SEB — Interim / Quarterly Report 2012

Nov 19, 2012

Interim report January - September 2012

STOCKHOLM 25 OCTOBER 2012

First nine months 2012 – operating profit SEK 11.6bn (12.2)

• Profit before credit losses up 10 per cent to SEK 12.2bn (11.2).
• Operating income SEK 29.2bn (28.4). Operating expenses SEK 16.9bn (17.2).
• Net interest income SEK 13.2bn (12.6), net fee and commission income SEK 9.9bn (10.5) and net financial income SEK 3.6bn (3.0).
• Net credit provisions, SEK 661m, corresponding to a credit loss level of 0.07 per cent in continuing operations.
• Net profit SEK 8.5bn (8.8).
• Return on equity in continuing operations 10.9 per cent (12.7) and earnings per share SEK 4.11 (4.39). Return on equity including discontinued operations 10.3 per cent (11.5) and earnings per share SEK 3.89 (4.00).
• Lending to the public SEK 1,238bn (1,191) up 4 per cent over the last 12 months and deposits from the public unchanged at SEK 812bn (814).
• Core Tier 1 capital ratio 16.5 per cent.
• Liquidity coverage ratio 154 per cent, core liquidity reserve SEK 348bn and total liquid resources SEK 623bn.

Third quarter 2012 – operating profit SEK 3.9bn (3.7)

• Profit before credit losses SEK 4.1bn (3.7).
• Operating income up 5 per cent. Operating expenses up 1 per cent.
• Net profit SEK 2.9bn (2.8).

"We stay committed to a strong balance sheet and targeted profitable growth of our franchise. Even in this subdued economic environment, we continued to attract and support more customers. In combination with the relative robustness of the Nordic region, this has further improved our funding and capital situation."

3.7 4.0 3.9

Annika Falkengren

SEB Interim Report January – September 2012 1

16.5

President's comment

Downside risks continue to dominate the world economy. In the third quarter, the economic outlook for the Euro-zone worsened and the Asian economies slowed down. Since the summer, major central banks have initiated a new round of extensive quantitative easing which has reduced the likelihood of a freeze in credit markets. However, the European banking system faces major challenges in terms of capital, funding, asset quality and growth, in particular as many economies and banks are still in a deleveraging mode.

In addition, the policy measures have taken the banking system into unchartered territory and in countries like Switzerland, Germany and Denmark negative short term rates and bond yields became a reality. The small open Nordic economies have until now shown resilience but will not remain unaffected by global development.

Financial performance reflects strong resilience

Despite the usual third quarter seasonality, operating profit reached SEK 3.9bn and operating income grew by five per cent compared to a year ago. We have continued to focus on our three strategic growth areas: the Nordic and German corporate franchise, Swedish SMEs and long-term savings. We can now leverage these scalable platforms as we have gained 276 new large corporate customers and almost 30,000 new Swedish SME customers since the expansion started in 2010.

SEB's already strengthened balance sheet has improved further. Liquidity reserves amount to 22 per cent of the total assets and all funding maturing in 2012 has been replaced at lower funding costs. The level of net credit losses was 6 basis points and non-performing loans have decreased every quarter since the end of 2009. Capital ratios in all dimensions – old or new regulatory frameworks – have increased since 2009.

Franchise growth in a slower economic environment

In this subdued economic environment, SEB continued to attract more customers and deepen its long-term customer relationships.

In Merchant Banking, the uncertain environment dampened M&A and equity capital market activities. Reduced volatility and signs of slower international trade impacted trading income as well as fee income. Credit demand for bank financing was low, while the corporate appetite for bond market financing increased. As the leading Nordic underwriter, SEB takes an active role in developing the local corporate bond markets.

The impact of the increased uncertainty on the domestic Swedish market has been limited until now. Retail banking business volumes have grown, albeit at a slower pace. SEB's franchise in the retail market consolidated further.

Accessibility has been further enhanced through new remote support for our customers and the number of mobile banking visits has exceeded 20 million during 2012. We serve the smaller SMEs through easily accessible packaged product offerings, while we have adapted the Merchant Banking advisory concept for larger SMEs. All in all, this has been appreciated by customers and SEB was named the Best SME Bank in Sweden.

In our targeted growth area of long-term savings, we now take a more holistic view. The past year's high equity market volatility has led to customers avoiding riskier assets, even when markets recover, favouring deposits and other low-risk investments. Since the start of the year, we have coordinated all savings offerings – deposits, mutual funds, life, structured products etc. – into one business area to improve advice and ease-of-use for customers. Customer volumes within areas as deposits, unit-linked funds, bond funds and private banking have increased.

A strategy built on long-term relationships

Banks play a fundamental role in society. As the Nordic corporate bank, we remain committed to our organic profitable growth strategy based on developing long-term customer relationships. The average quarterly trend of improved cost efficiency and income growth continues. This is the foundation for creating value for shareholders.

For customers, the importance of a customer-centric and financially strong bank increases as the outlook for the real economy gets more uncertain and the regulatory framework is yet to be finalised. Resilience and flexibility remain key guiding principles to us in SEB.

The Group

Third quarter isolated

Operating profit amounted to SEK 3,916m (3,709). Net profit from continuing operations was SEK 3,032m (2,848).

Net profit (after tax), including the net result from discontinued operations, amounted to SEK 2,877m (2,824).

Operating income

Total operating income amounted to SEK 9,681m (9,207). Net interest income increased to SEK 4,466m (4,122).

SEK m	Q3	Q2	Q3
	2012	2012	2011
Customer driven NII	4,006	3,959	3,924
NII from other activities	460	571	198
Total	4,466	4,530	4,122

Customer loans and deposits combined contributed an additional SEK 82m to net interest income compared with the corresponding quarter 2011 as the average loan and deposit volumes were 3 and 10 per cent higher, respectively. Compared to the second quarter 2012, customer driven net interest income increased by SEK 48m while average customer loan and deposit volumes both fell by 1 per cent. Lower short-term rates were offset by higher lending margins.

Net interest income from other activities was up SEK 262m compared with the corresponding quarter 2011 and down SEK 111m from the previous quarter. Funding costs decreased as did margins on the liquidity portfolio. The contribution from trading was SEK 79m lower from the previous quarter; but compared to the third quarter 2011 there was an increase of SEK 6m.

Net fee and commission income decreased to SEK 3,192m (3,489). Commissions and fees from mutual funds decreased partly as average volumes of assets under management were 2 per cent lower compared both to the second quarter and to the corresponding quarter 2011. In addition, during the third quarter customers became more risk adverse and turnover on the Nordic stock exchanges decreased which lowered securities commissions. Finally, on top of normal seasonality, increased macroeconomic uncertainty lowered customer activity within areas such as payments, lending, mergers and acquisitions and new issues compared to both the second quarter and the corresponding quarter 2011.

Net financial income amounted to SEK 1,091m (903). The market values of fixed income securities in the liquidity portfolio increased in the third quarter. Income in the trading operations, which is customer driven, was reduced by low market volatility and risk appetite among customers.

Net life insurance income amounted to SEK 861m (659). The increase from the corresponding period last year was mainly due to higher income from traditional and risk insurance.

Net other income at SEK 71m (34) improved compared to the loss in the second quarter of SEK 11m, due to realised gains from sales of securities.

Comparative numbers in parenthesis refer to the corresponding numbers in the third quarter 2011 unless otherwise indicated.

Operating expenses

Total operating expenses decreased by 2 per cent during the quarter and amounted to SEK 5,580m (5,533). Staff costs decreased by 3 per cent in the quarter due to a combination of seasonality and decreased number of staff. Redundancy costs increased by SEK 79m from the previous quarter to SEK 110m.

Credit losses and provisions

Provisions for credit losses amounted to SEK 186m for the quarter corresponding to a credit loss level of 6 basis points in the continuing operations and 11 basis points including discontinued business, see below (in the third quarter 2011, there was a net reversal of SEK 33m). The provisions for credit losses for the Group, excluding the Baltic region, decreased and equaled a credit loss level of 4 basis points in the quarter. The provisions in the Baltic region decreased during the quarter and corresponded to a credit loss level of 26 basis points in the quarter.

Non-performing loans in the Group, excluding the Baltic region, fell by 14 per cent in the quarter reflecting continued strong asset quality. In the Baltic region non-performing loans fell by 9 per cent as loans continued to be written off against the reserves.

Individually assessed impaired loans decreased by SEK 1,334m to SEK 8,463m during the quarter.

The Group's portfolio assessed loans past due >60 days decreased by SEK 386m during the quarter to SEK 5,678m.

Discontinued operations

The net result from discontinued operations, was SEK -155m (-24). The main reason for the decline was a provision for credit losses in the amount of SEK 180m. It related to a syndicated loan to the Bell Group Ltd, now in liquidation, that dated back to 1986; before SEB's acquisition of BfG Bank in 1999. The consortium of 20 banks was sued by the liquidators for the value of collateral granted in 1990. The consortium is planning an appeal process at the High Court in Australia.

The Swedish krona strengthened. The EUR rate was 4 per cent lower than at the end of the second quarter and 9 per cent lower than at 30 September 2011. The impact from the foreign exchange rate fluctuations on the income statement was:

	Q3-12	Q3-12	Jan - Sep 2012
SEK m	vs. Q3-11	vs. Q2-12	vs. Jan-Sep 2011
Total income	- 222	- 181	- 162
Total expenses	127	101	98
Net credit losses	5	5	4
Operating profit	- 90	- 75	- 60

The first nine months

Operating profit for the first nine months amounted to SEK 11,576m (12,180). Profit before credit losses increased with 10 per cent to SEK 12,238m (11,159). Net profit from continuing operations was SEK 9,035m (9,665).

Net profit (after tax), including the net result from discontinued operations, was SEK 8,548m (8,810).

Operating income

Total operating income amounted to SEK 29,186m (28,352), an increase of 3 per cent compared to the first nine months 2011.

Net interest income amounted to SEK 13,177m (12,583).

SEK m	Jan-Sep	Jan-Sep	Change
	2012	2011	%
Customer driven NII	11,867	11,107	7
NII from other activities	1,310	1,476	-11
Total	13,177	12,583	5

Customer loans and deposits combined contributed an additional SEK 760m to net interest income compared with the first nine months 2011 as the average loan and deposit volumes were 6 and 15 per cent higher, respectively. The positive contribution from the volumes was somewhat reduced by lower customer deposit margins as short-term interest rates fell.

Net interest income from other activities was SEK 166m lower compared with the first nine months 2011. The decrease related primarily to increased volumes of long-term funding and the effect from strengthening the asset quality in the liquidity portfolio which has been upgraded with higher quality bonds. During 2012, SEB's credit spreads as an issuer tightened which reduced funding costs.

Net fee and commission income amounted to SEK 9,905m (10,538). Commissions and fees from mutual funds decreased primarily because the average volumes of assets under management were 4 per cent lower compared to the corresponding period of 2011. Turnover on the Nordic stock exchanges was low which affected commission income. Less customer activity in the current macroeconomic environment also lowered the fee and commission income compared to corresponding nine months 2011, within the areas of lending, mergers and acquisitions and new issues. There was an offsetting effect from strong card fees driven by high customer activity and new and renewed contracts.

Net financial income amounted to SEK 3,597m (2,959). During the first nine months 2011 there was a market valuation loss on the GIIPS-portfolio in the amount of SEK 399m. Income in the trading operations, which is customer driven, as well as in the other business areas, continued to display a high level of stability.

Net life insurance income increased by 18 per cent to SEK 2,597m (2,205). Around half of the increase stemmed from higher investment returns in the traditional portfolios. The other half from improved unit-linked income related to the acquisition of SEB Life (formerly Irish Life) International.

Net other income was negative at SEK -90m for the period compared to an income of SEK 67m for the corresponding period last year. Improved outcome in the fair value adjustment in hedge accounting was offset by decreased realised gains on securities sales and lower dividend income this year.

Operating expenses

Total operating expenses decreased by 1 per cent to SEK 16,948m. Other expenses, mainly IT and consultant costs, decreased 11 per cent compared to the corresponding ninemonth period last year. This was partially offset by a 2 per cent increase in staff costs.

Credit losses and provisions

Provisions for credit losses amounted to SEK 661m corresponding to a credit loss level of 7 basis points in the continuing operations. In the corresponding period 2011 there was a reversal of SEK 1,018m. The provisions for credit losses for the Group, excluding the Baltic region, equaled a credit loss level of 5 basis points. The provisions in the Baltic region equaled a credit loss level of 25 basis points.

Non-performing loans in the Group, excluding the Baltic region, fell by 24 per cent during the first nine months of 2012 reflecting the continued strong asset quality as well as an effect from selling the Ukrainian retail operations. In the Baltic region non-performing loans fell by 17 per cent as loans continue to be written off against reserves.

Individually assessed impaired loans decreased by SEK 2,627m to SEK 8,463m since year-end 2011.

The Group's portfolio assessed loans past due >60 days decreased by SEK 805m since year-end 2011 to SEK 5,678m.

The total reserve ratio for individually assessed impaired loans and the total non-performing loans coverage ratio at 74 and 67 per cent, respectively, increased somewhat from yearend.

Income tax expense

Total income tax expense amounted to SEK 2,541m (2,515) corresponding to an effective tax rate of 22 per cent (21).

Discontinued operations

The net result from the discontinued operations improved to a loss of SEK 487m (855m). The divestment of both the German and Ukrainian retail operations were finalised during 2012. Further closing work will be performed through 2013.

Business volumes

Total assets as at 30 September 2012 amounted to SEK 2,402bn. One year ago, total assets amounted to SEK 2,359bn and they were SEK 2,363bn at year-end 2011. Loans to the public increased to SEK 1,238bn, up SEK 47bn from a year ago and SEK 52bn from year-end. Deposits from the public amounted to SEK 812bn, down SEK 2bn from a year ago and down SEK 50bn from year-end. Deposit volumes were temporarily increased during the uncertain times around yearend 2011.

SEB's total credit portfolio increased to SEK 1,735bn (1,711). The household volumes increased by SEK 40bn. The combined corporate and property management portfolios grew by SEK 18bn.

At 30 September 2012, assets under management amounted to SEK 1,271bn (1,241). This was at par with the SEK 1,261bn year-end level. The net inflow of assets during the first nine months 2012 was SEK 22bn which was partially offset by a decrease in value of SEK 12bn. Assets under custody amounted to SEK 4,788bn (4,321), which was an increase from SEK 4,490bn at year-end.

Fixed-income securities

SEB's net position in fixed-income securities for investment, treasury and client facilitation purposes amounted to SEK 240bn (259).

Five per cent of the total holdings, SEK 11.3bn, was GIIPSrelated (16). Of this, sovereign debt holdings amounted to SEK 0.3bn (sovereign debt is all related to Italy) and SEK 7.5bn, or 66 per cent, refer to Spanish covered bonds.

Of the total GIIPS holdings SEK 7.5bn were classified as Available-for-sale. Accumulated negative valuations for these holdings reduced book equity by SEK 1.3bn. SEK 0.6bn were classified as Held-for-trading for which valuations are reflected in Net financial income. The remaining SEK 3.2bn were classified as Loans and receivables.

Market risk

The trading business is customer flow-driven. This is confirmed by the fact that there were only two loss-making days during the first nine months of the year.

During the first nine months 2012, Value-at-Risk in the trading operations averaged SEK 167m. On average, the Group should not expect to lose more than this amount during a ten-day period, with 99 per cent probability.

Liquidity and long-term funding

SEB's loan-to-deposit ratio was 138 per cent (134), excluding repos and debt instruments. So far, SEK 84bn of new longterm funding was issued, exceeding the SEK 70bn of longterm debt that will mature this year.

The core liquidity reserve at 30 September amounted to SEK 348bn (308). The total liquid resources, including net trading assets and unutilised collateral in the cover pool, amounted to SEK 623bn (535). The Group's estimate of the Liquidity Coverage Ratio (LCR), which is proposed to be included in the Swedish Basel III implementation from 2013, amounted to 154 per cent at quarter-end (95 at year-end). The USD and EUR LCR were both above 100 per cent.

Capital position

As the regulatory capital framework continue to be developing within the Basel committee, EU and Sweden, SEB maintains a holistic view on its capital situation.

The Basel II ratios were:

	Sep 2012	Dec 2011
Core tier 1 capital ratio, %	16.5	13.7
Tier 1 capital ratio, %	18.9	15.9
RWA, SEK bn	591	679
Adjusted for supervisory transitional rules:
Core tier 1 capital ratio, %	11.3	11.2
Tier 1 capital ratio, %	12.9	13.0
RWA, SEK bn	860	828

During 2012, SEB's applications for using advanced internal ratings based (IRB) models to calculate non-retail real estate and shipping risk-weighted assets were approved by the Swedish Financial Supervisory Authority. This resulted in a SEK 42bn and SEK 19bn decrease of RWA, respectively. The approvals constitute an independent recognition that SEB's risk assessment is a more precise measurement of underlying risks as SEB-internal specific and validated, rather than generic, risk parameters were used to calculate risk-weighted assets. The stronger Swedish krona resulted in a decrease of RWA of SEK 15bn since year-end.

During the third quarter, SEB called its outstanding dated subordinated debt issue in the amount of EUR 500m. A new issue of dated subordinated debt in the amount of EUR 750m was made in order to fulfill the future Tier 2 capital need. The net effect was an increase of the capital base of SEK 2bn.

Rating

SEB's long-term senior unsecured ratings are 'A1' (stable) 'A+' (stable) and 'A+' (stable) by Moody's, Standard & Poor's and Fitch, respectively.

Risks and uncertainties

The macroeconomic environment is the major driver of risk to the Group's earnings and financial stability. In particular, it affects the asset quality and thereby the credit risk of the Group. The medium-term outlook for the global economy is characterised by uncertainty – while Nordic economies until now have been relatively robust. The policy measures globally to limit the risk of severe shocks to the real economy, have created more stability to the financial system. However, a marked slowdown of economic growth cannot be ruled out.

SEB assumes market, liquidity, operational and life insurance risks. The risk composition of the Group, as well as the related risk management, is further described in SEB's Annual Report.

The Swedish tailoring and earlier implementation of the international Basel III regulatory framework in relation to capital, liquidity and funding standards could have long-term effects on asset and liability management and profitability of the banking sector.

Proposed reduction of Swedish corporate tax

The Swedish government has proposed a reduction of the corporate tax rate from 26.3 per cent to 22 per cent from

If the proposal is implemented, the Group's effective tax rate next year will be approximately 20 per cent. Deferred tax assets and deferred tax liabilities related to Swedish income tax will then be revalued at 22 per cent, which is expected to have a positive one-off effect in the fourth quarter at just above SEK 1bn.

The government has also proposed that deductibility for interest payments within a group shall be limited. This potential rule change is not expected to affect the Group's tax expense.

Effects from future changes to accounting for pensions

The amendments to IAS 19, Employee Benefits, regarding defined benefits plans, were adopted by EU in June this year.

If the amendments would have been implemented as per 30 September 2012, the negative effect on equity would have been approximately SEK 6.7bn. The effect before tax would

Stockholm, 25 October 2012

The President declares that the Interim Accounts for January-September 2012 provide a fair overview of the Parent Company's and the Group's operations, their financial position and results and describe material risks and uncertainties facing the Parent Company and the Group.

Annika Falkengren

President and Chief Executive Officer

Press conference and webcasts

The press conference at 9.00 (CEST) on 25 October 2012 at Kungsträdgårdsgatan 8 with President and 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

The telephone conference at 15.30 (CEST) on 25 October 2012 with the President and CEO Annika Falkengren and the CFO Jan Erik Back can be accessed by telephone, +44(0)20 7162 0125. Please quote conference id: 923495, not later than 10 minutes in advance. A replay of the conference call will be available on www.sebgroup.com/ir.

Financial information calendar

31 January 2013	Annual accounts 2012
28 February 2013	Annual report on www.sebgroup.com
21 March 2013	Annual general meeting
23 April 2013	Interim report Jan-Mar 2013
15 July 2013	Interim report Jan-Jun 2013
24 October 2013	Interim report Jan-Sep 2013

have been approximately SEK 9.1bn. The amounts are based on updated assumptions for the pension obligation and current values for the plan assets.

The treatment in terms of capital adequacy is not yet determined.

Realignment of management accounting 2012

During the year SEB has continued to align the framework for capital and liquidity management in order to be compliant with the upcoming Basel III regulation for capital, liquidity and funding expected to be implemented in Sweden during 2013. SEK 16bn more capital was allocated to the divisions from the central function during the first quarter 2012. In addition, internal funds transfer prices have been adjusted to more fully reflect the cost of funding and buffers of liquidity required going forward. As a result, divisional lending margins on loans to customers are lower compared to 2011, all else equal. Further refinements are likely during the remainder of 2012.

Further information is available from Jan Erik Back, Chief Financial Officer Tel: +46 8 22 19 00 Ulf Grunnesjö, Head of Investor Relations Tel: +46 8 763 85 01, +46 70 763 85 01 Viveka Hirdman-Ryrberg, Head of Corporate Communications Tel: +46 8 763 85 77, +46 70 550 35 00

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

Additional financial information is also available in SEB's Fact Book which is published quarterly on www.sebgroup.com/ir

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, the Supplementary accounting rules for groups (RFR 1) from the Swedish Financial Reporting Board have been applied. The

Parent company has prepared its accounts in accordance with Swedish Annual Act for Credit Institutions and Securities Companies, the Swedish Financial Supervisory Authority's regulations and general guidelines (FFFS 2008:25) on annual reports in credit institutions and securities companies and the supplementary accounting rules for legal entities (RFR 2) issued by the Swedish Financial Reporting Board.

In all material aspects, the Group's and the Parent company's accounting policies, basis for calculations and presentations are unchanged in comparison with the 2011 Annual Report.

Review report

We have reviewed this report for the period 1 January 2012 to 30 September 2012 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 Accounts 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 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 International Standards on Auditing, ISA, 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 Accounts Act for Credit institutions and Securities Companies regarding the Group, and with the Swedish Annual Accounts Act for Credit institutions and Securities Companies, regarding the Parent Company.

