SEB's Annual Report for 2012

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12Annual Report



The most important events in 2012:

● Incessant anxiety regarding the sovereign debt situation in many

countries and the global imbalances led to continued uncertainty

in the financial markets. Interest rates were historically low.

● SEB’s investments in the corporate segments resulted in 100 new

large corporate customers and 13,000 new SME customers. The

number of private customers increased by some 50,000.

● The Board and Management announced new financial targets.

● SEB was awarded as the best bank in Sweden, Estonia, Latvia and

Lithuania (The Banker).

● For the first time SEB was named best bank for large corporations

in the Nordic countries (Prospera).

● For the third year in a row SEB received Global Private Banking

Award as the best Nordic bank for private banking services

(The Banker and PWM).

● SEB was ranked as No. 1 in Sweden regarding openness and

anti-corruption work (Transparency International ).

2012 in brief

2012 2011

Operating income, SEK m , ,

Profit before credit losses, SEK m , ,Operating profit, SEK m , ,

Net profit from continuing operations, SEK m , ,

Return on equity, continuing operations, per cent . .

Earnings per share, continuing operations, SEK . .

Proposed dividend, SEK . .

Core Tier I capital ratio), per cent . .

Tier I capital ratio), per cent . .

) without Basel II transitional floor

This is SEB Cover

Chairman’s statement

President’s statement

Strategy and markets People and culture in SEB

Corporate sustainability

The SEB share

Report of the Directors

Financial review of the Group

Result and profitability

Financial structure

Divisions and business support

Risk, liquidity and capital management

Corporate governance at SEB

Board of Directors

Group Executive Committee

Internal Control over Financial Reporting

Remuneration report

Financial Statements

SEB Group

Income statement

Balance sheet

Statements of changes in equity

Cash flow statement

Skandinaviska Enskilda Banken

Notes to the financial statements

Five-year summary Proposal for the distribution of profit

Auditor’s report

Definitions

Calendar and other information Cover

Contents

Front cover Christina Ståhl, President of Mio, and Björn Johansson, Client Executive, SEB. Read more in SEB’s Annual Review.

SEB’s most important rankings 2008–2012

SEB’s performance within different business areas is every year evaluated and ranked by numerous companies

and financial magazines, both internationally and in individual countries where the Bank is operating.

Area 2012 201 1 201 0 2009 2008 O rganisat ion / publication etc

Best bank in Sweden The Banker /Euromoney –

Best client relationship bank in Sweden Prospera

Private Banking

Best private bank in the Nordic region The Banker and Professional Wealth Management

Investment banking

Best bank at risk management, Nordic region Global Finance

Best M&A house in the Nordic region Euromoney

Best Stockbroker in the Nordic region Prospera

Best Corporate Finance house, Nordic region N/A N/A N/A Prospera

Corporate banking

SME Bank of the Year in Sweden N/A Finansbarometern /Privata Affärer –

Best at cash management in the Nordic and Baltic regions Euromoney

Best bank for cash management in Sweden Prospera

Best Supply Chain Finance Provider in the N ordic region Treasury Management International (TMI), Global Finance

Best FX prov ider in the Nordic reg ion N/A Prospera

Financial advisor of the year, Nordic region Financial Times och Mergermarket







1seb annual report 2012

this is seb

SEB’ jv

Corporate objectives:● The leading Nordic bank for corporates

and institutions

● Top universal bank in Sweden and theBaltic countries

Strategic priorities:

● Long-term customer relationships

●

Growth in areas of strength ● Resilience and flexibility

MissionTo help people and businessesthrive by providing qualityadvice and financial resources

Brand promiseRewarding relationships

VisionTo be the trusted partnerfor customers with aspirations

SEB’ , v

SEB’ fi SEB’

13.1 %

52 %

11.1 %…aspiring to 5 per centReturn on Equity long-term

Competitive returni i Return on Equity

Dividend f ig h Dividend >40 %

Common EquityTier 1 capital ratioB III

CET 113 %

) Sjc h v y h AGM f h d dividd

1)



2 seb annual report 2012

chairman’s statement

B - v f w w v f .

A SEB w d f hiy.

Am 6 y g h Bk w

fdd i h vic f

d i. Thgh h y hi

h dkig h ivv

g iiiy d ddc

cciy cm’

g-m y vidig high q-

iy vic, fici dvic d d-

c. Im qii hv

fgd iic hgh

g c h d k g-

m civ. D cm -

ihi SEB' wy f dig k-

ig. By cig v f cm,

w i g i d

cmiiv f hhd-

v h g-m.

Sw w…Ahgh h wd cmy wy

d mv i h igh dici

dig , g gwh i ig hd

ck y cid ik gdig c-

mic ici i E d h US d

h d f k d vig

c h. Idd

i h W wd i dy 3

y k v d h y w

hv g v ig dd –

ficiy, ciy d i h c-

my. U w c k hv

vidig h mj mdy h

g chg. Icigy m

flxiiiy i i m f fic -

iy m h m im h

w ii gy fmwk

f h kig ym, B III, i

wig m gd imm-

i. Hfy, hi wi h

mch dd gwh, iE.

…w N w I SEB’ mk - h Ndic d Bic

ci d Gmy - h mcc-

mic dvm h -

dd h ck f w vig d

v d dii f g m-

fcig idy d x c.

Hwv, m cmi, h

Ndic ci w givy

ffcd wd h d f h y.

SEB cid i cm

d i icd vg c-

m-d dig d di v-

m y 7 d c civy.

A ff fi Th Swdih kig ym i .

Ciii v mg h

high i E d fiiiy i

d. SEB’ i md i d

mig cm d d cdi

i xdd i f cm

ym cciy. Th imc f

d ii fici ym

ig gwh i h cmy

c dimd. Py,

g m f w gi

ig immd h h i-

i, gi d i v. Th

ccmd ffc h c-

my diffi c v. Thf,

i i vi h gi idcd

gdy d h h ici f

v yig fid miid i

d hm h fgi c-

mic .

SEB SEB i w iid i h w fi-

ci dc h i mgig. W

cmi wih h w hh Swd-ih ci d iqidiy. Th

Bk’ mgm h vigd SEB

w hgh h chgig vi-

m f h y d h divd

fcd gwh whi

ghig SEB’ iic fh.

Tdy SEB h g fm

fh gw c k i h

Ndic ci d Gmy d

i xc iv k i

Swd d h Bic ci. Th

Bd d mgm hv h

viwd SEB’ fici g. Gig

fwd SEB wi im :● Py yy dividd f c

v f h ig h

● Tg Cmm Eqiy Ti i

f c (B III) d● G qiy h i

cmiiv wih .

Thi m h w i h g-m

i ch qiy f 5

c. W iv h h cific-

i f h fici g c

icd cy wd

hhd, d h xci

y hd hv SEB.

O hf f h Bd, I w

x cii d wm

hk h Bk’ mgm.

Th dmii div cm

v i . SEB wi ci

wk iy f h i f

cm d hhd.

Sckhm, Fy 3

Mc Wg

Chairman of the Board




president’s statement

Th y hv idd ch-

gig f h g kig ym

d i iiy ffi i im

h c f h cdi imdi-

i c – d, mk mk-

, vid f ck iqidiy d

ym vic. F k

i hi vim, iic d

g-m civ v i c-

m ky fc. SEB h h.

S f Th d f mk h d f SEB’

h-y i , which h

fcd ghig g-m

cm i d diciid

gwh i gd mk whi

icig iic d flxiiiy

hgh v g ci d

iqidiy ff.

Lkig ck h y, SEB h

ghd i ii h c-

k i h Ndic ci wih

ivm i Ndic d Gm

c fchi w i h

Swdih SME gm. Eig vi-

iy h dcd, d w hv

divd -c i ch

h i i i Gmy d

Uki. W hv icd c ffi -

cicy y idcig c-c d

wd dyig ig c.

I ddii, w hv i g -

c h i m f ci, iqidiy

v, fdig c d

qiy d w hv dd h w

gy fmwk. Thi h

cgid y h ig gci.

Ph h chivm h

mk h wh SEB m m d

i h vidc f d ihiwih xiig cm, whi w

h m im gid 3 w g

ci, m h 3, w

SME d m 3, w iv

idivid cm.

A q A SEB w iv h h fdi

f g-m fiiiy i i y

cmmid my wh c-,

cic d iv f c-

i imvm – wy wih

mid f ig h cm fi.

