Skandinaviska Enskilda Banken

270 EuroWeek Financing financial institutions

Skandinaviska Enskilda Banken

- 2005 2006 2007 2008 2009 2010

Covered bonds Subordinated debt Senior unsecured

2,000

4,000

6,000

8,000

10,000

12,000

14,000

Debt issuance

$m

Source: Dealogic. Data to August 20 2010

Debt issuance

Pricing date: August24,2010

Value: €750m

Maturity date: September1,2015

coupon: 2.5%

spread to swaps: 87bp

bookrunners: BankofAmericaMerrillLynch,BNPParibas,GoldmanSachs,SEB

issue type: Coveredbond

Pricing date: June10,2010

Value: €1bn

Maturity date: June17,2015

coupon: 2.5%

spread to swaps: 45bp

bookrunners: BayernLB,CommerzbankGroup,CreditSuisse,RBS,SEB

issue type: TierI

Pricing date: September25,2009

Value: €500m

Maturity date: Perpetualnon-call5.5years

coupon: 9.25%

bookrunners: BNPParibas,CreditSuisse,GoldmanSachs

Source: Dealogic

Rank Lead Manager amount $m no of issues

% share

1 SEB 798 9 23.31

2 Credit Suisse 484 2 14.14

3 Goldman Sachs 482 2 14.06

3 BNP Paribas 482 2 14.06

5 RBS 239 1 6.98

5 Commerzbank Group

239 1 6.98

5 BayernLB 239 1 6.98

8 Bank of America Merrill Lynch

237 1 6.91

9 Nordea Markets 174 1 5.09

10 WestLB 44 2 1.3

subtotal 3,420 13 99.82

total 3,426 14 100

Source: Dealogic (Sep 20, 2009 to Sep 19, 2010)

Recent DeaLs

-

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

-204

0

2041

+

2,000

4,000

6,000

8,000

10,000

Source: Dealogic. Data to September 1, 2010 (securitisations not included)

$m

MatuRity PRofiLe

toP bookRunneRs

Actual t

ier one

(2009)

Benchmark sc

enario

Adverse

scenario

Additional

sovereig

n shock

Source: Committee of European Banking Supervisors

%

12.4 11.8

10.7 10.3

0

2

4

6

8

10

12

14

cebs stRess tests

Head of investor relationsUlf Grunnesjo+46 8 763 8501ulf.grunnesjo@seb.se

Head of debt investor relationsThomas Bengtson+46 8 763 8150thomas.bengtson@seb.se

key contacts

skandinaviska enskilda banken

Long term iDR a+short term iDR f1individual Rating b/csupport Rating 1support Rating floor a-

summary:The ratings of SEB reflect its strong franchise in Sweden and increasingly in the other Nordic countries, good capitalisation and diversified revenue generation. They also take into account its exposure to the Baltic states and dependence on wholesale funding. Asset quality in SEB’s Swedish loan book is good, recording minimal levels of impaired loans. However, its Baltic subsidiaries were hit by high non-performing loans (NPLs) and impairment charges in 2008 and 2009. Fitch expects the inflow of NPLs to continue to reduce following its peak in 2H09 but for stock to remain at an elevated level at least into 2011. Economic recovery is expected in SEB’s key markets with Fitch forecasting growth of 2.8% in Sweden for 2010 and 3% in 2011. Downward pressure on the ratings would arise if further asset quality deterioration had a greater impact on capitalisation than expected or if it caused an erosion in the bank’s Nordic franchise.

fitcH Ratings uPDate

Skandinaviska Enskilda Banken

Financing financial institutions EuroWeek 271

Source: SEB

Skr bn

0.0

20.0

40.0

60.0

80.0

100.0

120.0

Tier one Tier two

Mar 31, 2

008

Jun 30, 2

008

Sep 3

0, 2008

Dec 31, 2

008

Mar 31, 2

009

Jun 30, 2

009

Mar 31, 2

010

Jun 30, 2

010

Sep 3

0, 2009

Dec 31, 2

009

caPitaL base

Source: SEB

Skr m

-500

0

500

1000

1500

2000

2500

3000

3500

4000

4500

1Q08

2Q08

3Q08

4Q08

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

Operating profit Net profit

incoMe stateMent

Source: SEB

%

-0.2

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

Return on total assets Return on RWA

4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10

RetuRn on assets

Basel II (legal reporting with transitional floor). Source: SEB

%

0

2

4

6

8

10

12

14

16

2Q09 3Q09 4Q09 1Q10 2Q10

Core tier one Tier one Total capital

caPitaL Ratios

Source: SEB

Skr m-4000

-3500

-3000

-2500

-2000

-1500

-1000

-500

0 1Q08

2Q08

3Q08

4Q08

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

net cReDit Losses

Source: SEB

%

-5

0

5

10

15

20

1Q08

2Q08

3Q08

4Q08

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

RetuRn on equity

Source: SEB

%

0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10

net LeVeL of iMPaiReD Loans

Source: SEB

Skr bn

2150

2200

2250

2300

2350

2400

2450

2500

2550

Mar 31, 2

008

Jun 30, 2

008

Sep 3

0, 2008

Dec 31, 2

008

Mar 31, 2

009

Jun 30, 2

009

Mar 31, 2

010

Jun 30, 2

010

Sep 3

0, 2009

Dec 31, 2

009

totaL assets

Source: SEB

%

0

10

20

30

40

50

60

70

80

1Q08

2Q08

3Q08

4Q08

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

cost/incoMe Ratio