SEB — Interim / Quarterly Report 2010

Oct 28, 2010

Interim report Jan – Sep 2010

STOCKHOLM 28 OCTOBER 2010

On 12 July, SEB announced the divestment of its German retail operations expecting closing before year-end. For comparative purposes, the Group's income statement has been restated as continuing and discontinued operations.

The first nine months – operating profit SEK 6.8bn (3.6)

Continuing operations: net profit SEK 5.0bn (1.4) – earnings per share SEK 2.25 (0.78), RoE 6.7 per cent (2.0) Including discontinued operations: net profit SEK 3.3bn (0.9) – earnings per share SEK 1.48 (0.57), RoE 4.4 per cent (1.2)

• Operating income dropped by 14 per cent adjusted for a debt buy-back gain of SEK 1.3bn in 2009. Net interest income was down 22 per cent and net fee and commission income up 6 per cent.
• Operating expenses rose by 1 per cent adjusted for goodwill write-downs of SEK 3.0bn in 2009 and restructuring costs of SEK 0.8bn in conjunction with the divestment of the retail operations in Germany 2010.
• Provisions for credit losses decreased by SEK 6.7bn or 75 per cent to SEK 2,256m (8,966); the credit loss level was 0.21 per cent (0.91). Impaired loans decreased by 15 per cent.
• The core Tier 1 capital ratio was 12.1 per cent (11.7) and the Tier 1 capital ratio 14.2 per cent (13.9).

The third quarter – operating profit SEK 2.8bn (0.7)

Continuing operations: net profit SEK 2.1bn (0.3) Including discontinued operations: net profit SEK 0.6 (0.0)

• Operating income decreased by 2 per cent compared to the corresponding quarter in 2009 and by 4 per cent from the previous quarter, mainly due to seasonal effects. Net interest income grew by 11 per cent in the quarter.
• Operating expenses rose by 5 per cent compared to the third quarter of last year, adjusted for one-off items, and decreased by 7 per cent from the previous quarter.
• A net release of provisions for credit losses of SEK 196m (-3,206) was made following the Baltic stabilisation.

"The turnaround in the Baltic economies is even more visible today and in combination with falling impaired loans the Baltic operations are back in black. As global macro imbalances continue to hamper a broad based economic recovery, uncertainty as to the timing of the pick-up in corporate credit demand in the Nordic region remains."

Annika Falkengren

SEB Interim Report January – September 2010 1

President's comment

Concerns around the sturdiness of the global recovery continue to dampen corporate demand for credit as well as corporate and institutional activity. Much institutional support is still needed to cater for a fragile economic recovery.

The Nordic countries – and Sweden in particular – have continued to show resilience supported by strong government finances. This was further underlined in the third quarter as all previous Swedish support measures of the funding markets came to an end and the Riksbank continued to hike its repo rate. But given the loss of momentum in global growth that is expected in 2011, the outlook for the activity levels in the Nordic economies is somewhat lower.

Higher profits in a seasonally slow quarter

The underlying business generated an operating profit of SEK 3.6bn. After the provisions in order to right-size infrastructure of the remaining German operations, following the agreed divestment of German Retail, the reported operating profit was SEK 2.8bn. Seasonality and comparatively low volatility dampened trading and commission income. Retail Banking in Sweden and Life recorded higher income.

Baltic businesses back in black

The most notable development this quarter is that our Baltic businesses are now reporting positive operating profit for the first time in two years, both before and after provisions for credit losses. Deposit margins have bottomed out in all three countries, while margins on mortgages and other lending are starting to improve slightly.

Throughout the severe economic downturn in the Baltic countries, we have maintained a proactive and conservative stance in order to safeguard asset quality and long-term customer relations. The economic turnaround in the region is more visible today than it was in the spring. Non-performing loan volumes continued to drop in all three Baltic countries. As a result, we have released some collective provisions in both Latvia and Lithuania in this quarter. Much work is still required as only about 10 per cent of total reserves have been utilized due to time given to find long-term sustainable solutions for the customers and SEB, but also long judicial lead times.

The Business Bank of the Year 2010

Although institutional customer activity was unusually low in the quarter, this was partly offset by our corporate banking businesses. Structured Finance had a record quarter, driven by an increased flow of private equity financings and SEB once again confirmed its position as the leading investment bank in the Nordic and Baltic regions by advising on a number of headline transactions.

SEB is also continuing to gain market share among small and medium-sized companies with 3,300 new corporate payments customers since the start of the year. In this segment, corporate lending volumes have increased by 12 per cent since the start of the year. During the quarter SEB was named the Business Bank of the Year 2010 in Sweden by Finansbarometern.

New regulatory framework outlined

The Basel III changes published in July and September included amendments to the regulatory framework and to the timetable for implementation. In particular, more time was allowed for adjustments to the funding and liquidity rules following the far-reaching effects expressed by the industry across Europe. The capital framework was further clarified. These revisions and the gradual implementation of the proposed regulation mean that the impact of the new regime will not be as severe for customers and the industry as earlier expected. However, it is still true that banks will be asked to hold more capital and long-term funding than before and that this will increase the cost of doing business over time.

Continued focus on customers

Our balance sheet management gives us the flexibility, resilience and capacity to grow our customer businesses while catering for the new regulatory framework.

Our strategy remains unchanged: we will continue to build the leading corporate bank in the Nordics, grow our corporate business in Germany and offer full universal banking services in Sweden and the Baltic countries. As the relationship bank in our part of the world, SEB will be ready to support our customers and take advantage of growth opportunities when global recovery begins to gain real momentum.

The Group

The comparative numbers in this report have been materially affected by the exceptional market circumstances of last year. Exceptionally high volatility, aggressive policy rate cuts and elevated credit spreads created a situation where temporary income effects, both positive and negative, materialised. Large GDP falls, in particular in the Baltic region, also created a large increase of impaired loans and impairment of acquisition goodwill related to Eastern Europe.

In addition, the divestment of SEB's German retail operations, announced on 12 July, and its transaction-related costs impact profitability. The restatement of SEB's historical accounts in continuing and discontinued operations aims at creating increased transparency on long-term financial trends.

Third quarter isolated

SEB's profit before credit losses for the third quarter amounted to SEK 2,651m (3,905), a decrease of 32 per cent compared to the corresponding quarter of 2009 and by 20 per cent from the previous quarter.

In order to facilitate comparisons, the result in the table below has been adjusted for the restructuring costs related to the contracted divestment of Retail Germany. Without Retail Germany, operating profit would have been SEK 3,602m.

Operative income statement	Q3	Q2		Q3
SEK m	2010	2010	%	2009	%
Operating income	8 882	9 224	-4	9 097	-2
Operating expenses	-5 476	-5 907	-7	-5 192	5
Pre-provision operating profit	3 406	3 317	3	3 905	-13
Gains less losses on disposals of tangible and intangible assets		- 3		3
Net credit losses	196	- 639		-3 206
Operating profit before restructuring	3 602	2 675	35	702
Restructuring costs	- 755
Operating profit	2 847	2 675	6	702

Operating profit rose by over SEK 2bn to SEK 2,847m (702) compared to the corresponding quarter 2009. In comparison with the previous quarter, operating profit rose by 6 per cent.

Net profit (after tax) amounted to SEK 596m (37). Net profit from continuing operations – i.e. excluding the result of Retail Germany and directly related transaction costs– rose to SEK 2,082m (256).

Income

Total operating income amounted to SEK 8,882m (9,097), a decrease of 2 per cent. In comparison with the previous quarter, operating income dropped by 4 per cent, mainly due to seasonal effects.

Net interest income was SEK 4,180m, unchanged from the corresponding quarter 2009. Net interest income grew by 11 per cent on a quarterly basis.

Customer-driven net interest income dropped by 8 per cent compared to the third quarter of 2009 due to lower corporate volumes and falling deposit margins. In comparison with the previous quarter, it grew by 3 per cent as margins slightly recovered.

Net interest income from other activities, mainly the bond investment portfolio and other trading and treasury activities, increased by SEK 277m compared to the corresponding quarter 2009 and was up by SEK 334m from the previous quarter. The Group's positive sensitivity to higher short-term rates in combination with a lower net financing cost due to liquidity portfolio management supported the net interest income. Acquired substitute assets to manage the interest rate risk in relation to the divestment of the German retail operations, expected to close in the fourth quarter, further elevated net interest income in the quarter; this temporary effect will last until the closing of the transaction expected before year-end has taken place.

Net fee and commission income rose by 4 per cent, mainly as an effect of increased revenues from mutual funds and custody as well as from lending. In comparison with the previous quarter, commission income dropped by 8 per cent as an effect of lower activities in the summer months.

Net financial income was down by 23 per cent compared to the third quarter of 2009 and by 26 per cent from the previous quarter. Seasonally slow business activity and low market volatility decreased earnings while tightening credit spreads and falling long-term interest rates recovered most of the valuation losses on fixed-income securities that were recorded last quarter as a consequence of the European sovereign debt situation.

Net life insurance income dropped by 5 per cent on Group level compared to the third quarter of 2009. In comparison with the previous quarter, life insurance income was up by 5 per cent.

Net other income amounted to SEK -230m (-165), mainly due to negative hedge accounting effects and select sales of bonds classified as Available for sale.

Expenses

Total operating expenses amounted to SEK 5,476m (5,192), a decrease of 7 per cent compared to the previous quarter adjusted for the above-mentioned restructuring costs of SEK 755m. The fall was mainly due to seasonal effects. In comparison with the corresponding quarter of last year, expenses rose by 5 per cent on a comparable basis, mainly due to investments in client coverage and IT in 2010.

Provisions for credit losses

Provisions for credit losses decreased by SEK 3.4bn, leading to a net release of SEK 196m (-3,206 in Q3 2009, corresponding to a credit loss level of 0.98 per cent).

The improving asset quality in the Baltic operations enabled a net recovery of SEK 273m (-2,642).

Individually assessed impaired loans decreased by SEK 1,102m, or 6 per cent, to SEK 18,136m during the quarter. The decrease in the Baltic region was SEK 863m, or 7 per cent, of which half was ascribed to an appreciating Swedish krona.

The Group's past due portfolio assessed loans were in line with the previous quarter, at SEK 6,980m. The quarterly increase in the Baltic region was SEK 30m, or 0.6 per cent.

The total reserve ratio for individually assessed impaired loans decreased to 73 per cent during the quarter and the total non-performing loans coverage ratio to 68 per cent.

The first nine months of 2010

SEB's profit before credit losses for January-September 2010 amounted to SEK 9,072m (12,533), down 28 per cent compared to 2009.

The first nine months of last year included goodwill impairment charges related to Eastern Europe as well as capital gains from the buy-back of subordinated debt. The first nine months of 2010 included restructuring costs related to the divestment of SEB's German retail business. In order to facilitate comparisons, income and costs have been adjusted in the table below.

Operative income statement		Jan-Sep
SEK m	2010	2009	%
Operating income	26 841	31 055	-14
Operating expenses	-17 014	-16 834	1
Pre-provision operating profit	9 827	14 221	-31
Net tangible and intangible assets	- 7	28
Net credit provisions	-2 256	-8 966	-75
Operating profit before one-off items	7 564	5 283	43
Capital gains		1 300
Impairment of goodwill		-2 988
Restructuring cost	- 755
Operating profit	6 809	3 595	89

Operating profit amounted to SEK 6,809m (3,595), an increase of SEK 3.2bn or 89 per cent compared to the corresponding period of 2009.

Net profit amounted to SEK 3,289m (893), while net profit from continuing operations rose to SEK 4,992m (1,445).

Income

Total operating income amounted to SEK 26,841m (31,055), a decrease of 14 per cent adjusted for the above-mentioned capital gain.

Net interest income, at SEK 11,484m (14,714), was SEK 3,230m or 22 per cent lower than in the corresponding period of 2009. Customer-driven net interest income dropped by SEK 1,619m or 14 per cent compared to the corresponding period of last year due to lower volumes and falling deposit margins. The change in total volume and margin contributions were negative at SEK 678m and SEK 941m, respectively. As Swedish short-term rates have started to increase, liability margins will benefit.

Net interest income from other activities, mainly the bond investment portfolio and other trading and treasury activities, decreased by SEK 1,611m compared to 2009. The net cost for the funding actions of last year are subsiding as excess liquidity can be managed at better returns and credit spreads on SEB's issued securities have narrowed in 2010. In addition, the higher short-term rates support net interest income. Net interest income also included a cost of SEK 225m (225) for the charge related to the Swedish stability fund.

Net fee and commission income rose by 6 per cent, to SEK 10,254m (9,698) as an effect of increased securities commissions and on average higher asset under management and custody values.

Net financial income was down by 25 per cent, to SEK 2,654m (3,549), partly due to lower income from the foreign exchange business as market volatility in 2010 is lower compared to last year. The valuation gain in the investment portfolio was SEK 72m (-413) over the income statement.

Net life insurance income dropped by 7 per cent, to SEK 2,475m (2,665). Total income generated from life insurance business (including internal retrocession from fund companies) decreased by 7 per cent. Adjusted for the recovery of guarantee provisions in traditional portfolios of Nya Liv last year, the underlying income was up by 1 per cent.

Net other income amounted to SEK -26m (1,729). The decrease is mainly explained by a capital gain of SEK 1,300m from the buy-back of subordinated debt in 2009 and hedge accounting effects.

Expenses

Total operating expenses amounted to SEK 17,014m (16,834), one per cent up adjusted for the above-mentioned restructuring costs and goodwill impairment charges.

Staff costs were down by 5 per cent due to a decreased number of employees as well as lower cost for redundancies and pensions. The average number of full time equivalents decreased by 1,086 (excluding Retail Germany) - of which 174 in Sweden, 47 in Germany, 482 in the Baltic countries and 383 in other countries - to 17,044 (18,130).

Other expenses rose by 16 per cent, mainly related to investments enabling growth and systems for efficiency. Similar investments were limited in the prevailing market circumstances a year ago.

Provisions for credit losses

Provisions for credit losses decreased by 75 per cent, or SEK 6.7bn, to SEK 2,256m (8,966), leading to a credit loss level of 0.21 per cent (0.91).

Provisions for credit losses in the Baltic region decreased to SEK 1,609m (6,985) – 71 per cent of the Group total – corresponding to a credit loss level of 1.54 per cent (5.29). In Sweden, provisions for credit losses amounted to SEK 202m (875) – equal to 3 basis points (13), in the other Nordic countries to SEK 205m (324) – 27 basis points (47) – and in Germany to SEK 100m (212), excluding Retail Germany – 4 basis points (10).

Individually assessed impaired loans decreased by SEK 3,188m, or 15 per cent, to SEK 18,136m. The decrease in the Baltic region was SEK 2,052m, or 15 per cent, to a large extent due to the appreciation of the Swedish krona by 10 per cent to the Euro. The gross level of impaired loans in the Baltic countries was 9.72 per cent (9.39). The Group's total reserve ratio for individually assessed impaired loans increased to 73 per cent compared to 70 per cent at year-end 2009.

The Group's past due portfolio assessed loans were up SEK 43m to SEK 6,980m. The increase in the Baltic region was SEK 295m, or 7 per cent. In addition, Baltic household loans of SEK 505m were restructured at the end of September (312 at year-end 2009).

The total non-performing loans coverage ratio increased to 68 per cent (65) as a result of falling non-performing loans and higher collective reserves to cater for the previously fragile Baltic economic recovery, even if provisions in the third quarter started to reverse.

Tax expenses

Total tax amounted to SEK 1,817m (2,150), corresponding to a total tax rate of 27 per cent (60). The reduction in the total tax rate is due to lower losses in the Baltic countries and the nontax deductible goodwill impairments in 2009.

Business volumes

The Group's total balance sheet was SEK 2,254bn as at 30 September, 2 per cent down from year-end 2009 (2,308). Loan and deposit volumes related to the divestment of SEB's German retail operations have been classified as Assets and Liabilities held for sale, respectively. The balance sheet has not been restated. Excluding this effect, lending to the public decreased by 2 per cent and deposits from the public by 5 per cent, including repos.

SEB's total credit portfolio decreased by 6 per cent, to SEK 1,699bn (1,816), mainly due to lower lending to banks. The Baltic credit portfolio decreased by 17 per cent, excluding currency effects the reduction was 8 per cent.

SEB's total net positions in fixed-income securities for investment, treasury and client trading purposes amounted to SEK 322bn (262 at year-end 2009).

As at 30 September 2010, assets under management amounted to SEK 1,343bn (1,356). Net inflow during the period was SEK 43bn (20), while the change in value was SEK -56bn (74). Assets under custody amounted to SEK 4,879bn (4,853).

Bond investment portfolio

As at 30 September, the bond investment portfolio of Merchant Banking had decreased to SEK 64bn from SEK 97bn a year earlier, in line with the plan to reduce the holdings through amortisations and limited sales. 81 per cent of the holdings are classified as Loans and Receivables.

There are no impaired assets in the portfolio. Under prevailing credit market conditions, SEB views material defaults on the holdings as unlikely and the risk for impairment charges is limited.

Market risk

During the first three quarters 2010, the Group's Value at Risk in the trading operations averaged SEK 292m (193 during the calendar year 2009). Consequently, the Group on average should not expect to lose more than this amount during a tenday period, with 99 per cent probability.

Liquidity and funding

SEB's loan-to-deposit ratio – net of repos and reclassified bonds – was 138 per cent (139). Bond issuance year-to-date was SEK 60bn, which is about half of the level last year when funding duration was extended. On 30 September, the matched funding of net cash inflows and outflows remained at about 18 months. SEB continued to maintain assets eligible for pledging with central banks in excess of SEK 200bn.

Capital position

SEB has maintained stable and strong capital ratios. As of 30 September 2010 the core Tier 1 capital ratio was 12.1 per cent (11.7 at year-end 2009), the Tier 1 capital ratio was 14.2 per cent (13.9) and the total capital ratio was 14.3 per cent (14.7). The Group's Basel II risk-weighted assets (RWA) amounted to SEK 711bn (730).

Adjusted for the supervisory transitional rules during the first Basel II years, SEB reports RWA of SEK 797bn (795), a Tier 1 capital ratio of 12.7 per cent (12.8) and a total capital ratio of 12.7 per cent (13.5).

Capital adequacy details are found on pp 25-28.

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 medium-term outlook for the global economy is divided – whereas Nordic economies have proven to be robust, austerity measures in many countries accentuate sovereign risk and create subdued economic growth, which could impact SEB's main markets. Thus, negative effects on economic recovery cannot be ruled out. Also, sovereign risk may impact valuations.

There are also financial risks, mainly in the form of price risks. Credit and market risks as well as other risks and the management of all the risks of the Group are described in SEB's annual report for 2009 (pp 40-56 and Note 17).

Rating

In June 2010, Moody's changed its outlook for SEB from negative to stable and affirmed the long-term A1 rating. Standard & Poor's and Fitch have a stable outlook on SEB. During the quarter, Fitch upgraded SEB's individual rating to B from B/C.

Changes in the Group Executive Committee

As communicated on 17 September, Jan Stjernström, currently head of SEB Trygg Liv Sweden, has been appointed new head of the Life division. He is succeeding Anders Mossberg, who as Senior Adviser to the CEO will focus on strategic life insurance development and SEB's savings offering.

Anders Johnsson, currently head of Trading & Capital Markets within Merchant Banking, has been appointed head of Wealth Management. The current head of the division, Fredrik Boheman, will be new head of SEB in Germany.

Ulf Peterson, currently head of Staff, Retail Banking, has been appointed Head of Group HR. He is succeeding Ingrid Engström, who as Senior Adviser to Fredrik Boheman will support him in managing organisational issues in Germany.

Divestment of German Retail

The divestment of SEB's German retail banking business to Banco Santander, as announced on 12 July, is progressing according to plan in order to achieve closing before year-end.

As communicated in July, the Group has restated its accounts to reflect the divestment. Restructuring charges of SEK 755m (EUR 80m for right-sizing of infrastructure) in the continuing operations and transaction-related costs of SEK 1,240m (EUR 130m for advisory costs and execution of IT and physical separation including redundancy) in discontinued operations have been recorded in the third quarter. The capital gain, estimated at EUR 135m, and the negative hedge accounting effects, estimated at EUR 245m, will be recorded at the time of closing.

Stockholm, 28 October 2010

Annika Falkengren President and Chief Executive Officer Director

SEB's new Fact Book is available on www.sebgroup.com/ir.

Further information is available from

Jan Erik Back, Chief Financial Officer Tel: +46 8 22 19 00 Ulf Grunnesjö, Head of Investor Relations Tel. + 46 8 763 85 01, +46 70 763 85 01 Viveka Hirdman-Ryrberg, Head of Corporate Communications Tel. +46 8 763 8577, +46 70 550 35 00 Annika Halldin, Senior Financial Information Officer Tel. +46 8 763 85 60, +46 70 379 00 60

Press conference and web cast

The press conference at 09.00 (CEST) on 28 October 2010 at Kungsträdgårdsgatan 8 with CEO Annika Falkengren can be followed live in Swedish on www.sebgroup.com/ir and translated into English on the website. It will also be available afterwards.

Access to telephone conference

The telephone conference at 16.00 (CEST) on 28 October 2010 with CEO Annika Falkengren and CFO Jan Erik Back can be accessed by telephone, +44 (0) 20 7162 0025, please quote conference id: 862973, not later than 10 minutes in advance. A replay of the conference call will be available on www.sebgroup.com/ir.

Financial information during 2011

4 February	Annual Accounts for 2010
3 March	Annual Report on www.sebgroup.com
24 March	Annual General Meeting
3 May	Interim Report January-March 2011
14 July	Interim Report January-June 2011
27 October	Interim Report January-September 2011

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

Accounting policies

This Interim Report is presented in accordance with IAS 34 Interim Financial Reporting.

The Group's consolidated accounts have been prepared in accordance with the International Financial Reporting Standards (IFRS) and interpretations of these standards as adopted by the European Commission. The accounting follows the Annual Accounts Act for Credit Institutions and Securities Companies (1995:1559) and the regulation and general guidelines issued by the Swedish Financial Supervisory Authority, Annual reports in credit institutions and securities companies (FFFS 2008:25). In addition to this the Supplementary accounting rules for groups (RFR 1.3) from the Swedish Financial Reporting Board have been applied.

The Parent company has prepared its accounts in accordance with Swedish statutory IFRS and has applied the Supplementary accounting rules for legal entities (RFR 2.3) from the Swedish Financial Reporting Board.

On 10 July an agreement was signed to sell the retail banking business in Germany. The transaction is structured as a carve-out, i.e. assets, liabilities and contracts pertaining to the retail banking business in Germany will be separated from SEB AG, into a carve-out entity and subsequently transferred to the buyer upon the closing of the transaction. As of third quarter, 2010, the carve-out entity is reported in accordance with IFRS 5, "Discontinued operations". This means that discontinued operations are reported net on a separate line in

the Group's income statement. The comparative figures in the income statement for the present and previous year have been adjusted as if the discontinued operation had never been part of the Group's continuing operations. In the consolidated balance sheet, assets and liabilities relating to the carve-out entity are separated from other assets and liabilities.

As from 2010 two changes have been introduced in the accounting standards which potentially have a material impact on the financial reports. The changes in IFRS 3 Business Combinations (effective for annual periods beginning after July 2009) will change how business combinations are accounted for in respect of transaction costs, possible contingent considerations and business combinations achieved in stages. The changes will not have an impact on previous business combinations but will be applied by the Group to business combinations for which acquisition date is on or after 1 January 2010. In addition, there have been amendments made to IAS 27 Consolidated and Separate Financial Statements that principally affect the accounting for transactions or events that result in a change in the Group's interests in its subsidiaries.

In all other respects, the Group's and the Parent company's accounting policies, basis for calculations and presentations are, in all material aspects, unchanged in comparison with the 2009 Annual Report.

