SEB — Interim / Quarterly Report 2010

Jul 13, 2010

Interim report January - June 2010

STOCKHOLM 13 JULY 2010

The first half year – operating profit SEK 3.7bn (2.4)

• Operating profit rose by 51 per cent to SEK 3,655m (2,420) and net profit amounted to SEK 2,693m (857), mainly due to lower provisions for credit losses.
• Profit before provisions for credit losses amounted to SEK 6,207m (8,348). Adjusted for one-off items in the first half of 2009, the decrease was 38 per cent.
• Operating income dropped by 18 per cent adjusted for a debt buy-back gain of SEK 1.3bn in the first half of 2009. Net interest income was down 29 per cent and net fee and commission income up 6 per cent.
• Operating expenses fell by 2 per cent adjusted for goodwill write-downs of SEK 3bn in 2009.
• Provisions for credit losses decreased by SEK 3.4bn or 57 per cent to SEK 2,545m (5,953); the credit loss level was 0.33 per cent (0.89). Impaired loans decreased by 10 per cent.
• Return on equity was 5.4 per cent (1.8) and earnings per share SEK 1.21 (0.67).
• The core Tier 1 capital ratio was 12.1 per cent and the Tier 1 capital ratio 14.3 per cent.

The second quarter isolated – operating profit SEK 2.6bn (0.6)

• Operating profit increased to SEK 2,580m (618), while operating profit before credit losses decreased to SEK 3,202m (4,162). Compared to the previous quarter, pre-provision profit improved by 7 per cent.
• Operating income decreased by 17 per cent compared to the corresponding quarter adjusted for one-off items in 2009, but improved by 5 per cent from the previous quarter.
• Operating expenses were flat compared to the second quarter last year, adjusted for one-off items in 2009, and 4 per cent up from the previous quarter.

"SEB's performance is closely linked to the activity level of our customers. The cautiously growing optimism in the Nordic countries translates into higher income levels during the quarter. With non-performing loan formation substantially lower, SEB has turned the page in the Baltic countries."

Annika Falkengren

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President's comment

In a quarter marked by increased market volatility, SEB benefited from its leading presence in a part of the world which has displayed strong resilience to the global financial crisis and subdued economic development. Together with the improving situation in the Baltic countries, SEB's operating profit for the second quarter amounted to SEK 2.6bn.

A robust Nordic environment

Corporate activity and demand for credit is gradually increasing, reflecting the robustness of the Nordic economic environment. The characteristics of the region can be summarised in three main points:

Firstly, asset quality is strong and is recovering earlier than in other European markets. In Sweden, for example, which constitutes 59 per cent of our total loan portfolio. corporate bankruptcies are down 10 per cent year-on-year.

Secondly, the Nordic countries have the lowest budget deficits in the EU. This, together with the high bank capital ratios, has supported the banks' continuous access to the funding markets.

Thirdly, the Swedish central bank's recent rate hike of 25 basis points to 0.50 per cent will support an improvement in net interest income going forward.

Against this background, we continue to invest in our corporate and institutional business as well as better service and accessibility for our customers. Since year-end, SEB has attracted SEK 29bn in new assets under management and continued to lend to our targeted segments in the Nordic countries. Nordic asset quality continues to be robust with a credit loss level of 0.07 per cent for the first half of 2010.

Lower Baltic credit loss provisions

In the second quarter, the economic sentiment in the Baltic region has improved and industrial production increased, largely due to restored competitiveness in the export sector. The Euro accession approval for Estonia affirms the success and viability of stringent economic policies and is an important milestone for the Baltic region.

Positive trends for non-performing loan (NPL) formation were already present in the first quarter. Developments in the second quarter confirm this trend and there are many signs that an economic recovery has commenced. As a result, SEB's total provisions for credit losses fell in the quarter. Given our robust and unchanged reserve position together with the current economic outlook, provisioning levels in coming quarters are expected to remain at this level. This means that SEB is likely to finish the year with materially lower credit provisions than previously communicated.

Strategic alignment of German operations

On 12 July, we announced an agreement to sell the German retail banking business to Banco Santander. Since the business was acquired in 1999, SEB has restructured the business, but profitability was never satisfactory. From the beginning, scale has been an issue. The divestment, which comes at a net cost, concludes the long-term strategic alignment of the German business. Going forward, we will continue to build on SEB's 35 year presence in Germany, with a viable and attractive business model serving corporate and institutional clients.

Gradually regained momentum in business volumes

In line with the positive economic development in SEB's main markets, business volume trends and corporate activity levels have seen an improvement. This supports SEB's main income driver, fee and commission income, which rose 13 per cent in the quarter. Overall, income rose by 5 per cent to SEK 9.8bn.

Merchant Banking reaffirmed its position as the Nordic investment bank and lead managed several headline transactions in the quarter. Corporate credit exposure has increased, primarily in Sweden where Retail Banking attracted 3,000 net new SME customers and increased its market share to 11 per cent. In the long-term savings area, assets under management within Life now amount to SEK 405bn. Private Banking has attracted almost 600 new customers and SEK 12bn in net sales since year-end. Despite lower travelling activity due to the Icelandic ash cloud, card turnover has increased.

Investments in core areas of strengths

With the sale of German retail banking and the stabilisation in the Baltic region, we can fully focus on our expansion plans. The economic recovery is still fragile, but we have the financial strength to take up-front costs for investments in the Nordic and German wholesale markets as well as in the Swedish SME segment.

We have the determination, resilience and flexibility to continue building the relationship bank in our part of the bluow

The Group

Second quarter isolated

The comparative numbers in this report have been materially affected by the exceptional market circumstances that prevailed at the beginning of 2009 in the midst of the global financial crisis. 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.

SEB's profit before provisions for credit losses for the second quarter amounted to SEK 3,202m (4,162), a decrease of 23 per cent compared to the corresponding quarter of 2009 but 7 per cent better than in the previous quarter.

The second quarter of 2009 included goodwill impairments of SEK 2,394m related to the Baltic countries and Russia as well as capital gains of SEK 1,300m from a buy-back of subordinated debt. In order to facilitate comparisons, income and costs have been adjusted in the table below.

Operative income statement	Jan-Jun	Jan-Jun
SEK m	2010	2009	%
Operating income	19 1 9 3	23 304	$-18$
Operating expenses	$-12986$	$-13268$	$-2$
Pre-provision operating profit	6 207	10 036	-38
Gains less losses on disposals of tangible
and intangible assets	- 7	25	-128
Net credit provisions	$-2545$	$-5953$	$-57$
Operating profit ongoing business	3655	4 1 0 8	$-11$
Capital gain on subordinated debt		1 300
Goodwill write-down		$-2988$
Operating profit	3655	2420	51

Operating profit amounted to SEK 2,580m (618), an increase of close to SEK 2.0bn compared to the corresponding quarter of 2009. In comparison with the previous quarter, operating profit more than doubled.

Net profit (after tax) amounted to SEK 2,004m (-170).

Income

Total operating income amounted to SEK 9,821m (13,174), a decrease of 17 per cent adjusted for the above-mentioned capital gain. In comparison with the previous quarter, operating income rose by 5 per cent.

Net interest income was SEK 1,275m or 24 per cent lower than in the corresponding quarter of 2009, mainly due to increased costs for the extended funding duration in 2009 and lower return on the bond investment portfolio. As the net cost for last year's funding gradually subsides, a positive effect in net interest income is supported. Consequently, net interest income grew by 6 per cent on a quarterly sequential basis.

Customer-driven net interest income dropped by SEK

693m or 16 per cent compared to the second quarter 2009 due to lower volumes and falling deposit margins. In comparison with the previous quarter, margins and volumes were stable overall.

Net interest income from other activities, mainly the bond investment portfolio as well as other trading and treasury activities, was down by SEK 582m compared to the corresponding quarter of 2009 and up by SEK 236m from the previous quarter.

Net fee and commission income rose by 3 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 improved by 13 per cent as an effect of increased securities issues, advisory services and lending.

Net financial income was down by 34 per cent compared to the second quarter of 2009 and rose by 3 per cent compared to the previous quarter. Foreign exchange income increased in the quarter due to more volatile markets and strong customer flows, but income was nevertheless lower than during the turbulence a year ago. Equity-related income was up.

Net life insurance income was down by 18 per cent on Group level compared to the second quarter of 2009. In comparison with the previous quarter, life insurance income was down by 11 per cent.

Net other income decreased by SEK 1.6bn compared to the corresponding quarter of 2009, which contained the above-mentioned capital gain, and was also lower than in the previous quarter. No one-off items were recorded in the second quarter 2010.

Expenses

Excluding goodwill impairment charges for the Baltic region and Russia in the second quarter of 2009, total expenses were flat at SEK 6,619m (6,618). In comparison with the previous quarter, expenses rose by 4 per cent, mainly due to increased customer activities and staff costs.

Provisions for credit losses

Provisions for credit losses decreased by SEK 2,948m, or 83 per cent, to SEK 619m (3,567), leading to a credit loss level of 0.16 per cent (1.07). In comparison with the previous quarter, SEB's net credit losses fell by two thirds.

Provisions for credit losses in the Baltic region - 73 per cent of the Group total - amounted to SEK 451m (2.641). corresponding to a credit loss level of 1.30 per cent (6.00).

Individually assessed impaired loans decreased by SEK 383m, or 2 per cent, to SEK 19,238m during the quarter. The quarterly decrease in the Baltic region was SEK 307m, or 2 per cent.

The Group's past due portfolio assessed loans were in line with the previous quarter, at SEK 7,107m. The quarterly increase in the Baltic region was SEK 56m, or 1 per cent.

The Group's total reserve ratio for individually assessed impaired loans was basically unchanged in the quarter at 76.9 per cent and the total non-performing loans coverage ratio at 70.5 per cent.

The first half year

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Operative income statement	Jan-Jun	Jan-Jun
SEK m	2010	2009	%
Operating income	19 193	23 304	-18
Operating expenses	-12 986	-13 268	-2
Pre-provision operating profit	6 207	10 036	-38
Gains less losses on disposals of tangible
and intangible assets	- 7		25 -128
Net credit provisions	-2 545	-5 953	-57
Operating profit ongoing business	3 655	4 108	-11
Capital gain on subordinated debt		1 300
Goodwill write-down		-2 988
Operating profit	3 655	2 420	51

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Income

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Expenses

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Provisions for credit losses

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Tax expenses

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Business volumes

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from the public were down by 5 per cent.

SEB's total credit portfolio decreased by 6 per cent, to SEK 1,715bn (1,816 at year-end), mainly due to lower lending to banks. The credit portfolio for the Baltic countries decreased by 13 per cent.

SEB's total net positions in fixed-income securities for investment, treasury and client trading purposes decreased to SEK 301bn (332) excluding excess liquidity invested in certificates issued by the Swedish Central Bank.

As at 30 June 2010, assets under management amounted to SEK 1,328bn (1,356). Net inflow during the period was SEK 29bn (22), while the change in value was SEK -57bn (44). Assets under custody amounted to SEK 4,770bn (4,853).

Bond investment portfolio

As at 30 June, the bond investment portfolio of Merchant Banking had decreased to SEK 75bn from SEK 113bn a year earlier, in line with the plan to reduce the holdings through amortisations and limited sales. 83 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 to be low.

Market risk

During the first half of 2010, the Group's Value at Risk in the trading operations averaged SEK 267m (193 during the calendar year 2009). Consequently, the Group on average should not expect to lose more than this amount during a ten-day period, with 99 per cent probability. (Further information in Appendix 3.)

Liquidity and funding

SEB's loan-to-deposit ratio, excluding reclassified bond portfolios, was 155 per cent (141 at year-end 2009). Excluding repo volumes, which fluctuate between quarters, the ratio was 142 per cent. Due to the extension of funding duration in 2009, bond issuance during the first two quarters was SEK 36bn, which is about half of the level last year. On 30 June, the matched funding of net cash inflows and outflows remained above 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 June 2010, the core Tier 1 capial ratio was 12.1 per cent, (11.7) the Tier 1 capital ratio 14.3 per cent (13.9) and the total capital ratio at 14.5 per cent (14.7). The Basel II risk weighted assets (RWA) amounted to SEK 714bn (730).

Adjusted for the supervisory transitional rules during the first Basel II years, SEB reports RWA of SEK 824bn (795), a Tier 1 capital ratio of 12.4 per cent (12.8) and a total capital ratio of 12.6 per cent (13.5).

The leverage ratio according to FDIC rules is 5.7 per

cent (5.5). Capital adequacy details are found on pp 24-27.

Risks and uncertainties

The macroeconomic environment is the major driver of risk to the Group's earnings and financial stability. In particular, it affects the asset quality and thereby the credit risk of the Group. (The credit portfolio is described in Appendix 2). The medium-term outlook for the global economy 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 (details on market risks are described in Appendix 3). 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.

Annual General Meeting

At the Annual General Meeting on 11 May, two new directors - Signhild Arnegård Hansen and Birgitta Kantola - were elected. They succeeded Penny Hughes, who resigned in October 2009, and Dr. Hans-Joachim Körber. A dividend of SEK 1.00 (0) per share was resolved.

Subsequent events

The divestment of SEB's German retail banking business to Banco Santander, as announced on 12 July, improves the key group financial ratios going forward - the cost income ratio by 0.04, return on equity by 0.60 percentage points and the core capital ratio by 0.50 percentage points.

The transaction price of EUR 555m is at a premium to allocated equity of EUR 420m. Transaction costs, including related funding and hedge accounting effects are estimated at EUR 375m. The net negative financial impact up until closing, including transaction costs is expected to be EUR 240m pre-tax. Restructuring costs for the remaining German business are estimated to EUR 80m. Negative funding effects are estimated to EUR 65m in 2011.

Further information on proforma effects is presented in Appendix 6 and available on www.sebgroup.com/ir.

A key milestone for the strategic Group IT infrastructure project - One IT Roadmap - has been achieved. A new IT platform was successfully launched in Lithuania on 7 July involving 2.5 million accounts and one million customers. The new system opens up new development possibilities for the Bank, providing more flexibility in launching new products to its customers. It also elevates productivity.

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

Stockholm, 13 July 2010

Marcus Wallenberg

Chairman

Tuve Johannesson Deputy Chairman	Jacob Wallenberg Deputy Chairman
		Signhild Arnegård Hansen Urban Jansson Birgitta Kantola
Director	Director	Director
Göran Lilja	Cecilia Mårtensson	Tomas Nicolin
$Director*$	$Director*$	Director
Christine Novakovic Iesper Ovesen		Carl Wilhelm Ros

Director

Director

Annika Falkengren President and Chief Executive Officer

Director

Director

* appointed by the employees

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

Appendix 1	Division Life
Appendix 2	Credit exposure
Appendix 3	Market risk
Appendix 4	P&L by division, business area and quarter
Appendix 5	P&L by geography and quarter
Appendix 6	Pro forma excluding German Retail Banking

Further information is available from Jan Erik Back, Chief Financial Officer

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

Press conference and web cast

The press conference at 13.00 (CEST) on 13 July 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 and video web cast

The telephone conference at 15.00 (CEST) on 13 July 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 2010

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

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.

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 June 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, 13 July 2010

PricewaterhouseCoopers AB

Peter Clemedtson Authorised Public Accountant

The SEB Group

Income statement – SEB Group

Condensed	Q2	Q1		Q2			Jan - Jun		Full year
SEK m	2010	2010	%	2009	%	2010	2009	%	2009
Net interest income	4 095	3 875	6	5 370	-24	7 970	11 274	-29	19 490
Net fee and commission income	3 929	3 483	13	3 802	3	7 412	7 017	6	14 460
Net financial income	977	950	3	1 471	-34	1 927	2 604	-26	4 485
Net life insurance income	778	879	-11	946	-18	1 657	1 808	-8	3 597
Net other income	42	185	-77	1 585	-97	227	1 901	-88	2 181
Total operating income	9 821	9 372	5	13 174	-25	19 193	24 604	-22	44 213
Staff costs	-4 022	-3 865	4	-4 262	-6	-7 887	-8 653	-9	-15 574
Other expenses	-2 176	-2 090	4	-1 918	13	-4 266	-3 756	14	-8 128
Depreciation, amortisation and impairment of
tangible and intangible assets	- 421	- 412	2	-2 832	-85	- 833	-3 847	-78	-4 695
Total operating expenses	-6 619	-6 367	4	-9 012	-27	-12 986	-16 256	-20	-28 397
Profit before credit losses	3 202	3 005	7	4 162	-23	6 207	8 348	-26	15 816
Gains less losses on disposals of tangible and
intangible assets	- 3	- 4	-25	23	-113	- 7	25	-128	4
Net credit losses	- 619	-1 926	-68	-3 567	-83	-2 545	-5 953	-57	-12 448
Operating profit	2 580	1 075	140	618		3 655	2 420	51	3 372
Income tax expense	- 575	- 386	49	- 792	-27	- 961	-1 573	-39	-2 200
Net profit from continuing operations	2 005	689	191	- 174		2 694	847		1 172
Gains less losses from assets held for sale	- 1			4	-125	- 1	10	-110	6
Net profit	2 004	689	191	- 170		2 693	857		1 178
Attributable to minority interests	17	15	13	23	-26	32	25	28	64
Attributable to equity holders *	1 987	674	195	- 193		2 661	832		1 114
* Basic earnings per share, SEK	0.91	0.31		- 0.09		1.21	0.67		0.58
Diluted earnings per share, SEK	0.90	0.31		- 0.09		1.21	0.66		0.58

