SEB — Interim / Quarterly Report 2012

Apr 24, 2012

Interim report January - March 2012

STOCKHOLM 24 APRIL 2012

The first quarter 2012 – operating profit SEK 3.7bn (4.3)

• Profit before credit losses amounted to SEK 3.9bn (3.8).
• Operating income amounted to SEK 9.6bn (9.6). Operating expenses amounted to SEK 5.7bn (5.8).
• Net interest income amounted to SEK 4.2bn (4.2), net fee and commission income to SEK 3.3bn (3.5) and net financial income to SEK 1.4bn (1.2).
• Net credit provisions amounted to SEK 206m corresponding to a credit loss level of 0.06 per cent.
• Net profit amounted to SEK 2.7bn (2.6).
• Return on equity in continuing operations was 10.6 per cent (13.7) and earnings per share SEK 1.32 (1.55). Return on equity including discontinued operations was 9.7 per cent (10.5) and earnings per share SEK 1.21 (1.19).
• Lending to the public amounted to SEK 1,201bn and deposits from the public to SEK 783bn, up by SEK 87bn and SEK 76bn, respectively, over the last 12 months.
• The core Tier 1 capital ratio was 13.9 per cent and the Tier 1 capital ratio was 16.0 per cent.
• The core liquidity reserve amounted to SEK 321bn and SEB's total liquid resources amounted to SEK 499bn.

"We continue to strengthen our market position among large corporates in the Nordic and German markets as well as within the Swedish retail market. The number of customers increased in all segments and asset gathering activities continued to attract net new money. Costs developed according to plan and asset quality has remained strong, leading to a continued low level of credit losses."

Annika Falkengren

SEB Interim Report January – March 2012 1

President's comment

The macro economic situation remains uncertain despite the more positive sentiment at the start of the year. Although supportive measures from central banks have eased stress symptoms in the European financial system, the recent widening of credit spreads shows the fragility of the situation and the nervousness of investors. Also the Nordic economies have recorded slower growth after being resilient in 2011 and companies safeguard their financial positions.

A robust first quarter

SEB recorded an operating profit of SEK 3.7bn in the first quarter of 2012 reflecting continued growth in the customer business. We have attracted more customers in all segments and existing customers have increased their business with us. Since March last year, loan and deposit volumes have grown by SEK 87bn and SEK 76bn, respectively.

These higher volumes, as well as the continued growth of asset management, custody services, cash management services, card operations and a flow-driven trading, support SEB's recurring income generation which creates earnings stability. Growth is generated by our relationship banking model and its deep and broad product integration with customers. As a result, most divisions showed a higher operating income compared to a year ago.

Total operating expenses amounted to SEK 5.7bn, down 2 per cent compared with a year ago. Our aim to keep costs below SEK 23.1bn this year remains.

Growth in targeted areas

SEB was for the first time recognised by Prospera as the overall best bank 2011 for large corporates and institutions in the whole of the Nordic region. This is a merit to our focused expansion in the Nordic and German markets and it spurs us to continue to build with more determination on this recognition. Customer activity has remained robust, also in the absence of M&A activities, evidenced by the continued earnings stability in the business areas within Trading and Capital Markets. We have continued to expand our presence in Asia as markets outside Europe are growing in importance for our corporate customers. Merchant Banking increased operating profit by 11 per cent compared to last year.

We continue to deepen customer relationships in the Swedish retail segment. During the quarter we have gained nearly 5,000 new private full-service customers and 3,700 new SME customers. 25 per cent of all new entrepreneurs in Sweden chose SEB as their banking partner. Our lending to SMEs increased by SEK 4.3bn.

In our third growth area, savings, we have integrated savings products into one holistic advisory driven offering. As financial markets stabilised, customers have gradually reallocated into more equity-based savings. Within Private Banking we attracted net new volumes of SEK 7bn. We continue to invest in our Private Banking business and will establish a private banking unit in London shortly.

Stay the course

At SEB, the long-term perspective is our compass. Franchise value is built on the mindset of servicing our customers together with a proven track record of support also in periods of more challenging economic environment.

Further clarity on the final regulatory framework, internationally as well as in Sweden, has not been provided during the quarter. It will have a major impact on the financial markets, and more importantly on the prerequisites for future economic growth. As an example, IMF recently estimated that European banks may have to reduce their assets by up to EUR 2,000bn during the next 18 months, which could negatively affect financial stability and economic growth in Europe.

Thus, we will maintain strong financial stability and high asset quality while continuing to grow cautiously in our core areas of strength. We are convinced that competitive longterm profitability of the Bank, navigating in the new regulatory landscape, is achieved through a combination of customercentric business, disciplined growth in targeted markets and cost efficiency.

The Group

Operating profit amounted to SEK 3,709m (4,271). Net profit from continuing operations was SEK 2,901m (3,406).

Net profit (after tax), including the net result from discontinued operations which amounted to SEK -246m (-790), was SEK 2,655m (2,616).

Operating income

Total operating income amounted to SEK 9,589m (9,644), up 3 per cent from the previous quarter.

Net interest income was SEK 4,181m (4,246). Customer loans and deposits combined contributed an additional SEK 451m to net interest income compared with the corresponding quarter 2011 as the average lending and deposit volumes were 9 and 17 per cent higher, respectively. Compared to the fourth quarter 2011, average customer loans and deposits volumes were slightly higher, but lower shortterm rates and higher internal liquidity and funding costs contributed to reduce customer driven net interest income by SEK 187m.

Net interest income from other activities was down SEK 516m compared with the corresponding quarter 2011. This decrease related primarily to increased volume of longterm funding and strengthened asset quality in the liquidity portfolio which has been upgraded with higher quality bonds. Compared to the fourth quarter 2011, there was an increase in net interest income from other activities of SEK 50m.

Net fee and commission income amounted to SEK 3,264m (3,495). Performance and transaction fee levels were back at historical levels from the unusually high level in the first quarter 2011. Despite the more positive market sentiment during 2012, the market values of the average volumes of assets under management were lower compared to the start of 2011 and thus base commissions were lower.

Net financial income was SEK 1,379m (1,231). Income in the trading operations, which are customer driven, continued to display a high level of stability and the increase of net financial income is Treasury-related. The market values of fixed income securities in the liquidity portfolio returned to more normal levels after having been materially negatively impacted by the elevated credit spreads during the latter part of 2011. The comparison is also affected by the repositioning of Treasury's hedges for the continuing German business that produced a net gain of SEK 300m in the first quarter 2011. In addition, there is an effect from the realised and unrealised losses of SEK 214m on securities which were directly impacted by the European sovereign debt crisis during the fourth quarter of 2011.

Net life insurance income amounted to SEK 915m (782). Unit-linked income increased from the acquisition of Irish Life International. The result from traditional insurance increased.

Net other income at SEK -150m (-110) reflected a net of positive effects from hedge accounting and realised losses from the sale of securities classified as Available-for-Sale.

numbers in the first quarter 2011 unless otherwise indicated.

SEB Interim Report January – March 2012 3

Operating expenses

Total operating expenses was SEK 5,676m (5,806). Staff costs decreased by 1 per cent. Other expenses decreased by 7 per cent, primarily driven by lower IT and consulting costs.

Credit losses and provisions

Provisions for credit losses amounted to SEK 206m for the quarter (in the first quarter 2011, there was a net reversal of SEK 427m), corresponding to a credit loss level of 6 basis points. Non-performing loans in the Baltic region continued to fall and the related credit loss level was 9 basis points.

Individually assessed impaired loans decreased by SEK 412m to SEK 10,678m during the quarter.

The Group's portfolio assessed loans past due >60 days decreased by SEK 79m during the quarter to SEK 6,404m.

The total reserve ratio for individually assessed impaired loans and the total non-performing loans coverage ratio were virtually unchanged from year-end at 72 and 64 per cent, respectively.

Discontinued operations

The net result from discontinued operations, was SEK -246m. The finalisation of the financial separation of the German retail operations resulted in an adjustment of the EUR 3bn (SEK 27bn) in cash proceeds received by SEB for the transferred business.

The completion of the divestment of the Ukrainian bank is subject to regulatory approvals and is expected to be finalised by mid-2012. The Ukrainian retail assets and liabilities held for sale amounted to SEK 2bn, respectively.

Income tax expense

Total income tax amounted to SEK 808m (865) corresponding to an effective tax rate of 22 per cent (20).

Business volumes

Total assets as at 31 March 2012 amounted to SEK 2,331bn. One year ago, total assets amounted to SEK 2,118 and they were SEK 2,363 at year-end. Loans to the public increased to SEK 1,201bn, up SEK 87bn from a year ago and SEK 15bn from year-end. Corporate and household lending increased. Deposits from the public amounted to SEK 783bn, up SEK 76bn from a year ago and down SEK 79bn from year-end. At the end of 2011, certain corporate deposits temporarily increased due to the elevated uncertainty in the markets. The reversal of these corporate deposits is a result of the financial market stabilisation since year-end.

SEB's total credit portfolio increased to SEK 1,730bn (1,639). The household volumes increased by SEK 52bn in the year. The combined corporate and property management portfolios grew by SEK 75bn.

SEB's net position in fixed-income securities for investment, treasury and client facilitation purposes amounted to SEK 258bn (267), of which the bond investment Comparative numbers in parenthesis refer to the cor portfolio was SEK 26bn (39). GIIPS-related sovereign holdings responding amounted to SEK 0.3bn (2.9). All Greek sovereign bonds were sold during the quarter and only an Italian exposure remained. The total GIIPS-related bond exposure amounted to SEK 12.6bn nominally (18.4).

At quarter-end, assets under management amounted to SEK 1,317bn (1,372). This was an increase from the SEK 1,261bn year-end level. The net inflow of assets during the first quarter 2012 was SEK 14bn and the increase in value amounted to SEK 42bn. Assets under custody amounted to SEK 4,982bn (4,948), which was an increase from SEK 4,490bn at year-end.

Market risk

The trading business is customer flow-driven. This is confirmed by the fact that there was only one loss-making day during the quarter where the loss amounted to SEK 30m.

During the first quarter 2012, Value-at-Risk in the trading operations averaged SEK 178m. 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 144 per cent (145), excluding repos and debt instruments. SEK 40bn of new long-term funding was raised during the quarter, while SEK 10bn matured.

The core liquidity reserve at 31 March amounted to SEK 321bn (231). the total liquid resources, including net trading assets and unutilised collateral in the cover pool, amounted to SEK 499bn (424). 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 109 per cent at quarter-end (95 at year-end), while the USD and EUR LCR were 82 and 115 per cent, respectively.

Capital position

As per quarter-end, the core Tier 1 capital ratio was 13.9 per cent (13.7 at year-end) and the Tier 1 capital ratio was 16.0 per cent (15.9 at year-end). The Group's risk-weighted assets (RWA) amounted to SEK 675bn (679 at year-end).

Adjusted for the supervisory transitional rules, SEB reported RWA of SEK 835bn (828 at year-end), a core Tier 1 capital ratio of 11.2 per cent (11.2 at year-end) and a Tier 1 capital ratio of 13.0 per cent (13.0 at year-end).

Rating

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

In February 2012, Moody's announced its action to put its rating of 114 European financial institutions, including the four major Swedish banks, up for review for a possible downgrade. The major reason was the eurozone sovereign debt crises and the ensuing negative consequences.

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 are still relatively robust, austerity measures in many countries may increase sovereign risk and create subdued economic growth, which could impact SEB's main markets. Such an impact was evident following the increased uncertainty during 2011 which abated somewhat at the start of 2012.

SEB also 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 internationally agreed 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.

Effects from future changes to accounting for pensions IASB has published amendments to IAS 19, Employee Benefits, regarding defined benefits plans. If adopted by the EU, the amendment will be applicable from 1 January 2013.

If implemented as per 31 December 2011, the amendment would have resulted in a deduction, of SEK 5.3bn after tax, from the Group's equity. The treatment in terms of capital adequacy is not yet determined. The amendment and its effects on SEB are described in further detail in the Annual Report for 2011. No new information was available at the end of March.

Realignment of management accounting 2012

Following the increased clarification of 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. 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. As a result, lending margins are lower in the quarter compared to 2011. Further refinements are likely during 2012.

Subsequent events

In accordance with the decision by the Annual General Meeting on 29 March 2012 to authorise the Board to decide on the acquisition and sale of own shares for SEB's long-term equity-based programmes, the Board has decided that a maximum of 58,300,000 shares of Class A may be acquired and sold. The transactions may take place at one or several occasions during the period until the Annual General Meeting in 2013.

The acquisitions are intended to enable the Bank to transfer the acquired shares to participants in outstanding long-term equity-based programmes. When one or more

participants in the programmes call for exercise the Bank will within the context of the Board's decision acquire shares to the extent necessary and immediately transfer them to the participant or participants.

The repurchases shall exclusively take place on Nasdaq OMX Stockholm at a price within the price interval at any time

Stockholm, 24 April 2012

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

Annika Falkengren

President and Chief Executive Officer

Press conference and webcasts

The press conference at 08.30 (CEST) on 24 April 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 14.30 (CEST) on 24 April 2012 with President and CEO Annika Falkengren and CFO Jan Erik Back can be accessed by telephone, +44(0)20 7162 0025. Please quote conference id: 915673, not later than 10 minutes in advance. A replay of the conference call will be available on www.sebgroup.com/ir.

recorded and the transactions will be reported via Nasdaq OMX Stockholm AB in accordance with prevailing rules. Furthermore, SEB's web site (www.sebgroup.com/ir) will be updated continuously.

Financial information calendar

16 July 2012	Interim report Jan-Jun 2012
25 October 2012	Interim report Jan-Sep 2012
31 January 2013	Annual Accounts 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

More financial information is 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 31 March 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, 24 April 2012

PricewaterhouseCoopers AB

Partner in charge

Peter Nyllinge Magnus Svensson Henryson Authorised Public Accountant Authorised Public Accountant

The SEB Group

Income statement – SEB Group

	Q1	Q4			Jan - Mar		Full year
SEK m	2012	2011	%	2012	2011	%	2011
Net interest income	4 181	4 318	-3	4 181	4 246	-2	16 901
Net fee and commission income	3 264	3 637	-10	3 264	3 495	-7	14 175
Net financial income	1 379	589	134	1 379	1 231	12	3 548
Net life insurance income	915	992	-8	915	782	17	3 197
Net other income	- 150	- 202	-26	- 150	- 110	36	- 135
Total operating income	9 589	9 334	3	9 589	9 644	-1	37 686
Staff costs	-3 559	-3 423	4	-3 559	-3 592	-1	-13 933
Other expenses	-1 653	-2 030	-19	-1 653	-1 785	-7	-7 424
Depreciation, amortisation and impairment of
tangible and intangible assets	- 464	- 475	-2	- 464	- 429	8	-1 764
Total operating expenses	-5 676	-5 928	-4	-5 676	-5 806	-2	-23 121
Profit before credit losses	3 913	3 406	15	3 913	3 838	2	14 565
Gains less losses from disposals of tangible and
intangible assets	2	- 1		2	6		2
Net credit losses	- 206	- 240	-14	- 206	427		778
Operating profit	3 709	3 165	17	3 709	4 271	-13	15 345
Income tax expense	- 808	- 531	52	- 808	- 865	-7	-3 046
Net profit from continuing operations	2 901	2 634	10	2 901	3 406	-15	12 299
Discontinued operations	- 246	- 300	-18	- 246	- 790	-69	-1 155
Net profit	2 655	2 334	14	2 655	2 616	1	11 144
Attributable to minority interests	5	10	-50	5	14	-64	37
Attributable to shareholders	2 650	2 324	14	2 650	2 602	2	11 107
Continuing operations
Basic earnings per share, SEK	1.32	1.20		1.32	1.55		5.59
Diluted earnings per share, SEK	1.32	1.20		1.32	1.54		5.56
Total operations
Basic earnings per share, SEK	1.21	1.06		1.21	1.19		5.06
Diluted earnings per share, SEK	1.21	1.06		1.21	1.18		5.04

Statement of comprehensive income

	Q1	Q4			Jan - Mar		Full year
SEK m	2012	2011	%	2012	2011	%	2011
Net profit	2 655	2 334	14	2 655	2 616	1	11 144
Available-for-sale financial assets	425	203	109	425	11		722
Cash flow hedges	- 587	203		- 587	- 478	23	1 529
Translation of foreign operations	- 58	- 437	-87	- 58	- 262	-78	- 140
Taxes on translation effects	- 88	- 363	-76	- 88	- 73	21	- 76
Other		- 177	-100		- 210	-100	- 454
Other comprehensive income (net of tax)	- 308	- 571	- 46	- 308	- 1 012	- 70	1 581
Total comprehensive income	2 347	1 763	33	2 347	1 604	46	12 725
Attributable to minority interests	11	8	38	11	8	38	36
Attributable to shareholders	2 336	1 755	33	2 336	1 596	46	12 689

Key figures – SEB Group

	Q1	Q4	Jan - Mar		Full year
	2012	2011	2012	2011	2011
Continuing operations
Return on equity, continuing operations, %	10.61	9.74	10.61	13.65	11.89
Basic earnings per share, continuing operations, SEK	1.32	1.20	1.32	1.55	5.59
Diluted earnings per share, continuing operations, SEK	1.32	1.20	1.32	1.54	5.56
Cost/income ratio, continuing operations	0.59	0.64	0.59	0.60	0.61
Number of full time equivalents, continuing operations*	16,706	16,807	16,759	16,695	16,704
Total operations
Return on equity, %	9.71	8.63	9.71	10.47	10.77
Return on total assets, %	0.45	0.40	0.45	0.49	0.50
Return on risk-weighted assets, %	1.27	1.13	1.27	1.34	1.39
Basic earnings per share, SEK	1.21	1.06	1.21	1.19	5.06
Weighted average number of shares, millions**	2,189	2,193	2,189	2,194	2,194
Diluted earnings per share, SEK	1.21	1.06	1.21	1.18	5.04
Weighted average number of diluted shares, millions***	2,196	2,203	2,196	2,206	2,204
Net worth per share, SEK	54.51	54.92	54.51	49.79	54.92
Average shareholders' equity, SEK, billion	109.1	107.8	109.1	99.4	103.1
Credit loss level, %	0.06	0.08	0.06	-0.17	-0.08
Total reserve ratio individually assessed impaired loans, %	71.8	71.1	71.8	69.0	71.1
Net level of impaired loans, %	0.36	0.39	0.36	0.54	0.39
Gross level of impaired loans, %	0.79	0.84	0.79	1.12	0.84
Basel II (Legal reporting with transitional floor) :****
Risk-weighted assets, SEK billion	835	828	835	777	828
Core Tier 1 capital ratio, %	11.24	11.25	11.24	11.35	11.25
Tier 1 capital ratio, %	12.96	13.01	12.96	13.18	13.01
Total capital ratio, %	12.35	12.50	12.35	12.72	12.50
Basel II (without transitional floor):
Risk-weighted assets, SEK billion	675	679	675	678	679
Core Tier 1 capital ratio, %	13.91	13.71	13.91	13.00	13.71
Tier 1 capital ratio, %	16.03	15.87	16.03	15.09	15.87
Total capital ratio, %	15.29	15.24	15.29	14.57	15.24
Number of full time equivalents*	17,434	17,571	17,503	17,512	17,633
Assets under custody, SEK billion	4,982	4,490	4,982	4,948	4,490
Assets under management, SEK billion	1,317	1,261	1,317	1,372	1,261
Discontinued operations
Basic earnings per share, discontinued operations, SEK	-0.11	-0.14	-0.11	-0.36	-0.53
Diluted earnings per share, discontinued operations, SEK	-0.11	-0.14	-0.11	-0.36	-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 2011. During 2012 SEB has repurchased 9,700,000 shares and 9,358,796 shares have been sold as employee stock options have been exercised. Thus, as at 31 March 2012 SEB owned 2,685,570 Class A-shares with a market value of SEK 126m.

