SEB — Interim / Quarterly Report 2010

Apr 28, 2010

Interim report January - March 2010

STOCKHOLM 28 APRIL 2010

The first quarter of 2010 – operating profit SEK 1.1bn (1.8)

• Operating profit amounted to SEK 1,075m (1,802) and net profit to SEK 689m (1,027). In comparison with the previous quarter, operating profit improved by 91 per cent due to lower provisions for credit losses.
• Profit before provisions for credit losses amounted to SEK 3,005m (4,186), a decrease of 28 per cent compared with the first quarter of 2009 and by 20 per cent from the previous quarter.
• Operating income decreased by 18 per cent compared with the first quarter of 2009 and by 5 per cent from the previous quarter. Net interest income grew by 5 per cent during the quarter and was 34 per cent lower than the first quarter of last year. Net fee and commission income was 10 per cent lower than the previous quarter and rose by 8 per cent in comparison with the first quarter 2009.
• Operating expenses fell by 4 per cent compared with the first quarter of 2009, adjusted for goodwill impairment charges of SEK 0.6bn last year, and increased by 4 per cent from the previous quarter.
• Provisions for credit losses were SEK 1,926m (2,386); the credit loss level 0.50 per cent (0.70). Impaired loans decreased by 8 per cent.
• Return on equity was 2.7 per cent (4.9) and earnings per share SEK 0.31 (1.03).
• The core Tier 1 capital ratio was 11.7 per cent and the Tier 1 capital ratio 13.9 per cent.
• SEB further strengthened its leading market position in areas such as wholesale banking and life insurance. Activity levels were high with strong sales in Private Banking, Asset Management and Life. Overall corporate credit demand remained low.

"SEB recorded a solid result given the slowly recovering macro-economic climate. SEB's strong financial position enables us to fully focus on the customer business. We are enhancing the long-term platform through investments in professionals, IT infrastructure and customer offerings."

Annika Falkengren

President's comment

After the market turbulence and negative GDP development over the past two years, the world economy has turned. However, it is a fragile recovery as evident in the first quarter when the difficult situation for Greece came to again distress the capital markets. While the overall stabilisation has spurred a recovery in the equity markets, leading to much higher asset valuations, corporate demand for new credit is still holding back.

With the fortress balance sheet created last year, we can continue to further deepen our customer relationships and are now in a position to invest in our strong corporate franchise.

Solid results in present macro-economic climate

SEB recorded a solid result given the slowly recovering macro-economic climate. Pre-provision profit amounted to SEK 3bn reflecting a continued low activity level among our corporate customers. Net interest income improved from last quarter. Credit provisioning decreased in line with SEB's Baltic asset quality improvement. Operating profit amounted to SEK 1.1bn, up 91 per cent in the quarter.

Corporate activity still low

The low interest rate environment and the low corporate demand for credit impacted net interest income within Merchant Banking negatively. Client activities within the capital markets were low. Over the year, we expect an increase in corporate credit demand as the economic recovery stabilises. Increased corporate order books will require additional working capital and existing facilities will come up for renewal. Transaction volumes in the card business were seasonally low as always in the first quarter. SEB continued to attract new corporate customers in the SME segment in Sweden.

Strong sales in long-term savings

Our savings businesses within Wealth Management and Life benefited from the continued positive sentiment in the equity markets. Customers have been attracted by SEB's open architecture and modern investment programmes and have been quick to reallocate portfolios. The Life division recorded its best quarterly profit ever. Wealth Management continued to attract strong net inflows with total net sales, driven by our market leading equities-based savings products, amounting to SEK 19bn in the quarter. This was the second strongest quarter in net sales over the past three years.

Gradual stabilisation in the Baltic economies

Following the in-depth review of all credits in 2009, we remain confident in our Baltic asset quality and work-out strategy. The lower provision for Baltic credit losses, SEK 1.4bn compared to SEK 2.6bn in the previous quarter, also mirrors the overall stabilisation in the region. However, the Baltic economic development is still feeble and we maintain our conservative stance in line with our actions throughout the crisis. We expect provisions for credit losses not to exceed SEK 5bn in 2010.

Asset quality in Sweden, the other Nordic countries and in Germany remained stable. In Sweden, the credit loss level in our corporate credit portfolio amounted to only 0.08 per cent. Loan to value in the mortgage portfolio is on average below 50 per cent and for only 5 percent of the portfolio loan to value exceed 75 per cent.

Implications of Basel III framework still unclear

The industry is still working through the implications of the so-called 'Basel III' rules. SEB is heavily engaged in the dialogue around the proposed rules, in order both to increase our understanding but also to influence how the rules will be implemented. With a core Tier 1 capital ratio of 11.7 per cent and matched-funding above 18 months, SEB is ready to face the prolonged uncertainty that will doubtlessly surround the new rules.

Customer excellence the driver for growth

SEB is a relationship bank with a strong and unique franchise in the Nordic corporate market.

The strong financial position that we built over the past year enables us to invest in further growth in the Nordic and German wholesale market as well as in the Swedish SME segment. In Sweden, we continue to launch several activities to further improve customer offerings through easy and accessible services.

I am confident that we can develop SEB in our chosen strategic direction - to build a truly customer-oriented bank helping individuals and businesses thrive by providing quality advice and financial resources.

The Group

The comparative numbers in the 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 first quarter amounted to SEK 3,005m (4,186), a decrease of 28 per cent compared with the corresponding quarter of 2009 and down 20 per cent from the previous quarter.

The first quarter of 2009 included goodwill impairment charges related to Ukraine, while the fourth quarter included a capital gain on repurchased subordinated debt. In order to facilitate comparisons, income and costs have been adjusted in the table below. No one-offs are included in the result for the first quarter of 2010.

Operative income statement	01	04		01
SEK m	2010	2009	%	2009	%
Operating income	9 3 7 2	9604	-2	11 430	$-18$
Operating expenses	$-6367$	$-6126$	4	-6 650	-4
Pre-provision profit	3005	3478	-14	4 780 - 37
Gains less losses on disposals of tangible and intangible assets	- 4	$-24$	-83	2
Net credit losses	$-1926$	$-3160$	$-39$	$-2386$	$-19$
Operating profit ongoing business	1075	294		2 3 9 6	-55
Capital gains		270
Goodwill impairment				- 594
Operating profit	1 075	564	91	1802	40

Operating profit amounted to SEK 1,075m (1,802), a decrease of 40 per cent compared with the corresponding quarter of 2009. In comparison with previous quarter, operating profit improved by 91 per cent due to lower credit loss provisioning.

Net profit (after tax) was SEK 689m (1,027).

Income

Total operating income amounted to SEK 9,372m (11,430). This was a decrease of approximately SEK 2.1bn or 18 per cent compared with the first quarter of last year. In comparison with the last quarter of 2009, operating income, adjusted for the capital gain, dropped by 2 per cent.

Net interest income, at SEK 3,875m (5,904), was 34 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. In comparison with the previous quarter net interest income was up by 5 per cent as the net cost for excess liquidity was lower in the quarter.

Customer-driven net interest income dropped by SEK 715m on a twelve-month basis and by SEK 196m from the previous quarter due to lower volumes and falling deposit margins. Both volume and margin contributions were negative at SEK 41m and SEK 155m, respectively.

Net interest income from other activities, mainly the bond investment portfolio as well as other trading and treasury activities, was down by SEK 1,314m compared with the corresponding quarter of 2009 and up by SEK 374m from the previous quarter.

Net interest income also included a cost of SEK 75m (75) for the charge related to the Swedish stability fund.

Net fee and commission income rose by 8 per cent, to SEK 3,483m (3,215) as an effect of increased securities commissions and higher asset under management and custody values. In comparison with previous quarter, commission income dropped by 10 per cent due to limited corporate finance income and seasonally lower turnover in the card business.

Net financial income was down by 16 per cent, to SEK 950m (1,133), partly due to lower income from foreign exchange. The valuation gain in the investment portfolio was SEK 82m (-440) over the income statement. Compared with the previous quarter, net financial income rose by 2 per cent, mainly as an effect of positive portfolio valuation.

Net life insurance income rose by 2 per cent, to SEK 879m (862). The improvement was mainly due to higher asset values. In comparison with the previous quarter, life insurance income was down by 6 per cent.

Net other income amounted to SEK 185m (316), a decrease of 41 per cent compared with the corresponding quarter of 2009 and 57 per cent down from the previous quarter, which included a capital gain of SEK 270m from the above-mentioned debt buy-back.

Expenses

Total operating expenses amounted to SEK 6,367m (7,244). Excluding goodwill impairment charges in the first quarter of 2009, total expenses decreased by 4 per cent, while they were up 4 per cent from the previous quarter.

Staff costs decreased by 12 per cent compared with the corresponding quarter last year due to a decreased number of employees as well as lower cost for redundancies and pensions. The quarterly average number of full time equivalents decreased by 1,624, to 19,032 (20,656). Excluding temporary staff, the number of staff has dropped by 1,581 year-on-year, of which 397 in Sweden, 266 in Germany, 504 in the Baltic countries, 311 in Ukraine and 103 in other countries.

Compared with the previous quarter, staff costs rose by 21 per cent after the reversal of variable salaries in the fourth quarter of 2009.

Other expenses amounted to SEK 2,090m (1,838), including investments in IT development. In comparison with the previous quarter, other expenses decreased by 15 per cent, reflecting lower market activities.

Provisions for credit losses

Provisions for credit losses decreased by 19 per cent, or SEK 460m, to SEK 1,926m (2,386), leading to a credit loss level of $0.50$ per cent $(0.70)$ . In comparison with the previous quarter, SEB's net credit losses were almost halved.

Provisions for credit losses in the Baltic region amounted to SEK 1,431m (1,702), 74 per cent of the Group's net credit losses, corresponding to a credit loss level of 4.12 per cent (3.86). In Sweden, provisions for credit losses amounted to SEK 192m (215), in the other Nordic countries to SEK 81m (129) and in Germany to SEK 154m (101).

Individually assessed impaired loans decreased by SEK 1,703m, or 8 per cent, to SEK 19,621m during the quarter. The quarterly decrease in the Baltic region was SEK 882m, or 6 per cent. The appreciation of the Swedish krona by 5 per cent to the Euro mainly explains the lower numbers. The gross level of impaired loans in the Baltic countries was 9.55 per cent (9.39). The Group's total reserve ratio for individually assessed impaired loans increased to 77.0 per cent compared with 69.5 per cent at year-end 2009.

The Group's past due portfolio assessed loans rose by SEK 211m, or 3 per cent, to SEK 7,148m during the quarter. The quarterly increase in the Baltic region was SEK 209m, or 5 per cent. In addition, SEK 138m of the Baltic household loans were restructured during the quarter, bringing the total to SEK 450m at the end of March.

The total NPL coverage ratio increased to 70.3 per cent from 64.9 per cent as a result of falling non-performing loans and collective provisions to cater for the fragility of the Baltic economic recovery.

Tax costs

Total tax amounted to SEK 386m (781), corresponding to a total tax rate of 36 per cent.

Business volumes

The Group's total balance sheet was SEK 2,285bn as per 31 March, a decrease of one per cent since year-end 2009. Lending to the public was virtually unchanged, while deposits from the public were 8 per cent lower.

SEB's total credit portfolio decreased by 4 per cent, to SEK 1,741bn (1,816 at year-end), mainly due to less lending to banks. The credit portfolio for the Baltic countries decreased by 9 per cent, year-on-year.

SEB's total net positions in fixed-income securities for investment, treasury and client trading purposes increased to SEK 285bn (262) excluding excess liquidity invested in certificates issued by the Swedish Central Bank.

As of 31 March 2010, assets under management amounted to SEK 1,382bn (1,356 at year-end 2009). Net inflow during the period was SEK 21bn (9), while the change in value was SEK 5bn (-23). Assets under custody amounted to SEK 5,127bn (4,853).

Bond investment portfolio

As at 31 March, the bond investment portfolio of Merchant Banking had decreased to SEK 80bn from SEK 122bn a year earlier in line with the plan to reduce the holdings through amortisations and limited sales. 81 per cent of the holdings are classified as Loans and Receivables.

There are no impaired assets in the portfolio. Under prevailing credit market conditions, SEB views material defaults on the holdings as unlikely. The risk for impairment charges has increased in the structured credits portfolio but is deemed unlikely to be material.

Market risk

During the first quarter of 2010, the Group's Value at Risk in the trading operations averaged SEK 206m (193 during the calendar year 2009). This means that the Group, on average, with 99 per cent probability, should not expect to lose more than this amount during a ten-day period. (Further information in Appendix 3.)

Liquidity and funding

SEB's loan-to-deposit ratio, excluding reclassified bond portfolios, was 156 per cent (141 at year-end 2009), mainly as a result of repo volumes. Due to the extension of funding duration in 2009, bond issuance during the quarter has been limited to SEK 9bn. On 31 March, 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 31 March 2010, all capital ratios were unchanged: the core Tier 1 capial ratio at 11.7 per cent, the Tier 1 capital ratio at 13.9 per cent and the total capital ratio at 14.7 per cent. The Group's Basel II risk weighted assets (RWA) amounted to SEK 723bn (730).

Adjusted for the supervisory transitional rules during the first Basel II years, SEB reports RWA of SEK 812bn (795), a Tier 1 capital ratio of 12.4 per cent (12.8) and a total capital ratio of 13.1 per cent (13.5).

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 has stabilised.

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 February 2010, Standard & Poor's changed its outlook from negative to stable and affirmed SEB's long-term A rating. Also Fitch has a stable outlook for SEB, while Moody's still has a negative outlook.

Stockholm, 28 April 2010

Annika Falkengren

President and Chief Executive Officer

The President declares that the interim report for January-March 2010 provides a fair overview of the Parent Company's and Group's operations, their financial position and results and describes material risks and uncertainties facing the Parent Company and other companies in the Group.

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

Appendix 1	Division Life
Appendix 2	Credit exposure
Appendix 3	Market risk
Appendix 4	P&L by division, business area and quarter
Appendix 5	P&L by geography and quarter

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 10.30 (CEST) on 28 April 2010 at Kungsträdgårdsgatan 8 with CEO Annika Falkengren can be followed live in Swedish on www.sebgroup.se/ir and translated into English on www.sebgroup.com/ir. It will also be available afterwards.

Access to telephone conference and video web cast

The telephone conference at 15.00 (CEST) on 28 April 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 future 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 31 March 2010 for Skandinaviska Enskilda Banken AB (publ). The board of directors and the CEO are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Swedish Annual Act for Credit institutions and Securities Companies. Our responsibility is to express a conclusion on this interim report based on our review.

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

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

Stockholm, 28 April 2010

PricewaterhouseCoopers AB

Peter Clemedtson Authorised Public Accountant Partner in charge

The SEB Group

Income statement – SEB Group

Condensed	Q1	Q4		Jan - Mar		Full year
SEK m	2010	2009	%	2010	2009	%	2009
Net interest income	3 875	3 697	5	3 875	5 904	-34	19 490
Net fee and commission income	3 483	3 877	-10	3 483	3 215	8	14 460
Net financial income	950	935	2	950	1 133	-16	4 485
Net life insurance income	879	932	-6	879	862	2	3 597
Net other income	185	433	-57	185	316	-41	2 181
Total operating income	9 372	9 874	-5	9 372	11 430	-18	44 213
Staff costs	-3 865	-3 186	21	-3 865	-4 391	-12	-15 574
Other expenses	-2 090	-2 473	-15	-2 090	-1 838	14	-8 128
Depreciation, amortisation and impairment of
tangible and intangible assets	- 412	- 467	-12	- 412	-1 015	-59	-4 695
Total operating expenses	-6 367	-6 126	4	-6 367	-7 244	-12	-28 397
Profit before credit losses	3 005	3 748	-20	3 005	4 186	-28	15 816
Gains less losses on disposals of tangible and
intangible assets	- 4	- 24	-83	- 4	2		4
Net credit losses	-1 926	-3 160	-39	-1 926	-2 386	-19	-12 448
Operating profit	1 075	564	91	1 075	1 802	-40	3 372
Income tax expense	- 386	- 277	39	- 386	- 781	-51	-2 200
Net profit from continuing operations	689	287	140	689	1 021	-33	1 172
Gains less losses from assets held for sale		- 3	-100		6	-100	6
Net profit	689	284	143	689	1 027	- 33	1 178
Attributable to minority interests	15	27	-44	15	2		64
Attributable to equity holders *	674	257	162	674	1 025	-34	1 114
* Basic earnings per share, SEK	0.31	0.12		0.31	1.03		0.58
Diluted earnings per share, SEK	0.31	0.12		0.31	1.03		0.58

Statement of comprehensive income – SEB Group

	Q1	Q4			Jan - Mar
SEK m	2010	2009	%	2010	2009	%	2009
Net profit	689	284	143	689	1 027	-33	1 178
Translation of foreign operations	- 267	244		- 267	-248	8	- 187
Available-for-sale financial assets	281	214	31	281	-153		1 966
Cash flow hedges	- 257	- 18		- 257	-67		- 974
Other	- 635	- 42		- 635	63		- 749
Other comprehensive income (net of tax)	- 878	398		- 878	- 405	117	56
Total comprehensive income	- 189	682	- 128	- 189	622	- 130	1 234
Attributable to minority interests	0	16	-100	0	15	-100	60
Attributable to equity holders	- 189	666	-128	- 189	607	-131	1 174

Key figures - SEB Group

	Q1	Q4		Jan - Mar	Full year
	2010	2009	2010	2009	2009
Return on equity, %	2.71	1.03	2.71	4.85	1.17
Return on total assets, %	0.12	0.05	0.12	0.16	0.05
Return on risk-weighted assets, %	0.34	0.13	0.34	0.44	0.13
Basic earnings per share, SEK	0.31	0.12	0.31	1.03	0.58
Weighted average number of shares, millions*	2 194	2 194	2 194	991	1 906
Diluted earnings per share, SEK	0.31	0.12	0.31	1.03	0.58
Weighted average number of diluted shares, millions**	2 199	2 201	2 199	992	1 911
Net worth per share, SEK	50.07	50.08	50.07	48.75	50.08
Average equity, SEK billion	99.3	99.3	99.3	84.5	95.4
Cost/income ratio	0.68	0.62	0.68	0.63	0.64
Credit loss level, % Total reserve ratio for individually assessed impaired	0.50	0.93	0.50	0.70	0.92
loans, %	77.0	69.5	77.0	71.6	69.5
Net level of impaired loans, %	0.64	0.72	0.64	0.46	0.72
Gross level of impaired loans, %	1.31	1.39	1.31	0.81	1.39
Basel II (Legal reporting with transitional floor) :***
Risk-weighted assets, SEK billion	812	795	812	897	795
Core Tier 1 capital ratio, %	10.43	10.74	10.43	9.48	10.74
Tier 1 capital ratio, %	12.37	12.78	12.37	11.10	12.78
Total capital ratio, %	13.10	13.50	13.10	13.20	13.50
Basel II (without transitional floor):
Risk-weighted assets, SEK billion	723	730	723	830	730
Core Tier 1 capital ratio, %	11.71	11.69	11.71	10.24	11.69
Tier 1 capital ratio, %	13.88	13.91	13.88	11.99	13.91
Total capital ratio, %	14.70	14.69	14.70	14.26	14.69
Basel I:
Risk-weighted assets, SEK billion	994	1 003	994	1 137	1 003
Core Tier 1 capital ratio, %	8.52	8.51	8.52	7.48	8.51
Tier 1 capital ratio, %	10.11	10.13	10.11	8.75	10.13
Total capital ratio, %	10.70	10.70	10.70	10.41	10.70
Number of full time equivalents****	19 032	19 562	19 134	20 736	20 233
Assets under custody, SEK billion	5 127	4 853	5 127	3 991	4 853
Assets under management, SEK billion	1 382	1 356	1 382	1 187	1 356

* The number of issued shares was 2,194,171,802. SEB owned 810,000 Class A shares for the employee stock option programme at year end 2009. During 2010 784,000 net of these shares have been sold as employee stock options have been exercised. Thus, as of 31 March 2010 SEB owned 26,000 Class A-shares with a market value of SEK 1.3m.

** 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

SEK m	2010:1	2009:4	2009:3	2009:2	2009:1
Net interest income	3 875	3 697	4 519	5 370	5 904
Net fee and commission income	3 483	3 877	3 566	3 802	3 215
Net financial income	950	935	946	1 471	1 133
Net life insurance income	879	932	857	946	862
Net other income	185	433	- 153	1 585	316
Total operating income	9 372	9 874	9 735	13 174	11 430
Staff costs	-3 865	-3 186	-3 735	-4 262	-4 391
Other expenses	-2 090	-2 473	-1 899	-1 918	-1 838
Depreciation, amortisation and impairments of tangible and
intangible assets	- 412	- 467	- 381	-2 832	-1 015
Total operating expenses	-6 367	-6 126	-6 015	-9 012	-7 244
Profit before credit losses	3 005	3 748	3 720	4 162	4 186
Gains less losses on disposals of tangible and intangible
assets	- 4	- 24	3	23	2
Net credit losses	-1 926	-3 160	-3 335	-3 567	-2 386
Operating profit	1 075	564	388	618	1 802
Income tax expense	- 386	- 277	- 350	- 792	- 781
Net profit from continuing operations	689	287	38	- 174	1 021
Gains less losses from assets held for sale		- 3	- 1	4	6
Net profit	689	284	37	- 170	1 027
Attributable to minority interests	15	27	12	23	2
Attributable to equity holders*	674	257	25	- 193	1 025
* Basic earnings per share, SEK	0.31	0.12	0.01	- 0.09	1.03
Diluted earnings per share, SEK	0.31	0.12	0.01	- 0.09	1.03

Income statement, by division – SEB Group

	Merchant	Retail	Wealth			Other incl
Jan-Mar 2010, SEK m	Banking	Banking	Management	Life*	Baltic	eliminations	SEB Group
Net interest income	2 014	1 537	111	- 2	490	- 275	3 875
Net fee and commission income	1 083	1 076	868		209	247	3 483
Net financial income	1 017	65	18		26	- 176	950
Net life insurance income				1 186		- 307	879
Net other income	50	21			4	110	185
Total operating income	4 164	2 699	997	1 184	729	- 401	9 372
Staff costs	- 993	- 985	- 314	- 282	- 179	-1 112	-3 865
Other expenses	- 974	-1 047	- 302	- 131	- 304	668	-2 090
Depreciation, amortisation and impairment of
tangible and intangible assets	- 27	- 38	- 20	- 173	- 20	- 134	- 412
Total operating expenses	-1 994	-2 070	- 636	- 586	- 503	- 578	-6 367
Profit before credit losses	2 170	629	361	598	226	- 979	3 005
Gains less losses from tangible and intangible
assets						- 4	- 4
Net credit losses	- 104	- 312	- 1		-1 431	- 78	-1 926
Operating profit	2 066	317	360	598	-1 205	-1 061	1 075

* Business result in Life amounted to SEK 827m (579), of which change in surplus values was net SEK 229m (111).

