

	30 Sept	31 Dec
SEKm	2009	2008
Total equity according to balance sheet (1)	98 978	83 729
./. Dividend (excl repurchased shares)	0	0
./. Investments outside the financial group of undertakings (2)	-70	-76
./. Other deductions outside the financial group of undertakings (3)	-2 198	-2 878
= Total equity in the capital adequacy	96 710	80 775
Adjustment for hedge contracts (4)	-437	-1 395
Net provisioning amount for IRB-reported credit exposures (5)	-374	-1 133
Unrealised value changes on available-for-sale financial assets (6)	1 310	3 062
./. Exposures where RWA is not calculated (7)	-1 037	0
./. Goodwill (8)	-4 364	-7 305
./. Other intangible assets	-2 465	-2 090
./. Deferred tax assets	-1 152	-1 822
= Core Tier I capital	88 191	70 092
Tier I capital contribution	12 803	12 371
= Tier I capital	100 994	82 463
Dated subordinated debt	18 626	21 552
./. Deduction for remaining maturity	-641	-2 242
Perpetual subordinated debt	7 275	14 421
Net provisioning amount for IRB-reported credit exposures (5)	-374	-1 133
Unrealised gains on available-for-sale financial assets (6)	494	1 221
./. Exposures where RWA is not calculated (7)	-1 037	0
./. Investments outside the financial group of undertakings (2)	-70	-76
= Tier II capital	24 273	33 743
./. Investments in insurance companies (9)	-10 600	-10 620
./. Pension assets in excess of related liabilities (10)	-864	-863
= Capital base	113 803	104 723

To note:

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

Capital requirements	30 Sept	31 Dec
SEKm	2009	2008
Credit risk, IRB reported capital requirements
Institutions	3 908	4 472
Corporates (1)	33 958	37 158
Securitisation positions	762	572
Retail mortgages	4 878	4 627
Other retail exposures (2)	860	385
Other exposure classes	162	174
Total for credit risk, IRB approach	44 528	47 388
Further capital requirements
Credit risk, Standardised approach (3)	8 180	11 610
Operational risk, Advanced Measurement approach	3 475	3 080
Foreign exchange rate risk	486	570
Trading book risks	3 122	2 775
Total	59 791	65 423
Summary
Credit risk	52 708	58 998
Operational risk	3 475	3 080
Market risk	3 608	3 345
Total	59 791	65 423
Adjustment for flooring rules
Additional requirement according to transitional flooring (4)	4 699	13 460
Total reported	64 490	78 883

To note:

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cêçã=íÜÉ=Ñáêëí=èì~êíÉê=OMMV=~=ä~êÖÉ=ëÜ~êÉ=çÑ=íÜÉ= dêçìéÛë=êÉí~áä=ÉñéçëìêÉë=EçíÜÉê=íÜ~å=ãçêíÖ~ÖÉëF=~êÉ=fo_= êÉéçêíÉÇ=EOFK=qÜáë=ã~áåäó=êÉÑÉêë=íç=éêáî~íÉ=áåÇáîáÇì~äë=áå= pïÉÇÉåI=Äìí=ëçãÉ=ëã~ääJÉåíÉêéêáëÉ=äÉåÇáåÖ=áë=~äëç= áåÅäìÇÉÇK=m~êíë=çÑ=íÜáë=éçêíÑçäáç=ïÉêÉ=fo_=êÉéçêíÉÇ= ~äêÉ~Çó=ÇìêáåÖ=OMMU=~åÇ=ïÉêÉ=íÜÉå=êÉÑÉêêÉÇ=íç=íÜÉ="çíÜÉê= ÉñéçëìêÉ=Åä~ëëÉëÒ=Å~íÉÖçêóK=

qÜÉ=pí~åÇ~êÇáëÉÇ=~ééêç~ÅÜ=EPF=áë=ìëÉÇ=Ñçê=ÅêÉÇáí= ÉñéçëìêÉë=íç=ÅÉåíê~ä=ÖçîÉêåãÉåíëI=ÅÉåíê~ä=Ä~åâë=~åÇ= äçÅ~ä=ÖçîÉêåãÉåíë=~åÇ=~ìíÜçêáíáÉëI=~åÇ=íç=ÉñéçëìêÉë= ïÜÉêÉ=fo_=áãéäÉãÉåí~íáçå=áë=çåJÖçáåÖK=qÜÉ=êÉéçêíÉÇ= Å~éáí~ä=êÉèìáêÉãÉåí=áë=Ççãáå~íÉÇ=Äó=íÜÉ=`çêéçê~íÉ=~åÇ= oÉí~áä=ÉñéçëìêÉ=Åä~ëëÉëK=

aìêáåÖ=OMMTLOMMULOMMV=áåëíáíìíáçåë=ëÜçìäÇ=Ü~îÉ=~= Å~éáí~ä=Ä~ëÉ=åçí=ÄÉäçï=VRLVMLUM=éÉê=ÅÉåí=çÑ=íÜÉ=Å~éáí~ä= êÉèìáêÉãÉåí=~ÅÅçêÇáåÖ=íç=_~ëÉä=f=êÉÖìä~íáçåK=qÜÉ= ~ÇÇáíáçå=EQF=áë=ã~ÇÉ=áå=ÅçåëÉèìÉåÅÉ=ïáíÜ=íÜáë= íê~åëáíáçå~ä=êìäÉK

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 Tier I 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	2009	2008
Capital resources
Core Tier I capital	88 191	70 092
Tier I capital	100 994	82 4 63
Capital base	113803	104 723
Capital adequacy without transitional floor (Basel II)
Capital requirement	59 791	65 4 23
Expressed as Risk weighted assets	747 387	817789
Core Tier I capital ratio	11,8%	8,6%
Tier I capital ratio	13,5%	10,1%
Total capital ratio	15,2%	12,8%
Capital adequacy quotient (capital base / capital requirement)	1,90	1,60
Capital adequacy as officially reported with transitional rules (Basel II)
Transition floor applied	80%	90%
Capital requirement	64 4 90	78883
Expressed as Risk weighted assets	806 131	986 034
Core Tier I capital ratio	10,9%	7,1%
Tier I capital ratio	12.5%	8,4%
Total capital ratio	14.1%	10,6%
Capital adequacy quotient (capital base / capital requirement)	1,76	1.33
Capital adequacy with risk weighting according to Basel I
Capital requirement	81 546	90 164
Expressed as Risk weighted assets	1 019 329	1 127 054
Core Tier I capital ratio	8.7%	6,2%
Tier I capital ratio	9,9%	7,3%
Total capital ratio	11,2%	9,3%
Capital adequacy quotient (capital base / capital requirement)	1,40	1,16

Overall Basel II RWA (before the effect of transitional flooring) decreased with 9 per cent or SEK 70bn over the first three quarters. The stronger SEK has caused a currency effect of -30bn over the period. Risk class migration is discussed below; lending volumes decreased in nominal currencies and shifted somewhat towards better-rated clients; the IRB roll-out of further Retail exposures has lowered RWA with some 8bn; and increased precision in delivery of IRB exposure data has caused a decrease of 7bn.

