SEB — Interim / Quarterly Report 2009

Jul 20, 2009

Interim report January - June 2009

STOCKHOLM 20 JULY 2009

SEB's first half year – operating profit SEK 2.4bn (5.9)

• Profit before provisions for credit losses for the first half of 2009 amounted to SEK 8,348m (6,725), an increase of 24 per cent compared with the corresponding period of 2008. Adjusted for impairment charges and capital gains on repurchased subordinated debt, profit was SEK 10,036m; up by 49 per cent.
• Operating profit amounted to SEK 2,420m (5,917) and net profit to SEK 857m (4,657).
• Operating income increased by 28 per cent. Net interest income rose by 30 per cent and Net fee and commission income decreased by 9 per cent. Net other income included a capital gain of SEK 1.3bn.
• Impairment charges of SEK 3.0bn were made for all remaining goodwill related to SEB's investment in Eastern Europe. Excluding these impairments and FX effects, operating expenses were flat.
• Provisions for credit losses amounted to SEK 5,953m (812). The credit loss level was 0.89 per cent (0.15).
• Return on equity was 1.8 per cent (12.4) and earnings per share SEK 0.67 (6.80).
• The Tier 1 capital ratio was 13.1 per cent and the core Tier 1 capital ratio 11.3 per cent.

SEB's second quarter – operating profit SEK 0.6bn (3.5)

• Profit before provisions for credit losses amounted to SEK 4,162m (3,954); adjusted for impairment charges and the capital gain, profit was SEK 5,256m, up by 33 per cent.
• Operating income improved by 27 per cent compared with the second quarter of 2008. Excluding the capital gain, income was 14 per cent higher.
• Impairment charges of close to SEK 2.4bn were made for all goodwill on SEB's investments in the Baltic region and Russia. Excluding these impairments and FX effects, operating expenses fell by 5 per cent.

"SEB generated overall strong income growth and strengthened its customer franchise, particularly within wholesale banking. A robust balance sheet with a strong Tier 1 capital ratio will enable us to support our customers and reinforce SEB's market position in a difficult macro environment."

President's comment

We are grateful for the firm commitment of our customers and shareholders to the bank. Over the last six months, the customer dialogue has been intense and business volumes high. In the oversubscribed rights issue, the shareholders gave our business franchise a vote of confidence.

The macroeconomic outlook is gradually stabilising. While the first quarter was marked by downward revisions of the economic outlook, sentiment turned a bit less pessimistic in the second quarter. The first green shoots for a recovery in the world economy were noted and the conditions in the financial markets improved somewhat. Notwithstanding this quarter's strong underlying result, I am mindful that we are not out of the woods yet. The quarters ahead will be challenging not just for SEB but for the markets and economies in which we operate.

Strong income generation capacity

Throughout these challenging times, SEB has continued to generate strong income, which during the first six months of 2009 has been more than 20 per cent higher than last year. This reflects SEB's unique customer franchise. On a like-for-like basis, i.e. adjusted for provisions for credit losses, goodwill impairments, portfolio valuation losses and capital gains, profit increased by SEK 2,809m to SEK 10,472m for the first half of 2009.

Reinforced position with large Nordic corporates

As global banks have reduced their presence in the Nordic markets, Merchant Banking has further reinforced its market position with large corporates. Customer interaction was especially high in corporate banking and advisory services within capital markets and foreign exchange. Retail Sweden and Cards held up well with continued volume growth. Life recorded strong results on the back of improving market valuations and net inflows. Private Banking has reaffirmed its leading position with strong net sales.

Improved productivity

The efforts to increase the integration of the Bank and to increase productivity continue - our Road to Excellence. SEK 1,470m 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 6 per cent. Since year-end, the number of staff has decreased by 922, while income has increased.

Asset quality stable outside Eastern Europe

Despite the economic downturn, SEB's asset quality remains sound and stable outside Eastern Europe with provisions for net credit losses below 0.30 per cent. However, increases in the number of bankruptcies have been reported in Sweden. For SEB this is mirrored in increased impaired assets.

Reserve ratio 68 per cent in the Baltic countries

The economic situation in the Baltic countries remains challenging. Impaired assets increased by 56 per cent during the quarter. Provisions for possible credit losses on an annualised basis were 6 per cent, of which 65 per cent were collective provisions. The reserve ratio in the Baltic countries was 68 per cent and for the Group 72 per cent. SEB continues to manage its credit portfolio in a cautious and proactive manner. We aim to address credit problems at an early stage. Our special credits team has reviewed all Baltic loans above one million euro and are now executing on concrete action plans for each client.

Write-off of goodwill in the Baltic countries and Russia

The goodwill write-off in the second quarter, SEK 2,317m in the Baltic countries and SEK 77m in Russia, should be seen in light of the severe economic situation with lower lending volumes and a sharp increase in impaired loans in the region. At the end of June, SEB had no remaining accounting goodwill in Eastern Europe. However, it should be underlined that our positive view on the long-term potential for SEB in the Baltic countries remains unchanged. We are committed to and will continue to serve our 2.5 million customers in this region.

Further improved resilience in challenging environment

Even as the economic situation is stabilising, the road to recovery may be long and winding. I am convinced that we so far have taken the right strategic measures to manage the unprecedented situation. We have substantially strengthened our capital. We have restored liquidity to the levels of last summer. We have pro-actively addressed asset quality. We have utilised the competitive situation to deepen customer relations and to generate income growth.

We feel confident that SEB is well positioned in the new financial landscape where relationship banking is key to success. We have the financial stability to support our existing customers and to seize growth opportunities on a selective basis.

The Group

Second quarter isolated

SEB's profit before provisions for credit losses for the second quarter amounted to SEK 4,162m (3,954), an increase of 5 per cent compared with the corresponding quarter of 2008 and 1 per cent down from the previous quarter.

As the result includes goodwill impairment charges and the capital gain on the repurchased SEB subordinated debt, the on-going business excluding these items generated a pre-provision income of SEK 5,256m. (See below where income and costs have been adjusted accordingly). The pre-provision income represented an increase of 33 per cent compared with the second quarter of 2008 and 10 per cent higher than the previous quarter.

Operative income statement	02	01		02
SEK m	2009	2009	%	2008	%
Operating income	11874	11 430	4	10 399	14
Operating expenses	$-6618$	$-6650$	0	$-6445$	3
Pre-provision income	5 2 5 6	4780	10	3954	33
Net tangible and intangible assets	23	2
Net credit provisions	$-3567$	$-2.386$	49	- 448
Operating profit ongoing business	1 712	2 3 9 6	-29	3507	-51
Capital gain on subord, debt	1 300
Impairment of goodwill	$-2394$	- 594
Operating profit	618	802 1.	-66	3 507	-82

Operating profit amounted to SEK 618m (3,507), including a positive effect of SEK 219m from the depreciation of the Swedish krona.

Net profit (after tax) amounted to SEK -170m (2,809).

Income

Total operating income amounted to SEK 13,174m (10,399), an improvement of 27 per cent compared with the second quarter of last year, and 15 per cent up from the first quarter of 2009. Excluding the capital gain of SEK 1.3bn, it was 11,874m. A positive foreign exchange translation effect contributed SEK 614m.

Net interest income rose by SEK 949m, or 21 per cent, compared with the corresponding quarter of 2008. Customer-driven net interest income grew by SEK 463m, or 12 per cent, mainly due to the net volume contribution of SEK 434m, while the net margin contribution was SEK 30m. Net interest income from other activities, mainly bond portfolios, other trading and treasury, increased by SEK 486m, or 30 per cent. Net interest income includes a quarterly accrued cost of SEK 75m for the charge to the Swedish stability fund and SEK 28m to the Swedish deposit insurance system.

Compared with the previous quarter, net interest income dropped by 9 per cent due to lower returns on the bond investment portfolio. The net margin and volume effects were flat compared with the previous quarter.

Net fee and commission income decreased by 3 per cent compared with the second quarter last year, but increased by 18 per cent compared with the previous quarter due to higher capital market advisory income and increased equity market activity.

Net financial income was up by 27 per cent compared with the corresponding quarter in 2008 and by 30 per cent from the first quarter of 2009. This was mainly due to a combination of higher foreign exchange activities and valuation gains of SEK 19m in the investment portfolio, which during the last seven quarters has recorded valuation losses.

Net life insurance income improved by 47 per cent compared with the second quarter of 2008 and by 10 per cent compared with the previous quarter. The increase was mostly due to higher market values and improved premium income.

Net other income rose to SEK 1,585m, mainly due to the capital gain from the buy-back of GBP 400m of SEB's subordinated debt at 75 per cent of face value.

Expenses

Excluding the goodwill impairments, total operating expenses amounted to SEK 6,618m (6,445), up by 3 per cent compared with the second quarter 2008 and flat compared with the previous quarter. Adjusted for currency translation effects, operating expenses decreased by 5 per cent compared with the second quarter of 2008; effects between the quarters were limited. Higher pension costs inflated costs by SEK 242m compared to last year.

Goodwill impairment charges for the Baltics and Russia

The rapid macroeconomic deterioration in the Baltic region is expected to cause subdued income generation and high loan loss provisions in the near future. Also, the cost of equity for the region has increased. As a consequence, the full goodwill of SEK 2,317m created by SEB's investments in the Baltic countries has been impaired. For the same reasons, the goodwill of SEK 77m related to SEB's Russian investment has been impaired.

Net of credit provisions and losses

Net credit losses increased to SEK 3,567m (448). The credit loss level rose to 1.07 per cent (0.17). Provisions made for the Baltic region amounted to SEK 2,642m (283), 74 per cent of the total, corresponding to a net credit loss level of 6.00 per cent $(0.81)$ . In the previous quarter it was 3.70 per cent.

Individually assessed impaired loans increased by SEK 3,708m, or 29 per cent, during the quarter. The quarterly increase in the Baltic region was SEK 2,904m, or 56 per cent. Outside the region, impaired loans grew by SEK 804m, or 10 per cent. Impaired loans in Germany continued to decrease slightly.

The Group's past due portfolio assessed loans (homogeneous groups) rose by SEK 1,810m, or 47 per cent, compared with 31 March 2009. The quarterly increase in the Baltic region was SEK 1,412m, or 48 per cent. Outside this region, they grew by SEK 398m, or 44 per cent.

Half-yearly results

pb_Ûë=éêçÑáí=ÄÉÑçêÉ=éêçîáëáçåë=Ñçê=ÅêÉÇáí=äçëëÉë=Ñçê=íÜÉ=Ñáêëí=Ü~äÑ= çÑ=OMMV=~ãçìåíÉÇ=íç=pbh=UIPQUã=ESITORFI=~å=áåÅêÉ~ëÉ=çÑ= OQ=éÉê=ÅÉåí=Åçãé~êÉÇ=ïáíÜ=íÜÉ=ÅçêêÉëéçåÇáåÖ=éÉêáçÇ=OMMUK==

^ë=íÜÉ=êÉëìäí=áåÅäìÇÉë=ÖççÇïáää=áãé~áêãÉåí=ÅÜ~êÖÉë= ~åÇ=íÜÉ=Å~éáí~ä=Ö~áå=çå=íÜÉ=êÉéìêÅÜ~ëÉÇ=pb_=ëìÄçêÇáå~íÉÇ= ÇÉÄíI=íÜÉ=çåJÖçáåÖ=ÄìëáåÉëë=ÉñÅäìÇáåÖ=íÜÉëÉ=áíÉãë= ÖÉåÉê~íÉÇ=~=éêÉJéêçîáëáçå=áåÅçãÉ=çÑ=pbh=NMIMPSã=ESITORFI= ~å=áåÅêÉ~ëÉ=çÑ=pbh=PIOUOã=çê=QV=éÉê=ÅÉåíK==

Operative income statement		Jan - Jun
SEK m	2009	2008	%
Operating income	23 304	19 197	21
Operating expenses	-13 268	-12 472	6
Pre-provision income	10 036	6 725	49
Net tangible and intangible assets	25	4
Net credit provisions	-5 953	- 812
Operating profit ongoing business	4 108	5 917	-31
Capital gain on subord. debt	1 300
Impairment of goodwill	-2 988
Operating profit	2 420	5 917	-59

léÉê~íáåÖ=éêçÑáí=~ãçìåíÉÇ=íç=pbh=OIQOMã=ERIVNTFI=~=ÇÉÅêÉ~ëÉ= çÑ=RV=éÉê=ÅÉåíI=áåÅäìÇáåÖ=~=éçëáíáîÉ=ÉÑÑÉÅí=çÑ=pbh=NSOã=Ñêçã= íÜÉ=ÇÉéêÉÅá~íáçå=çÑ=íÜÉ=pïÉÇáëÜ=âêçå~K==

kÉí=éêçÑáí=ï~ë=Ççïå=Äó=UO=éÉê=ÅÉåí=íç=pbh=URTã=EQISRTFK=

Income

qçí~ä=çéÉê~íáåÖ=áåÅçãÉ=áåÅêÉ~ëÉÇ=Äó=OU=éÉê=ÅÉåí=íç=pbh= OQISMQã=ENVINVTFI=ÉñÅäìÇáåÖ=íÜÉ=pbh=NKPÄå=Å~éáí~ä=Ö~áå=pbh= OPIPMQãK=^=éçëáíáîÉ=ÑçêÉáÖå=ÉñÅÜ~åÖÉ=íê~åëä~íáçå=ÉÑÑÉÅí= ÅçåíêáÄìíÉÇ=pbh=NIOVTãK=

kÉí=áåíÉêÉëí=áåÅçãÉ=áãéêçîÉÇ=Äó=OISPMãI=çê=PM=éÉê=ÅÉåíI= íç=pbh=NNIOTQ=EUISQQFK=`ìëíçãÉêJÇêáîÉå=åÉí=áåíÉêÉëí=áåÅçãÉ= ÖêÉï=Äó=pbh=NIMPRãI=çê=NP=éÉê=ÅÉåíI=ã~áåäó=ÇìÉ=íç=íÜÉ=åÉí= îçäìãÉ=ÅçåíêáÄìíáçå=çÑ=pbh=VURãI=ïÜáäÉ=íÜÉ=åÉí=ã~êÖáå= ÅçåíêáÄìíáçå=ï~ë=pbh=QVãK=^îÉê~ÖÉ=ÇÉéçëáí=îçäìãÉë=ÖêÉï= Äó=NM=éÉê=ÅÉåí=óÉ~êJçåJóÉ~êI=ïÜáäÉ=~îÉê~ÖÉ=äÉåÇáåÖ=íç=íÜÉ= éìÄäáÅ=ï~ë=NT=éÉê=ÅÉåí=ÜáÖÜÉê=íÜ~å=~í=íÜÉ=ÉåÇ=çÑ=gìåÉ=OMMUK==

oÉÇìÅÉÇ=ëÜçêíJíÉêã=ÑìåÇáåÖ=ê~íÉë=çÑ=ÑáñÉÇJáåÅçãÉ= ëÉÅìêáíáÉë=éçêíÑçäáçë=Ü~Ç=~=ä~êÖÉ=éçëáíáîÉ=ÉÑÑÉÅí=çå=åÉí= áåíÉêÉëí=áåÅçãÉK=qçÖÉíÜÉê=ïáíÜ=ëÜçêíÉåÉÇ=ÑìåÇáåÖ=Çìê~íáçå= ~åÇ=éìääJíçJé~ê=ÉÑÑÉÅíë=çÑ=pbh=OQMã=çå=íÜÉ=ÄçåÇ= áåîÉëíãÉåí=éçêíÑçäáç=íÜÉ=ÅçãÄáåÉÇ=ÉÑÑÉÅí=~ÅÅçìåíÉÇ=Ñçê= SN=éÉê=ÅÉåí=çÑ=íÜÉ=áåÅêÉ~ëÉÇ=åÉí=áåíÉêÉëí=áåÅçãÉI=çê=pbh= NIRVRãK=kÉí=áåíÉêÉëí=áåÅçãÉ=~äëç=áåÅäìÇÉë=~å=~ÅÅêìÉÇ=Åçëí= çÑ=pbh=NRMã=Ñçê=íÜÉ=ÅÜ~êÖÉ=íç=íÜÉ=pïÉÇáëÜ=ëí~Äáäáíó=ÑìåÇ= ~åÇ=pbh=RRã=íç=íÜÉ=pïÉÇáëÜ=ÇÉéçëáí=áåëìê~åÅÉ=ëóëíÉãK=

kÉí=ÑÉÉ=~åÇ=Åçããáëëáçå=áåÅçãÉ=~ãçìåíÉÇ=íç=pbh=TIMNTã= ETITNMFK=qÜÉ=V=éÉê=ÅÉåí=ÇÉÅêÉ~ëÉ=ï~ë=ãçëíäó=~å=ÉÑÑÉÅí=çÑ= ÇÉÅäáåáåÖ=ÑÉÉë=Ñêçã=äçïÉê=~ëëÉíë=ìåÇÉê=ã~å~ÖÉãÉåí=~åÇ= äçïÉê=éÉêÑçêã~åÅÉ=ÑÉÉë=ïáíÜáå=íÜÉ=tÉ~äíÜ=j~å~ÖÉãÉåí ÇáîáëáçåK=`çããáëëáçå=Ñêçã=é~óãÉåíëI=Å~êÇë=~åÇ=çíÜÉê åçåJÅ~éáí~ä=ã~êâÉíJêÉä~íÉÇ=ÄìëáåÉëë=êçëÉ=Äó=U=éÉê=ÅÉåíK=

kÉí=Ñáå~åÅá~ä=áåÅçãÉ=ãçêÉ=íÜ~å=ÇçìÄäÉÇI=íç=pbh=OISMQã= ENIMMMFK=qÜÉ=áãéêçîÉãÉåí=ï~ë=~å=ÉÑÑÉÅí=çÑ=ÜáÖÜ=ã~êâÉí= îçä~íáäáíóI=ÑçêÉáÖå=ÉñÅÜ~åÖÉ=~åÇ=ÑáñÉÇ=áåÅçãÉ=êÉä~íÉÇ= ~ÅíáîáíáÉë=ïáíÜáå=íÜÉ=íê~ÇáåÖ=~åÇ=Å~éáí~ä=ã~êâÉí=~êÉ~ëK=qÜÉ= áãé~Åí=Ñêçã=î~äì~íáçåë=çîÉê=áåÅçãÉ=çå=íÜÉ=ÄçåÇ= áåîÉëíãÉåí=éçêíÑçäáç=~ãçìåíÉÇ=íç=pbh=JQPRã=EJVPUãFK

kÉí=äáÑÉ=áåëìê~åÅÉ=áåÅçãÉ=êçëÉ=Äó=PP=éÉê=ÅÉåíI=íç=pbh= NIUMUã=ENIPRRFI=~ë=~=êÉëìäí=çÑ=áåÅêÉ~ëÉÇ=ã~êâÉí=î~äìÉëI= áãéêçîÉÇ=ìåáíJäáåâÉÇ=áåÅçãÉ=~åÇ=é~êíäó=êÉÅçîÉêÉÇ= éêçîáëáçåë=áå=íÜÉ=íê~Çáíáçå~ä=äáÑÉ=éçêíÑçäáçëK=^=ÅçãéäÉíÉ= ÇÉëÅêáéíáçå=çÑ=iáÑÉÛë=çéÉê~íáçåëI=áåÅäìÇáåÖ=ÅÜ~åÖÉë=áå= ëìêéäìë=î~äìÉëI=áë=ÑçìåÇ=áå="^ÇÇáíáçå~ä=áåÑçêã~íáçåÒ=çå= ïïïKëÉÄÖêçìéKÅçãK=

kÉí=çíÜÉê=áåÅçãÉ=êçëÉ=íç=pbh=NIVMNã=EQUUFI=ã~áåäó=ÇìÉ=íç= íÜÉ=~ÄçîÉJãÉåíáçåÉÇ=Å~éáí~ä=Ö~áå=çÑ=pbh=NKPÄåK=