Merchant Banking

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

Income statement

	Q1	Q4		Jan- Mar			Full year
SEK m	2010	2009	%	2010	2009	%	2009
Net interest income	2 014	1 978	2	2 014	2 919	- 31	9 982
Net fee and commission income	1 083	1 531	- 29	1 083	1 172	- 8	5 647
Net financial income	1 017	712	43	1 017	1 186	- 14	4 377
Net other income	50	- 101	- 150	50	115	- 57	46
Total operating income	4 164	4 120	1	4 164	5 392	- 23	20 052
Staff costs	- 993	- 556	79	- 993	-1 092	- 9	-3 529
Other expenses	- 974	- 958	2	- 974	- 949	3	-3 863
Depreciation, amortisation and impairment of
tangible and intangible assets	- 27	- 61	- 56	- 27	- 25	8	- 155
Total operating expenses	-1 994	-1 575	27	-1 994	-2 066	- 3	-7 547
Profit before credit losses	2 170	2 545	- 15	2 170	3 326	- 35	12 505
Gains less losses on disposals of tangible and
intangible assets		- 1	- 100				- 1
Net credit losses	- 104	- 52	100	- 104	- 279	- 63	- 805
Operating profit	2 066	2 492	- 17	2 066	3 047	- 32	11 699
Cost/Income ratio	0,48	0,38		0,48	0,38		0,38
Business equity, SEK bn	29,0	35,1		29,0	35,1		35,1
Return on equity, %	20,5	20,4		20,5	25,0		24,0
Number of full time equivalents	2 529	2 539		2 527	2 711		2 630

• Solid performance in a quarter with modest but increasing client activity
• Continued high quality balance sheet with low lending losses
• Growth initiatives across the Nordics and Germany are under way

Comments to the first quarter

få=íÜÉ=äáÖÜí=çÑ=ã~êâÉí=ÅçåÇáíáçåë=ÅÜ~ê~ÅíÉêáòÉÇ=Äó=ãçÇÉëí= ÅìëíçãÉê=~ÅíáîáíóI=jÉêÅÜ~åí=_~åâáåÖ=ÖÉåÉê~íÉÇ=~=ëíêçåÖ= çéÉê~íáåÖ=áåÅçãÉ=áå=íÜÉ=Ñáêëí=èì~êíÉêK=qÜÉ=çéÉê~íáåÖ=áåÅçãÉ= êÉã~áåÉÇ=~í=íÜÉ=ë~ãÉ=êÉä~íáîÉäó=ÜáÖÜ=äÉîÉä=~ë=áå=íÜÉ=ÑçìêíÜ= èì~êíÉêI=~åÇ=íÜÉ=ìåÇÉêäóáåÖ=Åçëíë=ïÉêÉ=ëí~ÄäÉK=léÉê~íáåÖ= éêçÑáí=ÑÉää=NT=éÉê=ÅÉåí=Åçãé~êÉÇ=ïáíÜ=íÜÉ=ä~ëí=èì~êíÉê=çÑ= OMMVI=ã~áåäó=ÇìÉ=íÜÉ=êÉîÉêë~ä=çÑ=î~êá~ÄäÉ=êÉãìåÉê~íáçå=áå= íÜ~í=èì~êíÉêK=^ëëÉí=èì~äáíó=êÉã~áåÉÇ=ÜáÖÜI=ÅçåÑáêãáåÖ=íÜÉ= ëíêÉåÖíÜ=áå=íÜÉ=ÅìëíçãÉê=éçêíÑçäáçK=

`çêéçê~íÉ=Ä~åâáåÖ=ÖÉåÉê~íÉÇ=~=êÉä~íáîÉäó=ëí~ÄäÉ=åÉí= áåíÉêÉëí=áåÅçãÉI=ÇÉëéáíÉ=íÜÉ=äçï=ÇÉã~åÇ=Ñçê=Åçêéçê~íÉ= Ä~åâáåÖ=éêçÇìÅíë=~åÇ=íÜÉ=ÅçåíáåìÉÇ=äçï=áåíÉêÉëí=ê~íÉ= äÉîÉäëK=^ÑíÉê=~=ïÉ~â=ëí~êíI=ïÜáÅÜ=ï~ë=êÉÑäÉÅíÉÇ=Äó=íÜÉ=äçïÉê= åÉí=ÑÉÉë=~åÇ=Åçããáëëáçå=áåÅçãÉI=ÉîÉåíJÇêáîÉå=~ÅíáîáíáÉë=áå= íÜÉ=kçêÇáÅ=~êÉ~=áãéêçîÉÇ=íçï~êÇë=íÜÉ=ÉåÇ=çÑ=íÜÉ=èì~êíÉêK= eçïÉîÉêI=~Åíáîáíó=~åÇ=ÇÉã~åÇ=Ñçê=Åçêéçê~íÉ=ÄçêêçïáåÖ=áë= ÉñéÉÅíÉÇ=íç=éáÅâ=ìé=áå=íÜÉ=ä~ííÉê=Ü~äÑ=çÑ=OMNM=~ë=ã~åó= kçêÇáÅ=ÄçêêçïÉêëÛ=êÉîçäîáåÖ=ÅêÉÇáí=Ñ~ÅáäáíáÉëI=ÅäçëÉÇ=áå= OMMRJOMMTI=êÉ~ÅÜ=ã~íìêáíóK==

çåëáÇÉêáåÖ=íÜÉ=äçïÉê=ã~êâÉí=îçä~íáäáíóI*=qê~ÇáåÖ=~åÇ=~éáí~ä=j~êâÉíë*=éêçÇìÅÉÇ=~=ëíêçåÖ=éÉêÑçêã~åÅÉK=jçëí= ÄìëáåÉëë=~êÉ~ë=Ö~áåÉÇ=ãçãÉåíìãI=êÉÑäÉÅíÉÇ=áå=ÜáÖÜÉê=

ã~êâÉí=ëÜ~êÉë=~åÇ=ê~åâáåÖëK=`~éáí~ä=ã~êâÉíëÛ=ÅäáÉåí= ÄìëáåÉëë=ï~ë=ëíêçåÖ=ÇÉëéáíÉ=äçïÉê=ã~êâÉí=íìêåçîÉê=~åÇ=íÜÉ= Éèìáíó=ÄìëáåÉëë=ÅçåÑáêãÉÇ=íÜÉ=ÅäÉ~ê=åìãÄÉê=çåÉ=éçëáíáçå=áå= íÜÉ=kçêÇáÅ=~åÇ=_~äíáÅ=ëíçÅâ=ã~êâÉíëK====

oÉîÉåìÉë=áå=däçÄ~ä=qê~åë~Åíáçå=pÉêîáÅÉë=ÄçííçãÉÇ=çìí=áå= íÜÉ=ä~ëí=èì~êíÉê=çÑ=OMMV=~åÇ=ëÜçïÉÇ=~=éçëáíáîÉ=íêÉåÇ=áå=íÜÉ= Ñáêëí=èì~êíÉê=çÑ=OMNMI=ÇÉëéáíÉ=íÜÉ=ÅçåíáåìÉÇ=äçï=áåíÉêÉëí=ê~íÉ= äÉîÉäëK=^ëëÉíë=ìåÇÉê=ÅìëíçÇó=ïÉêÉ=ìé=íç=pbh=RINOTÄå= EQIURPFI=íÜÉ=ÜáÖÜÉëí=äÉîÉä=ëáåÅÉ=íÜÉ=ÉåÇ=çÑ=OMMTK=

jÉêÅÜ~åí=_~åâáåÖ=ÅçåíáåìÉÇ=íç=Éñé~åÇ=áíë=kçêÇáÅ= ÄìëáåÉëëI=ÉîáÇÉåÅÉÇ=Äó=åÉï=ê~åâáåÖë=~åÇ=çÑÑáÅá~ä=ã~êâÉí= ëÜ~êÉ=Ç~í~K=pb_=båëâáäÇ~=~ÇîáëÉÇ=hÉãáê~=lóà=çå=íÜÉ=ëéáåJ çÑÑ=~åÇ=äáëíáåÖ=çÑ=qáââìêáä~=lóà=~åÇ=pb_=~ÅíÉÇ=~ë=ã~åÇ~íÉÇ= äÉ~Ç=~êê~åÖÉê=áå=qáââìêáä~Ûë=êÉÑáå~åÅáåÖK=pb_=~äëç=ëÉêîÉÇ=~ë= äÉ~Ç=~êê~åÖÉê=~åÇ=àçáåí=ÄççâêìååÉê=áå=k^pa^n=lju= dêçìé=fåÅÛë=êÉÑáå~åÅáåÖI=ÅçåÑáêãáåÖ=íÜÉ=èì~äáíó=áå=íÜÉ= ÉñáëíáåÖ=éä~íÑçêãK===

jÉêÅÜ~åí=_~åâáåÖ=ïáää=ÅçåíáåìÉ=íç=áåîÉëí=áå=äçåÖJíÉêã= êÉä~íáçåëÜáéëI=áå=ÄçíÜ=íÜÉ=kçêÇáÅ=ÅçìåíêáÉë=~åÇ=dÉêã~åóI= áå=çêÇÉê=íç=ÑìêíÜÉê=ëíêÉåÖíÜÉå=íÜÉ=ã~êâÉí=éçëáíáçå=áå=pb_Ûë= ÅÜçëÉå=ÜçãÉ=ã~êâÉíëK=====

Retail Banking

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

Income statement

	Q1	Q4		Jan- Mar	Full year
SEK m	2010	2009	%	2010	2009	%	2009
Net interest income	1 537	1 642	- 6	1 537	1 882	- 18	6 879
Net fee and commission income	1 076	1 158	- 7	1 076	1 057	2	4 428
Net financial income	65	82	- 21	65	72	- 10	290
Net other income	21	22	- 5	21	22	- 5	83
Total operating income	2 699	2 904	- 7	2 699	3 033	- 11	11 680
Staff costs	- 985	- 911	8	- 985	-1 069	- 8	-4 052
Other expenses	-1 047	-1 127	- 7	-1 047	-1 078	- 3	-4 433
Depreciation, amortisation and impairment of
tangible and intangible assets	- 38	- 41	- 7	- 38	- 44	- 14	- 180
Total operating expenses	-2 070	-2 079	0	-2 070	-2 191	- 6	-8 665
Profit before credit losses	629	825	- 24	629	842	- 25	3 015
Gains less losses on disposals of tangible and
intangible assets		- 1	- 100				- 2
Net credit losses	- 312	- 382	- 18	- 312	- 260	20	-1 369
Operating profit	317	442	- 28	317	582	- 46	1 644
Cost/Income ratio	0,77	0,72		0,77	0,72		0,74
Business equity, SEK bn	14,0	15,8		14,0	15,8		15,8
Return on equity, %	7,1	9,0		7,1	11,2		7,5
Number of full time equivalents	4 792	4 974		4 844	5 130		5 078

Low policy rates continued to negatively affect deposit income and support the card business

• Seasonally low card turnover
• Further investments in easy and accessible products, e.g. Enkla vardagen, in Retail Sweden

Comments on the first quarter

oÉí~áä=_~åâáåÖÛë=çéÉê~íáåÖ=áåÅçãÉ=ÇìêáåÖ=íÜÉ=Ñáêëí=èì~êíÉê= ÅçåíáåìÉÇ=íç=ÄÉ=åÉÖ~íáîÉäó=~ÑÑÉÅíÉÇ=Äó=äçï=éçäáÅó=ê~íÉë=~åÇ= ëäçï=êÉÅçîÉêó=áå=Åçããáëëáçå=ÖÉåÉê~íáåÖ=~ÅíáîáíáÉëK= léÉê~íáåÖ=ÉñéÉåëÉë=êÉã~áåÉÇ=~í=íÜÉ=ÑçìêíÜ=èì~êíÉê=äÉîÉäI= Äìí=ï~ë=S=éÉê=ÅÉåí=äçïÉê=íÜ~å=áå=íÜÉ=Ñáêëí=èì~êíÉê=ä~ëí=óÉ~êK= táíÜ=ëìééçêí=Ñêçã=ÅêÉÇáí=äçëëÉë=ÄÉäçï=íÜÉ=äÉîÉä=çÑ=êÉÅÉåí= èì~êíÉêëI=íÜÉ=Çáîáëáçå=ÖÉåÉê~íÉÇ=~å=çéÉê~íáåÖ=éêçÑáí=çÑ=pbh= PNTã=ERUOFK=

oÉí~áä=pïÉÇÉå=ä~ìåÅÜÉÇ=båâä~=î~êÇ~ÖÉåI=~=ÄìåÇäÉÇ= çÑÑÉêáåÖ=Ñçê=íÜÉ=ÉîÉêóÇ~ó=Ä~åâáåÖ=åÉÉÇë=çÑ=éêáî~íÉ= áåÇáîáÇì~äëK=cìêíÜÉêãçêÉI=ãçêí~ÖÉ=äÉåÇáåÖ=ÉñéÉêáÉåÅÉÇ= ëí~ÄäÉ=ã~êÖáåë=~åÇ=ëìëí~áåÉÇ=îçäìãÉ=ÖêçïíÜ=~äíÜçìÖÜ=~í=~= ëçãÉïÜ~í=äçïÉê=é~ÅÉ=íÜ~å=ÇìêáåÖ=íÜÉ=~ìíìãå=çÑ=OMMVK= pb_Ûë=çÑÑÉêáåÖ=íç=ëã~ää=~åÇ=ãÉÇáìãJëáòÉÇ=Åçãé~åáÉë= ÅçåíáåìÉÇ=íç=~ííê~Åí=åÉï=ÅìëíçãÉêëK=qç=ÉåëìêÉ=éêçãéí= ~ííÉåíáçå=~åÇ=èì~äáíó=~ÇîáëÉI=pb_=áë=åçï=áåÅêÉ~ëáåÖ= áåîÉëíãÉåíë=ÄçíÜ=áå=ëâáää=ÄìáäÇáåÖ=çÑ=ÅìêêÉåí=ÉãéäçóÉÉë= ~åÇ=áå=êÉÅêìáíãÉåí=çÑ=åÉï=Åçêéçê~íÉ=~ÇîáëçêëK=`çêéçê~íÉ= äÉåÇáåÖ=ÖêÉïK=léÉê~íáåÖ=ÉñéÉåëÉë=ïÉêÉ=áå=äáåÉ=ïáíÜ= éêÉîáçìë=èì~êíÉê=~åÇ=O=éÉê=ÅÉåí=äçïÉê=íÜ~å=áå=íÜÉ=Ñáêëí= èì~êíÉê=çÑ=OMMVK=mêçîáëáçåë=Ñçê=ÅêÉÇáí=äçëëÉë=ïÉêÉ=îáêíì~ääó=

ìåÅÜ~åÖÉÇ=~í=pbh=NMRãK=léÉê~íáåÖ=éêçÑáí=Ñçê=íÜÉ=Ñáêëí= èì~êíÉê=çÑ=OMNM=ï~ë=pbh=PPUã=ESMOFK=`çãé~êÉÇ=ïáíÜ=íÜÉ= éêÉîáçìë=èì~êíÉêI=çéÉê~íáåÖ=éêçÑáí=ÇÉÅêÉ~ëÉÇ=Äó=NV=éÉê=ÅÉåíK=

få=oÉí~áä=dÉêã~åóI=êÉáåÑçêÅÉÇ=ë~äÉë=ÉÑÑçêíë=é~áÇ=çÑÑK=få= Åçãé~êáëçå=ïáíÜ=íÜÉ=ÅçêêÉëéçåÇáåÖ=èì~êíÉê=çÑ=OMMVI=ë~äÉë= áå=ëÉîÉê~ä=éêçÇìÅí=Å~íÉÖçêáÉë=~åÇ=åÉí=Åçããáëëáçåë=ïÉêÉ= ìéK=içï=áåíÉêÉëí=ê~íÉë=~åÇ=åÉÖ~íáîÉ=îçäìãÉ=ÖêçïíÜI= éêáã~êáäó=Ñçê=ÇÉéçëáíëI=ãÉ~åí=íÜ~í=íçí~ä=áåÅçãÉ=êÉã~áåÉÇ=~í= íÜÉ=èì~êíÉêäó=äÉîÉä=ëÉÉå=íÜêçìÖÜçìí=OMMVK=`êÉÇáí=äçëë= éêçîáëáçåë=~ãçìåíÉÇ=íç=pbh=NNSã=Åçãé~êÉÇ=ïáíÜ=pbh= NSMã=áå=íÜÉ=éêÉîáçìë=èì~êíÉêK=få=ÅçãÄáå~íáçå=ïáíÜ=êÉÇìÅÉÇ= åìãÄÉê=çÑ=ëí~ÑÑ=~åÇ=Öê~Çì~ääó=äçïÉê=çéÉê~íáåÖ=ÉñéÉåëÉëI= çéÉê~íáåÖ=éêçÑáí=êÉÅçîÉêÉÇ=íç=pbh=JOPTã=Ñêçã=pbh=ÓPNUã= áå=íÜÉ=ÑçìêíÜ=èì~êíÉêK=

cçê=íÜÉ=`~êÇ=ÄìëáåÉëë=~êÉ~I=çéÉê~íáåÖ=áåÅçãÉ=áå=íÜÉ=Ñáêëí= èì~êíÉê=ï~ë=áå=äáåÉ=ïáíÜ=íÜÉ=Ñáêëí=èì~êíÉê=çÑ=OMMVK=qÜÉ= ÄÉåÉÑáíë=çÑ=äçï=ÑìåÇáåÖ=Åçëíë=êÉã~áåÉÇI=Äìí=óÉ~êJçåJóÉ~ê= ÖêçïíÜ=áå=Å~êÇ=íìêåçîÉê=ï~ë=ãçÇÉëí=~åÇ=ÇáÇ=åçí=óÉí=êÉÑäÉÅí= ~=Äêç~ÇÉê=ÉÅçåçãáÅ=êÉÅçîÉêóK=nì~êíÉêäó=éêçîáëáçåë=Ñçê= ÅêÉÇáí=äçëëÉë=ÅçåíáåìÉÇ=íç=ÇÉÅêÉ~ëÉ=ëäçïäóK=léÉê~íáåÖ=éêçÑáí= Ñçê=íÜÉ=Ñáêëí=èì~êíÉê=ï~ë=pbh=ONSãK

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

	Q1	Q4			Jan- Mar
SEK m	2010	2009	%	2010	2009	%	2009
Net interest income	111	116	- 4	111	190	- 42	598
Net fee and commission income	868	853	2	868	659	32	2 955
Net financial income	18	23	- 22	18	20	- 10	76
Net other income		3	- 100		1	- 100	17
Total operating income	997	995	0	997	870	15	3 646
Staff costs	- 314	- 250	26	- 314	- 340	- 8	-1 229
Other expenses	- 302	- 310	- 3	- 302	- 286	6	-1 160
Depreciation, amortisation and impairment of
tangible and intangible assets	- 20	- 24	- 17	- 20	- 30	- 33	- 116
Total operating expenses	- 636	- 584	9	- 636	- 656	- 3	-2 505
Profit before credit losses	361	411	- 12	361	214	69	1 141
Gains less losses on disposals of tangible and
intangible assets		- 1	- 100				29
Net credit losses	- 1	- 8	- 88	- 1	- 8	- 88	- 28
Operating profit	360	402	- 10	360	206	75	1 142
Cost/Income ratio	0,64	0,59		0,64	0,75		0,69
Business equity, SEK bn	5,2	5,5		5,2	5,5		5,5
Return on equity, %	20,1	21,1		20,1	10,8		14,9
Number of full time equivalents	972	1 000		977	1 061		1 016

High net sales and customer growth

Growing assets values in a favourable market strengthened income

High client activity and strong demand for broader investment solutions and equity related products