W iv d cci-

h khd

kw why d wh w d d d-

d i cm. Thi i

i chiv wih ig vy

c h v h gv h wy

w d i. I hik h h

wh wk SEB mg h i

h idy. O my y “iv”

v – fiim, cmmi-

m, m c d ciiy –

dy--dy i . Tgh hi

i dw c f wdig -

ihi, wh wkig SEB i

mch m h j j. I i

hvig g-m civ d

cig ccdigy. I i vidig

h-c d wig f

m wh vy c i

g cmmim div ddd

v cm.

T N A w w mv fwd wih w

h-y , ii i hv

h m cmmid my, h

g d i c mk

d h h m y cm. Thi

i wy fwd f chivig

g-m fiiiy mii. Wim v iq c

fi i h Ndic gi. W iv

h dig Ndic k f c-

d fici iii w

h iv k i Swd d

h Bic ci.

O i v hi m

h w wi ihd c-

fm i h Ndic ci

d Gmy ic c-ig

wih xiig d w ci. I ddi-

i, w wi fh cid

c wih ii d Ndic

fici iii, d ci

gwh i h Swdih SME gm,

cm d i vig i Swd

d vg h g SEB d i

h Bic gi. A f h civii

wi ccmid y cid c

ffi cicy d gy cmic.

L- Th h-y cy hwd

h i f SEB d i-

hi kig md. O icd c-

m giv g fm

ci fcd xi. Wih

h xic gid i i

d cm xcc dig h

y, SEB’ fc wih h w

i i hv h m i-

fid cm d c h fici

fmc g .

Tgh wih f SEB’ fic

my I m cvicd h

dici the ihi k i

f h wd i h igh .

Sckhm, Fy 3

Aik Fkg

President and Chief Executive Offi cer

O fi. W v N w Sw B .




strategy and markets

Fdd i h vic f i y 6 y

g, hgh h y SEB h yd civ

i ci dvm i h mk i which i

. SEB h g h k f chic f

g c cm d iii i Swd

d, icigy, i h h Ndic ci. Thi

i vid y i h i mix i h

wy i i cdcd. SEB ff y -

ci, id dig ihi wih g

ci d fici iii w

wih m d mdim-izd cmi d iv

idivid y hig i xi d kw-hw.

Thi ci cmiiv d i fi-

iiy, h fi f h Bk’ hhd.

A ig f imdig g fici cii fi g

hw, SEB k ci cm v g

k. A , h Bk w h m cm i

cd mk, w viiy i ig, cid

high qiy d w v f ik. Tdy SEB h

g flxiiiy d iic hgh g c

h d high c ffi cicy. Addd hi, h Bk

h dd h w gy fmwk. T chiv

cmiiv d i fiiiy v h g

m, SEB h m f gic iii:

● Bid d dv ihi d h cm’

g-m d wih hiic civ.

● P gwh i h cd c – g c-

i d fici iii i h Ndic c-

i d Gmy, m d mdim-izd cmi

i Swd, d hiic vig ffig.

● E h fici gh dd dm

iiy d iic w h flxiiiy d

i i c-ffi ci m h viig

mk cdii.

Th mii i h dig Ndic k f c- d iii d h iv k i Swd

d h Bic ci.

L- v

At SEB the customer always comes first. Long-term relationships built upon a strong financial position

are the foundation for sustainable profitability. The ambition is to be able to meet customers’ every

needs for financial services. Customers should be able to benefit from the Bank’s expertise and services

at their convenience through a multitude of channels.

S

Gw f ●

N G

● -z

Sw

● v

L-

R flx

SEB – R B





SI i ii h Rihi Bk, SEB k h c-

m’ civ i cc i vyhig i d. Thi

qi mwig my mk h igh dcii

f h cm d f SEB, d h Bk’ fdm-

if h cm yy d g-m fiiiy.

SEB hf fc i which i i c d,

d wh h Bk’ dvic d vic c c v-

ddd f h cm. Accdigy, i Swd d h Bic

ci, SEB ff wid g f fici vic c-

m wh ch SEB hi hm k. I h h N-

dic ci d Gmy, SEB’ i hv g

fc f vic ffig c ci d ii-

i cm kig f g-m kig ihi.

Cm hd c igd k wih h

dcii-mkig ch, wh i i y ifc d d

i.

F vSEB wi ci i gy y ig cm fi

fm h Bk’ f g f vic, gd f ch.

Th “Y SEB” gmm, which im ii g

iigh i h cm’ civ d mdhi

mg my, i ciig. Gvc f IT h

chgd c m i-id d flxi IT

dvm d hd iii. Pg wi m-

d i m f x cm kig (P, SKI),

m f hm-kig cm, my d ii

(Uivm) d i my vy.

Long-term customer relationships

Pf SEB i civy ivig ffi i cm’ fici vic

d. Sic 9, wh h h-y w dw

, m h 3, w m d mdim-izd cmi

d 3, w iv cm hv ch SEB hi

hm k i Swd d h Bic ci. I Piv Bk-

ig, SEB h cd 3,7 w cm. Dig h m

id f im, 3 w g ci d iii

hv d SEB hi fici .

Thgh icd igi wihi h Bk, cm

hv cc vyhig SEB h ff – O SEB – gd-

f hw d i which ch hy d i wih h

Bk. SEB i Swd ff vic d dvic y

h 4 h dy i 3 gg. Th Bk’ mi

vic hv fh dvd, d dig h y

3 mii g-i w cdd.

Customer satisfaction

Cm yy i SEB i ciy mid hgh

i d x vy. Cm ifci i

md yy y vi ch fim d fici mg-

zi – h iiy d i h idivid ci i

which h Bk wk. Th g ic i idic

h h Bk’ cm fc i gig gi .

SEB civ c i h mk f cm ifci

mg g ci d iii i h Ndic c-

i. Amg m d mdim-izd cmi, cm

ifci h icd, d SEB i dy kd cd

f h fiv mj k i Swd ccdig Swdih Q-

iy Idx (SKI). Th Bk h y ch h g kd

dig i h iv mk i Swd. F h fi im

SEB w md y Th Bk mgzi Bk f h Y i

f h ci – Swd, Ei, Lvi d Lihi –

i which h Bk ff iv kig vic.

If

Nm f ydicd i Ndic ci

Nm f qiy ci mk ci

i h Ndic gi 10

Nm f M&A d ci i Swd 2Nm f ch ffi c 22

Ii iv kig ch 1

Oi k, m f vii i Swd 2 mii

Mi k, m f vii i Swd 0.8 mii

Th k, m f c i Swd 2. mii

Fck, m f vii i Swd 10,000Nm f ATM i Swd 2

Nm f if ic imdii d k 2,000

M T Ejö with Malin Westlund Thelander,adviser at SEB’s branch in Nacka. Read more in SEB’s Annual Review.

: , 0: SEB

: , 0: SEB

: , 0: SEB

: , 0: SEB





SSEB h h m ii i h g c gm

i h Ndic ci. Tdiiy i mk ii -

ihi k h icy g i Swd, wh c-

cm h hv SEB hi hm k v-

g f v igh diff dc . Pviy, h

Bk’ ihd ii i h h Ndic ci d

Gmy w i cig dg ii i cific d-

c . I h wk f h fici cii, w ii

w d h gw h cm d d

xiig ihi wih g c cm d fi-

ci iii i h Ndic ci d Gmy. I c

y, SEB h hf ivd i c fm i h

mk. SEB h ci h dig k f g c-

i i h Ndic ci, h fd k mg

mdim-izd cmi i Gmy (h -cd Mid

gm), d h mi Ndic k f fici iii.

F vSEB i w fiig fm h ii cd y h

c fm h h i i h Ndic ci

d Gmy, which c-ig mg xiig c-

m. Thi wi chivd hgh ci-ffi ci dvi-

y-d i h wi xd h Bk’ hm

k f h cm. SEB wi ci civ h c-

d mk i h Ndic ci d ic i

ivvm wih h Bk’ Ndic d Gm cm i

gwh mk. I ddii, g ff wi ddicd

dvig i wih fici iii. A fi

h k i hi dici hgh fmi f m

chiv cm iiiy gii wihi h Bk.

Pg wi md i m f m f Ti ci

d ci' “wiig cmmd” ccdig P.

