Debt Investor Presentation Jan- Sep 2014 Financials Thomas Bengtson

Debt Investor Presentation Jan- Sep 2014 Financials Thomas Bengtson More information Available on www.sebgroup.com You will find it under Investor Relations

Disclaimer IMPORTANT NOTICE THIS PRESENTATION IS NOT AN OFFER OR SOLICITATION OF AN OFFER TO BUY OR SELL SECURITIES. IT IS SOLELY FOR USE AT AN INVESTOR PRESENTATION AND IS PROVIDED AS INFORMATION ONLY. THIS PRESENTATION DOES NOT CONTAIN ALL OF THE INFORMATION THAT IS MATERIAL TO AN INVESTOR. THIS PRESENTATION IN AND OF ITSELF SHOULD NOT FORM THE BASIS OF ANY INVESTMENT DECISION. BY ATTENDING THE PRESENTATION OR BY READING THE PRESENTATION SLIDES YOU AGREE TO BE BOUND AS FOLLOWS: This presentation is not an offer for sale of securities in the United States, Canada or any other jurisdiction. This presentation may not be all-inclusive and may not contain all of the information that you may consider material. Neither SEB nor any third party nor any of their respective affiliates, shareholders, directors, officers, employees, agents and advisers makes any expressed or implied representation or warranty as to the completeness, fairness or reasonableness of the information contained herein and none of them accepts any responsibility or liability (including any third party liability) for any loss or damage, whether or not arising from any error or omission in compiling such information or as a result of any party s reliance on or use of such information. Certain data in this presentation was obtained from various external data sources and SEB has not verified such data with independent sources. Accordingly, SEB makes no representations as to the accuracy or completeness of that data. Such data involves risks and uncertainties and is subject to change based on various factors. Any securities, financial instruments or strategies mentioned herein may not be suitable for all investors. The recipient of this presentation must make its own independent decision regarding any securities or financial instruments and its own independent investigation and appraisal of the business and financial condition of SEB and the nature of the securities. Each recipient is strongly advised to seek its own independent financial, legal, tax, accounting and regulatory advice in relation to any investment. This presentation does not constitute a prospectus or other offering document or an offer or invitation to subscribe for or purchase any securities and nothing contained herein shall form the basis of any contract or commitment whatsoever. This presentation is being furnished to you solely for your information and may not be reproduced, copied, shared, disseminated or redistributed, in whole or in part, in any manner whatsoever to any other person. The distribution of this presentation in certain jurisdictions may be restricted by law and persons into whose possession this presentation comes should inform themselves about, and observe, any such restrictions. Safe Harbor Certain statements contained in this presentation reflect SEB s current views with respect to future events and financial and operational performance. Except for the historical information contained herein, statements in this presentation which contain words or phrases such as will, aim, will likely result, would, believe, may, result, expect, will continue, anticipate, estimate, intend, plan, contemplate, seek to, future, objective, goal, strategy, philosophy, project, should, will pursue and similar expressions or variations of such expressions may constitute forward-looking statements. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause SEB s actual development and results to differ materially from any development or result expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, SEB s ability to successfully implement its strategy, future levels of non-performing loans, its growth and expansion, the adequacy of its allowance for credit losses, its provisioning policies, technological changes, investment income, cash flow projections, exposure to market risks as wells other risks. SEB undertakes no obligation to publicly update or revise forward-looking statements contained herein, whether as a result of new information, future events or otherwise. In addition, forward-looking statements contained in this presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. You should not place undue reliance on forward-looking statements, which speak only as of the date of this presentation. 2

Content SEB s Core markets, Franchise, Financial Results and Strategy p. 6 Credit Portfolio and Asset Quality p. 21 Balance Sheet, Liquidity and Funding p. 24 Capital p. 30 Additional information p.34: - Swedish Macro p. 35; - Balance sheet, Liquidity, Funding and Asset Quality p.37; - Swedish Housing market p.44; - SEB s Swedish Residential Mortgage Lending p.53; - SEB s Swedish Cover Pool and Covered Bonds p.60 3

Executive Summary SEB in Brief Strong Macro-Economic Operating Environment Operates principally in economically robust AAA European countries Long-term Ownership Structure SEB s founder in 1856, the Wallenberg family, remains the main shareholder Diversified Business Model A diversified and more balanced business and income mix than Nordic peers Increasing Earnings and Capital Generation Growing franchise in Swedish retail banking and in Nordic corporate banking Improved efficiency, C/I ratio is 48% 9m 2014 vs. 54% FY 2013 High Asset Quality Low level of non-performing loans, 0.6% 9m 2014 Low level of net credit losses, 0.10% 9m 2014 Robust Liquidity and Funding Position Lower dependency than peers on wholesale funding LCR at 122%, at September 30, 2014 One of Europe s Best Capitalized Banks CET 1 ratio of 16.2% 9m 2014 Solid Rating Position Fitch A+ (positive) / Moody s A1 (negative) / S&P A+ (negative) Moody s and S&P s negative outlook due to the introduction of BRRD in EU Positive outlook from Fitch due to improved stand-alone credit worthiness 4

SEB s Core Markets, Strategy, Franchise and Financial Results 5

SEB s Core Markets Economic fundamentals remain relatively robust % 8 6 4 2 0-2 -4-6 -8-10 Nordic GDP development * Sweden Norway Finland Denmark 2008 2009 2010 2011 2012 2013 2014E 2015E Norway Denmark Germany Sweden Finland Estonia Latvia Lithuania Lithuania German and Baltic GDP development * Eurozone GDP development * % 10 5 0-5 -10-15 -20 Germany Estonia Latvia Lithuania 2008 2009 2010 2011 2012 2013 2014E 2015E % 3.5 2.5 1.5 0.5-0.5-1.5-2.5-3.5-4.5 2008 2009 2010 2011 2012 2013 2014E 2015E * Source: SEB Nordic Outlook, August 2014 6