Comments on the first quarter

léÉê~íáåÖ=éêçÑáí=ÅçåíáåìÉÇ=íç=Ö~áå=ãçãÉåíìã=ÇìêáåÖ=íÜÉ= Ñáêëí=èì~êíÉê=çÑ=OMNMK=j~êâÉíë=ïÉêÉ=Ñ~îçìê~ÄäÉ=~åÇ=ÅäáÉåí= ~Åíáîáíó=ï~ë=ÜáÖÜK=`äáÉåíëÛ=êáëâ=~ééÉíáíÉ=ÅäÉ~êäó=êÉëìãÉÇ= ~åÇ=íÜÉ=ÇÉã~åÇ=Ñçê=Äêç~ÇÉê=áåîÉëíãÉåí=ëçäìíáçåë=~åÇ= Éèìáíó=êÉä~íÉÇ=éêçÇìÅíë=ïÉêÉ=é~êíáÅìä~êäó=ëíêçåÖK=

léÉê~íáåÖ=áåÅçãÉ=áåÅêÉ~ëÉÇ=Äó=NR=éÉê=ÅÉåíK=qÜáë=ï~ë= ã~áåäó=ÇìÉ=íç=NP=éÉê=ÅÉåí=ÜáÖÜÉê=~îÉê~ÖÉ=~ëëÉíë=ìåÇÉê= ã~å~ÖÉãÉåí=~åÇ=áåÅêÉ~ëÉÇ=éÉêÑçêã~åÅÉ=~åÇ=íê~åë~Åíáçå= ÑÉÉëI=ïÜáÅÜ=~ãçìåíÉÇ=íç=pbh=VMã=EOTFK=_êçâÉê~ÖÉ=áåÅçãÉ= ÇÉîÉäçéÉÇ=ïÉääI=ïÜáäÉ=íÜÉ=äçï=áåíÉêÉëí=ê~íÉë=ÅçåíáåìÉÇ=íç= åÉÖ~íáîÉäó=~ÑÑÉÅí=åÉí=áåíÉêÉëí=áåÅçãÉI=~í=pbh=NNNã=ENVMFK==

léÉê~íáåÖ=ÉñéÉåëÉë=ÇêçééÉÇ=Äó=P=éÉê=ÅÉåíK==

pb_=áë=íÜÉ=ëÉÅçåÇ=ä~êÖÉëí=ãìíì~ä=ÑìåÇ=ã~å~ÖÉê=áå= pïÉÇÉå=ïáíÜ=~=ã~êâÉí=ëÜ~êÉ=çÑ=NT=éÉê=ÅÉåíK=kÉí=ë~äÉë=çå=íÜÉ= pïÉÇáëÜ=ãìíì~ä=ÑìåÇ=ã~êâÉí=Ü~ë=ÅçåíáåìÉÇ=íç=áãéêçîÉ=áå= OMNMK=pb_=ÄÉåÉÑáííÉÇ=Ñêçã=íÜÉ=ä~êÖÉëí=åÉí=áåÑäçïë=áå=Éèìáíó= ÑìåÇë=~åÇ=äçåÖJíÉêã=ÑáñÉÇ=áåÅçãÉ=ÑìåÇëK===

^ëëÉíë=ìåÇÉê=ã~å~ÖÉãÉåí=êçëÉ=Äó=O=éÉê=ÅÉåí=Ñêçã=óÉ~êJ ÉåÇ=OMMVI=íç=pbh=NIPMMÄåI=éêáã~êáäó=ÇìÉ=íç=áåÅêÉ~ëÉÇ=~ëëÉí= î~äìÉë=~åÇ=ëíêçåÖ=åÉí=ë~äÉë=çÑ=pbh=NVÄå=EUFK=RS=éÉê=ÅÉåí=ESOF= çÑ=éçêíÑçäáçë=~åÇ=SO=éÉê=ÅÉåí=EQMF=çÑ=~ëëÉíë=ìåÇÉê= ã~å~ÖÉãÉåí=ïÉêÉ=~ÜÉ~Ç=çÑ=íÜÉáê=êÉëéÉÅíáîÉ=ÄÉåÅÜã~êâëK=

eáÖÜÉê=~ëëÉí=î~äìÉë=áãéêçîÉÇ=íÜÉ=êÉëìäí=Ñçê=íÜÉ= fåëíáíìíáçå~ä=`äáÉåíë=ÄìëáåÉëë=~êÉ~K=mÉêÑçêã~åÅÉ=ÑÉÉë=ïÉêÉ= ÖÉåÉê~íÉÇ=Ñêçã=~=ä~êÖÉê=åìãÄÉê=çÑ=ÑìåÇë=~åÇ=ã~åÇ~íÉëI= ÉëéÉÅá~ääó=Ñêçã=íÜÉ=iáëíÉÇ=mêáî~íÉ=bèìáíó=ÑìåÇ=ïÜáÅÜ= ÅçåíáåìÉÇ=íç=çìíéÉêÑçêãK=kÉí=ë~äÉë=êçëÉ=íç=pbh=NQÄå=EQFK= qÜÉ=åÉï=îçäìãÉë=Ü~Ç=ÜáÖÜÉê=ã~êÖáåë=ÇìÉ=íç=~å=áåÅêÉ~ëÉÇ= ëÜ~êÉ=çÑ=éçêíÑçäáç=ëçäìíáçåë=~åÇ=ëíêìÅíìêÉÇ=éêçÇìÅíëK=qÜÉ= íÜáêÇ=é~êíó=ÇáëíêáÄìíáçå=ÖêÉï=ëäáÖÜíóK qÜÉ=êáëâ=~ééÉíáíÉ= ÅçåíáåìÉÇ=íç=áåÅêÉ~ëÉ=ïáíÜ=~=êÉëìãÉÇ=áåíÉêÉëí=áå=Éèìáíó= ~êÉ~ëK=

mêáî~íÉ=_~åâáåÖ=ÖÉåÉê~íÉÇ=åÉí=ë~äÉë=çÑ=pbh=SÄå=ERF=~åÇ=~= ÅçåíáåìÉÇ=ëíêçåÖ=áåÑäçï=çÑ=åÉï=ÅìëíçãÉêëK=^ëëÉíë=ìåÇÉê= ã~å~ÖÉãÉåí=áåÅêÉ~ëÉÇ=Äó=T=éÉê=ÅÉåí=ëáåÅÉ=óÉ~êJÉåÇ=OMMVK= léÉê~íáåÖ=éêçÑáí=áãéêçîÉÇ=Äó=RR=éÉê=ÅÉåíX=íÜÉ=~ÇîÉêëÉ= ÉÑÑÉÅí=Ñêçã=ÇÉÅäáåáåÖ=åÉí=áåíÉêÉëí=ï~ë=ãçêÉ=íÜ~å=çÑÑëÉí=Äó= áãéêçîÉÇ=Åçããáëëáçå=áåÅçãÉK=mêáî~íÉ=_~åâáåÖ=ä~ìåÅÜÉÇ=~= åÉï=ë~äÉë=ëìééçêí=éêçÅÉëë=ïáíÜ=ëìÅÅÉëë=ÇìêáåÖ=íÜÉ=Ñáêëí= èì~êíÉêK=bqcë=EÉãÉêÖáåÖ=ã~êâÉíëF=~åÇ=ÅÉêíáÑáÅ~íÉë=EÉKÖK= mêáî~íÉ=bèìáíó=ÅÉêíáÑáÅ~íÉëF=Ü~îÉ=ÄÉÉå=áå=ÇÉã~åÇK=qÜÉ= ãçÇÉêå=áåîÉëíãÉåí=éêçÖê~ããÉëI=~áãÉÇ=~í=ÅêÉ~íáåÖ=ãçêÉ= ëí~ÄäÉ=êÉíìêåë=çå=áåîÉëíãÉåíëI=ÅçåíáåìÉÇ=íç=~ííê~Åí=áåÑäçïëK

Life

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

Income statement

	Q1 Q4 Jan- Mar			Full year
SEK m	2010	2009	%	2010	2009	%	2009
Net interest income	- 2	- 1	100	- 2	- 10	- 80	- 18
Net life insurance income	1 186	1 145	4	1 186	1 043	14	4 443
Total operating income	1 184	1 144	3	1 184	1 033	15	4 425
Staff costs	- 282	- 263	7	- 282	- 274	3	-1 107
Other expenses	- 131	- 144	- 9	- 131	- 126	4	- 536
Depreciation, amortisation and impairment of
tangible and intangible assets	- 173	- 167	4	- 173	- 165	5	- 667
Total operating expenses	- 586	- 574	2	- 586	- 565	4	-2 310
Operating profit	598	570	5	598	468	28	2 115
Change in surplus values, net	229	170	35	229	111	106	900
Business result	827	740	12	827	579	43	3 015
Cost/Income ratio	0,49	0,50		0,49	0,55		0,52
Business equity, SEK bn	6,0	6,8		6,0	6,8		6,8
Return on equity, %
based on operating profit	35,1	29,5		35,1	24,2		27,4
based on business result	48,5	38,3		48,5	30,0		39,0
Number of full time equivalents	1 175	1 173		1 175	1 209		1 191

Best quarter ever supported by a positive trend in market values

Focus on unit-linked insurance leads to moderate risk exposure and capital efficiency

Higher premium flow a confirmation of customer confidence

Comments on the first quarter

léÉê~íáåÖ=éêçÑáí=áåÅêÉ~ëÉÇ=Äó=OU=éÉê=ÅÉåí=Åçãé~êÉÇ=ïáíÜ= íÜÉ=Ñáêëí=èì~êíÉê=OMMVK=bñÅäìÇáåÖ=íÜÉ=ÉÑÑÉÅí=çÑ=êÉÅçîÉêÉÇ= éêçîáëáçåë=Ñçê=íê~Çáíáçå~ä=éçêíÑçäáç=Öì~ê~åíÉÉëI=éêçÑáí=êçëÉ= Äó=RV=éÉê=ÅÉåíI=ã~áåäó=êÉä~íÉÇ=íç=ìåáíJäáåâÉÇ=éêçÇìÅíëK=^ää= ÄìëáåÉëë=~êÉ~ë=ëÜçïÉÇ=ëí~ÄäÉ=çê=áåÅêÉ~ëÉÇ=éêçÑáí=äÉîÉäëK=qÜÉ= ÅçåíáåìÉÇ=ÑçÅìë=çå=ìåáíJäáåâÉÇ=Ü~ë=äÉÇ=íç=ãçÇÉê~íÉ=êáëâ= ÉñéçëìêÉI=Å~éáí~ä=ÉÑÑáÅáÉåÅó=~åÇ=áåÅêÉ~ëÉÇ=êÉíìêå=çå= ~ääçÅ~íÉÇ=Å~éáí~äK===

råáíJäáåâÉÇ=áåÅçãÉ=ÅçåíáåìÉÇ=íç=áãéêçîÉ=~ë=~=êÉëìäí=çÑ= éçëáíáîÉ=ã~êâÉí=íêÉåÇë=~åÇ=áåÅêÉ~ëÉÇ=êáëâ=~ééÉíáíÉ=~ãçåÖ= éçäáÅóÜçäÇÉêëI=ëÉäÉÅíáåÖ=ãçêÉ=~Çî~åÅÉÇ=~åÇ=Éèìáíó=êÉä~íÉÇ= ~äíÉêå~íáîÉëK=qÜÉ=íçí~ä=ÑìåÇ=î~äìÉ=áåÅêÉ~ëÉÇ=Äó=R=éÉê=ÅÉåí= ÇìêáåÖ=íÜÉ=èì~êíÉêK=qÜÉ=êÉëìäí=Ñçê=çíÜÉê=éêçÇìÅí=~êÉ~ë=~äëç= ÇÉîÉäçéÉÇ=Ñ~îçìê~Ääó=ÇìêáåÖ=íÜÉ=èì~êíÉêK=qÜÉ=áåîÉëíãÉåí= êÉíìêå=áå=ÅäáÉåí=ÑìåÇë=áå=íÜÉ=íê~Çáíáçå~ä=ÄìëáåÉëë=~äëç= ÖÉåÉê~íÉÇ=ë~íáëÑ~Åíçêó=êÉíìêåëK===

mêçîáëáçåë=ã~ÇÉ=áå=éêáçê=óÉ~êë=íç=ÅçîÉê=éçíÉåíá~ä=ÑìíìêÉ= Öì~ê~åíÉÉë=áå=íÜÉ=íê~Çáíáçå~ä=äáÑÉ=éçêíÑçäáçë=áå=pïÉÇÉå=ïÉêÉ= íç=~=ä~êÖÉ=ÉñíÉåí=êÉÅçîÉêÉÇ=áå=OMMVK=qÜÉ=êÉëìäí=Ñçê=íÜÉ=Ñáêëí= èì~êíÉê=áåÅäìÇÉÇ=~=ÑìêíÜÉê=êÉÅçîÉêó=çÑ=pbh=OQã=ENMSFK=qÜÉ= êÉã~áåáåÖ=pbh=UNã=çÑ=éêçîáëáçåë=~êÉ=êÉÅçîÉê~ÄäÉI=áÑ=ÑìíìêÉ= áåîÉëíãÉåí=êÉíìêåë=~êÉ=~ÇÉèì~íÉ=íç=ãÉÉí=Öì~ê~åíÉÉÇ=Äçåìë= ê~íÉ=äÉîÉäë=çîÉê=íáãÉK==

léÉê~íáåÖ=ÉñéÉåëÉëI=ÉñÅäìÇáåÖ=ÇÉéêÉÅá~íáçåëI=ïÉêÉ= ëí~ÄäÉ=Åçãé~êÉÇ=ïáíÜ=ä~ëí=óÉ~êK=qÜÉ=ÅçåíáåìÉÇ=ÉÑÑçêíë=íç= áãéêçîÉ=~Çãáåáëíê~íáîÉ=ÉÑÑáÅáÉåÅó=ëìééçêí=~=ëí~ÄäÉ=Åçëí= íêÉåÇ=éÉê=éçäáÅóK=aÉéêÉÅá~íáçå=çÑ=ÇÉÑÉêêÉÇ=~Åèìáëáíáçå=Åçëíë= áåÅêÉ~ëÉÇ=~åÇ=ïáää=ÅçåíáåìÉ=íç=Çç=ëç=Äìí=ëÜçìäÇ=ÄÉ= Åçãé~êÉÇ=íç=íÜÉ=áåÅêÉ~ëÉ=áå=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=SM=éÉê=ÅÉåí=ESQF=ÇìÉ=íç= ÜáÖÜ=îçäìãÉë=çÑ=ÉåÇçïãÉåí=éçäáÅáÉë=áå=pïÉÇÉåK=`çêéçê~íÉ= éÉåëáçå=ÅçåíáåìÉÇ=íç=ÄÉ=~ÑÑÉÅíÉÇ=Äó=íÜÉ=ÖÉåÉê~ä=ÄìëáåÉëë= Åäáã~íÉI=ÜáÖÜÉê=ìåÉãéäçóãÉåí=äÉîÉäë=~åÇ=äçï=ë~ä~êó= áåÅêÉ~ëÉëK==

qçí~ä=ë~äÉë=ïÉáÖÜíÉÇ=îçäìãÉ=áåÅêÉ~ëÉÇ=Äó=R=éÉê=ÅÉåí= ~åÇ=íÜÉ=ëÜ~êÉ=çÑ=êÉÖìä~ê=éêÉãáìã=Åçåíê~Åíë=ï~ë=TS=éÉê=ÅÉåí= EUNFK=p~äÉë=ïÉêÉ=ãçêÉ=çê=äÉëë=ÉîÉåäó=ëéäáí=ÄÉíïÉÉå=íÜÉ= ÄêçâÉê=ÅÜ~ååÉä=~åÇ=pb_Ûë=çïå=ë~äÉë=ÑçêÅÉ=áåÅäìÇáåÖ=íÜÉ= êÉí~áä=Äê~åÅÜÉëK=qÜÉ=åÉï=ÄìëáåÉëë=ë~äÉë=ã~êÖáå=ï~ë= NQKV=éÉê=ÅÉåí=Ñçê=íÜÉ=ä~ëí=íïÉäîÉ=ãçåíÜë=Åçãé~êÉÇ=ïáíÜ= NQKP=éÉê=ÅÉåí=Ñçê=íÜÉ=Å~äÉåÇ~ê=óÉ~ê=OMMVK=få=pïÉÇÉåI=íçí~ä= ë~äÉë=ïÉêÉ=ìåÅÜ~åÖÉÇ=ïÜáäÉ=íÜÉ=îçäìãÉ=áå=aÉåã~êâ= áåÅêÉ~ëÉÇ=Äó=NO=éÉê=ÅÉåíK=p~äÉë=çÑ=mçêíÑçäáç=_çåÇ=Ñêçã=pb_= iáÑÉI=fêÉä~åÇ=ïÉêÉ=ìé=Äó=NT=éÉê=ÅÉåí=Åçãé~êÉÇ=íç=íÜÉ= ÅçêêÉëéçåÇáåÖ=èì~êíÉê=ä~ëí=óÉ~êK=p~äÉë=áå=íÜÉ=_~äíáÅ= ÅçìåíêáÉë=ïÉêÉ=ìåÅÜ~åÖÉÇ=~åÇ=íÜÉ=íçí~ä=îçäìãÉ=ï~ë= ãçÇÉëíI=~äÄÉáí=ëäçïäó=áãéêçîáåÖK===

qçí~ä=éêÉãáìã=áåÅçãÉ=áåÅêÉ~ëÉÇ=Äó=U=éÉê=ÅÉåíI=íç= pbh=UKRÄå=ETKVFK=qÜÉ=íçí~ä=î~äìÉ=çÑ=ìåáíJäáåâÉÇ=ÑìåÇë=ï~ë= pbh=NSRÄå=Åçãé~êÉÇ=ïáíÜ=NRSÄå=~í=óÉ~êJÉåÇK=qçí~ä=~ëëÉíë= ìåÇÉê=ã~å~ÖÉãÉåí=EåÉí=~ëëÉíëF=áåÅêÉ~ëÉÇ=Äó=O=éÉê=ÅÉåí=íç= pbh=QNNÄåK==

Baltic

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

Income statement

	Q1	Q4			Jan- Mar		Full year
SEK m	2010	2009	%	2010	2009	%	2009
Net interest income	490	522	- 6	490	778	- 37	2 679
Net fee and commission income	209	221	- 5	209	238	- 12	934
Net financial income	26	31	- 16	26	37	- 30	126
Net other income	4	57	- 93	4	12	- 67	55
Total operating income	729	831	- 12	729	1 065	- 32	3 794
Staff costs	- 179	- 137	31	- 179	- 220	- 19	- 730
Other expenses	- 304	- 464	- 34	- 304	- 336	- 10	-1 452
Depreciation, amortisation and impairment of
tangible and intangible assets	- 20	- 21	- 5	- 20	- 25	- 20	-2 389
Total operating expenses	- 503	- 622	- 19	- 503	- 581	- 13	-4 571
Profit before credit losses	226	209	8	226	484	- 53	- 777
Gains less losses on disposals of tangible and
intangible assets		- 16	- 100		2	- 100	- 17
Net credit losses	-1 431	-2 584	- 45	-1 431	-1 702	- 16	-9 569
Operating profit	-1 205	-2 391	- 50	-1 205	-1 216	- 1	-10 363
Cost/Income ratio	0,69	0,75		0,69	0,55		1,20
Business equity, SEK bn	11,8	11,8		11,8	11,8		11,8
Return on equity, %	negative	negative		negative	negative		negative
Number of full time equivalents	2 957	3 093		2 971	3 355		3 275

Unprecedented low short-term rates negatively impacted deposit income

Provision for credit losses down 45 per cent during the quarter

Increased activities to enhance the customer franchise

Comments on the first quarter

qÜÉ=çéÉê~íáåÖ=éêçÑáí=Ñçê=íÜÉ=èì~êíÉê=ï~ë=pbh=JNIOMRã========= EJNIONSFI=áåÅäìÇáåÖ=åÉí=éêçîáëáçåë=Ñçê=ÅêÉÇáí=äçëëÉë=çÑ=pbh= NIQPNãK=få=Åçãé~êáëçå=ïáíÜ=íÜÉ=éêÉîáçìë=èì~êíÉêI=åÉí=ÅêÉÇáí= äçëë=éêçîáëáçåë=ïÉêÉ=QR=éÉê=ÅÉåí=äçïÉêK=qÜÉ=pbh=NIQPNã= ÑáÖìêÉ=áë=ÅçãéêáëÉÇ=çÑ=ÅçääÉÅíáîÉ=éêçîáëáçåë=çÑ=pbh=VVPãI= ëéÉÅáÑáÅ=éêçîáëáçåë=çÑ=pbh=QMPã=~åÇ=åÉí=ïêáíÉJçÑÑë=çÑ=pbh= PRãK=kçåJéÉêÑçêãáåÖ=äç~åë=Ü~îÉ=ëí~ÄáäáëÉÇK===

fåÅçãÉ=ÅçåíáåìÉÇ=íç=ÄÉ=~ÑÑÉÅíÉÇ=Äó=çîÉê~ää=äçïÉê= ÄìëáåÉëë=îçäìãÉë=~åÇ=Äó=ÇÉéçëáí=ã~êÖáå=éêÉëëìêÉ=~êáëáåÖ= Ñêçã=íÜÉ=ìåéêÉÅÉÇÉåíÉÇ=äçï=ëÜçêíJíÉêã=ê~íÉë=~ë=~å= bëíçåá~å=Éìêç=~ÅÅÉëëáçå=ÄÉÅ~ãÉ=ãçêÉ=äáâÉäóK=^ë=~=êÉëìäíI= åÉí=áåíÉêÉëí=áåÅçãÉ=Ñçê=bëíçåá~=ï~ë=äçïÉê=íÜ~å=áå=íÜÉ=ä~ëí= èì~êíÉê=çÑ=OMMVK=få=iáíÜì~åá~=~åÇ=i~íîá~I=åÉí=áåíÉêÉëí= áåÅçãÉ=áåÅêÉ~ëÉÇK==

léÉê~íáåÖ=ÉñéÉåëÉë=~í=pbh=RMPã=ïÉêÉ=NP=éÉê=ÅÉåí= äçïÉê=íÜ~å=áå=íÜÉ=ÅçêêÉëéçåÇáåÖ=èì~êíÉê=ä~ëí=óÉ~ê=~åÇ= NV=éÉê=ÅÉåí=ÄÉäçï=íÜÉ=éêÉîáçìë=èì~êíÉêK=qÜáë=é~êíäó= êÉÑäÉÅíÉÇ=íÜÉ=êáÖÜíJëáòáåÖ=çÑ=íÜÉ=ÇáëíêáÄìíáçå=åÉíïçêâ=~åÇ= ~å=çîÉê~ää=ëí~ÑÑ=êÉÇìÅíáçå=çÑ=NPS=ÉãéäçóÉÉë=ÇìêáåÖ=íÜÉ= èì~êíÉêK===

få=OMNMI=íÜÉ=êÉëíêìÅíìêáåÖ=çÑ=äç~åë=ÅçåíáåìÉÇ=EëÉÉ=åÉñí= é~ÖÉFK==

pb_=ÅçåíáåìÉÇ=íç=ÄÉ=êÉÅçÖåáëÉÇ=Ñçê=áíë=ÅìëíçãÉê=ÑçÅìëK= cçê=Éñ~ãéäÉI=áå=iáíÜì~åá~I=pb_=ï~ë=å~ãÉÇ=ìëíçÇá~å=çÑ= íÜÉ=vÉ~ê=Äó=däçÄ~ä=ìëíçÇá~å=ã~Ö~òáåÉ=~åÇ=pb_=ï~ë=îçíÉÇ= íÜÉ=ãçëí=äáâÉ~ÄäÉ=Äê~åÇ=áå=íÜÉ=Ñáå~åÅá~ä=ëÉÅíçê=áå=bëíçåá~K=få= i~íîá~I=pb_=ëáÖåÉÇ=~å=~ÖêÉÉãÉåí=ïáíÜ=íÜÉ=bìêçéÉ~å= fåîÉëíãÉåí=cìåÇ=EbfcF=íç=éêçîáÇÉ=ÅêÉÇáí=Ñçê=pjb=äÉåÇáåÖK= få=bëíçåá~I=pb_=ÄÉÅ~ãÉ=íÜÉ=Ñáêëí=ã~àçê=Åçêéçê~íáçå=áå=íÜÉ= Åçìåíêó=íç=ÅçîÉê=íÜÉ=ã~àçêáíó=çÑ=áíë=ÉåÉêÖó=åÉÉÇë=Ñêçã= ÖêÉÉå=EïáåÇ=~åÇ=ï~íÉêF=ÉåÉêÖóK==

pb_=Ü~ë=áåíÉåëáÑáÉÇ=áíë=~ÅíáîáíáÉë=íç=ÑìêíÜÉê=ÇÉîÉäçé=íÜÉ= _~äíáÅ=ÄìëáåÉëëK=låÉ=Éñ~ãéäÉ=áë=íÜÉ=ÇÉîÉäçéãÉåí=çÑ=íÜÉ= åÉï=ÜçãÉ=Ä~åâ=ÅçåÅÉéí=ÑçÅìëÉÇ=çå=Åìäíáî~íáåÖ=~=ãçêÉ= ÅìëíçãÉêJÅÉåíêáÅ=_~äíáÅ=ÄìëáåÉëë=éä~íÑçêãK

Baltic update

• Fragile recovery of the macro-economic environment spearheaded by Estonia
• Continued tailored work-out activities in close dialogue with customers
• Decreased provisioning need

Continued signs of stabilisation

The economic situation in the three Baltic countries has started to recover, although the upturn is likely to be slow and uneven during 2010 with stronger growth figures expected in 2011. As presented in Eastern European Outlook (March 2010), Estonia's GDP forecast for 2010 has been upgraded to 2 per cent. In Latvia, GDP is expected to drop by 2.8 per cent in 2010. In Lithuania, a minor growth of 1 per cent is expected for 2010. Exports show clear signs of recovery in all three countries, while domestic demand remained weak.