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

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

Income statement on quarterly basis - SEB Group

	Q1	Q4	Q3	Q2	Q1
SEK m	2012	2011	2011	2011	2011
Net interest income	4 181	4 318	4 122	4 215	4 246
Net fee and commission income	3 264	3 637	3 489	3 554	3 495
Net financial income	1 379	589	903	825	1 231
Net life insurance income	915	992	659	764	782
Net other income	- 150	- 202	34	143	- 110
Total operating income	9 589	9 334	9 207	9 501	9 644
Staff costs	-3 559	-3 423	-3 393	-3 525	-3 592
Other expenses	-1 653	-2 030	-1 705	-1 904	-1 785
Depreciation, amortisation and impairment of tangible and
intangible assets	- 464	- 475	- 435	- 425	- 429
Total operating expenses	-5 676	-5 928	-5 533	-5 854	-5 806
Profit before credit losses	3 913	3 406	3 674	3 647	3 838
Gains less losses from disposals of tangible and intangible
assets	2	- 1	2	- 5	6
Net credit losses	- 206	- 240	33	558	427
Operating profit	3 709	3 165	3 709	4 200	4 271
Income tax expense	- 808	- 531	- 861	- 789	- 865
Net profit from continuing operations	2 901	2 634	2 848	3 411	3 406
Discontinued operations	- 246	- 300	- 24	- 41	- 790
Net profit	2 655	2 334	2 824	3 370	2 616
Attributable to minority interests	5	10	7	6	14
Attributable to shareholders	2 650	2 324	2 817	3 364	2 602
Continuing operations
Basic earnings per share, SEK	1.32	1.20	1.29	1.55	1.55
Diluted earnings per share, SEK	1.32	1.20	1.29	1.54	1.54
Total operations
Basic earnings per share, SEK	1.21	1.06	1.28	1.53	1.19
Diluted earnings per share, SEK	1.21	1.06	1.28	1.52	1.18

Income statement, by Division – SEB Group

Jan-Mar 2012, SEK m	Merchant Banking	Retail Banking	Wealth Management	Life*	Baltic	Other incl eliminations	SEB Group
Net interest income	1 899	1 674	171	- 24	472	- 11	4 181
Net fee and commission income	1 239	762	799		211	253	3 264
Net financial income	986	71	27		113	182	1 379
Net life insurance income				1 239		- 324	915
Net other income	111	13	2		- 7	- 269	- 150
Total operating income	4 235	2 520	999	1 215	789	- 169	9 589
Staff costs	-1 030	- 703	- 324	- 308	- 171	-1 023	-3 559
Other expenses	-1 142	- 794	- 355	- 136	- 251	1 025	-1 653
Depreciation, amortisation and impairment of
tangible and intangible assets	- 41	- 20	- 11	- 229	- 33	- 130	- 464
Total operating expenses	-2 213	-1 517	- 690	- 673	- 455	- 128	-5 676
Profit before credit losses	2 022	1 003	309	542	334	- 297	3 913
Gains less losses from disposals of tangible and
intangible assets					1	1	2
Net credit losses	- 81	- 102	1		- 24		- 206
Operating profit	1 941	901	310	542	311	- 296	3 709

* Business result in Life amounted to SEK 625m (538), of which change in surplus values was net SEK 83m (27).

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 - Mar											Operating profit
		Total operating income			Total operating expenses			Operating profit			in local currency
SEK m	2012	2011	%	2012	2011	%	2012	2011	%	2012	2011	%
Sweden	5 414	5 400	0	-3 552	-3 893	- 9	1 754	1 383	27	1 754	1 383	27
Norway	861	701	23	- 351	- 266	32	463	400	16	397	353	12
Denmark	749	708	6	- 360	- 384	- 6	370	309	20	311	260	20
Finland	347	338	3	- 145	- 160	- 9	201	178	13	23	20	15
Germany*	750	742	1	- 467	- 471	- 1	284	295	- 4	32	33	- 3
Estonia**	310	272	14	- 138	- 145	- 5	204	146	40	23	16	44
Latvia**	272	241	13	- 132	- 103	28	84	320	- 74	7	25	- 72
Lithuania**	340	335	1	- 216	- 204	6	125	503	- 75	49	196	- 75
Other countries and eliminations	546	907	- 40	- 315	- 180	75	224	737	- 70
Total	9 589	9 644	- 1	-5 676	-5 806	- 2	3 709	4 271	- 13

*Excluding centralised Treasury operations

**Profit before credit losses in Estonia increased by 35 per cent, in Latvia 1 per cent while it was 5 per cent lower in Lithuania.

• SEB ranked as "Overall best bank for Large Corporates and Institutions in the Nordics" by Prospera
• Operating profit increased in all Nordic countries
• Increased presence in Asia to support German and Nordic large corporate and institutional customers

Comments on the first quarter

In Sweden, operating profit increased by 27 per cent compared with the same period last year. Net interest income from the Retail business was strengthened from a combined volume and margin effect. Loans to the public increased in all segments while deposits were stable during the first quarter. There was continued growth in the SME customer base. Performance fees were lower due to seasonality and also base commission was lower this quarter within Wealth Management. The unit-linked income increased with higher fund values compared to the end of 2011. Expenses were lower. Prospera named SEB best cash management and best client relationship bank in Sweden.

The growth initiatives are on track in Norway, Denmark and Finland.

In Norway, the positive development during 2011 continued. High income levels within Trading and Capital Markets and Corporate Banking contributed to a quarter that exceeded those of previous years. Operating income increased by 23 per cent and operating profit by 12 per cent in local currency compared to the same period last year.

In Denmark, SEB also started 2012 with a strong quarter. The increase of 20 per cent in operating profit was driven by high performance both in mature business areas such as Trading and Capital Markets, Corporate Finance and Life as well as in the Corporate Banking growth area. Wealth Management also showed a positive profit development.

In Finland, operating profit in local currency increased 15 per cent compared with the same period last year. Structured Finance and Trading and Capital Markets continued the positive trend while Corporate Finance and Wealth Management displayed low activity levels.

In Germany, operating income and expenses were stable and the lower operating profit was due to credit loss releases in 2011. In March, SEB was awarded "EMEA Trade Finance Deal of the Year 2011" by the international Trade Finance Magazine.

In Estonia operating profit improved. Operating profit in Latvia and Lithuania decreased because, contrary to 2011, there were no credit provision releases in Latvia and Lithuania in the quarter. Profit before credit losses in the region increased by 10 per cent. (See the information on the Baltic division).

Outside these defined core markets of SEB, the international nature of the business can be seen in the increased presence in Asia where 200 employees support Nordic and German customers; the number increased 35 per cent in 12 months. As an example, the number of customers have doubled each year in Shanghai and in total 100 new customers were added in Asia in 2012. Another example is the U.K. business, where SEB during the last 12 months has generated more than SEK 1bn in operating profit.

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

	Q1	Q4		Jan- Mar			Full year
SEK m	2012	2011	%	2012	2011	%	2011
Net interest income	1 899	2 033	- 7	1 899	1 732	10	7 533
Net fee and commission income	1 239	1 406	- 12	1 239	1 259	- 2	5 378
Net financial income	986	904	9	986	1 085	- 9	4 000
Net other income	111	237	- 53	111	35		618
Total operating income	4 235	4 580	- 8	4 235	4 111	3	17 529
Staff costs	-1 030	- 872	18	-1 030	-1 062	- 3	-3 915
Other expenses	-1 142	-1 215	- 6	-1 142	-1 207	- 5	-4 841
Depreciation, amortisation and impairment of
tangible and intangible assets	- 41	- 80	- 49	- 41	- 51	- 20	- 227
Total operating expenses	-2 213	-2 167	2	-2 213	-2 320	- 5	-8 983
Profit before credit losses	2 022	2 413	- 16	2 022	1 791	13	8 546
Gains less losses from disposals of tangible and
intangible assets		- 1	- 100		3	- 100	- 1
Net credit losses	- 81	- 87	- 7	- 81	- 48	69	- 224
Operating profit	1 941	2 325	-17	1 941	1 746	11	8 321
Cost/Income ratio	0,52	0,47		0,52	0,56		0,51
Business equity, SEK bn	37,5	27,3		37,5	25,6		26,7
Return on business equity, %	15,3	24,5		15,3	19,7		22,4
Number of full time equivalents	2 506	2 508		2 501	2 484		2 493

• SEB ranked as "Overall best bank for Large Corporates and Institutions in the Nordics" by Prospera
• Continued growth in business with Nordic and German large corporate clients
• Strong balance sheets of clients create resilient asset quality, but moderate credit demand

Comments on the first quarter

Both market uncertainty and volatility decreased, which led to stable customer activity in the Nordic region. The Eurodebt crisis turmoil diminished and bank activity was fuelled by the increased funding supply from the ECB and competition for lending transactions. Customer surveys confirmed that SEB continues to attract new clients in all targeted markets and SEB was ranked as best bank for large corporates and institutions in the Nordic region according to a compilation of all 2011 Prospera surveys.

Operating income for the first quarter increased 3 per cent compared with 2011 reflecting a good start of the year for largely all business areas with customer activity at stable levels, in spite of the higher number of finalised corporate activities that ended the fourth quarter of 2011. Operating expenses decreased by 5 per cent compared with 2011. Operating profit amounted to SEK 1,941m, a 11 per cent increase year-on-year. Asset quality remained strong.

Corporate Banking started the year with a solid first quarter even though both M&A and Equity Capital Market activities were low mainly due to seasonal fluctuations.

Corporate lending volumes moved sideways and corporate customers utilised SEB to tap the bond markets to a greater extent.

Global Transaction Services performed well in all segments with increasing customer activities and volumes. At quarterend, assets under custody were SEK 4,982bn (4,490 at yearend 2011).

Trading and Capital Markets continued to show earnings stability stemming from its flow-oriented focus. In particular Capital Markets continued to improve within debt capital markets, while SEB Enskilda Equities traditional activities saw earnings pressure despite its leading franchise as the largest combined market maker on the Nordic and Baltic exchanges. SEB Enskilda Equities was awarded best provider of Nordic Equity Research by Institutional Investor.

Nordic and German strategic growth investments continued to progress and in total 224 new customers have established relationships with the Bank since 2010 when the growth initiative was launched. The financial performance in Norway and Denmark was especially strong.

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

	Q1	Q4		Jan- Mar			Full year
SEK m	2012	2011	%	2012	2011	%	2011
Net interest income	1 674	1 564	7	1 674	1 349	24	5 846
Net fee and commission income	762	825	- 8	762	788	- 3	3 175
Net financial income	71	81	- 12	71	64	11	302
Net other income	13	19	- 32	13	14	- 7	96
Total operating income	2 520	2 489	1	2 520	2 215	14	9 419
Staff costs	- 703	- 674	4	- 703	- 673	4	-2 694
Other expenses	- 794	- 878	- 10	- 794	- 882	- 10	-3 568
Depreciation, amortisation and impairment of
tangible and intangible assets	- 20	- 21	- 5	- 20	- 19	5	- 79
Total operating expenses	-1 517	-1 573	- 4	-1 517	-1 574	- 4	-6 341
Profit before credit losses	1 003	916	9	1 003	641	56	3 078
Gains less losses from disposals of tangible and
intangible assets					1	- 100
Net credit losses	- 102	- 183	- 44	- 102	- 98	4	- 476
Operating profit	901	733	23	901	544	66	2 602
Cost/Income ratio	0,60	0,63		0,60	0,71		0,67
Business equity, SEK bn	14,0	10,4		14,0	9,9		10,2
Return on business equity, %	19,0	20,8		19,0	16,2		18,9
Number of full time equivalents	3 583	3 553		3 578	3 487		3 532

• Continued customer demand for mortgage loans
• 4,900 new private full-service customers and 3,700 new SME customers
• 66 per cent increase in operating profit year-on-year

Comments on the first quarter

The initial negative macro-economic outlook for the quarter did not materialise and customer activity remained high. Customer interaction and dialogue were intense. For example, the number of customer calls in March was the highest since 2009.

Operating profit increased by 66 per cent to SEK 901m (544). Net interest income improved 24 per cent compared with the same period last year. Household mortgage volumes, which grew at a slower pace than last year, were up by SEK 9bn in the quarter. Some 70 per cent of all new mortgage customers establish a full-service relationship with SEB. Lending to SMEs increased by SEK 4bn during the quarter. Deposit volumes also grew by SEK 4bn. Credit losses remained stable at low levels and decreased compared to the last quarter of 2011.

Retail Sweden's operating profit grew by 99 per cent compared to the first quarter 2011, due to the improved net interest income, lower costs and a growing SME customer base. Private full-service customers increased by 4,900 and SMEs by 3,700.

The Card business' operating profit amounted to SEK 232m (208). The main reasons for the improvement were increased card turnover and lower funding costs. The underlying business was characterised by stable costs, high level of business activity and undertakings aiming to improve efficiency. Moreover, credit losses were also stable at SEK 53m (55).

Eurocard Sweden has been awarded by Q Survey for providing the best in class call center service within bank and financial services.

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

	Q1	Q4		Jan- Mar			Full year
SEK m	2012	2011	%	2012	2011	%	2011
Net interest income	171	167	2	171	143	20	636
Net fee and commission income	799	1 009	- 21	799	994	- 20	3 717
Net financial income	27	17	59	27	15	80	87
Net other income	2			2	2	0	7
Total operating income	999	1 193	- 16	999	1 154	- 13	4 447
Staff costs	- 324	- 356	- 9	- 324	- 368	- 12	-1 406
Other expenses	- 355	- 390	- 9	- 355	- 368	- 4	-1 502
Depreciation, amortisation and impairment of
tangible and intangible assets	- 11	- 17	- 35	- 11	- 12	- 8	- 49
Total operating expenses	- 690	- 763	- 10	- 690	- 748	- 8	-2 957
Profit before credit losses	309	430	- 28	309	406	- 24	1 490
Gains less losses from disposals of tangible and intangible assets
Net credit losses	1	- 2	- 150	1	- 1	- 200	- 9
Operating profit	310	428	- 28	310	405	- 23	1 481
Cost/Income ratio	0,69	0,64		0,69	0,65		0,66
Business equity, SEK bn	6,2	5,1		6,2	5,0		5,0
Return on business equity, %	14,8	24,3		14,8	23,1		21,3
Number of full time equivalents	1 005	995		1 014	1 006		1 006

• Nearly 300 new clients and SEK 7bn of new volumes within Private Banking

• Customer offer improvements, for instance the launch of the open platform "c/o SEB"

• Lower operating profit due to low performance and transaction fees

Comments on the first quarter

Equity markets were up between 10 and 12 per cent in the quarter. As a consequence, customers' interest in equity products returned, which in turn increased customer activity.

Operating profit was down 23 per cent compared to the same period last year due to lower performance and transaction fees. These amounted to SEK 10m in the first quarter of 2012 (155), compared to SEK 222m in the seasonally high fourth quarter of 2011. Base commissions were down compared to the same period last year due to lower market value on assets under management. The recent stock market improvement along with new inflows increased base commissions compared with the last quarter of 2011. Operating costs decreased.

Based on customers' expressed needs the open platform "c/o SEB" service, enabling customers to manage all mutual fund investments, whether SEB's or other institutions', within SEB was launched during the quarter.

Private Banking continued to attract new customers. In the quarter 271 new customers were added. New volumes within Private Banking amounted to SEK 7bn. International Private Banking has strengthened the customer offer in Singapore and Luxembourg and an office will be opened in London. The strength of the Private Banking offer was again confirmed by World Finance Banking Awards 2012 who named SEB best supplier in the Nordic region of Private Banking services.

Total assets under management amounted to SEK 1,226bn (1,175 at year-end and 1,303 in March 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

	Q1	Q4		Jan- Mar			Full year
SEK m	2012	2011	%	2012	2011	%	2011
Net interest income	- 24	- 7		- 24	- 8	200	- 33
Net life insurance income	1 239	1 253	- 1	1 239	1 138	9	4 504
Total operating income	1 215	1 246	- 2	1 215	1 130	8	4 471
Staff costs	- 308	- 307	0	- 308	- 292	5	-1 193
Other expenses	- 136	- 153	- 11	- 136	- 135	1	- 536
Depreciation, amortisation and impairment of
tangible and intangible assets	- 229	- 203	13	- 229	- 192	19	- 785
Total operating expenses	- 673	- 663	2	- 673	- 619	9	-2 514
Operating profit	542	583	- 7	542	511	6	1 957
Change in surplus values, net	83	399	- 79	83	27		1 188
Business result	625	982	- 36	625	538	16	3 145
Cost/Income ratio	0,55	0,53		0,55	0,55		0,56
Business equity, SEK bn	6,5	6,4		6,5	6,4		6,4
Return on business equity, %
based on operating profit	29,0	32,1		29,0	28,1		26,9
based on business result	33,5	54,0		33,5	29,6		43,2
Number of full time equivalents	1 305	1 323		1 309	1 235		1 270

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

• Increasing demand from customers for retirement advice
• Solid performance in line with that of last year
• Growing interest in occupational pension

Comments on the first quarter

The work to strengthen advisory and client service support to assist clients at all times continued. Long-term customer relationships were further developed by initiatives in the retirement market. The number of advisory meetings increased during the first quarter. The strategy to focus on the occupational pension market led to improved sales in this area. Advisory solutions for the occupational pension market will be developed further during the year.

Operating profit increased by 6 per cent compared with the first quarter last year. Unit-linked income, which represents 57 per cent of total income and 83 per cent of total sales, increased by 9 per cent, mainly due to the acquisition of Irish Life International. Unit-linked income increased by 7 per cent compared to the fourth quarter. Also, income from traditional and risk insurance and other income improved compared with last year. The cost increase from the first quarter last year is entirely related to Irish Life International. Compared with the fourth quarter, operating profit decreased primarily due to lower performance in the traditional portfolios. Solvency ratios were stable.

In Sweden, unit-linked income decreased compared to the first quarter 2011, but improved compared to the fourth

quarter due to higher fund values. SEB Trygg Liv continued to be market leader within unit-linked insurance. Recoveries in the Swedish traditional business amounted to SEK 25m (15).

Operating profit in Denmark increased by 22 per cent or SEK 25m compared to the first quarter 2011, primarily driven by a higher return from own account investments. Insurance income and operating expenses were stable.

Operating profit for International improved significantly, from SEK 20m for the first quarter 2011 to SEK 81m mainly driven by positive investment result in traditional portfolios.

The premium income relating to new and existing policies amounted to SEK 7.1bn which was 16 per cent lower than the same period 2011. The weighted sales volume of new policies decreased by 13 per cent to SEK 10.4bn, and reflects lower volumes in the Swedish endowment pension market. The share of corporate paid policies increased to 71 per cent (58).

During the first quarter, unit-linked fund value increased by SEK 10.8bn to 197.6bn. The net inflow was SEK 1.3bn and the appreciation of value was 9.5bn. Total net assets under management amounted to SEK 434bn.

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. In the Fact Book, the full Baltic geographical segmentation, including other activities in the region, is reported.

Income statement

	Q1	Q4		Jan- Mar			Full year
SEK m	2012	2011	%	2012	2011	%	2011
Net interest income	472	514	- 8	472	456	4	1 980
Net fee and commission income	211	227	- 7	211	209	1	894
Net financial income	113	104	9	113	80	41	365
Net other income	- 7	- 11	- 36	- 7	- 5	40	- 33
Total operating income	789	834	- 5	789	740	7	3 206
Staff costs	- 171	- 189	- 10	- 171	- 146	17	- 699
Other expenses	- 251	- 322	- 22	- 251	- 250	0	-1 113
Depreciation, amortisation and impairment of
tangible and intangible assets	- 33	- 35	- 6	- 33	- 32	3	- 133
Total operating expenses	- 455	- 546	- 17	- 455	- 428	6	-1 945
Profit before credit losses	334	288	16	334	312	7	1 261
Gains less losses from disposals of tangible and
intangible assets	1			1	2	- 50	2
Net credit losses	- 24	32	- 175	- 24	572	- 104	1 485
Operating profit	311	320	- 3	311	886	- 65	2 748
Cost/Income ratio	0,58	0,65		0,58	0,58		0,61
Business equity, SEK bn	8,1	8,2		8,1	8,3		8,1
Return on business equity, %	14,0	14,4		14,0	37,3		30,0
Number of full time equivalents	3 026	3 061		3 039	3 193		3 145

• Deposits from the public increased by 18 per cent since the end of March 2011
• Net credit provisions for the first time after six quarters of credit recovery
• Operating profit before credit losses increased by 7 per cent

Comments on the first quarter

The strong growth in the Baltic economies in the first part of 2011 has since slowed. Baltic consumer confidence remained cautious, although increases in confidence were observable, particularly in Latvia.

Operating income, which amounted to SEK 789m (740), was 7 per cent higher than the first quarter 2011. As anticipated, following six quarters of credit recoveries, the Baltic division showed a small net credit loss for the first quarter.

The operating profit of SEK 311m (886) included net credit losses of SEK 24m (net recovery of SEK 572m during the corresponding period last year). Operating profit before credit losses increased by 7 per cent. Non-performing loans declined by 22 per cent since March 2011 and the non-performing loans coverage ratio was slightly reduced to 59 per cent.