SEB s Core Markets Strong sovereign finances % of GDP Sovereign Debt Estonia Luxemburg Norway Lithuania Latvia Sweden Denmark Finland Poland Netherlands Slovenia Malta Austria Germany Hungary UK France Spain Belgium Cyprus Ireland Portugal Italy Greece 0% 50% 100%150%200% Budget Deficit Norway Germany Luxemburg Estonia Denmark Latvia Sweden Austria Lithuania Finland Netherlands Belgium Malta Italy Greece Hungary France Poland Cyprus Portugal UK Ireland Spain Slovenia -20% -10% 0% 10% 20% Current Account Balance Norway Netherlands Denmark Germany Slovenia Sweden Luxemburg Ireland Hungary Austria Lithuania Italy Malta Spain Greece Portugal Latvia Finland France Poland Estonia Cyprus Belgium UK -10%-5% 0% 5% 10% 15% Source: IMF WEO 14/10 2014 7

SEB s Business Profile Strategy 2013-2015: Financial Targets 2014 Profitability Return on Equity Competitive with peers - long-term aspiration of 15% Capital Common Equity Tier 1 ratio Total capital ratio Subject to finalization of the CRD IV requirements and implementation in Sweden Pending clarification around full Pillar II requirements Dividend Pay-out ratio 40% or above of EPS Ratings Funding access and credibility as counterpart Maintain credit ratings in support of competitive funding access and costs and as a viable counterpart in financial markets Liquidity Liquidity Coverage Ratio Efficiency Nominal cost cap > 100% according to Swedish requirements < SEK 22.5bn in 2013, 2014 and 2015 C/I ratio 9m 2014 = 48%* As per 9m 2014 Note: * excl. one-time gain in Q3 the C/I ratio is 50% All issuer s financial figures are based on 3Q 2014 and historical financials 8

SEB s Business Profile Development Inreasingly more stable operating income flows through growing number of clients and more of their business Profitable growth of Swedish retail and Nordic large corporate business Swedish Retail Banking Large Corporate and Transaction Banking Life and Wealth Markets Business Baltics Average quarterly total operating income in SEK m */ 2008-2013 and Jan-Sep 2014 12 000 10 000 8 000 12% 21% 8% 13% 21% 6 000 4 000 21% 23% 28% 2 000 23% 30% 2008 2009 2010 2011 2012 2013 2014 Growing Non-Swedish Nordic importance and deleveraging in the Baltics Baltics Estonia 4% Latvia 4% Lithuania 6% Germany ** 8% Finland 3% 23% 6% Denmark 7% 14% 62% Sweden Baltics Estonia 3% Latvia 2% Lithuania 4% 9% Germany ** 7% Finland 4% 7% Denmark 9% Other 6% 58% Sweden Norway * Percent depicts Business Area income in percent of total business income ** excluding Treasury Norway FY 2008 9m 2014 9

SEB s Financial Results Business model creates stable and diversified revenues SEKbn 12 000 Non-NII income is more important than NII Split of operating income Average quarterly income 2006-2013 and Jan-Sep 2014 10 000 8 000 4% 11% 1% 9% 45% 6 000 49% 4 000 2 000 35% 45% 2006 2007 2008 2009 2010 2011 2012 2013 Jan-Sep 2014 Net interest income Net commission and Life insurance Net financial income Net other income SEKbn 6 000 Fees and Commissions - strong market shares render increasing recurring commission Average quarterly fees and commissions 2006-2013 and Jan-Sep 2014 5 000 4 000 3 000 14% 26% 14% 13% 31% 27% 2 000 1 000 34% 42% 2006 2007 2008 2009 2010 2011 2012 2013 Jan-Sep 2014 10 Payments, card, lending Asset value based Activity based Life insurance income

SEB s Financial Results Strong Financial Development Key Figures Key Features 9m-14 2013 2012 2011 2) 2010 Return on Equity, % 1) 14.6 13.1 11.5 12.3 8.9 Cost /income ratio, % 1) 48 54 61 62 65 Common Equity Tier 1 capital ratio, % 3) 16.2 15.0 13.1 NA NA Tier I capital ratio, % 3) 18.1 17.1 15.3 NA NA Total capital ratio, % 3) 20.8 18.1 16.7 NA NA Net credit loss level, % 4) 0.10 0.09 0.08-0.08 0.15 Reserve ratio, % 5) 79 87 74 71 69 NPL coverage ratio, % 6) 66 72 66 64 66 NPL / Lending, % 6) 0.6 0.7 1 1.4 1.8 Operating profit 9m 2014: +28% both before and after net credit losses vs. 9m 2013 (if excl one-time effect in 2014 +19% and 18% respectively) FY 2013: +27% both before and after net credit losses 2013, respectively, vs 2012 (if excl. one-time effects in 2012 +18%) Efficiency clearly improved Basel III capital ratios CRD IV implemented. During the course of 2015 systemic risk buffer under Pillar I, counter cyclical buffer and Pillar II are implemented and will apply Key asset quality indicators Stronger asset quality shown by falling nonperforming loans ratio but maintaining high reserve and coverage ratios 1) Continuing operations 2) Restated for introduction of IAS 19 (pension accounting) 3) 2014 is according to CRR and known parts of CRDIV. 2013 and 2012 are estimates based on SEB s interpretation of future regulation 4) Net aggregate of write-offs, write-backs and provisioning 5)Total reserve ratio for individually assessed impaired loans 6) NPLs = Non Performing Loans [individually and portfolio assed impaired loans (loans >60 days past due)] 11

SEB Baltic division Profitability is picking up despite uncertain times Relatively good economic environment Domestic markets cushion export challenges Economic health remains above Eurozone average Deleveraged corporates and private individuals Competitive industry New markets No devaluation risks SEB s business and exposures are of a different nature than prior to the financial crisis Strong development of key ratios C/I Business Equity RoBE 9m 2014 48% SEK 9.1bn 16.0% 2013 52% SEK 8.8bn 12.9% 2012 62% SEK 8.8bn 9.7% 2011 58% SEK 8.8bn 29.6% 1/ 2010 66% SEK 11.8bn 2.2% 1/ Write-backs of provisions of SEK 1.5bn Maintaining leading market shares in lending 50% SEB Swedbank DNB Nordea Sampo/Danske Bank Estonia * 50% Latvia * 50% Lithuania ** 40% 40% 40% 30% 30% 30% 20% 20% 20% 10% 10% 10% 0% Q1-10 Q3 Q1-11 Q3 Q1-12 Q3 Q1-13 Q3 Q1 Q3-14 0% Q1-10 Q3 Q1-11 Q3 Q1-12 Q3 Q1-13 Q3 Q1-14 Q3 0% Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2-09 -14 * Competitors Q3 2014 volumes are not available at time of publication and SEB Q3 2014 figures are August 2014 ** Lithuania Q3 2014 not available at time of publication Source: Bank of Estonia, Estonian Financial Supervision Authority, Association of Latvian Commercial Banks, Association of Lithuanian Banks, SEB Group 12