Growth area: Large corporate business in the Nordic countries and Germany

Best Nordic Bank f g c ccdig P vy

T N Sh f icm , c

Lg cmi d iii Lif ic (i-ikd)

A mgm Ri

) Agggd icm diii f Swdk, SHB, Nd,Dk Bk d DNB. Bi i y (idiciv).

SEB

Ndic )

Pf Wk gwh fm w fcd cig

c c cm, wh h Bk’ y hv

hw icy fv ii id d c-

m ihi. Sic h f hi wk i h Ndic

ci d Gmy i , 3 w ihi hv

ihd wih g c ci, d dig vm h

icd y SEK 3. Nw cm f dmd ym

vic d . A h ihi d, cmi

ch m vic, ch i d fic, ccy

dig, ci mk vic, c cd d ig.

I h wk f h fici cii, m cmi -

ig dicy h d mk f fdig. Thi h d i

high dmd f cdi yi. SEB i civy dvig

hi mk d i h d i h Ndic ci i m f

i vm, SEK 7.7.

Sic 9 SEB h xdd i c i Ai y -

ig w ch i Hg Kg. Tdy SEB i h Ndic k

wih h g c i Ai d v h Ndic d

Gm cmi dig i i Ai w Ai

iii id i h Ndic ci.


SEB’ gy gw gicy ihi k i h

Ndic ci h ccf. A cfimi f hi,

dig h y SEB w md h B Ndic Bk f

g ci, d mk vy mg Ndic

c cdcd y P.

J Nø, Director, Group Treasury, Danish Crown, and Torben With, client executive, SEB Denmark. Read more in SEB’s

Annual Review.





SSEB h hiicy hd vy g ii mg g c-

cm i Swd. SEB i iiiig dv d

xd i ffig m d mdim-izd cmi,

d i i h i k i Swd. F

m i, hi i ig d hgh ckgd -

vic, whi f mdim-izd cmi h gy i

d h Bk’ vic d dvic fm h g c

gm i h d f m gii. Th ky

i dv dig ihi d k hiic

ch ch cmy’ ii, icdig h d

f i my d w.

Small business bank of the yeari Swd ccdig Fim

F vTh Bk wi ci g i h y wkig wih

g c c m cmi’ fici d whi

ivig fh i -vic d mi kig vic f

c cm. Th g i gi mk h f

5 c d cm -kd i m f cm i-

fci. Pg wi md y m f hm-kig

cm, i m c vy d v

cm kig ccdig SKI.

Pf I c y, SEB h cy igd i iiii f hi

cm g hgh ivm i xi, diii

cciy d dcd cmxiy. Th Bk’ c i-

h gwig diy, d ic h f 6 h

m f cm i h Swdih SME gm h gw

fm 65, 3,. Accdig Nyfögcm

(Ei Agcy) m vy fh w cmy ch

cm SEB. SEB’ mk h h gw y -

cg i y d i w ximy 3 c.

SEB h cid mid f civii imv i

vic f m i, icdig vyhig fm h

Ek Fim ckg i icig h m f c-

dvi d ihig i c i Swd’

h mj cii. Th Bk c m d mdim-izd

cmi hgh iy cci ckgd i. A

cm-cmi wih f SEK 5 w

vd hgh h Ri Bkig divii, hy gh-

ig h Bk’ c c d ximiy cm. Th

Bk’ dvic d vic f g c hv

dd m h d f m d mdim-izd cm-

i w. Aviiiy f cm i high hgh

dvic h i cci 4 h dy w hgh

i vic d mi .


Cm ifci i h SME gm i high d

icd dig h y. Tdy SEB i kd m w

f h fiv mj k i Swd, ccdig Swdih

Qiy Idx. I ddii, SEB civd ccd fm

Fim, kig m w Bi Bk

f h Y d Sm Bi Bk f h Y.

SME SwThd

C Så, CEO Mio, and Björn Johansson, Client Executive,SEB. Read more in SEB’s Annual Review.

Growth area: Small and medium-sized companies in Sweden





Growth area: Savings

SCm c i vim chcid y high vi-

iy i h fici mk cmid wih gdy -

gig hif i dmghic d d mg idivid

id fici ciy f im. Thi i cig

d f cmhiv, qifid dvic d gidc. SEB

h g hd cmhiv ffig f vig dc

h m cciv cm d, which fm h

cm’ civ my hv cm c fgmd

d dc-id. T m cm’ d f

vig i, h Bk h id c d m

chiv dviy-d vig ff i cm.

SEB h g ii i h vig gm, wih

mk-dig ii i iv kig i Swd d i

i-ikd ic i Swd d Dmk, g wih

gwig di fm iv idivid, cmi d

iii. I h Bic ci w, h Bk h

d ffig f vig dc d vic, wih h g

f icig h m f hm k cm.

Pf Dig h y, dvic d dc dvm d-

ig di, m fd, if ic d -cd c-

d dc w gh gh i ig gii

i d m cm’ d f h- d g-

m vig, gd f hw hy ifc wih SEB. A

m f chg hv md i h Bk ’ dviy

ffig i c y, icdig ghig f dviy

cmc h Bk’ ch ffi c. Th fd ffig

h mid, d cm w ffd idx

fd – icdig wih f – w civy mgd

fd, icdig gy fd. Th Bk h dvd

xchg-dd fd d xdd i di ffig

hgh h idci f fixd-i di cc.

Dig h y, f xm, di fm iv idivid

icd y SEK d w d mgm

wihi Piv Bkig icd y SEK , .


Dig h y, SEB civd cgii i Th Bk’

G Piv Bkig Awd h B Piv Bk i h

Ndic d fm Emy mgzi h B Piv

Bk i Swd d Fid.

F vSEB wi ci ff cmhiv dviy ffig.

Icd cy d imifid ifmi gdig

vig ffig fm f hi. Icd diii

w hgh dvm f w i -i

vic i h xm. Pg wi md y

d mgm d cm' h f w.

Best Nordic Private Bank – ccdig Th Bk d PWM

Per cent 0 00

M f, v)

Swd . . .

Fid . . .

U- ,

Swd . . .

Lf ,

Swd . . .

Dmk N/A . .

Eq

Sckhm . . .

O . . .

Hiki . . .

Chg . . .

C , i SEK . . .

M

Per cent 0 00

D f

Swd . . .

di fm hhd . . .di fm cmi . . .

Ei ) . . .

Lvi . . .

Lihi) . . .

L

Swd . . .

dig hhd . . .

dig cmi . . .

Ei ) . . .

Lvi ) . . .

Lihi) . . .

) I Ei d Lihi xc. fici iii) T dig (xc. ig; i Lihi xc. fici iii).

Lihi fm Nvm .

) Excdig hid-y fd.

Sc: Siic Swd, Cmmci Bk Acii i Lvi d Lihi, B k f Ei, Swdih Ic Fdi, OMX c





SRc y’ dvm i h ig vim

cmid wih h mgc f w, g fici d-

c i h imc f g d ii fd-

i f ig fi gwh i h g m. Dig h

i, cd id f ciy d viiy i h

wk f h fici d vig d cii, SEB h hd

f i gidig ici f iic d flxiiiy.

Accdigy, h Bk h mgd cii gwh

ii y miiig g ci ii d

dy cc fdig, mk ii wih high

cdi qiy d dvg cmiiv ii i h

Ndic c mk.

New regulatory framework

A ky c i ig SEB’ fici gh i h gy

dvm h i kig c iiy hgh h

B III d h EU’ Ci Adqcy Diciv d

iy hgh h ci Swdih dig ci-

d iqidiy f ymic k. Tdy SEB dy m

f ci dqcy qim w h ci

qim gdig iqidiy. Iiy, h idc-

i f h Liqidiy Cvg Ri h d.

Cost effi ciency

Thi w fici dc i givig i high c f

cdcig kig i. I high dmd c

ffi cicy. T fh gh h Bk’ iic d

imv fiiiy v h g m, i SEB cmmi-

cd h h Bk’ g w k i c chgd

i 4.

Pf Im hv k i c y dc v-

iiy i ig, icdig h divm f -c i-

, dcig h ivm fi, idig g

iqidiy ff d miiig high qiy i h cdi f-

i. Th xiy i h mk cmy cid i . SEB

h cid hd i ci gh d iqidiy, d h

cid hv vy gd mk cc fdig.