Customer demand for loans reflected the cautious consumer confidence and gross loan volumes amounted to SEK 98bn, slightly below the level of March 2011.

Deposit volumes have been retained at the high level at the end of 2011. The total deposit volume of SEK 66bn was 18 per cent higher than March 2011. By the end of the quarter, over 94 per cent of the Lithuanian government's deposit insurance fund relating to Snoras Bank had been disbursed to customers.

SEB continued to win awards for customer excellence. In Estonia, SEB was named the best private banking provider by Euromoney. Global Finance magazine awarded SEB with the title of best Trade Finance bank in each of the three Baltic countries, and in Lithuania CV Market named SEB the most attractive employer in the country.

SEB's Baltic real estate holding companies held investment properties at a total volume of SEK 1,663m (534). The operating loss in the first quarter was SEK 23m (10).

The SEB Group

Net interest income – SEB Group

	Q1	Q4			Jan - Mar		Full year
SEK m	2012	2011	%	2012	2011	%	2011
Interest income	14 291	14 866	- 4	14 291	12 913	11	56 163
Interest expense	-10 110	-10 548	- 4	-10 110	-8 667	17	-39 262
Net interest income	4 181	4 318	- 3	4 181	4 246	- 2	16 901

Net fee and commission income – SEB Group

	Q1	Q4			Jan - Mar		Full year
SEK m	2012	2011	%	2012	2011	%	2011
Issue of securities	57	92	- 38	57	62	- 8	252
Secondary market	366	525	- 30	366	440	- 17	1 821
Custody and mutual funds	1 625	1 795	- 9	1 625	1 903	- 15	7 218
Securities commissions	2 048	2 412	- 15	2 048	2 405	- 15	9 291
Payments	395	399	- 1	395	386	2	1 575
Card fees	1 041	1 060	- 2	1 041	944	10	4 034
Payment commissions	1 436	1 459	- 2	1 436	1 330	8	5 609
Advisory	114	97	18	114	66	73	432
Lending	476	461	3	476	445	7	1 963
Deposits	29	27	7	29	26	12	106
Guarantees	109	106	3	109	95	15	398
Derivatives	126	208	- 39	126	151	- 17	715
Other	116	128	- 9	116	125	- 7	509
Other commissions	970	1 027	- 6	970	908	7	4 123
Fee and commission income	4 454	4 898	- 9	4 454	4 643	- 4	19 023
Securities commissions	- 327	- 348	- 6	- 327	- 352	- 7	-1 385
Payment commissions	- 635	- 592	7	- 635	- 541	17	-2 301
Other commissions	- 228	- 321	- 29	- 228	- 255	- 11	-1 162
Fee and commission expense	-1 190	-1 261	- 6	-1 190	-1 148	4	-4 848
Securities commissions, net	1 721	2 064	- 17	1 721	2 053	- 16	7 906
Payment commissions, net	801	867	- 8	801	789	2	3 308
Other commissions, net	742	706	5	742	653	14	2 961
Net fee and commission income	3 264	3 637	- 10	3 264	3 495	- 7	14 175

Net financial income – SEB Group

	Q1	Q4			Jan - Mar		Full year
SEK m	2012	2011	%	2012	2011	%	2011
Equity instruments and related derivatives	416	- 17		416	146	185	- 21
Debt instruments and related derivatives	76	- 64		76	218	-65	1 057
Currency related	881	848	4	881	861	2	2 981
Other	6	- 178		6	6		- 469
Net financial income	1 379	589	134	1 379	1 231	12	3 548

The result within Net financial income is presented based on type of underlying financial instrument. The net effect from trading operations is fairly stable over time, although affected by seasonability, but shows volatility between lines. As an example, in the first quarter 2012 structured products offered to the public (such as equitylinked bonds) generated a positive effect of approximately SEK 330m in Equity-related instruments and a corresponding negative effect in Debt-related instruments.

Net credit losses – SEB Group

	Q1	Q4			Jan - Mar		Full year
SEK m	2012	2011	%	2012	2011	%	2011
Provisions:
Net collective provisions for individually
assessed loans	39	- 7		39	275	-86	707
Net collective provisions for portfolio
assessed loans	- 1	- 11	-91	- 1	- 41	-98	68
Specific provisions	- 250	- 195	28	- 250	- 313	-20	- 800
Reversal of specific provisions no longer required	144	173	-17	144	569	-75	1 421
Net provisions for off-balance sheet items	17	19		17	14	21	68
Net provisions	- 51	- 21	143	- 51	504		1 464
Write-offs:
Total write-offs	- 440	- 749	-41	- 440	- 474	-7	-2 705
Reversal of specific provisions utilized
for write-offs	262	487	-46	262	368	-29	1 909
Write-offs not previously provided for	- 178	- 262		- 178	- 106	68	- 796
Recovered from previous write-offs	23	43	-47	23	29	-21	110
Net write-offs	- 155	- 219	- 29	- 155	- 77	101	- 686
Net credit losses	- 206	- 240	- 14	- 206	427		778

Balance sheet – SEB Group

	31 March	31 Dec	31 March
SEK m	2012	2011	2011
Cash and cash balances with central banks	39 064	148 042	15 914
Other loans to central banks	126 816	80 548	14 567
Loans to other credit institutions1)	142 483	128 763	184 493
Loans to the public	1 201 106	1 186 223	1 113 807
Financial assets at fair value *	679 150	670 633	644 421
Available-for-sale financial assets *	59 345	57 377	68 635
Held-to-maturity investments *	281	282	1 181
Assets held for sale	1 826	2 005
Investments in associates	1 309	1 289	1 079
Tangible and intangible assets	29 536	29 016	27 212
Other assets	50 408	58 475	47 112
Total assets	2 331 324	2 362 653	2 118 421
Deposits from credit institutions	227 665	201 274	201 503
Deposits and borrowing from the public	782 861	861 682	707 095
Liabilities to policyholders	279 874	269 683	263 075
Debt securities	625 598	589 873	549 849
Financial liabilities at fair value	207 139	232 247	195 347
Liabilities held for sale	1 803	1 962
Other liabilities	71 858	69 883	78 092
Provisions	2 263	1 779	1 612
Subordinated liabilities	24 669	25 109	23 992
Total equity	107 594	109 161	97 856
Total liabilities and equity	2 331 324	2 362 653	2 118 421
* Of which bonds and other interest bearing securities including derivatives.	439 703	456 915	423 328

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

	31 March	31 Dec	31 March
SEK m	2012	2011	2011
Collateral pledged for own liabilities	190 378	204 265	231 534
Other pledged collateral	248 436	221 626	259 466
Contingent liabilities	99 395	94 004	80 880
Commitments	401 079	390 352	398 814

Statement of changes in equity – SEB Group

for-sale Translation Total Share Share Retained financial Cash flow of foreign holders' SEK m capital earnings assets hedges operations Other equity Jan-Mar 2012 Opening balance 21 942 88 612 -1 003 1 107 -1 285 - 473 108 900 Net profit 2 650 2 650	Minority	interests Total Equity
	261	109 161
	5	2 655
Other comprehensive income (net of tax) 425 - 587 - 64 - 88 - 314	6	- 308
Total comprehensive income 2 650 425 - 587 - 64 - 88 2 336	11	2 347
Dividend to shareholders -3 795 -3 795		-3 795
Employee share programme* 15 15		15
Change in holdings of own shares* - 134 - 134		- 134
Closing balance 21 942 87 348 - 578 520 -1 349 - 561 107 322	272	107 594
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-Mar 2011
	266	99 543

Opening balance	21 942	80 571	-1 725	- 422	-1 145	56	99 277	266	99 543
Net profit		2 602					2 602	14	2 616
Other comprehensive income (net of tax)			11	- 478	- 262	- 277	-1 006	- 6	-1 012
Total recognised income		2 602	11	- 478	- 262	- 277	1 596	8	1 604
Dividend to shareholders		-3 291					-3 291		-3 291
Closing balance

* The acquisition cost for the purchase or 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 9.3 million shares have been sold as stock options were exercised in 2012. During 2012, SEB also repurchased 9.7 million Series A shares for the long-term incentive programmes as decided at the Annual General Meeting. As of 31 March 2012 SEB owned 2.7 million Class A-shares with a market value of SEK 126m.

Cash flow statement – SEB Group

	Jan - Mar
SEK m	2012	2011	%	2011
Cash flow from operating activities	- 68 075	38 920		218 830
Cash flow from investment activities	- 809	89		- 1 952
Cash flow from financing activities	- 4 241	- 4 886	- 13	- 3 671
Net increase in cash and cash equivalents	- 73 125	34 123		213 207
Cash and cash equivalents at the beginning of year	276 853	63 646		63 646
Net increase in cash and cash equivalents	- 73 125	34 123		213 207
Cash and cash equivalents at the end of period1)	203 728	97 769	108	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

	Q1	Q4			Jan - Mar		Full year
SEK m	2012	2011	%	2012	2011	%	2011
Reclassified, SEK m
Opening balance	42 169	49 190	-14	42 169	78 681	-46	78 681
Reclassified
Amortisations	- 721	- 475	52	- 721	-2 138	-66	-6 360
Securities sold	-5 335	-4 778	12	-5 335	-11 008	-52	-29 058
Accrued coupon	31	- 51		31	40	-23	- 4
Exchange rate differences	- 811	-1 717	-53	- 811	-1 077	-25	-1 090
Closing balance*	35 333	42 169	- 16	35 333	64 498	-45	42 169
* Market value	33 748	39 284	-14	33 748	63 544	-47	39 284
Fair value impact - if not reclassified, SEK m
In Equity (AFS origin)	339	- 279		339	542	-37	21
In Income Statements (HFT origin)	107	24		107	47	128	127
Total	446	- 255		446	589	-24	148
Effect in Income Statements, SEK m*
Net interest income	209	267	-22	209	312	-33	1 214
Net financial income	- 662	- 901	-27	- 662	-1 000	-34	-1 147
Other income	- 276	- 128	116	- 276	- 159	74	- 473
Total	- 729	- 762	-4	- 729	- 847	-14	- 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

	31 Mar	31 Dec	31 Mar
SEK m	2012	2011	2011
Individually assessed impaired loans
Impaired loans, past due > 60 days	9 442	9 831	12 579
Impaired loans, performing or past due < 60 days	1 236	1 259	2 291
Total individually assessed impaired loans	10 678	11 090	14 870
Specific reserves	- 5 783	- 5 938	- 7 801
for impaired loans, past due > 60 days	- 5 142	- 5 311	- 6 943
for impaired loans, performing or past due < 60 days	- 641	- 627	- 858
Collective reserves	- 1 882	- 1 948	- 2 459
Impaired loans net	3 013	3 204	4 610
Specific reserve ratio for individually assessed impaired loans	54.2%	53.5%	52.5%
Total reserve ratio for individually assessed impaired loans	71.8%	71.1%	69.0%
Net level of impaired loans	0.36%	0.39%	0.54%
Gross level of impaired loans	0.79%	0.84%	1.12%
Portfolio assessed loans
Portfolio assessed loans past due > 60 days	6 404	6 483	6 696
Restructured loans	498	501	503
Collective reserves for portfolio assessed loans	- 3 284	- 3 351	- 3 544
Reserve ratio for portfolio assessed loans	47.6%	48.0%	49.2%
Reserves
Specific reserves	- 5 783	- 5 938	- 7 801
Collective reserves	- 5 166	- 5 299	- 6 003
Reserves for off-balance sheet items	- 346	- 369	- 400
Total reserves	- 11 295	- 11 606	- 14 204
Non-performing loans
Non-performing loans*	17 580	18 074	22 069
NPL coverage ratio	64.3%	64.2%	64.4%
NPL % of lending	1.29%	1.36%	1.66%
* Impaired loans + portfolio assessed loans > 60 days + restructured portfolio assessed loans

Seized assets – SEB Group

	31 Mar	31 Dec	31 Mar
SEK m	2012	2011	2011
Properties, vehicles and equipment	1 800	1 603	758
Shares	53	53	57
Total seized assets	1 853	1 656	815

Discontinued operations – SEB Group

Income statement

	Q1	Q4				Jan - Mar		Full year
SEK m	2012	2011	%	%	2012	2011	%	2011
Total operating income	- 3	84			- 3	- 849	-100	- 535
Total operating expenses	- 251	- 532	-53		- 251	- 318	-21	-1 093
Profit before credit losses	- 254	- 448	-43		- 254	-1 167	-78	-1 628
Net credit losses	- 1	- 3	-67		- 1	97		180
Operating profit	- 255	- 451	-43		- 255	-1 070	-76	-1 448
Income tax expense	9	151	-94		9	280	-97	293
Net profit from discontinued operations	- 246	- 300	-18		- 246	- 790	-69	-1 155

Assets and liabilities held for sale

	31 March	31 Dec	31 March
SEK m	2012	2011	2011
Loans to the public	662	734
Other assets	1 164	1 271
Total assets held for sale	1 826	2 005
Deposits from credit institutions	1 126	1 275
Deposits and borrowing from the public	676	663
Other liabilities	1	24
Total liabilities held for sale	1 803	1 962

Cash flow statement

	Q1	Q4			Jan - Mar		Full year
SEK m	2012	2011	%	2012	2011	%	2011
Cash flow from operating activities	- 7	- 727	-99	- 7	26 774	- 100	27 387
Cash flow from investment activities	- 9	50		- 9	257		423
Cash flow from financing activities	97	895	-89	97	- 27 604	- 100	- 27 800
Net increase in cash and cash equivalents
from discontinued operations	81	218	-63	81	- 573	- 114	10

Capital base of the SEB financial group of undertakings

	31 Mar	31 Dec
SEK m	2012	2011
Total equity according to balance sheet	107,594	109,161
Dividend (excl repurchased shares)	-959	-3,836
Investments outside the financial group of undertakings	-41	-41
Other deductions outside the financial group of undertakings	-4,110	-3,728
= Total equity in the capital adequacy	102,484	101,556
Adjustment for hedge contracts	436	229
Net provisioning amount for IRB-reported credit exposures	-172	-108
Unrealised value changes on available-for-sale financial assets	272	717
Exposures where RWA is not calculated	-734	-914
Goodwill	-4,173	-4,147
Other intangible assets	-3,126	-2,943
Deferred tax assets	-1,181	-1,293
= Core Tier 1 capital	93,806	93,097
Tier 1 capital contribution (non-innovative)	4,421	4,455
Tier 1 capital contribution (innovative)	9,929	10,159
= Tier 1 capital	108,156	107,711
Dated subordinated debt	4,709	4,815
Deduction for remaining maturity	-261	-320
Perpetual subordinated debt	2,012	2,225
Net provisioning amount for IRB-reported credit exposures	-172	-108
Unrealised gains on available-for-sale financial assets	705	799
Exposures where RWA is not calculated	-734	-914
Investments outside the financial group of undertakings	-41	-41
= Tier 2 capital	6,218	6,456
Investments in insurance companies	-10,500	-10,500
Pension assets in excess of related liabilities	-758	-222
= Capital base	103,116	103,445

On 31 March 2012 the parent company's Tier 1 capital was SEK 100,106m (98,098m) and the reported Tier 1 capital ratio was 16.3 percent (16.0).

Risk-weighted assets	31 Mar	31 Dec
SEK m	2012	2011
Credit risk IRB approach
Institutions	30,685	29,552
Corporates	392,517	394,094
Securitisation positions	6,753	6,515
Retail mortgages	45,408	45,241
Other retail exposures	8,856	9,460
Other exposure classes	1,674	1,651
Total credit risk IRB approach	485,893	486,513
Further risk-weighted assets
Credit risk, Standardised approach	75,761	77,485
Operational risk, Advanced Measurement approach	41,154	42,267
Foreign exchange rate risk	14,213	13,173
Trading book risks	57,592	59,403
Total risk-weighted assets	674,613	678,841
Summary
Credit risk	561,654	563,998
Operational risk	41,154	42,267
Market risk	71,805	72,576
Total	674,613	678,841
Adjustment for flooring rules
Addition according to transitional flooring	160,214	148,774
Total reported	834,827	827,615

Risk-weighted assets for the SEB financial group of undertakings

Capital adequacy analysis

	31 Mar	31 Dec
Capital adequacy	2012	2011
Capital resources
Core Tier 1 capital	93,806	93,097
Tier 1 capital	108,156	107,711
Capital base	103,116	103,445
Capital adequacy without transitional floor (Basel II)
Risk-weighted assets	674,613	678,841
Expressed as capital requirement	53,969	54,307
Core Tier 1 capital ratio	13,9%	13,7%
Tier 1 capital ratio	16,0%	15,9%
Total capital ratio	15,3%	15,2%
Capital base in relation to capital requirement	1,91	1,90
Capital adequacy including transitional floor
Transition floor applied	80%	80%
Risk-weighted assets	834,827	827,615
Expressed as capital requirement	66,786	66,209
Core Tier 1 capital ratio	11,2%	11,2%
Tier 1 capital ratio	13,0%	13,0%
Total capital ratio	12,4%	12,5%
Capital base in relation to capital requirement	1,54	1,56
Capital adequacy with risk-weighting according to Basel I
Risk-weighted assets	1,048,910	1,037,898
Expressed as capital requirement	83,913	83,032
Core Tier 1 capital ratio	8,9%	9,0%
Tier 1 capital ratio	10,3%	10,4%
Total capital ratio	9,8%	10,0%
Capital base in relation to capital requirement	1,23	1,25

Overall Basel II risk-weighted assets ('RWA'), before the effect of transitional flooring, decreased with 0.6 per cent or SEK 4bn since year-end. The Swedish krona strengthened resulting in an RWA decrease of SEK 4bn. The effect of risk class migration was an RWA increase of SEK 3bn. RWA process changes resulted in an RWA decrease of SEK 4bn, whereof SEK 2bn was due to transition to IRB Foundation for a minor retail mortgage portfolio in the parent company. Riskweight changes increased RWA with SEK 3bn. Market risk RWA decreased with SEK 1bn and operational risk RWA decreased with SEK 1bn. Including other changes this resulted in a net decrease of RWA according to Basel II (without transitional floor) to SEK 675bn (679).