Statement of comprehensive income – SEB Group

	Q2	Q1		Q2			Jan - Jun		Full year
SEK m	2010	2010	%	2009	%	2010	2009	%	2009
Net profit	2 004	689	191	- 170		2 693	857		1 178
Translation of foreign operations	- 110	- 267	-59	- 172	-36	- 377	- 420	-10	- 187
Available-for-sale financial assets	- 696	281		417		- 415	264		1 966
Cash flow hedges	- 105	- 257	-59	- 413	-75	- 362	- 480	-25	- 974
Other	- 188	- 635	-70	110		- 823	173		- 749
Other comprehensive income (net of tax)	- 1 099	- 878	25	- 58		- 1 977	- 463		56
Total comprehensive income	905	- 189		- 228		716	394	82	1 234
Attributable to minority interests	13			17	-24	13	32	-59	60
Attributable to equity holders	892	- 189		- 245		703	362	94	1 174

Key figures - SEB Group

	Q2	Q1	Q2	Jan - Jun	Full year
	2010	2010	2009	2010	2009	2009
Return on equity, %	8.05	2.71	- 0.78	5.37	1.82	1.17
Return on total assets, %	0.34	0.12	- 0.03	0.23	0.07	0.05
Return on risk-weighted assets, %	0.97	0.34	- 0.09	0.66	0.18	0.13
Basic earnings per share, SEK	0.91	0.31	- 0.09	1.21	0.67	0.58
Weighted average number of shares, millions*	2 194	2 194	2 193	2 194	1 250	1 906
Diluted earnings per share, SEK	0.90	0.31	- 0.09	1.21	0.66	0.58
Weighted average number of diluted shares, millions**	2 199	2 199	2 195	2 199	1 252	1 911
Net worth per share, SEK	49.48	50.07	49.18	49.48	49.18	50.08
Average equity, SEK billion	98.8	99.3	98.7	99.1	91.6	95.4
Cost/income ratio	0.67	0.68	0.68	0.68	0.66	0.64
Credit loss level, % Total reserve ratio for individually assessed impaired	0.16	0.50	1.07	0.33	0.89	0.92
loans, %	76.9	77.0	71.7	76.9	71.7	69.5
Net level of impaired loans, %	0.60	0.64	0.64	0.60	0.64	0.72
Gross level of impaired loans, %	1.29	1.31	1.10	1.29	1.10	1.39
Basel II (Legal reporting with transitional floor) :***
Risk-weighted assets, SEK billion	824	812	849	824	849	795
Core Tier 1 capital ratio, %	10.46	10.43	10.52	10.46	10.52	10.74
Tier 1 capital ratio, %	12.40	12.37	12.15	12.40	12.15	12.78
Total capital ratio, %	12.60	13.10	13.81	12.60	13.81	13.50
Basel II (without transitional floor):
Risk-weighted assets, SEK billion	714	723	790	714	790	730
Core Tier 1 capital ratio, %	12.07	11.71	11.31	12.07	11.31	11.69
Tier 1 capital ratio, %	14.31	13.88	13.07	14.31	13.07	13.91
Total capital ratio, %	14.54	14.70	14.85	14.54	14.85	14.69
Basel I:
Risk-weighted assets, SEK billion	1 008	994	1 080	1 008	1 080	1 003
Core Tier 1 capital ratio, %	8.55	8.52	8.27	8.55	8.27	8.51
Tier 1 capital ratio, %	10.14	10.11	9.56	10.14	9.56	10.13
Total capital ratio, %	10.30	10.70	10.88	10.30	10.88	10.70
Number of full time equivalents****	19 091	19 032	20 430	19 090	20 578	20 233
Assets under custody, SEK billion	4 770	5 127	4 505	4 770	4 505	4 853
Assets under management, SEK billion	1 328	1 382	1 267	1 328	1 267	1 356

* 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 of 30 June 2010 SEB owned 10,486 Class A-shares with a market value of SEK 0.4m.

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

*** 80 per cent of RWA in Basel I

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

Income statement on quarterly basis - SEB Group

	Q2	Q1	Q4	Q3	Q2
SEK m	2010	2010	2009	2009	2009
Net interest income	4 095	3 875	3 697	4 519	5 370
Net fee and commission income	3 929	3 483	3 877	3 566	3 802
Net financial income	977	950	935	946	1 471
Net life insurance income	778	879	932	857	946
Net other income	42	185	433	- 153	1 585
Total operating income	9 821	9 372	9 874	9 735	13 174
Staff costs	-4 022	-3 865	-3 186	-3 735	-4 262
Other expenses	-2 176	-2 090	-2 473	-1 899	-1 918
Depreciation, amortisation and impairments of tangible and
intangible assets	- 421	- 412	- 467	- 381	-2 832
Total operating expenses	-6 619	-6 367	-6 126	-6 015	-9 012
Profit before credit losses	3 202	3 005	3 748	3 720	4 162
Gains less losses on disposals of tangible and intangible
assets	- 3	- 4	- 24	3	23
Net credit losses	- 619	-1 926	-3 160	-3 335	-3 567
Operating profit	2 580	1 075	564	388	618
Income tax expense	- 575	- 386	- 277	- 350	- 792
Net profit from continuing operations	2 005	689	287	38	- 174
Gains less losses from assets held for sale	- 1		- 3	- 1	4
Net profit	2 004	689	284	37	- 170
Attributable to minority interests	17	15	27	12	23
Attributable to equity holders*	1 987	674	257	25	- 193
* Basic earnings per share, SEK	0.91	0.31	0.12	0.01	- 0.09
Diluted earnings per share, SEK	0.90	0.31	0.12	0.01	- 0.09

Income statement, by division – SEB Group

	Merchant	Retail	Wealth			Other incl
Jan-Jun 2010, SEK m	Banking	Banking	Management	Life*	Baltic	eliminations	SEB Group
Net interest income	3 978	3 086	231	- 4	946	- 267	7 970
Net fee and commission income	2 503	2 159	1 807		435	508	7 412
Net financial income	2 337	140	42		62	- 654	1 927
Net life insurance income				2 301		- 644	1 657
Net other income	47	36	47		6	91	227
Total operating income	8 865	5 421	2 127	2 297	1 449	- 966	19 193
Staff costs	-2 102	-1 948	- 658	- 569	- 340	-2 270	-7 887
Other expenses	-2 005	-2 173	- 641	- 266	- 589	1 408	-4 266
Depreciation, amortisation and impairment of
tangible and intangible assets	- 66	- 76	- 41	- 345	- 39	- 266	- 833
Total operating expenses	-4 173	-4 197	-1 340	-1 180	- 968	-1 128	-12 986
Profit before credit losses	4 692	1 224	787	1 117	481	-2 094	6 207
Gains less losses from tangible and intangible
assets					- 1	- 6	- 7
Net credit losses	- 73	- 438	- 3		-1 882	- 149	-2 545
Operating profit	4 619	786	784	1 117	-1 402	-2 249	3 655

* Business result in Life amounted to SEK 1,537m (1,495), of which change in surplus values was net SEK 420m (506).

Merchant Banking

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Income statement

	Q2	Q1		Q2		Jan- Jun			Full year
SEK m	2010	2010	%	2009	%	2010	2009	%	2009
Net interest income	1 964	2 014	- 2	2 683	- 27	3 978	5 602	- 29	9 982
Net fee and commission income	1 420	1 083	31	1 618	- 12	2 503	2 790	- 10	5 647
Net financial income	1 320	1 017	30	1 498	- 12	2 337	2 684	- 13	4 377
Net other income	- 3	50	- 106	- 8	- 63	47	107	- 56	46
Total operating income	4 701	4 164	13	5 791	- 19	8 865	11 183	- 21	20 052
Staff costs	-1 109	- 993	12	-1 106	0	-2 102	-2 198	- 4	-3 529
Other expenses	-1 031	- 974	6	-1 014	2	-2 005	-1 963	2	-3 863
Depreciation, amortisation and impairment of
tangible and intangible assets	- 39	- 27	44	- 34	15	- 66	- 59	12	- 155
Total operating expenses	-2 179	-1 994	9	-2 154	1	-4 173	-4 220	- 1	-7 547
Profit before credit losses	2 522	2 170	16	3 637	- 31	4 692	6 963	- 33	12 505
Gains less losses on disposals of tangible and
intangible assets									- 1
Net credit losses	31	- 104	- 130	- 367	- 108	- 73	- 646	- 89	- 805
Operating profit	2 553	2 066	24	3 270	- 22	4 619	6 317	- 27	11 699
Cost/Income ratio	0,46	0,48		0,37		0,47	0,38		0,38
Business equity, SEK bn	28,9	29,0		35,1		28,9	35,1		35,1
Return on equity, %	25,5	20,5		26,8		23,0	25,9		24,0
Number of full time equivalents	2 530	2 529		2 650		2 529	2 687		2 630

• Higher operating profit due to increased customer activity
• Strengthened market position in the Nordic region
• Continued high asset quality

Comments on the first six months

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^äíÜçìÖÜ=çéÉê~íáåÖ=áåÅçãÉ=Ñçê=íÜÉ=Ñáêëí=Ü~äÑ=çÑ=OMNM= ÇÉÅêÉ~ëÉÇ=Åçãé~êÉÇ=íç=OMMVI=áåÅçãÉ=Ñçê=íÜÉ=ëÉÅçåÇ=èì~êíÉê= êçëÉ=Äó=NP=éÉê=ÅÉåí=Åçãé~êÉÇ=íç=íÜÉ=ÑáêëíI=êÉÑäÉÅíáåÖ= áãéêçîÉÇ=áåÅçãÉ=Ñçê=~ää=ÄìëáåÉëë=~êÉ~ëK=léÉê~íáåÖ= ÉñéÉåëÉë=Ñçê=íÜÉ=Ñáêëí=Ü~äÑ=çÑ=OMNM=ïÉêÉ=Ççïå=Äó=N=éÉê=ÅÉåí= Åçãé~êÉÇ=íç=íÜÉ=ÅçêêÉëéçåÇáåÖ=éÉêáçÇ=çÑ=OMMVI=Äìí= áåÅêÉ~ëÉÇ=ëÉèìÉåíá~ääó=éêáã~êáäó=ÇìÉ=íç=áåÅêÉ~ëÉÇ=ÅìëíçãÉê= ~ÅíáîáíóK=léÉê~íáåÖ=éêçÑáí=áåÅêÉ~ëÉÇ=Äó=pbh=QUTã=Åçãé~êÉÇ= íç=íÜÉ=Ñáêëí=èì~êíÉê=çÑ=OMNMI=ã~áåäó=ÇìÉ=íç=ÜáÖÜÉê=ÑÉÉë=~åÇ= Åçããáëëáçåë=~åÇ=ÅçåíáåìÉÇ=ëíêçåÖ=~ëëÉí=èì~äáíóK=

`çêéçê~íÉ=Ä~åâáåÖ=ÖÉåÉê~íÉÇ=ëí~ÄäÉ=áåÅçãÉI=ÇÉëéáíÉ=íÜÉ= ãçÇÉëí=ÇÉã~åÇ=Ñçê=äÉåÇáåÖ=éêçÇìÅíë=~åÇ=íÜÉ=ÅçåíáåìÉÇ= äçï=áåíÉêÉëí=ê~íÉ=äÉîÉäëK=^Åíáîáíó=~åÇ=ÇÉã~åÇ=Ñçê=Åçêéçê~íÉ= ÄçêêçïáåÖ=áë=ÉñéÉÅíÉÇ=íç=éáÅâ=ìé=áå=íÜÉ=ëÉÅçåÇ=Ü~äÑ=çÑ=OMNMK==

qÜÉ=ã~êâÉí=ìåÅÉêí~áåíó=~êçìåÇ=íÜÉ=ÅçìåíêáÉë=áå= ëçìíÜÉêå=bìêçéÉ=áåÅêÉ~ëÉÇ=ÅìëíçãÉêëÛ=êÉèìáêÉãÉåíë=çå éêáÅáåÖ=Å~é~Åáíó=~åÇ=~ÅÅÉëë=íç=äáèìáÇáíóK==

qê~ÇáåÖ=~åÇ=`~éáí~ä=j~êâÉíë=ëíêçåÖ=éçëáíáçå=ã~ÇÉ=áí= éçëëáÄäÉ=íç=ãÉÉí=íÜÉëÉ=ÅìëíçãÉê=åÉÉÇëK=jçëí=ÄìëáåÉëë=~êÉ~ë= Ö~áåÉÇ=ãçãÉåíìãI=êÉÑäÉÅíÉÇ=áå=åÉï=ê~åâáåÖë=~åÇ=íÜÉ= ä~êÖÉëí=ã~êâÉí=ëÜ~êÉ=EVKN=éÉê=ÅÉåíF=çå=íÜÉ=kçêÇáÅ=~åÇ=_~äíáÅ= píçÅâ=bñÅÜ~åÖÉë=~ãçåÖ=çíÜÉêëK=

däçÄ~ä=qê~åë~Åíáçå=pÉêîáÅÉë=ÅçåíáåìÉÇ=íÜÉ=éçëáíáîÉ=íêÉåÇ= Ñêçã=íÜÉ=Ñáêëí=èì~êíÉêK=^í=íÜÉ=ÉåÇ=çÑ=íÜÉ=éÉêáçÇI=~ëëÉíë= ìåÇÉê=ÅìëíçÇó=ïÉêÉ=pbh=QITTMÄå=ERINOTFK==

qÜÉ=ëíê~íÉÖáÅ=kçêÇáÅ=~åÇ=dÉêã~å=Éñé~åëáçå=ÅçåíáåìÉë ~ÅÅçêÇáåÖ=íç=éä~åI=~ÇÇáåÖ=åÉï=ëí~ÑÑ=~åÇ=ÅìëíçãÉêëK==

Retail Banking

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

Income statement

	Q2	Q1		Q2		Jan- Jun			Full year
SEK m	2010	2010	%	2009	%	2010	2009	%	2009
Net interest income	1 549	1 537	1	1 704	- 9	3 086	3 586	- 14	6 879
Net fee and commission income	1 083	1 076	1	1 124	- 4	2 159	2 181	- 1	4 428
Net financial income	75	65	15	81	- 7	140	153	- 8	290
Net other income	15	21	- 29	13	15	36	35	3	83
Total operating income	2 722	2 699	1	2 922	- 7	5 421	5 955	- 9	11 680
Staff costs	- 963	- 985	- 2	-1 050	- 8	-1 948	-2 119	- 8	-4 052
Other expenses	-1 126	-1 047	8	-1 140	- 1	-2 173	-2 218	- 2	-4 433
Depreciation, amortisation and impairment of
tangible and intangible assets	- 38	- 38	0	- 52	- 27	- 76	- 96	- 21	- 180
Total operating expenses	-2 127	-2 070	3	-2 242	- 5	-4 197	-4 433	- 5	-8 665
Profit before credit losses	595	629	- 5	680	- 13	1 224	1 522	- 20	3 015
Gains less losses on disposals of tangible and
intangible assets									- 2
Net credit losses	- 126	- 312	- 60	- 363	- 65	- 438	- 623	- 30	-1 369
Operating profit	469	317	48	317	48	786	899	- 13	1 644
Cost/Income ratio	0,78	0,77		0,77		0,77	0,74		0,74
Business equity, SEK bn	14,0	14,0		15,8		14,0	15,8		15,8
Return on equity, %	10,1	7,1		6,4		8,6	8,8		7,5
Number of full time equivalents	4 932	4 792		5 171		4 855	5 131		5 078

Operating profit remained negatively impacted by the low interest rate environment

• Investments in the Swedish SME segment continued and SEB attracted new corporate customers
• Card delivered a quarter with solid performance and invested for growth in the co-branding business

Comments on the first six months

`ìëíçãÉêë=áå=íÜÉ=oÉí~áä=_~åâáåÖ=Çáîáëáçå=ëÜçïÉÇ=ëçäáÇ= ÇÉã~åÇ=Ñçê=äÉåÇáåÖI=ïÜáäÉ=ÅìëíçãÉê=~Åíáîáíó=äÉîÉäë=áå= ÖÉåÉê~ä=êÉã~áåÉÇ=ãçÇÉê~íÉK=lå=Ä~ä~åÅÉI=çéÉê~íáåÖ=áåÅçãÉ= áå=íÜÉ=ëÉÅçåÇ=èì~êíÉêI=~í=pbh=OITOOãI=ï~ë=áå=äáåÉ=ïáíÜ=íÜÉ= Ñáêëí=èì~êíÉê=ïÜáäÉ=íÜÉ=Ñáêëí=ëáñ=ãçåíÜë=ïÉêÉ=V=éÉê=ÅÉåí= ÄÉäçï=íÜ~í=çÑ=íÜÉ=éêÉîáçìë=óÉ~êK=táíÜ=ëìééçêí=Ñêçã=äçïÉê= çéÉê~íáåÖ=ÉñéÉåëÉë=~åÇ=äçïÉê=ÅêÉÇáí=äçëëÉëI=çéÉê~íáåÖ= éêçÑáí=~ãçìåíÉÇ=íç=pbh=TUSã=EUVVFK=

aìêáåÖ=OMNMI=oÉí~áä=pïÉÇÉå=Ü~ë=áåîÉëíÉÇ=áå=áãéêçîÉÇ= ~î~áä~Äáäáíó=~åÇ=áåíÉåëáÑáÉÇ=áåíÉê~Åíáçå=ïáíÜ=ÉñáëíáåÖ=~åÇ= éçíÉåíá~ä=ÅìëíçãÉêëK=bñ~ãéäÉë=áåÅäìÇÉ=~ÇÇÉÇ=êÉëçìêÅÉë=áå= íÜÉ=qÉäÉéÜçåÉ=_~åâI=ÉñíÉåëáîÉ=é~êíáÅáé~íáçå=áå=åÉíïçêâë= Ñçê=ÉåíêÉéêÉåÉìêë=~åÇ=pb_Ûë=ä~ìåÅÜ=çÑ=~=Ä~åâáåÖ= ~ééäáÅ~íáçå=Ñçê=íÜÉ=ámÜçåÉI=ïÜáÅÜ=Ü~ë=ÄÉÉå=~ÇçéíÉÇ=Äó= PVIMMM=ÅìëíçãÉêëK=_çíÜ=Åçêéçê~íÉ=~åÇ=éêáî~íÉ=ÅìëíçãÉêë= ÅçåíêáÄìíÉÇ=íç=ÖêçïíÜ=áå=äÉåÇáåÖ=îçäìãÉëK=táíÜáå= ãçêíÖ~ÖÉ=äÉåÇáåÖ=ëéÉÅáÑáÅ~ääóI=ïÜÉêÉ=pb_=áåíêçÇìÅÉÇ=ÉîÉå= ãçêÉ=ëíêáåÖÉåí=äÉåÇáåÖ=ÅêáíÉêá~ë=áå=íÜÉ=ÑçìêíÜ=èì~êíÉê=ä~ëí= óÉ~êI=ÖêçïíÜ=ÇÉÅêÉ~ëÉÇ=Ñêçã=NQ=éÉê=ÅÉåí=áå=íÜÉ=Ñìää=óÉ~ê=çÑ= OMMV=íç=~å=~ååì~äáòÉÇ=ê~íÉ=çÑ=NM=éÉê=ÅÉåí=áå=íÜÉ=Ñáêëí=ëáñ= ãçåíÜë=çÑ=OMNMK=_çíÜ=äÉåÇáåÖ=~åÇ=ÇÉéçëáí=ã~êÖáåë=ïÉêÉ= ëí~ÄäÉK=få=~ÅÅçêÇ~åÅÉ=ïáíÜ=pb_Ûë=ëí~íÉÇ=~ãÄáíáçå=íç=Öêçï= íÜÉ=Åçêéçê~íÉ=êÉí~áä=ÄìëáåÉëëI=ëìÄëí~åíá~ä=áåîÉëíãÉåíë=ïÉêÉ= ã~ÇÉ=ÄçíÜ=áå=ëâáää=ÄìáäÇáåÖI=êÉÅêìáíãÉåí=çÑ=Åçêéçê~íÉ= ~Çîáëçêë=~åÇ=íÜÉ=Éëí~ÄäáëÜãÉåí=çÑ=êÉÖáçå~ä=ÅÉåíÉêë=