A f ff ic ci ffi cicy, ddii ci-

h cd h i divii.

Th wk icig c ffi cicy h ccf.

Im cii hi icdd c iiii

f ivm, h ci f ci fci

h Bic ci, d cci f h c f IT dv-

m.

F vMiiig fici gh wi ci hv

iiy. I c wih immi f h w ii

d i ci d iqidiy , h Bk wi d-

ig i c h h i m h qim

f h w gy fmwk d h h Bk’ dc

d icig wi cd i ch wy m ci-

ffi cicy d fiiiy i h w vim. SEB

i ch cmiiv qiy f 5 c.

Th c c f 3 d 4 i SEK .5.

Core Tier I Capital Ratio 15.1%Liquidity Coverage Ratio 113%

R flx





M M C

SwAik Fkg,President and CEO

Universal bank. Cy dig wh k mg g c diii ci. H dvcd i ii mg m dmdim-izd i, wih v y f gwig mk h.Gwig cm i h iv mk, wih icy gii i vig, wh SEB h h cd g h f hhd’ggg vig. Th did d i iv kig.

A mj Ndick, c ichy, if iccmi d i-i ivmk

DP Hømd

Corporate bank, wih cmhiv i f c d ii-i ci. T ii i C Fic d Mk d igifi-c y i iv kig, mgm, if ic d cd.Sghd ii ihi k f cmi d w gdd h mi chg h g c iv k.

A mj Ndick, c ichy, if iccmi d i-i ivmk

NwWiim P

Corporate bank, wih cmhiv i f c d ii-i ci. Vy g ii i ci mk d cd gk h O Sck Exchg. Vy g ii hm k fcmi d iii. A d i iv kig wih Fmiy Offi cffig f -i wh mgm gm.

A mj Ndick, c ichy d i-i ivmk

FMc Nyé

Corporate bank, wih cmhiv i f c d ii-i ci. T ii vid f mgm vic fiii. Sghd ii hm k f cmi d cchg h dmi, dmic iv k. A dig y iiv kig, wih ihd ihi h g f ck i im.

A mj Ndick, c ichy d i-i ivmk

GFdik Bhm

Corporate bank wih ic fc mdim-izd cmi i Gm-y’ -cd Mittelstand gm. Lg Ndic k i Gmy’ fg-

md k mk, wih g ii i h ic c, icdigfici vic f ci ic c.

Mj Gm k,c ich y d

ii iv-m k

ERih U

Universal bank. Scd g k i Ei, wih cmhiv ffigf kig vic. Sg ii i iv d c kig, wihic gh i mgm d if ic. Lg y h Ti Sck Exchg. F- i dvm f mi kigvic.

Mj Ndic dBic k

LvAiã Oz

Universal bank. Scd g k i h cy, wih cmhivffig f kig vic. Sg ii i h iv d ckig, icy i g-m vig, wh SEB i h mk d.

Mj Ndic dBic k

LRimdKvd

Universal bank. Lg k i Lihi, wih cmhiv ffigf kig vic. Sg ii i h iv d c kig,icy i c di d i-ikd ic.

Mj Ndic dBic k

I-wAik Fkg

Corporate bank. Wih ffi c i ii fici c ch NwYk d Ld, i Ai vi ffi c i Shghi, Bi jig, Hg Kg dSig, d hgh c i Pd, Ri d Uki, SEB i wiid v c cm fm h Ndic ci d

Gmy d h g. Th Bk’ ii wk i highyim i i iiy ff g fici iii cc iv-m ii i Ndic – i which SEB i h d.

G, gi dNdic k

SEB’





O

()

Ofi

() S M-v

GDP ( )

SEK ,(,)

SEK ,(,)

● B k f h y ( Th Bk)● N. c k i h Ndic gi ccdig

P (. i Swd )

● Sm i k f h y (Fim)

● B ihi k (P)

Sgi digcd hf f hy d wx d icdmym. C-id g ivcmi.

+. (+.)

SEK ,(,)

DKK ,

(,)

SEK ,(,)

DKK ,

(,)

● N. c k i h Ndic gi ccdig P ( . i Dmk)

● High cm ifci mg icmi (Ad)

Gwh wih ighyhigh iv dic cmi w icdx.

–. (+.)

SEK ,(,)

NOK ,

(,)

SEK ,(,)

NOK ,

(,)

● N. c k i h Ndic gi ccdig P (. i Nwy)

● SEB Eqii dmic qii (P)

● B cdy k (G Iv)

Sg gwh whfdm c-mic icd dmicdmd.

+. (+.)

SEK ,(,)

EUR

()

SEK ()

EUR

()

● N. c k i h Ndic gi ccdig P (. i Fid)

● B mg (SFR)

● B FX-dig, dmic qii d chmgm (P)

Lw gwh dx whi miic i dmicdmd mi.

–. (+.)

SEK ,(,)

EUR

()

SEK ,(,)

EUR

()

● M v y d mk (Egim)

● Th EMEA ci f h y

(Ii Td Fic Mgzi)

Ex-d gwh,i i g-

m d vigfic dc.

+. (+.)

SEK ,(,)

EUR

()

SEK ()

EUR

()

● B k f h y ( Th Bk)

● B iv kig ( Emy)

● B d fic k (G Fic)

Lw gwh x-d cmyi w gwigvim. Dm-ic d -mym w c.

+. (+.)

SEK ,(,)

LVL ()

SEK ()

LVL ()


● B k (Emy)

● B FX d d fic (G Fic)

S gwh – high- i h EU. O hwy ffi h d-

g d ifliqim f mmhi .

+. ( +.)

SEK ,(,)

LTL

()

SEK (,)

LTL

()


● B k (Emy)

● B FX d d fic (G Fic)

Md gwhdc d -ivy gd x.Sghd c-mi dig c-d hf f w ivm.

+. (+.)




In order for SEB to meet customer expectations and to maintain a strong market position, it is

vital that its employees are motivated, have the right competence and opportunities to develop.

P SEB

people and culture in seb

SEB’ c v – cmmim, m c, fi-

im d ciiy – w g-m civ i

ihi, m h Bk’ i i d v

h cm i h wy d h c i

hhd v. Th v d hvi f h i

SEB ci hig khd’ ci f SEB.

Cm, i, hhd d my hd

f h h v f SEB’ diic chc.

Tgh wih SEB’ gy, which i i f

c – g d, fi , high -

fmig m d ffi ci gii – hy vid h

Bk wih id d im fdi d qi h

gii m v-chgig i vim.

C fSEB wy iv k hiic cm civ y

ig iv cm’ h d g-m d d

vidig c dvic dc d vic. Thgh

h G-wid “Y SEB” iiiiv, SEB wk ci-

y gh h my’ iigh cm

d hy ic w f hw my’ hv-

i ffc cm ihi. I hi w d

hgh -cd dig mig hgh h gi-

i, w hgh cm iigh SEB’

i, wh h f vi cm vy

cmid. Th mii i h my – v h wh

d hv diy cm cc – wi dd hi

d i imc cm’ ci f h Bk.

A Acig i ky cc fc f SEB. Th Bk

h g cidd f h m civ

my i Swd w i h Bic ci. Amg

yg fi wih i dg, i SEB w

c gi kd h m my, mg

k, i Swd. SEB w kd N. i Ei, N. 3 i

Lvi d N. i Lihi mg k.

SEB ff m f dvm gmm f -

d d yg fi fi c wih

h Bk. Th g Ti Pgmm vid iq

iy gi ic ddig f SEB. F gd-

i i d ym cic, SEB ff h IT Yg

Pfi Pgmm d hgh h Mch Bkig

Smm Ihi, SEB ff wk f iiv iig

i h fici fid. I , ximy 75 dd

f h gmm i .

Dv T wk f SEB, i c i vim h i dgig

c dvm. Miiy wihi h G i c-

gd. A j vcci ihd SEB’ i d

my ivid mk w cc hgh h

i c dy h gid v im y

i Swd, Gmy d i h Bic ci.

Th Bk wk ciy id ccf g-

ii f h fi f h cm d h cig g-

m hhd v. Whi SEB’ my xc d

k g h f h iiiy f hi w dv-

m, h i fm idivid fmc dvm

c. Evy y ch my, i dig mig wih

hi h c mg, idivid g d mk

f dvm d ci iig i

d hc ki. Tiig i cdcd h i m f

j iig d fm iig. Emy’ g f-

wd g i d vd hgh -

fdck d cchig. Th dvm h

g-m civ, d g mhi ig

h h my’ g igd wih h Bk’ v

g.