Un-floored Basel II RWA was 36 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 in November 2011 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). 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	31 Mar 2012	31 Dec 2011
Institutions	19,1%	19,2%
Corporates	51,5%	51,6%
Securitisation positions	39,8%	34,9%
Retail mortgages	11,6%	12,1%
Other retail exposures	35,6%	37,5%

The risk-weights for Institutions and Corporates showed a minor decline since year end. The increase in risk-weight for securitisation positions is due to relatively higher amortisation in better risk grades

Income statement – Skandinaviska Enskilda Banken AB (publ)

In accordance with FSA regulations	Q1	Q4			Jan - Mar		Full year
SEK m	2012	2011	%	2012	2011	%	2011
Interest income	9 718	10 201	-5	9 718	8 044	21	36 819
Leasing income	1 528	1 470	4	1 528	1 382	11	5 756
Interest expense	-7 084	-7 590	-7	-7 084	-5 666	25	-27 034
Dividends	279	196	42	279	1 458	-81	4 409
Fee and commission income	2 114	2 451	-14	2 114	2 181	-3	9 030
Fee and commission expense	- 345	- 463	-25	- 345	- 357	-3	-1 634
Net financial income	1 169	708	65	1 169	803	46	3 133
Other income	12	279	-96	12	166	-93	1 183
Total operating income	7 391	7 252	2	7 391	8 011	-8	31 662
Administrative expenses	-3 420	-3 776	-9	-3 420	-3 641	-6	-14 479
Depreciation, amortisation and impairment of
tangible and intangible assets	-1 278	-1 317	-3	-1 278	-1 162	10	-4 884
Total operating expenses	-4 698	-5 093	-8	-4 698	-4 803	-2	-19 363
Profit before credit losses	2 693	2 159	25	2 693	3 208	-16	12 299
Net credit losses	- 139	- 190	-27	- 139	- 123	13	- 458
Impairment of financial assets		- 27	-100				- 759
Operating profit	2 554	1 942	32	2 554	3 085	-17	11 082
Appropriations		-1 119	-100				-1 119
Income tax expense	- 765	- 606	26	- 765	- 616	24	-2 122
Other taxes	9	36		9	3	200	10
Net profit	1 798	253		1 798	2 472	-27	7 851

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

Q1	Q4				Full year
2012	2011	%		%	2011
1 798	253			- 27	7 851
					36
- 586	204			23	1 536
- 15	- 11	36		- 91	44
	- 158	- 100		- 100	- 452
- 375	- 53			- 42	1 164
1 423	200			- 22	9 015
	226	- 88		2012 1 798 226 - 586 - 15 - 375 1 423	Jan - Mar 2011 2 472 175 29 -477 -159 -185 - 646 1 826

	Balance sheet - Skandinaviska Enskilda Banken AB (publ)
--	---------------------------------------------------------	--	--	--

Condensed	31 Mar	31 Dec	31 Mar
SEK m	2012	2011	2011
Cash and cash balances with central banks	20 430	121 948	5 721
Loans to credit institutions	299 699	245 796	223 675
Loans to the public	897 300	873 335	810 411
Financial assets at fair value	381 910	386 830	357 027
Available-for-sale financial assets	16 909	16 739	17 804
Held-to-maturity investments	2 757	2 771	3 675
Investments in associates	1 113	1 092	1 024
Shares in subsidiaries	53 606	53 686	54 257
Tangible and intangible assets	42 915	43 363	40 853
Other assets	33 101	43 290	31 977
Total assets	1 749 740	1 788 850	1 546 424
Deposits from credit institutions	257 863	229 428	219 479
Deposits and borrowing from the public	525 645	608 645	469 147
Debt securities	601 114	558 747	510 184
Financial liabilities at fair value	199 105	226 717	186 515
Other liabilities	47 760	44 157	49 622
Provisions	62	76	133
Subordinated liabilities	24 362	24 727	23 539
Untaxed reserves	25 049	25 049	23 930
Total equity	68 780	71 304	63 875
Total liabilities, untaxed reserves and shareholders' equity	1 749 740	1 788 850	1 546 424

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

	31 Mar	31 Dec	31 Mar
SEK m	2012	2011	2011
Collateral pledged for own liabilities	96 656	104 496	141 773
Other pledged collateral	50 060	51 077	79 230
Contingent liabilities	79 423	74 435	61 456
Commitments	309 665	303 315	327 378

Fact Book January – March 2012

STOCKHOLM 24 APRIL 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 Banking30
Retail Banking 33
Wealth Management 37
Life39
Baltic 44
SEB Group by geography 50
Macro 52
Definitions 57

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 m)	13,642	10,050	1,178	6,798	11,144	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)	33	0	172	49	35	40 per cent of net profit per share
1) 2005–2006 Basel I. 2007–2010 Basel II without transitional rules.	over a business cycle

Rating

	Moody's Under review	Standard & Poor's Outlook Stable		Fitch 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

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
	2010	2010	2010	2010	2011	2011	2011	2011	2012
Merchant Banking	2,320	2,326	2,365	2,394	2,481	2,485	2,503	2,508	2,506
Retail Banking	3,326	3,482	3,430	3,441	3,498	3,596	3,521	3,553	3,583
RB Sweden	2,541	2,686	2,620	2,667	2,725	2,822	2,739	2,774	2,818
RB Cards	785	796	810	774	773	774	782	779	765
Wealth Management	952	945	971	1,005	1,007	1,015	1,002	995	1,005
Life	1,175	1,173	1,200	1,226	1,237	1,241	1,331	1,323	1,305
Baltic	3,216	3,185	3,206	3,203	3,200	3,179	3,109	3,061	3,026
Baltic Estonia	1,008	1,000	1,000	986	980	968	921	890	874
Baltic Latvia	849	839	855	862	877	887	882	861	879
Baltic Lithuania	1,352	1,338	1,337	1,339	1,322	1,305	1,281	1,284	1,247
Baltic RHC	7	8	14	16	21	19	25	26	26
Business Support	3,705	3,699	3,706	3,737	3,740	3,748	3,805	3,864	3,928
Other total	5,180	5,172	5,213	5,319	5,272	5,263	5,324	5,367	5,281
SEB Group
Continuing
operations	16,169	16,283	16,385	16,588	16,695	16,779	16,790	16,807	16,706
Discontinued
operations	2,863	2,808	2,765	2,632	817	797	830	764	728
SEB Group	19,032	19,091	19,150	19,220	17,512	17,576	17,620	17,571	17,434

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
• Staff and Support functions
• Internal Audit, Compliance and Risk Control.

Board

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

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

Group Executive Committee

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

The Board of Directors and the President and CEO perform their governing and controlling roles through several policies and

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.

instructions, the purpose of which is to clearly define the distribution of responsibility.

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

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,
March 2012	per cent
Investor AB	20.8
Trygg Foundation	8.1
Alecta	7.3
Swedbank/Robur Funds	2.9
SEB Funds	1.7
Nordea Funds	1.6
SHB Funds	1.6
Wallenberg Foundations	1.5
First Swedish National Pension Fund	1.1
Fund	1.1
Foreign owners	23.3
Source: Euroclear Sweden/SIS Ägarservice

1) No. shares adjusted for rights issue

Income statement

SEB Group

	Q1	Q4			Jan - Mar		Full year
SEK m	2012	2011	%	2012	2011	%	2011
Net interest income	4,181	4,318	-3	4,181	4,246	-2	16,901
Net fee and commission income	3,264	3,637	-10	3,264	3,495	-7	14,175
Net financial income	1,379	589	134	1,379	1,231	12	3,548
Net life insurance income	915	992	-8	915	782	17	3,197
Net other income	-150	-202	-26	-150	-110	36	-135
Total operating income	9,589	9,334	3	9,589	9,644	-1	37,686
Staff costs	-3,559	-3,423	4	-3,559	-3,592	-1	-13,933
Other expenses	-1,653	-2,030	-19	-1,653	-1,785	-7	-7,424
Depreciation, amortisation and impairment of tangible
and intangible assets	-464	-475	-2	-464	-429	8	-1,764
Total operating expenses	-5,676	-5,928	-4	-5,676	-5,806	-2	-23,121
Profit before credit losses	3,913	3,406	15	3,913	3,838	2	14,565
Gains less losses from disposals of tangible and
intangible assets	2	-1		2	6		2
Net credit losses	-206	-240	-14	-206	427		778
Operating profit	3,709	3,165	17	3,709	4,271	-13	15,345
Income tax expense	-808	-531	52	-808	-865	-7	-3,046
Net profit from continuing operations	2,901	2,634	10	2,901	3,406	-15	12,299
Discontinued operations	-246	-300	-18	-246	-790	-69	-1,155
Net profit	2,655	2,334	14	2,655	2,616	1	11,144
Attributable to minority interests	5	10	-50	5	14	-64	37
Attributable to shareholders	2,650	2,324	14	2,650	2,602	2	11,107
Continuing operations
Basic earnings per share, SEK	1.32	1.20		1.32	1.55		5.59
Diluted earnings per share, SEK	1.32	1.20		1.32	1.54		5.56
Total operations
Basic earnings per share, SEK	1.21	1.06		1.21	1.19		5.06
Diluted earnings per share, SEK	1.21	1.06		1.21	1.18		5.04

Operating profit before credit losses Operating profit

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

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

Including:

SEK 600m redundancies and SEK 780m VPC divestment in Q4 2008

SEK 270m capital gain on repurchased bonds in Q4 2009

Income statement SEB Group

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
SEK m	2010	2010	2010	2010	2011	2011	2011	2011	2012
Net interest income	3,528	3,732	4,165	4,505	4,246	4,215	4,122	4,318	4,181
Net fee and commission income	3,186	3,663	3,376	3,895	3,495	3,554	3,489	3,637	3,264
Net financial income	945	973	724	506	1,231	825	903	589	1,379
Net life insurance income	879	778	818	780	782	764	659	992	915
Net other income	167	33	-232	314	-110	143	34	-202	-150
Total operating income	8,705	9,179	8,851	10,000	9,644	9,501	9,207	9,334	9,589
Staff costs	-3,416	-3,594	-3,372	-3,538	-3,592	-3,525	-3,393	-3,423	-3,559
Other expenses	-1,748	-1,860	-1,667	-1,938	-1,785	-1,904	-1,705	-2,030	-1,653
Depreciation, amortisation and impairment of
tangible and intangible assets	-401	-409	-400	-644	-429	-425	-435	-475	-464
Restructuring costs			-755	-9
Total operating expenses	-5,565	-5,863	-6,194	-6,129	-5,806	-5,854	-5,533	-5,928	-5,676
Profit before credit losses	3,140	3,316	2,657	3,871	3,838	3,647	3,674	3,406	3,913
Gains less losses from disposals of tangible
and intangible assets	-3	-3		20	6	-5	2	-1	2
Net credit losses	-1,736	-571	197	501	427	558	33	-240	-206
Operating profit	1,401	2,742	2,854	4,392	4,271	4,200	3,709	3,165	3,709
Income tax expense	-452	-600	-765	-752	-865	-789	-861	-531	-808
Net profit from continuing operations	949	2,142	2,089	3,640	3,406	3,411	2,848	2,634	2,901
Discontinued operations	-260	-138	-1,493	-131	-790	-41	-24	-300	-246
Net profit	689	2,004	596	3,509	2,616	3,370	2,824	2,334	2,655
Attributable to minority interests	15	17	15	6	14	6	7	10	5
Attributable to shareholders	674	1,987	581	3,503	2,602	3,364	2,817	2,324	2,650

Share of profit before credit losses

Mar 2012, 12 months rolling

Geography – Adjusted for Other Divisions – Adjusted for Other

Key figures – SEB Group

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
	2010	2010	2010	2010	2011	2011	2011	2011	2012
Continuing operations
Return on equity, continuing operations, %	3.76	8.61	8.52	14.81	13.65	13.62	10.86	9.74	10.61
Basic earnings per share, continuing operations, SEK	0.43	0.97	0.94	1.66	1.55	1.55	1.29	1.20	1.32
Diluted earnings per share, continuing operations, SEK	0.43	0.97	0.94	1.64	1.54	1.54	1.29	1.20	1.32
Cost/income ratio, continuing operations	0.64	0.64	0.70	0.61	0.60	0.62	0.60	0.64	0.59
Number of full time equivalents, continuing operations*	16,169	16,283	16,385	16,588	16,695	16,779	16,790	16,807	16,706
Total operations
Return on equity, %	2.71	8.06	2.38	14.28	10.47	13.46	10.77	8.63	9.71
Return on total assets, %	0.12	0.34	0.10	0.63	0.49	0.62	0.50	0.40	0.45
Return on risk-weighted assets, %	0.34	0.97	0.28	1.73	1.34	1.71	1.40	1.13	1.27
Basic earnings per share, SEK	0.31	0.91	0.26	1.60	1.19	1.53	1.28	1.06	1.21
Weighted average number of shares, millions**	2,194	2 ,194	2,194	2,194	2,194	2,194	2,194	2,193	2,189
Diluted earnings per share, SEK	0.31	0.91	0.26	1.58	1.18	1.52	1.28	1.06	1.21
Weighted average number of diluted shares, millions***	2,199	2,199	2,207	2,212	2,206	2,206	2,205	2,203	2,196
Net worth per share, SEK	50.07	49.48	49.02	50.34	49.79	52.30	53.81	54.92	54.51
Average shareholders' equity, SEK, billion	99.3	98.7	98.4	98.1	99.4	100.0	104.6	107.8	109.1
Credit loss level, %	0.53	0.17	-0.02	-0.07	-0.17	-0.20	-0.01	0.08	0.06
Total reserve ratio individually assessed impaired loans, %	77.0	76.9	73.2	69.2	69.0	64.8	68.6	71.1	71.8
Net level of impaired loans, %	0.66	0.61	0.63	0.63	0.54	0.56	0.44	0.39	0.36
Gross level of impaired loans, %	1.35	1.31	1.29	1.28	1.13	1.11	0.93	0.84	0.79
Basel II (Legal reporting with transitional floor) :****
Risk-weighted assets, SEK billion	812	824	797	800	777	798	827	828	835
Core Tier 1 capital ratio, %	10.43	10.46	10.80	10.93	11.35	11.47	11.25	11.25	11.24
Tier 1 capital ratio, %	12.37	12.40	12.65	12.75	13.18	13.27	13.06	13.01	12.96
Total capital ratio, %	13.10	12.60	12.73	12.40	12.72	12.86	12.77	12.50	12.35
Basel II (without transitional floor):
Risk-weighted assets, SEK billion	723	714	711	716	678	678	667	679	675
Core Tier 1 capital ratio, %	11.71	12.07	12.11	12.20	13.00	13.50	13.94	13.71	13.91
Tier 1 capital ratio, %	13.88	14.31	14.18	14.24	15.09	15.62	16.18	15.87	16.03
Total capital ratio, %	14.70	14.54	14.27	13.85	14.57	15.12	15.83	15.24	15.29
Number of full time equivalents*	19,032	19,091	19,150	19,220	17,512	17,576	17,620	17,571	17,434
Assets under custody, SEK billion	5,127	4,770	4,879	5,072	4,948	4,683	4,321	4,490	4,982
Assets under management, SEK billion	1,382	1,328	1,343	1,399	1,372	1,356	1,241	1,261	1,317
Discontinued operations
Basic earnings per share, discontinued operations, SEK	-0.12	-0.06	-0.68	-0.06	-0.36	-0.02	-0.01	-0.14	-0.11
Diluted earnings per share, discontinued operations, SEK	-0.12	-0.06	-0.68	-0.06	-0.36	-0.02	-0.01	-0.14	-0.11

* Quarterly numbers are for last month of quarter.

** 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 9,700,000 shares and 9,358,796 shares have been sold as employee stock options have been exercised. Thus, as at 31 March 2012 SEB owned 2,685,570 Class A-shares with a market value of SEK 126m.

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

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

Net interest income analysis

SEB Group, SEK m

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
SEK m	2010	2010	2010	2010	2011	2011	2011	2011	2012
Lending volumes and margins	2,798	2,805	2,819	2,867	2,770	2,930	3,028	3,209	3,038
Deposit volumes and margins	503	468	530	635	708	774	895	907	891
Funding and Other	227	459	816	1,003	768	511	199	202	252
Net interest income	3,528	3,732	4,165	4,505	4,246	4,215	4,122	4,318	4,181

*From 2012 internal funds transfer prices more fully reflect the increased cost of funding and buffers of liquidity required.

The change decreases Lending and deposit margins and increases Funding and other.

NII customer driven specification

Cumulative changes nine last quarters, SEB Group, SEK m

Net financial income

SEB Group

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
SEK m	2010	2010	2010	2010	2011	2011	2011	2011	2012
Equity instruments and related derivatives	138	333	190	-32	146	207	-357	-17	416
Debt instruments and related derivatives	327	205	16	-70	218	110	793	-64	76
Currency related	490	503	496	600	861	659	613	848	881
Other	-10	-68	22	8	6	-151	-146	-178	6
Net financial income	945	973	724	506	1,231	825	903	589	1,379

The result within Net financial income is presented based on type of underlying financial instrument. The net effect from trading operations (page 31) is fairly stable over time, although affected by seasonability, but shows volatility between lines. As an example, in the first quarter 2012 structured products offered to the public (such as equity-linked bonds) generated a positive effect of approximately SEK 330m in Equity-related instruments and a corresponding negative effect in Debt-related instruments.

Net fee and commission income

SEB Group

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
SEK m	2010	2010	2010	2010	2011	2011	2011	2011	2012
Issue of securities	45	124	20	168	62	70	28	92	57
Secondary market	426	418	373	544	440	371	485	525	366
Custody and mutual funds	1,667	1,805	1,675	1,919	1,903	1,809	1,711	1,795	1,625
Securities commissions	2,138	2,347	2,068	2,631	2,405	2,250	2,224	2,412	2,048
Payments	388	402	379	362	386	400	390	399	395
Card fees	987	1,036	1,018	941	944	1,008	1,022	1,060	1,041
Payment commissions	1,375	1,438	1,397	1,303	1,330	1,408	1,412	1,459	1,436
Advisory	64	96	185	137	66	147	122	97	114
Lending	334	446	438	462	445	583	474	461	476
Deposits	26	26	25	26	26	26	27	27	29
Guarantees	111	107	103	106	95	99	98	106	109
Derivatives	134	157	110	117	151	134	222	208	126
Other	149	207	180	180	125	136	120	128	116
Other commissions	818	1,039	1,041	1,028	908	1,125	1,063	1,027	970
Fee and commission income	4,331	4,824	4,506	4,962	4,643	4,783	4,699	4,898	4,454
Securities commissions	-289	-298	-288	-341	-352	-359	-326	-348	-327
Payment commissions	-586	-607	-598	-449	-541	-575	-593	-592	-635
Other commissions	-270	-256	-244	-277	-255	-295	-291	-321	-228
Fee and commission expense	-1,145	-1,161	-1,130	-1,067	-1,148	-1,229	-1,210	-1,261	-1,190
Securities commissions	1,849	2,049	1,780	2,290	2,053	1,891	1,898	2,064	1,721
Payment commissions	789	831	799	854	789	833	819	867	801
Other commissions	548	783	797	751	653	830	772	706	742
Net fee and commission income	3,186	3,663	3,376	3,895	3,495	3,554	3,489	3,637	3,264

Expenses

Staff costs - SEB Group

Q4 Q1	Q3	Q2	Q1	Q4	Q3	Q2	Q1
2011 2012	2011	2011	2011	2010	2010	2010	2010	SEK m
-2 985 -3 099	-2 949	-3 082	-3 126	-3 103	-2 903	-3 098	-2 924	Salaries etc
- 56 - 31	- 30	- 33	- 17	- 27	- 22	- 53	- 32	Redundancies
- 194 - 295	- 266	- 263	- 297	- 232	- 293	- 271	- 297	Pensions
- 188 - 134	- 148	- 147	- 152	- 176	- 154	- 172	- 163	Other staff costs
-3,423 -3,559	-3,393	-3,525	-3,592	-3,538	-3,372	-3,594	-3,416	Staff costs*

*all items include social charges

Other expenses - SEB Group

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
SEK m	2010	2010	2010	2010	2011	2011	2011	2011	2012
Costs for premises	-391	-397	-410	-403	-408	-418	-404	-450	-407
Data costs	-699	-862	-739	-1,038	-861	-1,004	-877	-1,165	-797
Travel and entertainment	-91	-127	-98	-181	-102	-129	-103	-159	-90
Consultants	-202	-308	-272	-345	-227	-288	-207	-224	-146
Marketing	-94	-139	-118	-192	-102	-142	-100	-167	-97
Information services	-106	-106	-109	-108	-110	-107	-101	-127	-108
Other operating costs	-165	79	79	329	25	184	87	262	-8
Other expenses	-1,748	-1,860	-1,667	-1,938	-1,785	-1,904	-1,705	-2,030	-1,653