SEB s Large Corporates & Institutions Business 47% Entrenched Business Franchise and Low Risk Trading SEK m 5 000 4 500 4 000 3 500 3 000 2 500 2 000 1 500 1 000 500 Growing customer base and broad product offerings create stability of income 47% Average quarterly income 2008-2013 and 9m 2014 Corporate and Transaction Banking 53% 53% Markets 37% 31% 69% Efficient large corporate business but New regulatory capital regime targets corporate business A doubling of allocated capital to SEB s Large Corporates and Institutions business over the period C/I Business Equity RoBE 9m 2014 46% SEK 52.3bn 13.6% 2013 50% SEK 48.8bn 12.9% 2012 54% SEK 36.7bn 14.3% 2011 54% SEK 26.1bn 20.6% 2010 54% SEK 25.8bn 20.5% 2008 2009 2010 2011 2012 2013 9m 2014 Next to no losses and low VAR in the markets operations Daily trading income January 1, 2007 Sep 30, 2014. 50 (or 2.6%) negative trading days out of 1,943. Average loss SEK 12m (USD 1.7m) 2007 2008 2009 2010 2011 2012 2013 2014 13

SEB s Swedish SME and Private Individuals Business Increasingly more important Swedish Retail business Increased relative importance of SEB s total income Focused and successful client acquisition strategy 2007 9m 2014 Strategic move in 2008 resulted in a more efficient, professional, advisory-driven organization and customer centric distribution capacity 20% 30% Successful re-organization, product offerings, accessibility 24/7 and focus on long-term customer relationships increased the number of clients, business volume and operating profit A cultural change focus on business acumen and local ownership Success of strategy confirmed by EPSI * ratings on customer satisfaction where SEB is in a lead position Substantially increased operating profit Strong development of efficiency and profitability SEK m 1,400 1,200 1,000 800 600 400 200 0 Average quarterly operating profit 2010-2013 and H1 2014 1.7 1.4 1.1 0.8 0.5 2010 2011 2012 2013 9m 2014 C/I Business Equity RoBE 9m 2014 44% SEK 24.4bn 21.0% 2013 49% SEK 20.2bn 21.9% 2012 57% SEK 14.4bn 22.3% 2011 65% SEK 10.8bn 21.4% 2010 71% SEK 9.7bn 14.5% * EPSI = Extended Performance Satisfaction Index 14

Effects of SEB s strategic actions decided in 2009 Clearly improving profitability 1 through enlarged customer franchise and cost efficiency measures Average quarterly income Average quarterly expenses SEK bn 9.2 9.4 9.8 10.4 11.0 +20% SEK bn 5.7 5.9 5.7 5.6 5.5-4% 2) 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 Larger Number of Clients Larger Share of Wallet Increased Cost Efficiency Operating leverage SEK bn Average quarterly profit before credit losses 4.1 3.5 3.5 5.5 4.8 +57% 2010 2011 2012 2013 2014 1) Excluding one-offs (restructuring in 2010, bond buy-back and IT impairment in 2012, sale of MasterCard shares in 2014) 2) Estimated IAS 19 costs in 2010 15

Credit Portfolio and Asset Quality 16

SEB s total Credit Portfolio (on and off balance sheet), excluding banks Increasingly more Nordic and low-risk exposure Geographic split development Business split Sep 2014 SEK 1,304bn (USD 180bn) SEK 1,884bn (USD 261bn) SEK 1,884bn (USD 261bn) 4% 5% 13% 7% Other Household nonmortgage 5% Public Sector 5% 13% Baltics 24% 11% 4% 16% Total Nordics 60% 75% Sweden 49% 60% 16% 6% 23% Germany Other Nordics Swedish residential apartment bldgs Residential Mortgages 33% Corporates 48% 29% 30% Swedish household mortgage Sweden excl. residential mortgage Commercial Real Estate 9% '07 Sep '14 Development of certain business areas relative importance of the Credit Portfolio, excluding banks 45% 40% 35% 30% 25% 20% 15% 10% 5% Large corporates Swedish Residential Mortgage Commercial Real Estate excl. Baltics Baltic Total credit portfolio excl. banks Swedish SMEs 0% '07 '08 '09 '10 '11 '12 '13 Sep '14 17

Asset quality Continuously improving non-nordic asset quality supports overall high Nordic asset quality SEB Group Non-Performing Loans and Reserves SEB Group net credit losses, in % SEK bn 35 Non-Performing Loans (NPLs) NPLs net of reserves NPL coverage ratio NPL Coverage ratio 90% SEB Group 30 25 20 15 10 5 80% 70% 60% 50% 0.11 0.30 0.92 0.15-0.08 0.08 0.09 0.10 0 Q3-03 Q3-04 Q3-05 Q3-06 Q3-07 Q3-08 Q3-09 Q3-10 Q3-11 Q3-12 Q3-13 Q3-14 40% 2007 2008 2009 2010 2011 2012 2013 9m 2014 (negative = reversals) Baltic countries net credit losses, in % Nordic countries, net credit losses in % -1.37 0.43 1.28 0.63 (negative = reversals) 0.33 0.40 0.14 0.05 0.18 0.17 0.06 0.07 0.05 0.06 0.12 5.43 2007 2008 2009 2010 2011 2012 2013 9m 2014 2007 2008 2009 2010 2011 2012 2013 9m 2014 18

Balance sheet, liquidity and funding 19

Balance sheet Diversified and Liquid Balance Sheet Total Assets SEK 2,840bn (USD 393bn) Sep 30, 2014 100% Other Other 90% Life Insurance Life Insurance Liquid assets 80% 70% 60% 50% Credit Institutions Derivatives Client Trading Cash & Deposits in Central Banks Liquidity Portfolio Credit Institutions Derivatives Client Trading Funding, remaining maturity<1y Central Bank deposits Funding, remaining maturity >1y Shortterm funding Banking book 40% 30% 20% 10% Household Lending Corporate & Public Sector lending Household Deposits Corporate & Public Sector Deposits Stable funding 0% Assets Equity Liabilities 1. A relatively large share of lending is contractually short which allows for swift re-pricing to adjust for e.g. changed funding costs. 2. Central bank deposits refer to long-term relationship-based deposits from central banks and do not refer to borrowings from central banks 20

