SEB — Interim / Quarterly Report 2012

Jan 31, 2013

Annual Accounts 2012

STOCKHOLM 31 JANUARY 2013

2012 – operating profit SEK 14.2bn (15.0)

The full year result was affected by items of one-time character and changes in accounting policy during the fourth quarter (see page 2 for an overview). Excluding one-off effects operating profit increased by 3 per cent to SEK 15.4bn and profit before credit losses was up 15 per cent.

• •Profit before credit losses up 7 per cent to SEK 15.2bn (14.2).
• • Operating income SEK 38.8bn (37.7). Operating expenses SEK 23.7bn (23.5). Excluding the one-off effects, operating expenses amounted to SEK 22.9bn, which included higher pension costs (IAS 19) and redundancy costs.
• •Net credit provisions, SEK 937m, corresponding to a credit loss level of 0.08 per cent.
• •Net profit SEK 11.7bn (10.9).
• • Return on equity in continuing operations 11.5 per cent (12.3) and earnings per share SEK 5.53 (5.46). Return on equity including discontinued operations 11.1 per cent (11.1) and earnings per share SEK 5.31 (4.93).
• •Average lending and deposit volumes to and from the public grew by 7 and 10 per cent, respectively.
• •Core Tier 1 capital ratio 15.1 per cent (13.7).
• •Liquidity coverage ratio 113 per cent, core liquidity reserve SEK 373bn and total liquid resources SEK 632bn.
• • The Board of Directors proposes a dividend to the shareholders of SEK 2.75 per share, which corresponds to a payout ratio of 52 per cent.

The fourth quarter 2012 – operating profit SEK 2.8bn (3.1)

The fourth quarter result was affected by items of one-time character (see page 2 for an overview). Excluding one-off effects operating profit increased by 30 per cent to SEK 4.0bn. Profit before credit losses was up 29 per cent.

• •Profit before credit losses SEK 3.1bn (3.3), operating income up 3 per cent and expenses 8 per cent.
• •Net profit SEK 3.2bn (2.3).

"The last three year plan has clearly showed the potential for SEB and our relationship banking model. The increased customer base provides a strong backbone for continuing the focused expansion in our region."

Annika Falkengren

SEB Annual Accounts 2012 1

Change in accounting principles and one-time character items

Change in accounting principles

On 22 January 2013, SEB issued a press release regarding the early adoption of the amendments to IAS 19, Employee benefits, regarding the accounting of defined benefit plans. The press release also included the financial effects from adapting to the risk measurement of CVA (Credit Value Adjustment) in the Basel III proposed framework. These changes led to an adjustment of retained earnings. See page 33 and the Statement of changes in equity for a summary of the impact on previously reported financial statements.

One-time character items

At the same time, financial effects of a one-time character in the fourth quarter were published. They included one-off positive effects from the lowered Swedish corporate tax rate of SEK 1.1bn, a cost of SEK 753m from write-down of parts of development of new IT infrastructure that will not be used and a negative effect on income of SEK 402m from buy-backs of covered bonds.

Excluding the items of a one-time character, the official income statement on page 10 would have been the following on a pro forma basis.

PRO FORMA – Income statement excluding the items of a one-time character

	Q4	Q3		Q4			Jan - Dec
SEK m	2012	2012	%	2011	%	2012	2011	%
Net interest income	4 458	4 466	0	4 318	3	17 635	16 901	4
Net fee and commission income	3 715	3 192	16	3 637	2	13 620	14 175	-4
Net financial income	982	1 091	-10	589	67	4 579	3 548	29
Net life insurance income	831	861	-3	992	-16	3 428	3 197	7
Net other income	53	71	-25	- 202	-126	- 37	- 135	-73
Total operating income	10 039	9 681	4	9 334	8	39 225	37 686	4
Staff costs	-3 672	-3 602	2	-3 527	4	-14 596	-14 325	2
Other expenses	-1 628	-1 573	3	-2 030	-20	-6 444	-7 424	-13
Depreciation, amortisation and impairment of
tangible and intangible assets	- 471	- 464	2	- 475	-1	-1 859	-1 764	5
Total operating expenses	-5 771	-5 639	2	-6 032	-4	-22 899	-23 513	-3
Profit before credit losses	4 268	4 042	6	3 302	29	16 326	14 173	15
Gains less losses from disposals of tangible and
intangible assets	2	1	100	- 1	0	1	2	-50
Net credit losses	- 276	- 186	48	- 240	15	- 937	778	0
Operating profit	3 994	3 857	4	3 061	30	15 390	14 953	3
Income tax expense	- 985	- 868	14	- 504	96	-3 480	-2 942	18
Net profit from continuing operations	3 009	2 989	1	2 557	18	11 910	12 011	-1
Discontinued operations	- 1	- 155	-100	- 300	-100	- 488	-1 155	-58
Net profit	3 008	2 834	6	2 257	33	11 422	10 856	5

President's comment

2012 marked the fifth consecutive year of high volatility in the financial markets as well as subdued global economic growth. Since the markets reacted to the first signs of the subprime crisis in the US, a global financial crisis has been followed by a sovereign debt crisis. Over these years, central bank balance sheets have increased fivefold, banks have deleveraged and interest rates have come down to historic low levels while corporate balance sheets have grown stronger. Even so, uncertainty continues to hold back real economic growth and this uncertainty is further exacerbated by delays to the new regulatory framework for banks both on an international and EU level.

The Nordic countries have shown remarkable resilience throughout the crisis, but as small open economies they were affected towards the end of the year. The world economic outlook continues to be characterized by a "muddling through" scenario although some glimmer of hope has now returned to the markets in some geographies.

Robust result

SEB's operating profit 2012 excluding the one-off effects in the fourth quarter, was SEK 15.4bn, up 3 per cent compared to 2011. While 2011 included reversals of Baltic credit provisions, profit before credit losses in the underlying business increased by 15 per cent. Average customer-related lending and deposit volumes increased by 7 and 10 per cent respectively. The lower corporate activity was reflected in fewer M&A transactions as well as in lower trading income. Underlying operating costs including higher pension costs (IAS 19) and redundancies, fell by 3 per cent and came in below our cost cap of SEK 23bn.

Strong franchise attracting more customers

The end of 2012 also marks the end of SEB's three year business plan. The plan has focused on strengthened longterm customer relations, disciplined growth in targeted markets while increasing resilience and flexibility through even stronger capital and liquidity buffers as well as increased cost efficiency.

Looking back at these three years, SEB has strengthened its position as the Nordic corporate bank with the investments in our Nordic and German corporate franchise as well as in the Swedish SME segment. As recent as this month Prospera named SEB the No. 1 Nordic corporate bank. Our more holistic customer offering in the savings area has attracted higher customer volumes within such areas as deposits, retirement related savings and private banking.

Earnings volatility has been reduced and we have divested non-core operations as the retail operations in Germany and Ukraine. We have increased cost efficiency. In addition, we have built a strong balance sheet in terms of capital, liquidity reserves, funding structure and asset quality and have adapted to the new regulatory framework. This has also been recognised by the rating agencies. Perhaps the achievement which makes the whole SEB team most proud is the evidence of deeper relationships with our existing customers at the

same time as we have gained 300 new large corporates, more than 30,000 new SMEs and 123,000 new private individuals as our customers.

The next three years

Going forward, the new three year plan aims to execute upon SEB's customer, employee, and profitability ambitions, and preserve the bank's unique corporate profile in the Nordic region.

On an operational level, SEB will use the corporate platform established in the Nordic countries and Germany to increase cross-selling with existing and new clients. In addition, the bank will further consolidate its presence with international and Nordic financial institutions, continue the growth in the Swedish SME segment, become a leader within savings in Sweden and leverage the strong SEB brand in the Baltic region. All of thes1e activities will be accompanied by continued cost efficiency and regulatory compliance. The cost cap for 2013 and for 2014 is now SEK 22.5bn per year.

With this new business plan in place, the Board and management have reviewed SEB's financial targets. Going forward SEB will aim to:

• Pay a yearly dividend that is 40 per cent or above of the earnings per share

• Target a common equity tier 1 ratio of 13 per cent (Basel III) and

• Generate return on equity that is competitive with peers. This means that we in the long-term aspire to reach a return on equity of 15 per cent.

Long-term orientation remains key

The last three year plan clearly showed the potential for SEB and our relationship banking model. The increased customer base provides a strong backbone for continuing the focused expansion in our region. With the experience gained in operational and customer excellence during the past years, SEB focuses this business plan on the ambition to have the most satisfied customers and close the financial performance gap to peers. Our direction to be the relationship bank in our part of the world remains firm.

The Group

Fourth quarter isolated

Operating profit amounted to SEK 2,839m (3,061). Net profit from continuing operations was SEK 3,240m (2,557).

Net profit (after tax), including the net result from discontinued operations, amounted to SEK 3,239m (2,257).

Excluding one-off effects, operating profit was

SEK 3,994m and net profit SEK 3,008m.

Operating income

Total operating income amounted to SEK 9,637m (9,334). Net interest income increased to SEK 4,458m (4,318).

SEK m	Q4	Q3	Q4
	2012	2012	2011
Customer driven NII	4,060	4,006	4,117
NII from other activities	398	460	201
Total	4,458	4,466	4,318

The customer-driven net interest income increased by SEK 54m in the fourth quarter. This was primarily due to higher volumes. Compared to the fourth quarter 2011, the customer-driven net interest income decreased by SEK 57m due to lower deposit margins. Average volumes of loans to and deposit from the public grew by 5 and 6 per cent, respectively.

Net interest income from other activities was up SEK 197m compared with the corresponding quarter 2011 and down SEK 62m from the previous quarter. Funding costs decreased as well as the yield in the liquidity portfolio. The contribution from the trading operations was SEK 121m lower than the fourth quarter 2011 and SEK 13m higher than the previous quarter.

Net fee and commission income increased to SEK 3,715m (3,637). The market value of assets under management recovered during the quarter. There was a seasonal positive effect in performance fees. Customers were more active across various segments leading to improved lending and advisory fees.

Net financial income increased by 67 per cent to SEK 982m (589). Net financial income decreased compared to the third quarter mainly due to the increase in market values of fixed income securities in the liquidity portfolio in the third quarter. The increase compared to the fourth quarter 2011 is partially due to a SEK 214m loss on GIIPS securities which was accounted for in 2011.

Net life insurance income amounted to SEK 831m (992). The positive equity market development in the fourth quarter contributed to improved unit-linked income in Sweden, while traditional and risk insurance income was lower. The decrease from the corresponding period last year was mainly due to particular good performance in the traditional portfolios in that period.

Net other income at SEK -349m (-202). During the fourth quarter, measures were taken to extend the duration of the Bank's issued covered bonds by repurchases of bonds with short remaining maturity to an amount of SEK 12bn, and

subsequent issuance of bonds with longer duration. The repurchases had a negative effect on income in the amount of SEK 402m.

Operating expenses

Total operating expenses amounted to SEK 6,524m (6,032). The fourth quarter included a cost of SEK 753m related to a write-down of parts of development of new IT infrastructure that will not be used. An antitrust penalty fee in the amount of SEK 63m, which SEB will appeal, was incurred in Lithuania.

Staff costs in general were down albeit redundancy costs increased. At the end of 2012, the number of employees was 16,295, which was 512 lower than the fourth quarter 2011, even though 1,100 new employees were hired.

Credit losses and provisions

Provisions for credit losses amounted to SEK 276m for the quarter (240) corresponding to a credit loss level of 8 basis points. The provisions for credit losses for the Group, excluding the Baltic region, decreased and equaled a credit loss level of 4 basis points in the quarter. The provisions in the Baltic region increased and corresponded to a credit loss level of 56 basis points in the quarter.

Non-performing loans, which amounted to SEK 13.8bn, fell by 5 per cent in the quarter reflecting continued strong asset quality. Compared to a year ago they were 23 per cent lower.

Individually assessed impaired loans decreased by SEK 462m to SEK 8,001m during the quarter.

The Group's portfolio assessed loans past due >60 days decreased by SEK 289m during the quarter to SEK 5,389m.

Income tax expense

Total income tax expense was positive at SEK 401m (-504). The positive number is a result of the reduction of the Swedish corporate tax rate from 26.3 per cent to 22 per cent which is applicable from 1 January 2013. In 2012, the deferred tax assets and liabilities related to Swedish income tax were revalued at 22 per cent, resulting in a positive one-off effect of SEK 1.1bn.

Discontinued operations

The net result from discontinued operations was SEK -1m (-300).

The full year 2012

Operating profit for 2012 amounted to SEK 14,235m (14,953). Profit before credit losses increased by 7 per cent to SEK 15,171m (14,173). Net profit from continuing operations was SEK 12,142m (12,011).

Net profit (after tax), including the net result from discontinued operations, was SEK 11,654m (10,856).

Excluding one-off effects, operating profit was SEK 15,390m and net profit SEK 11,422m.

Operating income

Total operating income amounted to SEK 38,823m (37,686), an increase of 3 per cent compared to the full year 2011.

Net interest income amounted to SEK 17,635m (16,901).

SEK m	Jan-Dec	Jan-Dec	Change
	2012	2011	%
Customer driven NII	15,927	15,223	5
NII from other activities	1,708	1,678	2
Total	17,635	16,901	4

Net interest income from customer loans and deposits combined increased by SEK 703m. Lending margins were up somewhat, but were offset by lower deposit margins following lower short-term interest rates. Average volumes of loans to and deposit from the public grew by 7 and 10 per cent, respectively.

Net interest income from other activities was SEK 31m higher compared with 2011. This related primarily to lower average cost of funding as SEB's credit spreads tightened during 2012. The lower funding costs were partly offset by increased volumes of long-term funding and decreasing short-term rates.

The fee to the Swedish stability fund amounted to SEK 602m (515). The contribution to the deposit guarantee scheme was SEK 440m (398). Both items reduced net interest income.

Net fee and commission income amounted to SEK 13,620m (14,175). Commissions and fees from mutual funds decreased primarily because the average volumes of assets under management were lower than 2011. Turnover on the Nordic stock exchanges was low which affected commission income. Lower customer activity in areas such as securities, derivatives and new issues reflected the subdued macroeconomic environment and lowered the fee and commission income compared to 2011. There was an offsetting effect from lending, advisory and guarantee fees.

Net financial income increased by 29 per cent to SEK 4,579m (3,548). There was a GIIPS portfolio market valuation loss of SEK 612m in 2011. The corresponding loss in 2012 was SEK 10m, and there were also positive valuations in the liquidity portfolio. Income in the other business areas, as well as in the trading operations, which is customer driven, was stable.

Net life insurance income increased to SEK 3,428m (3,197) partly due to higher income from unit-linked insurance which was mainly related to the acquisition of SEB Life International. The equity markets improved, but there was a

negative impact from lower long-term interest rates on insurance liabilities.

Net other income was negative at SEK -439m (-135m) including a cost of SEK 402m relating to the repurchases of SEB covered bonds with short remaining maturities. Net other income included a positive effect from hedge accounting.

Operating expenses

Total operating expenses amounted to SEK 23,652m (23,513).

SEK m	Jan-Dec	Jan-Dec	Change
	2012	2011	%
Costs pre IAS 19	22,198	22,986	-3
Increased pension costs	225	392	-43
Underlying costs post IAS 19	22,423	23,378	-4
Redundancy costs	413	135
Penalty fee Lithuania	63
Outcome vs cost cap	22,899	23,513	-3
IT-infrastructure write-off	753
Operating expenses	23,652	23,513	1

Underlying costs fell by 4 per cent. Excluding the IT write-off, total expenses amounted to SEK 22,899m.

Staff costs increased by 2 per cent due to higher redundancy costs. The average net number of employees in the continuing operations decreased by 126. Other expenses, such as marketing, IT, consultants, travel and premises costs, decreased.

Credit losses and provisions

Provisions for credit losses amounted to SEK 937m. In 2011 there was a reversal of SEK 778m following releases of provisions in the Baltic region. The provisions corresponded to a credit loss level of 8 basis points. The provisions for credit losses for the Group, excluding the Baltic region, equaled a credit loss level of 6 basis points. The provisions in the Baltic region equaled a credit loss level of 33 basis points.

Non-performing loans in the Group fell by 23 per cent in 2012 reflecting the continued strong asset quality as well as a small effect from the divestment of the Ukrainian retail operations. In the Baltic region non-performing loans fell by 22 per cent as loans continue to be written off against provisions.

Individually assessed impaired loans decreased by SEK 3,089m to SEK 8,001m since year-end 2011.

The Group's portfolio assessed loans past due >60 days decreased by SEK 1,094m since year-end 2011 to SEK 5,389m. The total reserve ratio for individually assessed impaired loans and the total non-performing loans coverage ratio at 74 and 66 per cent, respectively, increased somewhat from year-end 2011.

Income tax expense

Total income tax expense amounted to SEK 2,093m (2,942) corresponding to an effective tax rate of 15 per cent (20). The decrease is a result of the reduction of the Swedish corporate tax rate from 26.3 per cent to 22 per cent which is applicable

from 1 January 2013. In 2012, the deferred taxes related to Swedish income tax were revalued at 22 per cent, resulting in a positive one-off effect of SEK 1,1bn. The Group's effective tax rate next year will be approximately 20 per cent.

Discontinued operations

The net result from the discontinued operations improved to a loss of SEK 488m (1,155m). The divestment of both the German and Ukrainian retail operations were finalised during 2012. Certain closing work remained during the year and will also be performed through 2013. The result included a provision for credit losses in the amount of SEK 180m. It related to a syndicated loan to the Bell Group Ltd, now in liquidation, that dated back to 1986; before SEB's acquisition of BfG Bank in 1999.

Business volumes

Total assets as at year-end amounted to SEK 2,453bn (2,359bn). Loans to the public increased to SEK 1,236bn at year-end, an increase of SEK 50bn for the year. Deposits from the public amounted to SEK 862bn at year-end, unchanged from a year ago. In the Swedish Retail business, loans increased by 10 per cent to SEK 525bn and deposits by 8 per cent to SEK 216bn (excluding the Card business).

SEB's total credit portfolio increased to SEK 1,777bn (1,702). The household volumes increased by SEK 36bn. The combined corporate and property management portfolios grew by SEK 31bn.

At 31 December 2012, assets under management amounted to SEK 1,328bn (1,261). The net inflow of assets during the year was SEK 29bn and the market values increased by SEK 38bn. Assets under custody amounted to SEK 5,191bn (4,490).

Fixed-income securities

SEB's net position in fixed-income securities for investment, treasury and client facilitation purposes amounted to SEK 244bn (247). Five per cent of the total holdings, SEK 11.3bn, was GIIPS-related (14). GIIPS-related sovereign debt holdings amounted to SEK 0.3bn, all Italian. Spanish covered bonds amount to SEK 7.6bn, or 67 per cent of the GIIPS exposure.

Market risk

The trading business is customer flow-driven. This is confirmed by the fact that there were only two loss-making days during the year, at an average loss of SEK 4m. During 2012, Value-at-Risk in the trading operations averaged SEK 162m. 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 134 per cent (129), excluding repos and debt instruments. During the year funding volumes, excluding subordinated debt, in the amount of SEK 70bn

matured and SEK 124bn was issued. 67 per cent of the new issuance was covered bonds.

The core liquidity reserve at year-end 2012 amounted to SEK 373bn (377). The total liquid resources, including net trading assets and unutilised collateral in the cover pool, amounted to SEK 632bn (556). At year-end the Liquidity Coverage Ratio (LCR) was 113 per cent. The USD and EUR LCR were both above 100 per cent. As of 1 January 2013, the Swedish Financial Supervisory Authority requires an LCR, according to a formula adapted for Sweden of 100 per cent in total and in EUR and USD, separately.

Capital position

SEB's reported capital ratios at year-end were negatively impacted by the cumulative effect from the implementation of the amendments to IAS 19 Employee benefits. The unrealised effect of SEK 7.9bn will be recovered in a higher rate environment as the major reason for the actuarial deficit stems from the sharp fall of the discount rate in the past several years. The capital ratios according to Basel III were unchanged from earlier estimates by the Bank as the IAS 19 effect had been included in estimates given.

The Basel II ratios were:

	Dec 2012	Dec 2011 Pro forma*	Dec 2011 Reported
Core tier 1 capital ratio, %	15.1	12.5	13.7
Tier 1 capital ratio, %	17.5	14.6	15.9
RWA, SEK bn	586	679	679
Including supervisory transitional rules:
Core tier 1 capital ratio, %	10.1	10.2	11.2
Tier 1 capital ratio, %	11.6	12.0	13.0
RWA, SEK bn	879	828	828

* Pro forma – incl. the adjustment to equity from IAS 19 and CVA

In 2012, SEB's applications for using advanced internal ratings based (IRB) models to calculate non-retail real estate and shipping risk-weighted assets were approved by the Swedish Financial Supervisory Authority. This reduced RWA by SEK 42bn and 19bn, respectively. The increase in RWA from new business volumes of SEK 20bn was offset by the effects from process improvements in the amount of SEK 19bn. The stronger Swedish krona resulted in a decrease of RWA of SEK 10bn.

Dividend

The Board proposes to the AGM a dividend of SEK 2.75 per Class A and Class C share, which corresponds to a pay-out ratio of 52 per cent. The total dividend amounts to SEK 6,028m (3,836), calculated on the total number of issued shares as per 31 December 2012, including repurchased shares. The SEB share will be traded ex-dividend on 22 March 2013. The proposed record date for the dividend is 26 March 2013 and dividend payments will be disbursed on 2 April 2013. The proposal shall be seen with reference to the dividend policy, the outlook for the economic environment, the Group's earnings generation and capital situation.

Rating

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

In November 2012, Moody's revised its outlook for the Swedish banking system to stable. Moody's stated however that the outlook for the economy and Swedish corporate credit profile could be undermined by an economic downturn in Europe. S&P on the other hand put all major Swedish banks on negative outlook in November 2012 due the weakening economic outlook for Sweden which may lead to increasing economic risks for Swedish banks.

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. The policy measures globally to limit the risk of severe shocks to the economy, have created more stability to the financial system. However, a prolonged period of weak economic growth cannot be ruled out.

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

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

the banking sector. The final outcome of the Basel III framework and its implementation within the EU is not yet finalised.

Realignment of management accounting

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

Revised long-term financial targets

The Board of Directors and management have reviewed SEB's long-term financial targets in light of the business plan for 2013-2015. Going forward SEB will aim to:

• Pay a yearly dividend that is 40 per cent or above of the earnings per share

• Target a common equity tier 1 ratio (Basel III) of 13 per cent and

• Generate return on equity that is competitive with peers. This means that the Bank in the long-term aspires to reach a return on equity of 15 per cent.

Stockholm, 31 January 2013

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

Annika Falkengren President and Chief Executive Officer

Press conference and webcasts

The press conference at 9.00 (CET) on 31 January 2013 at Kungsträdgårdsgatan 8 with President and CEO Annika Falkengren can be followed live in Swedish on www.sebgroup.com/sv/ir. A simultaneous translation into English will be available on www.sebgroup.com/ir. A replay will be available afterwards.

Access to telephone conference

The telephone conference at 14.00 (CET) on 31 January 2013 with the President and CEO Annika Falkengren and the CFO Jan Erik Back can be accessed by telephone, +44(0)20 7131 2799. Please quote conference id: 927784, not later than 10 minutes in advance. A replay of the conference call will be available on www.sebgroup.com/ir.

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

Further information is available from

Jan Erik Back, Chief Financial Officer Tel: +46 8 22 19 00 Ulf Grunnesjö, Head of Investor Relations Tel: +46 8 763 85 01, +46 70 763 85 01 Viveka Hirdman-Ryrberg, Head of Corporate Communications Tel: +46 8 763 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

Financial information calendar

28 February 2013	Annual report on www.sebgroup.com
21 March 2013	Annual general meeting
23 April 2013	Interim report Jan-Mar 2013
15 July 2013	Interim report Jan-Jun 2013
24 October 2013	Interim report Jan-Sep 2013
5 February 2014	Annual accounts 2013]

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 the fourth quarter, the financial reporting is affected by changes in the Group's accounting policies in comparison with the 2011 Annual Report and the previous interim reports for 2011 and 2012. The change is related to the accounting of defined benefit plans due to amendments in IAS 19 Employee benefits that SEB has decided to adopt early. There are also effects from changes in the measurement of fair value of financial assets. The Parent company's financial reporting is affected by changes in the measurement of fair value of financial assets and the accounting for group contributions. In all other 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.

Defined benefit plans

IAS 19 Employee Benefits - The amendment removes the possibility to use the corridor method and to amortise actuarial gains and losses on defined benefit plans. The standard also requires an entity to apply the discount rate on the net defined benefit liability (asset) in order to calculate the net interest expense (income). It thereby removes the use of an expected return on the plan assets. The deficit at transition is reported in Retained earnings (equity). Subsequent

remeasurements of obligations and assets are recognised in Other comprehensive income. All changes in the net defined benefit liability (asset) are recognized as they occur, as follows: (i) service cost and net interest in the Income statement; and (ii) remeasurement in Other comprehensive income. In connection with the change of IAS 19 the statement UFR 9, regarding accounting of tax on returns on pension funds, issued by the Swedish Financial Reporting Board should be applied. According to UFR 9 taxes related to provisions in the Statement of financial position should continuously be reported as cost in the period the tax is attributable to. For funded pension plans the tax affects Other comprehensive income in the period the tax is attributable. The new requirements are applicable from 1 January 2013 but can be applied earlier. The change has a material impact on the consolidated financial statements of the Group (for figures see the page 33 and the Statement of changes in equity). Since the amendment of IAS 19 affects the capital base it will also impact the capital adequacy.