Stockholm, 25 October 2012

PricewaterhouseCoopers AB

Partner in charge

Peter Nyllinge Magnus Svensson Henryson Authorised Public Accountant Authorised Public Accountant

The SEB Group

Income statement – SEB Group

	Q3	Q2		Q3		Jan - Sep		Full year
SEK m	2012	2012	%	2011	%	2012	2011	%	2011
Net interest income	4 466	4 530	-1	4 122	8	13 177	12 583	5	16 901
Net fee and commission income	3 192	3 449	-7	3 489	-9	9 905	10 538	-6	14 175
Net financial income	1 091	1 127	-3	903	21	3 597	2 959	22	3 548
Net life insurance income	861	821	5	659	31	2 597	2 205	18	3 197
Net other income	71	- 11		34	109	- 90	67		- 135
Total operating income	9 681	9 916	-2	9 207	5	29 186	28 352	3	37 686
Staff costs	-3 543	-3 642	-3	-3 393	4	-10 744	-10 510	2	-13 933
Other expenses	-1 573	-1 590	-1	-1 705	-8	-4 816	-5 394	-11	-7 424
Depreciation, amortisation and impairment of
tangible and intangible assets	- 464	- 460	1	- 435	7	-1 388	-1 289	8	-1 764
Total operating expenses	-5 580	-5 692	-2	-5 533	1	-16 948	-17 193	-1	-23 121
Profit before credit losses	4 101	4 224	-3	3 674	12	12 238	11 159	10	14 565
Gains less losses from disposals of tangible and
intangible assets	1	- 4	-125	2	-50	- 1	3	-133	2
Net credit losses	- 186	- 269	-31	33		- 661	1 018	-165	778
Operating profit	3 916	3 951	-1	3 709	6	11 576	12 180	-5	15 345
Income tax expense	- 884	- 849	4	- 861	3	-2 541	-2 515	1	-3 046
Net profit from continuing operations	3 032	3 102	-2	2 848	6	9 035	9 665	-7	12 299
Discontinued operations	- 155	- 86	80	- 24		- 487	- 855	-43	-1 155
Net profit	2 877	3 016	- 5	2 824	2	8 548	8 810	- 3	11 144
Attributable to minority interests	4	6	-33	7	-43	15	27	-44	37
Attributable to shareholders	2 873	3 010	-5	2 817	2	8 533	8 783	-3	11 107
Continuing operations
Basic earnings per share, SEK	1.38	1.41		1.29		4.11	4.39		5.59
Diluted earnings per share, SEK	1.38	1.41		1.29		4.10	4.39		5.56
Total operations
Basic earnings per share, SEK	1.31	1.37		1.28		3.89	4.00		5.06
Diluted earnings per share, SEK	1.31	1.37		1.28		3.88	4.00		5.04

Statement of comprehensive income

	Q3	Q2		Q3			Jan - Sep		Full year
SEK m	2012	2012	%	2011	%	2012	2011	%	2011
Net profit	2 877	3 016	-5	2 824	2	8 548	8 810	-3	11 144
Available-for-sale financial assets	376	- 66		322	17	735	519	42	722
Cash flow hedges	687	329	109	1 302	-47	429	1 326	-68	1 529
Translation of foreign operations	- 494	- 79		44		- 631	297		- 140
Taxes on translation effects	- 347	- 15		123		- 450	287		- 76
Other				- 216	-100		- 277	-100	- 454
Other comprehensive income (net of tax)	222	169	31	1 575	-86	83	2 152	- 96	1 581
Total comprehensive income	3 099	3 185	- 3	4 399	-30	8 631	10 962	- 21	12 725
Attributable to minority interests	- 3	5	-160	8	-138	13	28	-54	36
Attributable to shareholders	3 102	3 180	-2	4 391	-29	8 618	10 934	-21	12 689

Key figures – SEB Group

	Q3	Q2	Q3	Jan - Sep		Full year
	2012	2012	2011	2012	2011	2011
Continuing operations
Return on equity, continuing operations, %	10.82	11.33	10.86	10.90	12.65	11.89
Basic earnings per share, continuing operations, SEK	1.38	1.41	1.29	4.11	4.39	5.59
Diluted earnings per share, continuing operations, SEK	1.38	1.41	1.29	4.10	4.39	5.56
Cost/income ratio, continuing operations	0.58	0.57	0.60	0.58	0.61	0.61
Number of full time equivalents, continuing operations*	16,415	16,747	16,790	16,663	16,672	16,704
Total operations
Return on equity, %	10.26	11.01	10.77	10.31	11.53	10.77
Return on total assets, %	0.48	0.50	0.50	0.48	0.54	0.50
Return on risk-weighted assets, %	1.33	1.41	1.40	1.34	1.46	1.39
Basic earnings per share, SEK	1.31	1.37	1.28	3.89	4.00	5.06
Weighted average number of shares, millions**	2,192	2,192	2,194	2,191	2,194	2,194
Diluted earnings per share, SEK	1.31	1.37	1.28	3.88	4.00	5.04
Weighted average number of diluted shares, millions***	2,198	2,196	2,205	2,199	2,205	2,204
Net worth per share, SEK	57.85	56.50	53.81	57.85	53.81	54.92
Average shareholders' equity, SEK, billion	111.9	109.3	104.6	110.4	101.6	103.1
Credit loss level, %	0.11	0.08	-0.01	0.08	-0.13	-0.08
Total reserve ratio individually assessed impaired loans, %	74.2	71.3	68.6	74.2	68.6	71.1
Net level of impaired loans, %	0.30	0.34	0.43	0.30	0.43	0.39
Gross level of impaired loans, %	0.62	0.71	0.90	0.62	0.90	0.84
Capital adequacy including transitional floor :****
Risk-weighted assets, SEK billion	860	867	827	860	827	828
Core Tier 1 capital ratio, %	11.33	11.12	11.25	11.33	11.25	11.25
Tier 1 capital ratio, %	12.94	12.79	13.06	12.94	13.06	13.01
Total capital ratio, %	12.74	12.31	12.77	12.74	12.77	12.50
Capital adequacy without transitional floor (Basel II):
Risk-weighted assets, SEK billion	591	632	667	591	667	679
Core Tier 1 capital ratio, %	16.51	15.25	13.94	16.51	13.94	13.71
Tier 1 capital ratio, %	18.85	17.54	16.18	18.85	16.18	15.87
Total capital ratio, %	18.56	16.88	15.83	18.56	15.83	15.24
Number of full time equivalents*	16,480	16,813	17,620	17,105	17,657	17,633
Assets under custody, SEK billion	4,788	4,989	4,321	4,788	4,321	4,490
Assets under management, SEK billion	1,271	1,261	1,241	1,271	1,241	1,261
Discontinued operations
Basic earnings per share, discontinued operations, SEK	-0.07	-0.04	-0.01	-0.22	-0.39	-0.53
Diluted earnings per share, discontinued operations, SEK	-0.07	-0.04	-0.01	-0.22	-0.39	-0.52

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

** The number of issued shares was 2,194,171,802. SEB owned 2,344,366 Class A shares for the employee stock option programme at year end

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

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

In SEB's Fact Book, this table is available with eight quarters history.

Income statement on quarterly basis - SEB Group

	Q3	Q2	Q1	Q4	Q3
SEK m	2012	2012	2012	2011	2011
Net interest income	4 466	4 530	4 181	4 318	4 122
Net fee and commission income	3 192	3 449	3 264	3 637	3 489
Net financial income	1 091	1 127	1 379	589	903
Net life insurance income	861	821	915	992	659
Net other income	71	- 11	- 150	- 202	34
Total operating income	9 681	9 916	9 589	9 334	9 207
Staff costs	-3 543	-3 642	-3 559	-3 423	-3 393
Other expenses	-1 573	-1 590	-1 653	-2 030	-1 705
Depreciation, amortisation and impairment of tangible and
intangible assets	- 464	- 460	- 464	- 475	- 435
Total operating expenses	-5 580	-5 692	-5 676	-5 928	-5 533
Profit before credit losses	4 101	4 224	3 913	3 406	3 674
Gains less losses from disposals of tangible and intangible
assets	1	- 4	2	- 1	2
Net credit losses	- 186	- 269	- 206	- 240	33
Operating profit	3 916	3 951	3 709	3 165	3 709
Income tax expense	- 884	- 849	- 808	- 531	- 861
Net profit from continuing operations	3 032	3 102	2 901	2 634	2 848
Discontinued operations	- 155	- 86	- 246	- 300	- 24
Net profit	2 877	3 016	2 655	2 334	2 824
Attributable to minority interests	4	6	5	10	7
Attributable to shareholders	2 873	3 010	2 650	2 324	2 817
Continuing operations
Basic earnings per share, SEK	1.38	1.41	1.32	1.20	1.29
Diluted earnings per share, SEK	1.38	1.41	1.32	1.20	1.29
Total operations
Basic earnings per share, SEK	1.31	1.37	1.21	1.06	1.28
Diluted earnings per share, SEK	1.31	1.37	1.21	1.06	1.28

Income statement by Division – SEB Group

	Merchant	Retail	Wealth			Other incl
Jan-Sep 2012, SEK m	Banking	Banking	Management	Life*	Baltic	eliminations	SEB Group
Net interest income	5 531	5 203	510	- 68	1 373	628	13 177
Net fee and commission income	3 790	2 322	2 431		676	686	9 905
Net financial income	2 846	233	86		324	108	3 597
Net life insurance income				3 558		- 961	2 597
Net other income	308	53	27		- 12	- 466	- 90
Total operating income	12 475	7 811	3 054	3 490	2 361	- 5	29 186
Staff costs	-2 987	-2 119	-1 020	- 909	- 508	-3 201	-10 744
Other expenses	-3 399	-2 355	-1 067	- 409	- 759	3 173	-4 816
Depreciation, amortisation and impairment of
tangible and intangible assets	- 123	- 66	- 32	- 681	- 96	- 390	-1 388
Total operating expenses	-6 509	-4 540	-2 119	-1 999	-1 363	- 418	-16 948
Profit before credit losses	5 966	3 271	935	1 491	998	- 423	12 238
Gains less losses from disposals of tangible and
intangible assets	- 6				8	- 3	- 1
Net credit losses	- 128	- 334	1		- 202	2	- 661
Operating profit	5 832	2 937	936	1 491	804	- 424	11 576

* Business result in Life amounted to SEK 2,047 (2,163), of which change in surplus values was net SEK 556m (789).

SEB's markets

As the Relationship bank, SEB offers universal financial advice and a wide range of financial services in Sweden and the Baltic countries. In Denmark, Finland, Norway and Germany, the bank's operations have a strong focus on corporate and investment banking based on a full-service offering to corporate and institutional clients. In addition, SEB serves corporate and institutional customers through its international network.

Profit per country
Distribution by country Jan - Sep											Operating profit
		Total operating income			Total operating expenses			Operating profit			in local currency
SEK m	2012	2011	%	2012	2011	%	2012	2011	%	2012	2011	%
Sweden	16 602	16 848	- 1	-10 578	-11 500	- 8	5 737	5 128	12	5 737	5 128	12
Norway	2 464	2 094	18	-1 028	- 846	22	1 374	1 180	16	1 182	1 023	16
Denmark	2 255	2 137	6	-1 068	-1 128	- 5	1 144	955	20	974	790	23
Finland	1 072	1 006	7	- 472	- 478	- 1	596	524	14	68	58	17
Germany*	2 238	2 402	- 7	-1 369	-1 439	- 5	841	928	- 9	96	103	- 7
Estonia**	905	885	2	- 405	- 443	- 9	515	648	- 21	59	72	- 18
Latvia**	768	741	4	- 386	- 366	5	188	763	- 75	15	60	- 75
Lithuania**	1 059	1 054	0	- 640	- 645	- 1	404	1 270	- 68	160	487	- 67
Other countries and eliminations	1 823	1 185	54	-1 002	- 348	188	777	784	- 1
Total	29 186	28 352	3	-16 948	-17 193	- 1	11 576	12 180	- 5

*Excluding centralised Treasury operations

**Profit before credit losses increased in Estonia by 13 per cent and in Lithuania and Latvia by 2 per cent.

• SEB's strong franchise was further recognised as Finansbarometern named SEB best SME bank in Sweden
• Operating profit increased in all Nordic countries
• Improved profit before credit losses in the three Baltic countries

Comments on the first nine months

In Sweden the operating profit increased with 12 per cent compared to the first nine months last year. SEB kept its strong market position within lending and deposit volumes. The net interest income level was unchanged year-on-year despite a lower interest rate environment. Business volumes increased, mainly in the retail segment, and funding costs were lower. SEB was the leading underwriter of corporate bonds in the overall Nordic market. Costs decreased in line with increased operational efficiency. SEB was appointed SME bank of the year in Sweden by Finansbarometern.

In Norway, 2012 started with a strong increase in activity and income level and operating profit in local currency increased by 16 per cent. The third quarter activity was high. There were a high number of corporate bond issues and SEB was involved in many of the transactions. A strong position in the oil- and offshore-sector contributed to optimism in related business areas.

In Denmark, strong results within cards, life and the trading related activities contributed to an increase in operating profit in local currency of 23 per cent compared to last year.

In Finland, operating profit in local currency increased compared to the previous year by 17 per cent. Trading and Capital Markets and in particular Structured Finance continued the positive trend.

In Germany, operating profit in local currency fell by 7 per cent. The Wealth Management result was weak partially due to redundancy costs. The Merchant Banking result was in line with 2011.

In Estonia, profit before credit losses for the nine months compared to last year increased by 13 per cent. In Latvia and Lithuania the corresponding increase was 2 per cent, respectively. In all countries significant credit provisions were released in 2011. (See also the information on the Baltic division).

Merchant Banking

The Merchant Banking division offers commercial and investment banking services to large corporate and institutional clients, mainly in the Nordic region and Germany. Customers are also served through an extensive international presence.

Income statement

	Q3	Q2		Q3		Jan- Sep			Full year
SEK m	2012	2012	%	2011		2012	2011	%	2011
Net interest income	1 752	1 880	- 7	1 883	- 7	5 531	5 500	1	7 533
Net fee and commission income	1 200	1 351	- 11	1 371	- 12	3 790	3 972	- 5	5 378
Net financial income	786	1 074	- 27	1 016	- 23	2 846	3 096	- 8	4 000
Net other income	127	70	81	211	- 40	308	381	- 19	618
Total operating income	3 865	4 375	- 12	4 481	- 14	12 475	12 949	- 4	17 529
Staff costs	- 961	- 996	- 4	- 983	- 2	-2 987	-3 043	- 2	-3 915
Other expenses	-1 114	-1 143	- 3	-1 150	- 3	-3 399	-3 626	- 6	-4 841
Depreciation, amortisation and impairment of
tangible and intangible assets	- 42	- 40	5	- 46	- 9	- 123	- 147	- 16	- 227
Total operating expenses	-2 117	-2 179	- 3	-2 179	- 3	-6 509	-6 816	- 5	-8 983
Profit before credit losses	1 748	2 196	- 20	2 302	- 24	5 966	6 133	- 3	8 546
Gains less losses from disposals of tangible and
intangible assets		- 6	- 100			- 6			- 1
Net credit losses	- 17	- 30	- 43	- 53	- 68	- 128	- 137	- 7	- 224
Operating profit	1 731	2 160	-20	2 249	- 23	5 832	5 996	- 3	8 321
Cost/Income ratio	0.55	0.50		0.49		0.52	0.53		0.51
Business equity, SEK bn	37.3	37.5		27.6		37.4	26.6		26.7
Return on business equity, %	13.8	17.1		23.5		15.4	21.7		22.4
Number of full time equivalents	2 512	2 508		2 503		2 512	2 490		2 493

The responsibility for the Ukrainian bank was moved to Merchant Banking during the third quarter – thus the increased number of FTEs.

• Continued inflow of new customers stemming from the strategic investments

• Slowdown in customer activity in the current economic environment lowered operating income
• Asset quality remained resilient

Comments on the first nine months

The third quarter showed a typical seasonal slowdown in customer activity across all business areas. The uncertainty in the Euro-zone continued and the focus on the Nordic region as a safe haven increased. SEB's position of strength continued to improve and SEB attracted more customers and business proposals in all geographies.

Operating income for the first nine months decreased by 4 per cent compared with 2011 reflecting lower customer activity. Operating expenses decreased by 5 per cent compared with 2011 as a result of the continued focus on efficiency and the lower activity level. The scalable platforms in Germany and the Nordic region provided room for additional efficiency. Operating profit amounted to SEK 5,832m, a 3 per cent decrease year-on-year. Asset quality remained strong.

Corporate Banking continued the stable performance in the third quarter even though both M&A and Equity Capital Market activities remained at low levels. Corporate lending volumes in SEK decreased for the first quarter since 2009 and the trend towards more bond issuance continued. SEB was the leading underwriter of corporate bonds in Norway and

Sweden and brought a number of Nordic issuers to the euromarket.

Global Transaction Services was active in all segments, though the lower interest rate levels pressured net interest income. Assets under custody were SEK 4,788bn (4,490 at year-end 2011 and 4,989 at the end of the second quarter). Trading and Capital Markets continued to show earnings stability stemming from its flow-oriented focus, however, the seasonal slowdown affected customer activity. Capital Markets improved within debt capital markets in line with the increased activities in the bond markets. Earnings from SEB Enskilda Equities traditional activities were under pressure despite the fact that it is one of the leading franchises across the Nordic and Baltic exchanges.

The strategic growth investments in the Nordic region and Germany continued to progress and in total 276 new customers have established relationships with the Bank since 2010 when the growth initiative was initiated. The increased diversification of both geographies and customers enhanced SEB's stable business mix.

Retail Banking

The Retail Banking division offers banking and advisory services to private individuals and small and medium-sized corporate customers in Sweden, as well as card services in the Nordic countries.

Income statement

	Q3	Q2		Q3		Jan- Sep			Full year
SEK m	2012	2012	%	2011		2012	2011	%	2011
Net interest income	1 770	1 759	1	1 497	18	5 203	4 282	22	5 846
Net fee and commission income	759	801	- 5	740	3	2 322	2 350	- 1	3 175
Net financial income	72	90	- 20	74	- 3	233	221	5	302
Net other income	20	20	0	23	- 13	53	77	- 31	96
Total operating income	2 621	2 670	- 2	2 334	12	7 811	6 930	13	9 419
Staff costs	- 700	- 716	- 2	- 658	6	-2 119	-2 020	5	-2 694
Other expenses	- 764	- 797	- 4	- 868	- 12	-2 355	-2 690	- 12	-3 568
Depreciation, amortisation and impairment of
tangible and intangible assets	- 25	- 21	19	- 20	25	- 66	- 58	14	- 79
Total operating expenses	-1 489	-1 534	- 3	-1 546	- 4	-4 540	-4 768	- 5	-6 341
Profit before credit losses	1 132	1 136	0	788	44	3 271	2 162	51	3 078
Gains less losses from disposals of tangible and
intangible assets
Net credit losses	- 99	- 133	- 26	- 111	- 11	- 334	- 293	14	- 476
Operating profit	1 033	1 003	3	677	53	2 937	1 869	57	2 602
Cost/Income ratio	0.57	0.57		0.66		0.58	0.69		0.67
Business equity, SEK bn	13.9	13.9		10.2		13.9	10.1		10.2
Return on business equity, %	22.0	21.4		19.6		20.8	18.3		18.9
Number of full time equivalents	3 517	3 688		3 521		3 599	3 530		3 532

• Household customers continued to increase lending and deposit volumes with SEB

• SEB was named best SME bank in Sweden and strengthened its franchise with 6,500 new customers during 2012
• 57 per cent increase in operating profit

Comments on the first nine months

The positive development in the Retail division continued also in the prolonged unstable European economic market conditions.

The divisional operating profit showed significant strength and operating income increased by 13 per cent compared to the first nine months of 2011. The efficiency focus led to a decrease of operating expenses by 5 per cent.

In Retail Sweden, there was a 23 per cent increase in net interest income compared to the first nine months of 2011. Net credit losses increased slightly but the asset quality continued to strengthen both from improvements in the existing portfolio and in new business volumes.

Key business volumes increased. The small and mediumsized enterprise (SME) lending within Retail Sweden grew by 9 per cent to reach SEK 124bn. The volume of household mortgages grew by SEK 25bn year-to-date to SEK 339bn. The customer deposits grew by SEK 14bn year-to-date to SEK 210bn. However, the current stock market uncertainty put further pressure on the attractiveness of savings products such as equities, mutual funds and structured products. This contributed to a negative trend for savings commissions.

As part of SEB's relationship banking model, new features were launched to enhance remote support for our customers, such as ATM search functions and support for savings planning. The number of visits to our mobile banking application reached approximately 2.9 million in September. There was a solid inflow of home bank customers, reaching 432,500. The growth in the SME segment continued. 6,500 new active payment service customers were added during the first nine months to reach a total of 128,000.

The Card business had a strong third quarter with an operating profit of SEK 300m and a record 9-month result of SEK 832m, 14 per cent higher than last year. The main drivers are increased turnover and lower funding costs in Norway, Denmark and Finland. Customer activity remained high; there were several new and renewed corporate contracts as well as a positive development of the co-brand portfolio. Costs are slightly up due to the implementation of a new co-brand agreement in Norway. Underlying costs and credit losses were stable.

Wealth Management

The Wealth Management division offers a full spectrum of asset management and advisory services, including a Nordic private banking offering, to institutions and high net-worth individuals.

Income statement

	Q3	Q2		Q3		Jan- Sep
SEK m	2012	2012	%	2011		2012	2011	%	2011
Net interest income	160	179	- 11	166	- 4	510	469	9	636
Net fee and commission income	774	858	- 10	849	- 9	2 431	2 708	- 10	3 717
Net financial income	36	23	57	33	9	86	70	23	87
Net other income	- 7	32	- 122	- 21	- 67	27	7		7
Total operating income	963	1 092	- 12	1 027	- 6	3 054	3 254	- 6	4 447
Staff costs	- 349	- 347	1	- 317	10	-1 020	-1 050	- 3	-1 406
Other expenses	- 340	- 372	- 9	- 356	- 4	-1 067	-1 112	- 4	-1 502
Depreciation, amortisation and impairment of
tangible and intangible assets	- 10	- 11	- 9	- 10	0	- 32	- 32	0	- 49
Total operating expenses	- 699	- 730	- 4	- 683	2	-2 119	-2 194	- 3	-2 957
Profit before credit losses	264	362	- 27	344	- 23	935	1 060	- 12	1 490
Gains less losses from disposals of tangible and intangible assets
Net credit losses	- 1	1	- 200	- 5	- 80	1	- 7	- 114	- 9
Operating profit	263	363	- 28	339	- 22	936	1 053	- 11	1 481
Cost/Income ratio	0.73	0.67		0.67		0.69	0.67		0.66
Business equity, SEK bn	5.8	6.1		5.0		6.0	5.0		5.0
Return on business equity, %	13.5	17.6		19.5		15.4	20.2		21.3
Number of full time equivalents	964	1 001		1 002		996	1 010		1 006

• Lower operating profit due to lower average asset value and lower performance and transaction fees

• Continued strong confidence from Private Banking customers: net new AuM SEK 18bn and 775 new clients

• Private Banking opened a new branch office in London

Comments on the first nine months

After an uncertain first half year in the equity market the third quarter has developed somewhat more positively and at the end of the period, the equity market was at the same level as one year ago. Risk appetite and customer activity in equity related products were however still low due to the uncertainty in the stock markets.

Within Institutional Clients, products offering alternatives to the stock exchange market were still in focus. Within the fund offering, products such as corporate bonds with short duration and interest rate funds gained ground.

With a continued uncertain equity market Private Banking focused on maintaining a high level of proactivity towards clients. In the first nine months of the year, Private Banking had an inflow of 775 new customers and net new volumes of assets under management amounted to SEK 18bn. In the international private banking area, an increased interest from non-Nordic clients was noted. In order to improve customer

service, a Private Banking office was opened in London during the quarter. The high equity market volatility led to somewhat changed investor behavior i.e. clients tend to avoid high risk assets even when markets recover.

Operating profit for the first nine months of 2012 was down by 11 per cent compared to the same period last year due to lower base commission and performance and transaction fees. Base commissions were down 6 per cent due to lower average market values on assets under management during the period. The stock markets have not fully recovered in 2012 compared to 2011. Performance and transaction fees amounted to SEK 87m for the first nine months 2012 (177). Operating expenses decreased compared to 2011 despite redundancy costs in 2012.

Total assets under management amounted to SEK 1,176bn (1,175 at year-end and 1,174 in September 2011).

Life

The Life division offers life insurance products with a focus on unit-linked insurance for private individuals and corporate customers, mainly in Sweden, Denmark and the Baltic countries.

Income statement

	Q3 Q2		Q3		Jan- Sep			Full year
SEK m	2012	2012	%	2011		2012	2011	%	2011
Net interest income	- 20	- 24	- 17	- 8	150	- 68	- 26	162	- 33
Net life insurance income	1 179	1 140	3	988	19	3 558	3 251	9	4 504
Total operating income	1 159	1 116	4	980	18	3 490	3 225	8	4 471
Staff costs	- 294	- 307	- 4	- 289	2	- 909	- 886	3	-1 193
Other expenses	- 137	- 136	1	- 137	0	- 409	- 383	7	- 536
Depreciation, amortisation and impairment of
tangible and intangible assets	- 224	- 228	- 2	- 198	13	- 681	- 582	17	- 785
Total operating expenses	- 655	- 671	- 2	- 624	5	-1 999	-1 851	8	-2 514
Operating profit	504	445	13	356	42	1 491	1 374	9	1 957
Change in surplus values, net	148	325	- 54	217	- 32	556	789	- 30	1 188
Business result	652	770	- 15	573	14	2 047	2 163	- 5	3 145
Cost/Income ratio	0.57	0.60		0.64		0.57	0.57		0.56
Business equity, SEK bn	6.5	6.5		6.4		6.5	6.4		6.4
Return on business equity, %
based on operating profit	27.0	23.8		19.6		26.6	25.2		26.9
based on business result	34.9	41.2		31.5		36.5	39.7		43.2
Number of full time equivalents	1 323	1 303		1 331		1 311	1 251		1 270

Business equity has not yet been adjusted to conform to the new requirements under Basel III for capital.

• Maintained leadership in the Swedish unit-linked market

• Increasing demand for bundling of financial services with pensions and insurance solutions
• Operating profit increased

Comments on the first nine months

An official report from the Swedish government was presented during the third quarter which supports increased transferability of pension savings. Many activities within SEB were undertaken to enhance the bancassurance model to best serve customers in the growing transfer market. Sales and advisory services have been refined to better meet customer needs, for instance custom-made offers to different customer segments. The online solutions developed for the Danish market continues to be well received and local sales development was positive.

Operating profit increased by 9 per cent compared to last year. Unit-linked income, which represents 58 per cent of total income and 83 per cent of total sales, increased by 6 per cent, due to the acquisition of SEB Life International. Income from traditional and risk insurance increased by 18 per cent with improvements in all business areas. The increase in expenses compared to last year is entirely related to SEB Life International.

In Sweden, SEB Trygg Liv continued to be the market leader within unit-linked insurance. Recoveries of provisions in the traditional business were SEK 29m (-79). Operating profit decreased by 3 per cent compared to last year. Unitlinked income decreased due to lower fees in relation to fund values. The total fund value by the end of September increased from a year ago but the average value for the nine month period was nearly the same as last year.

Operating profit in Denmark increased by 16 per cent compared to last year due to higher return in traditional portfolios.

Operating profit for International improved significantly from last year's SEK 27m to SEK 157m. The improvement was mainly due to higher investment returns in the traditional portfolios.

The premium income relating to new and existing policies amounted to SEK 20bn which was 8 per cent lower than last year. The weighted sales volume of new policies decreased by 10 per cent to SEK 29bn and reflected lower volumes in the Swedish endowment market. The share of corporate paid policies increased to 76 per cent (66).

The unit-linked fund value increased from year-end by SEK 14bn to 200bn. The net inflow was SEK 4bn and the increase in value was SEK 10bn. Total net assets under management amounted to SEK 436bn.

Baltic

The Baltic division provides banking and advisory services to private individuals and small and medium-sized corporate customers in Estonia, Latvia and Lithuania. The Baltic real estate holding companies are a part of the division. The full Baltic geographical segmentation, including other activities in the region, is reported in SEB's Fact Book.