Expenses

qçí~ä=çéÉê~íáåÖ=ÉñéÉåëÉë=Ó=ÉñÅäìÇáåÖ=ÖççÇïáää=áãé~áêãÉåí=áå= íÜÉ=_~äíáÅ=ÅçìåíêáÉëI=oìëëá~=~åÇ=râê~áåÉ=Ó=êçëÉ=Äó=S=éÉê= ÅÉåíI=íç=pbh=NPIOSUã=ENOIQTOFK=qÜÉ=áåÅêÉ~ëÉ=çÑ=pbh=TVSã= ï~ë=Ñìääó=~ëÅêáÄÉÇ=íç=íÜÉ=ÑçêÉáÖå=ÉñÅÜ~åÖÉ=íê~åëä~íáçå= ÉÑÑÉÅíë=çÑ=pbh=UUMãK=`çëíJÉÑÑáÅáÉåÅó=ãÉ~ëìêÉë=ãçêÉ=íÜ~å= çÑÑëÉí=áåÑä~íáçåI=ÜáÖÜÉê=éÉåëáçå=Åçëíë=~åÇ=êÉÇìåÇ~åÅó= ÅÜ~êÖÉëK=

qÜÉ=ÅçëíJÉÑÑáÅáÉåÅó=Ö~áåë=ÇìêáåÖ=g~åì~êóJgìåÉ= ~ãçìåíÉÇ=íç=pbh=QQNãI=êÉëìäíáåÖ=áå=~å=~ÅÅìãìä~íÉÇ=Ö~áå= çÑ=pbh=NIQTMã=ëáåÅÉ=íÜÉ=ëí~êí=çÑ=íÜÉ=ÉÑÑáÅáÉåÅó=éêçÖê~ããÉ= áå=OMMTK==

pí~ÑÑ Åçëíë=êçëÉ=Äó=NM=éÉê=ÅÉåíI=íç=pbh=UISRPã=ETIUVOFK= p~ä~êáÉë=áåÅêÉ~ëÉÇ=íç=pbh=SIMPPã=ERIRVQFI=éÉåëáçå=Åçëíë=íç= pbh=UOUã=EPVNF=Ñêçã=Ñ~ääáåÖ=~ëëÉí=î~äìÉë=~åÇ=Ñ~ääáåÖ= êÉíìêåë=çå=éä~ååÉÇ=~ëëÉíë=~åÇ=êÉÇìåÇ~åÅó=Åçëí=íç=pbh= ONRã=ENQSFK=pÜçêíJ=~åÇ=äçåÖJíÉêã=éÉêÑçêã~åÅÉJêÉä~íÉÇ= êÉãìåÉê~íáçå=EáåÅäìÇáåÖ=ëçÅá~ä=ÄÉåÉÑáí=ÅÜ~êÖÉëF=ÇêçééÉÇ= Äó=NM=éÉê=ÅÉåíI=íç=pbh=NIOMQã=ENIPQNFK=qÜÉ=èì~êíÉêäó= åìãÄÉê=çÑ=Ñìää=íáãÉ=Éèìáî~äÉåíë=ÇÉÅêÉ~ëÉÇ=Äó=NIONRI=íç= OMIQPM=EONISQRFK=bñÅäìÇáåÖ=íÉãéçê~êó=ëí~ÑÑI=íÜÉ=åìãÄÉê=çÑ= ëí~ÑÑ=Ü~ë=ÇÉÅêÉ~ëÉÇ=Äó=VOO=ëáåÅÉ=óÉ~êJÉåÇI=çÑ=ïÜáÅÜ=QSQ=áå= pïÉÇÉåI=NSP=áå=íÜÉ=_~äíáÅ=ÅçìåíêáÉë=~åÇ=OVR=áå=çíÜÉê= ÅçìåíêáÉëK=

líÜÉê=ÉñéÉåëÉë=ÇÉÅêÉ~ëÉÇ=Äó=P=éÉê=ÅÉåíI=íç pbh=PITRSã= EPIURQFI=ãçëíäó=ÇìÉ=íç=äçïÉê=Åçëíë=Ñçê=ã~êâÉíáåÖI=íê~îÉääáåÖ= ~åÇ=Åçåëìäí~åíëK=

Goodwill impairment charges for Eastern Europe

qÜÉ=áãé~áêãÉåí=çÑ=pb_Ûë=áåîÉëíãÉåíë=áå=íÜÉ=_~äíáÅ= ÅçìåíêáÉë=~åÇ=oìëëá~I=íçí~ääáåÖ=pbh=OIPVQãI=~åÇ=râê~áåÉI= pbh=RVQãI=ÄêáåÖë=íÜÉ=dêçìéÛë=íçí~ä=áãé~áêãÉåí=Ñçê=~ää= ÖççÇïáää=áå=b~ëíÉêå=bìêçéÉ=íç=pbh=OIVUUãK=cçääçïáåÖ=íÜÉëÉ= áãé~áêãÉåíëI=pb_=Ü~ë=åç=ÖççÇïáää=äÉÑí=êÉä~íÉÇ=íç=áíë= çéÉê~íáçåë=áå=b~ëíÉêå=bìêçéÉK=

Net of credit provisions and losses

kÉí=ÅêÉÇáí=äçëëÉë=áåÅêÉ~ëÉÇ=íç=pbh=RIVRPã=EUNOFK=qÜÉ=ÅêÉÇáí= äçëë=äÉîÉä=êçëÉ=íç=MKUV=éÉê=ÅÉåí=EMKNRFK=qÜÉ=íçí~ä=êÉëÉêîÉ=ê~íáç= Ñçê=áåÇáîáÇì~ääó=~ëëÉëëÉÇ=áãé~áêÉÇ=äç~åë=ï~ë=ëí~ÄäÉ=~í= TO=éÉê=ÅÉåí=Åçãé~êÉÇ=ïáíÜ=íÜÉ=éêÉîáçìë=èì~êíÉê=~åÇ= áåÅêÉ~ëÉÇ=Ñêçã=SU=éÉê=ÅÉåí=~í=óÉ~êJÉåÇK=

eáÖÜÉê=ÅçääÉÅíáîÉ=éêçîáëáçåë=íç=ãÉÉí=íÜÉ=ÇÉíÉêáçê~íáåÖ= _~äíáÅ=ÉÅçåçãáÉë=áåÅêÉ~ëÉÇ=íÜÉ=íçí~ä=éêçîáëáçåë=Ñçê=ÅêÉÇáí=

losses in the region to SEK 4,344m (507). Collective provisions accounted for 66 per cent. The net credit loss level in the Baltic countries was 4.93 per cent (1.28).

Net credit provisions and losses in Sweden increased to SEK 736m (57) and in the other Nordic countries to SEK 243m (174). In Ukraine, SEB provisioned SEK 283m and in Russia SEK 15m, equal to a net credit loss level of 18.11 $(0.95)$ and 1.23 per cent $(0.13)$ , respectively.

Individually assessed impaired loans more than doubled, to SEK $16,690m$ (7,604), compared with a year ago. This corresponded to a level of impaired loans of net 0.64 per cent $(0.28)$ and gross 1.10 per cent $(0.56)$ . The level of impaired loans in the Baltic countries was net 3.40 per cent $(0.22)$ and gross 5.08 per cent $(0.68)$ .

The Group's past due portfolio assessed loans (homogeneous groups) amounted to SEK 5,651m (1,489). In the Baltic region, these loans amounted to SEK 4,351m.

Tax costs

Total tax amounted to SEK 1,573m (1,261). The total tax rate of 65 per cent reflects the non-tax deductibility of the goodwill impairment charges, which added 23 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: for this reason the total tax rate is expected to remain high.

Business volumes

The Group's total balance sheet of SEK 2,374bn as per 30 June represented a decrease of 5 per cent since year-end 2008. Lending to banks decreased, while lending to the public increased slightly. Negative currency effects amounted to SEK 2bn.

SEB's total credit exposure decreased to SEK 1,806bn (1,934 at year-end) during the first six months. Corporate lending decreased across the board while Swedish household lending continued to grow. Lending in the Baltic banks decreased by SEK 16bn during the year to SEK 159_bn

SEB's total net positions in fixed-income securities for investment, treasury and client trading purposes decreased to SEK 332bn (338).

As of 30 June 2009, assets under management amounted to SEK 1,267bn (1,201 at year-end). Net inflow during the first six months was SEK 22bn (20), while the change in value was SEK 44bn (-112).

Assets under custody amounted to SEK 4,505bn (3,891).

Bond investment portfolio

As per 30 June, the bond investment portfolio of Merchant Banking had decreased to SEK 113bn from SEK 126bn a year earlier. The holdings of structured credits in the investment portfolio amounted to SEK 57bn (61) and the holdings of covered bonds and bonds issued by financial institutions in the investment portfolio amounted to SEK 56bn (65).

The decrease of the portfolio from amortizations and sales of SEK 29bn was partially offset by foreign exchange translation effects of SEK 16bn, applying the currency exchange rates in effect on 30 June 2008.

The valuation gains and losses are shown below:

Bond investment	02	01	02	Jan - Jun
portfolio, SEK m	2009	2009	2008	2009	2008
Structured credits	26	$-503$	$-41$	- 477	$-835$
Financial institutions	- 7	39	- 78	32	$-156$
Covered bonds etc.		10	53	10	53
Income effect	19	- 454	- 66	- 435	- 938
Structured credits	225	$-27$	$-15$	198	$-1005$
Financial institutions	90	221	$-52$	311	$-490$
Covered bonds etc.	248	- 635	11	- 387	$-191$
Equity effect	563	- 441	- 56	122	$-1686$
Total	582	- 895	$-122$	- 313	$-2624$

The fair value losses during the first six months of 2009 on reclassified financial assets in the bond investment portfolio amounted to SEK 4,099m.

Based on SEB's long-term investment view, risk management has been focused on limiting further income volatility and on select divestments. Thus, and including the reclassification within the portfolio, the Held-for-Trading holdings decreased to SEK 4bn (14) and the Available-for-Sale holdings to SEK 15bn (112), while securities classified as Loans and Receivables increased to SEK 93bn (0).

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 they are deemed unlikely to be material.

83.3 per cent of the holdings of structured credits in the investment portfolio are AAA-rated and 7.1 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.

67 per cent of the structured credits are related to the European markets, 32 per cent to the U.S. market while other markets make up 1 per cent. 63 per cent of the bonds issued by financial institutions involve European institutions, 33 per cent U.S. institutions and 4 per cent Australian institutions. 100 per cent of the holdings of covered bonds are European.

Market risk

During the first half of 2009, the Group's Value at Risk in trading operations averaged SEK 136m (151 for calendar year 2008). This means that the Group on average, with 99 per cent probability, would not expect to lose more than this amount during a ten-day period. Reduced exposure to interest rates and equity prices are the main factors behind the lower risk level.

Liquidity and funding

The funding markets, which have been severely disrupted since September 2008, are gradually returning to a more normal situation. Nevertheless, credit spreads remain high. With a deposit-to-loan ratio of 63 per cent, and having

raised the equivalent of SEK 75bn of long-term funding during the first six months of 2009, SEB has restored its maturity profile to the situation a year ago.

On 2 July - i.e. subsequent to the reporting period - SEB issued a GBP 750m five-year bond issue. The issue was more than 50 per cent oversubscribed and more than 150 investors took part. The Sterling issue was one of several large loans that SEB has raised since the end of March.

On 30 June, the match-funding of net cash inflows and outflows was approximately twelve months, taking liquidity reserves into consideration. SEB continued to maintain a large pool of assets eligible for pledging with central banks in excess of SEK 200bn.

SEB has received approval to issue securities within the Swedish Funding Guarantee Programme. No securities have been issued.

Capital position

As per 30 June 2009, Basel II risk weighted assets (RWA) amounted to SEK 790bn, leading to a Tier 1 capital ratio of 13.1 per cent (10.1) and a core Tier 1 capital ratio of 11.3 per cent (8.6). The total capital ratio was 14.9 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. Both loans included in the tender had short remaining maturity to call date; GBP 225m of the acquired volume referred to a subordinated loan with a call date in 2010 and GBP 175m to a call date in 2011. The tender reduced the capital base by SEK 3.9bn.

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

Risk-weighted assets have decreased by SEK 28bn, or 3 per cent, during the first six months of 2009. This is the net effect of risk class migration, Basel II methodology advances and a reduction of business volumes while currency effects during the period were small.

Adjusted for the supervisory transitional rules during the first Basel II years, SEB reports RWA of SEK 849bn (986), a Tier 1 capital ratio of 12.2 per cent (8.4) and a total capital ratio of 13.8 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 details of capital adequacy.

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.

Also, there are financial risks, mainly in the form of price risks (details on market risks are described in Appendix 4). Credit and market risks as well as other risks and risk management of all 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 and the short-term orientation of the funding markets constitute specific risks and uncertainties for the Group.

Continued credit spread widening cannot be ruled out, which would affect the mark-to-market valuation of SEB's fixed-income securities portfolios (see under Fixed-income securities portfolios). The risk for impairment charges has increased but is unlikely to be material.

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

SEB has consolidated its retail operations and all loan activities in Estonia, Latvia and Lithuania within a separate division - SEB Baltic. The internal financial reporting for SEB Baltic started as of 1 July 2009 and restated figures will be released in connection with the interim report for the third quarter. The Head of SEB Baltic and the Head of Group Credits & Risk Control are adjunct members to the Group Executive Committee.

Subsequent events

At the beginning of July, SEB reached an agreement to transfer its 51 per cent share in the car financing operations in Norway, Møller BilFinans. In early July, SEB also divested its 24 per cent share of Privatgirot. Privatgirot provides giro services for the largest Swedish banks.

Both transactions will have limited impact on the Group's financials.

The Board of Directors and the President declare that the interim report for January-June 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.

Stockholm, 20 July 2009

Marcus Wallenberg

	Chairman
Tuve Johannesson	Jacob Wallenberg
Deputy Chairman	Deputy Chairman
Penny Hughes			Urban Jansson Hans-Joachim Körber
Director	Director		Director
Göran Lilja	Cecilia Mårtensson		Tomas Nicolin
$Director*$	$Director*$		Director
			Christine Novakovic Jesper Ovesen Carl Wilhelm Ros

Director

Director

Annika Falkengren

President and Chief Executive Officer Director * appointed by the employees

Accounting policies

Director

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.

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

Appendix 1	The Life division
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)

Financial information during 2009

Annual Accounts for 2008
Annual Report on www.sebgroup.com
Annual General Meeting in Stockholm
Interim Report January-March 2009
Interim Report January-June 2009
Interim Report January-September 2009

Access to telephone conference and video web cast

The telephone conference at 15.00 (CEST) on 20 July 2009 with President and CEO Annika Falkengren and CFO Jan Erik Back can be accessed by telephone, +44 (0) 20 7162 0025, at least 10 minutes in advance. A replay of the conference call will be available on www.sebgroup.com.

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

Further information is available from

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

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

Review report

We have reviewed this report for the period 1 January 2009 to 30 June 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, 20 July 2009

PricewaterhouseCoopers AB

Peter Clemedtson Authorised Public Accountant Partner in charge

Peter Nyllinge Authorised Public Accountant

The SEB Group

Income statement – SEB Group

Condensed	Q2	Q1		Q2			Jan - Jun		Full year
SEK m	2009	2009	%	2008	%	2009	2008	%	2008
Net interest income	5 370	5 904	-9	4 421	21	11 274	8 644	30	18 710
Net fee and commission income	3 802	3 215	18	3 909	-3	7 017	7 710	-9	15 254
Net financial income	1 471	1 133	30	1 161	27	2 604	1 000	160	2 970
Net life insurance income	946	862	10	642	47	1 808	1 355	33	2 375
Net other income	1 585	316		266		1 901	488		1 795
Total operating income	13 174	11 430	15	10 399	27	24 604	19 197	28	41 104
Staff costs	-4 262	-4 391	-3	-3 993	7	-8 653	-7 892	10	-16 241
Other expenses	-1 918	-1 838	4	-2 098	-9	-3 756	-3 854	-3	-7 642
Depreciation of assets	-2 832	-1 015	179	- 354		-3 847	- 726		-1 524
Total operating expenses	-9 012	-7 244	24	-6 445	40	-16 256	-12 472	30	-25 407
Profit before credit losses etc	4 162	4 186	-1	3 954	5	8 348	6 725	24	15 697
Gains less losses from tangible and intangible
assets	23	2		1		25	4		5
Net credit provisions	-3 567	-2 386	49	- 448		-5 953	- 812		-3 231
Operating profit	618	1 802	-66	3 507	-82	2 420	5 917	-59	12 471
Income tax expense	- 792	- 781	1	- 699	13	-1 573	-1 261	25	-2 421
Net profit from continuing operations	- 174	1 021	-117	2 808	-106	847	4 656	-82	10 050
Discontinued operations	4	6	-33	1		10	1
Net profit	- 170	1 027	- 117	2 809	- 106	857	4657	- 82	10 050
Attributable to minority interests	23	2		3		25	4		9
Attributable to equity holders *	- 193	1 025	-119	2 806	-107	832	4 653	-82	10 041
* Basic earnings per share, SEK	- 0.09	1.03		4.10		0.67	6.80		14.66
Diluted earnings per share, SEK	- 0.09	1.03		4.09		0.66	6.78		14.65

Statement of comprehensive income

	Q2	Q1		Q2			Jan - Jun		Full year
SEK m	2009	2009	%	2008	%	2009	2008	%	2008
Net profit	- 170	1 027	-117	2 809	-106	857	4 657	-82	10 050
Translation of foreign operations	- 172	- 248	-31	24		- 420	- 204	106	152
Available-for-sale financial assets	417	- 153		-397		264	-1 586	-117	-2 624
Cash flow hedges	- 413	- 67		-534	-23	- 480	- 603	-20	1 607
Other	110	63	75	171	-36	173	- 19		2 066
Other comprehensive income (net of tax)	- 58	- 405	- 86	- 736	-92	- 463	-2 412	- 81	1 201
Total comprehensive income	- 228	622	- 137	2 073	-111	394	2 245	- 82	11 251
Attributable to minority interests	17	15	13	4		32	- 11		1
Attributable to equity holders	- 245	607	-14 0	2 069	-112	362	2 256	-84	11 250

Key figures - SEB Group

	Q2	Q1	Q2		Jan - Jun	Full year
	2009	2009	2008	2009	2008	2008
Return on equity, %	-0.8	4.9	15.2	1.8	12.4	13.1
Return on total assets, %	- 0.03	0.16	0.48	0.07	0.40	0.42
Return on risk-weighted assets, %	- 0.09	0.44	1.33	0.18	1.08	1.13
Basic earnings per share, SEK	- 0.09	1.03	4.10	0.67	6.80	10.40
Weighted average number of shares, millions*	2 193	991	684	1 250	684	966
Diluted earnings per share, SEK	- 0.09	1.03	4.09	0.66	6.78	10.39
Weighted average number of diluted shares, millions**	2 195	992	686	1 252	686	967
Net worth per share, SEK	49.18	48.75	122.51	49.18	122.51	134.10
Average equity, SEK billion	98.7	84.5	73.8	91.6	75.2	76.4
Cost/income ratio	0.68	0.63	0.62	0.66	0.65	0.62
Net credit provision level, % Total reserve ratio for individually assessed impaired	1.07	0.70	0.17	0.89	0.15	0.30
loans, %	71.7	71.6	74.9	71.7	74.9	68.5
Net level of impaired loans, %	0.64	0.46	0.21	0.64	0.21	0.41
Gross level of impaired loans, %	1.10	0.81	0.56	1.10	0.56	0.73
Basel II (Legal reporting with transitional floor) :***
Total capital ratio, incl net profit, %	13.81	13.20	10.77	13.81	10.77	10.62
Tier 1 capital ratio, incl net profit, %	12.15	11.10	8.64	12.15	8.64	8.36
Risk-weighted assets, SEK billion	849	897	871	849	871	986
Basel II (without transitional floor):
Total capital ratio, incl net profit, %	14.85	14.26	12.67	14.85	12.67	12.81
Tier 1 capital ratio, incl net profit, %	13.07	11.99	10.17	13.07	10.17	10.08
Risk-weighted assets, SEK billion	790	830	740	790	740	818
Basel I:
Total capital ratio, incl net profit, %	10.88	10.41	9.65	10.88	9.65	9.29
Tier 1 capital ratio, incl net profit, %	9.56	8.75	7.74	9.56	7.74	7.32
Risk-weighted assets, SEK billion	1 080	1 137	972	1 080	972	1 127
Number of full time equivalents****	20 430	20 656	21 645	20 578	21 230	21 291
Assets under custody, SEK billion	4 505	3 991	4 728	4 505	4 728	3 891
Assets under management, SEK billion	1 267	1 187	1 295	1 267	1 295	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 0.5 million net of these shares have been sold as employee stock options have been exercised. Thus, as of 30 June SEB owned 1.7 million Class A-shares with a market value of SEK 56m.