Fair value measurement

In connection with enhanced capital requirements regarding counterparty credit risk on OTC-derivatives SEB has further developed both the valuation model and the risk measurement of this risk. The change implies a material adjustment for counterparty credit risk (Credit Value Adjustment, CVA) that reduces the asset value of OTCderivatives. Almost the entire effect is attributable to 2011 and earlier periods. The adjustment is recognised as a change in retained earnings as of 31 December 2011 since SEB has concluded that period-specific effects for previous periods are impracticable to determine. The effect attributable to 2012 isolated is not material. Changes attributable to the CVA effect will be recognised as Net financial income in the income statement. See page 33 and Statement of changes in equity for more information.

Group contributions

Group contributions are recognised in the Parent company as appropriations. Contributions received for 2011 were recognised as dividends. The change does not have a material effect on the Parent company's financial statements.

The SEB Group

Due to the changes in the accounting policies which are explained on page 2, the profit for 2011 has been restated in all tables and other information in this report, with the exception of the capital adequacy information.

Income statement – SEB Group

See page 2 for an income statement excluding items of a one-time character.

	Q4	Q3		Q4			Jan - Dec
SEK m	2012	2012	%	2011	%	2012	2011	%
Net interest income	4 458	4 466	0	4 318	3	17 635	16 901	4
Net fee and commission income	3 715	3 192	16	3 637	2	13 620	14 175	-4
Net financial income	982	1 091	-10	589	67	4 579	3 548	29
Net life insurance income	831	861	-3	992	-16	3 428	3 197	7
Net other income	- 349	71		- 202	73	- 439	- 135
Total operating income	9 637	9 681	0	9 334	3	38 823	37 686	3
Staff costs	-3 672	-3 602	2	-3 527	4	-14 596	-14 325	2
Other expenses	-1 628	-1 573	3	-2 030	-20	-6 444	-7 424	-13
Depreciation, amortisation and impairment of
tangible and intangible assets	-1 224	- 464	164	- 475	158	-2 612	-1 764	48
Total operating expenses	-6 524	-5 639	16	-6 032	8	-23 652	-23 513	1
Profit before credit losses	3 113	4 042	-23	3 302	-6	15 171	14 173	7
Gains less losses from disposals of tangible and
intangible assets	2	1	100	- 1		1	2	-50
Net credit losses	- 276	- 186	48	- 240	15	- 937	778
Operating profit	2 839	3 857	-26	3 061	-7	14 235	14 953	-5
Income tax expense	401	- 868	-146	- 504		-2 093	-2 942	-29
Net profit from continuing operations	3 240	2 989	8	2 557	27	12 142	12 011	1
Discontinued operations	- 1	- 155	-99	- 300	-100	- 488	-1 155	-58
Net profit	3 239	2 834	14	2 257	44	11 654	10 856	7
Attributable to minority interests	7	4	75	10	-30	22	37	-41
Attributable to shareholders	3 232	2 830	14	2 247	44	11 632	10 819	8
Continuing operations
Basic earnings per share, SEK	1.47	1.36		1.16		5.53	5.46
Diluted earnings per share, SEK	1.47	1.36		1.16		5.51	5.43
Total operations
Basic earnings per share, SEK	1.47	1.29		1.02		5.31	4.93
Diluted earnings per share, SEK	1.47	1.29		1.02		5.29	4.91

Statement of comprehensive income

	Q4 Q3			Q4		Jan - Dec
SEK m	2012	2012	%	2011	%	2012	2011	%
Net profit	3 239	2 834	14	2 257	44	11 654	10 856	7
Available-for-sale financial assets	541	376	44	203	167	1 276	722	77
Cash flow hedges	152	687	-78	203	-25	581	1 529	-62
Defined benefit plans	-1 558	- 99		814		-2 003	- 88
Translation of foreign operations	245	- 494		- 431		- 386	- 134	188
Taxes on translation effects	166	- 347		- 363		- 284	- 76
Other				- 177	-100		- 454	-100
Other comprehensive income (net of tax)	- 454	123		249		- 816	1 499	- 154
Total comprehensive income	2 785	2 957	- 6	2 506	11	10 838	12 355	- 12
Attributable to minority interests	7	- 3		8	-13	22	36	-39
Attributable to shareholders	2 778	2 960	-6	2 498	11	10 816	12 319	-12

Key figures – SEB Group

	Q4 Q3		Q4	Jan - Dec
	2012	2012	2011	2012	2011
Continuing operations
Return on equity, continuing operations, %	11.93	11.35	10.05	11.52	12.31
Basic earnings per share, continuing operations, SEK	1.47	1.36	1.16	5.53	5.46
Diluted earnings per share, continuing operations, SEK	1.47	1.36	1.16	5.51	5.43
Cost/income ratio, continuing operations	0.68	0.58	0.65	0.61	0.62
Number of full time equivalents, continuing operations*	16 295	16 415	16 807	16 578	16 704
Total operations
Return on equity, %	11.93	10.76	8.87	11.06	11.12
Return on total assets, %	0.53	0.47	0.38	0.48	0.49
Return on risk-weighted assets, %	1.49	1.31	1.09	1.36	1.35
Basic earnings per share, SEK	1.47	1.29	1.02	5.31	4.93
Weighted average number of shares, millions**	2 192	2 192	2 193	2 191	2 194
Diluted earnings per share, SEK	1.47	1.29	1.02	5.29	4.91
Weighted average number of diluted shares, millions***	2 202	2 198	2 203	2 199	2 204
Net worth per share, SEK	56.33	55.30	51.99	56.33	51.99
Average shareholders' equity, SEK, billion	108.5	105.1	101.4	105.2	97.3
Credit loss level, %	0.08	0.11	0.08	0.08	-0.08
Total reserve ratio individually assessed impaired loans, %	74.4	74.2	71.1	74.4	71.1
Net level of impaired loans, %	0.28	0.30	0.39	0.28	0.39
Gross level of impaired loans, %	0.58	0.62	0.84	0.58	0.84
Capital adequacy including transitional floor :****
Risk-weighted assets, SEK billion	879	860	828	879	828
Core Tier 1 capital ratio, %	10.05	11.33	11.25	10.05	11.25
Tier 1 capital ratio, %	11.65	12.94	13.01	11.65	13.01
Total capital ratio, %	11.47	12.74	12.50	11.47	12.50
Capital adequacy without transitional floor (Basel II):
Risk-weighted assets, SEK billion	586	591	679	586	679
Core Tier 1 capital ratio, %	15.09	16.51	13.71	15.09	13.71
Tier 1 capital ratio, %	17.48	18.85	15.87	17.48	15.87
Total capital ratio, %	17.22	18.56	15.24	17.22	15.24
Number of full time equivalents*	16 357	16 480	17 571	16 925	17 633
Assets under custody, SEK billion	5 191	4 788	4 490	5 191	4 490
Assets under management, SEK billion	1 328	1 271	1 261	1 328	1 261
Discontinued operations
Basic earnings per share, discontinued operations, SEK	0.00	-0.07	-0.14	-0.22	-0.53
Diluted earnings per share, discontinued operations, SEK	0.00	-0.07	-0.14	-0.22	-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 11,987,956 shares and 12,143,588 shares have been sold as employee stock options have been exercised. Thus, as at 31 December 2012 SEB owned 2,188,734 Class A-shares with a market value of SEK 121m.

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

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

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

Income statement on quarterly basis - SEB Group

	Q4	Q3	Q2	Q1	Q4
SEK m	2012	2012	2012	2012	2011
Net interest income	4 458	4 466	4 530	4 181	4 318
Net fee and commission income	3 715	3 192	3 449	3 264	3 637
Net financial income	982	1 091	1 127	1 379	589
Net life insurance income	831	861	821	915	992
Net other income*	- 349	71	- 11	- 150	- 202
Total operating income	9 637	9 681	9 916	9 589	9 334
Staff costs	-3 672	-3 602	-3 704	-3 618	-3 527
Other expenses	-1 628	-1 573	-1 590	-1 653	-2 030
Depreciation, amortisation and impairment of tangible and
intangible assets**	-1 224	- 464	- 460	- 464	- 475
Total operating expenses	-6 524	-5 639	-5 754	-5 735	-6 032
Profit before credit losses	3 113	4 042	4 162	3 854	3 302
Gains less losses from disposals of tangible and intangible
assets	2	1	- 4	2	- 1
Net credit losses	- 276	- 186	- 269	- 206	- 240
Operating profit	2 839	3 857	3 889	3 650	3 061
Income tax expense***	401	- 868	- 833	- 793	- 504
Net profit from continuing operations	3 240	2 989	3 056	2 857	2 557
Discontinued operations	- 1	- 155	- 86	- 246	- 300
Net profit	3 239	2 834	2 970	2 611	2 257
Attributable to minority interests	7	4	6	5	10
Attributable to shareholders	3 232	2 830	2 964	2 606	2 247
Continuing operations
Basic earnings per share, SEK	1.47	1.36	1.39	1.30	1.16
Diluted earnings per share, SEK	1.47	1.36	1.39	1.30	1.16
Total operations
Basic earnings per share, SEK	1.47	1.29	1.35	1.19	1.02
Diluted earnings per share, SEK	1.47	1.29	1.35	1.19	1.02

* Repurchase of the Bank's covered bond porfolio has had a negative effect on Net other income of SEK 402m in Q4 2012. The negative amounts in Q4 2011 and Q1 2012 are mainly related to realised losses of securites classified as Available-for-Sale.

** As a result of the strategic review of the IT development portfolio, non-used parts of the portfolio have been derecognised as intangible assets. The cost, SEK 753m, arising from this has been recognised in Q4 2012.

*** The positiv income tax expense in Q4 2012 is a result of the reduction of the Swedish corporate tax rate, which has had a one-off effect of SEK 1,100m from revaluation of deferred tax assets and liabilities.

Income statement by Division – SEB Group

	Merchant	Retail	Wealth			Other incl
Jan-Dec 2012, SEK m	Banking	Banking	Management	Life*	Baltic	eliminations	SEB Group
Net interest income	6 966	7 117	667	- 86	1 970	1 001	17 635
Net fee and commission income	4 896	3 648	3 244		919	913	13 620
Net financial income	3 683	339	97		423	37	4 579
Net life insurance income				4 707		-1 279	3 428
Net other income	292	76	30		- 11	- 826	- 439
Total operating income	15 837	11 180	4 038	4 621	3 301	- 154	38 823
Staff costs	-3 945	-3 024	-1 322	-1 214	- 681	-4 410	-14 596
Other expenses	-4 465	-3 266	-1 379	- 537	-1 080	4 283	-6 444
Depreciation, amortisation and impairment of
tangible and intangible assets	- 182	- 85	- 43	- 890	- 280	-1 132	-2 612
Total operating expenses	-8 592	-6 375	-2 744	-2 641	-2 041	-1 259	-23 652
Profit before credit losses	7 245	4 805	1 294	1 980	1 260	-1 413	15 171
Gains less losses from disposals of tangible and
intangible assets	- 6				9	- 2	1
Net credit losses	- 130	- 452	- 5		- 351	1	- 937
Operating profit	7 109	4 353	1 289	1 980	918	-1 414	14 235

* Business result in Life amounted to SEK 2,651 (3,145), of which change in surplus values was net SEK 671m (1,188).

The restated numbers published on 22 January 2013, included the financial effects on divisions from minor adjustments of the organisation during 2012. The mid-corporate customer

segment was moved from the Merchant Banking to the Retail Banking division and the savings organisation of the Wealth division was merged with that of Retail Banking.

SEB's markets

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.

Distribution by country Jan - Dec											Operating profit
		Total operating income			Total operating expenses			Operating profit		in local currency
SEK m	2012	2011	%	2012	2011	%	2012	2011	%	2012	2011	%
Sweden	22 239	22 262	0	-15 052	-15 723	- 4	6 777	6 102	11	6 777	6 102	11
Norway	3 272	2 906	13	-1 339	-1 164	15	1 902	1 648	15	1 633	1 423	15
Denmark	3 046	2 909	5	-1 387	-1 495	- 7	1 599	1 349	19	1 366	1 113	23
Finland	1 421	1 372	4	- 625	- 646	- 3	789	724	9	91	80	14
Germany*	2 875	3 262	- 12	-1 752	-1 880	- 7	1 074	1 334	- 19	123	149	- 17
Estonia	1 163	1 214	- 4	- 546	- 590	- 7	636	852	- 25	73	94	- 22
Latvia	1 028	1 006	2	- 529	- 535	- 1	199	861	- 77	16	67	- 76
Lithuania	1 410	1 442	- 2	-1 081	- 933	16	269	1 377	- 80	107	527	- 80
Other countries and eliminations	2 369	1 313	80	-1 341	- 547	145	990	706	40
Total	38 823	37 686	3	-23 652	-23 513	1	14 235	14 953	- 5

Profit per country

*Excluding centralised treasury operations

• •The growth plan resulted in higher operating income and operating profit in all Nordic countries
• •SEB named Bank of the Year in all markets where it offers universal banking services

Comments on 2012

In Sweden, strengthening customer relationships continued to be top priority during the year and SEB was re-affirmed as the best client relationship bank in Sweden by Prospera and also named Bank of the Year by The Banker. Despite the lower interest rate environment in 2012, higher lending and deposit volumes contributed to a total net interest income level above the previous year. The Private Banking activity was high. For Sweden in total the operating profit increased by 11 per cent, mainly as a result of a lower cost base.

In Norway, operating profit increased by 15 per cent. Income from both Corporate Banking and Trading and Capital Markets increased and especially initiatives within Structured Finance, Shipping, Asset Financing and Loan Origination were successful. SEB was active in the corporate bond market which had a historical high number of issues.

In Denmark, operating profit increased by 23 per cent after a strong fourth quarter. In particular, trading and the growing corporate banking activities in Merchant Banking contributed to the all-time high result. Both Life and Wealth Management delivered results in line with the previous year. Operating expenses decreased by 4 per cent.

Finland reported a record result for 2012 and an increase in operating profit of 14 per cent. All business areas' performance improved and Trading and Capital Markets and Structured Finance did especially well. Wealth Management was ranked No.1 for the institutional client segment on quality.

In Germany operating profit decreased by 17 per cent. The Wealth Management result was negatively affected by the decision to liquidate the ImmoInvest fund. The Merchant Banking corporate business continued to grow and attracted 50 new customers. A strategic decision to focus the real estate business was taken.

In the Baltic region, 2011 included reversals of credit provisions which is the main reason for the negative changes of operating profit in the countries. Profit before credit losses decreased by 1 per cent in Estonia, by 35 per cent in Lithuania and increased by 6 per cent in Latvia. For the first time SEB was named Bank of the Year by The Banker in all three Baltic countries. (See also the information on the Baltic division).

Merchant Banking

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

Income statement

	Q4	Q3		Q4		Jan- Dec
SEK m	2012	2012	%	2011		2012	2011	%
Net interest income	1 697	1 676	1	1 936	- 12	6 966	7 139	- 2
Net fee and commission income	1 361	1 115	22	1 289	6	4 896	4 908	0
Net financial income	837	786	6	900	- 7	3 683	4 002	- 8
Net other income	- 16	127	- 113	237	- 107	292	617	- 53
Total operating income	3 879	3 704	5	4 362	- 11	15 837	16 666	- 5
Staff costs	- 997	- 950	5	- 876	14	-3 945	-3 926	0
Other expenses	-1 117	-1 098	2	-1 199	- 7	-4 465	-4 771	- 6
Depreciation, amortisation and impairment of
tangible and intangible assets	- 58	- 42	38	- 80	- 28	- 182	- 227	- 20
Total operating expenses	-2 172	-2 090	4	-2 155	1	-8 592	-8 924	- 4
Profit before credit losses	1 707	1 614	6	2 207	- 23	7 245	7 742	- 6
Gains less losses from disposals of tangible and
intangible assets				- 2	- 100	- 6	- 1
Net credit losses	- 1	- 18	- 94	- 92	- 99	- 130	- 260	- 50
Operating profit	1 706	1 596	7	2 113	- 19	7 109	7 481	- 5
Cost/Income ratio	0,56	0,56		0,49		0,54	0,54
Business equity, SEK bn	36,3	36,3		26,8		36,7	26,1
Return on business equity, %	13,9	13,0		22,7		14,3	20,6
Number of full time equivalents	2 392	2 429		2 414		2 418	2 398

•Customer franchise continued to strengthen in all markets

• •Leading corporate bank in the Nordic region
• •Solid profitability and further improved asset quality

Comments on 2012

2012 was characterised by a continued uncertainty and a number of measures were taken to calm the markets. The Nordic region continued to be seen as a safe haven, however, the overall slowdown towards the end of the year naturally affected the Nordic region as well. Many European stock exchanges closed the year with positive indices compared to double digit negative indices only one year ago.

Corporate investment levels including M&A activity remained subdued, which resulted in lower customer activity. SEB continued to focus on strengthening the customer franchise in spite of the rather turbulent market environment.

Operating income decreased by 5 per cent year-on-year and by 11 per cent compared with the last quarter of 2011, driven by lower customer activity in most business areas. Operating expenses for 2012 were down by 4 per cent compared with 2011. Asset quality remained strong and net credit losses consequently low. Operating profit amounted to SEK 7,109m, down 5 per cent year-on-year.

SEB's low trading risk profile, in combination with higher customer activity levels in capital markets as the disintermediation trend continued, generated stable operating profits for Trading & Capital Markets.

Global Transaction Services managed to broaden the customer base and could offset most of the effects from lower interest rates and lower export and import volumes. Assets under custody amounted to SEK 5,191bn (4,490).

Corporate Banking continued the healthy performance in 2012 and delivered a solid result across all areas.

The first phase of the growth initiatives, launched back in 2010, in the Nordic countries outside Sweden and in Germany was completed. During 2012, 94 new customers were added, bringing the total new clients to 296 since the start of 2010. The initiative also resulted in a stronger local franchise and more visibility in landmark transactions.

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

	Q4	Q3		Q4		Jan- Dec
SEK m	2012	2012	%	2011		2012	2011	%
Net interest income	1 821	1 796	1	1 620	12	7 117	6 063	17
Net fee and commission income	957	886	8	980	- 2	3 648	3 775	- 3
Net financial income	86	79	9	81	6	339	302	12
Net other income	24	19	26	20	20	76	97	- 22
Total operating income	2 888	2 780	4	2 701	7	11 180	10 237	9
Staff costs	- 731	- 755	- 3	- 741	- 1	-3 024	-2 951	2
Other expenses	- 845	- 787	7	- 901	- 6	-3 266	-3 638	- 10
Depreciation, amortisation and impairment of
tangible and intangible assets	- 20	- 24	- 17	- 21	- 5	- 85	- 79	8
Total operating expenses	-1 596	-1 566	2	-1 663	- 4	-6 375	-6 668	- 4
Profit before credit losses	1 292	1 214	6	1 038	24	4 805	3 569	35
Gains less losses from disposals of tangible and
intangible assets
Net credit losses	- 119	- 99	20	- 180	- 34	- 452	- 441	2
Operating profit	1 173	1 115	5	858	37	4 353	3 128	39
Cost/Income ratio	0,55	0,56		0,62		0,57	0,65
Business equity, SEK bn	14,2	14,8		11,0		14,4	10,8
Return on business equity, %	24,5	22,2		23,1		22,3	21,4
Number of full time equivalents	3 649	3 649		3 684		3 708	3 659

• •Higher lending and deposit volumes
• •Awarded Bank of the Year and Best SME bank
• •39 per cent increase in operating profit

Comments on 2012

Retail Banking showed continued strength in 2012. Operating income increased by 9 per cent compared to 2011. The enhanced efficiency focus led to a decrease of operating expenses by 4 per cent, and the division's operating profit increased from SEK 3,128m to SEK 4,353m.

The mortgage portfolio grew by SEK 36bn to reach SEK 350bn, and margins increased somewhat. In order to protect the customers' financial position and SEB's balance sheet, SEB's amortisation requirements, starting in 2013, were communicated.

The strategic focus on long-term customer relationships led to improved offerings to retail customers, such as the launch of a new bank service to young adults as well as providing individual advice to 438,000 home bank customers. New features were launched to enhance remote support for customers, such as ATM mobile search functions and support for savings planning. The number of visits to SEB's mobile banking application increased markedly during the year and reached 31 million for the year.

The offering to small and medium-sized enterprises attracted 8,750 new active payment service customers to reach a total of 130,000. Corporate lending outperformed market growth and amounted to SEK 152bn at year-end.

Volatile stock markets led customers to lower their risk profiles by reallocating their savings towards deposits. This pressured commission income from life insurance and mutual funds. Deposits increased by SEK 16bn to SEK 216bn.

The operating profit in the card business in all Nordic markets reached SEK 1,123m (1,011m). The main reasons for the improvement were increased card turnover and lower funding costs. The underlying business was characterised by a high level of business activity. Costs are slightly up due to the implementation of a new co-brand agreement in Norway. The credit losses were stable at SEK 201m (220).

Card turnover increased by 11 per cent and the average transaction amount continued to fall reflecting that cards are increasingly used for sundry expenses. The number of cards increased by 8 per cent, to 3.5 million.

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

	Q4	Q3		Q4		Jan- Dec
SEK m	2012	2012	%	2011		2012	2011	%
Net interest income	158	160	- 1	167	- 5	667	635	5
Net fee and commission income	926	733	26	972	- 5	3 244	3 589	- 10
Net financial income	31	30	3	17	82	97	87	11
Net other income	3	- 7	- 143			30	7
Total operating income	1 118	916	22	1 156	- 3	4 038	4 318	- 6
Staff costs	- 331	- 339	- 2	- 349	- 5	-1 322	-1 388	- 5
Other expenses	- 328	- 333	- 2	- 383	- 14	-1 379	-1 501	- 8
Depreciation, amortisation and impairment of
tangible and intangible assets	- 11	- 10	10	- 18	- 39	- 43	- 49	- 12
Total operating expenses	- 670	- 682	- 2	- 750	- 11	-2 744	-2 938	- 7
Profit before credit losses	448	234	91	406	10	1 294	1 380	- 6
Gains less losses from disposals of tangible and
intangible assets
Net credit losses	- 6			- 2	200	- 5	- 9	- 44
Operating profit	442	234	89	404	9	1 289	1 371	- 6
Cost/Income ratio	0,60	0,74		0,65		0,68	0,68
Business equity, SEK bn	5,8	5,8		5,1		6,0	5,0
Return on business equity, %	22,5	12,0		23,0		16,0	19,7
Number of full time equivalents	919	913		957		940	973

•Continued strong confidence from Private Banking customers: net sales AuM SEK 28bn and 1,214 new clients

•Awarded as Best Private Bank in the Nordic areas by the Financial Times Group

•Operating profit decreased

Comments on 2012

After the somewhat turbulent first six months in the equity market, the latter part of the year developed more positively and the stock markets recovered. However, risk appetite and customer activity in equity related products were low during the year due to the uncertainty in the equity stock markets.

During the year Private Banking maintained a high level of proactivity towards clients and attracted 1,214 new customers (1,335). New volumes of assets under management amounted to SEK 28bn (27). For the third consecutive year SEB was awarded the Global Private Banking Award as best private bank in the Nordic area by the magazines "The Banker" and "PWM" (Professional Wealth Management), both included in the Financial Times Group. To further improve customer service, a Private Banking office was opened in London.

Within Institutional Clients, there was focus on products that offer alternatives to the volatile stock markets. Customer interest in closed-end funds, such as Credit Opportunity III, as well as SEB's first institutional real estate fund in Sweden,

Domestica, was high. Within the fund offering, products such as corporate bonds, high yield funds, allocation and strategy funds have drawn customers' attention.

The operating profit of SEK 1,289m was down by 6 per cent compared with last year. Base commissions were down 6 per cent, partially because the average market values on assets under management were lower compared to 2011. There was an impact from the decision to liquidate the real estate fund ImmoInvest in Germany. However, the market values improved in the fourth quarter. Performance and transaction fees amounted to SEK 264m (399) mainly due to lower transaction fees from the real estate business in Germany and lower performance fees from mutual funds and mandates. Operating expenses, which amounted to SEK 2,744, decreased by 7 per cent compared to 2011 despite restructuring costs during the year.

Total assets under management amounted to SEK 1,228bn (1,175).