Balance Sheet Low wholesale funding dependence relative to peers Stable development of deposits from corporate sector and private individuals SEK bn 1,100 1,000 900 800 700 600 500 400 300 200 100 0 Q4 2007 Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Total Corporate sector Private Individuals Public sector Non-bank deposits with Treasury function Increasing long-term funding despite modest re-financing needs SEK bn 140 130 120 110 100 90 80 70 60 50 40 30 20 10 0 Issued Matured / Maturing 2010 Matured / Maturing Senior Unsecured Matured / Maturing Covered Bonds Issued Senior Unsecured non SEK Issued Senior Unsecured SEK Issued Covered Bonds non SEK Issued Covered Bonds SEK 2011 2012 2013 Sep-14 2014 2015 2016 21

Funding Base Diversified funding and strong structural funding position Total Funding Base SEK 1,959bn */** Wholesale funding SEK 780bn */** (USD 271bn) (USD 108bn) Wholesale funding 4% 3% Corporate deposits 7% 4% CPs/CDs Private Individual deposits Financial Institution deposits Public entity deposits Central Bank deposits 12% 34% 40% 3% 19% 41% 33% 37% Mortgage Cov Bonds SEB AB Mortgage Cov Bonds SEB AG Senior Debt Subordinated debt * Excluding repos ** Excluding public covered bonds issued by SEB AG which are in a run-off mode 150% Strong structural funding position The amount of funding in excess of one year in relation to assets with a modelled maturity of more than one year 1/ 100% 50% The Core Gap ratio averages 115% over the period. 0% -11 Mar-12 Jun-12 Sep-12-12 Mar-13 Jun-13 Sep-13-13 Mar-14 Jun-14 Sep-14 1) The Core Gap Ratio is an SEB defined internal measure similar to the proposed NSFR under Basel III and measures the amount of funding in excess of one year in relation to assets with a maturity of more than one year based on internal behavioral modelling 22

Short-term Funding CP/CD funding supports Markets business Volumes - Net trading assets 1 adaptable to CP/CD funding access SEK bn 350 300 250 200 150 100 50 Net trading assets CP/CD 0 Sep-14 Jul-14 May-14 Mar-14 Jan-14 Nov-13 Sep-13 Jul-13 May-13 Mar-13 Jan-13 Nov-12 Sep-12 Jul-12 May-12 Mar-12 Jan-12 Nov-11 Sep-11 Jul-11 May-11 Mar-11 Jan-11 Nov-10 Sep-10 Jul-10 May-10 Duration - CP/CD fund net trading assets 1 with considerably shorter duration Net Trading Assets SEK bn 300 200 100 0 Average duration (days) 150 100 50 0-100 -50-200 -300-100 -150 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 CP/CD funding 1. Net Trading Assets = Net of repoable bonds, equities and repos for client facilitation purposes 23

Capital 24

Capital Strong CET1 ratio via profit generation and efficient risk management despite volume growth and stricter regulations Basel III - estimated Own Funds and Basel III ratios, fully implemented % 25 20.8 Tier 2 20 15 16.7 1.4 2.2 18.1 1.0 2.1 2.7 1.9 Legacy Hybrid Tier 1 Common Equity Tier 1 10 15.0 16.2 13.1 5 0 2012 2013 9m 2014 Common Equity Tier 1 capital, SEK bn Total Own Funds, SEK bn 83 106 90 108 97 124 Own funds Basel I / 80% of Capital requirement under Basel I 143% 147% 158% REA / RWA, SEK bn 632 598 598 Leverage ratio (Basel III) na 4.2%** 4.1%** * Transitional rules in place in Sweden until 2017 * * Calculated as the simple arithmetic mean of monthly leverage ratios during the relevant last quarter 25

SFSA s estimated CET 1 capital requirements as at -14 SEB s current CET 1 capital ratio surpasses estimated required ratio by the SFSA SFSA estimated CET 1 Requirements Across Major Swedish Banks Composition of SEB s SFSA estimated CET1 Requirements and Actual 9m 2014 CET 1 Pillar I Requirement Pillar II Requirement 15.4% 16.2% 19.0% Systemic Risk 2.0% 15.4% 5.10% 17.5% 7.10% 14.7% 4.60% 8.50% Mortgage Risk Weight Floor Requirements Other Individual Pillar 2 requirements CCB 1.6% 1.5% 2.5% Pillar 2 requirement Combined Buffer Requirement CcyB 0.3% SRB 3.0% Pillar 1 requirement 10.3% 10.5% 10.2% 10.6% Min CET1 requirements 4.5% SEB Handelsbanken Nordea Swedbank SEB CET1 estimated Requirement SEB CET1 Ratio as of 9m 2014 Note: Estimated capital requirements are based on the SFSA s memorandum published on 8 th September 2014 26

Conclusions Higher profitability via an enlarged customer base and a focused and cost efficient organic growth Resilient and diversified income base Conservative underwriting standards and strong asset quality Well-aligned balance sheet structure, strong liquidity and high quality capital structure 27

Additional Information 28

Swedish Macro 29

SEB s Core Market Swedish Economy 2013 and forecasts for 2014 to 2016 ent GDP-growth is expected during 2014 and 2015 with a stabilization in 2016 GDP growth of 1.5% in 2013 and expected to be 2.3% in 2014, 2.9% in 2015 and 2.7% in 2016 The main drivers are private consumption spurred by rising real income and asset prices and fixed investments Current account as a % of GDP was around 6.5% in 2013 and is expected to remain approx. 6% in 2014 to 2016 Exports constitute approx 45% of GDP (GDP 2013 was SEK 3,800bn or USD 588bn) Goods constitute approx. 30%. Services constitute approx. 15% and is increasing in importance 35% of all exports are to Norway, Germany, the UK and the US Countries: Norway 10%, Germany 10%, UK 8%, Finland 6%, Denmark 6%, USA 6% Geographic areas: Europe almost 75%, of which Eurozone almost 40% Increased diversification of trading partners over the past decade improves export stability Weakening of the Swedish Krona typically helps exports 5% weakening is 2% increased exports (SEB estimate) Central government debt increased to approx. 35% of GDP in 2013 due to strengthening of the currency reserve and expansionary fiscal policy. The debt ratio is expected to stay around 35% in 2014, 2015 and 2016. Excluding the relending to the currency reserve the deficit was around 30% and is expected to remain so in 2014 and 2015. Healthy new job creation but with only marginally falling unemployment due to rising labor force participation GDP will exceed its long-term trend throughout the forecast period 2014-16 leading to a gradual decline in unemployment A growing percentage of the unemployed are people with little formal education and/or poor language skills Inflation ( CPI ) in 2014 is expected to be zero or somewhat negative, well below the target of 2% Is expected to pick up to close to 0.5% in 2015 and above 1.5% in 2016 Central bank s repo rate lowered to 0% in October 2014 from 0.25% Source: SEB Nordic Outlook August 2014 and Statistics Sweden 30