SEB’ v

PfW mk i y f d

i wih y hig kwdg d ig cc-

f ci.

CW ddicd h

vyhig w d c g

cm i.

M W d wy iv

h f h w

fm ch h.

CW , chg d k

ci d gxic.




Dv q SEB h f dvig d iig divifid

wihi h cmy. SEB’ mii i h

my hv h m ii dv d

c gd f hi gd, hic igi, g, x

ii fih. Th diviy c i icdd wh

my cidd f mgi iig. I

ci fc w ddicd ig wm’ .

A w mig gmm f wm mg w d

wih mm fm h G Exciv Cmmi m-

. Th Bk v wk hc f-

i wm. SEB’ g i h 5 c f mg i

h Bk wi wm. A y-d h fig w 4 c.

M fi fi xT cify xci mg d fcii hd

ddig i hi , mg fi h dv-

d. I dci did hvi h im

SEB m f qim. Th fi m v-

f h cmy’ c, icdig cim d h

cy gdd dhi dvm gmm.

A g ff h md gdig ic iig f

w mg. O xm i h gmm Mgm i

Pcic, -y iig iiiiv h y id gd f

f ccf dhi. F midd mgm w

f xicd cii d jc mg, ci

iig cc h dvd which i cd h

mg fi. Sig h Bk’ d hgh cch-

ig, chg d dvm gmm wi c-

i im f SEB’ dhi c. A

45 cmd ch iig i .

Dig h y, h G-wid dci gmm

w viwd i d ig hm wih SEB’ i

d hw which iig d dvm iiiiv

vi.

R jI i im h h Bk hd ff igm

iy, ciy i im f g chg. SEB wk

cy ic fficicy d k iiiy f

ig my wh my d fid w chg.

Wh i, SEB ff ii i h f h Bk

d hy mch xiig d wih h idivid wh

f w ii. If hi v ccf, h

Bk h idivid i ig h i.

Pvv wI i cci h SEB’ my giv ii

y hhy d chiv d wk/if c. I

SEB chd iiiiv gh h viv hh

ff d gh my’ w f h im-

c f h hyic d m hh. F xm, h

Bk ff hh xmii d idividid fi,

ch vi w d hh mi civii.

C fiSEB’ mi ym im c, i d miv

my wih h igh cmc wh hy ci

h Bk’ g-m cc. Emy’ cmi

hd cg gd fmc, d hvi d

ik-kig h igd wih cm d hhd

xci. SEB i wkig civy h cm-

i i d xic d fmc d

wih gd gd, hic ckgd y h fm

f dicimiy fc.

Emy hv h iy ici i h

Bk’ cc hgh G-wid Sh Svig P-

gmm which im gh my’ g-m

cmmim SEB. 43 c f my w icii m f h Sh Svig Pgmm h hv

ffd w 9 d . For further information

on SEB’s remuneration see page 67.

people and culture in seb

R f SEB Uivm vy “Id my”

Sweden Estonia Latv ia Lithuania

Yg Pfi , k

Yg Pfi,

Sd, k

Sd,

Uivi y > y ()

Uiviy y ()

U cdy ch ()

Cmy ch ()

Oh/cifid ()

E

0 00

Nm f my, vg , ) , ,

Sweden , , ,

Germany 2) , , ,

Baltic countries , , ,Emy v, % . . .

Sick v, % (i Swd) . . .

) Avg m f f-im qiv ,.

) SEB’ i i i Gmy w divd i Jy

E vP c

EAg d gd

,

,

,

,

,

,

M Wm

– – – –



corporate sustainability


SEB’ Sic 856 SEB h md cmic gwh d ci g-

y ig cmi, hi d ivi.

Bk i hi fici imdii c

f h cmy. By vidig ficig, ivm,

c ym d mgm vic, SEB -

cmic dvm, ii d d fici

ciy. F xm, SEB dmiid 747 mii ym

d icd i dig hhd d c y SEK

6 dig h y. By hig x kwdg, h Bk

h hhd, d cmi mk w-

gdd dcii h hy c chiv hi d

mii. Thi g hhd v v im.

SEB’ SEB iv f g-m ihi wih i cm d

h khd d wk ig iiiy i

f i civii. Th c iiiy wk ivv

f h G d xd mk i which SEB

d i. Th cmic ciy d h wd

d gwig ci imc m chg.

I c y, i ivvig hic, ci, wkig

cdii d hm igh hv cm icigy i

fc. Evim i mi high h gd.

SEB h igific idic imc i i dv-

m i i fici c d ii-

i cm d hi ivii mi d f

i. Dig d dici w hi xc-

i cci. Th m xci c

mg iv cm, i d iici –

w mg my d hhd. I h

imc f icd cy gdig i

md, c d icig w highighd.

Banks have a fundamental role in society and contribute to sustainable economic growth.

SEB’s vision is to be the trusted partner for customers with aspirations. Thus, SEB continuously

works to ensure that the business is conducted responsibly, is transparent and adheres to high

ethical standards. By doing this successfully, SEB creates long-term shareholder value.

S v

E w f SEB’ iiiy gy i fcd igh i iii i h

f iiiy. By fcig ff h iii, h Bk c

ci kig gvc d ci f h vi-

m, whi hcig i ci cmmim.

SocialValuing our people

Access to financial servicesInvesting in communities

K n o w l e d g e a n d econom ic c o n t r i b u t i o n

EnvironmentReducing our footprintSustainable finance &

investment

E

t h i c

s

Ethics

E t h

i c

s

To be the trusted partner for customers with

aspirations

K n o w

l e d g

e a n d

e c o n o m

i c c o n t r i b

u t i o

n K n o w

l e d g e a n d e c o n o m

i c c o

n t r i b u t i o n

GovernanceResponsible selling & marketing

Tackling financial crimeResponsible ownership




corporate sustainability

E

ǗȆƽȉ

hf f h Wd Bk, h EIB dh NIB ic h i .Ǘ

i h g d mid-c g-m vd ccdig iim d c ici.ǗȆȅȄƿ

i h Bic ci, mkig -m idig gy ffici.Ǘǈ

y c ic h y d y c dig .Th g i c y .Ǘ

h f ciciy cmi c. Dc i c-iciy cmi y c.

G

Ǘƽ

Ǘƽ

Ǘǈ w icd cifid. (Swd,Ei, Lvi, d Lihi).Ǘ

mgm hv dccdig iiiy cii.ǗȆȅ

fi cmi fcd i-ci. I dig w cdcd ().Ǘ-

dig d i icdm f h SwdihFic Pic.Ǘ -

d , hhd y dj-ig ym chm f i dmii.

S

Ǘƿ

d xdd i .ǗȍȉȄ

M civii.Ǘ-

C. Th c i dy SEB d i civ i Lvi, Lih-i d Ei.Ǘƿ

E i Swd, w ch-ig m h , high ch -d d ch i Swd.Ǘǈ-

i h cd c h cy,chig ch d i.ǗǉǊ-

wk (K Väg), which h f-ig iviy gd gi y h Swdih j mk.

S g

P SEB’ wkTh f SEB’ iiiy wk i ci hBk’ cid cc, h h Bk’ khdchiv hi jciv d ci h cmmiii which SEB d i. Th wk i g-m d i c-y vvig flc chg i h i vi-m. SEB’ ff fcd igh i iii i

h f iiiy – gvc, vim dci. Th iii flc h i h SEB’ khd- h m igific.

I g I 9 SEB h g h iiiy hd i-gd f h wy i i d y . Siiiyi w f SEB’ -gig dig i mkwih g c cm, d my m .Th Bk’ h ii m d ix c iciv h fdi f h dici. Th digcmm h ihd cd f kwig dddig h cm d f mkig v i- dcii.

Wh Mgm h ihd cd wy icd iiiy i h g ivm yi. SEB’ii m d c ici fm f hvi. SEB i icigy m gd vig AGM d i f w ggm.

SEB h ghd h c f ig ii-iy hgh h y chi, icdig dvm f f m f i. A ik m f hy chi h cdcd d h id f hfify m im i, ig ximy 4

c f SEB’ d i . SEB h dcd iCO mii y 36 c ic 8 d h h mii dc mii y 45 c y 5.