Income statement

	Q3	Q2		Q3		Jan- Sep	Full year
SEK m	2012	2012	%	2011		2012	2011	%	2011
Net interest income	439	462	- 5	524	- 16	1 373	1 466	- 6	1 980
Net fee and commission income	234	231	1	218	7	676	667	1	894
Net financial income	103	108	- 5	92	12	324	261	24	365
Net other income	- 4	- 1		- 5	- 20	- 12	- 22	- 45	- 33
Total operating income	772	800	- 4	829	- 7	2 361	2 372	0	3 206
Staff costs	- 162	- 175	- 7	- 177	- 8	- 508	- 510	0	- 699
Other expenses	- 249	- 259	- 4	- 278	- 10	- 759	- 791	- 4	-1 113
Depreciation, amortisation and impairment of
tangible and intangible assets	- 32	- 31	3	- 33	- 3	- 96	- 98	- 2	- 133
Total operating expenses	- 443	- 465	- 5	- 488	- 9	-1 363	-1 399	- 3	-1 945
Profit before credit losses	329	335	- 2	341	- 4	998	973	3	1 261
Gains less losses from disposals of tangible and
intangible assets	5	2	150	2	150	8	2		2
Net credit losses	- 70	- 108	- 35	202	- 135	- 202	1 453	- 114	1 485
Operating profit	264	229	15	545	- 52	804	2 428	- 67	2 748
Cost/Income ratio	0.57	0.58		0.59		0.58	0.59		0.61
Business equity, SEK bn	7.5	7.7		8.0		7.8	8.1		8.1
Return on business equity, %	12.6	10.9		24.4		12.6	35.3		30.0
Number of full time equivalents	2 904	2 986		3 109		2 985	3 172		3 145

• Deposits from the public increased by 19 per cent since the end of September 2011

• Profit before credit losses improved by 3 per cent year-on-year

• SEB launched Baltic Online, a pan-Baltic cash management tool

Comments on the first nine months

The Baltic economies displayed resilience in 2012. GDP growth was well above the average for the Euro area and consumer confidence trended higher.

Baltic loan volumes of SEK 96bn grew 2 per cent in local currency during the first nine months, with relatively stable lending margins. Corporate loans grew in all countries and Estonia's mortgage portfolio continued to grow, as confidence returned to the housing market.

Total deposit volumes of SEK 64bn were 3 per cent higher in local currency than at the year-end 2011 and 19 per cent higher than at September 2011. Deposit margins continued to decline in each of the Baltic countries, reflecting the low prevailing interest rate environment.

Operating income of SEK 2,361m was 3 per cent higher than in the corresponding period of 2011, when adjusted for the strengthened Swedish krona. Operating income for the Baltic banking business (excluding the real estate holding

companies) increased by 2 per cent in the third quarter when adjusted for currency factors.

The operating profit of SEK 804m (2,428) included net credit losses of SEK 202m (net recovery of SEK 1,453m). Operating profit before credit losses increased by 3 per cent year-on-year. Non-performing loans declined by 17 per cent since year-end 2011 and the NPL coverage ratio increased slightly to 60 per cent.

SEB's Baltic real estate holding companies held assets with a total volume of SEK 1,950m (998), with a corresponding operating loss in the first nine months of SEK -67m (-40).

In the third quarter, SEB's client offering was improved by the launch of Baltic Online, a pan-Baltic cash management tool that allows corporate clients to manage all SEB Baltic bank accounts via one interface. SEB was ranked the most client friendly bank in Estonia by TNS EMOR and the SEB brand was ranked among the most appreciated brands in Latvia.

The SEB Group

Net interest income – SEB Group

	Q3	Q2		Q3		Jan - Sep			Full year
SEK m	2012	2012	%	2011	%	2012	2011	%	2011
Interest income	13 179	13 536	- 3	14 406	- 9	41 006	41 297	- 1	56 163
Interest expense	-8 713	-9 006	- 3	-10 284	- 15	-27 829	-28 714	- 3	-39 262
Net interest income	4 466	4 530	- 1	4 122	8	13 177	12 583	5	16 901

Net fee and commission income – SEB Group

Q3 Q2		Q3			Jan - Sep		Full year
SEK m	2012	2012	%	2011	%	2012	2011	%	2011
Issue of securities	11	31	- 65	28	- 61	99	160	- 38	252
Secondary market	398	353	13	485	- 18	1 117	1 296	- 14	1 821
Custody and mutual funds	1 564	1 664	- 6	1 711	- 9	4 853	5 423	- 11	7 218
Securities commissions	1 973	2 048	- 4	2 224	- 11	6 069	6 879	- 12	9 291
Payments	376	413	- 9	390	- 4	1 184	1 176	1	1 575
Card fees	1 103	1 132	- 3	1 022	8	3 276	2 974	10	4 034
Payment commissions	1 479	1 545	- 4	1 412	5	4 460	4 150	7	5 609
Advisory	81	111	- 27	122	- 34	306	335	- 9	432
Lending	442	521	- 15	474	- 7	1 439	1 502	- 4	1 963
Deposits	33	30	10	27	22	92	79	16	106
Guarantees	114	115	- 1	98	16	338	292	16	398
Derivatives	103	114	- 10	222	- 54	343	507	- 32	715
Other	65	148	- 56	120	- 46	329	381	- 14	509
Other commissions	838	1 039	- 19	1 063	- 21	2 847	3 096	- 8	4 123
Fee and commission income	4 290	4 632	- 7	4 699	- 9	13 376	14 125	- 5	19 023
Securities commissions	- 281	- 307	- 8	- 326	- 14	- 915	-1 037	- 12	-1 385
Payment commissions	- 641	- 670	- 4	- 593	8	-1 946	-1 709	14	-2 301
Other commissions	- 176	- 206	- 15	- 291	- 40	- 610	- 841	- 27	-1 162
Fee and commission expense	-1 098	-1 183	- 7	-1 210	- 9	-3 471	-3 587	- 3	-4 848
Securities commissions, net	1 692	1 741	- 3	1 898	- 11	5 154	5 842	- 12	7 906
Payment commissions, net	838	875	- 4	819	2	2 514	2 441	3	3 308
Other commissions, net	662	833	- 21	772	- 14	2 237	2 255	- 1	2 961
Net fee and commission income	3 192	3 449	- 7	3 489	- 9	9 905	10 538	- 6	14 175

Net financial income – SEB Group

	Q3	Q2		Q3		Jan - Sep			Full year
SEK m	2012	2012	%	2011	%	2012	2011	%	2011
Equity instruments and related derivatives	289	- 175		- 357	- 181	530	- 4		- 21
Debt instruments and related derivatives	- 8	767	-101	793	- 101	835	1 121	-26	1 057
Currency related	809	588	38	613	32	2 278	2 133	7	2 981
Other	1	- 53	-102	- 146	- 101	- 46	- 291	-84	- 469
Net financial income	1 091	1 127	-3	903	21	3 597	2 959	22	3 548

The result within Net financial income is presented based on type of underlying financial instrument. Treasury related activities are volatile due to changes in interests and spreads. The net effect from trading operations is fairly stabile over time, although affected by seasonality, but shows volatility between lines.

Net credit losses – SEB Group

	Q3	Q2		Q3			Jan - Sep		Full year
SEK m	2012	2012	%	2011	%	2012	2011	%	2011
Provisions:
Net collective provisions for individually
assessed loans	- 62	3		87		- 20	714		707
Net collective provisions for portfolio
assessed loans	- 84	- 26		- 25		- 111	79		68
Specific provisions	2	- 194		17	-88	- 442	- 605	-27	- 800
Reversal of specific provisions no longer required	186	142	31	157	18	472	1 248	-62	1 421
Net provisions for off-balance sheet items	2	4	-50	21	-90	23	49	-53	68
Net provisions	44	- 71	-162	257	-83	- 78	1 485	-105	1 464
Write-offs:
Total write-offs	- 741	- 704	5	- 823	-10	-1 885	-1 956	-4	-2 705
Reversal of specific provisions utilized
for write-offs	484	474	2	579	-16	1 220	1 422	-14	1 909
Write-offs not previously provided for	- 257	- 230	12	- 244	5	- 665	- 534	25	- 796
Recovered from previous write-offs	27	32	-16	20	35	82	67	22	110
Net write-offs	- 230	- 198	16	- 224	3	- 583	- 467	25	- 686
Net credit losses	- 186	- 269	-31	33		- 661	1 018	-165	778

Balance sheet – SEB Group

	30 Sep	31 Dec	30 Sep
SEK m	2012	2011	2011
Cash and cash balances with central banks	187 126	148 042	100 405
Other loans to central banks	21	80 548	39 143
Loans to other credit institutions1)	122 655	128 763	151 265
Loans to the public	1 238 048	1 186 223	1 191 217
Financial assets at fair value *	718 133	670 633	725 504
Available-for-sale financial assets *	49 170	57 377	61 843
Held-to-maturity investments *	81	282	297
Assets held for sale		2 005
Investments in associates	1 239	1 289	1 292
Tangible and intangible assets	29 098	29 016	29 053
Other assets	56 059	58 475	59 317
Total assets	2 401 630	2 362 653	2 359 336
Deposits from credit institutions	212 928	201 274	240 610
Deposits and borrowing from the public	811 901	861 682	814 414
Liabilities to policyholders	280 231	269 683	268 030
Debt securities	654 843	589 873	547 296
Financial liabilities at fair value	232 582	232 247	280 255
Liabilities held for sale		1 962
Other liabilities	68 912	69 883	72 072
Provisions	2 431	1 779	1 724
Subordinated liabilities	24 184	25 109	27 705
Total equity	113 618	109 161	107 230
Total liabilities and equity	2 401 630	2 362 653	2 359 336
* Of which bonds and other interest bearing securities including derivatives.	447 176	456 915	491 682

1) Loans to credit institutions and liquidity placements with other direct participants in interbank fund transfer systems.

A more detailed balance sheet is included in the Fact Book.

Off-balance sheet items – SEB Group

	30 Sep	31 Dec	30 Sep
SEK m	2012	2011	2011
Collateral pledged for own liabilities	192 965	204 265	220 484
Other pledged collateral	250 219	221 626	210 404
Contingent liabilities	91 517	94 004	90 486
Commitments	399 360	390 352	375 377

Statement of changes in equity – SEB Group

			Available
			for-sale		Translation		Total Share
	Share	Retained	financial	Cash flow	of foreign		holders'	Minority
SEK m	capital	earnings	assets	hedges	operations	Other	equity		interests Total Equity
Jan-Sep 2012
Opening balance	21 942	88 612	-1 003	1 107	-1 285	- 473	108 900	261	109 161
Net profit		8 533					8 533	15	8 548
Other comprehensive income (net of tax)			735	429	- 629	- 450	85	- 2	83
Total comprehensive income		8 533	735	429	- 629	- 450	8 618	13	8 631
Dividend to shareholders		-3 795					-3 795	- 193	-3 988
Employee share programme*		- 224					- 224		- 224
Change in holdings of own shares		38					38		38
Closing balance	21 942	93 164	- 268	1 536	-1 914	- 923	113 537	81	113 618
Jan-Dec 2011 Opening balance	21 942	80 571	-1 725	- 422	-1 145	56	99 277	266	99 543
Net profit		11 107					11 107	37	11 144
Other comprehensive income (net of tax)			722	1 529	- 140	- 529	1 582	- 1	1 581
Total comprehensive income		11 107	722	1 529	- 140	- 529	12 689	36	12 725
Dividend to shareholders		-3 242					-3 242		-3 242
Employee share programme*		189					189		189
Minority interests		15					15	- 41	- 26
Change in holdings of own shares		- 28					- 28		- 28
Closing balance	21 942	88 612	-1 003	1 107	-1 285	- 473	108 900	261	109 161
Jan-Sep 2011
Opening balance	21 942	80 571	-1 725	- 422	-1 145	56	99 277	266	99 543
Net profit		8 783					8 783	27	8 810
Other comprehensive income (net of tax)			519	1 326	297	9	2 151	1	2 152
Total recognised income		8 783	519	1 326	297	9	10 934	28	10 962
Dividend to shareholders		-3 242					-3 242		-3 242
Employee share programme*		- 4					- 4		- 4
Change in holdings of own shares Closing balance	21 942	- 29 86 079	-1 206	904	- 848	65	- 29 106 936	294	- 29 107 230

* The acquisition cost for the purchase of own shares is deducted from shareholders' equity.

The item includes changes in nominal amounts of equity swaps used for hedging of stock option programmes.

During 2011, SEB repurchased 3.0 million Series A shares for the long-term incentive programmes as decided at the Annual General Meeting. As stock options were exercised, 1.0 million shares were sold in 2011. As of 31 December 2011 SEB owned 2.3 million Class A shares with a market value of SEK 94m. Another 11.3 million shares have been sold as stock options were exercised in 2012. During 2012, SEB also repurchased 10.2 million Series A shares for the long-term incentive programmes as decided at the Annual General Meeting. As of 30 September 2012 SEB owned 1.2 million Class A-shares with a market value of SEK 66m.

Cash flow statement – SEB Group

	Jan - Sep	Full year
SEK m	2012	2011	%	2011
Cash flow from operating activities	- 34 893	47 376	- 174	218 830
Cash flow from investment activities	- 778	- 585	33	- 1 952
Cash flow from financing activities	- 4 721	- 1 179		- 3 671
Net increase in cash and cash equivalents	- 40 392	45 612	- 189	213 207
Cash and cash equivalents at the beginning of year	276 853	63 646		63 646
Net increase in cash and cash equivalents	- 40 392	45 612	- 189	213 207
Cash and cash equivalents at the end of period1)	236 461	109 258	116	276 853

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

Reclassified portfolios – SEB Group

	Q3 Q2			Q3			Jan - Sep		Full year
SEK m	2012	2012	%	2011	%	2012	2011	%	2011
Reclassified
Opening balance	33 207	35 333	-6	55 317	-40	42 169	78 681	-46	78 681
Amortisations	- 737	- 576	28	-1 684	-56	-2 034	-5 885	-65	-6 360
Securities sold	56	-1 766	-103	-5 446	-101	-7 045	-24 280	-71	-29 058
Accrued coupon	25	- 15		35	-29	41	47	-13	- 4
Exchange rate differences	-1 738	231		968		-2 318	627		-1 090
Closing balance*	30 813	33 207	- 7	49 190	- 37	30 813	49 190	-37	42 169
* Market value	29 597	31 824	-7	48 585	-39	29 597	48 585	-39	39 284
Fair value impact - if not reclassified
In Equity (AFS origin)	310	226	37	- 429	-172	875	300	192	21
In Income Statements (HFT origin)	23	- 11		- 1		119	103	16	127
Total	333	215	55	- 430	-177	994	403	147	148
Effect in Income Statements*
Net interest income	125	165	-24	157	-20	499	947	-47	1 214
Net financial income	-1 041	367		734		-1 336	- 246		-1 147
Other income	- 3	- 111	-97	- 73	-96	- 390	- 345	13	- 473
Total	- 919	421		818		-1 227	356		- 406

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

Non-performing loans – SEB Group

	30 Sep	31 Dec	30 Sep
SEK m	2012	2011	2011
Individually assessed impaired loans
Impaired loans, past due > 60 days	7 469	9 831	11 163
Impaired loans, performing or past due < 60 days	994	1 259	1 375
Total individually assessed impaired loans	8 463	11 090	12 538
Specific reserves	- 4 394	- 5 938	- 6 575
for impaired loans, past due > 60 days	- 4 024	- 5 311	- 5 930
for impaired loans, performing or past due < 60 days	- 370	- 627	- 645
Collective reserves	- 1 882	- 1 948	- 2 026
Impaired loans net	2 187	3 204	3 937
Specific reserve ratio for individually assessed impaired loans	51.9%	53.5%	52.4%
Total reserve ratio for individually assessed impaired loans	74.2%	71.1%	68.6%
Net level of impaired loans	0.30%	0.39%	0.43%
Gross level of impaired loans	0.62%	0.84%	0.90%
Portfolio assessed loans
Portfolio assessed loans past due > 60 days	5 678	6 483	6 804
Restructured loans	442	501	530
Collective reserves for portfolio assessed loans	- 2 926	- 3 351	- 3 499
Reserve ratio for portfolio assessed loans	47.8%	48.0%	47.7%
Reserves
Specific reserves	- 4 394	- 5 938	- 6 575
Collective reserves	- 4 808	- 5 299	- 5 525
Reserves for off-balance sheet items	- 507	- 369	- 378
Total reserves	- 9 709	- 11 606	- 12 478
Non-performing loans
Non-performing loans*	14 583	18 074	19 872
NPL coverage ratio	66.6%	64.2%	62.8%
NPL % of lending	1.06%	1.36%	1.47%
* Impaired loans + portfolio assessed loans past due > 60 days + restructured portfolio assessed loans

Seized assets – SEB Group

	30 Sep	31 Dec	30 Sep
SEK m	2012	2011	2011
Properties, vehicles and equipment	2 055	1 603	1 199
Shares	49	53	57
Total seized assets	2 104	1 656	1 256

Discontinued operations – SEB Group

Income statement

	Q3	Q2		Q3			Jan - Sep		Full year
SEK m	2012	2012	%	2011	%	2012	2011	%	2011
Total operating income	104	126	-17	148	-30	227	- 619	-137	- 535
Total operating expenses	- 97	- 208	-53	- 99	-2	- 556	- 561	-1	-1 093
Profit before credit losses	7	- 82	-109	49	-86	- 329	-1 180	-72	-1 628
Net credit losses	- 179	- 1		1		- 181	183		180
Operating profit	- 172	- 83	107	50		- 510	- 997	-49	-1 448
Income tax expense	17	- 3		- 74	-123	23	142	-84	293
Net profit from discontinued operations	- 155	- 86	80	- 24		- 487	- 855	-43	-1 155

Assets and liabilities held for sale

	30 Sep	31 Dec	30 Sep
SEK m	2012	2011	2011
Loans to the public		734
Other assets		1 271
Total assets held for sale		2 005
Deposits from credit institutions		1 275
Deposits and borrowing from the public		663
Other liabilities		24
Total liabilities held for sale		1 962

Cash flow statement

	Q3	Q2		Q3			Jan - Sep		Full year
SEK m	2012	2012	%	2011	%	2012	2011	%	2011
Cash flow from operating activities	27	- 7		1 033	-97	13	28 114	- 100	27 387
Cash flow from investment activities		47	-100	60	-100	38	373	- 90	423
Cash flow from financing activities	- 29	72		- 920	-97	140	- 28 695	- 100	- 27 800
Net increase in cash and cash equivalents
from discontinued operations	- 2	112	-102	173		191	- 208	- 192	10

Discontinued operations includes the work to finalise the operational separation of the divested retail operations in Germany and the divestment of the Ukrainian retail operations. In Q3 2012, SEK 180m refers to credit losses not finally adjusted at the time of the divestment finalisation during Q1 2012.

Capital base of the SEB financial group of undertakings

	30 Sep	31 Dec
SEK m	2012	2011
Total equity according to balance sheet	113 618	109 161
Dividend (excl repurchased shares)	-2 878	-3 836
Investments outside the financial group of undertakings	-63	-41
Other deductions outside the financial group of undertakings	-3 902	-3 728
= Total equity in the capital adequacy	106 775	101 556
Adjustment for hedge contracts	-200	229
Net provisioning amount for IRB-reported credit exposures	0	-108
Unrealised value changes on available-for-sale financial assets	-7	717
Exposures where RWA is not calculated	-749	-914
Goodwill	-4 109	-4 147
Other intangible assets	-3 263	-2 943
Deferred tax assets	-968	-1 293
= Core Tier 1 capital	97 479	93 097
Tier 1 capital contribution (non-innovative)	4 213	4 455
Tier 1 capital contribution (innovative)	9 654	10 159
= Tier 1 capital	111 346	107 711
Dated subordinated debt	6 382	4 815
Deduction for remaining maturity	-38	-320
Perpetual subordinated debt	2 104	2 225
Net provisioning amount for IRB-reported credit exposures	467	-108
Unrealised gains on available-for-sale financial assets	914	799
Exposures where RWA is not calculated	-749	-914
Investments outside the financial group of undertakings	-63	-41
= Tier 2 capital	9 017	6 456
Investments in insurance companies	-10 500	-10 500
Pension assets in excess of related liabilities	-258	-222
= Capital base	109 605	103 445

On 30 September 2012 the parent company's core tier 1 capital was SEK 88,093m (83,483m at year-end) and the reported core Tier 1 capital ratio was 13.8 per cent (13.6 at year-end).

Risk-weighted assets for the SEB financial group of undertakings

Risk-weighted assets	30 Sep	31 Dec
SEK m	2012	2011
Credit risk IRB approach
Institutions	24 669	29 552
Corporates	330 207	394 094
Securitisation positions	5 505	6 515
Retail mortgages	44 017	45 241
Other retail exposures	9 163	9 460
Other exposure classes	1 455	1 651
Total credit risk IRB approach	415 016	486 513
Further risk-weighted assets
Credit risk, Standardised approach	69 120	77 485
Operational risk, Advanced Measurement approach	40 555	42 267
Foreign exchange rate risk	13 944	13 173
Trading book risks	51 961	59 403
Total risk-weighted assets	590 596	678 841
Summary
Credit risk	484 136	563 998
Operational risk	40 555	42 267
Market risk	65 905	72 576
Total	590 596	678 841
Adjustment for flooring rules
Addition according to transitional flooring	269 885	148 774
Total reported	860 481	827 615

Capital adequacy analysis

	30 Sep	31 Dec
Capital adequacy	2012	2011
Capital resources
Core Tier 1 capital	97 479	93 097
Tier 1 capital	111 346	107 711
Capital base	109 605	103 445
Capital adequacy without transitional floor (Basel II)
Risk-weighted assets	590 596	678 841
Expressed as capital requirement	47 248	54 307
Core Tier 1 capital ratio	16,5%	13,7%
Tier 1 capital ratio	18,9%	15,9%
Total capital ratio	18,6%	15,2%
Capital base in relation to capital requirement	2,32	1,90
Capital adequacy including transitional floor
Transitional floor applied	80%	80%
Risk-weighted assets	860 481	827 615
Expressed as capital requirement	68 838	66 209
Core Tier 1 capital ratio	11,3%	11,2%
Tier 1 capital ratio	12,9%	13,0%
Total capital ratio	12,7%	12,5%
Capital base in relation to capital requirement	1,59	1,56
Capital adequacy with risk-weighting according to Basel I
Risk-weighted assets	1 068 310	1 037 898
Expressed as capital requirement	85 465	83 032
Core Tier 1 capital ratio	9,1%	9,0%
Tier 1 capital ratio	10,4%	10,4%
Total capital ratio	10,3%	10,0%
Capital base in relation to capital requirement	1,28	1,25

Overall Basel II risk-weighted assets ('RWA'), before the effect of transitional flooring, decreased with 13 per cent or SEK 88bn since year-end. The main reasons were implementation of a non-retail real estate LGD model in the parent company; SEK -42bn, implementation of a shipping LGD model in the parent company; SEK -19bn, transition to IRB foundation for a minor retail mortgage portfolio in the parent company; SEK -2bn, RWA process changes; SEK -10bn, currency effect, i.e. a stronger Swedish krona; SEK -15bn, volume changes; SEK 15bn, risk class migration; SEK 3bn, riskweight changes; SEK -6bn, market risk change; SEK -7bn, operational risk change; SEK -2bn, other minor changes; SEK -3bn.

Un-floored Basel II RWA was 45 per cent lower than Basel I RWA. 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 a small number of insignificant portfolios.

The forthcoming regulatory directive, CRD IV, establishes explicit minimum levels for common equity Tier 1 and Tier 1 capital and requires banks to hold more and higher quality capital. In addition, the Swedish government has proposed stricter common equity capital ratio requirements than Basel III; 10 per cent from 2013 and 12 per cent from 2015 (with capital and RWA defined according to fully implemented CRD IV / Basel III framework). Risk weighted assets will mainly be affected by an additional so called credit value adjustment requirement for OTC-derivatives, new requirements for exposures towards central counterparties, and an increase in risk weights for exposures towards financial institutions.

SEB actively monitors the regulatory development and takes part in consultations via national and international industry organisations.

The following table summarises average risk weights (Risk-Weighted Assets, RWA, divided by Exposure At Default, 'EAD') for exposures where RWA is calculated following the internal ratings based (IRB) approach. Repo and securities

lending transactions are excluded from the analysis since they carry low risk-weight and can vary considerably in volume, thus making numbers less comparable.

IRB reported credit exposures (less repos and securities lending) Average risk-weight	30 Sep 2012	31 Dec 2011
Institutions	16.5%	19.2%
Corporates	42.4%	51.6%
Securitisation positions	32.9%	34.9%
Retail mortgages	10.9%	12.1%
Other retail exposures	36.7%	37.5%

The decline in corporate risk-weights is mainly due to implementation of a non-retail real estate LGD-model and a shipping LGD-model in the parent company.