Continued restructuring and work-out activities

SEB's Special Credits Management Unit - a restructuring and work-out team active in the Baltic region since June 2007-continues to conduct its activities in close cooperation with SEB's customers in the Baltic countries. Action plans are monitored by the so called High Risk Committees. Any client where there is a near term likelihood of a downward migration to risk class 13 or worse is also considered High Risk client. This wide definition facilitates early and prompt addressing of potential future credit losses through early warning signals.

Leasing portfolios

At the end of March, the leasing portfolio amounted to SEK 13bn. 25 per cent of the leasing stock of cars, trucks and other transportation vehicles and equipment, was identified as high risk. During the first quarter the average recovery rate was approximately 60 per cent.

Commercial real estate and land plots

At 31 March 2010, SEB's Real estate Holding Companies (RHC) in the three Baltic countries had acquired assets with a total volume of approximately SEK 50m. Assets will continue to accumulate in the RHCs, but in a protracted process since the foreclosure and auction process takes time. SEB's valuation methodology defines the long-term value of each property as there is a lack of relevant historical prices. As public auctions of the foreclosed assets gain momentum, the RHCs will participate and acquire assets based on these valuations.

SEB's real estate lending amounted to SEK 25bn, of which 29 per cent was impaired as of 31 March 2010. Some 65 per cent of the portfolio is regarded as high risk clients.

Residential mortgages

After individual reviews, taking the overall situation of the homeowner into account, SEB has found and will continue to seek solutions, which may include a grace period for amortisations and capitalisation of part of interest under special circumstances. Any residential loan where part of the interest payments have been reclassified is reported as restructured. SEB also plays an active role in the discussions with public authorities on constructive crisis resolutions.

At 31 March 2010, SEB's residential mortgage lending amounted to SEK 47bn, of which 7 per cent was overdue more than 60 days.

NPL formation and outlook for credit loss provisions

Non-performing loans-individually assessed impaired loans and portfolio assessed loans that are more than 60 days past-due – amounted to SEK 18,149m, down by 3 per cent since year-end. This equals 13 per cent of lending. Impaired loans decreased by SEK 882m to SEK 13,050m in the quarter. Portfolio assessed loans were up by SEK 209m to SEK 4,649m. The total restructured loans were SEK 450m at the end of March, up by SEK 138m.

Although signs of recovery are emerging, the domestic economic situation creates a challenging environment for SEB's customers. As a result, NPL formation is expected to continue in the coming quarters, albeit at significantly more moderate rate than in 2009. Additional collective reserves are made in order to cater for the fragility of the economic recovery. The total NPL coverage ratio increased to 66.9 per cent from 61.1 per cent. SEB expects provisions for credit losses not to exceed SEK 5bn and an over time falling coverage ratio in 2010.

Result by geography – January-March 2010

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

• Low policy rates continues to negatively affect deposit margins
• High client activity in Private Banking, Asset Management and Life
• Improved asset quality across the borders; lower provisions for credit losses in the Baltic countries

èì~êíÉê=çÑ=OMMVI=ã~áåäó=ÇìÉ=íç=íÜÉ=ÉñÅÉéíáçå~ä=ã~êâÉí= ÅáêÅìãëí~åÅÉë=íÜ~í=éêÉî~áäÉÇ=~=óÉ~ê=~ÖçK=få=ÖÉåÉê~äI=Åçëíë= ïÉêÉ=äçïÉê=ÑçääçïáåÖ=ëí~ÑÑ=êÉÇìÅíáçåë=ÇìêáåÖ=ä~ëí=óÉ~êK= lîÉê~ääI=éêçîáëáçå=Ñçê=ÅêÉÇáí=äçëëÉë=ÇÉÅêÉ~ëÉÇK==

få=pïÉÇÉåI=pb_Ûë=çéÉê~íáåÖ=éêçÑáí=áãéêçîÉÇ=ÇìÉ=íç= äçïÉê=ëí~ÑÑ=Åçëíë=~åÇ=ÇÉÅêÉ~ëÉÇ=éêçîáëáçåë=Ñçê=ÅêÉÇáí=äçëëÉëK= çëíë=êÉä~íÉÇ=íç=íÜÉ=áãé~áêãÉåí=çÑ=ÖççÇïáää=Ñçê=râê~áåÉ=çÑ= pbh=RVQã=ï~ë=ÄççâÉÇ=áå=OMMVK=^Åíáîáíó=äÉîÉäë=áå=mêáî~íÉ= \_~åâáåÖI=^ëëÉí=j~å~ÖÉãÉåí=~åÇ=iáÑÉ=ïÉêÉ=ÜáÖÜ=ïáíÜ= ëíêçåÖ=ÇÉîÉäçéãÉåí=çÑ=åÉí=ë~äÉëK=qÜÉëÉ=~êÉ~ë=ÄÉåÉÑáíÉÇ= Ñêçã=ÜáÖÜÉê=~ëëÉí=î~äìÉëK=çêéçê~íÉ=~Åíáîáíó=áå=ÖÉåÉê~ä=ï~ë= ëìÄÇìÉÇ=ïÜáäÉ=ãçêíÖ~ÖÉ=äÉåÇáåÖ=áåÅêÉ~ëÉÇ=Äó=NQ=éÉê=ÅÉåí= Åçãé~êÉÇ=ïáíÜ=j~êÅÜ=OMMVK==

få=aÉåã~êâI=pb_=áãéêçîÉÇ=íÜÉ=éçëáíáçå=~ë=çåÉ=çÑ=íÜÉ= íçé=íÜêÉÉ=Åçêéçê~íÉ=Ä~åâëK=qÜÉ=äáÑÉ=çéÉê~íáçåë=ÅçåíáåìÉÇ=íç= Öêçï=íÜÉ=Åçêéçê~íÉ=éÉåëáçå=ë~îáåÖë=ïÜÉêÉ~ë=íÜÉ=éêáî~íÉ= éÉåëáçå=ë~îáåÖë=ÇÉÅêÉ~ëÉÇK=tÉ~äíÜ=j~å~ÖÉãÉåí= ëáÖåáÑáÅ~åíäó=áãéêçîÉÇ=áíë=éÉêÑçêã~åÅÉ=ÑçääçïáåÖ=~=ãçêÉ= ÉÑÑáÅáÉåí=çêÖ~åáë~íáçå=ÅçãÄáåÉÇ=ïáíÜ=ëíêçåÖÉê=Éèìáíó= ã~êâÉíëK=^ë=Å~éáí~ä=ã~êâÉíë=áåÅçãÉ=áå=jÉêÅÜ~åí=_~åâáåÖ= ï~ë=äçïÉê=íÜ~å=~=óÉ~ê=~ÖçI=çéÉê~íáåÖ=éêçÑáí=áå=aÉåã~êâ= ÇÉÅêÉ~ëÉÇ=Äó=O=éÉê=ÅÉåí=óÉ~êJçåJóÉ~ê=áå=äçÅ~ä=ÅìêêÉåÅóK=

^äëç=áå=cáåä~åÇI=tÉ~äíÜ=j~å~ÖÉãÉåí=áãéêçîÉÇ=áíë= çéÉê~íáåÖ=éêçÑáí=ïÜáäÉ=jÉêÅÜ~åí=_~åâáåÖ=ï~ë=åÉÖ~íáîÉäó= áãé~ÅíÉÇ=Äó=äçïÉê=íê~ÇáåÖ=áåÅçãÉK=få=íÉêãë=çÑ=èì~äáíóI= cáååáëÜ=Åçêéçê~íÉ=ÅìëíçãÉêë=ê~íÉ=pb_=~ë=íçé=íïç=~åÇ= ÑìêíÜÉê=áåîÉëíãÉåíë=ïáää=ÄÉ=ã~ÇÉ=íç=íê~åëÑçêã=íÜÉ=ÄìëáåÉëë= Ñêçã=~å=~Çî~åÅÉÇ=éêçÇìÅí=éêçîáÇÉê=íç=~=äçåÖJíÉêã=ÅçêÉ= êÉä~íáçåëÜáé=Ä~åâK=léÉê~íáåÖ=éêçÑáí=ÑÉää=Äó=PT=éÉê=ÅÉåí=áå= äçÅ~ä=ÅìêêÉåÅóK==

få=kçêï~óI=íÜÉ=Ñáêëí=èì~êíÉê=ï~ë=èìáÉí=áå=íÉêãë=çÑ=ã~àçê=

Åçêéçê~íÉ=íê~åë~Åíáçåë=~åÇ=êÉÑáå~åÅáåÖ=jC^K=iç~å=ã~êâÉí= ~Åíáîáíó=áåÅêÉ~ëÉÇ=íçï~êÇë=íÜÉ=ÉåÇ=çÑ=íÜÉ=èì~êíÉêK= ^ÅÅçêÇáåÖ=íç=íÜÉ=êÉÅÉåí=ã~êâÉí=ëìêîÉóI=pb_=Ü~ë=Ö~áåÉÇ=~= ÅäÉ~ê=íçé=íÜêÉÉ=éçëáíáçå=áå=íÜÉ=kçêïÉÖá~å=Åçêéçê~íÉ= Ä~åâáåÖ=ã~êâÉíK=pb_=båëâáäÇ~=êÉÖ~áåÉÇ=íÜÉ=kçKN=éçëáíáçå= áå=íÉêãë=çÑ=ã~êâÉí=ëÜ~êÉ=çå=lëäç=píçÅâ=bñÅÜ~åÖÉ=áå=j~êÅÜK= léÉê~íáåÖ=éêçÑáí=ÇÉÅêÉ~ëÉÇ=Äó=PM=éÉê=ÅÉåí=áå=äçÅ~ä=ÅìêêÉåÅóK=

få=dÉêã~åóI=jÉêÅÜ~åí=_~åâáåÖ=áåÅêÉ~ëÉÇ=áíë=ÅäáÉåí= ~ÅíáîáíáÉë=Äìí=Å~éáí~ä=ã~êâÉíë=áåÅçãÉ=ï~ë=äçïÉêK=fåÅçãÉ=áå= tÉ~äíÜ=j~å~ÖÉãÉåí=áåÅêÉ~ëÉÇK=få=oÉí~áä=_~åâáåÖ=åÉÖ~íáîÉ= ÉÑÑÉÅíë=Ñêçã=íÜÉ=ÅçåíáåìÉÇ=äçï=ã~êâÉí=áåíÉêÉëí=ê~íÉë=ïÉêÉ= çÑÑëÉí=Äó=ÜáÖÜÉê=åÉí=Åçããáëëáçå=áåÅçãÉI=ÉKÖK=áåÅêÉ~ëÉÇ= áåëìê~åÅÉë=ë~äÉëK=léÉê~íáåÖ=éêçÑáí=ï~ë=bro=JSKPã= Åçãé~êÉÇ=íç=bro=NRKPã=~=óÉ~ê=~ÖçK=

pb_Ûë=çéÉê~íáçåë=áå=íÜÉ=_~äíáÅ=êÉÖáçå=áë=ã~íÉêá~ääó= ~ÑÑÉÅíÉÇ=Äó=íÜÉ=ÉÅçåçãáÅ=ÇÉîÉäçéãÉåí=~ë=ÇÉëÅêáÄÉÇ=çå= é~ÖÉë=NRJNSK==

få=râê~áåÉ=~åÇ=oìëëá~I=éêçîáëáçåë=Ñçê=ÅêÉÇáí=äçëëÉë= ~ãçìåíÉÇ=íç=pbh=TTã=~åÇ=pbh=MKPãI=êÉëéÉÅíáîÉäóK=

Distribution by country Jan - Mar	Total operating income				Total operating expenses		Operating profit
SEK m	2010	2009	%	2010	2009	%	2010	2009	%
Sweden	4 824	5 663	-15	-3 492	-4 447	-21	1 140	931	22
Norway	726	937	-23	- 335	- 306	9	340	559	-39
Denmark	724	801	-10	- 380	- 399	-5	318	357	-11
Finland	254	372	-32	- 101	- 99	2	150	261	-43
Germany	1 331	1 649	-19	-1 235	-1 366	-10	- 58	182	-132
Estonia	315	370	-15	- 197	- 202	-2	- 33	- 64	-48
Latvia	297	467	-36	- 141	- 209	-33	- 418	- 426	-2
Lithuania	322	545	-41	- 211	- 265	-20	- 595	- 504	18
Other countries and eliminations	579	626	-8	- 275	49		231	506	-54
Total	9 372	11 430	-18	-6 367	-7 244	-12	1 075	1 802	-40

Goodwill impairments for holdings in Ukraine affected operating expenses and profit in Sweden by SEK 0.6bn in Q1 2009.

The SEB Group

Net interest income – SEB Group

	Q1	Q4			Jan - Mar		Full year
SEK m	2010	2009	%	2010	2009	%	2009
Interest income	12 271	12 790	- 4	12 271	19 966	- 39	63 179
Interest expense	-8 396	-9 093	- 8	-8 396	-14 062	- 40	-43 689
Net interest income	3 875	3 697	5	3 875	5 904	- 34	19 490

Net fee and commission income – SEB Group

	Q1 Q4 Jan - Mar				Full year
SEK m	2010	2009	%	2010	2009	%	2009
Issue of securities	45	200	- 78	45	35	29	501
Secondary market	503	580	- 13	503	559	- 10	2 465
Custody and mutual funds	1 739	1 673	4	1 739	1 345	29	5 967
Securities commissions	2 287	2 453	- 7	2 287	1 939	18	8 933
Payments	451	478	- 6	451	457	- 1	1 858
Card fees	998	1 074	- 7	998	1 037	- 4	4 248
Payment commissions	1 449	1 552	- 7	1 449	1 494	- 3	6 106
Advisory	143	301	- 52	143	177	- 19	1 037
Lending	341	339	1	341	335	2	1 383
Deposits	26	26		26	28	- 7	108
Guarantees	112	107	5	112	95	18	416
Derivatives	134	115	17	134	159	- 16	558
Other	149	200	- 26	149	171	- 13	711
Other commissions	905	1 088	- 17	905	965	- 6	4 213
Fee and commission income	4 641	5 093	- 9	4 641	4 398	6	19 252
Securities commissions	- 295	- 202	46	- 295	- 233	27	- 874
Payment commissions	- 592	- 615	- 4	- 592	- 639	- 7	-2 442
Other commissions	- 271	- 399	- 32	- 271	- 311	- 13	-1 476
Fee and commission expense	-1 158	-1 216	- 5	-1 158	-1 183	- 2	-4 792
Securities commissions, net	1 992	2 251	- 12	1 992	1 706	17	8 059
Payment commissions, net	857	937	- 9	857	855	0	3 664
Other commissions, net	634	689	- 8	634	654	- 3	2 737
Net fee and commission income	3 483	3 877	- 10	3 483	3 215	8	14 460

Net financial income – SEB Group

	Q1	Q4			Jan - Mar		Full year
SEK m	2010	2009	%	2010	2009	%	2009
Equity instruments and related derivatives	138	44		138	95	45	- 67
Debt instruments and related derivatives	327	211	55	327	58		804
Currency related	495	685	-28	495	1 041	-52	3 913
Other financial instruments	2	7	-71	2	3	-33	- 4
Impairments	- 12	- 12		- 12	- 64	-81	- 161
Net financial income	950	935	2	950	1 133	-16	4 485

Staff costs – SEB Group

	Q1	Q4			Jan - Mar		Full year
SEK m	2010	2009	%	2010	2009	%	2009
Salaries	-2 935	-2 879	2	-2 935	-3 096	-5	-11 831
Short-term variable cash based compensation	- 360	458	-179	- 360	- 426	-15	- 795
Long-term equity based compensation	- 37	- 41	-10	- 37	- 114	-68	- 236
Redundancies	- 38	- 156	-76	- 38	- 148	-74	- 404
Pensions	- 329	- 350	-6	- 329	- 417	-21	-1 544
Other staff costs	- 166	- 218	-24	- 166	- 190	-13	- 764
Staff costs*	-3 865	-3 186	21	-3 865	-4 391	- 12	-15 574

*all items include social charges

Other expenses – SEB Group

	Q1	Q4			Jan - Mar		Full year
SEK m	2010	2009	%	2010	2009	%	2009
Costs for premises	- 502	- 548	-8	- 502	- 520	-3	-2 104
Data costs	- 771	- 830	-7	- 771	- 740	4	-2 993
Travel and entertainment	- 95	- 151	-37	- 95	- 96	-1	- 442
Consultants	- 220	- 390	-44	- 220	- 229	-4	-1 042
Marketing	- 105	- 157	-33	- 105	- 120	-13	- 520
Information services	- 108	- 105	3	- 108	- 111	-3	- 420
Other operating costs	- 289	- 292	-1	- 289	- 22		- 607
Other expenses	-2 090	-2 473	-15	-2 090	-1 838	14	-8 128

Net credit losses – SEB Group

	Q1	Q4			Jan - Mar		Full year
SEK m	2010	2009	%	2010	2009	%	2009
Provisions:
Net collective provisions for individually assessed
loans	- 749	579		- 749	- 902	-17	-1 844
Net collective provisions for portfolio assessed loans	- 398	- 451	-12	- 398	- 432	-8	-1 962
Specific provisions	- 837	-2 567	-67	- 837	- 912	-8	-7 256
Reversal of specific provisions no longer required	369	102		369	190	94	621
Net provisions for off-balance sheet items	- 36	- 123	-71	- 36	- 151	-76	- 224
Net provisions	-1 651	-2 460	-33	-1 651	-2 207	-25	-10 665
Write-offs:
Total write-offs	- 574	-1 100	-48	- 574	- 291	97	-2 615
Reversal of specific provisions utilized for write-offs	263	328	-20	263	79		688
Write-offs not previously provided for	- 311	- 772	-60	- 311	- 212	47	-1 927
Recovered from previous write-offs	36	72	-50	36	33	9	144
Net write-offs	- 275	- 700	-61	- 275	- 179	54	-1 783
Net credit losses	-1 926	-3 160	-39	-1 926	-2 386	-19	-12 448

Balance sheet – SEB Group

Condensed	31 March	31 December	31 March
SEK m	2010	2009	2009
Cash and cash balances with central banks	19 634	36 589	18 929
Loans to credit institutions	272 242	331 460	284 096
Loans to the public	1 203 833	1 187 837	1 317 189
Financial assets at fair value *	623 302	581 641	639 483
Available-for-sale financial assets *	70 954	87 948	105 011
Held-to-maturity investments *	1 303	1 332	1 236
Investments in associates	1 018	995	1 152
Tangible and intangible assets	27 206	27 770	29 965
Other assets	65 798	52 655	63 167
Total assets	2 285 290	2 308 227	2 460 228
Deposits from credit institutions	393 379	397 433	401 471
Deposits and borrowing from the public	739 907	801 088	835 603
Liabilities to policyholders	255 289	249 009	210 939
Debt securities	469 312	456 043	495 782
Financial liabilities at fair value	209 524	191 440	276 325
Other liabilities	80 747	75 149	89 051
Provisions	1 724	2 033	2 020
Subordinated liabilities	35 886	36 363	50 081
Total equity	99 522	99 669	98 956
Total liabilities and equity	2 285 290	2 308 227	2 460 228
* Of which bonds and other interest bearing securities inclusive derivatives.	463 267	457 209	567 980

Off-balance sheet items – SEB Group

	31 March	31 December	31 March
SEK m	2010	2009	2009
Collateral pledged for own liabilities	361 745	420 302	379 334
Other pledged collateral	232 110	202 168	168 276
Contingent liabilities	82 254	84 058	92 145
Commitments	387 568	378 442	440 504

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-Mar 2010
Opening balance	21 942	76 699	- 412	-1 096	793	1 491	99 417	252	99 669
Net profit		674					674	15	689
Other comprehensive income (net of tax)			-267	281	- 257	-620	- 863	- 15	- 878
Total comprehensive income		674	- 267	281	- 257	- 620	- 189		- 189
Swap hedging of employee stock option programme* Eliminations of repurchased shares for employee stock		17					17		17
option programme**		25					25		25
Closing balance	21 942	77 415	- 679	- 815	536	871	99 270	252	99 522
Jan-Dec 2009 Opening balance	6 872	75 949	-225	-3 062	1 767	2 236	83 537	192	83 729
Net profit		1 114					1 114	64	1 178
Other comprehensive income (net of tax)			-187	1 966	- 974	-745	60	- 4	56
Total comprehensive income		1 114	- 187	1 966	- 974	- 745	1 174	60	1 234
Rights issue	15 070	- 397					14 673		14 673
Swap hedging of employee stock option programme*		2					2		2
Eliminations of repurchased shares for employee stock
option programme**		31					31		31
Closing balance	21 942	76 699	- 412	-1 096	793	1 491	99 417	252	99 669
Jan-Mar 2009
Opening balance	6 872	75 949	-225	-3 062	1 767	2 236	83 537	192	83 729
Net profit		1 025					1 025	2	1 027
Other comprehensive income (net of tax)			-248	- 153	- 67	50	- 418	13	- 405
Total recognised income		1 025	- 248	- 153	- 67	50	607	15	622
Rights issue	15 070	- 564					14 506		14 506
Swap hedging of employee stock option programme* Eliminations of repurchased shares for employee stock		98					98		98
option programme**		1					1		1
Closing balance	21 942	76 509	- 473	-3 215	1 700	2 286	98 749	207	98 956

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

** As of 31 December 2009 SEB owned 810,000 Class A-shares for the employee stock option programme. The acquisition cost for these shares is deducted from shareholders' equity. During 2010 784,000 net of these shares have been sold as employee stock options have been exercised. Thus, as of 31 March 2010 SEB owned 26,000 Class A-shares with a market value of SEK 1.3m for hedging of the long-term incentive programmes.