Balance sheet structure & funding

Balance sheet structure

SEK m 2010 2010 2010 2010 2011 2011 2011 2011 2012 Cash and balances with central banks 19,634 17,372 34,384 46,488 15,914 106,558 100,405 148,042 39,064 Other lending to central banks 41,884 23,739 2,833 20,664 14,567 0 39,143 80,548 126,816 Lending 123,360 109,235 114,305 104,839 126,400 85,069 93,512 70,756 88,914 Repos 42,300 53,176 46,768 30,885 17,464 26,983 25,661 30,201 28,792 Debt instruments 64,698 60,740 61,330 47,800 40,629 36,164 32,092 27,806 24,777 Other loans to credit institutions 230,358 223,152 222,403 183,524 184,493 148,216 151,265 128,763 142,483 Public 93,471 82,123 83,564 76,109 76,006 63,515 61,995 62,188 59,043 Private Individuals 457,229 460,306 381,534 388,263 397,925 411,327 423,658 433,547 442,198 Corporate 500,894 503,126 487,010 503,526 527,155 572,732 590,524 585,723 596,240 Repos 102,781 133,242 89,427 63,449 76,214 52,915 79,239 72,244 73,750 Debt instruments 49,458 47,679 47,201 43,533 36,507 37,769 35,801 32,520 29,875 Loans to the public 1,203,833 1,226,476 1,088,736 1,074,879 1,113,807 1,138,257 1,191,217 1,186,223 1,201,106 Debt instruments 180,486 175,730 187,589 165,516 177,477 187,032 191,995 176,001 186,836 Equity instruments 45,641 78,510 51,411 56,275 78,676 89,788 83,724 55,931 71,983 Derivatives 143,923 163,501 173,210 131,058 124,369 112,585 179,686 168,776 144,322 Insurance assets 253,253 253,248 254,521 264,897 263,900 266,050 270,100 269,925 276,008 Financial assets at fair value 623,302 670,990 666,731 617,746 644,421 655,454 725,504 670,633 679,150 Debt instruments 68,311 64,345 64,120 64,135 65,534 63,485 58,817 54,573 56,335 Other 2,644 1,643 2,817 2,835 3,101 3,220 3,026 2,804 3,010 Available-for-sale financial assets 70,954 65,988 66,937 66,970 68,635 66,705 61,843 57,377 59,345 Assets held for sale 6,393 6,174 79,280 74,951 0 0 0 2,005 1,826 Tangible and intangible assets 27,206 27,565 26,998 27,035 27,212 27,952 29,053 29,016 29,536 Other assets 61,725 57,152 65,477 67,563 49,372 57,927 60,906 60,047 51,998 TOTAL ASSETS 2,285,290 2,318,607 2,253,779 2,179,821 2,118,421 2,201,069 2,359,336 2,362,653 2,331,324 Liabilities Mar June Sep Dec Mar June Sep Dec Mar SEK m 2010 2010 2010 2010 2011 2011 2011 2011 2012 Central banks 111,185 119,473 66,797 31,714 36,326 26,803 37,487 35,957 41,551 Credit institutions 241,418 204,915 142,546 165,105 137,811 144,526 164,647 139,000 156,453 Repos 40,775 34,060 28,950 15,805 27,365 37,710 38,475 26,317 29,661 Deposits from credit institutions 393,378 358,448 238,293 212,624 201,503 209,039 240,610 201,274 227,665 Public 25,422 26,472 56,212 54,866 62,139 73,804 77,895 73,409 68,950 Private Individuals 207,736 214,251 171,846 175,933 173,068 184,109 189,534 198,244 201,341 Corporate 486,178 496,176 465,118 470,557 456,319 492,296 534,520 565,522 493,482 Repos 20,570 22,448 23,829 10,185 15,569 13,869 12,465 24,508 19,089 Deposits and borrowings from the public 739,907 759,347 717,005 711,541 707,095 764,078 814,415 861,682 782,861 Liabilities to policyholders 255,289 253,024 256,953 263,970 263,075 264,834 268,030 269,683 279,874 CP/CD 127,937 170,362 214,592 180,521 206,449 189,346 203,922 217,778 229,999 Long term debt 341,375 315,968 322,290 349,962 343,400 355,905 343,374 372,095 395,599		Mar	June	Sep	Dec	Mar	June	Sep	Dec	Mar
	Debt securities	469,312	486,330	536,882	530,483	549,849	545,250	547,296	589,873	625,598
	Debt instruments	57,536	47,709	39,507	44,798	31,239	44,460	59,877	44,584	40,029
	Equity instruments	23,865	49,059	32,762	33,669	41,129	60,913	60,469	35,233	35,175
	Derivatives	128,123	161,647	166,473	122,223	122,979	107,714	159,909	152,430	131,935
	Financial liabilities at fair value	209,524	258,415	238,741	200,690	195,347	213,087	280,255	232,246	207,139
	Liabilities held for sale	1,677	1,726	50,680	48,339	0	0	0	1,962	1,803
	Other liabilities	82,330	72,431	88,224	87,080	79,704	77,123	73,797	71,663	74,121
	Subordinated liabilities	34,351	30,673	29,910	25,552	23,992	24,836	27,705	25,109	24,669
Total liabilities and equity 2,285,290 2,318,608 2,253,779 2,179,821 2,118,421 2,201,069 2,359,336 2,362,653 2,331,324	Total liabilities Total equity	2,185,768 99,522	2,220,394 98,214	2,156,687 97,092	2,080,278 99,543	2,020,566 97,856	2,098,248 102,821	2,252,107 107,230	2,253,492 109,161	2,223,729 107,594

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

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
	2010	2010	2010	2010	2011	2011	2011	2011	2012
Loans to the public	1,204	1,227	1,089	1,075	1,114	1,138	1,191	1,186	1,201
Repos	103	133	90	63	77	53	79	72	74
Debt instruments	49	48	47	44	36	37	36	33	30
Loans adjusted for repos and debt instruments	1,052	1,046	952	968	1,001	1,048	1,076	1,081	1,097
Deposits and borrowing from the public	740	759	717	712	707	764	814	862	783
Repos	21	22	24	11	15	14	12	25	19
Deposits adjusted for repos	719	737	693	701	692	750	802	837	764
Loan to deposit ratio excl repos and
debt instruments	146%	142%	137%	138%	145%	140%	134%	129%	144%

Loan to deposit ratio excl repos and debt instruments

A strong balance sheet structure, Mar 2011 Deposits and wholesale

funding structure by product SEB Group, SEK 1,581bn*, Mar 2012

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

Intangible assets

	31 Mar	30 Jun	30 Sep	31 Dec	31 Mar	30 Jun	30 Sep	31 Dec	31 Mar
SEK m	2010	2010	2010	2010	2011	2011	2011	2011	2012
Goodwill	10,723	10,717	10,515	10,491	10,434	10,511	10,549	10,487	10,495
Other intangibles	2,841	2,945	2,879	2,801	2,836	3,014	3,225	3,254	3,425
Deferred acquisition costs	3,556	3,583	3,580	3,631	3,660	3,688	4,138	4,131	4,113
Intangible assets	17,121	17,245	16,974	16,923	16,930	17,213	17,912	17,872	18,033

Long-term funding Maturity profile, Mar 2012

By product, SEK bn

By currency, SEK bn

Currency*	<1y	1-2y	2-3y	3-4y	4-5y	5-7y	7-10y	>10y	Total
SEK	32.3	43.7	51.2	35.9	39.8	8.6	1.6	10.0	223
EUR	30.4	31.2	18.3	31.6	17.0	30.4	19.2	7.3	186
USD	0.0	2.9	2.8	0.0	0.0	0.0	0.0	1.2	7
GBP	0.0	0.0	8.0	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	1.2	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	0.0	1.8	1.8	0.7	0.3	0.0	0.0	0.0	5
DKK	0.3	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0
Grand Total	63	80	82	69	57	39	22	20	432

* Excluding public covered bonds.

Long-term funding raised, SEK bn

				Q1
Instrument	2009	2010	2011	2012
Senior unsecured SEB AB	63	17	23	11
Senior unsecured SEB AG	5	0	1	1
Retail index linked bonds	8	3	8	3
Covered bonds SEB AB	26	71	95	23
Covered bonds SEB AG	24	11	0	1
Subordinated debt	3	0	0	0
Total	130	102	126	40

Balance Sheet Maturity Profile SEB Group

Remaining Contractual Maturities 31 Mar 2012

	Payable on									Not
SEK m	demand	<1m	1-3m	3-6m	6-12m	1-2y	2-5y	5-10y	>10y	distributed	Total
Cash and balances with central banks	36,852	1,477	0	0	0	0	0	0	735	0	39,064
Other Lending to Central Banks	126,816	0	0	0	0	0	0	0	0	0	126,816
Loans to credit institutions	62,437	27,854	8,436	3,337	3,429	10,667	18,562	3,938	3,822	0	142,483
of which Repos and Margins of safety	44,212	19,844	1,807	0	0	0	0	0	455	0	66,318
Loans to the public	69,692	125,114	121,269	69,554	149,239	249,812	225,414	98,195	92,817	0	1,201,106
of which Repos and Margins of safety	25,889	52,930	1,593	1,240	0	0	0	0	13,026	0	94,678
Public	3,286	34,425	2,700	1,268	6,898	4,608	8,110	3,315	1,962	0	66,573
Private individuals	4,695	10,049	60,467	33,386	73,443	159,349	54,549	23,542	22,748	0	442,229
Corporate	61,711	80,640	58,102	34,900	68,898	85,855	162,754	71,338	68,107	0	692,304
Financial assets at fair value	752	1,377	8,335	4,230	41,192	31,082	85,888	10,380	0	495,914	679,151
Debt instruments	752	1,377	8,335	4,230	41,192	31,082	85,888	10,381	0	0	183,237
Equity instruments	0	0	0	0	0	0	0	0	0	71,983	71,983
Derivatives	0	0	0	0	0	0	0	0	0	144,323	144,323
Insurance assets	0	0	0	0	0	0	0	0	0	279,608	279,608
Other	6,104	9,161	1,441	1,596	1,574	4,988	16,447	26,230	14,208	60,954	142,704
Total assets	302,654	164,984	139,481	78,718	195,435	296,549	346,311	138,744	111,582	556,868	2,331,324
	Payable on									Not
SEK m	demand	<1m	1-3m	3-6m	6-12m	1-2y	2-5y	5-10y	>10y	distributed	Total
Deposits by credit institutions	117,721	69,215	24,051	5,274	2,217	1,243	788	1,132	6,023	0	227,665
of which Repos and Margins of safety	34,211	16,932	1,116	0	0	0	0	0	1,463	0	53,722
Deposits and borrowings from the public	452,867	103,702	93,492	22,914	21,384	8,199	21,440	31,703	27,159	0	782,861
of which Repos and Margins of safety	19,385	16,821	513	0	0	0	0	0	84	0	36,803
of which covered by Deposit Guarantee	0	0	0	0	0	0	0	0	0	501,070	501,070
Public	36,357	11,242	10,770	6,293	4,643	155	7	46	66	0	69,578
Private individuals	129,733	18,836	38,657	3,553	6,309	1,460	1,837	317	638	0	201,341
Corporate	286,777	73,625	44,065	13,068	10,432	6,584	19,596	31,340	26,454	0	511,942
Liabilities to policyholders	0	0	0	0	0	0	0	0	0	279,874	279,874
Debt securities	4,267	57,449	181,917	28,851	11,428	83,327	195,716	44,362	18,281	0	625,598
Certificates	3,916	54,700	142,415	20,850	8,118	0	0	0	0	0	229,999
Covered bonds	0	2,500	26,223	2,808	310	66,245	134,026	30,897	10,705	0	273,714
Other bonds	352	249	13,278	5,193	3,000	17,082	61,689	13,465	7,576	0	121,885
Financial liabilities at fair value	2,622	198	282	1	6,507	8,610	16,145	5,664	0	167,111	207,139
Debt instruments	2,622	198	283	1	6,507	8,610	16,145	5,664	0	0	40,029
Equity instruments	0	0	0	0	0	0	0	0	0	36,079	36,079
Derivatives	0	0	0	0	0	0	0	0	0	131,032	131,031
Other	5,834	8,179	16,908	57	12	390	0	0	14,264	30,279	75,924
Subordinated liabilities	19	221	0	0	0	2,701	8,113	8,840	4,775	0	24,669
Equity	0	0	0	0	0	0	0	0	0	107,594	107,594
Total Liabilities and Equity	583,332	238,965	316,651	57,096	41,549	104,470	242,201	91,702	70,502	584,857	2,331,324

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's Liquidity Reserve, Mar 2012

	30 Sep	31 Dec	31 Mar
Liquidity Reserve*, Group	2011	2011	2012		Currency distribution
	TOTAL	TOTAL	TOTAL	SEK	EUR	USD	Other
1 Cash and holdings in central banks	136,876	225,187	157,882	0	133,899	14,244	9,739
2 Deposits in other banks available overnight	19,279	9,949	16,391	4,851	3,653	876	7,011
3 Securities issued or guaranteed by sovereigns, central banks or multilateral development banks	40,545	32,646	32,710	5,908	25,147	1,566	89
4 Securities issued or guaranteed by municipalities or other public sector entities	37,496	32,505	32,270	1,201	31,005	64	0
5 Covered bonds issued by other institutions	47,076	55,544	61,529	30,565	30,241	723	0
6 Covered bonds issued by SEB	0	0	0	0	0	0	0
7 Securities issued by non-financial corporates	0	0	0	0	0	0	0
8 Securities issued by financial corporates (excl. covered bonds)	12,898	2,668	3,392	0	3,043	349	0
9 Other	13,773	18,087	16,858	-118	10,242	6,275	459
Total q y p p y	307,943	376,585	321,032	42,407 q	237,230 y	24,096 p y	17,298

following: Assets shall be held by the Treasury function in the bank, not be

SEB Extended Liquidity Reserve and SEB Liquid Resources, Group

	30 Sep	31 Dec	31 Mar
Total Liquid Resources, Group	2011	2011	2012	Currency distribution
	TOTAL	TOTAL	TOTAL	SEK	EUR	USD	Other
Liquidity Reserve	307,943	376,585	321,032	42,407	237,230	24,096	17,298
Available OC	102,894	123,269	93,825	93,825	0	0	0
SEB Extended Liquidity Reserve*	410,837	499,854	414,857	136,233	237,230	24,096	17,298
Other liquid resources	123,996	115,798	83,970	21,761	22,770	2,346	37,093
SEB Total Liquid Resources**	534,834	615,652	498,827	157,994	260,000	26,442	54,391

* 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 Covered bonds

Characteristics of the Cover Pool
Mar 2012
Loans originated by	Skandinaviska Enskilda Banken AB (publ)
Pool type / Pool notional	Dynamic / SEK 371bn
Type of loans	100% Swedish residential mortgages
	Single family	60%
	Tenant owned apartments	25%
	Multi family	15%
Geographic loan distribution	A concentration to urban areas
	68% in the three largest cities
Substitute assets	No substitute assets are included
Number of loans / Number of borrowers	590 K/ 374 K
WA loan balance	SEK 629 K
WA LTV*	56%
LTV distribution*	0 - 10%	20%
	11 - 20%	19%
	21 - 30%	16%
	31 -40%	14%
	41 - 50%	12%
	51 - 60%	9%
	61 - 70%	7%
	71 - 75%	3%
Interest rate type	Floating rate	50%
	Fixed rate reset <2yrs	37%
	Fixed rate reset 2yrs <5yrs	12%
	Fixed rate reset => 5yrs	1%
Payment frequency	Monthly	83%
	Quarterly	17%
Prior ranks	No prior ranks	93%
	Prior ranks of value
	<25% of value	6%
	>25%<50% of value	1%
Loans past due 60 days		12 bps
Net credit losses ( = aggregated net of write-backs, write-offs and gross provisions)		1 bp
Characteristics of the Covered Bonds
Rating	Aaa by Moody's
	SEK 253bn
Notional amount outstanding Overcollateralization	47%
Currencies	76% SEK

24% non-SEK

* According to "Maximum LTV (loan-to-value) per property"

calculation method defined by Association of Swedish Covered Bond

issuers ("ASCB") with indexed values.

Capital adequacy

	31 Mar	30 Jun	30 Sep	31 Dec	31 Mar	30 Jun	30 Sep	31 Dec	31 Mar
SEK m	2010	2010	2010	2010	2011	2011	2011	2011	2012
Capital resources
Core Tier 1 capital	84,684	86,216	86,164	87,387	88,190	91,561	93,030	93,097	93,806
Tier 1 capital	100,411	102,195	100,896	101,980	102,362	105,956	107,967	107,711	108,156
Capital base	106,342	103,858	101,523	99,149	98,805	102,608	105,617	103,445	103,116
Capital adequacy without transitional floor (Basel II)
Risk-weighted assets	723,271	714,186	711,381	716,126	678,184	678,401	667,164	678,841	674,613
Expressed as capital requirement	57,862	57,135	56,911	57,290	54,255	54,272	53,373	54,307	53,969
Core Tier 1 capital ratio	11.7%	12.1%	12.1%	12.2%	13.0%	13.5%	13.9%	13.7%	13.9%
Tier 1 capital ratio	13.9%	14.3%	14.2%	14.2%	15.1%	15.6%	16.2%	15.9%	16.0%
Total capital ratio	14.7%	14.5%	14.3%	13.8%	14.6%	15.1%	15.8%	15.2%	15.3%
Capital base in relation to capital requirement	1.84	1.82	1.78	1.73	1.82	1.89	1.98	1.90	1.91
Capital adequacy including transitional floor
Transition floor applied	80%	80%	80%	80%	80%	80%	80%	80%	80%
Risk-weighted assets	811,808	824,462	797,483	799,798	776,766	798,185	826,862	827,615	834,827
Expressed as capital requirement	64,945	65,957	63,799	63,984	62,141	63,855	66,149	66,209	66,786
Core Tier 1 capital ratio	10.4%	10.5%	10.8%	10.9%	11.4%	11.5%	11.3%	11.2%	11.2%
Tier 1 capital ratio	12.4%	12.4%	12.7%	12.8%	13.2%	13.3%	13.1%	13.0%	13.0%
Total capital ratio	13.1%	12.6%	12.7%	12.4%	12.7%	12.9%	12.8%	12.5%	12.4%
Capital base in relation to capital requirement	1.64	1.57	1.59	1.55	1.59	1.61	1.60	1.56	1.54
Capital adequacy with risk weighting according to Basel I
Risk-weighted assets	993,680	1,007,939	984,225	998,326	970,912	1,006,459	1,037,313	1,037,898	1,048,910
Expressed as capital requirement	79,494	80,635	78,738	79,866	77,673	80,517	82,985	83,032	83,913
Core Tier 1 capital ratio	8.5%	8.6%	8.8%	8.8%	9.1%	9.1%	9.0%	9.0%	8.9%
Tier 1 capital ratio	10.1%	10.1%	10.3%	10.2%	10.5%	10.5%	10.4%	10.4%	10.3%
Total capital ratio	10.7%	10.3%	10.3%	9.9%	10.2%	10.2%	10.2%	10.0%	9.8%
Capital base in relation to capital requirement	1.34	1.29	1.29	1.24	1.27	1.27	1.27	1.25	1.23

Capital base of the SEB financial group of undertakings

	31 Mar	30 Jun	30 Sep	31 Dec	31 Mar	30 Jun	30 Sep	31 Dec	31 Mar
SEK m	2010	2010	2010	2010	2011	2011	2011	2011	2012
Total equity according to balance sheet	99,522	98,214	97,105	99,543	97,856	102,821	107,230	109,161	107,594
Dividend (excl repurchased shares)	-2,743	-1,097	-1,646	-3,291	-823	-1,646	-2,468	-3,836	-959
Investments outside the financial group of undertakings	-39	-36	-34	-40	-41	-41	-42	-41	-41
Other deductions outside the financial group of undertakings	-2,747	-2,037	-2,261	-2,688	-2,966	-2,533	-3,375	-3,728	-4,110
= Total equity in the capital adequacy	93,993	95,044	93,164	93,524	94,026	98,601	101,345	101,556	102,484
Adjustment for hedge contracts	-275	-57	1,085	1,755	2,233	1,734	433	229	436
Net provisioning amount for IRB-reported credit exposures	0	0	0	0	0	-279	-120	-108	-172
Unrealised value changes on available-for-sale financial assets	870	1,511	1,348	1,724	1,714	1,263	852	717	272
Exposures where RWA is not calculated	-1,324	-1,457	-1,175	-1,184	-1,034	-1,067	-1,010	-914	-734
Goodwill	-4,374	-4,374	-4,184	-4,174	-4,110	-4,180	-4,215	-4,147	-4,173
Other intangible assets	-2,570	-2,683	-2,633	-2,564	-2,608	-2,790	-2,896	-2,943	-3,126
Deferred tax assets	-1,636	-1,768	-1,441	-1,694	-2,031	-1,721	-1,359	-1,293	-1,181
= Core Tier 1 capital	84,684	86,216	86,164	87,387	88,190	91,561	93,030	93,097	93,806
Tier 1 capital contribution (non-innovative)	4,869	4,762	4,577	4,492	4,468	4,572	4,618	4,455	4,421
Tier 1 capital contribution (innovative)	10,858	11,217	10,155	10,101	9,704	9,823	10,319	10,159	9,929
= Tier 1 capital	100,411	102,195	100,896	101,980	102,362	105,956	107,967	107,711	108,156
Dated subordinated debt	10,366	5,217	5,014	4,922	4,896	4,946	4,990	4,815	4,709
Deduction for remaining maturity	-554	-383	-368	-361	-360	-305	-331	-320	-261
Perpetual subordinated debt	7,137	7,738	7,050	4,152	3,923	3,978	4,372	2,225	2,012
Net provisioning amount for IRB-reported credit exposures	1,349	1,449	808	91	3	-279	-120	-108	-172
Unrealised gains on available-for-sale financial assets	615	504	484	511	490	602	728	799	705
Exposures where RWA is not calculated	-1,324	-1,457	-1,175	-1,184	-1,034	-1,067	-1,010	-914	-734
Investments outside the financial group of undertakings	-39	-36	-34	-40	-41	-41	-42	-41	-41
= Tier 2 capital	17,550	13,032	11,779	8,091	7,877	7,834	8,587	6,456	6,218
Investments in insurance companies	-10,500	-10,500	-10,500	-10,500	-10,500	-10,501	-10,500	-10,500	-10,500
Pension assets in excess of related liabilities	-1,119	-869	-652	-422	-933	-681	-437	-222	-758
= Capital base	106,342	103,858	101,523	99,149	98,806	102,608	105,617	103,445	103,116