** 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	2009:2	2009:1	2008:4	2008:3	2008:2
Net interest income	5 370	5 904	5 513	4 553	4 421
Net fee and commission income	3 802	3 215	3 790	3 754	3 909
Net financial income	1 471	1 133	1 723	247	1 161
Net life insurance income	946	862	516	504	642
Net other income	1 585	316	1 153	154	266
Total operating income	13 174	11 430	12 695	9 212	10 399
Staff costs	-4 262	-4 391	-4 597	-3 752	-3 993
Other expenses	-1 918	-1 838	-1 968	-1 820	-2 098
Depreciation of assets	-2 832	-1 015	- 400	- 398	- 354
Total operating expenses	-9 012	-7 244	-6 965	-5 970	-6 445
Profit before credit losses etc	4 162	4 186	5 730	3 242	3 954
Gains less losses from tangible and intangible assets	23	2	1		1
Net credit losses	-3 567	-2 386	-1 703	- 716	- 448
Operating profit	618	1 802	4 028	2 526	3 507
Income tax expense	- 792	- 781	- 519	- 641	- 699
Net profit from continuing operations	- 174	1 021	3 509	1 885	2 808
Discontinued operations	4	6	- 2	1	1
Net profit	- 170	1 027	3 507	1 886	2 809
Attributable to minority interests Attributable to equity holders*	23 - 193	2 1 025	1 3 506	4 1 882	3 2 806
* Basic earnings per share, SEK Diluted earnings per share, SEK	- 0.09 - 0.09	1.03 1.03	5.12 5.12	2.75 2.74	4.10 4.09

Income statement, by Division - SEB Group

	Merchant	Retail	Wealth		Other incl
Jan-Jun 2009, SEK m	Banking	Banking	Management	Life*	eliminations	SEB Group
Net interest income Net fee and commission	5 602	5 102	361	- 15	224	11 274
income	2 790	2 661	1 378		188	7 017
Net financial income	2 684	212	37		- 329	2 604
Net life insurance income				2 191	- 383	1 808
Net other income	107	40	14		1 740	1 901
Total operating income	11 183	8 015	1 790	2 176	1 440	24 604
Staff costs	-2 198	-2 527	- 686	- 573	-2 669	-8 653
Other expenses	-1 963	-2 885	- 592	- 272	1 956	-3 756
Depreciation of assets	- 59	-2 448	- 64	- 342	- 934	-3 847
Total operating expenses	-4 220	-7 860	-1 342	-1 187	-1 647	-16 256
Profit before credit losses etc	6 963	155	448	989	- 207	8 348
Gains less losses from
tangible and intangible
assets		- 5	30			25
Net credit losses	- 646	-4 967	- 20		- 320	-5 953
Operating profit	6 317	-4 817	458	989	- 527	2 420

* Business result in Life amounted to SEK 1 495m (1 153), of which change in surplus values was net SEK 506m (477).

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

	Q2	Q1		Q2		Jan- Jun			Full year
SEK m	2009	2009	%	2008	%	2009	2008	%	2008
Net interest income	2 683	2 919	- 8	1 538	74	5 602	3 063	83	7 414
Net fee and commission income	1 618	1 172	38	1 470	10	2 790	2 711	3	5 248
Net financial income	1 498	1 186	26	936	60	2 684	1 055	154	3 625
Net other income	- 8	115	- 107	72	- 111	107	108	- 1	526
Total operating income	5 791	5 392	7	4 016	44	11 183	6 937	61	16 813
Staff costs	-1 106	-1 092	1	-1 105	0	-2 198	-2 069	6	-3 890
Other expenses	-1 014	- 949	7	- 937	8	-1 963	-1 846	6	-3 594
Depreciation of assets	- 34	- 25	36	- 21	62	- 59	- 43	37	- 95
Total operating expenses	-2 154	-2 066	4	-2 063	4	-4 220	-3 958	7	-7 579
Profit before credit losses etc	3 637	3 326	9	1 953	86	6 963	2 979	134	9 234
Gains less losses on assets							3	- 100	5
Net credit losses	- 367	- 279	32	- 27		- 646	- 48		- 889
Operating profit	3 270	3 047	7	1 926	70	6 317	2 934	115	8 350
Cost/Income ratio	0,37	0,38		0,51		0,38	0,57		0,45
Business equity, SEK bn	35,1	35,1		27,0		35,1	27,0		27,0
Return on equity, %	26,8	25,0		20,5		25,9	15,6		22,3
Number of full time equivalents	2 650	2 697		2 760		2 687	2 732		2 721

High and stable income based on strengthened customer franchise

• Continued low lending losses
• Strong growth in all core markets

Comments on the first six months

eÉáÖÜíÉåÉÇ=~Åíáîáíó=äÉîÉäë=~åÇ=ÅìëíçãÉê=áåíÉê~Åíáçå= ~ääçïÉÇ=jÉêÅÜ~åí=_~åâáåÖ=íç=~Ö~áå=ÇÉäáîÉê=~=ëíêçåÖ= Ñáå~åÅá~ä=êÉëìäíI=áå=äáåÉ=ïáíÜ=éêÉîáçìë=èì~êíÉêëK=fåÅçãÉ=áå= íÜÉ=kçêÇáÅ=ìåáíë=çìíëáÇÉ=pïÉÇÉå=áåÅêÉ~ëÉÇ=Äó=UN=éÉê=ÅÉåí= óÉ~êJçåJóÉ~êI=~åÇ=íÜÉ=Çáîáëáçå=ÅçåíáåìÉë=íç=Ö~áå=ã~êâÉí= ëÜ~êÉ=áå=kçêï~óI=aÉåã~êâ=~åÇ=cáåä~åÇK=qçí~ä=~ëëÉíë=ïÉêÉ= ëí~ÄäÉ=Åçãé~êÉÇ=ïáíÜ=óÉ~êJÉåÇI=ïÜÉêÉ~ë=äÉåÇáåÖ=íç=íÜÉ= éìÄäáÅ=ï~ë=NU=éÉê=ÅÉåí=ÜáÖÜÉê=íÜ~å=íïÉäîÉ=ãçåíÜë=É~êäáÉêK= qÜáë=êÉÑäÉÅíë=íÜÉ=ëíê~íÉÖáÅ=éêáçêáíáë~íáçå=çÑ=Ñáå~åÅáåÖ=ÉñáëíáåÖ= ÅäáÉåíë=~åÇ=ëÉäÉÅíáîÉ=ÖêçïíÜ=çÑ=íÜÉ=ÅäáÉåí=Ä~ëÉ=áå=ÅçêÉ= ÖÉçÖê~éÜáÅ=ã~êâÉíëK===

mêçÑáíë=áå=íÜÉ=ëÉÅçåÇ=èì~êíÉê=ïÉêÉ=íÜÉ=ëÉÅçåÇ=ÜáÖÜÉëí=íç= Ç~íÉI=ïáíÜ=ãçëí=ìåáíë=éÉêÑçêãáåÖ=ïÉääI=é~êíáÅìä~êäó=íê~ÇáåÖ= ~åÇ=Å~éáí~ä=ã~êâÉí=~êÉ~ë=ëìÅÜ=~ë=ÄçåÇ=çêáÖáå~íáçåI=~ë=ïÉää= ~ë=Ñáå~åÅáåÖ=ÄìëáåÉëëÉë=áå=ÖÉåÉê~äK=qçí~ä=çéÉê~íáåÖ=áåÅçãÉ= áåÅêÉ~ëÉÇ=Äó=QQ=éÉê=ÅÉåí=óÉ~êJçåJóÉ~êI=ïÜáäÉ=Åçëí=áåÅêÉ~ëÉë== ïÉêÉ=äáãáíÉÇK=bñÅäìÇáåÖ=î~êá~ÄäÉ=ë~ä~êó=Åçëíë=~åÇ=ÅìêêÉåÅó= íê~åëä~íáçå=ÉÑÑÉÅíëI=Åçëí=áåÅêÉ~ëÉë=ã~áåäó=êÉä~íÉÇ=íç=ÜáÖÜÉê= éÉåëáçå=ÅçëíëK==

mêçîáëáçåë=Ñçê=ÅêÉÇáí=äçëëÉë=ïÉêÉ=äáãáíÉÇ=~åÇ=~ëëÉí èì~äáíó=ÖÉåÉê~ääó=êÉã~áåÉÇ=ÖççÇ=ÇÉëéáíÉ=íÜÉ=ÇáÑÑáÅìäí= ÉÅçåçãáÅ=ÉåîáêçåãÉåí=Ñ~ÅáåÖ=ã~åó=ÅäáÉåíëK=j~êâJíçJ ã~êâÉí=î~äì~íáçå=ÉÑÑÉÅíë=áå=íÜÉ=áåîÉëíãÉåí=éçêíÑçäáç=çÑ== pbh=JQPRã=EJVPUF=Ü~Ç=ëáÖåáÑáÅ~åíäó=äÉëë=áãé~Åí=íÜ~å=áå=íÜÉ= Ñáêëí=Ü~äÑ=çÑ=OMMU=EëÉÉ=é~ÖÉ=RFK=

^Åíáîáíó=ï~ë=ÜáÖÜ=ïáíÜáå=qê~ÇáåÖ=~åÇ=`~éáí~ä=j~êâÉíë= íÜêçìÖÜçìí=íÜÉ=éÉêáçÇI=åçí~Ääó=ïáíÜáå=ÑáñÉÇ=áåÅçãÉ=~åÇ= ÑçêÉáÖå=ÉñÅÜ~åÖÉ=ìåáíëK=pb_=áåÅêÉ~ëÉÇ=áíë=ã~êâÉí=ëÜ~êÉ=~ë= ~êê~åÖÉê=çÑ=Åçêéçê~íÉ=ÄçåÇ=áëëìÉë=~åÇ=ï~ë=ê~åâÉÇ=kçK=N=Ñçê= cu=ëÉêîáÅÉë=áå=pïÉÇÉå=Äó=mêçëéÉê~K=qÜÉ=Éèìáíó=ã~êâÉí= ÉåîáêçåãÉåí=êÉã~áåÉÇ=ÅÜ~ääÉåÖáåÖ=ÇÉëéáíÉ=î~äì~íáçå= áåÅêÉ~ëÉë=ÇìêáåÖ=íÜÉ=ëÉÅçåÇ=èì~êíÉêK=^îÉê~ÖÉ=íìêåçîÉê=çå= kçêÇáÅ=ëíçÅâ=ã~êâÉíë=ÇÉÅäáåÉÇ=Äó=QQ=éÉê=ÅÉåí=óÉ~êJçåJóÉ~êK= ^í=íÜÉ=ë~ãÉ=íáãÉI=Åçããáëëáçåë=ÇÉÅäáåÉÇ=çåäó=Äó=OP=éÉê= ÅÉåíI=êÉÑäÉÅíáåÖ=pb_Ûë=ÇáîÉêëáÑáÉÇ=ÉèìáíáÉë=ÄìëáåÉëëK==

táíÜáå=çêéçê~íÉ=\_~åâáåÖI=ÅçêÉ=ÅìëíçãÉê=~ÅíáîáíáÉë= ïÉêÉ=ÜáÖÜ=ïáíÜ=ÅçåíáåìÉÇ=ÇÉã~åÇ=Ñçê=Ñáå~åÅáåÖK=~éáí~ä= ê~áëáåÖ=Äó=kçêÇáÅ=Åçêéçê~íÉë=ï~ë=~=ÅçåíáåìÉÇ=ÑÉ~íìêÉ=áå=íÜÉ= ëÉÅçåÇ=èì~êíÉêK=pb_=båëâáäÇ~=áë=íÜÉ=ãçëí=~ÅíáîÉ=~Çîáëçê=çå= Åçêéçê~íÉ=åÉï=ëÜ~êÉë=áëëìÉë=ëç=Ñ~ê=áå=OMMVI=~ÇîáëáåÖ=çå=NU= íê~åë~ÅíáçåëI=áåÅäìÇáåÖ=båáêçI=qêÉääÉÄçêÖI=~åÇ=pÅÜáÄëíÉÇK==

däçÄ~ä=qê~åë~Åíáçå=pÉêîáÅÉëÛ=êÉîÉåìÉë=ïÉêÉ=áå=äáåÉ=ïáíÜ= íÜÉ=Ñáêëí=èì~êíÉêK=píêçåÖ=ÇÉã~åÇ=Ñçê=íê~ÇÉ=Ñáå~åÅÉ= ëìééçêíÉÇ=åÉí=áåíÉêÉëí=áåÅçãÉ=ÇÉîÉäçéãÉåíI=~äíÜçìÖÜ=äçï= áåíÉêÉëí=ê~íÉë=ÅçåíáåìÉÇ=íç=äáãáí=Å~ëÜ=ã~å~ÖÉãÉåí=áåÅçãÉK= ^ëëÉíë=ìåÇÉê=ÅìëíçÇó=êçëÉ=Åçãé~êÉÇ=ïáíÜ=íÜÉ=ÉåÇ=çÑ=íÜÉ= Ñáêëí=èì~êíÉêI=êÉ~ÅÜáåÖ=pbh=QIRMRÄå=EPIVVNFI=ÅçåíêáÄìíáåÖ=íç= áãéêçîÉÇ=êÉîÉåìÉë=áå=íÜáë=~êÉ~K=

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

Income statement

	Q2	Q1		Q2		Jan- Jun			Full year
SEK m	2009	2009	%	2008	%	2009	2008	%	2008
Net interest income	2 451	2 651	- 8	2 593	- 5	5 102	5 133	- 1	10 726
Net fee and commission income	1 369	1 292	6	1 430	- 4	2 661	2 851	- 7	5 618
Net financial income	103	109	- 6	102	1	212	196	8	396
Net other income	5	35	- 86	85	- 94	40	107	- 63	222
Total operating income	3 928	4 087	- 4	4 210	- 7	8 015	8 287	- 3	16 962
Staff costs	-1 243	-1 284	- 3	-1 168	6	-2 527	-2 285	11	-4 557
Other expenses	-1 477	-1 408	5	-1 348	10	-2 885	-2 673	8	-5 489
Depreciation of assets	-2 379	- 69		- 76		-2 448	- 152		- 308
Total operating expenses	-5 099	-2 761	85	-2 592	97	-7 860	-5 110	54	-10 354
Profit before credit losses etc	-1 171	1 326 - 188		1 618 - 172		155	3 177	- 95	6 608
Gains less losses on assets	- 7	2				- 5			2
Net credit losses	-3 004	-1 963	53	- 440		-4 967	- 750		-2 359
Operating profit	-4 182	- 635		1 178		-4 817	2 427		4 251
Cost/Income ratio	1,30	0,68		0,62		0,98	0,62		0,61
Business equity, SEK bn	27,6	27,6		25,3		27,6	25,3		25,3
Return on equity, %	-52,2	-8,2		14,3		-30,2	14,7		12,7
Number of full time equivalents	8 409	8 431		8 952		8 410	8 743		8 765

Solid results in Retail Sweden and the Card business

• Severe Baltic recession warrants increased loan-loss provisions and goodwill write-off
• Economic environment continues to challenge German Retail banking

Comments on the first six months

léÉê~íáåÖ=éêçÑáí=Ñçê=íÜÉ=Ñáêëí=ëáñ=ãçåíÜë=çÑ=OMMV=~ãçìåíÉÇ= íç=pbh=JQIUNTã=EOIQOTFI=áåÅäìÇáåÖ=ÖççÇïáää=áãé~áêãÉåíë=çÑ= pbh=OIOVVãK=^äíÜçìÖÜ=áå=ëÜ~êé=Åçåíê~ëí=íç=íÜÉ=éêÉîáçìë= óÉ~êI=íÜÉ=ëÉÅçåÇ=èì~êíÉê=êÉëìäíë=ïÉêÉ=íç=~=ä~êÖÉ=ÉñíÉåí= ÅÜ~ê~ÅíÉêáòÉÇ=Äó=íÜÉ=ë~ãÉ=ìåÇÉêäóáåÖ=íêÉåÇë=~ë=íÜÉ=Ñáêëí= èì~êíÉêK=çåëÉèìÉåíäóI=íÜÉ=ëìÄëí~åíá~ä=ÇáÑÑÉêÉåÅÉë=áå= éÉêÑçêã~åÅÉ=~ãçåÖëí=ÄìëáåÉëë=~êÉ~ë=êÉã~áåK=çãé~êáëçåë= ïáíÜ=íÜÉ=éêÉîáçìë=óÉ~ê=ïÉêÉ=ëíêçåÖäó=~ÑÑÉÅíÉÇ=Äó=ÖççÇïáää= áãé~áêãÉåíë=çÑ=pb_Ûë=_~äíáÅ=áåîÉëíãÉåíëK=

oÉí~áä=pïÉÇÉå=ÖÉåÉê~íÉÇ=Q=éÉê=ÅÉåí=ÜáÖÜÉê=áåÅçãÉ=íÜ~å= ÇìêáåÖ=íÜÉ=Ñáêëí=Ü~äÑ=çÑ=OMMUK=aÉã~åÇ=Ñçê=ÜçìëÉÜçäÇ= ãçêíÖ~ÖÉë=áåÅêÉ~ëÉÇ=äÉåÇáåÖ=Äó=S=éÉê=ÅÉåí=Åçãé~êÉÇ=ïáíÜ= gìåÉ=OMMUK=fåÅçãÉ=Ñêçã=ÇÉéçëáíë=ÑÉää=~ë=ã~êÖáåë=ïÉêÉ= åÉÖ~íáîÉäó=~ÑÑÉÅíÉÇ=Äó=äçïÉê=ã~êâÉí=áåíÉêÉëí=ê~íÉëK léÉê~íáåÖ=ÉñéÉåëÉë=áåÅêÉ~ëÉÇ=Äó=Q=éÉê=ÅÉåí=Åçãé~êÉÇ=ïáíÜ= íÜÉ=ÅçêêÉëéçåÇáåÖ=éÉêáçÇ=ä~ëí=óÉ~êI=é~êíäó=ÇìÉ=íç= ëáÖåáÑáÅ~åíäó=ÜáÖÜÉê=éÉåëáçå=ÅçëíëK=qÜÉ=êÉÇìÅíáçå=çÑ=OOO= ÉãéäçóÉÉë=ïáíÜáå=oÉí~áä=pïÉÇÉå=Åçãé~êÉÇ=ïáíÜ=íïÉäîÉ ãçåíÜë=~Öç=ïáää=Öê~Çì~ääó=áãé~Åí=ÅçëíëK=mêçîáëáçåë=Ñçê= ÅêÉÇáí=äçëëÉë=~ãçìåíÉÇ=íç=pbh=NURã=Ñçê=íÜÉ=Ñáêëí=Ü~äÑ=çÑ= OMMVK=qÜçìÖÜ=ÜáÖÜÉê=íÜ~å=áå=íÜÉ=éêÉîáçìë=óÉ~êI=íÜÉ=~ÄëçäìíÉ= äÉîÉä=ï~ë=äçï=~åÇ=~ëëÉí=èì~äáíó=áå=íÜÉ=ÜçìëÉÜçäÇ=ãçêíÖ~ÖÉ= éçêíÑçäáçI=~êçìåÇ=TM=éÉê=ÅÉåí=çÑ=~ää=äÉåÇáåÖI=êÉã~áåÉÇ=îÉêó= ëíêçåÖ=ïáíÜ=åçåJéÉêÑçêãáåÖ=äç~åë=êÉéêÉëÉåíáåÖ=äÉëë=íÜ~å= çåÉ=Ä~ëáë=éçáåíK=léÉê~íáåÖ=éêçÑáí=ï~ë=pbh=NIMNOãK=

qÜÉ=ëÉîÉêÉ=_~äíáÅ=ã~ÅêçÉÅçåçãáÅ=ÇÉîÉäçéãÉåí= ÅçåíáåìÉÇ=íç=äçïÉê=ÅêÉÇáí=ÇÉã~åÇI=ïÜáÅÜ=Åçåíê~ÅíÉÇ=pb_Ûë= äÉåÇáåÖ=áå=íÜÉ=êÉÖáçå=Äó=U=éÉê=ÅÉåí=ÇìêáåÖ=íÜÉ=ä~ëí=íïÉäîÉ= ãçåíÜë=~åÇ=~äëç=ÖÉåÉê~íÉÇ=äçïÉê=áåÅçãÉK=få=ÅçãÄáå~íáçå= ïáíÜ=ÜáÖÜÉê=éêçîáëáçåë=Ñçê=ÅêÉÇáí=äçëëÉëI=ëíáää=éêáã~êáäó=çå=~= ÅçääÉÅíáîÉ=Ä~ëáëI=íÜÉ=çéÉê~íáåÖ=äçëë=çÑ=íÜÉ=ÅçãÄáåÉÇ=_~äíáÅ= ÄìëáåÉëë=~êÉ~ë=ÉñÅäìÇáåÖ=ÖççÇïáää=áãé~áêãÉåí=~ãçìåíÉÇ= íç=pbh=PIQNRãK=få=îáÉï=çÑ=íÜÉ=ìåÅÉêí~áå=ÉÅçåçãáÅ=çìíäççâI= ~=åìãÄÉê=çÑ=ãÉ~ëìêÉë=Ü~îÉ=ÄÉÉå=í~âÉåK=få=~ÇÇáíáçå=íç=íÜÉ= _~äíáÅ=ÖççÇïáää=áãé~áêãÉåí=~åÇ=ÅçãéäÉíÉÇ=êÉîáÉï=çÑ=~ää= ä~êÖÉê=ÅêÉÇáíë=Äó=íÜÉ=ïçêâJçìí=íÉ~ãI=ÉÑÑçêíë=íç=êÉÇìÅÉ= ÉñéÉåëÉë=Ü~îÉ=ÄÉÉå=áåáíá~íÉÇK=aìêáåÖ=íÜÉ=ä~ëí=íïÉäîÉ= ãçåíÜëI=íÜÉ=åìãÄÉê=çÑ=Ñìää=íáãÉ=ÉãéäçóÉÉë=Ü~ë=ÄÉÉå= êÉÇìÅÉÇ=Äó=NUQK==

j~êâÉí=ÅçåÇáíáçåë=Ñçê=oÉí~áä=dÉêã~åó=ÅçåíáåìÉÇ=íç=ÄÉ= ÅÜ~ääÉåÖáåÖK=qÜÉ=äçï=ã~êâÉí=áåíÉêÉëí=ê~íÉë=éìí=éêÉëëìêÉ=çå= ÇÉéçëáí=ã~êÖáåë=~åÇ=íÜÉ=ïÉ~â=ÅìëíçãÉê=áåíÉêÉëí=áå= áåîÉëíãÉåí=éêçÇìÅíë=êÉã~áåÉÇK=qÜÉ=çéÉê~íáåÖ=äçëë=ï~ë= pbh=ROSãK=

qÜÉ=`~êÇ=ÄìëáåÉëë=~êÉ~=ÄÉåÉÑáíÉÇ=Ñêçã=äçï=ÑìåÇáåÖ= Åçëí=ïÜáÅÜ=ëìééçêíÉÇ=~å=áåÅçãÉ=~í=~å=~ääJíáãÉ=ÜáÖÜ=áå=íÜÉ= ëÉÅçåÇ=èì~êíÉêK=pìÅÅÉëëÑìä=ÉÑÑçêíë=íç=éêÉîÉåí=Ñê~ìÇ=Ü~îÉ= äáãáíÉÇ=ÖêçïíÜ=áå=éêçîáëáçåë=Ñçê=ÅêÉÇáí=äçëëÉëK=léÉê~íáåÖ= éêçÑáí=ï~ë=pbh=QNOãK