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

In accordance with FSA regulations	Q3	Q2		Q3			Jan - Sep		Full year
SEK m	2012	2012	%	2011	%	2012	2011	%	2011
Interest income	9 169	9 694	-5	9 465	-3	28 581	26 618	7	36 819
Leasing income	1 405	1 460	-4	1 456	-4	4 393	4 286	2	5 756
Interest expense	-6 217	-6 779	-8	-7 135	-13	-20 080	-19 444	3	-27 034
Dividends	1 282	1 854	-31	1 232	4	3 415	4 213	-19	4 409
Fee and commission income	1 931	2 302	-16	2 130	-9	6 347	6 579	-4	9 030
Fee and commission expense	- 320	- 402	-20	- 390	-18	-1 067	-1 171	-9	-1 634
Net financial income	951	977	-3	872	9	3 097	2 425	28	3 133
Other income	248	187	33	494	-50	447	904	-51	1 183
Total operating income	8 449	9 293	-9	8 124	4	25 133	24 410	3	31 662
Administrative expenses	-3 379	-3 710	-9	-3 372	0	-10 509	-10 703	-2	-14 479
Depreciation, amortisation and impairment of
tangible and intangible assets	-1 205	-1 229	-2	-1 206	0	-3 712	-3 567	4	-4 884
Total operating expenses	-4 584	-4 939	-7	-4 578	0	-14 221	-14 270	0	-19 363
Profit before credit losses	3 865	4 354	-11	3 546	9	10 912	10 140	8	12 299
Net credit losses	- 68	- 91	-25	- 114	-40	- 298	- 268	11	- 458
Impairment of financial assets	-1 094			- 32		-1 094	- 732	49	- 759
Operating profit	2 703	4 263	-37	3 400	-21	9 520	9 140	4	11 082
Appropriations	2	- 2	-200						-1 119
Income tax expense	- 839	- 722	16	- 554	51	-2 326	-1 516	53	-2 122
Other taxes		- 9		6	-100		- 26	-100	10
Net profit	1 866	3 530	-47	2 852	-35	7 194	7 598	-5	7 851

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

	Q3	Q2		Q3			Jan - Sep		Full year
SEK m	2012	2012	%	2011	%	2012	2011	%	2011
Net profit	1 866	3 530	-47	2 852	-35	7 194	7 598	-5	7 851
Available-for-sale financial assets	108	- 195		- 40		139	124	12	36
Cash flow hedges	689	329		1 302	-47	432	1 332	-68	1 536
Translation of foreign operations	- 26			9		- 41	55		44
Other				- 233	-100		-294	-100	- 452
Other comprehensive income (net of tax)	771	134		1 038	-26	530	1 217	-56	1 164
Total comprehensive income	2 637	3 664	-28	3 890	-32	7 724	8 815	-12	9 015

Balance sheet - Skandinaviska Enskilda Banken AB (publ)

Condensed	30 Sep	31 Dec	30 Sep
SEK m	2012	2011	2011
Cash and cash balances with central banks	101 726	121 948	83 466
Loans to credit institutions	247 512	245 796	227 759
Loans to the public	935 143	873 335	871 513
Financial assets at fair value	412 129	386 830	438 336
Available-for-sale financial assets	16 897	16 739	18 175
Held-to-maturity investments	1 602	2 771	2 876
Investments in associates	1 035	1 092	1 112
Shares in subsidiaries	51 203	53 686	55 451
Tangible and intangible assets	41 587	43 363	43 194
Other assets	42 365	43 290	42 433
Total assets	1 851 199	1 788 850	1 784 315
Deposits from credit institutions	250 295	229 428	262 953
Deposits and borrowing from the public	564 384	608 645	561 848
Debt securities	634 950	558 747	515 642
Financial liabilities at fair value	229 898	226 717	273 121
Other liabilities	46 666	44 157	48 452
Provisions	68	76	86
Subordinated liabilities	24 119	24 727	27 315
Untaxed reserves	25 049	25 049	23 930
Total equity	75 770	71 304	70 968
Total liabilities, untaxed reserves and shareholders' equity	1 851 199	1 788 850	1 784 315

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

	30 Sep	31 Dec	30 Sep
SEK m	2012	2011	2011
Collateral pledged for own liabilities	108 972	104 496	123 658
Other pledged collateral	49 671	51 077	45 345
Contingent liabilities	76 653	74 435	70 851
Commitments	302 667	303 315	292 118

This is SEB

SEB is a leading Nordic financial services group. As a relationship bank strongly committed to deliver customer value, SEB in Sweden and the Baltic countries offers financial advice and a wide range of financial services. In Denmark, Finland, Norway and Germany the Bank's operations have a strong focus on a full-service offering to corporate and institutional clients. SEB's activities are carried out with a long-term perspective to fulfil the bank's role to assist businesses and markets to thrive. The international nature of SEB's business is reflected in its presence in some 20 countries worldwide. SEB serves more than 4 milion customers and has around 17,000 employees.

Mission:	We help people and businesses thrive by providing quality advice and financial resources
Vision:	To be the trusted partner for customers with aspirations
Brand promise:	Rewarding relationhips
Strategic priorities:	Customer focus – SEB provides advice with a long-term perspective based on the customer's overall financial situation.
	Leading Nordic corporate bank – SEB grows through an increased share of existing customer business and through increased activity versus new corporate customers.
	Resilience and flexibility – SEB proritises to maintain a strong capital and liquidity position in order to ensure the long term capacity to support our customers in all circumstances.

Fact Book January – September 2012

Table of contents 2
About SEB 3
SEB history 3
Financial targets 3
Organisation 4
Corporate Governance 5
Income statement 7
Balance sheet structure & funding 12
Credit portfolio 21
Asset quality24
Debt instruments28
SEB Group by business segment29
Merchant Banking 30
Retail Banking 33
Cards 35
Wealth Management 36
Life 38
Baltic 43
SEB Group by geography 49
Macro 51
Definitions 56

About SEB

Mission	We help people and businesses thrive by providing quality advice and financial resources.
Vision	To be the trusted partner for customers with aspirations.
Customers & Markets	2,700 large corporates and institutions, 400,000 SMEs and 4 million private customers bank with us. They are mainly located in eight markets around the Baltic Sea.
Brand promise	Rewarding relationships.
Goal	To be the relationship bank of the Nordics. • Excel in universal banking in Sweden, Estonia, Latvia and Lithuania by providing a full range of banking, wealth management and life insurance services to corporations, institutions and private individuals. • Expand in core areas of strength, merchant banking and wealth management, in the Nordic area and in Germany. In life insurance and the card business, SEB will grow and invest in its business also outside the Nordic countries. • Support SEB's customers internationally through its network of strategic locations in major global financial centres.
People	17,000 highly skilled people serving customers from locations in some 20 countries; covering different time zones, securing reach and local market knowledge.
Values	Guided by our Code of Business Conduct and our core values: professionalism, commitment, mutual respect and continuity.
History	Over 150 years of business, building trust and sharing knowledge. We have always acted responsibly in society promoting entrepreneurship, international outlook and long-term relationships.

SEB history

• 1856- Stockholms Enskilda Bank was founded
• 1972- Merger with Skandinaviska Banken
• 1990- Swedish bank crises. Several acquisitions: Trygg Hansa (1997), Baltic banks (1998), SEB AG (1999), Ukraine (2004)
• 2011- A Nordic relationship bank. Divestment of German retail and Ukrainian retail

Financial targets

Financial targets and outcome	2007	2008	2009	2010	2011	Target
Return on equity (per cent)	19.3	13.1	1.2	6.8	10.8	Competitive stable return
Net profit (SEK bn)	13.6	10.1	1.2	6.8	11.1	Sustainable profit growth
Core Tier I capital ratio (per cent) 1)	9.9	10.1	13.9	14.2	13.7	10 – 12 per cent (Basel III) *
Dividend (per cent of earnings per share) 1) 2007–2011 Basel II without transitional rules. 2) SEK 1.75 per share decided by the AGM	33	0	172	49	35	40 per cent of net profit per share over a business cycle * Subject to finalisation of regulation.

Rating

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

Organisation

Full-time equivalents, end of quarter

	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
	2010	2010	2011	2011	2011	2011	2012	2012	2012
Merchant Banking	2,365	2,394	2,481	2,485	2,503	2,508	2,506	2,508	2,512
Retail Banking	3,430	3,441	3,498	3,596	3,521	3,553	3,583	3,688	3,517
RB Sweden	2,620	2,667	2,725	2,822	2,739	2,774	2,818	2,926	2,750
RB Cards	810	774	773	774	782	779	765	762	767
Wealth Management	971	1,005	1,007	1,015	1,002	995	1,005	1,001	964
Life	1,200	1,226	1,237	1,241	1,331	1,323	1,305	1,303	1,323
Baltic	3,206	3,203	3,200	3,179	3,109	3,061	3,026	2,986	2,904
Baltic Estonia	1,000	986	980	968	921	890	874	862	838
Baltic Latvia	855	862	877	887	882	861	879	866	836
Baltic Lithuania	1,337	1,339	1,322	1,305	1,281	1,284	1,247	1,231	1,202
Baltic RHC	14	16	21	19	25	26	26	27	28
Business Support	3,706	3,737	3,740	3,748	3,805	3,864	3,928	3,915	3,885
Other total	5,213	5,319	5,272	5,263	5,324	5,367	5,281	5,261	5,195
SEB Group
Continuing
operations	16,385	16,588	16,695	16,779	16,790	16,807	16,706	16,747	16,415
Discontinued
operations	2,765	2,632	817	797	830	764	728	66	65
SEB Group	19,150	19,220	17,512	17,576	17,620	17,571	17,434	16,813	16,480

Corporate Governance

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

• Annual General Meeting (AGM)
• Board of Directors
• President and Chief Executive Officer (CEO)
• Divisions, business areas and business units
• Business Support and staff functions
• Internal Audit, Compliance and Group Risk organisation.

Board

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

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

Group Executive Committee

The President and CEO has three different committees at her disposal; the Group Executive Committee, the Group Risk and Credit Committee and the Asset and Liability Committee. The GEC deals with, among other things, matters of common concern to several divisions, strategic issues, business plans, financial forecasts and reports.

The Board of Directors and the President and CEO perform their governing and controlling roles through several policies and instructions, the purpose of which is to clearly define the distribution members must be present. The President and CEO, Annika Falkengren, is the only Board member elected by the AGM who is equally an employee of the Bank. All other Board members elected by the AGM are considered to be independent in relation to the Bank and its Management. Two Board members are considered nonindependent in relation to major shareholders.

of responsibility.

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

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

Share and shareholders

The SEB share

Index

SEB's major shareholders Dividend development

	Share of capital,
September 2012	per cent
Investor AB	20.8
Trygg Foundation	8.1
Alecta	6.3
Swedbank/Robur Funds	3.4
Government of Norway	2.9
Nordea Funds	2.2
SHB Funds	1.8
SEB Funds	1.8
Wallenberg Foundations	1.5
AMF Insurance & Funds	1.1
Foreign owners	26.0
Source: Euroclear Sweden/SIS Ägarservice

1) No. shares adjusted for rights issue

Income statement

SEB Group

	Q3	Q2		Q3			Jan - Sep		Full year
SEK m	2012	2012	%	2011	%	2012	2011	%	2011
Net interest income	4,466	4,530	-1	4,122	8	13,177	12,583	5	16,901
Net fee and commission income	3,192	3,449	-7	3,489	-9	9,905	10,538	-6	14,175
Net financial income	1,091	1,127	-3	903	21	3,597	2,959	22	3,548
Net life insurance income	861	821	5	659	31	2,597	2,205	18	3,197
Net other income	71	-11		34	109	-90	67		-135
Total operating income	9,681	9,916	-2	9,207	5	29,186	28,352	3	37,686
Staff costs	-3,543	-3,642	-3	-3,393	4	-10,744	-10,510	2	-13,933
Other expenses	-1,573	-1,590	-1	-1,705	-8	-4,816	-5,394	-11	-7,424
Depreciation, amortisation and impairment of
tangible and intangible assets	-464	-460	1	-435	7	-1,388	-1,289	8	-1,764
Total operating expenses	-5,580	-5,692	-2	-5,533	1	-16,948	-17,193	-1	-23,121
Profit before credit losses	4,101	4,224	-3	3,674	12	12,238	11,159	10	14,565
Gains less losses from disposals of tangible and
intangible assets	1	-4	-125	2	-50	-1	3	-133	2
Net credit losses	-186	-269	-31	33		-661	1,018	-165	778
Operating profit	3,916	3,951	-1	3,709	6	11,576	12,180	-5	15,345
Income tax expense	-884	-849	4	-861	3	-2,541	-2,515	1	-3,046
Net profit from continuing operations	3,032	3,102	-2	2,848	6	9,035	9,665	-7	12,299
Discontinued operations	-155	-86	80	-24		-487	-855	-43	-1,155
Net profit	2,877	3,016	-5	2,824	2	8,548	8,810	-3	11,144
Attributable to minority interests	4	6	-33	7	-43	15	27	-44	37
Attributable to shareholders	2,873	3,010	-5	2,817	2	8,533	8,783	-3	11,107
Continuing operations
Basic earnings per share, SEK	1.38	1.41		1.29		4.11	4.39		5.59
Diluted earnings per share, SEK	1.38	1.41		1.29		4.10	4.39		5.56
Total operations
Basic earnings per share, SEK	1.31	1.37		1.28		3.89	4.00		5.06
Diluted earnings per share, SEK	1.31	1.37		1.28		3.88	4.00		5.04

Operating profit before credit losses Operating profit

Including:

SEK 2,394m goodwill write-down for Baltics and Russia in Q2 2009 and SEK 1,3bn capital gain on repurchased bonds

SEK 270m capital gain on repurchased bonds in Q4 2009

SEK 755m restructuring costs for German Retail divestment in Q3 2010

Income statement SEB Group

	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
SEK m	2010	2010	2011	2011	2011	2011	2012	2012	2012
Net interest income	4,165	4,505	4,246	4,215	4,122	4,318	4,181	4,530	4,466
Net fee and commission income	3,376	3,895	3,495	3,554	3,489	3,637	3,264	3,449	3,192
Net financial income	724	506	1,231	825	903	589	1,379	1,127	1,091
Net life insurance income	818	780	782	764	659	992	915	821	861
Net other income	-232	314	-110	143	34	-202	-150	-11	71
Total operating income	8,851	10,000	9,644	9,501	9,207	9,334	9,589	9,916	9,681
Staff costs	-3,372	-3,538	-3,592	-3,525	-3,393	-3,423	-3,559	-3,642	-3,543
Other expenses	-1,667	-1,938	-1,785	-1,904	-1,705	-2,030	-1,653	-1,590	-1,573
Depreciation, amortisation and impairment of
tangible and intangible assets	-400	-644	-429	-425	-435	-475	-464	-460	-464
Restructuring costs	-755	-9
Total operating expenses	-6,194	-6,129	-5,806	-5,854	-5,533	-5,928	-5,676	-5,692	-5,580
Profit before credit losses	2,657	3,871	3,838	3,647	3,674	3,406	3,913	4,224	4,101
Gains less losses from disposals of tangible
and intangible assets		20	6	-5	2	-1	2	-4	1
Net credit losses	197	501	427	558	33	-240	-206	-269	-186
Operating profit	2,854	4,392	4,271	4,200	3,709	3,165	3,709	3,951	3,916
Income tax expense	-765	-752	-865	-789	-861	-531	-808	-849	-884
Net profit from continuing operations	2,089	3,640	3,406	3,411	2,848	2,634	2,901	3,102	3,032
Discontinued operations	-1,493	-131	-790	-41	-24	-300	-246	-86	-155
Net profit	596	3,509	2,616	3,370	2,824	2,334	2,655	3,016	2,877
Attributable to minority interests	15	6	14	6	7	10	5	6	4
Attributable to shareholders	581	3,503	2,602	3,364	2,817	2,324	2,650	3,010	2,873

Share of profit before credit losses

September 2012, 12 months rolling

Geography and Divisions excluding Other and eliminations, see page 29

Key figures – SEB Group

	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
	2010	2010	2011	2011	2011	2011	2012	2012	2012
Continuing operations
Return on equity, continuing operations, %	8.52	14.81	13.65	13.62	10.86	9.74	10.61	11.33	10.82
Basic earnings per share, continuing operations, SEK	0.94	1.66	1.55	1.55	1.29	1.20	1.32	1.41	1.38
Diluted earnings per share, continuing operations, SEK	0.94	1.64	1.54	1.54	1.29	1.20	1.32	1.41	1.38
Cost/income ratio, continuing operations	0.70	0.61	0.60	0.62	0.60	0.64	0.59	0.57	0.58
Number of full time equivalents, continuing operations*	16,385	16,588	16,695	16,779	16,790	16,807	16,706	16,747	16,415
Total operations
Return on equity, %	2.38	14.28	10.47	13.46	10.77	8.63	9.71	11.01	10.26
Return on total assets, %	0.10	0.63	0.49	0.62	0.50	0.40	0.45	0.50	0.48
Return on risk-weighted assets, %	0.28	1.73	1.34	1.71	1.40	1.13	1.27	1.41	1.33
Basic earnings per share, SEK	0.26	1.60	1.19	1.53	1.28	1.06	1.21	1.37	1.31
Weighted average number of shares, millions**	2,194	2,194	2,194	2,194	2,194	2,193	2,189	2,192	2,192
Diluted earnings per share, SEK	0.26	1.58	1.18	1.52	1.28	1.06	1.21	1.37	1.31
Weighted average number of diluted shares, millions***	2,207	2,212	2,206	2,206	2,205	2,203	2,196	2,196	2,198
Net worth per share, SEK	49.02	50.34	49.79	52.30	53.81	54.92	54.51	56.50	57.85
Average shareholders' equity, SEK, billion	98.4	98.1	99.4	100.0	104.6	107.8	109.1	109.3	111.9
Credit loss level, %	-0.02	-0.07	-0.17	-0.20	-0.01	0.08	0.06	0.08	0.11
Total reserve ratio individually assessed impaired loans, % Net level of impaired loans, %	73.2 0.63	69.2 0.63	69.0 0.54	64.8 0.56	68.6 0.43	71.1 0.39	71.8 0.36	71.3 0.34	74.2 0.30
Gross level of impaired loans, %	1.29	1.28	1.13	1.11	0.90	0.84	0.79	0.71	0.62
Capital adequacy including transitional floor :****
Risk-weighted assets, SEK billion	797	800	777	798	827	828	835	867	860
Core Tier 1 capital ratio, %	10.80	10.93	11.35	11.47	11.25	11.25	11.24	11.12	11.33
Tier 1 capital ratio, %	12.65	12.75	13.18	13.27	13.06	13.01	12.96	12.79	12.94
Total capital ratio, %	12.73	12.40	12.72	12.86	12.77	12.50	12.35	12.31	12.74
Capital adequacy without transitional floor (Basel II):
Risk-weighted assets, SEK billion	711	716	678	678	667	679	675	632	591
Core Tier 1 capital ratio, %	12.11	12.20	13.00	13.50	13.94	13.71	13.91	15.25	16.51
Tier 1 capital ratio, %	14.18	14.24	15.09	15.62	16.18	15.87	16.03	17.54	18.85
Total capital ratio, %	14.27	13.85	14.57	15.12	15.83	15.24	15.29	16.88	18.56
Number of full time equivalents*	19,150	19,220	17,512	17,576	17,620	17,571	17,434	16,813	16,480
Assets under custody, SEK billion	4,879	5,072	4,948	4,683	4,321	4,490	4,982	4,989	4,788
Assets under management, SEK billion	1,343	1,399	1,372	1,356	1,241	1,261	1,317	1,261	1,271
Discontinued operations
Basic earnings per share, discontinued operations, SEK	-0.68	-0.06	-0.36	-0.02	-0.01	-0.14	-0.11	-0.04	-0.07
Diluted earnings per share, discontinued operations, SEK	-0.68	-0.06	-0.36	-0.02	-0.01	-0.14	-0.11	-0.04	-0.07

* Quarterly numbers are for last month of quarter.

*** Calculated dilution based on the estimated economic value of the long-term incentive programmes. ** The number of issued shares was 2,194,171,802. SEB owned 2,344,366 Class A shares for the employee stock option programme at year end 2011. During 2012 SEB has repurchased 10,187,956 shares and 11,332,813 shares have been sold as employee stock options have been exercised. Thus, as at 30 September 2012 SEB owned 1,199,509 Class A-shares with a market value of SEK 66m.

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

Impact from exchange rate fluctuations

Net interest income analysis

SEB Group, SEK m

	Q3 2010	Q4 2010	Q1 2011	Q2 2011	Q3 2011	Q4 2011	Q1 2012	Q2 2012	Q3 2012
Lending volumes and margins	2,819	2,867	2,770	2,930	3,028	3,209	3,010	3,110	3,237
Deposit volumes and margins	530	635	708	774	895	907	892	849	769
Funding and Other	832	1,003	768	511	199	202	279	571	460
Net interest income	4,181	4,505	4,246	4,215	4,122	4,318	4,181	4,530	4,466

NII customer driven specification

Cumulative changes from Q1 2010, SEK m

Net financial income

SEB Group

	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
SEK m	2010	2010	2011	2011	2011	2011	2012	2012	2012
Equity instruments and related derivatives	190	-32	146	207	-357	-17	416	-175	289
Debt instruments and related derivatives	16	-70	218	110	793	-64	76	767	-8
Currency related	496	600	861	659	613	848	881	588	809
Other	22	8	6	-151	-146	-178	6	-53	1
Net financial income	724	506	1,231	825	903	589	1,379	1,127	1,091

The result within Net financial income is presented based on type of underlying financial instrument. Treasury related activities are volatile due to changes in interests and spreads. The net effect from trading operations is fairly stabile over time, although affected by seasonality, but shows volatility between lines.