Cash flow statement – SEB Group

	Jan - Mar			Full year
SEK m	2010	2009	%	2009
Cash flow from operating activities	70 156	- 55 194		- 74 456
Cash flow from investment activities	709	- 620		- 5
Cash flow from financing activities	- 22 155	13 069		- 11 013
Net increase in cash and cash equivalents	48 710	- 42 745		- 85 474
Cash and cash equivalents at beginning of year	89 673	175 147	- 49	175 147
Net increase in cash and cash equivalents	48 710	- 42 745		- 85 474
Cash and cash equivalents at end of period1)	138 383	132 402	5	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

	Q1	Q4			Jan - Mar
	2010	2009	%	2010	2009	%	2009
Reclassified, SEK m
Opening balance	125 339	132 458	-5	125 339	107 899	16	107 899
Reclassified					51 770	-100	51 770
Amortisations	-1 668	-1 212	38	-1 668	-1 925	-13	-6 683
Securities sold	-5 623	-5 768	-3	-5 623	-2 016	179	-18 180
Accrued coupon	231	- 59		231	780	-70	465
Exchange rate differences	-4 123	- 80		-4 123	1 060		-9 932
Closing balance*	114 156	125 339	- 9	114 156	157 568	-28	125 339
* Market value	111 052	120 635	-8	111 052	147 169		120 635
Fair value impact - if not reclassified, SEK m
In Equity (AFS origin)	1 248	1 852	-33	1 248	-3 206	-139	759
In Income Statements (HFT origin)	352	805	-56	352	- 318		1 412
Total	1 600	2 657	-40	1 600	-3 524	-145	2 171
Effect in Income Statements, SEK m*
Net interest income	380	400	-5	380	1 371	-72	2 974
Net financial income	1 911	2 027	-6	1 911	1 276	50	-5 141
Other income	30	- 23		30	205	-85	50
Total	2 321	2 404	-3	2 321	2 852	-19	-2 117

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

Non-performing loans – SEB Group

	31 March	31 December	31 March
SEK m	2010	2009	2009
Individually assessed impaired loans
Impaired loans, past due > 60 days	17 023	18 157	11 928
Impaired loans, performing or past due < 60 days	2 598	3 167	1 054
Total individually assessed impaired loans	19 621	21 324	12 982
Specific reserves	- 10 222	- 10 456	- 5 608
for impaired loans, past due > 60 days	- 9 025	- 9 489	- 5 179
for impaired loans, performing or past due < 60 days	- 1 197	- 967	- 429
Collective reserves	- 4 893	- 4 371	- 3 685
Impaired loans net	4 506	6 497	3 689
Specific reserve ratio for individually assessed impaired loans	52.1%	49.0%	43.2%
Total reserve ratio for individually assessed impaired loans	77.0%	69.5%	71.6%
Net level of impaired loans	0.64%	0.72%	0.46%
Gross level of impaired loans	1.31%	1.39%	0.81%
Portfolio assessed loans
Portfolio assessed loans past due > 60 days	7 148	6 937	4 561
Restructured loans	450	312
Collective reserves for portfolio assessed loans	- 3 510	- 3 250	- 1 847
Reserve ratio for portfolio assessed loans	46.2%	44.8%	40.5%
Reserves
Specific reserves	- 10 222	- 10 456	- 5 608
Collective reserves	- 8 403	- 7 621	- 5 532
Reserves for off-balance sheet items	- 516	- 478	- 407
Total reserves	- 19 141	- 18 555	- 11 547
Non-performing loans
Non-performing loans*	27 219	28 573	17 543
NPL coverage ratio	70.3%	64.9%	65.8%
NPL % of lending	1.82%	1.86%	1.09%

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

Seized assets – SEB Group

	31 March	31 December	31 March
SEK m	2010	2009	2009
Properties, vehicles and equipment	239	217	311
Shares	59	62	50
Total seized assets	298	279	361

Capital base of the SEB financial group of undertakings

	31 March	31 Dec
SEK m	2010	2009
Total equity according to balance sheet (1)	99 522	99 669
./. Dividend (excl repurchased shares)	-2 743	-2 193
./. Investments outside the financial group of undertakings (2)	-39	-47
./. Other deductions outside the financial group of undertakings (3)	-2 747	-2 570
= Total equity in the capital adequacy	93 993	94 859
Adjustment for hedge contracts (4)	-275	-419
Net provisioning amount for IRB-reported credit exposures (5)	0	-297
Unrealised value changes on available-for-sale financial assets (6)	870	1 096
./. Exposures where RWA is not calculated (7)	-1 324	-1 169
./. Goodwill (8)	-4 374	-4 464
./. Other intangible assets	-2 570	-2 616
./. Deferred tax assets	-1 636	-1 609
= Core Tier I capital	84 684	85 381
Tier I capital contribution (non-innovative)	4 869	5130
Tier I capital contribution (innovative)	10 858	11 093
= Tier I capital	100 411	101 604
Dated subordinated debt	10 366	11 028
./. Deduction for remaining maturity	-554	-658
Perpetual subordinated debt	7 137	7 386
Net provisioning amount for IRB-reported credit exposures (5)	1 349	-297
Unrealised gains on available-for-sale financial assets (6)	615	642
./. Exposures where RWA is not calculated (7)	-1 324	-1 169
./. Investments outside the financial group of undertakings (2)	-39	-47
= Tier II capital	17 550	16 885
./. Investments in insurance companies (9)	-10 500	-10 601
./. Pension assets in excess of related liabilities (10)	-1 119	-543
= Capital base	106 342	107 345

qçí~ä=Éèìáíó=~ÅÅçêÇáåÖ=íç=íÜÉ=Ä~ä~åÅÉ=ëÜÉÉí=ENF=áåÅäìÇÉë=íÜÉ= ÅìêêÉåí=óÉ~êÛë=éêçÑáíI=ïÜáÅÜ=Ü~ë=ÄÉÉå=êÉîáÉïÉÇ=Äó=íÜÉ= ~ìÇáíçêëK==

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

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

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

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

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

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

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

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

lå=PN=j~êÅÜ=OMNMI=íÜÉ=é~êÉåí=Åçãé~åóDë=qáÉê=f=Å~éáí~ä= ï~ë=pbh=VPISUPã=EVPISTQFI=~åÇ=íÜÉ=êÉéçêíÉÇ=qáÉê=f=Å~éáí~ä= ê~íáç=ï~ë=NRKS=éÉê=ÅÉåí=ENQKUFK

Capital requirements for the SEB financial group of undertakings

Capital requirements	31 March	31 Dec
SEK m	2010	2009
Credit risk, IRB reported capital requirements
Institutions	3 344	4 016
Corporates (1)	32 176	32 406
Securitisation positions	759	847
Retail mortgages	5 191	5 202
Other retail exposures	867	863
Other exposure classes	125	131
Total for credit risk, IRB approach	42 462	43 465
Further capital requirements
Credit risk, Standardised approach (2)	7 230	7 805
Operational risk, Advanced Measurement approach	3 183	3 157
Foreign exchange rate risk	958	636
Trading book risks	4 029	3 376
Total	57 862	58 439
Summary
Credit risk	49 692	51 270
Operational risk	3 183	3 157
Market risk	4 987	4 012
Total	57 862	58 439
Adjustment for flooring rules
Addition according to transitional flooring (3)	7 083	5 175
Total reported	64 945	63 614

K

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

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

aìêáåÖ=OMMV=áåëíáíìíáçåë=ïÉêÉ=êÉèìáêÉÇ=íç=Ü~îÉ=~= Å~éáí~ä=Ä~ëÉ=åçí=ÄÉäçï=UM=éÉê=ÅÉåí=çÑ=íÜÉ=Å~éáí~ä= êÉèìáêÉãÉåí=~ÅÅçêÇáåÖ=íç=_~ëÉä=f=êÉÖìä~íáçåK=cçääçïáåÖ= ëìéÉêîáëçêó=ÖìáÇ~åÅÉ=íÜÉ=ë~ãÉ=ëÜçìäÇ=ÜçäÇ=~äëç=ÇìêáåÖ= óÉ~êë=OMNM=~åÇ=OMNNK=qÜÉ=~ÇÇáíáçå=EPF=áë=ã~ÇÉ=áå= ÅçåëÉèìÉåÅÉ=ïáíÜ=íÜÉëÉ=íê~åëáíáçå~ä=~êê~åÖÉãÉåíëK

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 I capital ratio of at least 4 per cent. However, and following the "second pillar" of the new framework, banks are expected to operate above this level. The margin supports SEB's high rating ambitions, covering risks that are not included in the capital adequacy regulation, and representing a buffer for the less benign phases of the business cycle. The Group's internal capital assessment process is based on the long term business plans and utilises SEB's economic capital model, supplemented e.g. with macro economic analysis and stress testing.

	31 March	31 Dec
Capital adequacy	2010	2009
Capital resources
Core Tier I capital	84 684	85 381
Tier I capital	100 411	101 604
Capital base	106 342	107 345
Capital adequacy without transitional floor (Basel II)
Capital requirement	57862	58 4 39
Expressed as Risk-weighted assets	723 271	730 492
Core Tier I capital ratio	11.7%	11,7%
Tier I capital ratio	13,9%	13,9%
Total capital ratio	14,7%	14,7%
Capital adequacy quotient (capital base / capital requirement)	1,84	1,84
Capital adequacy including transitional floor
Transition floor applied	80%	80%
Capital requirement	64 945	63 614
Expressed as Risk-weighted assets	811 808	795 177
Core Tier I capital ratio	10.4%	10.7%
Tier I capital ratio	12.4%	12,8%
Total capital ratio	13.1%	13,5%
Capital adequacy quotient (capital base / capital requirement)	1,64	1,69
Capital adequacy with risk weighting according to Basel I
Capital requirement	79 4 94	80 260
Expressed as Risk-weighted assets	993 680	1 003 250
Core Tier I capital ratio	8,5%	8,5%
Tier I capital ratio	10.1%	10,1%
Total capital ratio	10.7%	10,7%
Capital adequacy quotient (capital base / capital requirement)	1,34	1,34

Overall Basel II RWA (before the effect of transitional flooring) decreased by 1 per cent or SEK 7bn over the quarter. The currency translation effect from the stronger Swedish krona reduced RWA by SEK 16bn. Operational RWA was stable while market RWA increased by SEK 7 bn. Risk class migration contributed SEK 3bn; risk weight increases are discussed below. The residual SEK 2bn change in RWA was mainly due to lower underlying credit volumes and efficiency projects.

With the effect of transitional flooring included RWA increased from SEK 795bn to 812bn over the quarter. The transitional rule is not only based on "80 per cent of Basel I" but also considers net provisioning; since this amount increased over the quarter reported RWA increases even though Basel I RWA shows a modest decrease.

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

The estimate will surely be affected by the proposed revisions to the international capital framework published by the Basel Committee in December 2009. SEB participates in the 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)	31 March	31 Dec
Average risk weight	2010	2009
Institutions	17.0%	17.5%
Corporates	58,5%	57,8%
Securitisation positions	22,6%	22,6%
Retail mortgages	16,8%	17.2%
Other retail exposures	39,1%	38,5%

Downward bias in internal risk class migration increased RWA for corporate exposures with SEK 3bn over the quarter (no migration effect for inter-bank exposures).

Income statement – Skandinaviska Enskilda Banken (parent company)

In accordance with FSA regulations	Q1	Q4			Jan - Mar		Full year
SEK m	2010	2009	%	2010	2009	%	2009
Interest income	6 250	6 276	0	6 250	11 212	-44	33 420
Leasing income	1 353	1 379	-2	1 353	1 562	-13	5 800
Interest expense	-4 507	-4 653	-3	-4 507	-8 384	-46	-24 151
Net interest income 1)
Dividends	234	2 461	-90	234	39		2 757
Commission income 2)	1 862	2 133	-13	1 862	1 744	7	7 851
Commission expense 2)	- 367	- 430	-15	- 367	- 382	-4	-1 636
Net commission income 2)	1 495	1 703	-12	1 495	1 362	10	6 215
Net financial income 3)	966	857	13	966	1 101	-12	4 065
Other operating income	194	551	-65	194	370	-48	2 811
Total operating income	5 985	8 574	-30	5 985	7 262	-18	30 917
Administrative expenses	-3 282	-2 830	16	-3 282	-3 255	1	-12 117
Depreciation, amortisation and impairment of
tangible and intangible assets	-1 144	-1 524	-25	-1 144	-1 239	-8	-5 125
Total operating expenses	-4 426	-4 354	2	-4 426	-4 494	-2	-17 242
Profit before credit losses	1 559	4 220	-63	1 559	2 768	-44	13 675
Net credit losses 4)	- 171	- 237	-28	- 171	- 168	2	- 984
Impairment financial assets	- 40	- 475	-92	- 40	- 636	-94	-1 222
Operating profit	1 348	3 508	-62	1 348	1 964	-31	11 469
Appropriations	- 1	-1 507	-100	- 1	- 2	-50	-1 510
Income tax	- 927	- 129		- 927	- 255		-1 451
Other taxes		- 4	-100		- 241	-100	-1 544
Net profit	420	1 868	-78	420	1 466	-71	6 964

Statement of comprehensive income – Skandinaviska Enskilda Banken

	Q1	Q4			Jan - Mar		Full year
SEK m	2010	2009	%	2010	2009	%	2009
Net profit	420	1 868	-78	420	1 466	-71	6 964
Translation of foreign operations	-41	83	-149	- 41	-194	-79	- 96
Available-for-sale financial assets	127	104	22	127	-255	-150	1 053
Cash flow hedges	-142	8		- 142	-92	54	- 965
Group contributions net after tax	285	210	36	285	-155		662
Other	4	18	-78	4	-157	-103	146
Other comprehensive income (net of tax)	233	423	- 45	233	- 853	- 127	800
Total comprehensive income	653	2 291	- 71	653	613	7	7 764

Balance sheet - Skandinaviska Enskilda Banken

Condensed	31 March	31 December	31 March
SEK m	2010	2009	2009
Cash and cash balances with central banks	1 804	21 815	1 166
Loans to credit institutions	325 934	376 223	336 656
Loans to the public	752 574	732 475	789 242
Financial assets at fair value	338 707	304 675	392 651
Available-for-sale financial assets	15 840	16 331	22 402
Held-to-maturity investments	4 589	3 789	3 304
Investments in associates	930	907	1 058
Shares in subsidiaries	58 279	59 325	59 919
Tangible and intangible assets	41 034	41 354	41 575
Other assets	45 566	39 022	44 793
Total assets	1 585 257	1 595 916	1 692 766
Deposits from credit institutions	361 534	386 530	394 580
Deposits and borrowing from the public	450 853	490 850	469 714
Debt securities	403 401	368 784	380 795
Financial liabilities at fair value	191 406	176 604	255 661
Other liabilities	53 743	48 886	77 067
Provisions	239	496	808
Subordinated liabilities	35 121	35 498	49 132
Untaxed reserves	22 644	22 645	21 138
Total equity	66 316	65 623	43 871
Total liabilities, untaxed reserves and shareholders' equity	1 585 257	1 595 916	1 692 766

Off-balance sheet items - Skandinaviska Enskilda Banken

	31 March	31 December	31 March
SEK m	2010	2009	2009
Collateral and comparable security pledged for own liabilities	222 689	268 284	250 528
Other pledged assets and comparable collateral	67 026	47 031	52 107
Contingent liabilities	60 411	64 045	68 568
Commitments	288 681	275 203	283 389

The SEB share

Rating

	Moody's Outlook Negative (April 2009)	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,
March 2010	per cent
Investor AB	20,8
Trygg Stiftelsen	8,3
Alecta	6,5
Swedbank/ Robur fonder	4,2
AMF Försäkring & fonder	2,3
AFA Försäkring	2,1
SEB fonder	1,7
Wallenberg-stiftelser	1,5
Första AP fonden	1,4
Skandia Liv	1,3
Foreign shareholders	17,6
Source: Euroclear Sweden/SIS Ägarservice

Additional Information January-March 2010

STOCKHOLM 28 APRIL 2010

Appendix 1 The Life division

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

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

qÜÉ=çéÉê~íáçåë=ÅçãéêáëÉ=áåëìê~åÅÉ=éêçÇìÅíë=áå=íÜÉ=~êÉ~=çÑ= áåîÉëíãÉåíë=~åÇ=ëçÅá~ä=ëÉÅìêáíó=Ñçê=éêáî~íÉ=áåÇáîáÇì~äë=~åÇ= Åçãé~åáÉëK=qÜÉ=Çáîáëáçå=Ü~ë=NKU=ãáääáçå=ÅìëíçãÉêë=~åÇ=áë= ~ÅíáîÉ=áå=pïÉÇÉåI=aÉåã~êâI=cáåä~åÇI=fêÉä~åÇI=iìñÉãÄçìêÖI= bëíçåá~I=i~íîá~I=iáíÜì~åá~=~åÇ=râê~áåÉK=qÜÉ=ã~áå=é~êí=çÑ= íÜÉ=íê~Çáíáçå~ä=äáÑÉ=áåëìê~åÅÉ=çéÉê~íáçåë=áå=pïÉÇÉå=áë= ÅçåÇìÅíÉÇ=íÜêçìÖÜ=íÜÉ=ãìíì~ääó=çéÉê~íÉÇ=áåëìê~åÅÉ= Åçãé~åó=d~ãä~=iáîÑ∏êë®âêáåÖë~âíáÉÄçä~ÖÉí=pb_=qêóÖÖ=iáî= ~åÇ=íÜÉêÉÑçêÉ=åçí=ÅçåëçäáÇ~íÉÇ=ïáíÜ=íÜÉ=ÇáîáëáçåÛë=êÉëìäíK= d~ãä~=iáî=áë=ÅäçëÉÇ=Ñçê=åÉï=ÄìëáåÉëëK=qÜÉ=íê~Çáíáçå~ä= áåëìê~åÅÉ=ÄìëáåÉëë=ÅçåÇìÅíÉÇ=áå=kó~=

iáîÑ∏êë®âêáåÖë~âíáÉÄçä~ÖÉí=pb_=qêóÖÖ=iáî=Ekó~=iáîF=ï~ë= ãÉêÖÉÇ=ïáíÜ=íÜÉ=ìåáíJäáåâÉÇ=Åçãé~åó=

cçåÇÑ∏êë®âêáåÖë~âíáÉÄçä~ÖÉí=pb_=qêóÖÖ=iáî=áå=lÅíçÄÉê= OMMTK=^ÑíÉê=íÜÉ=ãÉêÖÉêI=íÜÉ=êÉëìäí=çÑ=íÜáë=ÄìëáåÉëë=Ó=ïáíÜ= êÉëéÉÅí=íç=áåîÉëíãÉåí=áåÅçãÉ=~åÇ=áåëìê~åÅÉ=êáëâ=Ó=áë=ëíáää= ~ääçÅ~íÉÇ=íç=íÜÉ=éçäáÅóÜçäÇÉêëK=eçïÉîÉêI=pb_=qêóÖÖ=iáî= Öì~ê~åíÉÉë=íÜÉ=Åçåíê~Åíì~ä=ÄÉåÉÑáíë=íç=íÜÉ=éçäáÅóÜçäÇÉêë=áå= íÜáë=ÄìëáåÉëëK=