Review report

We have reviewed this report for the period 1 January to 30 September 2010 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, 28 October 2010

PricewaterhouseCoopers AB

Peter Clemedtson Authorised Public Accountant

The SEB Group

Income statement – SEB Group

	Q3	Q2		Q3		Jan - Sep			Full year
SEK m	2010	2010	%	2009	%	2010	2009	%	2009
Net interest income	4 180	3 762	11	4 197	0	11 484	14 714	-22	18 046
Net fee and commission income	3 387	3 673	-8	3 263	4	10 254	9 698	6	13 285
Net financial income	727	977	-26	945	-23	2 654	3 549	-25	4 488
Net life insurance income	818	778	5	857	-5	2 475	2 665	-7	3 597
Net other income	- 230	34		- 165	39	- 26	1 729		2 159
Total operating income	8 882	9 224	-4	9 097	-2	26 841	32 355	-17	41 575
Staff costs	-3 392	-3 616	-6	-3 282	3	-10 446	-11 001	-5	-13 786
Other expenses	-1 679	-1 875	-10	-1 535	9	-5 338	-4 612	16	-6 740
Depreciation, amortisation and impairment of
tangible and intangible assets	- 405	- 416	-3	- 375	8	-1 230	-4 209	-71	-4 672
Restructuring costs	- 755					- 755
Total operating expenses	-6 231	-5 907	5	-5 192	20	-17 769	-19 822	-10	-25 198
Profit before credit losses	2 651	3 317	-20	3 905	-32	9 072	12 533	-28	16 377
Gains less losses on disposals of tangible and
intangible assets		- 3		3		- 7	28		4
Net credit losses	196	- 639		-3 206		-2 256	-8 966	-75	-12 030
Operating profit	2 847	2 675	6	702		6 809	3 595	89	4 351
Income tax expense	- 765	- 600	28	- 446	72	-1 817	-2 150	-15	-2 482
Net profit from continuing operations	2 082	2 075	0	256		4 992	1 445		1 869
Discontinued operations	-1 486	- 71		- 219		-1 703	- 552		- 691
Net profit	596	2 004	- 70	37		3 289	893		1 178
Attributable to minority interests	15	17	-12	12	25	47	37	27	64
Attributable to equity holders	581	1 987	-71	25		3 242	856		1 114
Continuing operations
Basic earnings per share, SEK	0.94	0.94		0.11		2.25	0.78		0.95
Diluted earnings per share, SEK	0.94	0.94		0.11		2.25	0.78		0.94
Total operations
Basic earnings per share, SEK	0.26	0.91		0.01		1.48	0.57		0.58
Diluted earnings per share, SEK	0.26	0.90		0.01		1.47	0.57		0.58

Statement of comprehensive income – SEB Group

	Q3	Q2		Q3			Jan - Sep		Full year
SEK m	2010	2010	%	2009	%	2010	2009	%	2009
Net profit	596	2 004	-70	37		3 289	893		1 178
Translation of foreign operations	- 571	- 110		- 11		- 948	- 431	120	- 187
Available-for-sale financial assets	163	- 696		1 488		- 252	1 752		1 966
Cash flow hedges	- 122	- 105	16	- 476	-74	- 484	- 956	-49	- 974
Other	- 404	- 188	115	- 880		-1 227	- 707	74	- 749
Other comprehensive income (net of tax)	- 934	- 1 099	- 15	121		- 2 911	- 342		56
Total comprehensive income	- 338	905		158		378	551	- 31	1 234
Attributable to minority interests	4	13	-69	12	-67	17	44	-61	60
Attributable to equity holders	- 342	892		146		361	507	-29	1 174

Key figures - SEB Group

	Q3	Q2	Q3	Jan - Sep		Full year
	2010	2010	2009	2010	2009	2009
Continuing operations
Return on equity, continuing operations, %	8.48	8.35	0.99	6.70	2.00	1.89
Basic earnings per share, continuing operations, SEK	0.94	0.94	0.11	2.25	0.78	0.95
Diluted earnings per share, continuing operations, SEK	0.94	0.94	0.11	2.25	0.78	0.94
Cost/income ratio, continuing operations	0.70	0.64	0.57	0.66	0.61	0.61
Number of full time equivalents, continuing operations*	17,133	17,059	17,655	17,044	18,130	17,016
Total operations
Return on equity, %	2.38	8.05	0.10	4.39	1.22	1.17
Return on total assets, %	0.10	0.34	0.00	0.19	0.05	0.05
Return on risk-weighted assets, %	0.28	0.97	0.01	0.53	0.13	0.13
Basic earnings per share, SEK	0.26	0.91	0.01	1.48	0.57	0.58
Weighted average number of shares, millions**	2,194	2,194	2,194	2,194	1,492	1,906
Diluted earnings per share, SEK	0.26	0.90	0.01	1.47	0.57	0.58
Weighted average number of diluted shares, millions***	2,207	2,199	2,200	2,201	1,498	1,911
Net worth per share, SEK	49.02	49.48	49.91	49.02	49.91	50.08
Average equity, SEK, billion	98.4	98.8	98.7	98.9	94.0	95.4
Credit loss level, %	-0.02	0.16	0.98	0.21	0.91	0.92
Total reserve ratio individually assessed impaired loans, %	73.2	76.9	72.2	73.2	72.2	69.5
Net level of impaired loans, %	0.62	0.60	0.70	0.62	0.70	0.72
Gross level of impaired loans, %	1.29	1.29	1.26	1.29	1.26	1.39
Basel II (Legal reporting with transitional floor) :****
Risk-weighted assets, SEK billion	797	824	806	797	806	795
Core Tier 1 capital ratio, %	10.80	10.46	10.94	10.80	10.94	10.74
Tier 1 capital ratio, %	12.65	12.40	12.53	12.65	12.53	12.78
Total capital ratio, %	12.73	12.60	14.12	12.73	14.12	13.50
Basel II (without transitional floor):
Risk-weighted assets, SEK billion	711	714	747	711	747	730
Core Tier 1 capital ratio, %	12.11	12.07	11.80	12.11	11.80	11.69
Tier 1 capital ratio, %	14.18	14.31	13.51	14.18	13.51	13.91
Total capital ratio, %	14.27	14.54	15.23	14.27	15.23	14.69
Basel I:
Risk-weighted assets, SEK billion	984	1 008	1 019	984	1 019	1 003
Core Tier 1 capital ratio, %	8.75	8.55	8.65	8.75	8.65	8.51
Tier 1 capital ratio, %	10.25	10.14	9.91	10.25	9.91	10.13
Total capital ratio, %	10.31	10.30	11.16	10.31	11.16	10.70
Number of full time equivalents*	19,150	19,091	19,912	19,102	20,402	20,233
Assets under custody, SEK billion	4,879	4,770	4,743	4,879	4,743	4,853
Assets under management, SEK billion	1,343	1,328	1,295	1,343	1,295	1,356
Discontinued operations
Basic earnings per share, discontinued operations, SEK	-0.68	-0.03	-0.10	-0.78	-0.31	-0.36
Diluted earnings per share, discontinued operations, SEK	-0.67	-0.03	-0.10	-0.77	-0.30	-0.36

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

** The number of issued shares was 2,194,171,802. SEB owned 810,155 Class A shares for the employee stock option programme at year end 2009. During 2010 799,669 net of these shares have been sold as employee stock options have been exercised. Thus, as at 30 September 2010 SEB owned 10,486 Class Ashares with a market value of SEK 0.5m.

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

**** 80 per cent of RWA in Basel I

Income statement on quarterly basis - SEB Group

	Q3	Q2	Q1	Q4	Q3
SEK m	2010	2010	2010	2009	2009
Net interest income	4 180	3 762	3 542	3 332	4 197
Net fee and commission income	3 387	3 673	3 194	3 587	3 263
Net financial income	727	977	950	939	945
Net life insurance income	818	778	879	932	857
Net other income	- 230	34	170	430	- 165
Total operating income	8 882	9 224	8 735	9 220	9 097
Staff costs	-3 392	-3 616	-3 438	-2 785	-3 282
Other expenses	-1 679	-1 875	-1 784	-2 128	-1 535
Depreciation, amortisation and impairment of tangible and
intangible assets	- 405	- 416	- 409	- 463	- 375
Restructuring costs	- 755
Total operating expenses	-6 231	-5 907	-5 631	-5 376	-5 192
Profit before credit losses	2 651	3 317	3 104	3 844	3 905
Gains less losses on disposals of tangible and intangible
assets		- 3	- 4	- 24	3
Net credit losses	196	- 639	-1 813	-3 064	-3 206
Operating profit	2 847	2 675	1 287	756	702
Income tax expense	- 765	- 600	- 452	- 333	- 446
Net profit from continuing operations	2 082	2 075	835	423	256
Discontinued operations	-1 486	- 71	- 146	- 139	- 219
Net profit	596	2 004	689	284	37
Attributable to minority interests	15	17	15	27	12
Attributable to equity holders	581	1 987	674	257	25
Continuing operations
Basic earnings per share, SEK	0.94	0.94	0.37	0.18	0.11
Diluted earnings per share, SEK	0.94	0.94	0.37	0.18	0.11
Total operations
Basic earnings per share, SEK	0.26	0.91	0.31	0.12	0.01
Diluted earnings per share, SEK	0.26	0.90	0.31	0.12	0.01

Income statement by division – SEB Group

	Merchant	Retail	Wealth			Other incl
Jan-Sep 2010, SEK m	Banking	Banking	Management	Life*	Baltic	eliminations	SEB Group
Net interest income	5 990	3 676	349	- 6	1 388	87	11 484
Net fee and commission income	3 793	2 392	2 637		664	768	10 254
Net financial income	3 090	199	59		70	- 764	2 654
Net life insurance income				3 444		- 969	2 475
Net other income	- 112	35	54		27	- 30	- 26
Total operating income	12 761	6 302	3 099	3 438	2 149	- 908	26 841
Staff costs	-2 977	-1 993	- 969	- 845	- 495	-3 167	-10 446
Other expenses	-3 085	-2 032	- 961	- 399	- 875	2 014	-5 338
Depreciation, amortisation and impairment of
tangible and intangible assets	- 107	- 63	- 61	- 514	- 57	- 428	-1 230
Restructuring costs						- 755	- 755
Total operating expenses	-6 169	-4 088	-1 991	-1 758	-1 427	-2 336	-17 769
Profit before credit losses	6 592	2 214	1 108	1 680	722	-3 244	9 072
Gains less losses on disposals of tangible and
intangible assets	- 1	- 1			- 1	- 4	- 7
Net credit losses	- 96	- 399	- 4		-1 609	- 148	-2 256
Operating profit	6 495	1 814	1 104	1 680	- 888	-3 396	6 809

* Business result in Life amounted to SEK 2,500m (2,275), of which change in surplus values was net SEK 820m (730).

Income statement by division relates to continuing operations.

Merchant Banking

Merchant Banking has two large business areas - Trading and Capital Markets and Global Transaction Services. The other business units, e.g. the CRM function, Commercial Real Estate, Corporate Finance and Structured Finance, are consolidated in Corporate Banking.

Income statement

	Q3	Q2		Q3		Jan- Sep			Full year
SEK m	2010	2010	%	2009	%	2010	2009	%	2009
Net interest income	2 012	1 964	2	2 402	- 16	5 990	8 004	- 25	9 982
Net fee and commission income	1 290	1 420	- 9	1 326	- 3	3 793	4 116	- 8	5 647
Net financial income	753	1 320	- 43	981	- 23	3 090	3 665	- 16	4 377
Net other income	- 159	- 3		40		- 112	147		46
Total operating income	3 896	4 701	- 17	4 749	- 18	12 761	15 932	- 20	20 052
Staff costs	- 875	-1 109	- 21	- 775	13	-2 977	-2 973	0	-3 529
Other expenses	- 954	-1 093	- 13	-1 007	- 5	-3 085	-3 109	- 1	-4 134
Depreciation, amortisation and impairment of
tangible and intangible assets	- 41	- 39	5	- 35	17	- 107	- 94	14	- 155
Total operating expenses	-1 870	-2 241	- 17	-1 817	3	-6 169	-6 176	0	-7 818
Profit before credit losses	2 026	2 460	- 18	2 932	- 31	6 592	9 756	- 32	12 234
Gains less losses on disposals of tangible and
intangible assets	- 1					- 1			- 1
Net credit losses	- 23	31		- 107	- 79	- 96	- 753	- 87	- 805
Operating profit	2 002	2 491	- 20	2 825	- 29	6 495	9 003	- 28	11 428
Cost/Income ratio	0,48	0,48		0,38		0,48	0,39		0,39
Business equity, SEK bn	27,7	28,9		35,1		28,5	35,1		35,1
Return on equity, %	20,8	24,9		23,2		21,9	24,6		23,4
Number of full time equivalents	2 571	2 530		2 582		2 538	2 654		2 630

Stable earnings in a market with seasonal effects and low volatility

• Asset quality remained high
• Continued focus on growth in home markets

Comments on the first nine months

A seasonally slow third quarter in combination with generally low market volatility put pressure on income. This trend was also fuelled by political uncertainty related to the Swedish election which kept investors on the sideline longer than expected during the summer months. Accumulated over the year, client facilitation income remains strong which is a tribute to Merchant Banking's business model built on longterm customer relationships. Compared to last year, income from the investment portfolio is 1,130m lower as the portfolio gradually amortises.

M&A activity increased during the third quarter, for the second quarter in a row. SEB Enskilda confirmed the position as the leading investment bank in the Nordic and Baltic regions by advising e.g. Ovako, Investor, Hexagon and Ericsson in their successful transactions during the quarter.

Operating income for the first nine months of 2010 decreased compared to 2009, but client related income for the third quarter rose, reflecting improved income mix and lower risks. Operating expenses for the first nine months of 2010 were flat compared to the corresponding period of 2009, but decreased by 17 per cent from the second to the third quarter. Operating profit decreased by SEK 489m compared to the second quarter of 2010. Credit losses decreased by SEK 657m compared to the first nine months 2009, which confirmed the high asset quality.

Corporate banking generated a strong quarter, especially within Structured Finance. Activity and demand for corporate borrowing started to pick up and is expected to continue as many Nordic borrowers' credit facilities, closed in 2005-2007, reach maturity and the need for expansionary investments increase.

Lower customer activity and market volatility has always characterized the summer months in Trading and Capital Markets. This was true also this quarter and most business areas recorded lower activity.

Global Transaction Services continued the positive trend from the first half year and is expected to improve performance based on the anticipated increase in interest rates during the rest of 2010. At the end of the period assets under custody were SEK 4,879bn (4,853 at year-end 2009).

Merchant Banking continued to increase customer related activities and growing the franchise in the other Nordic countries and in Germany. The plans are progressing as expected and investments in client coverage and distribution capacity for 2010 are almost complete. An important next step will be the establishment of corporate finance activities in the German operations during the autumn.

Retail Banking

The Retail Banking division consists of two business areas – Sweden and Card.

Income statement

	Q3	Q2		Q3		Jan- Sep		Full year
SEK m	2010	2010	%	2009	%	2010	2009	%	2009
Net interest income	1 263	1 212	4	1 331	- 5	3 676	4 146	- 11	5 424
Net fee and commission income	774	829	- 7	790	- 2	2 392	2 392	0	3 254
Net financial income	58	76	- 24	57	2	199	208	- 4	292
Net other income	14	12	17	17	- 18	35	46	- 24	64
Total operating income	2 109	2 129	- 1	2 195	- 4	6 302	6 792	- 7	9 034
Staff costs	- 683	- 656	4	- 623	10	-1 993	-1 971	1	-2 542
Other expenses	- 660	- 734	- 10	- 646	2	-2 032	-2 003	1	-2 668
Depreciation, amortisation and impairment of
tangible and intangible assets	- 21	- 21	0	- 23	- 9	- 63	- 71	- 11	- 93
Total operating expenses	-1 364	-1 411	- 3	-1 292	6	-4 088	-4 045	1	-5 303
Profit before credit losses	745	718	4	903	- 17	2 214	2 747	- 19	3 731
Gains less losses on disposals of tangible and
intangible assets	- 1					- 1
Net credit losses	- 56	- 147	- 62	- 198	- 72	- 399	- 617	- 35	- 840
Operating profit	688	571	20	705	- 2	1 814	2 130	- 15	2 891
Cost/Income ratio	0,65	0,66		0,59		0,65	0,60		0,59
Business equity, SEK bn	9,8	9,9		10,8		9,7	10,8		10,8
Return on equity, %	20,9	17,1		19,3		18,4	19,5		19,8
Number of full time equivalents	3 420	3 470		3 320		3 382	3 407		3 385

• Strengthened corporate franchise support income generation
• Continued improvement in net interest income
• Solid performance within Card

Retail Germany has not been included in the Retail Banking division in this interim report, following the divestment announced on 12 July. The divisional figures for 2009 have been restated in order to make comparisons possible.

Comments on the first nine months

During 2010, the Retail Division has continued to invest in improved availability and enhanced customer service, by added resources to the Telephone bank, extensive participation in networks for entrepreneurs and through recruiting corporate client executives.

Operating income in the third quarter, at SEK 2,109m, was in line with previous quarters. Lower credit losses and stable operating expenses contributed positively to the operating profit compared to last year, but did not fully offset the negative impact from low interest rates. Operating profit amounted to SEK 688m (705).

Within Retail Sweden, customer demand for lending continued and volumes increased by 2 per cent during the quarter to SEK 369bn. The annualized rate is 10 per cent, in line with total growth in 2009. The activity level in the savings area remained high, although concentrated on reallocation of customers existing savings. The deposit volumes on fixed interest accounts continued to increase.

Within both private and corporate segments progresses have been made in the Internet bank in terms of improved personalized interface, navigation and enhanced services. Both corporate and private customers contributed to growing lending volumes. Within private mortgage lending specifically, where SEB has prepared for changes according to new regulations, growth continued at the same pace as in the full year of 2009 at a rate of 8 per cent in the first nine months of 2010. Both lending and deposit margins increased slightly in the last quarter and net interest income continued to rise a second consecutive quarter.

In accordance with SEB's ambition to grow the corporate retail business, investments have continued in terms of recruitment and the setting up of regional centres targeting larger SME customers. The net increase of corporate customers is 3,300 year-to-date in 2010. Provisions for credit losses in Swedish Retail in the first nine months amounted to SEK 173m (276) and operating profit to SEK 1,106m (1,458).

The Card business continued to perform well. Customer activity level was high. Several new features have been developed in order to further strengthen the customer offerings. The business still benefits from the low levels of interest rates.

Provisions for credit losses were SEK 226m (341) mainly due to lower fraud-related losses and substantially lower provisions. Operating profit amounted to SEK 708m (672).

Wealth Management

The Wealth Management division has two business areas – Institutional Clients and Private Banking.

Income statement

	Q3	Q2		Q3		Jan- Sep			Full year
SEK m	2010	2010	%	2009	%	2010	2009	%	2009
Net interest income	118	120	- 2	133	- 11	349	482	- 28	598
Net fee and commission income	830	939	- 12	730	14	2 637	2 102	25	2 955
Net financial income	17	24	- 29	17	0	59	53	11	76
Net other income	7	47	- 85	1		54	14		17
Total operating income	972	1 130	- 14	881	10	3 099	2 651	17	3 646
Staff costs	- 311	- 344	- 10	- 302	3	- 969	- 979	- 1	-1 229
Other expenses	- 320	- 339	- 6	- 272	18	- 961	- 850	13	-1 160
Depreciation, amortisation and impairment of
tangible and intangible assets	- 20	- 21	- 5	- 29	- 31	- 61	- 92	- 34	- 116
Total operating expenses	- 651	- 704	- 8	- 603	8	-1 991	-1 921	4	-2 505
Profit before credit losses	321	426	- 25	278	15	1 108	730	52	1 141
Gains less losses on disposals of tangible and
intangible assets				1	- 100		30	- 100	29
Net credit losses	- 1	- 2	- 50			- 4	- 20	- 80	- 28
Operating profit	320	424	- 25	279	15	1 104	740	49	1 142
Cost/Income ratio	0,67	0,62		0,68		0,64	0,72		0,69
Business equity, SEK bn	5,2	5,2		5,5		5,2	5,5		5,5
Return on equity, %	17,6	23,5		14,6		20,4	12,9		14,9
Number of full time equivalents	996	969		981		976	1 023		1 016

Base commission income supported by higher market values

High net sales with many new customers and mandates

Strong demand for broader investment solutions with down-side protection

Comments on the first nine months

The customer activity continued on a very high level, both within Institutional Clients and Private Banking. In connection with the default of a small local Swedish bank, SEB assisted clients in managing the situation and attracted significant inflows of new clients. Compared to the corresponding period last year, SEB's net sales continued to increase for both Private Banking, at SEK 16.1bn (14.2) and, in particular, Institutional Clients, at SEK 26.2bn (10.7).

SEB continues to concentrate on providing solutions that take the customers' whole financial situation into account, for example tailored solutions for entrepreneurs.

Several actions have been taken in order to further develop modern portfolio strategies and a modernized investment process via a broadened range of asset classes which cover both traditional and newer options.

SEB's broad offering and approach towards the institutional clients continues to gain momentum. During the third quarter an increasing number of new mandates were included in assets under management. Customers also have the opportunity to invest in a number of SEB index products as well as other third-party products as complementary to SEB's own offering.

The expansion outside SEB's home markets continued to yield results with a volume of close to SEK 19bn. Inflows derive from a number of mutual fund product areas, which shows that SEB's funds are competitive in a global market place.

Operating income increased by 17 per cent compared to the corresponding period of last year. The decrease between the second and third quarters was mainly due to lower performance and transaction fees. For the first nine months the performance and transactions fees almost doubled, to SEK 193m (96). The trend for base commission increased due to SEB's asset mix and net sales. Operating expenses were up 4 per cent from last year, mainly due to higher activity and investment level.

Average assets under management improved by 9 per cent compared to the corresponding period last year. The improvement was due to the strong net sales of SEK 41bn (21) and the market development. Investment performance as a per cent of portfolios above benchmark increased to 66 per cent (63), while 64 per cent (72) of assets under management were ahead of their respective benchmarks. Brokerage income remained strong despite the normally weaker summer period, at SEK 221m (219). The net interest income is still not in line with last year at SEK 349m (482).

Life

Life consists of three business areas - SEB Trygg Liv (Sweden), SEB Pension (Denmark) and SEB Life & Pension International.

Income statement

	Q3	Q2		Q3		Jan - Sep			Full year
SEK m	2010	2010	%	2009	%	2010	2009	%	2009
Net interest income	-2	-2	0	-2	0	-6	-17	-65	-18
Net life insurance income	1 143	1 115	3	1 107	3	3 444	3 298	4	4 443
Total operating income	1 141	1 113	3	1 105	3	3 438	3 281	5	4 425
Staff costs	-276	-287	-4	-271	2	-845	-844	0	-1 107
Other expenses	-133	-135	-1	-120	11	-399	-392	2	-536
Depreciation of assets	-169	-172	-2	-158	7	-514	-500	3	-667
Total operating expenses	-578	-594	-3	-549	5	-1 758	-1 736	1	-2 310
Operating profit	563	519	8	556	1	1 680	1 545	9	2 115
Change in surplus values, net	400	191	109	224	79	820	730	12	900
Business result	963	710	36	780	23	2 500	2 275	10	3 015
Cost/Income ratio	0,51	0,53		0,50		0,51	0,53		0,52
Business equity, SEK bn	6,0	6,0		6,8		6,0	6,8		6,8
Return on equity, %
based on operating profit	33,0	30,4		28,8		32,9	26,7		27,4
based on business result	56,5	41,7		40,4		48,9	39,3		39,0
Number of full time equivalents	1 200	1 173		1 184		1 179	1 195		1 191

Strong result - operating profit increased by 9 per cent

Diversified unit-linked offering helps customers in volatile markets

High premium inflow confirms customer confidence

Comments on the first nine months

During the first nine months of 2010, several customer activities were launched. Improved availability at customer service centres, increased advisory service and enhanced product offerings have been in focus - all in order to strengthen long-term relations with customers.

The capacity at the service centres has expanded and customer feedback now forms part of a continuous review of the division's customer offerings. The ongoing efforts to ensure a high quality fund offering include a launch of additional Strategy funds. The continued high premium inflow confirms that the initiatives are well received by the customers. Total premium income increased by 4 per cent, to SEK 22.7bn (21.9).

Operating profit increased by 9 per cent compared with the first nine months of 2009. Excluding the effect of recovered guarantee provisions in traditional portfolios, income rose by 12 per cent and profit rose by 27 per cent, mainly related to higher income from unit-linked products. Recovered guarantee provisions amounted to SEK 26m compared with SEK 243 last year. The remaining guarantee provisions amount to SEK 79m in total. All business areas showed increased profit levels. Continued focus on unit-linked has led to moderate risk exposure, improved capital efficiency

and increased return on business equity.

Unit-linked income continued to improve as a result of positive market trends and high risk appetite among policyholders, selecting more advanced and equity related alternatives. The total fund value increased by 16 per cent to SEK 169bn compared to SEK 145bn in September 2009. The result for other product areas also developed favourably during the period. Client funds in the traditional business also generated satisfactory returns.

Operating expenses, excluding depreciation, were stable compared with last year. Continued improvement of the administrative efficiency supports a stable cost trend per policy. Depreciation of deferred acquisition costs increased but should be seen in the light of increased unit-linked income.

Unit-linked insurance remains the major product group, representing 86 per cent (79) of total sales. The share of corporate paid policies increased to 64 per cent (63). Sales in the Baltic countries have stabilised and show some improvement.

Total assets under management (net assets) amounted to SEK 414bn, which is an increase of 5 per cent from a year ago and 3 per cent from year-end.

Baltic

The division encompasses the retail and all lending operations in Estonia, Latvia and Lithuania. In the Fact Book on page 20, the full Baltic geographical segmentation is reported including the operations in Merchant Banking, Wealth Management and Life.