Wealth Management

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

Income statement

	Q2	Q1		Q2		Jan- Jun			Full year
SEK m	2009	2009	%	2008	%	2009	2008	%	2008
Net interest income	163	198	- 18	199	- 18	361	453	- 20	915
Net fee and commission income	716	662	8	820	- 13	1 378	1 789	- 23	3 702
Net financial income	17	20	- 15	8	113	37	28	32	69
Net other income	13	1		26	- 50	14	35	- 60	49
Total operating income	909	881	3	1 053	- 14	1 790	2 305	- 22	4 735
Staff costs	- 342	- 344	- 1	- 367	- 7	- 686	- 756	- 9	-1 441
Other expenses	- 300	- 292	3	- 270	11	- 592	- 569	4	-1 154
Depreciation of assets	- 34	- 30	13	- 22	55	- 64	- 46	39	- 100
Total operating expenses	- 676	- 666	2	- 659	3	-1 342	-1 371	- 2	-2 695
Profit before credit losses etc	233	215	8	394	- 41	448	934	- 52	2 040
Gains less losses on assets	30					30
Net credit losses	- 12	- 8	50	23	- 152	- 20	- 3		- 18
Operating profit	251	207	21	417	- 40	458	931	- 51	2 022
Cost/Income ratio	0,74	0,76		0,63		0,75	0,59		0,57
Business equity, SEK bn	5,5	5,5		6,6		5,5	6,6		6,6
Return on equity, %	13,1	10,8		18,2		12,0	20,3		22,1
Number of full time equivalents	1 060	1 112		1 190		1 089	1 200		1 181

• Good overall net sales and higher asset values
• Strong Private Banking result
• Successful launch of new investment programmes

Comments on the first six months

qÜÉ=ëáíì~íáçå=çå=íÜÉ=ÖäçÄ~ä=Ñáå~åÅá~ä=ã~êâÉíë=áãéêçîÉÇ=áå= íÜÉ=ëÉÅçåÇ=èì~êíÉêI=êÉëìäíáåÖ=áå=áåÅêÉ~ëáåÖ=~ëëÉí=î~äìÉë=~åÇ= áãéêçîÉÇ=ÅäáÉåí=ÄêçâÉê~ÖÉ=~ÅíáîáíóK=fåíÉêÉëí=ê~íÉë=ÅçåíáåìÉÇ= íç=Ñ~ääI=~ÑÑÉÅíáåÖ=åÉí=áåíÉêÉëí=áåÅçãÉ=åÉÖ~íáîÉäóK=léÉê~íáåÖ= áåÅçãÉ=Ñçê=íÜÉ=Ñáêëí=ëáñ=ãçåíÜë=ÇêçééÉÇ=íç=pbh=NITVMã= EOIPMRFI=ã~áåäó=~ë=~=êÉëìäí=çÑ=~å=U=éÉê=ÅÉåí=êÉÇìÅíáçå=áå= ~îÉê~ÖÉ=~ëëÉíë=ìåÇÉê=ã~å~ÖÉãÉåí=çå=~=íïÉäîÉJãçåíÜ=Ä~ëáë= ~åÇ=äçïÉê=áåÅçãÉ=Ñêçã=éÉêÑçêã~åÅÉ=~åÇ=íê~åë~Åíáçå=ÑÉÉëI= ~í=pbh=QQã=EONTFK=léÉê~íáåÖ=ÉñéÉåëÉë=ÇêçééÉÇ=Äó=O=éÉê= ÅÉåí=Åçãé~êÉÇ=ïáíÜ=íÜÉ=Ñáêëí=Ü~äÑ=çÑ=OMMUI=íç=pbh=NIPQOãK==

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=ëÉÅçåÇ=èì~êíÉêK=pb_Ûë= ëÜ~êÉ=çÑ=íçí~ä=åÉí=ë~äÉë=áãéêçîÉÇI=ÇÉëéáíÉ=ä~êÖÉ=çìíÑäçïë= Ñêçã=ëÜçêíJíÉêã=ÄçåÇ=ÑìåÇë=

qÜÉ=ÇáîáëáçåÛë=íçí~ä=~ëëÉíë=ìåÇÉê=ã~å~ÖÉãÉåí= áãéêçîÉÇ=Äó=R=éÉê=ÅÉåí=Ñêçã=óÉ~êJÉåÇI=íç=pbh=NIOMNÄåI= éêáã~êáäó=~ÑÑÉÅíÉÇ=Äó=áåÅêÉ~ëÉÇ=~ëëÉí=î~äìÉë=~åÇ=ÖççÇ=åÉí= ë~äÉë=çÑ=pbh=ONÄå=EOMFK=fåîÉëíãÉåí=éÉêÑçêã~åÅÉ=áãéêçîÉÇ= ÇìêáåÖ=íÜÉ=ëÉÅçåÇ=èì~êíÉêK=`ìêêÉåÅó=íê~åëä~íáçå=ÉÑÑÉÅíë= ïÉêÉ=åÉÖ~íáîÉ=ÇìêáåÖ=íÜÉ=éÉêáçÇK=

RV=éÉê=ÅÉåí=EQVF=çÑ=éçêíÑçäáçë=~åÇ=SV=éÉê=ÅÉåí=EQRF=çÑ= ~ëëÉíë=ìåÇÉê=ã~å~ÖÉãÉåí=ïÉêÉ=~ÜÉ~Ç=çÑ=íÜÉáê=êÉëéÉÅíáîÉ= ÄÉåÅÜã~êâë=~í=íÜÉ=ÉåÇ=çÑ=gìåÉK=

qÜÉ=fåëíáíìíáçå~ä=äáÉåíë=ÄìëáåÉëë=~êÉ~=ï~ë=åÉÖ~íáîÉäó= ~ÑÑÉÅíÉÇ=Äó=ÇÉÅäáåáåÖ=~ëëÉí=î~äìÉë=áå=íÜÉ=Ñáêëí=èì~êíÉêI=Äìí=áë= åçï=ëÉÉáåÖ=~=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=fåëíáíìíáçå~ä=äáÉåíë=êÉéçêíÉÇ= ÅçåíáåìÉÇ=ëíêçåÖ=åÉí=ë~äÉë=~åÇ=ÅçåíáåìÉÇ=íç=~ííê~Åí=åÉï= áåëíáíìíáçå~ä=ÅäáÉåíë=ÇìêáåÖ=íÜÉ=ëÉÅçåÇ=èì~êíÉêK=qÜÉ= áåíÉêå~íáçå~ä=ë~äÉë=ìåáí=ïáíÜáå=ãìíì~ä=ÑìåÇë=Ü~ë=~äëç=ÄÉÉå= ëìÅÅÉëëÑìäI=ÅçåíêáÄìíáåÖ=íç=íÜÉ=íçí~ä=fåëíáíìíáçå~ä=`äáÉåíë=åÉí= ë~äÉë=çÑ=pbh=ONKOÄå=Ñçê=íÜÉ=ä~ëí=íïÉäîÉ=ãçåíÜëK=aìêáåÖ=íÜÉ= ëÉÅçåÇ=èì~êíÉêI=íÜÉ=çìíÑäçï=Ñêçã=ãçåÉó=ã~êâÉí=ÑìåÇë ÅçåíáåìÉÇ=~åÇ=íÜÉ=áåÑäçï=íç=Éèìáíó=~åÇ=~äíÉêå~íáîÉ=ÑìåÇë= ~ÅÅÉäÉê~íÉÇK==

mêáî~íÉ=_~åâáåÖ=ÖÉåÉê~íÉÇ=åÉí=ë~äÉë=çÑ=pbh=VKSÄå=ENMKTFK= p~äÉë=áãéêçîÉÇ=áå=íÜÉ=ëÉÅçåÇ=èì~êíÉê=ÇìÉ=íç=~=åìãÄÉê=çÑ= ëíê~íÉÖáÅ=ÉÑÑçêíëK=mêáî~íÉ=_~åâáåÖ=êÉÅÉåíäó=ä~ìåÅÜÉÇ=íÜêÉÉ= åÉï=áåîÉëíãÉåí=éêçÖê~ããÉëI=jçÇÉêå=mêçíÉÅíáçåI=jçÇÉêå= dêçïíÜ=~åÇ=jçÇÉêå=^ÖÖêÉëëáîÉI=ïáíÜ=íÜÉ=~ãÄáíáçå=íç=ÜÉäé= ÅäáÉåíë=~ÅÜáÉîÉ=ãçêÉ=ëí~ÄäÉ=êÉíìêåë=çå=íÜÉáê=áåîÉëíãÉåíëK= qÜÉ=éêçÖê~ããÉë=Ü~îÉ=ÄÉÉå=ãìÅÜ=~ééêÉÅá~íÉÇ=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

	Q2	Q1		Q2		Jan- Jun			Full year
SEK m	2009	2009	%	2008	%	2009	2008	%	2008
Net interest income	- 5	- 10	- 50	- 13	- 62	- 15	- 29	- 48	- 36
Net life insurance income	1 148	1 043	10	883	30	2 191	1 837	19	3 296
Total operating income	1 143	1 033	11	870	31	2 176	1 808	20	3 260
Staff costs	- 299	- 274	9	- 285	5	- 573	- 547	5	-1 105
Other expenses	- 146	- 126	16	- 132	11	- 272	- 280	- 3	- 523
Depreciation of assets	- 177	- 165	7	- 145	22	- 342	- 305	12	- 569
Total operating expenses	- 622	- 565	10	- 562	11	-1 187	-1 132	5	-2 197
Operating profit	521	468	11	308	69	989	676	46	1 063
Change in surplus values, net	395	111		227	74	506	477	6	989
Business result	916	579	58	535	71	1 495	1 153	30	2 052
Cost/Income ratio	0.54	0.55		0.65		0.55	0.63		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	27.0	24.2		14.5		25.6	15.9		12.5
based on business result	47.4	30.0		25.1		38.7	27.1		24.1
Number of full time equivalents	1 196	1 206		1 235		1 203	1 226		1 233

Profit growth supported by positive trend in market values

Higher sales and premium income

Comments on the first six months

léÉê~íáåÖ=éêçÑáí=áåÅêÉ~ëÉÇ=Äó=QS=éÉê=ÅÉåí=Åçãé~êÉÇ=ïáíÜ= íÜÉ=Ñáêëí=Ü~äÑ=çÑ=OMMUK=råáíJäáåâÉÇ=áåÅçãÉ=êÉÅçîÉêÉÇ=~ë=~= êÉëìäí=çÑ=éçëáíáîÉ=ã~êâÉí=íêÉåÇë=ÇìêáåÖ=íÜÉ=ëÉÅçåÇ=èì~êíÉê= ~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=S=éÉê=ÅÉåí=ÜáÖÜÉê=íÜ~å=çåÉ=óÉ~ê=~ÖçK=qÜÉ=êÉëìäí=Ñçê= ëáÅâåÉëë=áåëìê~åÅÉ=~åÇ=Å~êÉ=éêçÇìÅíë=ï~ë=äçïÉê=ÇìÉ=íç= ÜáÖÜÉê=Åä~áãëI=Äìí=áãéêçîÉÇ=ÇìêáåÖ=íÜÉ=ëÉÅçåÇ=èì~êíÉêK=få= ~ÇÇáíáçåI=êÉíìêå=çå=áåîÉëíãÉåí=éçêíÑçäáçë=Ñçê=çïå=~ÅÅçìåí= áå=íÜÉ=a~åáëÜ=ÄìëáåÉëë=ïÉêÉ=ÜáÖÜÉê=íÜ~å=ä~ëí=óÉ~êK=

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=OMVã=EJTQFK=qÜÉ=êÉã~áåáåÖ=pbh=NUOã= 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=~åÇ=ÇÉÅêÉ~ëÉÇ=Äó=N=éÉê=ÅÉåíI=áÑ=íÜÉ=åÉÖ~íáîÉ=áãé~Åí=çÑ= íÜÉ=ïÉ~â=pïÉÇáëÜ=ÅìêêÉåÅó=áë=Éäáãáå~íÉÇK=

råáíJäáåâÉÇ=áåëìê~åÅÉ=êÉã~áåë=íÜÉ=ã~àçê=éêçÇìÅí= ÖêçìéI=êÉéêÉëÉåíáåÖ=TV=éÉê=ÅÉåí=ETTF=çÑ=íçí~ä=ë~äÉëK=qÜÉ=ëÜ~êÉ= çÑ=Åçêéçê~íÉ=éÉåëáçå=ÇÉÅêÉ~ëÉÇ=íç=SO=éÉê=ÅÉåí=ESTF=~ë=~= êÉëìäí=çÑ=ÜáÖÜ=îçäìãÉë=çÑ=ÉåÇçïãÉåí=éçäáÅáÉë=áå=pïÉÇÉåK= få=~ÇÇáíáçåI=íÜÉ=ÉÅçåçãáÅ=ëäçïÇçïå=êÉëìäíÉÇ=áå=ÑÉïÉê=åÉï= Åçêéçê~íÉ=Åçåíê~Åíë=~åÇ=~ÇÇáíáçå~ä=é~óãÉåíë=çå=ÉñáëíáåÖ=

Åçåíê~ÅíëI=ÉëéÉÅá~ääó=Ñêçã=ëã~ää=~åÇ=ãÉÇáìã=ëáòÉÇ= ÄìëáåÉëëÉëK=

qçí~ä=ë~äÉë=ïÉáÖÜíÉÇ=îçäìãÉ=áåÅêÉ~ëÉÇ=Äó=Q=éÉê=ÅÉåí ïáíÜ=~=åçí~ÄäÉ=áãéêçîÉãÉåí=ÇìêáåÖ=íÜÉ=ëÉÅçåÇ=èì~êíÉê=~åÇ= íÜÉ=ëÜ~êÉ=çÑ=êÉÖìä~ê=éêÉãáìã=Åçåíê~Åíë=ï~ë=UN=éÉê=ÅÉåí= ETVFK=qÜÉ=ÜáÖÜÉê=îçäìãÉ=çÑ=ÉåÇçïãÉåí=éçäáÅáÉë=~åÇ=äçï= îçäìãÉë=çÑ=ìåáíJäáåâÉÇ=çìíëáÇÉ=pïÉÇÉå=Ü~Ç=~=åÉÖ~íáîÉ= ÉÑÑÉÅí=çå=åÉï=ë~äÉë=ã~êÖáåëI=ïÜáÅÜ=ÇêçééÉÇ=íç=NSKT=éÉê= ÅÉåí=Ñçê=íÜÉ=é~ëí=íïÉäîÉ=ãçåíÜë=Åçãé~êÉÇ=ïáíÜ=NUKS=éÉê= ÅÉåí=Ñçê=Ñìää=óÉ~ê=OMMUK=få=pïÉÇÉåI=ë~äÉë=áåÅêÉ~ëÉÇ=Äó=NO=éÉê= ÅÉåíK=qÜÉ=ëÉÅçåÇ=èì~êíÉê=ë~äÉë=îçäìãÉ=áå=aÉåã~êâ=ï~ë= éçëáíáîÉ=~åÇ=íÜÉ=ÇÉÅêÉ~ëÉ=Åçãé~êÉÇ=íç=ä~ëí=óÉ~ê=ï~ë êÉÇìÅÉÇ=Ñêçã=NO=éÉê=ÅÉåí=áå=íÜÉ=Ñáêëí=èì~êíÉê=íç=O=éÉê=ÅÉåí= Ñçê=íÜÉ=Ñáêëí=Ü~äÑ=çÑ=OMMVK=p~äÉë=áå=íÜÉ=_~äíáÅ=ÅçìåíêáÉë=ïÉêÉ= OV=éÉê=ÅÉåí=ÄÉäçï=ä~ëí=óÉ~ê=~åÇ=íÜÉ=íçí~ä=îçäìãÉ=ï~ë= ãçÇÉëíK=

qçí~ä=éêÉãáìã=áåÅçãÉ=áåÅêÉ~ëÉÇ=Äó=R=éÉê=ÅÉåíI=íç= pbh=NRKPÄå=ENQKSFK=qÜÉ=íçí~ä=î~äìÉ=çÑ=ìåáíJäáåâÉÇ=ÑìåÇë=ï~ë= pbh=NPQÄå=Åçãé~êÉÇ=ïáíÜ=NNRÄå=~í=óÉ~ê=ÉåÇK=qçí~ä=~ëëÉíë= ìåÇÉê=ã~å~ÖÉãÉåí=EåÉí=~ëëÉíëF=áåÅêÉ~ëÉÇ=Äó=R=éÉê=ÅÉåí= ÇìêáåÖ=íÜÉ=Ñáêëí=Ü~äÑI=íç=pbh=PTOÄåK=

Result by geography - January-June 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, Poland, Ukraine and Russia and a global presence through its international network in another 10 countries

• Nordic business generated 68 per cent of operating income
• Further provisions for credit losses and goodwill impairments in the Baltic countries

Comments on the first six months

The global economic recession continued in the second quarter of 2009, which has started to affect asset quality in general. The underlying business remained strong in almost all areas.

In Sweden, operating income rose, mainly as a result of the strong development of the Merchant Banking division, but also due to improved results for the Life division and the capital gain of SEK 1.3bn. Total expenses rose by 2 per cent, excluding impairment for the Group's investments in Eastern Europe. Provisions for credit losses increased from a low level.

In Denmark and Norway, income generation was strong, particularly within the capital markets area. Operating profits more than doubled compared with the first half of 2008. In Finland, operating profit was hampered by provision for credit losses.

In the Baltic region, the provisioning for credit losses continued and total provisions for the three countries rose to SEK4,344m (504) for the first half of 2009. The net credit loss level was 4.93 per cent (1.28) and the level of impaired loans net 3.40 per cent (0.22). Operating income deteriorated following the economic recession in the region. In all three countries expenses rose, largely due to goodwill impairments.

In Germany, Merchant Banking's income was 19 per cent higher compared with the corresponding period of last year and quarterly operating profit was up by 37 per cent from the previous quarter. Market conditions for

Retail Germany and Wealth Management continued to be challenging. The low market interest rates put pressure on deposit margins and the weak customer interest in investment products remained. Wealth Management recorded limited transaction fees.