Considering also the lowering of the regulatory floor from 90 per cent of Basel I (2008) to 80 per cent (2009), reported RWA dcreased from SEK 986bn to 806bn over the three quarters.

The above means that un-floored Basel II RWA was 27 per cent lower than Basel I RWA. SEB uses a gradual roll-out of the Basel II framework; the ultimate target is to use IRB reporting for all credit exposures except those to central governments, central banks and local governments and authorities, and excluding a small number of insignificant portfolios. The current best estimate indicates that this would mean a reduction in total RWA (compared with Basel I, and as a business cycle average) of 35 per cent. This cannot be equated with a similar capital release, however, due to the new framework's increased business cycle sensitivity, supervisory evaluation and rating agency considerations.

Appendix 3c continued

qÜÉ=ÑçääçïáåÖ=í~ÄäÉ=ÉñéçëÉë=~îÉê~ÖÉ=êáëâ=ïÉáÖÜíë=Eot^=ÇáîáÇÉÇ=Äó=b^aI=bñéçëìêÉ=^í=aÉÑ~ìäíF=Ñçê=ÉñéçëìêÉë=ïÜÉêÉ= ot^=áë=Å~äÅìä~íÉÇ=ÑçääçïáåÖ=íÜÉ=fo_=~ééêç~ÅÜK=oÉéçJëíóäÉ=íê~åë~Åíáçåë=~êÉ=ÉñÅäìÇÉÇ=Ñêçã=íÜÉ=~å~äóëáë=ëáåÅÉ=íÜÉó=Å~êêó= äçï=êáëâ=ïÉáÖÜí=~åÇ=Å~å=î~êó=ÅçåëáÇÉê~Ääó=áå=îçäìãÉI=íÜìë=ã~âáåÖ=åìãÄÉêë=äÉëë=Åçãé~ê~ÄäÉK==

IRB reported credit exposures (less repos and securities lending)	30 Sept	31 Dec
Average risk weight	2009	2008
Institutions	17.6%	17.0%
Corporates	59.1%	57.3%
Securitisation positions	18.6%	10.6%
Retail mortgages	16.7%	16.5%
Other retail exposures	37.9%	n/a

açïåï~êÇ=Äá~ë=áå=áåíÉêå~ä=êáëâ=Åä~ëë=ãáÖê~íáçå=áåÅêÉ~ëÉÇ=ot^=Ñçê=áåíÉêJÄ~åâ=~åÇ=Åçêéçê~íÉ=ÉñéçëìêÉë=ïáíÜ=ëçãÉ=pbh= POÄå=çîÉê=íÜÉ=Ñáêëí=íÜêÉÉ=èì~êíÉêë=EçÑ=ïÜáÅÜ=SÄå=áå=_~äíáÅ=ÉñéçëìêÉëFI=Éñéä~áåáåÖ=ãçëí=çÑ=íÜÉ=áåÅêÉ~ëÉ=áå=~îÉê~ÖÉ=êáëâ=ïÉáÖÜí= Ñçê=íÜÉëÉ=éçêíÑçäáçëK=qÜÉ=ÜáÖÜÉê=êáëâ=ïÉáÖÜí=Ñçê=ëÉÅìêáíáë~íáçå=éçëáíáçåë=Eã~áåäó=ëíêìÅíìêÉÇ=ÅêÉÇáíë=áëëìÉÇ=Ñêçã=çíÜÉê=Ä~åâëF= êÉÑäÉÅíë=ÇçïåJÖê~ÇÉ=çÑ=ëçãÉ=ÉñíÉêå~ä=ê~íáåÖëK=

Appendix 4 Market risk

qÜÉ=dêçìéÛë=êáëâ=í~âáåÖ=áå=íê~ÇáåÖ=çéÉê~íáçåë=áë= éêáã~êáäó=ãÉ~ëìêÉÇ=Äó=î~äìÉ=~í=êáëâI=s~oK=qÜÉ=dêçìé= Ü~ë=ÅÜçëÉå=~=äÉîÉä=çÑ=VV=éÉê=ÅÉåí=éêçÄ~Äáäáíó=~åÇ=~=íÉåJ Ç~ó=íáãÉJÜçêáòçå=Ñçê=êÉéçêíáåÖK=få=íÜÉ=Ç~óJíçJÇ~ó=êáëâ= ã~å~ÖÉãÉåí=çÑ=íê~ÇáåÖ=éçëáíáçåëI=pb_=Ñçääçïë=ìé=äáãáíë= ïáíÜ=~=çåÉJÇ~ó=íáãÉ=ÜçêáòçåK==

qÜÉ=í~ÄäÉ=ÄÉäçï=ëÜçïë=íÜÉ=êáëâ=ÉñéçëìêÉë=Äó=êáëâ= íóéÉK=^ää=êáëâ=ÉñéçëìêÉë=~êÉ=ïÉää=ïáíÜáå=íÜÉ=_ç~êÇÛë=

ÇÉÅáÇÉÇ=äáãáíëK=sçä~íáäáíó=áå=íÜÉ=Éèìáíó=ã~êâÉíë=Ü~ë= ÅçåíáåìÉÇ=íç=ÄÉ=èìáíÉ=ëí~ÄäÉI=~åÇ=íÜÉ=Éèìáíó=êáëâ= ÉñéçëìêÉ=Ü~ë=êÉã~áåÉÇ=~ééêçñáã~íÉäó=~í=íÜÉ=ë~ãÉ=äÉîÉä= ~ë=áå=íÜÉ=ëÉÅçåÇ=èì~êíÉê=çÑ=OMMVK=qÜÉ=ë~ãÉ=áë=íêìÉ=Ñçê=íÜÉ= cu=ÉñéçëìêÉ=ïÜáÅÜ=Ü~ë=áåÅêÉ~ëÉÇ=çåäó=íç=~=ëã~ää=ÉñíÉåíK= qÜÉ=áåíÉêÉëí=ê~íÉ=ÉñéçëìêÉ=áå=íÜáêÇ=èì~êíÉê=Ü~ë=áåÅêÉ~ëÉÇ= Åçãé~êÉÇ=ïáíÜ=íÜÉ=ëÉÅçåÇ=èì~êíÉêK

Value at Risk (99 per cent, ten days)
SEKm	Min	Max	30 Sept 2009	Average 2009	Average 2008
Interest rate risk	76	197	97	124	146
Foreign exchange rate risk	17	158	22	47	34
Equity price risk	8	100	9	26	74
Diversification			-62	-91	-103
Total	65	211	66	106	151