Income statement

	Q3	Q2		Q3		Jan- Sep		Full year
SEK m	2010	2010	%	2009	%	2010	2009	%	2009
Net interest income	442	456	- 3	628	- 30	1 388	2 157	- 36	2 679
Net fee and commission income	229	226	1	227	1	664	713	- 7	934
Net financial income	8	36	- 78	35	- 77	70	95	- 26	126
Net other income	21	2		- 6		27	- 2		55
Total operating income	700	720	- 3	884	- 21	2 149	2 963	- 27	3 794
Staff costs	- 155	- 161	- 4	- 176	- 12	- 495	- 593	- 17	- 730
Other expenses	- 286	- 285	0	- 307	- 7	- 875	- 988	- 11	-1 452
Depreciation, amortisation and impairment of
tangible and intangible assets	- 18	- 19	- 5	- 15	20	- 57	-2 368	- 98	-2 389
Total operating expenses	- 459	- 465	- 1	- 498	- 8	-1 427	-3 949	- 64	-4 571
Profit before credit losses	241	255	- 5	386	- 38	722	- 986		- 777
Gains less losses on disposals of tangible and
intangible assets		- 1		3		- 1	- 1	0	- 17
Net credit losses	273	- 451		-2 642		-1 609	-6 985	- 77	-9 569
Operating profit	514	- 197		-2 253		- 888	-7 972	- 89	-10 363
Cost/Income ratio	0,66	0,65		0,56		0,66	1,33		1,20
Business equity, SEK bn	11,8	11,8		11,8		11,8	11,8		11,8
Return on equity, %	15,2	negative		negative		negative	negative		negative
Number of full time equivalents	2 959	2 937		3 252		2 957	3 308		3 275

• Positive operating profit in the third quarter break-even sooner than expected
• Substantially lower provisions for credit losses recoveries in the third quarter
• Stabilisation of income and cost levels

Comments on the first nine months

The delicate economic recovery in the Baltic region that commenced early in 2010 has continued. Exports and consumer confidence indicators continue to point upwards, although unemployment levels remain high. As presented in SEB's Eastern European Outlook in October, the GDP forecast for 2011 is 4 per cent growth rate for each of Estonia, Lithuania and Latvia. In July, ECOFIN Council took the final positive decision on Estonia to adopt the Euro as from 1 January 2011.

SEB continued to win customer awards across the Baltics in the third quarter. Throughout the region, SEB was ranked as the best Investment Bank. In Estonia, SEB was voted the most customer-friendly company in the Estonian financial sector. SEB Lithuania was rewarded by two surveys for best Internet Banking service provider.

In the first nine months, the level of deposit volumes stabilised across the three countries. Total new lending volume also stabilised and is now starting to gradually increase in Latvia. Loan margins stabilised in the first nine months, although deposit margins remained low due to the ongoing low interest rate environment.

At the end of September, the leasing portfolio amounted to SEK 12.3bn. The average recovery rate on repossessed vehicles was approximately 60 per cent.

As at 30 September 2010, SEB's real estate holding companies in the three Baltic countries had acquired assets with a total volume of SEK 295m. SEB's Baltic real estate lending amounted to SEK 23bn, of which 29 per cent was impaired as at 30 September 2010.

Third quarter income of SEK 700m was 3 per cent lower than in the second quarter. The decline was mainly due to the strengthening of the Swedish krona seen during the quarter.

Year-to-date operating expenses of SEK 1,427m were significantly lower than for the first nine months of 2009. This reflects both the goodwill write-off of SEK 2.3bn in the second quarter 2009 and the right-sizing of the distribution network.

Operating profit for the first nine months was SEK -888m (-7,972). The improvement was due to significantly lower provisions for credit losses, at SEK 1,609m, including a net release of provisions of SEK 273m in the third quarter. Non-performing loans stabilised in all three countries. The reserve ratio decreased slightly to 65 per cent.

Result by geography – January-September 2010

As a relationship bank, SEB in Sweden and the Baltic countries offers financial advice and a wide range of financial services. In Denmark, Finland, Norway and Germany the bank's operations have a strong focus on corporate and investment banking based on a full-service offering to corporate and institutional clients. The international nature of SEB's business is reflected in its presence in some 20 countries worldwide.

• Low policy rates continue to negatively affect deposit margins in all markets
• Robust Nordic economies expected to support improving business volumes and corporate credit demand
• Improved asset quality across the borders; accentuated improvement in the Baltic countries

Comments on the first nine months

In Sweden, which accounts for 56 per cent of SEB's operating income, corporate activity in general remained subdued. Mortgage lending increased by 8 per cent compared to the first nine months 2009. Operating profit for the Wealth and Life divisions improved compared to last year. The Group's operating profit in Sweden compared to last year decreased by 19 per cent.

In Denmark, SEB's operating profit for the first nine months rose by 3 per cent compared to last year. Within Merchant Banking, SEB's growth initiatives have resulted in an inflow of new key customers. Income development was strong within Trading & Capital Markets. Unit-linked sales increased by 47 per cent compared to 2009 in local currency, while sales of traditional products fell by 35 per cent. Premium income overall increased by 24 per cent in local currency.

In Finland, SEB's total operating profit rose by 20 per cent. Merchant Banking's result was up by 12 per cent. Wealth Management's operating profit increased following higher net sales and client activities. Card's result improved compared with last year.

In Norway, SEB's overall financial performance was lower than in the exceptional previous year. On the corporate side, SEB participated in a number of major transactions, among them the merger between EDB and Ergo Group. Client focus on capital structure was high, which rewards SEB's offering with combined debt and equity advisory capabilities. Private

Other 6% Finland 3% Estonia 3% Germany* 8% Denmark 9% Norway 8% Latvia 3% Lithuania 4% Sweden 56% Operating income per country, January-September 2010

* Excluding centralised Treasury operations

Banking and Institutional Clients experienced an inflow of new clients and volumes, with high growth rate in mutual funds inflows.

In Germany, Merchant Banking increased its client activities but capital markets income was lower. Income in Wealth Management increased. The divestment of Retail Germany is progressing according to plan. As previously communicated, the third quarter includes a restructuring cost of EUR 80m for streamlining of continuing operations.

In the Baltic region, the gradual recovery continued, as described on page 16.

Distribution by country Jan - Sep	Total operating income		Total operating expenses		Operating profit
SEK m	2010	2009	%	2010	2009	%	2010	2009	%
Sweden	14,947	18 205	-18	-10 627	-12 266	-13	4 118	5 064	-19
Norway	2,096	2 799	-25	- 941	-1 071	-12	1 043	1 539	-32
Denmark	2,297	2 351	-2	-1 166	-1 220	-4	1 052	1 020	3
Finland	923	819	13	- 409	- 378	8	500	416	20
Germany*	2,198	2 384	-8	-2 197	-1 499	47	- 101	668
Estonia	897	1 032	-13	- 507	- 808	-37	141	- 674
Latvia	793	1 356	-42	- 418	- 585	-29	- 261	-1 772	-85
Lithuania	1,030	1 368	-25	- 658	-1 329	-50	- 353	-3 507	-90
Other countries and eliminations	1,660	2 041	-19	- 846	- 666	27	670	841	-20
Total	26 841	32 355	-17	-17 769	-19 822	-10	6 809	3 595	89

*Excluding centralised Treasury operations

Restructuring costs amounted to EUR 80m in Q3 2010.

Goodwill impairments for holdings in Baltic countries, Russia and Ukraine affected operating expenses and profit in Sweden, Estonia and Lithuania with SEK 2,1bn, 0,3bn and 0,6bn, respectively in 2009.

The SEB Group

Net interest income – SEB Group

	Q3	Q2		Q3			Jan - Sep		Full year
SEK m	2010	2010	%	2009	%	2010	2009	%	2009
Interest income	12 444	12 037	3	13 867	- 10	36 488	49 474	- 26	61 970
Interest expense	-8 264	-8 275	0	-9 670	- 15	-25 004	-34 760	- 28	-43 924
Net interest income	4 180	3 762	11	4 197	0	11 484	14 714	- 22	18 046

Net fee and commission income – SEB Group

	Q3	Q2		Q3			Jan - Sep		Full year
SEK m	2010	2010	%	2009	%	2010	2009	%	2009
Issue of securities	20	124	- 84	99	- 80	189	302	- 37	501
Secondary market	374	419	- 11	525	- 29	1 219	1 655	- 26	2 174
Custody and mutual funds	1 675	1 805	- 7	1 427	17	5 147	4 096	26	5 656
Securities commissions	2 069	2 348	- 12	2 051	1	6 555	6 053	8	8 331
Payments	387	408	- 5	408	- 5	1 189	1 218	- 2	1 633
Card fees	1 021	1 038	- 2	1 034	- 1	3 048	3 135	- 3	4 203
Payment commissions	1 408	1 446	- 3	1 442	- 2	4 237	4 353	- 3	5 836
Advisory	185	96	93	157	18	345	435	- 21	650
Lending	440	448	- 2	356	24	1 224	1 042	17	1 393
Deposits	25	26	- 4	27	- 7	77	82	- 6	108
Guarantees	103	108	- 5	114	- 10	323	308	5	413
Derivatives	110	157	- 30	130	- 15	401	442	- 9	556
Other	179	207	- 14	161	11	534	507	5	708
Other commissions	1 042	1 042		945	10	2 904	2 816	3	3 828
Fee and commission income	4 519	4 836	- 7	4 438	2	13 696	13 222	4	17 995
Securities commissions	- 288	- 297	- 3	- 241	20	- 875	- 650	35	- 844
Payment commissions	- 599	- 609	- 2	- 588	2	-1 795	-1 812	- 1	-2 413
Other commissions	- 245	- 257	- 5	- 346	- 29	- 772	-1 062	- 27	-1 453
Fee and commission expense	-1 132	-1 163	- 3	-1 175	- 4	-3 442	-3 524	- 2	-4 710
Securities commissions, net	1 781	2 051	- 13	1 810	- 2	5 680	5 403	5	7 487
Payment commissions, net	809	837	- 3	854	- 5	2 442	2 541	- 4	3 423
Other commissions, net	797	785	2	599	33	2 132	1 754	22	2 375
Net fee and commission income	3 387	3 673	- 8	3 263	4	10 254	9 698	6	13 285

Net financial income – SEB Group

	Q3	Q2		Q3			Jan - Sep		Full year
SEK m	2010	2010	%	2009	%	2010	2009	%	2009
Equity instruments and related derivatives	188	334	-44	- 40		660	- 111		- 64
Debt instruments and related derivatives	17	205	-92	- 33		549	593	-7	803
Currency related	500	506	-1	1 059	- 53	1 501	3 227	-53	3 911
Other financial instruments	20	- 14		- 12		8	- 11		- 4
Impairments	2	- 54		- 29		- 64	- 149	-57	- 158
Net financial income	727	977	-26	945	- 23	2 654	3 549	-25	4 488

Net credit losses – SEB Group

	Q3	Q2		Q3			Jan - Sep		Full year
SEK m	2010	2010	%	2009	%	2010	2009	%	2009
Provisions:
Net collective provisions for individually assessed
loans	407	214	90	- 199		- 117	-2 416	-95	-1 836
Net collective provisions for portfolio assessed
loans	- 89	- 201	-56	- 530	-83	- 688	-1 511	-54	-1 962
Specific provisions	- 338	- 921	-63	-1 953	-83	-1 974	-4 269	-54	-6 685
Reversal of specific provisions no longer required	350	325	8	129	171	1 024	407	152	491
Net provisions for off-balance sheet items	- 2	8		- 83	-98	- 30	- 101	-70	- 224
Net provisions	328	- 575	-157	-2 636	-112	-1 785	-7 890	-77	-10 216
Write-offs:
Total write-offs	- 679	- 224		- 730	-7	-1 477	-1 516	-3	-2 616
Reversal of specific provisions utilized for write-offs	518	140		146		921	360	156	688
Write-offs not previously provided for	- 161	- 84		- 584		- 556	-1 156	-52	-1 928
Recovered from previous write-offs	29	20	45	14	107	85	80	6	114
Net write-offs	- 132	- 64		- 570		- 471	-1 076	-56	-1 814
Net credit losses	196	- 639		-3 206		-2 256	-8 966	-75	-12 030

Balance sheet – SEB Group

	30 Sep	31 Dec	30 Sep
SEK m	2010	2009	2009
Cash and cash balances with central banks	34 384	36 589	25 158
Loans to credit institutions	225 236	331 460	231 697
Loans to the public	1 088 736	1 187 837	1 206 833
Financial assets at fair value *	666 731	581 641	604 624
Available-for-sale financial assets *	66 937	87 948	88 138
Held-to-maturity investments *	1 461	1 332	1 793
Assets held for sale	79 280	596	192
Investments in associates	1 020	995	1 122
Tangible and intangible assets	26 998	27 770	27 432
Other assets	62 996	52 059	46 410
Total assets	2 253 779	2 308 227	2 233 399
Deposits from credit institutions	238 293	397 433	342 518
Deposits and borrowing from the public	717 005	801 088	752 966
Liabilities to policyholders	256 953	249 009	237 665
Debt securities	536 882	456 043	480 564
Financial liabilities at fair value	238 741	191 440	201 069
Liabilities held for sale	50 680	165	177
Other liabilities	86 732	74 984	76 678
Provisions	1 478	2 033	1 791
Subordinated liabilities	29 910	36 363	40 993
Total equity	97 105	99 669	98 978
Total liabilities and equity	2 253 779	2 308 227	2 233 399
* Of which bonds and other interest bearing securities including derivatives.	485 206	457 209	496 467

Off-balance sheet items – SEB Group

	30 Sep	31 Dec	30 Sep
SEK m	2010	2009	2009
Collateral pledged for own liabilities	270 625	420 302	458 454
Other pledged collateral	214 712	202 168	175 658
Contingent liabilities	81 538	84 058	81 889
Commitments	396 786	378 442	371 651

Statement of changes in equity – SEB Group

				Available
			Translation	for-sale			Total Share
	Share	Retained	of foreign	financial	Cash flow		holders'	Minority
SEK m	capital	earnings	operations	assets	hedges	Other	equity		interests Total Equity
Jan-Sep 2010
Opening balance	21 942	76 699	- 412	-1 096	793	1 491	99 417	252	99 669
Net profit		3 242					3 242	47	3 289
Other comprehensive income (net of tax)			-948	- 252	- 484	-1 197	-2 881	- 30	-2 911
Total comprehensive income		3 242	- 948	- 252	- 484	-1 197	361	17	378
Dividend to shareholders		-2 194					-2 194		-2 194
Swap hedging of employee stock option programme*		- 774					-774		-774
Eliminations of repurchased shares for employee stock
option programme**		26					26		26
Closing balance	21 942	76 999	-1 360	-1 348	309	294	96 836	269	97 105
Jan-Dec 2009
Opening balance	6 872	75 949	-225	-3 062	1 767	2 236	83 537	192	83 729
Net profit		1 114					1 114	64	1 178
Other comprehensive income (net of tax)			-187	1 966	- 974	-745	60	- 4	56
Total comprehensive income		1 114	- 187	1 966	- 974	- 745	1 174	60	1 234
Rights issue	15 070	- 397					14 673		14 673
Swap hedging of employee stock option programme*		2					2		2
Eliminations of repurchased shares for employee stock
option programme**		31					31		31
Closing balance	21 942	76 699	- 412	-1 096	793	1 491	99 417	252	99 669
Jan-Sep 2009
Opening balance	6 872	75 949	-225	-3 062	1 767	2 236	83 537	192	83 729
Net profit		857					857	37	894
Other comprehensive income (net of tax)			-431	1 752	- 956	-714	- 349	7	- 342
Total recognised income		857	- 431	1 752	- 956	- 714	508	44	552
Rights issue	15 070	- 397					14 673		14 673
Swap hedging of employee stock option programme*		2					2		2
Eliminations of repurchased shares for employee stock
option programme**		22					22		22
Closing balance	21 942	76 433	- 656	-1 310	811	1 522	98 742	236	98 978

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

** As of 31 December 2009 SEB owned 810,155 Class A-shares for the employee stock option programme. The acquisition cost for these shares is deducted from shareholders' equity. During 2010 799,669 net of these shares have been sold as employee stock options have been exercised. Thus, as at 30 September 2010 SEB owned 10,486 Class A-shares with a market value of SEK 0.5m for hedging of the long-term incentive programmes.

Cash flow statement – SEB Group

	Jan - Sep	Full year
SEK m	2010	2009	%	2009
Cash flow from operating activities	88 627	- 43 055		- 74 456
Cash flow from investment activities	678	- 23		- 5
Cash flow from financing activities	- 44 418	- 6 923		- 11 013
Net increase in cash and cash equivalents	44 887	- 50 001		- 85 474
Cash and cash equivalents at the beginning of year	89 673	175 147	- 49	175 147
Net increase in cash and cash equivalents	44 887	- 50 001		- 85 474
Cash and cash equivalents at the end of period1)	134 560	125 146	8	89 673

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

Reclassified portfolios – SEB Group

	Q3	Q2		Q3			Jan - Sep		Full year
SEK m	2010	2010	%	2009	%	2010	2009	%	2009
Reclassified, SEK m
Opening balance	107 004	114 156	-6	152 127	-30	125 339	107 899	16	107 899
Reclassified							51 770		51 770
Amortisations	- 604	-1 342	-55	-1 696	-64	-3 614	-5 471	-34	-6 683
Securities sold	-3 905	-4 633	-16	-8 585	-55	-14 161	-12 412	14	-18 180
Accrued coupon	2	- 198		- 93		35	524	-93	465
Exchange rate differences	-7 494	- 979		-10 315		-12 596	-10 872	16	-9 932
Closing balance*	95 003	107 004	- 11	131 438	- 28	95 003	131 438	-28	125 339
* Market value	93 302	104 503	-11	124 077	-25	93 302	124 077	-25	120 635
Fair value impact - if not reclassified, SEK m
In Equity (AFS origin)	588	1 200	-51	2 627	-78	3 036	-1 093		759
In Income Statements (HFT origin)	212	- 597		471	-55	- 33	607		1 412
Total	800	603	33	3 098	-74	3 003	- 486		2 171
Effect in Income Statements, SEK m*
Net interest income	524	442	19	529	-1	1 346	2 574	-48	2 974
Net financial income	-8 834	- 690		-7 100	24	-7 613	-7 168	6	-5 141
Other income	- 98	- 34	188	64		- 102	73		50
Total	-8 408	- 282		-6 507	29	-6 369	-4 521	41	-2 117

* The effect in the 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 effects from financing activities. Other income is the realised gains or losses from sales in the portfolio.

Non-performing loans – SEB Group

	30 Sep	31 Dec	30 Sep
SEK m	2010	2009	2009
Individually assessed impaired loans Impaired loans, past due > 60 days	15 256	18 157	17 298
Impaired loans, performing or past due < 60 days	2 880	3 167	1 071
Total individually assessed impaired loans	18 136	21 324	18 369
Specific reserves	- 9 455	- 10 456	- 8 347
for impaired loans, past due > 60 days	- 8 214	- 9 489	- 7 691
for impaired loans, performing or past due < 60 days	- 1 241	- 967	- 656
Collective reserves	- 3 822	- 4 371	- 4 915
Impaired loans net	4 859	6 497	5 107
Specific reserve ratio for individually assessed impaired loans	52.1%	49.0%	45.4%
Total reserve ratio for individually assessed impaired loans	73.2%	69.5%	72.2%
Net level of impaired loans	0.62%	0.72%	0.70%
Gross level of impaired loans	1.29%	1.39%	1.26%
Portfolio assessed loans
Portfolio assessed loans past due > 60 days	6 980	6 937	6 939
Restructured loans	505	312
Collective reserves for portfolio assessed loans	- 3 594	- 3 250	- 2 781
Reserve ratio for portfolio assessed loans	48.0%	44.8%	40.1%
Reserves
Specific reserves	- 9 455	- 10 456	-8 347
Collective reserves	- 7 416	- 7 621	-7 696
Reserves for off-balance sheet items	- 491	- 478	- 348
Total reserves	- 17 362	- 18 555	- 16 391
Non-performing loans
Non-performing loans*	25 621	28 573	25 308
NPL coverage ratio	67.8%	64.9%	64.8%
NPL % of lending	1.82%	1.86%	1.74%

* Impaired loans + portfolio assessed loans > 60 days + restructured portfolio assessed loans

Seized assets – SEB Group

	30 Sep	31 Dec	30 Sep
SEK m	2010	2009	2009
Properties, vehicles and equipment	582	217	428
Shares	55	62	62
Total seized assets	637	279	490

Discontinued operations – SEB Group

Income statement

	Q3	Q2		Q3			Jan - Sep		Full year
SEK m	2010	2010	%	2009	%	2010	2009	%	2009
Total operating income	642	687	-7	747	-14	2 049	2 286	-10	3 042
Total operating expenses*	-1 936	- 802	141	- 932	108	-3 557	-2 751	29	-3 603
Profit before credit losses	-1 294	- 115		- 185		-1 508	- 465		- 561
Net credit losses	- 108	20		- 129	-16	- 201	- 322	-38	- 418
Operating profit	-1 402	- 95		- 314		-1 709	- 787	117	- 979
Income tax expense	- 84	24		95	-188	6	235	-97	288
Net profit from discontinued operations	-1 486	- 71		- 219		-1 703	- 552		- 691

*Transaction related costs of SEK 1,240m (EUR 130m) recorded in discontinued operations in the third quarter consists of advisory costs and execution of IT and physical separation including redundancy.

Assets and liabilities held for sale

	30 Sep	31 Dec	30 Sep
SEK m	2010	2009	2009
Loans to the public	77 668
Other assets	1 612	596	192
Total assets held for sale	79 280	596	192
Deposits from credit institutions	6 436
Deposits and borrowing from the public	41 927
Other liabilities	2 317	165	177
Total liabilities held for sale	50 680	165	177

Cash flow statement

		Jan - Sep		Full year
SEK m	2010	2009	%	2009
Cash flow from operating activities	- 39	- 566	- 93	- 635
Cash flow from investment activities	- 2	- 2	0	29
Cash flow from financing activities	31	558	- 94	595
Net increase in cash and cash equivalents from discontinued operations	- 10	- 10	0	- 11

Capital base of the SEB financial group of undertakings

	30 Sep	31 Dec
SEK m	2010	2009
Total equity according to balance sheet (1)	97 105	99 669
./. Dividend (excl repurchased shares)	-1 646	-2 193
./. Investments outside the financial group of undertakings (2)	-34	-47
./. Other deductions outside the financial group of undertakings (3)	-2 261	-2 570
= Total equity in the capital adequacy	93 164	94 859
Adjustment for hedge contracts (4)	1 085	-419
Net provisioning amount for IRB-reported credit exposures (5)	0	-297
Unrealised value changes on available-for-sale financial assets (6)	1 348	1 096
./. Exposures where RWA is not calculated (7)	-1 175	-1 169
./. Goodwill (8)	-4 184	-4 464
./. Other intangible assets	-2 633	-2 616
./. Deferred tax assets	-1 441	-1 609
= Core Tier 1 capital	86 164	85 381
Tier 1 capital contribution (non-innovative)	4 577	5 130
Tier 1 capital contribution (innovative)	10 155	11 093
= Tier 1 capital	100 896	101 604
Dated subordinated debt	5 014	11 028
./. Deduction for remaining maturity	-368	-658
Perpetual subordinated debt	7 050	7 386
Net provisioning amount for IRB-reported credit exposures (5)	808	-297
Unrealised gains on available-for-sale financial assets (6)	484	642
./. Exposures where RWA is not calculated (7)	-1 175	-1 169
./. Investments outside the financial group of undertakings (2)	-34	-47
= Tier 2 capital	11 779	16 885
./. Investments in insurance companies (9)	-10 500	-10 601
./. Pension assets in excess of related liabilities (10)	-652	-543
= Capital base	101 523	107 345

Total equity according to the balance sheet (1) includes the current year's profit, which has been reviewed by the auditors.

Deductions (2) for investments outside the financial group of undertakings should be made with equal parts from Tier 1 and Tier 2 capital. However, investments in insurance companies made before 20 July 2006 can be deducted from the capital base (9) – this holds for SEB's investments in insurance companies.

The deduction (3) consists of retained earnings in subsidiaries outside the financial group of undertakings.

The adjustment (4) refers to differences in how hedging contracts are acknowledged according to the capital adequacy regulation, as compared with the preparation of the balance sheet.

If provisions and value adjustments for credit exposures reported according to the Internal Rating Based approach fall short of expected losses on these exposures, the difference (5) should be deducted in equal parts from Tier 1 and Tier 2 capital. A corresponding excess can, up to a certain limit, be added to Tier 2 capital.

For Available For Sale portfolios (6) value changes on debt instruments should not be acknowledged for capital adequacy. Any surplus attributable to equity instruments may be included in Tier 2 capital.

Securitisation positions with external rating below BB/Ba are not included in RWA calculations but are treated via deductions (7) from Tier 1 and Tier 2 capital.

Goodwill in (8) relates only to consolidation into the financial group of undertakings. When consolidating the entire Group's balance sheet further goodwill of SEK 5,721m is created. This is included in the deduction (9) for insurance investments.

Pension surplus values (10) should be deducted from the capital base, excepting such indemnification as prescribed in the Swedish Act on safeguarding of pension undertakings.

On 30 September 2010 the parent company's Tier 1 capital was SEK 94,262m (93,674) and the reported Tier 1 capital ratio was 15.9 per cent (14.8).

Capital requirements for the SEB financial group of undertakings

Capital requirements	30 Sep	31 Dec
SEK m	2010	2009
Credit risk, IRB reported capital requirements
Institutions	3 411	4 016
Corporates (1)	32 275	32 406
Securitisation positions	632	847
Retail mortgages	5 311	5 202
Other retail exposures	801	863
Other exposure classes	121	131
Total for credit risk, IRB approach	42 551	43 465
Further capital requirements
Credit risk, Standardised approach (2)	6 430	7 805
Operational risk, Advanced Measurement approach	3 635	3 157
Foreign exchange rate risk	1 253	636
Trading book risks	3 042	3 376
Total	56 911	58 439
Summary
Credit risk	48 981	51 270
Operational risk	3 635	3 157
Market risk	4 295	4 012
Total	56 911	58 439
Adjustment for flooring rules
Addition according to transitional flooring (3)	6 888	5 175
Total reported	63 799	63 614

Corporate exposures (1) exclude such small companies where the total exposure does not exceed certain regulatory-defined thresholds.