Net fee and commission income

SEB Group

	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
SEK m	2010	2010	2011	2011	2011	2011	2012	2012	2012
Issue of securities	20	168	62	70	28	92	57	31	11
Secondary market	373	544	440	371	485	525	366	353	398
Custody and mutual funds	1,675	1,919	1,903	1,809	1,711	1,795	1,625	1,664	1,564
Securities commissions	2,068	2,631	2,405	2,250	2,224	2,412	2,048	2,048	1,973
Payments	379	362	386	400	390	399	395	413	376
Card fees	1,018	941	944	1,008	1,022	1,060	1,041	1,132	1,103
Payment commissions	1,397	1,303	1,330	1,408	1,412	1,459	1,436	1,545	1,479
Advisory	185	137	66	147	122	97	114	111	81
Lending	438	462	445	583	474	461	476	521	442
Deposits	25	26	26	26	27	27	29	30	33
Guarantees	103	106	95	99	98	106	109	115	114
Derivatives	110	117	151	134	222	208	126	114	103
Other	180	180	125	136	120	128	116	148	65
Other commissions	1,041	1,028	908	1,125	1,063	1,027	970	1,039	838
Fee and commission income	4,506	4,962	4,643	4,783	4,699	4,898	4,454	4,632	4,290
Securities commissions	-288	-341	-352	-359	-326	-348	-327	-307	-281
Payment commissions	-598	-449	-541	-575	-593	-592	-635	-670	-641
Other commissions	-244	-277	-255	-295	-291	-321	-228	-206	-176
Fee and commission expense	-1,130	-1,067	-1,148	-1,229	-1,210	-1,261	-1,190	-1,183	-1,098
Securities commissions	1,780	2,290	2,053	1,891	1,898	2,064	1,721	1,741	1,692
Payment commissions	799	854	789	833	819	867	801	875	838
Other commissions	797	751	653	830	772	706	742	833	662
Net fee and commission income	3,376	3,895	3,495	3,554	3,489	3,637	3,264	3,449	3,192

Expenses

Staff costs - SEB Group

	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
SEK m	2010	2010	2011	2011	2011	2011	2012	2012	2012
Salaries etc	-2,903	-3,103	-3,126	-3,082	-2,949	-2,985	-3,099	-3,152	-2,958
Redundancies	-22	-27	-17	-33	-30	-56	-31	-31	-110
Pensions	-293	-232	-297	-263	-266	-194	-295	-315	-341
Other staff costs	-154	-176	-152	-147	-148	-188	-134	-144	-134
Staff costs*	-3,372	-3,538	-3,592	-3,525	-3,393	-3,423	-3,559	-3,642	-3,543

*all items include social charges

Other expenses - SEB Group

	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
SEK m	2010	2010	2011	2011	2011	2011	2012	2012	2012
Costs for premises	-410	-403	-408	-418	-404	-450	-407	-411	-399
Data costs	-739	-1,038	-861	-1,004	-877	-1,165	-797	-782	-621
Travel and entertainment	-98	-181	-102	-129	-103	-159	-90	-118	-80
Consultants	-272	-345	-227	-288	-207	-224	-146	-200	-153
Marketing	-118	-192	-102	-142	-100	-167	-97	-119	-89
Information services	-109	-108	-110	-107	-101	-127	-108	-116	-107
Other operating costs	79	329	25	184	87	262	-8	156	-124
Other expenses	-1,667	-1,938	-1,785	-1,904	-1,705	-2,030	-1,653	-1,590	-1,573

Balance sheet structure & funding

Balance sheet structure

SEK m 2010 2010 2011 2011 2011 2011 2012 2012 Cash and balances with central banks 34,384 46,488 15,914 106,558 100,405 148,042 39,064 81,307 Other lending to central banks 2,833 20,664 14,567 39,143 80,548 126,816 105,693 Lending 114,305 104,839 126,400 85,069 93,512 70,756 88,914 69,965 Repos 46,768 30,885 17,464 26,983 25,661 30,201 28,792 23,351 Debt instruments 61,330 47,800 40,629 36,164 32,092 27,806 24,777 24,479 Other loans to credit institutions 222,403 183,524 184,493 148,216 151,265 128,763 142,483 117,796 Public 83,564 76,109 76,006 63,515 61,995 62,188 59,043 58,611 Private Individuals 381,534 388,263 397,925 411,327 423,658 433,547 442,198 449,925 Corporate 487,010 503,526 527,155 572,732 590,524 585,723 596,240 606,178 Repos 89,427 63,449 76,214 52,915 79,239 72,244 73,750 104,702 Debt instruments 47,201 43,533 36,507 37,769 35,801 32,520 29,875 28,750 Loans to the public 1,088,736 1,074,879 1,113,807 1,138,257 1,191,217 1,186,223 1,201,106 1,248,166 Debt instruments 187,589 165,516 177,477 187,032 191,995 176,001 186,836 179,369 Equity instruments 51,411 56,275 78,676 89,788 83,724 55,931 71,983 71,461	Assets	Sep	Dec	Mar	Jun	Sep	Dec	Mar	Jun	Sep
										2012
										187,126
										21
										70,508
										28,817
										23,329
										122,655
										54,378
										454,613
										596,725
										104,381
										27,950
										1,238,048
										176,063
										92,566
Derivatives 173,210 131,058 124,369 112,585 179,686 168,776 144,322 161,772										177,901
Insurance assets 254,521 264,897 263,900 266,050 270,100 269,925 276,008 267,732										271,603
Financial assets at fair value 666,731 617,746 644,421 655,454 725,504 670,633 679,150 680,334										718,133
Debt instruments 64,120 64,135 65,534 63,485 58,817 54,573 56,335 48,001										45,631
Other 2,817 2,835 3,101 3,220 3,026 2,804 3,010 3,307										3,539
Available-for-sale financial assets 66,937 66,970 68,635 66,705 61,843 57,377 59,345 51,308										49,170
Assets held for sale 79,280 74,951 0 2,005 1,826
Tangible and intangible assets 26,998 27,035 27,212 27,952 29,053 29,016 29,536 29,632										29,098
Other assets 65,477 67,563 49,372 57,927 60,906 60,047 51,998 58,912										57,380
TOTAL ASSETS 2,253,779 2,179,821 2,118,421 2,201,069 2,359,336 2,362,653 2,331,324 2,373,148										2,401,630
Liabilities Sep Dec Mar Jun Sep Dec Mar Jun										Sep
SEK m 2010 2010 2011 2011 2011 2011 2012 2012										2012
Central banks 66,797 31,714 36,326 26,803 37,487 35,957 41,551 50,851										53,578
Credit institutions 142,546 165,105 137,811 144,526 164,647 139,000 156,453 136,474										139,482
Repos 28,950 15,805 27,365 37,710 38,475 26,317 29,661 24,180										19,868
Deposits from credit institutions 238,293 212,624 201,503 209,039 240,610 201,274 227,665 211,505										212,928
Public 56,212 54,866 62,139 73,804 77,895 73,409 68,950 96,508										90,931
Private Individuals 171,846 175,933 173,068 184,109 189,534 198,244 201,341 206,728										207,941
Corporate 465,118 470,557 456,319 492,296 534,520 565,522 493,482 545,954										499,638
Repos 23,829 10,185 15,569 13,869 12,465 24,508 19,089 10,385										13,392
Deposits and borrowings from the public 717,005 711,541 707,095 764,078 814,415 861,682 782,861 859,575										811,901
Liabilities to policyholders 256,953 263,970 263,075 264,834 268,030 269,683 279,874 276,597										280,231
CP/CD 214,592 180,521 206,449 189,346 203,922 217,778 229,999 227,290										279,110
Long term debt 322,290 349,962 343,400 355,905 343,374 372,095 395,599 362,401										375,733
Debt securities 536,882 530,483 549,849 545,250 547,296 589,873 625,598 589,690										654,843
Debt instruments 39,507 44,798 31,239 44,460 59,877 44,584 40,029 42,591										33,198
Equity instruments 32,762 33,669 41,129 60,913 60,469 35,233 35,175 38,564										34,901
Derivatives 166,473 122,223 122,979 107,714 159,909 152,430 131,935 147,788										164,483
Financial liabilities at fair value 238,741 200,690 195,347 213,087 280,255 232,246 207,139 228,944										232,581
Liabilities held for sale 50,680 48,339 1,962 1,803
Other liabilities 88,224 87,080 79,704 77,123 73,797 71,663 74,121 72,864										71,342
Subordinated liabilities 29,910 25,552 23,992 24,836 27,705 25,109 24,669 22,979										24,184
Total liabilities 2,156,687 2,080,278 2,020,566 2,098,248 2,252,107 2,253,492 2,223,729 2,262,155										2,288,012
Total equity 97,092 99,543 97,856 102,821 107,230 109,161 107,594 110,992 Total liabilities and equity 2,253,779 2,179,821 2,118,421 2,201,069 2,359,336 2,362,653 2,331,324 2,373,148 2,401,630										113,618

The definitions of the specified categories under Loans to credit institutions and Loans to the public above deviates slightly from the definitions of industries in the table on p. 22 Loans portfolio by industry and geography that is also more detailed.

Total loans and deposits SEK bn

	Sep	Dec	Mar	Jun	Sep	Dec	Mar	Jun	Sep
	2010	2010	2011	2011	2011	2011	2012	2012	2012
Loans to the public	1,089	1,075	1,114	1,138	1,191	1,186	1,201	1,248	1,238
Repos	90	63	77	53	79	72	74	105	104
Debt instruments	47	44	36	37	36	33	30	29	28
Loans adjusted for repos and debt instruments	952	968	1,001	1,048	1,076	1,081	1,097	1,114	1,106
Deposits and borrowing from the public	717	712	707	764	814	862	783	860	812
Repos	24	11	15	14	12	25	19	10	13
Deposits adjusted for repos	693	701	692	750	802	837	764	850	799
Loan to deposit ratio excl repos and
debt instruments	137%	138%	145%	140%	134%	129%	144%	131%	138%

Loan to deposit ratio excl repos and debt instruments

A strong balance sheet structure, Sep 2012 Deposits and wholesale

funding structure by product

* Excluding repos and public covered bonds issued by SEB AG which are in a run-off mode

Intangible assets

	30 Sep	31 Dec	31 Mar	30 Jun	30 Sep	31 Dec	31 Mar	30 Jun	30 Sep
SEK m	2010	2010	2011	2011	2011	2011	2012	2012	2012
Goodwill	10,515	10,491	10,434	10,511	10,549	10,487	10,495	10,498	10,417
Other intangibles	2,879	2,801	2,836	3,014	3,225	3,254	3,425	3,596	3,531
Deferred acquisition costs	3,580	3,631	3,660	3,688	4,138	4,131	4,113	4,087	3,995
Intangible assets	16,974	16,923	16,930	17,213	17,912	17,872	18,033	18,180	17,943

Long-term funding Maturity profile, Sep 2012

By product, SEK bn

Total 54 99 76 72 51 24 16 19 411 * Excluding public covered bonds.

By currency, SEK bn

Currency*	<1y	1-2y	2-3y	3-4y	4-5y	5-7y	7-10y	>10y	Total
SEK	34.9	57.2	47.8	48.9	24.8	0.2	1.5	10.0	225
EUR	17.3	29.3	23.7	22.2	26.2	23.5	13.6	7.0	163
USD	0.2	2.7	2.8	0.0	0.1	0.0	0.0	1.1	7
GBP	0.0	7.9	0.0	0.0	0.0	0.0	0.0	0.0	8
JPY	0.0	0.0	0.0	0.8	0.0	0.0	0.0	1.3	2
CHF	0.0	0.0	0.0	0.0	0.0	0.0	0.7	0.0	1
HKD	0.0	0.0	0.0	0.0	0.0	0.0	0.2	0.0	0
NOK	0.6	1.8	1.9	0.0	0.3	0.0	0.0	0.0	5
DKK	0.5	0.0	0.1	0.0	0.0	0.0	0.0	0.0	1
Grand Total	54	99	76	72	51	24	16	19	411

Subordinated debt 0.0 2.7 7.0 0.8 6.3 4.2 0.0 1.3 22

Long-term funding raised, SEK bn

				Q1	Q2	Q3	YTD
Instrument	2009	2010	2011	2012	2012	2012	2012
Senior unsecured	76	20	32	16	5	5	26
Covered bonds SEB AB	26	71	95	23	15	19	57
Covered bonds SEB AG	24	11	0	1	0	0	1
Subordinated debt	3	0	0	0	0	6	6
Total	130	102	126	40	21	30	91

Balance Sheet Maturity Profile SEB Group

Remaining Contractual Maturities 30 Sep 2012

SEB Group Q3 2012

SEK m	Payable on demand	<1m	1-3m	3-6m	6-12m	1-2y	2-5y	5-10y	>10y	Not distributed	Total
Cash and balances with central banks	186,314	812	0	0	0	0	0	0	0	0	187,126
Other Lending to Central Banks	21	0	0	0	0	0	0	0	0	0	21
Loans to credit institutions	10,700	63,415	7,705	2,670	7,980	7,004	17,145	2,813	3,223	0	122,655
of which Repos and Margins of safety	0	53,596	1,908	113	0	0	0	0	0	0	55,617
Loans to the public	44,622	185,468	124,377	77,966	166,236	216,888	259,922	95,380	67,163	27	1,238,048
of which Repos and Margins of safety	0	113,008	1,572	3	1	0	0	0	31	0	114,614
Public	1,744	31,201	2,428	4,529	2,308	3,820	7,470	4,029	1,968	0	59,498
Private individuals	5,119	10,208	69,100	34,225	79,604	147,673	65,418	21,872	21,417	0	454,635
Corporate	37,759	144,059	52,849	39,213	84,323	65,394	187,034	69,479	43,778	27	723,915
Financial assets at fair value	0	3,784	10,392	28,938	9,608	44,012	69,008	10,321	0	542,070	718,133
Debt instruments	0	3,784	10,392	28,938	9,608	44,012	69,008	10,321	0	0	176,063
Equity instruments	0	0	0	0	0	0	0	0	0	92,566	92,566
Derivatives	0	0	0	0	0	0	0	0	0	171,907	171,907
Insurance assets	0	0	0	0	0	0	0	0	0	277,598	277,598
Other	0	35,258	1,031	1,254	245	5,622	15,125	23,308	11,905	41,900	135,648
Total assets	241,657	288,737	143,505	110,828	184,069	273,526	361,200	131,821	82,292	583,996	2,401,630
SEK m	Payable on demand	<1m	1-3m	3-6m	6-12m	1-2y	2-5y	5-10y	>10y	Not distributed	Total
Deposits by credit institutions	86,558	90,664	19,836	7,681	2,500	724	1,745	1,132	2,089	0	212,928
of which Repos and Margins of safety	0	39,853	51	0	0	0	0	0	0	0	39,904
Deposits and borrowings from the public	392,723	224,150	86,761	22,173	17,757	4,847	22,283	26,074	15,134	0	811,901
of which Repos and Margins of safety	0	30,585	259	0	0	0	0	0	0	0	30,844
of which covered by Deposit Guarantee	0	0	0	0	0	0	0	0	0	329,774	329,774
Public	14,126	32,343	14,973	9,246	6,728	692	9,829	3,015	1,388	0	92,342
Private individuals	64,542	92,530	39,348	4,172	3,496	1,283	1,600	348	620	0	207,941
Corporate	314,055	99,276	32,439	8,755	7,533	2,872	10,854	22,710	13,126	0	511,619
Liabilities to policyholders	0	0	0	0	0	0	0	0	0	280,231	280,231
Debt securities	0	57,114	155,014	56,443	66,510	98,523	171,288	28,980	20,971	0	654,843
Certificates	0	55,785	154,042	54,986	13,642	655	0	0	0	0	279,110
Covered bonds	0	211	84	0	47,361	62,791	124,314	21,741	16,509	0	273,011
Other bonds	0	1,118	888	1,457	5,507	35,076	46,974	7,239	4,462	0	102,721
Financial liabilities at fair value	0	1,585	94	7,034	379	4,718	12,159	7,011	0	199,601	232,581
Debt instruments	0	1,585	94	7,034	379	4,718	12,159	7,011	0	218	33,198
Equity instruments	0	0	0	0	0	0	0	0	0	34,901	34,901
Derivatives	0	0	0	0	0	0	0	0	0	164,483	164,483
Other	0	21,288	18,332	339	431	1,545	24	3	15,865	13,517	71,342
Subordinated liabilities	0	0	0	0	0	2,668	7,906	10,544	3,066	0	24,184
Equity	0	0	0	0	0	0	0	0	0	113,618	113,618
Total Liabilities and Equity	479,281	394,799	280,037	93,670	87,578	113,025	215,405	73,744	57,125	606,967	2,401,630

Notes: Maturities above are based on remaining contractual maturities. No behavioral assumptions have been made.

Other Assets include Assets Held for Sale, Tangible and Intangible assets and Other assets

Other Liabilities include Liabilities Held for Sale and Other Liabilities Payable on Demand includes items available O/N

Not Distributed includes items with no contractual maturity and undistributed items

SEB Group Q3 2012, USD

SEK m	Payable on demand	<1m	1-3m	3-6m	6-12m	1-2y	2-5y	5-10y	>10y	Not distributed	Total
Cash and balances with central banks	94,672	0	0	0	0	0	0	0	0	0	94,672
Other Lending to Central Banks	0	0	0	0	0	0	0	0	0	0	0
Loans to credit institutions	1,208	16,983	1,725	1,164	946	666	410	108	3,147	0	26,359
Loans to the public	3,916	10,895	5,223	2,207	3,303	5,964	35,492	19,819	3,872	0	90,692
Financial assets at fair value	0	200	334	668	0	1,696	1,807	211	222	26,049	31,187
Other	0	402	133	320	108	45	230	12	530	4,988	6,767
Total	99,796	28,481	7,416	4,359	4,357	8,371	37,940	20,150	7,771	31,037	249,678
SEK m	Payable on demand	<1m	1-3m	3-6m	6-12m	1-2y	2-5y	5-10y	>10y	Not distributed	Total
Deposits by credit institutions	39,891	24,158	8,992	6,506	717	101	0	0	9	0	80,374
Deposits and borrowings from the public	72,988	10,792	2,873	1,682	1,606	170	113	1	41	0	90,267
Debt securities	0	50,065	124,382	37,346	4,418	655	159	0	293	0	217,319
Financial liabilities at fair value	0	0	0	0	0	65	12	13	0	8,896	8,987
Other	0	213	3,533	222	343	2,767	2,780	0	660	2,484	13,002
Total	112,879	85,228	139,780	45,756	7,084	3,759	3,064	13	1,003	11,381	409,948
SEB Group Q3 2012, EUR
SEK m	Payable on demand	<1m	1-3m	3-6m	6-12m	1-2y	2-5y	5-10y	>10y	Not distributed	Total
Cash and balances with central banks	80,687	0	0	0	0	0	0	0	0	0	80,687
Other Lending to Central Banks	0	0	0	0	0	0	0	0	0	0	0
Loans to credit institutions	2,006	16,052	3,016	1,087	6,689	4,570	16,017	2,619	123	0	52,179
Loans to the public	43,359	13,743	10,743	21,268	26,152	22,781	81,452	43,523	36,628	0	299,648
Financial assets at fair value	0	110	147	5,800	749	10,703	31,002	2,080	177	110,138	160,905
Other	577	14,490	282	554	142	2,354	14,125	23,458	1,514	11,754	69,250
Total	126,629	44,395	14,188	28,708	33,732	40,407	142,595	71,681	38,442	121,892	662,669
SEK m	Payable on demand	<1m	1-3m	3-6m	6-12m	1-2y	2-5y	5-10y	>10y	Not distributed	Total
Deposits by credit institutions	9,783	19,397	618	916	1,743	200	1,713	736	2,000	0	37,106
Deposits and borrowings from the public	142,125	29,903	23,522	16,185	12,377	3,206	18,730	20,452	7,883	0	274,383
Debt securities	0	2,254	13,335	6,137	22,598	29,545	44,737	25,856	7,868	0	152,330
Financial liabilities at fair value	0	1,224	0	341	0	221	817	1,168	0	80,072	83,843
Other	0	965	581	56	57	86	4,290	10,547	1,500	25,881	43,963
Total	151,908	53,744	38,055	23,636	36,774	33,258	70,287	58,760	19,250	105,953	591,625

Maturities above are based on remaining contractual maturities.

Other Assets include assets Held for Sale, Tangible and Intangible assets and Other assets

Other Liabilities include Liabilities Held for Sale, Subordinated Debt, Equity and Other liabilities

Payable on Demand includes items available O/N

Not Distributed includes items with no contractual maturity and other undistributed items

SEB's Liquidity Reserve

Q3, 2012

Liquidity Reserve*, Group	30 Dec 2011	31 Mar 2012 30 Jun 2012		30 Sep 2012	Currency distribution
	TOTAL	TOTAL	TOTAL	TOTAL	SEK	EUR	USD	Other
1 Cash and holdings in central banks	225,187	157,882	187,000	187,147	764	80,687	94,672	11,024
2 Deposits in other banks available overnight	9,949	16,391	13,419	12,588	897	2,314	1,417	7,959
3 Securities issued or guaranteed by sovereigns, central banks or multilateral development banks	32,646	32,710	26,126	33,888	1,151	30,538	2,199	0
4 Securities issued or guaranteed by municipalities or other public sector entities	32,505	32,270	39,106	40,841	1,101	39,654	87	0
5 Covered bonds issued by other institutions	55,544	61,529	52,893	58,112	33,440	24,021	651	0
6 Covered bonds issued by SEB	0	0	0	0	0	0	0	0
7 Securities issued by non-financial corporates	0	0	0	0	0	0	0	0
8 Securities issued by financial corporates (excl. covered bon	2,668	3,392	3,651	5,475	0	5,475	0	0
9 Other	18,087	16,858	16,870	10,277	0	5,129	5,029	120
Total	376,585	321,032	339,065	348,328	37,353	187,819	104,054	19,102

* The liquidity reserve is presented in accordance with the template defined by the Swedish Bankers' Association. Assets included in the liquidity reserve should comply with the following: Assets shall be held by the Treasury function in the bank, not be encumbered and be pledgable with central banks. Furthermore, bonds shall have a maximum risk weight of 20% under the standardised approach to credit risk of the Basel II framework and a lowest rating of Aa2/AA-. Assets are disclosed using market values.

SEB Extended Liquidity Reserve and SEB Liquid Resources, Group

Q3, 2012

Total Liquid Resources, Group	30 Dec 2011	31 Mar 2012 30 Jun 2012		30 Sep 2012	Currency distribution
	TOTAL	TOTAL	TOTAL	TOTAL	SEK	EUR	USD	Other
Liquidity Reserve	376,585	321,032	339,065	348,328	37,353	187,819	104,054	19,102
Available OC	99,586	93,825	122,728	106,874	106,874	0	0	0
SEB Extended Liquidity Reserve*	476,172	414,857	461,793	455,202	144,227	187,819	104,054	19,102
Other liquid resources	79,510	83,970	75,548	167,846	66,757	19,743	1,745	79,602
SEB Total Liquid Resources**	555,682	498,827	537,341	623,049	210,984	207,562	105,799	98,704

* SEB Extended Liquidity Reserve includes available overcollateralisation in cover pools after deducting rating agency haircut. Amounts have been placed in SEK although issuance can also be made in other currencies.

** Other liquid resources include bond holdings outside the Treasury function and bond holdings not eligible for inclusion in the Liquidity Reserve.

SEB AB Cover pool and covered bonds characteristics 30 Sep 2012

* Distribution in different LTV buckets based on exact order of priority for the individual mortgage deeds according to the Association of Swedish Covered Bond issuers.

Capital adequacy

								30 Sep
								2012
86,164	87,387	88,190	91,561	93,030	93,097	93,806	96,378	97,479
100,896	101,980	102,362	105,956	107,967	107,711	108,156	110,873	111,346
101,523	99,149	98,805	102,608	105,617	103,445	103,116	106,707	109,605
711,381	716,126	678,184	678,401	667,164	678,841	674,613	631,981	590,596
56,911	57,290	54,255	54,272	53,373	54,307	53,969	50,558	47,248
12.1%	12.2%	13.0%	13.5%	13.9%	13.7%	13.9%	15.3%	16.5%
14.2%	14.2%	15.1%	15.6%	16.2%	15.9%	16.0%	17.5%	18.9%
14.3%	13.8%	14.6%	15.1%	15.8%	15.2%	15.3%	16.9%	18.6%
1.78	1.73	1.82	1.89	1.98	1.90	1.91	2.11	2.32
80%	80%	80%	80%	80%	80%	80%	80%	80%
797,483	799,798	776,766	798,185	826,862	827,615	834,827	866,691	860,481
63,799	63,984	62,141	63,855	66,149	66,209	66,786	69,335	68,838
10.8%	10.9%	11.4%	11.5%	11.3%	11.2%	11.2%	11.1%	11.3%
12.7%	12.8%	13.2%	13.3%	13.1%	13.0%	13.0%	12.8%	12.9%
12.7%	12.4%	12.7%	12.9%	12.8%	12.5%	12.4%	12.3%	12.7%
1.59	1.55	1.59	1.61	1.60	1.56	1.54	1.54	1.59
984,225	998,326	970,912	1,006,459	1,037,313	1,037,898	1,048,910	1,080,979	1,068,310
78,738	79,866	77,673	80,517	82,985	83,032	83,913	86,478	85,465
8.8%	8.8%	9.1%	9.1%	9.0%	9.0%	8.9%	8.9%	9.1%
10.3%	10.2%	10.5%	10.5%	10.4%	10.4%	10.3%	10.3%	10.4%
10.3%	9.9%	10.2%	10.2%	10.2%	10.0%	9.8%	9.9%	10.3%
1.29	1.24	1.27	1.27	1.27	1.25	1.23	1.23	1.28
	30 Sep 2010	31 Dec 2010	31 Mar 2011	30 Jun 2011	30 Sep 2011	31 Dec 2011	31 Mar 2012	30 Jun 2012

Capital base of the SEB financial group of undertakings

	30 Sep	31 Dec	31 Mar	30 Jun	30 Sep	31 Dec	31 Mar	30 Jun	30 Sep
SEK m	2010	2010	2011	2011	2011	2011	2012	2012	2012
Total equity according to balance sheet	97,105	99,543	97,856	102,821	107,230	109,161	107,594	110,992	113,618
Dividend (excl repurchased shares)	-1,646	-3,291	-823	-1,646	-2,468	-3,836	-959	-1,918	-2,878
Investments outside the financial group of undertakings	-34	-40	-41	-41	-42	-41	-41	-66	-63
Other deductions outside the financial group of undertakings	-2,261	-2,688	-2,966	-2,533	-3,375	-3,728	-4,110	-3,753	-3,902
= Total equity in the capital adequacy	93,164	93,524	94,026	98,601	101,345	101,556	102,484	105,255	106,775
Adjustment for hedge contracts	1,085	1,755	2,233	1,734	433	229	436	108	-200
Net provisioning amount for IRB-reported credit exposures	0	0	0	-279	-120	-108	-172	0	0
Unrealised value changes on available-for-sale financial assets	1,348	1,724	1,714	1,263	852	717	272	343	-7
Exposures where RWA is not calculated	-1,175	-1,184	-1,034	-1,067	-1,010	-914	-734	-772	-749
Goodwill	-4,184	-4,174	-4,110	-4,180	-4,215	-4,147	-4,173	-4,179	-4,109
Other intangible assets	-2,633	-2,564	-2,608	-2,790	-2,896	-2,943	-3,126	-3,310	-3,263
Deferred tax assets	-1,441	-1,694	-2,031	-1,721	-1,359	-1,293	-1,181	-1,067	-968
= Core Tier 1 capital	86,164	87,387	88,190	91,561	93,030	93,097	93,806	96,378	97,479
Tier 1 capital contribution (non-innovative)	4,577	4,492	4,468	4,572	4,618	4,455	4,421	4,379	4,213
Tier 1 capital contribution (innovative)	10,155	10,101	9,704	9,823	10,319	10,159	9,929	10,116	9,654
= Tier 1 capital	100,896	101,980	102,362	105,956	107,967	107,711	108,156	110,873	111,346
Dated subordinated debt	5,014	4,922	4,896	4,946	4,990	4,815	4,709	4,445	6,382
Deduction for remaining maturity	-368	-361	-360	-305	-331	-320	-261	-40	-38
Perpetual subordinated debt	7,050	4,152	3,923	3,978	4,372	2,225	2,012	2,169	2,104
Net provisioning amount for IRB-reported credit exposures	808	91	3	-279	-120	-108	-172	153	467
Unrealised gains on available-for-sale financial assets	484	511	490	602	728	799	705	930	914
Exposures where RWA is not calculated	-1,175	-1,184	-1,034	-1,067	-1,010	-914	-734	-772	-749
Investments outside the financial group of undertakings	-34	-40	-41	-41	-42	-41	-41	-66	-63
= Tier 2 capital	11,779	8,091	7,877	7,834	8,587	6,456	6,218	6,819	9,017
Investments in insurance companies	-10,500	-10,500	-10,500	-10,501	-10,500	-10,500	-10,500	-10,500	-10,500
Pension assets in excess of related liabilities	-652	-422	-933	-681	-437	-222	-758	-485	-258
= Capital base	101,523	99,149	98,806	102,608	105,617	103,445	103,116	106,707	109,605