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

SEB Group

Total

	Q 1	Q 2	Q 3	Q 4	Q1	Q2	Q3	Full Year
SEK m	2008	2008	2008	2008	2009	2009	2009	2008
Net interest income	4 223	4 421	4 553	5 513	5 904	5 370	4 519	18 710
Net fee and commission income Net financial income	3 801 - 161	3 909 1 161	3 754 247	3 790 1 723	3 215 1 133	3 802 1 471	3 566 946	15 254 2 970
Net life insurance income	713	642	504	516	862	946	857	2 375
Net other income	222	266	154	1 153	316	1 585	- 153	1 795
Total operating income	8 798	10 399	9 212	12 695	11 430	13 174	9 735	41 104
Staff costs	-3 899	-3 993	-3 752	-4 597	-4 391	-4 262	-3 735	-16 241
Other expenses	-1 756	-2 098	-1 820	-1 968	-1 838	-1 918	-1 899	-7 642
Depreciation of assets	- 372	- 354	- 398	- 400	-1 015	-2 832	- 381	-1 524
Total operating expenses	-6 027	-6 445	-5 970	-6 965	-7 244	-9 012	-6 015	-25 407
Profit before credit losses etc	2 771	3 954	3 242	5 730	4 186	4 162	3 720	15 697
Gains less losses from assets	3	1		1	2	23	3	5
Net credit losses	- 364	- 448	- 716	-1 703	-2 386	-3 567	-3 335	-3 231
Operating profit	2 410	3 507	2 526	4 028	1 802	618	388	12 471
Income tax expense	- 562	- 699	- 641	- 519	- 781	- 792	- 350	-2 421
Net profit continued operations	1 848	2 808	1 885	3 509	1 021	- 174	38	10 050
Discontinued operations		1	1	- 2	6	4	- 1
Net profit	1 848	2 809	1 886	3 507	1 027	- 170	37	10 050
Attributable to minority interests	1	3	4	1	2	23	12	9
Attributable to equity holders	1 847	2 806	1 882	3 506	1 025	- 193	25	10 041

Merchant Banking

Total

	Q 1	Q 2	Q 3	Q 4	Q1	Q2	Q3	Full year
SEK m	2008	2008	2008	2008	2009	2009	2009	2008
Net interest income	1 525	1 538	1 738	2 613	2 919	2 683	2 402	7 414
Net fee and commission income	1 241	1 470	1 374	1 163	1 172	1 618	1 326	5 248
Net financial income	119	936	757	1 813	1 186	1 498	981	3 625
Net other income	42	66	77	341	115	- 8	40	526
Total operating income	2 927	4 010	3 946	5 930	5 392	5 791	4 749	16 813
Staff costs	- 964	-1 105	- 867	- 954	-1 092	-1 106	- 775	-3 890
Other expenses	- 909	- 937	- 830	- 918	- 949	-1 014	- 942	-3 594
Depreciation of assets	- 22	- 21	- 22	- 30	- 25	- 34	- 35	- 95
Total operating expenses	-1 895	-2 063	-1 719	-1 902	-2 066	-2 154	-1 752	-7 579
Profit before credit losses etc	1 032	1 947	2 227	4 028	3 326	3 637	2 997	9 234
Gains less losses from assets	3		1	1				5
Net credit losses	- 27	- 21	- 249	- 592	- 279	- 367	- 107	- 889
Operating profit	1 008	1 926	1 979	3 437	3 047	3 270	2 890	8 350

Merchant Banking

Trading and Capital Markets

	Q 1	Q 2	Q 3	Q 4	Q1	Q2	Q3	Full year
SEK m	2008	2008	2008	2008	2009	2009	2009	2008
Net interest income	290	253	315	976	1 452	1 251	977	1 834
Net fee and commission income	528	782	594	372	354	552	416	2 276
Net financial income	80	889	873	2 003	1 319	1 552	1 055	3 845
Net other income	10	14	8	- 48	73	- 70	2	- 16
Total operating income	908	1 938	1 790	3 303	3 198	3 285	2 450	7 939
Staff costs	- 430	- 508	- 380	- 422	- 473	- 478	- 322	-1 740
Other expenses	- 414	- 414	- 369	- 432	- 410	- 435	- 413	-1 629
Depreciation of assets	- 6	- 7	- 8	- 10	- 8	- 8	- 8	- 31
Total operating expenses	- 850	- 929	- 757	- 864	- 891	- 921	- 743	-3 400
Profit before credit losses etc	58	1 009	1 033	2 439	2 307	2 364	1 707	4 539
Gains less losses from assets	- 1							- 1
Net credit losses	- 20	- 13	- 68	- 196	- 62	- 1	5	- 297
Operating profit	37	996	965	2 243	2 245	2 363	1 712	4 241

Merchant Banking

Corporate Banking
	Q 1	Q 2	Q 3	Q 4	Q1	Q2	Q3	Full year
SEK m	2008	2008	2008	2008	2009	2009	2009	2008
Net interest income	871	884	1,031	1,269	1,094	1,082	1,146	4,055
Net fee and commission income	316	279	395	402	397	624	456	1,392
Net financial income	22	29	-126	-207	-140	-64	-86	-282
Net other income	26	50	67	386	24	49	30	529
Total operating income	1,235	1,242	1,367	1,850	1,375	1,691	1,546	5,694
Staff costs	-427	-482	-384	-420	-436	-447	-299	-1,713
Other expenses	-170	-185	-152	-158	-190	-208	-188	-665
Depreciation of assets	-13	-13	-13	-16	-12	-12	-12	-55
Total operating expenses	-610	-680	-549	-594	-638	-667	-499	-2,433
Profit before credit losses etc	625	562	818	1,256	737	1,024	1,047	3,261
Gains less losses from assets	4		1					5
Net credit losses	-7	-8	-174	-396	-167	-336	-109	-585
Operating profit	622	554	645	860	570	688	938	2,681

Merchant Banking

Global Transaction Services

	Q 1	Q 2	Q 3	Q 4	Q1	Q2	Q3	Full year
SEK m	2008	2008	2008	2008	2009	2009	2009	2008
Net interest income	364	400	394	368	373	350	279	1,526
Net fee and commission income	397	409	384	389	421	441	455	1,579
Net financial income	17	18	10	18	7	11	12	63
Net other income	5	3	3	2	19	12	7	13
Total operating income	783	830	791	777	820	814	753	3,181
Staff costs	-106	-115	-105	-111	-183	-180	-155	-437
Other expenses	-325	-338	-308	-330	-350	-370	-340	-1,301
Depreciation of assets	-3	-1	-2	-2	-5	-15	-15	-8
Total operating expenses	-434	-454	-415	-443	-538	-565	-510	-1,746
Profit before credit losses etc	349	376	376	334	282	249	243	1,435
Net credit losses			-7		-50	-30	-3	-7
Operating profit	349	376	369	334	232	219	240	1,428