í~êÖÉíáåÖ=ä~êÖÉê=Åçêéçê~íÉ=ÅìëíçãÉêëK=mêçÖêÉëë=ï~ë= ÅçåÑáêãÉÇ=Äó=~=åÉí=áåÅêÉ~ëÉ=çÑ=PIMMM=Åçêéçê~íÉ=ÅìëíçãÉêë= ÇìêáåÖ=íÜÉ=Ñáêëí=Ü~äÑ=çÑ=OMNMK=mêçîáëáçåë=Ñçê=ÅêÉÇáí=äçëëÉë=áå= pïÉÇáëÜ=oÉí~áä=áå=íÜÉ=Ñáêëí=ëáñ=ãçåíÜë=~ãçìåíÉÇ=íç=pbh= NSUã=ENURF=~åÇ=çéÉê~íáåÖ=éêçÑáí=íç=pbh=STQã=ENIMNOFK=

qÜÉ=*~êÇ=*ÄìëáåÉëë=~êÉ~=ÅçåíáåìÉÇ=áíë=ëçäáÇ=éÉêÑçêã~åÅÉ= ~åÇ=ã~ÇÉ=ëÉîÉê~ä=áåîÉëíãÉåíë=Ñçê=ÑìíìêÉ=ÖêçïíÜI=åçí=äÉ~ëí= áå=íÜÉ=ÅçJÄê~åÇáåÖ=ëÉÖãÉåíK=líÜÉê=Éñ~ãéäÉë=áåÅäìÇÉ=íÜÉ= ä~ìåÅÜ=çÑ=áãéêçîÉÇ=íê~îÉä=~ÅÅçìåí=ëçäìíáçåëI=~ääçïáåÖ= ÅìëíçãÉêë=íç=êÉÇìÅÉ=íÜÉáê=ÅìêêÉåÅóJêÉä~íÉÇ=êáëâëK=qìêåçîÉê= ÖêçïíÜ=ï~ë=ÄÉäçï=ÜáëíçêáÅ=äÉîÉäëI=Äìí=íÜÉ=ÉÑÑÉÅí=ï~ë=ãçêÉ= íÜ~å=çÑÑëÉí=Äó=ÑìåÇáåÖ=ÅçëíëI=ïÜáÅÜ=êÉã~áåÉÇ=äçïK= léÉê~íáåÖ=áåÅçãÉ=áå=íÜÉ=Ñáêëí=ëáñ=ãçåíÜë=ï~ë=pbh=NIPSUã= ENIPSUF=~åÇ=çéÉê~íáåÖ=ÉñéÉåëÉë=pbh=TQNã=ETOOFK=êÉÇáí= äçëëÉë=~ãçìåíÉÇ=íç=pbh=NTRã=EOPQF=~åÇ=çéÉê~íáåÖ=éêçÑáí=íç= pbh=QROã=EQNOFK==

oÉí~áä=dÉêã~åó=ïáää=ÇìÉ=íç=íÜÉ=ÇáîÉëíãÉåí=ÄÉ=êÉéçêíÉÇ=~ë= ÇáëÅçåíáåìÉÇ=çéÉê~íáçåë=Ñêçã=åÉñí=èì~êíÉêK=qÜÉ=çéÉê~íáåÖ= äçëëÉë=ÅçåíáåìÉÇ=ÇìÉ=íç=êÉëíê~áåÉÇ=ÅìëíçãÉê=~Åíáîáíó=äÉîÉäëI= Äìí=äçïÉê=ÅêÉÇáí=äçëë=éêçîáëáçåë=Ö~îÉ=ëçãÉ=ëìééçêíK léÉê~íáåÖ=éêçÑáí=Ñçê=g~åì~êóJgìåÉ=ï~ë=pbh=JPQMã=EJROSFK= cìêíÜÉê=áåÑçêã~íáçå=çå=éêç=Ñçêã~=ÉÑÑÉÅíë=áë=éêÉëÉåíÉÇ=áå= ^ééÉåÇáñ=S=~åÇ=~î~áä~ÄäÉ=çå=ïïïKëÉÄÖêçìéKÅçãLáêK

Wealth Management

qÜÉ=tÉ~äíÜ=j~å~ÖÉãÉåí=Çáîáëáçå=Ü~ë=íïç=ÄìëáåÉëë=~êÉ~ë=Ó=fåëíáíìíáçå~ä=`äáÉåíë=~åÇ=mêáî~íÉ=_~åâáåÖK=

Income statement

	Q2	Q1		Q2		Jan- Jun			Full year
SEK m	2010	2010	%	2009	%	2010	2009	%	2009
Net interest income	120	111	8	159	- 25	231	349	- 34	598
Net fee and commission income	939	868	8	713	32	1 807	1 372	32	2 955
Net financial income	24	18	33	16	50	42	36	17	76
Net other income	47			12		47	13		17
Total operating income	1 130	997	13	900	26	2 127	1 770	20	3 646
Staff costs	- 344	- 314	10	- 337	2	- 658	- 677	- 3	-1 229
Other expenses	- 339	- 302	12	- 292	16	- 641	- 578	11	-1 160
Depreciation, amortisation and impairment of
tangible and intangible assets	- 21	- 20	5	- 33	- 36	- 41	- 63	- 35	- 116
Total operating expenses	- 704	- 636	11	- 662	6	-1 340	-1 318	2	-2 505
Profit before credit losses	426	361	18	238	79	787	452	74	1 141
Gains less losses on disposals of tangible and
intangible assets				29	- 100		29	- 100	29
Net credit losses	- 2	- 1	100	- 12	- 83	- 3	- 20	- 85	- 28
Operating profit	424	360	18	255	66	784	461	70	1 142
Cost/Income ratio	0,62	0,64		0,74		0,63	0,74		0,69
Business equity, SEK bn	5,2	5,2		5,5		5,2	5,5		5,5
Return on equity, %	23,5	20,1		13,4		21,5	12,1		14,9
Number of full time equivalents	969	972		1 013		975	1 041		1 016

Operating profit up as asset values on average recovered

• High net sales and customer growth in turbulent markets
• Strong demand for broader investment solutions with down-side protection

Comments on the first six months

qÜÉ=çîÉê~ää=äÉîÉä=çÑ=ÅìëíçãÉê=~Åíáîáíó=ï~ë=ÜáÖÜI=ÄçíÜ=ïáíÜáå= fåëíáíìíáçå~ä=`äáÉåíë=~åÇ=mêáî~íÉ=_~åâáåÖI=~äíÜçìÖÜ=íÜÉ= ÜáÖÜÉê=êáëâ=~ééÉíáíÉ=áå=íÜÉ=éêÉîáçìë=èì~êíÉê=ÇáãáåáëÜÉÇ=ÇìÉ= íç=íÜÉ=bìêçéÉ~å=ëçîÉêÉáÖå=ÇÉÄí=ÅêáëáëK==

`ìëíçãÉê=ÇÉã~åÇ=Ñçê=éêçÇìÅíë=íÜ~í=~Çàìëí=~ëëÉí= ~ääçÅ~íáçå=áë=ëíêçåÖI=ïÜáÅÜ=áë=ïÜó=pb_=ÅçåÅÉåíê~íÉë=çå= éêçîáÇáåÖ=Çóå~ãáÅ=ëçäìíáçåëI=ïÜáÅÜ=Ñ~Åáäáí~íÉ=áåîÉëíãÉåí= ÇÉÅáëáçåëK=bñ~ãéäÉë=çÑ=íÜÉëÉ=~êÉ=íÜÉ=jçÇÉêå=fåîÉëíãÉåí= mêçÖê~ããÉë=~åÇ=píê~íÉÖó=cìåÇëI=ïÜÉêÉ=pb_=êÉÅÉåíäó= ä~ìåÅÜÉÇ=éêçÇìÅíë=ïáíÜ=ÇçïåëáÇÉ=éêçíÉÅíáçåK=qÜÉ=åÉï ë~äÉë=ëìééçêí=éêçÅÉëë=ä~ìåÅÜÉÇ=Äó=mêáî~íÉ=_~åâáåÖ=áå=íÜÉ= Ñáêëí=èì~êíÉê=ÅçåíáåìÉÇ=íç=ëÜçï=ÉåÅçìê~ÖáåÖ=êÉëìäíë=ÇìêáåÖ= íÜÉ=ëÉÅçåÇ=èì~êíÉêK=qÜÉ=ãìäíáJ~ëëÉí=~ééêç~ÅÜ=áå= ÅçããìåáÅ~íáçå=ïáíÜ=ÅäáÉåíë=Ü~ë=ÄÉÉå=ïÉää=êÉÅÉáîÉÇ=~åÇ=äÉÇ= íç=åÉï=ÄìëáåÉëëI=ÉîÉå=áå=íÜÉ=ÅìêêÉåí=ìåÅÉêí~áå=ã~êâÉí= Åäáã~íÉK==

ìëíçãÉê=áåÑäçï=Ü~ë=ÅçåíáåìÉÇ=áå=~=ÖççÇ=é~ÅÉI=ÄçíÜ=áå= mêáî~íÉ=\_~åâáåÖ=~åÇ=fåëíáíìíáçå~ä=äáÉåíëK==

^=åìãÄÉê=çÑ=êç~ÇëÜçïë=ïÜÉêÉ=áåëíáíìíáçå~ä=ÅäáÉåíë= ãÉí=pb_Ûë=éçêíÑçäáç=ã~å~ÖÉêë=Ü~îÉ=ÄÉÉå=~êê~åÖÉÇI=äÉ~ÇáåÖ= íç=áãéêçîÉÇ=ÅäáÉåí=êÉä~íáçåëÜáéë=~åÇ=~ëëÉí=áåÑäçïëK=pb_=áë= íÜÉ=ëÉÅçåÇ=ä~êÖÉëí=ãìíì~ä=ÑìåÇ=ã~å~ÖÉê=áå=pïÉÇÉå=ïáíÜ=~= ã~êâÉí=ëÜ~êÉ=çÑ=NS=éÉê=ÅÉåí=áå=íÜÉ=Ñáêëí=èì~êíÉê=çÑ=OMNMK=kÉí= ë~äÉë=çå=íÜÉ=pïÉÇáëÜ=ãìíì~ä=ÑìåÇ=ã~êâÉí=Ü~ë=ÅçåíáåìÉÇ=íç= áãéêçîÉ=áå=OMNMK=pb_=ÅçåíáåìÉÇ=íç=ÄÉåÉÑáí=Ñêçã=íÜÉ= ã~êâÉíÛë=ä~êÖÉëí=åÉí=áåÑäçïë=áå=ãáñÉÇ=ÑìåÇë=~åÇ=äçåÖJíÉêã= ÑáñÉÇ=áåÅçãÉ=ÑìåÇëK=qç=ÉåÜ~åÅÉ=ÅäáÉåíëÛ=éçëëáÄáäáíáÉë=íç= ÅÜççëÉ=ÄÉíïÉÉå=ëíê~íÉÖáÉëI=~å=áåÅêÉ~ëáåÖ=åìãÄÉê=çÑ=áåÇÉñ= éêçÇìÅíë=~ë=ïÉää=~ë=ÉñíÉêå~ä=éêçÇìÅíë=Ü~îÉ=ÄÉÉå=ã~ÇÉ= ~î~áä~ÄäÉ=~äçåÖëáÇÉ=pb_Ûë=çïå=éêçÇìÅíëK==

^ë=~=êÉëìäí=çÑ=íÜÉëÉ=ÅäáÉåí=ÉÑÑçêíëI=çéÉê~íáåÖ=éêçÑáí= ÅçåíáåìÉÇ=íç=Ö~áå=ãçãÉåíìã=ÇìêáåÖ=íÜÉ=Ñáêëí=Ü~äÑ=çÑ=OMNMI= ÇÉëéáíÉ=íÜÉ=êÉÅÉåí=ã~êâÉí=ÇçïåíìêåK==

léÉê~íáåÖ=áåÅçãÉ=áåÅêÉ~ëÉÇ=Äó=OM=éÉê=ÅÉåíK=qÜáë=ï~ë ã~áåäó=ÇìÉ=íç=~å=NN=éÉê=ÅÉåí=áãéêçîÉãÉåí=çÑ=~îÉê~ÖÉ ~ëëÉíë=ìåÇÉê=ã~å~ÖÉãÉåí=~åÇ=ÜáÖÜÉê=éÉêÑçêã~åÅÉ=~åÇ= íê~åë~Åíáçå=ÑÉÉëI=ïÜáÅÜ=áåÅêÉ~ëÉÇ=íç=pbh=NUNã=EQQFK _êçâÉê~ÖÉ=áåÅçãÉ=ï~ë=ÖççÇK=

qÜÉ=ÇáîáëáçåÛë=íçí~ä=~ëëÉíë=ìåÇÉê=ã~å~ÖÉãÉåí=ÇÉÅäáåÉÇ= Äó=N=éÉê=ÅÉåí=Ñêçã=óÉ~êJÉåÇ=OMMVI=íç=pbh=NIORUÄåI=éêáã~êáäó= ÇìÉ=íç=äçïÉê=~ëëÉí=î~äìÉëK=qÜÉ=ëíêçåÖ=åÉí=ë~äÉë=çÑ=pbh=OUÄå= EONF=ÅçãéÉåë~íÉÇ=ëçãÉïÜ~íK=fåîÉëíãÉåí=éÉêÑçêã~åÅÉ=ï~ë= ÖççÇX=RO=éÉê=ÅÉåí=ERVF=çÑ=éçêíÑçäáçë=~åÇ=SN=éÉê=ÅÉåí=ESVF=çÑ= ~ëëÉíë=ìåÇÉê=ã~å~ÖÉãÉåí=ïÉêÉ=~ÜÉ~Ç=çÑ=íÜÉáê=êÉëéÉÅíáîÉ= ÄÉåÅÜã~êâëK=

Life

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

Income statement

	Q2	Q1		Q2		Full year
SEK m	2010	2010	%	2009	%	Jan- Jun 2010	2009	%	2009
Net interest income	- 2	- 2	0	- 5	- 60	- 4	- 15	- 73	- 18
Net life insurance income	1 115	1 186	- 6	1 148	- 3	2 301	2 191	5	4 443
Total operating income	1 113	1 184	- 6	1 143	- 3	2 297	2 176	6	4 425
Staff costs	- 287	- 282	2	- 299	- 4	- 569	- 573	- 1	-1 107
Other expenses	- 135	- 131	3	- 146	- 8	- 266	- 272	- 2	- 536
Depreciation, amortisation and impairment of
tangible and intangible assets	- 172	- 173	- 1	- 177	- 3	- 345	- 342	1	- 667
Total operating expenses	- 594	- 586	1	- 622	- 5	-1 180	-1 187	- 1	-2 310
Operating profit	519	598	- 13	521	0	1 117	989	13	2 115
Change in surplus values, net	191	229	- 17	395	- 52	420	506	- 17	900
Business result	710	827	- 14	916	- 22	1 537	1 495	3	3 015
Cost/Income ratio	0,53	0,49		0,54		0,51	0,55		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	30,4	35,1		27,0		32,8	25,6		27,4
based on business result	41,7	48,5		47,4		45,1	38,7		39,0
Number of full time equivalents	1 173	1 175		1 196		1 175	1 203		1 191

Strong result - operating profit increased by 13 per cent compared to 2009

Well diversified offering in unit-linked supports customers' risk management in volatile markets