In Ukraine, provisions for credit losses continued to increase to SEK 283m for the first six months of 2009 and the net credit loss level was 18.11 per cent (0.95). In Russia, provisions for credit losses was SEK 15m, equal to a net credit loss level of 1.23 per cent (0.13).

Distribution by country Jan - June		Total operating income		Total operating expenses				Operating profit
SEK m	2009	2008	%	2009	2008	%	2009	2008	%
Sweden	13 199	9946	33	$-9296$	$-7027$	32	3 1 6 7	2862	11
Norway	903	1 2 8 9	48	$-678$	$-713$	-5	1 0 8 0	455	137
Denmark	599	1 0 9 6	46	$-852$	$-741$	15	666	308	116
Finland	573	629	-9	$-258$	$-328$	$-21$	298	295
Germany	3 3 9 9	3 2 7 2	4	$-2652$	$-2365$	12	432	843	$-49$
Estonia	689	831	$-17$	$-641$	$-352$	82	$-639$	111
Latvia	920	797	15	$-417$	$-363$	15	$-1099$	349
Lithuania	975	1 2 2 8	$-21$	$-1104$	$-496$	123	$-2189$	681
Other countries and eliminations	. 347	109		$-358$	$-87$		704	13
Total	24 604	19 197	28	$-16256$	$-12472$	30	2 4 2 0	5917	-59

Goodwill impairments for holdings in the Baltic countries, Russia and Ukraine affected operating expenses and profit in Sweden by SEK 1.5bn in O2 and by 0.6bn in 01 2009. Impairments in Q2 2009 affected operating expenses and profit in Estonia and Lithuania by SEK 0.3bn and 0.6bn, respectively. Centralisation of bond portfolios from U.S. to Sweden affected operating income and profit by SEK 1.8bn in Q4 2008.

The SEB Group

Net interest income - SEB Group

	Q2	Q1		Q2		Jan - Jun			Full year
SEK m	2009	2009	%	2008	%	2009	2008	%	2008
Interest income	16 276	19 966	- 18	23 965	- 32	36 242	48 056	- 25	97 281
Interest expense	-10 906	-14 062	- 22	-19 544	- 44	-24 968	-39 412	- 37	-78 571
Net interest income	5 370	5 904	- 9	4 421	21	11 274	8 644	30	18 710

Net fee and commission income – SEB Group

	Q2	Q1		Q2			Jan - Jun		Full year
SEK m	2009	2009	%	2008	%	2009	2008	%	2008
Issue of securities	167	35		91	84	202	98	106	172
Secondary market	732	559	31	913	- 20	1 291	1 671	- 23	2 769
Custody and mutual funds	1 445	1 345	7	1 664	- 13	2 790	3 468	- 20	7 022
Securities commissions	2 344	1 939	21	2 668	- 12	4 283	5 237	- 18	9 963
Payments	465	457	2	464	0	922	903	2	1 844
Card fees	1 090	1 037	5	1 108	- 2	2 127	2 140	- 1	4 300
Payment commissions	1 555	1 494	4	1 572	- 1	3 049	3 043	0	6 144
Advisory	293	177	66	173	69	470	462	2	1 118
Lending	352	335	5	270	30	687	455	51	1 004
Deposits	27	28	- 4	24	13	55	47	17	98
Guarantees	99	95	4	71	39	194	138	41	301
Derivatives	153	159	- 4	116	32	312	229	36	601
Other	179	171	5	180	- 1	350	356	- 2	648
Other commissions	1 103	965	14	834	32	2 068	1 687	23	3 770
Fee and commission income	5 002	4 398	14	5 074	- 1	9 400	9 967	- 6	19 877
Securities commissions	- 190	- 233	- 18	- 275	- 31	- 423	- 516	- 18	- 970
Payment commissions	- 597	- 639	- 7	- 631	- 5	-1 236	-1 216	2	-2 450
Other commissions	- 413	- 311	33	- 259	59	- 724	- 525	38	-1 203
Fee and commission expense	-1 200	-1 183	1	-1 165	3	-2 383	-2 257	6	-4 623
Securities commissions, net	2 154	1 706	26	2 393	- 10	3 860	4 721	- 18	8 993
Payment commissions, net	958	855	12	941	2	1 813	1 827	- 1	3 694
Other commissions, net	690	654	6	575	20	1 344	1 162	16	2 567
Net fee and commission income	3 802	3 215	18	3 909	- 3	7 017	7 710	- 9	15 254

Net financial income – SEB Group

	Q2	Q1		Q2			Jan - Jun		Full year
SEK m	2009	2009	%	2008	%	2009	2008	%	2008
Equity instruments and related derivatives	- 166	95		306	- 154	- 71	477	-115	1 415
Debt instruments and related derivatives	568	58		108		626	-1 056	-159	-1 059
Currency-related	1 127	1 041	8	747	51	2 168	1 579	37	3 076
Other financial instruments	- 2	3	-167			1			1 2
Impairments	- 56	- 64	-13			- 120			- 474
Net financial income	1 471	1 133	30	1 161	27	2 604	1 000	160	2 970

Net credit losses – SEB Group

	Q2	Q1		Q2			Jan - Jun		Full year
SEK m	2009	2009	%	2008	%	2009	2008	%	2008
Provisions:
Net collective provisions for individually assessed
loans	-1 305	- 902	45	94		-2 207	26		- 712
Net collective provisions for portfolio assessed loans	- 549	- 432	27	- 83		- 981	- 127		- 591
Specific provisions	-1 691	- 912	85	- 409		-2 603	- 599		-1 718
Reversal of specific provisions no longer required	176	190	-7	79	123	366	123	198	336
Net provisions for contingent liabilities	133	- 151	-188	2		- 18	3		- 56
Net provisions	-3 236	-2 207	47	- 317		-5 443	- 574		-2 741
Write-offs:
Total write-offs	- 494	- 291	70	- 367	35	- 785	- 699	12	-1 428
Reversal of specific provisions utilized for write-offs	135	79	71	217	-38	214	418	-49	699
Write-offs not previously provided for	- 359	- 212	69	- 150	139	- 571	- 281	103	- 729
Recovered from previous write-offs	28	33	-15	19	47	61	43	42	239
Net write-offs	- 331	- 179	85	- 131	153	- 510	- 238	114	- 490
Net credit losses	-3 567	-2 386	49	- 448		-5 953	- 812		-3 231

Balance sheet – SEB Group

Condensed	30 June	31 December	30 June
SEK m	2009	2008	2008
Cash and cash balances with central banks	97 886	44 852	27 557
Loans to credit institutions	213 245	266 363	219 111
Loans to the public	1 304 683	1 296 777	1 132 374
Financial assets at fair value *	568 035	635 454	597 723
Available-for-sale financial assets *	98 014	163 115	247 245
Held-to-maturity investments *	1 845	1 997	2 266
Investments in associates	1 174	1 129	1 361
Tangible and intangible assets	27 900	29 511	26 234
Other assets	60 736	71 504	50 278
Total assets	2 373 518	2 510 702	2 304 149
Deposits by credit institutions	405 699	429 425	397 601
Deposits and borrowing from the public	823 359	841 034	757 904
Liabilities to policyholders	227 401	211 070	211 938
Debt securities	488 951	525 219	506 564
Financial liabilities at fair value	211 978	295 533	229 285
Other liabilities	72 220	71 565	83 129
Provisions	1 822	1 897	1 265
Subordinated liabilities	43 287	51 230	41 664
Total equity	98 801	83 729	74 799
Total liabilities and equity	2 373 518	2 510 702	2 304 149
* Of which bonds and other interest bearing securities inclusive derivatives.	474 129	628 675	609 027

Memorandum items – SEB Group

	30 June	31 December	30 June
SEK m	2009	2008	2008
Collateral and comparable security pledged for own liabilities	389 169	375 227	334 870
Other pledged assets and comparable collateral	165 364	152 142	205 683
Contingent liabilities	89 545	86 675	72 007
Commitments	385 005	416 533	445 642

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-Jun 2009
Opening balance	6 872	75 949	-225	-3 062	1 767	2 236	83 537	192	83 729
Net profit		832					832	25	857
Other comprehensive income (net of tax)			-420	264	- 480	166	- 470	7	- 463
Total comprehensive income		832	- 420	264	- 480	166	362	32	394
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**		7					7		7
Closing balance	21 942	76 389	- 645	-2 798	1 287	2 402	98 577	224	98 801
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-Jun 2008
Opening balance Net profit	6 872	70 149 4 653	-377	- 438	160	162	76 528 4 653	191 4	76 719 4 657
Other comprehensive income (net of tax)			-204	-1 586	- 603	-4	-2 397	- 15	-2 412
							2 256		2 245
Total recognised income		4 653	- 204	-1 586	- 603	- 4		- 11
Dividend to shareholders		-4 451					-4 451		-4 451
Swap hedging of employee stock option programme* Eliminations of repurchased shares for employee		105					105		105
stock option programme**		181					181		181
Closing balance	6 872	70 637	- 581	-2 024	- 443	158	74 619	180	74 799

* 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 0.5 million net of these shares have been sold as employee stock options have been exercised. Thus, as of 30 June 2009 SEB owned 1.7 million Class A-shares with a market value of SEK 56m for hedging of the long-term incentive programmes.

Cash flow statement – SEB Group

		Jan - Jun		Full year
SEK m	2009	2008	%	2008
Cash flow from operating activities	- 14 901	- 63 357	- 76	- 16 441
Cash flow from investment activities1)	- 522	- 2 932	- 82	- 6 050
Cash flow from financing activities	7 275	- 6 996		2 653
Net increase in cash and cash equivalents	- 8 148	- 73 285	- 89	- 19 838
Cash and cash equivalents at beginning of year	175 147	194 985	- 10	194 985
Net increase in cash and cash equivalents	- 8 148	- 73 285	- 89	- 19 838
Cash and cash equivalents at end of period2)	166 999	121 700	37	175 147
1) Including investments in subsidiaries
Cost of acquisitions Less cash acquired		- 708	- 100	- 1 040
Outflow on acquisition		- 708 - 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

	Q2	Q1		Q2			Jan - Jun	Full year
	2009	2009	%	2008	%	2009	2008	%	2008
Reclassified, SEK bn
Opening balance	157	107	47			107
Reclassified		52				52			95
Amortisations	- 2	- 2				- 4			- 4
Securities sold	- 1	- 2	-50			- 3
Accrued coupon	- 1	1	-200						2
Translation difference	- 1	1	-200						14
Closing balance*	152	157	-3			152			107
* Market value	142	147				142			100
Fair value impact - if not reclassified, SEK m
In Equity (AFS origin)	- 514	-3 206	-84			-3 720			-5 252
In Income Statement (HFT origin)	454	- 318				136			-1 623
Total	- 60	-3 524	-98			-3 584			-6 875
Effect in Income Statement, SEK m*
Net interest income	674	1 371	-51			2 045			1 959
Net financial income	-1 344	1 276				- 68			13 699
Other income	- 196	205	-196			9
Total	- 866	2 852	-130			1 986			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 – SEB Group

	30 June	31 December	30 June
SEK m	2009	2008	2008
Individually assessed loans
Non-performing impaired loans	14 802	10 463	6 758
Performing impaired loans	1 888	948	846
Total impaired loans	16 690	11 411	7 604
Reserves for non-performing loans	- 6 212	- 4 679	- 3 418
Reserves for performing loans	- 789	- 343	- 392
Total specific reserves	- 7 001	- 5 022	- 3 810
Collective reserves for individually assessed loans	- 4 963	- 2 793	- 1 882
Total reserves	- 11 964	- 7 815	- 5 692
Specific reserve ratio for individually assessed impaired loans	41,9%	44,0%	50,1%
Total reserve ratio for individually assessed impaired loans	71,7%	68,5%	74,9%
Net level of impaired loans	0,64%	0,41%	0,28%
Gross level of impaired loans	1,10%	0,73%	0,56%
Portfolio assessed loans
Loans past due > 60 days	5 651	2 500	1 489
Collective reserves for portfolio assessed loans	- 2 375	- 1 404	- 814
Reserve ratio for portfolio assessed loans	42,0%	56,2%	54,7%
Reserves
Specific reserves	-7 001	-5 022	-3 810
Collective reserves	-7 338	-4 197	-2 696
Reserves for off-balance sheet items	- 281	- 251	- 170
Total reserves	- 14 620	- 9 470	- 6 676

Seized assets – SEB Group

	30 June	31 December	30 June
SEK m	2009	2008	2008
Properties, vehicles and equipment	621	30	32
Shares	63	106	50
Total volume of pledges taken over	684	136	82

Jan-06 Apr-06 Jul-06 Oct-06 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09

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,
June 2009	per cent
Investor AB	20,8
Trygg Foundation	9,6
Alecta	5,6
Swedbank/ Robur Funds	3,8
AFA Försäkring entities	2,7
AMF Pension	2,3
SEB Funds	1,9
Capital Group Funds	1,6
SHB Funds	1,5
Wallenberg-foundations	1,5
Foreign owners Source: Euroclear Sweden/SIS Ägarservice	17,0

Additional Information Jan-June 2009

STOCKHOLM 20 JULY 2009

Appendix 1 The Life division

qÜÉ=Çáîáëáçå=áë=êÉëéçåëáÄäÉ=Ñçê=pb_Ûë=äáÑÉ=áåëìê~åÅÉ= çéÉê~íáçåë=~åÇ=áë=çåÉ=çÑ=íÜÉ=äÉ~ÇáåÖ=kçêÇáÅ=äáÑÉ=áåëìê~åÅÉ= ÖêçìéëK=qÜÉ=Çáîáëáçå=áë=çêÖ~åáëÉÇ=áå=íÜêÉÉ=ÄìëáåÉëë=~êÉ~ëW=

• = pb_=qêóÖÖ=iáî=EpïÉÇÉåF= = pb_=mÉåëáçå=EaÉåã~êâF=
• = pb_=iáÑÉ=C=mÉåëáçå=fåíÉêå~íáçå~ä=

qÜÉ=çéÉê~íáçåë=ÅçãéêáëÉ=áåëìê~åÅÉ=éêçÇìÅíë=áå=íÜÉ=~êÉ~=çÑ= áåîÉëíãÉåíë=~åÇ=ëçÅá~ä=ëÉÅìêáíó=Ñçê=éêáî~íÉ=áåÇáîáÇì~äë=~åÇ= Åçãé~åáÉëK=qÜÉ=Çáîáëáçå=Ü~ë=NKU=ãáääáçå=ÅìëíçãÉêë=~åÇ=áë= ~ÅíáîÉ=áå=pïÉÇÉåI=aÉåã~êâI=cáåä~åÇI=fêÉä~åÇI=iìñÉãÄçìêÖI= bëíçåá~I=i~íîá~I=iáíÜì~åá~=~åÇ=râê~áåÉK=qÜÉ=ã~áå=é~êí=çÑ= íÜÉ=íê~Çáíáçå~ä=äáÑÉ=áåëìê~åÅÉ=çéÉê~íáçåë=áå=pïÉÇÉå=áë= ÅçåÇìÅíÉÇ=íÜêçìÖÜ=íÜÉ=ãìíì~ääó=çéÉê~íÉÇ=áåëìê~åÅÉ= Åçãé~åó=d~ãä~=iáîÑ!êë®âêáåÖë~âíáÉÄçä~ÖÉí=pb_=qêóÖÖ=iáî= ~åÇ=íÜÉêÉÑçêÉ=åçí=ÅçåëçäáÇ~íÉÇ=ïáíÜ=íÜÉ=ÇáîáëáçåÛë=êÉëìäíK= d~ãä~=iáî=áë=ÅäçëÉÇ=Ñçê=åÉï=ÄìëáåÉëëK=qÜÉ=íê~Çáíáçå~ä= áåëìê~åÅÉ=ÄìëáåÉëë=ÅçåÇìÅíÉÇ=áå=kó~=iáîÑ!êë®âêáåÖë~âíáÉJ Äçä~ÖÉí=pb_=qêóÖÖ=iáî=Ekó~=iáîF=ï~ë=ãÉêÖÉÇ=ïáíÜ=íÜÉ ìåáíJäáåâÉÇ=Åçãé~åó=cçåÇÑ!êë®âêáåÖë~âíáÉÄçä~ÖÉí=pb_= qêóÖÖ=iáî=áå=lÅíçÄÉê=OMMTK=^ÑíÉê=íÜÉ=ãÉêÖÉêI=íÜÉ=êÉëìäí=çÑ= íÜáë=ÄìëáåÉëë=Ó=ïáíÜ=êÉëéÉÅí=íç=áåîÉëíãÉåí=áåÅçãÉ=~åÇ= áåëìê~åÅÉ=êáëâ=Ó=áë=ëíáää=~ääçÅ~íÉÇ=íç=íÜÉ=éçäáÅóÜçäÇÉêëK= eçïÉîÉêI=pb_=qêóÖÖ=iáî=Öì~ê~åíÉÉë=íÜÉ=Åçåíê~Åíì~ä= ÄÉåÉÑáíë=íç=íÜÉ=éçäáÅóÜçäÇÉêë=áå=íÜáë=ÄìëáåÉëëK=cêçã=j~ó=íç= ^ìÖìëí=OMMUI=íÜÉ=éçäáÅóÜçäÇÉêë=ïÉêÉ=ÖáîÉå=~å=çÑÑÉê=íç= íê~åëÑÉê=Ñêçã=íÜÉ=íê~Çáíáçå~ä=kó~=iáî=éçêíÑçäáç=íç=ìåáíJ äáåâÉÇK=qÜÉ=íê~åëÑÉêêÉÇ=~ãçìåí=íçí~ääÉÇ=pbh=NKOÄåK=

Comments on the first six months of 2009

léÉê~íáåÖ=éêçÑáí=~ãçìåíÉÇ=íç=pbh=VUVãI=ïÜáÅÜ=ï~ë= pbh=PNPã=çê=QS=éÉê=ÅÉåí=ÜáÖÜÉê=íÜ~å=áå=íÜÉ=ÅçêêÉëéçåÇáåÖ= éÉêáçÇ=ä~ëí=óÉ~êK=léÉê~íáåÖ=áåÅçãÉ=áåÅêÉ~ëÉÇ=Äó=pbh=PSUãI= çê=Äó=OM=éÉê=ÅÉåíK=fÑ=éçëáíáîÉ=ÅìêêÉåÅó=ÉÑÑÉÅíë=ïÜÉå íê~åëä~íáåÖ=ÑçêÉáÖå=ëìÄëáÇá~êáÉë=íç=íÜÉ=ÇÉéêÉÅá~íÉÇ=pïÉÇáëÜ= âêçå~=~êÉ=ÉñÅäìÇÉÇI=íÜÉ=áåÅêÉ~ëÉ=ï~ë=pbh=OSMã=çê=NQ=éÉê= ÅÉåíK=`çãé~êÉÇ=ïáíÜ=ä~ëí=óÉ~ê=ìåáíJäáåâÉÇ=áåÅçãÉ= ÇÉÅêÉ~ëÉÇ=Äó=pbh=QTãK=qÜÉ=ÇÉÅêÉ~ëÉ=ï~ë=ÉåíáêÉäó=êÉä~íÉÇ= íç=íÜÉ=Ñáêëí=èì~êíÉêI=ïáíÜ=äçïÉê=ÑìåÇ=î~äìÉë=~åÇ=ÅìëíçãÉêÛë= êÉ~ääçÅ~íáçåë=íç=ÑáñÉÇ=áåÅçãÉ=ÑìåÇë=ïáíÜ=äçïÉê=ÑÉÉëK=aìêáåÖ= íÜÉ=ëÉÅçåÇ=èì~êíÉê=íÜÉ=ÑìåÇ=î~äìÉë=áåÅêÉ~ëÉÇ=~åÇ= ÅìëíçãÉêë=êÉ~ääçÅ~íÉÇ=íç=ÉèìáíóJêÉä~íÉÇ=ÑìåÇëK=fåÅçãÉ=Ñêçã= çíÜÉê=áåëìê~åÅÉI=ã~áåäó=íê~Çáíáçå~ä=áåëìê~åÅÉ=~åÇ=êáëâ= éêçÇìÅíë=ëìÅÜ=~ë=ëáÅâåÉëë=~åÇ=ÜÉ~äíÜ=áåëìê~åÅÉI=áåÅêÉ~ëÉÇ= Äó=pbh=PPRãK=qÜÉ=áåÅêÉ~ëÉ=ï~ë=ã~áåäó=ÇìÉ=íç=pbh=OMVã=áå= êÉÅçîÉêáÉë=Ñêçã=éêÉîáçìë=éêçîáëáçåë=íç=ÅçîÉê=Öì~ê~åíÉÉ=