Retail Banking

Total

	Q 1	Q 2	Q 3	Q 4	Q1	Q2	Q3	Full year
SEK m	2008	2008	2008	2008	2009	2009	2009	2008
Net interest income	1,655	1,747	1,864	1,929	1,882	1,704	1,651	7,195
Net fee and commission income	1,209	1,183	1,134	1,165	1,057	1,124	1,089	4,691
Net financial income	60	70	47	71	72	81	55	248
Net other income	13	17	14	48	22	13	26	92
Total operating income	2,937	3,017	3,059	3,213	3,033	2,922	2,821	12,226
Staff costs	-955	-959	-941	-973	-1,069	-1,050	-1,022	-3,828
Other expenses	-1,038	-1,049	-1,040	-1,156	-1,078	-1,140	-1,088	-4,283
Depreciation of assets	-55	-55	-54	-58	-44	-52	-43	-222
Total operating expenses	-2,048	-2,063	-2,035	-2,187	-2,191	-2,242	-2,153	-8,333
Profit before credit losses etc	889	954	1,024	1,026	842	680	668	3,893
Gains less losses from assets				2			- 1	2
Net credit losses	-88	-159	-163	-240	-260	-363	-364	-650
Operating profit	801	795	861	788	582	317	303	3,245

Retail Banking

Retail Sweden

	Q 1	Q 2	Q 3	Q 4	Q1	Q2	Q3	Full year
SEK m	2008	2008	2008	2008	2009	2009	2009	2008
Net interest income	1,085	1,135	1,233	1,273	1,235	1,109	1,068	4,726
Net fee and commission income	393	364	349	384	369	357	352	1,490
Net financial income	58	69	49	74	72	80	57	250
Net other income	10	-1	5	4	5	4	5	18
Total operating income	1,546	1,567	1,636	1,735	1,681	1,550	1,482	6,484
Staff costs	-449	-447	-443	-435	-488	-486	-442	-1,774
Other expenses	-511	-537	-494	-565	-487	-548	-490	-2,107
Depreciation of assets	-3	-4	-11	-17	-9	-16	-12	-35
Total operating expenses	-963	-988	-948	-1,017	-984	-1,050	-944	-3,916
Profit before credit losses etc	583	579	688	718	697	500	538	2,568
Gains less losses from assets
Net credit losses	-9	-23	-53	-105	-95	-90	-92	-190
Operating profit	574	556	635	613	602	410	446	2,378

Retail Banking

Retail Germany

	Q 1	Q 2	Q 3	Q 4	Q1	Q2	Q3	Full year
SEK m	2008	2008	2008	2008	2009	2009	2009	2008
Net interest income	480	469	500	514	426	345	321	1,963
Net fee and commission income	340	307	313	270	267	313	298	1,230
Net financial income	3	1	-3	-3		1	-2	-2
Net other income	1	12	11	35	3	4	8	59
Total operating income	824	789	821	816	696	663	625	3,250
Staff costs	-327	-326	-329	-351	-394	-376	-400	-1,333
Other expenses	-390	-363	-397	-431	-435	-427	-443	-1,581
Depreciation of assets	-42	-41	-32	-31	-24	-24	-19	-146
Total operating expenses	-759	-730	-758	-813	-853	-827	-862	-3,060
Profit before credit losses etc	65	59	63	3	-157	-164	-237	190
Gains less losses from assets				2			- 1	2
Net credit losses	-27	-23	-17	9	-55	-150	-165	-58
Operating profit	38	36	46	14	-212	-314	-403	134

Retail Banking

Cards

	Q 1	Q 2	Q 3	Q 4	Q1	Q2	Q3	Full year
SEK m	2008	2008	2008	2008	2009	2009	2009	2008
Net interest income	90	142	132	141	220	250	263	505
Net fee and commission income	469	508	468	510	415	451	429	1,955
Net other income	8	13	4	13	21	11	18	38
Total operating income	567	663	604	664	656	712	710	2,498
Staff costs	-179	-187	-170	-187	-187	-187	-181	-723
Other expenses	-138	-150	-150	-162	-157	-168	-151	-600
Depreciation of assets	-10	-10	-10	-10	-11	-12	-11	-40
Total operating expenses	-327	-347	-330	-359	-355	-367	-343	-1,363
Profit before credit losses etc	240	316	274	305	301	345	367	1,135
Gains less losses from assets
Net credit losses	-51	-112	-94	-144	-110	-124	-107	-401
Operating profit	189	204	180	161	191	221	260	734

Wealth Management

Total

	Q 1	Q 2	Q 3	Q 4	Q1	Q2	Q3	Full year
SEK m	2008	2008	2008	2008	2009	2009	2009	2008
Net interest income	242	200	237	213	190	159	133	892
Net fee and commission income	958	820	784	1,118	659	713	730	3,680
Net financial income	20	7	14	26	20	16	17	67
Net other income	9	27	3	11	1	12	1	50
Total operating income	1,229	1,054	1,038	1,368	870	900	881	4,689
Staff costs	-383	-366	-331	-347	-340	-337	-302	-1,427
Other expenses	-288	-270	-249	-325	-286	-292	-272	-1,132
Depreciation of assets	-24	-23	-25	-29	-30	-33	-29	-101
Total operating expenses	-695	-659	-605	-701	-656	-662	-603	-2,660
Profit before credit losses etc	534	395	433	667	214	238	278	2,029
Gains less losses from assets						29	1
Net credit losses	-25	22		-15	-8	-12		-18
Operating profit	509	417	433	652	206	255	279	2,011

Wealth Management

Institutional Clients

	Q 1	Q 2	Q 3	Q 4	Q1	Q2	Q3	Full year
SEK m	2008	2008	2008	2008	2009	2009	2009	2008
Net interest income	56	62	65	54	23	11	13	237
Net fee and commission income	770	638	613	933	507	529	542	2,954
Net financial income	4		-2	22	1	2	4	24
Net other income	7	-3		2		4	2	6
Total operating income	837	697	676	1,011	531	546	561	3,221
Staff costs	-242	-230	-203	-218	-228	-217	-178	-893
Other expenses	-161	-160	-144	-197	-173	-186	-184	-662
Depreciation of assets	-17	-16	-18	-22	-23	-26	-23	-73
Total operating expenses	-420	-406	-365	-437	-424	-429	-385	-1,628
Profit before credit losses etc	417	291	311	574	107	117	176	1,593
Gains less losses from assets						34
Net credit losses
Operating profit	417	291	311	574	107	151	176	1,593

Wealth Management

Private Banking

	Q 1	Q 2	Q 3	Q 4	Q1	Q2	Q3	Full year
SEK m	2008	2008	2008	2008	2009	2009	2009	2008
Net interest income	185	138	172	158	167	148	121	653
Net fee and commission income	188	181	173	184	151	184	193	726
Net financial income	16	8	15	4	19	15	12	43
Net other income	2	31		9	1	7		42
Total operating income	391	358	360	355	338	354	326	1,464
Staff costs	-140	-137	-128	-129	-111	-121	-124	-534
Other expenses	-127	-111	-103	-127	-113	-106	-93	-468
Depreciation of assets	-7	-6	-6	-7	-7	-6	-6	-26
Total operating expenses	-274	-254	-237	-263	-231	-233	-223	-1,028
Profit before credit losses etc	117	104	123	92	107	121	103	436
Gains less losses from assets						-5
Net credit losses	-25	22		-15	-8	-12		-18
Operating profit	92	126	123	77	99	104	103	418