Risk-weighted assets for the SEB financial group of undertakings

	31 Mar	30 Jun	30 Sep	31 Dec	31 Mar	30 Jun	30 Sep	31 Dec	31 Mar
SEK m	2010	2010	2010	2010	2011	2011	2011	2011	2012
Credit risk, IRB reported risk-weighted assets
Institutions	41,796	41,764	42,642	37,405	36,161	33,098	35,824	29,552	30,685
Corporates	402,200	407,121	403,427	403,128	401,680	403,631	399,545	394,094	392,517
Securitisation positions	9,489	8,563	7,900	6,337	5,660	5,381	6,396	6,515	6,753
Retail mortgages	64,892	67,596	66,386	65,704	44,033	45,253	45,572	45,241	45,408
Other retail exposures	10,839	10,299	10,014	9,826	9,769	9,954	10,204	9,460	8,856
Other exposure classes	1,557	1,548	1,514	1,511	1,449	1,534	1,589	1,651	1,674
Total for credit risk, IRB approach	530,773	536,891	531,883	523,911	498,752	498,851	499,130	486,513	485,893
Further risk-weighted assets
Credit risk, Standardised approach	90,373	86,156	80,377	91,682	77,699	78,540	70,007	77,485	75,761
Operational risk, Advanced Measurement approach	39,793	39,814	45,440	44,568	43,477	43,811	43,371	42,267	41,154
Foreign exchange rate risk	11,981	11,577	16,754	15,995	12,243	12,479	13,253	13,173	14,213
Trading book risks	50,351	39,748	36,927	39,970	46,013	44,720	41,403	59,403	57,592
Total	723,271	714,186	711,381	716,126	678,184	678,401	667,164	678,841	674,613
Summary
Credit risk	621,146	623,047	612,260	615,593	576,451	577,391	569,137	563,998	561,654
Operational risk	39,793	39,814	45,440	44,568	43,477	43,811	43,371	42,267	41,154
Market risk	62,332	51,325	53,681	55,965	58,256	57,199	54,656	72,576	71,805
Total	723,271	714,186	711,381	716,126	678,184	678,401	667,164	678,841	674,613
Adjustment for flooring rules
Addition according to transitional flooring	88,537	110,276	86,102	83,672	98,582	119,784	159,698	148,774	160,214
Total reported	811,808	824,462	797,483	799,798	776,766	798,185	826,862	827,615	834,827

RWA development

SEK bn

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
	2010	2010	2010	2010	2011	2011	2011	2011	2012
Start	730	723	714	711	716	678	678	667	679
RWA processes (credit risk)	12	-2	3	6	-12	-5	-12	-3	-4
Migration effect	3	1	1	-1	0	-2	0	1	3
Risk weight effect	-7	2	1	-1	0	-16	0	-6	3
FX effect	-16	0	-24	-5	-6	8	8	-8	-4
Market risk and operational risk	13	-11	8	1	2	-1	-3	17	-2
End	723	714	711	716	678	678	667	679	675

SEB Group - Basel II without transitional rules

IRB reported credit exposures (less repos and securities lending)

31 Mar
2012
19.1%
51.5%
39.8%
11.6%
35.6%

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
	28-Sep-05	A2/A-/A	12NC7	mth € + 25 bps	28-Sep-17	28-Sep-12	3-mth €+ 175bps	EUR	500
Upper Tier II Issues
	25-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
	19-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
	17-Dec-07	A3/BB+/A	PerpNC10	7.0922%	Perpetual	21-Dec-17	3-mth € + 340 bps	EUR	500

Assets under management

SEK bn

2008	2009	2010	2011	Q1 2012
1,370	1,201	1,356	1,399	1,261
295	256	287	273	62
-261	-209	-232	-230	-48
34	47	55	43	14
17	-2	-1	17
-220	109	-11	-198	42
1,201	1,356	1,399	1,261	1,317
74	86	91	69	72
1,142	1,275	1,321	1,175	1,226
354	402	424	420	434

Credit portfolio

Credit portfolio*

On & off balance, SEK bn

	31 Dec	31 Dec	31 Dec	31 Dec	31 Mar	30 Jun	31 Sep	31 Dec	31 Mar
SEB Group	2007	2008	2009	2010	2011	2011	2011	2011	2012
Lending	1,112	1,362	1,227	1,162	1,141	1,145	1,182	1,165	1,199
Contingent Liabilities	365	442	406	430	396	407	417	429	426
Derivative Instruments	75	130	102	90	87	89	113	108	105
Credit Portfolio	1,553	1,934	1,735	1,682	1,624	1,641	1,712	1,702	1,730

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

Credit portfolio by industry and geography*

SEB Group, 31 March 2012
SEK m	Sweden	Denmark	Norway	Finland	Estonia	Latvia	Lithuania	Germany	Other	Total
Banks	89,560	18,567	13,026	2,478	175	438	445	44,829	18,120	187,638
Finance and insurance	60,582	694	4,881	1,375	175	515	438	15,824	3,304	87,788
Wholesale and retail	35,952	1,710	902	930	2,202	2,966	7,589	11,133	4,818	68,202
Transportation	31,436	190	1,726	589	1,220	1,799	2,276	6,169	285	45,690
Shipping	28,801	148	311	189	726	142	249	11	5,660	36,237
Business and household services	93,222	947	4,653	810	2,021	2,135	2,248	16,752	923	123,711
Construction	11,526	322	485	572	907	1,251	1,066	3,377	954	20,460
Manufacturing	130,368	2,029	4,050	9,834	3,627	1,926	6,548	30,967	8,159	197,508
Agriculture, forestry and fishing	4,822	271	11	33	1,087	1,908	617	35	11	8,795
Mining and quarrying	18,478	105	11,019	259	23	119	88		385	30,476
Electricity, gas and water supply	28,013	242	575	5,229	2,296	1,651	1,883	12,514	283	52,686
Other	20,321	893	3,494	732	246	303	208	1,687	4,264	32,148
Corporates	463,521	7,551	32,107	20,552	14,530	14,715	23,210	98,469	29,046	703,701
Commercial	83,732	293	1,758	769	5,360	2,640	10,251	42,896	1	147,699
Multi-family	103,843		82			1,925	13	23,218		129,082
Property Management	187,575	293	1,840	769	5,360	4,565	10,264	66,114	1	276,781
Public Administration	17,519	7	217	1,207	1,755	277	2,442	50,906	1,545	75,875
Household mortgage	359,359		2,846		13,912	8,114	18,089		2,919	405,239
Other	41,539	4,417	24,152	1,027	2,625	2,837	1,508	7	3,001	81,113
Households	400,898	4,417	26,998	1,027	16,537	10,951	19,597	7	5,920	486,352
Credit portfolio	1,159,073	30,835	74,188	26,033	38,357	30,946	55,958	260,325	54,632	1,730,347

* 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	85,057	304	1,718	546	5,449	2,905	10,508	43,982	1	150,470
Multi-family	103,153		81			1,845	14	24,741		129,834
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, 31 March 2012
SEK m	Sweden	Denmark	Norway	Finland	Estonia	Latvia	Lithuania	Germany	Other	Total
Banks	40,230	5,347	3,275	541	167	400	205	32,684	11,372	94,221
Finance and insurance	34,746	106	1,780	19	40	301	7	8,532	3,218	48,749
Wholesale and retail	20,080	1,201	301	591	1,509	2,288	5,594	3,735	3,387	38,686
Transportation	22,404	33	1,392	3	791	1,445	1,960	2,584	268	30,880
Shipping	22,816	50	43	189	242	140	249	11	5,023	28,763
Business and household services	55,131	427	2,742	354	1,783	1,207	1,537	7,581	429	71,191
Construction	5,636	273	225	47	381	741	545	218	25	8,091
Manufacturing	54,344	1,138	632	4,263	2,324	1,546	4,453	8,879	5,000	82,579
Agriculture, forestry and fishing	3,894	16	1	33	935	1,676	495		3	7,053
Mining and quarrying	10,918		13	259	22	110	88		5	11,415
Electricity, gas and water supply	11,479	33	104	3,380	1,187	1,014	1,462	5,543	97	24,299
Other	16,016	885	3,025	196	225	279	197	1,508	3,840	26,171
Corporates	257,464	4,162	10,258	9,334	9,439	10,747	16,587	38,591	21,295	377,877
Commercial	72,204	130	929	746	5,176	2,572	9,828	39,169	1	130,755
Multi-family	91,942		80			1,882	13	21,722		115,639
Property Management	164,146	130	1,009	746	5,176	4,454	9,841	60,891	1	246,394
Public Administration	4,928	7	132	1,207	1,461	102	1,988	49,470	1,545	60,840
Household mortgage	331,077		2,846		13,884	8,086	17,908		2,920	376,721
Other	23,731	2,487	8,203	540	2,066	2,148	975	7	2,582	42,739
Households	354,808	2,487	11,049	540	15,950	10,234	18,883	7	5,502	419,460
Loan portfolio	821,576	12,133	25,723	12,368	32,193	25,937	47,504	181,643	39,715	1,198,792
Repos, credit institutions										28,792
Repos, general public										73,750
Debt instruments										54,653
Reserves										-10,528
Retail, SEB Ukraine gross										-1,870
Total lending										1,343,589

* 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	72,147	89	856	525	5,252	2,828	10,094	39,866	1	131,658
Multi-family	90,537		79			1,798	14	23,113		115,541
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*

	31 Mar	30 Jun	30 Sep	31 Dec	31 Mar	30 Jun	30 Sep	31 Dec	31 Mar
SEK bn	2010	2010	2010	2010	2011	2011	2011	2011	2012
Banks	212	188	215	185	193	171	183	155	188
Corporates	646	655	647	666	650	667	704	708	704
Nordic countries	452	465	470	484	478	483	514	521	524
Germany	107	110	101	106	100	101	107	102	99
Baltic countries	60	56	54	51	49	51	56	53	53
Other	27	24	22	25	24	32	28	32	29
Commercial property management	147	146	142	136	143	152	155	150	148
Nordic countries	72	71	72	69	75	85	88	88	87
Germany	51	52	48	46	46	47	47	44	43
Baltic countries	24	23	21	20	20	20	20	19	18
Other	1	1	1	1	1	0	0	0	0
Multi-family property management	97	101	102	111	113	120	125	130	129
Nordic countries	66	72	75	82	86	93	98	103	104
Germany	28	27	25	26	25	26	26	25	23
Baltic countries	3	2	2	2	2	2	2	2	2
Other	0	0	0	0	0	0	0	0	0
Public administration	90	87	81	76	91	78	82	84	76
Households	507	514	509	509	434	454	462	475	486
Nordic countries	354	363	366	369	378	398	405	418	433
Germany	92	90	86	84	0	0	0	0	0
Baltic countries	56	54	51	50	49	50	50	48	47
Other	6	6	6	6	6	6	7	9	6
Total credit portfolio	1,699	1,691	1,696	1,682	1,624	1,641	1,711	1,703	1,730

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

Asset quality

Credit loss level, % *

* Total operations ** Incl. other

Development of Non-performing loans

SEK bn

Non-performing loans & reserves

SEB Group, SEK bn

Dec '08 Mar '09 Jun '09 Sep '09Dec '09 Mar '10 Jun '10 Sep '10 Dec '10 Mar '11 Jun '11 Sep '11 Dec '11 Mar '12

Non-performing loans & reserves

SEB Group, SEK m

	31 Mar	30 Jun	30 Sep	31 Dec	31 Mar	30 Jun	30 Sep	31 Dec	31 Mar
	2010	2010	2010	2010	2011	2011	2011	2011	2012
Individually assessed loans
Impaired loans, gross	19,621	19,238	18,136	17,218	14,870	14,455	12,538	11,090	10,678
Specific reserves	10,222	10,407	9,455	8,883	7,801	7,234	6,575	5,938	5,783
Collective reserves	4,893	4,386	3,822	3,030	2,459	2,132	2,026	1,948	1,882
Off Balance sheet reserves	516	503	491	476	400	398	378	369	346
Specific reserve ratio	52%	54%	52%	52%	52%	50%	52%	54%	54%
Total reserve ratio	77%	77%	73%	69%	69%	65%	69%	71%	72%
Portfolio assessed loans
Loans past due > 60 days	7,148	7,107	6,980	6,534	6,696	6,796	6,804	6,483	6,404
Restructured loans	450	555	505	502	503	523	530	501	498
Collective reserves	3,509	3,668	3,594	3,576	3,544	3,418	3,499	3,351	3,284
Reserve ratio	46%	48%	48%	51%	49%	47%	48%	48%	48%
Non-performing loans	27,219	26,900	25,621	24,254	22,069	21,773	19,873	18,074	17,580
Total reserves	19,141	18,965	17,363	15,965	14,204	13,182	12,478	11,606	11,295
NPL coverage ratio	70%	71%	68%	66%	64%	61%	63%	64%	64%
Non-performing loans / Lending	1.9%	1.8%	1.8%	1.8%	1.7%	1.7%	1.4%	1.4%	1.3%

Baltic geographies, SEK m

	31 Mar	30 Jun	30 Sep	31 Dec	31 Mar	30 Jun	30 Sep	31 Dec	31 Mar
	2010	2010	2010	2010	2011	2011	2011	2011	2012
Individually assessed loans
Impaired loans, gross	13,050	12,743	11,880	10,875	9,855	8,793	8,332	7,324	6,914
Specific reserves	6,634	6,759	6,060	5,502	4,922	4,385	4,178	3,683	3,585
Collective reserves	2,913	2,741	2,254	1,670	1,350	1,178	1,036	956	866
Off balance sheet reserves	82	87	86	73	69	69	48	31	15
Specific reserve ratio	51%	53%	51%	51%	50%	50%	50%	50%	52%
Total reserve ratio	73%	74%	70%	66%	64%	63%	63%	63%	64%
Portfolio assessed loans
Loans past due > 60 days	4,649	4,705	4,735	4,495	4,635	4,667	4,644	4,366	4,327
Restructured loans	450	555	505	502	503	523	530	501	498
Collective reserves	2,507	2,640	2,690	2,727	2,757	2,616	2,677	2,544	2,485
Reserve ratio	49%	50%	51%	55%	54%	50%	52%	52%	52%
Non-performing loans	18,149	18,003	17,119	15,872	14,994	13,983	13,506	12,192	11,738
Total reserves	12,136	12,227	11,090	9,972	9,097	8,248	7,939	7,215	6,951
NPL coverage ratio	67%	68%	65%	63%	61%	59%	59%	59%	59%

SEB Fact Book January – March 2012 25

Impaired loans by industry and geography*

(Individually assessed loans)

SEB Group, 31 March 2012
SEK m	Sweden	Denmark	Norway	Finland	Estonia	Latvia	Lithuania	Germany	Other	Total
Banks	332	4						2		338
Finance and insurance	22			4	1			2		29
Wholesale and retail	68				34	227	380	101		810
Transportation	13		1		3	30	144	5		196
Shipping	2						84			86
Business and household services	123	106	58		43	60	245	8	4	647
Construction	49	5	1		79	194	109	50	19	506
Manufacturing	69	5	9	50	220	62	301	198	32	946
Agriculture, forestry and fishing	4					53	12		14	83
Mining and quarrying						22			12	34
Electricity, gas and water supply	2				3					5
Other	145		5		15	15		4	257	441
Corporates	497	116	74	54	398	663	1,275	368	338	3,783
Commercial	85				304	772	3,060	1,332		5,553
Multi-family	36					172		182		390
Property Management	121				304	944	3,060	1,514		5,943
Public Administration
Household mortgage	10		10				82			102
Other		4	42			188		2	276	512
Households	10	4	52			188	82	2	276	614
Impaired loans	960	124	126	54	702	1,795	4,417	1,886	614	10,678
whereof Retail, SEB Ukraine										-442
Impaired loans excl Retail, SEB Ukraine										10,236

* 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	48				340	839	3,209	1,471		5,907
Multi-family	37					177		216		430
Property Management	85				340	1,016	3,209	1,687		6,337
Public Administration
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
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, 31 March 2012
SEK m		Sweden Denmark	Norway	Finland	Estonia	Latvia	Lithuania	Other	Total
Corporates	21	9	44	41	176	194	119	2	606
Household mortgage past due > 60 days	472				529	1,491	1,244	93	3,829
Household mortgage restructured					44	126	328		498
Other	674	270	313	24	97	331	144	116	1,969
Households	1,146	270	313	24	670	1,948	1,716	209	6,296
whereof Retail, SEB Ukraine									-209
Non performing excl Retail, SEB Ukraine									6,693
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 past due > 60 days	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									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. All risk exposures are well within the Board's decided limits. The table below shows the VaR exposure by risk type. Trading book VaR increased at the beginning of the quarter due to the increased risk within Merchant Banking and the decreasing divercification effect. The risk slightly decreased later during Q1 with the diversification effect staying at relatively high level.

Value at Risk (99 per cent, ten days)
SEK m	Min	Max	31 March 2012	Average 2012	Average 2011
Commodities	6	12	10	8	2
Credit spread	131	166	158	151	189
Equity	35	129	129	78	32
FX	36	78	64	55	44
Interest rate	94	203	120	151	80
Volatilities	37	66	43	46	28
Diversification			-348	-312	-163
Total	123	238	188	178	211

Debt instruments

Credit Risk Exposure SEK 255bn

By rating

	Central &
	local		Covered	Structured
SEK bn	governments	Corporate	bonds	Credits	Financials	Total
AAA	28%	0%	33%	3%	1%	65%
AA	8%	0%	4%	2%	0%	14%
A	0%	0%	1%	1%	1%	4%
BBB	1%	0%	0%	0%	0%	2%
BB/B	0%	0%	0%	1%	0%	1%
CCC/CC	0%	0%	0%	0%	0%	0%
No issue rating	7%	3%	1%	0%	2%	* 13%
	45%	4%	40%	8%	4%	100%

By geography

	Central &
	local		Covered	Structured
SEK bn	governments	Corporate	bonds	Credits	Financials	Total
Germany	28%	0%	2%	0%	1%	31%
Sweden	5%	2%	20%	0%	1%	27%
Denmark	2%	0%	7%	0%	0%	9%
Norway	2%	1%	3%	0%	1%	8%
US	0%	0%	0%	2%	1%	4%
Spain	0%	0%	3%	1%	0%	4%
France	0%	0%	3%	0%	0%	3%
Finland	1%	0%	0%	0%	0%	2%
Greece	0%	0%	0%	0%	0%	0%
Ireland	0%	0%	0%	0%	0%	0%
Italy	0%	0%	0%	0%	0%	0%
Portugal	0%	0%	0%	0%	0%	0%
Europe, other	6%	0%	1%	4%	0%	11%
Other	0%	0%	0%	0%	0%	0%
	45%	4%	40%	8%	4%	100%

* Mainly German "Bundesländer", and Swedish and Norwegian community-related exposure.