Comments on the first quarter 2010

léÉê~íáåÖ=éêçÑáí=áåÅêÉ~ëÉÇ=ëÜ~êéäó=íç=pbh=RVUã=EQSUFK= léÉê~íáåÖ=áåÅçãÉ=~ãçìåíÉÇ=íç=pbh=NINUQã=ïÜáÅÜ=ï~ë= pbh=NRNã=ÜáÖÜÉê=íÜ~å=ä~ëí=óÉ~êK=^ÇàìëíÉÇ=Ñçê=Öì~ê~åíÉÉ= ÅçããáíãÉåíë=áå=pïÉÇáëÜ=íê~Çáíáçå~ä=áåëìê~åÅÉI=íÜÉ= áåÅêÉ~ëÉ=áå=áåÅçãÉ=ï~ë=pbh=OPPã=çê=OR=éÉê=ÅÉåíK=qÜÉ=ìåáíJ äáåâÉÇ=áåÅçãÉ=êçëÉ=Äó=pbh=NQUã=çê=PQ=éÉê=ÅÉåíK=qÜÉ=ÑìåÇ= î~äìÉë=~ë=ïÉää=~ë=íÜÉ=êÉä~íáîÉ=ëÜ~êÉ=çÑ=Éèìáíó=êÉä~íÉÇ=ÑìåÇëI= ÅçåíáåìÉÇ=íç=áåÅêÉ~ëÉK=fåÅçãÉ=Ñêçã=çíÜÉê=áåëìê~åÅÉI=ã~áåäó= íê~Çáíáçå~ä=áåëìê~åÅÉ=~åÇ=êáëâ=éêçÇìÅíë=ëìÅÜ=~ë=ëáÅâåÉëë= ~åÇ=ÜÉ~äíÜ=áåëìê~åÅÉI=ÇÉÅêÉ~ëÉÇ=Äó=pbh=ONãK=oÉÅçîÉêáÉë=çÑ= éêÉîáçìë=éêçîáëáçåë=íç=ÅçîÉê=Öì~ê~åíÉÉ=ÅçããáíãÉåíë= ~ãçìåíÉÇ=íç=pbh=OQã=Åçãé~êÉÇ=ïáíÜ=pbh=NMS=ä~ëí=óÉ~êK= qÜÉ=êÉã~áåáåÖ=Öì~ê~åíÉÉ=éêçîáëáçåë=~ãçìåí=íç=pbh=UNã=áå= íçí~äK=qÜÉ=éêçîáëáçåë=~êÉ=êÉä~íÉÇ=íç=éêÉîáçìë=ÇÉéêÉÅá~íáçåë= çÑ=áåîÉëíãÉåí=~ëëÉíë=áå=pïÉÇáëÜ=íê~Çáíáçå~ä=áåëìê~åÅÉ=~åÇ= êÉÅçîÉê~ÄäÉ=ïÜÉå=ÑìíìêÉ=áåîÉëíãÉåí=êÉíìêåë=~êÉ=~ÇÉèì~íÉ= íç=ãÉÉí=Öì~ê~åíÉÉÇ=Äçåìë=äÉîÉäëK=^é~êí=Ñêçã=íÜáëI=áåÅçãÉ= Ñêçã=çíÜÉê=áåëìê~åÅÉ=áåÅêÉ~ëÉÇ=Äó=pbh=SNã=~åÇ=ï~ë=

êÉä~íÉÇ=íç=êáëâ=áåëìê~åÅÉ=áå=íÜÉ=pïÉÇáëÜ=ÄìëáåÉëëK=

qçí~ä=ÉñéÉåëÉë=áåÅêÉ~ëÉÇ=Äó=pbh=ONã=çê=Q=éÉê=ÅÉåíK=fÑ= ÅìêêÉåÅó=ÉÑÑÉÅíë=~êÉ=ÉñÅäìÇÉÇ=ÉñéÉåëÉë=áåÅêÉ~ëÉÇ=Äó= pbh=QQã=çê=T=éÉê=ÅÉåíI=é~êíäó=ÇìÉ=íç=áåÅêÉ~ëáåÖ=ë~äÉë= ÉñéÉåëÉë=~åÇ=~ãçêíáë~íáçå=çÑ=ÇÉÑÉêêÉÇ=~Åèìáëáíáçå=ÅçëíëK=

léÉê~íáåÖ=éêçÑáí=áå=pb_=qêóÖÖ=iáî=pïÉÇÉåI=áåÅäìÇáåÖ= ÅÉåíê~ä=ÑìåÅíáçåëI=áåÅêÉ~ëÉÇ=Äó=pbh=NORã=íç=pbh=PUUãK= oÉÅçîÉêáÉë=áå=Öì~ê~åíÉÉ=ÅçããáíãÉåíë=ïÉêÉ=pbh=UOã= äçïÉê=íÜ~å=ä~ëí=óÉ~êK=líÜÉêïáëÉ=çéÉê~íáåÖ=éêçÑáí=ï~ë=ìé=Äó= pbh=OMTã=ÇìÉ=íç=ÜáÖÜÉê=ìåáíJäáåâÉÇ=áåÅçãÉ=~åÇ= áãéêçîÉãÉåí=ïáíÜáå=ëáÅâåÉëë=~åÇ=ÜÉ~äíÜ=áåëìê~åÅÉK= bñéÉåëÉë=áåÅêÉ~ëÉÇ=Äó=U=éÉê=ÅÉåíK=léÉê~íáåÖ=éêçÑáí=áå=pb_= mÉåëáçå=aÉåã~êâ=ÇÉÅêÉ~ëÉÇ=Äó=pbh=OVã=íç=pbh=NRNãK= `ìêêÉåÅó=íê~åëä~íáçå=ÉÑÑÉÅíë=ÅçåíêáÄìíÉÇ=åÉÖ~íáîÉäó=Äó= pbh=NRãK=få=äçÅ~ä=ÅìêêÉåÅó=íçí~ä=áåÅçãÉ=ÇÉÅêÉ~ëÉÇ=Äó=S=éÉê= ÅÉåí=~åÇ=ÉñéÉåëÉë=áåÅêÉ~ëÉÇ=Äó=S=éÉê=ÅÉåíK=léÉê~íáåÖ=éêçÑáí= áå=pb_=iáÑÉ=C=mÉåëáçå=fåíÉêå~íáçå~ä=áåÅêÉ~ëÉÇ=Äó=pbh=OQã= íç=pbh=RVãK=fåÅçãÉ=áåÅêÉ~ëÉÇ=ã~áåäó=ÇìÉ=íç=áãéêçîÉÇ= éÉêÑçêã~åÅÉ=áå=íÜÉ=áåîÉëíãÉåí=éçêíÑçäáçëK=

qçí~ä=~ëëÉíë=ìåÇÉê=ã~å~ÖÉãÉåí=~ãçìåíÉÇ=íç= pbh=QNNÄå=Äó=íÜÉ=ÉåÇ=çÑ=íÜÉ=èì~êíÉê=Åçãé~êÉÇ=íç=QMOÄå=~í= óÉ~êJÉåÇK=qÜÉ=î~äìÉ=çÑ=íÜÉ=ìåáíJäáåâÉÇ=ÑìåÇë=áåÅêÉ~ëÉÇ=Äó=R= éÉê=ÅÉåí=ÇìêáåÖ=íÜÉ=èì~êíÉê=íç=pbh=NSRÄåK=d~ãä~=iáîÛë=é~êí= çÑ=íçí~ä=~ëëÉíë=ìåÇÉê=ã~å~ÖÉãÉåí=ï~ë=pbh=NRRÄåI=çíÜÉê= íê~Çáíáçå~ä=áåëìê~åÅÉ=UTÄå=~åÇ=êáëâ=éêçÇìÅíë=Q=ÄåK=få= ~ÇÇáíáçå=íç=íÜáëI=pbh=SÄå=áë=ã~å~ÖÉÇ=Ñçê=çïå=~ÅÅçìåíK=

qçí~ä=ë~äÉë=ïÉáÖÜíÉÇ=îçäìãÉ=áåÅêÉ~ëÉÇ=Äó=pbh=MKSÄå=çê= R=éÉê=ÅÉåíI=íç=NPKRÄåK=få=pïÉÇÉå=ìåáíJäáåâÉÇ=ë~äÉë=~ë=ïÉää=~ë= ë~äÉë=çÑ=çíÜÉê=éêçÇìÅíë=ïÉêÉ=ìåÅÜ~åÖÉÇK=qÜÉ=ìåáíJäáåâÉÇ= éêçÇìÅí=mçêíÑçäáç=_çåÇ=EÇÉéçí=ÉåÇçïãÉåí=áåëìê~åÅÉF= áåÅêÉ~ëÉÇ=Äó=pbh=MKPÄåK=qÜáë=éêçÇìÅí=áë=~ÅÅçìåíÉÇ=Ñçê=áå= íÜÉ=ÄìëáåÉëë=~êÉ~=fåíÉêå~íáçå~äI=Äìí=áë=éêáã~êáäó=ëçäÇ=íç= pïÉÇáëÜ=ÅìëíçãÉêëK=få=aÉåã~êâI=ìåáíJäáåâÉÇ=ë~äÉë= áåÅêÉ~ëÉÇ=Äó=pbh=NKNÄå=ïÜÉêÉ~ë=ë~äÉë=çÑ=çíÜÉê=éêçÇìÅíë= ÇÉÅêÉ~ëÉÇ=Äó=MKTÄåK=p~äÉë=áå=íÜÉ=_~äíáÅ=êÉÖáçå=~åÇ=áå= râê~áåÉ=ï~ë=ìåÅÜ~åÖÉÇ=~í=~=äçï=äÉîÉäK=líÜÉê=ë~äÉë=ïáíÜáå= fåíÉêå~íáçå~ä=ÇÉÅêÉ~ëÉÇ=Äó=pbh=MKNÄåK=

SEB Trygg Liv, Sweden

qÜÉ=pïÉÇáëÜ=çéÉê~íáçå=áë=é~êíäó=ÅçåÇìÅíÉÇ=~ÅÅçêÇáåÖ=íç=~= Ä~åâ=~ëëìê~åÅÉ=ÅçåÅÉéí=~åÇ=é~êíäó=íÜêçìÖÜ=ÇáëíêáÄìíáçå=îá~= áåëìê~åÅÉ=ãÉÇá~íçêë=~åÇ=çíÜÉê=ÉñíÉêå~ä=é~êíåÉêëK=qÜÉ=Ä~åâ= ~ëëìê~åÅÉ=ÅçåÅÉéí=áåîçäîÉë=~å=áåíÉÖê~íÉÇ=Ä~åâáåÖ=~åÇ= áåëìê~åÅÉ=çéÉê~íáçå=ïáíÜ=ÇáëíêáÄìíáçå=íÜêçìÖÜ=pb_Ûë= Äê~åÅÜ=çÑÑáÅÉë=~åÇ=çïå=ë~äÉë=éÉêëçååÉäK=qÜÉ=éìêéçëÉ=çÑ=íÜÉ=

concept is to offer SEB's customers a complete range of products and services within the financial area. Pension savings represent a growing share of the Swedish households' financial assets. According to the SEB "Sparbarometern", this share was 48 per cent on 31 December 2009.

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 full year 2009 was 26.7 per cent (24.3).

Significant occupational pension business

During 2009, the corporate paid share of total sales decreased from 72 to 57 per cent. The weak economy affected the corporate paid business negatively, whereas the private paid business increased sharply. During the first quarter the corporate share increased slightly to 58 per cent. SEB Trygg Liv is the market leader within new business unit-linked occupational pension. The market share for full year 2009 was 18.5 per cent (19.0). 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 full year 2009 was 37.3 per cent (33.5). Sales of private pension savings other than endowment insurance are relatively stable. SEB's sales in this area consist mainly of IPS - Individual Pension Savings and "Enkla Pensionen", a unit-linked product with a guarantee.

SEB Pension, Denmark

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

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

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. The Irish company has branch offices in the UK, Luxembourg and Finland.

The operations of the Irish company SEB Life (Ireland) are focused primarily on sales of Portfolio Bond (depot endowment insurance). Sales are primarily concentrated on the Swedish market. The branch office in Luxembourg focuses on sales via SEB Private Banking to Swedes living abroad. Since 2008, the Finnish branch office focuses on sales to the Finnish market.

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

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 31 March 2010. The companies are therefore in a green light.

Income statement

	$\overline{Q1}$	Q 4	Q 3	Q 2	$\overline{Q1}$	Full year
SEKm	2010	2009	2009	2009	2009	2009
Income unit-linked	585	584	536	491	437	2 0 4 8
Income other insurance 1)	427	395	373	448	448	1664
Other income 2)	172	165	196	204	148	713
Total operating income	1 1 8 4	1 1 4 4	1 1 0 5	1 1 4 3	1 0 3 3	4 4 2 5
Operating expenses	$-652$	$-651$	$-550$	$-620$	$-627$	$-2448$
Other expenses	$-1$	0	$-3$	$-23$	$-1$	$-27$
Change in deferred acquisition costs	67	77	4	21	63	165
Total expenses	$-586$	$-574$	$-549$	$-622$	$-565$	$-2310$
Operating profit	598	570	556	521	468	2 1 1 5
Change in surplus value, net	229	170	224	395	111	900
Business result	827	740	780	916	579	3015
Financial effects due to market fluctuations 3)	292	517	652	1 1 3 2	$-282$	2019
Change in assumptions 3)	12	$-459$	35	$-253$	$-32$	$-709$
Total result	1 1 3 1	798	1467	1795	265	4 3 2 5
Business equity	6 0 0 0	6800	6800	6800	6800	6800
Return on business equity 4)
based on operating profit, %	35,1	29,5	28,8	27,0	24,2	27,4
based on business result, %	48,5	38,3	40,4	47,4	30,0	39,0
Premium income, gross	8527	8751	6588	7 3 4 7	7919	30 605
Expense ratio, % 5)	7,6	7,4	8,3	8,4	7,9	8,0
Operating profit by business area
SEB Trygg Liv, Sweden	391	412	387	403	277	1 4 7 9
SEB Pension, Denmark	151	127	120	147	180	574
SEB Life & Pension, International	59	52	68	3	25	148
Other including central functions etc	$-3$	$-21$	$-19$	$-32$	$-14$	$-86$
	598	570	556	521	468	2115
$1$ Effect of guarantee commitments in
traditional insurance in Sweden	24	43	34	103	106	286
Reclassification compared to previous reporting		$-12$	$-44$	$-59$	8	$-107$
2) Reclassification compared to previous reporting		12	44	59	$-8$	107

³⁾ Effect on surplus values

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

$5$ ) Operating expenses as percentage of premium income

Sales volume insurance (weighted)

	Q 1	Q 4	Q 3	Q 2	Q 1	year Full
SEKm	2010	2009	2009	2009	2009	2009
Total	13 507	13 444	11 042	13 268	12 912	50 666
Traditional life and sickness/health insurance	1 871	2 326	2 507	2 771	2 663	10 267
Unit-linked insurance	11 636	11 118	8 535	10 497	10 249	40 399
Corporate as per cent of total	60%	55%	65%	61%	64%	61%
SEB Trygg Liv Sweden	8 067	8 697	6 452	7 987	8 086	31 222
Traditional life and sickness/health insurance	341	407	252	280	401	1 340
Unit-linked insurance	7 726	8 290	6 200	7 707	7 685	29 882
Corporate as per cent of total	58%	53%	60%	53%	63%	57%
SEB Pension Denmark	3 882	3 289	3 586	3 771	3 459	14 105
Traditional life and sickness insurance	1 399	1 677	2 087	2 245	2 080	8 089
Unit-linked insurance	2 483	1 612	1 499	1 526	1 379	6 016
Corporate as per cent of total	79%	78%	88%	88%	83%	84%
SEB Life & Pension International	1 558	1 458	1 004	1 510	1 367	5 339
Traditional life and sickness insurance	131	242	168	246	182	838
Unit-linked insurance	1 427	1 216	836	1 264	1 185	4 501
Corporate as per cent of total	22%	15%	14%	30%	21%	21%

Premium income and Assets under management

SEKm	Q 1 2010	Q 4 2009	Q 3 2009	Q 2 2009	Q 1 2009	Full year 2009
Premium income : Total	8 527	8 751	6 588	7 347	7 919	30 605
Traditional life and sickness/health insurance	1 993	2 913	1 905	1 975	2 309	9 102
Unit-linked insurance	6 534	5 838	4 683	5 372	5 610	21 503
SEB Trygg Liv Sweden	4 809	4 670	3 938	4 179	4 508	17 295
Traditional life and sickness/health insurance	673	943	643	655	777	3 018
Unit-linked insurance	4 136	3 727	3 295	3 524	3 731	14 277
SEB Pension Denmark	2 152	2 807	1 778	1 804	2 071	8 460
Traditional life and sickness/health insurance	1 235	1 859	1 167	1 220	1 436	5 682
Unit-linked insurance	917	948	611	584	635	2 778
SEB Life & Pension International	1 566	1 274	872	1 364	1 340	4 850
Traditional life and sickness/health insurance	85	111	95	100	96	402
Unit-linked insurance	1 481	1 163	777	1 264	1 244	4 448
Assets under management:* Total	410 700	401 700	392 100	371 800	347 000	401 700
Traditional life and sickness/health insurance	246 200	245 300	247 000	237 900	230 600	245 300
Unit-linked insurance	164 500	156 400	145 100	133 900	116 400	156 400
SEB Trygg Liv Sweden	290 100	282 400	273 700	255 200	235 800	282 400
Traditional life and sickness/health insurance	164 300	162 100	161 500	151 300	145 000	162 100
Unit-linked insurance	125 800	120 300	112 200	103 900	90 800	120 300
SEB Pension Denmark	94 500	95 000	96 100	96 300	94 000	95 000
Traditional life and sickness/health insurance	80 800	82 100	84 400	85 500	84 500	82 100
Unit-linked insurance	13 700	12 900	11 700	10 800	9 500	12 900
SEB Life & Pension International	26 100	24 300	22 300	20 300	17 200	24 300
Traditional life and sickness/health insurance	1 100	1 100	1 100	1 100	1 100	1 100
Unit-linked insurance	25 000	23 200	21 200	19 200	16 100	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			Denmark*	Traditional insurance
SEKm		Q 1 2010	Q 4 2009	Q 3 2009	Q 2 2009	Q 1 2009	Full year 2009	Q 1 2010	Q 1 2009	Full ye ar 2009
Surplus values, opening balance Adjustment opening balance 1)		203	1	11	13 656 13 423 12 538 11 266 11 549 4	-81	11 549 -65	1 272	1 111	1 111
Present value of new sales 2)		412	433	350	371	402	1 556	17	34	112
Return/realised value on policies from previous periods Actual outcome compared to assumptions 3)		-103 -13	-86 -100	-78 -44	-62 107	-61 -167	-287 -204	-34 -16	-40 177	-150 205
Change in surplus values ongoing business, gross		296	247	228	416	174	1 065	-33	171	167
Capitalisation of acquisition costs for the period Amortisation of capitalised acquisition costs		-231 164	-233 156	-153 149	-173 152	-217 154	-776 611
Change in surplus values ongoing business, net 4)		229	170	224	395	111	900	-33	171	167
Financial effects due to short term market fluctuations 5) Change in assumptions 6)		292 12	517 -459	652 35	1 132 -253	-282 -32	2 019 -709	4 12	-29 72	64 5
Total change in surplus values		533	228	911	1 274	-203	2 210	-17	214	236
Exchange rate differences etc		-29	4	-37	-6	1	-38	-65	3	-75
Surplus values, closing balance 7)					14 363 13 656 13 423 12 538 11 266		13 656	1 190	1 328	1 272
Most important assumptions (Swedish customer base - which represent 96 per cent of the surplus value), per cent. Discount rate Surrender of endowment insurance contracts:		7,5					7,5
contracts signed within 1 year / 1-4 years / 5 years / thereafter Lapse rate of regular premiums, unit-linked		1 / 8 / 15 / 9 11					1 / 8 / 15 / 9 11
Growth in fund units, gross before fees and taxes Inflation CPI / Inflation expenses		5,5 2 / 3					5,5 2 / 3
Expected return on solvency margin Right to transfer policy, unit-linked Mortality		4 2	The Group's experience				4 2 The Group's experience
Sensitivity to changes in assumptions (total division).
Change in discount rate " Change in value growth of investment assets	+1 per cent -1 per cent +1 per cent -1 per cent	-1 564 1 791 1 564 -1 389					-1 493 1 716 1 492 -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 3,556m at March 31, 2010).

Surplus values

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

The reporting is according to international practice and is reviewed by an external party annually. Surplus values are not consolidated in the SEB Group accounts.

Surplus values relating to the traditional business in

Denmark are not included in the total surplus values for the division. Profit distribution between shareholders and policyholders in this business is defined by the so-called contribution principle. Surplus values are therefore the net present value of future profits allocated to the shareholders. As for unit-linked, the calculations are based on different assumptions, which are adjusted as required to correspond to the long-term actual development. During the first quarter 2009 the positive effect of changed assumptions was due to a decrease of the discount rate from 8 to 7.5 per cent.