Risk-weighted assets for the SEB financial group of undertakings

	30 Sep	31 Dec	31 Mar	30 Jun	30 Sep	31 Dec	31 Mar	30 Jun	30 Sep
SEK m	2010	2010	2011	2011	2011	2011	2012	2012	2012
Credit risk, IRB reported risk-weighted assets
Institutions	42,642	37,405	36,161	33,098	35,824	29,552	30,685	26,237	24,669
Corporates	403,427	403,128	401,680	403,631	399,545	394,094	392,517	352,920	330,207
Securitisation positions	7,900	6,337	5,660	5,381	6,396	6,515	6,753	6,704	5,505
Retail mortgages	66,386	65,704	44,033	45,253	45,572	45,241	45,408	45,287	44,017
Other retail exposures	10,014	9,826	9,769	9,954	10,204	9,460	8,856	9,173	9,163
Other exposure classes	1,514	1,511	1,449	1,534	1,589	1,651	1,674	1,683	1,455
Total for credit risk, IRB approach	531,883	523,911	498,752	498,851	499,130	486,513	485,893	442,004	415,016
Further risk-weighted assets
Credit risk, Standardised approach	80,377	91,682	77,699	78,540	70,007	77,485	75,761	75,636	69,120
Operational risk, Advanced Measurement approach	45,440	44,568	43,477	43,811	43,371	42,267	41,154	40,821	40,555
Foreign exchange rate risk	16,754	15,995	12,243	12,479	13,253	13,173	14,213	14,823	13,944
Trading book risks	36,927	39,970	46,013	44,720	41,403	59,403	57,592	58,697	51,961
Total	711,381	716,126	678,184	678,401	667,164	678,841	674,613	631,981	590,596
Summary
Credit risk	612,260	615,593	576,451	577,391	569,137	563,998	561,654	517,640	484,136
Operational risk	45,440	44,568	43,477	43,811	43,371	42,267	41,154	40,821	40,555
Market risk	53,681	55,965	58,256	57,199	54,656	72,576	71,805	73,520	65,905
Total	711,381	716,126	678,184	678,401	667,164	678,841	674,613	631,981	590,596
Adjustment for flooring rules
Addition according to transitional flooring	86,102	83,672	98,582	119,784	159,698	148,774	160,214	234,710	269,885
Total reported	797,483	799,798	776,766	798,185	826,862	827,615	834,827	866,691	860,481

RWA development

Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
2010	2010	2011	2011	2011	2011	2012	2012	2012
714	711	716	678	678	667	679	675	632
3	6	-12	-5	-12	-3	-4	-45	-28
1	-1	0	-2	0	1	3	-1	1
8	5	14	15	-3	12	0	16	-1
1	-1	0	-16	0	-6	3	-15	6
-24	-5	-6	8	8	-8	-4	2	-13
8	1	2	-1	-3	17	-2	0	-8
711	716	678	678	667	679	675	632	591

SEB Group - Basel II without transitional rules

IRB reported credit exposures (less repos and securities lending)

30 Sep	31 Dec	31 Mar	30 Jun	30 Sep	31 Dec	31 Mar	30 Jun	30 Sep
2010	2010	2011	2011	2011	2011	2012	2012	2012
17.8%	19.5%	20.2%	19.8%	21.5%	19.2%	19.1%	17.4%	16.5%
59.1%	57.0%	56.6%	53.9%	52.2%	51.6%	51.5%	44.7%	42.4%
22.4%	20.6%	20.0%	22.7%	28.7%	34.9%	39.8%	39.6%	32.9%
17.2%	16.9%	13.0%	12.8%	12.6%	12.1%	11.6%	11.4%	10.9%
38.7%	38.2%	37.6%	37.4%	37.7%	37.5%	35.6%	36.4%	36.7%

All outstanding Subordinated Debt and Hybrid Tier 1 issues

					Maturity
	Issue date	Ratings	Format	Coupon	date	First call date	Step-up	Currency	Size (m)
Lower Tier II Issues
	12-Sep-12	BBB+/A	10NC5	mth € + 310 bps	12-Sep-22	12-Sep-17	Non	EUR	750
Upper Tier II Issues
	29-Dec-97	A2/BB+/A	PerpNC30	5.0000%	Perpetual	28-Jan-28	6-mth ¥L+ 150bps	JPY	15,000
	26-Jun-95	A2/BB+/A	PerpNC20	4.4000%	Perpetual	24-Nov-15	6-mth ¥L+ 200bps	JPY	10,000
Tier I Issues
	25-Mar-04	A3/BB+/A	PerpNC10	4.9580%	Perpetual	25-Mar-14	3-mth \$L+ 182bps	USD	407
	23-Mar-05	A3/BB+/A	PerpNC10	5.4710%	Perpetual	23-Mar-15	3-mth \$L+ 154bps	USD	423
	1-Oct-09	A3/BB+/A	PerpNC5	9.2500%	Perpetual	31-Mar-15		EUR	500
	21-Dec-07	A3/BB+/A	PerpNC10	7.0922%	Perpetual	21-Dec-17	3-mth € + 340 bps	EUR	500

Assets under management

SEK bn

Assets under management, start of period	2008 1,370	2009 1,201	2010 1,356	2011 1,399	Sep 2012 1,261
Inflow	295	256	287	273	156
Outflow	-261	-209	-232	-230	-134
Net inflow of which:	34	47	55	43	22
Sweden		25	30	32	21
Other Nordic		6	2	8	2
Germany		5	12	-1	-1
Baltic countries and Poland		3	1	1	0
Other and Eliminations		8	11	3	0
Acquisition/disposal net	17	-2	-1	17
Change in value	-220	109	-11	-198	-12
Assets under management, end of period*	1,201	1,356	1,399	1,261	1,271
*Of which, not eliminated:
Retail Banking	74	86	91	69	73
Wealth Management	1,142	1,275	1,321	1,175	1,176
Life	354	402	424	420	436

Credit portfolio

Credit portfolio*

On & off balance, SEK bn

	31 Dec	31 Dec	31 Dec	31 Dec	31 Dec	31 Mar	30 Jun	30 Sep
SEB Group	2007	2008	2009	2010	2011	2012	2012	2012
Lending	1,112	1,362	1,227	1,162	1,165	1,199	1,195	1,185
Contingent Liabilities	365	442	406	430	429	426	439	431
Derivative Instruments	75	130	102	90	108	105	109	119
Credit Portfolio	1,553	1,934	1,735	1,682	1,702	1,730	1,743	1,735

* Before loan loss reserves, excluding repos & debt instruments. Including German Retail until Dec 2010.

Credit portfolio by industry and geography*

SEB Group, 30 September 2012
SEK m	Sweden	Denmark	Norway	Finland	Estonia	Latvia	Lithuania	Germany	Other	Total
Banks	75,912	20,920	12,556	2,964	42	585	478	29,726	13,914	157,097
Finance and insurance	61,137	824	4,502	503	182	311	408	19,517	3,395	90,779
Wholesale and retail	34,103	1,699	987	812	2,166	3,858	7,693	10,154	5,337	66,809
Transportation	32,910	168	1,700	481	1,104	1,758	2,109	5,911	247	46,388
Shipping	29,772	159	1,214	177	697	132	235	7	4,931	37,324
Business and household services	98,573	1,135	4,781	836	2,236	2,121	1,970	23,961	3,082	138,695
Construction	12,383	419	616	535	989	1,191	1,061	2,394	989	20,577
Manufacturing	133,094	1,970	3,415	10,612	3,460	1,879	6,161	27,341	9,840	197,772
Agriculture, forestry and fishing	6,545	27	8	29	1,579	2,085	687	56	10	11,026
Mining and quarrying	19,900	100	5,290	239	22	127	72	134	387	26,271
Electricity, gas and water supply	27,199	221	900	4,843	2,202	1,747	2,262	12,388	434	52,196
Other	21,399	842	1,798	936	229	288	182	1,782	3,884	31,340
Corporates	477,015	7,564	25,211	20,003	14,866	15,497	22,840	103,645	32,536	719,177
Commercial real estate management	87,711	140	1,838	577	5,288	2,577	9,308	42,069	1	149,509
Residential real estate management	69,847		72			1,926	11	20,514		92,370
Housing co-operative associations	41,194									41,194
Property Management	198,752	140	1,910	577	5,288	4,503	9,319	62,583	1	283,073
Public Administration	17,119	3	719	1,263	3,520	157	2,375	46,755	1,460	73,371
Household mortgage	372,923		2,862		13,306	7,585	17,095		2,807	416,578
Other	42,246	4,051	26,302	1,556	2,558	2,582	1,373	6	4,769	85,443
Households	415,169	4,051	29,164	1,556	15,864	10,167	18,468	6	7,576	502,021
Credit portfolio	1,183,967	32,678	69,560	26,363	39,580	30,909	53,480	242,715	55,487	1,734,739

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

SEB Group, 31 December 2011
SEK m	Sweden	Denmark	Norway	Finland	Estonia	Latvia	Lithuania	Germany	Other	Total
Banks	75,407	14,537	11,243	1,262	119	529	574	37,854	13,123	154,648
Finance and insurance	57,651	799	4,613	478	174	520	446	17,302	2,909	84,892
Wholesale and retail	36,339	1,549	840	520	2,563	3,384	7,476	11,353	5,152	69,176
Transportation	27,941	304	1,475	118	1,114	1,897	2,216	6,703	298	42,066
Shipping	33,573	149	447	193	591	149	260	14	5,975	41,351
Business and household services	95,486	954	6,698	543	2,155	2,094	2,167	19,671	1,598	131,366
Construction	11,663	174	482	252	938	1,254	1,047	2,844	786	19,440
Manufacturing	135,083	2,203	4,212	4,469	3,693	1,868	6,762	30,965	9,261	198,516
Agriculture, forestry and fishing	4,720	358	10	31	1,098	1,932	568	35	312	9,064
Mining and quarrying	20,255	105	10,346	267	25	128	95		64	31,285
Electricity, gas and water supply	29,492	242	585	3,455	2,468	1,627	1,884	11,810	735	52,298
Other	18,813	746	2,433	182	262	297	228	1,055	4,466	28,482
Corporates	471,016	7,583	32,141	10,508	15,081	15,150	23,149	101,752	31,556	707,936
Commercial real estate management	85,057	304	1,718	546	5,449	2,905	10,508	43,982	1	150,470
Residential real estate management	65,284		81			1,845	14	24,741		91,965
Housing co-operative associations	37,869									37,869
Property Management	188,210	304	1,799	546	5,449	4,750	10,522	68,723	1	280,304
Public Administration	19,107	17	219	1,210	1,806	158	2,622	57,589	1,576	84,304
Household mortgage	346,117		3,037		14,122	8,289	18,431		2,782	392,778
Other	41,639	4,488	21,974	1,192	2,676	2,932	1,553	7	5,767	82,228
Households	387,756	4,488	25,011	1,192	16,798	11,221	19,984	7	8,549	475,006
Credit portfolio	1,141,496	26,929	70,413	14,718	39,253	31,808	56,851	265,925	54,805	1,702,198

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

Loan portfolio by industry and geography*

SEB Group, 30 September 2012
SEK m	Sweden	Denmark	Norway	Finland	Estonia	Latvia	Lithuania	Germany	Other	Total
Banks	29,226	5,902	2,062	999	32	559	278	16,636	11,065	66,759
Finance and insurance	34,744	107	1,715	5	59	200	9	10,470	3,102	50,411
Wholesale and retail	19,823	1,276	521	573	1,414	2,754	5,602	2,736	4,013	38,712
Transportation	23,707	17	1,312	1	728	1,395	1,820	3,166	185	32,331
Shipping	22,901	44	897	177	235	124	234	7	4,306	28,925
Business and household services	59,655	454	2,705	221	1,867	1,735	1,554	8,217	1,406	77,814
Construction	6,185	318	191	37	410	697	489	268	32	8,627
Manufacturing	48,856	900	488	4,028	2,104	1,538	4,379	8,234	6,073	76,600
Agriculture, forestry and fishing	5,428	19	1	29	1,378	1,799	615		3	9,272
Mining and quarrying	11,920		34	239	21	104	72	134	4	12,528
Electricity, gas and water supply	11,536	11	90	3,204	947	1,294	1,857	4,957	99	23,995
Other	16,879	834	1,425	318	207	270	172	1,582	3,301	24,988
Corporates	261,634	3,980	9,379	8,832	9,370	11,910	16,803	39,771	22,524	384,203
Commercial real estate management	73,577	9	899	557	4,933	2,493	8,743	38,790	1	130,002
Residential real estate management	57,629		68			1,866	11	19,036		78,610
Housing co-operative associations	37,154									37,154
Property Management	168,360	9	967	557	4,933	4,359	8,754	57,826	1	245,766
Public Administration	3,868	3	119	1,263	1,401	82	1,893	45,630	1,461	55,720
Household mortgage	346,477		2,862		13,264	7,554	16,890		2,807	389,854
Other	24,269	2,173	9,042	695	2,023	1,962	875	6	2,079	43,124
Households	370,746	2,173	11,904	695	15,287	9,516	17,765	6	4,886	432,978
Loan portfolio	833,834	12,067	24,431	12,346	31,023	26,426	45,493	159,869	39,937	1,185,426
Repos, credit institutions										28,818
Repos, general public										104,381
Debt instruments										51,280
Reserves										-9,202
Total lending										1,360,703

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

SEB Group, 31 December 2011
SEK m	Sweden	Denmark	Norway	Finland	Estonia	Latvia	Lithuania	Germany	Other	Total
Banks	28,206	3,981	3,044	193	112	493	344	25,581	10,160	72,114
Finance and insurance	26,160	105	1,593	2	38	349	8	9,674	2,609	40,538
Wholesale and retail	19,616	1,046	419	407	1,769	2,247	5,524	3,970	3,625	38,623
Transportation	21,676	152	1,118	5	677	1,524	1,989	2,196	254	29,591
Shipping	23,307	50	45	193	289	147	259	14	5,123	29,427
Business and household services	55,067	462	2,699	356	1,889	1,445	1,574	7,915	1,044	72,451
Construction	5,234	163	247	52	376	784	534	330	46	7,766
Manufacturing	54,145	981	624	4,186	2,313	1,582	4,548	8,275	5,027	81,681
Agriculture, forestry and fishing	3,716	104	7	31	983	1,691	507		303	7,342
Mining and quarrying	12,483		13	267	23	114	95		5	13,000
Electricity, gas and water supply	11,335	35	95	3,434	1,154	1,027	1,523	3,663	382	22,648
Other	16,828	744	2,110	156	245	278	212	965	3,881	25,419
Corporates	249,567	3,842	8,970	9,089	9,756	11,188	16,773	37,002	22,299	368,486
Commercial real estate management	72,147	89	856	525	5,252	2,828	10,094	39,866	1	131,658
Residential real estate management	55,571		79			1,798	14	23,113		80,575
Housing co-operative associations	34,966									34,966
Property Management	162,684	89	935	525	5,252	4,626	10,108	62,979	1	247,199
Public Administration	4,909	18	127	1,210	1,493	89	2,067	52,959	1,576	64,448
Household mortgage	321,932		3,037		14,088	8,260	18,247		2,782	368,346
Other	24,496	2,533	8,940	744	2,120	2,174	1,031	6	2,523	44,567
Households	346,428	2,533	11,977	744	16,208	10,434	19,278	6	5,305	412,913
Loan portfolio	791,794	10,463	25,053	11,761	32,821	26,830	48,570	178,527	39,341	1,165,160
Repos, credit institutions										30,201
Repos, general public										72,244
Debt instruments										60,327
Reserves										-10,801
Retail, SEB Ukraine gross										-2,145
Total lending										1,314,986

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

Credit portfolio – Corporates Credit portfolio – Property Management

Credit portfolio by industry and geography*

	30 Sep	31 Dec	31 Mar	30 Jun	30 Sep	31 Dec	31 Mar	30 Jun	30 Sep
SEK bn	2010	2010	2011	2011	2011	2011	2012	2012	2012
Banks	218	205	208	171	222	155	188	157	157
Corporates	647	666	650	667	704	708	704	730	719
Nordic countries	470	484	478	483	514	521	524	541	530
Germany	101	106	100	101	107	102	98	101	104
Baltic countries	54	51	49	51	55	53	52	55	53
Other	22	25	24	32	28	32	29	33	33
Commercial real estate management	142	136	143	152	155	150	148	148	150
Nordic countries	72	69	76	85	88	88	87	88	90
Germany	47	46	46	47	46	44	43	43	42
Baltic countries	21	20	20	20	20	19	18	18	17
Other	1	1	1	0	0	0	0	0	0
Residential real estate management	78	84	84	88	90	92	90	92	92
Nordic countries	51	56	57	60	62	65	65	68	70
Germany	25	26	25	26	26	25	23	23	21
Baltic countries	2	2	2	2	2	2	2	2	2
Other	0	0	0	0	0	0	0	0	0
Housing co-operative associations Sweden	24	27	29	33	35	38	39	40	41
Public administration	81	75	91	78	82	84	76	76	73
Households	509	509	434	454	462	475	486	500	502
Nordic countries	366	369	378	398	405	418	433	445	450
Germany	86	84	0	0	0	0	0	0	0
Baltic countries	51	50	49	50	50	48	47	46	44
Other	6	6	6	6	7	9	6	8	8
Total credit portfolio	1,699	1,703	1,639	1,641	1,751	1,703	1,730	1,743	1,735

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

Asset quality

Credit loss level, %

30 Sep 2012

2012

* Continuing operations

Development of Non-performing loans

SEK bn

2012

Non-performing loans & reserves

SEB Group, SEK bn

Jun '09 Sep '09 Dec '09 Mar '10 Jun '10 Sep '10 Dec '10 Mar '11 Jun '11 Sep '11 Dec '11 Mar '12 Jun '12 Sep '12

Non-performing loans & reserves

SEB Group, SEK m

	30 Sep	31 Dec	31 Mar	30 Jun	30 Sep	31 Dec	31 Mar	30 Jun	30 Sep
	2010	2010	2011	2011	2011	2011	2012	2012	2012
Individually assessed loans
Impaired loans, gross	18,136	17,218	14,870	14,455	12,538	11,090	10,678	9,797	8,463
Specific reserves	9,455	8,883	7,801	7,234	6,575	5,938	5,783	5,135	4,394
Collective reserves	3,822	3,030	2,459	2,132	2,026	1,948	1,882	1,855	1,882
Off Balance sheet reserves	491	476	400	398	378	369	346	351	507
Specific reserve ratio	52%	52%	52%	50%	52%	54%	54%	52%	52%
Total reserve ratio	73%	69%	69%	65%	69%	71%	72%	71%	74%
Portfolio assessed loans
Loans past due > 60 days	6,980	6,534	6,696	6,796	6,804	6,483	6,404	6,064	5,678
Restructured loans	505	502	503	523	530	501	498	494	442
Collective reserves	3,594	3,576	3,544	3,418	3,499	3,351	3,284	3,051	2,926
Reserve ratio	48%	51%	49%	47%	48%	48%	48%	47%	48%
Non-performing loans	25,621	24,254	22,069	21,773	19,873	18,074	17,580	16,355	14,583
Total reserves	17,363	15,965	14,204	13,182	12,478	11,606	11,295	10,392	9,709
NPL coverage ratio	68%	66%	64%	61%	63%	64%	64%	64%	67%
Non-performing loans / Lending	1.8%	1.8%	1.7%	1.7%	1.4%	1.4%	1.3%	1.3%	1.1%

Baltic geographies, SEK m

	30 Sep	31 Dec	31 Mar	30 Jun	30 Sep	31 Dec	31 Mar	30 Jun	30 Sep
	2010	2010	2011	2011	2011	2011	2012	2012	2012
Individually assessed loans
Impaired loans, gross	11,880	10,875	9,855	8,793	8,332	7,324	6,914	6,481	5,801
Specific reserves	6,060	5,502	4,922	4,385	4,178	3,683	3,585	3,346	2,968
Collective reserves	2,254	1,670	1,350	1,178	1,036	956	866	799	757
Of which Baltic Sensitivity Macro	1,144	726
Off balance sheet reserves	86	73	69	69	48	31	15	13	11
Specific reserve ratio	51%	51%	50%	50%	50%	50%	52%	52%	51%
Total reserve ratio	70%	66%	64%	63%	63%	63%	64%	64%	64%
Portfolio assessed loans
Loans past due > 60 days	4,735	4,495	4,635	4,667	4,644	4,366	4,327	4,197	3,874
Restructured loans	505	502	503	523	530	501	498	494	442
Restructured loans	505		0	0	0	0	0	0	0
Collective reserves	2,690	2,727	2,757	2,616	2,677	2,544	2,485	2,436	2,316
Reserve ratio	51%	55%	54%	50%	52%	52%	52%	52%	54%
Non-performing loans	17,119	15,872	14,994	13,983	13,506	12,192	11,738	11,172	10,117
Total reserves	11,090	9,972	9,097	8,248	7,939	7,215	6,951	6,594	6,052
NPL coverage ratio	65%	63%	61%	59%	59%	59%	59%	59%	60%
Non-performing loans / Lending	14.0%	13.6%	13.1%	12.0%	11.4%	10.9%	10.9%	10.4%	9.7%

Impaired loans by industry and geography*

(Individually assessed loans)

SEB Group, 30 September 2012
SEK m	Sweden	Denmark	Norway	Finland	Estonia	Latvia	Lithuania	Germany	Other	Total
Banks	44	2						1		47
Finance and insurance	23				1			2		26
Wholesale and retail	57				30	215	287	70		659
Transportation	4				2	23	102	4		135
Shipping	1						81		210	292
Business and household services	85	100			14	62	215	7	3	486
Construction	51	5			72	124	58	45	13	368
Manufacturing	46	5		48	151	28	182	187	10	657
Agriculture, forestry and fishing	4					62	11		12	89
Mining and quarrying						21				21
Electricity, gas and water supply	1				2					3
Other	167		4		14	23		3	34	245
Corporates	439	110	4	48	286	558	936	318	282	2,981
Commercial real estate management	16				239	719	2,559	853		4,386
Residential real estate management	33					264		438		735
Housing co-operative associations	8									8
Property Management	57				239	983	2,559	1,291		5,129
Public Administration
Household mortgage	9		10				84			103
Other		4	22			156		2	19	203
Households	9	4	32			156	84	2	19	306
Impaired loans	549	116	36	48	525	1,697	3,579	1,612	301	8,463
* The geographical distribution is based on where the loan is booked. Amounts before provisions for credit losses.
SEB Group, 31 December 2011
SEK m	Sweden	Denmark	Norway	Finland	Estonia	Latvia	Lithuania	Germany	Other	Total
Banks	345	4					1	1		351
Finance and insurance	22		3	4	1					30
Wholesale and retail	67				72	246	334	112		831
Transportation	15		3		3	50	170	4		245
Shipping	4						87			91
Business and household services	105	107			43	57	270	11	5	598
Construction	41	5	1		94	199	118	51	19	528
Manufacturing	84	5	8		221	68	313	199	33	931
Agriculture, forestry and fishing	3				3	54	12		14	86
Mining and quarrying						22			12	34
Electricity, gas and water supply					3	1				4
Other	127		9		15	16		4	240	411

Corporates 468 117 24 4 455 713 1,304 381 323 3,789 Commercial real estate management 48 340 839 3,209 1,471 5,907 Residential real estate management 25 177 216 418 Housing co-operative associations 12 12 Property Management 85 340 1,016 3,209 1,687 6,337

Household mortgage 10 94 104 Other 3 43 194 2 267 509 Households 3 53 194 94 2 267 613 Impaired loans 898 124 77 4 795 1,923 4,608 2,071 590 11,090

whereof Retail, SEB Ukraine -445

Public Administration

Impaired loans excl Retail, SEB Ukraine 10,645

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

Portfolio assessed loans* (Including restructured loans)

Loans past due > 60 days

SEB Group, 30 September 2012
SEK m	Sweden	Denmark	Norway	Finland	Estonia	Latvia	Lithuania	Other Total
Corporates	20	11	40	40	139	172	100	522
Household mortgage	475				486	1,301	1,166	3,428
Household mortgage restructured					43	111	288	442
Other	671	241	282	24	88	292	130	1,728
Households	1,146	241	282	24	617	1,704	1,584	5,598
Non performing	1,166	252	322	64	756	1,876	1,684	6,120

SEB Group, 31 December 2011
SEK m	Sweden	Denmark	Norway	Finland	Estonia	Latvia	Lithuania	Other	Total
Corporates	20	11	47	7	192	207	135	2	621
Household mortgage	481				537	1,480	1,231	94	3,823
Household mortgage restructured					47	128	326		501
Other	672	269	330	59	99	336	149	125	2,039
Households	1,153	269	330	59	683	1,944	1,706	219	6,363
whereof Retail, SEB Ukraine									-219
Non performing excl Retail, SEB Ukraine	1,173	280	377	66	875	2,151	1,841	221	6,765

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

Market risk

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

utilization remained low.