The Standardised approach (2) is used for credit exposures to central governments, central banks and local governments and authorities, and to exposures where IRB implementation is on-going. The reported capital requirement is dominated by the Corporate and Retail exposure classes.

During 2009 institutions were required to have a capital base not below 80 per cent of the capital requirement according to Basel I regulation. According to the Swedish Financial Supervisory Authority, this minimum level should apply to the years 2010 and 2011. The addition (3) is made in consequence with these transitional arrangements.

Capital adequacy analysis

Representing business volumes 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 1 capital ratio of at least 4 per cent. However, and following the "second pillar" of the new framework, banks are expected to operate above this level. The margin supports SEB's high rating ambitions, covering risks that are not

included in the capital adequacy regulation, and representing a buffer for the less benign phases of the business cycle. The Group's internal capital assessment process is based on the long term business plans and utilises SEB's economic capital model, supplemented e.g. with macro economic analysis and stress testing.

	30 Sep	31 Dec
Capital adequacy	2010	2009
Capital resources
Core Tier 1 capital	86 164	85 381
Tier 1 capital	100 896	101 604
Capital base	101 523	107 345
Capital adequacy without transitional floor (Basel II)
Capital requirement	56 911	58 439
Expressed as Risk-weighted assets	711 381	730 492
Core Tier 1 capital ratio	12,1%	11,7%
Tier 1 capital ratio	14,2%	13,9%
Total capital ratio	14,3%	14,7%
Capital adequacy quotient (capital base / capital requirement)	1,78	1,84
Capital adequacy including transitional floor
Transition floor applied	80%	80%
Capital requirement	63 799	63 614
Expressed as Risk-weighted assets	797 483	795 177
Core Tier 1 capital ratio	10,8%	10,7%
Tier 1 capital ratio	12,7%	12,8%
Total capital ratio	12,7%	13,5%
Capital adequacy quotient (capital base / capital requirement)	1,59	1,69
Capital adequacy with risk weighting according to Basel I
Capital requirement	78 738	80 260
Expressed as Risk-weighted assets	984 225	1 003 250
Core Tier 1 capital ratio	8,8%	8,5%
Tier 1 capital ratio	10,3%	10,1%
Total capital ratio	10,3%	10,7%
Capital adequacy quotient (capital base / capital requirement)	1,29	1,34

Overall Basel II RWA (before the effect of transitional flooring) decreased with 3 per cent or SEK 19bn over the first three quarters. The biggest factor behind this change was the currency translation effect from the stronger Swedish krona which decreased RWA with SEK 40bn. Risk class migration is discussed below. Underlying credit volumes showed a mixed pattern where increased corporate lending added some SEK 8bn to RWA while e.g. inter-bank volumes decreased. The net effect of efficiency projects and underlying credit volumes was to increase RWA with SEK 8bn. Operational and market RWA taken together increased SEK 10bn over the three quarters.

With the effect of transitional flooring included RWA increased from SEK 795bn to 797bn over the three quarters. The transitional rule is not only based on "80 per cent of Basel I" but also considers net provisioning; since this amount increased over the three quarters reported RWA remained

virtually unchanged even though Basel I RWA decreased with 19bn SEK.

The above means that un-floored Basel II RWA was 28 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. In addition the estimate will certainly be affected by the proposed revisions to the international capital framework

("Basel III") as published by the Basel Committee in 2009 and 2010. SEB participated in the Basel Committee's impact study concerned with the proposal.

The following table exposes average risk weights (RWA divided by EAD, Exposure At Default) for exposures where

RWA is calculated following the IRB approach. Repo-style transactions are excluded from the analysis since they carry low risk weight and can vary considerably in volume, thus making numbers less comparable.

IRB reported credit exposures (less repos and securities lending) Average risk weight	30 Sep 2010	31 Dec 2009
Institutions	17,8%	17,5%
Corporates	59,1%	57,8%
Securitisation positions	22,4%	22,6%
Retail mortgages	17,2%	17,2%
Other retail exposures	38,7%	38,5%

Risk class migration increased RWA for corporate exposures with SEK 5bn over the three quarters. No migration effect was recorded for inter-bank exposures but the average risk weight increased slightly since the overall volume decrease was not proportional over risk classes.

Income statement – Skandinaviska Enskilda Banken AB (publ)
------------------------------------------------------------	--	--	--

In accordance with FSA regulations	Q3	Q2		Q3		Jan - Sep			Full year
SEK m	2010	2010	%	2009	%	2010	2009	%	2009
Interest income	7 168	6 529	10	7 249	-1	19 947	27 144	-27	33 420
Leasing income	1 367	1 361	0	1 404	-3	4 081	4 421	-8	5 800
Interest expense	-4 974	-4 524	10	-5 077	-2	-14 005	-19 498	-28	-24 151
Dividends	754	152		19		1 140	296		2 757
Fee and commission income	1 988	2 230	-11	1 836	8	6 080	5 718	6	7 851
Fee and commission expense	- 360	- 413	-13	- 368	-2	-1 140	-1 206	-5	-1 636
Net financial income	705	1 119	-37	815	-13	2 790	3 208	-13	4 065
Other income	3	118	-97	191	-98	315	2 260	-86	2 811
Total operating income	6 651	6 572	1	6 069	10	19 208	22 343	-14	30 917
Administrative expenses	-3 215	-3 579	-10	-2 722	18	-10 076	-9 287	8	-12 117
Depreciation, amortisation and impairment of
tangible and intangible assets	-1 159	-1 162	0	-1 171	-1	-3 465	-3 601	-4	-5 125
Total operating expenses	-4 374	-4 741	-8	-3 893	12	-13 541	-12 888	5	-17 242
Profit before credit losses	2 277	1 831	24	2 176	5	5 667	9 455	-40	13 675
Net credit losses	- 6			- 138	-96	- 177	- 747	-76	- 984
Impairment of financial assets	3	- 412	-101			- 449	- 747	-40	-1 222
Operating profit	2 274	1 419	60	2 038	12	5 041	7 961	-37	11 469
Appropriations	4	2	100	- 1		5	- 3		-1 510
Income tax expense	- 889	- 620	43	- 952	-7	-2 436	-1 322	84	-1 451
Other taxes		- 53	-100	- 228		- 53	-1 540	-97	-1 544
Net profit	1 389	748	86	857	62	2 557	5 096	-50	6 964

Statement of comprehensive income – Skandinaviska Enskilda Banken AB (publ)

	Q3	Q2		Q3			Jan - Sep		Full year
SEK m	2010	2010	%	2009	%	2010	2009	%	2009
Net profit	1 389	748	86	857	62	2 557	5 096	-50	6 964
Translation of foreign operations	-19	23	-183	14		-37	-179	-79	- 96
Available-for-sale financial assets	213	-454	-147	840	-75	-114	949	-112	1 053
Cash flow hedges	-119	-217	-45	-477	-75	-478	-973	-51	- 965
Group contributions	503	216	133	416	21	1 004	452	122	662
Other	-92	-67	37	19		-155	128		146
Other comprehensive income (net of tax)	486	- 499	- 197	812	-40	220	377	- 42	800
Total comprehensive income	1 875	249		1 669	12	2 777	5 473	- 49	7 764

Balance sheet - Skandinaviska Enskilda Banken AB (publ)

Condensed	30 Sep	31 Dec	30 Sep
SEK m	2010	2009	2009
Cash and cash balances with central banks	5 552	21 815	5 999
Loans to credit institutions	294 735	376 223	288 523
Loans to the public	760 953	732 475	734 430
Financial assets at fair value	379 773	304 675	342 562
Available-for-sale financial assets	18 907	16 331	18 057
Held-to-maturity investments	3 758	3 789	3 877
Investments in associates	942	907	1 034
Shares in subsidiaries	55 755	59 325	56 856
Tangible and intangible assets	41 016	41 354	40 625
Other assets	48 238	39 022	30 748
Total assets	1 609 629	1 595 916	1 522 711
Deposits from credit institutions	247 282	386 530	336 598
Deposits and borrowing from the public	469 082	490 850	433 158
Debt securities	490 187	368 784	391 921
Financial liabilities at fair value	224 375	176 604	182 882
Other liabilities	60 965	48 886	53 076
Provisions	189	496	501
Subordinated liabilities	29 453	35 498	40 113
Untaxed reserves	22 642	22 645	21 137
Total equity	65 454	65 623	63 325
Total liabilities, untaxed reserves and shareholders' equity	1 609 629	1 595 916	1 522 711

Off-balance sheet items - Skandinaviska Enskilda Banken AB (publ)

	30 Sep	31 Dec	30 Sep
SEK m	2010	2009	2009
Collateral pledged for own liabilities	159 882	268 284	323 665
Other pledged collateral	45 791	47 031	31 639
Contingent liabilities	61 907	64 045	62 362
Commitments	289 238	275 203	264 278

Fact Book January – September 2010

STOCKHOLM 28 OCTOBER 2010

Table of contents 2
About SEB3
SEB History3
Financial targets3
Organisation 4
Corporate Governance6
Share and shareholders 7
Income statement SEB Group 8
Profit and loss10
Balance sheet structure & funding 24
Capital adequacy and RWA 27
Volumes 29
Credit portfolio, loan portfolio impaired loans by industry and geography 31
Asset quality34
Market risk41
Bond investment portfolio 42
Divisional structure43
Merchant Banking 44
Retail Banking47
Wealth Management 51
Life53
Baltic 63
Macro 67
Contacts 70
Financial calendar 70
Definitions 71

About SEB

Mission	We help people and businesses thrive by providing quality advice and financial resources.
Vision	To be the trusted partner for customers with aspirations.
Customers & Markets	2,500 large corporates and institutions, 400,000 SMEs and 4 million private customers bank with us. They are mainly located in eight markets around the Baltic Sea.
Brand promise	Rewarding relationships.
Goal	To be the relationship bank of the Nordics. Excel in universal banking in Sweden, Estonia, Latvia and Lithuania by providing a full range of banking, wealth management and life insurance services to corporations, institutions and private individuals. Expand in core areas of strength, merchant banking and wealth management, in the Nordic area and in Germany. In addition, selectively expand leading life insurance and card services in the Nordic area. Support SEB's customers internationally through its network of strategic locations in major global financial centres.
People	17,000 highly skilled people serving customers from locations in some 20 countries; covering different time zones, securing reach and local market knowledge.
Values	Guided by our Code of Business Conduct and our core values: professionalism, commitment, mutual respect and continuity.
History	Over 150 years of business, building trust and sharing knowledge. We have always acted responsibly in society promoting entrepreneurship, an international outlook and long-term relationships.

SEB History

• 1856- Stockholms Enskilda Bank was founded
• 1914- Head offices at Kungsträdgårdsgatan
• 1938- Kreditbolaget renamed to Skandinaviska Banken
• 1972- Merger with Skandinaviska Banken
• 1990- Bank crises and e-banking revolution. Several acquisitions: Trygg Hansa, Baltic banks and asset managers
• 2000- A Northern European financial corporation with international operations

Financial targets

Financial targets and outcome	2009	2008	2007	2006	2005	Target
Return on equity (per cent)	1.2	13.1	19.3	20.8	15.8	Highest among its peers
Net profit (SEK m)	1,178	10,050	13,642	12,623	8,421	Sustainable profit growth
Tier I capital ratio (per cent) 1)	13.9	10.1	9.9	8.2	7.5	10 per cent over a business cycle
Dividend (per cent of earnings per share)	172	0	33	32	38	40 per cent of net profit per share over a business cycle

1) 2005–2006 Basel I. 2007–2009 Basel II without transitional rules.

Rating

	Moody's		Standard & Poor's	Fitch
	Outlook Stable (June 2010)		Outlook Stable (February 2010)		Outlook Stable (June 2009)
Short	Long	Short	Long	Short	Long
P-1	Aaa	A-1+	AAA	F1+	AAA
P-2	Aa1	A-1	AA+	F1	AA+
P-3	Aa2	A-2	AA	F2	AA
	Aa3	A-3	AA-	F3	AA
	A1		A+		A+
	A2		A		A
	A3		A-		A
	Baa1		BBB+		BBB+
	Baa2		BBB		BBB
	Baa3		BBB-		BBB

Organisation

Board

The Board members are appointed by the shareholders at the AGM for a term of office of one year, until the next AGM. The Board of Directors consists of eleven members without any deputies, elected by the AGM, and of two members and two deputies appointed by the employees.

In order for the Board to form a quorum more than half of the

Marcus Wallenberg Chairman

Jacob Wallenberg Deputy Chairman

Tuve Johannesson Deputy Chairman

members must be present. The President, Annika Falkengren, is the only Board member elected by the AGM who is equally an employee of the Bank. All other Board members elected by the AGM are considered to be independent in relation to the Bank and its Management.

Signhild Arnegård Hansen

Urban Jansson Chairman of the Risk and Capital

Birgitta Kantola

Tomas Nicolin Chairman of the Remuneration and HR Committee

Christine Novakovic Jesper Ovesen Carl Wilhelm Ros Chairman of the Audit and Compliance Committee

Pernilla Påhlman Appointed by the employees

Annika Falkengren President & CEO

Göran Arrius Appointed by the employees

Göran Lilja Appointed by the employees

Cecilia Mårtensson Appointed by the employees

Group Executive Committee

As of November 1, 2010

The President has three different committees at her disposal; the Group Executive Committee, the Group Credit Committee and the Asset and Liability Committee. The President also consults with the IT Board and the New Product Approval Committee.

The GEC deals with, among other things, matters of common concern to several divisions, strategic issues, business plans, financial forecasts and reports. The members are presented below.

Annika Falkengren President & CEO Johan Andersson CRO

Jan Erik Back CFO

Magnus Carlsson Merchant Banking

Viveka Hirdman-Ryrberg Communications

Martin Johansson Baltic

Anders Johnsson Wealth Management

Hans Larsson Group Strategy

Bo Magnusson Group Staff

Ulf Peterson Group Human Resources

Jan Stjernström Life

Mats Torstendahl Retail Banking

Full-time equivalents, end of quarter

	Q1 2008	Q2 2008	Q3 2008	Q4 2008	Q1 2009	Q2 2009	Q3 2009	Q4 2009	Q1 2010	Q2 2010	Q3 2010
Merchant Banking	2,742	2,760	2,719	2,698	2,697	2,650	2,582	2,539	2,529	2,530	2,571
Retail Banking	3,507	3,700	3,544	3,529	3,425	3,454	3,320	3,313	3,316	3,470	3,420
RB Sweden	2,723	2,865	2,728	2,710	2,621	2,642	2,515	2,512	2,531	2,674	2,610
RB Cards	784	835	816	819	804	812	805	801	785	796	810
Wealth Management	1,160	1,143	1,123	1,088	1,064	1,013	981	1,000	972	969	996
Life	1,222	1,235	1,250	1,226	1,206	1,196	1,184	1,173	1,175	1,173	1,200
Baltic	3,366	3,469	3,420	3,353	3,353	3,285	3,252	3,093	2,957	2,937	2,959
Baltic Estonia	986	1,022	983	973	950	958	974	933	915	909	905
Baltic Latvia	1,012	1,024	997	916	911	896	878	854	803	802	824
Baltic Lithuania	1,368	1,423	1,439	1,464	1,492	1,432	1,400	1,306	1,239	1,226	1,229
Other	6,842	6,937	7,008	6,921	6,639	6,546	6,336	6,213	6,037	5,980	5,987
SEB Group
Continuing operations	18,839	19,244	19,064	18,815	18,385	18,143	17,655	17,331	16,986	17,059	17,133
Discontinued operations	2,371	2,401	2,364	2,316	2,272	2,286	2,257	2,231	2,046	2,032	2,017
SEB Group	21,210	21,645	21,428	21,131	20,656	20,430	19,912	19,562	19,032	19,091	19,150

Corporate Governance

SEB follows the Swedish Code of Corporate Governance (Bolagsstyrningskoden). The structure of responsibility distribution and governance comprises:

• Annual General Meeting (AGM)
• Board of Directors
• President/Chief Executive Officer
• Divisions, business areas and business units
• Staff and Support functions
• Internal Audit, Compliance and Risk Control.

The Board of Directors and the President perform their governing and controlling roles through several policies and instructions, the purpose of which is to clearly define the distribution of responsibility.

The Rules of Procedure for the Board of Directors, the Instruction for the President and Chief Executive Officer, the Instruction for the Activities, the Group's Credit Instruction, Instruction for handling of Conflicts of Interest, Ethics Policy, Risk Policy, Instruction for procedures against Money Laundering and Financing of Terrorism, Remuneration Policy, Code of Business Conduct and the Corporate Sustainability Policy are of special importance.

Corporate Governance Structure

SEB's activities are managed, controlled and followed up in accordance with policies and instructions established by the Board and the President (CEO).

Share and shareholders

The SEB share

Index

SEB's major shareholders Dividend development

	Share of capital,
September 2010	per cent
Investor AB	20.8
Trygg Foundation	8.1
Alecta	7.0
Swedbank/ Robur Funds	4.2
AMF Insurance & funds	1.8
Wallenberg-foundations	1.5
SEB Funds	1.5
AFA Insurance	1.4
Skandia Liv	1.3
SHB Funds	1.2
Foreign owners	19.9
Source: Euroclear Sweden/SIS Ägarservice

* No. shares adjusted for rights issue Dividend policy: 40% of net profit (Earnings per share) over the business cycle

Income statement SEB Group

	Q3	Q2		Q3			Jan - Sep		Full year
SEK m	2010	2010	%	2009	%	2010	2009	%	2009
Net interest income	4,180	3,762	11	4,197	0	11,484	14,714	-22	18,046
Net fee and commission income	3,387	3,673	-8	3,263	4	10,254	9,698	6	13,285
Net financial income	727	977	-26	945	-23	2,654	3,549	-25	4,488
Net life insurance income	818	778	5	857	-5	2,475	2,665	-7	3,597
Net other income	-230	34		-165	39	-26	1,729	-102	2,159
Total operating income	8,882	9,224	-4	9,097	-2	26,841	32,355	-17	41,575
Staff costs	-3,392	-3,616	-6	-3,282	3	-10,446	-11,001	-5	-13,786
Other expenses	-1,679	-1,875	-10	-1,535	9	-5,338	-4,612	16	-6,740
Depreciation, amortisation and impairment of
tangible and intangible assets	-405	-416	-3	-375	8	-1,230	-4,209	-71	-4,672
Restructuring costs	-755					-755
Total operating expenses	-6,231	-5,907	5	-5,192	20	-17,769	-19,822	-10	-25,198
Profit before credit losses	2,651	3,317	-20	3,905	-32	9,072	12,533	-28	16,377
Gains less losses on disposals of tangible and
intangible assets		-3	-100	3	-100	-7	28	-125	4
Net credit losses	196	-639	-131	-3,206	-106	-2,256	-8,966	-75	-12,030
Operating profit	2,847	2,675	6	702		6,809	3,595	89	4,351
Income tax expense	-765	-600	28	-446	72	-1,817	-2,150	-15	-2,482
Net profit from continuing operations	2,082	2,075	0	256		4,992	1,445		1,869
Discontinued operations	-1,486	-71		-219		-1,703	-552		-691
Net profit	596	2,004	-70	37		3,289	893		1,178
Attributable to minority interests	15	17	-12	12	25	47	37	27	64
Attributable to equity holders *	581	1,987	-71	25		3,242	856		1,114
Basic earnings per share, SEK	0.26	0.91		0.01		1.48	0.57		0.58
Diluted earnings per share, SEK	0.26	0.90		0.01		1.47	0.57		0.58

Including:

One-off charges of SEK 890m in Q4 2005 for premises Sales of Baltic properties in Q4 2007 of SEK 785m

SEK 600m redundancies and SEK 780m VPC divest in Q4-08

SEK 594m goodwill Ukraine write-down in Q1 09

SEK 2,394m goodwill Baltic and Russia write-down in Q2 09 and SEK 1,3bn capital gain on repurchased bond SEK 755m restructuring costs in Q3 2010

Retail Germany restated from Q1 2008

Key figures – SEB Group

	Q3	Q2	Q3	Jan - Sep		Full year
	2010	2010	2009	2010	2009	2009
Continuing operations
Return on equity, continuing operations, %	8.48	8.35	0.99	6.70	2.00	1.89
Basic earnings per share, continuing operations, SEK	0.94	0.94	0.11	2.25	0.78	0.95
Diluted earnings per share, continuing operations, SEK	0.94	0.94	0.11	2.25	0.78	0.94
Cost/income ratio, continuing operations	0.70	0.64	0.57	0.66	0.61	0.61
Number of full time equivalents, continuing operations*	17,133	17,059	17,655	17,044	18,130	17,016
Total operations
Return on equity, %	2.38	8.05	0.10	4.39	1.22	1.17
Return on total assets, %	0.10	0.34	0.00	0.19	0.05	0.05
Return on risk-weighted assets, %	0.28	0.97	0.01	0.53	0.13	0.13
Basic earnings per share, SEK	0.26	0.91	0.01	1.48	0.57	0.58
Weighted average number of shares, millions**	2,194	2,194	2,194	2,194	1,492	1,906
Diluted earnings per share, SEK	0.26	0.90	0.01	1.47	0.57	0.58
Weighted average number of diluted shares, millions***	2.207	2.199	2.200	2.201	1.498	1.911
Net worth per share, SEK	49.02	49.48	49.91	49.02	49.91	50.08
Average equity, SEK, billion	98.4	98.8	98.7	98.9	94.0	95.4
Credit loss level, %	-0.02	0.16	0.98	0.21	0.91	0.92
Total reserve ratio for individually assessed impaired loans,
%	73.2	76.9	72.2	73.2	72.2	69.5
Net level of impaired loans, %	0.62	0.60	0.70	0.62	0.70	0.72
Gross level of impaired loans, %	1.29	1.29	1.26	1.29	1.26	1.39
Basel II (Legal reporting with transitional floor) :****
Risk-weighted assets, SEK billion	797	824	806	797	806	795
Core Tier 1 capital ratio, %	10.80	10.46	10.94	10.80	10.94	10.74
Tier 1 capital ratio, %	12.65	12.40	12.53	12.65	12.53	12.78
Total capital ratio, %	12.73	12.60	14.12	12.73	14.12	13.50
Basel II (without transitional floor):
Risk-weighted assets, SEK billion	711	714	747	711	747	730
Core Tier 1 capital ratio, %	12.11	12.07	11.80	12.11	11.80	11.69
Tier 1 capital ratio, %	14.18	14.31	13.51	14.18	13.51	13.91
Total capital ratio, %	14.27	14.54	15.23	14.27	15.23	14.69
Basel I:
Risk-weighted assets, SEK billion	984	1,008	1,019	984	1,019	1,003
Core Tier 1 capital ratio, %	8.75	8.55	8.65	8.75	8.65	8.51
Tier 1 capital ratio, %	10.25	10.14	9.91	10.25	9.91	10.13
Total capital ratio, %	10.31	10.30	11.16	10.31	11.16	10.70
Number of full time equivalents*	19,150	19,091	19,912	19,102	20,402	20,233
Assets under custody, SEK billion	4.879	4.770	4.743	4.879	4.743	4.853
Assets under management, SEK billion	1,343	1,328	1,295	1,343	1,295	1,356
Discontinued operations
Basic earnings per share, discontinued operations, SEK	-0.68	-0.03	-0.10	-0.78	-0.31	-0.36
Diluted earnings per share, discontinued operations, SEK	-0.67	-0.03	-0.10	-0.77	-0.30	-0.36

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

** The number of issued shares was 2,194,171,802. SEB owned 810,155 Class A shares for the employee stock option programme at year end 2009. During 2010 799,669 net of these shares have been sold as employee stock options have been exercised. Thus, as at 30 September 2010 SEB owned 10,486 Class A-shares with a market value of SEK 0.5m.