High premium inflow - a confirmation of customer confidence

Comments on the first six months

aìêáåÖ=íÜÉ=Ñáêëí=Ü~äÑ=çÑ=OMNMI=ëÉîÉê~ä=ÅìëíçãÉê=~ÅíáîáíáÉë= ïÉêÉ=ä~ìåÅÜÉÇK=fãéêçîÉÇ=~î~áä~Äáäáíó=~í=ÅìëíçãÉê=ëÉêîáÅÉ= ÅÉåíÉêëI=áåÅêÉ~ëÉÇ=~Çîáëçêó=ëÉêîáÅÉ=~åÇ=ÉåÜ~åÅÉÇ=éêçÇìÅí= çÑÑÉêáåÖë=Ü~îÉ=ÄÉÉå=áå=ÑçÅìë=J=~ää=áå=çêÇÉê=íç=ëíêÉåÖíÜÉå= äçåÖJíÉêã=êÉä~íáçåë=ïáíÜ=ÅìëíçãÉêëK=

táíÜ=íÜÉ=ÜÉäé=çÑ=~ÇÇáíáçå~ä=ëí~ÑÑ=~í=ëÉêîáÅÉ=ÅÉåíÉêëI=íÜÉ= iáÑÉ=Çáîáëáçå=Ü~ë=Éñé~åÇÉÇ=áíë=ëÉêîáÅÉ=Å~é~ÅáíóK=`ìëíçãÉê= çéáåáçåë=çå=Üçï=íç=ÄÉííÉê=ãÉÉí=íÜÉáê=åÉÉÇëI=åçï=Ñçêã=é~êí= çÑ=~=Åçåíáåìçìë=êÉîáÉï=çÑ=íÜÉ=ÅìëíçãÉê=çÑÑÉêáåÖK=qÜÉ= ~ãÄáíáçå=íç=ÉåëìêÉ=~=ÜáÖÜ=èì~äáíó=ÑìåÇ=çÑÑÉêáåÖ=áåÅäìÇÉ=íÜÉ= ä~ìåÅÜ=çÑ=~ÇÇáíáçå~ä=píê~íÉÖó=cìåÇëK=

léÉê~íáåÖ=éêçÑáí=áåÅêÉ~ëÉÇ=Äó=NP=éÉê=ÅÉåí=Åçãé~êÉÇ=íç= íÜÉ=Ñáêëí=ëáñ=ãçåíÜë=çÑ=OMMVK=bñÅäìÇáåÖ=íÜÉ=ÉÑÑÉÅí=çÑ= êÉÅçîÉêÉÇ=éêçîáëáçåë=Ñçê=íê~Çáíáçå~ä=éçêíÑçäáç=Öì~ê~åíÉÉëI= éêçÑáí=êçëÉ=Äó=QN=éÉê=ÅÉåíI=ã~áåäó=êÉä~íÉÇ=íç=ìåáíJäáåâÉÇ= éêçÇìÅíëK=^ää=ÄìëáåÉëë=~êÉ~ë=ëÜçïÉÇ=ëí~ÄäÉ=çê=áåÅêÉ~ëÉÇ= éêçÑáí=äÉîÉäëK=`çåíáåìÉÇ=ÑçÅìë=çå=ìåáíJäáåâÉÇ=Ü~ë=äÉÇ=íç= ãçÇÉê~íÉ=êáëâ=ÉñéçëìêÉI=Å~éáí~ä=ÉÑÑáÅáÉåÅó=~åÇ=áåÅêÉ~ëÉÇ= êÉíìêå=çå=ÄìëáåÉëë=ÉèìáíóK=

råáíJäáåâÉÇ=áåÅçãÉ=ÅçåíáåìÉÇ=íç=áãéêçîÉ=~ë=~=êÉëìäí=çÑ= éçëáíáîÉ=ã~êâÉí=íêÉåÇë=~ë=éçäáÅóÜçäÇÉêë=ëÉäÉÅíÉÇ=ãçêÉ= ~Çî~åÅÉÇ=~åÇ=Éèìáíó=êÉä~íÉÇ=~äíÉêå~íáîÉëK=qÜÉ=íçí~ä=ÑìåÇ= î~äìÉ=áåÅêÉ~ëÉÇ=Äó=OO=éÉê=ÅÉåí=Åçãé~êÉÇ=íç=OMMVK=qÜÉ=êÉëìäí= Ñçê=çíÜÉê=éêçÇìÅí=~êÉ~ë=ÇÉîÉäçéÉÇ=Ñ~îçìê~Ääó=ÇìêáåÖ=íÜÉ= éÉêáçÇK=`äáÉåí=ÑìåÇë=áå=íÜÉ=íê~Çáíáçå~ä=ÄìëáåÉëë=~äëç= ÖÉåÉê~íÉÇ=ë~íáëÑ~Åíçêó=êÉíìêåëK=

léÉê~íáåÖ=ÉñéÉåëÉëI=ÉñÅäìÇáåÖ=ÇÉéêÉÅá~íáçåI=ïÉêÉ= ëí~ÄäÉ=Åçãé~êÉÇ=íç=ä~ëí=óÉ~êK=`çåíáåìÉÇ=áãéêçîÉãÉåí=çÑ= íÜÉ=~Çãáåáëíê~íáîÉ=ÉÑÑáÅáÉåÅó=ëìééçêíë=~=ëí~ÄäÉ=Åçëí=íêÉåÇ= éÉê=éçäáÅóK=aÉéêÉÅá~íáçå=çÑ=ÇÉÑÉêêÉÇ=~Åèìáëáíáçå=Åçëíë= áåÅêÉ~ëÉÇ=~åÇ=ïáää=ÅçåíáåìÉ=íç=Çç=ëçI=Äìí=ëÜçìäÇ=ÄÉ=ëÉÉå=áå= íÜÉ=äáÖÜí=çÑ=áåÅêÉ~ëÉÇ=ìåáíJäáåâÉÇ=áåÅçãÉK=

råáíJäáåâÉÇ=áåëìê~åÅÉ=êÉã~áåë=íÜÉ=ã~àçê=éêçÇìÅí ÖêçìéI=êÉéêÉëÉåíáåÖ=US=éÉê=ÅÉåí=ETVF=çÑ=íçí~ä=ë~äÉëK=qÜÉ=ëÜ~êÉ= çÑ=Åçêéçê~íÉ=éÉåëáçå=ÇÉÅêÉ~ëÉÇ=íç=SN=éÉê=ÅÉåí=ESOF=ÇìÉ=íç= ÜáÖÜ=îçäìãÉë=çÑ=ÉåÇçïãÉåí=éçäáÅáÉë=áå=pïÉÇÉåK=`çêéçê~íÉ= éÉåëáçå=ÅçåíáåìÉÇ=íç=ÄÉ=~ÑÑÉÅíÉÇ=Äó=íÜÉ=ÖÉåÉê~ä=ÄìëáåÉëë= Åäáã~íÉI=ÜáÖÜ=ìåÉãéäçóãÉåí=äÉîÉäë=~åÇ=äçï=ë~ä~êó= áåÅêÉ~ëÉë=áå=pïÉÇÉå=~åÇ=aÉåã~êâK=p~äÉë=áå=íÜÉ=_~äíáÅ= ÅçìåíêáÉë=Ü~îÉ=ëí~ÄáäáëÉÇK=

qçí~ä=éêÉãáìã=áåÅçãÉ=áåÅêÉ~ëÉÇ=Äó=R=éÉê=ÅÉåíI=íç= pbh=NSKMÄå=ENRKPFK=qÜÉ=íçí~ä=î~äìÉ=çÑ=ìåáíJäáåâÉÇ=ÑìåÇë=ï~ë= pbh=NSQÄå=Åçãé~êÉÇ=íç=pbh=NPQÄå=~í=gìåÉ=OMMVK=qçí~ä ~ëëÉíë=ìåÇÉê=ã~å~ÖÉãÉåí=EåÉíF=áåÅêÉ~ëÉÇ=Äó=V=éÉê=ÅÉåí=íç= pbh=QMRÄåK

Baltic

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

Income statement

	Q2	Q1		Q2		Jan- Jun			Full year
SEK m	2010	2010	%	2009	%	2010	2009	%	2009
Net interest income	456	490	- 7	751	- 39	946	1 529	- 38	2 679
Net fee and commission income	226	209	8	248	- 9	435	486	- 10	934
Net financial income	36	26	38	23	57	62	60	3	126
Net other income	2	4	- 50	- 8	- 125	6	4	50	55
Total operating income	720	729	- 1	1 014	- 29	1 449	2 079	- 30	3 794
Staff costs	- 161	- 179	- 10	- 197	- 18	- 340	- 417	- 18	- 730
Other expenses	- 285	- 304	- 6	- 345	- 17	- 589	- 681	- 14	-1 452
Depreciation, amortisation and impairment of
tangible and intangible assets	- 19	- 20	- 5	-2 328	- 99	- 39	-2 353	- 98	-2 389
Total operating expenses	- 465	- 503	- 8	-2 870	- 84	- 968	-3 451	- 72	-4 571
Profit before credit losses	255	226	13	-1 856 - 114		481	-1 372	- 135	- 777
Gains less losses on disposals of tangible and
intangible assets	- 1			- 6	- 83	- 1	- 4	- 75	- 17
Net credit losses	- 451	-1 431	- 68	-2 641	- 83	-1 882	-4 343	- 57	-9 569
Operating profit	- 197	-1 205	- 84	-4 503	- 96	-1 402	-5 719	- 75	-10 363
Cost/Income ratio	0,65	0,69		2,83		0,67	1,66		1,20
Business equity, SEK bn	11,8	11,8		11,8		11,8	11,8		11,8
Return on equity, %	negative	negative		negative		negative	negative		negative
Number of full time equivalents	2 937	2 957		3 285		2 953	3 326		3 275

Operating loss substantially reduced and income levels stabilised

• Provision for credit losses in the second quarter one third of the level in the first quarter
• Confidence boost from Estonia's accession to the euro as from 1 January 2011

Comments on the first six months

^å=ÉñéçêíJäÉÇ=ÉÅçåçãáÅ=êÉÅçîÉêó=áå=íÜÉ=_~äíáÅ=êÉÖáçå= ëí~êíÉÇ=íç=Ö~íÜÉê=é~ÅÉ=ÇìêáåÖ=íÜÉ=ëÉÅçåÇ=èì~êíÉê=~åÇ=Ü~ë= ÇÉãçåëíê~íÉÇ=ëçãÉ=Öê~Çì~ä=ÖêçïíÜK=^ë=éêÉëÉåíÉÇ=áå=pb_Ûë= kçêÇáÅ=lìíäççâ=Ej~ó=OMNMFI=íÜÉ=dam=ÑçêÉÅ~ëí=Ñçê=OMNM=áë= O=éÉê=ÅÉåí=ÖêçïíÜ=áå=bëíçåá~=~åÇ=N=éÉê=ÅÉåí=áå=iáíÜì~åá~I= ïÜáäÉ=i~íîá~Ûë=dam=áë=ÉñéÉÅíÉÇ=íç=Çêçé=Äó=OKU=éÉê=ÅÉåíK=få= gìåÉI=bìêçéÉ~å=Ñáå~åÅÉ=ãáåáëíÉêë=Ö~îÉ=íÜÉ=ÖêÉÉå=äáÖÜí=íç= bëíçåá~=~ÇçéíáåÖ=íÜÉ=bìêç=~ë=çÑ=N=g~åì~êó=OMNNK==

pb_=ÅçåíáåìÉÇ=íç=ïáå=ÅìëíçãÉê=~åÇ=ÉãéäçóÉê=~ï~êÇë= ~Åêçëë=íÜÉ=_~äíáÅë=áå=íÜÉ=ëÉÅçåÇ=èì~êíÉêK=få=i~íîá~I=pb_=ï~ë= å~ãÉÇ=_Éëí=_~åâK=få=iáíÜì~åá~I=pb_=ï~ë=~ï~êÇÉÇ=íÜÉ=íáíäÉ= ~ë=íÜÉ=ãçëí=~ííê~ÅíáîÉ=ÉãéäçóÉê=áå=íÜÉ=ÅçìåíêóK==

få=íÜÉ=ëÉÅçåÇ=èì~êíÉêI=íÜÉ=Ñ~ää=áå=åÉí=áåíÉêÉëí=áåÅçãÉ= ëäçïÉÇ=Ççïå=~ë=ÇÉéçëáí=îçäìãÉë=ëí~êíÉÇ=íç=áåÅêÉ~ëÉ=áå= i~íîá~=~åÇ=ëí~ÄáäáëÉÇ=áå=bëíçåá~=~åÇ=iáíÜì~åá~=ÑçääçïáåÖ= ëçãÉ=NU=ãçåíÜë=çÑ=ÇÉÅäáåÉK=qçí~ä=åÉï=äÉåÇáåÖ=îçäìãÉë=~äëç= ëí~êíÉÇ=íç=áåÅêÉ~ëÉ=áå=i~íîá~=~åÇ=iáíÜì~åá~K=iç~å=ã~êÖáåë= ëí~ÄáäáëÉÇ=áå=íÜÉ=Ñáêëí=ëáñ=ãçåíÜëI=~äíÜçìÖÜ=ÇÉéçëáí=ã~êÖáåë= êÉã~áåÉÇ=äçï=ÇìÉ=íç=íÜÉ=Åçåíáåçìëäó=äçï=áåíÉêÉëí=ê~íÉ= ÉåîáêçåãÉåíK==

`çåëìãÉê=ÅçåÑáÇÉåÅÉ=áåÇáÅ~íçêë=Ü~îÉ=ëíÉ~Çáäó= áãéêçîÉÇ=áå=~ää=íÜêÉÉ=_~äíáÅ=ÅçìåíêáÉëX=áå=íÜÉ=ëÉÅçåÇ=èì~êíÉê= åÉï=ãçêíÖ~ÖÉ=äÉåÇáåÖ=ï~ë=~í=áíë=ÜáÖÜÉëí=äÉîÉä=ëáåÅÉ=íÜÉ=

Ñáêëí=èì~êíÉê=çÑ=OMMVK=

^í=íÜÉ=ÉåÇ=çÑ=gìåÉI=íÜÉ=äÉ~ëáåÖ=éçêíÑçäáç=~ãçìåíÉÇ=íç= pbh=NPÄåK=qÜÉ=~îÉê~ÖÉ=êÉÅçîÉêó=ê~íÉ=çå=êÉéçëëÉëëÉÇ= îÉÜáÅäÉë=ï~ë=~ééêçñáã~íÉäó=SM=éÉê=ÅÉåíK=

^ë=~í=PM=gìåÉ=OMNMI=pb_Ûë=oÉ~ä=Éëí~íÉ=eçäÇáåÖ= çãé~åáÉë=EoeF=áå=íÜÉ=íÜêÉÉ=_~äíáÅ=ÅçìåíêáÉë=Ü~Ç= ~ÅèìáêÉÇ=~ëëÉíë=ïáíÜ=~=íçí~ä=îçäìãÉ=çÑ=~ééêçñáã~íÉäó=pbh= NRUãK=pb_Ûë=_~äíáÅ=êÉ~ä=Éëí~íÉ=äÉåÇáåÖ=~ãçìåíÉÇ=íç=pbh= OQÄåI=çÑ=ïÜáÅÜ=OV=éÉê=ÅÉåí=ï~ë=áãé~áêÉÇ=~ë=~í=PM=gìåÉ=OMNMK=

léÉê~íáåÖ=ÉñéÉåëÉë=çÑ=pbh=VSUã=ïÉêÉ=ëáÖåáÑáÅ~åíäó= äçïÉê=íÜ~å=Ñçê=íÜÉ=Ñáêëí=ëáñ=ãçåíÜë=çÑ=OMMVK=qÜáë=êÉÑäÉÅíë= ÄçíÜ=íÜÉ=êÉÅÉåí=êáÖÜíJëáòáåÖ=çÑ=íÜÉ=ÇáëíêáÄìíáçå=åÉíïçêâ=~åÇ= íÜÉ=ÖççÇïáää=ïêáíÉJçÑÑ=çÑ=pbh=OKPÄå=áå=ëÉÅçåÇ=èì~êíÉê=OMMVK==

léÉê~íáåÖ=éêçÑáí=Ñçê=íÜÉ=Ñáêëí=ëáñ=ãçåíÜë=ï~ë=pbh= =JNIQMOã=EJRITNVFK=qÜÉ=áãéêçîÉãÉåí=ï~ë=ÇìÉ=íç= ëáÖåáÑáÅ~åíäó=äçïÉê=éêçîáëáçåë=Ñçê=ÅêÉÇáí=äçëëÉëI=~í=pbh= NIUUOã=EQIPQPFK=kÉí=ÅêÉÇáí=äçëëÉë=áå=íÜÉ=ëÉÅçåÇ=èì~êíÉêI=pbh= QRNãI=ïÉêÉ=çåÉ=íÜáêÇ=çÑ=íÜçëÉ=áå=íÜÉ=éêÉîáçìë=èì~êíÉêK=kÉí= ïêáíÉJçÑÑë=êÉã~áåÉÇ=äáãáíÉÇ=~í=pbh=OUãK=kçåJéÉêÑçêãáåÖ= äç~åë=Ü~îÉ=ëí~ÄáäáëÉÇ=áå=~ää=íÜêÉÉ=ÅçìåíêáÉëK=qÜÉ=êÉëÉêîÉ= ê~íáç=êÉã~áåÉÇ=ìåÅÜ~åÖÉÇK

Result by geography – January-June 2010

pb_=çÑÑÉêë=ìåáîÉêë~ä=Ä~åâáåÖ=ëÉêîáÅÉë=áå=pïÉÇÉå=~åÇ=íÜÉ=_~äíáÅ=ÅçìåíêáÉëÓJ=bëíçåá~I=i~íîá~=~åÇ=iáíÜì~åá~K=fí=~äëç=Ü~ë=~=äçÅ~ä=éêÉëÉåÅÉ=áå=íÜÉ= çíÜÉê=kçêÇáÅ=ÅçìåíêáÉë=~åÇ=dÉêã~åóK=qÜêçìÖÜ=áíë=ÖäçÄ~ä=éêÉëÉåÅÉ=áå=áíë=áåíÉêå~íáçå~ä=åÉíïçêâ=pb_=áë=éêÉëÉåí=áå=~äíçÖÉíÜÉê=ëçãÉ=OM= ÅçìåíêáÉëK=