Th Bk h iiid i viw h SEBm h Uid Ni Gidig Pici Bi dƽƺ-ƽ -

d i h fi hf f 3.SEB’ cmmiy ivm imd ig h

x gi y vidig kwdg, c dmy. Fc i chid d yh, hi dfici icy.

Th Bk dd i Cd f Cdc cifyigmg h hig h idd whi wig c.

G gTh wk i d ii cvi d gidi,ƺ-ǚǛƺ

Fici Iiiiv (UNEP FI), h OECD Gidi f Mi-i Ei d h Eq Pici.

SEB i cmmid ig d i- i cic. SEB i ccdc wih hƽșƺ

ƽȚȘșȚƺ

wi SEB’ ixh i d, v h cmmic-i g h UN G Cmc d h i-i iiiiv. SEB w kd N. i Swdgdig d i- ci wk y TcyIi. The reports are available at www.

sebgroup.com/en/sustainability




the seb share

In the value of the SEB Class A shares increased by per cent while the FTSE European

Banks Index rose by per cent. Earnings per share amounted to SEK . (.). The Board

proposes a dividend of SEK . for (.).

T SEB

SEB C ASEK

S Th SEB h id h Ndq OMX Sckhm. Thh ci m SEK .9, diid ,94.mii h. Ech C A-h i v dch C C-h / f v.

Sk Exg g w ivy g y h Ndq OMX Sck-hm Exchg d h OMX Sckhm G Idx y c. Th v f h SEB c A h w y38 c, whi h FTSE E Bk Idx icdy 6 c. Dig h y, h v i SEB hmd SEK 86. Th SEB h h mid fh m dd h h Sckhm Sck Exchg.Mk ci ii y y-d w SEK .

D SEB iv chiv g-m dividd gwh wih g-ivy imcig h G’ gd ci i. Th dividd h h cd 4 c v f ig h. Ech y’ dividd i di h igh f viig cmic cdii d h G’ig, gwh iiii d ci ii.

SEB’ C C T fcii fig whi h C C h w i-dcd h d f h 98. Th dig vm f hC C h vy imid d h m f C Ch y ci . c f h h ci f hBk. D hi, h qii f cig y cf h, h givig h C C h h m igh hC A h, hv viwd. Th viw h hw hh igific cic diffici imm ch c.

Accdig h Swdih Cmi Ac, hh C C h hd cy h m igh h C Ah qi h h i d y hhdig /3 f h v c d h -d G Mig f Shhd w y 9/f h C A h d h G Mig. F-hm, v fm mjiy f C A hhdi qid. Th f hi i h i hi ffcwd d ci dii f h C A hhd.Sic h m f hhd i SEB i g, iig chv wd dw- d cmicd cd.

,

,

,

,

,

N fi Dividd

) A dividd f SEK . h i d f ,cdig y- i f c.

) I Mch , SEB md igh i :, whichdcd ig h.

SEB A h.Pic q cig icid dy f ch mh.

OMXS Sckhm.

E Bk Idx (FTSE).

Nm f h dd, ihd.

Eg SEK

) )




the seb share

D z g

Size of holding

N o. of sh ar es Per c en tNo. of

shareholders

– ,, , 7,

–, ,,7 , ,

,–, ,, , ,7

,–, ,7, , ,

,–, ,, , ,

,–, ,, , ,7

,–, ,, , ,

,–, ,,7 ,

,– 1,883,048,847 ,

2,194,171,802 00 2,3

T g )

3 December, 0Share of capital,

per cent

Iv AB .

Tygg Fdi .

Ac .

.

Ng Bk .

Nd fd .

SEB fd .

.

Wg-fdi .

AMF Ic & fd .

.

Fig w .) F m did ifmi . Sc: SIS Ägvic AB/ Ec

N g , D.,

Share series A Share series CT N.

T 2,0,09,294 24,2,08 2,94,,802

ƿ m icivgmm ) –,,7 2,88,34

w h ) 0

T g 2,,830,0 24,2,08 2,9,983,08

) Uiii f g-m iciv gmm – gig) AGM dcii, ch md

T SEB Nq OMX Sk Sk ExgSEK m 0 00 009 008

Y-dmkciii , 7, , 7, ,

Vm fh dd ,77 , , , ,

SEB Data per share) 0 00 009 008

Bic ig, SEK . . .7 . .

Did ig, SEK . . . . .

Shhd’ qiy, SEK . .7 . . .

Adjd hhd’ qiy . . . . .N wh, SEK . . . .7 .

Ch flw, SEK -. 7.7 -. -. -.

Pid dividd A d C h,SEK .7 .7 . . .

Y-d mk ic

C A h, SEK . . . . .

C C h, SEK . . . . .

C A h, SEK 7. . . ..

C C h, SEK . . . . .77

Lw ic id dig h y

C A h, SEK .7 .7 . . .

C C h, SEK .7 . . . .

Dividd cg f f h y, % . . . 7. .

Yid, % . . .7 . .

P/E . . . 7. .

Nm f dig h,mii

vg ,. ,. ,. ,. .

y-d ,. ,. ,. ,. .

) Pvi y d f h igh i .

Cg

Year Transaction SEKChange in

no. of shares

Accumulatedno. of

issued shares

SharecapitalSEK m

7 ,,

7 ȣƼȧ ,, ,7,

7 ȣƼȨ ,, 7,, 7

77 Si : 7,, ,, 7

ȣƼȣȢ ,, ,77,7 7

B i A: ,, ,7, ,

ȣƼȧ ,, ,7,7 ,

Si : ,, ,, ,

ȣƼȣȧ ,, ,,77 ,)

B iA+C: ,,77 ,, ,

Dicd i) . ,, ,, ,

ȣƼȣ ,, ,, ,

Cvi , ,7, ,7

7 N-ch i . ,7,7 ,, ,

ȧƼȣ) ,, 7 ,7, 7,

h ci –7,, 7,, ,7

ȧƼȣȣ ,7,,7 ,,7, ,

) Th cdd h ci Dcm, w i SEK ,m, ich cd fm h igh i w id i f i y .

) Th i w dicd h mm-k f Scdivi Bkig P.

) Accdig h ici f h Fici Sviy Ahiy, cidh h hv id wi gid h ci i h ch i h igh i h gid (which k c i J y ).

Thgh i i (:) d (:), h mi v f h h wchgd fm SEK SEK .



1

Financial review of the Group

I First quarter ● Th ci mc-cmic ii fm vi y

mid di h ick- i h giig f h y.C k vidd fh iqidiy , h wdwy vigd wy fm h ik f ci. Th Ndicgi d f hv.

● Th m f w cm icd d h ivm gw hgh mg d cqiii civiiw w.

● SEB imvd i cm vig ff y igigvig cc, fd d if ic dc.

Second quarter ● Mdy’ ffimd i A ig f SEB fwig viw f

m h f h g E k.● Bi vm i ch ch mgm, c-

dy vic d ci mk icd. Ri d SME d di vm icd i Swd.

● Th f h Ukii i i w cmd. SEBwi ci v h Gm d Ndic iicm hgh i w Ukii idiy.

● I w dcidd div h SEB ImmIv fd i Gmy.

● A iv kig ffic i Ld w d.● SEB w md Ndic k f g c d

iii y TNS SIFO P.

Third quarter ● Uciy cid dmi h wd cmy. Th

k f h -z wd d h Ai cmiwd dw. Th Ndic cmi hwd iic. ThECB cd hi imid f h .

● Ngiv h m d d yid cm iy iv ci, ch Dmk, Gmy d Swizd.

● Cdi dmd f k ficig w w, whi ci f d mk ficig icd i imc.

Fourth quarter ● Th wd cmy cid i g d f

d iic v.● SEB d f y immi f IAS 9, Emy

fi.● A chg i h vi mhdgy f h cdi ik i

diviv w immd.● A -im c ig h ch f cvd d

d wi-ff f f IT-ifc dvm wccd y dfd x vi ffc d hw Swdih c x .

● SEB cd w f fici g f hw h-y i .

● SEB w md Bk f h Y i Swd, Ei, Lvid Lihi y h Bk.