New business profit

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

SEKm	Apr 2009-Mar 2010	Jan-Dec 2009	Jan-Dec 2008	Jan-Dec 2007
Sales volume weighted (regular $+$ single/10)	4 1 7 8	4 0 2 6	3858	3689
Present value of new sales	497	1492	1598	1 775
Sales expenses	$-875$	$-916$	$-879$	$-901$
Profit from new business	622	576	719	874
Sales margin new business	14.9%	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	31 Mar 2010	31 Dec 2009	31 Dec 2008	31 Dec 2007
Equity $1$	8752	8 5 9 4	8827	8836
Surplus values	14 363	13656	11 549	14 496
1) Dividend paid to the parent company during the period		$-1850$	$-1275$	-1 150

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

Gamla Livförsäkringsaktiebolaget

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

The policyholder organisation, Trygg Stiftelsen (the Trygg Foundation), has the purpose to secure policyholders' influence in Gamla Liv. The Trygg Foundation is entitled $f(x)$

• 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, 31 March 2010
SEK m		Sweden Denmark	Norway	Finland	Estonia	Latvia	Lithuania	Germany	Other	Total
Banks	146 093	14 000	11 456	1 665	696	555	553	62 434	16 655	254 107
Finance and insurance	46 206	711	2 830	692	215	392	317	19 639	5 319	76 321
Wholesale and retail	30 714	971	1 814	258	2 358	3 763	8 483	14 985	3 548	66 894
Transportation	26 027	256	1 210	166	1 133	1 907	3 698	7 900	409	42 706
Shipping	30 966	23	1 771	129	710	227	288	35	4 468	38 617
Business and household services	79 721	731	2 394	280	2 519	1 638	2 806	18 095	2 120	110 304
Construction	9 414	86	304	554	1 236	1 692	1 725	4 141	223	19 375
Manufacturing	123 232	867	3 799	4 876	3 584	2 345	7 843	29 151	7 133	182 830
Agriculture, forestry and fishing	3 776	214	11	33	949	1 836	610	209	17	7 655
Mining and quarrying	12 795		2 282	323	88	108	91	382	33	16 102
Electricity, gas and water supply	28 762	185	972	4 670	2 595	1 048	2 149	8 966	108	49 455
Other	20 515	3 257	3 407	139	275	335	532	3 926	3 810	36 196
Corporates	412 128	7 301	20 794	12 120	15 662	15 291	28 542	107 429	27 188	646 455
Commercial	65 260	183	5 508	560	6 874	4 063	12 714	51 317	682	147 161
Multi-family	66 205	1	8			2 437	25	27 854		96 530
Property Management	131 465	184	5 516	560	6 874	6 500	12 739	79 171	682	243 691
Public Administration	19 783	90	246	818	2 097	190	2 302	64 155	104	89 785
Household mortgage	273 317		3 423		15 878	9 804	21 400	67 931	2 151	393 904
Other	40 293	5 862	29 439	1 449	3 379	3 316	2 216	23 782	3 558	113 294
Households	313 610	5 862	32 862	1 449	19 257	13 120	23 616	91 713	5 709	507 198
Credit portfolio	1 023 079	27 437	70 874	16 612	44 586	35 656	67 752	404 902	50 338	1 741 236

* 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, 31 March 2010
SEK m		Sweden Denmark	Norway	Finland	Estonia	Latvia	Lithuania	Germany	Other	Total
Banks	86 969	9 641	2 954	534	158	524	383	45 139	9 978	156 280
Finance and insurance	20 906	442	971	209	48	388	41	12 634	5 064	40 703
Wholesale and retail	16 311	255	604	159	1 946	3 063	6 755	5 230	1 198	35 521
Transportation	21 013	56	635	7	1 005	1 741	3 330	1 580	342	29 709
Shipping	21 911	24	1 196	129	596	222	286	29	3 629	28 022
Business and household services	47 312	451	722	107	2 235	1 504	2 043	13 069	1 681	69 124
Construction	4 368	74	77	180	613	1 284	1 095	1 858	51	9 600
Manufacturing	50 903	414	928	3 632	2 821	1 938	6 221	9 212	2 474	78 543
Agriculture, forestry and fishing	2 758	52	1	33	899	1 722	534	166	8	6 173
Mining and quarrying	7 804		38	323	85	95	88	7	1	8 441
Electricity, gas and water supply	12 432	8	66	4 637	1 866	844	1 077	4 320	32	25 282
Other	16 800	892	3 250	82	260	330	513	3 544	3 360	29 031
Corporates	222 518	2 668	8 488	9 498	12 374	13 131	21 983	51 649	17 840	360 149
Commercial	55 467	183	3 311	551	6 759	4 002	12 318	45 184	681	128 456
Multi-family	59 290	1				2 292	23	24 964		86 570
Property Management	114 757	184	3 311	551	6 759	6 294	12 341	70 148	681	215 026
Public Administration	9 552	90	185	818	1 759	166	1 772	62 691	104	77 137
Household mortgage	253 450		3 423		15 862	9 801	21 077	63 267	2 151	369 031
Other	23 430	2 948	11 652	822	2 722	2 684	1 758	8 388	3 436	57 840
Households	276 880	2 948	15 075	822	18 584	12 485	22 835	71 655	5 587	426 871
Loan portfolio	710 676	15 531	30 013	12 223	39 634	32 600	59 314	301 282	34 190	1 235 463
Repos, credit institutions										42 300
Repos, general public										102 781
Debt instruments reclassified										114 156
Reserves										-18 625
Total lending										1 476 075

* 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, 31 March 2010
SEK m	Sweden	Denmark	Norway	Finland	Estonia	Latvia	Lithuania	Germany	Other	Total
Banks	343	1						2		346
Finance and insurance	1		3	5	1			26		36
Wholesale and retail	74				128	283	590	357	3	1 435
Transportation	50		4		22	120	923	8	47	1 174
Shipping							7			7
Business and household services	168	119			72	113	635	133	5	1 245
Construction	20	16	1		64	373	224	114	31	843
Manufacturing	191		12		415	150	966	390	201	2 325
Agriculture, forestry and fishing	26				17	76	39		10	168
Mining and quarrying						25				25
Electricity, gas and water supply					10			3		1 3
Other	228	21	57			32	1	92	387	818
Corporates	758	156	77	5	729	1 172	3 385	1 123	684	8 089
Commercial	145				996	1 673	4 233	2 058		9 105
Multi-family	93					495		368		956
Property Management	238				996	2 168	4 233	2 426		10 061
Public Administration
Bostadskrediter	2		28					571		601
Övrig utlåning		3	154		9	270	88			524
Hushåll	2	3	182		9	270	88	571		1 125
Impaired loans	1 341	160	259	5	1 734	3 610	7 706	4 122	684	19 621

* 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, 31 March 2010
SEK m		Sweden Denmark	Norway	Finland	Estonia	Latvia	Lithuania	Germany	Other	Total
Corporates	28	12	88	5	228	276	282		15	934
Household mortgage	308				669	1 492	986	114	191	3 760
Other	565	339	416	90	126	400	190		328	2 454
Households	873	339	416	90	795	1 892	1 176	114	519	6 214
Past due > 60 days	901	351	504	95	1 023	2 168	1 458	114	534	7 148

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

Past due > 60 days	878	355	489	100	1 040	2 182	1 218	135	540	6 937
Households	848	343	398	96	830	1 914	950	135	363	5 877
Other	528	343	398	96	129	387	174			2 055
Household mortgage	320				701	1 527	776	135	363	3 822
Corporates	30	12	91	4	210	268	268		177	1 060
SEK m		Sweden Denmark	Norway	Finland	Estonia	Latvia	Lithuania	Germany	Other	Total
SEB Group, 31 December 2009

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

Portfolio assessed loans*

(Restructured loans)

SEB Group, 31 March 2010
SEK m	Sweden Denmark	Norway	Finland	Estonia	Latvia	Lithuania	Germany	Other	Total
Corporates
Household mortgage				16	174	259			449
Other					1				1
Households				16	175	259			450
Restructured loans				16	175	259			450

* 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, 31 March 2010
SEK m		Sweden Denmark	Norway	Finland	Estonia	Latvia	Lithuania	Germany	Other	Total
Banks	143 934	14 492	12 811	1 977	696	555	553	62 434	16 655	254 107
Corporates	318 890	17 898	56 852	35 165	15 662	15 291	28 542	108 771	49 384	646 455
Property Management	117 433	184	12 424	7 582	6 874	6 500	12 739	79 172	783	243 691
Public Administration	19 783	90	246	818	2 097	190	2 302	64 155	104	89 785
Households	313 610	5 862	32 862	1 449	19 257	13 120	23 616	91 713	5 709	507 198
Credit portfolio	913 650	38 526	115 195	46 991	44 586	35 656	67 752	406 245	72 635	1 741 236

* 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	23 253	105	272	660	2 238	287	2 445	65 378	64	94 702
Households	306 258	5 951	33 299	1 541	20 472	14 034	25 301	97 445	5 164	509 465
Credit portfolio	940 710	50 874	115 035	47 796	48 251	39 853	73 657	428 966	71 286	1 816 428

* 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.

The table below shows the risk exposures by risk type. All risk exposures are well within the Board's decided limits. During the first quarter of 2010, the Group's Value at Risk in the trading operations averaged SEK 206m. This means that the Group, on average, with 99 per cent probability, should not expect to lose more than this amount during a ten-day period.

The average numbers are not fully comparable due to the change of risk model during later half of 2009. The risk taking activities on a position size basis has increased somewhat during 2010. However, as the higher volatilities after the bankruptcy of Lehman Brothers have faded out, Value at Risk has decreased.

Value at Risk (99 per cent, ten days)
SEKm	Min	Max	31 Mar 2010	Average 2010	Average 2009
Interest rate risk	96	257	99	125	152
Credit spread risk	52	232	232	121	111
Foreign exchange rate risk	24	136	36	50	60
Equity price risk	20	112	94	40	50
Commodities risk		4	0
Diversification			$-201$	$-131$	$-212$
Total	133	289	260	206	162

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

SEB Group

Total

	Q 1	Q 2	Q 3	Q 4	Q1	Q2	Q3	Q4	Q1	Full Year
SEK m	2008	2008	2008	2008	2009	2009	2009	2009	2010	2009
Net interest income	4 223	4 421	4 553	5 513	5 904	5 370	4 519	3 697	3 875	19 490
Net fee and commission income	3 801	3 909	3 754	3 790	3 215	3 802	3 566	3 877	3 483	14 460
Net financial income	- 161	1 161	247	1 723	1 133	1 471	946	935	950	4 485
Net life insurance income	713	642	504	516	862	946	857	932	879	3 597
Net other income	222	266	154	1 153	316	1 585	- 153	433	185	2 18 1
Total operating income	8 798	10 399	9 212	12 695	11 430	13 174	9 735	9 874	9 372	44 213
Staff costs	-3 899	-3 993	-3 752	-4 597	-4 391	-4 262	-3 735	-3 186	-3 865	-15 574
Other expenses	-1 756	-2 098	-1 820	-1 968	-1 838	-1 918	-1 899	-2 473	-2 090	-8 128
Depreciation, amortisation and impairment of
tangible and intangible assets	- 372	- 354	- 398	- 400	-1 015	-2 832	- 381	- 467	- 412	-4 695
Total operating expenses	-6 027	-6 445	-5 970	-6 965	-7 244	-9 012	-6 015	-6 126	-6 367	-28 397
Profit before credit losses	2 771	3 954	3 242	5 730	4 186	4 162	3 720	3 748	3 005	15 816
Gains less losses on disposals of tangible and
intangible assets	3	1		1	2	23	3	- 24	- 4	4
Net credit losses	- 364	- 448	- 716	-1 703	-2 386	-3 567	-3 335	-3 160	-1 926	-12 448
Operating profit	2 410	3 507	2 526	4 028	1 802	618	388	564	1 075	3 372
Income tax expense	- 562	- 699	- 641	- 519	- 781	- 792	- 350	- 277	- 386	-2 200
Net profit from continuing operations	1 848	2 808	1 885	3 509	1 021	- 174	38	287	689	1 172
Gains less losses from assets held for sale		1	1	- 2	6	4	- 1	- 3		6
Net profit	1 848	2 809	1 886	3 507	1 027	- 170	37	284	689	1 178
Attributable to minority interests	1	3	4	1	2	23	12	27	15	64
Attributable to equity holders	1 847	2 806	1 882	3 506	1 025	- 193	25	257	674	1 114

Merchant Banking

Total

	Q 1	Q 2	Q 3	Q 4	Q1	Q2	Q3	Q4	Q1	Full Year
SEK m	2008	2008	2008	2008	2009	2009	2009	2009	2010	2009
Net interest income	1 525	1 538	1 738	2 613	2 919	2 683	2 402	1 978	2 014	9 982
Net fee and commission income	1 241	1 470	1 374	1 163	1 172	1 618	1 326	1 531	1 083	5 647
Net financial income	119	936	757	1 813	1 186	1 498	981	712	1 017	4 377
Net other income	42	66	77	341	115	- 8	40	- 101	50	46
Total operating income	2 927	4 010	3 946	5 930	5 392	5 791	4 749	4 120	4 164	20 052
Staff costs	- 964	-1 105	- 867	- 954	-1 092	-1 106	- 775	- 556	- 993	-3 529
Other expenses	- 909	- 937	- 830	- 918	- 949	-1 014	- 942	- 958	- 974	-3 863
Depreciation, amortisation and impairment of
tangible and intangible assets	- 22	- 21	- 22	- 30	- 25	- 34	- 35	- 61	- 27	-155
Total operating expenses	-1 895	-2 063	-1 719	-1 902	-2 066	-2 154	-1 752	-1 575	-1 994	-7 547
Profit before credit losses	1 032	1 947	2 227	4 028	3 326	3 637	2 997	2 545	2 170	12 505
Gains less losses on disposals of tangible and
intangible assets	3		1	1				- 1		-1
Net credit losses	- 27	- 21	- 249	- 592	- 279	- 367	- 107	- 52	- 104	-805
Operating profit	1 008	1 926	1 979	3 437	3 047	3 270	2 890	2 492	2 066	11 699

Merchant Banking

Trading and Capital Markets

	Q 1	Q 2	Q 3	Q 4	Q1	Q2	Q3	Q4	Q1	Full Year
SEK m	2008	2008	2008	2008	2009	2009	2009	2009	2010	2009
Net interest income	290	253	315	976	1 452	1 251	977	583	611	4 263
Net fee and commission income	528	782	594	372	354	552	416	451	316	1 773
Net financial income	80	889	873	2 003	1 319	1 552	1 055	760	1 041	4 686
Net other income	10	14	8	- 48	73	- 70	2	- 87	3	-82
Total operating income	908	1 938	1 790	3 303	3 198	3 285	2 450	1 707	1 971	10 640
Staff costs	- 430	- 508	- 380	- 422	- 473	- 478	- 322	- 312	- 430	-1 585
Other expenses	- 414	- 414	- 369	- 432	- 410	- 435	- 413	- 418	- 438	-1 676
Depreciation, amortisation and impairment of
tangible and intangible assets	- 6	- 7	- 8	- 10	- 8	- 8	- 8	- 9	- 7	-33
Total operating expenses	- 850	- 929	- 757	- 864	- 891	- 921	- 743	- 739	- 875	-3 294
Profit before credit losses	58	1 009	1 033	2 439	2 307	2 364	1 707	968	1 096	7 346
Gains less losses on disposals of tangible and
intangible assets	- 1							- 1		-1
Net credit losses	- 20	- 13	- 68	- 196	- 62	- 1	5	196	1	138
Operating profit	37	996	965	2 243	2 245	2 363	1 712	1 163	1 097	7 483

Merchant Banking

	Corporate Banking

	Q 1	Q 2	Q 3	Q 4	Q1	Q2	Q3	Q4	Q1	Full Year
SEK m	2008	2008	2008	2008	2009	2009	2009	2009	2010	2009
Net interest income	871	884	1 031	1 269	1 094	1 082	1 146	1 117	1 053	4 439
Net fee and commission income	316	279	395	402	397	624	456	647	371	2 124
Net financial income	22	29	-126	-207	-140	-64	-86	-59	-35	-349
Net other income	26	50	67	386	24	49	30	-24	33	79
Total operating income	1 235	1 242	1 367	1 850	1 375	1 691	1 546	1 681	1 422	6 293
Staff costs	-427	-482	-384	-420	-436	-447	-299	-134	-401	-1 316
Other expenses	-170	-185	-152	-158	-190	-208	-188	-220	-220	-806
Depreciation, amortisation and impairment of
tangible and intangible assets	-13	-13	-13	-16	-12	-12	-12	-19	-17	-55
Total operating expenses	-610	-680	-549	-594	-638	-667	-499	-373	-638	-2 177
Profit before credit losses	625	562	818	1 256	737	1 024	1 047	1 308	784	4 116
Gains less losses on disposals of tangible and
intangible assets	4		1
Net credit losses	-7	-8	-174	-396	-167	-336	-109	-178	-98	-790
Operating profit	622	554	645	860	570	688	938	1 130	686	3 326

Merchant Banking

Global Transaction Services

	Q 1	Q 2	Q 3	Q 4	Q1	Q2	Q3	Q4	Q1	Full Year
SEK m	2008	2008	2008	2008	2009	2009	2009	2009	2010	2009
Net interest income	364	400	394	368	373	350	279	278	350	1 280
Net fee and commission income	397	409	384	389	421	441	455	433	396	1 750
Net financial income	17	18	10	18	7	11	12	10	11	40
Net other income	5	3	3	2	19	12	7	10	14	48
Total operating income	783	830	791	777	820	814	753	731	771	3 118
Staff costs	-106	-115	-105	-111	-183	-180	-155	-110	-162	-628
Other expenses	-325	-338	-308	-330	-350	-370	-340	-321	-316	-1 381
Depreciation, amortisation and impairment of
tangible and intangible assets	-3	-1	-2	-2	-5	-15	-15	-31	-3	-66
Total operating expenses	-434	-454	-415	-443	-538	-565	-510	-462	-481	-2 075
Profit before credit losses	349	376	376	334	282	249	243	269	290	1 043
Gains less losses on disposals of tangible and intangible assets
Net credit losses			-7		-50	-30	-3	-70	-7	-153
Operating profit	349	376	369	334	232	219	240	199	283	890

Retail Banking

Total
	Q 1	Q 2	Q 3	Q 4	Q1	Q2	Q3	Q4	Q1	Full Year
SEK m	2008	2008	2008	2008	2009	2009	2009	2009	2010	2009
Net interest income	1 655	1 747	1 864	1 929	1 882	1 704	1 651	1 642	1 537	6 879
Net fee and commission income	1 209	1 183	1 134	1 165	1 057	1 124	1 089	1 158	1 076	4 428
Net financial income	60	70	47	71	72	81	55	82	65	290
Net other income	13	17	14	48	22	13	26	22	21	83
Total operating income	2 937	3 017	3 059	3 213	3 033	2 922	2 821	2 904	2 699	11 680
Staff costs	-955	-959	-941	-973	-1 069	-1 050	-1 022	-911	-985	-4 052
Other expenses	-1 038	-1 049	-1 040	-1 156	-1 078	-1 140	-1 088	-1 127	-1 047	-4 433
Depreciation, amortisation and impairment of
tangible and intangible assets	-55	-55	-54	-58	-44	-52	-43	-41	-38	-180
Total operating expenses	-2 048	-2 063	-2 035	-2 187	-2 191	-2 242	-2 153	-2 079	-2 070	-8 665
Profit before credit losses	889	954	1 024	1 026	842	680	668	825	629	3 015
Gains less losses on disposals of tangible and
intangible assets				2			-1	-1		-2
Net credit losses	-88	-159	-163	-240	-260	-363	-364	-382	-312	-1 369
Operating profit	801	795	861	788	582	317	303	442	317	1 644

Retail Banking

Retail Sweden
	Q 1	Q 2	Q 3	Q 4	Q1	Q2	Q3	Q4	Q1	Full Year
SEK m	2008	2008	2008	2008	2009	2009	2009	2009	2010	2009
Net interest income	1 085	1 135	1 233	1 273	1 235	1 109	1 068	1 017	948	4 429
Net fee and commission income	393	364	349	384	369	357	352	393	385	1 471
Net financial income	58	69	49	74	72	80	57	84	65	293
Net other income	10	-1	5	4	5	4	5	5	4	19
Total operating income	1 546	1 567	1 636	1 735	1 681	1 550	1 482	1 499	1 402	6 212
Staff costs	-449	-447	-443	-435	-488	-486	-442	-424	-458	-1 840
Other expenses	-511	-537	-494	-565	-487	-548	-490	-526	-490	-2 051
Depreciation, amortisation and impairment of
tangible and intangible assets	-3	-4	-11	-17	-9	-16	-12	-11	-11	-48
Total operating expenses	-963	-988	-948	-1 017	-984	-1 050	-944	-961	-959	-3 939
Profit before credit losses	583	579	688	718	697	500	538	538	443	2 273
Gains less losses on disposals of tangible and intangible assets
Net credit losses	-9	-23	-53	-105	-95	-90	-92	-118	-105	-395
Operating profit	574	556	635	613	602	410	446	420	338	1 878

Retail Banking

Retail Germany

	Q 1	Q 2	Q 3	Q 4	Q1	Q2	Q3	Q4	Q1	Full Year
SEK m	2008	2008	2008	2008	2009	2009	2009	2009	2010	2009
Net interest income	480	469	500	514	426	345	321	365	336	1 457
Net fee and commission income	340	307	313	270	267	313	298	297	287	1 175
Net financial income	3	1	-3	-3		1	-2	-2		-3
Net other income	1	12	11	35	3	4	8	3	12	18
Total operating income	824	789	821	816	696	663	625	663	635	2 647
Staff costs	-327	-326	-329	-351	-394	-376	-400	-339	-330	-1 509
Other expenses	-390	-363	-397	-431	-435	-427	-443	-461	-409	-1 766
Depreciation, amortisation and impairment of
tangible and intangible assets	-42	-41	-32	-31	-24	-24	-19	-20	-17	-87
Total operating expenses	-759	-730	-758	-813	-853	-827	-862	-820	-756	-3 362
Profit before credit losses	65	59	63	3	-157	-164	-237	-157	-121	-715
Gains less losses on disposals of tangible and
intangible assets				2			-1	-1		-2
Net credit losses	-27	-23	-17	9	-55	-150	-165	-159	-116	-529
Operating profit	38	36	46	14	-212	-314	-403	-317	-237	-1 246

Retail Banking

Cards
SEK m	Q 1 2008	Q 2 2008	Q 3 2008	Q 4 2008	Q1 2009	Q2 2009	Q3 2009	Q4 2009	Q1 2010	Full Year 2009
Net interest income	90	142	132	141	220	250	263	261	253	994
Net fee and commission income	469	508	468	510	415	451	429	468	397	1 763
Net other income	8	13	4	13	21	11	18	20	15	70
Total operating income	567	663	604	664	656	712	710	749	665	2 827
Staff costs	-179	-187	-170	-187	-187	-187	-181	-148	-196	-703
Other expenses	-138	-150	-150	-162	-157	-168	-151	-146	-152	-622
Depreciation, amortisation and impairment of
tangible and intangible assets	-10	-10	-10	-10	-11	-12	-11	-11	-10	-45
Total operating expenses	-327	-347	-330	-359	-355	-367	-343	-305	-358	-1 370
Profit before credit losses	240	316	274	305	301	345	367	444	307	1 457
Gains less losses on disposals of tangible and intangible assets
Net credit losses	-51	-112	-94	-144	-110	-124	-107	-104	-91	-445
Operating profit	189	204	180	161	191	221	260	340	216	1 012