• Low policy rates continue to negatively affect deposit margins in all markets
• Robust Nordic economies support improving business volumes and recovering corporate activity levels
• Improved asset quality across the borders; lower provisions for credit losses in the Baltic countries

Comments on the first six months

çéÉê~íáåÖ=áåÅçãÉI=~Åíáîáíó=äÉîÉäë=áå=ÖÉåÉê~ä=áåÅêÉ~ëÉÇ=çåÉ= åçíÅÜK=qÜÉ=äçïÉê=çéÉê~íáåÖ=éêçÑáí=Åçãé~êÉÇ=ïáíÜ=ä~ëí=óÉ~ê= Ü~ë=íç=ÄÉ=éìí=áåíç=íÜÉ=éÉêëéÉÅíáîÉ=çÑ=íÜÉ=ÉñÅÉéíáçå~ä= ÅáêÅìãëí~åÅÉë=çÑ=OMMVK=`çêéçê~íÉ=~Åíáîáíó=áå=ÖÉåÉê~ä= êÉã~áåÉÇ=ëìÄÇìÉÇI=ïÜáäÉ=ãçêíÖ~ÖÉ=äÉåÇáåÖ=áåÅêÉ~ëÉÇ=Äó= NP=éÉê=ÅÉåí=Åçãé~êÉÇ=íç=íÜÉ=Ñáêëí=Ü~äÑ=çÑ=OMMVK=

få aÉåã~êâI=íÜÉ=Åçêéçê~íÉ=Ä~åâáåÖ=ã~êâÉí=Ü~ë=ÄÉÉå= åçêã~äáëÉÇK=pb_Ûë=ÖêçïíÜ=áåáíá~íáîÉë=Ü~îÉ=ëí~êíÉÇ=íç=é~ó=çÑÑ= ~åÇ=íÜÉ=_~åâ=Ü~ë=~ííê~ÅíÉÇ=í~êÖÉíÉÇ=ÅäáÉåíëK aìêáåÖ=íÜÉ= óÉ~êI=pb_=Ü~ë=~äëç=í~âÉå=~=äÉ~ÇáåÖ=éçëáíáçå=ïáíÜ=~Äçìí= PM=éÉê=ÅÉåí=ã~êâÉí=ëÜ~êÉ=áå=ëí~íÉJÖì~ê~åíÉÉÇ=ÄçåÇ=áëëì~åÅÉ= Ñêçã=a~åáëÜ=êÉÖáçå~ä=~åÇ=äçÅ~ä=Ä~åâëK=råáíJäáåâÉÇ=ë~äÉë= áåÅêÉ~ëÉÇ=Äó=RN=éÉê=ÅÉåí=Åçãé~êÉÇ=íç=OMMVI=ïÜáäÉ=ë~äÉë=çÑ= íê~Çáíáçå~ä=éêçÇìÅíë=ÑÉääI=äÉ~îáåÖ=çîÉê~ää=ë~äÉë=Ñä~íK= léÉê~íáåÖ=éêçÑáí=áå=tÉ~äíÜ=j~å~ÖÉãÉåí=áåÅêÉ~ëÉÇK= lîÉê~ääI=pb_Ûë=Ñáå~åÅá~ä=éÉêÑçêã~åÅÉ=ï~ë=ìé=U=éÉê=ÅÉåí= Ñêçã=íÜÉ=ÉñÅÉéíáçå~ä=OMMVK=

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Distribution by country Jan - Jun	Total operating income				Total operating expenses		Operating profit
SEK m	2010	2009	%	2010	2009	%	2010	2009	%
Sweden	10 016	13 199	-24	-7 246	-9 296	-22	2 565	3 167	-19
Norway	1 448	1 903	-24	- 640	- 678	-6	719	1 080	-33
Denmark	1 566	1 599	-2	- 801	- 852	-6	716	666	8
Finland	604	573	5	- 259	- 258	0	332	298	11
Germany	2 485	3 399	-27	-2 447	-2 652	-8	- 131	432	-130
Estonia	614	689	-11	- 354	- 641	-45	1	- 639	-100
Latvia	533	920	-42	- 278	- 417	-33	- 490	-1 099	-55
Lithuania	679	975	-30	- 436	-1 104	-61	- 635	-2 189	-71
Other countries and eliminations	1 248	1 347	-7	- 525	- 358	47	578	704	-18
Total	19 193	24 604	-22	-12 986	-16 256	-20	3 655	2 420	51

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 the first half of 2009.

The SEB Group

Net interest income – SEB Group

	Q2	Q1		Q2			Jan - Jun		Full year
SEK m	2010	2010	%	2009	%	2010	2009	%	2009
Interest income	12 293	12 271	0	16 276	- 24	24 564	36 242	- 32	63 179
Interest expense	-8 198	-8 396	- 2	-10 906	- 25	-16 594	-24 968	- 34	-43 689
Net interest income	4 095	3 875	6	5 370	- 24	7 970	11 274	- 29	19 490

Net fee and commission income – SEB Group

	Q2	Q1		Q2			Jan - Jun		Full year
SEK m	2010	2010	%	2009	%	2010	2009	%	2009
Issue of securities	124	45	176	167	- 26	169	202	- 16	501
Secondary market	490	503	- 3	732	- 33	993	1 291	- 23	2 465
Custody and mutual funds	1 855	1 739	7	1 445	28	3 594	2 790	29	5 967
Securities commissions	2 469	2 287	8	2 344	5	4 756	4 283	11	8 933
Payments	463	451	3	465	0	914	922	- 1	1 858
Card fees	1 050	998	5	1 090	- 4	2 048	2 127	- 4	4 248
Payment commissions	1 513	1 449	4	1 555	- 3	2 962	3 049	- 3	6 106
Advisory	167	143	17	293	- 43	310	470	- 34	1 037
Lending	458	341	34	352	30	799	687	16	1 383
Deposits	26	26		27	- 4	52	55	- 5	108
Guarantees	108	112	- 4	99	9	220	194	13	416
Derivatives	157	134	17	153	3	291	312	- 7	558
Other	208	149	40	179	16	357	350	2	711
Other commissions	1 124	905	24	1 103	2	2 029	2 068	- 2	4 213
Fee and commission income	5 106	4 641	10	5 002	2	9 747	9 400	4	19 252
Securities commissions	- 307	- 295	4	- 190	62	- 602	- 423	42	- 874
Payment commissions	- 613	- 592	4	- 597	3	-1 205	-1 236	- 3	-2 442
Other commissions	- 257	- 271	- 5	- 413	- 38	- 528	- 724	- 27	-1 476
Fee and commission expense	-1 177	-1 158	2	-1 200	- 2	-2 335	-2 383	- 2	-4 792
Securities commissions, net	2 162	1 992	9	2 154	0	4 154	3 860	8	8 059
Payment commissions, net	900	857	5	958	- 6	1 757	1 813	- 3	3 664
Other commissions, net	867	634	37	690	26	1 501	1 344	12	2 737
Net fee and commission income	3 929	3 483	13	3 802	3	7 412	7 017	6	14 460

Net financial income – SEB Group

	Q2	Q1		Q2			Jan - Jun		Full year
SEK m	2010	2010	%	2009	%	2010	2009	%	2009
Equity instruments and related derivatives	334	138	142	- 166		472	- 71		- 67
Debt instruments and related derivatives	205	327	-37	568	- 64	532	626	-15	804
Currency related	506	495	2	1 127	- 55	1 001	2 168	-54	3 913
Other financial instruments	- 14	2		- 2		- 12	1		- 4
Impairments	- 54	- 12		- 56	- 4	- 66	- 120	-45	- 161
Net financial income	977	950	3	1 471	- 34	1 927	2 604	-26	4 485

Net credit losses – SEB Group

	Q2	Q1		Q2			Jan - Jun		Full year
SEK m	2010	2010	%	2009	%	2010	2009	%	2009
Provisions:
Net collective provisions for individually assessed
loans	381	- 749	-151	-1 305		- 368	-2 207	-83	-1 844
Net collective provisions for portfolio assessed loans	- 201	- 398	-49	- 549	-63	- 599	- 981	-39	-1 962
Specific provisions	- 869	- 837	4	-1 691	-49	-1 706	-2 603	-34	-7 256
Reversal of specific provisions no longer required	341	369	-8	176	94	710	366	94	621
Net provisions for off-balance sheet items	8	- 36	-122	133	-94	- 28	- 18	56	- 224
Net provisions	- 340	-1 651	-79	-3 236	-89	-1 991	-5 443	-63	-10 665
Write-offs:
Total write-offs	- 513	- 574	-11	- 494	4	-1 087	- 785	38	-2 615
Reversal of specific provisions utilized for write-offs	245	263	-7	135	81	508	214	137	688
Write-offs not previously provided for	- 268	- 311	-14	- 359	-25	- 579	- 571	1	-1 927
Recovered from previous write-offs	- 11	36	-131	28	-139	25	61	-59	144
Net write-offs	- 279	- 275	1	- 331	-16	- 554	- 510	9	-1 783
Net credit losses	- 619	-1 926	-68	-3 567	-83	-2 545	-5 953	-57	-12 448

Balance sheet – SEB Group

	30 Jun	31 Dec	30 Jun
SEK m	2010	2009	2009
Cash and cash balances with central banks	17 372	36 589	97 886
Loans to credit institutions	246 891	331 460	213 245
Loans to the public	1 226 476	1 187 837	1 304 683
Financial assets at fair value *	670 990	581 641	568 035
Available-for-sale financial assets *	65 988	87 948	98 014
Held-to-maturity investments *	1 500	1 332	1 845
Investments in associates	1 018	995	1 174
Tangible and intangible assets	27 565	27 770	27 900
Other assets	60 807	52 655	60 736
Total assets	2 318 607	2 308 227	2 373 518
Deposits from credit institutions	358 448	397 433	405 699
Deposits and borrowing from the public	759 347	801 088	823 359
Liabilities to policyholders	253 024	249 009	227 401
Debt securities	486 330	456 043	488 951
Financial liabilities at fair value	258 415	191 440	211 978
Other liabilities	70 867	75 149	72 220
Provisions	1 753	2 033	1 822
Subordinated liabilities	32 209	36 363	43 287
Total equity	98 214	99 669	98 801
Total liabilities and equity	2 318 607	2 308 227	2 373 518
* Of which bonds and other interest bearing securities including derivatives.	469 235	457 209	474 129

Off-balance sheet items – SEB Group

	30 Jun	31 Dec	30 Jun
SEK m	2010	2009	2009
Collateral pledged for own liabilities	334 731	420 302	389 169
Other pledged collateral	212 044	202 168	165 364
Contingent liabilities	87 050	84 058	89 545
Commitments	378 319	378 442	385 005

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-Jun 2010
Opening balance	21 942	76 699	- 412	-1 096	793	1 491	99 417	252	99 669
Net profit		2 661					2 661	32	2 693
Other comprehensive income (net of tax)			-377	- 415	- 362	-804	-1 958	- 19	-1 977
Total comprehensive income		2 661	- 377	- 415	- 362	- 804	703	13	716
Dividend to shareholders		-2 194					-2 194		-2 194
Swap hedging of employee stock option programme*		- 1					-1		-1
Eliminations of repurchased shares for employee stock
option programme**		24					24		24
Closing balance	21 942	77 189	- 789	-1 511	431	687	97 949	265	98 214
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* Eliminations of repurchased shares for employee stock		2					2		2
option programme**		31					31		31
Closing balance	21 942	76 699	- 412	-1 096	793	1 491	99 417	252	99 669
Jan-Jun 2009
Opening balance	6 872	75 949	-225	-3 062	1 767	2 236	83 537	192	83 729
Net profit		832					832	25	857
Other comprehensive income (net of tax)			-420	264	- 480	166	- 470	7	- 463
Total recognised income		832	- 420	264	- 480	166	362	32	394
Rights issue	15 070	- 397					14 673		14 673
Swap hedging of employee stock option programme*		- 2					-2		-2
Eliminations of repurchased shares for employee stock
option programme**		7					7		7
Closing balance	21 942	76 389	- 645	-2 798	1 287	2 402	98 577	224	98 801

* 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 of 30 June 2010 SEB owned 10,486 Class A-shares with a market value of SEK 0.4m for hedging of the long-term incentive programmes.

Cash flow statement – SEB Group

	Jan - Jun
SEK m	2010	2009	%	2009
Cash flow from operating activities	73 248	- 14 901		- 74 456
Cash flow from investment activities	262	- 522	- 150	- 5
Cash flow from financing activities	- 49 562	7 275		- 11 013
Net increase in cash and cash equivalents	23 948	- 8 148		- 85 474
Cash and cash equivalents at beginning of year	89 673	175 147	- 49	175 147
Net increase in cash and cash equivalents	23 948	- 8 148		- 85 474
Cash and cash equivalents at end of period1)	113 621	166 999	- 32	89 673

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

Reclassified portfolios – SEB Group

	Q2 Q1 Q2 Jan - Jun			Full year
	2010	2010	%	2009	%	2010	2009	%	2009
Reclassified, SEK m
Opening balance	114 156	125 339	-9	157 568	-28	125 339	107 899	16	107 899
Reclassified							51 770	-100	51 770
Amortisations	-1 342	-1 668	-20	-1 850	-27	-3 010	-3 775	-20	-6 683
Securities sold	-4 633	-5 623	-18	-1 811	156	-10 256	-3 827	168	-18 180
Accrued coupon	- 198	231	-186	- 163	21	33	617	-95	465
Exchange rate differences	- 979	-4 123	-76	-1 617	-39	-5 102	- 557		-9 932
Closing balance*	107 004	114 156	- 6	152 127	- 30	107 004	152 127	-30	125 339
* Market value	104 503	111 052	-6	141 668	-26	104 503	141 668		120 635
Fair value impact - if not reclassified, SEK m
In Equity (AFS origin)	1 200	1 248	-4	- 514		2 448	-3 720	-166	759
In Income Statements (HFT origin)	- 597	352		454		- 245	136		1 412
Total	603	1 600	-62	- 60		2 203	-3 584	-161	2 171
Effect in Income Statements, SEK m*
Net interest income	442	380	16	674	-34	822	2 045	-60	2 974
Net financial income	- 690	1 911	-136	-1 344	-49	1 221	- 68		-5 141
Other income	- 34	30		- 196	-83	- 4	9	-144	50
Total	- 282	2 321	-112	- 866	-67	2 039	1 986	3	-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 June	31 December	30 June
SEK m	2010	2009	2009
Individually assessed impaired loans
Impaired loans, past due > 60 days	16 725	18 157	14 802
Impaired loans, performing or past due < 60 days	2 513	3 167	1 888
Total individually assessed impaired loans	19 238	21 324	16 690
Specific reserves	- 10 406	- 10 456	- 7 001
for impaired loans, past due > 60 days	- 9 333	- 9 489	- 6 212
for impaired loans, performing or past due < 60 days	- 1 073	- 967	- 789
Collective reserves	- 4 386	- 4 371	- 4 963
Impaired loans net	4 446	6 497	4 726
Specific reserve ratio for individually assessed impaired loans	54.1%	49.0%	41.9%
Total reserve ratio for individually assessed impaired loans	76.9%	69.5%	71.7%
Net level of impaired loans	0.60%	0.72%	0.64%
Gross level of impaired loans	1.29%	1.39%	1.10%
Portfolio assessed loans
Portfolio assessed loans past due > 60 days	7 107	6 937	6 393
Restructured loans	555	312
Collective reserves for portfolio assessed loans	- 3 668	- 3 250	- 2 375
Reserve ratio for portfolio assessed loans	47.9%	44.8%	37.2%
Reserves
Specific reserves	- 10 406	- 10 456	-7 001
Collective reserves	- 8 054	- 7 621	-7 338
Reserves for off-balance sheet items	- 503	- 478	- 281
Total reserves	- 18 963	- 18 555	- 14 620
Non-performing loans
Non-performing loans*	26 900	28 573	23 083
NPL coverage ratio	70.5%	64.9%	63.3%
NPL % of lending	1.80%	1.86%	1.51%

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

Seized assets – SEB Group

	30 June	31 December	30 June
SEK m	2010	2009	2009
Properties, vehicles and equipment	241	217	621
Shares	54	62	63
Total seized assets	295	279	684

Capital base of the SEB financial group of undertakings

	30 June	31 Dec
SEK m	2010	2009
Total equity according to balance sheet (1)	98 214	99 669
./. Dividend (excl repurchased shares)	-1 097	-2 193
./. Investments outside the financial group of undertakings (2)	-36	-47
./. Other deductions outside the financial group of undertakings (3)	-2 037	-2 570
= Total equity in the capital adequacy	95 044	94 859
Adjustment for hedge contracts (4)	-57	-419
Net provisioning amount for IRB-reported credit exposures (5)	0	-297
Unrealised value changes on available-for-sale financial assets (6)	1 511	1 096
./. Exposures where RWA is not calculated (7)	-1 457	-1 169
./. Goodwill (8)	-4 374	-4 464
./. Other intangible assets	-2 683	-2 616
./. Deferred tax assets	-1 768	-1 609
= Core Tier 1 capital	86 216	85 381
Tier 1 capital contribution (non-innovative)	4 762	5 130
Tier 1 capital contribution (innovative)	11 217	11 093
= Tier 1 capital	102 195	101 604
Dated subordinated debt	5 217	11 028
./. Deduction for remaining maturity	-383	-658
Perpetual subordinated debt	7 738	7 386
Net provisioning amount for IRB-reported credit exposures (5)	1 449	-297
Unrealised gains on available-for-sale financial assets (6)	504	642
./. Exposures where RWA is not calculated (7)	-1 457	-1 169
./. Investments outside the financial group of undertakings (2)	-36	-47
= Tier 2 capital	13 032	16 885
./. Investments in insurance companies (9)	-10 500	-10 601
./. Pension assets in excess of related liabilities (10)	-869	-543
= Capital base	103 858	107 345

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Capital requirements for the SEB financial group of undertakings

Capital requirements	30 June	31 Dec
SEK m	2010	2009
Credit risk, IRB reported capital requirements
Institutions	3 341	4 016
Corporates (1)	32 569	32 406
Securitisation positions	685	847
Retail mortgages	5 408	5 202
Other retail exposures	824	863
Other exposure classes	124	131
Total for credit risk, IRB approach	42 951	43 465
Further capital requirements
Credit risk, Standardised approach (2)	6 893	7 805
Operational risk, Advanced Measurement approach	3 185	3 157
Foreign exchange rate risk	925	636
Trading book risks	3 181	3 376
Total	57 135	58 439
Summary
Credit risk	49 844	51 270
Operational risk	3 185	3 157
Market risk	4 106	4 012
Total	57 135	58 439
Adjustment for flooring rules
Addition according to transitional flooring (3)	8 822	5 175
Total reported	65 957	63 614

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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 June	31 Dec
Capital adequacy	2010	2009
Capital resources
Core Tier 1 capital	86 216	85 381
Tier 1 capital	102 195	101 604
Capital base	103858	107 345
Capital adequacy without transitional floor (Basel II)
Capital requirement	57 135	58 439
Expressed as Risk-weighted assets	714 186	730 492
Core Tier 1 capital ratio	12,1%	11,7%
Tier 1 capital ratio	14,3%	13,9%
Total capital ratio	14,5%	14,7%
Capital adequacy quotient (capital base / capital requirement)	1,82	1,84
Capital adequacy including transitional floor
Transition floor applied	80%	80%
Capital requirement	65 957	63 614
Expressed as Risk-weighted assets	824 462	795 177
Core Tier 1 capital ratio	10,5%	10,7%
Tier 1 capital ratio	12,4%	12,8%
Total capital ratio	12.6%	13,5%
Capital adequacy quotient (capital base / capital requirement)	1,57	1,69
Capital adequacy with risk weighting according to Basel I
Capital requirement	80 635	80 260
Expressed as Risk-weighted assets	1 007 939	1 003 250
Core Tier 1 capital ratio	8,6%	8,5%
Tier 1 capital ratio	10,1%	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 2 per cent or SEK 16bn over the first two quarters. This corresponds almost exactly to the currency translation effect from the stronger Swedish krona. Risk weight changes are discussed below. Underlying credit volumes showed a mixed pattern where increased corporate lending added some SEK 5bn to RWA while e.g. inter-bank volumes decreased. The net change from efficiency projects and underlying credit volumes was close to zero. Operational and market RWA were stable over the two quarters.