ÅçããáíãÉåíë=áå=íÜÉ=kó~=iáî=éçêíÑçäáçK=qÜÉ=Ñáêëí=Ü~äÑ=çÑ=OMMU= ï~ë=åÉÖ~íáîÉäó=~ÑÑÉÅíÉÇ=Äó=éêçîáëáçåë=çÑ=pbh=TQãK=qÜÉ= êÉã~áåáåÖ=Öì~ê~åíÉÉ=éêçîáëáçåë=~ãçìåí=íç=pbh=NUOã=áå= íçí~äK=qÜÉ=éêçîáëáçåë=~êÉ=êÉä~íÉÇ=íç=ÇÉÅêÉ~ëáåÖ=ã~êâÉí= î~äìÉë=áå=áåîÉëíãÉåí=~ëëÉíë=~åÇ=êÉÅçîÉê~ÄäÉI=áÑ=ÑìíìêÉ= áåîÉëíãÉåí=êÉíìêåë=~êÉ=~ÇÉèì~íÉ=íç=ãÉÉí=Öì~ê~åíÉÉÇ=Äçåìë= äÉîÉäëK=^é~êí=Ñêçã=íÜáëI=áåÅçãÉ=Ñêçã=çíÜÉê=áåëìê~åÅÉ= áåÅêÉ~ëÉÇ=Äó=pbh=ROã=ã~áåäó=ÇìÉ=íç=éçëáíáîÉ=ÅìêêÉåÅó= ÉÑÑÉÅíë=ïÜÉå=íê~åëä~íáåÖ=íÜÉ=a~åáëÜ=ÄìëáåÉëëK=líÜÉê=áåÅçãÉ= áåÅêÉ~ëÉÇ=Äó=pbh=UMã=ã~áåäó=ÇìÉ=íç=ÄÉííÉê=éÉêÑçêã~åÅÉ=áå= íÜÉ=áåîÉëíãÉåí=éçêíÑçäáç=Ñçê=çïå=~ÅÅçìåí=áå=íÜÉ=a~åáëÜ= ÄìëáåÉëëK=

qçí~ä=ÉñéÉåëÉë=áåÅêÉ~ëÉÇ=Äó=pbh=RRã=çê=R=éÉê=ÅÉåíK=fÑ= ÅìêêÉåÅó=ÉÑÑÉÅíë=~êÉ=ÉñÅäìÇÉÇI=ÉñéÉåëÉë=ÇÉÅêÉ~ëÉÇ=Äó= pbhNNã=çê=N=éÉê=ÅÉåíK=

léÉê~íáåÖ=éêçÑáí=áå=pb_=qêóÖÖ=iáî=pïÉÇÉåI=áåÅäìÇáåÖ ÅÉåíê~ä=ÑìåÅíáçåëI=áåÅêÉ~ëÉÇ=Äó=pbh=ONTã=íç=pbh=SPQãK= oÉÅçîÉêáÉë=áå=íÜÉ=kó~=iáî=éçêíÑçäáç=Åçãé~êÉÇ=ïáíÜ= éêçîáëáçåë=ä~ëí=óÉ~ê=ÅçåíêáÄìíÉÇ=éçëáíáîÉäóI=Äó=pbh=OUPãK= líÜÉêïáëÉ=çéÉê~íáåÖ=éêçÑáí=ÇÉÅêÉ~ëÉÇ=Äó=pbh=SSãI=ã~áåäó= ÇìÉ=íç=~=ÇÉÅäáåÉ=áå=íÜÉ=ìåáíJäáåâÉÇ=áåÅçãÉK=bñéÉåëÉë=ïÉêÉ= îáêíì~ääó=ìåÅÜ~åÖÉÇK=léÉê~íáåÖ=éêçÑáí=áå=pb_=mÉåëáçå= aÉåã~êâ=áåÅêÉ~ëÉÇ=Äó=pbh=NMVãI=íç=pbh=POTãK=táíÜ= ìåÅÜ~åÖÉÇ=ÅìêêÉåÅó=ê~íÉë=íÜÉ=áåÅêÉ~ëÉ=ï~ë=pbh=TQã=~åÇ= ã~áåäó=ÇìÉ=íç=ÄÉííÉê=éÉêÑçêã~åÅÉ=áå=íÜÉ=áåîÉëíãÉåí= éçêíÑçäáç=Ñçê=çïå=~ÅÅçìåíK=léÉê~íáåÖ=éêçÑáí=áå=pb_=iáÑÉ=C= mÉåëáçå=fåíÉêå~íáçå~ä=ÇÉÅêÉ~ëÉÇ=Äó=pbh=NPã=íç=pbh=OUãK= ^å=áãé~áêãÉåí=çÑ=ÖççÇïáää=áå=íÜÉ=i~íîá~å=ÄìëáåÉëë=çÑ= pbh=NQã=ÅçåíêáÄìíÉÇ=åÉÖ~íáîÉäóI=ïÜÉêÉ~ë=ÅìêêÉåÅó= íê~åëä~íáçå=ÉÑÑÉÅíë=ÄÉíïÉÉå=íÜÉ=óÉ~êë=ÅçåíêáÄìíÉÇ=éçëáíáîÉäóI= Äó=pbh=TãK=

qÜÉ=î~äìÉ=çÑ=íÜÉ=ìåáíJäáåâÉÇ=ÑìåÇë=~ãçìåíÉÇ=íç= pbh=NPQÄå=Åçãé~êÉÇ=ïáíÜ=NOSÄå=ä~ëí=óÉ~ê=~åÇ=NNRÄå=~í= óÉ~êJÉåÇK=qçí~ä=~ëëÉíë=ìåÇÉê=ã~å~ÖÉãÉåíI=áåÅäìÇáåÖ= d~ãä~=iáîI=~ãçìåíÉÇ=íç=pbh=PTOÄå=Åçãé~êÉÇ=ïáíÜ=PTSÄå= ä~ëí=óÉ~ê=~åÇ=PRQÄå=~í=óÉ~êJÉåÇK=

qçí~ä=ë~äÉë=ïÉáÖÜíÉÇ=îçäìãÉ=áåÅêÉ~ëÉÇ=Äó=pbh=NKMÄå=çê= Q=éÉê=ÅÉåíI=íç=OSKOÄåK=råáíJäáåâÉÇ=ë~äÉë=áå=pïÉÇÉå=áåÅêÉ~ëÉÇ= Äó=pbh=NKVÄåK=qÜÉ=ìåáíJäáåâÉÇ=éêçÇìÅí=mçêíÑçäáç=_çåÇ= EÇÉéçí=ÉåÇçïãÉåí=áåëìê~åÅÉF=ÇÉÅêÉ~ëÉÇ=Äó=pbh=MKRÄåK qÜáë=éêçÇìÅí=áë=~ÅÅçìåíÉÇ=Ñçê=áå=íÜÉ=ÄìëáåÉëë=~êÉ~= fåíÉêå~íáçå~äI=Äìí=áë=éêáã~êáäó=ëçäÇ=íç=pïÉÇáëÜ=ÅìëíçãÉêëK= få=aÉåã~êâI=ë~äÉë=ÇÉÅêÉ~ëÉÇ=Äó=pbh=MKOÄåK=p~äÉë=áå=íÜÉ= _~äíáÅ=êÉÖáçå=ÇÉÅêÉ~ëÉÇI=Äó=pbh=MKOÄå=íç=MKSÄåK=líÜÉê=ë~äÉë= ïÉêÉ=îáêíì~ääó=ìåÅÜ~åÖÉÇ=Åçãé~êÉÇ=íç=ä~ëí=óÉ~êK=

SEB Trygg Liv, Sweden

The Swedish operation is partly conducted according to a bank assurance concept, i.e. an integrated banking and insurance operation, and partly through insurance mediators and other external partners. 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 49 per cent on 31 December 2008.

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 March 2009 was 24.4 per cent (23.0). Distribution channels are SEB's branch offices; own sales force and insurance mediators.

Significant occupational pension business

Corporate sales have gradually grown and increased the share of total sales. During the full year 2008, this share decreased to 72 per cent, however, from 78 per cent in 2007. During the first half of 2009 the decrease continued, to 58 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 March 2009 was 18.1 per cent (19.4).

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

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 March 2009 was 35.7 per cent (30.8).

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

SEB Additional Information January-June 2009

considered as restricted equity and is not available for dividend to the shareholders of the company. During the first half of 2009, the amount increased to 379 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 in 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.

SFB 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 2	Q 1	Q 4	Q 3	Q 2	Jan - Jun		Full y ear
SEKm	2009	2009	2008	2008	2008	2009	2008	2008
Income unit-linked	491	437	459	469	491	928	975	1 903
Income other insurance	507	440	47	129	317	947	612	788
Other income	145	156	229	119	62	301	221	569
Total operating income	1 143	1 033	735	717	870	2 176	1 808	3 260
Operating expenses	-620	-627	-623	-647	-583	-1 247	-1 191	-2 461
Other expenses	-23	-1	-1	-1	-20	-24	-22	-24
Change in deferred acquisition costs	21	63	100	107	41	84	81	288
Total expenses	-622	-565	-524	-541	-562	-1 187	-1 132	-2 197
Operating profit	521	468	211	176	308	989	676	1 063
Change in surplus value, net	395	111	380	132	227	506	477	989
Business result	916	579	591	308	535	1 495	1 153	2 052
Financial effects due to market fluctuations 1)	1 132	-282	-914	-897	-196	850	-2 015	-3 826
Change in assumptions 1)	-253	-32	-151	-1	38	-285	13	-139
Total result	1 795	265	-474	-590	377	2 060	-849	-1 913
Business equity	6 800	6 800	7 500	7 500	7 500	6 800	7 500	7 500
Return on business equity 2)
based on operating profit, %	27,0	24,2	9,9	8,3	14,5	25,6	15,9	12,5
based on business result, %	47,4	30,0	27,7	14,5	25,1	38,7	27,1	24,1
Expense ratio, % 3)	8,4	7,9	8,1	9,7	8,2	8,2	8,2	8,5
Operating profit by business area
SEB Trygg Liv, Sweden	403	277	-14	172	282	680	504	662
SEB Pension, Denmark	147	180	232	34	61	327	218	484
SEB Life & Pension, International	3	25	27	1	22	28	41	69
Other including central functions etc	-32	-14	-34	-31	-57	-46	-87	-152
	521	468	211	176	308	989	676	1 063

1) Effect on surplus values.

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

3) Operating expenses as percentage of premium income.

Sales volume insurance (weighted)

	Q 2	Q 1	Q 4	Q 3	Q 2		Jan - Jun	Full y ear
SEKm	2009	2009	2008	2008	2008	2009	2008	2008
Total	13 268	12 912	12 939	10 686	11 884	26 180	25 198	48 823
SEB Trygg Liv Sweden	7 987	8 086	7 352	6 592	6 732	16 073	14 406	28 350
Traditional life and sickness/health insurance	280	401	349	340	367	681	931	1 620
Unit-linked insurance	7 707	7 685	7 003	6 252	6 365	15 392	13 475	26 730
Private paid	3 721	2 983	2 279	1 713	1 952	6 704	3 973	7 965
Corporate paid	4 266	5 103	5 073	4 879	4 780	9 369	10 433	20 385
SEB Pension Denmark	3 771	3 459	4 404	3 138	3 433	7 230	7 380	14 922
Traditional life and sickness insurance	2 245	2 080	2 953	2 050	2 269	4 325	4 571	9 574
Unit-linked insurance	1 526	1 379	1 451	1 088	1 164	2 905	2 809	5 348
Private paid	444	586	696	472	560	1 030	1 445	2 613
Corporate paid	3 327	2 873	3 708	2 666	2 873	6 200	5 935	12 309
SEB Life & Pension International	1 510	1 367	1 183	956	1 719	2 877	3 412	5 551
Traditional life and sickness insurance	246	182	342	285	212	428	364	991
Unit-linked insurance	1 264	1 185	841	671	1 507	2 449	3 048	4 560
Private paid	1 056	1 083	1 013	786	1 489	2 139	2 798	4 597
Corporate paid	454	284	170	170	230	738	614	954

Premium income and Assets under management

	Q 2	Q 1	Q 4	Q 3	Q 2		Jan - Jun	Full y ear
SEKm	2009	2009	2008	2008	2008	2009	2008	2008
Premium income
Total	7 347	7 919	7 692	6 684	7 131	15 266	14 552	28 928
SEB Trygg Liv Sweden	4 179	4 508	4 085	4 247	3 750	8 687	7 798	16 130
Traditional life and sickness/health insurance	655	777	866	590	749	1 432	1 504	2 960
Unit-linked insurance	3 524	3 731	3 219	3 657	3 001	7 255	6 294	13 170
SEB Pension Denmark	1 804	2 071	2 517	1 753	1 902	3 875	3 628	7 898
Traditional life and sickness insurance	1 220	1 436	1 795	1 204	1 361	2 656	2 484	5 483
Unit-linked insurance	584	635	722	549	541	1 219	1 144	2 415
SEB Life & Pension International	1 364	1 340	1 090	684	1 479	2 704	3 126	4 900
Traditional life and sickness insurance	100	96	109	83	78	196	154	346
Unit-linked insurance	1 264	1 244	981	601	1 401	2 508	2 972	4 554
Assets under management, net assets *
Total	371 800	347 000	354 400	364 400	376 300	371 800	376 300	354 400
SEB Trygg Liv Sweden	255 200	235 800	242 000	260 300	274 800	255 200	274 800	242 000
Traditional life and sickness/health insurance	151 300	145 000	151 700	165 100	174 900	151 300	174 900	151 700
Unit-linked insurance	103 900	90 800	90 300	95 200	99 900	103 900	99 900	90 300
SEB Pension Denmark	96 300	94 000	95 900	86 500	83 100	96 300	83 100	95 900
Traditional life and sickness insurance	85 500	84 500	86 900	77 800	74 500	85 500	74 500	86 900
Unit-linked insurance	10 800	9 500	9 000	8 700	8 600	10 800	8 600	9 000
SEB Life & Pension International	20 300	17 200	16 500	17 600	18 400	20 300	18 400	16 500
Traditional life and sickness insurance	1 100	1 100	700	600	600	1 100	600	700
Unit-linked insurance	19 200	16 100	15 800	17 000	17 800	19 200	17 800	15 800

* rounded to whole 100 millions

Surplus value accounting Traditional insurance Denmark is not included Traditional insurance

									Denmark*
	Q 2	Q 1	Q 4	Q 3	Q 2		Jan - Jun	Full year	Jan-Jun Full year
SEKm	2009	2009	2008	2008	2008	2009	2008	2008	2009	2008
Surplus values, opening balance					11 266 11 549 12 160 12 902 12 896 11 549 14 496			14 496	1 111	958
Adjustment opening balance 1)	4	-81	1		-69	-77	-69	-68	0
Present value of new sales 2)	371	402	267	473	399	773	848	1 588	59	155
Return/realised value on policies from previous
periods	-62	-61	-81	-79	-72	-123	-143	-303	-76	-163
Actual outcome compared to assumptions 3)	107	-167	294	-155	-59	-60	-147	-8	196	99
Change in surplus values ongoing business,
gross	416	174	480	239	268	590	558	1 277	179	91
Capitalisation of acquisition costs for the period	-173	-217	-200	-244	-175	-390	-363	-807	0
Amortisation of capitalised acquisition costs	152	154	100	137	134	306	282	519	0
Change in surplus values ongoing business,
net 4)	395	111	380	132	227	506	477	989	179	91
Financial effects due to short term market
fluctuations 5)	1 132	-282	-914	-897	-196	850	-2 015	-3 826	4	-195
Change in assumptions 6)	-253	-32	-151	-1	38	-285	13	-139	72	106
Total change in surplus values	1 274	-203	-685	-766	69	1 071	-1 525	-2 976	255	2
Exchange rate differences etc	-6	1	73	24	6	-5	0	97	-10	151
Surplus values, closing balance 7)					12 538 11 266 11 549 12 160 12 902 12 538 12 902			11 549	1 356	1 111

* 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 3,433m at June 30, 2009).

Most important assumptions (Swedish customer base - which represent 96 per cent of the surplus value), per cent.

		Jun 2009	Dec 2008
Discount rate		7,5	7,5
Surrender of endowment insurance contracts:
contracts signed within		1 / 10 /	1 / 10 /
1 year / 1-4 years / 5 years / thereafter		20 / 11	20 / 11
Lapse rate of regular premiums, unit-linked		11	11
Growth in fund units, gross before fees and
taxes		5,5	5,5
Inflation CPI / Inflation expenses		2 / 3	2 / 3
Expected return on solvency margin		4	4
Right to transfer policy, unit-linked		1	1
Mortality		The Group's experience	The Group's experience
Sensitivity to changes in assumptions (total division).
Change in discount rate	+1 per cent	-1 350	-1 353
"	-1 per cent	1 591	1 559
Change in value growth	+1 per cent	1 419	1 360
of investment assets	-1 per cent	-1 224	-1 200

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 the first quarter 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	Jul 2008-Jun 2009	Jan-Dec 2008	Jan-Dec 2007	Jan-Dec 2006
Sales volume weighted (regular $+$ single/10)	3956	3858	3689	3 3 4 5
Present value of new sales	1 5 2 0	1598	1 775	1788
Sales expenses	$-860$	$-879$	$-901$	$-970$
Profit from new business	660	719	874	818
Sales margin new business	16.7%	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 Jun 2009	31 Dec 2008	31 Dec 2007	31 Dec 2006
Equity $1$	7 984	8827	8836	8450
Surplus values	12538	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 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 June 2009
SEK bn		Sweden Denmark		Norway Finland	Estonia	Latvia	Lithuania	Germany	Other	Total
Banks	126,3	9,8	9,6	1,8	0,2	1,1	0,4	47,6	14,3	211,1
Finance and insurance	52,5	0,6	2,4	0,6	0,2	0,7	0,5	18,0	3,9	79,4
Wholesale and retail	34,5	1,0	1,8	0,2	4,1	5,1	11,5	14,5	6,8	79,5
Transportation	26,4	0,5	1,3	0,2	1,6	2,4	5,7	3,1	0,5	41,7
Shipping	32,3	0,4	1,3	0,1	1,1	0,3	0,3		4,9	40,7
Business and household services	94,7	0,8	4,1	0,4	2,6	2,2	3,7	22,7	1,8	133,0
Construction	9,6	0,1	0,6	0,6	1,7	2,4	2,6	3,7	0,7	22,0
Manufacturing	145,9	1,5	3,6	4,7	4,9	3,9	10,9	28,6	6,5	210,5
Agriculture, forestry and fishing	3,7	0,4	0,1		1,3	2,4	0,8	0,2		8,9
Mining and quarrying	13,2		4,0	0,4	0,1	0,1	0,1	0,4		18,3
Electricity, gas and water supply	28,7	0,2	1,2	5,0	2,0	1,3	2,6	5,4		46,4
Other	21,4	1,8	4,2	0,1	0,5	0,4	0,7	4,8	7,8	41,7
Corporates	462,9	7,3	24,6	12,3	20,1	21,2	39,4	101,4	32,9	722,1
Commercial	62,6	0,3	6,1	0,5	8,3	4,8	15,1	65,0	0,7	163,4
Multi-family	62,1					2,7		33,5		98,3
Property Management	124,7	0,3	6,1	0,5	8,3	7,5	15,1	98,5	0,7	261,7
Public Administration	23,6	0,1	0,4	0,6	2,4	0,4	2,3	74,0	1,6	105,4
Household mortgage	250,6		3,6		17,9	11,4	24,6	78,1	1,8	388,0
Other	39,2	7,2	29,5	1,7	4,1	4,0	3,1	25,1	4,1	118,0
Households	289,8	7,2	33,1	1,7	22,0	15,4	27,7	103,2	5,9	506,0
Credit portfolio	1 027,3	24,7	73,8	16,9	53,0	45,6	84,9	424,7	55,4	1 806,3