Balance sheet, Liquidity, Funding, and Asset Quality 31

Balance Sheet Asset growth funded through deposits and long-term debt SEB Group, September 2014 (SEK bn) Household lending, deposits and covered bond funding 600 500 400 300 200 100 0-100 Lending Deposits Net OC Covered Bonds Mar-08 Jun-08 Sep-08-08 Mar-09 Jun-09 Sep-09-09 Mar-10 Jun-10 Sep-10-10 Mar-11 Jun-11 Sep-11-11 Mar-12 Jun-12 Sep-12-12 Mar-13 Jun-13 Sep-13-13 Mar-14 Jun-14 Sep-14 Household Net = Lending deposits covered bonds 400 300 200 100 0-100 -200 400 300 200 100 0-100 -200 SEK Non-SEK Lending Deposits Covered Bonds Indexlinked Net Corporate & public lending, deposits and senior bonds 800 600 400 200 0-200 Net -400 Deposits Lending Senior Debt Mar-08 Jun-08 Sep-08-08 Mar-09 Jun-09 Sep-09-09 Mar-10 Jun-10 Sep-10-10 Mar-11 Jun-11 Sep-11-11 Mar-12 Jun-12 Sep-12-12 Mar-13 Jun-13 Sep-13-13 Mar-14 Jun-14 Sep-14 Corporate & Public Net = Lending deposits senior debt 400 SEK 300 200 100 0-100 -200 400 300 200 100-100 0-200 -300 Non-SEK Lending Deposits Senior Debt Covered Bonds Net 32

Balance sheet Low Asset Encumbrance level 1/ Assets, SEK 2,312bn (USD 320bn) as at Sep 30, 2014 Credit Institutions 2) Client facilitation Cash & Deposits in Central Banks Liquidity Portfolio Household Lending Corporate & Public Sector lending Total Assets 1) Assets excluding Insurance assets and the net balance of derivatives 2) Client facilitation (trading assets) includes the net of derivatives Client facilitation 3) Household Mortgage Lending Corporate & Public Sector 4) Encumbered assets in % of Assets 1.6% 11.1% 4.3% 17.1% 3) Intraday settlement collateral and net of derivative collateral 4) Collateral for mortgage covered bonds in SEB AG 33

Liquidity Sizable liquidity buffer Sep 30, 2014 SEB s total Liquid Resources is 245% of wholesale funding maturities within 1 year SEK bn 900 840 800 700 614 600 500 Core liquidity reserve Directives of Swedish Bankers Association Assets held by the Treasury function Not encumbered Eligible with Central Banks Maximum 20% risk weight under Basel II Standardized Model Lowest rating of Aa2/AA- Valued marked-to-market 400 300 200 100 0 SEB Core Reserve 2) Net Trading Assets Financial corporates Covered bonds O/N bank deposits 1) 1) SEB's Total Liquid Resources Overcollateralization in SEB's Cover Pool Non-Financial corporates Treasuries & other Public Bonds Cash & holdings in Central Banks Composition of SEB s Liquidity Portfolio Government or state-guaranteed securities of Nordic countries, and other selected Northern European countries, principally Germany Supra-nationals High quality triple-a rated covered bonds issued by banks in the Nordic countries and other selected Northern European countries, principally Germany 1) Assets held by the Treasury function - Definition according to Swedish Bankers Association 2) Net Trading Assets = Net of repoable bonds, equities and repos for client facilitation purposes 34

SEBs wholesale funding sources Diversified funding mix Wholesale funding, SEK 775bn*, Q3 2014 Wholesale funding distribution* Short-term funding sources Q4 2013 Q1 2014 Q2 2014 Q3 2014 Commercial paper (CP) programs Total 154.8 124.9 131.4 120.6 Swedish 2.8 4.0 7.2 7.0 4% 4% 3% 2% 1% 4% 11% French 6.6 4.9 1.2 2.1 Global 5% European 28.2 26.3 21.0 29.1 US 117.2 89.7 110.0 82.4 Commercial deposit (CD) programs Total 113.2 169.7 151.5 138.8 8% 16% Yankee CDs 94.8 153.8 136.6 125.4 8% Sterling CDs 18.4 15.9 14.9 13.4 2% 2% Long-term funding sources Q4 2013 Q1 2014 Q2 2014 Q3 2014 SEB AB Total 452.2 473.8 462.6 474.3 Domestic Covered bond program 219.1 230.6 215.8 235.6 Domestic MTN program 11.0 12.0 12.0 12.0 Global MTN programs Covered 68.9 60.1 61.4 61.2 Senior 71.0 82.0 74.5 64.3 144a Covered and senior unsecured 24.4 34.1 35.2 37.9 Retail index linked bonds 35.9 36.0 35.0 34.4 Subordinated debt 21.7 19.1 28.7 28.9 SEB AG Total 43.5 42.5 42.3 41.3 Mortgage covered bonds 25.3 25.0 25.5 25.4 Senior unsecured 18.2 17.5 16.7 15.9 30% CPs Swedish CPs French CPs European CPs US Yankee CDs Sterling CDs Domestic Covered bond program Domestic MTN program Global MTN program Covered Global MTN program Senior 144a Covered and Senior unsecured Retail index linked bonds Subordinated debt SEB AG Covered bonds SEB AG Senior unsecured 1) Nominal amounts. Excluding subordinated debt and SEB AG public covered bonds 35