With the effect of transitional flooring included RWA increased from SEK 795bn to 824bn over the two quarters. The transitional rule is not only based on "80% of Basel I" but also considers net provisioning; since this amount increased over the two quarters reported RWA increases more than Basel I RWA which was almost stable.

The above means that un-floored Basel II RWA was 29 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 surely be affected by the proposed revisions to the international capital framework ("Basel III") published by the Basel Committee in December 2009. SEB participates 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)	30 June	31 Dec
Average risk weight	2010	2009
Institutions	18,1%	17.5%
Corporates	57.7%	57.8%
Securitisation positions	22.5%	22.6%
Retail mortgages	17.1%	17.2%
Other retail exposures	38.6%	38.5%

Internal risk class migration increased RWA for corporate exposures with SEK 4bn over the two quarters. This was countered by a volume shift towards customers in the better risk classes so the average risk weight was unchanged. 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	Q2	Q1		Q2			Jan - Jun		Full year
SEK m	2010	2010	%	2009	%	2010	2009	%	2009
Interest income	6 529	6 250	4	8 683	-25	12 779	19 895	-36	33 420
Leasing income	1 361	1 353	1	1 455	-6	2 714	3 017	-10	5 800
Interest expense	-4 524	-4 507	0	-6 037	-25	-9 031	-14 421	-37	-24 151
Dividends	152	234	-35	238	-36	386	277	39	2 757
Fee and commission income	2 230	1 862	20	2 138	4	4 092	3 882	5	7 85 1
Fee and commission expense	- 413	- 36 7	13	- 456	-9	- 780	- 838	-7	-1 636
Net financial income	1 119	966	16	1 292	-13	2 085	2 393	-13	4 065
Other income	118	194	-39	1 699	-93	312	2 069	-85	2 811
Total operating income	6 572	5 985	10	9 012	-27	12 557	16 274	-23	30 917
Administrative expenses	-3 579	-3 282	9	-3 310	8	-6 861	-6 565	5	-12 117
Depreciation, amortisation and impairment of
tangible and intangible assets	-1 162	-1 144	2	-1 191	-2	-2 306	-2 430	-5	-5 125
Total operating expenses	-4 741	-4 426	7	-4 501	5	-9 167	-8 995	2	-17 242
Profit before credit losses	1 831	1 559	17	4 511	-59	3 390	7 279	-53	13 675
Net credit losses		- 171	-100	- 441	-100	- 171	- 609	-72	- 984
Impairment of financial assets	- 412	- 40		- 111		- 452	- 747	-39	-1 222
Operating profit	1 419	1 348	5	3 959	-64	2 767	5 923	-53	11 469
Appropriations	2	- 1				1	- 2	-150	-1 510
Income tax expense	- 620	- 927	-33	- 115		-1 547	- 370		-1 451
Other taxes	- 53			-1 071		- 53	-1 312	-96	-1 544
Net profit	748	420	78	2 773	-73	1 168	4 239	-72	6 964

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

	Q2 Q1			Q2			Jan - Jun
SEK m	2010	2010	%	2009	%	2010	2009	%	Full year 2009
Net profit	748	420	78	2 773	-73	1 168	4 239	-72	6 964
Translation of foreign operations	23	-41	-156	1		- 18	-193	-91	- 96
Available-for-sale financial assets	-454	127		364		- 327	109		1 053
Cash flow hedges	-217	-142	53	- 404	-46	- 359	-496	-28	- 965
Group contributions	216	285	-24	191	13	501	36		662
Other	-67	4		266	-125	- 63	109	-158	146
Other comprehensive income (net of tax)	- 499	233		418		- 266	- 435	- 39	800
Total comprehensive income	249	653	- 62	3 191	-92	902	3 804	- 76	7 764

Condensed	30 Jun	31 December	30 Jun
SEK m	2010	2009	2009
Cash and cash balances with central banks	2 565	21 815	5 285
Loans to credit institutions	338 621	376 223	353 332
Loans to the public	748 115	732 475	776 184
Financial assets at fair value	388 507	304 675	307 933
Available-for-sale financial assets	13 459	16 331	19 492
Held-to-maturity investments	4 487	3 789	3 223
Investments in associates	939	907	1 081
Shares in subsidiaries	57 039	59 325	59 183
Tangible and intangible assets	41 261	41 354	41 218
Other assets	44 385	39 022	42 069
Total assets	1 639 378	1 595 916	1 609 000
Deposits from credit institutions	350 796	386 530	396 860
Deposits and borrowing from the public	462 008	490 850	451 664
Debt securities	423 602	368 784	391 311
Financial liabilities at fair value	240 752	176 604	194 744
Other liabilities	43 361	48 886	48 714
Provisions	216	496	556
Subordinated liabilities	31 645	35 498	42 373
Untaxed reserves	22 646	22 645	21 137
Total equity	64 352	65 623	61 641
Total liabilities, untaxed reserves and shareholders' equity	1 639 378	1 595 916	1 609 000

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

	30 Jun	31 December	30 Jun
SEK m	2010	2009	2009
Collateral pledged for own liabilities	188 273	268 284	250 121
Other pledged collateral	48 238	47 031	32 327
Contingent liabilities	65 149	64 045	70 909
Commitments	278 684	275 203	266 034

Rating

	Moody's Outlook Stable (June 2010)		Standard & Poor's Outlook Stable (February 2010)		Fitch 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

SEB's major shareholders

	Share of capital,
June 2010	per cent
Investor AB	20,8
Trygg Stiftelsen	8,1
Alecta	6,9
Swedbank/ Robur fonder	3,8
AMF Försäkring & fonder	2,0
AFA Försäkring	1,7
SHB Fonder incl XACT	1,5
Första AP fonden	1,5
Wallenberg foundations	1,5
SEB Investment Management	1,4
Foreign shareholders	19,0
Source: Euroclear Sweden
pb_=fåíÉêáã=oÉéçêí=g~åì~êóJgìåÉ=OMNM=

Additional Information January-June 2010

STOCKHOLM 13 JULY 2010

Appendix 1 The Life division

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Comments on the first six months of 2010

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SEB Trygg Liv, Sweden

The Swedish operation is partly conducted according to a bank assurance concept and partly through distribution via insurance mediators and other external partners. The bank assurance concept involves an integrated banking and insurance operation with distribution through SEB's branch offices and own sales personnel. The purpose of the concept is to offer SEB's customers a complete range of products and services within the financial area. Pension savings represent almost half of the Swedish households' financial assets. According to the SEB "Sparbarometer", the share was 49 per cent on 31 March 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 unit-linked insurance. The market share for the twelve month period to March 2010 was 22.8 per cent (24.6). The drop is due to the re-election of occupational pension within SAF-LO where SEB Trygg Liv does not participate.

Significant occupational pension business

The weak economy during the last years has affected the corporate paid business negatively, whereas the private paid business has been stable. During the first six months the corporate share was 58 per cent. For the twelve month period to March 2010, SEB Trygg Liv's market share in new sales unit-linked occupational pension was 13.8 per cent (18.1). The drop is due to mentioned re-election 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 March 2010 was 36.1 per cent (35.6). 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".

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

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

Growing occupational pension market

Since year 2000, it is mainly the Danish occupational pension market that 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 6 per cent. The market share in the unit-linked segment is 9 per cent. Danica is the dominating company with a market share of about 15 and 30 per cent, respectively (preliminary figures for 2009).

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 outside Sweden. Since 2008, the Finnish branch office focuses on sales to the Finnish market.

The Baltic subsidiaries concentrate primarily on unitlinked insurance, but also offer traditional insurance and sickness/disability insurance. More than 90 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

	Q 2	Q 1	Q 4	Q 3	Q 2	Jan - Jun	Full year
SEKm	2010	2010	2009	2009	2009	2010	2009	2009
Income unit-linked	609	585	584	536	491	1 1 9 4	928	2 0 4 8
Income other insurance 1)	363	427	395	373	448	790	896	1664
Other income 2)	141	172	165	196	204	313	352	713
Total operating income	1 1 1 3	1 1 8 4	1 1 4 4	1 1 0 5	1 1 4 3	2 2 9 7	2 1 7 6	4 4 2 5
Operating expenses	$-625$	$-652$	$-651$	$-550$	$-620$	$-1277$	$-1247$	$-2448$
Other expenses	$-1$	$-1$	0	$-3$	$-23$	$-2$	$-24$	$-27$
Change in deferred acquisition costs	32	67	77	$\overline{4}$	21	99	84	165
Total expenses	$-594$	$-586$	$-574$	$-549$	$-622$	$-1180$	$-1187$	$-2310$
Operating profit	519	598	570	556	521	1 1 1 7	989	2 1 1 5
Change in surplus value, net	191	229	170	224	395	420	506	900
Business result	710	827	740	780	916	1537	1 4 9 5	3015
Financial effects due to market fluctuations 3)	$-538$	292	517	652	1 1 3 2	$-246$	850	2019
Change in assumptions 3)	$\mathbf{1}$	12	$-459$	35	$-253$	13	$-285$	$-709$
Total result	173	1 1 3 1	798	1 4 6 7	1795	1 3 0 4	2 0 6 0	4 3 2 5
Business equity	6 0 0 0	6 0 0 0	6800	6800	6800	6 0 0 0	6800	6800
Return on business equity 4)
based on operating profit, %	30,4	35,1	29,5	28,8	27,0	32,8	25,6	27,4
based on business result, %	41,7	48,5	38,3	40,4	47,4	45,1	38,7	39,0
Premium income, gross	7491	8527	8 7 5 1	6588	7 3 4 7	16 018	15 26 6	30 605
Expense ratio, % 5)	8,3	7,6	7,4	8,3	8,4	8,0	8,2	8,0
Operating profit by business area
SEB Trygg Liv, Sweden	349	391	412	387	403	740	680	1 4 7 9
SEB Pension, Denmark	158	151	127	120	147	309	327	574
SEB Life & Pension, International	29	59	52	68	3	88	28	148
Other including central functions etc	$-17$	$-3$	$-21$	$-19$	$-32$	$-20$	$-46$	$-86$
	$\overline{519}$	598	570	556	521	1117	989	2115
1) Effect of guarantee commitments in
traditional insurance in Sweden	$-10$	24	43	34	103	14	209	286
Reclassification compared to previous reporting			$-12$	$-44$	$-59$	0	$-51$	$-107$
2) Reclassification compared to previous reporting			12	44	59	$\mathbf 0$	51	107
$3 - c$ $1 - c$

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 2	Q 1	Q 4	Q 3	Q 2		Jan - Jun	Full y ear
SEKm	2010	2010	2009	2009	2009	2010	2009	2009
Total	11 967	13 507	13 444	11 042	13 268	25 474	26 180	50 666
Traditional life and sickness/health insurance	1 754	1 871	2 326	2 507	2 771	3 625	5 434	10 267
Unit-linked insurance	10 213	11 636	11 118	8 535	10 497	21 849	20 746	40 399
Corporate as per cent of total	62%	60%	55%	65%	61%	61%	62%	61%
SEB Trygg Liv Sweden	7 470	8 067	8 697	6 452	7 987	15 537	16 073	31 222
Traditional life and sickness/health insurance	356	341	407	252	280	697	681	1 340
Unit-linked insurance	7 114	7 726	8 290	6 200	7 707	14 840	15 392	29 882
Corporate as per cent of total	59%	58%	53%	60%	53%	58%	58%	57%
SEB Pension Denmark	3 137	3 882	3 289	3 586	3 771	7 019	7 230	14 105
Traditional life and sickness insurance	1 228	1 399	1 677	2 087	2 245	2 627	4 325	8 089
Unit-linked insurance	1 909	2 483	1 612	1 499	1 526	4 392	2 905	6 016
Corporate as per cent of total	85%	79%	78%	88%	88%	81%	86%	84%
SEB Life & Pension International	1 360	1 558	1 458	1 004	1 510	2 918	2 877	5 339
Traditional life and sickness insurance	170	131	242	168	246	301	428	838
Unit-linked insurance	1 190	1 427	1 216	836	1 264	2 617	2 449	4 501
Corporate as per cent of total	28%	22%	15%	14%	30%	25%	26%	21%

Premium income and Assets under management

SEKm	Q 2 2010	Q 1 2010	Q 4 2009	Q 3 2009	Q 2 2009	2010	Jan - Jun 2009	Full y ear 2009
Premium income : Total	7 491	8 527	8 751	6 588	7 347	16 018	15 266	30 605
Traditional life and sickness/health insurance	1 662	1 993	2 913	1 905	1 975	3 655	4 284	9 102
Unit-linked insurance	5 829	6 534	5 838	4 683	5 372	12 363	10 982	21 503
SEB Trygg Liv Sweden	4 137	4 809	4 670	3 938	4 179	8 946	8 687	17 295
Traditional life and sickness/health insurance	560	673	943	643	655	1 233	1 432	3 018
Unit-linked insurance	3 577	4 136	3 727	3 295	3 524	7 713	7 255	14 277
SEB Pension Denmark	2 184	2 152	2 807	1 778	1 804	4 336	3 875	8 460
Traditional life and sickness/health insurance	1 004	1 235	1 859	1 167	1 220	2 239	2 656	5 682
Unit-linked insurance	1 180	917	948	611	584	2 097	1 219	2 778
SEB Life & Pension International	1 170	1 566	1 274	872	1 364	2 736	2 704	4 850
Traditional life and sickness/health insurance	98	85	111	95	100	183	196	402
Unit-linked insurance	1 072	1 481	1 163	777	1 264	2 553	2 508	4 448
Assets under management:* Total	405 300	410 700	401 700	392 100	371 800	405 300	371 800	401 700
Traditional life and sickness/health insurance	241 600	246 200	245 300	247 000	237 900	241 600	237 900	245 300
Unit-linked insurance	163 700	164 500	156 400	145 100	133 900	163 700	133 900	156 400
SEB Trygg Liv Sweden	284 300	290 100	282 400	273 700	255 200	284 300	255 200	282 400
Traditional life and sickness/health insurance	160 300	164 300	162 100	161 500	151 300	160 300	151 300	162 100
Unit-linked insurance	124 000	125 800	120 300	112 200	103 900	124 000	103 900	120 300
SEB Pension Denmark	94 300	94 500	95 000	96 100	96 300	94 300	96 300	95 000
Traditional life and sickness/health insurance	80 200	80 800	82 100	84 400	85 500	80 200	85 500	82 100
Unit-linked insurance	14 100	13 700	12 900	11 700	10 800	14 100	10 800	12 900
SEB Life & Pension International	26 700	26 100	24 300	22 300	20 300	26 700	20 300	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	25 600	25 000	23 200	21 200	19 200	25 600	19 200	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).