* 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*

SEB Group, 30 June 2009
SEK bn		Sweden Denmark		Norway Finland Estonia		Latvia	Lithuania	Germany Other		Total
Banks	58,0	4,0	0,9	0,6	0,2	1,0	0,3	28,8	10,5	104,3
Finance and insurance	20,8	0,5	0,6			0,7	0,1	12,3	3,5	38,5
Wholesale and retail	21,3	0,3	0,9	0,2	3,1	4,2	9,2	5,6	3,3	48,1
Transportation	19,6	0,1	0,9		1,5	2,3	5,1	1,3	0,4	31,2
Shipping	22,8	0,4	0,7	0,1	0,9	0,3	0,3	0,1	3,7	29,3
Business and household services	58,2	0,6	2,0		2,4	2,0	2,8	13,9	0,5	82,4
Construction	4,6	0,1	0,3	0,3	0,8	1,7	1,7	1,7	0,1	11,3
Manufacturing	68,6	0,6	0,5	3,4	3,7	2,6	8,0	12,3	2,3	102,0
Agriculture, forestry and fishing	2,7	0,2	0,1		1,3	2,2	0,8	0,1		7,4
Mining and quarrying	8,3		0,1	0,4	0,1	0,1	0,1			9,1
Electricity, gas and water supply	13,2		0,1	4,9	1,5	1,0	1,4	2,0	0,1	24,2
Other	15,6	1,0	4,1	0,1	0,5	0,4	0,7	4,3	7,2	33,9
Corporates	255,7	3,8	10,3	9,4	15,8	17,5	30,2	53,6	21,1	417,4
Commercial	55,1	0,3	3,3	0,5	7,9	4,8	13,9	55,0	0,7	141,5
Multi-family	54,3					2,5		30,0		86,8
Property Management	109,4	0,3	3,3	0,5	7,9	7,3	13,9	85,0	0,7	228,3
Public Administration	14,0	0,1	0,3	0,6	2,0	0,3	2,1	71,6	1,7	92,7
Household mortgage	229,0		3,6		17,9	11,4	23,7	71,5	1,8	358,9
Other	23,0	3,4	11,9	0,8	3,2	3,3	2,5	9,4	3,1	60,6
Households	252,0	3,4	15,5	0,8	21,1	14,7	26,2	80,9	4,9	419,5
Loan portfolio	689,1	11,6	30,3	11,9	47,0	40,8	72,7	319,9	38,9	1 262,2
Repos/provisions										103,6
Debt instruments										152,1
Total										1 517,9

* 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/provisions										93,2
Debt instruments										108,2
Total										1 563,1

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

Impaired loans by industry and geography*

(Individually assessed loans)

SEB Group, 30 June 2009
SEK m		Sweden Denmark	Norway	Finland	Estonia	Latvia	Lithuania	Germany	Other	Total
Banks	329							6		335
Finance and insurance	2			5				26	204	237
Wholesale and retail	300				83	81	672	396		1 532
Transportation	21				37	105	371	7		541
Shipping	9		3							1 2
Business and household services	167	133			71	45	687	142		1 245
Construction	43	15			74	184	180	142		638
Manufacturing	381				359	260	717	445	208	2 370
Agriculture, forestry and fishing					15	66	4	1		86
Mining and quarrying				1				13		14
Electricity, gas and water supply						45				45
Other	224	22	264		1	0	1	186	127	825
Corporates	1 147	170	267	6	640	786	2 632	1 358	539	7 545
Commercial	112				651	964	2 250	2 894	10	6 881
Multi-family	33					18		511		562
Property Management	145				651	982	2 250	3 405	10	7 443
Public Administration
Household mortgage	14							658		672
Other		3	72		12	91	11	112	394	695
Households	14	3	72		12	91	11	770	394	1 367
Impaired loans	1 635	173	339	6	1 303	1 859	4 893	5 539	943	16 690

* 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 June 2009
SEK m		Sweden Denmark	Norway	Finland	Estonia	Latvia	Lithuania	Germany	Other	Total
Corporates	31	16	80	4	238	252	334			955
Household mortgage					732	1 478	714			2 924
Other	550	328	44	85	128	302	174	161		1 772
Households	550	328	44	85	860	1 780	888	161		4 696
Loans past due	581	344	124	89	1 098	2 032	1 222	161		5 651

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

Loans past due	157	259	128	60	580	760	556			2 500
Households	128	243	67	55	475	624	476			2 068
Other	128	243	67	55	81	205	114			893
Household mortgage					394	419	362			1 175
Corporates	29	16	61	5	105	136	80			432
SEK m		Sweden Denmark	Norway	Finland	Estonia	Latvia	Lithuania	Germany	Other	Total
SEB Group, 31 December 2008

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

Credit portfolio by industry and geography*

SEB Group, 30 June 2009
SEK bn		Sweden Denmark	Norway	Finland	Estonia	Latvia	Lithuania	Germany	Other	Total
Banks	122,8	10,5	12,1	2,1	0,2	1,1	0,4	47,6	14,3	211,1
Corporates	358,2	17,7	66,1	34,5	20,1	21,2	39,5	104,6	60,2	722,1
Property Management	110,6	0,3	12,1	8,6	8,3	7,5	15,1	98,4	0,8	261,7
Public Administration	23,6	0,1	0,4	0,6	2,4	0,3	2,3	74,0	1,7	105,4
Households	289,8	7,2	33,1	1,7	22,0	15,4	27,7	103,2	5,9	506,0
Credit portfolio	905,0	35,8	123,8	47,5	53,0	45,5	85,0	427,8	82,9	1 806,3

* 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 June	31 Dec
SEKm	2009	2008
Total equity according to balance sheet (1)	98 801	83 729
./. Dividend (excl repurchased shares)	0	0
./. Investments outside the financial group of undertakings (2)	-74	-76
./. Other deductions outside the financial group of undertakings (3)	-2 006	-2 878
= Total equity in the capital adequacy	96 721	80 775
Adjustment for hedge contracts (4)	-913	-1 395
Net provisioning amount for IRB-reported credit exposures (5)	-604	-1 133
Unrealised value changes on available-for-sale financial assets (6)	2 798	3 062
./. Exposures where RWA is not calculated (7)	-939	0
./. Goodwill (8)	-4 497	-7 305
./. Other intangible assets	-2 459	-2 090
./. Deferred tax assets	-784	-1 822
= Core Tier I capital	89 323	70 092
Tier I capital contribution	13 883	12 371
= Tier I capital	103 206	82 463
Dated subordinated debt	19 755	21 552
./. Deduction for remaining maturity	-679	-2 242
Perpetual subordinated debt	8 057	14 421
Net provisioning amount for IRB-reported credit exposures (5)	-604	-1 133
Unrealised gains on available-for-sale financial assets (6)	300	1 221
./. Exposures where RWA is not calculated (7)	-939	0
./. Investments outside the financial group of undertakings (2)	-74	-76
= Tier II capital	25 816	33 743
./. Investments in insurance companies (9)	-10 621	-10 620
./. Pension assets in excess of related liabilities (10)	-1 113	-863
= Capital base	117 288	104 723

To note:

qçí~ä=Éèìáíó=~ÅÅçêÇáåÖ=íç=íÜÉ=Ä~ä~åÅÉ=ëÜÉÉí=ENF=áåÅäìÇÉë= é~óãÉåíë=çÑ=pbh=NRKNÄå=Ñçê=pb_Ûë=êáÖÜíë=áëëìÉI=ÅçãéäÉíÉÇ= ÇìêáåÖ=j~êÅÜ=~åÇ=^éêáäK=^äëç=áåÅäìÇÉÇ=áë=íÜÉ=ÅìêêÉåí=óÉ~êÛë= éêçÑáí=ïÜáÅÜ=Ü~ë=ÄÉÉå=êÉîáÉïÉÇ=Äó=íÜÉ=~ìÇáíçêëK==

aÉÇìÅíáçåë=EOF=Ñçê=áåîÉëíãÉåíë=çìíëáÇÉ=íÜÉ=Ñáå~åÅá~ä= Öêçìé=çÑ=ìåÇÉêí~âáåÖë=ëÜçìäÇ=ÄÉ=ã~ÇÉ=ïáíÜ=Éèì~ä=é~êíë= Ñêçã=qáÉê=f=~åÇ=qáÉê=ff=Å~éáí~äK=eçïÉîÉêI=áåîÉëíãÉåíë=áå= áåëìê~åÅÉ=Åçãé~åáÉë=ã~ÇÉ=ÄÉÑçêÉ=OM=gìäó=OMMS=Å~å=ÄÉ ÇÉÇìÅíÉÇ=Ñêçã=íÜÉ=Å~éáí~ä=Ä~ëÉ=EVF=Ó=íÜáë=ÜçäÇë=Ñçê=pb_Ûë= áåîÉëíãÉåíë=áå=áåëìê~åÅÉ=Åçãé~åáÉëK==

qÜÉ=ÇÉÇìÅíáçå=EPF=Åçåëáëíë=çÑ=êÉí~áåÉÇ=É~êåáåÖë=áå= ëìÄëáÇá~êáÉë=çìíëáÇÉ=íÜÉ=Ñáå~åÅá~ä=Öêçìé=çÑ=ìåÇÉêí~âáåÖëK=

qÜÉ=~ÇàìëíãÉåí=EQF=êÉÑÉêë=íç=ÇáÑÑÉêÉåÅÉë=áå=Üçï=ÜÉÇÖáåÖ= Åçåíê~Åíë=~êÉ=~ÅâåçïäÉÇÖÉÇ=~ÅÅçêÇáåÖ=íç=íÜÉ=Å~éáí~ä ~ÇÉèì~Åó=êÉÖìä~íáçåI=~ë=Åçãé~êÉÇ=ïáíÜ=íÜÉ=éêÉé~ê~íáçå=çÑ= íÜÉ=Ä~ä~åÅÉ=ëÜÉÉíK==

fÑ=éêçîáëáçåë=~åÇ=î~äìÉ=~ÇàìëíãÉåíë=Ñçê=ÅêÉÇáí=ÉñéçJ ëìêÉë=êÉéçêíÉÇ=~ÅÅçêÇáåÖ=íç=íÜÉ=fåíÉêå~ä=o~íáåÖ=_~ëÉÇ= ~ééêç~ÅÜ=Ñ~ää=ëÜçêí=çÑ=ÉñéÉÅíÉÇ=äçëëÉë=çå=íÜÉëÉ=ÉñéçëìêÉëI= íÜÉ=ÇáÑÑÉêÉåÅÉ=ERF=ëÜçìäÇ=ÄÉ=ÇÉÇìÅíÉÇ=áå=Éèì~ä=é~êíë=Ñêçã= qáÉê=f=~åÇ=qáÉê=ff=Å~éáí~äK=^=ÅçêêÉëéçåÇáåÖ=ÉñÅÉëë=Å~åI=ìé=íç= ~=ÅÉêí~áå=äáãáíI=ÄÉ=~ÇÇÉÇ=íç=qáÉê=ff=Å~éáí~äK=

cçê=^î~áä~ÄäÉJÑçêJp~äÉ=éçêíÑçäáçë=ESF=î~äìÉ=ÅÜ~åÖÉë=çå=ÇÉÄí= áåëíêìãÉåíë=ëÜçìäÇ=åçí=ÄÉ=~ÅâåçïäÉÇÖÉÇ=Ñçê=Å~éáí~ä= ~ÇÉèì~ÅóK=^åó=ëìêéäìë=~ííêáÄìí~ÄäÉ=íç=Éèìáíó=áåëíêìãÉåíë= ã~ó=ÄÉ=áåÅäìÇÉÇ=áå=qáÉê=ff=Å~éáí~äK=

pÉÅìêáíáë~íáçå=éçëáíáçåë=ïáíÜ=ÉñíÉêå~ä=ê~íáåÖ=ÄÉäçï __L_~=~êÉ=åçí=áåÅäìÇÉÇ=áå=ot^=Å~äÅìä~íáçåë=Äìí=~êÉ= íêÉ~íÉÇ=îá~=ÇÉÇìÅíáçåë=ETF=Ñêçã=qáÉê=f=~åÇ=qáÉê=ff=Å~éáí~äK=

dççÇïáää=áå=EUF=êÉä~íÉë=çåäó=íç=ÅçåëçäáÇ~íáçå=áåíç=íÜÉ= Ñáå~åÅá~ä=Öêçìé=çÑ=ìåÇÉêí~âáåÖëK=tÜÉå=ÅçåëçäáÇ~íáåÖ=íÜÉ= ÉåíáêÉ=dêçìéÛë=Ä~ä~åÅÉ=ëÜÉÉí=ÑìêíÜÉê=ÖççÇïáää=çÑ=pbh= RITONã=áë=ÅêÉ~íÉÇK=qÜáë=áë=áåÅäìÇÉÇ=áå=íÜÉ=ÇÉÇìÅíáçå=EVF=Ñçê= áåëìê~åÅÉ=áåîÉëíãÉåíëK=

mÉåëáçå=ëìêéäìë=î~äìÉë=ENMF=ëÜçìäÇ=ÄÉ=ÇÉÇìÅíÉÇ=Ñêçã íÜÉ=Å~éáí~ä=Ä~ëÉI=ÉñÅÉéíáåÖ=ëìÅÜ=áåÇÉãåáÑáÅ~íáçå=~ë éêÉëÅêáÄÉÇ=áå=íÜÉ=pïÉÇáëÜ=^Åí=çå=ë~ÑÉÖì~êÇáåÖ=çÑ=éÉåëáçå= ìåÇÉêí~âáåÖëK=

lå=íÜÉ=PM=gìåÉ=OMMV=íÜÉ=é~êÉåí=Åçãé~åóDë=qáÉê=f=Å~éáí~ä= ï~ë=pbh=UVIMTQ=ESSISUUFI=~åÇ=íÜÉ=êÉéçêíÉÇ=qáÉê=f=Å~éáí~ä= ê~íáç=ï~ë=NPKM=éÉê=ÅÉåí=EVKVFK=

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

Capital requirements	30 June	31 Dec
SEKm	2009	2008
Credit risk, IRB reported capital requirements
Institutions	4 276	4 472
Corporates (1)	36 410	37 158
Securitisation positions	861	572
Retail mortgages	4 731	4 627
Other retail exposures (2)	914	385
Other exposure classes	170	174
Total for credit risk, IRB approach	47 362	47 388
Further capital requirements
Credit risk, Standardised approach (3)	9 005	11 610
Operational risk, Advanced Measurement approach	3 487	3 080
Foreign exchange rate risk	567	570
Trading book risks	2 746	2 775
Total	63 167	65 423
Summary
Credit risk	56 367	58 998
Operational risk	3 487	3 080
Market risk	3 313	3 345
Total	63 167	65 423
Adjustment for flooring rules
Additional requirement according to transitional flooring (4)	4 767	13 460
Total reported	67 934	78 883

To note:

`çêéçê~íÉ=ÉñéçëìêÉë=ENF=ÉñÅäìÇÉ=ëìÅÜ=ëã~ää=Åçãé~åáÉë= ïÜÉêÉ=íÜÉ=íçí~ä=ÉñéçëìêÉ=ÇçÉë=åçí=ÉñÅÉÉÇ=ÅÉêí~áå= êÉÖìä~íçêóJÇÉÑáåÉÇ=íÜêÉëÜçäÇëK=

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=ÖçîÉêåJ ãÉåíë=~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=óÉ~êë=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=

K

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.

Capital adequacy	30 June	31 Dec
SEK m	2009	2008
Capital resources
Core Tier I capital	89 323	70 092
Tier I capital	103 206	82 463
Capital base	117 288	104 723
Capital adequacy without transitional floor (Basel II)
Capital requirement	63 167	65 4 23
Expressed as Risk weighted assets	789 583	817789
Core Tier I capital ratio	11,3%	8,6%
Tier I capital ratio	13,1%	10,1%
Total capital ratio	14,9%	12,8%
Capital adequacy quotient (capital base / capital requirement)	1,86	1,60
Capital adequacy as officially reported with transitional rules (Basel II)
Transition floor applied	80%	90%
Capital requirement	67 934	78 883
Expressed as Risk weighted assets	849 174	986 034
Core Tier I capital ratio	10,5%	7,1%
Tier I capital ratio	12,2%	8,4%
Total capital ratio	13,8%	10,6%
Capital adequacy quotient (capital base / capital requirement)	1,73	1,33
Capital adequacy with risk weighting according to Basel I
Capital requirement	86 428	90 164
Expressed as Risk weighted assets	1 080 347	1 127 054
Core Tier I capital ratio	8,3%	6,2%
Tier I capital ratio	9,6%	7,3%
Total capital ratio	10,9%	9,3%
Capital adequacy quotient (capital base / capital requirement)	1,36	1,16

Overall Basel II RWA (before the effect of transitional flooring) decreased by 3 per cent or SEK 28bn over the first two quarters: Risk class migration is discussed below; lending volumes decreased somewhat in nominal currencies; 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 10bn. Currency effects are small since the strengthening of the Swedish krona during the second quarter more or less outweighed the weakening during the first quarter.

Considering also the lowering of the regulatory floor from 90 per cent of Basel I (2008) to 80 per cent (2009), reported RWA decreased from SEK 986bn to 849bn over the two 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 3 c 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 securites lending)	30 June	31 Dec
Average risk weight	2009	2008
Institutions	17,7%	17,0%
Corporates	59,1%	57,3%
Securitisation positions	19,3%	10,6%
Retail mortgages	16,2%	16,5%
Other retail exposures	38,7%	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=OSÄå=çîÉê=íÜÉ=Ñáêëí=íïç=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=~=íÉåJÇ~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==

sçä~íáäáíó=áå=íÜÉ=Éèìáíó=ã~êâÉíë=Ü~ë=ÇÉÅêÉ~ëÉÇ=ëìÄëí~åíá~ääó= ÇìêáåÖ=íÜÉ=Ñáêëí=íïç=èì~êíÉêë=çÑ=OMMV=~åÇ=íÜìë=êÉÇìÅÉÇ=íÜÉ= êáëâI=ïÜáäÉ=íÜÉ=Åçåíê~êó=ÅçìäÇ=ÄÉ=ëÉÉå=áå=íÜÉ=ÅìêêÉåÅó= ã~êâÉíëK=^ää=êáëâ=ÉñéçëìêÉë=~êÉ=ïÉää=ïáíÜáå=íÜÉ=_ç~êÇÛë= ÇÉÅáÇÉÇ=äáãáíëK=

Value at Risk (99 per cent, ten days)
SEKm	Min	Max	30 June 2009	Average 2009	Average 2008
Interest rate risk	81	197	135	130	145
Foreign exchange rate risk	17	158	44	48	34
Equity price risk	13	100	18	30	75
Diversification			-61	-76	-103
Total	87	228	136	132	151

K

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

Merchant Banking

Total

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

Merchant Banking

Trading and Capital Markets

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

Merchant Banking

Corporate Banking

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

Merchant Banking

Global Transaction Services

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

Total

	Q 1	Q 2	Q 3	Q 4	Q1	Q2	Full year
SEK m	2008	2008	2008	2008	2009	2009	2008
Net interest income	2 545	2 588	2 748	2 845	2 651	2 451	10 726
Net fee and commission income	1 425	1 426	1 367	1 400	1 292	1 369	5 618
Net financial income	95	101	84	116	109	103	396
Net other income	21	86	26	89	35	5	222
Total operating income	4 086	4 201	4 225	4 450	4 087	3 928	16 962
Staff costs	-1 136	-1 149	-1 129	-1 143	-1 284	-1 243	-4 557
Other expenses	-1 314	-1 359	-1 336	-1 480	-1 408	-1 477	-5 489
Depreciation of assets	-76	-76	-75	-81	-69	-2 379	-308
Total operating expenses	-2 526	-2 584	-2 540	-2 704	-2 761	-5 099	-10 354
Profit before credit losses etc	1 560	1 617	1 685	1 746	1 326	-1 171	6 608
Gains less losses from assets				2	2	-7	2
Net credit losses	-308	-442	-516	-1 093	-1 963	-3 004	-2 359
Operating profit	1 252	1 175	1 169	655	-635	-4 182	4 251

Retail Banking

Retail Sweden

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

Retail Estonia
	Q 1	Q 2	Q 3	Q 4	Q1	Q2	Full year
SEK m	2008	2008	2008	2008	2009	2009	2008
Net interest income	209	222	248	253	250	235	932
Net fee and commission income	83	87	76	72	76	82	318
Net financial income	8	8	9	13	9	-5	38
Net other income	3	62	2	21	6	-12	88
Total operating income	303	379	335	359	341	300	1 376
Staff costs	-54	-50	-53	-53	-59	-56	-210
Other expenses	-73	-91	-80	-89	-97	-87	-333
Depreciation of assets	-5	-5	-5	-5	-5	-679	-20
Total operating expenses	-132	-146	-138	-147	-161	-822	-563
Profit before credit losses etc	171	233	197	212	180	-522	813
Gains less losses from assets						-1
Net credit losses	-166	-202	-60	-78	-232	-454	-506
Operating profit	5	31	137	134	-52	-977	307