Asset Quality the Group and Geographic regions Continuously improving non-nordic asset quality support overall high Nordic asset quality Non-performing loans development (SEK bn) 30 25 Individually assessed - impaired loans with specific reserves Portfolio assessed - past due >60 days 20 15 10 5 0 '07 '08 '09 '10 '11 '12 '13 Sep '14 '07 '08 '09 '10 '11 '12 '13 Sep '14 '07 '08 '09 '10 '11 '12 '13 Sep '14 '07 '08 '09 '10 '11 '12 '13 Sep '14 SEB Group Nordics Germany Baltics NPL % of lending NPL coverage ratio 0.6% 67% 0.4% 60% 0.4% 85% 4.1% 69% 45% of SEB s NPLs are related to the Baltic exposure Baltic reductions of NPLs driven mainly by improving macro-economic environment and thereby improved weighted average risk classes and write-offs and repayments German NPL reductions driven by write-offs German NPLs are to a very large extent related to the legacy commercial real estate portfolio under work-out 36

Asset Quality the Group and Geographic regions Low net credit losses Nordic countries, net credit losses in % Baltic countries, net credit losses in % -1.37 0.05 0.18 0.17 0.06 0.07 0.05 0.06 0.12 2007 2008 2009 2010 2011 2012 2013 9m 2014 0.43 1.28 0.63 5.43 0.33 0.40 0.14 (negative = reversals) 2007 2008 2009 2010 2011 2012 2013 9m 2014 Germany, net credit losses in % SEB Group, net credit losses in % 0.10 0.09 0.22 0.14 0.02 0.02 0.05-0.07 (negative = reversals) 2007 2008 2009 2010 2011 2012 2013 9m 2014-0.08 0.11 0.30 0.15 0.08 0.09 0.10 0.92 (negative = reversals) 2007 2008 2009 2010 2011 2012 2013 9m 2014 Net credit losses = the aggregated net of write-offs, write-backs and provisions 37

Swedish Housing Market 38

The Swedish housing market House price developments some key features Upward pressure Severe structural lack of supply particularly in the major cities to which there is a strong migration Particularly on apartments in the major cities center Political inability to stimulate new residential investments Low interest rates Increase of households disposable income Stabilizing / downward pressure / mitigating factors Regulatory LTV cap of 85% (Fall 2010) Banks stricter lending criteria New and extended regulatory requirements on banks and other mortgage lenders Swedish rules stricter than Basel III and EU requirements Mortgage risk-weights - 15% under Pillar 2 (Spring 2013) Regulatory Proposal: Increased mortgage risk-weight to 25% under Pillar 2 (Probably implemented as of Jan 1, 2015 and applicable from Aug-Sep 2015 at the latest) Swedish Bankers Association recommends amortizations on new loans with LTV above 50% from 2015 Regulatory Body s liquidity and capital requirements - No buy-to-let market An increase of residential investments is discernible Topics publicly discussed to lower the risk of the house price development Gradual abolishment of the regulation of rents i.e. stimulate the construction of rental apartment buildings Introduce stricter loan amortization requirements potentially making them mandatory rease ability to deduct interest costs (today: 30% up to about USD 15k and 21% on the amount above USD15k) A lowering of the regulatory LTV cap from the current 85% 39

The Swedish housing market Households indebtedness and affordability - key features The most indebted people are the ones that can now afford it 1) and 2) 80% of households debt is mortgage loans Households aggregated debt to disposable income ratio (debt ratio) was 174% in Q4 2013 This ratio is the same as it was in Q3 2010 thanks to an increase of disposable income The most indebted people are the ones with: the highest income and net wealth, highest level of education and live in the economically more prosperous and flourishing regions in Sweden For indebted households, the aggregated debt ratio was 242% in Q4 2013: 2) The top three income deciles have 51% of total income and 46% of total debt The lowest three income deciles have 13% of total income and 16% of total debt Strong Household affordability a mitigating factor 3) Aggregated total wealth is 6 times higher than household disposable income Aggregated net wealth (total assets minus total debt) is 4 times higher than disposable income Increased affordability: Increased disposable income due to higher real salaries, Income tax cuts, Abolishment of wealth tax and a substantial lowering of real estate tax Low interest rates High savings ratio The potential risks with Households indebtedness is offset by a low public sector debt and a capacity for countercyclical measures Socio-economic factors 1) A government report from November 2013 2) The Central Bank s report How indebted are Swedish Housholds? May 2014. The volume of loans in the data covers about 80% of all household loans and 94% of all mortgages 3) Central Bank s Stability Report of November 2013 40

Swedish Housing Market Long-term development Structural lack of housing puts an upward pressure on prices Shift in government policy on subsidies for residential mortgage purposes and deregulation of the credit markets in the late 1980s and the beginning of the 90s had a huge negative impact on residential construction The lack of housing is the most pronounced in the larger cities of Stockholm, Göteborg and Malmö to which there is a strong migration Maintained rent regulation, high land and construction costs incl. planning and environmental legislation continue to reduce the incentive for the construction of rental apartment buildings Relatively low residential investment Low number of new houses constructed as a % of GDP as a % of the population 14.0 Denmark Spain UK Norway Sweden USA Germany Ireland 2.0 1.8 Denmark Spain UK Norway Sweden USA 12.0 1.6 10.0 1.4 8.0 1.2 1.0 6.0 0.8 4.0 0.6 0.4 2.0 0.2 0.0-00 -01-02 -03-04 -05-06 -07-08 -09-10 -11-12 -13-14 Source: Macrobond 0.0-00 -01-02 -03-04 -05-06 -07-08 -09-10 -11-12 -13-14 Source: Macrobond 41

Swedish Housing Market Long-term development continued Structural lack of housing puts an upward pressure on prices Stuctural lack of housing is the root to the sustained increase of house prices Considerable lowering of residential real estate tax, higher disposable income partly via lower income tax, abolition of wealth tax in the mid-2000s and a good economic development in general Relatively low debt servicing costs Low new housing construction e.g. migration to greater Stockholm has been around 35,000 a year the last five years but new construction has been between 5,000 and 13,000 annually House prices (index 1992=100) International comparison Population growth vs Housing completions Sweden 400 350 UK Denmark Spain Germany Netherlands Norway USA Sweden 120 100 80 70 300 250 200 150 80 60 40 60 50 40 30 20 Population growth, in 1000s (RHS) Housing completions, number of apartments, in 1000s (left) 100 20 10 50 0 1990 2002 2014 0 0-95 -96-97 -98-99 -00-01 -02-03 -04-05 -06-07 -08-09 -10-11 -12-13 -14 Source: Macrobond Source: Statistics Sweden, SEB 1) Latest available data from Swedish National Board of Housing 42