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

*** 80 per cent of RWA in Basel I

Profit and loss

The SEB Group

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Full Year
SEK m	2009	2009	2009	2009	2010	2010	2010	2009
Net interest income	5,488	5,029	4,197	3,332	3,542	3,762	4,180	18,046
Net fee and commission income	2,944	3,491	3,263	3,587	3,194	3,673	3,387	13,285
Net financial income	1,133	1,471	945	939	950	977	727	4,488
Net life insurance income	862	946	857	932	879	778	818	3,597
Net other income	315	1,579	-165	430	170	34	-230	2,159
Total operating income	10,742	12,516	9,097	9,220	8,735	9,224	8,882	41,575
Staff costs	-3,920	-3,799	-3,282	-2,785	-3,438	-3,616	-3,392	-13,786
Other expenses	-1,465	-1,612	-1,535	-2,128	-1,784	-1,875	-1,679	-6,740
Depreciation, amortisation and impairment of
tangible and intangible assets	-1,008	-2,826	-375	-463	-409	-416	-405	-4,672
Restructuring costs							-755
Total operating expenses	-6,393	-8,237	-5,192	-5,376	-5,631	-5,907	-6,231	-25,198
Profit before credit losses	4,349	4,279	3,905	3,844	3,104	3,317	2,651	16,377
Gains less losses on disposals of tangible and
intangible assets	2	23	3	-24	-4	-3		4
Net credit losses	-2,321	-3,439	-3,206	-3,064	-1,813	-639	196	-12,030
Operating profit	2,030	863	702	756	1,287	2,675	2,847	4,351
Income tax expense	-838	-865	-446	-333	-452	-600	-765	-2,482
Net profit from continuing operations	1,192	-2	256	423	835	2,075	2,082	1,869
Discontinued operations	-165	-168	-219	-139	-146	-71	-1,486	-691
Net profit	1,027	-170	37	284	689	2,004	596	1,178
Attributable to minority interests	2	23	12	27	15	17	15	64
Attributable to equity holders	1,025	-193	25	257	674	1,987	581	1,114

Share of profit before credit losses

Jan – Sep 2010

Divisions

Merchant Banking

Total
-------

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Full Year
SEK m	2009	2009	2009	2009	2010	2010	2010	2009
Net interest income	2 919	2 683	2 402	1 978	2 014	1 964	2 012	9 982
Net fee and commission income	1 172	1 618	1 326	1 531	1 083	1 420	1 290	5,647
Net financial income	1 186	1 498	981	712	1 017	1 320	753	4,377
Net other income	115	- 8	40	- 101	50	- 3	- 159	46
Total operating income	5 392	5 791	4 749	4 120	4 164	4 701	3 896	20,052
Staff costs	-1 092	-1 106	- 775	- 556	- 993	-1 109	- 875	-3,529
Other expenses	-1 019	-1 083	-1 007	-1 025	-1 038	-1 093	- 954	-4,134
Depreciation, amortisation and impairment of
tangible and intangible assets	- 25	- 34	- 35	- 61	- 27	- 39	- 41	-155
Total operating expenses	-2 136	-2 223	-1 817	-1 642	-2 058	-2 241	-1 870	-7,818
Profit before credit losses	3 256	3 568	2 932	2 478	2 106	2 460	2 026	12,234
Gains less losses on disposals of tangible and
intangible assets				- 1			- 1	-1
Net credit losses	- 279	- 367	- 107	- 52	- 104	31	- 23	-805
Operating profit	2 977	3 201	2 825	2 425	2 002	2 491	2 002	11,428

Merchant Banking

Trading and Capital Markets

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Full Year
SEK m	2009	2009	2009	2009	2010	2010	2010	2009
Net interest income	1 452	1 251	977	583	611	561	550	4 263
Net fee and commission income	354	552	416	451	316	441	360	1,773
Net financial income	1 319	1 552	1 055	760	1 041	1 358	769	4,686
Net other income	73	- 70	2	- 87	3	- 54	- 204	-82
Total operating income	3 198	3 285	2 450	1 707	1 971	2 306	1 475	10,640
Staff costs	- 473	- 478	- 322	- 312	- 430	- 490	- 377	-1,585
Other expenses	- 445	- 469	- 446	- 451	- 470	- 497	- 431	-1,811
Depreciation, amortisation and impairment of
tangible and intangible assets	- 8	- 8	- 8	- 9	- 7	- 10	- 8	-33
Total operating expenses	- 926	- 955	- 776	- 772	- 907	- 997	- 816	-3,429
Profit before credit losses	2 272	2 330	1 674	935	1 064	1 309	659	7,211
Gains less losses on disposals of tangible and
intangible assets				- 1				-1
Net credit losses	- 62	- 1	5	196	1			138
Operating profit	2 210	2 329	1 679	1 130	1 065	1 309	659	7,348

Merchant Banking

Corporate Banking

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Full Year
SEK m	2009	2009	2009	2009	2010	2010	2010	2009
Net interest income	1,094	1,082	1,146	1,117	1,053	1,069	1,130	4,439
Net fee and commission income	397	624	456	647	371	550	561	2,124
Net financial income	-140	-64	-86	-59	-35	-57	-27	-349
Net other income	24	49	30	-24	33	39	37	79
Total operating income	1,375	1,691	1,546	1,681	1,422	1,601	1,701	6,293
Staff costs	-436	-447	-299	-134	-401	-455	-348	-1,316
Other expenses	-221	-239	-218	-250	-249	-252	-205	-928
Depreciation, amortisation and impairment of
tangible and intangible assets	-12	-12	-12	-19	-17	-16	-16	-55
Total operating expenses	-669	-698	-529	-403	-667	-723	-569	-2,299
Profit before credit losses	706	993	1,017	1,278	755	878	1,132	3,994
Gains less losses on disposals of tangible and
intangible assets							-1
Net credit losses	-167	-336	-109	-178	-98	44	-41	-790
Operating profit	539	657	908	1,100	657	922	1,090	3,204

Merchant Banking

Global Transaction Services

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Full Year
SEK m	2009	2009	2009	2009	2010	2010	2010	2009
Net interest income	373	350	279	278	350	334	331	1,280
Net fee and commission income	421	441	455	433	396	429	369	1,750
Net financial income	7	11	12	10	11	19	12	40
Net other income	19	12	7	10	14	12	8	48
Total operating income	820	814	753	731	771	794	720	3,118
Staff costs	-183	-180	-155	-110	-162	-164	-150	-628
Other expenses	-354	-374	-343	-324	-319	-344	-319	-1,395
Depreciation, amortisation and impairment of
tangible and intangible assets	-5	-15	-15	-31	-3	-13	-16	-66
Total operating expenses	-542	-569	-513	-465	-484	-521	-485	-2,089
Profit before credit losses	278	245	240	266	287	273	235	1,029
Gains less losses on disposals of tangible and intangible assets
Net credit losses	-50	-30	-3	-70	-7	-13	18	-153
Operating profit	228	215	237	196	280	260	253	876

Retail Banking

Total

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Full Year
SEK m	2009	2009	2009	2009	2010	2010	2010	2009
Net interest income	1,456	1,359	1,331	1,278	1,201	1,212	1,263	5,424
Net fee and commission income	790	812	790	862	789	829	774	3,254
Net financial income	72	79	57	84	65	76	58	292
Net other income	19	10	17	18	9	12	14	64
Total operating income	2,337	2,260	2,195	2,242	2,064	2,129	2,109	9,034
Staff costs	-675	-673	-623	-571	-654	-656	-683	-2,542
Other expenses	-643	-714	-646	-665	-638	-734	-660	-2,668
Depreciation, amortisation and impairment of
tangible and intangible assets	-20	-28	-23	-22	-21	-21	-21	-93
Total operating expenses	-1,338	-1,415	-1,292	-1,258	-1,313	-1,411	-1,364	-5,303
Profit before credit losses	999	845	903	984	751	718	745	3,731
Gains less losses on disposals of tangible and
intangible assets							-1
Net credit losses	-205	-214	-198	-223	-196	-147	-56	-840
Operating profit	794	631	705	761	555	571	688	2,891

Retail Banking

Retail Sweden

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Full Year
SEK m	2009	2009	2009	2009	2010	2010	2010	2009
Net interest income	1,235	1,109	1,068	1,017	948	963	1,019	4,429
Net fee and commission income	369	357	352	393	385	378	363	1,471
Net financial income	72	80	57	84	65	76	58	293
Net other income	5	4	5	5	4	5	3	19
Total operating income	1,681	1,550	1,482	1,499	1,402	1,422	1,443	6,212
Staff costs	-488	-486	-442	-424	-458	-464	-488	-1,840
Other expenses	-487	-548	-490	-526	-490	-546	-506	-2,051
Depreciation, amortisation and impairment of
tangible and intangible assets	-9	-16	-12	-11	-11	-13	-11	-48
Total operating expenses	-984	-1,050	-944	-961	-959	-1,023	-1,005	-3,939
Profit before credit losses	697	500	538	538	443	399	438	2,273
Gains less losses on disposals of tangible and
intangible assets
Net credit losses	-95	-90	-92	-118	-105	-63	-5	-395
Operating profit	602	410	446	420	338	336	433	1,878

Retail Banking

Cards

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Full Year
SEK m	2009	2009	2009	2009	2010	2010	2010	2009
Net interest income	220	250	263	261	253	249	244	994
Net fee and commission income	415	451	429	468	397	438	403	1,763
Net other income	21	11	18	20	15	16	18	70
Total operating income	656	712	710	749	665	703	665	2,827
Staff costs	-187	-187	-181	-148	-196	-192	-195	-703
Other expenses	-157	-168	-151	-146	-152	-182	-154	-622
Depreciation, amortisation and impairment of
tangible and intangible assets	-11	-12	-11	-11	-10	-9	-8	-45
Total operating expenses	-355	-367	-343	-305	-358	-383	-357	-1,370
Profit before credit losses	301	345	367	444	307	320	308	1,457
Gains less losses on disposals of tangible and
intangible assets							-1
Net credit losses	-110	-124	-107	-104	-91	-84	-51	-445
Operating profit	191	221	260	340	216	236	256	1,012

Wealth Management

Total
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Full Year
SEK m	2009	2009	2009	2009	2010	2010	2010	2009
Net interest income	190	159	133	116	111	120	118	598
Net fee and commission income	659	713	730	853	868	939	830	2,955
Net financial income	20	16	17	23	18	24	17	76
Net other income	1	12	1	3		47	7	17
Total operating income	870	900	881	995	997	1,130	972	3,646
Staff costs	-340	-337	-302	-250	-314	-344	-311	-1,229
Other expenses	-286	-292	-272	-310	-302	-339	-320	-1,160
Depreciation, amortisation and impairment of
tangible and intangible assets	-30	-33	-29	-24	-20	-21	-20	-116
Total operating expenses	-656	-662	-603	-584	-636	-704	-651	-2,505
Profit before credit losses	214	238	278	411	361	426	321	1,141
Gains less losses on disposals of tangible and
intangible assets		29	1	-1				29
Net credit losses	-8	-12		-8	-1	-2	-1	-28
Operating profit	206	255	279	402	360	424	320	1,142

Wealth Management

Institutional Clients

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Full Year
SEK m	2009	2009	2009	2009	2010	2010	2010	2009
Net interest income	23	11	13	13	8	13	12	60
Net fee and commission income	507	529	542	621	641	704	624	2,199
Net financial income	1	2	4	8	3	6	8	15
Net other income		4	2	3	-1	1	8	9
Total operating income	531	546	561	645	651	724	652	2,283
Staff costs	-228	-217	-178	-153	-225	-229	-199	-776
Other expenses	-173	-186	-184	-201	-207	-227	-217	-744
Depreciation, amortisation and impairment of
tangible and intangible assets	-23	-26	-23	-20	-14	-15	-15	-92
Total operating expenses	-424	-429	-385	-374	-446	-471	-431	-1,612
Profit before credit losses	107	117	176	271	205	253	221	671
Gains less losses on disposals of tangible and
intangible assets		34		-1				33
Net credit losses
Operating profit	107	151	176	270	205	253	221	704

Wealth Management

Private Banking

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Full Year
SEK m	2009	2009	2009	2009	2010	2010	2010	2009
Net interest income	167	148	121	103	102	108	106	539
Net fee and commission income	151	184	193	228	228	232	203	756
Net financial income	19	15	12	15	15	18	9	61
Net other income	1	7		2	2	46		10
Total operating income	338	354	326	348	347	404	318	1,366
Staff costs	-111	-121	-124	-96	-89	-115	-112	-452
Other expenses	-113	-106	-93	-106	-96	-110	-100	-418
Depreciation, amortisation and impairment of
tangible and intangible assets	-7	-6	-6	-6	-6	-6	-6	-25
Total operating expenses	-231	-233	-223	-208	-191	-231	-218	-895
Profit before credit losses	107	121	103	140	156	173	100	471
Gains less losses on disposals of tangible and
intangible assets		-5						-5
Net credit losses	-8	-12		-8	-1	-2	-1	-28
Operating profit	99	104	103	132	155	171	99	438

Life

Total

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Full Year
SEK m	2009	2009	2009	2009	2010	2010	2010	2009
Net interest income	-10	-5	-2	-1	-2	-2	-2	-18
Net life insurance income	1,043	1,148	1,107	1,145	1,186	1,115	1,143	4,443
Net other income
Total operating income	1,033	1,143	1,105	1,144	1,184	1,113	1,141	4,425
Staff costs	-274	-299	-271	-263	-282	-287	-276	-1,107
Other expenses	-126	-146	-120	-144	-131	-135	-133	-536
Depreciation, amortisation and impairment of
tangible and intangible assets	-165	-177	-158	-167	-173	-172	-169	-667
Total operating expenses	-565	-622	-549	-574	-586	-594	-578	-2,310
Profit before credit losses	468	521	556	570	598	519	563	2,115
Gains less losses on disposals of tangible and intangible assets Net credit losses
Operating profit *	468	521	556	570	598	519	563	2,115
Change in surplus values	111	395	224	170	229	191	400	900
Business result	579	916	780	740	827	710	963	3,015

* Consolidated in the Group accounts

Baltic

Total

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Full Year
SEK m	2009	2009	2009	2009	2010	2010	2010	2009
Net interest income	778	751	628	522	490	456	442	2,679
Net fee and commission income	238	248	227	221	209	226	229	934
Net financial income	37	23	35	31	26	36	8	126
Net other income	12	-8	-6	57	4	2	21	55
Total operating income	1,065	1,014	884	831	729	720	700	3,794
Staff costs	-220	-197	-176	-137	-179	-161	-155	-730
Other expenses	-336	-345	-307	-464	-304	-285	-286	-1,452
Depreciation, amortisation and impairment of
tangible and intangible assets	-25	-2,328	-15	-21	-20	-19	-18	-2,389
Total operating expenses	-581	-2,870	-498	-622	-503	-465	-459	-4,571
Profit before credit losses	484	-1,856	386	209	226	255	241	-777
Gains less losses on disposals of tangible and
intangible assets	2	-6	3	-16		-1		-17
Net credit losses	-1,702	-2,641	-2,642	-2,584	-1,431	-451	273	-9,569
Operating profit	-1,216	-4,503	-2,253	-2,391	-1,205	-197	514	-10,363

Baltic

Baltic Estonia

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Full Year
SEK m	2009	2009	2009	2009	2010	2010	2010	2009
Net interest income	252	238	226	200	154	140	136	916
Net fee and commission income	78	83	79	75	72	73	70	315
Net financial income	9	-4	7	18	9	10	-4	30
Net other income	6	-12	-6	45	3	3	2	33
Total operating income	345	305	306	338	238	226	204	1,294
Staff costs	-61	-57	-56	-35	-64	-51	-50	-209
Other expenses	-100	-90	-92	-210	-108	-87	-86	-492
Depreciation, amortisation and impairment of
tangible and intangible assets	-5	-679	-2	-7	-4	-4	-3	-693
Total operating expenses	-166	-826	-150	-252	-176	-142	-139	-1,394
Profit before credit losses	179	-521	156	86	62	84	65	-100
Gains less losses on disposals of tangible and
intangible assets
Net credit losses	-232	-454	-212	-297	-151	-108	10	-1,195
Operating profit	-53	-975	-56	-211	-89	-24	75	-1,295

Baltic

Baltic Latvia

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Full Year
SEK m	2009	2009	2009	2009	2010	2010	2010	2009
Net interest income	242	256	212	140	151	148	138	850
Net fee and commission income	56	53	55	48	46	47	48	212
Net financial income	11	11	8	2	6	6	8	32
Net other income	-1	-2	-5	6	2	1	1	-2
Total operating income	308	318	270	196	205	202	195	1,092
Staff costs	-62	-56	-49	-44	-48	-47	-46	-211
Other expenses	-109	-102	-93	-101	-80	-68	-69	-405
Depreciation, amortisation and impairment of
tangible and intangible assets	-10	-415	-8	-9	-8	-7	-8	-442
Total operating expenses	-181	-573	-150	-154	-136	-122	-123	-1,058
Profit before credit losses	127	-255	120	42	69	80	72	34
Gains less losses on disposals of tangible and
intangible assets				-1		-1		-1
Net credit losses	-684	-917	-941	-586	-574	-170	109	-3,128
Operating profit	-557	-1,172	-821	-545	-505	-91	181	-3,095

Baltic

Baltic Lithuania

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Full Year
SEK m	2009	2009	2009	2009	2010	2010	2010	2009
Net interest income	283	257	190	184	185	169	167	914
Net fee and commission income	104	112	93	97	91	105	112	406
Net financial income	17	16	19	12	11	20	4	64
Net other income	7	6	6	5	-1	-3	19	24
Total operating income	411	391	308	298	286	291	302	1,408
Staff costs	-97	-84	-70	-60	-67	-63	-59	-311
Other expenses	-126	-153	-123	-152	-116	-129	-132	-554
Depreciation, amortisation and impairment of
tangible and intangible assets	-10	-1,234	-4	-6	-8	-8	-7	-1,254
Total operating expenses	-233	-1,471	-197	-218	-191	-200	-198	-2,119
Profit before credit losses	178	-1,080	111	80	95	91	104	-711
Gains less losses on disposals of tangible and
intangible assets	2	-5	3	-16				-16
Net credit losses	-786	-1,270	-1,489	-1,701	-706	-173	154	-5,246
Operating profit	-606	-2,355	-1,375	-1,637	-611	-82	258	-5,973

Other and eliminations

Total
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Full Year
SEK m	2009	2009	2009	2009	2010	2010	2010	2009
Net interest income	155	82	-295	-561	-272	12	347	-619
Net fee and commission income	85	100	190	120	245	259	264	495
Net financial income	-182	-145	-145	89	-176	-479	-109	-383
Net life insurance income	-181	-202	-250	-213	-307	-337	-325	-846
Net other income	168	1,573	-217	453	107	-24	-113	1,977
Total operating income	45	1,408	-717	-112	-403	-569	64	624
Staff costs	-1,319	-1,187	-1,135	-1,008	-1,016	-1,059	-1,092	-4,649
Other expenses	945	968	817	480	629	711	674	3,210
Depreciation, amortisation and impairment of
tangible and intangible assets	-743	-226	-115	-168	-148	-144	-136	-1,252
Restructuring costs							-755
Total operating expenses	-1,117	-445	-433	-696	-535	-492	-1,309	-2,691
Profit before credit losses	-1,072	963	-1,150	-808	-938	-1,061	-1,245	-2,067
Gains less losses on disposals of tangible and
intangible assets			-1	-6	-4	-2	2	-7
Net credit losses	-127	-205	-259	-197	-81	-70	3	-788
Operating profit	-1,199	758	-1,410	-1,011	-1,023	-1,133	-1,240	-2,862

By geography and quarter

Sweden
	Q 1	Q 2	Q 3	Q4	Q1	Q 2	Q 3	Full year
SEK m	2009	2009	2009	2009	2010	2010	2010	2009
Total operating income	5 674	7 539	4 992	4 891	4 823	5 191	4 933	23 096
Total operating expenses	-4 412	-4 839	-3 015	-2 935	-3 484	-3 734	-3 409	-15 201
Profit before credit losses	1 262	2 700	1 977	1 956	1 339	1 457	1 524	7 895
Gains less losses on disposals of tangible and
intangible assets
Net credit losses	- 285	- 451	- 139	- 260	- 192	- 13	3	-1 135
Operating profit	977	2 249	1 838	1 696	1 147	1 444	1 527	6 760

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.

Norway
	Q 1	Q 2	Q 3	Q4	Q1	Q 2	Q 3	Full year
SEK m	2009	2009	2009	2009	2010	2010	2010	2009
Total operating income	937	966	896	850	726	721	649	3 649
Total operating expenses	- 306	- 372	- 393	- 236	- 335	- 305	- 301	-1 307
Profit before credit losses	631	594	503	614	391	416	348	2 342
Gains less losses on disposals of tangible and
intangible assets
Net credit losses	- 72	- 73	- 44	- 28	- 51	- 37	- 24	- 217
Operating profit	559	521	459	586	340	379	324	2 125
Denmark
	Q 1	Q 2	Q 3	Q4	Q1	Q 2	Q 3	Full year
SEK m	2009	2009	2009	2009	2010	2010	2010	2009
Total operating income	801	798	752	785	724	842	731	3 136
Total operating expenses	- 399	- 453	- 368	- 323	- 380	- 422	- 364	-1 543
Profit before credit losses	402	345	384	462	344	420	367	1 593
Gains less losses on disposals of tangible and
intangible assets
Net credit losses	- 45	- 36	- 30	- 70	- 26	- 22	- 31	- 181
Operating profit	357	309	354	392	318	398	336	1 412
Finland
	Q 1	Q 2	Q 3	Q4	Q1	Q 2	Q 3	Full year
SEK m	2009	2009	2009	2009	2010	2010	2010	2009
Total operating income	372	201	246	374	254	350	319	1 193
Total operating expenses	- 99	- 159	- 120	- 196	- 101	- 158	- 150	- 574
Profit before credit losses	273	42	126	178	153	192	169	619
Gains less losses on disposals of tangible and
intangible assets							- 1
Net credit losses	- 12	- 5	- 8	- 2	- 3	- 10		- 27
Operating profit	261	37	118	176	150	182	168	592
Germany*
	Q 1	Q 2	Q 3	Q4	Q1	Q 2	Q 3	Full year
SEK m	2009	2009	2009	2009	2010	2010	2010	2009
Total operating income	793	899	692	735	669	787	742	3 119
Total operating expenses	- 520	- 486	- 493	- 563	- 475	- 486	-1 236	-2 062
Profit before credit losses	273	413	199	172	194	301	- 494	1 057
Gains less losses on disposals of tangible and
intangible assets			- 1	- 3			- 2	- 4
Net credit losses	- 36	- 87	- 93	- 90	- 41	- 35	- 24	- 306
Operating profit	237	326	105	79	153	266	- 520	747

* Restructuring costs of SEK 755 m included in Q3 create a ± 0 operating profit before credit losses

Estonia

	Q 1	Q 2	Q 3	Q4	Q1	Q 2	Q 3	Full year
SEK m	2009	2009	2009	2009	2010	2010	2010	2009
Total operating income	370	319	343	388	315	299	283	1,420
Total operating expenses	-202	-439	-167	-267	-197	-157	-153	-1,075
Profit before credit losses	168	-120	176	121	118	142	130	345
Gains less losses on disposals of tangible and
intangible assets		-1	1
Net credit losses	-232	-454	-212	-297	-151	-108	10	-1,195
Operating profit	-64	-575	-35	-176	-33	34	140	-850

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

Latvia

	Q 1	Q 2	Q 3	Q4	Q1	Q 2	Q 3	Full year
SEK m	2009	2009	2009	2009	2010	2010	2010	2009
Total operating income	467	453	436	313	297	236	260	1,669
Total operating expenses	-209	-208	-168	-180	-141	-137	-140	-765
Profit before credit losses	258	245	268	133	156	99	120	904
Gains less losses on disposals of tangible and intangible assets		-1				-1		-1
Net credit losses	-684	-917	-941	-586	-574	-170	109	-3,128
Operating profit	-426	-673	-673	-453	-418	-72	229	-2,225
Lithuania
	Q 1	Q 2	Q 3	Q4	Q1	Q 2	Q 3	Full year
	2009	2009	2009	2009	2010	2010	2010	2009

SEK m	2009	2009	2009	2009	2010	2010	2010	2009
Total operating income	545	430	393	313	322	357	351	1,681
Total operating expenses	-265	-839	-225	-292	-211	-224	-223	-1,621
Profit before credit losses	280	-409	168	21	111	133	128	60
Gains less losses on disposals of tangible and
intangible assets	2	-5	2	-16				-17
Net credit losses	-786	-1,270	-1,489	-1,705	-706	-173	154	-5,250
Operating profit	-504	-1,684	-1,319	-1,700	-595	-40	282	-5,207

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

Other countries and eliminations

	Q 1	Q 2	Q 3	Q4	Q1	Q 2	Q 3	Full year
SEK m	2009	2009	2009	2009	2010	2010	2010	2009
Total operating income	783	911	347	570	605	441	614	2,612
Total operating expenses	19	-442	-243	-384	-307	-284	-255	-1,050
Profit before credit losses	802	469	104	186	298	157	359	1,562
Gains less losses on disposals of tangible and
intangible assets		30	1	-5	-4	-2	3	26
Net credit losses	-169	-146	-250	-26	-69	-71	-1	-591
Operating profit	633	353	-145	155	225	84	361	997

SEB Group Total

	Q 1	Q 2	Q 3	Q4	Q1	Q 2	Q 3	Full year
SEK m	2009	2009	2009	2009	2010	2010	2010	2009
Total operating income	10,742	12,516	9,097	9,219	8,735	9,224	8,882	41,575
Total operating expenses	-6,393	-8,237	-5,192	-5,376	-5,631	-5,907	-6,231	-25,198
Profit before credit losses	4,349	4,279	3,905	3,843	3,104	3,317	2,651	16,377
Gains less losses on disposals of tangible and
intangible assets	2	23	3	-24	-4	-3		4
Net credit losses	-2,321	-3,439	-3,206	-3,064	-1,813	-639	196	-12,030
Operating profit	2,030	863	702	755	1,287	2,675	2,847	4,351

Net interest income

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Full Year
SEK m	2009	2009	2009	2009	2010	2010	2010	2009
Interest income	19,550	16,057	13,867	12,496	12,007	12,037	12,444	61,970
Interest expense	-14,062	-11,028	-9,670	-9,164	-8,465	-8,275	-8,264	-43,924
Net interest income	5,488	5,029	4,197	3,332	3,542	3,762	4,180	18,046