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

	Q4	Q3		Q4		Jan- Dec
SEK m	2012	2012	%	2011		2012	2011	%
Net interest income	- 18	- 20	- 10	- 7	157	- 86	- 33	161
Net life insurance income	1 149	1 179	- 3	1 253	- 8	4 707	4 504	5
Total operating income	1 131	1 159	- 2	1 246	- 9	4 621	4 471	3
Staff costs	- 305	- 294	4	- 307	- 1	-1 214	-1 193	2
Other expenses	- 128	- 137	- 7	- 153	- 16	- 537	- 536	0
Depreciation, amortisation and impairment of
tangible and intangible assets	- 209	- 224	- 7	- 203	3	- 890	- 785	13
Total operating expenses	- 642	- 655	- 2	- 663	- 3	-2 641	-2 514	5
Profit before credit losses	489	504	- 3	583	- 16	1 980	1 957	1
Operating profit	489	504	- 3	583	- 16	1 980	1 957	1
Change in surplus values, net	115	148	- 22	399	- 71	671	1 188	- 44
Business result	604	652	- 7	982	- 38	2 651	3 145	- 16
Cost/Income ratio	0,57	0,57		0,53		0,57	0,56
Business equity, SEK bn	6,5	6,5		6,4		6,5	6,4
Return on business equity, %
based on operating profit	26,2	27,0		32,1		26,5	26,9
based on business result	32,3	34,9		54,0		35,5	43,2
Number of full time equivalents	1 338	1 323		1 323		1 320	1 270

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

• •Maintained leadership in the Swedish unit-linked market
• •SEB Pension ranked as number one in the Danish pension market
• •Operating profit increased 1 per cent in a subdued financial environment

Comments on 2012

In the Swedish market the focus on occupational pension and corporate clients continued. SEB's bankassurance concept was appreciated by clients.

A number of new products were launched in the Baltic area during the year, for example loan protection in Estonia, Latvia and Lithuania and family insurance in Latvia. Enhanced advisory service and on-line solutions were well received in the Danish market where SEB Pension ranked number one in the pension market in terms of customer satisfaction (according to the Aalund report).

Operating profit increased by 1 per cent compared to last year. Unit-linked income, which represents 59 per cent of total income and 83 per cent of sales, increased by 7 per cent, due to the acquisition of SEB Life International. Income from traditional and risk insurance increased by 3 per cent. Expenses decreased by 2 per cent adjusted for SEB Life International.

In Sweden, SEB Trygg Liv continued to be the market leader within unit-linked insurance. Recoveries of provisions in the traditional business were SEK 43m (-53). Operating profit amounted to SEK 1,307m which was virtually unchanged from last year. During the year the total fund value increased by SEK 11bn to SEK 138bn.

Operating profit in Denmark increased slightly and amounted to SEK 585m which was 2 per cent higher than last year. The improvement was due to a 10 per cent cost reduction. Income fell partly due to lower return from the own account investment portfolio.

Operating profit for International improved significantly from last year's SEK 91m to SEK 168m. The improvement was mainly due to higher investment returns from traditional portfolios in Estonia and Latvia. SEB Life International (formerly Irish Life) was fully integrated into SEB and supported income growth.

The premium income relating to new and existing policies amounted to SEK 27bn for the division which was 6 per cent lower than last year. The weighted sales volume of new policies decreased by 9 per cent to SEK 39bn and reflected lower volumes in the Swedish endowment market. The share of corporate paid policies increased to 76 per cent (68).

The total fund value in unit-linked insurance increased by SEK 17bn to 204bn. The net inflow was SEK 3bn and the appreciation in value was SEK 14bn or 7 per cent. Total net assets under management amounted to SEK 443bn.

Baltic

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

Income statement

	Q4	Q3		Q4		Jan- Dec
SEK m	2012	2012	%	2011		2012	2011	%
Net interest income	461	482	- 4	571	- 19	1 970	2 162	- 9
Net fee and commission income	246	233	6	223	10	919	889	3
Net financial income	99	103	- 4	105	- 6	423	365	16
Net other income	- 3	- 4	- 25	- 11	- 73	- 11	- 33	- 67
Total operating income	803	814	- 1	888	- 10	3 301	3 383	- 2
Staff costs	- 172	- 162	6	- 191	- 10	- 681	- 701	- 3
Other expenses	- 319	- 250	28	- 324	- 2	-1 080	-1 119	- 3
Depreciation, amortisation and impairment of
tangible and intangible assets	- 183	- 32		- 34		- 280	- 133	111
Total operating expenses	- 674	- 444	52	- 549	23	-2 041	-1 953	5
Profit before credit losses	129	370	- 65	339	- 62	1 260	1 430	- 12
Gains less losses from disposals of tangible and
intangible assets	1	5	- 80	1	0	9	2
Net credit losses	- 149	- 70	113	32		- 351	1 485	- 124
Operating profit	- 19	305	- 106	372	- 105	918	2 917	- 69
Cost/Income ratio	0,84	0,55		0,62		0,62	0,58
Business equity, SEK bn	8,9	8,5		8,8		8,8	8,8
Return on business equity, %	negative	13,0		15,6		9,7	29,6
Number of full time equivalents	2 857	2 907		3 065		2 960	3 148

• •Deposit volumes increased by 7 per cent in 2012 and loan volumes grew in local currency
• •SEB named Bank of the Year in Estonia, Latvia and Lithuania by The Banker
• •Lower operating profit due to one-off items and reversal of credit provisions in 2011

Comments on 2012

Following the severe economic downturn between 2008 and 2010, GDP growth in 2012 was above the Euro area average in each of the three Baltic economies. Consumer confidence also increased in the region as unemployment levels eased somewhat.

Operating income of SEK 3,301m was 1 per cent higher than in 2011 when adjusted for a strengthened Swedish krona. The operating profit of SEK 918m (2,917) included net credit losses of SEK 351m (net recovery of SEK 1,485m in 2011). There was an increase in credit losses in Latvia during the year due to legacy issues. Non-performing loans declined by 22 per cent in 2012 and the non-performing loans coverage ratio has increased slightly to 61 per cent.

Operating expenses increased by 5 per cent. In the fourth quarter two one-off operating expense items in Lithuania affected the result. SEK 148m was provided for a write-down

of a core banking system and SEK 63m was provided for an anti-trust penalty fee, which SEB will appeal. Excluding these two items, operating expenses decreased by 6 per cent.

The Baltic loan volumes of SEK 97bn grew in local currency terms during the year. The lending margins were relatively stable. Performing loan volumes grew by 1 per cent in local currency terms and corporate loans grew in all countries.

Total deposit volumes of SEK 68bn increased by 7 per cent in the year in local currency terms, with a 4 per cent growth during the fourth quarter. Overall deposit margins declined in each of the Baltic countries, reflecting the low prevailing interest rate environment throughout the year.

At year-end, SEB's Baltic real estate holding companies held assets with a total book value of SEK 2,162m (1,455). The operating loss for 2012 was SEK 98m (63).

The SEB Group

Net interest income – SEB Group

	Q4	Q3		Q4		Jan - Dec
SEK m	2012	2012	%	2011	%	2012	2011	%
Interest income	12 788	13 179	- 3	14 866	- 14	53 794	56 163	- 4
Interest expense	-8 330	-8 713	- 4	-10 548	- 21	-36 159	-39 262	- 8
Net interest income	4 458	4 466	0	4 318	3	17 635	16 901	4

Net fee and commission income – SEB Group

	Q4	Q3		Q4			Jan - Dec
SEK m	2012	2012	%	2011	%	2012	2011	%
Issue of securities	45	11		92	- 51	144	252	- 43
Secondary market	370	398	- 7	525	- 30	1 487	1 821	- 18
Custody and mutual funds	1 838	1 564	18	1 795	2	6 691	7 218	- 7
Securities commissions	2 253	1 973	14	2 412	- 7	8 322	9 291	- 10
Payments	396	376	5	399	- 1	1 580	1 575	0
Card fees	1 096	1 103	- 1	1 060	3	4 372	4 034	8
Payment commissions	1 492	1 479	1	1 459	2	5 952	5 609	6
Advisory	196	81	142	97	102	502	432	16
Lending	608	442	38	461	32	2 047	1 963	4
Deposits	36	33	9	27	33	128	106	21
Guarantees	113	114	- 1	106	7	451	398	13
Derivatives	110	103	7	208	- 47	453	715	- 37
Other	152	65	134	128	19	481	509	- 6
Other commissions	1 215	838	45	1 027	18	4 062	4 123	- 1
Fee and commission income	4 960	4 290	16	4 898	1	18 336	19 023	- 4
Securities commissions	- 371	- 281	32	- 348	7	-1 286	-1 385	- 7
Payment commissions	- 626	- 641	- 2	- 592	6	-2 572	-2 301	12
Other commissions	- 248	- 176	41	- 321	- 23	- 858	-1 162	- 26
Fee and commission expense	-1 245	-1 098	13	-1 261	- 1	-4 716	-4 848	- 3
Securities commissions, net	1 882	1 692	11	2 064	- 9	7 036	7 906	- 11
Payment commissions, net	866	838	3	867	0	3 380	3 308	2
Other commissions, net	967	662	46	706	37	3 204	2 961	8
Net fee and commission income	3 715	3 192	16	3 637	2	13 620	14 175	- 4

Net financial income – SEB Group

	Q4	Q3 Q4			Jan - Dec
SEK m	2012	2012	%	2011	%	2012	2011	%
Equity instruments and related derivatives	- 12	289		- 17	- 29	518	- 21
Debt instruments and related derivatives	137	- 8		- 64		972	1 057	-8
Currency related	885	809	9	848	4	3 163	2 981	6
Other	- 28	1		- 178	- 84	- 74	- 469	-84
Net financial income	982	1 091	-10	589	67	4 579	3 548	29

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

Net credit losses – SEB Group

	Q4	Q3		Q4			Jan - Dec
SEK m	2012	2012	%	2011	%	2012	2011	%
Provisions:
Net collective provisions for individually
assessed loans	124	- 62		- 7		104	707	-85
Net collective provisions for portfolio
assessed loans	- 37	- 84	-56	- 11		- 148	68
Specific provisions	- 90	2		- 195	-54	- 532	- 800	-34
Reversal of specific provisions no longer required	85	186	-54	173	-51	557	1 421	-61
Net provisions for off-balance sheet items		2	-100	19	-100	23	68	-66
Net provisions	82	44	86	- 21		4	1 464	-100
Write-offs:
Total write-offs	-1 007	- 741	36	- 749	34	-2 892	-2 705	7
Reversal of specific provisions utilized
for write-offs	594	484	23	487	22	1 814	1 909	-5
Write-offs not previously provided for	- 413	- 257	61	- 262	58	-1 078	- 796	35
Recovered from previous write-offs	55	27	104	43	28	137	110	25
Net write-offs	- 358	- 230	56	- 219	63	- 941	- 686	37
Net credit losses	- 276	- 186	48	- 240	15	- 937	778

Staff costs – SEB Group

	Jan - Dec
SEK m	2012	2011	%
Salaries*	-10 531	-10 480	0
Short-term incentive*	-1 072	-1 382	-22
Long-term incentive*	- 580	- 282	106
Pension costs	-1 421	-1 411	1
Redundancy costs*	- 413	- 135	0
Other staff costs	- 579	- 635	-9
Staff costs	-14 596	-14 325	2

* including social charges

	Jan - Dec
SEK m	2012	2011	%
Short-term incentive (STI) to staff	- 884	-1 124	-21
Social benefit charges on STI	- 188	- 258	-27
Short-term incentive remuneration	-1 072	-1 382	-22

		Jan - Dec
SEK m	2012	2011	%
Long-term incentive (LTI) to staff	- 317	- 287	10
Social benefit charges on LTI	- 263	5	0
Long-term incentive remuneration	- 580	- 282	106

Balance sheet – SEB Group

	31 Dec	31 Dec
SEK m	2012	2011
Cash and cash balances with central banks	191 445	148 042
Other loans to central banks	17 718	80 548
Loans to other credit institutions1)	126 023	128 763
Loans to the public	1 236 088	1 186 223
Financial assets at fair value *	725 938	669 678
Available-for-sale financial assets *	50 599	57 377
Held-to-maturity investments *	82	282
Assets held for sale		2 005
Investments in associates	1 252	1 289
Tangible and intangible assets	28 494	29 016
Other assets	75 817	56 158
Total assets	2 453 456	2 359 381
Deposits from credit institutions	170 656	201 274
Deposits and borrowing from the public	862 260	861 682
Liabilities to policyholders	285 973	269 683
Debt securities	661 851	589 873
Financial liabilities at fair value	237 001	232 247
Liabilities held for sale		1 962
Other liabilities	96 349	68 967
Provisions	5 572	5 845
Subordinated liabilities	24 281	25 109
Total equity	109 513	102 739
Total liabilities and equity	2 453 456	2 359 381
* Of which bonds and other interest bearing securities including derivatives.	460 423	456 915

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 Dec	31 Dec
SEK m	2012	2011
Collateral pledged for own liabilities1)	352 459	365 784
Assets pledged for liabilities to insurance polichyholders2)	288 721	255 312
Other pledged collateral3)	135 372	130 156
Contingent liabilities	94 175	94 004
Commitments	407 423	390 352

1) Of which collateralised for covered bonds SEK 320,859m (308,391), repos SEK 28,392m (51,612) and pledged and encumbered bonds SEK 3,208m (5,781).

2) Of which assets pledged for insurance contracts SEK 84,879m (84,764) and for investment contracts (shares in premium funds "unit-linked") SEK 203,843m (170,549).

3) Securities' lending SEK 66,675m (68,048) and pledged but unencumbered bonds SEK 68,697m (62,108).

Statement of changes in equity – SEB Group

			Available
			for-sale		Defined	Translation		Total Share
	Share	Retained	financial	Cash flow	benefit	of foreign		holders'	Minority
SEK m	capital	earnings	assets	hedges	plans	operations	Other	equity		interests Total Equity
Jan-Dec 2012 Opening balance	21 942	82 272	-1 003	1 107	- 88	-1 279	- 473		261
								102 478		102 739
Net profit		11 632						11 632	22	11 654
Other comprehensive income (net of tax)			1 276	581	-2 003	- 386	- 284	- 816		- 816
Total comprehensive income		11 632	1 276	581	-2 003	- 386	- 284	10 816	22	10 838
Dividend to shareholders		-3 795						-3 795	- 193	-3 988
Employee share programme*		- 113						- 113		- 113
Change in holdings of own shares		37						37		37
Closing balance	21 942	90 033	273	1 688	-2 091	-1 665	- 757	109 423	90	109 513
Jan-Dec 2011
Opening balance	21 942	80 571	-1 725	- 422		-1 145	56	99 277	266	99 543
Change in accounting policy for defined benefit plans		-5 340						-5 340		-5 340
Adjusted openining balance	21 942	75 231	-1 725	- 422		-1 145	56	93 937	266	94 203
Net profit		10 819						10 819	37	10 856
Other comprehensive income (net of tax)			722	1 529	- 88	- 134	- 529	1 500	- 1	1 499
Total comprehensive income		10 819	722	1 529	- 88	- 134	- 529	12 319	36	12 355
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 Change in fair value measurement of financial assets	21 942	82 984 - 712	-1 003	1 107	- 88	-1 279	- 473	103 190 - 712	261	103 451 - 712

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

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

During 2011, SEB repurchased 3.0 million Series A shares for the long-term incentive programmes as decided at the Annual General Meeting. As stock options were exercised, 1.0 million shares were sold in 2011. As of 31 December 2011 SEB owned 2.3 million Class A shares with a market value of SEK 94m. Another 12.1 million shares have been sold as stock options were exercised in 2012. During 2012, SEB also repurchased 12.0 million Series A shares for the long-term incentive programmes as decided at the Annual General Meeting. As of 31 December 2012 SEB owned 2.2 million Class Ashares with a market value of SEK 121m.

Cash flow statement – SEB Group

	Jan - Dec
SEK m	2012	2011	%
Cash flow from operating activities	- 6 653	219 062	- 103
Cash flow from investment activities	- 1 278	- 1 952	- 35
Cash flow from financing activities	- 4 682	- 3 671	28
Net increase in cash and cash equivalents	- 12 613	213 439	- 106
Cash and cash equivalents at the beginning of year	276 853	63 646
Exchange rate differences on cash and cash equivalents	- 6 948	- 232
Net increase in cash and cash equivalents	- 12 613	213 439	- 106
Cash and cash equivalents at the end of period1)	257 292	276 853	- 7

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

	Q4	Q3		Q4			Jan - Dec
SEK m	2012	2012	%	2011	%	2012	2011	%
Reclassified
Opening balance	30 813	33 207	-7	49 190	-37	42 169	78 681	-46
Amortisations	- 828	- 737	12	- 475	74	-2 862	-6 360	-55
Securities sold	-1 611	56		-4 778	-66	-8 656	-29 058	-70
Accrued coupon	- 32	25		- 51	-37	9	- 4
Exchange rate differences	1 000	-1 738	-158	-1 717	-158	-1 318	-1 090	21
Closing balance*	29 342	30 813	- 5	42 169	- 30	29 342	42 169	-30
* Market value	28 423	29 597	-4	39 284	-28	28 423	39 284	-28
Fair value impact - if not reclassified
In Equity (AFS origin)	242	310	-22	- 279	-187	1 117	21
In Income Statements (HFT origin)	98	23		24		217	127	71
Total	340	333	2	- 255		1 334	148
Effect in Income Statements*
Net interest income	103	125	-18	267	-61	602	1 214	-50
Net financial income	697	-1 041	-167	- 901	-177	- 639	-1 147	-44
Other income	- 1	- 3	-67	- 128	-99	- 391	- 473	-17
Total	799	- 919	-187	- 762		- 428	- 406	5

* 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 Dec	31 Dec
SEK m	2012	2011
Individually assessed impaired loans Impaired loans, past due > 60 days	7 234	9 831
Impaired loans, performing or past due < 60 days	767	1 259
Total individually assessed impaired loans	8 001	11 090
Specific reserves	- 4 165	- 5 938
for impaired loans, past due > 60 days	- 3 783	- 5 311
for impaired loans, performing or past due < 60 days	- 382	- 627
Collective reserves	- 1 790	- 1 948
Impaired loans net	2 046	3 204
Specific reserve ratio for individually assessed impaired loans	52.1%	53.5%
Total reserve ratio for individually assessed impaired loans	74.4%	71.1%
Net level of impaired loans	0.28%	0.39%
Gross level of impaired loans	0.58%	0.84%
Portfolio assessed loans
Portfolio assessed loans past due > 60 days	5 389	6 483
Restructured loans	450	501
Collective reserves for portfolio assessed loans	- 2 914	- 3 351
Reserve ratio for portfolio assessed loans	49.9%	48.0%
Reserves
Specific reserves	- 4 165	- 5 938
Collective reserves	- 4 704	- 5 299
Reserves for off-balance sheet items	- 300	- 369
Total reserves	- 9 169	- 11 606
Non-performing loans
Non-performing loans*	13 840	18 074
NPL coverage ratio	66.2%	64.2%
NPL % of lending	1.01%	1.36%

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

Seized assets – SEB Group

	31 Dec	31 Dec
SEK m	2012	2011
Properties, vehicles and equipment	2 251	1 603
Shares	49	53
Total seized assets	2 300	1 656

Discontinued operations – SEB Group

Income statement

	Q4	Q3		Q4			Jan - Dec
SEK m	2012	2012	%	2011	%	2012	2011	%
Total operating income	78	104	-25	84	-7	305	- 535	-157
Total operating expenses	- 89	- 97	-8	- 532	-83	- 645	-1 093	-41
Profit before credit losses	- 11	7		- 448	-98	- 340	-1 628	-79
Net credit losses		- 179	-100	- 3	-100	- 181	180
Operating profit	- 11	- 172	-94	- 451	-98	- 521	-1 448	-64
Income tax expense	10	17	-41	151	-93	33	293	-89
Net profit from discontinued operations	- 1	- 155	-99	- 300	-100	- 488	-1 155	-58

Assets and liabilities held for sale

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

Cash flow statement

	Q4	Q3		Q4			Jan - Dec
SEK m	2012	2012	%	2011	%	2012	2011	%
Cash flow from operating activities	52	27	93	- 727	-107	65	27 387	- 100
Cash flow from investment activities				50	-100	38	423	- 91
Cash flow from financing activities	- 53	- 29		895	-106	87	- 27 800	- 100
Net increase in cash and cash equivalents
from discontinued operations	- 1	- 2	-50	218		190	10

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

SEB financial group of undertakings

The capital base as per 31 December 2011 has not been restated for the changes in IAS 19 - Employee Benefits, nor the financial effects from adapting to the risk measurement of CVA (Credit Value Adjustment) in the Basel III proposed framework.

Capital base of the SEB financial group of undertakings

	31 Dec	31 Dec
SEK m	2012	2011
Total equity according to balance sheet	109 513	109 161
Dividend (excl repurchased shares)	-6 028	-3 836
Investments outside the financial group of undertakings	-64	-41
Other deductions outside the financial group of undertakings	-4 451	-3 728
= Total equity in the capital adequacy	98 970	101 556
Adjustment for hedge contracts	-473	229
Net provisioning amount for IRB-reported credit exposures	0	-108
Unrealised value changes on available-for-sale financial assets	-597	717
Exposures where RWA is not calculated	-802	-914
Goodwill	-4 147	-4 147
Other intangible assets	-2 559	-2 943
Deferred tax assets	-2 003	-1 293
= Core Tier 1 capital	88 389	93 097
Tier 1 capital contribution (non-innovative)	4 300	4 455
Tier 1 capital contribution (innovative)	9 704	10 159
= Tier 1 capital	102 393	107 711
Dated subordinated debt	6 515	4 815
Deduction for remaining maturity	-39	-320
Perpetual subordinated debt	1 890	2 225
Net provisioning amount for IRB-reported credit exposures	485	-108
Unrealised gains on available-for-sale financial assets	990	799
Exposures where RWA is not calculated	-802	-914
Investments outside the financial group of undertakings	-64	-41
= Tier 2 capital	8 975	6 456
Investments in insurance companies	-10 501	-10 500
Pension assets in excess of related liabilities	0	-222
= Capital base	100 867	103 445

On 31 December 2012 the parent company's core tier 1 capital was SEK 83,574m (83,483) and the reported core Tier 1 capital ratio was 12.5 per cent (13.6).

Risk-weighted assets for the SEB financial group of undertakings

Risk-weighted assets	31 Dec	31 Dec
SEK m	2012	2011
Credit risk IRB approach
Institutions	23 879	29 552
Corporates	326 666	394 094
Securitisation positions	5 177	6 515
Retail mortgages	42 896	45 241
Other retail exposures	9 365	9 460
Other exposure classes	1 461	1 651
Total credit risk IRB approach	409 444	486 513
Further risk-weighted assets
Credit risk, Standardised approach	68 125	77 485
Operational risk, Advanced Measurement approach	40 219	42 267
Foreign exchange rate risk	14 042	13 173
Trading book risks	54 009	59 403
Total risk-weighted assets	585 839	678 841
Summary
Credit risk	477 569	563 998
Operational risk	40 219	42 267
Market risk	68 051	72 576
Total	585 839	678 841
Adjustment for flooring rules
Addition according to transitional flooring	293 398	148 774
Total reported	879 237	827 615

Capital adequacy analysis for the SEB financial group of undertakings

	31 Dec	31 Dec
Capital adequacy	2012	2011
Capital resources
Core Tier 1 capital	88 389	93 097
Tier 1 capital	102 393	107 711
Capital base	100 867	103 445
Capital adequacy without transitional floor (Basel II)
Risk-weighted assets	585 839	678 841
Expressed as capital requirement	46 867	54 307
Core Tier 1 capital ratio	15,1%	13,7%
Tier 1 capital ratio	17,5%	15,9%
Total capital ratio	17,2%	15,2%
Capital base in relation to capital requirement	2,15	1,90
Capital adequacy including transitional floor
Transitional floor applied	80%	80%
Risk-weighted assets	879 237	827 615
Expressed as capital requirement	70 339	66 209
Core Tier 1 capital ratio	10,1%	11,2%
Tier 1 capital ratio	11,6%	13,0%
Total capital ratio	11,5%	12,5%
Capital base in relation to capital requirement	1,43	1,56
Capital adequacy with risk-weighting according to Basel I
Risk-weighted assets	1 091 468	1 037 898
Expressed as capital requirement	87 317	83 032
Core Tier 1 capital ratio	8,1%	9,0%
Tier 1 capital ratio Total capital ratio	9,4% 9,2%	10,4% 10,0%
Capital base in relation to capital requirement	1,16	1,25

RWA development

Overall Basel II risk-weighted assets ('RWA'), before the effect of transitional flooring, decreased by 14 per cent, or SEK 93bn, since year-end.

RWA 31 December 2011, SEK bn	679
Implementation of a non-retail real estate LGD model	-42
Implementation of a shipping LGD model	-19
Transition to IRB foundation for a minor retail mortgage	-2
portfolio
Process changes	-19
Currency effect, i.e. a stronger Swedish krona;	-10
Volume changes;	20
Risk class migration	1
Risk-weight changes	-11
Market and operational risk change	-7
Other	-4
RWA 31 December 2012	586

Un-floored Basel II RWA was 46 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 Basel III framework

The Basel III framework is in the process of being incorporated into EU legislation through the regulatory directive, CRD IV. Due to delays in the EU process the planned implementation date of 1 January 2013 was not met and as a consequence, the Swedish transition rules, which limit the effect on the RWA, were extended to include 2013.

The 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. RWA will mainly be affected by an additional so called credit value adjustment requirement for OTC-derivatives, new requirements for exposures towards central counterparties, and an increase in risk weights for exposures towards financial institutions.