Life

		Total
--	--	-------	--

	Q 1	Q 2	Q 3	Q 4	Q1	Q2	Q3	Full year
SEK m	2008	2008	2008	2008	2009	2009	2009	2008
Net interest income	-16	-13	-3	-4	-10	-5	-2	-36
Net life insurance income	954	883	720	739	1,043	1,148	1,107	3,296
Net other income
Total operating income	938	870	717	735	1,033	1,143	1,105	3,260
Staff costs	-262	-285	-266	-292	-274	-299	-271	-1,105
Other expenses	-148	-132	-126	-117	-126	-146	-120	-523
Depreciation of assets	-160	-145	-149	-115	-165	-177	-158	-569
Total operating expenses	-570	-562	-541	-524	-565	-622	-549	-2,197
Profit before credit losses etc	368	308	176	211	468	521	556	1,063
Gains less losses from assets Net credit losses
Operating profit *	368	308	176	211	468	521	556	1,063
Change in surplus values	250	227	132	380	111	395	224	989
Business result	618	535	308	591	579	916	780	2,052

* Consolidated in the Group accounts

Baltic

Total

	Q 1	Q 2	Q 3	Q 4	Q1	Q2	Q3	Full year
SEK m	2008	2008	2008	2008	2009	2009	2009	2008
Net interest income	897	846	889	923	778	751	628	3,555
Net fee and commission income	221	248	237	242	238	248	227	948
Net financial income	35	32	38	45	37	23	35	150
Net other income	8	69	12	41	12	-8	-6	130
Total operating income	1,161	1,195	1,176	1,251	1,065	1,014	884	4,783
Staff costs	-185	-193	-191	-174	-220	-197	-176	-743
Other expenses	-281	-316	-301	-330	-336	-345	-307	-1,228
Depreciation of assets	-21	-21	-21	-23	-25	-2,328	-15	-86
Total operating expenses	-487	-530	-513	-527	-581	-2,870	-498	-2,057
Profit before credit losses etc	674	665	663	724	484	-1,856	386	2,726
Gains less losses from assets					2	-6	3
Net credit losses	-220	-283	-353	-853	-1,702	-2,641	-2,642	-1,709
Operating profit	454	382	310	-129	-1,216	-4,503	-2,253	1,017

Baltic

Baltic Estonia

	Q 1	Q 2	Q 3	Q 4	Q1	Q2	Q3	Full year
SEK m	2008	2008	2008	2008	2009	2009	2009	2008
Net interest income	211	224	250	254	252	238	226	939
Net fee and commission income	86	90	78	75	78	83	79	329
Net financial income	9	8	9	13	9	-4	7	39
Net other income	3	61	2	22	6	-12	-6	88
Total operating income	309	383	339	364	345	305	306	1,395
Staff costs	-56	-51	-55	-54	-61	-57	-56	-216
Other expenses	-75	-93	-81	-91	-100	-90	-92	-340
Depreciation of assets	-5	-5	-5	-5	-5	-679	-2	-20
Total operating expenses	-136	-149	-141	-150	-166	-826	-150	-576
Profit before credit losses etc	173	234	198	214	179	-521	156	819
Gains less losses from assets
Net credit losses	-166	-202	-60	-79	-232	-454	-212	-507
Operating profit	7	32	138	135	-53	-975	-56	312

Baltic

Baltic Latvia

	Q 1	Q 2	Q 3	Q 4	Q1	Q2	Q3	Full year
SEK m	2008	2008	2008	2008	2009	2009	2009	2008
Net interest income	273	241	240	269	242	256	212	1,023
Net fee and commission income	44	49	49	60	56	53	55	202
Net financial income	10	7	10	12	11	11	8	39
Net other income		2	1	6	-1	-2	-5	9
Total operating income	327	299	300	347	308	318	270	1,273
Staff costs	-50	-54	-47	-57	-62	-56	-49	-208
Other expenses	-92	-102	-93	-96	-109	-102	-93	-383
Depreciation of assets	-8	-8	-8	-9	-10	-415	-8	-33
Total operating expenses	-150	-164	-148	-162	-181	-573	-150	-624
Profit before credit losses etc	177	135	152	185	127	-255	120	649
Gains less losses from assets
Net credit losses	-37	-46	-159	-250	-684	-917	-941	-492
Operating profit	140	89	-7	-65	-557	-1,172	-821	157

Baltic

Baltic Lithuania

	Q 1	Q 2	Q 3	Q 4	Q1	Q2	Q3	Full year
SEK m	2008	2008	2008	2008	2009	2009	2009	2008
Net interest income	412	381	400	399	283	257	190	1,592
Net fee and commission income	92	110	109	107	104	112	93	418
Net financial income	16	16	18	20	17	16	19	70
Net other income	6	6	10	14	7	6	6	36
Total operating income	526	513	537	540	411	391	308	2,116
Staff costs	-80	-88	-89	-62	-97	-84	-70	-319
Other expenses	-114	-121	-127	-143	-126	-153	-123	-505
Depreciation of assets	-8	-8	-8	-9	-10	-1,234	-4	-33
Total operating expenses	-202	-217	-224	-214	-233	-1,471	-197	-857
Profit before credit losses etc	324	296	313	326	178	-1,080	111	1,259
Gains less losses from assets					2	-5	3
Net credit losses	-17	-34	-134	-524	-786	-1,270	-1,489	-709
Operating profit	307	262	179	-198	-606	-2,355	-1,375	550

Other and eliminations

Total

	Q 1	Q 2	Q 3		Q1	Q2	Q3	Full year
SEK m	2008	2008		2008 Q 4 2008	2009	2009	2009	2008
Net interest income	-80	103	-172	-161	145	78	-293	-310
Net fee and commission income	172	188	225	102	89	99	194	687
Net financial income	-395	116	-609	-232	-182	-147	-142	-1,120
Net life insurance income	-241	-241	-216	-223	-181	-202	-250	-921
Net other income	150	87	48	712	166	1,576	-214	997
Total operating income	-394	253	-724	198	37	1,404	-705	-667
Staff costs	-1,150	-1,085	-1,156	-1,857	-1,396	-1,273	-1,189	-5,248
Other expenses	908	606	726	878	937	1,019	830	3,118
Depreciation of assets	-90	-89	-127	-145	-726	-208	-101	-451
Total operating expenses	-332	-568	-557	-1,124	-1,185	-462	-460	-2,581
Profit before credit losses etc	-726	-315	-1,281	-926	-1,148	942	-1,165	-3,248
Gains less losses from assets		1	-1	-2				-2
Net credit losses	-4	-7	49	-3	-137	-184	-222	35
Operating profit	-730	-321	-1,233	-931	-1,285	758	-1,387	-3,215

The SEB Group Net interest income

	Q 1	Q 2	Q 3	Q 4	Q1	Q2	Q3	Full year
SEK m	2008	2008	2008	2008	2009	2009	2009	2008
Interest income	24 091	23 965	24 069	25 156	19 966	16 276	14 147	97 281
Interest expense	-19 868	-19 544	-19 516	-19 643	-14 062	-10 906	-9 628	-78 571
Net interest income	4 223	4 421	4 553	5 513	5 904	5 370	4 519	18 710