Swedish Household Mortgage Market - Current market development Steady increase of house prices in particular apartments Prices of tenant-owned apartments continue to rise but single family houses less so Area Single family houses Apartments Stabilizing lending growth to Swedish Households YoY 2007-2012 Slight upward trend since 2013 on a YoY basis Sep 2014 (change as at ember 2013) Sweden +1 (0) 3m 12m 3m 12m +7 (+5) 0 (+1) +6 (+11) % 16 14 12 YoY change M/M 3 month average, annualized Greater Stockholm Central Stockholm +2 (0) +8 (+7) +6 (+1) +4 (+3) +11 (+11) +12 (+11) 10 8 6 Greater Göteborg +2 (0) +6 (+6) +4 (-1) +11 (+10) 4 2 Greater Malmö -1 (+3) +4 (+6) +6 (-4) +8 (+9) 0 Source: Mäklarstatistik Source: Sweden statistics 43

Swedish Housing Market Affordability Total Households debt-servicing ability is solid The Central Bank s Stability Report of November 2013 states that: Households aggregated total wealth is 6 times higher than household disposable income Households aggregated net wealth (total assets minus total debt) is 4 times higher than disposable income Strong development of disposable income Savings ratio at historical highs % 20 Savings ratio Germany Denmark Spain Finland France UK Netherlands Norway USA Sweden 15 10 5 0-5 -10-00 -01-02 -03-04 -05-06 -07-08 -09-10 -11-12 -13-14 Source: Macrobond Year 44

Swedish Housing Market Affordability The Swedish households' interest expenditure Per cent of disposable income 12 10 8 6 4 2 0 1972197419761978198019821984198619881990199219941996199820002002200420062008201020122014 Sources: Statistics Sweden and the Riksbank 45

Swedish Housing Market Affordability Unemployment will have minor effect on asset quality Swedish Central Bank stress tests show that: Debt servicing ability is to a larger extent affected by higher mortgage rates than higher unemployment Although the proportion of vulnerable households increases if unemployment rises, potential loan losses only increase marginally due to socio economic factors (see next slide) Healthy job creation but persistent unemployment due to rising labor force participation Employment in millions 5,000 4,900 4,800 4,700 4,600 4,500 4,400 4,300 4,200 4,100 Employment, seasonally adjusted Unemployment, seasonally adjusted 4,000-00 -01-02 -03-04 -05-06 -07-08 -09-10 -11-12 -13 Unemployment in percent 10 9 8 7 6 5 4 3 2 1 0 Source: Statistics Sweden, SEB 46

Swedish Housing Market Socio economic mitigating factors Factors behind the strong asset quality Credit information agency ( UC ) Practically impossible to escape claims Strong household income No buy-to-let market Direct debit Provides unique information regarding customers, e.g. marital and employment status, age, income, fixed assets, debt, payment record, property ownership A borrower is personally liable, for life, even after a default and foreclosure procedure A household s income is to a very high degree based on two persons income. A mortgage loan is typically a joint liability A regulated rental market and tenant owner subletting restrictions Customers make payments via authorized direct debit from their account State enforcement office Enforcement orders are processed in a expedient and reliable way No intermediaries Banks and bank owned mortgage institutions originate the loans themselves and the loans remain on their balance sheet 47

SEB s Swedish Residential Mortgage Lending 48

SEB s Swedish Residential Mortgage lending Household mortgage lending dominates the portfolio Total SEK 509 bn (USD 70bn) Sep 30, 2014 Residential Apartment Buildings SEK 107bn (USD 15bn) Private companies 47% Housing co-op associations 38% State/Community owned 15% 21% Residential Apartment Buildings Strong asset quality Impaired loans at 1bp or SEK 14m (USD 1.9m) No major problem loans since the 1990 s No net credit losses Low and conservative LTVs Household Mortgage lending SEK 402bn (USD 56bn) Single family houses 63% Tenant owned apartments 32% Second homes 5% 79% Conservative lending policy Cash-flow generation Legal structure: Counterparty has to have direct and immediate access to the cash-flow and the assets taken in as collateral. Tenor max 10 years LTV <75% but depending on geographic location. Rural areas LTV<65%. Amortization structure required depending on geographic location 49

Asset Quality Lending to Swedish Residential Apartment Buildings Low levels of impaired loans and negligible credit losses Impaired loans do not typically turn into credit losses, in % Credit loss level NPLs to lending 0.08 0.10 0.00 0.03 0.03 0.02 0.04 0.04 0.01 0.02 0.00 0.00 0.00 0.01 0.00 0.00 2007 2008 2009 2010 2011 2012 2013 Sep '14 Effectively no net credit losses since the early 2000s, in % 1.20 1.00 0.80 0.60 0.40 0.20 0.00-0.20 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Sep '14 * Net credit losses = the aggregated net of write-offs, recoveries and provisions 50

SEB s Swedish Household Mortgage lending Successful Private Client Strategy produced growth despite stricter underwriting standards 218 229 247 260 272 '08 SEK bn Jun '09 '09 Jun '10 '10 295 Jun '11 322 339 '11 Jun '12 358 372 383 394 '12 Jun '13 '13 Jun '14 402 Sep '14 Selective origination Concentration to urban areas Stockholm area nearly 50% of volume 85% of mortgage book is private individuals >80% of new mortgage loan clients have become full-service clients Market share increased some 3% to approx.16% in five years Past-due >60days are 9bps (USD 48m) Net credit loss level is 1 bp (USD 1.8m) >80% of the mortgage portfolio has LTV below 50% 3% exceeds an LTV of 70% Loan-to-value >85% 0% 71-85% 3% 51-70% 15% 0-50% Share of portfolio 82% SEB s Mortgage lending based on affordability Strict credit scoring and assessment Nearly 100% of all customers authorize SEB to direct-debit their account on payment due dates typically monthly due dates Strict Left-to-live-on sensitivity analysis including, a 7% interest rate test and a 50-year straight amortization period 85% regulatory LTV cap when granting a loan Loans >70% of market value must be amortized over 10 years More than 80% of all new loans with LTV >50% is amortizing Max loan amount 5x total gross household income irrespective of LTV and no more than one payment remark on any kind of debt (information via national credit information agency ( UC )) Strengthened advisory services and individual amortizing plans Sell first and buy later 51