Market risk within Merchant Banking decreased during the summer months and remained stable for the rest of the quarter.

VaR within Treasury operations has decreased during Q3 mainly due to lower credit spread volatility.

All risk exposures are well within the Board's decided limits and the The table below shows the VaR exposure by risk type.

Value at Risk (99 per cent, ten days)
SEK m	Min	Max	30 September 2012	Average 2012	Average 2011
Commodities	6	31	31	12	2
Credit spread	100	166	144	142	189
Equity	17	147	30	78	32
FX	16	108	22	50	44
Interest rate	59	203	68	131	80
Volatilities	37	87	45	56	28
Diversification			-200	-303	-165
Total	113	238	139	167	210

Debt instruments

Credit Risk Exposure SEK 248bn

By rating

	Central &
	local		Covered	Structured
SEK bn	governments	Corporate	bonds	Credits	Financials	Total
AAA	31.6%	0.5%	34.1%	4.0%	0.9%	71.1%
AA	7.0%	0.0%	0.3%	1.4%	0.1%	8.8%
A	0.2%	0.2%	1.8%	1.1%	0.8%	4.3%
BBB	1.0%	0.3%	1.3%	0.5%	0.4%	3.5%
BB/B	0.0%	0.3%	0.1%	0.3%	0.0%	0.7%
CCC/CC	0.0%	0.0%	0.0%	0.4%	0.0%	0.4%
No issue rating	5.3%	3.6%	0.9%	0.2%	1.2%	11.2%
	45.2%	5.0%	38.5%	7.8%	3.5%	100.0%

By geography

	Central &
	local		Covered	Structured
SEK bn	governments	Corporate	bonds	Credits	Financials	Total
Germany	28.2%	0.4%	2.0%	0.3%	0.5%	31.3%
Sweden	5.0%	1.3%	20.0%	0.0%	1.1%	27.3%
Denmark	0.9%	0.1%	7.4%	0.0%	0.0%	8.4%
Norway	3.3%	2.1%	2.4%	0.0%	1.0%	8.7%
US	0.0%	0.5%	0.0%	2.0%	0.8%	3.3%
Spain	0.0%	0.0%	3.0%	0.6%	0.0%	3.6%
France	0.4%	0.1%	2.3%	0.0%	0.0%	2.8%
Finland	1.6%	0.6%	0.2%	0.0%	0.0%	2.3%
Greece	0.0%	0.0%	0.0%	0.1%	0.0%	0.1%
Ireland	0.0%	0.0%	0.2%	0.2%	0.0%	0.4%
Italy	0.1%	0.0%	0.0%	0.2%	0.0%	0.3%
Portgual	0.0%	0.0%	0.0%	0.1%	0.0%	0.1%
Europe, other	4.9%	0.1%	0.7%	3.9%	0.0%	9.5%
Other	0.2%	0.0%	0.0%	0.1%	0.0%	0.3%
Netherlands	0.7%	0.0%	0.6%	0.2%	0.0%	1.4%
	45.2%	5.0%	38.5%	7.8%	3.5%	100.0%

SEB's holdings of bonds with exposure to Greece, Italy, Ireland, Portugal and Spain

As of Sep 30, 2012

	Central & local
SEK bn	governments	Covered bonds Structured credits		Financials	Total
Greece	0.0	0.0	0.3	0.0	0.3
Italy	0.3	0.0	0.4	0.0	0.7
Ireland	0.0	0.4	0.6	0.0	1.0
Portugal	0.0	0.0	0.4	0.0	0.4
Spain	0.0	7.5	1.4	0.0	8.9
Total	0.3	7.9	3.0	0.0	11.3

SEB Group by business segment

Jan – Sep 2012 vs. Jan – Sep 2011

Operating profit before credit loss provisions per division

* Where of Sweden 10.7bn and Cards 3.2bn

** Where of Estonia 2.0bn, Latvia 2.7bn, Lithuania 3.0bn and Baltic RHC 0.1

Following the Basel III regulation for capital, liquidity and funding to be implemented in Sweden starting 2013, SEB has continued to align the framework for capital and liquidity management. In Q1 2012, SEK 16bn more capital has been allocated to the divisions from the central function. In addition, internal funds transfer prices more fully reflect the increased cost of funding and buffers of liquidity required going forward. Further refinements are likely during 2012.

Other and eliminations, total (Group-wide functions outside the divisions)

	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
SEK m	2010	2010	2011	2011	2011	2011	2012	2012	2012
Net interest income	480	584	574	258	60	47	-11	274	365
Net fee and commission income	240	194	245	285	311	170	253	208	225
Net financial income	-105	-265	-13	-364	-312	-517	182	-168	94
Net life insurance income	-325	-326	-356	-361	-329	-261	-324	-319	-318
Net other income	-325	130	-156	-46	-174	-447	-269	-132	-65
Total operating income	-35	317	294	-228	-444	-1,008	-169	-137	301
Staff costs	-1,084	-1,022	-1,051	-981	-969	-1,025	-1,023	-1,101	-1,077
Other expenses	1,009	1,073	1,057	1,067	1,084	928	1,025	1,117	1,031
Depreciation, amortisation and impairment of
tangible and intangible assets	-130	-126	-123	-121	-128	-119	-130	-129	-131
Restructuring costs	-755	-9
Total operating expenses	-960	-84	-117	-35	-13	-216	-128	-113	-177
Profit before credit losses	-995	233	177	-263	-457	-1,224	-297	-250	124
Gains less losses from disposals of tangible
and intangible assets		1		1			1		-4
Net credit losses	7	1	2					1	1
Operating profit	-988	235	179	-262	-457	-1,224	-296	-249	121

Merchant Banking

	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
SEK m	2010	2010	2011	2011	2011	2011	2012	2012	2012
Net interest income	1,852	1,966	1,732	1,885	1,883	2,033	1,899	1,880	1,752
Net fee and commission income	1,281	1,503	1,259	1,342	1,371	1,406	1,239	1,351	1,200
Net financial income	685	607	1,085	995	1,016	904	986	1,074	786
Net other income	44	155	35	135	211	237	111	70	127
Total operating income	3,862	4,231	4,111	4,357	4,481	4,580	4,235	4,375	3,865
Staff costs	-843	-1,084	-1,062	-998	-983	-872	-1,030	-996	-961
Other expenses	-1,066	-1,230	-1,207	-1,269	-1,150	-1,215	-1,142	-1,143	-1,114
Depreciation, amortisation and impairment of
tangible and intangible assets	-40	-63	-51	-50	-46	-80	-41	-40	-42
Total operating expenses	-1,949	-2,377	-2,320	-2,317	-2,179	-2,167	-2,213	-2,179	-2,117
Profit before credit losses	1,913	1,854	1,791	2,040	2,302	2,413	2,022	2,196	1,748
Gains less losses from disposals of tangible and
intangible assets	1	23	3	-3		-1		-6
Net credit losses	-26	-99	-48	-36	-53	-87	-81	-30	-17
Operating profit	1,888	1,778	1,746	2,001	2,249	2,325	1,941	2,160	1,731
Cost/Income	0.50	0.56	0.56	0.53	0.49	0.47	0.52	0.50	0.55
Business equity, SEK bn	25.8	25.7	25.6	26.6	27.6	27.3	37.5	37.5	37.3
Return on business equity, per cent
-isolated in the quarter	21.1	19.9	19.7	21.7	23.5	24.5	15.3	17.1	13.8
-accumulated in the period	20.7	20.5	19.7	20.7	21.7	22.4	15.3	16.1	15.4
RWA - Basel I, SEK m	497	504	510	522	541	535	540	559	546
RWA - Basel II, SEK m	388	387	387	375	369	387	384	366	336
Lending to the public*, SEK bn	412	418	455	462	465	468	474	470	457
Deposits from the public**, SEK bn	358	357	353	395	433	450	390	456	413
FTEs, present	2,365	2,394	2,481	2,485	2,503	2,508	2,506	2,508	2,512

*excluding repos and debt instruments

** excluding repos

Income, Expenses, Net losses and Operating profit, SEK m

Trading and Capital Markets

	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
SEK m	2010	2010	2011	2011	2011	2011	2012	2012	2012
Net interest income	382	459	293	369	276	412	367	361	282
Net fee and commission income	356	487	396	285	449	439	311	330	393
Net financial income	696	645	1,085	1,041	971	945	1,033	1,066	830
Net other income	-4	-3	2	3	12	4	-1	-4	13
Total operating income	1,430	1,588	1,776	1,698	1,708	1,800	1,710	1,753	1,518
Staff costs	-365	-482	-465	-440	-424	-371	-458	-434	-425
Other expenses	-465	-552	-562	-605	-539	-555	-500	-507	-509
Depreciation, amortisation and impairment of
tangible and intangible assets	-9	-9	-27	-30	-26	-52	-26	-25	-24
Total operating expenses	-839	-1,043	-1,054	-1,075	-989	-978	-984	-966	-958
Profit before credit losses	591	545	722	623	719	822	726	787	560
Gains less losses from disposals of tangible
and intangible assets			1	1		-1		-2
Net credit losses		1		-1		-3
Operating profit	591	546	723	623	719	818	726	785	560

Corporate Banking

	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
SEK m	2010	2010	2011	2011	2011	2011	2012	2012	2012
Net interest income	1,148	1,140	1,093	1,121	1,204	1,224	1,103	1,105	1,130
Net fee and commission income	571	681	489	663	568	602	558	624	464
Net financial income	-27	-66	-35	-53	17	-61	-57	-6	-45
Net other income	38	143	24	121	189	217	104	57	107
Total operating income	1,730	1,898	1,571	1,852	1,978	1,982	1,708	1,780	1,656
Staff costs	-349	-467	-459	-423	-423	-370	-434	-426	-405
Other expenses	-261	-251	-312	-311	-290	-338	-315	-288	-278
Depreciation, amortisation and impairment of
tangible and intangible assets	-16	-51	-22	-16	-18	-24	-13	-13	-13
Total operating expenses	-626	-769	-793	-750	-731	-732	-762	-727	-696
Profit before credit losses	1,104	1,129	778	1,102	1,247	1,250	946	1,053	960
Gains less losses from disposals of tangible
and intangible assets	-1	29	2	-1		-1		-1
Net credit losses	-37	-97	-51	-31	-52	-95	-84	-37	-15
Operating profit	1,066	1,061	729	1,070	1,195	1,154	862	1,015	945

Global Transaction Services

	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
SEK m	2010	2010	2011	2011	2011	2011	2012	2012	2012
Net interest income	321	367	345	396	404	397	428	415	341
Net fee and commission income	355	334	374	394	353	366	370	396	344
Net financial income	16	27	35	7	28	20	11	13	1
Net other income	10	16	9	10	11	15	9	17	5
Total operating income	702	744	763	807	796	798	818	841	691
Staff costs	-128	-135	-137	-137	-137	-129	-138	-136	-131
Other expenses	-340	-427	-332	-353	-321	-323	-327	-347	-328
Depreciation, amortisation and impairment of
tangible and intangible assets	-16	-2	-3	-3	-2	-4	-3	-2	-4
Total operating expenses	-484	-564	-472	-493	-460	-456	-468	-485	-463
Profit before credit losses	218	180	291	314	336	342	350	356	228
Gains less losses from disposals of tangible
and intangible assets	2	-6	-1	-2	-1	2		-3
Net credit losses	11	-3	4	-4		9	3	7	-2
Operating profit	231	171	294	308	335	353	353	360	226

Nordic leader in investment banking

Market shares Nordic and Baltic stock exchanges Jan – Sep 2012

Source: The Nordic Stock exchanges

Source: Bloomberg

Source: Bloomberg

Source: Bloomberg

Trading and Capital Markets, income by main product cluster

Low risk trading orientation

Retail Banking

	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
SEK m	2010	2010	2011	2011	2011	2011	2012	2012	2012
Net interest income	1,263	1,332	1,349	1,436	1,497	1,564	1,674	1,759	1,770
Net fee and commission income	774	848	788	822	740	825	762	801	759
Net financial income	58	74	64	83	74	81	71	90	72
Net other income	14	14	14	40	23	19	13	20	20
Total operating income	2,109	2,268	2,215	2,381	2,334	2,489	2,520	2,670	2,621
Staff costs	-686	-647	-673	-689	-658	-674	-703	-716	-700
Other expenses	-800	-928	-882	-940	-868	-878	-794	-797	-764
Depreciation, amortisation and impairment of
tangible and intangible assets	-21	-21	-19	-19	-20	-21	-20	-21	-25
Total operating expenses	-1,507	-1,596	-1,574	-1,648	-1,546	-1,573	-1,517	-1,534	-1,489
Profit before credit losses	602	672	641	733	788	916	1,003	1,136	1,132
Gains less losses from disposals of tangible
and intangible assets	-1		1	-1
Net credit losses	-56	-144	-98	-84	-111	-183	-102	-133	-99
Operating profit	545	528	544	648	677	733	901	1,003	1,033
Cost/Income	0.71	0.70	0.71	0.69	0.66	0.63	0.60	0.57	0.57
Business equity, SEK bn	9.8	9.8	9.9	10.2	10.2	10.4	14.0	13.9	13.9
Return on business equity, per cent
-isolated in the quarter	16.5	16.0	16.2	18.9	19.6	20.8	19.0	21.4	22.0
-accumulated in the period	14.0	14.5	16.2	17.6	18.3	18.9	19.0	20.2	20.8
RWA - Basel I, SEK m	322	332	291	304	316	329	340	350	357
RWA - Basel II, SEK m	162	168	131	133	135	136	139	115	112
Lending to the public*, SEK bn 1)	386	397	413	434	451	468	482	495	504
Deposits from the public**, SEK bn 2)	166	175	175	182	188	196	200	207	210
FTEs, present 3)	3,430	3,441	3,498	3,596	3,521	3,553	3,583	3,688	3,517
excluding repos and debt instruments * excluding repos
1) Where of RB Sweden	369	380	397	417	434	451	464	476	486
RB Card	17	17	16	17	17	17	18	19	18
2) Where of RB Sweden RB Card	166 -	175 -	175 -	182 -	188 -	196 -	200 -	207 -	210 -
3) Where of RB Sweden	2,620	2,667	2,725	2,822	2,739	2,774	2,818	2,926	2,750
RB Card	810	774	773	774	782	779	765	762	767

Income, Expenses and Operating profit, SEK m

Retail Sweden

	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
SEK m	2010	2010	2011	2011	2011	2011	2012	2012	2012
Net interest income	1,019	1,095	1,123	1,214	1,262	1,329	1,430	1,490	1,506
Net fee and commission income	363	396	393	386	344	351	367	361	343
Net financial income	58	74	64	83	74	81	71	90	72
Net other income	4	5	15	26	6	4	4	5	5
Total operating income	1,444	1,570	1,595	1,709	1,686	1,765	1,872	1,946	1,926
Staff costs	-491	-472	-498	-509	-490	-502	-526	-537	-523
Other expenses	-640	-756	-706	-759	-701	-701	-613	-606	-599
Depreciation, amortisation and impairment of
tangible and intangible assets	-12	-14	-13	-13	-14	-14	-15	-16	-17
Total operating expenses	-1,143	-1,242	-1,217	-1,281	-1,205	-1,217	-1,154	-1,159	-1,139
Profit before credit losses	301	328	378	428	481	548	718	787	787
Gains less losses from disposals of tangible
and intangible assets			1	-1
Net credit losses	-5	-70	-43	-40	-63	-110	-49	-84	-54
Operating profit	296	258	336	387	418	438	669	703	733

Cards

	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
SEK m	2010	2010	2011	2011	2011	2011	2012	2012	2012
Net interest income	244	236	226	222	235	234	244	268	266
Net fee and commission income	403	444	392	416	403	474	387	431	412
Net other income	18	22	3	30	12	24	17	24	17
Total operating income	665	702	621	668	650	732	648	723	695
Staff costs	-195	-175	-175	-179	-168	-173	-177	-179	-177
Other expenses	-160	-178	-176	-178	-169	-185	-181	-190	-165
Depreciation, amortisation and impairment of
tangible and intangible assets	-8	-8	-7	-6	-6	-6	-5	-5	-8
Total operating expenses	-363	-361	-358	-363	-343	-364	-363	-374	-350
Profit before credit losses	302	341	263	305	307	368	285	349	345
Gains less losses from disposals of tangible
and intangible assets	-1
Net credit losses	-51	-73	-55	-44	-48	-73	-53	-49	-45
Operating profit	250	268	208	261	259	295	232	300	300

Business volume development by area

Retail Sweden

Volumes

Retail Sweden

Cards

Note: Adjustment of inactive cards in Q4 2010 and Q1 2011

Wealth Management

SEK m 2010 2010 2011 2011 2011 2011 2012 2012 Net interest income 118 136 143 160 166 167 171 179 Net fee and commission income 830 1,115 994 865 849 1,009 799 858 Net financial income 17 30 15 22 33 17 27 23 Net other income 7 4 2 26 -21 2 32 Total operating income 972 1,285 1,154 1,073 1,027 1,193 999 1,092 Staff costs -306 -344 -368 -365 -317 -356 -324 -347 Other expenses -368 -422 -368 -388 -356 -390 -355 -372 Depreciation, amortisation and impairment of tangible and intangible assets -20 -23 -12 -10 -10 -17 -11 -11 Total operating expenses -694 -789 -748 -763 -683 -763 -690 -730 Profit before credit losses 278 496 406 310 344 430 309 362 Gains less losses from disposals of tangible and intangible assets Net credit losses -1 7 -1 -1 -5 -2 1 1 Operating profit 277 503 405 309 339 428 310 363 Cost/Income 0.71 0.61 0.65 0.71 0.67 0.64 0.69 0.67 Business equity, SEK bn 5.2 5.3 5.0 4.9 5.0 5.1 6.2 6.1 Return on business equity, per cent -isolated in the quarter 15.2 27.4 23.1 18.0 19.5 24.3 14.8 17.6 -accumulated in the period 17.8 20.2 23.1 20.6 20.2 21.3 14.8 16.2 RWA - Basel I, SEK m 25 27 27 27 28 28 30 26		Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
										2012
										160
										774
										36
										-7
										963
										-349
										-340
										-10
										-699
										264
										-1
										263
										0.73
										5.8
										13.5
										15.4
										26
	RWA - Basel II, SEK m	31	33	32	30	31	32	31	30	27
Lending to the public*, SEK bn 29 32 32 33 34 33 34 34										34
Deposits from the public**, SEK bn 50 47 45 50 52 51 52 55										55
FTEs, present 971 1,005 1,007 1,015 1,002 995 1,005 1,001										964

*excluding repos and debt instruments

** excluding repos

Income, Expenses and Operating profit, SEK m

AuM per customer type, SEK bn

* Institutional Clients excluding Private Bankings share of Mutual Funds

Mutual funds per product type

	Q3 2010	Q4 2010	Q1 2011	Q2 2011	Q3 2011	Q4 2011	Q1 2012	Q2 2012	Q3 2012
Equity funds	37%	40%	38%	38%	33%	34%	37%	36%	38%
Fixed income funds	27%	23%	25%	25%	27%	27%	20%	29%	27%
Balanced funds	15%	16%	16%	16%	17%	16%	21%	16%	17%
Alternative funds	22%	21%	21%	21%	23%	23%	22%	19%	18%
Total amount (SEK bn)	525	551	551	542	473	453	484	446	442

Life

SEK m	Q3 2010	Q4 2010	Q1 2011	Q2 2011	Q3 2011	Q4 2011	Q1 2012	Q2 2012	Q3 2012
Net interest income	-2	-5	-8	-10	-8	-7	-24	-24	-20
Net life insurance income	1,143	1,106	1,138	1,125	988	1253	1,239	1,140	1,179
Total operating income	1,141	1,101	1,130	1,115	980	1,246	1,215	1,116	1,159
Staff costs	-276	-278	-292	-305	-289	-307	-308	-307	-294
Other expenses	-150	-141	-135	-111	-137	-153	-136	-136	-137
Depreciation, amortisation and impairment of
tangible and intangible assets	-169	-176	-192	-192	-198	-203	-229	-228	-224
Total operating expenses	-595	-595	-619	-608	-624	-663	-673	-671	-655
Operating profit	546	506	511	507	356	583	542	445	504
Change in surplus values, net	376	294	27	545	217	399	83	325	148
Business result	922	800	538	1,052	573	982	625	770	652
Cost/Income ratio	0.52	0.54	0.55	0.55	0.64	0.53	0.55	0.60	0.57
Business equity, SEK bn	6.0	6.0	6.4	6.4	6.4	6.4	6.5	6.5	6.5
Return on business equity, per cent
- isolated in the quarter	32.0	29.7	28.1	27.9	19.6	32.1	29.0	23.8	27.0
- accumulated in the period	31.9	31.3	28.1	28.0	25.2	26.9	29.0	26.4	26.6
Return on business equity, based on business
result, per cent
- isolated in the quarter	54.1	46.9	29.6	57.9	31.5	54.0	33.5	41.2	34.9
- accumulated in the period	46.6	46.7	29.6	43.7	39.7	43.3	33.5	37.3	36.5
FTEs, present	1,200	1,226	1,237	1,241	1,331	1,323	1,305	1,303	1,323

Income, Expenses and Operating profit, SEK m

Income statement

SEK m	Q3 2010	Q4 2010	Q1 2011	Q2 2011	Q3 2011	Q4 2011	Q1 2012	Q2 2012	Q3 2012
Income unit-linked	611	668	632	639	620	645	687	665	659
Income other insurance 1)	392	310	370	332	196	434	381	319	360
Other income	138	123	128	144	164	167	147	132	140
Total operating income	1,141	1,101	1,130	1,115	980	1,246	1,215	1,116	1,159
Operating expenses	-594	-646	-649	-623	-586	-673	-659	-648	-594
Other expenses	-6	-5	0	-9	-10	-8	-1	-3	-2
Change in deferred acquisition costs	5	56	30	24	-28	18	-13	-20	-59
Total expenses	-595	-595	-619	-608	-624	-663	-673	-671	-655
Operating profit	546	506	511	507	356	583	542	445	504
Change in surplus value, net	376	294	27	545	217	399	83	325	148
Business result	922	800	538	1,052	573	982	625	770	652
Financial effects due to market fluctuations	180	686	-455	-224	-1,588	370	882	275	116
Change in assumptions	24	-323	-24	36	0	-191	3	141	184
Total result	1,126	1,163	59	864	-1,015	1,161	1,510	1,186	952
Business equity	6,000	6,000	6,400	6,400	6,400	6,400	6,500	6,500	6,500
Return on business equity 2)	32.0	29.7	28.1	27.9	19.6	32.1	29.0	23.8	27.0
Premium income, gross	6,698	7,752	8,549	6,850	6,212	7,323	7,149	6,624	6,136
Expense ratio, % 3)	8.9	8.3	7.6	9.1	9.4	9.2	9.2	9.8	9.7
Operating profit by business area
SEB Trygg Liv, Sweden	359	408	388	329	268	329	346	286	325
SEB Pension, Denmark	151	61	114	160	110	191	139	161	145
SEB Life & Pension, International	50	38	20	17	-10	64	81	18	58
Other including central functions etc	-14	-1	-11	1	-12	-1	-24	-20	-24
	546	506	511	507	356	583	542	445	504
1) Effect of guarantee commitments in traditional insurance in Sweden	12	50	15	-21	-73	26	25	1	3

2) Operating profit after 13 (12 until 2011) per cent tax which reflects the divisions effective tax rate, annual basis

3) Operating expenses as percentage of premium income

Sales volume insurance (weighted*)

SEK m	Q3 2010	Q4 2010	Q1 2011	Q2 2011	Q3 2011	Q4 2011	Q1 2012	Q2 2012	Q3 2012
Total	10,699	12,314	11,933	11,601	8,562	10,041	10,405	9,881	8,651
Traditional life and sickness/health insurance	1,548	1,938	1,408	1,928	1,690	1,717	1,775	1,697	1,482
Unit-linked insurance	9,151	10,376	10,525	9,673	6,872	8,324	8,630	8,184	7,169
Corporate as per cent of total	72%	66%	58%	70%	74%	71%	71%	78%	80%
SEB Trygg Liv Sweden	7,032	7,804	7,026	6,649	4,854	5,252	5,412	5,199	4,086
Traditional life and sickness/health insurance	322	403	322	366	405	303	354	332	257
Unit-linked insurance	6,710	7,401	6,704	6,283	4,449	4,949	5,058	4,867	3,829
Corporate as per cent of total	73%	66%	61%	69%	75%	75%	80%	83%	84%
SEB Pension Denmark	2,579	3,146	2,845	3,678	2,942	3,165	3,429	3,289	3,517
Traditional life and sickness insurance	1,126	1,338	955	1,375	1,201	1,231	1,282	1,187	1,081
Unit-linked insurance	1,453	1,808	1,890	2,303	1,741	1,934	2,147	2,102	2,436
Corporate as per cent of total	88%	80%	76%	87%	87%	86%	80%	88%	91%
SEB Life & Pension International	1,088	1,364	2,062	1,274	766	1,624	1,564	1,393	1,048
Traditional life and sickness insurance	100	197	131	187	84	183	139	178	144
Unit-linked insurance	988	1,167	1,931	1,087	682	1,441	1,425	1,215	904
Corporate as per cent of total	32%	31%	26%	23%	19%	29%	20%	35%	31%

* Single premiums + regular premiums times ten

Premium income and Assets under management

SEK m	Q3 2010	Q4 2010	Q1 2011	Q2 2011	Q3 2011	Q4 2011	Q1 2012	Q2 2012	Q3 2012
Premium income: Total	6,698	7,752	8,549	6,850	6,212	7,323	7,149	6,624	6,136
Traditional life and sickness/health insurance	1,332	1,959	1,301	1,886	1,486	2,023	1,616	1,601	1,349
Unit-linked insurance	5,366	5,793	7,248	4,964	4,726	5,300	5,533	5,023	4,787
SEB Trygg Liv Sweden	3,882	4,290	4,743	3,823	3,316	3,470	3,727	3,246	3,119
Traditional life and sickness/health insurance	517	651	607	505	451	654	555	490	457
Unit-linked insurance	3,365	3,639	4,136	3,318	2,865	2,816	3,172	2,756	2,662
SEB Pension Denmark	1,943	2,326	1,795	1,904	2,005	2,267	1,898	2,064	2,019
Traditional life and sickness/health insurance	738	1,199	616	1,297	959	1,260	982	1,003	807
Unit-linked insurance	1,205	1,127	1,179	607	1,046	1,007	916	1,061	1,212
SEB Life & Pension International	873	1,136	2,011	1,123	891	1,586	1,524	1,314	998
Traditional life and sickness/health insurance	77	109	78	84	76	109	79	108	85
Unit-linked insurance	796	1,027	1,933	1,039	815	1,477	1,445	1,206	913
Assets under management:* Total	413,600	424,100	425,100	427,100	416,200	420,000	434,300	428,800	435,900
Traditional life and sickness/health insurance**	244,600	244,600	245,600	247,000	233,300	233,200	236,700	234,100	235,500
Unit-linked insurance	169,000	179,500	179,500	180,100	182,900	186,800	197,600	194,700	200,400
SEB Trygg Liv Sweden	292,600	303,900	302,900	302,400	281,300	287,900	299,800	294,300	301,600
Traditional life and sickness/health insurance**	164,800	168,100	168,700	167,800	158,500	160,800	165,300	162,700	166,300
Unit-linked insurance	127,800	135,800	134,200	134,600	122,800	127,100	134,500	131,600	135,300
SEB Pension Denmark	93,700	91,400	92,400	95,200	90,400	88,600	89,200	89,400	88,200
Traditional life and sickness/health insurance	78,700	75,400	75,800	78,000	73,600	71,200	70,200	70,100	68,000
Unit-linked insurance	15,000	16,000	16,600	17,200	16,800	17,400	19,000	19,300	20,200
SEB Life & Pension International	27,300	28,800	29,800	29,500	44,500	43,500	45,300	45,100	46,100
Traditional life and sickness/health insurance	1,100	1,100	1,100	1,200	1,200	1,200	1,200	1,300	1,200
Unit-linked insurance	26,200	27,700	28,700	28,300	43,300	42,300	44,100	43,800	44,900

* rounded to whole 100 millions.