Surplus value accounting Excluding traditional insurance in Denmark									Traditional insurance Denmark*
SEKm		Q 2 2010	Q 1 2010	Q 4 2009	Q 3 2009	Q 2 2009	Jan - Jun 2010	2009	Full year 2009	2010	Jan - Jun 2009	Full year 2009
Surplus values, opening balance							14 363 13 656 13 423 12 538 11 266 13 656 11 549 11 549				1 272 1 111	1 111
Adjustment opening balance 1)			203	1	11	4	203	-77	-65	-6
Present value of new sales 2)		362	412	433	350	371	774	773	1 556	37	59	112
Return/realised value on policies from previous
periods		-115	-103	-86	-78	-62	-218	-123	-287	-69	-76	-150
Actual outcome compared to assumptions 3)		-24	-13	-100	-44	107	-37	-60	-204	-12	196	205
Change in surplus values ongoing business,
gross		223	296	247	228	416	519	590	1 065	-44	179	167
Capitalisation of acquisition costs for the period		-195	-231	-233	-153	-173	-426	-390	-776
Amortisation of capitalised acquisition costs		163	164	156	149	152	327	306	611
Change in surplus values ongoing business,
net 4)		191	229	170	224	395	420	506	900	-44	179	167
Financial effects due to short term market
fluctuations 5)		-538	292	517	652	1 132	-246	850	2 019	6	4	64
Change in assumptions 6)		1	12	-459	35	-253	13	-285	-709	43	72	5
Total change in surplus values		-346	533	228	911	1 274	187	1 071	2 210	5	255	236
Exchange rate differences etc		-11	-29	4	-37	-6	-40	-5	-38	-93	-10	-75
Surplus values, closing balance 7)							14 006 14 363 13 656 13 423 12 538 14 006 12 538 13 656				1 178 1 356	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		5,5							5,5
Inflation CPI / Inflation expenses		2 / 3							2 / 3
Expected return on solvency margin		4							4
Right to transfer policy, unit-linked Mortality		2	The Group's experience						2 The Group's experience
Sensitivity to changes in assumptions (total division). Change in discount rate	+1 per cent	-1 547							-1 493
"	-1 per cent	1 776							1 716
Change in value growth	+1 per cent	1 583							1 492
of investment assets	-1 per cent	-1 359							-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 3,583m at June 30, 2010).

Surplus values

pìêéäìë=î~äìÉë=~êÉ=íÜÉ=éêÉëÉåí=î~äìÉë=çÑ=ÑìíìêÉ=éêçÑáíë=Ñêçã= ïêáííÉå=áåëìê~åÅÉ=éçäáÅáÉëK=qÜÉó=~êÉ=Å~äÅìä~íÉÇ=íç=ÄÉííÉê= Éî~äì~íÉ=íÜÉ=éêçÑáí~Äáäáíó=çÑ=~=äáÑÉ=áåëìê~åÅÉ=ÄìëáåÉëë=ëáåÅÉ= ~å=áåëìê~åÅÉ=éçäáÅó=çÑíÉå=Ü~ë=~=äçåÖ=Çìê~íáçåK=fåÅçãÉ= ~ÅÅêìÉë=êÉÖìä~êäó=íÜêçìÖÜçìí=íÜÉ=Çìê~íáçå=çÑ=íÜÉ=éçäáÅóK= `çëíëI=çå=íÜÉ=çíÜÉê=Ü~åÇI=ã~áåäó=~êáëÉ=~í=íÜÉ=éçáåí=çÑ=ë~äÉI= pb_=^ÇÇáíáçå~ä=fåÑçêã~íáçå=g~åì~êóJgìåÉ=OMNM= R

ïÜáÅÜ=äÉ~Çë=íç=~å=áãÄ~ä~åÅÉ=ÄÉíïÉÉå=áåÅçãÉ=~åÇ=Åçëíë=~í= íÜÉ=íáãÉ=ïÜÉå=~=éçäáÅó=áë=ëáÖåÉÇK=

qÜÉ=êÉéçêíáåÖ=áë=~ÅÅçêÇáåÖ=íç=áåíÉêå~íáçå~ä=éê~ÅíáÅÉ=~åÇ= áë=êÉîáÉïÉÇ=Äó=~å=ÉñíÉêå~ä=é~êíó=~ååì~ääóK=pìêéäìë=î~äìÉë= ~êÉ=åçí=ÅçåëçäáÇ~íÉÇ=áå=íÜÉ=pb_=dêçìé=~ÅÅçìåíëK=

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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 six 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.

SEKm	Jul 2009-Jun 2010	Jan-Dec 2009	Jan-Dec 2008	Jan-Dec 2007
Sales volume weighted (regular $+$ single/10)	4 0 3 7	4 0 2 6	3858	3689
Present value of new sales	1512	1492	L 598	l 775
Sales expenses	$-939$	$-916$	$-879$	$-901$
Profit from new business	573	576	719	874
Sales margin new business	14.2%	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

SEKm	30 Jun 2010	31 Dec 2009	31 Dec 2008	31 Dec 2007
Equity $1$ Surplus values	8024 14 006	8 5 9 4 13 656	8827 11 549	8836 14 496
1) Dividend paid to the parent company during the period	$-1000$	$-1850$	$-1275$	$-1150$

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.

Appendix 2 Credit portfolio, loan portfolio and impaired loans by industry and geography

Credit portfolio by industry and geography*

SEB Group, 30 June 2010
SEK m		Sweden Denmark	Norway	Finland	Estonia		Latvia Lithuania	Germany	Other	Total
Banks	106 482		14 629 10 833	1 504	288	286	483	64 477	12 685	211 667
Finance and insurance	51 102	478	3 882	722	206	301	270	20 194	2 085	79 240
Wholesale and retail	33 719	1 084	1 749	326	2 253	3 525	7 956	15 393	2 805	68 810
Transportation	26 456	370	1 411	163	1 062	1 984	3 461	8 272	382	43 561
Shipping	34 511	67	960	126	676	234	309	33	4 670	41 586
Business and household services	82 599	792	3 587	493	2 388	1 706	2 460	20 579	2 356	116 960
Construction	9 092	93	917	588	1 136	1 604	1 570	4 002	219	19 221
Manufacturing	121 110	1 164	3 889	4 997	3 460	2 078	7 424	30 024	7 714	181 860
Agriculture, forestry and fishing	3 645	190	11	40	926	1 777	613	180	17	7 399
Mining and quarrying	12 467		4 274	325	82	103	148	1 259	52	18 710
Electricity, gas and water supply	27 588	188	682	3 750	2 411	980	2 251	8 608	80	46 538
Other	18 948	2 395	3 144	928	258	315	505	1 207	3 847	31 547
Corporates	421 237	6 821	24 506	12 458	14 858	14 607	26 967	109 751	24 227	655 432
Commercial	68 608	196	2 097	588	6 539	3 867	12 166	51 552	681	146 294
Multi-family	72 089	1	172			2 361	22	26 782		101 427
Property Management	140 697	197	2 269	588	6 539	6 228	12 188	78 334	681	247 721
Public Administration	16 583	85	237	867	1 993	159	2 295	64 044	187	86 450
Household mortgage	283 473		3 245		15 440	9 494	20 743	66 156	2 447	400 998
Other	40 613	5 794	28 930	1 405	3 190	3 223	2 036	23 696	3 850	112 737
Households	324 086	5 794	32 175	1 405	18 630	12 717	22 779	89 852	6 297	513 735
Credit portfolio	1 009 085	27 526	70 020	16 822	42 308	33 997	64 712	406 458	44 077	1 715 005

* 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.

Loan portfolio by industry and geography*

SEB Group, 30 June 2010
SEK m		Sweden Denmark	Norway	Finland	Estonia		Latvia Lithuania	Germany	Other	Total
Banks	56 633	9 894	2 313	425	286	255	269	47 212	9 611	126 898
Finance and insurance	20 562	232	1 455	248	45	292	27	12 817	1 966	37 644
Wholesale and retail	17 965	266	852	223	1 843	2 913	6 355	5 624	1 255	37 296
Transportation	21 143	68	911	2	952	1 782	3 074	2 287	319	30 538
Shipping	22 702	67	168	127	458	230	308	27	3 869	27 956
Business and household services	47 610	431	1 887	323	2 111	1 567	1 812	11 423	2 001	69 165
Construction	3 980	79	348	216	562	1 229	973	1 700	49	9 136
Manufacturing	51 572	537	994	4 253	2 654	1 783	5 791	8 689	3 106	79 379
Agriculture, forestry and fishing	2 658	36	1	40	852	1 662	528	137	8	5 922
Mining and quarrying	8 249		40	325	77	92	78	327	1	9 189
Electricity, gas and water supply	12 028	25	69	3 705	1 726	802	1 132	3 770	11	23 268
Other	13 764	836	2 986	888	247	308	490	837	3 342	23 698
Corporates	222 233	2 577	9 711	10 350	11 527	12 660	20 568	47 638	15 927	353 191
Commercial	57 545	190	917	579	6 394	3 821	11 874	45 334	681	127 335
Multi-family	60 836	1	164			2 228	21	23 936		87 186
Property Management	118 381	191	1 081	579	6 394	6 049	11 895	69 270	681	214 521
Public Administration	5 888	85	177	867	1 683	148	1 627	62 512	187	73 174
Household mortgage	259 967		3 245		15 415	9 493	20 478	61 861	2 447	372 906
Other	23 273	2 796	11 098	780	2 569	2 565	1 578	8 661	2 980	56 300
Households	283 240	2 796	14 343	780	17 984	12 058	22 056	70 522	5 427	429 206
Loan portfolio	686 375	15 543	27 625	13 001	37 874	31 170	56 415	297 154	31 833	1 196 990
Repos, credit institutions										53 176
Repos, general public										133 242
Debt instruments reclassified										108 420
Reserves										-18 461
Total lending										1 473 367

* 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.

Impaired loans by industry and geography*

(Individually assessed loans)

SEB Group, 30 June 2010
SEK m		Sweden Denmark	Norway	Finland	Estonia	Latvia	Lithuania	Germany	Other	Total
Banks	363	1						2		366
Finance and insurance	4		3	5	1		0	27		40
Wholesale and retail	108				119	287	655	352	11	1 532
Transportation	34		4		22	159	883	7	46	1 154
Shipping	2						7			9
Business and household services	169	114			79	121	632	114	5	1 235
Construction	25	13	1		113	371	202	106	31	863
Manufacturing	120	7	12		404	144	913	334	236	2 171
Agriculture, forestry and fishing	1				13	80	31		8	133
Mining and quarrying						36			27	63
Electricity, gas and water supply					6		0	3		9
Other	206	21	50		0	49	1	83	514	925
Corporates	670	155	70	5	758	1 248	3 325	1 026	878	8 135
Commercial	147				1 009	1 581	4 163	2 033		8 933
Multi-family	100					299	0	355		755
Property Management	247				1 009	1 880	4 163	2 388		9 688
Public Administration
Household mortgage		2	153		5	281	73	444	2	961
Other								89		89
Households		2	153		5	281	73	533	2	1 050
Impaired loans	1 280	158	223	5	1 773	3 409	7 561	3 949	880	19 238

* 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 June 2010
SEK m		Sweden Denmark	Norway Finland		Estonia	Latvia	Lithuania	Germany	Other	Total
Corporates	25	11	83	5	273	278	257		14	946
Household mortgage	278				649	1 534	1 034	105	174	3 774
Other	566	336	419	86	121	370	189		300	2 387
Households	844	336	419	86	770	1 904	1 223	105	474	6 161
Past due > 60 days	869	347	502	91	1 043	2 182	1 480	105	488	7 107

* 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 June 2010
SEK m	Sweden Denmark	Norway Finland	Estonia	Latvia	Lithuania	Germany	Other	Total
Corporates
Household mortgage			48	193	312			553
Other				2				2
Households			48	195	312			555
Restructured loans			48	195	312			555

* 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.

Credit portfolio by industry and geography*

SEB Group, 30 June 2010
SEK m		Sweden Denmark	Norway	Finland	Estonia		Latvia Lithuania	Germany	Other	Total
Banks	104 456	14 915	12 268	1 809	288	286	483	64 477	12 685	211 667
Corporates	324 938	18 687	62 283	35 623	14 858	14 607	26 967	110 389	47 080	655 432
Property Management	125 996	383	9 127	8 210	6 539	6 228	12 188	78 334	716	247 721
Public Administration	16 296	85	524	867	1 993	159	2 295	64 044	187	86 450
Households	324 086	5 794	32 175	1 405	18 630	12 717	22 779	89 852	6 297	513 735
Credit portfolio	895 772	39 864	116 377	47 914	42 308	33 997	64 712	407 096	66 965	1 715 005

* 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	175 915	25 286	10 424	1 925	169	685	411	78 964	15 931	309 710
Corporates	321 612	19 389	58 473	35 774	18 159	17 817	31 836	103 411	49 329	655 800
Property Management	113 672	143	12 567	7 896	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	940 711	50 874	115 035	47 796	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

Appendix 3 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-to-day 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.

The table below shows the VaR exposure by risk type.

During the first half of 2010, the Group's Value at Risk in the trading operations averaged SEK 267m. The increase compared to the last quarter is due to larger positions, primarily in the liquidity portfolio.

The average numbers are not fully comparable due to the change of risk model during later half of 2009. Also, since the last quarter volatility has been added as a risk type.

Value at Risk (99 per cent, ten days)
SEKm	Min	Max	30 Jun 2010	Average 2010	Average 2009
Commodities	0	4		0
Credit spread	52	360	271	203	111
Equity	20	112	50	41	50
FX	18	136	31	47	60
Interest rate	83	257	97	122	152
Volatilities	19	29	27	26	$\sim$
Diversification			$-154$	$-171$	$-212$
Total	133	449	322	267	162

Appendix 4 Profit and loss accounts by division, business area and quarter

The SEB Group

Total

	Q1	Q2	Q3	Q4	Q1	Q2	Full Year
SEK m	2009	2009	2009	2009	2010	2010	2009
Net interest income	5 904	5 370	4 519	3 697	3 875	4 095	19 490
Net fee and commission income	3 215	3 802	3 566	3 877	3 483	3 929	14 460
Net financial income	1 133	1 471	946	935	950	977	4 485
Net life insurance income	862	946	857	932	879	778	3 597
Net other income	316	1 585	- 153	433	185	42	2 181
Total operating income	11 430	13 174	9 735	9 874	9 372	9 821	44 213
Staff costs	-4 391	-4 262	-3 735	-3 186	-3 865	-4 022	-15 574
Other expenses	-1 838	-1 918	-1 899	-2 473	-2 090	-2 176	-8 128
Depreciation, amortisation and impairment of
tangible and intangible assets	-1 015	-2 832	- 381	- 467	- 412	- 421	-4 695
Total operating expenses	-7 244	-9 012	-6 015	-6 126	-6 367	-6 619	-28 397
Profit before credit losses	4 186	4 162	3 720	3 748	3 005	3 202	15 816
Gains less losses on disposals of tangible and
intangible assets	2	23	3	- 24	- 4	- 3	4
Net credit losses	-2 386	-3 567	-3 335	-3 160	-1 926	- 619	-12 448
Operating profit	1 802	618	388	564	1 075	2 580	3 372
Income tax expense	- 781	- 792	- 350	- 277	- 386	- 575	-2 200
Net profit from continuing operations	1 021	- 174	38	287	689	2 005	1 172
Gains less losses from assets held for sale	6	4	- 1	- 3		- 1	6
Net profit	1 027	- 170	37	284	689	2 004	1 178
Attributable to minority interests	2	23	12	27	15	17	64
Attributable to equity holders	1 025	- 193	25	257	674	1 987	1 114

Merchant Banking

Total

	Q1	Q2	Q3	Q4	Q1	Q2	Full Year
SEK m	2009	2009	2009	2009	2010	2010	2009
Net interest income	2 919	2 683	2 402	1 978	2 014	1 964	9 982
Net fee and commission income	1 172	1 618	1 326	1 531	1 083	1 420	5 647
Net financial income	1 186	1 498	981	712	1 017	1 320	4 377
Net other income	115	- 8	40	- 101	50	- 3	46
Total operating income	5 392	5 791	4 749	4 120	4 164	4 701	20 052
Staff costs	-1 092	-1 106	- 775	- 556	- 993	-1 109	-3 529
Other expenses	- 949	-1 014	- 942	- 958	- 974	-1 031	-3 863
Depreciation, amortisation and impairment of
tangible and intangible assets	- 25	- 34	- 35	- 61	- 27	- 39	-155
Total operating expenses	-2 066	-2 154	-1 752	-1 575	-1 994	-2 179	-7 547
Profit before credit losses	3 326	3 637	2 997	2 545	2 170	2 522	12 505
Gains less losses on disposals of tangible and
intangible assets				- 1			-1
Net credit losses	- 279	- 367	- 107	- 52	- 104	31	-805
Operating profit	3 047	3 270	2 890	2 492	2 066	2 553	11 699

Merchant Banking

Trading and Capital Markets

	Q1	Q2	Q3	Q4	Q1	Q2	Full Year
SEK m	2009	2009	2009	2009	2010	2010	2009
Net interest income	1 452	1 251	977	583	611	561	4 263
Net fee and commission income	354	552	416	451	316	441	1 773
Net financial income	1 319	1 552	1 055	760	1 041	1 358	4 686
Net other income	73	- 70	2	- 87	3	- 54	-82
Total operating income	3 198	3 285	2 450	1 707	1 971	2 306	10 640
Staff costs	- 473	- 478	- 322	- 312	- 430	- 490	-1 585
Other expenses	- 410	- 435	- 413	- 418	- 438	- 466	-1 676
Depreciation, amortisation and impairment of
tangible and intangible assets	- 8	- 8	- 8	- 9	- 7	- 10	-33
Total operating expenses	- 891	- 921	- 743	- 739	- 875	- 966	-3 294
Profit before credit losses	2 307	2 364	1 707	968	1 096	1 340	7 346
Gains less losses on disposals of tangible and
intangible assets				- 1			-1
Net credit losses	- 62	- 1	5	196	1		138
Operating profit	2 245	2 363	1 712	1 163	1 097	1 340	7 483