Net interest income analysis

SEB Group, SEK m

Net interest and Net fee and commission income

SEB Group, SEK m

Net fee and commission income

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Full Year
SEK m	2009	2009	2009	2009	2010	2010	2010	2009
Issue of securities	35	168	99	199	45	124	20	501
Secondary market	491	639	525	519	426	419	374	2,174
Custody and mutual funds	1,289	1,380	1,427	1,560	1,667	1,805	1,675	5,656
Securities commissions	1,815	2,187	2,051	2,278	2,138	2,348	2,069	8,331
Payments	403	407	408	415	394	408	387	1,633
Card fees	1,027	1,074	1,034	1,068	989	1,038	1,021	4,203
Payment commissions	1,430	1,481	1,442	1,483	1,383	1,446	1,408	5,836
Advisory	118	160	157	215	64	96	185	650
Lending	335	351	356	351	336	448	440	1,393
Deposits	28	27	27	26	26	26	25	108
Guarantees	95	99	114	105	112	108	103	413
Derivatives	159	153	130	114	134	157	110	556
Other	170	176	161	201	148	207	179	708
Other commissions	905	966	945	1,012	820	1,042	1,042	3,828
Total commission income	4,150	4,634	4,438	4,773	4,341	4,836	4,519	17,995
Securities commissions	-226	-183	-241	-194	-290	-297	-288	-844
Payment commissions	-630	-594	-588	-601	-587	-609	-599	-2,413
Other commissions	-350	-366	-346	-391	-270	-257	-245	-1,453
Commission expense	-1,206	-1,143	-1,175	-1,186	-1,147	-1,163	-1,132	-4,710
Securities commissions	1,589	2,004	1,810	2,084	1,848	2,051	1,781	7,487
Payment commissions	800	887	854	882	796	837	809	3,423
Other commissions	555	600	599	621	550	785	797	2,375
Net fee and commission income	2,944	3,491	3,263	3,587	3,194	3,673	3,387	13,285

Net financial income

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Full Year
SEK m	2009	2009	2009	2009	2010	2010	2010	2009
Equity instruments and related derivatives	95	-166	-40	47	138	334	188	-64
Debt instruments and related derivatives	58	568	-33	210	327	205	17	803
Currency related	1,041	1,127	1,059	684	495	506	500	3,911
Other financial instruments	3	-2	-12	7	2	-14	20	-4
Impairments	-64	-56	-29	-9	-12	-54	2	-158
Net financial income	1,133	1,471	945	939	950	977	727	4,488

Fee and commission income

Gross quarterly development Q1 2006 – Q3 2010 SEB Group, SEK m

* Q2 2006 adjusted for gross commission on security lending, SEK 200m Retail Germany restated from Q1 2008

Expenses

Staff costs - SEB Group

	Q3	Q2		Q3		Jan - Sep			Full year
SEK m	2010	2010	%	2009	%	2010	2009	%	2009
Salaries etc	-3,036	-3,235	-6	-2,894	5	-9,337	-9,574	-2	-11,818
Redundancies	-22	-53	-58	-10	120	-107	-176	-39	-308
Pensions	-293	-271	8	-326	-10	-861	-1,062	-19	-1,372
Other staff costs	-41	-57	-28	-52	-21	-141	-189	-25	-288
Staff costs*	-6,428	-6,851	-6	-6,176	4	-19,783	-20,575	-4	-25,604

*all items include social charges

Other expenses - SEB Group

	Q3	Q2		Q3			Jan - Sep		Full year
SEK m	2010	2010	%	2009	%	2010	2009	%	2009
Costs for premises	-414	-403	3	-408	1	-1,236	-1,242	0	-1,684
Data costs	-741	-865	-14	-640	16	-2,307	-1,994	16	-2,771
Travel and entertainment	-98	-128	-23	-83	18	-318	-281	13	-429
Consultants	-274	-310	-12	-195	41	-790	-576	37	-939
Marketing	-118	-139	-15	-127	-7	-351	-364	-4	-517
Information services	-109	-106	3	-100	9	-321	-309	4	-413
Other operating costs	75	76	-1	18	0	-15	154	-110	13
Other expenses	-1,679	-1,875	-10	-1,535	9	-5,338	-4,612	16	-6,740

Balance sheet structure & funding

A strong balance sheet structure, September 2010 Funding structure

SEK bn SEB Group, SEK 1,446bn, Sep 2010

Long-term funding Maturity profile, 30 Sep 2010 Funding raised with original maturity > 1 year, SEK bn

			Q1	Q2	Q3
Instrument	2008	2009	2010	2010	2010
Yankee CD	5.9	3.05	0.0	1.2	1.4
Senior unsecured SEB AG	2	5.2	0.2	0.0	0.0
Senior unsecured SEB AB	37.4	60.4	3.7	0.0	6.9
Structured bonds	13.4	8.3	1.1	1.8	0.3
Covered bonds SEB AG	29.7	24.4	2.1	0.7	1.3
Covered bonds SEB AB	72.9	25.7	0.0	22.9	16.6
Hybrid tier 1	4.7	3.3	0.0	0.0	0.0
Total	166.0	130.4	7.0	26.6	26.4

Net liquidity position

Note this is a cash flow based model where assets and liabilities are mapped to contractual maturities. SEB will manage more than 18 months without any new funding if the loans and liabilities mature without prolongation. Not ongoing business if funding is disturbed or lending increases.

Loans and deposits

NB: Increased due to volatile repo volumes

*excluding re-classified bonds

Total loans and deposits

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
SEK bn	2007	2007	2007	2007	2008	2008	2008	2008	2009	2009	2009	2009	2010	2010	2010
Loans to the public	1,017	1,048	1,021	1,067	1,099	1,132	1,227	1,297	1,317	1,305	1,207	1,188	1,204	1,226	1,089
Less repos	140	152	121	130	138	112	100	60	74	96	68	62	103	133	89
Less reclassified bonds							22	64	69	66	58	54	48	46	41
Loans adjusted for repos and reclassified bonds	877	896	900	937	960	1,021	1,105	1,171	1,173	1,142	1,081	1,072	1,053	1,047	958
Deposits and borrow from the public Less repos	670 46	715 46	707 42	750 39	765 51	758 31	794 47	841 36	836 13	823 26	753 22	801 30	740 21	759 22	717 24
Deposits adjusted for repos	623	669	665	712	714	727	747	805	822	797	731	771	719	737	693
Loans to deposits ratio	152%	147%	145%	142%	144%	149%	152%	147%	149%	150%	153%	141%	156%	155%	146%
Loan to deposits ratio
adjusted excl reclassified bonds and repos	141%	134%	135%	132%	135%	140%	148%	146%	143%	143%	148%	139%	146%	142%	138%
Loans adjusted for reclassified bonds	1,017	1,048	1,021	1,067	1,099	1,132	1,205	1,232	1,248	1,238	1,149	1,133	1,156	1,180	1,048

SEB AB Covered bonds

Characteristics of the Cover Pool September 2010
Loans originated by	Skandinaviska Enskilda Banken AB (publ)
Pool type / Pool notional	Dynamic / SEK 287bn
Type of loans	100% residential Swedish mortgages Single family Tenant owned apartments Multi family	63% 24% 13%
Geographic loan distribution	A concentration to urban areas 70% in the three largest cities
Substitute assets	No substitute assets are included
Number of loans / Number of borrowers	502 T / 331 T
WA loan balance	SEK 572 T
WA LTV	45%
LTV distribution	0 <=40% >40<=50% >50<=60% >60<=70% >70<=75%	46% 13% 12% 11% 18%
Interest rate type	Floating rate Fixed reset <2yrs Fixed rate reset 2yrs <5yrs Fixed rate reset => 5yrs	74% 15% 9% 2%
Payment frequency	Monthly Quarterly	84% 16%
Prior ranks	No prior ranks Prior ranks of value <25% of value >25%<50% of value	95% 4% 1%
Non-performing loans		0.0075%
Net credit losses		0.0061%
Foreclosure		0.017%
Characteristics of the Covered Bonds
Rating	Aaa by Moody's

Notional amount outstanding	SEK 178bn
Overcollateralization	61%
Currencies	70% SEK 30% non-SEK

Capital adequacy and RWA

Capital adequacy, SEB Group

SEK bn

Target: A Tier 1 capital ratio of 10% over the business cycle

Capital base of the SEB financial group of undertakings

	30 Sep	31 Dec
SEK m	2010	2009
Total equity in the capital adequacy	93,164	94,859
Core Tier 1 capital	86,164	85,381
Tier 1 capital	100,896	101,604
Tier 2 capital	11,779	16,885
Capital base	101,523	107,345

Capital requirements for the SEB financial group of undertakings

	30 Sep	31 Dec
SEK m	2010	2009
Credit risk, IRB reported capital requirements
Total for credit risk, IRB approach	42,551	43,465
Further capital requirements
Total	56,911	58,439
Adjustment for flooring rules
Total reported	63,799	63,614

Specified information on the Capital base and requirements can be found in the report

RWA development

	Q1 2009	Q2 2009	Q3 2009	Q4 2009	Q1 2010	Q2 2010	Q3 2010
Start	818	831	790	747	730	723	714
Migration	18	8	5	4	3	1	1
FX effects (credit risk)	10	-10	-29	5	-16	0	-24
Market risk and operational risk	-1	5	3	1	13	-11	8
Other	-14	-44	-22	-27	-7	1	12
End	831	790	747	730	723	714	711

Volumes

Balance sheet

	30 Sep	31 Dec	30 Sep
SEK m	2010	2009	2009
Cash and cash balances with central banks	34,384	36,589	25,158
Loans to credit institutions	225,236	331,460	231,697
Loans to the public	1,088,736	1,187,837	1,206,833
Financial assets at fair value *	666,731	581,641	604,624
Available-for-sale financial assets *	66,937	87,948	88,138
Held-to-maturity investments *	1,461	1,332	1,793
Assets held for sale	79,280	596	192
Investments in associates	1,020	995	1,122
Tangible and intangible assets	26,998	27,770	27,432
Other assets	62,996	52,059	46,410
Total assets	2,253,779	2,308,227	2,233,399
Deposits from credit institutions	238,293	397,433	342,518
Deposits and borrowing from the public	717,005	801,088	752,966
Liabilities to policyholders	256,953	249,009	237,665
Debt securities	536,882	456,043	480,564
Financial liabilities at fair value	238,741	191,440	201,069
Liabilities held for sale	50,680	165	177
Other liabilities	86,732	74,984	76,678
Provisions	1,478	2,033	1,791
Subordinated liabilities	29,910	36,363	40,993
Total equity	97,105	99,669	98,978
Total liabilities and equity	2,253,779	2,308,227	2,233,399
* Of which bonds and other interest bearing securities including derivatives.	485,206	457,209	496,467

Assets under management

SEK bn

	2008	2009	Jan –Sep 2010
Assets under management, start of period	1,370	1,201	1,356
Inflow	295	256.3	206.5
Outflow	-261	-209.2	-163.6
Net inflow of which:	34	47.1	42.9
Sweden		25.4	21.3
Other Nordic		5.6	7.9
Germany		4.9	8.7
Baltic countries and Poland		2.8	1.0
Other and Eliminations		8.4	4.0
Acquisition/disposal net	17	-1.5
Change in value	-220	108.6	-56.0
Assets under management, end of period	1,201	1,356	1,343
Of which, not eliminated:
Retail Banking	74	86	87
Wealth Management	1,142	1,275	1,271
Life	346	449	455

Lending to the public*

	Q1 2008	Q2 2008	Q3** 2008	Q4** 2008	Q1** 2009	Q2** 2009	Q3** 2009	Q4** 2009	Q1** 2010	Q2** 2010	Q3** 2010
Merchant Banking	526	531	606	645	662	627	565	547	557	543	530
Retail Banking	381	402	411	421	421	433	436	446	450	458	385
RB Sweden	286	303	307	309	313	323	331	342	352	360	369
RB Germany	81	82	87	95	91	93	88	87	82	81 -
RB Cards	14	17	17	17	17	17	17	17	16	17	16
Wealth Management	31	29	28	28	29	30	28	27	29	29	29
Life	-	-	-	-	-	-	-	-	-	-	-
Baltic	137	143	150	165	161	152	137	131	119	113	106
Baltic Estonia	42	43	44	48	47	45	42	41	37	36	33
Baltic Latvia	35	36	37	41	40	38	33	32	29	27	26
Baltic Lithuania	60	64	69	76	74	69	62	58	53	50	57
Other/Elim	24	27	31	38	44	63	41	37	49	83	39
SEB Group	1,099	1,132	1,226	1,297	1,317	1,305	1,207	1,188	1,204	1,226	1,089

* After credit loss reserves

** Including re-classified bonds

Deposits from the public

	Q1 2008	Q2 2008	Q3 2008	Q4 2008	Q1 2009	Q2 2009	Q3 2009	Q4 2009	Q1 2010	Q2 2010	Q3 2010
Merchant Banking	409	392	426	433	411	407	342	377	360	355	372
Retail Banking	192	196	200	211	207	210	203	206	199	205	166
RB Sweden	145	149	151	153	151	155	154	158	154	161	166
RB Germany	47	47	49	58	56	55	49	48	45	44 -
RB Cards -	-	-	-	-	-	-	-	-	-	-
Wealth Management	54	56	52	48	53	54	51	47	50	55	50
Life	-	-	-	-	-	-	-	-	-	-	-
Baltic	65	68	69	76	73	68	65	64	60	59	56
Baltic Estonia	20	22	22	25	24	23	21	21	20	20	19
Baltic Latvia	17	18	17	19	18	16	14	14	14	14	13
Baltic Lithuania	28	28	30	32	31	29	30	29	26	25	24
Other/Elim	45	46	47	73	92	84	92	107	71	85	73
SEB Group	765	758	794	841	836	823	753	801	740	759	717

Credit portfolio, loan portfolio impaired loans by industry and geography

Credit portfolio by industry and geography*

SEB Group, 30 September 2010
SEK m		Sweden Denmark	Norway	Finland	Estonia	Latvia	Lithuania	Germany	Other	Total
Banks	109,683	27,921	9,658	1,502	263	243	559	47,589	20,520	217,938
Finance and insurance	48,831	954	3,989	578	200	911	55	16,708	2,057	74,283
Wholesale and retail	32,800	925	776	208	2,219	3,811	7,797	12,233	2,250	63,019
Transportation	26,281	306	1,302	157	961	1,802	3,116	7,242	525	41,692
Shipping	30,727	160	897	122	638	210	264	204	4,090	37,312
Business and household services	78,329	897	3,834	439	2,206	1,566	2,245	18,770	1,347	109,633
Construction	10,778	221	586	244	1,049	1,456	1,376	3,820	460	19,990
Manufacturing	133,945	1,463	3,637	5,101	3,722	1,962	6,620	29,259	7,495	193,204
Agriculture, forestry and fishing	3,688	172	10	37	942	1,718	639	170	15	7,391
Mining and quarrying	10,894		3,245	291	31	115	133	464	46	15,219
Electricity, gas and water supply	26,860	169	715	3,648	2,081	1,104	1,860	8,636	113	45,186
Other	22,904	4,996	2,877	890	275	296	474	3,338	3,824	39,874
Corporates	426,037	10,263	21,868	11,715	14,324	14,951	24,579	100,844	22,222	646,803
Commercial	69,793	171	1,936	505	6,059	3,548	11,404	47,453	682	141,551
Multi-family	75,272	1	165			2,200	19	24,824		102,481
Property Management	145,065	172	2,101	505	6,059	5,748	11,423	72,277	682	244,032
Public Administration	16,281	73	219	854	1,894	139	1,993	59,660	74	81,187
Household mortgage	287,985		3,073		14,769	8,996	19,642	63,345	2,303	400,113
Other	40,270	5,546	27,408	1,315	2,999	3,024	1,989	22,360	3,635	108,546
Households	328,255	5,546	30,481	1,315	17,768	12,020	21,631	85,705	5,938	508,659
Credit portfolio	1,025,321	43,975	64,327	15,891	40,308	33,101	60,185	366,075	49,436	1,698,619

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

SEB Group, 31 December 2009
SEK m		Sweden Denmark	Norway	Finland	Estonia	Latvia	Lithuania	Germany	Other	Total
Banks	178,418	24,663	8,873	1,596	169	685	411	78,964	15,931	309,710
Finance and insurance	44,884	554	2,381	616	258	633	334	19,396	4,581	73,637
Wholesale and retail	31,563	1,668	1,741	215	3,135	4,975	9,482	13,962	4,532	71,273
Transportation	28,478	406	1,046	167	1,319	2,118	4,384	7,716	432	46,066
Shipping	29,178	302	1,515	135	923	236	292	37	4,515	37,133
Business and household services	82,473	650	3,407	196	2,498	1,820	2,973	17,560	1,044	112,621
Construction	9,473	79	411	427	1,392	1,814	1,970	4,381	238	20,185
Manufacturing	129,165	1,764	3,730	5,151	4,126	2,624	8,583	26,572	6,593	188,308
Agriculture, forestry and fishing	3,496	206	48		1,102	2,042	655	143	18	7,710
Mining and quarrying	12,696		2,323	346	93	123	112	387	12	16,092
Electricity, gas and water supply	28,878	207	1,112	4,950	2,947	1,064	2,467	7,722	119	49,466
Other	16,252	3,135	4,096	126	367	367	584	3,787	4,595	33,309
Corporates	416,536	8,971	21,810	12,329	18,160	17,816	31,836	101,663	26,679	655,800
Commercial	63,189	142	5,480	545	7,213	4,460	13,634	54,132	682	149,477
Multi-family	65,020	1	8			2,570	30	29,636	9	97,274
Property Management	128,209	143	5,488	545	7,213	7,030	13,664	83,768	691	246,751
Public Administration	23,254	105	272	660	2,238	287	2,445	65,378	64	94,703
Household mortgage	266,060		3,528		16,821	10,448	22,784	72,472	2,189	394,302
Other	40,198	5,951	29,771	1,541	3,652	3,586	2,517	24,973	2,974	115,163
Households	306,258	5,951	33,299	1,541	20,473	14,034	25,301	97,445	5,163	509,465
Credit portfolio	1,052,675	39,833	69,742	16,671	48,253	39,852	73,657	427,218	48,528	1,816,429

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

Credit portfolio – households Credit portfolio – corporates

Geography based on SEB's operations

* Incl. other

Credit portfolio by industry and geography*

SEB Group, 30 September 2010
SEK m		Sweden Denmark	Norway	Finland	Estonia		Latvia Lithuania	Germany	Other	Total
Banks	106,774	28,169	10,841	2,614	263	243	559	47,589	20,886	217,938
Corporates	331,007	19,922	52,824	40,655	14,324	14,951	24,579	101,457	47,084	646,803
Property Management	129,217	672	9,455	7,893	6,059	5,748	11,423	72,277	1,286	244,030
Public Administration	16,006	73	494	855	1,894	139	1,993	59,660	74	81,188
Households	328,255	5,546	30,481	1,315	17,768	12,020	21,631	85,705	5,939	508,660
Credit portfolio	911,259	54,382	104,095	53,332	40,308	33,101	60,185	366,688	75,269	1,698,619

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

SEB Group, 31 December 2009
SEK m		Sweden Denmark	Norway	Finland	Estonia		Latvia Lithuania	Germany	Other	Total
Banks	174,521	25,286	10,424	3,319	169	685	411	78,964	15,931	309,710
Corporates	312,740	19,389	58,473	44,646	18,159	17,817	31,836	103,411	49,329	655,800
Property Management	113,670	143	12,567	7,898	7,213	7,030	13,664	83,768	798	246,751
Public Administration	23,254	105	272	660	2,238	287	2,445	65,378	64	94,703
Households	306,258	5,951	33,299	1,541	20,472	14,034	25,301	97,445	5,164	509,465
Credit portfolio	930,443	50,874	115,035	58,064	48,251	39,853	73,657	428,966	71,286	1,816,429

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

Loan portfolio by industry and geography

SEB Group, 30 September 2010
SEK m		Sweden Denmark	Norway	Finland	Estonia		Latvia Lithuania	Germany	Other	Total
Banks	39,886	21,331	1,359	458	255	192	463	31,689	15,132	110,765
Finance and insurance	18,870	538	1,581	124	47	242	20	10,213	1,895	33,530
Wholesale and retail	16,816	313	315	103	1,679	3,317	6,102	5,445	1,434	35,524
Transportation	20,395	81	686	3	829	1,653	2,729	2,936	470	29,782
Shipping	20,590	62	127	122	335	207	263	135	3,447	25,288
Business and household services	46,369	475	2,197	299	1,938	1,278	1,610	10,491	997	65,654
Construction	3,996	74	234	71	502	1,109	801	1,556	38	8,381
Manufacturing	52,379	654	859	3,904	2,668	1,690	4,893	7,824	3,094	77,965
Agriculture, forestry and fishing	2,782	31	1	36	839	1,589	606	127	5	6,016
Mining and quarrying	7,041		48	291	28	109	95	6	1	7,619
Electricity, gas and water supply	10,524	14	69	3,620	1,494	881	914	2,639	21	20,176
Other	18,724	855	2,734	834	264	292	453	2,995	3,051	30,202
Corporates	218,486	3,097	8,851	9,407	10,623	12,367	18,486	44,367	14,453	340,137
Commercial	59,171	171	866	496	5,950	3,507	11,108	42,373	682	124,324
Multi-family	66,822	1	157			2,074	19	22,424		91,497
Property Management	125,993	172	1,023	496	5,950	5,581	11,127	64,797	682	215,821
Public Administration	6,904	73	166	854	1,602	132	1,484	58,634	74	69,923
Household mortgage	265,637		3,073		14,740	8,996	19,414	59,303	2,303	373,466
Other	22,876	2,717	10,242	724	2,411	2,409	1,522	7,919	2,853	53,673
Households	288,513	2,717	13,315	724	17,151	11,405	20,936	67,222	5,156	427,139
Loan portfolio	679,782	27,390	24,714	11,939	35,581	29,677	52,496	266,709	35,497	1,163,785
Repos, credit institutions										46,768
Repos, general public										89,427
Debt instruments reclassified										108,531
Reserves										-16,279
Retail, SEB AG gross										-78,260
Total lending										1,313,972

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

SEB Group, 31 December 2009

SEK m		Sweden Denmark	Norway	Finland	Estonia		Latvia Lithuania	Germany	Other	Total
Banks	118,428	20,797	1,464	422	163	655	241	60,762	11,409	214,341
Finance and insurance	20,303	249	622	109	53	628	42	12,973	4,043	39,022
Wholesale and retail	17,211	779	483	136	2,556	3,787	7,377	5,508	1,168	39,005
Transportation	22,153	153	621	2	1,171	1,867	3,929	1,393	379	31,668
Shipping	21,545	302	948	135	807	229	287	32	3,338	27,623
Business and household services	47,725	372	1,747	15	2,283	1,651	2,245	13,269	687	69,994
Construction	4,309	73	159	40	718	1,382	1,220	1,999	56	9,956
Manufacturing	52,461	946	1,096	3,819	3,070	2,204	6,931	9,250	2,273	82,050
Agriculture, forestry and fishing	2,613	36	38		1,053	1,924	619	98	9	6,390
Mining and quarrying	7,870		38	346	89	106	102	8	1	8,560
Electricity, gas and water supply	12,099	22	75	4,901	1,758	901	1,236	3,723	44	24,759
Other	12,785	760	3,984	79	355	362	565	3,866	3,713	26,469
Corporates	221,074	3,692	9,811	9,582	13,913	15,041	24,553	52,119	15,711	365,496
Commercial	55,130	142	3,142	535	7,033	4,388	13,131	47,530	681	131,712
Multi-family	57,756	1				2,421	25	26,755	9	86,967
Property Management	112,886	143	3,142	535	7,033	6,809	13,156	74,285	690	218,679
Public Administration	12,184	105	241	660	1,873	258	1,936	63,632	64	80,953
Household mortgage	247,378		3,528		16,803	10,443	22,383	67,264	2,189	369,988
Other	23,809	2,685	11,779	836	2,938	2,901	2,014	8,741	2,957	58,660
Households	271,187	2,685	15,307	836	19,741	13,344	24,397	76,005	5,146	428,648
Loan portfolio	735,759	27,422	29,965	12,035	42,723	36,107	64,283	326,803	33,020	1,308,117
Repos, credit institutions										42,324
Repos, general public										61,594
Debt instruments reclassified										125,339
Reserves										-18,077
Total lending										1,519,297

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

Asset quality

SEB Group

Credit portfolio*

On & off balance, SEK bn

Sep '10 (Jun '10)	Swedish		Nordic**		German		Baltic		Total
Corporates	331	(316)	160	(172)	101	(110)	54	(56)	647	(655)
Property
Management	129	(126)	19	(18)	72	(78)	23	(25)	244	(248)
Households	328	(324)	43	(46)	86	(90)	51	(54)	509	(514)
Public
Administration	16	(16)	1	(2)	60	(64)	4	(4)	81	(86)
Total non-banks	804	(783)	225	(238)	319	(343)	133	(140)	1,481	(1,503) -2%
Banks	107	(103)	63	(43)	48	(64)	1	(1)	218	(212)
Total	911	(886)	287	(281)	367	(407)	134	(141)	1,699	(1,715)
	3%		2%		-10%		-5%		-1%