The SEB Group

Net fee and commission income

	Q 1	Q 2	Q 3	Q 4	Q1	Q2	Q3	Full year
SEK m	2008	2008	2008	2008	2009	2009	2009	2008
Issue of securities	7	91	47	27	35	167	99	172
Secondary market	758	913	654	444	559	732	594	2 769
Custody and mutual funds	1 804	1 664	1 623	1 931	1 345	1 445	1 504	7 022
Securities commissions	2 569	2 668	2 324	2 402	1 939	2 344	2 197	9 963
Payments	439	464	447	494	457	465	458	1 844
Card fees	1 032	1 108	1 066	1 094	1 037	1 090	1 047	4 300
Payment commissions	1 471	1 572	1 513	1 588	1 494	1 555	1 505	6 144
Advisory	289	173	329	327	177	293	266	1 118
Lending	185	270	258	291	335	352	357	1 004
Deposits	23	24	25	26	28	27	27	98
Guarantees	67	71	78	85	95	99	115	301
Derivatives	113	116	175	197	159	153	131	601
Other	176	180	168	124	171	179	161	648
Other commissions	853	834	1 033	1 050	965	1 103	1 057	3 770
Total commission income	4 893	5 074	4 870	5 040	4 398	5 002	4 759	19 877
Securities commissions	- 241	- 275	- 226	- 228	- 233	- 190	- 249	- 970
Payment commissions	- 585	- 631	- 593	- 641	- 639	- 597	- 591	-2 450
Other commissions	- 266	- 259	- 297	- 381	- 311	- 413	- 353	-1 203
Commission expense	-1 092	-1 165	-1 116	-1 250	-1 183	-1 200	-1 193	-4 623
Securities commissions	2 328	2 393	2 098	2 174	1 706	2 154	1 948	8 993
Payment commissions	886	941	920	947	855	958	914	3 694
Other commissions	587	575	736	669	654	690	704	2 567
Net fee and commission income	3 801	3 909	3 754	3 790	3 215	3 802	3 566	15 254

The SEB Group

Net financial income

	Q 1	Q 2	Q 3	Q 4	Q1	Q2	Q3	Full year
SEK m	2008	2008	2008	2008	2009	2009	2009	2008
Equity instruments and related derivatives	171	306	489	449	95	- 166	- 40	1 415
Debt instruments and related derivatives	-1 164	108	- 114	111	58	568	- 33	-1 059
Currency related	832	747	270	1 227	1 041	1 127	1 060	3 076
Other financial instruments			- 9	21	3	- 2	- 12	12
Impairments			- 389	- 85	- 64	- 56	- 29	- 474
Net financial income	- 161	1 161	247	1 723	1 133	1 471	946	2 970

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
SEK m	2008	2008	2008	2008	2009	2009	2009	2008
Total operating income	5 096	4 850	5 144	7 417	5 663	7 536	4 993	22 507
Total operating expenses	-3 384	-3 643	-3 276	-3 372	-4 447	-4 849	-3 027	-13 675
Profit before credit losses etc	1 712	1 207	1 868	4 045	1 216	2 687	1 966	8 832
Gains less losses from assets
Net credit losses	- 19	- 38	- 162	- 269	- 285	- 451	- 139	- 488
Operating profit	1 693	1 169	1 706	3 776	931	2 236	1 827	8 344
Goodwill impairments for holdings in the Baltic region, Russia and Ukraine affect operating expenses and profit by SEK 1.5bn in Q2 and 0.6bn
in Q1 2009. Centralisation of bond portfolios from the U.S. to Sweden affected operating income and profit by SEK 1.8bn in Q4 2008.
Norway
	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Q 3	Full year
SEK m	2008	2008	2008	2008	2009	2009	2009	2008
Total operating income	560	729	624	989	937	966	896	2 902
Total operating expenses	- 323	- 390	- 350	- 401	- 306	- 372	- 393	-1 464
Profit before credit losses etc	237	339	274	588	631	594	503	1 438
Gains less losses from assets
Net credit losses	- 60	- 61	- 39	- 106	- 72	- 73	- 44	- 266
Operating profit	177	278	235	482	559	521	459	1 172
Denmark
	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Q 3	Full year
SEK m	2008	2008	2008	2008	2009	2009	2009	2008
Total operating income	604	492	521	615	801	798	752	2 232
Total operating expenses	- 356	- 385	- 332	- 334	- 399	- 453	- 368	-1 407
Profit before credit losses etc	248	107	189	281	402	345	384	825
Gains less losses from assets
Net credit losses	- 23	- 24	- 30	- 192	- 45	- 36	- 30	- 269
Operating profit	225	83	159	89	357	309	354	556
Finland
	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Q 3	Full year
SEK m	2008	2008	2008	2008	2009	2009	2009	2008
Total operating income	281	348	303	302	372	201	246	1 234
Total operating expenses	- 152	- 176	- 161	- 180	- 99	- 159	- 120	- 669
Profit before credit losses etc	129	172	142	122	273	42	126	565
Gains less losses from assets
Net credit losses	- 2	- 4	- 2	- 3	- 12	- 5	- 8	- 11
Operating profit	127	168	140	119	261	37	118	554
Germany
	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Q 3	Full year
SEK m	2008	2008	2008	2008	2009	2009	2009	2008
Total operating income	1 353	1 919	1 135	1 540	1 649	1 750	1 140	5 947
Total operating expenses	-1 210	-1 155	-1 185	-1 417	-1 366	-1 286	-1 343	-4 967
Profit before credit losses etc	143	764	- 50	123	283	464	- 203	980
Gains less losses from assets	2			2			- 1	4
Net credit losses	- 37	- 29	- 105	- 59	- 101	- 214	- 219	- 230
Operating profit	108	735	- 155	66	182	250	- 423	754

Estonia

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Q 3	Full year
SEK m	2008	2008	2008	2008	2009	2009	2009	2008
Total operating income	328	503	399	301	370	319	343	1 531
Total operating expenses	- 137	- 215	- 171	- 192	- 202	- 439	- 167	- 715
Profit before credit losses etc	191	288	228	109	168	- 120	176	816
Gains less losses from assets						- 1	1
Net credit losses	- 166	- 202	- 60	- 79	- 232	- 454	- 212	- 507
Operating profit	25	86	168	30	- 64	- 575	- 35	309

Goodwill impairment affected operating expenses and profit by SEK 0.3bn in Q2 2009.