** including Gamla Livförsäkringsaktiebolaget

Market shares, premium income new and existing unit-linked policies

Sweden: 12 months to June 2012 (2011)

Source: Svensk Försäkring (Swedish insurance federation)

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 since 1997. The policyholder organisation, Trygg Stiftelsen (the Trygg Foundation), has the purpose to secure policyholders' influence in Gamla Liv. The Trygg Foundation is entitled to:

Surplus values

Surplus values are the present values of future profits from existing insurance contracts. The calculation is made to better understand the value and profitability of long term insurance contracts. In the ordinary accounts the income from the contracts is reported throughout the duration of the contract but much of the expenses

Embedded value

• 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.

arise at the point of sale. This causes a mismatch in time between income and expenses. The surplus value reporting is in accordance with international practice and reviewed annually by external actuaries. Surplus values are not consolidated in the SEB Group accounts.

SEK m	31 Dec 2009	31 Dec 2010	31 Dec 2011	30 Sep 2012
Equity 1)	8,594	8,780	9,322	9,510
Surplus values	14,928	16,318	15,583	18,082
1) Dividend paid to the parent company during the period	-1,850	-1,000	-850	-700

Surplus value accounting

	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
SEK m	2010	2010	2011	2011	2011	2011	2012	2012	2012
Surplus values, opening balance	15,184	15,698	16,318	15,799	16,563	15,087	15,583	16,456	17,844
Adjustment opening balance 1)	6		-56	341	-126	22	-66	714	-12
Present value of new sales 2)	370	422	342	408	229	339	243	403	303
Return/realised value on policies from previous periods	-160	-163	-142	-275	-41	-338	-196	-209	-229
Actual outcome compared to assumptions 3)	171	91	-143	436	1	416	18	103	21
Change in surplus values ongoing business, gross	381	350	57	569	189	417	65	297	95
Capitalisation of acquisition costs for the period	-165	-222	-214	-207	-160	-208	-203	-194	-153
Amortisation of capitalised acquisition costs	160	166	184	183	188	190	216	214	212
Change in deferred front end fees							5	8	-6
Change in surplus values ongoing business, net 4)	376	294	27	545	217	399	83	325	148
Financial effects due to short term market fluctuations 5)	180	686	-455	-224	-1,588	370	882	275	116
Change in assumptions 6)	24	-323	-24	36		-191	3	141	184
Total change in surplus values	580	657	-452	357	-1,371	578	968	741	448
Exchange rate differences etc	-72	-37	-11	66	21	-104	-29	-67	-198
Surplus values, closing balance 7)	15,698	16,318	15,799	16,563	15,087	15,583	16,456	17,844	18,082
Most important assumptions (Swedish unit-linked which represent 66 per cent of the surplus value), per cent.
Discount rate						7.0	7.0	7.0	7.0
Surrender of endowment insurance contracts:						1 / 8 /	1 / 8 /	1 / 8 /	1 / 8 /
contracts signed within 1 year / 1-4 years						17 / 15 /	17 / 15 /	17 / 15 /	17 / 15 /
/ 5 years / 6 years / thereafter						10	10	10	10
Lapse rate of regular premiums, unit-linked						12	12	11	11
Growth in fund units, gross before fees and taxes						5.0	5.0	5.0	5.0
Inflation CPI / Inflation expenses						2 / 3	2 / 3	2 / 3	2 / 3
Expected return on solvency margin						4	3	3	3
Right to transfer policy, unit-linked						2	2	2	2
Mortality							The Group's experience
Sensitivity to changes in assumptions (total division).
Change in discount rate +1 per cent						-1,536	-1,722	-1,821	-1,840
" -1 per cent						1,895	2,012	2,128	2,148
Change in value growth +1 per cent						2,689	2,014	2,006	2,016
of investment assets -1 per cent						-2,747	-1,771	-2,018	-2,077

1) Effects from adjustments of the calculation method. Q1 2012 is also related to the previously not included subsidiary SEB Life International. Q2-3 2011 is related to previously not included products in Denmark.

2) Sales defined as new contracts and extra premiums on 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) Acquisition costs are capitalised in the accounts and amortised according to plan. Certain front end fees are also recorded on the balance sheet and amortised in the income statement during several years. The reported change in surplus values is adjusted by the net effect of changes in deferred acquisition costs and deferred front end fees during the period.
• 5) Assumed investment return (growth in fund values) is 5.0 per cent gross before fees and taxes. Actual return results in positive or negative financial effects.
• 6) In 2012 lower assumed expenses and bonus rate in Denmark both had a positive effect but a higher assumed surrender rate for "Kapitalpension" policies in Sweden had a negative effect. In Q4 2011 a lowering of the discount rate had a positive effect of some SEK 800m but lower expected growth in fund values had a negative effect of some SEK 300m and higher frequency of surrenders, lapse and transfers had a negative effect of some SEK 700m.
• 7) The calculated surplus value is not included in the SEB Group's consolidated accounts. The closing balance is adjusted for capitalised acquisition costs and deferred front end fees.

Baltic

	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
SEK m	2010	2010	2011	2011	2011	2011	2012	2012	2012
Net interest income	454	492	456	486	524	514	472	462	439
Net fee and commission income	251	235	209	240	218	227	211	231	234
Net financial income	69	60	80	89	92	104	113	108	103
Net other income	28	11	-5	-12	-5	-11	-7	-1	-4
Total operating income	802	798	740	803	829	834	789	800	772
Staff costs	-177	-163	-146	-187	-177	-189	-171	-175	-162
Other expenses	-292	-290	-250	-263	-278	-322	-251	-259	-249
Depreciation, amortisation and impairment of
tangible and intangible assets	-20	-235	-32	-33	-33	-35	-33	-31	-32
Total operating expenses	-489	-688	-428	-483	-488	-546	-455	-465	-443
Profit before credit losses	313	110	312	320	341	288	334	335	329
Gains less losses from disposals of tangible
and intangible assets		- 4	2	- 2	2		1	2	5
Net credit losses	273	736	572	679	202	32	-24	-108	-70
Operating profit	586	842	886	997	545	320	311	229	264
Cost/Income	0.61	0.86	0.58	0.60	0.59	0.65	0.58	0.58	0.57
Business equity, SEK bn	11.8	11.8	8.3	8.0	8.0	8.2	8.1	7.7	7.5
Return on business equity, per cent
-isolated in the quarter	17.3	25.7	37.3	44.1	24.4	14.4	14.0	10.9	12.6
-accumulated in the period	negative	2.2	37.3	40.7	35.3	30.0	14.0	12.5	12.6
RWA - Basel I, SEK m	95	91	90	92	96	92	90	90	87
RWA - Basel II, SEK m	84	79	77	81	82	78	76	77	76
Lending to the public*, SEK bn 1)	106	101	101	103	105	101	98	99	96
Deposits from the public**, SEK bn 2)	56	57	56	58	60	66	66	66	64
FTEs, present 3)	3,206	3,203	3,200	3,179	3,109	3,061	3,026	2,986	2,904
excluding repos and debt instruments * excluding repos
1) Where of Baltic Estonia	33	32	32	33	33	31	31	31	30
Baltic Latvia	26	24	24	25	25	25	24	26	26
Baltic Lithuania	47	45	45	45	47	45	44	44	42
2) Where of Baltic Estonia	19	20	20	21	23	22	22	22	21
Baltic Latvia	13	12	12	12	12	13	13	13	13
Baltic Lithuania	24	25	24	25	25	31	31	31	30
3) Where of Baltic Estonia	1,000	986	980	968	921	890	874	862	838
Baltic Latvia	855	862	877	887	882	861	879	866	836
Baltic Lithuania	1,337	1,339	1,322	1,305	1,281	1,284	1,247	1,231	1,202

Income, Expenses and Operating profit, SEK m

Baltic Estonia

	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
SEK m	2010	2010	2011	2011	2011	2011	2012	2012	2012
Net interest income	139	153	151	156	174	162	152	154	140
Net fee and commission income	76	74	66	83	68	66	64	69	69
Net financial income	9	-6	12	14	17	21	17	16	15
Net other income	2	11	2	1	2		1	1	3
Total operating income	226	232	231	254	261	249	234	240	227
Staff costs	-58	-41	-52	-59	-56	-45	-50	-52	-47
Other expenses	-85	-70	-78	-82	-81	-77	-74	-69	-70
Depreciation, amortisation and impairment of
tangible and intangible assets	-4	-5	-3	-3	-4	-4	-3	-3	-3
Total operating expenses	-147	-116	-133	-144	-141	-126	-127	-124	-120
Profit before credit losses	79	116	98	110	120	122	107	116	107
Gains less losses from disposals of tangible and intangible assets
Net credit losses	10	162	17	122	63	22	32	1	-20
Operating profit	89	278	115	232	183	144	139	117	87
Baltic Latvia
	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
SEK m	2010	2010	2011	2011	2011	2011	2012	2012	2012
Net interest income	145	149	134	135	147	152	129	126	128
Net fee and commission income	54	52	49	60	48	52	51	57	55
Net financial income	28	33	30	29	26	36	52	31	35
Net other income	1	2	-1	-1	-1	-10	-1	4	1
Total operating income	228	236	212	223	220	230	231	218	219
Staff costs	-48	-62	-33	-53	-51	-63	-49	-51	-48
Other expenses	-70	-99	-53	-64	-69	-75	-64	-72	-56
Depreciation, amortisation and impairment of
tangible and intangible assets	-7	-10	-6	-5	-6	-5	-5	-5	-4
Total operating expenses	-125	-171	-92	-122	-126	-143	-118	-128	-108
Profit before credit losses	103	65	120	101	94	87	113	90	111
Gains less losses from disposals of tangible
and intangible assets		- 5		- 4		- 1
Net credit losses	109	275	183	157	52	1	-56	-70	-70
Operating profit	212	335	303	254	146	87	57	20	41
Baltic Lithuania
SEK m	Q3 2010	Q4 2010	Q1 2011	Q2 2011	Q3 2011	Q4 2011	Q1 2012	Q2 2012	Q3 2012
Net interest income	171	193	173	199	209	208	198	187	177
Net fee and commission income Net financial income	121 31	109 32	94 38	98 45	102 50	109 48	97 45	104 60	111 53
Net other income	25	1	-2	-10	-3	6	-1		-1
Total operating income	348	335	303	332	358	371	339	351	340
Staff costs	-68	-57	-58	-71	-66	-79	-69	-68	-64
Other expenses	-134	-120	-117	-117	-125	-168	-112	-112	-121
Depreciation, amortisation and impairment of
tangible and intangible assets Total operating expenses	-8 -210	-218 -395	-21 -196	-21 -209	-21 -212	-21 -268	-20 -201	-18 -198	-17 -202
Profit before credit losses	138	-60	107	123	146	103	138	153	138
Gains less losses from disposals of tangible
and intangible assets
Net credit losses	154	298	372	401	86	8		-39	20
Operating profit	292	238	479	524	232	111	138	114	158

Baltic real estate holding companies

	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
SEK m	2010	2010	2011	2011	2011	2011	2012	2012	2012
Total operating income	-1	-5	-5	-7	-8	-13	-13	-12	-12
Total operating expenses	-7	-5	-7	-9	-9	-12	-11	-12	-15
Profit before credit losses	-8	-10	-12	-16	-17	-25	-24	-24	-27
Operating profit	-8	-8	-10	-14	-16	-23	-23	-22	-22

Business volume development by area

SEK bn Q3 2012 (change vs. Q3 2011 in local currency)

	Mortgages			Other lending			Deposits
Estonia	12	(-1%)		18	(0%)		22		(4%)
Latvia	7	(-5%)		19	(16%)		13		(17%)
Lithuania	16	(-4%)		25	(0%)			30	(31%)

Deposit breakdown, Per cent of total deposits, Sep 2012

Deposit market shares SEK bn

* Q3 Figures are August 2012

Source: Bank of Estonia, Association of Latvian Commercial Banks, Association of Lithuanian Banks, SEB Group

Baltic countries

Baltic lending market shares

* Q3 Figures are August 2012

** Competitors' Q3 2012 volumes not available at time of publication

Source: Bank of Estonia, Association of Latvian Commercial Banks, Association of Lithuanian Banks, SEB Group

Loan portfolio

Volumes

Baltic Estonia, EUR

Baltic Latvia, LVL

Baltic Lithuania, LTL

Baltic real estate holding companies

SEB Group by geography

Sweden

	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
SEK m Total operating income	2010 4,870	2010 5,613	2011 5,400	2011 6,096	2011 5,352	2011 5,414	2012 5,414	2012 5,581	2012 5,607
Total operating expenses	-3,346	-3,610	-3,893	-4,104	-3,503	-3,836	-3,552	-3,562	-3,464
Profit before credit losses	1,524	2,003	1,507	1,992	1,849	1,578	1,862	2,019	2,143
Gains less losses on disposals of tangible and
intangible assets			1	-2		1			-3
Net credit losses	4	-125	-125		-94	-218	-108	-123	-53
Operating profit	1,528	1,878	1,383	1,990	1,755	1,361	1,754	1,896	2,087
Norway
	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
SEK m	2010	2010	2011	2011	2011	2011	2012	2012	2012
Total operating income	649	749	701	753	640	812	861	862	741
Total operating expenses	-301	-374	-266	-299	-281	-318	-351	-348	-329
Profit before credit losses	348	375	435	454	359	494	510	514	412
Gains less losses on disposals of tangible and
intangible assets
Net credit losses	-24	-31	-35	-20	-13	-26	-47	26	-41
Operating profit	324	344	400	434	346	468	463	540	371
Denmark
	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
SEK m	2010	2010	2011	2011	2011	2011	2012	2012	2012
Total operating income	731	723	708	706	723	772	749	809	697
Total operating expenses	-364	-440	-384	-387	-357	-367	-360	-374	-334
Profit before credit losses	367	283	324	319	366	405	389	435	363
Gains less losses on disposals of tangible and
intangible assets						1
Net credit losses	-31	-37	-15	-13	-26	-12	-19	-12	-12
Operating profit	336	246	309	306	340	394	370	423	351
Finland
	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
SEK m	2010	2010	2011	2011	2011	2011	2012	2012	2012
Total operating income	319	349	338	338	330	366	347	398	327
Total operating expenses	-150	-183	-160	-174	-144	-168	-145	-182	-145
Profit before credit losses	169	166	178	164	186	198	202	216	182
Gains less losses on disposals of tangible and
intangible assets	-1
Net credit losses		-2		-2	-2	2	-1	-1	-2
Operating profit	168	164	178	162	184	200	201	215	180
Germany*
	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
SEK m	2010	2010	2011	2011	2011	2011	2012	2012	2012
Total operating income	742	760	742	874	786	860	750	799	689
Total operating expenses	-1,236	-500	-471	-455	-513	-426	-467	-414	-488
Profit before credit losses	-494	260	271	419	273	434	283	385	201
Gains less losses on disposals of tangible and
intangible assets	-2	29	3			-2
Net credit losses	-24	-43	21	-41	-18	-12	1	-33	4
Operating profit	-520	246	295	378	255	420	284	352	205

*Excluding centralised Treasury operations

Restructuring costs amounted to EUR 80m in Q3 2010.

Estonia
	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
SEK m	2010	2010	2011	2011	2011	2011	2012	2012	2012
Total operating income	283	290	272	312	301	329	310	302	293
Total operating expenses	-153	-125	-145	-151	-147	-147	-138	-139	-128
Profit before credit losses	130	165	127	161	154	182	172	163	165
Gains less losses on disposals of tangible and
intangible assets		1	2	1	1			1	1
Net credit losses	10	162	17	122	63	22	32	1	-20
Operating profit	140	328	146	284	218	204	204	165	146
Latvia
	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
SEK m	2010	2010	2011	2011	2011	2011	2012	2012	2012
Total operating income	260	273	241	255	245	265	272	236	260
Total operating expenses	-140	-183	-103	-131	-132	-169	-132	-134	-120
Profit before credit losses	120	90	138	124	113	96	140	102	140
Gains less losses on disposals of tangible and
intangible assets		-5		-4	1				2
Net credit losses	109	275	182	157	52	2	-56	-71	-69
Operating profit	229	360	320	277	166	98	84	31	73
Lithuania
	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
SEK m	2010	2010	2011	2011	2011	2011	2012	2012	2012
Total operating income	351	350	335	347	372	388	340	372	347
Total operating expenses	-223	-408	-204	-217	-224	-288	-216	-217	-207
Profit before credit losses	128	-58	131	130	148	100	124	155	140
Gains less losses on disposals of tangible and
intangible assets				1	1	-1	1	2	1
Net credit losses	154	299	372	401	86	8		-39	20
Operating profit	282	241	503	532	235	107	125	118	161
Other countries and eliminations
	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
SEK m	2010	2010	2011	2011	2011	2011	2012	2012	2012
Total operating income	646	893	907	-180	458	128	546	557	720
Total operating expenses	-281	-306	-180	64	-232	-209	-315	-322	-365
Profit before credit losses	365	587	727	-116	226	-81	231	235	355
Gains less losses on disposals of tangible and
intangible assets	3	-5		-1	-1		1	-7
Net credit losses	-1	3	10	-46	-15	-6	-8	-17	-13
Operating profit	367	585	737	-163	210	-87	224	211	342
SEB Group Total
	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
SEK m	2010	2010	2011	2011	2011	2011	2012	2012	2012
		10,000	9,644	9,501	9,207	9,334	9,589	9,916	9,681
Total operating income	8,851
Total operating expenses	-6,194	-6,129	-5,806	-5,854	-5,533	-5,928	-5,676	-5,692	-5,580
Profit before credit losses	2,657	3,871	3,838	3,647	3,674	3,406	3,913	4,224	4,101
Gains less losses on disposals of tangible and
intangible assets		20	6	-5	2	-1	2	-4	1
Net credit losses	197	501	427	558	33	-240	-206	-269	-186

Macro

Nordic countries

GDP, year-on-year % change Unemployment, % of labour force

Source: Reuters EcoWin Source: Reuters EcoWin

Export, current prices, year-on-year % change

Key interest rates, %

Source: Reuters EcoWin Source: Reuters EcoWin

Source: OECD and DG-ECFIN Source: OECD

General government public debt, % of GDP General government balance, % of GDP

Baltic countries

Baltic GDP, year-on-year % change

EUs sentiment indicator, Index (100 = historical average)

Unemployment, % of labour force

Export, year-on-year % change, current prices

Inflation, year-on-year % change

General government public debt, per cent of GDP

Swedish housing market

Number of housing starts compared to population, % Mortgage lending rates, %

Household debt, % of disposable income

Household asset to debt ratio Labour market situation

Sources: Statistics Sweden and the Riksbank Source: Statistics Sweden, SEB

House prices Residential investments

Household savings ratio

Macro forecasts per country

		GDP (%)		Inflation (%)
	2011	2012F	2013F	2014F	2011	2012F	2013F	2014F
Sweden	3.9	0.8	1.5	2.5	3.0	1.1	0.8	1.4
Norway	1.4	3.4	2.6	2.2	1.2	1.0	1.9	1.9
Finland*	2.7	0.3	1.3	2.0	3.3	2.7	2.1	1.9
Denmark*	1.0	0.5	1.4	1.7	2.7	2.5	1.8	1.6
Germany*	3.1	0.8	0.9	1.6	2.5	2.1	1.8	1.7
Estonia*	8.4	2.5	3.3	4.0	5.1	3.9	4.3	4.4
Latvia*	5.5	4.5	3.6	4.5	4.2	2.5	2.3	3.0
Lithuania*	5.9	3.5	4.0	4.0	4.1	3.4	3.5	3.5
Eurozone*	1.4	-0.5	0.1	0.9	2.7	2.5	1.6	1.5

Sources: National statistical agencies, SEB Economic Research October 2012

* Harmonised consumer price index

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

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

Per Andersson Investor Relations Officer Meeting requests and road shows Phone: +46 8 763 8171 Mobile: +46 70 667 7481 Email: per.andersson@seb.se

Viveka Hirdman– Ryrberg Head of Communications Phone: +46 8 763 8577 Mobile: +46 70 550 35 00 Email: viveka.hirdmanryrberg@seb.se

Anna Helsén Group Press Officer Phone: +46 8 763 9947 +46 70 698 48 58 Email: anna.helsen@seb.se

Financial calendar 2013

Date	Event
10 Jan - 30 Jan	Silent period
31 January	Annual accounts 2012
28 February	Annual report on www.sebgroup.com
21 March	Annual general meeting
23 April	Interim report Jan-Mar 2013
15 July	Interim report Jan-Jun 2013
24 October	Interim report Jan-Sep 2013

Definitions

Return on Equity

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

Return on business equity

Operating profit reduced by a standard tax rate per division, as a percentage of business equity.

Return on total assets

Net profit attributable to equity holders as a percentage of average assets.

Return on risk-weighted assets

Net profit attributable to equity holders as a percentage of average risk-weighted assets.

Cost/Income-ratio

Total operating expenses as a percentage of total operating income.

Basic earnings per share

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

Diluted earnings per share

Net profit attributable to equity holders for the year divided by the average diluted number of shares.

Net worth per share

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

Risk-weighted assets

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

Tier 1 capital

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

Core Tier 1 capital

Tier 1 capital excluding Tier 1 capital contribution.

Tier 2 capital

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

Capital base

The sum of Tier 1 and Tier 2 capital. Deductions should be made for investments in insurance companies and pension surplus values.

Tier 1 capital ratio

Tier 1 capital as a percentage of risk-weighted assets.

Core Tier 1 capital

Core Tier 1 capital as a percentage of risk-weighted assets.

Total capital ratio

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

Credit loss level

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

Gross level of impaired loans

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

Net level of impaired loans

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

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

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

Reserve ratio for portfolio assessed loans

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

Non-Performing-Loans

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

NPL coverage ratio

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

NPL per cent of lending

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