Retail Banking

Retail Latvia

	Q 1	Q 2	Q 3	Q 4	Q1	Q2	Full year
SEK m	2008	2008	2008	2008	2009	2009	2008
Net interest income	272	239	239	267	239	254	1 017
Net fee and commission income	43	48	48	58	55	52	197
Net financial income	9	7	10	12	11	11	38
Net other income		2		6	-1	-3	8
Total operating income	324	296	297	343	304	314	1 260
Staff costs	-49	-54	-46	-56	-61	-56	-205
Other expenses	-91	-100	-92	-94	-108	-101	-377
Depreciation of assets	-8	-8	-8	-9	-10	-414	-33
Total operating expenses	-148	-162	-146	-159	-179	-571	-615
Profit before credit losses etc	176	134	151	184	125	-257	645
Gains less losses from assets
Net credit losses	-37	-46	-159	-250	-684	-917	-492
Operating profit	139	88	-8	-66	-559	-1 174	153

Retail Lithuania

	Q 1	Q 2	Q 3	Q 4	Q1	Q2	Full year
SEK m	2008	2008	2008	2008	2009	2009	2008
Net interest income	410	378	397	396	280	258	1 581
Net fee and commission income	90	108	108	105	103	112	411
Net financial income	17	16	19	20	17	16	72
Net other income	5	6	10	13	8	6	34
Total operating income	522	508	534	534	408	392	2 098
Staff costs	-78	-86	-88	-61	-95	-83	-313
Other expenses	-112	-119	-125	-141	-124	-149	-497
Depreciation of assets	-8	-8	-8	-9	-10	-1 233	-33
Total operating expenses	-198	-213	-221	-211	-229	-1 465	-843
Profit before credit losses etc	324	295	313	323	179	-1 073	1 255
Gains less losses from assets					2	-5
Net credit losses	-17	-35	-134	-524	-786	-1 270	-710
Operating profit	307	260	179	-201	-605	-2 348	545

Retail Banking

Retail Germany

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

Cards

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

Wealth Management

Total
-------

	Q 1	Q 2	Q 3	Q 4	Q1	Q2	Full year
SEK m	2008	2008	2008	2008	2009	2009	2008
Net interest income	248	205	242	220	198	163	915
Net fee and commission income	964	825	788	1 125	662	716	3 702
Net financial income	20	8	15	26	20	17	69
Net other income	9	26	3	11	1	13	49
Total operating income	1 241	1 064	1 048	1 382	881	909	4 735
Staff costs	-387	-369	-334	-351	-344	-342	-1 441
Other expenses	-293	-276	-254	-331	-292	-300	-1 154
Depreciation of assets	-24	-22	-25	-29	-30	-34	-100
Total operating expenses	-704	-667	-613	-711	-666	-676	-2 695
Profit before credit losses etc	537	397	435	671	215	233	2 040
Gains less losses from assets						30
Net credit losses	-25	22		-15	-8	-12	-18
Operating profit	512	419	435	656	207	251	2 022

Wealth Management

Institutional Clients

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

Wealth Management

Private Banking

	Q 1	Q 2	Q 3	Q 4	Q1	Q2	Full year
SEK m	2008	2008	2008	2008	2009	2009	2008
Net interest income	192	144	178	164	175	153	678
Net fee and commission income	193	186	177	191	154	188	747
Net financial income	16	8	16	5	19	15	45
Net other income	2	31		9	1	8	42
Total operating income	403	369	371	369	349	364	1 512
Staff costs	-144	-139	-132	-132	-116	-125	-547
Other expenses	-132	-117	-108	-133	-119	-114	-490
Depreciation of assets	-7	-7	-7	-7	-7	-8	-28
Total operating expenses	-283	-263	-247	-272	-242	-247	-1 065
Profit before credit losses etc	120	106	124	97	107	117	447
Gains less losses from assets						-4
Net credit losses	-25	22		-15	-7	-13	-18
Operating profit	95	128	124	82	100	100	429

Life

Total

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

* Consolidated in the Group accounts

Other and eliminations

Total

	Q 1	Q 2	Q3	Q4	Q1	Q2	Full year
SEK m	2008	2008	2008	2008	2009	2009	2008
Net interest income	-79	103	-172	-161	145	78	-309
Net fee and commission income	171	188	225	102	88	99	686
Net financial income	-395	116	-609	-232	-182	-147	-1 120
Net life insurance income	-241	-241	-216	-223	-181	-202	-921
Net other income	150	88	48	712	166	1 575	998
Total operating income	-394	254	-724	198	36	1 403	-666
Staff costs	-1 150	-1 085	-1 156	-1 857	-1 395	-1 272	-5 248
Other expenses	908	606	726	878	937	1 019	3 118
Depreciation of assets	-90	-90	-127	-145	-726	-208	-452
Total operating expenses	-332	-569	-557	-1 124	-1 184	-461	-2 582
Profit before credit losses etc	-726	-315	-1 281	-926	-1 148	942	-3 248
Gains less losses from assets		1	-1	-2			-2
Net credit losses	-4	-7	49	-3	-137	-184	35
Operating profit	-730	-321	-1 233	-931	-1 285	758	-3 215

The SEB Group

Net interest income

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

The SEB Group

Net fee and commission income

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

The SEB Group

Net financial income

	Q 1	Q 2	Q 3	Q 4	Q1	Q2	Full yea r
SEK m	2008	2008	2008	2008	2009	2009	2008
Equity instruments and related derivatives	171	306	489	449	95	- 166	1 415
Debt instruments and related derivatives	-1 164	108	- 114	111	58	568	-1 059
Currency related	832	747	270	1 227	1 041	1 127	3 076
Other financial instruments			- 9	21	3	- 2	12
Impairments			- 389	- 85	- 64	- 56	- 474
Net financial income	- 161	1 161	247	1 723	1 133	1 471	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	Full year
SEK m	2008	2008	2008	2008	2009	2009	2008
Total operating income	5 096	4 850	5 144	7 417	5 663	7 536	22 507
Total operating expenses	-3 384	-3 643	-3 276	-3 372	-4 447	-4 849	-13 675
Profit before credit losses etc	1 712	1 207	1 868	4 045	1 216	2 687	8 832
Gains less losses from assets
Net credit losses	- 19	- 38	- 162	- 269	- 285	- 451	- 488
Operating profit	1 693	1 169	1 706	3 776	931	2 236	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 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	Full year
SEK m	2008	2008	2008	2008	2009	2009	2008
Total operating income	560	729	624	989	937	966	2 902
Total operating expenses	- 323	- 390	- 350	- 401	- 306	- 372	-1 464
Profit before credit losses etc	237	339	274	588	631	594	1 438
Gains less losses from assets
Net credit losses	- 60	- 61	- 39	- 106	- 72	- 73	- 266
Operating profit	177	278	235	482	559	521	1 172
Denmark
	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Full year
SEK m	2008	2008	2008	2008	2009	2009	2008
Total operating income	604	492	521	615	801	798	2 232
Total operating expenses	- 356	- 385	- 332	- 334	- 399	- 453	-1 407
Profit before credit losses etc	248	107	189	281	402	345	825
Gains less losses from assets
Net credit losses	- 23	- 24	- 30	- 192	- 45	- 36	- 269
Operating profit	225	83	159	89	357	309	556
Finland
	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Full year
SEK m	2008	2008	2008	2008	2009	2009	2008
Total operating income	281	348	303	302	372	201	1 234
Total operating expenses	- 152	- 176	- 161	- 180	- 99	- 159	- 669
Profit before credit losses etc	129	172	142	122	273	42	565
Gains less losses from assets
Net credit losses	- 2	- 4	- 2	- 3	- 12	- 5	- 11
Operating profit	127	168	140	119	261	37	554
Germany
	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Full year
SEK m	2008	2008	2008	2008	2009	2009	2008
Total operating income	1 353	1 919	1 135	1 540	1 649	1 750	5 947
Total operating expenses	-1 210	-1 155	-1 185	-1 417	-1 366	-1 286	-4 967
Profit before credit losses etc	143	764	- 50	123	283	464	980
Gains less losses from assets	2			2			4
Net credit losses	- 37	- 29	- 105	- 59	- 101	- 214	- 230
Operating profit	108	735	- 155	66	182	250	754

Estonia

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Full year
SEK m	2008	2008	2008	2008	2009	2009	2008
Total operating income	328	503	399	301	370	319	1 531
Total operating expenses	- 137	- 215	- 171	- 192	- 202	- 439	- 715
Profit before credit losses etc	191	288	228	109	168	- 120	816
Gains less losses from assets						- 1
Net credit losses	- 166	- 202	- 60	- 79	- 232	- 454	- 507
Operating profit	25	86	168	30	- 64	- 575	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	Full year
SEK m	2008	2008	2008	2008	2009	2009	2008
Total operating income	409	388	392	443	467	453	1 632
Total operating expenses	- 176	- 187	- 171	- 200	- 209	- 208	- 734
Profit before credit losses etc	233	201	221	243	258	245	898
Gains less losses from assets						- 1
Net credit losses	- 38	- 47	- 170	- 252	- 684	- 917	- 507
Operating profit	195	154	51	- 9	- 426	- 673	391

Lithuania

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Full year
SEK m	2008	2008	2008	2008	2009	2009	2008
Total operating income	597	631	657	595	545	430	2 480
Total operating expenses	- 232	- 264	- 268	- 266	- 265	- 839	-1 030
Profit before credit losses etc	365	367	389	329	280	- 409	1 450
Gains less losses from assets				1	2	- 5	1
Net credit losses	- 17	- 34	- 137	- 546	- 786	-1 271	- 734
Operating profit	348	333	252	- 216	- 504	-1 685	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	Full year
SEK m	2008	2008	2008	2008	2009	2009	2008
Total operating income	- 430	539	37	493	626	721	639
Total operating expenses	- 57	- 30	- 56	- 603	49	- 407	- 746
Profit before credit losses etc	- 487	509	- 19	- 110	675	314	- 107
Gains less losses from assets	1	1		- 2		30
Net credit losses	- 2	- 9	- 11	- 197	- 169	- 146	- 219
Operating profit	- 488	501	- 30	- 309	506	198	- 326

Centralisation of CPM portfolios from US to Sweden affected operating income and profit with SEK 1,8 bn in Q4 2008.

SEB Group Total

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

Appendix 7 Skandinaviska Enskilda Banken (parent company)

Income statement – Skandinaviska Enskilda Banken

In accordance with SFSA regulations	Q2	Q1		Q2			Jan - Jun		Full year
SEKm	2009	2009	%	2008	%	2009	2008	%	2008
Interest income	8 683	11 212	-23	12 171	-29	19 895	23 492	-15	59 786
Leasing income	1 455	1 562	-7	1 629	-11	3 017	3 137	-4	6 372
Interest expense	-6 037	-8 384	-28	-10 601	-43	-14 421	-20 494	-30	-52 987
Net interest income 1)
Dividends received	238	39		2 232	-89	277	2 245	-88	2 715
Commission income 2)	2 138	1 744	23	1 778	20	3 882	3 628	7	7 473
Commission costs 2)	- 456	- 382	19	- 304	50	- 838	- 623	35	-1 479
Net commission income 2)	1 682	1 362	23	1 474	14	3 044	3 005	1	5 994
Net financial income 3)	1 292	1 101	17	774	67	2 393	817	193	3 236
Other operating income	1 699	370		218		2 069	471		2 934
Total operating income	9 012	7 262	24	7 897	14	16 274	12 673	28	28 050
Staff costs	-2 317	-2 375	-2	-2 204	5	-4 692	-4 536	3	-9 274
Other administrative and operating costs	-1 097	- 978	12	-1 245	-12	-2 075	-2 263	-8	-4 464
Depreciation of assets	-1 191	-1 239	-4	-1 223	-3	-2 430	-2 366	3	-4 820
Total operating expenses	-4 605	-4 592	0	-4 672	-1	-9 197	-9 165	0	-18 558
Profit before credit losses	4 407	2 670	65	3 225	37	7 077	3 508	102	9 492
Net credit losses 4)	- 441	- 168	163	- 17		- 609	- 22		- 773
Impairment financial assets	- 111	- 636	-83	- 3		- 747	- 13		- 121
Operating profit	3 855	1 866	107	3 205	20	5 721	3 473	65	8 598
Pension compensation	104	98	6	103	1	202	202		434
Profit before appropriation and tax	3 959	1 964	102	3 308	20	5 923	3 675	61	9 032
Other appropriations		- 2	-100	- 89	-100	- 2	- 178	-99	-2 117
Tax for the year	-1 186	- 496	139	- 61		-1 682	- 266		1 300
Net profit	2 773	1 466	89	3 158	-12	4 239	3 231	31	8 215

1) Net interest income - Skandinaviska Enskilda Banken

	Q2	Q1		Q2		Jan - Jun			Full year
SEKm	2009	2009	%	2008	%	2009	2008	%	2008
Interest income	8 683	11 212	- 23	12 171	- 29	19 895	23 492	- 15	59 786
Leasing income	1 455	1 562	- 7	1 629	- 11	3 017	3 137	- 4	6 372
Interest costs	-6 037	-8 384	- 28	-10 601	- 43	-14 421	-20 494	- 30	-52 987
Leasing depreciation	-1 125	-1 178	- 4	-1 190	- 5	-2 303	-2 299	0	-4 604
Net interest income	2 976	3 212	- 7	2 009	48	6 188	3 836	61	8 567

2) Net fee and commission income - Skandinaviska Enskilda Banken

	Q2	Q1		Q2			Jan - Jun		Full year
SEKm	2009	2009	%	2008	%	2009	2008	%	2008
Securities commissions	1 097	744	47	976	12	1 841	2 024	- 9	3 936
Payment commissions	328	325	1	317	3	653	631	3	1 307
Other commissions	713	675	6	485	47	1 388	973	43	2 230
Commission income	2 138	1 744	23	1 778	20	3 882	3 628	7	7 473
Securities commissions	- 57	- 52	10	- 64	- 11	- 109	- 132	- 17	- 267
Payment commissions	- 142	- 108	31	- 114	25	- 250	- 232	8	- 526
Other commissions	- 257	- 222	16	- 126	104	- 479	- 259	85	- 686
Commission expense	- 456	- 382	19	- 304	50	- 838	- 623	35	-1 479
Securities commissions, net	1 040	692	50	912	14	1 732	1 892	- 8	3 669
Payment commissions, net	186	217	- 14	203	- 8	403	399	1	781
Other commissions, net	456	453	1	359	27	909	714	27	1 544
Net fee and commission income	1 682	1 362	23	1 474	14	3 044	3 005	1	5 994

3) Net financial income - Skandinaviska Enskilda Banken

	Q2	Q1		Q2			Jan - Jun	Full year
SEKm	2009	2009	%	2008	%	2009	2008	%	2008
Equity instruments and related derivatives	- 172	8		213	- 181	- 164	315	- 152	1 002
Debt instruments and related derivatives	620	292	112	- 32		912	- 744		- 176
Currency-related	844	801	5	593	42	1 645	1 246	32	2 410
Net financial income	1 292	1 101	17	774	67	2 393	817	193	3 236

4) Net credit losses - Skandinaviska Enskilda Banken

	Q2	Q1		Q2			Jan - Jun		Full year
SEKm	2009	2009	%	2008	%	2009	2008	%	2008
Provisions:
Net collective provisions for individually
assessed loans	67	69	-3	- 5		136	6		- 363
Net collective provisions for portfolio
assessed loans	- 10	- 9	11			- 19			- 30
Specific provisions	- 565	- 83		- 6		- 648	- 18		- 347
Reversal of specific provisions no longer
required	4	18	-78	6	-33	22	9	144	39
Net provisions for contingent liabilities	151	- 151	-200
Net provisions	- 353	- 156	126	- 5		- 509	- 3		- 701
Write-offs:
Total write-offs	- 120	- 31		- 28		- 151	- 91	66	- 192
Reversal of specific provisions utilized for
write-offs	11	3		9	22	14	56	-75	70
Write-offs not previously provided for	- 109	- 28		- 19		- 137	- 35		- 122
Recovered from previous write-offs	21	16	31	7	200	37	16	131	50
Net write-offs	- 88	- 12		- 12		- 100	- 19		- 72
Net credit losses	- 441	- 168	163	- 17		- 609	- 22		- 773

Balance sheet - Skandinaviska Enskilda Banken

Condensed	30 June	31 December	30 June
SEKm	2009	2008	2008
Cash and cash balances with central banks	5 285	10 670	1 833
Loans to credit institutions	353 332	349 073	289 952
Loans to the public	776 184	768 737	684 595
Financial assets at fair value	307 933	386 802	329 226
Available-for-sale financial assets	19 492	26 897	113 531
Held-to-maturity investments	3 223	3 263	2 845
Investments in associates	1 081	1 011	1 140
Shares in subsidiaries	59 183	60 063	52 903
Tangible and intangible assets	41 218	41 412	36 606
Other assets	42 069	60 572	31 655
Total assets	1 609 000	1 708 500	1 544 286
Deposits by credit institutions	396 860	410 105	375 555
Deposits and borrowing from the public	451 664	453 697	412 596
Debt securities	391 311	394 246	381 028
Financial liabilities at fair value	194 744	279 512	220 818
Other liabilities	48 714	55 657	56 977
Provisions	556	789	244
Subordinated liabilities	42 373	50 199	40 776
Untaxed reserves	21 137	21 136	19 194
Total equity	61 641	43 159	37 098
Total liabilities and shareholders' equity	1 609 000	1 708 500	1 544 286

Memorandum items - Skandinaviska Enskilda Banken

	30 June	31 December	30 June
SEK m	2009	2008	2008
Collateral and comparable security pledged for own liabilities	250 121	242 395	218 755
Other pledged assets and comparable collateral	32 327	37 737	80 735
Contingent liabilities	70 909	62 260	54 640
Commitments	266 034	261 252	292 793

Statement of changes in equity - Skandinaviska Enskilda Banken

					Available
				Translation	for-sale
	Share	Restricted	Retained	of foreign	financial	Cash flow
SEKm	capital	reserves	earnings	operations	assets	hedges	Total
Jan-Jun 2009
Opening balance	6 872	12 260	25 143	- 268	-2 585	1 737	43 159
Net profit Net income recognised directly in equity			4 239	- 193	109	- 496	4 239 - 580
Total recognised income			4 239	- 193	109	- 496	3 659
Rights issue	15 070		- 397				14 673
Group contributions net after tax			36				36
Swap hedging of employee stock option programme			- 2				- 2
Eliminations of repurchased shares for employee
stock option programme*			7				7
Other changes			105		4		109
Closing balance	21 942	12 260	29 131	- 461	-2 472	1 241	61 641
Jan-Dec 2008 Opening balance	6 872	12 260	21 091	- 73	- 408	190	39 932
Net profit			8 214				8 214
Net income recognised directly in equity				- 195	-2 177	1 547	- 825
Total recognised income			8 214	- 195	-2 177	1 547	7 389
Dividend to shareholders			-4 451				-4 451
Group contributions net after tax			500				500
Swap hedging of employee stock option programme			27				27
Eliminations of repurchased shares for employee
stock option programme*			183				183
Other changes			- 421				- 421
Closing balance	6 872	12 260	25 143	- 268	-2 585	1 737	43 159
Jan-Jun 2008
Opening balance	6 872	12 260	21 091	- 73	- 408	190	39 932
Net profit			3 231				3 231
Net income recognised directly in equity				- 9	-1 257	- 584	-1 850
Total recognised income			3 231	- 9	-1 257	- 584	1 381
Dividend to shareholders			-4 451				-4 451
Group contributions net after tax			374				374
Swap hedging of employee stock option programme			105				105
Eliminations of repurchased shares for employee
stock option programme**			181				181
Other changes			- 424				- 424
Closing balance	6 872	12 260	20 107	- 82	-1 665	- 394	37 098

* 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 0.5 million net of these shares have been sold as employee stock options have been exercised. Thus, as of 30 June 2009 SEB owned 1.7 million Class A-shares with a market value of SEK 56m for hedging of the long-term incentive programmes.

Cash flow analysis - Skandinaviska Enskilda Banken

	Jan - Jun		Full year
SEKm	2009	2008	%	2008
Cash flow, current operations	6 970	-40 672	- 117	-11 024
Cash flow, investment activities	-2 219	-1 260	76	-8 881
Cash flow, financing activities	21 163	2 304		20 279
Cash flow	25 914	-39 628	- 165	374
Liquid funds at beginning of year	140 141	139 767	0	139 767
Cash flow	25 914	-39 628	- 165	374
Liquid funds at end of period1)	166 055	100 139	66	140 141

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

Derivative contracts - Skandinaviska Enskilda Banken

30 June 2009
	Derivatives with positive	Derivatives with negative
Book value, SEK m	amounts	amounts
Interest-related	109 921	97 884
Currency-related	43 409	41 379
Equity-related	2 425	2 778
Other	8 727	415
Total	164 482	142 456