The Swedish government proposed stricter common equity tier 1 capital ratio requirements than under 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). Because of the delays in the legislative process at the EU level, Swedish authorities were not able to implement the stricter capital requirements as planned and are not expected to do so before the end of 2013.

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. Repos 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 Dec 2012	31 Dec 2011
Institutions	15,9%	19,2%
Corporates	40,8%	51,6%
Securitisation positions	34,7%	34,9%
Retail mortgages*	10,4%	12,1%
Other retail exposures	37,4%	37,5%

* On 26 November 2012 the Swedish Financial Supervisory Authority announced a planned increase of capital requirements for Swedish retail mortgages. This will be achieved by a 15 per cent minimum level of mortgage risk weights and an additional capital requirement under Pillar 2. The suggested minimum level was expected and favors SEB on a relative basis, but the Pillar 2 implementation raises questions about the practical implication.

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

Skandinaviska Enskilda Banken AB (publ)

Income statement – Skandinaviska Enskilda Banken AB (publ)

In accordance with FSA regulations	Q4	Q3		Q4			Jan - Dec
SEK m	2012	2012	%	2011	%	2012	2011	%
Interest income	9 889	9 169	8	10 201	-3	38 470	36 819	4
Leasing income	1 424	1 405	1	1 470	-3	5 817	5 756	1
Interest expense	-6 729	-6 217	8	-7 590	-11	-26 809	-27 034	-1
Dividends	25	737	-97	29	-14	2 214	3 438	-36
Fee and commission income	2 616	1 931	35	2 451	7	8 963	9 030	-1
Fee and commission expense	- 456	- 320	43	- 463	-2	-1 523	-1 634	-7
Net financial income	949	951	0	708	34	4 046	3 133	29
Other income	- 288	248		279		159	1 183	-87
Total operating income	7 430	7 904	-6	7 085	5	31 337	30 691	2
Administrative expenses	-4 568	-3 379	35	-3 776	21	-15 077	-14 479	4
Depreciation, amortisation and impairment of
tangible and intangible assets	-1 734	-1 205	44	-1 317	32	-5 446	-4 884	12
Total operating expenses	-6 302	-4 584	37	-5 093	24	-20 523	-19 363	6
Profit before credit losses	1 128	3 320	-66	1 992	-43	10 814	11 328	-5
Net credit losses	- 87	- 68	28	- 190	-54	- 385	- 458	-16
Impairment of financial assets	- 20	-1 094	-98	- 27	-26	-1 114	- 759	47
Operating profit	1 021	2 158	-53	1 775	-42	9 315	10 111	-8
Appropriations	-4 401	547		- 952		-3 175	- 148
Income tax expense	1 037	- 839		- 606		-1 289	-2 122	-39
Other taxes	- 86			36		- 86	10
Net profit	-2 429	1 866		253		4 765	7 851	-39

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

	Q4	Q3		Q4			Jan - Dec
SEK m	2012	2012	%	2011	%	2012	2011	%
Net profit	-2 429	1 866		253		4 765	7 851	-39
Available-for-sale financial assets	554	108		- 88		693	36
Cash flow hedges	152	689	-78	204	-25	584	1 536	-62
Translation of foreign operations	- 31	- 26	19	- 11	182	- 72	44
Other				- 158	-100		-452	-100
Other comprehensive income (net of tax)	675	771	-12	- 53		1 205	1 164	4
Total comprehensive income	-1 754	2 637	-167	200		5 970	9 015	-34

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

Condensed	31 Dec	31 Dec
SEK m	2012	2011
Cash and cash balances with central banks	165 994	121 948
Loans to credit institutions	200 189	245 796
Loans to the public	937 734	873 335
Financial assets at fair value	426 326	386 067
Available-for-sale financial assets	17 610	16 739
Held-to-maturity investments	1 636	2 771
Investments in associates	1 044	1 092
Shares in subsidiaries	50 671	53 686
Tangible and intangible assets	43 026	43 363
Other assets	64 823	43 491
Total assets	1 909 053	1 788 288
Deposits from credit institutions	199 711	229 428
Deposits and borrowing from the public	637 721	608 645
Debt securities	641 413	558 747
Financial liabilities at fair value	232 062	226 717
Other liabilities	74 097	44 157
Provisions	160	76
Subordinated liabilities	24 213	24 727
Untaxed reserves	26 346	25 049
Total equity	73 330	70 742

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

	31 Dec	31 Dec
SEK m	2012	2011
Collateral pledged for own liabilities	294 990	281 967
Other pledged collateral	119 577	113 185
Contingent liabilities	78 565	74 435
Commitments	315 157	303 315

Restatement of Financial Statements – SEB Group

The restatement is related to the accounting of defined benefit plans due to amendments in IAS 19 Employee benefits. The amendment removes the possibility to use the corridor method. The standard also requires an entity to apply the discount rate on the net defined benefit liability in order to calculate the net interest expense. The initial effect is reported against retained earnings as of 1 January 2011 and subsequent changes are reported in Staff costs and OCI.

The restatement also reflects changes in the measurement of fair value of financial assets from development of the valuation model and risk measurement of Credit Value Adjustment (CVA). The adjustment is recognised as a change in retained earnings as of 31 December 2011. The effect attributable to 2012 isolated is not material.

Income statement - SEB Group (condensed version)

		Changes				Jan - Dec 2011		Jan - Sep 2012
	Q4	Q1	Q2	Q3	Previously			Previously
SEK m	2011	2012	2012	2012	reported	Changes	Restated	reported	Changes	Restated
Total operating income					37 686		37 686	29 186		29 186
Staff costs	- 104	- 59	- 62	- 59	-13 933	- 392	-14 325	-10 744	- 180	-10 924
Total operating expenses	- 104	- 59	- 62	- 59	-23 121	- 392	-23 513	-16 948	- 180	-17 128
Operating profit	- 104	- 59	- 62	- 59	15 345	- 392	14 953	11 576	- 180	11 396
Income tax expense	27	15	16	16	-3 046	104	-2 942	-2 541	47	-2 494
Net profit from continuing operations	- 77	- 44	- 46	- 43	12 299	- 288	12 011	9 035	- 133	8 902
Net profit	- 77	- 44	- 46	- 43	11 144	- 288	10 856	8 548	- 133	8 415
Continuing operations
Basic earnings per share, SEK	-0.04	-0.02	-0.02	-0.02	5.59	-0.13	5.46	4.11	-0.06	4.05
Diluted earnings per share, SEK	-0.04	-0.02	-0.02	-0.02	5.56	-0.13	5.43	4.10	-0.06	4.04
Total operations
Basic earnings per share, SEK	-0.04	-0.02	-0.02	-0.02	5.06	-0.13	4.93	3.89	-0.06	3.83
Diluted earnings per share, SEK	-0.04	-0.02	-0.02	-0.02	5.04	-0.13	4.91	3.88	-0.06	3.82

Statement of comprehensive income - SEB Group (condensed version)

		Changes				Jan - Dec 2011			Jan - Sep 2012
	Q4	Q1	Q2	Q3	Previously			Previously
SEK m	2011	2012	2012	2012	reported	Changes	Restated	reported	Changes	Restated
Net profit	- 77	- 44	1	- 43	11 144	- 288	10 856	8 548	- 133	8 415
Defined benefit plans	814	637	- 983	- 99		- 88	- 88		- 445	- 99
Translation of foreign operations	6				- 140	6	- 134	- 631		- 631
Other comprehensive income (net of tax)	820	637	- 983	- 99	1 581	- 82	1 499	83	- 445	- 362
Total comprehensive income	743	593	- 982	- 142	12 725	- 370	12 355	8 631	- 578	8 053

Balance sheets - SEB Group (condensed version)

	1 Jan 2011			31 Dec 2011			30 Sep 2012
	Previously			Previously			Previously
SEK m	reported	Changes	Restated	reported	Changes	Restated	reported	Changes	Restated
Financial assets at fair value	617 746		617 746	670 633	- 955	669 678	718 133	- 955	717 178
Other assets	65 091	-3 042	62 049	58 475	-2 317	56 158	56 059	-1 778	54 281
Total assets	2 179 821	-3 042	2 176 779	2 362 653	-3 272	2 359 381	2 401 630	-2 733	2 398 897
Other liabilities	85 331	- 974	84 357	69 883	- 916	68 967	68 912	- 882	68 030
Provisions	1 748	3 272	5 020	1 779	4 066	5 845	2 431	5 105	7 536
Total equity	99 543	-5 340	94 203	109 161	-6 422	102 739	113 618	-6 956	106 662
Total liabilities and equity	2 179 821	-3 042	2 176 779	2 362 653	-3 272	2 359 381	2 401 630	-2 733	2 398 897

Equity - SEB Group (condensed version)

	1 Jan 2011			31 Dec 2011			30 Sep 2012
	Previously			Previously			Previously
SEK m	reported	Changes	Restated	reported	Changes	Restated	reported	Changes	Restated
Change in accounting policy for defined benefit plans		-5 340	-5 340		-5 710	-5 710		-6 244	-6 244
Change in fair value measurement of financial assets					- 712	- 712		- 712	- 712
Total equity	99 543	-5 340	94 203	109 161	-6 422	102 739	113 618	-6 956	106 662

This is SEB

SEB is a leading Nordic financial services group. As a relationship bank strongly committed to deliver customer value, SEB in Sweden and the Baltic countries offers financial advice and a wide range of financial services. In Denmark, Finland, Norway and Germany the Bank's operations have a strong focus on a full-service offering to corporate and institutional clients. SEB's activities are carried out with a long-term perspective to fulfil the bank's role to assist businesses and markets to thrive. The international nature of SEB's business is reflected in its presence in some 20 countries worldwide. SEB serves more than 4 milion customers and has around 16,500 employees.

Mission:	We help people and businesses thrive by providing quality advice and financial resources
Vision:	To be the trusted partner for customers with aspirations
Brand promise:	Rewarding relationhips
Corporate objectives:	The leading Nordic bank for corporates and institutions
	Top universal bank in Sweden and the Baltic countries
Strategic priorities:	Long-term customer relationships – SEB provides advice with a long-term perspective based on the customer's overall financial situation.
	Growth in areas of strength – large corporates and institutions in the Nordic region and Germany, small and medium-sized corporates in Sweden, and savings
	Resilience and flexibility – SEB proritises to maintain a strong capital and liquidity position in order to ensure the long term capacity to support our customers in all circumstances.

Fact Book Annual Accounts 2012 = =

STOCKHOLM 31 JANUARY 2013

About SEB 4
Financial targets 4
Rating 4
Organisation 5
Full-time equivalents, end of quarter 5
Corporate Governance 6
Board 6
Group Executive Committee 6
Share and shareholders 7
The SEB share Index 7
SEB's major shareholders Dividend development 7
Income statement 8
SEB Group 8
Income, Expenses and Operating profit 8
Income statement, quarters SEB Group 9
Share of profit before credit losses 9
Key figures – SEB Group 10
Impact from exchange rate fluctuations 10
Net interest income analysis 11
Net interest margin11
NII customer driven specification 12
Net financial income 12
Net fee and commission income 13
Expenses 13
Staff costs - SEB Group 13
Other expenses - SEB Group 13
Balance sheet structure & funding14
Balance sheet structure 14
Total loans and deposits 15
Loan to deposit ratio excl repos and debt instruments 15
A strong balance sheet structure, Dec 2012 15
Intangible assets 15
Long-term funding Maturity profile, Dec 2012 16
By product, SEK bn 16 By currency, SEK bn 16
Long-term funding raised, SEK bn 16
Balance Sheet Maturity Profile SEB Group17
Remaining Contractual Maturities17
SEB's Liquidity Reserve 18
Asset encumbrance 18
SEB AB Cover pool and covered bonds characteristics 19
Capital adequacy 20
Capital base of the SEB financial group of undertakings 20
Risk-weighted assets for the SEB financial group of undertakings 21
RWA development 21
SEB Group - Basel II without transitional rules 21
IRB reported credit exposures (less repos and securities lending) 22
All outstanding Subordinated Debt and Hybrid Tier 1 issues 22
Assets under management22
Credit portfolio 23
Credit portfolio* 23
Credit portfolio by industry and geography* 23
Loan portfolio by industry and geography*24
Credit portfolio – Corporates Credit portfolio – Property Management 25
Credit portfolio by industry and geography* 25
Asset quality 26
Credit loss level26
Development of Non-performing loans26
Non-performing loans & reserves 27
Non-performing loans & reserves 27
SEB Group 27
Baltic geographies 27
Impaired loans by industry and geography*28
Portfolio assessed loans* (Including restructured loans) 29

Market risk29
Debt instruments 30
SEB's holdings of bonds with exposure to Greece, Italy, Ireland, Portugal and Spain 30
SEB Group by business segment 31
Operating profit before credit loss provisions per division 31
Other and eliminations, total (Group-wide functions outside the divisions) 31
Merchant Banking 32
Income, Expenses, Net losses and Operating profit 32
Trading and Capital Markets 33
Corporate Banking 33 Global Transaction Services 33
Nordic leader in investment banking 34
Trading and Capital Markets, income by main product cluster 34
Low risk trading orientation 34
Retail Banking 35
Income, Expenses and Operating profit 35
Retail Sweden 36
Cards 36
Business volume development by area 36
Retail Sweden 36
Volumes 37
Retail Sweden 37
Cards37
Eurocard brand in: 37
Diners Club brand Issuing & Acquiring exclusively in: 37
Wealth Management 38
Income, Expenses and Operating profit 38
AuM per customer type 39 Total net new money per quarter 39
Mutual funds per product type 39
Life 40
Income, Expenses and Operating profit40
Income statement 41
Sales volume insurance (weighted*) 42
Premium income and Assets under management42
Market shares, premium income new and existing unit-linked policies 43
Gamla Livförsäkringsaktiebolaget 43
Surplus values 43
Embedded value 43
Surplus value accounting44
Baltic 45
Income, Expenses and Operating profit45
Baltic Estonia46 Baltic Latvia46
Baltic Lithuania 46
Baltic real estate holding companies 47
Business volume development by area 47
Deposit breakdown, Per cent of total deposits 47
Deposit market shares 47
Baltic countries 48
Baltic lending market shares 48
Per cent, Q2 2009 – Q4 2012 ^ 48
Loan portfolio 48
Volumes49
Baltic Estonia, EUR 49 Baltic Latvia, LVL49
Baltic Lithuania, LTL 50
Baltic real estate holding companies50
SEB Group by geography51
Macro 53
Nordic countries 53
Baltic countries 54
Swedish housing market 55
Macro forecasts per country56
Definitions 58

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	2,800 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.
Corporate objectives	The leading Nordic bank for corporates and institutions
	Top universal bank in Sweden and the Baltic countries
Strategic priorities	Long-term customer relationships – SEB provides advice with a long-term perspective based on the customer's overall financial situation.
	Leading Nordic corporate bank – SEB grows through an increased share of existing customer business and through increased activity versus new corporate customers.
	Resilience and flexibility – SEB proritises to maintain a strong capital and liquidity position in order to ensure the long term capacity to support our customers in all circumstances.
People	16,500 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	2008	2009	2010	2011	2012	Target
Return on equity (per cent)	13.1	1.2	6.8	11.1	11.1	Competitive with peers
Core Tier 1 ratio (Basel 2.5, per cent)	10.1	13.9	14.2	13.7	15.1
Common Equity Tier 1 ratio (Basel III per cent)					13.1	13%
Dividend (per cent of earnings per share)	0	172	49	35	521	Dividend payout 40% or above
1 SEK 2.75 per share proposed by the AGM

Rating

	Moody's	Standard & Poor's		Fitch
	Outlook Stable	Outlook Negative		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
	2011	2011	2011	2011	2012	2012	2012	2012
Merchant Banking	2,386	2,390	2,409	2,414	2,414	2,414	2,429	2,392
Retail Banking	3,623	3,723	3,651	3,684	3,724	3,834	3,649	3,649
RB Sweden	2,850	2,949	2,869	2,905	2,959	3,072	2,882	2,898
RB Cards	773	774	782	779	765	762	767	751
Wealth Management	976	982	965	957	955	948	913	919
Life	1,237	1,241	1,331	1,323	1,305	1,303	1,323	1,338
Baltic	3,203	3,182	3,112	3,065	3,030	2,990	2,907	2,857
Baltic Estonia	981	969	922	891	875	863	839	814
Baltic Latvia	878	888	883	863	881	867	837	821
Baltic Lithuania	1,323	1,306	1,282	1,285	1,248	1,233	1,203	1,193
Baltic Real Estate Companies	21	19	25	26	26	27	28	29
Business Support	3,740	3,748	3,805	3,864	3,928	3,915	3,885	3,847
Other total	5,270	5,261	5,322	5,364	5,278	5,258	5,194	5,140
SEB Group
Continuing operations	16,695	16,779	16,790	16,807	16,706	16,747	16,415	16,295
Discontinued operations	817	797	830	764	728	66	65	62
SEB Group	17,512	17,576	17,620	17,571	17,434	16,813	16,480	16,357

Corporate Governance

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

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

Board

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

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

Group Executive Committee

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

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

of responsibility.

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

Corporate Governance Structure

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

Share and shareholders

The SEB share

Index

SEB's major shareholders Dividend development

Income statement

SEB Group

	Q4	Q3		Q4			Jan - Dec
SEK m	2012	2012	%	2011	%	2012	2011	%
Net interest income	4,458	4,466	0	4,318	3	17,635	16,901	4
Net fee and commission income	3,715	3,192	16	3,637	2	13,620	14,175	-4
Net financial income	982	1,091	-10	589	67	4,579	3,548	29
Net life insurance income	831	861	-3	992	-16	3,428	3,197	7
Net other income	-349	71		-202	73	-439	-135
Total operating income	9,637	9,681	0	9,334	3	38,823	37,686	3
Staff costs	-3,672	-3,602	2	-3,527	4	-14,596	-14,325	2
Other expenses	-1,628	-1,573	3	-2,030	-20	-6,444	-7,424	-13
Depreciation, amortisation and impairment of
tangible and intangible assets	-1,224	-464	164	-475	158	-2,612	-1,764	48
Total operating expenses	-6,524	-5,639	16	-6,032	8	-23,652	-23,513	1
Profit before credit losses	3,113	4,042	-23	3,302	-6	15,171	14,173	7
Gains less losses from disposals of tangible and
intangible assets	2	1	100	-1		1	2	-50
Net credit losses	-276	-186	48	-240	15	-937	778
Operating profit	2,839	3,857	-26	3,061	-7	14,235	14,953	-5
Income tax expense	401	-868	-146	-504		-2,093	-2,942	-29
Net profit from continuing operations	3,240	2,989	8	2,557	27	12,142	12,011	1
Discontinued operations	-1	-155	-99	-300	-100	-488	-1,155	-58
Net profit	3,239	2,834	14	2,257	44	11,654	10,856	7
Attributable to minority interests	7	4	75	10	-30	22	37	-41
Attributable to shareholders	3,232	2,830	14	2,247	44	11,632	10,819	8
Continuing operations
Basic earnings per share, SEK	1.47	1.36		1.16		5.53	5.46
Diluted earnings per share, SEK	1.47	1.36		1.16		5.51	5.43
Total operations
Basic earnings per share, SEK	1.47	1.29		1.02		5.31	4.93
Diluted earnings per share, SEK	1.47	1.29		1.02		5.29	4.91

Income, Expenses and Operating profit

SEK m

Including:

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

SEK 270m capital gain on repurchased bonds in Q4 2009

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

SEK 402m buy-backs of covered bonds and SEK 753m impairment/loss on IT investment assets in Q4 2012

Income statement, quarters SEB Group

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
SEK m	2011	2011	2011	2011	2012	2012	2012	2012
Net interest income	4,246	4,215	4,122	4,318	4,181	4,530	4,466	4,458
Net fee and commission income	3,495	3,554	3,489	3,637	3,264	3,449	3,192	3,715
Net financial income	1,231	825	903	589	1,379	1,127	1,091	982
Net life insurance income	782	764	659	992	915	821	861	831
Net other income	-110	143	34	-202	-150	-11	71	-349
Total operating income	9,644	9,501	9,207	9,334	9,589	9,916	9,681	9,637
Staff costs	-3,689	-3,615	-3,494	-3,527	-3,618	-3,704	-3,602	-3,672
Other expenses	-1,785	-1,904	-1,705	-2,030	-1,653	-1,590	-1,573	-1,628
Depreciation, amortisation and impairment of
tangible and intangible assets	-429	-425	-435	-475	-464	-460	-464	-1,224
Restructuring costs
Total operating expenses	-5,903	-5,944	-5,634	-6,032	-5,735	-5,754	-5,639	-6,524
Profit before credit losses	3,741	3,557	3,573	3,302	3,854	4,162	4,042	3,113
Gains less losses from disposals of tangible
and intangible assets	6	-5	2	-1	2	-4	1	2
Net credit losses	427	558	33	-240	-206	-269	-186	-276
Operating profit	4,174	4,110	3,608	3,061	3,650	3,889	3,857	2,839
Income tax expense	-839	-765	-834	-504	-793	-833	-868	401
Net profit from continuing operations	3,335	3,345	2,774	2,557	2,857	3,056	2,989	3,240
Discontinued operations	-790	-41	-24	-300	-246	-86	-155	-1
Net profit	2,545	3,304	2,750	2,257	2,611	2,970	2,834	3,239
Attributable to minority interests	14	6	7	10	5	6	4	7
Attributable to shareholders	2,531	3,298	2,743	2,247	2,606	2,964	2,830	3,232

Share of profit before credit losses

December 2012

Geography and Divisions excluding Other and eliminations, see page 31

* Excluding centralised Treasury operations

Key figures – SEB Group

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
	2011	2011	2011	2011	2012	2012	2012	2012
Continuing operations
Return on equity, continuing operations, %	14.13	14.12	11.23	10.05	11.06	11.83	11.35	11.93
Basic earnings per share, continuing operations, SEK	1.51	1.52	1.26	1.16	1.30	1.39	1.36	1.47
Diluted earnings per share, continuing operations, SEK	1.51	1.51	1.25	1.16	1.30	1.39	1.36	1.47
Cost/income ratio, continuing operations	0.61	0.63	0.61	0.65	0.60	0.58	0.58	0.68
Number of full time equivalents, continuing operations*	16,695	16,779	16,790	16,807	16,706	16,747	16,415	16,295
Total operations
Return on equity, %	10.77	13.94	11.13	8.87	10.10	11.50	10.76	11.93
Return on total assets, %	0.48	0.61	0.49	0.38	0.44	0.50	0.47	0.53
Return on risk-weighted assets, %	1.30	1.67	1.36	1.09	1.25	1.39	1.31	1.49
Basic earnings per share, SEK	1.15	1.50	1.25	1.02	1.19	1.35	1.29	1.47
Weighted average number of shares, millions**	2,194	2,194	2,194	2,193	2,189	2,192	2,192	2,192
Diluted earnings per share, SEK	1.15	1.49	1.24	1.02	1.19	1.35	1.29	1.47
Weighted average number of diluted shares, millions***	2,206	2,206	2,205	2,203	2,196	2,196	2,198	2,202
Net worth per share, SEK	47.33	49.72	50.86	51.99	51.85	53.74	55.30	56.33
Average shareholders' equity, SEK, billion	94.0	94.6	98.6	101.4	103.1	103.3	105.1	108.5
Credit loss level, %	-0.17	-0.20	-0.01	0.08	0.06	0.08	0.11	0.08
Total reserve ratio individually assessed impaired loans, %	69.0	64.8	68.6	71.1	71.8	71.3	74.2	74.4
Net level of impaired loans, %	0.54	0.56	0.43	0.39	0.36	0.34	0.30	0.28
Gross level of impaired loans, %	1.13	1.11	0.90	0.84	0.79	0.71	0.62	0.58
Capital adequacy including transitional floor :****
Risk-weighted assets, SEK billion	777	798	827	828	835	867	860	879
Core Tier 1 capital ratio, %	11.35	11.47	11.25	11.25	11.24	11.12	11.33	10.05
Tier 1 capital ratio, %	13.18	13.27	13.06	13.01	12.96	12.79	12.94	11.65
Total capital ratio, %	12.72	12.86	12.77	12.50	12.35	12.31	12.74	11.47
Capital adequacy without transitional floor (Basel II):
Risk-weighted assets, SEK billion	678	678	667	679	675	632	591	586
Core Tier 1 capital ratio, %	13.00	13.50	13.94	13.71	13.91	15.25	16.51	15.09
Tier 1 capital ratio, %	15.09	15.62	16.18	15.87	16.03	17.54	18.85	17.48
Total capital ratio, %	14.57	15.12	15.83	15.24	15.29	16.88	18.56	17.22
Number of full time equivalents*	17,512	17,576	17,620	17,571	17,434	16,813	16,480	16,357
Assets under custody, SEK billion	4,948	4,683	4,321	4,490	4,982	4,989	4,788	5,191
Assets under management, SEK billion	1,372	1,356	1,241	1,261	1,317	1,261	1,271	1,328
Discontinued operations
Basic earnings per share, discontinued operations, SEK	-0.36	-0.02	-0.01	-0.14	-0.11	-0.04	-0.07	0.00
Diluted earnings per share, discontinued operations, SEK	-0.36	-0.02	-0.01	-0.14	-0.11	-0.04	-0.07	0.00

* 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 11,987,956 shares and 12,143,588 shares have been sold as employee stock options have been exercised.