In a macro-economic environment marked by continued uncertainty, SEB deepened the relationships

with its customers. Business volumes grew and the number of customers increased while credit losses

were low. Profit before credit losses increased by per cent compared to one year ago. The financial

targets were revised and a dividend in the amount of SEK . per share is proposed.

report of the directors

R D

R fi gSEB d f y immi f h mdm i IAS9 Emy fi gdig dfid fi . Thmdm imi h iiiy h cidmhd d qi h h fdig c h f hdfid fi iiii d h i i cc-d ig h dic . Th ccmd ffc hG’ qiy md SEK .9, f x, 3 Dcm- . I w kd i id ig Jy d hf ff c d i Oh cmhivicm.

Fhm, chg i h mm mhdgyf vi f h cy ik i ci diviv

(cdi v djm) w immd. Th vi

md SEK m, f x, d w kd i idig y-d . Th ffc w immi .

I SEB fh igd i vig d cffig i Swd. Th iiiy f h mid-ccm w mvd fm h Mch Bkig h Ridivii d h vig gii wihi Wh Mg-m w mgd wih h Ri divii.

Th fici ig f h d i cc-dc wih h chg id v – wih h xci fh ci dqcy.For further information see the Statement

of changes in shareholders' equity on p. 72, the accounting prin-

ciples on p. 78 and note 54.

seb annual report 2012



1

Result and profitabilityOperating profit md SEK 4,35m (4,953). Pfif cdi icd y c SEK 5,m(4,3). N fi fm ciig i w SEK,4m (,). N fi (f x), icdig h fm dicid i, w SEK ,654m (,856).

Og Total operating income md SEK 38,83m (3,686), ic f 3 c cmd h f y .

Net interest income md SEK ,635m (6,9).N i icm fm cm d di cm-id icd y SEK 3m, d ic i h vgdig d di vm f d c, c-ivy. Ldig mgi w mwh, w ff yw di mgi fwig w h-m i. N i icm fm h civii w SEK 3mhigh cmd wih . Thi d imiy wvg c f fdig SEB’ cdi d ighd d-ig . Th w fdig c w y ff yicd vm f g-m fdig d dcig h-m . Bh h f h Swdih i iy fd, SEK6m (55) d h cii h di gchm, SEK 44m (398), dcd i icm.

Net fee and commission icm md SEK 3,6m(4,5). Cmmii d f fm m fd dcdimiy c h vg vm f d mg-m w w h . Tv h Ndic ckxchg w w which ffcd cmmii icm. Lwcm civiy i ch cii, diviv d


N i icm N f d cmmii icm

N fici icm N if ic icm

N h icm

,

,

,

,

– ,

Og SEK m

I q SEK m 0:4 0:3 0: 0: 0:4

N i icm , , , , ,

N f d cmmii icm ,7 , , , ,7

N fici icm , ,7 ,7

N if ic icm N h icm - 7 - - -

T g 9,3 9,8 9,9 9,89 9,334

Sff c -,7 -, -,7 -, -,7

Oh x -, -,7 -, -, -,

Dcii, mii d imim f gi d igi -, - - - - 7

T g x -,24 -,39 -,4 -,3 -,032

Pfi , , , , ,

Gi di f gi d igi - -

N cdi - 7 - - - -

Og fi 2,839 3,8 3,889 3,0 3,0

Icm x x - - - 7 -

N fi g 3,240 2,989 3,0 2,8 2,

Dicid i - - - - -

N fi 3,239 2,834 2,90 2, 2,2

Ai miiy i 7

Ai qiy hd , , , , ,7

Ciig i

Bic ig h, SEK .7 . . . .

Did ig h, SEK .7 . . . .

T i

Bic ig h, SEK .7 . . . .Did ig h, SEK .7 . . . .




w i flcd h dd mccmic vimd wd h f d cmmii icm cmd . Th w ffig ffc fm dig, dviy dg f.

Net financial income icd y 9 c SEK4,59m (3,548). Th w GIIPS fi mk vi f SEK 6 i . Th cdig i wSEK m d h w iiv vi i h iqidiyfi. Icm i h dig i, which i cm

div, w i h h i , w .Net life insurance income icd SEK 3,48m (3,9),

y d high icm fm i-ikd ic whichw miy d h cqiii f SEB Lif Ii.Eqiy vi imvd, h w giv imcfm w g-m i ic iiii.

Net other income w giv SEK –439m (–35m)icdig -im c f SEK 4m ig ci -ch f SEB cvd d wih h miig mii.


N SEK m

Pym, cd, cd dig, di, g d h

Cdy & m fd

Scdy mk & diviv

Nw i & dviy

Cm

Cm di

Oh

F SEK m

,

,

,

,

,

,

,

,

,

,

K fig

03)

00 009 008Cg )

R qiy, % . . . . .Bic ig h, SEK . . . . .Did ig h, SEK . . . . .C/icm i . . . . .Nm f f im qiv ,7 ,7 , 7,7 ,

T R qiy, % . . . .7 .R , % . . . . .R ik-wighd , % . . . . .

Bic ig h, SEK . . .7 . .Wighd vg m f h, mii , , , ,

Did ig h, SEK . . . . .Wighd vg m f did h, mii , , , , 7

Cdi v, % . -. . . .T v i idividy d imid , % 7. 7. . . .N v f imid , % . . . .7 .G v f imid , % . . . . .7

Rik-wighd ), SEK ii 7 7 C Ti ci i), % . . . .7 7.Ti ci i), % . . .7 .7 .T ci i), % .7 . . . .

Nm f f im qiv , 7, , , ,

A d cdy, SEK ii , , ,7 , ,A d mgm, SEK ii , , , , ,

) – d d fm ccd xciv Ri Gmy.) B II, Rgy ig wih ii fl.) d f h ffc f IAS , xc f ci dqcy ky fig.




1

Og xT operating expenses md SEK 3,65m (3,53).Th w -im chg f SEK 53m fm gic viwf IT ifc jc. A i y f i h mf SEK 63m, which SEB wi , w icd i Lihi. Sffc icd y c d high ddcy c. Thffc fm immig IAS 9 w SEK 5m (39). Ohx, ch mkig, IT, c, v d mic, dcd. Excdig h -ff IT-c, xmd SEK ,899m which w w h c c f. Th c c f 3 d 4 i SEK .5.

C Net credit losses md SEK 93m. I h w v f SEK 8m fwig f vii i hBic gi. See further p 45. I x xT income tax md SEK ,93m (,94) cdig ffciv x f 5 c (). Th dc i f h dci f h Swdih c x fm 6.3 c which i ic fm Jy 3. I , hdfd x d Swdih icm x w vd c, ig i iiv -ff ffc f SEK ..

D Th fm h discontinued operations, imvd c f SEK 488m (,55m). Th divm f h h Gmd Ukii i i w fiid dig .Ci cig wk mi.

PfiR qiy f i md . c(.). R qiy f h ciig i (xcd-ig h Ukii d Gm i h w d)md .5 c (.3).


Divii diii,

) Ciig i, xcdig h d imii.) Excdig cid Ty i

Pfi )

Gghic diii,

P c SEK m

Mch Bkig ,

Ri Bkig ,

Lif ,

Bic ,

Wh Mgm ,

P c SEK m

Swd ,Nwy ,Dmk ,Lvi Lihi Ei Gmy ) ,

Fid

ExSEK m

Sff c Oh x

Dcii/imim Rcig c

O-im wi-ff

,

,

,

,

,

,

SEB G Ndic Gmy Bic

C P c

-

-

-

-

-

-

R q

)

P c

) Ciig i

15

12

9

6

3

0

2008 2009 2010 2011 2012





f h f cig h ch-flw d fi v f ifici d iiii fm i flci.For

further information see note 45. The credit risk of derivatives is

discussed on p. 44.

Ig fix , g gwIgi d SEK .3 (.9), f which 6 c ci f gdwi. Th m im gdwi imw d h cqiii f h Tygg-H g i99, SEK 5., d ivm i h cd i iNwy d Dmk, SEK .. Gdwi im mid, jc yy imim .

Dfd cqiii c i ic imd SEK 4. (4.).

D, wg Th ficig f h G ci f di fm h ic(hhd, c c.), wig fm Swdih, G-m d h fici iii d i f my mkim, cvd d, h y f d d di-d d. See p. 50 for information on liquidity management.