SEB Group by business segment

Operating profit before credit loss provisions per division

Jan – Mar 2012 vs. Jan – Mar 2011

** Where of Estonia 2.0bn, Latvia 2.6bn, Lithuania 3.3bn and Baltic RHC 0.2

Following the increased clarification of 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 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)

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
SEK m	2010	2010	2010	2010	2011	2011	2011	2011	2012
Net interest income	-70	203	480	584	574	258	60	47	-11
Net fee and commission income	222	233	240	194	245	285	311	170	253
Net financial income	-101	-510	-105	-265	-13	-364	-312	-517	182
Net life insurance income	-307	-337	-325	-326	-356	-361	-329	-261	-324
Net other income	70	-73	-325	130	-156	-46	-174	-447	-269
Total operating income	-186	-484	-35	317	294	-228	-444	-1,008	-169
Staff costs	-1,005	-1,051	-1,084	-1,022	-1,051	-981	-969	-1,025	-1,023
Other expenses	983	1,046	1,009	1,073	1,057	1,067	1,084	928	1,025
Depreciation, amortisation and impairment of
tangible and intangible assets	-138	-136	-130	-126	-123	-121	-128	-119	-130
Restructuring costs			-755	-9
Total operating expenses	-160	-141	-960	-84	-117	-35	-13	-216	-128
Profit before credit losses	-346	-625	-995	233	177	-263	-457	-1,224	-297
Gains less losses from disposals of tangible
and intangible assets		-1		1		1			1
Net credit losses	-4	3	7	1	2
Operating profit	-350	-623	-988	235	179	-262	-457	-1,224	-296

Merchant Banking

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
SEK m	2010	2010	2010	2010	2011	2011	2011	2011	2012
Net interest income	1,782	1,728	1,852	1,966	1,732	1,885	1,883	2,033	1,899
Net fee and commission income	1,079	1,412	1,281	1,503	1,259	1,342	1,371	1,406	1,239
Net financial income	832	1,242	685	607	1,085	995	1,016	904	986
Net other income	84	39	44	155	35	135	211	237	111
Total operating income	3,777	4,421	3,862	4,231	4,111	4,357	4,481	4,580	4,235
Staff costs	-956	-1,076	-843	-1,084	-1,062	-998	-983	-872	-1,030
Other expenses	-1,150	-1,203	-1,066	-1,230	-1,207	-1,269	-1,150	-1,215	-1,142
Depreciation, amortisation and impairment of
tangible and intangible assets	-28	-39	-40	-63	-51	-50	-46	-80	-41
Total operating expenses	-2,134	-2,318	-1,949	-2,377	-2,320	-2,317	-2,179	-2,167	-2,213
Profit before credit losses	1,643	2,103	1,913	1,854	1,791	2,040	2,302	2,413	2,022
Gains less losses from disposals of tangible
and intangible assets	-3	-1	1	23	3	-3		-1
Net credit losses	-104	26	-26	-99	-48	-36	-53	-87	-81
Operating profit	1,536	2,128	1,888	1,778	1,746	2,001	2,249	2,325	1,941
Cost/Income	0.56	0.52	0.50	0.56	0.56	0.53	0.49	0.47	0.52
Business equity, SEK bn	25.8	25.8	25.8	25.7	25.6	26.6	27.6	27.3	37.5
Return on business equity, per cent
-isolated in the quarter	17.1	23.8	21.1	19.9	19.7	21.7	23.5	24.5	15.3
-accumulated in the period	17.1	20.5	20.7	20.5	19.7	20.7	21.7	22.4	15.3
RWA - Basel I, SEK m	508	520	497	504	510	522	541	535	540
RWA - Basel II, SEK m	394	388	388	387	387	375	369	387	384
Lending to the public*, SEK bn	431	430	412	418	455	462	465	468	474
Deposits from the public**, SEK bn	342	344	358	357	353	395	433	450	390
FTEs, present	2,320	2,326	2,365	2,394	2,481	2,485	2,503	2,508	2,506

*excluding repos and debt instruments

** excluding repos

Income, Expenses and Operating profit, SEK m

Trading and Capital Markets

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
SEK m	2010	2010	2010	2010	2011	2011	2011	2011	2012
Net interest income	368	315	382	459	293	369	276	412	367
Net fee and commission income	312	437	356	487	396	285	449	439	311
Net financial income	854	1,274	696	645	1,085	1,041	971	945	1,033
Net other income	34	-15	-4	-3	2	3	12	4	-1
Total operating income	1,568	2,011	1,430	1,588	1,776	1,698	1,708	1,800	1,710
Staff costs	-418	-480	-365	-482	-465	-440	-424	-371	-458
Other expenses	-505	-531	-465	-552	-562	-605	-539	-555	-500
Depreciation, amortisation and impairment of
tangible and intangible assets	-8	-9	-9	-9	-27	-30	-26	-52	-26
Total operating expenses	-931	-1,020	-839	-1,043	-1,054	-1,075	-989	-978	-984
Profit before credit losses	637	991	591	545	722	623	719	822	726
Gains less losses from disposals of tangible
and intangible assets					1	1		-1
Net credit losses	1			1		-1		-3
Operating profit	638	991	591	546	723	623	719	818	726

Corporate Banking

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
SEK m	2010	2010	2010	2010	2011	2011	2011	2011	2012
Net interest income	1,072	1,091	1,148	1,140	1,093	1,121	1,204	1,224	1,103
Net fee and commission income	381	560	571	681	489	663	568	602	558
Net financial income	-36	-57	-27	-66	-35	-53	17	-61	-57
Net other income	39	41	38	143	24	121	189	217	104
Total operating income	1,456	1,635	1,730	1,898	1,571	1,852	1,978	1,982	1,708
Staff costs	-402	-456	-349	-467	-459	-423	-423	-370	-434
Other expenses	-303	-307	-261	-251	-312	-311	-290	-338	-315
Depreciation, amortisation and impairment of
tangible and intangible assets	-17	-18	-16	-51	-22	-16	-18	-24	-13
Total operating expenses	-722	-781	-626	-769	-793	-750	-731	-732	-762
Profit before credit losses	734	854	1,104	1,129	778	1,102	1,247	1,250	946
Gains less losses from disposals of tangible
and intangible assets			-1	29	2	-1		-1
Net credit losses	-98	29	-37	-97	-51	-31	-52	-95	-84
Operating profit	636	883	1,066	1,061	729	1,070	1,195	1,154	862

Global Transaction Services

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
SEK m	2010	2010	2010	2010	2011	2011	2011	2011	2012
Net interest income	341	321	321	367	345	396	404	397	428
Net fee and commission income	386	416	355	334	374	394	353	366	370
Net financial income	15	25	16	27	35	7	28	20	11
Net other income	11	12	10	16	9	10	11	15	9
Total operating income	753	774	702	744	763	807	796	798	818
Staff costs	-137	-139	-128	-135	-137	-137	-137	-129	-138
Other expenses	-342	-365	-340	-427	-332	-353	-321	-323	-327
Depreciation, amortisation and impairment of
tangible and intangible assets	-2	-12	-16	-2	-3	-3	-2	-4	-3
Total operating expenses	-481	-516	-484	-564	-472	-493	-460	-456	-468
Profit before credit losses	272	258	218	180	291	314	336	342	350
Gains less losses from disposals of tangible
and intangible assets	-3	-1	2	-6	-1	-2	-1	2
Net credit losses	-7	-3	11	-3	4	-4		9	3
Operating profit	262	254	231	171	294	308	335	353	353

Nordic leader in investment banking

3,568 4,453 5,393 5,465 6,762 SEB Nordic M&A* Jan – Mar 2012 (EUR m) 5 Deals 4 Deals 5 Deals 8 Deals 4 Deals

Source: The Nordic Stock exchanges

* Rank based on completed deals. All Nordic involvement.

Source: Bloomberg

SEB

Source: Bloomberg

Source: Thomson Reuters

6.1%

6.4%

9.6%

10.7%

13.3%

Low risk trading orientation

Retail Banking

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
SEK m	2010	2010	2010	2010	2011	2011	2011	2011	2012
Net interest income	1,201	1,212	1,263	1,332	1,349	1,436	1,497	1,564	1,674
Net fee and commission income	789	829	774	848	788	822	740	825	762
Net financial income	65	76	58	74	64	83	74	81	71
Net other income	9	11	14	14	14	40	23	19	13
Total operating income	2,064	2,128	2,109	2,268	2,215	2,381	2,334	2,489	2,520
Staff costs	-658	-659	-686	-647	-673	-689	-658	-674	-703
Other expenses	-778	-875	-800	-928	-882	-940	-868	-878	-794
Depreciation, amortisation and impairment of
tangible and intangible assets	-21	-21	-21	-21	-19	-19	-20	-21	-20
Total operating expenses	-1,457	-1,555	-1,507	-1,596	-1,574	-1,648	-1,546	-1,573	-1,517
Profit before credit losses	607	573	602	672	641	733	788	916	1,003
Gains less losses from disposals of tangible
and intangible assets			-1		1	-1
Net credit losses	-196	-147	-56	-144	-98	-84	-111	-183	-102
Operating profit	411	426	545	528	544	648	677	733	901
Cost/Income	0.71	0.73	0.71	0.70	0.71	0.69	0.66	0.63	0.60
Business equity, SEK bn	9.5	9.9	9.8	9.8	9.9	10.2	10.2	10.4	14.0
Return on business equity, per cent
-isolated in the quarter	12.8	12.7	16.5	16.0	16.2	18.9	19.6	20.8	19.0
-accumulated in the period	12.8	12.7	14.0	14.5	16.2	17.6	18.3	18.9	19.0
RWA - Basel I, SEK m	316	319	322	332	291	304	316	329	340
RWA - Basel II, SEK m	160	163	162	168	131	133	135	136	139
Lending to the public*, SEK bn 1)	369	377	386	397	413	434	451	468	482
Deposits from the public**, SEK bn 2)	154	161	166	175	175	182	188	196	200
FTEs, present 3)	3,326	3,482	3,430	3,441	3,498	3,596	3,521	3,553	3,583
excluding repos and debt instruments * excluding repos
1) Where of RB Sweden	352	360	369	380	397	417	434	451	464
RB Card	17	17	17	17	16	17	17	17	18
2) Where of RB Sweden	154	161	166	175	175	182	188	196	200
RB Card	-	-	-	-	-	-	-	-	-
3) Where of RB Sweden	2,541	2,686	2,620	2,667	2,725	2,822	2,739	2,774	2,818
RB Card	785	796	810	774	773	774	782	779	765

Income, Expenses and Operating profit, SEK m

Retail Sweden

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
SEK m	2010	2010	2010	2010	2011	2011	2011	2011	2012
Net interest income	949	962	1,019	1,095	1,123	1,214	1,262	1,329	1,430
Net fee and commission income	384	378	363	396	393	386	344	351	367
Net financial income	65	76	58	74	64	83	74	81	71
Net other income	4	5	4	5	15	26	6	4	4
Total operating income	1,402	1,421	1,444	1,570	1,595	1,709	1,686	1,765	1,872
Staff costs	-461	-468	-491	-472	-498	-509	-490	-502	-526
Other expenses	-624	-681	-640	-756	-706	-759	-701	-701	-613
Depreciation, amortisation and impairment of
tangible and intangible assets	-11	-12	-12	-14	-13	-13	-14	-14	-15
Total operating expenses	-1,096	-1,161	-1,143	-1,242	-1,217	-1,281	-1,205	-1,217	-1,154
Profit before credit losses	306	260	301	328	378	428	481	548	718
Gains less losses from disposals of tangible
and intangible assets					1	-1
Net credit losses	-105	-63	-5	-70	-43	-40	-63	-110	-49
Operating profit	201	197	296	258	336	387	418	438	669

Cards SEK m Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Net interest income 253 249 244 236 226 222 235 234 244 Net fee and commission income 397 438 403 444 392 416 403 474 387 Net other income 15 16 18 22 3 30 12 24 17 Total operating income 665 703 665 702 621 668 650 732 648 Staff costs -196 -192 -195 -175 -175 -179 -168 -173 -177 Other expenses -158 -189 -160 -178 -176 -178 -169 -185 -181 Depreciation, amortisation and impairment of tangible and intangible assets -10 -9 -8 -8 -7 -6 -6 -6 -5 Total operating expenses -364 -390 -363 -361 -358 -363 -343 -364 -363 Profit before credit losses 301 313 302 341 263 305 307 368 285 Gains less losses from disposals of tangible and intangible assets -1 Net credit losses -91 -84 -51 -73 -55 -44 -48 -73 -53 Operating profit 210 229 250 268 208 261 259 295 232

Business volume development by area Retail Sweden

Volumes

Retail Sweden

Swedish mortgages private market

Fixed / floating interest rates, market share

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

Market share development

Sweden, per cent

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

SEB Kort has the exclusive right to use the

Wealth Management

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
SEK m	2010	2010	2010	2010	2011	2011	2011	2011	2012
Net interest income	111	120	118	136	143	160	166	167	171
Net fee and commission income	868	939	830	1,115	994	865	849	1,009	799
Net financial income	18	24	17	30	15	22	33	17	27
Net other income		47	7	4	2	26	-21		2
Total operating income	997	1,130	972	1,285	1,154	1,073	1,027	1,193	999
Staff costs	-309	-339	-306	-344	-368	-365	-317	-356	-324
Other expenses	-350	-388	-368	-422	-368	-388	-356	-390	-355
Depreciation, amortisation and impairment of
tangible and intangible assets	-20	-21	-20	-23	-12	-10	-10	-17	-11
Total operating expenses	-679	-748	-694	-789	-748	-763	-683	-763	-690
Profit before credit losses	318	382	278	496	406	310	344	430	309
Gains less losses from disposals of tangible and intangible assets
Net credit losses	-1	-2	-1	7	-1	-1	-5	-2	1
Operating profit	317	380	277	503	405	309	339	428	310
Cost/Income	0.68	0.66	0.71	0.61	0.65	0.71	0.67	0.64	0.69
Business equity, SEK bn	5.2	5.2	5.2	5.3	5.0	4.9	5.0	5.1	6.2
Return on business equity, per cent
-isolated in the quarter	17.7	21.0	15.2	27.4	23.1	18.0	19.5	24.3	14.8
-accumulated in the period	17.7	19.1	17.8	20.2	23.1	20.6	20.2	21.3	14.8
RWA - Basel I, SEK m	24	25	25	27	27	27	28	28	30
RWA - Basel II, SEK m	31	32	31	33	32	30	31	32	31
Lending to the public*, SEK bn	29	29	29	32	32	33	34	33	34
Deposits from the public**, SEK bn	50	55	50	47	45	50	52	51	52
FTEs, present	952	945	971	1,005	1,007	1,015	1,002	995	1,005

*excluding repos and debt instruments

** excluding repos

Income, Expenses and Operating profit, SEK m

AuM per customer type, SEK bn

Total net new money per quarter, SEK bn

Mutual funds per product type

	Q1 2010	Q2 2010	Q3 2010	Q4 2010	Q1 2011	Q2 2011	Q3 2011	Q4 2011	Q1 2012
Equity funds	38%	36%	37%	40%	38%	38%	33%	34%	37%
Fixed income funds	25%	27%	27%	23%	25%	25%	27%	27%	20%
Balanced funds	14%	15%	15%	16%	16%	16%	17%	16%	21%
Alternative funds	23%	22%	22%	21%	21%	21%	23%	23%	22%
Total amount (SEK bn)	538	523	525	551	551	542	473	453	484

Life

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
SEK m	2010	2010	2010	2010	2011	2011	2011	2011	2012
Net interest income	-2	-2	-2	-5	-8	-10	-8	-7	-24
Net life insurance income	1,186	1,115	1,143	1,106	1,138	1,125	988	1,253	1,239
Total operating income	1,184	1,113	1,141	1,101	1,130	1,115	980	1,246	1,215
Staff costs	-282	-287	-276	-278	-292	-305	-289	-307	-308
Other expenses	-147	-151	-150	-141	-135	-111	-137	-153	-136
Depreciation, amortisation and impairment of
tangible and intangible assets	-173	-172	-169	-176	-192	-192	-198	-203	-229
Total operating expenses	-602	-610	-595	-595	-619	-608	-624	-663	-673
Profit before credit losses	582	503	546	506	511	507	356	583	542
Operating profit	582	503	546	506	511	507	356	583	542
Change in surplus values	195	180	376	294	27	545	217	399	83
Business result	777	683	922	800	538	1,052	573	982	625
Cost/Income	0.51	0.55	0.52	0.54	0.55	0.55	0.64	0.53	0.55
Business equity, SEK bn	6.0	6.0	6.0	6.0	6.4	6.4	6.4	6.4	6.5
Return on business equity, per cent
-isolated in the quarter	34.1	29.5	32.0	29.7	28.1	27.9	19.6	32.1	29.0
-accumulated in the period	34.1	31.8	31.9	31.3	28.1	28.0	25.2	26.9	29.0
Return on business equity, based on business
result, per cent
-isolated in the quarter	45.6	40.1	54.1	46.9	29.6	57.9	31.5	54.0	33.5
-accumulated in the period	45.6	42.8	46.6	46.7	29.6	43.7	39.7	43.2	33.5
RWA - Basel I, SEK m	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
RWA - Basel II, SEK m	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Lending to the public*, SEK bn	-	-	-	-	-	-	-	-	-
Deposits from the public**, SEK bn	-	-	-	-	-	-	-	1	1
FTEs, present	1,175	1,173	1,200	1,226	1,237	1,241	1,331	1,323	1,305

*excluding repos and debt instruments

** excluding repos

Income, Expenses and Operating profit, SEK m

Income statement

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
SEK m	2010	2010	2010	2010	2011	2011	2011	2011	2012
Income unit-linked	585	609	611	668	632	639	620	645	687
Income other insurance 1)	427	363	392	310	370	332	196	434	381
Other income	172	141	138	123	128	144	164	167	147
Total operating income	1,184	1,113	1,141	1,101	1,130	1,115	980	1,246	1,215
Operating expenses	-668	-641	-594	-646	-649	-623	-586	-673	-659
Other expenses	-1	-1	-6	-5	0	-9	-10	-8	-1
Change in deferred acquisition costs	67	32	5	56	30	24	-28	18	-13
Total expenses	-602	-610	-595	-595	-619	-608	-624	-663	-673
Operating profit	582	503	546	506	511	507	356	583	542
Change in surplus value, net	195	180	376	294	27	545	217	399	83
Business result	777	683	922	800	538	1,052	573	982	625
Financial effects due to market fluctuations	297	-537	180	686	-455	-224	-1,588	370	882
Change in assumptions	24	32	24	-323	-24	36	0	-191	3
Total result	1,098	178	1,126	1,163	59	864	-1,015	1,161	1,510
Business equity	6,000	6,000	6,000	6,000	6,400	6,400	6,400	6,400	6,500
Return on business equity	34.1	29.5	32.0	29.7	28.1	27.9	19.6	32.1	29.0
Premium income, gross	8,527	7,491	6,698	7,752	8,549	6,850	6,212	7,323	7,149
Expense ratio, % 2)	7.8	8.6	8.9	8.3	7.6	9.1	9.4	9.2	9.2
Operating profit by business area
SEB Trygg Liv, Sweden	375	333	359	408	388	329	268	329	346
SEB Pension, Denmark	151	158	151	61	114	160	110	191	139
SEB Life & Pension, International	59	29	50	38	20	17	-10	64	81
Other including central functions etc	-3	-17	-14	-1	-11	1	-12	-1	-24
	582	503	546	506	511	507	356	583	542
1) Effect of guarantee commitments in
traditional insurance in Sweden	24	-10	12	50	15	-21	-73	26	25

2) Operating expenses as percentage of premium income

SEB Fact Book January – March 2012 40

Sales volume insurance (weighted*)

SEK m	Q1 2010	Q2 2010	Q3 2010	Q4 2010	Q1 2011	Q2 2011	Q3 2011	Q4 2011	Q1 2012
Total	13,507	11,967	10,699	12,314	11,933	11,601	8,562	10,041	10,405
Traditional life and sickness/health insurance	1,871	1,754	1,548	1,938	1,408	1,928	1,690	1,717	1,775
Unit-linked insurance	11,636	10,213	9,151	10,376	10,525	9,673	6,872	8,324	8,630
Corporate as per cent of total	60%	62%	72%	66%	58%	70%	74%	71%	71%
SEB Trygg Liv Sweden	8,067	7,470	7,032	7,804	7,026	6,649	4,854	5,252	5,412
Traditional life and sickness/health insurance	341	356	322	403	322	366	405	303	354
Unit-linked insurance	7,726	7,114	6,710	7,401	6,704	6,283	4,449	4,949	5,058
Corporate as per cent of total	58%	59%	73%	66%	61%	69%	75%	75%	80%
SEB Pension Denmark	3,882	3,137	2,579	3,146	2,845	3,678	2,942	3,165	3,429
Traditional life and sickness insurance	1,399	1,228	1,126	1,338	955	1,375	1,201	1,231	1,282
Unit-linked insurance	2,483	1,909	1,453	1,808	1,890	2,303	1,741	1,934	2,147
Corporate as per cent of total	79%	85%	88%	80%	76%	87%	87%	86%	80%
SEB Life & Pension International	1,558	1,360	1,088	1,364	2,062	1,274	766	1,624	1,564
Traditional life and sickness insurance	131	170	100	197	131	187	84	183	139
Unit-linked insurance	1,427	1,190	988	1,167	1,931	1,087	682	1,441	1,425
Corporate as per cent of total	22%	28%	32%	31%	26%	23%	19%	29%	20%

* Single premiums + regular premiums times ten

Premium income and Assets under management

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
SEK m	2010	2010	2010	2010	2011	2011	2011	2011	2012
Premium income: Total	8,527	7,491	6,698	7,752	8,549	6,850	6,212	7,323	7,149
Traditional life and sickness/health insurance	1,993	1,662	1,332	1,959	1,301	1,886	1,486	2,023	1,616
Unit-linked insurance	6,534	5,829	5,366	5,793	7,248	4,964	4,726	5,300	5,533
SEB Trygg Liv Sweden	4,808	4,137	3,882	4,290	4,743	3,823	3,316	3,470	3,727
Traditional life and sickness/health insurance	672	560	517	651	607	505	451	654	555
Unit-linked insurance	4,136	3,577	3,365	3,639	4,136	3,318	2,865	2,816	3,172
SEB Pension Denmark	2,152	2,184	1,943	2,326	1,795	1,904	2,005	2,267	1,898
Traditional life and sickness/health insurance	1,235	1,004	738	1,199	616	1,297	959	1,260	982
Unit-linked insurance	917	1,180	1,205	1,127	1,179	607	1,046	1,007	916
SEB Life & Pension International	1,567	1,170	873	1,136	2,011	1,123	891	1,586	1,524
Traditional life and sickness/health insurance	86	98	77	109	78	84	76	109	79
Unit-linked insurance	1,481	1,072	796	1,027	1,933	1,039	815	1,477	1,445
Assets under management:* Total	410,700	405,300	413,600	424,100	425,100	427,100	416,200	420,000	434,300
Traditional life and sickness/health insurance**	246,200	241,600	244,600	244,600	245,600	247,000	233,300	233,200	236,700
Unit-linked insurance	164,500	163,700	169,000	179,500	179,500	180,100	182,900	186,800	197,600
SEB Trygg Liv Sweden	290,100	284,300	292,600	303,900	302,900	302,400	281,300	287,900	299,800
Traditional life and sickness/health insurance**	164,300	160,300	164,800	168,100	168,700	167,800	158,500	160,800	165,300
Unit-linked insurance	125,800	124,000	127,800	135,800	134,200	134,600	122,800	127,100	134,500
SEB Pension Denmark	94,500	94,300	93,700	91,400	92,400	95,200	90,400	88,600	89,200
Traditional life and sickness/health insurance	80,800	80,200	78,700	75,400	75,800	78,000	73,600	71,200	70,200
Unit-linked insurance	13,700	14,100	15,000	16,000	16,600	17,200	16,800	17,400	19,000
SEB Life & Pension International	26,100	26,700	27,300	28,800	29,800	29,500	44,500	43,500	45,300
Traditional life and sickness/health insurance	1,100	1,100	1,100	1,100	1,100	1,200	1,200	1,200	1,200
Unit-linked insurance	25,000	25,600	26,200	27,700	28,700	28,300	43,300	42,300	44,100

* rounded to whole 100 millions.