Thus, as at 31 December 2012 SEB owned 2,188,734 Class A-shares with a market value of SEK 121m.

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

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

Impact from exchange rate fluctuations

Net interest income analysis

SEB Group, SEK m

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
	2011	2011	2011	2011	2012	2012	2012	2012
Lending volumes and margins	2,770	2,930	3,028	3,209	3,010	3,110	3,237	3,436
Deposit volumes and margins	708	774	895	907	892	849	769	624
Funding and Other	768	511	199	202	279	571	460	398
Net interest income	4,246	4,215	4,122	4,318	4,181	4,530	4,466	4,458

Net interest margin

Average balance, quarterly isolated

							Q4 2012
136,787	153,399	138,211	165,691	227,557	194,186	117,169	114,645
1,102,488	1,090,337	1,130,430	1,162,340	1,168,790	1,212,949	1,204,916	1,214,739
350,683	378,565	399,914	404,961	394,042	385,363	455,022	470,964
1,589,958	1,622,302	1,668,556	1,732,992	1,790,389	1,792,497	1,777,107	1,800,348
538,951	569,624	567,017	592,284	584,326	615,114	613,834	628,186
2,128,910	2,191,926	2,235,573	2,325,276	2,374,715	2,407,611	2,390,941	2,428,534
196,262	222,377	220,306	215,746	221,117	225,314	206,968	187,131
693,934	728,453	766,300	801,657	812,535	839,674	826,534	851,754
608,660	645,443	653,617	686,978	711,304	697,085	709,327	732,412
24,579	24,328	26,424	25,510	24,943	24,099	23,017	24,449
1,523,435	1,620,600	1,666,647	1,729,891	1,769,899	1,786,172	1,765,846	1,795,746
605,475	571,326	568,926	595,385	604,817	621,438	625,095	632,788
2,128,910	2,191,926	2,235,573	2,325,276	2,374,715	2,407,611	2,390,941	2,428,534
	Q1 2011	Q2 2011	Q3 2011	Q4 2011	Q1 2012	Q2 2012	Q3 2012

Interest, quarterly isolated

SEK m	Q1 2011	Q2 2011	Q3 2011	Q4 2011	Q1 2012	Q2 2012	Q3 2012	Q4 2012
Loans to credit institutions and central banks	793	897	967	1,233	749	718	663	633
Loans to the public	9,392	9,953	10,738	10,927	10,899	10,580	10,221	9,741
Interest-earning securities	1,967	2,211	2,071	2,072	1,775	1,649	1,374	1,282
Interest income from interest-earning assets	12,152	13,061	13,775	14,233	13,424	12,947	12,258	11,656
Other assets	891	904	662	662	604	880	921	1,132
Total interest income	13,044	13,965	14,437	14,894	14,028	13,826	13,179	12,788
Deposits from credit institutions	-817	-966	-1,080	-1,161	-717	-727	-619	-594
Deposits and borrowing from the public	-3,341	-3,800	-4,187	-4,324	-4,095	-3,817	-3,548	-3,233
Debt securities	-3,366	-3,663	-3,668	-3,785	-3,830	-3,635	-3,372	-3,313
Subordinated liabilities	-340	-381	-292	-341	-287	-279	-296	-383
Interest expense from interest-bearing liabilities	-7,863	-8,809	-9,228	-9,611	-8,929	-8,458	-7,834	-7,523
Other liabilities and equity	-813	-963	-1,064	-948	-909	-835	-879	-807
Total interest expense	-8,676	-9,772	-10,293	-10,559	-9,839	-9,294	-8,713	-8,330

Interest rate

	Q1 2011	Q2 2011	Q3 2011	Q4 2011	Q1 2012	Q2 2012	Q3 2012	Q4 2012
Loans to credit institutions and central banks	2.32%	2.34%	2.80%	2.98%	1.32%	1.48%	2.26%	2.21%
Loans to the public	3.41%	3.65%	3.80%	3.76%	3.73%	3.49%	3.39%	3.21%
Interest-earning securities	2.24%	2.34%	2.07%	2.05%	1.80%	1.71%	1.21%	1.09%
Interest rate on interest-earning assets	3.06%	3.22%	3.30%	3.29%	3.00%	2.89%	2.76%	2.59%
Deposits from credit institutions	-1.67%	-1.74%	-1.96%	-2.15%	-1.30%	-1.29%	-1.20%	-1.27%
Deposits and borrowing from the public	-1.93%	-2.09%	-2.19%	-2.16%	-2.02%	-1.82%	-1.72%	-1.52%
Debt securities	-2.21%	-2.27%	-2.25%	-2.20%	-2.15%	-2.09%	-1.90%	-1.81%
Subordinated liabilities	-5.53%	-6.27%	-4.42%	-5.35%	-4.60%	-4.64%	-5.14%	-6.26%
Interest rate on interest-bearing liabilities	-2.06%	-2.17%	-2.21%	-2.22%	-2.02%	-1.89%	-1.77%	-1.68%
Net yield on interest-earning assets, total operations	1.10%	1.03%	0.99%	1.00%	0.94%	1.01%	1.01%	0.99%

NII customer driven specification

Cumulative changes from Q1 2010, SEK m

Net financial income

SEB Group

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
SEK m	2011	2011	2011	2011	2012	2012	2012	2012
Equity instruments and related derivatives	146	207	-357	-17	416	-175	289	-12
Debt instruments and related derivatives	218	110	793	-64	76	767	-8	137
Currency related	861	659	613	848	881	588	809	885
Other	6	-151	-146	-178	6	-53	1	-28
Net financial income	1,231	825	903	589	1,379	1,127	1,091	982

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

Net fee and commission income

SEB Group

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
SEK m	2011	2011	2011	2011	2012	2012	2012	2012
Issue of securities	62	70	28	92	57	31	11	45
Secondary market	440	371	485	525	366	353	398	370
Custody and mutual funds	1,903	1,809	1,711	1,795	1,625	1,664	1,564	1,838
Securities commissions	2,405	2,250	2,224	2,412	2,048	2,048	1,973	2,253
Payments	386	400	390	399	395	413	376	396
Card fees	944	1,008	1,022	1,060	1,041	1,132	1,103	1,096
Payment commissions	1,330	1,408	1,412	1,459	1,436	1,545	1,479	1,492
Advisory	66	147	122	97	114	111	81	196
Lending	445	583	474	461	476	521	442	608
Deposits	26	26	27	27	29	30	33	36
Guarantees	95	99	98	106	109	115	114	113
Derivatives	151	134	222	208	126	114	103	110
Other	125	136	120	128	116	148	65	152
Other commissions	908	1,125	1,063	1,027	970	1,039	838	1,215
Fee and commission income	4,643	4,783	4,699	4,898	4,454	4,632	4,290	4,960
Securities commissions	-352	-359	-326	-348	-327	-307	-281	-371
Payment commissions	-541	-575	-593	-592	-635	-670	-641	-626
Other commissions	-255	-295	-291	-321	-228	-206	-176	-248
Fee and commission expense	-1,148	-1,229	-1,210	-1,261	-1,190	-1,183	-1,098	-1,245
Securities commissions	2,053	1,891	1,898	2,064	1,721	1,741	1,692	1,882
Payment commissions	789	833	819	867	801	875	838	866
Other commissions	653	830	772	706	742	833	662	967
Net fee and commission income	3,495	3,554	3,489	3,637	3,264	3,449	3,192	3,715

Expenses

Staff costs - SEB Group

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
SEK m	2011	2011	2011	2011	2012	2012	2012	2012
Salaries etc	-3 126	-3 082	-2 949	-2 985	-3 099	-3 152	-2 958	-2 974
Redundancies	- 17	- 33	- 30	- 56	- 31	- 31	- 110	- 241
Pensions	- 393	- 354	- 367	- 297	- 354	- 377	- 400	- 290
Other staff costs	- 153	- 146	- 148	- 189	- 134	- 144	- 134	- 167
Staff costs*	-3,689	-3,615	-3,494	-3,527	-3,618	-3,704	-3,602	-3,672

*all items include social charges

Other expenses - SEB Group

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
SEK m	2011	2011	2011	2011	2012	2012	2012	2012
Costs for premises	-408	-418	-404	-450	-407	-411	-399	-408
Data costs	-861	-1,004	-877	-1,165	-797	-782	-621	-710
Travel and entertainment	-102	-129	-103	-159	-90	-118	-80	-141
Consultants	-227	-288	-207	-224	-146	-200	-153	-231
Marketing	-102	-142	-100	-167	-97	-119	-89	-125
Information services	-110	-107	-101	-127	-108	-116	-107	-113
Other operating costs	25	184	87	262	-8	156	-124	100
Other expenses	-1,785	-1,904	-1,705	-2,030	-1,653	-1,590	-1,573	-1,628

Balance sheet structure & funding

Balance sheet structure

Assets	Mar	June	Sep	Dec	Mar	June	Sep	Dec
SEK m	2011	2011	2011	2011	2012	2012	2012	2012
Cash and balances with central banks	15,914	106,558	100,405	148,042	39,064	81,307	187,126	191,445
Other lending to central banks	14,567		39,143	80,548	126,816	105,693	21	17,718
Lending	126,400	85,069	93,512	70,756	88,914	69,965	70,508	71,841
Repos	17,464	26,983	25,661	30,201	28,792	23,351	28,817	30,822
Debt instruments	40,629	36,164	32,092	27,806	24,777	24,479	23,329	23,360
Other loans to credit institutions	184,493	148,216	151,265	128,763	142,483	117,796	122,655	126,023
Public	76,006	63,515	61,995	62,188	59,043	58,611	54,378	55,584
Private Individuals	397,925	411,327	423,658	433,547	442,198	449,925	454,613	466,988
Corporate	527,155	572,732	590,524	585,723	596,240	606,178	596,725	612,557
Repos	76,214	52,915	79,239	72,244	73,750	104,702	104,381	75,702
Debt instruments	36,507	37,769	35,801	32,520	29,875	28,750	27,950	25,258
Loans to the public	1,113,807	1,138,257	1,191,217	1,186,223	1,201,106	1,248,166	1,238,048	1,236,088
Debt instruments	177,477	187,032	191,995	176,001	186,836	179,369	176,063	191,477
Equity instruments	78,676	89,788	83,724	55,931	71,983	71,461	92,566	85,210
Derivatives	124,369	112,585	179,686	167,821	143,367	160,817	176,947	170,600
Insurance assets	263,900	266,050	270,100	269,925	276,008	267,732	271,603	278,650
Financial assets at fair value	644,421	655,454	725,504	669,678	678,195	679,379	717,179	725,938
Debt instruments	65,534	63,485	58,817	54,573	56,335	48,001	45,631	47,159
Other	3,101	3,220	3,026	2,804	3,010	3,307	3,539	3,439
Available-for-sale financial assets	68,635	66,705	61,843	57,377	59,345	51,308	49,170	50,598
Assets held for sale	0			2,005	1,826
Tangible and intangible assets	27,212	27,952	29,053	29,016	29,536	29,632	29,098	28,494
Other assets TOTAL ASSETS	46,485 2,115,534	55,249 2,198,391	58,610 2,357,040	57,729 2,359,381	49,570 2,327,941	56,967 2,370,247	55,602 2,398,897	77,151 2,453,456
Liabilities	Mar	June	Sep	Dec	Mar	June	Sep	Dec
SEK m	2011	2011	2011	2011	2012	2012	2012	2012
Central banks	36,326	26,803	37,487	35,957	41,551	50,851	53,578	30,073
Credit institutions Repos	137,811 27,365	144,526 37,710	164,647 38,475	139,000 26,317	156,453 29,661	136,474 24,180	139,482 19,868	126,210 14,372
Deposits from credit institutions	201,503	209,039	240,610	201,274	227,665	211,505	212,928	170,656
Public	62,139	73,804	77,895	73,409	68,950	96,508	90,931	74,248
Private Individuals	173,068	184,109	189,534	198,244	201,341	206,728	207,941	208,972
Corporate	456,319	492,296	534,520	565,522	493,482	545,954	499,638	564,577
Repos	15,569	13,869	12,465	24,508	19,089	10,385	13,392	14,463
Deposits and borrowings from the public	707,095	764,078	814,415	861,682	782,861	859,575	811,901	862,260
Liabilities to policyholders	263,075	264,834	268,030	269,683	279,874	276,597	280,231	285,973
CP/CD	206,449	189,346	203,922	217,778	229,999	227,290	279,110	257,794
Long term debt	343,400	355,905	343,374	372,095	395,599	362,401	375,733	404,057
Debt securities	549,849	545,250	547,296	589,873	625,598	589,690	654,843	661,851
Debt instruments	31,239	44,460	59,877	44,584	40,029	42,591	33,198	43,060
Equity instruments	41,129	60,913	60,469	35,233	35,175	38,564	34,901	34,161
Derivatives	122,979	107,714	159,909	152,430	131,935	147,788	164,483	159,781
Financial liabilities at fair value	195,347	213,087	280,255	232,246	207,139	228,944	232,581	237,001
Liabilities held for sale				1,962	1,803
Other liabilities	82,214	80,100	77,972	74,812	76,560	76,807	75,566	101,921
Subordinated liabilities	23,992	24,836	27,705	25,109	24,669	22,979	24,184	24,281
Total liabilities	2,023,075	2,101,225	2,256,282	2,256,642	2,226,169	2,266,098	2,292,235	2,343,943
Total equity Total liabilities and equity	92,459 2,115,534	97,166 2,198,391	100,758 2,357,040	102,739 2,359,381	101,772 2,327,941	104,149 2,370,247	106,662 2,398,897	109,513 2,453,456

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. 24 Loan portfolio by industry and geography that is also more detailed.

Total loans and deposits

SEK bn

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
	2011	2011	2011	2011	2012	2012	2012	2012
Loans to the public	1,113	1,138	1,191	1,185	1,201	1,248	1,238	1,236
Repos	76	53	79	72	74	105	104	76
Debt instruments	37	37	36	33	30	29	28	25
Loans adjusted for repos and debt instruments	1,000	1,048	1,076	1,080	1,097	1,114	1,106	1,135
Deposits and borrowing from the public	706	764	813	862	783	860	812	862
Repos	15	14	12	25	19	10	13	14
Deposits adjusted for repos	691	750	801	837	764	850	799	848
Loan to deposit ratio excl repos and
debt instruments	145%	140%	134%	129%	144%	131%	138%	134%

Loan to deposit ratio excl repos and debt instruments

A strong balance sheet structure, Dec 2012 Deposits and wholesale

funding structure by product

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

Intangible assets

	31 Mar	30 Jun	30 Sep	31 Dec	31 Mar	30 Jun	30 Sep	31 Dec
SEK m	2011	2011	2011	2011	2012	2012	2012	2012
Goodwill	10,434	10,511	10,549	10,487	10,495	10,498	10,417	10,460
Other intangibles	2,836	3,014	3,225	3,254	3,425	3,596	3,531	2,820
Deferred acquisition costs	3,660	3,688	4,138	4,131	4,113	4,087	3,995	4,008
Intangible assets	16,930	17,213	17,912	17,872	18,033	18,180	17,943	17,287

SEB Fact Book Annual Accounts 2012 15

Long-term funding Maturity profile, Dec 2012

By product, SEK bn

Total	61	82	82	73	64	41	19	17	438
Subordinated debt	0,0	2,6	7,9	0,0	10,8	0,0	0,0	1,1	22
Senior unsecured	21,4	28,6	17,9	18,3	18,4	18,6	1,8	2,9	128
Mortgage covered bonds SEB AG	3,2	1,5	1,9	3,2	1,0	9,0	1,8	4,4	26
Mortgage covered bonds SEB AB, non-SEK	9,8	8,6	9,4	10,8	8,6	0,2	11,5	0,2	59

* Excluding public covered bonds.

By currency, SEK bn

Currency*	<1y	1-2y	2-3y	3-4y	4-5y	5-7y	7-10y	>10y	Total
SEK	33,7	46,7	51,1	50,5	30,0	13,3	3,7	7,9	237
EUR	23,6	23,8	25,5	22,5	32,9	27,6	14,1	6,4	176
USD	0,2	2,6	2,8	0,0	0,7	0,0	0,0	1,1	7
GBP	0,0	7,9	0,0	0,0	0,0	0,0	0,0	0,0	8
JPY	0,0	0,0	0,8	0,0	0,0	0,0	0,0	1,1	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	1,8	0,6	1,9	0,3	0,0	0,0	0,0	0,0	5
DKK	0,5	0,1	0,0	0,0	0,1	0,0	0,0	0,0	1
RUB	0,9	0,0	0,0	0,0	0,0	0,0	0,0	0,0	1
Total	61	82	82	73	64	41	19	17	438

Long-term funding raised, SEK bn

				Q1	Q2	Q3	Q4	Full Year
Instrument	2009	2010	2011	2012	2012	2012	2012	2012
Senior unsecured	76	20	32	16	5	5	16	42
Covered bonds SEB AB	26	71	95	23	15	19	24	81
Covered bonds SEB AG	24	11	0	1	0	0	0	1
Subordinated debt	3	0	0	0	0	6	0	6
Total	130	102	126	40	21	30	40	131

Balance Sheet Maturity Profile SEB Group

Remaining Contractual Maturities

SEB Group 31 Dec 2012

SEK m	Payable on demand	<1m	1-3m	3-6m	6-12m	1-2y	2-5y	5-10y	>10y	Not distributed	Total
Cash and balances with central banks	190,890	555	0	0	0	0	0	0	0	0	191,445
Other Lending to Central Banks	0	17,718	0	0	0	0	0	0	0	0	17,718
Loans to credit institutions	41,880	49,962	7,725	2,374	6,424	4,158	7,843	2,614	3,043	0	126,023
of which Repos and Margins of safety	16,402	44,653	781	0	0	0	0	0	875	0	62,711
Loans to the public of which Repos and Margins of safety	75,674	100,733	132,085	85,756	170,187	215,335	270,881	92,583	90,514	2,341	1,236,088
Public	54 26,860	84,635 9,828	4,277 3,469	2 829	2 4,353	0 5,093	0 6,525	0 4,080	0 1,928	0 51	88,970 63,016
Private individuals	5,756	7,638	67,465	36,558	85,795	145,577	67,848	22,010	27,011	1,346	467,004
Corporate	43,058	83,267	61,151	48,369	80,039	64,665	196,507	66,492	61,575	944	706,069
Financial assets at fair value	86	6,415	10,642	20,513	13,008	43,660	79,270	17,883	0	534,461	725,938
Debt instruments	86	6,415	10,642	20,513	13,008	43,660	79,270	17,883	0	0	191,477
Equity instruments	0	0	0	0	0	0	0	0	0	85,210	85,210
Derivatives Insurance assets	0	0	0	0	0	0	0	0	0	170,600	170,600
Other	0 483	0 3,132	0 1,385	0 569	0 195	0 6,173	0 14,434	0 22,037	0 36,494	278,650 71,343	278,650 156,244
Total assets	309,013	178,515	151,838	109,212	189,813	269,326	372,428	135,117	130,051	608,144	2,453,456
SEK m	Payable on demand	<1m	1-3m	3-6m	6-12m	1-2y	2-5y	5-10y	>10y	Not distributed	Total
Deposits by credit institutions	72,315	70,386	14,249	4,304	1,671	867	1,822	1,624	3,418	0	170,656
of which Repos and Margins of safety	4,810	947	0	0	0	0	0	0	1,126	0	6,884
Deposits and borrowings from the public	470,607	201,126	80,513	18,335	16,161	4,656	25,441	24,688	20,733	0	862,260
of which Repos and Margins of safety	443	30,097	0	0	0	0	0	0	0	0	30,540
of which covered by Deposit Guarantee	0	0	0	0	0	0	0	0	0	310,332	310,332
Public	38,921	7,838	16,499	8,603	3,597	325	77	33	2,159	0	78,052
Private individuals Corporate	71,533	91,968	36,301	2,691	3,446	869	1,380	380	404	0	208,972
Liabilities to policyholders	360,154 0	101,320 0	27,713 0	7,041 0	9,118 0	3,461 0	23,983 0	24,275 0	18,170 0	0 285,973	575,235 285,973
Debt securities	309	31,773	107,384	140,878	40,465	81,405	195,134	45,974	18,142	387	661,851
Certificates	0	31,773	106,304	93,974	23,511	2,103	130	0	0	0	257,794
Covered bonds	0	0	0	44,069	3,044	51,386	143,876	30,042	13,942	387	286,746
Other bonds	309	0	1,080	2,834	13,911	27,916	51,129	15,932	4,200	0	117,311
Financial liabilities at fair value	645	329	1,056	4,692	4,159	7,217	20,560	4,986	0	193,358	237,001
Debt instruments	61	329	1,056	4,692	4,159	7,217	20,560	4,986	0	0	43,060
Equity instruments	584	0	0	0	0	0	0	0	0	33,577	34,161
Derivatives Other	0 196	0 3,190	0 20,037	0 1,197	0 21	0 1,215	0 6	0 0	0 47,410	159,781 28,649	159,781 101,921
Subordinated liabilities	3	0	0	0	0	2,649	12,179	6,529	2,920	0	24,281
Equity	0	0	0	0	0	0	0	0	0	109,513	109,513
Total Liabilities and Equity	544,076	306,803	223,240	169,405	62,477	98,008	255,142	83,802	92,623	617,880	2,453,456
SEB Group 31 Dec 2012, EUR
SEK m	Payable on demand	<1m	1-3m	3-6m	6-12m	1-2y	2-5y	5-10y	>10y	Not distributed	Total
Cash and balances with central banks	43,663	0	0	0	0	0	0	0	0	0	43,663
Other Lending to Central Banks	0	17,718	0	0	0	0	0	0	0	0	17,718
Loans to credit institutions	26,379	5,157	749	910	4,784	2,909	6,750	2,491	155	0	50,283
Loans to the public	39,399	15,508	17,112	13,301	27,332	25,347	84,684	43,392	36,034	0	302,109
Financial assets at fair value Other	0	182	3,054	551	188	14,182	28,179	1,936	0	97,226	145,498
Total	459 109,899	391 38,956	452 21,367	95 14,857	194 32,498	2,104 44,543	14,434 134,046	21,161 68,980	1,411 37,601	32,413 129,638	73,115 632,386
SEK m Deposits by credit institutions	Payable on demand	<1m	1-3m	3-6m	6-12m	1-2y	2-5y	5-10y	>10y	Not distributed	Total
Deposits and borrowings from the public	12,930 127,143	12,623 19,390	1,542 22,060	2,759 12,085	1,312 10,947	219 3,384	1,727 19,858	610 19,998	2,512 8,877	0 0	36,235 243,742
Debt securities	309	585	5,222	21,460	14,015	22,816	56,588	27,243	7,514	0	155,751
Financial liabilities at fair value	645	329	0	0	0	405	1,391	1,585	0	46,848	51,203
Other	167	438	5,988	31	19	75	8,672	6,529	1,687	46,193	69,800
Total	141,194	33,365	34,812	36,336	26,293	26,900	88,236	55,964	20,591	93,041	556,731
SEB Group 31 Dec 2012, USD
SEK m	Payable on demand	<1m	1-3m	3-6m	6-12m	1-2y	2-5y	5-10y	>10y	Not distributed	Total
Cash and balances with central banks	133,562	0	0	0	0	0	0	0	0	0	133,562
Other Lending to Central Banks	0	0	0	0	0	0	0	0	0	0	0
Loans to credit institutions Loans to the public	7,374 3,696	15,681 9,171	3,267 4,115	1,176 5,047	1,096 4,382	783 6,466	321 36,950	71 19,195	2,713 4,040	0 0	32,484 93,063
Financial assets at fair value	0	422	338	650	164	1,840	1,776	150	0	30,646	35,987
Other	24	28	72	87	0	0	0	11	545	3,265	4,032
Total	144,656	25,301	7,793	6,960	5,643	9,090	39,047	19,427	7,299	33,911	299,129
SEK m	Payable on demand	<1m	1-3m	3-6m	6-12m	1-2y	2-5y	5-10y	>10y	Not distributed	Total
Deposits by credit institutions	23,491	18,815	4,672	1,495	155	203	0	0	0	0	48,833
Deposits and borrowings from the public	122,739	34,978	1,922	2,523	1,079	159	108	1	34	0	163,542
Debt securities	0	26,652	90,525	85,207	14,518	2,110	288	0	290	0	219,591
Financial liabilities at fair value Other	0	0	0	0	0	0	0	0	0	7,992	7,992
Total	0 146,230	40 80,485	3,698 100,817	-101 89,124	0 15,753	2,657 5,130	2,754 3,150	0 1	638 963	2,860 10,852	12,546 452,504
SEB Group Q4 2012, SEK
SEK m Cash and balances with central banks	Payable on demand	<1m	1-3m	3-6m	6-12m	1-2y	2-5y	5-10y	>10y	Not distributed	Total
Other Lending to Central Banks	411 0	555 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0	967 0
Loans to credit institutions	1,342	24,464	2,846	180	78	137	393	44	173	0	29,656
Loans to the public	22,537	42,109	99,080	63,367	126,075	171,586	122,991	20,404	21,739	0	689,888
Financial assets at fair value	0	3,373	4,618	7,048	4,876	15,797	31,593	10,419	0	274,044	351,768
Other	0	2,418	344	0	0	3,895	0	0	5,809	14,963	27,429
Total	24,290	72,920	106,888	70,595	131,029	191,415	154,977	30,866	27,721	289,007	1,099,708
SEK m	Payable on demand	<1m	1-3m	3-6m	6-12m	1-2y	2-5y	5-10y	>10y	Not distributed	Total
Deposits by credit institutions	25,673	10,984	1,851	23	1	3	6	0	0	0	38,540
Deposits and borrowings from the public Debt securities	151,542	130,041	51,929	1,028	958	790	4,999	4,267	8,482	0	354,036
Financial liabilities at fair value	0 0	1,955 0	3,791 726	30,718 0	6,745 0	47,828 4,980	136,157 17,796	17,906 3,368	9,748 0	0 106,170	254,848 133,043
Other	0	2,440	9,457	190	2	765	0	0	9,351	271,732	293,938
Total	177,216	145,420	67,754	31,960	7,707	54,366	158,958	25,541	27,581	377,902	1,074,405

Notes:

Maturities above are based on remaining contractual maturities.