* Based on SEB's operations

** Including other

Credit portfolio*

On & off balance, SEK bn

SEB Group	Dec '06	Dec '07	Dec '08	Dec '09	Mar '10	Jun '10	Sep '10	%
Corporates	484	571	782	656	646	655	647	38%
Property Management	192	212	262	247	244	248	244	14%
Households	374	434	486	509	507	514	509	30%
Public Administration	97	88	119	95	90	86	81	5%
Total non-banks	1,147	1,305	1,649	1,507	1,487	1,503	1,481	87%
Banks	169	248	286	310	254	212	218	13%
Total	1,316	1,553	1,934	1,816	1,741	1,715	1,699	100%
SEB Group	Dec '06	Dec '07	Dec '08	Dec '09	Mar '10	Jun '10	Sep '10	Q2
Lending **	937	1,112	1,362	1,308	1,235	1,197	1,164	-33
Contingent Liabilities	324	365	442	406	399	412	426	14
Derivative Instruments	55	75	130	102	107	106	109	3
Credit Portfolio	1,316	1,552	1,934	1,816	1,741	1,715	1,699	-16

* Based on SEB's operations

* Before loan loss reserves, excluding repos & debt instruments

Rating of credit portfolio

Sep 2010

0< 0.2 0.2< 0.4 0.4< 1 1< 5 5< 50 50< 100

* Including repos

PD (%)

Development of Non-performing loans

SEK bn

Credit loss level, %

Non-performing loans & reserves

SEB Group, SEK bn

	Dec '08	Mar '09	Jun '09	Sep '09	Dec '09	Mar '10	Jun '10	Sep '10
Individually assessed loans
Impaired loans, gross	11.4	13.0	16.7	18.4	21.3	19.6	19.2	18.1
Specific reserves	5.0	5.6	7.0	8.3	10.5	10.2	10.4	9.5
Collective reserves	2.8	3.7	5.0	4.9	4.4	4.9	4.4	3.8
Off Balance sheet reserves	0.3	0.4	0.3	0.3	0.5	0.5	0.5	0.5
Specific reserve ratio	44%	43%	42%	45%	49%	52%	54%	52%
Total reserve ratio	69%	72%	72%	72%	70%	77%	77%	73%
Portfolio assessed loans
Loans past due > 60 days	3.2	4.6	6.4	6.9	6.9	7.1	7.1	7.0
Restructured loans					0.3	0.5	0.6	0.5
Collective reserves	1.4	1.8	2.4	2.8	3.3	3.5	3.7	3.6
Reserve ratio	44%	41%	37%	40%	45%	46%	48%	48%
Non-performing loans	14.6	17.5	23.1	25.3	28.6	27.2	26.9	25.6
Total reserves	9.5	11.5	14.6	16.4	18.6	19.1	19.0	17.4
NPL coverage ratio	65%	66%	63%	65%	65%	70%	71%	68%
Non-performing loans / Lending	0.9%	1.1%	1.5%	1.7%	1.9%	1.8%	1.8%	1.8%

Seized assets - SEB Group

	31 Dec	31 Mar	30 Jun	30 Sep	31 Dec	31 Mar	30 Jun	30 Sep
SEK m	2008	2009	2009	2009	2009	2010	2010	2010
Properties, vehicles and equipment	106	311	621	428	217	239	241	582
Shares	50	50	63	62	62	59	54	55
Total seized assets	156	361	684	490	279	298	295	637

SEB Group – net credit losses

SEK m

	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
Net credit losses, quarterly	2008	2008	2008	2009	2009	2009	2009	2010	2010	2010
Net write-offs	-131	-127	-155	-178	-328	-570	-738	-275	-248	120
Net specific provisions	-328	-226	-634	-787	-1,269	-1,907	-2,455	-402	-404	-242
Net collective provisions of which:	11	-338	-918	-1,356	-1,842	-729	129	-1,136	13	318
Individually assessed loans	93	-130	-662	-924	-1,293	-199	580	-738	214	407
Portfolio assessed loans	-82	-208	-256	-432	-549	-530	-451	-398	-201	-89
Net credit losses continuing operations	-448	-691	-1,707	-2,321	-3,439	-3,206	-3,064	-1,813	-639	196
Net credit loss level total operations, YTD	0.17	0.27	0.62	0.70	1.05	0.98	0.93	0.50	0.33	0.21

Impaired loans by industry and geography*

(Individually assessed loans)

SEB Group, 30 September 2010
SEK m		Sweden Denmark	Norway	Finland	Estonia		Latvia Lithuania	Germany	Other	Total
Banks	336	4						2		342
Finance and insurance	4		3	4	2			23		36
Wholesale and retail	114				111	275	575	339	1	1,415
Transportation	33		3		23	146	683	7	40	935
Shipping	2						7			9
Business and household services	58	109			64	163	640	109	5	1,148
Construction	53	13	1		108	425	294	99	27	1,020
Manufacturing	123	7	12		395	136	690	310	208	1,882
Agriculture, forestry and fishing	1				12	76	23		20	132
Mining and quarrying						34			25	59
Electricity, gas and water supply					4			3		7
Other	218	20	34			48		65	397	782
Corporates	606	148	52	4	719	1,302	2,912	955	723	7,423
Commercial	171				881	1,395	3,986	1,958		8,391
Multi-family	89					313		375		777
Property Management	260				881	1,708	3,987	2,333		9,169
Public Administration
Household mortgage								415		415
Other		2	131		5	293	72	77	208	788
Households	0	2	131		5	293	72	492	208	1,203
Impaired loans	1,202	154	183	4	1,605	3,304	6,971	3,782	931	18,136
whereof Retail, SEB AG										-760
Impaired loans excl Retail, SEB AG										17,376

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

SEB Group, 31 December 2009
SEK m		Sweden Denmark	Norway	Finland	Estonia		Latvia Lithuania	Germany	Other	Total
Banks	339	2						1		342
Finance and insurance	2		3	5	1			28		39
Wholesale and retail	100				150	212	757	367		1,586
Transportation	43				54	123	1,074	3		1,297
Shipping							8			8
Business and household services	165	124			92	97	699	132		1,309
Construction	31	16			87	390	247	121		892
Manufacturing	176				369	322	808	415	431	2,521
Agriculture, forestry and fishing	30				29	95	42	1		197
Mining and quarrying	1				1	26	4			32
Electricity, gas and water supply					13	43		10		66
Other	189	22	163				1	96	420	891
Corporates	737	162	166	5	796	1,308	3,640	1,173	851	8,838
Commercial	113				1,119	1,743	4,746	2,530	9	10,260
Multi-family	48					369		450		867
Property Management	161				1,119	2,112	4,746	2,980	9	11,127
Public Administration
Household mortgage	12		41					649		702
Other		11	92		9	132	70			314
Households	12	11	133		9	132	70	649		1,016
Impaired loans	1,249	175	299	5	1,924	3,552	8,456	4,803	860	21,323

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

Portfolio assessed loans*

Loans past due > 60 days)

	SEB Group, 30 September 2010

SEK m		Sweden Denmark Norway Finland Estonia				Latvia	Lithuania	Germany	Other	Total
Corporates	24	12	76	5	261	258	227		12	875
Household mortgage	336				627	1,511	1,188	91	114	3,867
Other	593	320	403	77	119	357	187		182	2,238
Households	929	320	403	77	746	1,868	1,375	91	296	6,105
Past due > 60 days	953	332	479	82	1,007	2,126	1,602	91	308	6,980
whereof Retail, SEB AG										-91
Past due > 60 days excl Retail, SEB AG										6,889

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

SEB Group, 31 December 2009

SEK m		Sweden Denmark Norway Finland Estonia				Latvia	Lithuania	Germany	Other	Total
Corporates	30	12	91	4	210	268	268		177	1,060
Household mortgage	320				701	1,527	776	135	363	3,822
Other	528	343	398	96	129	387	174			2,055
Households	848	343	398	96	830	1,914	950	135	363	5,877
Past due > 60 days	878	355	489	100	1,040	2,182	1,218	135	540	6,937

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

Portfolio assessed loans*

(Restructured loans)

SEB Group, 30 September 2010
SEK m	Sweden Denmark Norway Finland Estonia				Latvia Lithuania	Germany	Other	Total
Corporates
Household mortgage			45	166	292			503
Other				2				2
Households			45	168	292			505
Restructured loans			45	168	292			505

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

SEB Group, 31 December 2009
SEK m	Sweden Denmark Norway Finland Estonia				Latvia Lithuania	Germany	Other	Total
Corporates
Household mortgage			19	122	170			311
Other				1				1
Households			19	123	170			312
Restructured loans			19	123	170			312

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

Baltics

Credit portfolio

Total exposure: EUR 14.8 bn (SEK 141 bn)

Baltic lending to the public*

EUR bn

* Excluding reclassified bonds

SEB Baltic – asset quality

SEB Baltic – Net Credit Losses					% of
SEK m	Estonia		Latvia Lithuania Total Q3		Total
Net Write-offs	-5	-6	-24	-35	-13%
Net Specific Provisions	0	9	72	81	30%
Net Collective Provisions	15	106	106	227	83%
of which:
Individually assessed loans	22	235	126	383	140%
Portfolio assessed loans	-7	-129	-20	-156	-57%
Net Credit Losses	10	109	154	273	100%

NPLs & reserves

SEB Baltic, Sep 2010, SEK m

	Estonia	Latvia	Lithuania	SEB Baltic	Dec 2009
Individually assessed loans
Impaired loans, gross	1,605	3,304	6,971	11,880	13,932
Specific reserves	1,006	1,609	3,445	6,060	6,632
Collective reserves	360	835	1,059	2,254	2,467
Off balance sheet reserves	3	27	56	86	50
Specific reserve ratio	63%	49%	49%	51%	48%
Total reserve ratio	85%	74%	65%	70%	65%
Portfolio assessed loans
Loans past due > 60 days, gross	1,007	2,126	1,602	4,735	4,440
Restructured loans	45	168	292	505	312
Collective reserves	566	1,360	763	2,690	2,267
Reserve ratio	54%	59%	40%	51%	48%
Non-performing loans	2,657	5,597	8,865	17,119	18,684
Total reserves	1,935	3,832	5,323	11,090	11,416
NPL coverage ratio	73%	68%	60%	65%	61%

Market risk

The Group's risk taking in trading operations is primarily measured by value at risk, VaR. The Group has chosen a level of 99 per cent probability and a ten-day time-horizon for reporting. In the day-today risk management of trading positions, SEB follows up limits with a one-day time horizon. All risk exposures are well within the Board's decided limits.

first three quarters of 2010, the Group's Value at Risk in the trading operations averaged SEK 292m. The increase compared to 2009 is due to larger positions, primarily in the liquidity portfolio that has been built up during 2010.

The average numbers are not fully comparable due to the change of risk model during later half of 2009.

The table below shows the VaR exposure by risk type. During the

Value at Risk (99 per cent, ten days)
SEKm	Min	Max	30 Sep 2010	Average 2010	Average 2009
Commodities	0	4	0	0	1
Credit spread	52	360	318	236	111
Equity	20	112	35	41	50
FX	12	136	36	43	60
Interest rate	63	257	66	108	152
Volatilities	16	35	24	27	-
Diversification	-	-	-84	-164	-212
Total	133	483	395	292	162

Bond investment portfolio

Structured Credits

• 521 positions, well diversified across products, asset classes and geographical areas
• 47.4% of the portfolio volume is rated Aaa/AAA, 10.7% below investment grade
• During Q3, 18 positions have been downgraded whereof 3 positions from AAA
• During Q3, 3 positions have been upgraded
• Mark-to-Market prices are applied to almost all positions – very small amount of inventory in level 3

Financials

• Senior FRNs
• Maturity is 6M 5Y, weighted average life is 1.5Y

* Net of short and fully matched positions; excluding holdings in the insurance business

Product	UK	Spain	Europe	US	Australia		Total		Q2	Q1	Jan - Dec
			Other		/NZ	Volume	SEK m	Q3 2010	2010	2010	2009	2008
Financials	11.9	0%	35.7%	46.7	5.7%	22.0	Structured credits	9	19	94	-433	-1,070
	%			%			Financial institutions	0	-41	-11	-29	-9
Covered	0%	96.5%	3.5%	0%	0%	8.9	Covered bonds etc.	3	0	0	15	10
Bonds							Income effect	12	-22	83	-447	-1,069
Structured Credits	16.2 %	6.9%	44.3%	32.6 %	0%	33.3	Structured credits	255	61	237	642	-1,460
ABS	1.0%	2.1%	3.5%	1.4%	0.0%	2.7	Financial institutions	75	26	51	501	-667
							Covered bonds etc.	-136	-639	-83	230	-780
CDO	0.4%	0.0%	3.6%	3.8%	0.0%	2.6	Equity effect	193	-552	205	1 373	-2,907
CLO	1.3%	0.0%	14.2%	12.9 %	0.0%	9.5	Total recognised	205	-574	288	926	-3,976
CMBS	1.7%	0.0%	7.0%	0.6%	0.0%	3	Structured credits	655	1,317	799	528	-6,086
							Financial institutions	171	-572	253	843	-789
CMO	0.0%	0.0%	0.0%	6.5%	0.0%	2.1	Covered bonds etc.	3	-15	6	2
RMBS	11.7	4.8%	15.1%	3.0%	0.8%	11.8	Fair value of reclassified
prime	%						securities	829	730	1,058	1,373	-6,875
RMBS non-prime	0.1%	0.0%	0.0%	4.5%	0.0%	1.6	Total fair value	1,034	156	1,346	2,299	-10,851

Portfolio breakdown by geography, 30 Sep, 2010 and financial effects

Covered bonds etc.	3	0	0	15	10
Income effect	12	-22	83	-447	-1,069
Structured credits	255	61	237	642	-1,460
Financial institutions	75	26	51	501	-667
Covered bonds etc.	-136	-639	-83	230	-780
Equity effect	193	-552	205	1 373	-2,907
Total recognised	205	-574	288	926	-3,976
Structured credits	655	1,317	799	528	-6,086
Financial institutions	171	-572	253	843	-789
Covered bonds etc.	3	-15	6	2
Fair value of reclassified
securities	829	730	1,058	1,373	-6,875
Total fair value	1,034	156	1,346	2,299	-10,851

Divisional structure

Operating profit before credit loss provisions per division

Jan – Sep 2010 vs. Jan – Sep 2009

* Retail ex. Germany

Summary per division

Jan – Sep 2010

	Merchant	Retail	Wealth
	Banking	Banking	Management	Life	Baltic	Other	Group
Operating profit, SEK m	6,495	1,814	1,104	1,680	-888	-3,396	6,809
Business equity, SEK bn	28.5	9.7 **	5.2	6	11.8 ***		98.9 *
Return on equity, %	21.9	18.4	20.4	32.9	Neg		6.70
Cost / income ratio	0.48	0.65	0.64	0.51	0.66		0.66
RWA, SEK bn, Basel II****	388	162	31		84	46	711
RWA, SEK bn, Basel I	497	322	25		95	45	984
Tax Rate	28.00%	26.00%	28.00%	12.00%	14.40%

* Average shareholders' equity ** Where of Sweden 7.0bn and Cards 2.7bn

*** Where of Estonia 3.5bn, Latvia 4.3bn and Lithuania 4.0bn

**** Basel II without transitional floor

Merchant Banking

	Q3	Q2		Q3		Jan- Sep			Full year
SEK m	2010	2010	%	2009	%	2010	2009	%	2009
Net interest income	2,012	1,964	2	2,402	-16	5,990	8,004	-25	9,982
Net fee and commission income	1,290	1,420	-9	1,326	-3	3,793	4,116	-8	5,647
Net financial income	753	1,320	-43	981	-23	3,090	3,665	-16	4,377
Total operating income	3,896	4,701	-17	4,749	-18	12,761	15,932	-20	20,052
Total operating expenses	-1,870	-2,241	-17	-1,817	3	-6,169	-6,176	0	-7,818
Profit before credit losses	2,026	2,460	-18	2,932	-31	6,592	9,756	-32	12,234
Net credit losses	-23	31		-107	-79	-96	-753	-87	-805
Operating profit	2,002	2,491	-20	2,825	-29	6,495	9,003	-28	11,428
Cost/Income ratio	0.48	0.48		0.38		0.48	0.39		0.39
Return on equity, %	20.8	24.9		23.2		21.9	24.6		23.4

Income Operating profit

Income, Expenses and Operating profit, SEK m

Leading in Equities and Corporate Banking

Syndicated loans

* Rank based on IPOs or follow-ons, Nordic stock exchanges Source: Dealogic

Trading and Capital Markets income by main product cluster, excl. investment portfolios

Custody volume development

Low risk trading orientation

Merchant Banking – rankings

	September 2010	Best bank in the Nordic and Baltic region for Real Estate products and services
Finansbarometern	September 2010	The corporate bank of the year
	September 2010	SEB Enskilda voted best Danish equity research firm in Denmark
	August 2010	No.1 in Securities Lending - European Prime Brokerage
	July 2010	Best Investment Bank in Finland
	June 2010	Best Brokerage Firm Nordic Countries by Extel Surveys
	June 2010	Best Research House in Sweden
	June 2010	Best Trade Bank in Western Europe 2010
	May 2010	European Property Investment Award
	March 2010	No. 1 FX House in the Nordic region
	January 2010	No. 1 Equity House in the Nordic region
	January 2010	Best Overall Bank for Cash Management, Nordic Region Best Bank for Liquidity Management, Nordic Region Best Bank for Risk Management, Nordic Region
	January 2010	Best Sub Custodian – in all Nordic & Baltic countries
	November 2009	Best bank in the Nordic region for Cash Management, Financial Supply Chain and Risk Management

Retail Banking

	Q3	Q2		Q3		Jan- Sep			Full year
SEK m	2010	2010	%	2009	%	2010	2009	%	2009
Net interest income	1,263	1,212	4	1,331	-5	3,676	4,146	-11	5,424
Net fee and commission income	774	829	-7	790	-2	2,392	2,392	0	3,254
Net financial income	58	76	-24	57	2	199	208	-4	292
Total operating income	2,109	2,129	-1	2,195	-4	6,302	6,792	-7	9,034
Total operating expenses	-1,364	-1,411	-3	-1,292	6	-4,088	-4,045	1	-5,303
Profit before credit losses	745	718	4	903	-17	2,214	2,747	-19	3,731
Net credit losses	-56	-147	-62	-198	-72	-399	-617	-35	-840
Operating profit	688	571	20	705	-2	1,814	2,130	-15	2,891
Cost/Income ratio	0.65	0.66		0.59		0.65	0.60		0.59
Return on equity, %	20.9	17.1		19.3		18.4	19.5		19.8

Share of income and result by area

Jan – Sep 2010, per cent of total

Income

Income, Expenses and Operating profit, SEK m

Profit before credit losses

Q1- 09

Q3- 09

Q1- 10

Q3- 10

SEB Fact Book January- September 2010 47

Business volume development by area

SEK bn Q3 2010 change vs. Q3 2009 (local currency)

Retail Sweden

Net interest income and volumes

Retail Sweden

0 50 100 150 200 250 300 Q1 07 Q3 Q1 08 Q3 Q1 09 Q3 Q1 10 Q3 0.0 0.3 0.5 0.8 1.0 1.3 1.5 Q1 2007 – Q3 2010 Private Margins % Corporate

Mortgages

SEK bn

* Excluding leasing

Swedish mortgages private market

Fixed / floating interest rates, market share, per cent

Note: Fixed as presented here include mortgages with interest rate fixed for 1 year or more Floating as presented here include mortgages with interest rate fixed for 3 months or less

Market share development

Sweden, per cent

Note: Other lending and deposits=SEB Parent Bank Sweden, i.e. not only Retail Sweden

* New measurement method from Q4 2007. Lowers the volume market share with approximately 0.2 percentage points

Wealth Management

	Q3	Q2		Q3		Jan- Sep			Full year
SEK m	2010	2010	%	2009	%	2010	2009	%	2009
Net interest income	118	120	-2	133	-11	349	482	-28	598
Net fee and commission income	830	939	-12	730	14	2,637	2,102	25	2,955
Net financial income	17	24	-29	17	0	59	53	11	76
Total operating income	972	1,130	-14	881	10	3,099	2,651	17	3,646
Total operating expenses	-651	-704	-8	-603	8	-1,991	-1,921	4	-2,505
Profit before credit losses	321	426	-25	278	15	1,108	730	52	1,141
Net credit losses	-1	-2	-50			-4	-20	-80	-28
Operating profit	320	424	-25	279	15	1,104	740	49	1,142
Cost/Income ratio	0.67	0.62		0.68		0.64	0.72		0.69
Return on equity, %	17.6	23.5		14.6		20.4	12.9		14.9

Share of income and result by area

January – September 2010; percent of total

AuM per product type, SEK bn

Total Net Sales per quarter, SEK bn

The figures are not eliminated. Restated for transfer of Foundations & Companies from PB to IC.

Mutual funds per product type

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
	2007	2007	2007	2007	2008	2008	2008	2008	2009	2009	2009	2009	2010	2010	2010
Equity funds	46%	48%	45%	42%	36%	36%	32%	27%	28%	32%	34%	37%	38%	36%	37%
Fixed income funds	23%	21%	23%	24%	25%	25%	26%	28%	29%	27%	26%	25%	25%	27%	27%
Balanced funds	12%	13%	12%	12%	12%	12%	13%	14%	13%	14%	14%	14%	14%	15%	15%
Alternative funds	19%	18%	20%	21%	28%	28%	29%	31%	30%	27%	26%	24%	23%	22%	22%

Activity level – Wealth

Life

	Q3	Q2		Q3		Jan- Sep			Full year
SEK m	2010	2010	%	2009	%	2010	2009	%	2009
Total operating income	1,141	1,113	3	1,105	3	3,438	3,281	5	4,425
Total operating expenses	-578	-594	-3	-549	5	-1,758	-1,736	1	-2,310
Operating profit	563	519	8	556	1	1,680	1,545	9	2,115
Change in surplus values, net	400	191	109	224	79	820	730	12	900
Business result	963	710	36	780	23	2,500	2,275	10	3,015
Cost/Income ratio	0.51	0.53		0.50		0.51	0.53		0.52
Return on equity, %
based on operating profit	33.0	30.4		28.8		32.9	26.7		27.4
based on business result	56.5	41.7		40.4		48.9	39.3		39.0

Share of income and profit by area

Life, Jan – Sep 2010, per cent of total

Sweden including central functions etc

Market position by profit area

Market shares, gross premium income, Unit-linked insurances, (%, Q2 2010)

Sales volume weighted

Life Division total sales, SEK m

	Jan – Sep	Jan – Sep
	2010	2009	Change
Unit linked	31,000	29,281	6%
Traditional and Sickness/health	5,173	7,941	-35%
Total	36,173	37,222	-3%

Market shares Sweden, per cent

Premium income unit-linked,

12 months to June 2010 (June 2009)

Unit-linked sales, Sweden', SEK m

New business profit

Life (2006 only Swedish market), SEK m

	Full year 2006	Full year 2007	Full year 2008	Full year 2009	Oct 2009 – Sep 2010
New sales (single/10+regular)	3,345	3,689	3,858	4,026	4,143
Net present value	1,788	1,775	1,598	1,492	1,551
Acquisition cost	-970	-901	-879	-916	-956
New business profit	818	874	719	576	595
Margin, %	-	23.7	18.6	14.3	14.4
Swedish market	24.5	22.9	20.8	16.2	16.3

Details on Life

The division is responsible for SEB's life insurance operations and is one of the leading Nordic life insurance groups. The division is organised in three business areas:

• SEB Trygg Liv (Sweden)
• SEB Pension (Denmark)
• SEB Life & Pension International

The operations comprise insurance products in the area of investments and social security for private individuals and companies. The division has 1.8 million customers and is active in Sweden, Denmark, Finland, Ireland, Luxembourg, Estonia, Latvia, Lithuania and Ukraine. The main part of the traditional life insurance operations in Sweden is conducted through the mutually operated insurance company Gamla Livförsäkringsaktiebolaget SEB Trygg Liv and therefore not consolidated with the division's result. Gamla Liv is closed for new business. The traditional insurance business conducted in Nya Livförsäkringsaktiebolaget SEB Trygg Liv (Nya Liv) was merged with the unit-linked company

Fondförsäkringsaktiebolaget SEB Trygg Liv in October 2007. After the merger, the result of this business – with respect to investment income and insurance risk – is still allocated to the policyholders. However, SEB Trygg Liv guarantees the contractual benefits to the policyholders in this business.

Comments on the first nine months of 2010

Operating profit increased by 9 per cent to SEK 1,680m (1,545). Excluding the effect of recovered guarantee provisions in Swedish traditional insurance, profit rose by 27 per cent. Operating income amounted to SEK 3,438m which was SEK 157m higher than last year. Adjusted for guarantee recoveries, income increased by SEK 352m or 27 per cent. The unit-linked income rose by SEK 341m or 23 per cent. The fund values as well as the relative share of equity related funds, continued to increase. Income from other insurance, mainly traditional insurance and risk products such as sickness and health insurance, decreased by SEK 87m. Guarantee recoveries amounted to SEK 26m compared with SEK 243 last year. The remaining guarantee provisions amount to SEK 79m in total. The provisions are related to previous depreciations of investment assets in Swedish traditional insurance and recoverable when future investment returns are adequate to meet guaranteed bonus levels. Appart from guarantee recoveries income from other insurance increased by SEK 130m or 13 per cent and was mainly related to risk insurance in the Swedish business. Other income decreased by SEK 97m or 18 per cent mainly as a result of lower return in investment portfolios for own account. Other items included in other income, such as IPS - Individual Pension Savings and other administrative fees, were stable. Total expenses increased by only 1 per cent to SEK 1,758 (1,736).