Merchant Banking

	Q1	Q2	Q3	Q4	Q1	Q2	Full Year
SEK m	2009	2009	2009	2009	2010	2010	2009
Net interest income	1 094	1 082	1 146	1 117	1 053	1 069	4 439
Net fee and commission income	397	624	456	647	371	550	2 124
Net financial income	-140	-64	-86	-59	-35	-57	-349
Net other income	24	49	30	-24	33	39	79
Total operating income	1 375	1 691	1 546	1 681	1 422	1 601	6 293
Staff costs	-436	-447	-299	-134	-401	-455	-1 316
Other expenses	-190	-208	-188	-220	-220	-225	-806
Depreciation, amortisation and impairment of
tangible and intangible assets	-12	-12	-12	-19	-17	-16	-55
Total operating expenses	-638	-667	-499	-373	-638	-696	-2 177
Profit before credit losses	737	1 024	1 047	1 308	784	905	4 116
Gains less losses on disposals of tangible and intangible assets
Net credit losses	-167	-336	-109	-178	-98	44	-790
Operating profit	570	688	938	1 130	686	949	3 326

Merchant Banking

Global Transaction Services

	Q1	Q2	Q3	Q4	Q1	Q2	Full Year
SEK m	2009	2009	2009	2009	2010	2010	2009
Net interest income	373	350	279	278	350	334	1 280
Net fee and commission income	421	441	455	433	396	429	1 750
Net financial income	7	11	12	10	11	19	40
Net other income	19	12	7	10	14	12	48
Total operating income	820	814	753	731	771	794	3 118
Staff costs	-183	-180	-155	-110	-162	-164	-628
Other expenses	-350	-370	-340	-321	-316	-340	-1 381
Depreciation, amortisation and impairment of
tangible and intangible assets	-5	-15	-15	-31	-3	-13	-66
Total operating expenses	-538	-565	-510	-462	-481	-517	-2 075
Profit before credit losses	282	249	243	269	290	277	1 043
Gains less losses on disposals of tangible and intangible assets
Net credit losses	-50	-30	-3	-70	-7	-13	-153
Operating profit	232	219	240	199	283	264	890

Retail Banking

Total

	Q1	Q2	Q3	Q4	Q1	Q2	Full Year
SEK m	2009	2009	2009	2009	2010	2010	2009
Net interest income	1 882	1 704	1 651	1 642	1 537	1 549	6 879
Net fee and commission income	1 057	1 124	1 089	1 158	1 076	1 083	4 428
Net financial income	72	81	55	82	65	75	290
Net other income	22	13	26	22	21	15	83
Total operating income	3 033	2 922	2 821	2 904	2 699	2 722	11 680
Staff costs	-1 069	-1 050	-1 022	-911	-985	-963	-4 052
Other expenses	-1 078	-1 140	-1 088	-1 127	-1 047	-1 126	-4 433
Depreciation, amortisation and impairment of
tangible and intangible assets	-44	-52	-43	-41	-38	-38	-180
Total operating expenses	-2 191	-2 242	-2 153	-2 079	-2 070	-2 127	-8 665
Profit before credit losses	842	680	668	825	629	595	3 015
Gains less losses on disposals of tangible and
intangible assets			-1	-1			-2
Net credit losses	-260	-363	-364	-382	-312	-126	-1 369
Operating profit	582	317	303	442	317	469	1 644

Retail Banking

Retail Sweden

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

Retail Banking

	Q1	Q2	Q3	Q4	Q1	Q2	Full Year
SEK m	2009	2009	2009	2009	2010	2010	2009
Net interest income	426	345	321	365	336	337	1 457
Net fee and commission income	267	313	298	297	287	254	1 175
Net financial income		1	-2	-2		-1	-3
Net other income	3	4	8	3	12	3	18
Total operating income	696	663	625	663	635	593	2 647
Staff costs	-394	-376	-400	-339	-330	-308	-1 509
Other expenses	-435	-427	-443	-461	-409	-393	-1 766
Depreciation, amortisation and impairment of
tangible and intangible assets	-24	-24	-19	-20	-17	-16	-87
Total operating expenses	-853	-827	-862	-820	-756	-717	-3 362
Profit before credit losses	-157	-164	-237	-157	-121	-124	-715
Gains less losses on disposals of tangible and
intangible assets			-1	-1			-2
Net credit losses	-55	-150	-165	-159	-116	21	-529
Operating profit	-212	-314	-403	-317	-237	-103	-1 246

Retail Banking

Cards

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

Wealth Management

Total

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

Wealth Management

Institutional Clients

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

Wealth Management

Private Banking

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

Life

Total

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

* Consolidated in the Group accounts

Baltic

Total

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

Baltic

Baltic Estonia

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

Baltic

Baltic Latvia

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

Baltic

Baltic Lithuania

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

Other and eliminations

Total

	Q1	Q2	Q3	Q4	Q1	Q2	Full Year
SEK m	2009	2009	2009	2009	2010	2010	2009
Net interest income	145	78	-293	-560	-275	8	-630
Net fee and commission income	89	99	194	114	247	261	496
Net financial income	-182	-147	-142	87	-176	-478	-384
Net life insurance income	-181	-202	-250	-213	-307	-337	-846
Net other income	166	1 576	-214	452	110	-19	1 980
Total operating income	37	1 404	-705	-120	-401	-565	616
Staff costs	-1 396	-1 273	-1 189	-1 069	-1 112	-1 158	-4 927
Other expenses	937	1 019	830	530	668	740	3 316
Depreciation, amortisation and impairment of
tangible and intangible assets	-726	-208	-101	-153	-134	-132	-1 188
Total operating expenses	-1 185	-462	-460	-692	-578	-550	-2 799
Profit before credit losses	-1 148	942	-1 165	-812	-979	-1 115	-2 183
Gains less losses on disposals of tangible and
intangible assets				-5	-4	-2	-5
Net credit losses	-137	-184	-222	-134	-78	-71	-677
Operating profit	-1 285	758	-1 387	-951	-1 061	-1 188	-2 865

The SEB Group

Net interest income

	Q1	Q2	Q3	Q4	Q1	Q2	Full year
SEK m	2009	2009	2009	2009	2010	2010	2009
Interest income	19 966	16 276	14 147	12 790	12 271	12 293	63 179
Interest expense	-14 062	-10 906	-9 628	-9 093	-8 396	-8 198	-43 689
Net interest income	5 904	5 370	4 519	3 697	3 875	4 095	19 490

The SEB Group

Net fee and commission income

	Q1	Q2	Q3	Q4	Q1	Q2	Full Year
SEK m	2009	2009	2009	2009	2010	2010	2009
Issue of securities	35	167	99	200	45	124	501
Secondary market	559	732	594	580	503	490	2 465
Custody and mutual funds	1 345	1 445	1 504	1 674	1 739	1 855	5 968
Securities commissions	1 939	2 344	2 197	2 454	2 287	2 469	8 934
Payments	457	465	458	478	451	463	1 858
Card fees	1 037	1 090	1 047	1 074	998	1 050	4 248
Payment commissions	1 494	1 555	1 505	1 552	1 449	1 513	6 106
Advisory	177	293	266	301	143	167	1 037
Lending	335	352	357	339	341	458	1 383
Deposits	28	27	27	26	26	26	108
Guarantees	95	99	115	107	112	108	416
Derivatives	159	153	131	115	134	157	558
Other	171	179	161	199	149	208	710
Other commissions	965	1 103	1 057	1 087	905	1 124	4 212
Total commission income	4 398	5 002	4 759	5 093	4 641	5 106	19 252
Securities commissions	- 233	- 190	- 249	- 202	- 295	- 307	-874
Payment commissions	- 639	- 597	- 591	- 615	- 592	- 613	-2 442
Other commissions	- 311	- 413	- 353	- 399	- 271	- 257	-1 476
Commission expense	-1 183	-1 200	-1 193	-1 216	-1 158	-1 177	-4 792
Securities commissions	1 706	2 154	1 948	2 252	1 992	2 162	8 060
Payment commissions	855	958	914	937	857	900	3 664
Other commissions	654	690	704	688	634	867	2 736
Net fee and commission income	3 215	3 802	3 566	3 877	3 483	3 929	14 460

The SEB Group

Net financial income

	Q1	Q2	Q3	Q4	Q1	Q2	Full Year
SEK m	2009	2009	2009	2009	2010	2010	2009
Equity instruments and related derivatives	95	- 166	- 40	46	138	334	-65
Debt instruments and related derivatives	58	568	- 33	211	327	205	804
Currency related	1 041	1 127	1 060	683	495	506	3 911
Other financial instruments	3	- 2	- 12	7	2	- 14	-4
Impairments	- 64	- 56	- 29	- 12	- 12	- 54	-161
Net financial income	1 133	1 471	946	935	950	977	4 485

Appendix 5 Profit and loss accounts by geography and quarter

Sweden
	Q 1	Q 2	Q 3	Q4	Q1	Q 2	Full year
SEK m	2009	2009	2009	2009	2010	2010	2009
Total operating income	5 663	7 536	4 993	4 891	4 824	5 192	23 083
Total operating expenses	-4 447	-4 849	-3 027	-2 949	-3 492	-3 754	-15 272
Profit before credit losses	1 216	2 687	1 966	1 942	1 332	1 438	7 811
Gains less losses on disposals of tangible and
intangible assets
Net credit losses	- 285	- 451	- 139	- 260	- 192	- 13	-1 135
Operating profit	931	2 236	1 827	1 682	1 140	1 425	6 676
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	Full year
SEK m	2009	2009	2009	2009	2010	2010	2009
Total operating income	937	966	896	850	726	721	3 649
Total operating expenses	- 306	- 372	- 393	- 236	- 335	- 305	-1 307
Profit before credit losses	631	594	503	614	391	416	2 342
Gains less losses on disposals of tangible and
intangible assets
Net credit losses	- 72	- 73	- 44	- 28	- 51	- 37	- 217
Operating profit	559	521	459	586	340	379	2 125
Denmark
	Q 1	Q 2	Q 3	Q4	Q1	Q 2	Full year
SEK m	2009	2009	2009	2009	2010	2010	2009
Total operating income	801	798	752	785	724	842	3 136
Total operating expenses	- 399	- 453	- 368	- 323	- 380	- 422	-1 543
Profit before credit losses	402	345	384	462	344	420	1 593
Gains less losses on disposals of tangible and
intangible assets
Net credit losses	- 45	- 36	- 30	- 70	- 26	- 22	- 181
Operating profit	357	309	354	392	318	398	1 412
Finland
	Q 1	Q 2	Q 3	Q4	Q1	Q 2	Full year
SEK m	2009	2009	2009	2009	2010	2010	2009
Total operating income	372	201	246	374	254	350	1 193
Total operating expenses	- 99	- 159	- 120	- 196	- 101	- 158	- 574
Profit before credit losses	273	42	126	178	153	192	619
Gains less losses on disposals of tangible and
intangible assets
Net credit losses	- 12	- 5	- 8	- 2	- 3	- 10	- 27
Operating profit	261	37	118	176	150	182	592
Germany
	Q 1	Q 2	Q 3	Q4	Q1	Q 2	Full year
SEK m	2009	2009	2009	2009	2010	2010	2009
Total operating income	1 649	1 750	1 140	1 415	1 331	1 154	5 954

Estonia

	Q 1	Q 2	Q 3	Q4	Q1	Q 2	Full year
SEK m	2009	2009	2009	2009	2010	2010	2009
Total operating income	370	319	343	388	315	299	1 420
Total operating expenses	- 202	- 439	- 167	- 267	- 197	- 157	-1 075
Profit before credit losses	168	- 120	176	121	118	142	345
Gains less losses on disposals of tangible and
intangible assets		- 1	1
Net credit losses	- 232	- 454	- 212	- 297	- 151	- 108	-1 195
Operating profit	- 64	- 575	- 35	- 176	- 33	34	- 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	Full year
SEK m	2009	2009	2009	2009	2010	2010	2009
Total operating income	467	453	436	313	297	236	1 669
Total operating expenses	- 209	- 208	- 168	- 180	- 141	- 137	- 765
Profit before credit losses	258	245	268	133	156	99	904
Gains less losses on disposals of tangible and
intangible assets		- 1				- 1	- 1
Net credit losses	- 684	- 917	- 941	- 586	- 574	- 170	-3 128
Operating profit	- 426	- 673	- 673	- 453	- 418	- 72	-2 225

Lithuania

	Q 1	Q 2	Q 3	Q4	Q1	Q 2	Full year
SEK m	2009	2009	2009	2009	2010	2010	2009
Total operating income	545	430	393	313	322	357	1 681
Total operating expenses	- 265	- 839	- 225	- 292	- 211	- 224	-1 621
Profit before credit losses	280	- 409	168	21	111	133	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	-5 250
Operating profit	- 504	-1 684	-1 319	-1 700	- 595	- 40	-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	Full year
SEK m	2009	2009	2009	2009	2010	2010	2009
Total operating income	626	721	536	545	579	670	2 428
Total operating expenses	49	- 407	- 204	- 353	- 275	- 250	- 915
Profit before credit losses	675	314	332	192	304	420	1 513
Gains less losses on disposals of tangible and
intangible assets		30	1	- 5	- 4	- 2	26
Net credit losses	- 169	- 147	- 253	- 26	- 69	- 71	- 595
Operating profit	506	197	80	161	231	347	944

SEB Group Total

	Q 1	Q 2	Q 3	Q4	Q1	Q 2	Full year
SEK m	2009	2009	2009	2009	2010	2010	2009
Total operating income	11 430	13 174	9 735	9 874	9 372	9 821	44 213
Total operating expenses	-7 244	-9 012	-6 015	-6 126	-6 367	-6 619	-28 397
Profit before credit losses	4 186	4 162	3 720	3 748	3 005	3 202	15 816
Gains less losses on disposals of tangible and
intangible assets	2	23	3	- 24	- 4	- 3	4
Net credit losses	-2 386	-3 567	-3 335	-3 160	-1 926	- 619	-12 448
Operating profit	1 802	618	388	564	1 075	2 580	3 372

Appendix 6 Pro forma excluding German Retail banking business

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Pro forma SEB Group

	Q 1	Q 2	Q 3	Q 4	Q1	Q2	Q3	Q4	Q1	Q2
SEK m	2008	2008	2008	2008	2009	2009	2009	2009	2010	2010	FY2008	FY2009
Net interest income	3 738	3 951	4 052	5 040	5 477	5 025	4 198	3 333	3 543	3 763	16 782	18 033
Net fee and commission income	3 449	3 604	3 438	3 518	2 941	3 485	3 257	3 579	3 194	3 672	14 009	13 263
Net financial income	-161	1 161	247	1 723	1 134	1 473	946	936	950	977	2 970	4 488
Net life insurance income	713	642	504	516	862	946	857	932	879	778	2 375	3 597
Net other income	220	262	148	1 132	313	1 581	-156	430	169	34	1 761	2 168
Total operating income	7 959	9 619	8 389	11 929	10 727	12 510	9 102	9 210	8 735	9 223	37 896	41 549
Staff costs	-3 507	-3 596	-3 356	-4 160	-3 938	-3 818	-3 292	-2 788	-3 442	-3 662	-14 619	-13 837
Other expenses	-1 461	-1 812	-1 516	-1 657	-1 456	-1 596	-1 533	-2 109	-1 770	-1 819	-6 446	-6 693
Depreciation, amortisation and impairment of tangible
and intangible assets	-352	-334	-383	-387	-1 009	-2 827	-377	-462	-408	-417	-1 456	-4 675
Total operating expenses	-5 320	-5 743	-5 254	-6 204	-6 402	-8 241	-5 203	-5 359	-5 620	-5 898	-22 521	-25 205
Profit before credit losses	2 639	3 876	3 135	5 725	4 325	4 269	3 900	3 851	3 115	3 325	15 376	16 344
Gains less losses on disposals of tangible and
intangible assets	3	0	1	1	2	23	3	-24	-4	-3	5	4
Net credit losses	-332	-424	-691	-1 706	-2 321	-3 438	-3 206	-3 064	-1 812	-639	-3 154	-12 029
Operating profit	2 310	3 452	2 444	4 020	2 006	854	696	763	1 299	2 683	12 227	4 319
Difference to previously report	-100	-55	-82	-8	204	236	308	199	224	103	-244	947

Pro forma Retail division

	Q 1	Q 2	Q 3	Q 4	Q1	Q2	Q3	Q4	Q1	Q2
SEK m	2008	2008	2008	2008	2009	2009	2009	2009	2010	2010	FY2008	FY2009
Net interest income	1 175	1 278	1 364	1 415	1 456	1 359	1 330	1 277	1 201	1 212	5 232	5 422
Net fee and commission income	869	876	821	895	790	811	791	861	789	829	3 461	3 253
Net financial income	57	69	50	74	72	80	57	84	65	76	250	293
Net life insurance income	0	0	0	0	0	0	0	0	0	0	0	0
Net other income	12	5	3	13	19	9	18	19	9	12	33	65
Total operating income	2 113	2 228	2 238	2 397	2 337	2 259	2 196	2 241	2 064	2 129	8 976	9 033
Staff costs	-628	-633	-612	-622	-675	-674	-622	-572	-655	-655	-2 495	-2 543
Other expenses	-648	-686	-643	-725	-643	-713	-645	-666	-638	-733	-2 702	-2 667
Depreciation, amortisation and impairment of tangible
and intangible assets	-13	-14	-22	-27	-20	-28	-24	-21	-21	-22	- 76	- 93
Total operating expenses	-1 289	-1 333	-1 277	-1 374	-1 338	-1 415	-1 291	-1 259	-1 314	-1 410	-5 273	-5 303
Profit before credit losses	824	895	961	1 023	999	844	905	982	750	719	3 703	3 730
Gains less losses on disposals of tangible and
intangible assets	0	0	0	0	0	0	0	0	0	0	0	0
Net credit losses	-61	-136	-146	-249	-205	-214	-198	-223	-196	-147	- 592	- 840
Operating profit	763	759	815	774	794	630	707	759	554	572	3 111	2 890
Difference to previously report	-38	-36	-46	-14	212	314	403	317	237	103	-134	1 246