Other Assets include assets Held for Sale, Tangible and Intangible assets and Other assets Other Liabilities include Liabilities to Policyholders, Liabilities Held for Sale, Subordinated Debt, Equity and Other liabilities

Payable on Demand includes items available O/N

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

SEB's Liquidity Reserve

31 Dec 2012

Liquidity Reserve*, Group	30 Dec 2011	31 Mar 2012	30 Jun 2012 30 Sep 2012		31 Dec 2012		Currency distribution
	TOTAL	TOTAL	TOTAL	TOTAL	TOTAL	SEK	EUR	USD	Other
1 Cash and holdings in central banks	225,187	157,882	187,000	187,147	209,163	967	61,381	133,562	13,253
2 Deposits in other banks available overnight	9,949	16,391	13,419	12,588	12,527	1,394	1,366	2,014	7,753
3 Securities issued or guaranteed by sovereigns, central banks or multilateral development banks	32,646	32,710	26,126	33,888	37,722	4,092	31,158	2,473	0
4 Securities issued or guaranteed by municipalities or other public sector entities	32,505	32,270	39,106	40,841	42,564	1,213	41,270	81	0
5 Covered bonds issued by other institutions	55,544	61,529	52,893	58,112	57,015	32,551	23,822	642	0
6 Covered bonds issued by SEB	0	0	0	0	0	0	0	0	0
7 Securities issued by non-financial corporates	0	0	0	0	0	0	0	0	0
8 Securities issued by financial corporates (excl. covered bon	2,668	3,392	3,651	5,475	3,200	0	3,200	0	0
9 Other	18,087	16,858	16,870	10,277	10,707	0	5,367	5,102	238
Total	376,585	321,032	339,065	348,328	372,898	40,217	167,564	143,873	21,244

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

SEB Extended Liquidity Reserve and SEB Liquid Resources, Group

31 Dec 2012

Total Liquid Resources, Group	30 Dec 2011	31 Mar 2012	30 Jun 2012 30 Sep 2012		31 Dec 2012		Currency distribution
	TOTAL	TOTAL	TOTAL	TOTAL	TOTAL	SEK	EUR	USD	Other
Liquidity Reserve	376,585	321,032	339,065	348,328	372,898	40,217	167,564	143,873	21,244
Available OC	99,586	93,825	122,728	106,874	105,493	105,493	0	0	0
SEB Extended Liquidity Reserve*	476,172	414,857	461,793	455,202	478,391	145,710	167,564	143,873	21,244
Other liquid resources	79,510	83,970	75,548	167,846	153,450	52,064	13,642	1,515	86,229
SEB Total Liquid Resources**	555,682	498,827	537,341	623,049	631,840	197,774	181,205	145,388	107,473

* SEB Extended Liquidity Reserve includes available overcollateralisation in the Swedish Mortgage cover pool 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 as well as repos and bond holdings not eligible for inclusion in the Liquidity Reserve.

Asset encumbrance

Central bank	Intraday settlement	Repos	Derivative	Mortgage covered	Public covered	Total
funding	collateral*		collateral	bonds**	bonds **
-	-	18,127		-		18,127
-	-	48		-		48
-	541	10,218		-		10,758
-	-	-		-		-
-	-	-		-		-
-	2,667	-		-		2,667
-	-	-		291,852		291,852
-	-	-		-	29,007	29,007
-	3,208	28,392		291,852	29,007	352,459
				- - - - - - - - -		- - - - - - -

*Pledged and encumbered bonds on balance sheet

**Excluding accrued interest

Additional unencumbered assets by liability type, SEKm	Securities*	Overcollateralisation SEB AB	Overcollateralisation SEB AG	Total
Sovereigns, cental bank & multilateral development banks	68,099	-	-	68,099
Public sector entity	17,825	-	-	17,825
Covered bonds	93,975	-	-	93,975
Non-financial corporates	10,534	-	-	10,534
Financial corporates	10,327	-	-	10,327
Other eligible assets	25,432	-	-	25,432
Mortgage assets	-	139,489	9,348	148,837
Public sector assets	-	-	4,728	4,728
Cash	-	-	-	-
Total	226,193	139,489	14,075	379,758

*Does not include reversed repos

SEB AB Cover pool and covered bonds characteristics

31 Dec 2012

SEB AB Mortgage Covered Bonds

Loans originated by		Skandinaviska Enskilda Banken AB (publ)
Pool type	Dynamic
Cover pool		Q4 2012	Q2 2012	Q4 2011
Total residential mortgage assets (SEK m)		400,999	380,181	360,099
Weighted average LTV (property level)		59%	59%	44%*
Number of loans (thousand)		625	601	561
Number of borrowers (thousand)		391	379	357
Weighted average loan balance (SEK thousand)		642	632	610
Substitute assets (SEK thousand)		0	0	0
Loans past due 60 days (basis points)		11	13	13
Net credit losses (basis points)		1	1	1
Covered bonds		Q4 2012	Q2 2012	Q4 2011
Total outstanding covered bonds (SEK m)		261,510	235,117	236,829
Rating of the covered bond programme		Aaa Moody's	Aaa Moody's	Aaa Moody's
FX distribution	SEK	78%	74%	74%
	non-SEK	22%	26%	26%
Over collateralisation		Q4 2012	Q2 2012	Q4 2011
Over collateralisation level		53%	62%	52%

Q4 2012 LTV distribution** Loans (100% Swedish residential mortgage) Prior ranking loans Interest rate type Interest payment frequency Geographical distribution Single family Tenant owned 59% apartments 26% Residential apt bldgs 15% Floating (3m) 49% Fixed reset <2y 35% Fixed rate reset 2y<5y 15% Fixed rate reset =>5y 1% Other 33% Malmö region 8% Stockholm region 43% Göteborg region 16% 20% 18% 16% 14% 12% 10% 7% 3% 0-10% 10-20% 20-30% 30-40% 40-50% 50-60% 60-70% 70-75% 93% 6% 1% No prior ranks <25% of property value >25<50% of property value 83% 17% Monthly Quarterly

* LTV for Q4 2011 calculated on a loan by loan basis.

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

Capital adequacy

	31 Mar	30 Jun	30 Sep	31 Dec	31 Mar	30 Jun	30 Sep	31 Dec
SEK m	2011	2011	2011	2011	2012	2012	2012	2012
Capital resources
Core Tier 1 capital	88,190	91,561	93,030	93,097	93,806	96,378	97,479	88,389
Tier 1 capital	102,362	105,956	107,967	107,711	108,156	110,873	111,346	102,393
Capital base	98,805	102,608	105,617	103,445	103,116	106,707	109,605	100,867
Capital adequacy without transitional floor (Basel II)
Risk-weighted assets	678,184	678,401	667,164	678,841	674,613	631,981	590,596	585,839
Expressed as capital requirement	54,255	54,272	53,373	54,307	53,969	50,558	47,248	46,867
Core Tier 1 capital ratio	13.0%	13.5%	13.9%	13.7%	13.9%	15.3%	16.5%	15.1%
Tier 1 capital ratio	15.1%	15.6%	16.2%	15.9%	16.0%	17.5%	18.9%	17.5%
Total capital ratio	14.6%	15.1%	15.8%	15.2%	15.3%	16.9%	18.6%	17.2%
Capital base in relation to capital requirement	1.82	1.89	1.98	1.90	1.91	2.11	2.32	2.15
Capital adequacy including transitional floor
Transition floor applied	80%	80%	80%	80%	80%	80%	80%	80%
Risk-weighted assets	776,766	798,185	826,862	827,615	834,827	866,691	860,481	879,237
Expressed as capital requirement	62,141	63,855	66,149	66,209	66,786	69,335	68,838	70,339
Core Tier 1 capital ratio	11.4%	11.5%	11.3%	11.2%	11.2%	11.1%	11.3%	10.1%
Tier 1 capital ratio	13.2%	13.3%	13.1%	13.0%	13.0%	12.8%	12.9%	11.6%
Total capital ratio	12.7%	12.9%	12.8%	12.5%	12.4%	12.3%	12.7%	11.5%
Capital base in relation to capital requirement	1.59	1.61	1.60	1.56	1.54	1.54	1.59	1.43
Capital adequacy with risk weighting according to Basel I
Risk-weighted assets	970,912	1,006,459	1,037,313	1,037,898	1,048,910	1,080,979	1,068,310	1,091,468
Expressed as capital requirement	77,673	80,517	82,985	83,032	83,913	86,478	85,465	87,317
Core Tier 1 capital ratio	9.1%	9.1%	9.0%	9.0%	8.9%	8.9%	9.1%	8.1%
Tier 1 capital ratio	10.5%	10.5%	10.4%	10.4%	10.3%	10.3%	10.4%	9.4%
Total capital ratio	10.2%	10.2%	10.2%	10.0%	9.8%	9.9%	10.3%	9.2%
Capital base in relation to capital requirement	1.27	1.27	1.27	1.25	1.23	1.23	1.28	1.16

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
SEK m	2011	2011	2011	2011	2012	2012	2012	2012
Total equity according to balance sheet	97,856	102,821	107,230	109,161	107,594	110,992	113,618	109,513
Dividend (excl repurchased shares)	-823	-1,646	-2,468	-3,836	-959	-1,918	-2,878	-6,028
Investments outside the financial group of undertakings	-41	-41	-42	-41	-41	-66	-63	-64
Other deductions outside the financial group of undertakings	-2,966	-2,533	-3,375	-3,728	-4,110	-3,753	-3,902	-4,451
= Total equity in the capital adequacy	94,026	98,601	101,345	101,556	102,484	105,255	106,775	98,970
Adjustment for hedge contracts	2,233	1,734	433	229	436	108	-200	-473
Net provisioning amount for IRB-reported credit exposures	0	-279	-120	-108	-172	0	0	0
Unrealised value changes on available-for-sale financial assets	1,714	1,263	852	717	272	343	-7	-597
Exposures where RWA is not calculated	-1,034	-1,067	-1,010	-914	-734	-772	-749	-802
Goodwill	-4,110	-4,180	-4,215	-4,147	-4,173	-4,179	-4,109	-4,147
Other intangible assets	-2,608	-2,790	-2,896	-2,943	-3,126	-3,310	-3,263	-2,559
Deferred tax assets	-2,031	-1,721	-1,359	-1,293	-1,181	-1,067	-968	-2,003
= Core Tier 1 capital	88,190	91,561	93,030	93,097	93,806	96,378	97,479	88,389
Tier 1 capital contribution (non-innovative)	4,468	4,572	4,618	4,455	4,421	4,379	4,213	4,300
Tier 1 capital contribution (innovative)	9,704	9,823	10,319	10,159	9,929	10,116	9,654	9,704
= Tier 1 capital	102,362	105,956	107,967	107,711	108,156	110,873	111,346	102,393
Dated subordinated debt	4,896	4,946	4,990	4,815	4,709	4,445	6,382	6,515
Deduction for remaining maturity	-360	-305	-331	-320	-261	-40	-38	-39
Perpetual subordinated debt	3,923	3,978	4,372	2,225	2,012	2,169	2,104	1,890
Net provisioning amount for IRB-reported credit exposures	3	-279	-120	-108	-172	153	467	485
Unrealised gains on available-for-sale financial assets	490	602	728	799	705	930	914	990
Exposures where RWA is not calculated	-1,034	-1,067	-1,010	-914	-734	-772	-749	-802
Investments outside the financial group of undertakings	-41	-41	-42	-41	-41	-66	-63	-64
= Tier 2 capital	7,877	7,834	8,587	6,456	6,218	6,819	9,017	8,975
Investments in insurance companies	-10,500	-10,501	-10,500	-10,500	-10,500	-10,500	-10,500	-10,501
Pension assets in excess of related liabilities	-933	-681	-437	-222	-758	-485	-258	0
= Capital base	98,806	102,608	105,617	103,445	103,116	106,707	109,605	100,867

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
SEK m	2011	2011	2011	2011	2012	2012	2012	2012
Credit risk, IRB reported risk-weighted assets
Institutions	36,161	33,098	35,824	29,552	30,685	26,237	24,669	23,879
Corporates	401,680	403,631	399,545	394,094	392,517	352,920	330,207	326,666
Securitisation positions	5,660	5,381	6,396	6,515	6,753	6,704	5,505	5,177
Retail mortgages	44,033	45,253	45,572	45,241	45,408	45,287	44,017	42,896
Other retail exposures	9,769	9,954	10,204	9,460	8,856	9,173	9,163	9,365
Other exposure classes	1,449	1,534	1,589	1,651	1,674	1,683	1,455	1,461
Total for credit risk, IRB approach	498,752	498,851	499,130	486,513	485,893	442,004	415,016	409,444
Further risk-weighted assets
Credit risk, Standardised approach	77,699	78,540	70,007	77,485	75,761	75,636	69,120	68,125
Operational risk, Advanced Measurement approach	43,477	43,811	43,371	42,267	41,154	40,821	40,555	40,219
Foreign exchange rate risk	12,243	12,479	13,253	13,173	14,213	14,823	13,944	14,042
Trading book risks	46,013	44,720	41,403	59,403	57,592	58,697	51,961	54,009
Total	678,184	678,401	667,164	678,841	674,613	631,981	590,596	585,839
Summary
Credit risk	576,451	577,391	569,137	563,998	561,654	517,640	484,136	477,569
Operational risk	43,477	43,811	43,371	42,267	41,154	40,821	40,555	40,219
Market risk	58,256	57,199	54,656	72,576	71,805	73,520	65,905	68,051
Total	678,184	678,401	667,164	678,841	674,613	631,981	590,596	585,839
Adjustment for flooring rules
Addition according to transitional flooring	98,582	119,784	159,698	148,774	160,214	234,710	269,885	293,398
Total reported	776,766	798,185	826,862	827,615	834,827	866,691	860,481	879,237

RWA development

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
	2011	2011	2011	2011	2012	2012	2012	2012
Start	716	678	678	667	679	675	632	591
RWA processes (credit risk)	-12	-5	-12	-3	-4	-45	-28	-9
Migration effect	0	-2	0	1	3	-1	1	-3
Volume changes (credit risk)	14	15	-3	12	0	16	-1	5
Risk weight effect	0	-16	0	-6	3	-16	6	-5
FX effect	-6	8	8	-8	-4	2	-13	5
Market risk and operational risk	2	-1	-3	17	-2	0	-8	2
End	678	678	667	679	675	632	591	586

SEB Group - Basel II without transitional rules

SEB Fact Book Annual Accounts 2012 21

IRB reported credit exposures (less repos and securities lending)

	31 Mar	30 Jun	30 Sep	31 Dec	31 Mar	30 Jun	30 Sep	31 Dec
Average risk weight	2011	2011	2011	2011	2012	2012	2012	2012
Institutions	20.2%	19.8%	21.5%	19.2%	19.1%	17.4%	16.5%	15.9%
Corporates	56.6%	53.9%	52.2%	51.6%	51.5%	44.7%	42.4%	40.8%
Securitisation positions	20.0%	22.7%	28.7%	34.9%	39.8%	39.6%	32.9%	34.7%
Retail mortgages	13.0%	12.8%	12.6%	12.1%	11.6%	11.4%	10.9%	10.4%
Other retail exposures	37.6%	37.4%	37.7%	37.5%	35.6%	36.4%	36.7%	37.4%

All outstanding Subordinated Debt and Hybrid Tier 1 issues

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

Assets under management

SEK bn

							Jan-Dec
2011	2011	2011	2011	2012	2012	2012	2012
1,399	1,399	1,399	1,399	1,261	1,261	1,261	1,261
77	152	208	273	72	106	156	203
-65	-129	-183	-230	-49	-97	-134	-174
12	23	25	43	23	9	22	29
9	9	16	32	21	10	21	28
4	9	8	8	1	3	2	-3
0	2	-1	-1	-1	-2	-1	0
0	1	0	1	1	1	0	2
-1	2	2	3	1	-3	0	2
		17	17				0
-38	-66	-200	-198	33	-9	-12	38
1,372	1,356	1,241	1,261	1,317	1,261	1,271	1,328
							75
							1,228
425	427	416	420	434	428	436	443
	Jan-Mar 74 1,303	Jan-Jun 74 1,298	Jan-Sep 66 1,174	Jan-Dec 69 1,175	Jan-Mar 72 1,226	Jan-Jun 71 1,173	Jan-Sep 73 1,176

Credit portfolio

Credit portfolio*

On & off balance, SEK bn

	31 Mar	30 Jun	31 Sep	31 Dec	31 Mar	30 Jun	30 Sep	31 Dec
SEB Group	2011	2011	2011	2011	2012	2012	2012	2012
Lending	1,141	1,145	1,182	1,165	1,199	1,195	1,185	1,216
Contingent Liabilities	396	407	417	429	426	439	431	442
Derivative Instruments	87	89	113	108	105	109	119	119
Credit Portfolio	1,624	1,641	1,712	1,702	1,730	1,743	1,735	1,777

* Before loan loss reserves, excluding repos & debt instruments.

Credit portfolio by industry and geography*

SEB Group, 31 December 2012
SEK m	Sweden	Denmark	Norway	Finland	Estonia	Latvia	Lithuania	Germany	Other	Total
Banks	79,040	21,336	13,947	3,660	316	513	500	35,458	16,148	170,918
Finance and insurance	61,174	873	4,457	754	159	315	415	19,817	3,551	91,515
Wholesale and retail	33,497	1,707	1,436	703	2,400	3,073	8,211	9,995	4,967	65,989
Transportation	31,466	150	3,420	414	1,117	1,749	2,297	5,640	232	46,485
Shipping	33,575	178	2,118	413	520	132	223	6	4,734	41,899
Business and household services	101,919	988	2,794	946	2,419	2,258	1,927	24,739	1,870	139,860
Construction	13,110	223	716	695	934	1,193	1,117	2,209	859	21,056
Manufacturing	134,348	2,036	3,908	10,098	3,547	1,822	6,266	27,763	9,116	198,904
Agriculture, forestry and fishing	6,602	95	7	28	1,504	2,013	670	73	23	11,015
Mining and quarrying	21,743		5,489	239	22	102	70	217	902	28,784
Electricity, gas and water supply	26,817	670	1,064	5,220	2,617	1,905	2,786	12,898	470	54,447
Other	22,606	743	1,261	807	213	275	174	1,575	2,721	30,375
Corporates	486,857	7,663	26,670	20,317	15,452	14,837	24,156	104,932	29,445	730,329
Commercial real estate management	93,169	92	1,787	623	5,428	2,913	9,099	40,610	1	153,722
Residential real estate management	71,846		74			1,852	10	20,041		93,823
Housing co-operative associations	40,566									40,566
Property Management	205,581	92	1,861	623	5,428	4,765	9,109	60,651	1	288,111
Public Administration	18,075	2	823	1,334	3,542	323	2,576	48,275	1,413	76,363
Household mortgage	381,364		2,824		13,529	7,596	17,248		2,903	425,464
Other	42,462	4,191	26,704	1,629	2,552	2,674	1,376	37	3,803	85,428
Households	423,826	4,191	29,528	1,629	16,081	10,270	18,624	37	6,706	510,892
Credit portfolio	1,213,379	33,284	72,829	27,563	40,819	30,708	54,965	249,353	53,713	1,776,613

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

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

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

Loan portfolio by industry and geography*

SEB Group, 31 December 2012
SEK m	Sweden	Denmark	Norway	Finland	Estonia	Latvia	Lithuania	Germany	Other	Total
Banks	33,779	3,544	3,021	1,224	307	484	349	23,756	10,374	76,838
Finance and insurance	32,774	113	1,557	4	40	176	8	11,034	3,300	49,006
Wholesale and retail	18,264	1,434	690	409	1,324	1,970	5,703	2,677	3,575	36,046
Transportation	22,608	11	2,879	3	768	1,408	1,773	2,991	164	32,605
Shipping	24,387	46	1,767	413	189	121	222	6	4,228	31,379
Business and household services	59,675	603	707	97	2,094	1,854	1,531	9,265	453	76,279
Construction	5,719	172	224	46	342	699	382	228	28	7,840
Manufacturing	52,661	1,206	418	4,063	2,053	1,525	4,463	9,739	5,381	81,509
Agriculture, forestry and fishing	5,546	87	5	28	1,312	1,795	580		7	9,360
Mining and quarrying	11,359		31	238	21	81	69	217		12,016
Electricity, gas and water supply	12,613	495	69	3,614	1,162	1,445	2,048	5,341	94	26,881
Other	17,621	742	852	101	193	253	166	1,413	1,822	23,163
Corporates	263,227	4,909	9,199	9,016	9,498	11,327	16,945	42,911	19,052	386,084
Commercial real estate management	78,964	5	835	618	5,089	2,629	8,574	36,983	1	133,698
Residential real estate management	59,640		70			1,800	10	18,306
Housing co-operative associations	36,437									36,437
Property Management	175,041	5	905	618	5,089	4,429	8,584	55,289	1	249,961
Public Administration	3,998	2	111	1,317	1,444	137	2,131	47,118	1,412	57,670
Household mortgage	358,185		2,824		13,496	7,573	17,071		2,903	402,052
Other	24,510	2,288	8,739	767	2,024	1,947	855	37	2,066	43,233
Households	382,695	2,288	11,563	767	15,520	9,520	17,926	37	4,969	445,285
Loan portfolio	858,740	10,748	24,799	12,942	31,858	25,897	45,935	169,111	35,808	1,215,838
Repos, credit institutions										30,822
Repos, general public										75,702
Debt instruments										48,618
Reserves										-8,869
Total lending										1,362,111

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

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

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

SEK bn SEK bn

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
SEK bn	2011	2011	2011	2011	2012	2012	2012	2012
Banks	193	171	184	155	188	157	157	171
Corporates	650	667	704	708	704	730	720	730
Nordic countries	478	483	514	521	524	541	530	542
Germany	100	101	107	102	98	101	104	105
Baltic countries	49	51	55	53	52	55	53	54
Other	24	32	28	32	29	33	33	29
Commercial real estate management	143	152	155	150	148	148	149	154
Nordic countries	76	85	88	88	87	88	90	96
Germany	46	47	46	44	43	43	42	41
Baltic countries	20	20	20	19	18	18	17	17
Other	1	0	0	0	0	0	0	0
Residential real estate management	84	88	90	92	90	92	92	94
Nordic countries	57	60	62	65	65	68	70	72
Germany	25	26	26	25	23	23	20	20
Baltic countries	2	2	2	2	2	2	2	2
Other	0	0	0	0	0	0	0	0
Housing co-operative associations Sweden	29	33	35	38	39	40	41	41
Public administration	91	78	82	84	76	76	74	76
Households	434	454	462	475	486	500	502	511
Nordic countries	378	398	405	418	433	445	450	459
Germany	0	0	0	0	0	0	0	0
Baltic countries	49	50	50	48	47	46	44	45
Other	6	6	7	9	6	8	8	7
Total credit portfolio	1,624	1,641	1,712	1,703	1,730	1,743	1,735	1,777

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

Asset quality

Credit loss level

%

31 Dec 2012

Development of Non-performing loans

SEK bn

* Incl. other

Non-performing loans & reserves

Dec '09 Mar '10 Jun '10 Sep '10 Dec '10 Mar '11 Jun '11 Sep '11 Dec '11 Mar '12 Jun '12 Sep '12 Dec '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
	2011	2011	2011	2011	2012	2012	2012	2012
Individually assessed loans
Impaired loans, gross	14,870	14,455	12,538	11,090	10,678	9,797	8,463	8,001
Specific reserves	7,801	7,234	6,575	5,938	5,783	5,135	4,394	4,164
Collective reserves	2,459	2,132	2,026	1,948	1,882	1,855	1,882	1,790
Off Balance sheet reserves	400	398	378	369	346	351	507	300
Specific reserve ratio	52%	50%	52%	54%	54%	52%	52%	52%
Total reserve ratio	69%	65%	69%	71%	72%	71%	74%	74%
Portfolio assessed loans
Loans past due > 60 days	6,696	6,796	6,804	6,483	6,404	6,064	5,678	5,390
Restructured loans	503	523	530	501	498	494	442	450
Collective reserves	3,544	3,418	3,499	3,351	3,284	3,051	2,926	2,914
Reserve ratio	49%	47%	48%	48%	48%	47%	48%	50%
Non-performing loans	22,069	21,773	19,873	18,074	17,580	16,355	14,583	13,840
Total reserves	14,204	13,182	12,478	11,606	11,295	10,392	9,709	9,169
NPL coverage ratio	64%	61%	63%	64%	64%	64%	67%	66%
Non-performing loans / Lending	1.7%	1.7%	1.4%	1.4%	1.3%	1.3%	1.1%	1.0%