Wealth Management

Total

	Q 1	Q 2	Q 3	Q 4	Q1	Q2	Q3	Q4	Q1	Full Year
SEK m	2008	2008	2008	2008	2009	2009	2009	2009	2010	2009
Net interest income	242	200	237	213	190	159	133	116	111	598
Net fee and commission income	958	820	784	1 118	659	713	730	853	868	2 955
Net financial income	20	7	14	26	20	16	17	23	18	76
Net other income	9	27	3	11	1	12	1	3		17
Total operating income	1 229	1 054	1 038	1 368	870	900	881	995	997	3 646
Staff costs	-383	-366	-331	-347	-340	-337	-302	-250	-314	-1 229
Other expenses	-288	-270	-249	-325	-286	-292	-272	-310	-302	-1 160
Depreciation, amortisation and impairment of
tangible and intangible assets	-24	-23	-25	-29	-30	-33	-29	-24	-20	-116
Total operating expenses	-695	-659	-605	-701	-656	-662	-603	-584	-636	-2 505
Profit before credit losses	534	395	433	667	214	238	278	411	361	1 141
Gains less losses on disposals of tangible and
intangible assets						29	1	-1		29
Net credit losses	-25	22		-15	-8	-12		-8	-1	-28
Operating profit	509	417	433	652	206	255	279	402	360	1 142

Wealth Management

Institutional Clients
SEK m	Q 1 2008	Q 2 2008	Q 3 2008	Q 4 2008	Q1 2009	Q2 2009	Q3 2009	Q4 2009	Q1 2010	Full Year 2009
Net interest income	56	62	65	54	23	11	13	13	8	60
Net fee and commission income	770	638	613	933	507	529	542	621	641	2 199
Net financial income	4		-2	22	1	2	4	8	3	15
Net other income	7	-3		2		4	2	3	-1	9
Total operating income	837	697	676	1 011	531	546	561	645	651	2 283
Staff costs	-242	-230	-203	-218	-228	-217	-178	-153	-225	-776
Other expenses	-161	-160	-144	-197	-173	-186	-184	-201	-207	-744
Depreciation, amortisation and impairment of
tangible and intangible assets	-17	-16	-18	-22	-23	-26	-23	-20	-14	-92
Total operating expenses	-420	-406	-365	-437	-424	-429	-385	-374	-446	-1 612
Profit before credit losses	417	291	311	574	107	117	176	271	205	671
Gains less losses on disposals of tangible and intangible assets Net credit losses						34		-1		33
Operating profit	417	291	311	574	107	151	176	270	205	704

Wealth Management

Private Banking

	Q 1	Q 2	Q 3	Q 4	Q1	Q2	Q3	Q4	Q1	Full Year
SEK m	2008	2008	2008	2008	2009	2009	2009	2009	2010	2009
Net interest income	185	138	172	158	167	148	121	103	102	539
Net fee and commission income	188	181	173	184	151	184	193	228	228	756
Net financial income	16	8	15	4	19	15	12	15	15	61
Net other income	2	31		9	1	7		2	2	10
Total operating income	391	358	360	355	338	354	326	348	347	1 366
Staff costs	-140	-137	-128	-129	-111	-121	-124	-96	-89	-452
Other expenses	-127	-111	-103	-127	-113	-106	-93	-106	-96	-418
Depreciation, amortisation and impairment of
tangible and intangible assets	-7	-6	-6	-7	-7	-6	-6	-6	-6	-25
Total operating expenses	-274	-254	-237	-263	-231	-233	-223	-208	-191	-895
Profit before credit losses	117	104	123	92	107	121	103	140	156	471
Gains less losses on disposals of tangible and intangible assets						-5				-5
Net credit losses	-25	22		-15	-8	-12		-8	-1	-28
Operating profit	92	126	123	77	99	104	103	132	155	438

Life

Total
SEK m	Q 1 2008	Q 2 2008	Q 3 2008	Q 4 2008	Q1 2009	Q2 2009	Q3 2009	Q4 2009	Q1 2010	Full Year 2009
Net interest income	-16	-13	-3	-4	-10	-5	-2	-1	-2	-18
Net life insurance income	954	883	720	739	1 043	1 148	1 107	1 145	1 186	4 443
Net other income
Total operating income	938	870	717	735	1 033	1 143	1 105	1 144	1 184	4 425
Staff costs	-262	-285	-266	-292	-274	-299	-271	-263	-282	-1 107
Other expenses	-148	-132	-126	-117	-126	-146	-120	-144	-131	-536
Depreciation, amortisation and impairment of
tangible and intangible assets	-160	-145	-149	-115	-165	-177	-158	-167	-173	-667
Total operating expenses	-570	-562	-541	-524	-565	-622	-549	-574	-586	-2 310
Profit before credit losses	368	308	176	211	468	521	556	570	598	2 115
Gains less losses on disposals of tangible and intangible assets Net credit losses
Operating profit *	368	308	176	211	468	521	556	570	598	2 115
Change in surplus values	250	227	132	380	111	395	224	170	229	900
Business result	618	535	308	591	579	916	780	740	827	3 015

* Consolidated in the Group accounts

Baltic

Total
	Q 1	Q 2	Q 3	Q 4	Q1	Q2	Q3	Q4	Q1	Full Year
SEK m	2008	2008	2008	2008	2009	2009	2009	2009	2010	2009
Net interest income	897	846	889	923	778	751	628	522	490	2 679
Net fee and commission income	221	248	237	242	238	248	227	221	209	934
Net financial income	35	32	38	45	37	23	35	31	26	126
Net other income	8	69	12	41	12	-8	-6	57	4	55
Total operating income	1 161	1 195	1 176	1 251	1 065	1 014	884	831	729	3 794
Staff costs	-185	-193	-191	-174	-220	-197	-176	-137	-179	-730
Other expenses	-281	-316	-301	-330	-336	-345	-307	-464	-304	-1 452
Depreciation, amortisation and impairment of
tangible and intangible assets	-21	-21	-21	-23	-25	-2 328	-15	-21	-20	-2 389
Total operating expenses	-487	-530	-513	-527	-581	-2 870	-498	-622	-503	-4 571
Profit before credit losses	674	665	663	724	484	-1 856	386	209	226	-777
Gains less losses on disposals of tangible and
intangible assets					2	-6	3	-16		-17
Net credit losses	-220	-283	-353	-853	-1 702	-2 641	-2 642	-2 584	-1 431	-9 569
Operating profit	454	382	310	-129	-1 216	-4 503	-2 253	-2 391	-1 205	-10 363

Baltic

Baltic Estonia
SEK m	Q 1 2008	Q 2 2008	Q 3 2008	Q 4 2008	Q1 2009	Q2 2009	Q3 2009	Q4 2009	Q1 2010	Full Year 2009
Net interest income	211	224	250	254	252	238	226	200	154	916
Net fee and commission income	86	90	78	75	78	83	79	75	72	315
Net financial income	9	8	9	13	9	-4	7	18	9	30
Net other income	3	61	2	22	6	-12	-6	45	3	33
Total operating income	309	383	339	364	345	305	306	338	238	1 294
Staff costs	-56	-51	-55	-54	-61	-57	-56	-35	-64	-209
Other expenses	-75	-93	-81	-91	-100	-90	-92	-210	-108	-492
Depreciation, amortisation and impairment of
tangible and intangible assets	-5	-5	-5	-5	-5	-679	-2	-7	-4	-693
Total operating expenses	-136	-149	-141	-150	-166	-826	-150	-252	-176	-1 394
Profit before credit losses	173	234	198	214	179	-521	156	86	62	-100
Gains less losses on disposals of tangible and intangible assets
Net credit losses	-166	-202	-60	-79	-232	-454	-212	-297	-151	-1 195
Operating profit	7	32	138	135	-53	-975	-56	-211	-89	-1 295

Baltic

Baltic Latvia
SEK m	Q 1 2008	Q 2 2008	Q 3 2008	Q 4 2008	Q1 2009	Q2 2009	Q3 2009	Q4 2009	Q1 2010	Full Year 2009
Net interest income	273	241	240	269	242	256	212	140	151	850
Net fee and commission income	44	49	49	60	56	53	55	48	46	212
Net financial income	10	7	10	12	11	11	8	2	6	32
Net other income		2	1	6	-1	-2	-5	6	2	-2
Total operating income	327	299	300	347	308	318	270	196	205	1 092
Staff costs	-50	-54	-47	-57	-62	-56	-49	-44	-48	-211
Other expenses	-92	-102	-93	-96	-109	-102	-93	-101	-80	-405
Depreciation, amortisation and impairment of
tangible and intangible assets	-8	-8	-8	-9	-10	-415	-8	-9	-8	-442
Total operating expenses	-150	-164	-148	-162	-181	-573	-150	-154	-136	-1 058
Profit before credit losses	177	135	152	185	127	-255	120	42	69	34
Gains less losses on disposals of tangible and
intangible assets								-1		-1
Net credit losses	-37	-46	-159	-250	-684	-917	-941	-586	-574	-3 128
Operating profit	140	89	-7	-65	-557	-1 172	-821	-545	-505	-3 095

Baltic

Baltic Lithuania
	Q 1	Q 2	Q 3	Q 4	Q1	Q2	Q3	Q4	Q1	Full Year
SEK m	2008	2008	2008	2008	2009	2009	2009	2009	2010	2009
Net interest income	412	381	400	399	283	257	190	184	185	914
Net fee and commission income	92	110	109	107	104	112	93	97	91	406
Net financial income	16	16	18	20	17	16	19	12	11	64
Net other income	6	6	10	14	7	6	6	5	-1	24
Total operating income	526	513	537	540	411	391	308	298	286	1 408
Staff costs	-80	-88	-89	-62	-97	-84	-70	-60	-67	-311
Other expenses	-114	-121	-127	-143	-126	-153	-123	-152	-116	-554
Depreciation, amortisation and impairment of
tangible and intangible assets	-8	-8	-8	-9	-10	-1 234	-4	-6	-8	-1 254
Total operating expenses	-202	-217	-224	-214	-233	-1 471	-197	-218	-191	-2 119
Profit before credit losses	324	296	313	326	178	-1 080	111	80	95	-711
Gains less losses on disposals of tangible and
intangible assets					2	-5	3	-16		-16
Net credit losses	-17	-34	-134	-524	-786	-1 270	-1 489	-1 701	-706	-5 246
Operating profit	307	262	179	-198	-606	-2 355	-1 375	-1 637	-611	-5 973

Other and eliminations

Total

	Q 1	Q 2	Q 3	Q 4	Q1	Q2	Q3	Q4	Q1	Full Year
SEK m	2008	2008	2008	2008	2009	2009	2009	2009	2010	2009
Net interest income	-80	103	-172	-161	145	78	-293	-560	-275	-630
Net fee and commission income	172	188	225	102	89	99	194	114	247	496
Net financial income	-395	116	-609	-232	-182	-147	-142	87	-176	-384
Net life insurance income	-241	-241	-216	-223	-181	-202	-250	-213	-307	-846
Net other income	150	87	48	712	166	1 576	-214	452	110	1 980
Total operating income	-394	253	-724	198	37	1 404	-705	-120	-401	616
Staff costs	-1 150	-1 085	-1 156	-1 857	-1 396	-1 273	-1 189	-1 069	-1 112	-4 927
Other expenses	908	606	726	878	937	1 019	830	530	668	3 316
Depreciation, amortisation and impairment of
tangible and intangible assets	-90	-89	-127	-145	-726	-208	-101	-153	-134	-1 188
Total operating expenses	-332	-568	-557	-1 124	-1 185	-462	-460	-692	-578	-2 799
Profit before credit losses	-726	-315	-1 281	-926	-1 148	942	-1 165	-812	-979	-2 183
Gains less losses on disposals of tangible and
intangible assets		1	-1	-2				-5	-4	-5
Net credit losses	-4	-7	49	-3	-137	-184	-222	-134	-78	-677
Operating profit	-730	-321	-1 233	-931	-1 285	758	-1 387	-951	-1 061	-2 865

The SEB Group

Net interest income
	Q 1	Q 2	Q 3	Q 4	Q1	Q2	Q3	Q4	Q1	Full year
SEK m	2008	2008	2008	2008	2009	2009	2009	2009	2010	2009
Interest income	24 091	23 965	24 069	25 156	19 966	16 276	14 147	12 790	12 271	63 179
Interest expense	-19 868	-19 544	-19 516	-19 643	-14 062	-10 906	-9 628	-9 093	-8 396	-43 689
Net interest income	4 223	4 421	4 553	5 513	5 904	5 370	4 519	3 697	3 875	19 490

The SEB Group

Net fee and commission income

	Q 1	Q 2	Q 3	Q 4	Q1	Q2	Q3	Q4	Q1	Full Year
SEK m	2008	2008	2008	2008	2009	2009	2009	2009	2010	2009
Issue of securities	7	91	47	27	35	167	99	200	45	501
Secondary market	758	913	654	444	559	732	594	580	503	2 465
Custody and mutual funds	1 804	1 664	1 623	1 931	1 345	1 445	1 504	1 674	1 739	5 968
Securities commissions	2 569	2 668	2 324	2 402	1 939	2 344	2 197	2 454	2 287	8 934
Payments	439	464	447	494	457	465	458	478	451	1 858
Card fees	1 032	1 108	1 066	1 094	1 037	1 090	1 047	1 074	998	4 248
Payment commissions	1 471	1 572	1 513	1 588	1 494	1 555	1 505	1 552	1 449	6 106
Advisory	289	173	329	327	177	293	266	301	143	1 037
Lending	185	270	258	291	335	352	357	339	341	1 383
Deposits	23	24	25	26	28	27	27	26	26	108
Guarantees	67	71	78	85	95	99	115	107	112	416
Derivatives	113	116	175	197	159	153	131	115	134	558
Other	176	180	168	124	171	179	161	199	149	710
Other commissions	853	834	1 033	1 050	965	1 103	1 057	1 087	905	4 212
Total commission income	4 893	5 074	4 870	5 040	4 398	5 002	4 759	5 093	4 641	19 252
Securities commissions	- 241	- 275	- 226	- 228	- 233	- 190	- 249	- 202	- 295	-874
Payment commissions	- 585	- 631	- 593	- 641	- 639	- 597	- 591	- 615	- 592	-2 442
Other commissions	- 266	- 259	- 297	- 381	- 311	- 413	- 353	- 399	- 271	-1 476
Commission expense	-1 092	-1 165	-1 116	-1 250	-1 183	-1 200	-1 193	-1 216	-1 158	-4 792
Securities commissions	2 328	2 393	2 098	2 174	1 706	2 154	1 948	2 252	1 992	8 060
Payment commissions	886	941	920	947	855	958	914	937	857	3 664
Other commissions	587	575	736	669	654	690	704	688	634	2 736
Net fee and commission income	3 801	3 909	3 754	3 790	3 215	3 802	3 566	3 877	3 483	14 460

The SEB Group

Net financial income

	Q 1	Q 2	Q 3	Q 4	Q1	Q2	Q3	Q4	Q1	Full Year
SEK m	2008	2008	2008	2008	2009	2009	2009	2009	2010	2009
Equity instruments and related derivatives	171	306	489	449	95	- 166	- 40	46	138	-65
Debt instruments and related derivatives	-1 164	108	- 114	111	58	568	- 33	211	468	804
Currency related	832	747	270	1 227	1 041	1 127	1 060	683	354	3 911
Other financial instruments			- 9	21	3	- 2	- 12	7	2	-4
Impairments			- 389	- 85	- 64	- 56	- 29	- 12	- 12	-161
Net financial income	- 161	1 161	247	1 723	1 133	1 471	946	935	950	4 485

Appendix 5 Profit and loss accounts by geography and quarter

Sweden

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Q 3	Q4	Q1	Full year
SEK m	2008	2008	2008	2008	2009	2009	2009	2009	2010	2009
Total operating income	5 096	4 850	5 144	7 417	5 663	7 536	4 993	4 891	4 824	23 083
Total operating expenses	-3 384	-3 643	-3 276	-3 372	-4 447	-4 849	-3 027	-2 949	-3 492	-15 272
Profit before credit losses	1 712	1 207	1 868	4 045	1 216	2 687	1 966	1 942	1 332	7 811
Gains less losses on disposals of tangible and
intangible assets
Net credit losses	- 19	- 38	- 162	- 269	- 285	- 451	- 139	- 260	- 192	-1 135
Operating profit	1 693	1 169	1 706	3 776	931	2 236	1 827	1 682	1 140	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. Centralisation of bond portfolios from U.S. to Sweden affected operating income and profit by SEK 1.8bn in Q4 2008.

Norway
	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Q 3	Q4	Q1	Full year
SEK m	2008	2008	2008	2008	2009	2009	2009	2009	2010	2009
Total operating income	560	729	624	989	937	966	896	850	726	3 649
Total operating expenses	- 323	- 390	- 350	- 401	- 306	- 372	- 393	- 236	- 335	-1 307
Profit before credit losses	237	339	274	588	631	594	503	614	391	2 342
Gains less losses on disposals of tangible and
intangible assets
Net credit losses	- 60	- 61	- 39	- 106	- 72	- 73	- 44	- 28	- 51	- 217
Operating profit	177	278	235	482	559	521	459	586	340	2 125
Denmark
	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Q 3	Q4	Q1	Full year
SEK m	2008	2008	2008	2008	2009	2009	2009	2009	2010	2009
Total operating income	604	492	521	615	801	798	752	785	724	3 136
Total operating expenses	- 356	- 385	- 332	- 334	- 399	- 453	- 368	- 323	- 380	-1 543
Profit before credit losses	248	107	189	281	402	345	384	462	344	1 593
Gains less losses on disposals of tangible and
intangible assets
Net credit losses	- 23	- 24	- 30	- 192	- 45	- 36	- 30	- 70	- 26	- 181
Operating profit	225	83	159	89	357	309	354	392	318	1 412
Finland
	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Q 3	Q4	Q1	Full year
SEK m	2008	2008	2008	2008	2009	2009	2009	2009	2010	2009
Total operating income	281	348	303	302	372	201	246	374	254	1 193
Total operating expenses	- 152	- 176	- 161	- 180	- 99	- 159	- 120	- 196	- 101	- 574
Profit before credit losses	129	172	142	122	273	42	126	178	153	619
Gains less losses on disposals of tangible and
intangible assets
Net credit losses	- 2	- 4	- 2	- 3	- 12	- 5	- 8	- 2	- 3	- 27
Operating profit	127	168	140	119	261	37	118	176	150	592
Germany
	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Q 3	Q4	Q1	Full year
SEK m	2008	2008	2008	2008	2009	2009	2009	2009	2010	2009
Total operating income	1 353	1 919	1 135	1 540	1 649	1 750	1 140	1 415	1 331	5 954
Total operating expenses	-1 210	-1 155	-1 185	-1 417	-1 366	-1 286	-1 343	-1 330	-1 235	-5 325
Profit before credit losses	143	764	- 50	123	283	464	- 203	85	96	629
Gains less losses on disposals of tangible and	2			2			- 1	- 3		- 4
intangible assets
Net credit losses	- 37	- 29	- 105	- 59	- 101	- 214	- 219	- 186	- 154	- 720
Operating profit	108	735	- 155	66	182	250	- 423	- 104	- 58	- 95

Estonia

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Q 3	Q4	Q1	Full year
SEK m	2008	2008	2008	2008	2009	2009	2009	2009	2010	2009
Total operating income	328	503	399	301	370	319	343	388	315	1 420
Total operating expenses	- 137	- 215	- 171	- 192	- 202	- 439	- 167	- 267	- 197	-1 075
Profit before credit losses	191	288	228	109	168	- 120	176	121	118	345
Gains less losses on disposals of tangible and						- 1	1
intangible assets
Net credit losses	- 166	- 202	- 60	- 79	- 232	- 454	- 212	- 297	- 151	-1 195
Operating profit	25	86	168	30	- 64	- 575	- 35	- 176	- 33	- 850

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

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Q 3	Q4	Q1	Full year
SEK m	2008	2008	2008	2008	2009	2009	2009	2009	2010	2009
Total operating income	409	388	392	443	467	453	436	313	297	1 669
Total operating expenses	- 176	- 187	- 171	- 200	- 209	- 208	- 168	- 180	- 141	- 765
Profit before credit losses	233	201	221	243	258	245	268	133	156	904
Gains less losses on disposals of tangible and						- 1				- 1
intangible assets
Net credit losses	- 38	- 47	- 170	- 252	- 684	- 917	- 941	- 586	- 574	-3 128
Operating profit	195	154	51	- 9	- 426	- 673	- 673	- 453	- 418	-2 225

Lithuania
	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Q 3	Q4	Q1	Full year
SEK m	2008	2008	2008	2008	2009	2009	2009	2009	2010	2009
Total operating income	597	631	657	595	545	430	393	313	322	1 681
Total operating expenses	- 232	- 264	- 268	- 266	- 265	- 839	- 225	- 292	- 211	-1 621
Profit before credit losses	365	367	389	329	280	- 409	168	21	111	60
Gains less losses on disposals of tangible and				1	2	- 5	2	- 16		- 17
intangible assets
Net credit losses	- 17	- 34	- 137	- 546	- 786	-1 270	-1 489	-1 705	- 706	-5 250
Operating profit	348	333	252	- 216	- 504	-1 684	-1 319	-1 700	- 595	-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	Q 4	Q 1	Q 2	Q 3	Q4	Q1	Full year
SEK m	2008	2008	2008	2008	2009	2009	2009	2009	2010	2009
Total operating income	- 430	539	37	493	626	721	536	545	579	2 428
Total operating expenses	- 57	- 30	- 56	- 603	49	- 407	- 204	- 353	- 275	- 915
Profit before credit losses	- 487	509	- 19	- 110	675	314	332	192	304	1 513
Gains less losses on disposals of tangible and	1	1								26
intangible assets				- 2		30	1	- 5	- 4
Net credit losses	- 2	- 9	- 11	- 197	- 169	- 147	- 253	- 26	- 69	- 595
Operating profit	- 488	501	- 30	- 309	506	197	80	161	231	944

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