Latvia

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Q 3	Full year
SEK m	2008	2008	2008	2008	2009	2009	2009	2008
Total operating income	409	388	392	443	467	453	436	1 632
Total operating expenses	- 176	- 187	- 171	- 200	- 209	- 208	- 168	- 734
Profit before credit losses etc	233	201	221	243	258	245	268	898
Gains less losses from assets						- 1
Net credit losses	- 38	- 47	- 170	- 252	- 684	- 917	- 941	- 507
Operating profit	195	154	51	- 9	- 426	- 673	- 673	391

Lithuania

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Q 3	Full year
SEK m	2008	2008	2008	2008	2009	2009	2009	2008
Total operating income	597	631	657	595	545	430	393	2 480
Total operating expenses	- 232	- 264	- 268	- 266	- 265	- 839	- 225	-1 030
Profit before credit losses etc	365	367	389	329	280	- 409	168	1 450
Gains less losses from assets				1	2	- 5	2	1
Net credit losses	- 17	- 34	- 137	- 546	- 786	-1 270	-1 489	- 734
Operating profit	348	333	252	- 216	- 504	-1 684	-1 319	717

Goodwill impairment affected operating expenses and profit by SEK 0.6bn in Q2 2009.

Other countries and eliminations

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Q 3	Full year
SEK m	2008	2008	2008	2008	2009	2009	2009	2008
Total operating income	- 430	539	37	493	626	721	536	639
Total operating expenses	- 57	- 30	- 56	- 603	49	- 407	- 204	- 746
Profit before credit losses etc	- 487	509	- 19	- 110	675	314	332	- 107
Gains less losses from assets	1	1		- 2		30	1
Net credit losses	- 2	- 9	- 11	- 197	- 169	- 147	- 253	- 219
Operating profit	- 488	501	- 30	- 309	506	197	80	- 326

Centralisation of bond portfolios from the U.S. to Sweden affected operating income and profit by SEK 1.8bn in Q4 2008.

SEB Group Total

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Q 3	Full year
SEK m	2008	2008	2008	2008	2009	2009	2009	2008
Total operating income	8 798	10 399	9 212	12 695	11 430	13 174	9 735	41 104
Total operating expenses	-6 027	-6 445	-5 970	-6 965	-7 244	-9 012	-6 015	-25 407
Profit before credit losses etc	2 771	3 954	3 242	5 730	4 186	4 162	3 720	15 697
Gains less losses from assets	3	1		1	2	23	3	5
Net credit losses	- 364	- 448	- 716	-1 703	-2 386	-3 567	-3 335	-3 231
Operating profit	2 410	3 507	2 526	4 028	1 802	618	388	12 471

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	2009	2009	%	2008	%	2009	2008	%	2008
Interest income	7 249	8 683	-17	12 370	-41	27 144	35 862	-24	59 786
Leasing income	1 404	1 455	-4	1 562	-10	4 421	4 699	-6	6 372
Interest expense	-5 077	-6 037	-16	-10 658	-52	-19 498	-31 152	-37	-52 987
Net interest income 1)
Dividends received	19	238	-92	8	138	296	2 253	-87	2 715
Commission income 2)	1 836	2 138	-14	1 881	-2	5 718	5 509	4	7 473
Commission costs 2)	- 368	- 456	-19	- 376	-2	-1 206	- 999	21	-1 479
Net commission income 2)	1 468	1 682	-13	1 505	-2	4 512	4 510	0	5 994
Net financial income 3)	815	1 292	-37	379	115	3 208	1 196	168	3 236
Other operating income	191	1 699	-89	319	-40	2 260	790	186	2 934
Total operating income	6 069	9 012	-33	5 485	11	22 343	18 158	23	28 050
Staff costs	-1 909	-2 317	-18	-2 136	-11	-6 601	-6 672	-1	-9 274
Other administrative and operating costs	- 916	-1 097	-16	-1 088	-16	-2 991	-3 351	-11	-4 464
Depreciation of assets	-1 171	-1 191	-2	-1 168	0	-3 601	-3 534	2	-4 820
Total operating expenses	-3 996	-4 605	-13	-4 392	-9	-13 193	-13 557	-3	-18 558
Profit before credit losses	2 073	4 407	-53	1 093	90	9 150	4 601	99	9 492
Net credit losses 4)	- 138	- 441	-69	- 187	-26	- 747	- 209		- 773
Impairment financial assets		- 111	-100	- 35	-100	- 747	- 48		- 121
Operating profit	1 935	3 855	-50	871	122	7 656	4 344	76	8 598
Pension compensation	103	104	-1	104	-1	305	306	0	434
Profit before appropriation and tax	2 038	3 959	-49	975	109	7 961	4 650	71	9 032
Other appropriations	- 1			1 249	-100	- 3	1 071	-100	-2 117
Tax for the year	-1 180	-1 186	-1	- 207		-2 862	- 473		1 300
Net profit	857	2 773	-69	2 017	-58	5 096	5 248	-3	8 215

Statement of comprehensive income

	Q3	Q2		Q3			Jan - Sep		Full year
SEK m	2009	2009	%	2008	%	2009	2008	%	2008
Net profit	857	2 773	-69	2 017	-58	5 096	5 248	-3	8 215
Translation of foreign operations	14	1		-47	-130	- 179	- 56		- 195
Available-for-sale financial assets	840	364	131	-51		949	-1 308	-173	-2 177
Cash flow hedges	-477	- 404	18	512	-193	- 973	- 72		1 547
Group contributions net after tax	416	191	118	113		452	487	-7	500
Other	23	262	-91	-8		128	- 432	-130	- 422
Other comprehensive income (net of tax)	816	414	97	519	57	377	-1 381	- 127	- 747
Total comprehensive income	1 673	3 187	- 48	2 536	-34	5 473	3 867	42	7 468

1) Net interest income - Skandinaviska Enskilda Banken

	Q3	Q2		Q3		Jan - Sep	Full year
SEKm	2009	2009	%	2008	%	2009	2008	%	2008
Interest income	7 249	8 683	- 17	12 370	- 41	27 144	35 862	- 24	59 786
Leasing income	1 404	1 455	- 4	1 562	- 10	4 421	4 699	- 6	6 372
Interest costs	-5 077	-6 037	- 16	-10 658	- 52	-19 498	-31 152	- 37	-52 987
Leasing depreciation	-1 103	-1 125	- 2	-1 128	- 2	-3 406	-3 427	- 1	-4 604
Net interest income	2 473	2 976	- 17	2 146	15	8 661	5 982	45	8 567

2) Net fee and commission income - Skandinaviska Enskilda Banken

	Q3	Q2		Q3			Jan - Sep		Full year
SEKm	2009	2009	%	2008	%	2009	2008	%	2008
Securities commissions	856	1 097	- 22	936	- 9	2 697	2 960	- 9	3 936
Payment commissions	323	328	- 2	317	2	976	948	3	1 307
Other commissions	657	713	- 8	628	5	2 045	1 601	28	2 230
Commission income	1 836	2 138	- 14	1 881	- 2	5 718	5 509	4	7 473
Securities commissions	- 51	- 57	- 11	- 68	- 25	- 160	- 200	- 20	- 267
Payment commissions	- 125	- 142	- 12	- 132	- 5	- 375	- 364	3	- 526
Other commissions	- 192	- 257	- 25	- 176	9	- 671	- 435	54	- 686
Commission expense	- 368	- 456	- 19	- 376	- 2	-1 206	- 999	21	-1 479
Securities commissions, net	805	1 040	- 23	868	- 7	2 537	2 760	- 8	3 669
Payment commissions, net	198	186	6	185	7	601	584	3	781
Other commissions, net	465	456	2	452	3	1 374	1 166	18	1 544
Net fee and commission income	1 468	1 682	- 13	1 505	- 2	4 512	4 510	0	5 994