Baltic geographies

SEK m

	31 Mar	30 Jun	30 Sep	31 Dec	31 Mar	30 Jun	30 Sep	30 Dec
	2011	2011	2011	2011	2012	2012	2012	2012
Individually assessed loans
Impaired loans, gross	9,855	8,793	8,332	7,324	6,914	6,481	5,801	5,498
Specific reserves	4,922	4,385	4,178	3,683	3,585	3,346	2,968	2,786
Collective reserves	1,350	1,178	1,036	956	866	799	757	673
Off balance sheet reserves	69	69	48	31	15	13	11	12
Specific reserve ratio	50%	50%	50%	50%	52%	52%	51%	51%
Total reserve ratio	64%	63%	63%	63%	64%	64%	64%	63%
Portfolio assessed loans
Loans past due > 60 days	4,635	4,667	4,644	4,366	4,327	4,197	3,874	3,598
Restructured loans	503	523	530	501	498	494	442	450
Collective reserves	2,757	2,616	2,677	2,544	2,485	2,436	2,316	2,311
Reserve ratio	54%	50%	52%	52%	52%	52%	54%	57%
Non-performing loans	14,994	13,983	13,506	12,192	11,738	11,172	10,117	9,546
Total reserves	9,097	8,248	7,939	7,215	6,951	6,594	6,052	5,782
NPL coverage ratio	61%	59%	59%	59%	59%	59%	60%	61%
Non-performing loans / Lending	13.1%	12.0%	11.4%	10.9%	10.9%	10.4%	9.7%	9.2%

Impaired loans by industry and geography*

(Individually assessed loans)

SEB Group, 31 December 2012
SEK m	Sweden	Denmark	Norway	Finland	Estonia	Latvia	Lithuania	Germany	Other	Total
Banks	43	2								45
Finance and insurance	3				1			3		7
Wholesale and retail	60				17	219	274	35	5	610
Transportation	1				1	17	81	5		105
Shipping							81		187	268
Business and household services	88	103			10	39	214	3	3	460
Construction	29	5			74	109	52	45	1	315
Manufacturing	53			48	133	30	167	189	7	627
Agriculture, forestry and fishing						63	11		8	82
Mining and quarrying						40				40
Electricity, gas and water supply	4				2					6
Other	200		4	1	10	39		3	32	289
Corporates	438	108	4	49	248	556	880	283	243	2,809
Commercial real estate management	26				217	735	2,434	804		4,216
Residential real estate management	9					193		416		618
Housing co-operative associations	11									11
Property Management	46				217	928	2,434	1,220		4,845
Public Administration
Household mortgage	10		10				86			106
Other		7	22			149			18	196
Households	10	7	32			149	86		18	302
Impaired loans	537	117	36	49	465	1,633	3,400	1,503	261	8,001

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

SEB Group, 31 December 2011
SEK m	Sweden	Denmark	Norway	Finland	Estonia	Latvia	Lithuania	Germany	Other	Total
Banks	345	4					1	1		351
Finance and insurance	22		3	4	1					30
Wholesale and retail	67				72	246	334	112		831
Transportation	15		3		3	50	170	4		245
Shipping	4						87			91
Business and household services	105	107			43	57	270	11	5	598
Construction	41	5	1		94	199	118	51	19	528
Manufacturing	84	5	8		221	68	313	199	33	931
Agriculture, forestry and fishing	3				3	54	12		14	86
Mining and quarrying						22			12	34
Electricity, gas and water supply					3	1				4
Other	127		9		15	16		4	240	411
Corporates	468	117	24	4	455	713	1,304	381	323	3,789
Commercial real estate management	48				340	839	3,209	1,471		5,907
Residential real estate management	25					177		216		418
Housing co-operative associations	12									12
Property Management	85				340	1,016	3,209	1,687		6,337
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 December 2012
SEK m	Sweden	Denmark	Norway	Finland	Estonia	Latvia	Lithuania	Other	Total
Corporates	20	11	42	41	123	168	83		488
Household mortgage	460				414	1,229	1,123		3,226
Household mortgage restructured					45	108	297		450
Other	661	253	278	25	49	280	129		1,675
Households	1,121	253	278	25	508	1,617	1,549		5,351
Non performing	1,141	264	320	66	631	1,785	1,632		5,839
SEB Group, 31 December 2011
SEK m	Sweden	Denmark	Norway	Finland	Estonia	Latvia	Lithuania	Other	Total
Corporates	20	11	47	7	192	207	135	2	621
Household mortgage	481				537	1,480	1,231	94	3,823
Household mortgage restructured					47	128	326		501
Other	672	269	330	59	99	336	149	125	2,039
Households	1,153	269	330	59	683	1,944	1,706	219	6,363
whereof Retail, SEB Ukraine									-219
Non performing excl Retail, SEB Ukraine	1,173	280	377	66	875	2,151	1,841	221	6,765

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

Market risk

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

All risk exposures are well within the Board's decided limits and the utilization remained low.

The market risk in the total Trading Book has decreased further during Q4 compared to Q3, mostly in the Merchant Banking area due to lower risk appetite in combination with lower market volatility. Following the decreased risk appetite, the Board has decided to decrease the aggregated VaR limit for the total Trading Book which has now been lowered from previously SEK 1,300 m to SEK 800 m. Despite this decrease, the limit utilization on aggregated level was 15% at year end with an average of 20% for 2012.

Value at Risk (99 per cent, ten days)
SEK m	Min	Max	31 December 2012	Average 2012	Average 2011
Commodities	4	31	12	12	2
Credit spread	100	166	115	138	189
Equity	12	147	17	66	32
FX	16	108	17	47	44
Interest rate	51	203	51	118	80
Volatilities	34	87	39	53	28
Diversification	-	-	-128	-272	-165
Total	113	238	123	162	210

Debt instruments

Credit Risk Exposure SEK 272bn

By rating

	Central &
	local		Covered	Structured
SEK bn	governments	Corporate	bonds	Credits	Financials	Total
AAA	0.2%	0.4%	1.7%	0.6%	0.9%	3.8%
AA	6.9%	0.0%	0.4%	1.2%	0.1%	8.6%
A	32.8%	0.4%	35.0%	3.0%	0.2%	71.4%
BBB	0.0%	0.2%	0.1%	0.3%	0.0%	0.6%
BB/B	1.1%	0.7%	1.2%	0.6%	0.2%	3.8%
CCC/CC	0.0%	0.0%	0.0%	0.3%	0.0%	0.3%
No issue rating	6.5%	2.9%	0.7%	0.1%	1.3%	11.5%
	47.5%	4.6%	39.1%	6.1%	2.7%	100.0%

By geography

	Central &
	local		Covered	Structured
SEK bn	governments	Corporate	bonds	Credits	Financials	Total
Germany	27.2%	0.7%	1.8%	0.1%	0.4%	30.2%
Sweden	7.1%	1.7%	18.1%	0.0%	0.8%	27.7%
Denmark	2.0%	0.3%	10.3%	0.0%	0.0%	12.6%
Norway	4.6%	0.0%	0.6%	2.9%	0.0%	8.1%
US	2.9%	1.4%	2.5%	0.0%	1.3%	8.1%
Spain	0.0%	0.0%	2.8%	0.5%	0.0%	3.3%
France	0.8%	0.0%	0.0%	1.7%	0.2%	2.7%
Finland	0.4%	0.1%	2.1%	0.0%	0.0%	2.6%
Greece	1.4%	0.4%	0.2%	0.0%	0.0%	2.0%
Ireland	0.8%	0.0%	0.5%	0.2%	0.0%	1.5%
Italy	0.0%	0.0%	0.2%	0.2%	0.0%	0.4%
Portgual	0.2%	0.0%	0.0%	0.2%	0.0%	0.4%
Europe, other	0.1%	0.0%	0.0%	0.1%	0.0%	0.2%
Netherlands	0.0%	0.0%	0.0%	0.1%	0.0%	0.1%
Other	0.0%	0.0%	0.0%	0.1%	0.0%	0.1%
	47.5%	4.6%	39.1%	6.1%	2.7%	100.0%

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

As of Dec 31, 2012
	Central & local	Covered	Structured
Total Nominal amount SEK 11.3bn	governments	bonds	credits	Financials	Total
Greece	0%	0%	2%	0%	2%
Italy	2%	0%	3%	0%	6%
Ireland	0%	4%	5%	0%	9%
Portugal	0%	0%	3%	0%	3%
Spain	0%	67%	12%	0%	80%
Total	8%	63%	29%	0%	100%

SEB Group by business segment

Operating profit before credit loss provisions per division

* Where of Sweden 11.2bn and Cards 3.2bn

** Where of Estonia 2.2bn, Latvia 3.0bn, Lithuania 3.5bn and Baltic RHC 0.1

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

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

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
SEK m	2011	2011	2011	2011	2012	2012	2012	2012
Net interest income	571	271	62	31	3	287	372	339
Net fee and commission income	245	286	310	173	253	210	225	225
Net financial income	-12	-366	-316	-514	181	-166	93	-71
Net life insurance income	-356	-361	-329	-261	-324	-319	-318	-318
Net other income	-156	-45	-174	-448	-268	-137	-64	-357
Total operating income	292	-215	-447	-1,019	-155	-125	308	-182
Staff costs	-1,086	-1,013	-1,004	-1,063	-1,044	-1,128	-1,102	-1,136
Other expenses	1,057	1,069	1,085	930	1,027	1,115	1,032	1,109
Depreciation, amortisation and impairment of
tangible and intangible assets	-122	-123	-127	-119	-130	-127	-132	-743
Restructuring costs
Total operating expenses	-151	-67	-46	-252	-147	-140	-202	-770
Profit before credit losses	141	-282	-493	-1,271	-302	-265	106	-952
Gains less losses from disposals of tangible
and intangible assets			1		1		-4	1
Net credit losses	1	-1	1	2		1	1	-1
Operating profit	142	-283	-491	-1,269	-301	-264	103	-952

Merchant Banking

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
SEK m	2011	2011	2011	2011	2012	2012	2012	2012
Net interest income	1,630	1,781	1,792	1,936	1,805	1,788	1,676	1,697
Net fee and commission income	1,142	1,225	1,252	1,289	1,150	1,270	1,115	1,361
Net financial income	1,084	998	1,020	900	987	1,073	786	837
Net other income	35	134	211	237	110	71	127	-16
Total operating income	3,891	4,138	4,275	4,362	4,052	4,202	3,704	3,879
Staff costs	-1,064	-998	-988	-876	-1,018	-980	-950	-997
Other expenses	-1,189	-1,251	-1,132	-1,199	-1,125	-1,125	-1,098	-1,117
Depreciation, amortisation and impairment of
tangible and intangible assets	-52	-49	-46	-80	-41	-41	-42	-58
Total operating expenses	-2,305	-2,298	-2,166	-2,155	-2,184	-2,146	-2,090	-2,172
Profit before credit losses	1,586	1,840	2,109	2,207	1,868	2,056	1,614	1,707
Gains less losses from disposals of tangible
and intangible assets	3	-2		-2		-6
Net credit losses	-49	-66	-53	-92	-81	-30	-18	-1
Operating profit	1,540	1,772	2,056	2,113	1,787	2,020	1,596	1,706
Cost/Income	0.59	0.56	0.51	0.49	0.54	0.51	0.56	0.56
Business equity, SEK bn	24.9	25.7	26.7	26.8	36.6	36.6	36.3	36.3
Return on business equity, per cent
-isolated in the quarter	17.8	19.8	22.2	22.7	14.4	16.3	13.0	13.9
-accumulated in the period	17.8	18.8	19.9	20.6	14.4	15.3	14.6	14.3
RWA - Basel I, SEK bn	510	522	541	535	540	559	546	555
RWA - Basel II, SEK bn	387	375	369	387	384	366	336	335
Lending to the public*, SEK bn	425	431	436	442	449	444	430	444
Deposits from the public**, SEK bn	348	392	429	447	387	454	412	446
FTEs, present	2,386	2,390	2,409	2,414	2,414	2,414	2,429	2,392

*excluding repos and debt instruments

** excluding repos

Income, Expenses, Net losses and Operating profit

Please note that the 2008-2012 figures have been restated for organizational changes.

Trading and Capital Markets

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
SEK m	2011	2011	2011	2011	2012	2012	2012	2012
Net interest income	248	318	236	370	312	307	236	249
Net fee and commission income	318	208	371	362	259	278	341	288
Net financial income	1,084	1,042	975	943	1,034	1,066	830	908
Net other income	2	4	12	4	-2	-4	13	-11
Total operating income	1,652	1,572	1,594	1,679	1,603	1,647	1,420	1,434
Staff costs	-478	-450	-435	-384	-463	-438	-428	-445
Other expenses	-562	-604	-538	-555	-500	-506	-508	-510
Depreciation, amortisation and impairment of
tangible and intangible assets	-27	-29	-26	-53	-25	-25	-25	-39
Total operating expenses	-1,067	-1,083	-999	-992	-988	-969	-961	-994
Profit before credit losses	585	489	595	687	615	678	459	440
Gains less losses from disposals of tangible
and intangible assets	2					-1
Net credit losses		-1		-2
Operating profit	587	488	595	685	615	677	459	440
Corporate Banking
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
SEK m	2011	2011	2011	2011	2012	2012	2012	2012
Net interest income	1,037	1,067	1,153	1,168	1,063	1,066	1,099	1,113
Net fee and commission income	472	645	549	582	539	615	449	744
Net financial income	-36	-52	17	-61	-57	-6	-45	-64
Net other income	25	121	189	216	104	57	108	-14
Total operating income	1,498	1,781	1,908	1,905	1,649	1,732	1,611	1,779
Staff costs	-444	-407	-410	-358	-414	-403	-388	-415
Other expenses	-295	-293	-273	-320	-298	-272	-262	-267
Depreciation, amortisation and impairment of
tangible and intangible assets	-22	-16	-18	-24	-13	-13	-13	-15
Total operating expenses	-761	-716	-701	-702	-725	-688	-663	-697
Profit before credit losses	737	1,065	1,207	1,203	924	1,044	948	1,082
Gains less losses from disposals of tangible
and intangible assets	2	-1		-1		-1
Net credit losses	-53	-61	-52	-100	-84	-38	-15	-8
Operating profit	686	1,003	1,155	1,102	840	1,005	933	1,074
Global Transaction Services
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
SEK m	2011	2011	2011	2011	2012	2012	2012	2012
Net interest income	345	396	403	397	429	414	341	334
Net fee and commission income	352	372	331	344	352	378	325	329
Net financial income	35	8	28	20	11	14	1	-7
Net other income	9	10	11	16	8	17	6	9
Total operating income	741	786	773	777	800	823	673	665
Staff costs Other expenses	-143 -331	-141 -354	-142 -321	-135 -323	-141 -327	-139 -347	-134 -328	-136 -340
Depreciation, amortisation and impairment of
tangible and intangible assets	-3	-3	-3	-3	-3	-3	-4	-5
Total operating expenses	-477	-498	-466	-461	-471	-489	-466	-481
Profit before credit losses	264	288	307	316	329	334	207	184
Gains less losses from disposals of tangible
and intangible assets	-1	-2	-1			-3
Net credit losses	4	-5		10	3	7	-2	7
Operating profit	267	281	306	326	332	338	205	191

Nordic leader in investment banking

Source: The Nordic Stock exchanges

NOK League Tables – Corporate Bonds Jan – Dec 2012 (NOK m)

* Rank based on completed deals. All Nordic involvement. Source: Thomson Reuters

Trading and Capital Markets, income by main product cluster

Low risk trading orientation

Retail Banking

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
SEK m	2011	2011	2011	2011	2012	2012	2012	2012
Net interest income	1,405	1,490	1,548	1,620	1,708	1,792	1,796	1,821
Net fee and commission income	934	967	894	980	886	919	886	957
Net financial income	64	83	74	81	78	96	79	86
Net other income	14	40	23	20	13	20	19	24
Total operating income	2,417	2,580	2,539	2,701	2,685	2,827	2,780	2,888
Staff costs	-737	-751	-722	-741	-761	-777	-755	-731
Other expenses	-895	-956	-886	-901	-744	-890	-787	-845
Depreciation, amortisation and impairment of
tangible and intangible assets	-19	-19	-20	-21	-20	-21	-24	-20
Total operating expenses	-1,651	-1,726	-1,628	-1,663	-1,525	-1,688	-1,566	-1,596
Profit before credit losses	766	854	911	1,038	1,160	1,139	1,214	1,292
Gains less losses from disposals of tangible
and intangible assets	1	-1
Net credit losses	-96	-54	-111	-180	-102	-132	-99	-119
Operating profit	671	799	800	858	1,058	1,007	1,115	1,173
Cost/Income	0.68	0.67	0.64	0.62	0.57	0.60	0.56	0.55
Business equity, SEK bn	10.6	10.8	10.8	11.0	14.9	14.8	14.8	14.2
Return on business equity, per cent
-isolated in the quarter	18.8	22.0	21.9	23.1	21.0	20.2	22.2	24.5
-accumulated in the period	18.8	20.4	20.8	21.4	21.0	20.6	21.2	22.3
RWA - Basel I, SEK bn	291	304	316	329	340	350	357	377
RWA - Basel II, SEK bn	131	133	135	136	139	115	112	114
Lending to the public*, SEK bn 1)	443	464	480	495	507	521	531	543
Deposits from the public**, SEK bn 2)	180	185	192	199	202	208	211	216
FTEs, present 3)	3,623	3,723	3,651	3,684	3,724	3,834	3,649	3,649
*excluding repos and debt instruments
** excluding repos
1) Where of RB Sweden	427	447	462	478	489	503	513	525
RB Card	16	17	18	17	18	18	18	18
2) Where of RB Sweden	180	185	192	199	202	208	211	216
RB Card	-	-	-	-	-	-	-	-
3) Where of RB Sweden	2,850	2,949	2,869	2,905	2,959	3,072	2,882	2,898
RB Card	773	774	782	779	765	762	767	751

Income, Expenses and Operating profit

Retail Sweden

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
SEK m	2011	2011	2011	2011	2012	2012	2012	2012
Net interest income	1,179	1,268	1,313	1,386	1,464	1,523	1,530	1,557
Net fee and commission income	539	532	498	504	490	479	471	523
Net financial income	64	83	74	81	79	96	79	85
Net other income	15	26	6	5	4	5	5	4
Total operating income	1,797	1,909	1,891	1,976	2,037	2,103	2,085	2,169
Staff costs	-559	-569	-550	-566	-581	-595	-575	-551
Other expenses	-719	-775	-719	-725	-562	-699	-623	-664
Depreciation, amortisation and impairment of
tangible and intangible assets	-13	-13	-14	-14	-15	-16	-16	-16
Total operating expenses	-1,291	-1,357	-1,283	-1,305	-1,158	-1,310	-1,214	-1,231
Profit before credit losses	506	552	608	671	879	793	871	938
Gains less losses from disposals of tangible
and intangible assets	1	-1
Net credit losses	-42	-9	-63	-106	-49	-83	-54	-65
Operating profit	465	542	545	565	830	710	817	873
Cards
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
SEK m	2011	2011	2011	2011	2012	2012	2012	2012
Net interest income	226	222	235	234	244	268	266	266
Net fee and commission income	392	416	403	474	387	431	412	434
Net other income	3	30	12	24	17	24	17	25
Total operating income	621	668	650	732	648	723	695	725
Staff costs	-178	-182	-171	-176	-180	-182	-180	-180
Other expenses	-176	-178	-169	-185	-181	-190	-165	-188
Depreciation, amortisation and impairment of
tangible and intangible assets	-7	-6	-6	-6	-5	-5	-8	-3
Total operating expenses	-361	-366	-346	-367	-366	-377	-353	-371
Profit before credit losses	260	302	304	365	282	346	342	354
Gains less losses from disposals of tangible and intangible assets
Net credit losses	-55	-44	-48	-73	-53	-49	-45	-54

Operating profit 205 258 256 292 229 297 297 300

Business volume development by area

Retail Sweden

Volumes

Retail Sweden

Cards

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

SEB Kort has the exclusive right to use the:

Diners Club brand Issuing & Acquiring exclusively in: Sweden Norway Finland Denmark Iceland Not exclusive Acquiring rights in Estonia Latvia Lithuania

Wealth Management

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
SEK m	2011	2011	2011	2011	2012	2012	2012	2012
Net interest income	143	159	166	167	170	179	160	158
Net fee and commission income	965	837	815	972	765	820	733	926
Net financial income	15	22	33	17	21	15	30	31
Net other income	2	26	-21		2	32	-7	3
Total operating income	1,125	1,044	993	1,156	958	1,046	916	1,118
Staff costs	-364	-361	-314	-349	-315	-337	-339	-331
Other expenses	-372	-390	-356	-383	-423	-295	-333	-328
Depreciation, amortisation and impairment of
tangible and intangible assets	-12	-9	-10	-18	-11	-11	-10	-11
Total operating expenses	-748	-760	-680	-750	-749	-643	-682	-670
Profit before credit losses	377	284	313	406	209	403	234	448
Gains less losses from disposals of tangible
and intangible assets
Net credit losses	-1		-6	-2	1			-6
Operating profit	376	284	307	404	210	403	234	442
Cost/Income	0.66	0.73	0.68	0.65	0.78	0.61	0.74	0.60
Business equity, SEK bn	5.0	4.9	5.0	5.1	6.2	6.1	5.8	5.8
Return on business equity, per cent
-isolated in the quarter	21.5	16.6	17.7	23.0	10.1	19.5	12.0	22.5
-accumulated in the period	21.5	19.1	18.6	19.7	10.1	14.8	13.9	16.0
RWA - Basel I, SEK bn	27	27	28	28	30	26	26	22
RWA - Basel II, SEK bn	32	30	31	32	31	30	27	26
Lending to the public*, SEK bn	32	33	34	34	35	34	34	36
Deposits from the public**, SEK bn	45	50	52	51	52	55	55	57
FTEs, present	976	982	965	957	955	948	913	919

*excluding repos and debt instruments

** excluding repos

Income, Expenses and Operating profit

AuM per customer type

Total net new money per quarter

*Institutional Clients excluding Private Bankings share of Mutual Fund Sales

Mutual funds per product type

	Q1 2011	Q2 2011	Q3 2011	Q4 2011	Q1 2012	Q2 2012	Q3 2012	Q4 2012
Equity funds	38%	38%	33%	34%	37%	36%	38%	42%
Fixed income funds	25%	25%	27%	27%	20%	29%	27%	24%
Balanced funds	16%	16%	17%	16%	21%	16%	17%	16%
Alternative funds	21%	21%	23%	23%	22%	19%	18%	18%
Total amount (SEK bn)	551	542	473	453	484	446	442	456

Life

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
SEK m	2011	2011	2011	2011	2012	2012	2012	2012
Net interest income	-8	-10	-8	-7	-24	-24	-20	-18
Net life insurance income	1,138	1,125	988	1,253	1,239	1,140	1,179	1,149
Total operating income	1,130	1,115	980	1,246	1,215	1,116	1,159	1,131
Staff costs	-292	-305	-289	-307	-308	-307	-294	-305
Other expenses	-135	-111	-137	-153	-136	-136	-137	-128
Depreciation, amortisation and impairment of
tangible and intangible assets	-192	-192	-198	-203	-229	-228	-224	-209
Total operating expenses	-619	-608	-624	-663	-673	-671	-655	-642
Profit before credit losses	511	507	356	583	542	445	504	489
Operating profit *	511	507	356	583	542	445	504	489
Change in surplus values	27	545	217	399	83	325	148	115
Business result	538	1,052	573	982	625	770	652	604
Cost/Income	0.55	0.55	0.64	0.53	0.55	0.60	0.57	0.57
Business equity, SEK bn	6.4	6.4	6.4	6.4	6.5	6.5	6.5	6.5
Return on business equity, per cent
-isolated in the quarter	28.1	27.9	19.6	32.1	29.0	23.8	27.0	26.2
-accumulated in the period	28.1	28.0	25.2	26.9	29.0	26.4	26.6	26.5
Return on business equity, based on business
result, per cent*
-isolated in the quarter	29.6	57.9	31.5	54.0	33.5	41.2	34.9	32.3
-accumulated in the period	29.6	43.7	39.7	43.2	33.5	37.3	36.5	35.5
FTEs, present	1,237	1,241	1,331	1,323	1,305	1,303	1,323	1,338