** including Gamla Livförsäkringsaktiebolaget

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

Source: Svensk Försäkring (Swedish insurance federation)

Gamla Livförsäkringsaktiebolaget

Sweden: full year 2011

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	31 Mar 2012
Equity 1)	8,594	8,780	9,322	9,707
Surplus values	14,928	16,318	15,583	16,456
1) Dividend paid to the parent company during the period	-1,850	-1,000	-850	0

Surplus value accounting

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
SEK m	2010	2010	2010	2010	2011	2011	2011	2011	2012
Surplus values, opening balance	14,928	15,554	15,184	15,698	16,318	15,799	16,563	15,087	15,583
Adjustment opening balance 1)	203	-6	6		-56	341	-126	22	-66
Present value of new sales 2)	428	382	370	422	342	408	229	339	243
Return/realised value on policies from previous periods	-137	-150	-160	-163	-142	-275	-41	-338	-196
Actual outcome compared to assumptions 3)	-29	-20	171	91	-143	436	1	416	23
Change in surplus values ongoing business, gross	262	212	381	350	57	569	189	417	70
Capitalisation of acquisition costs for the period	-231	-195	-165	-222	-214	-207	-160	-208	-203
Amortisation of capitalised acquisition costs	164	163	160	166	184	183	188	190	216
Change in surplus values ongoing business, net 4)	195	180	376	294	27	545	217	399	83
Financial effects due to short term market fluctuations 5)	297	-537	180	686	-455	-224	-1,588	370	882
Change in assumptions 6)	24	32	24	-323	-24	36		-191	3
Total change in surplus values	516	-325	580	657	-452	357	-1,371	578	968
Exchange rate differences etc	-93	-39	-72	-37	-11	66	21	-104	-29
Surplus values, closing balance 7)	15,554	15,184	15,698	16,318	15,799	16,563	15,087	15,583	16,456

Most important assumptions (Swedish unit-linked which represent 74 per cent of the surplus value), per cent.

Discount rate	7.0
Surrender of endowment insurance contracts:	1 / 8 /
contracts signed within 1 year / 1-4 years	17 / 15 /
/ 5 years / 6 years / thereafter	10
Lapse rate of regular premiums, unit-linked	12
Growth in fund units, gross before fees and taxes	5.0
Inflation CPI / Inflation expenses	2 / 3
Expected return on solvency margin	3
Right to transfer policy, unit-linked	2
Mortality	The Group's experience
Sensitivity to changes in assumptions (total division).
Change in discount rate +1 per cent	-1,722
" -1 per cent	2,012
Change in value growth +1 per cent	2,014
of investment assets -1 per cent	-1,771

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

2) Sales defined as new contracts and extra premiums in existing contracts.

3) The reported actual outcome of contracts signed can be placed in relation to the operative assumptions that were made. Thus, the value of the deviations can be estimated. The most important components consist of extensions of contracts as well as cancellations. However, the actual income and administrative expenses are included in full in the operating result.

4) Deferred acquisition costs are capitalised in the accounts and amortised according to plan. The reported change in surplus values is therefore adjusted by the net result of the capitalisation and amortisation during the period.

5) Assumed unit growth is 5.0 per cent gross (before fees and taxes). Actual growth results in positive or negative financial effects.

6) A lowering of the discount rate had a positive effect in Q4 2011 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 shown after deduction of capitalised acquisition costs (SEK 4,113m at March 31, 2012).

Baltic

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
SEK m	2010	2010	2010	2010	2011	2011	2011	2011	2012
Net interest income	506	471	454	492	456	486	524	514	472
Net fee and commission income	228	250	251	235	209	240	218	227	211
Net financial income	131	141	69	60	80	89	92	104	113
Net other income Total operating income	4 869	9 871	28 802	11 798	-5 740	-12 803	-5 829	-11 834	-7 789
Staff costs	-206	-182	-177	-163	-146	-187	-177	-189	-171
Other expenses	-306	-289	-292	-290	-250	-263	-278	-322	-251
Depreciation, amortisation and impairment of
tangible and intangible assets	-21	-20	-20	-235	-32	-33	-33	-35	-33
Total operating expenses	-533	-491	-489	-688	-428	-483	-488	-546	-455
Profit before credit losses	336	380	313	110	312	320	341	288	334
Gains less losses from disposals of tangible
and intangible assets		- 1		- 4	2	- 2	2		1
Net credit losses	-1,431	-451	273	736	572	679	202	32	-24
Operating profit	-1,095	-72	586	842	886	997	545	320	311
Cost/Income	0.61	0.56	0.61	0.86	0.58	0.60	0.59	0.65	0.58
Business equity, SEK bn	11.8	11.8	11.8	11.8	8.3	8.0	8.0	8.2	8.1
Return on business equity, per cent
-isolated in the quarter	negative	negative	17.3	25.7	37.3	44.1	24.4	14.4	14.0
-accumulated in the period	negative	negative	negative	2.2	37.3	40.7	35.3	30.0	14.0
RWA - Basel I, SEK m	104	99	95	91	90	92	96	92	90
RWA - Basel II, SEK m	92	89	84	79	77	81	82	78	76
Lending to the public*, SEK bn 1)	119	112	106	101	101	103	105	101	98
Deposits from the public**, SEK bn 2)	60	60	56	57	56	58	60	66	66
FTEs, present 3)	3,216	3,185	3,206	3,203	3,200	3,179	3,109	3,061	3,026
excluding repos and debt instruments * excluding repos
1) Where of Baltic Estonia	37	35	33	32	32	33	33	31	31
Baltic Latvia	29	27	26	24	24	25	25	25	24
Baltic Lithuania	53	50	47	45	45	45	47	45	44
2) Where of Baltic Estonia	20	20	19	20	20	21	23	22	22
Baltic Latvia	14	14	13	12	12	12	12	13	13
Baltic Lithuania	26	26	24	25	24	25	25	31	31
3) Where of Baltic Estonia	1,008	1,000	1,000	986	980	968	921	890	874
Baltic Latvia	849	839	855	862	877	887	882	861	879
Baltic Lithuania	1,352	1,338	1,337	1,339	1,322	1,305	1,281	1,284	1,247

Income, Expenses and Operating profit, SEK m

Profit before credit losses Operating profit

Baltic Estonia

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
SEK m	2010	2010	2010	2010	2011	2011	2011	2011	2012
Net interest income	156	142	139	153	151	156	174	162	152
Net fee and commission income	77	80	76	74	66	83	68	66	64
Net financial income	24	25	9	-6	12	14	17	21	17
Net other income	3	4	2	11	2	1	2		1
Total operating income	260	251	226	232	231	254	261	249	234
Staff costs	-82	-59	-58	-41	-52	-59	-56	-45	-50
Other expenses	-106	-87	-85	-70	-78	-82	-81	-77	-74
Depreciation, amortisation and impairment of
tangible and intangible assets	-4	-4	-4	-5	-3	-3	-4	-4	-3
Total operating expenses	-192	-150	-147	-116	-133	-144	-141	-126	-127
Profit before credit losses	68	101	79	116	98	110	120	122	107
Gains less losses from disposals of tangible
and intangible assets
Net credit losses	-151	-108	10	162	17	122	63	22	32
Operating profit	-83	-7	89	278	115	232	183	144	139

Baltic Latvia

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
SEK m	2010	2010	2010	2010	2011	2011	2011	2011	2012
Net interest income	155	154	145	149	134	135	147	152	129
Net fee and commission income	53	55	54	52	49	60	48	52	51
Net financial income	23	26	28	33	30	29	26	36	52
Net other income	3	1	1	2	-1	-1	-1	-10	-1
Total operating income	234	236	228	236	212	223	220	230	231
Staff costs	-49	-47	-48	-62	-33	-53	-51	-63	-49
Other expenses	-80	-67	-70	-99	-53	-64	-69	-75	-64
Depreciation, amortisation and impairment of
tangible and intangible assets	-8	-8	-7	-10	-6	-5	-6	-5	-5
Total operating expenses	-137	-122	-125	-171	-92	-122	-126	-143	-118
Profit before credit losses	97	114	103	65	120	101	94	87	113
Gains less losses from disposals of tangible
and intangible assets		- 1		- 5		- 4		- 1
Net credit losses	-574	-170	109	275	183	157	52	1	-56
Operating profit	-477	-57	212	335	303	254	146	87	57

Baltic Lithuania

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
SEK m	2010	2010	2010	2010	2011	2011	2011	2011	2012
Net interest income	195	175	171	193	173	199	209	208	198
Net fee and commission income	98	115	121	109	94	98	102	109	97
Net financial income	83	91	31	32	38	45	50	48	45
Net other income	-1	4	25	1	-2	-10	-3	6	-1
Total operating income	375	385	348	335	303	332	358	371	339
Staff costs	-73	-73	-68	-57	-58	-71	-66	-79	-69
Other expenses	-119	-132	-134	-120	-117	-117	-125	-168	-112
Depreciation, amortisation and impairment of
tangible and intangible assets	-9	-8	-8	-218	-21	-21	-21	-21	-20
Total operating expenses	-201	-213	-210	-395	-196	-209	-212	-268	-201
Profit before credit losses	174	172	138	-60	107	123	146	103	138
Gains less losses from disposals of tangible and intangible assets
Net credit losses	-705	-173	154	298	372	401	86	8
Operating profit	-531	-1	292	238	479	524	232	111	138

Baltic real estate holding companies

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
SEK m	2010	2010	2010	2010	2011	2011	2011	2011	2012
Total operating income	0	-1	-1	-5	-5	-7	-8	-13	-13
Total operating expenses	-3	-6	-7	-5	-7	-9	-9	-12	-11
Profit before credit losses	-3	-7	-8	-10	-12	-16	-17	-25	-24
Operating profit	-3	-7	-8	-8	-10	-14	-16	-23	-23

Business volume development by area SEK bn

Q1 2012 change vs. Q1 2011 (local currency)

	Mortgages		Other lending		Deposits
Estonia	13	(-2%)	18	(-2%)	22	(13%)
Latvia	7	(-5%)	17	(9%)	13	(10%)
Lithuania	17	(-4%)	26	(1%)	31	(30%)

Baltic countries

Baltic lending market shares

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 real estate holding companies

Estonia Total = SEK 1,663 m

Baltic Lithuania, LTL

SEB Group by geography

Sweden
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
SEK m	2010	2010	2010	2010	2011	2011	2011	2011	2012
Total operating income	4,766	5,124	4,870	5,613	5,400	6,096	5,352	5,414	5,414
Total operating expenses	-3,421	-3,666	-3,346	-3,610	-3,893	-4,104	-3,503	-3,836	-3,552
Profit before credit losses	1,345	1,458	1,524	2,003	1,507	1,992	1,849	1,578	1,862
Gains less losses on disposals of tangible and
intangible assets					1	-2		1
Net credit losses	-192	-12	4	-125	-125		-94	-218	-108
Operating profit	1,153	1,446	1,528	1,878	1,383	1,990	1,755	1,361	1,754
Norway
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
SEK m	2010	2010	2010	2010	2011	2011	2011	2011	2012
Total operating income	726	721	649	749	701	753	640	812	861
Total operating expenses	-335	-305	-301	-374	-266	-299	-281	-318	-351
Profit before credit losses	391	416	348	375	435	454	359	494	510
Gains less losses on disposals of tangible and
intangible assets
Net credit losses	-51	-37	-24	-31	-35	-20	-13	-26	-47
Operating profit	340	379	324	344	400	434	346	468	463
Denmark
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
SEK m	2010	2010	2010	2010	2011	2011	2011	2011	2012
Total operating income	724	842	731	723	708	706	723	772	749
Total operating expenses	- 380	- 422	- 364	- 440	- 384	- 387	- 357	- 367	- 360
Profit before credit losses	344	420	367	283	324	319	366	405	389
Gains less losses on disposals of tangible and
intangible assets								1
Net credit losses	- 26	- 22	- 31	- 37	- 15	- 13	- 26	- 12	- 19
Operating profit	318	398	336	246	309	306	340	394	370
Finland
SEK m	Q1 2010	Q2 2010	Q3 2010	Q4 2010	Q1 2011	Q2 2011	Q3 2011	Q4 2011	Q1 2012
Total operating income	254	350	319	349	338	338	330	366	347
Total operating expenses	- 101	- 158	- 150	- 183	- 160	- 174	- 144	- 168	- 145
Profit before credit losses	153	192	169	166	178	164	186	198	202
Gains less losses on disposals of tangible and intangible assets			- 1
Net credit losses	- 3	- 10		- 2		- 2	- 2	2	- 1
Operating profit	150	182	168	164	178	162	184	200	201
Germany*
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
SEK m	2010	2010	2010	2010	2011	2011	2011	2011	2012
Total operating income	669	787	742	760	742	874	786	860	750
Total operating expenses	- 475	- 486	-1 236	- 500	- 471	- 455	- 513	- 426	- 467
Profit before credit losses	194	301	- 494	260	271	419	273	434	283
Gains less losses on disposals of tangible and
intangible assets			- 2	29	3			- 2
Net credit losses	- 41	- 35	- 24	- 43	21	- 41	- 18	- 12	1
Operating profit	153	266	- 520	246	295	378	255	420	284

*Excluding centralised Treasury operations

Restructuring costs amounted to EUR 80m in Q3 2010.

Estonia

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
SEK m	2010	2010	2010	2010	2011	2011	2011	2011	2012
Total operating income	315	299	283	290	272	312	301	329	310
Total operating expenses	- 197	- 157	- 153	- 125	- 145	- 151	- 147	- 147	- 138
Profit before credit losses	118	142	130	165	127	161	154	182	172
Gains less losses on disposals of tangible and
intangible assets				1	2	1	1
Net credit losses	- 151	- 108	10	162	17	122	63	22	32
Operating profit	- 33	34	140	328	146	284	218	204	204
Latvia
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
SEK m	2010	2010	2010	2010	2011	2011	2011	2011	2012
Total operating income	297	236	260	273	241	255	245	265	272
Total operating expenses	- 141	- 137	- 140	- 183	- 103	- 131	- 132	- 169	- 132
Profit before credit losses	156	99	120	90	138	124	113	96	140
Gains less losses on disposals of tangible and
intangible assets		- 1		- 5		- 4	1
Net credit losses	- 574	- 170	109	275	182	157	52	2	- 56
Operating profit	- 418	- 72	229	360	320	277	166	98	84
Lithuania
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
SEK m	2010	2010	2010	2010	2011	2011	2011	2011	2012
Total operating income	322	357	351	350	335	347	372	388	340
Total operating expenses	- 211	- 224	- 223	- 408	- 204	- 217	- 224	- 288	- 216
Profit before credit losses	111	133	128	- 58	131	130	148	100	124
Gains less losses on disposals of tangible and
intangible assets						1	1	- 1	1
Net credit losses	- 706	- 173	154	299	372	401	86	8
Operating profit	- 595	- 40	282	241	503	532	235	107	125
Other countries and eliminations
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
SEK m	2010	2010	2010	2010	2011	2011	2011	2011	2012
Total operating income	632	463	646	893	907	- 180	458	128	546
Total operating expenses	- 304	- 308	- 281	- 306	- 180	64	- 232	- 209	- 315
Profit before credit losses	328	155	365	587	727	- 116	226	- 81	231
Gains less losses on disposals of tangible and
intangible assets	- 3	- 2	3	- 5		- 1	- 1		1
Net credit losses	8	- 4	- 1	3	10	- 46	- 15	- 6	- 8
Operating profit	333	149	367	585	737	- 163	210	- 87	224
SEB Group Total
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
SEK m	2010	2010	2010	2010	2011	2011	2011	2011	2012
Total operating income	8,705	9,179	8,851	10,000	9,644	9,501	9,207	9,334	9,589
Total operating expenses	-5,565	-5,863	-6,194	-6,129	-5,806	-5,854	-5,533	-5,928	-5,676
Profit before credit losses	3,140	3,316	2,657	3,871	3,838	3,647	3,674	3,406	3,913
Gains less losses on disposals of tangible and
intangible assets	-3	-3		20	6	-5	2	-1	2
Net credit losses	-1,736	-571	197	501	427	558	33	-240	-206
Operating profit	1,401	2,742	2,854	4,392	4,271	4,200	3,709	3,165	3,709

Macro

Nordic countries

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

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

Key interest rates, %

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

Retail sales, year-on year % change

EUs sentiment indicator, Index (100 = historical average)

General government balance, per cent of GDP

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

House prices Residential investments

Household savings ratio

Household asset to debt ratio Labour market situation

Macro forecasts per country

			GDP (%)			Inflation (%)
	2010	2011F	2012F	2013F	2010	2011F	2012F	2013F
Denmark*	1.3	1.0	0.5	1.4	2.2	2.7	1.7	1.8
Finland*	3.6	2.7	0.7	1.7	1.7	3.3	2.0	1.9
Norway	0.7	1.6	2.1	2.4	2.5	1.2	1.5	1.9
Sweden	6.1	3.9	0.7	1.9	1.2	3.0	1.3	1.0
Germany*	3.6	3.0	0.7	1.4	1.2	2.5	1.8	1.7
Eurozone*	1.8	1.5	-0.6	0.8	1.6	2.7	1.9	1.4
Estonia*	2.3	7.6	1.5	2.5	2.7	5.1	4.0	5.0
Latvia*	-0.3	5.5	2.5	4.0	-1.2	4.2	2.5	2.1
Lithuania*	1.4	5.8	2.0	3.0	1.2	4.1	2.5	3.0
Russia	4.0	4.3	3.8	4.1	6.9	8.5	5.0	6.0

Sources: National statistical agencies, SEB Economic Research

* 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.helsén@seb.se

Financial calendar

Date	Event
2012
2 Jul - 15 Jul	Silent period
16 Jul	Interim Report Jan – Jun
8 Oct - 24 Oct	Silent period
25 Oct	Interim Report Jan – Sep
2013
10 Jan - 30 Jan	Silent period
31 Jan	Annual Accounts for 2012

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.