The effect of depreciated currencies in foreign subsidiaries, affected income and profit negatively by 4 per cent. Expenses were positively affected by 4 per cent.

Operating profit in SEB Trygg Liv Sweden, including central functions, increased by SEK 80m to SEK 1,082m. Recoveries in guarantee commitments were SEK 217m lower than last year. Otherwise operating profit was up by SEK 297m or 39 per cent due to higher unit-linked income and improvement within sickness and health insurance. Expenses increased by 8 per cent. Operating profit in SEB Pension Denmark increased by SEK 13m to SEK 460m.

Currency translation effects contributed negatively by SEK 50m. In local currency total income increased by 8 per cent and expenses increased by 3 per cent. Operating profit in SEB Life & Pension International increased by SEK 42m to SEK 138m. Income increased mainly due to improved performance in the investment portfolios and lower expenses.

Total assets under management amounted to SEK 414bn compared to 402bn at year-end. The value of the unit-linked funds increased by 8 per cent to SEK 169bn. 6 per cent was related to net inflow and 2 per cent to appreciation of fund investments. Gamla Liv's part of total assets under management was SEK 155bn, other traditional insurance accounted for 86bn and risk products for 4bn. In addition to this, SEK 6bn was managed for the division's own account.

Total sales weighted volume decreased by SEK 1.1bn or 3 per cent, to 36.2bn. In Sweden unit-linked sales as well as sales of other products were unchanged. The unit-linked product Portfolio Bond (depot endowment insurance) increased by SEK 0.2bn. This product is accounted for in the business area International, but is primarily sold to Swedish customers. In Denmark, unit-linked sales increased by SEK 1.4bn whereas sales of other products decreased by SEK 2.6bn. Sales in the Baltic region and in Ukraine remained more or less unchanged. Other sales within International decreased by SEK 0.1bn.

SEB Trygg Liv, Sweden

The Swedish operation is partly conducted according to a bank assurance concept and partly through distribution via insurance mediators and other external partners. The bank assurance concept involves an integrated banking and insurance operation with distribution through SEB's branch offices and own sales personnel. The purpose of the concept is to offer SEB's customers a complete range of products and services within the financial area. Pension savings represent almost half of the Swedish households' financial assets. According to the SEB "Sparbarometer", the share was 49 per cent at 30 June 2010.

Market position

Sales focus is on unit-linked, which represents some 95 per cent of total sales. SEB Trygg Liv is the market leader in Sweden within unitlinked insurance. The market share for the twelve month period to June 2010 was 21.2 per cent (25.8). The drop is due to the re-election of occupational pension within the SAF-LO agreement where SEB Trygg Liv doesn't participate.

Significant occupational pension business

The corporate share is recoverering slightly after falling since the beginning of 2008 due to the weak economic development during the past years. During the first nine months the corporate share was 64 per cent (63). For the twelve month period to June 2010, SEB Trygg Liv's market share in new sales unit-linked occupational pension was 16.0 per cent (18.4). The drop is due to mentioned reelection within SAF-LO. SEB Trygg Liv also offers administration and management of pension foundations.

Strong also in the private market

In the private market, SEB Trygg Liv has a strong position within new business unit-linked endowment insurance, which has shown a strong growth. The market share for the twelve month period to June 2010 was 36.3 per cent (37.2). Sales of private pension savings other than endowment insurance 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 largely by accumulated buffer funds, called "collective bonus potential".

At 31 December 2009, 252 million Danish kronor were placed in a "shadow account", according to Danish legislation regarding shareholder fee available for distribution in profit-sharing traditional life insurance. The amount is considered as restricted equity and not available for dividend to the owners of the company. The company receive interest income during the period when the amount is restricted in the shadow account. The whole amount has been dissolved during the current year.

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, unit-linked insurance dominates whereas traditional insurance still accounts for the major part of sales in the corporate market. Some collective agreements do not allow sole unit-linked insurance solutions in occupational pension plans.

The trend is that the market for non-traditional life insurance such as unit-linked is expanding. The growth is mainly in the corporate segment, sold mainly by insurance mediators.

Growing occupational pension market

Since year 2000, it is mainly the Danish occupational pension market that grows, 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 11 per cent. The market share in the unit-linked segment is 17 per cent. Danica is the dominating company with a market share of 27 and 46 per cent, respectively. All market share figures are in the peer group / competitive market segment for the first six months of 2010.

Distribution

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

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

SEB Life & Pension International

SEB Life & Pension International includes subsidiaries in Ireland, Estonia, Latvia, Lithuania and Ukraine. In the UK, Luxembourg and Finland there are branch offices.

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 unit-linked insurance, but offer traditional insurance and sickness/disability insurance as well. More than 80 per cent of the sales volume is to private individuals.

Risk

The supervisory authorities in Sweden and Denmark are using a traffic light model for measuring insurance companies' exposure to various risks. The model estimates a capital buffer based on the fair value of assets and liabilities using realistic assumptions. Thereafter the companies are exposed to a number of fictitious stress scenarios which is determined by the regulators. The scenarios give rise to an overall capital requirement imposed on the companies.

If the estimated buffer is not sufficient the traffic light model show a red light, causing regulators to execute a more thorough review of both quantitative and qualitative nature. Both Fondförsäkringaktiebolaget SEB Trygg Liv and SEB Pension have a reassuring capital buffer as of 30 June 2010. The companies are therefore in a green light.

Income statement

SEK m 2010 2010 2010 2009 2009 2010 2009 Income unit-linked 611 609 585 584 536 1,805 1,464 Income other insurance 1) 392 363 427 395 373 1,182 1,269 Other income 2) 138 141 172 165 196 451 548 Total operating income 1,141 1,113 1,184 1,144 1,105 3,438 3,281 Operating expenses -577 -625 -652 -651 -550 -1,854 -1,797 Other expenses -6 -1 -1 0 -3 -8 -27 Change in deferred acquisition costs 5 32 67 77 4 104 88 Total expenses -578 -594 -586 -574 -549 -1,758 -1,736 Operating profit 563 519 598 570 556 1,680 1,545 Change in surplus value, net 400 191 229 170 224 820 730 Business result 963 710 827 740 780 2,500 2,275 Financial effects due to market fluctuations 3) 138 -538 292 517 652 -108 1,502		Q 3	Q 2	Q 1	Q 4	Q 3		Jan - Sep	Full year
									2009
									2,048
									1,664
									713
									4,425
									-2,448
									-27
									165
									-2,310
									2,115
									900
									3,015
									2,019
	Change in assumptions 3)	14	1	12	-459	35	27	-250	-709
Total result 1,115 173 1,131 798 1,467 2,419 3,527									4,325
Business equity 6,000 6,000 6,000 6,800 6,800 6,000 6,800									6,800
Return on business equity 4)
based on operating profit, % 33.0 30.4 35.1 29.5 28.8 32.9 26.7									27.4
based on business result, % 56.5 41.7 48.5 38.3 40.4 48.9 39.3									39.0
Premium income, gross 6,698 7,491 8,527 8,751 6,588 22,716 21,854									30,605
Expense ratio, % 5) 8.6 8.3 7.6 7.4 8.3 8.2 8.2									8.0
Operating profit by business area
SEB Trygg Liv, Sweden 376 349 391 412 387 1,116 1,067									1,479
SEB Pension, Denmark 151 158 151 127 120 460 447									574
SEB Life & Pension, International 50 29 59 52 68 138 96									148
Other including central functions etc -14 -17 -3 -21 -19 -34 -65									-86
563 519 598 570 556 1,680 1,545									2,115
1) Effect of guarantee commitments in
traditional insurance in Sweden 12 -10 24 43 34 26 243									286
Reclassification compared to previous reporting -12 -44 0 -95									-107
2) Reclassification compared to previous reporting 12 44 0 95									107

3) Effect on surplus values

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

5) Operating expenses as percentage of premium income

Sales volume insurance (weighted)

	Q 3	Q 2	Q 1	Q 4	Q 3		Jan - Sep	Full year
SEK m	2010	2010	2010	2009	2009	2010	2009	2009
Total	10,699	11,967	13,507	13,444	11,042	36,173	37,222	50,666
Traditional life and sickness/health insurance	1,548	1,754	1,871	2,326	2,507	5,173	7,941	10,267
Unit-linked insurance	9,151	10,213	11,636	11,118	8,535	31,000	29,281	40,399
Corporate as per cent of total	72%	62%	60%	55%	65%	64%	63%	61%
SEB Trygg Liv Sweden	7,032	7,470	8,067	8,697	6,452	22,569	22,525	31,222
Traditional life and sickness/health insurance	322	356	341	407	252	1,019	933	1,340
Unit-linked insurance	6,710	7,114	7,726	8,290	6,200	21,550	21,592	29,882
Corporate as per cent of total	73%	59%	58%	53%	60%	63%	59%	57%
SEB Pension Denmark	2,579	3,137	3,882	3,289	3,586	9,598	10,816	14,105
Traditional life and sickness insurance	1,126	1,228	1,399	1,677	2,087	3,753	6,412	8,089
Unit-linked insurance	1,453	1,909	2,483	1,612	1,499	5,845	4,404	6,016
Corporate as per cent of total	88%	85%	79%	78%	88%	83%	87%	84%
SEB Life & Pension International	1,088	1,360	1,558	1,458	1,004	4,006	3,881	5,339
Traditional life and sickness insurance	100	170	131	242	168	401	596	838
Unit-linked insurance	988	1,190	1,427	1,216	836	3,605	3,285	4,501
Corporate as per cent of total	32%	28%	22%	15%	14%	27%	23%	21%

Sales SPE

Life including the Baltics from 2006

Note: SPE = Single premiums plus regular premiums times ten

Premium income and Assets under management

	Q 3	Q 2	Q 1	Q 4	Q 3		Jan - Sep	Full year
SEK m	2010	2010	2010	2009	2009	2010	2009	2009
Premium income: Total	6,698	7,491	8,527	8,751	6,588	22,716	21,854	30,605
Traditional life and sickness/health insurance	1,332	1,662	1,993	2,913	1,905	4,987	6,189	9,102
Unit-linked insurance	5,366	5,829	6,534	5,838	4,683	17,729	15,665	21,503
SEB Trygg Liv Sweden	3,882	4,137	4,809	4,670	3,938	12,828	12,625	17,295
Traditional life and sickness/health insurance	517	560	673	943	643	1,750	2,075	3,018
Unit-linked insurance	3,365	3,577	4,136	3,727	3,295	11,078	10,550	14,277
SEB Pension Denmark	1,943	2,184	2,152	2,807	1,778	6,279	5,653	8,460
Traditional life and sickness/health insurance	738	1,004	1,235	1,859	1,167	2,977	3,823	5,682
Unit-linked insurance	1,205	1,180	917	948	611	3,302	1,830	2,778
SEB Life & Pension International	873	1,170	1,566	1,274	872	3,609	3,576	4,850
Traditional life and sickness/health insurance	77	98	85	111	95	260	291	402
Unit-linked insurance	796	1,072	1,481	1,163	777	3,349	3,285	4,448
Assets under management:* Total	413,600	405,300	410,700	401,700	392,100	413,600	392,100	401,700
Traditional life and sickness/health insurance	244,600	241,600	246,200	245,300	247,000	244,600	247,000	245,300
Unit-linked insurance	169,000	163,700	164,500	156,400	145,100	169,000	145,100	156,400
SEB Trygg Liv Sweden	292,600	284,300	290,100	282,400	273,700	292,600	273,700	282,400
Traditional life and sickness/health insurance	164,800	160,300	164,300	162,100	161,500	164,800	161,500	162,100
Unit-linked insurance	127,800	124,000	125,800	120,300	112,200	127,800	112,200	120,300
SEB Pension Denmark	93,700	94,300	94,500	95,000	96,100	93,700	96,100	95,000
Traditional life and sickness/health insurance	78,700	80,200	80,800	82,100	84,400	78,700	84,400	82,100
Unit-linked insurance	15,000	14,100	13,700	12,900	11,700	15,000	11,700	12,900
SEB Life & Pension International	27,300	26,700	26,100	24,300	22,300	27,300	22,300	24,300
Traditional life and sickness/health insurance	1,100	1,100	1,100	1,100	1,100	1,100	1,100	1,100
Unit-linked insurance	26,200	25,600	25,000	23,200	21,200	26,200	21,200	23,200

* rounded to whole 100 millions. From Q4 2009 investments for own account are excluded. Previously this was included in traditional insurance. By year-end 2009 this amount was 5 200 (Sweden 1 800, Denmark 2 800 and International 600).

Premium income and AuM

SEK bn

Surplus value accounting Excluding traditional insurance in Denmark Traditional insurance

										Denmark*
		Q 3	Q 2	Q 1	Q 4	Q 3		Jan - Sep	Full year		Jan - Sep	Full year
SEK m		2010	2010	2010	2009	2009	2010	2009	2009	2010	2009	2009
Surplus values, opening balance		14,006	14,363	13,656	13,423	12,538	13,656	11,549	11,549	1,272	1,111	1,111
Adjustment opening balance 1)		5		203	1	11	208	-66	-65	-6
Present value of new sales 2)		352	362	412	433	350	1,126	1,123	1,556	54	83	112
Return/realised value on policies from previous
periods		-122	-115	-103	-86	-78	-340	-201	-287	-106	-110	-150
Actual outcome compared to assumptions 3)		175	-24	-13	-100	-44	138	-104	-204	-16	198	205
Change in surplus values ongoing business,
gross		405	223	296	247	228	924	818	1,065	-68	171	167
Capitalisation of acquisition costs for the period		-165	-195	-231	-233	-153	-591	-543	-776
Amortisation of capitalised acquisition costs		160	163	164	156	149	487	455	611
Change in surplus values ongoing business, net
4)		400	191	229	170	224	820	730	900	-68	171	167
Financial effects due to short term market
fluctuations 5)		138	-538	292	517	652	-108	1,502	2,019	48	69	64
Change in assumptions 6)		14	1	12	-459	35	27	-250	-709	53	70	5
Total change in surplus values		552	-346	533	228	911	739	1,982	2,210	33	310	236
Exchange rate differences etc		-23	-11	-29	4	-37	-63	-42	-38	-141	-86	-75
Surplus values, closing balance 7)		14,540	14,006	14,363	13,656	13,423	14,540	13,423	13,656	1,158	1,335	1,272
Most important assumptions (Swedish customer base - which represent 96 per cent of the surplus value), per cent.
Discount rate			7.5						7.5
Surrender of endowment insurance contracts:
contracts signed within 1 year / 1-4 years			1 / 8 /						1 / 8 /
/ 5 years / thereafter			15 / 9						15 / 9
Lapse rate of regular premiums, unit-linked			11						11
Growth in fund units, gross before fees and taxes Inflation CPI / Inflation expenses			5.5 2 / 3						5.5 2 / 3
Expected return on solvency margin			4						4
Right to transfer policy, unit-linked			2						2
Mortality			The Group's experience						The Group's experience
Sensitivity to changes in assumptions (total division).
Change in discount rate	+1 per cent		-1,572						-1,493
"	-1 per cent		1,812						1,716
Change in value growth	+1 per cent		1,574						1,492
of investment assets	-1 per cent		-1,394						-1,329

* 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 Q4 2009 was mainly due to assumed higher frequency of transfer of policies. Assumed lower administration costs per policy had a positive effect. The negative effect during Q2 2009 was due to more conservative assumptions for the Baltic business.

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 3,580m at September 30, 2010).

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

included in the total surplus values for the division. 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 first half this year positive effects are accounted for due to changes in the interest curve. During the first nine months 2009 the positive effect was due to a decrease in 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.

SEK m	Oct 2009-Sep 2010	Jan-Dec 2009	Jan-Dec 2008	Jan-Dec 2007
Sales volume weighted (regular + single/10)	4,143	4,026	3,858	3,689
Present value of new sales	1,551	1,492	1,598	1,775
Sales expenses	-956	-916	-879	-901
Profit from new business	595	576	719	874
Sales margin new business	14.4%	14.3%	18.6%	23.7%

The traditional insurance in Denmark is not included.

During the year there has been continued pressure on prices and increasing sales expenses. Together with a change in the product mix this has adversely affected the new business profit.

Embedded value

SEK m	30 Sep 2010	31 Dec 2009	31 Dec 2008	31 Dec 2007
Equity 1)	8,296	8,594	8,827	8,836
Surplus values	14,540	13,656	11,549	14,496
1) Dividend paid to the parent company during the period	-1,000	-1,850	-1,275	-1,150

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 policyholders' influence in Gamla Liv. The Trygg Foundation is entitled to:

• Appoint two board members of Gamla Liv and, jointly with SEB, appoint the Chairman of the Board, which consists of five members.
• Appoint the majority of members and the Chairman of the Finance Delegation, which is responsible for the asset management of Gamla Liv.

Baltic

	Q3	Q2		Q3		Jan- Sep			Full year
SEK m	2010	2010	%	2009	%	2010	2009	%	2009
Net interest income	442	456	-3	628	-30	1,388	2,157	-36	2,679
Net fee and commission income	229	226	1	227	1	664	713	-7	934
Net financial income	8	36	-78	35	-77	70	95	-26	126
Total operating income	700	720	-3	884	-21	2,149	2,963	-27	3,794
Total operating expenses	-459	-465	-1	-498	-8	-1,427	-3,949	-64	-4,571
Profit before credit losses	241	255	-5	386	-38	722	-986		-777
Net credit losses	273	-451		-2,642	-110	-1,609	-6,985	-77	-9,569
Operating profit	514	-197		-2,253	-123	-888	-7,972	-89	-10,363
Cost/Income ratio	0.66	0.65		0.56		0.66	1.33		1.20
Return on equity, %	15.2	negative		negative		negative	negative		negative

Share of income and result by area

Jan – Sep 2010, per cent of total

* Adjusted for goodwill write-down in Q2 2009

Business volume development by area

20%

37%

31%

36%

Baltic Lending market shares

20%

41%

Per cent, Q1 2006 – Q3 2010

Source: Bank of Estonia, Association of Latvian Banks, Association of Lithuanian Banks, SEB (Estonian figures are extrapolated from April)

Net interest income and volumes

Baltic Estonia, EEK

Mortgages 0 10 20 30 40 50 Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 0.0 0.5 1.0 1.5 2.0 Outstanding volume* Margin %

* Adjusted to Group common definition

* Adjusted to Group common definition

Baltic Latvia, LVL

Baltic Lithuania, LTL

* Adjusted to Group common definition

Real Estate holding companies

Baltic countries

	2008	2009	2009	2009	2009	2010	2010	2010
SEK m	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
Seized assets	0	0	0	0	50	50	158	295

Macro

Baltic countries Retail sales, year-on year % change Baltic countries export, year-on-year % change

Nordic countries export, year-on-year % change Nordic countries key interest rates

Baltic countries GDP, year-on-year % change Baltic countries unemployment, % of labour force

Nordic Countries GDP, year-on-year % change Nordic Countries unemployment, % of labour force

Swedish housing market

Household debt as share of GDP

House prices Residential investments

Number of housing starts Interest rate payments share of income

Labour market situation== Household savings ratio

Macro forecasts per country

	GDP%				Inflation (%)
	2009	2010F	2011F	2012F	2009	2010F	2011F	2012F
Denmark*	-4.7	1.8	1.8	2.2	1.1	2.1	1.9	2.1
Finland*	-7.8	2.5	2.6	2.7	1.6	1.5	2.2	2.5
Norway	-1.4	0.7	2.1	2.1	2.1	2.4	1.6	2.4
Sweden	-5.1	4.7	2.9	2.3	-0.3	1.2	1.7	2.2
Germany*	-4.7	3.3	2.1	1.8	0.2	0.9	1.2	1.5
Eurozone*	-4.1	1.6	1.3	1.3	0.3	1.4	0.8	1.2
Estonia*	-13.9	2.3	4.0	4.0	0.2	2.5	2.0	2.0
Latvia*	-18.0	-1.5	4.0	5.0	3.3	-1.2	1.3	1.5
Lithuania*	-14.7	1.0	4.0	4.5	4.2	1.0	2.0	3.0
Russia	-7.9	4.6	4.5	4.8	11.7	6.8	7.5	7.4
Ukraine	-15.1	5.2	4.4	4.2	15.9	9.4	10.9	10.1

Sources: National statistical agencies, SEB Economic Research

* Harmonised consumer price index

Contacts

Ulf Grunnesjö

Head of Investor Relations Phone: +46 8 763 8501 Mobile: +46 70 763 8501 Email: ulf.grunnesjo@seb.se

Thomas Bengtson

Debt Investor Relations and Treasury Officer Phone: +46 8-763 8150 Mobile: +46 70-763 8150 Email: thomas.bengtson@seb.se

Per Andersson

Investor Relations Officer Phone: +46 8 763 8171 Mobile: +46 70 667 7481 Email: per.andersson@seb.se

Laurence Westerlund

Investor Relations Officer Phone: +46 8 763 8627 Mobile: +46 70 763 8627 Email: laurence.westerlund@seb.se

Viveka Hirdman – Ryrberg

Head of Communications Phone: +46 8 22 19 00 Mobile: +46 70 550 35 00 Email: viveka.hirdman-ryrberg@seb.se

Ola Kallemur

Head of media relations Phone: +46 8 763 9947 Mobile: +46 763 975466 Email: ola.kallemur@seb.se

Financial calendar

Date	Event
24 November	Nordic Outlook
4 February	Annual Accounts for 2010
3 March	Annual Report on www.sebgroup.com
24 March	Annual General Meeting
3 May	Interim Report January-March 2011
14 July	Interim Report January-June 2011
27 October	Interim Report January-September 2011

Definitions

Return on equity

Net profit attributable to equity holders for the year as a percentage of average shareholders equity.

Return on business equity

Operating profit reduced by a standard tax rate per division, as a percentage of allocated capital.

Return on total assets

Net profit as a percentage of average assets, defined as the average of total assets at the opening of the year and at the close of March, June, September and December.

Return on risk-weighted assets

Net profit as a percentage of average risk-weighted assets, defined as the average of risk-weighted assets at the opening of the year and at the close of March, June, September and December.

Cost/Income-ratio

Total operating expenses as a percentage of total operating income.

Basic earnings per share

Net profit attributable to equity holders for the year as a percentage of the average number of shares.

Diluted earnings per share

Net profit attributable to equity holders for the year as a percentage of the average diluted number of shares.

Adjusted shareholders' equity per share

Shareholders' equity plus the equity portion of any surplus values in the holdings of interest-bearing securities and surplus value in life insurance operations as a percentage of the number of shares at year-end.

Net worth per share

Shareholders' equity plus the equity portion of any surplus values in the holdings of interest-bearing securities and surplus value in life insurance operations as a percentage of the number of shares.

Risk-weighted assets

Total assets and off balance sheet items, weighted in accordance with capital adequacy regulation for credit risk. It is customary to also express regulatory capital requirements for market and operational risk as risk-weighted assets, yielding a total RWA number for these three risk categories. Defined only for the Financial Group of Undertakings which excludes insurance entities.

Tier I capital

Shareholders' equity excluding proposed dividend, deferred tax assets, intangible assets (e.g. bank-related goodwill) and certain other adjustments. Tier 1 capital can also include qualifying forms of subordinated loans (Tier 1 capital contribution)

Tier II capital

Mainly subordinated loans not qualifying as Tier 1 capital contribution. Dated loans give a maturity-dependent reduction, and some further adjustments are made.

Capital base

The sum of Tier I and Tier II capital. Deductions should be made for investments in insurance companies and pension surplus values.

Tier I capital ratio

Tier I capital as a percentage of risk-weighted assets.

Total capital ratio

The capital base as a percentage of risk-weighted assets.

Credit loss level

Net credit losses as a percentage of the opening balance of loans to the public, loans to credit institutions and loan guarantees less specific, collective and off balance sheet reserves.

Gross level of impaired loans

Individually assessed impaired loans, gross, as a percentage of loans to the public and loans to credit institutions before reduction of reserves.

Net level of impaired loans

Individually assessed impaired loans, net (less specific reserves) as a percentage of net loans to the public and loans to credit institutions less specific reserves and collective reserves.

Specific reserve ratio for individually assessed impaired loans Specific reserves as a percentage of individually assessed impaired loans.

Total reserve ratio for individually assessed impaired loans

Total reserves (specific reserves and collective reserves for individually assessed loans) as a percentage of individually assessed impaired loans.

Reserve ratio for portfolio assessed loans

Collective reserves for portfolio assessed loans as a percentage of portfolio assessed loans past due more than 60 days or restructured.

Non-Performing-Loans

Loans deemed to cause probable credit losses including individually assessed impaired loans, portfolio assessed loans past due more than 60 days and restructured portfolio assessed loans.

NPL coverage ratio

Total reserves (specific, collective and off balance sheet reserves) as a percentage of Non-performing loans.

NPL % of lending

Non-performing loans as a percentage of loans to the public and loans to credit institutions before reduction of reserves.

Credit portfolio

Total credit exposure comprises the Group's credit portfolio (loans, leasing agreements, contingent liabilities and counterparty risks arising from derivatives contracts), repos and debt instruments. Exposures are presented before reserves. Derivatives and repos are reported after netting agreements but before collateral arrangements and includes add-ons for potential future exposure. Debt instruments comprise all interest-bearing instruments held for investment, treasury and client trading purposes, and includes instruments reclassified as Loans & Receivables. Debt instruments in the insurance division are excluded.