Income, Expenses and Operating profit SEK m

Income statement

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
SEK m	2011	2011	2011	2011	2012	2012	2012	2012
Income unit-linked	632	639	620	645	687	665	659	711
Income other insurance 1)	370	332	196	434	381	319	360	314
Other income	128	144	164	167	147	132	140	106
Total operating income	1,130	1,115	980	1,246	1,215	1,116	1,159	1,131
Operating expenses	-649	-623	-586	-673	-659	-648	-594	-638
Other expenses	0	-9	-10	-8	-1	-3	-2	1
Change in deferred acquisition costs	30	24	-28	18	-13	-20	-59	-5
Total expenses	-619	-608	-624	-663	-673	-671	-655	-642
Operating profit	511	507	356	583	542	445	504	489
Change in surplus value, net	27	545	217	399	83	325	148	115
Business result	538	1,052	573	982	625	770	652	604
Financial effects due to market fluctuations	-455	-224	-1,588	370	882	275	116	439
Change in assumptions	-24	36	0	-191	3	141	184	-737
Total result	59	864	-1,015	1,161	1,510	1,186	952	306
Business equity	6,400	6,400	6,400	6,400	6,500	6,500	6,500	6,500
Return on business equity 2)	28.1	27.9	19.6	32.1	29.0	23.8	27.0	26.2
Premium income, gross	8,549	6,850	6,212	7,323	7,149	6,624	6,136	7,276
Expense ratio, % 3)	7.6	9.1	9.4	9.2	9.2	9.8	9.7	8.8
Operating profit by business area
SEB Trygg Liv, Sweden	388	329	268	329	346	286	325	350
SEB Pension, Denmark	114	160	110	191	139	161	145	140
SEB Life & Pension, International	20	17	-10	64	81	18	58	11
Other including central functions etc	-11	1	-12	-1	-24	-20	-24	-12
	511	507	356	583	542	445	504	489
1) Effect of guarantee commitments in
traditional insurance in Sweden	15	-21	-73	26	25	1	3	14

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

3) Operating expenses as percentage of premium income

Sales volume insurance (weighted*)

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
SEK m	2011	2011	2011	2011	2012	2012	2012	2012
Total	11,933	11,601	8,562	10,041	10,405	9,881	8,651	9,606
Traditional life and sickness/health insurance	1,408	1,928	1,690	1,717	1,775	1,697	1,482	1,664
Unit-linked insurance	10,525	9,673	6,872	8,324	8,630	8,184	7,169	7,942
Corporate as per cent of total	58%	70%	74%	71%	71%	78%	80%	75%
SEB Trygg Liv Sweden	7,026	6,649	4,854	5,252	5,412	5,199	4,086	4,731
Traditional life and sickness/health insurance	322	366	405	303	354	332	257	346
Unit-linked insurance	6,704	6,283	4,449	4,949	5,058	4,867	3,829	4,385
Corporate as per cent of total	61%	69%	75%	75%	80%	83%	84%	83%
SEB Pension Denmark	2,845	3,678	2,942	3,165	3,429	3,289	3,517	3,196
Traditional life and sickness insurance	955	1,375	1,201	1,231	1,282	1,187	1,081	1,066
Unit-linked insurance	1,890	2,303	1,741	1,934	2,147	2,102	2,436	2,130
Corporate as per cent of total	76%	87%	87%	86%	80%	88%	91%	86%
SEB Life & Pension International	2,062	1,274	766	1,624	1,564	1,393	1,048	1,679
Traditional life and sickness insurance	131	187	84	183	139	178	144	252
Unit-linked insurance	1,931	1,087	682	1,441	1,425	1,215	904	1,427
Corporate as per cent of total	26%	23%	19%	29%	20%	35%	31%	32%

* Single premiums + regular premiums times ten

Premium income and Assets under management

SEK m	Q1 2011	Q2 2011	Q3 2011	Q4 2011	Q1 2012	Q2 2012	Q3 2012	Q4 2012
Premium income: Total	8,549	6,850	6,212	7,323	7,149	6,624	6,136	7,276
Traditional life and sickness/health insurance	1,301	1,886	1,486	2,023	1,616	1,601	1,349	1,822
Unit-linked insurance	7,248	4,964	4,726	5,300	5,533	5,023	4,787	5,454
SEB Trygg Liv Sweden	4,743	3,823	3,316	3,470	3,727	3,246	3,119	3,511
Traditional life and sickness/health insurance	607	505	451	654	555	490	457	651
Unit-linked insurance	4,136	3,318	2,865	2,816	3,172	2,756	2,662	2,860
SEB Pension Denmark	1,795	1,904	2,005	2,267	1,898	2,064	2,019	2,225
Traditional life and sickness/health insurance	616	1,297	959	1,260	982	1,003	807	1,041
Unit-linked insurance	1,179	607	1,046	1,007	916	1,061	1,212	1,184
SEB Life & Pension International	2,011	1,123	891	1,586	1,524	1,314	998	1,540
Traditional life and sickness/health insurance	78	84	76	109	79	108	85	130
Unit-linked insurance	1,933	1,039	815	1,477	1,445	1,206	913	1,410
Assets under management, SEK bn: Total	425.1	427.1	416.2	420.0	434.3	428.8	435.9	442.7
Traditional life and sickness/health insurance*	245.6	247.0	233.3	233.2	236.7	234.1	235.5	238.9
Unit-linked insurance	179.5	180.1	182.9	186.8	197.6	194.7	200.4	203.8
SEB Trygg Liv Sweden	302.9	302.4	281.3	287.9	299.8	294.3	301.6	304.9
Traditional life and sickness/health insurance*	168.7	167.8	158.5	160.8	165.3	162.7	166.3	167.2
Unit-linked insurance	134.2	134.6	122.8	127.1	134.5	131.6	135.3	137.7
SEB Pension Denmark	92.4	95.2	90.4	88.6	89.2	89.4	88.2	92.3
Traditional life and sickness/health insurance	75.8	78.0	73.6	71.2	70.2	70.1	68.0	70.3
Unit-linked insurance	16.6	17.2	16.8	17.4	19.0	19.3	20.2	22.0
SEB Life & Pension International	29.8	29.5	44.5	43.5	45.3	45.1	46.1	45.5
Traditional life and sickness/health insurance	1.1	1.2	1.2	1.2	1.2	1.3	1.2	1.4
Unit-linked insurance	28.7	28.3	43.3	42.3	44.1	43.8	44.9	44.1

* including Gamla Livförsäkringsaktiebolaget

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

Sweden: 12 months to Sep 2012 (2011)

Source: Svensk Försäkring (Swedish insurance federation)

Gamla Livförsäkringsaktiebolaget

Traditional insurance business is operated in Gamla Livförsäkringsaktiebolaget SEB Trygg Liv (Gamla Liv). The entity is operated according to mutual principles and is not consolidated in SEB Trygg Liv's result. Gamla Liv is closed for new business since 1997. The policyholder organisation, Trygg Stiftelsen (the Trygg Foundation), has the purpose to secure policyholders' influence in Gamla Liv. The Trygg Foundation is entitled to:

Surplus values

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

Embedded value

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

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

SEK m	31 Dec 2009	31 Dec 2010	31 Dec 2011	31 Dec 2012
Equity 1)	8,594	8,780	9,322	10,019
Surplus values	14,928	16,318	15,583	18,020
1) Dividend paid to the parent company during the period	-1,850	-1,000	-850	-700

Surplus value accounting

SEK m	Q1 2011	Q2 2011	Q3 2011	Q4 2011	Q1 2012	Q2 2012	Q3 2012	Q4 2012
Surplus values, opening balance	16,318	15,799	16,563	15,087	15,583	16,456	17,844	18,082
Adjustment opening balance 1)	-56	341	-126	22	-66	714	-12	-3
Present value of new sales 2)	342	408	229	339	243	403	303	328
Return/realised value on policies from previous periods	-142	-275	-41	-338	-196	-209	-229	-435
Actual outcome compared to assumptions 3)	-143	436	1	416	18	103	21	216
Change in surplus values ongoing business, gross	57	569	189	417	65	297	95	109
Capitalisation of acquisition costs for the period	-214	-207	-160	-208	-203	-194	-153	-190
Amortisation of capitalised acquisition costs	184	183	188	190	216	214	212	195
Change in deferred front end fees					5	8	-6	1
Change in surplus values ongoing business, net 4)	27	545	217	399	83	325	148	115
Financial effects due to short term market fluctuations 5)	-455	-224	-1,588	370	882	275	116	439
Change in assumptions 6)	-24	36		-191	3	141	184	-737
Total change in surplus values	-452	357	-1,371	578	968	741	448	-183
Exchange rate differences etc	-11	66	21	-104	-29	-67	-198	124
Surplus values, closing balance 7)	15,799	16,563	15,087	15,583	16,456	17,844	18,082	18,020
Most important assumptions (Swedish unit-linked which represent 66 per cent of the surplus value), per cent.
Discount rate				7.0				7.0
Surrender of endowment insurance contracts:
contracts signed within 1 year / 1-4 years / 5 years				1/8/17				1/8/16
/ 6 years / thereafter				/15/10				/15/11
Lapse rate of regular premiums, unit-linked				12				11
Growth in fund units, gross before fees and taxes				5.0				5.0
Inflation CPI / Inflation expenses Expected return on solvency margin				2 / 3 4				2 / 3 3
Right to transfer policy, unit-linked				2				2.6
Mortality
Sensitivity to changes in assumptions (total division).
Change in discount rate +1 per cent				-1,536				-1,813
" -1 per cent				1,895				2,117
Change in value growth +1 per cent				2,689				2,106
of investment assets -1 per cent				-2,747				-2,021

1) Effects from adjustments of the calculation method. Q1 2012 is also related to the newly acquired subsidiary SEB Life International.

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

3) The actual outcome of previously signed contracts can be compared with earlier assumptions and deviations can be calculated. The most important components consist of extensions of contracts as well as cancellations.

4) Acquisition costs are capitalised in the accounts and amortised according to plan. Certain front end fees are also recorded on the balance sheet and recognized as revenue in the income statement during several years. The reported change in surplus values is adjusted by the net effect of changes in deferred acquisition costs and deferred front end fees during the period.

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

6) In Q4 2012 higher assumed transfers in Sweden had a negative effect of some SEK 400m. Q4 2012 was also negatively affected by almost SEK 300m due to higher assumed expenses in Sweden. Q2-3 2012 was positively affected by lower assumed expenses and bonus rate in Denmark and negatively affected by a higher assumed surrender rate for "Kapitalpension" policies in Sweden. In Q4 2011 a lowering of the discount rate had a positive effect of some SEK 800m but lower expected growth in fund values had a negative effect of some SEK 300m and higher frequency of surrenders, lapse and transfers had a negative effect of some SEK 700m.

7) The calculated surplus value is not included in the SEB Group's consolidated accounts. The closing balance is net of capitalised acquisition costs and deferred front end fees.

Baltic

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
SEK m	2011	2011	2011	2011	2012	2012	2012	2012
Net interest income	505	524	562	571	519	508	482	461
Net fee and commission income	209	239	218	223	210	230	233	246
Net financial income	80	88	92	105	112	109	103	99
Net other income	-5	-12	-5	-11	-7	3	-4	-3
Total operating income	789	839	867	888	834	850	814	803
Staff costs	-146	-187	-177	-191	-172	-175	-162	-172
Other expenses	-251	-265	-279	-324	-252	-259	-250	-319
Depreciation, amortisation and impairment of
tangible and intangible assets	-32	-33	-34	-34	-33	-32	-32	-183
Total operating expenses	-429	-485	-490	-549	-457	-466	-444	-674
Profit before credit losses	360	354	377	339	377	384	370	129
Gains less losses from disposals of tangible
and intangible assets	2	- 2	1	1	1	2	5	1
Net credit losses	572	679	202	32	-24	-108	-70	-149
Operating profit	934	1,031	580	372	354	278	305	-19
Cost/Income	0.54	0.58	0.57	0.62	0.55	0.55	0.55	0.84
Business equity, SEK bn	9.0	8.6	8.6	8.8	9.1	8.7	8.5	8.9
Return on business equity, per cent
-isolated in the quarter	36.2	42.3	24.4	15.6	14.4	11.8	13.0	negative
-accumulated in the period	36.2	39.2	34.3	29.6	14.4	13.1	13.1	9.7
RWA - Basel I, SEK bn	90	92	96	92	90	90	87	84
RWA - Basel II, SEK bn	77	81	82	78	76	77	76	76
Lending to the public*, SEK bn 1)	100	103	105	100	98	99	96	97
Deposits from the public**, SEK bn 2)	55	58	59	66	66	66	64	68
FTEs, present 3)	3,203	3,182	3,112	3,065	3,030	2,990	2,907	2,857
excluding repos and debt instruments * excluding repos
1) Where of Baltic Estonia	32	33	33	31	31	31	30	31
Baltic Latvia	24	25	25	25	24	26	26	25
Baltic Lithuania	45	45	47	45	44	43	42	43
2) Where of Baltic Estonia	20	21	23	22	22	22	21	23
Baltic Latvia	12	12	12	13	13	13	13	14
Baltic Lithuania	24	25	25	31	31	31	30	31
3) Where of Baltic Estonia	981	969	922	891	875	863	839	814
Baltic Latvia	878	888	883	863	881	867	837	821
Baltic Lithuania	1,323	1,306	1,282	1,285	1,248	1,233	1,203	1,193

Income, Expenses and Operating profit

Baltic Estonia

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
SEK m	2011	2011	2011	2011	2012	2012	2012	2012
Net interest income	176	187	202	204	195	194	175	156
Net fee and commission income Net financial income	66 12	82 13	68 16	66 21	64 17	69 16	69 15	73 16
Net other income	2	1	2		1	1	3	-2
Total operating income	256	283	288	291	277	280	262	243
Staff costs	-52	-59	-57	-45	-51	-51	-48	-48
Other expenses	-78	-82	-82	-78	-74	-70	-70	-66
Depreciation, amortisation and impairment of
tangible and intangible assets	-3	-3	-3	-4	-3	-3	-3	-3
Total operating expenses	-133	-144	-142	-127	-128	-124	-121	-117
Profit before credit losses	123	139	146	164	149	156	141	126
Gains less losses from disposals of tangible
and intangible assets
Net credit losses	17	122	63	22	32	1	-20	4
Operating profit	140	261	209	186	181	157	121	130
Baltic Latvia
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
SEK m	2011	2011	2011	2011	2012	2012	2012	2012
Net interest income	148	152	170	176	151	141	145	144
Net fee and commission income	48	60	48	51	51	56	54	56
Net financial income	31	29	26	35	51	32	34	32
Net other income	-1	-1	-1	-10	-1	4	1	10
Total operating income	226	240	243	252	252	233	234	242
Staff costs	-33	-53	-51	-64	-49	-51	-47	-54
Other expenses	-53	-64	-70	-76	-64	-72	-56	-68
Depreciation, amortisation and impairment of
tangible and intangible assets	-6	-6	-6	-5	-5	-5	-4	-4
Total operating expenses	-92	-123	-127	-145	-118	-128	-107	-126
Profit before credit losses	134	117	116	107	134	105	127	116
Gains less losses from disposals of tangible
and intangible assets		- 4		- 1
Net credit losses	183	157	52	2	-56	-71	-70	-108
Operating profit	317	270	168	108	78	34	57	8
Baltic Lithuania
SEK m	Q1 2011	Q2 2011	Q3 2011	Q4 2011	Q1 2012	Q2 2012	Q3 2012	Q4 2012
Net interest income	182	189	196	200	182	178	168	166
Net fee and commission income	94	97	102	106	96	104	110	116
Net financial income	38	45	50	49	43	61	53	51
Net other income	-2	-8	-3	5	-1	4	-1	-2
Total operating income	312	323	345	360	320	347	330	331
Staff costs	-58	-72	-66	-78	-69	-69	-63	-67
Other expenses	-117	-117	-126	-169	-113	-112	-121	-181
Depreciation, amortisation and impairment of
tangible and intangible assets	-21	-21	-21	-21	-20	-18	-17	-165
Total operating expenses	-196	-210	-213	-268	-202	-199	-201	-413
Profit before credit losses	116	113	132	92	118	148	129	-82
Gains less losses from disposals of tangible
and intangible assets
Net credit losses	372	401	86	8		-38	20	-45
Operating profit	488	514	218	100	118	110	149	-127

Baltic real estate holding companies

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
SEK m	2011	2011	2011	2011	2012	2012	2012	2012
Total operating income	-5	-7	-8	-13	-13	-12	-12	-14
Total operating expenses	-7	-9	-9	-12	-11	-12	-15	-18
Profit before credit losses	-12	-16	-17	-25	-24	-24	-27	-32
Operating profit	-10	-14	-16	-23	-23	-22	-22	-31

Business volume development by area

SEK bn Q4 2012 (change vs. Q4 2011 in local currency)

	Mortgages		Other lending	Deposits
Estonia	12	(0%)	18	(2%)	23	(4%)
Latvia	7	(-6%)	18	(12%)	14	(8%)
Lithuania	16	(-4%)	26	(1%)	31	(2%)

Deposit breakdown, Per cent of total deposits

Deposit market shares

* Q4 2012 Figures are November 2012

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

Baltic countries

Baltic lending market shares

^ Competitors' Q4 2012 volumes not available at time of publication

* Q4 2012 Figures are November 2012

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

Loan portfolio

Volumes

Baltic Estonia, EUR

Baltic Latvia, LVL

Baltic Lithuania, LTL

Baltic real estate holding companies

SEB Group by geography

Sweden

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
SEK m	2011	2011	2011	2011	2012	2012	2012	2012
Total operating income	5,400	6,096	5,352	5,414	5,415	5,581	5,607	5,636
Total operating expenses	-3,986	-4,196	-3,604	-3,937	-3,616	-3,629	-3,528	-4,279
Profit before credit losses	1,414	1,900	1,748	1,477	1,799	1,952	2,079	1,357
Gains less losses on disposals of tangible and
intangible assets	2	-2					-3
Net credit losses	-125		-94	-218	-108	-124	-53	-122
Operating profit	1,291	1,898	1,654	1,259	1,691	1,828	2,023	1,235
Norway
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
SEK m	2011	2011	2011	2011	2012	2012	2012	2012
Total operating income	701	753	640	812	861	862	741	808
Total operating expenses	-266	-299	-281	-318	-351	-348	-329	-311
Profit before credit losses	435	454	359	494	510	514	412	497
Gains less losses on disposals of tangible and
intangible assets
Net credit losses	-35	-20	-13	-26	-47	26	-41	31
Operating profit	400	434	346	468	463	540	371	528
Denmark
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
SEK m	2011	2011	2011	2011	2012	2012	2012	2012
Total operating income	708	706	723	772	749	809	697	791
Total operating expenses	-384	-387	-357	-367	-360	-374	-334	-319
Profit before credit losses	324	319	366	405	389	435	363	472
Gains less losses on disposals of tangible and
intangible assets				1
Net credit losses	-15	-13	-26	-12	-19	-12	-12	-17
Operating profit	309	306	340	394	370	423	351	455
Finland
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
SEK m	2011	2011	2011	2011	2012	2012	2012	2012
Total operating income	338	338	330	366	347	398	327	349
Total operating expenses	-160	-174	-144	-168	-145	-182	-145	-153
Profit before credit losses	178	164	186	198	202	216	182	196
Gains less losses on disposals of tangible and
intangible assets
Net credit losses		-2	-2	2	-1	-1	-2	-3
Operating profit	178	162	184	200	201	215	180	193
Germany*
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
SEK m	2011	2011	2011	2011	2012	2012	2012	2012
Total operating income	743	874	786	859	751	799	687	638
Total operating expenses	-478	-456	-517	-429	-465	-407	-483	-397
Profit before credit losses	265	418	269	430	286	392	204	241
Gains less losses on disposals of tangible and
intangible assets	3			-1
Net credit losses	21	-41	-18	-12	1	-33	5	-22
Operating profit	289	377	251	417	287	359	209	219

*Excluding centralised Treasury operations

Estonia

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
SEK m	2011	2011	2011	2011	2012	2012	2012	2012
Total operating income	272	312	301	329	310	302	293	258
Total operating expenses	-145	-151	-147	-147	-138	-139	-128	-141
Profit before credit losses	127	161	154	182	172	163	165	117
Gains less losses on disposals of tangible and
intangible assets	2	1	1			1	1	1
Net credit losses	17	122	63	22	32	1	-20	3
Operating profit	146	284	218	204	204	165	146	121
Latvia
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
SEK m	2011	2011	2011	2011	2012	2012	2012	2012
Total operating income	241	255	245	265	272	236	260	260
Total operating expenses	-103	-131	-132	-169	-132	-134	-120	-143
Profit before credit losses	138	124	113	96	140	102	140	117
Gains less losses on disposals of tangible and
intangible assets		-4	1				2	2
Net credit losses	182	157	52	2	-56	-71	-69	-108
Operating profit	320	277	166	98	84	31	73	11
Lithuania
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
SEK m	2011	2011	2011	2011	2012	2012	2012	2012
Total operating income	335	347	372	388	340	372	347	351
Total operating expenses	-204	-217	-224	-288	-216	-217	-207	-441
Profit before credit losses	131	130	148	100	124	155	140	-90
Gains less losses on disposals of tangible and
intangible assets		1	1	-1	1	2	1
Net credit losses	372	401	86	8		-39	20	-45
Operating profit	503	532	235	107	125	118	161	-135
Other countries and eliminations
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
SEK m	2011	2011	2011	2011	2012	2012	2012	2012
Total operating income	906	-180	458	129	544	557	722	546
Total operating expenses	-177	67	-228	-209	-312	-324	-365	-340
Profit before credit losses	729	-113	230	-80	232	233	357	206
Gains less losses on disposals of tangible and
intangible assets	-1	-1	-1		1	-7		-1
Net credit losses	10	-46	-15	-6	-8	-16	-14	7
Operating profit	738	-160	214	-86	225	210	343	212
SEB Group Total	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
SEK m	2011	2011	2011	2011	2012	2012	2012	2012
Total operating income	9,644	9,501	9,207	9,334	9,589	9,916	9,681	9,637
Total operating expenses	-5,903	-5,944	-5,634	-6,032	-5,735	-5,754	-5,639	-6,524
Profit before credit losses	3,741	3,557	3,573	3,302	3,854	4,162	4,042	3,113
Gains less losses on disposals of tangible and
intangible assets	6	-5	2	-1	2	-4	1	2
Net credit losses	427	558	33	-240	-206	-269	-186	-276
Operating profit	4,174	4,110	3,608	3,061	3,650	3,889	3,857	2,839

Macro

Nordic countries

Source: Reuters EcoWin Source: Reuters EcoWin

-40 -20

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

-00 -01 -02 -03 -04 -05 -06 -07 -08 -09 -10 -11 -12

Source: Reuters EcoWin Source: Reuters EcoWin

Source: OECD and DG-ECFIN Source: OECD

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

Baltic countries

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

Source: Reuters EcoWin Source: Reuters EcoWin

EUs sentiment indicator, Index (100 = historical average) Inflation, year-on-year % change

Source: Reuters EcoWin Source: Reuters EcoWin

General government balance, per cent of GDP General government public debt, per cent of GDP

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

Source: Reuters EcoWin Source: Reuters EcoWin

Swedish housing market

Source: Reuters EcoWin Source: Reuters EcoWin

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

Source: Reuters EcoWin Source: Reuters EcoWin

Household debt, % of disposable income Household savings ratio

Source: Reuters EcoWin

Household asset to debt ratio Labour market situation

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

House prices Residential investments

Source: OECD

Macro forecasts per country

		GDP (%)			Inflation (%)
	2011	2012F	2013F	2014F	2011	2012F	2013F	2014F
Sweden	3.9	0.7	1.3	2.5	3.0	0.9	0.1	1.4
Norway	1.4	3.4	2.6	2.2	1.3	0.7	1.6	2.0
Finland*	2.7	0.2	0.8	2.0	3.3	3.2	2.3	2.1
Denmark*	0.8	0.5	1.4	1.7	2.8	2.4	1.6	1.6
Germany*	3.0	0.8	0.6	1.5	2.5	2.0	1.8	1.7
Estonia*	8.4	3.1	3.3	4.0	5.1	4.0	4.3	3.3
Latvia*	5.5	5.3	3.8	4.5	4.2	2.5	2.1	3.0
Lithuania*	5.9	3.5	4.0	4.0	4.1	2.5	3.0	3.0
Eurozone*	1.4	-0.4	-0.2	0.8	2.7	2.5	1.5	1.5

Sources: National statistical agencies, SEB Economic Research Januari 2013

* Harmonised consumer price index

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

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

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

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

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

Financial calendar 2013

Date	Event
10 Jan - 30 Jan	Silent period
31 January	Annual Accounts 2012
28 February	Annual report on www.sebgroup.com
21 March	Annual general meeting
23 April	Interim report Jan-Mar 2013
15 July	Interim report Jan-Jun 2013
24 October	Interim report Jan-Sep 2013
5 February 2014	Annual Accounts 2013

Definitions

Return on Equity

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

Return on business equity

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

Return on total assets

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

Return on risk-weighted assets

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

Cost/Income-ratio

Total operating expenses as a percentage of total operating income.

Basic earnings per share

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

Diluted earnings per share

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

Net worth per share

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

Risk-weighted assets

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

Tier 1 capital

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

Core Tier 1 capital

Tier 1 capital excluding Tier 1 capital contribution.

Tier 2 capital

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

Capital base

The sum of Tier 1 and Tier 2 capital after deduction for investments in insurance companies and pension surplus values. From December 2012 the deduction for pension surplus values is not applicable, as new accounting principles for pensions have been implemented (IAS 19, Employee benefits),

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.