SEB s Swedish Household Mortgage Lending Strong economic profile of customers SEB s typical mortgage customer Age distribution of SEB s customers Based on volumes ember 31, 2013 Dual income households in the major cities High income households Personal savings above average Stronger credit rating vs. market average SFSA states in a report from April, 2014: SEB has the lowest LTV in all age spans Larger share of households with amortizing plans in new loans than market average 60% 50% 40% 30% 20% 10% 0% Portfolio New loans 18-25 26-35 36-54 51-65 66+ SEB s mortgage customers have a relatively stronger credit quality than market average 1) UC Scoring 2) 1.3 1.2 1.1 1.0 0.9 0.8 0.7 0.6 0.5 Market SEB Oct '10 '10 Feb '11 Apr '11 Jun '11 Aug '11 Oct '11 '11 Feb '12 Apr '12 Jun '12 Aug '12 Oct '12 '12 Feb '13 Apr '13 Jun '13 Aug '13 Oct '13 '13 Feb '14 Apr '14 Jun '14 1) Source: Swedish Credit Bureau ( UC AB ) Kreditbarometern June 2014 2) UC scoring is defined as the probability of getting a payment remark within one year 52

Asset Quality SEB s Swedish Household Residential Mortgage lending Low levels of impaired loans and negligible credit losses Loans past due 60 days do not typically turn into credit losses, in % Credit loss level NPLs to lending 0.11 0.17 0.13 0.10 0.15 0.13 0.10 0.09 0.00 0.01 0.00 0.01 0.02 0.01 0.01 0.00 2007 2008 2009 2010 2011 2012 2013 Sep '14 Effectively no net credit losses since the late 1990s, in % 0.40 0.35 0.30 0.25 0.20 0.15 0.10 0.05 0.00-0.05 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Sep '14 Net credit losses = the aggregated net of write-offs, recoveries and provisions 53

Stress Testing of SEB s Residential Mortgage Lending Stress testing indicates that losses in an extreme environment would be manageable Highlights The stress test emulates the crisis experienced in the early 90s On top of that, unlikely correlated behaviour is assumed Interest rates increasing at the same time as unemployment is rising, Highly indebted customers are the first to default Price drop that is constant across all region In this extreme environment, in-house stress tests show that net credit losses will be manageable The accumulated net credit loss level over a 3-year period is estimated to approximately 0.80% which is largely in line with what was experienced during the early 90s crisis 54

SEB s Swedish Cover Pool and Covered Bonds 55

Cover Pool and Covered Bonds Only Swedish Residential Mortgages in SEBs Cover Pool Highlights Only Swedish Residential Mortgages in the Cover Pool, which historically have had very low credit losses SEB s Cover Pool is more concentrated towards Single family houses and Tenant owned apartments, which generally have somewhat higher LTVs The Cover Pool is on the parent bank s balance sheet contrary to SEB s major Swedish peers All eligible Swedish residential mortgages are directly booked in the Cover Pool on origination, i.e. no cherry picking of mortgages from balance sheet to Cover Pool Covered Bonds are issued out of the parent bank and investors have full and dual recourse to the parent bank s assets as well as the secured exposure to the Cover Pool SEB runs a high nominal OC currently, September 30, 2014, at 50% Covered Bonds Q3 2014 Q4 2013 Q4 2012 Total outstanding covered bonds (SEK bn) 308 297 262 Rating of the covered bond program Aaa Moody's Aaa Moody's Aaa Moody's FX distribution SEK 77% 74% 78% non-sek 23% 26% 22% Cover Pool Q3 2014 Q4 2013 Q4 2012 Total residential mortgage assets (SEK bn) 461 434 401 Weighted average LTV (property level) 56% 60% 59% Number of loans (thousand) 682 655 625 Number of borrowers (thousand) 411 404 391 Weighted average loan balance (SEK thousand) 676 662 642 Substitute assets (SEK thousand) 0 0 0 Loans past due 60 days (basis points) 7 9 11 Net credit losses (basis points) 0 0.8 0.7 Over-collateralization level 50% 46% 53% 56

Cover Pool as at September 30, 2014 SEBs mortgage lending is predominantly in the three largest and fastest growing cities with an interest rate reset date within two years Type of loans Interest rate type Geographical distribution Residential Apt Buildings 14% Tenant owned apartments 27% Single family 59% Fixed rate reset =>5y 1% Fixed rate reset 2y<5y 11% Fixed reset <2y 22% Floating (3m) 66% Göteborg region 16% Stockholm region 43% Larger regional cities 33% Malmö region 8% LTV distribution by volume in % of the Cover Pool Prior ranking loans Interest payment frequency 0-10% 10-20- 30-40- 50-60- 70-1% >75% 0% 6% 9% 21% 19% 17% 15% 12% No prior ranking loans <25% of property value >25<75% of property value 5% 1% 94% Monthly Quarterly 16% 84% NOTE: 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 57

Covered Bonds Profile of outstanding Covered Bonds as at Sep 30, 2014 SEB Swedish Mortgage Covered Bonds Outstanding covered bonds (SEK bn) Moody s Rating Aaa 350 Total SEK 308bn outstanding FX distribution SEK 77% 300 250 200 150 non-sek 23% 100 Benchmark Benchmark 92% 50 0 Non Benchmark 8% Mar-11 Jun-11 Sep-11-11 Mar-12 Jun-12 Sep-12-12 Mar-13 Jun-13 Sep-13-13 Mar-14 Jun-14 Sep-14 Currency mix Maturity profile (SEK bn) 90% 80% 70% 60% 50% 40% 30% 20% 10% Covered Bond SEK Covered Bond Non-SEK 77% 23% 70 60 50 40 30 20 10 Non-Benchmark Non SEK Benchmark SEK Benchmark 0% 2008Q2 2008Q4 2009Q2 2009Q4 2010Q2 2010Q4 2011Q2 2011Q4 2012Q2 2012Q4 2013Q2 2013Q4 2014Q2 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2026 2031 2032 2039 2041 58

SEB contacts and information Contacts Thomas Bengtson, Head of Debt Investor Relations Email: thomas.bengtson@seb.se tel: +46 8 763 8150 John Arne Wang, Head of Treasury Management Email: john.wang@seb.se tel: +46 8 506 23255 More information Available on www.sebgroup.com You will find it under Investor Relations 59