3) Net financial income - Skandinaviska Enskilda Banken

	Q3	Q2		Q3			Jan - Sep		Full year
SEKm	2009	2009	%	2008	%	2009	2008	%	2008
Equity instruments and related derivatives	- 94	- 172	- 45	322	- 129	- 258	637	- 141	1 002
Debt instruments and related derivatives	103	620	- 83	100	3	1 015	- 644		- 176
Currency-related	806	844	- 5	- 43		2 451	1 203	104	2 410
Net financial income	815	1 292	- 37	379	115	3 208	1 196	168	3 236

4) Net credit losses - Skandinaviska Enskilda Banken

	Q3	Q2		Q3			Jan - Sep		Full year
SEKm	2009	2009	%	2008	%	2009	2008	%	2008
Provisions:
Net collective provisions for individually
assessed loans	91	67	36	- 15		227	- 9		- 363
Net collective provisions for portfolio
assessed loans	- 9	- 10	-10			- 28			- 30
Specific provisions	42	- 565	-107	- 156	-127	- 606	- 174		- 347
Reversal of specific provisions no longer
required	3	4	-25	11	-73	25	20	25	39
Net provisions for contingent liabilities		151	-100
Net provisions	127	- 353	-136	- 160 -179		- 382	- 163	134	- 701
Write-offs:
Total write-offs	- 271	- 120	126	- 46		- 422	- 137		- 192
Reversal of specific provisions utilized for
write-offs	3	11	-73	9	-67	17	65	-74	70
Write-offs not previously provided for	- 268	- 109	146	- 37		- 405	- 72		- 122
Recovered from previous write-offs	3	21	-86	10	-70	40	26	54	50
Net write-offs	- 265	- 88		- 27		- 365	- 46		- 72
Net credit losses	- 138	- 441	-69	- 187	-26	- 747	- 209		- 773

Balance sheet - Skandinaviska Enskilda Banken

Condensed	30 September		31 December 30 September
SEKm	2009	2008	2008
Cash and cash balances with central banks	5 999	10 670	4 353
Loans to credit institutions	288 523	349 073	399 778
Loans to the public	734 430	768 737	723 590
Financial assets at fair value	342 562	386 802	356 421
Available-for-sale financial assets	18 057	26 897	35 685
Held-to-maturity investments	3 877	3 263	2 963
Investments in associates	1 034	1 011	1 149
Shares in subsidiaries	56 856	60 063	54 624
Tangible and intangible assets	40 625	41 412	37 210
Other assets	30 748	60 572	32 423
Total assets	1 522 711	1 708 500	1 648 196
Deposits by credit institutions	336 598	410 105	399 229
Deposits and borrowing from the public	433 158	453 697	428 764
Debt securities	391 921	394 246	424 592
Financial liabilities at fair value	182 882	279 512	233 448
Other liabilities	53 076	55 657	59 509
Provisions	501	789	241
Subordinated liabilities	40 113	50 199	44 793
Untaxed reserves	21 137	21 136	17 946
Total equity	63 325	43 159	39 674
Total liabilities and shareholders' equity	1 522 711	1 708 500	1 648 196

Memorandum items - Skandinaviska Enskilda Banken

	30 September		31 December 30 September
SEK m	2009	2008	2008
Collateral and comparable security pledged for own liabilities	323 665	242 395	210 959
Other pledged assets and comparable collateral	31 639	37 737	62 207
Contingent liabilities	62 362	62 260	60 079
Commitments	264 278	261 252	281 535

Statement of changes in equity - Skandinaviska Enskilda Banken

					Available
				Translation	for-sale
SEKm	Share capital	Restricted reserves	Retained earnings	of foreign operations	financial assets	Cash flow hedges	Other	Total
Jan-Sep 2009
Opening balance	6 872	12 260	25 065	- 268	-2 585	1 737	78	43 159
Net profit			5 096					5 096
Other comprehensive income (net of tax)			78	- 179	949	- 973	502	377
Total comprehensive income			5 174	- 179	949	- 973	502	5 473
Rights issue	15 070		- 397					14 673
Swap hedging of employee stock option programme			- 2					- 2
Eliminations of repurchased shares for employee
stock option programme*			22					22
Closing balance	21 942	12 260	29 862	- 447	-1 636	764	580	63 325
Jan-Dec 2008
Opening balance	6 872	12 260	19 869	- 73	- 408	190	1 222	39 932
Net profit			8 215					8 215
Other comprehensive income (net of tax)			1 222	- 195	-2 177	1 547	-1 144	- 747
Total comprehensive income			9 437	- 195	-2 177	1 547	-1 144	7 468
Dividend to shareholders			-4 451					-4 451
Swap hedging of employee stock option programme			27					27
Eliminations of repurchased shares for employee
stock option programme*			183					183
Closing balance	6 872	12 260	25 065	- 268	-2 585	1 737	78	43 159
Jan-Sep 2008
Opening balance	6 872	12 260	19 869	- 73	- 408	190	1 222	39 932
Net profit			5 248					5 248
Other comprehensive income (net of tax)			1 222	- 56	-1 308	- 72	-1 167	-1 381
Total comprehensive income			6 470	- 56	-1 308	- 72	-1 167	3 867
Dividend to shareholders			-4 451					-4 451
Swap hedging of employee stock option programme			144					144
Eliminations of repurchased shares for employee
stock option programme**			182					182
Closing balance	6 872	12 260	22 214	- 129	-1 716	118	55	39 674

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

** As of 31 December 2008 SEB owned 2.2 million Class A shares for the employee stock option programme. The acquisition cost for these shares is deducted from shareholders' equity. During 2009 1.0 million net of these shares have been sold as employee stock options have been exercised. Thus, as of 30 September 2009 SEB owned 1.2 million Class A-shares with a market value of SEK 62m for hedging of the long-term incentive programmes.

Cash flow analysis - Skandinaviska Enskilda Banken

Jan - Sep		Full year
2009	2008	%	2008
-65 221	-7 069		-11 024
193	-4 040	- 105	-8 881
36 524	7 395		20 279
-28 504	-3 714		374
			139 767
			374 140 141
	140 141 -28 504 111 637	139 767 -3 714 136 053	0 - 18

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.

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Derivative contracts - Skandinaviska Enskilda Banken

30 September 2009
	Derivatives with positive	Derivatives with negative
Book value, SEK m	amounts	amounts
Interest-related	99 014	88 549
Currency-related	44 141	41 309
Equity-related	2 1 7 6	1 1 4 6
Other	5847	259
Total	151 178	131 263