Di d wig fm h ic w viychgd dig h y, SEK 86. Di fm cdiiii dcd y 5 c, SEK ().Id cii md SEK 66 y d, ic f c. Th Bk w i fvii i fdig i xc f wh md – i i wihh iqidiy gy. Id did d md SEK 4.

L A y-d, iiii i ic i md SEK86 (). O f hi, SEK 96 (8) w d iv-m cc (i-ikd ic) d SEK 9 (89) ic cc (dii ic).

T qT qiy h ig f md SEK 3.Th cmiv ffc f h immi f h md-

m IAS 9 Emy fi, m f SEK .9dcd qiy y-d. Th mj f h IAS 9djm i h h f f h dic i h v- y. If i ic, hi v my y

Financial structure

Th G’ icd 4 c dig h y dmd SEK ,453 3 Dcm (,359).

L L h ic icd SEK ,36, ic f SEK5 f h y. SEB’ cdi fi icd SEK, (,).For further information see p. 42 and note 18.

I Fici wihi ic i cifid fici fi v. Ivm cc wh hic icyhd cy h ik (i-ikd ic),md SEK 3 (8). Ic cc (diiic i) md SEK 4 (83).

Fx SEB’ ii i fixd icm cii md SEK44 (4). Fiv c f h hdig, SEK .3, wGIIPS-d (4). See further p. 45 and note 5.

DTh cm v f h diviv cc kd d iiii i h c h. Thy md SEK d SEK 58 civy. Th mix d vm fdiviv gy flc h dmd f h G’ cmf diviv f mgm f hi fici x. ThG i mk mk f diviv d diviv


B Dcm

L i q u i d a s s e t s

S h o r t - t e r m

f u n d i n g

S t a b l e f u n d i n g

A L q

“ B a n k i n g b o o k ”

Household lending

Corporate & public

sector lending

Net trading assets

Central bank cash & deposits

Liquidity portfolio

Credit institutions

Equity

Corporate & public

sector deposits

Household deposits

Funding, remaining maturity

> year

Funding < year

Credit institutions

M’ Outlook Stable

(November 0)

S &P’Ok Ngiv(November 0)

F Outlook Stable

(July 0)

Sh Lg Sh Lg Sh Lg

P– A A–+ AAA F+ AAA

P– A A– AA+ F AA+

P– A A– AA F AA

A A– AA– F AA–

A A+ A+

A A A

A A– A–

B BBB+ BBB+

B BBB BBB

B BBB– BBB–

RgI Nvm Mdy’ gdd h k f hSwdih kig ym fm giv k.Th vii w d h k’ g qiy,ghd ci v, md dig gwh dw cdi which fiiiy. Mdy’ wdh h w k cd vid y cmic dw- i E. S&P h h hd mj Swdihk giv k i Nvm d hwkig cmic k f Swd d hyicig ik f Swdih k. Th ig hwh ig f SEB f Fy 3.

Central bank deposits






B SEB h g ihd h -mi c k i Swd, wih g

dii f vig fici f g ci d iii iSwd. Th divii v g c-i d fici iii i h N-dic ci d Gmy. Wih wihd ch wk i gfici c d ky x mk,SEB h i cm hv cc c vic d h Bk’ xii m wy ci d h wd.

SEB’ ihi k md i i miiig g-m civ,ximiy cm d iiic

ddig f hi i. Thi icd wih dh f kwdg vi idi d h f kigvic. Di mig cmii ii c mk, SEB h cid gh i ci ihi dmi h m k i my ky. Cm ihi, -kddc ffig d qifid fi- ky cc fc.

Gw Th Mch Bkig divii’ g

i f gwh i i h Ndic c-i d Gmy. I h mk h


0

Pcg f SEB’ icm

Pcg f SEB’ ig fi Pcg f SEB’ ff

I SEK m 0 Change, per cent

N i icm , 7, -

N f d cmmii icm , ,

N fici icm , , -

N h icm 7 -

T g ,83 , -

Sff c -, -,

Oh x -, -,77 -

Dcii f - -7 -

T g x -8,92 -8,924 -4Pfi ,24 ,42 -

Gi di f - -

N cdi - - -

Og fi ,09 ,48 -

C/Icm i . .

Bi qiy, SEK .7 .

R i qiy, % . .

Nm f f im qiv, vg , ,

Rik-wighd , B II, SEK 7 -

Ldig h ic), SEK

Di fm h ic), SEK 7

) Excdig d d im) Excdig

T ’ :

Corporate Banking● Ldig d d ci mk● C fic● Ex, jc d ficig

● Acqiii ficig d vci

Trading and Capital Markets● Cm-div dig i qii,

cci, fixd-icm cii,cmmdii, diviv, f d

xchg dd fd● Pim kg d cii-

d ficig i● Adviy vic, kg, ch

d dig gi i h qiy,fixd-icm, cmmdii d f-ig xchg mk

Global Transaction Services● Ch mgm, iqidiy mg-

m d ym vic● Cdy d fd vic

● Td d y chi ficig

The Merchant Banking division offers commercial and investment banking services to large

corporations and financial institutions, mainly in the Nordic region and Germany. Customers

are also served through an extensive international presence.

M Bkg





Hw w 1?I w y chcid y cid ciydig h vig d cii i E,which d i w v f civiy d dimi-ihd wiig iv mg cm.Hwv, w cid gw i gd

mk.

A g ff gw N G?Y, ff hv ccf, d w cid fv ii gw xiig i d fid w cm.

T .Hw gg Bk’ ?W c diffc cmd wih h mf 8, wh h cmic ii chgdy, which w vid mg cm.

Thi im, c cm w w--d d hy w hv g ii. Thy hv i fi fm h fmi h ifwig i h wk f h cii. O iiici hv high v f iqidiy d dd-ig h chg f fidig iv iif ci. W q k ?W dv g gy d im i d-dig cm’ i f w

i cm ihi. I i im-cmigwk mhd, i m h c w hvihd ihi, cm kw hhy wi hv i cdii.

W g g gg w?O mi chg i ci gwig -ihi k md i cim h i i chc-id y ciy. Th g ii ii h fm h w hv i i hmmk. W c hd cidy g ivm h wh h c w v f civiy i

gig. Oc cm cm m wiig iv gi, w wi vg h iv-m md dig h cii y.

qi f

Og , c f (SEK ,7m)

Og fi , c f (SEK 7,m)

i vm fm xiig cmgw d w cm w cd –wih imid ic i c. Sic h f h gwh iiiiv , wh hm f c cm w ,8,d 3 w cm hv

gh i d h cdi fi hgw y d SEK 3. Th iiiiv d i g c fchid m viiiiy i dmk c-i.

Th vg Swdih g ccm v igh f SEB’dc . Thi i f h highdc i v i E,d dy cdcd y hch fim Gwich Aci. A wcm yicy ff ig hd-f f dc, f ym vic d

. A h ihi dv, mciid dc ch ch mg-m, k ficig, d ficig, f-ig xchg dig d ci mkvic giv cm ddd fiwhi icig h Bk’ ig cdig dg.

F I , h divii ihd cicvg gii f h imd gwig fici iii c-m gm. Th im i ff vm cm-id vic k,

g mg, c k dgvm ivm fd. By -ihig w ffi c i Hg Kg, SEB hicd i ii i Aiiii divify hgh iv-m i h Ndic ci mk.

D I c y, dmd mg g c- f k ficig h imid. Ah m im, g ci i ic- hv hw icd i iiig fdig y iig c

d. I , Ndic cmi mdd hi wig vi i cm-d wih . Th d wd gwig vi c d h gig f y.

Th hif fm dii k wig c d c f fdig

C Bkig ()

Tdig d

Ci Mk ()

G TciSvic ()

Swd ()

Gmy ()

Nwy ()

Fid ()

Dmk ()

Oh ()

M Bkg’ kg 1

N. C k i h Ndic gi P

N. Bk i h Ndic & Bic gi Emy

N. Ndic qiy vid f iii P

N. Eqiy ch h i h Ndic P

N. Fig xchg vid i h Ndic gi G Fic

N. Ch mgm k i h Ndic gi PN. Advi d g f d ci mk ficig i Swd P

Mg C




Tg C Mk By mi dc c, xc. ivm fi

,

,

,

,

FX Eqii Ci mk

Scd diviv d h TCM dc

Q Q Q Q

Q Q Q Q

Q Q Q Q

C Bkg

,

,

,

,

,

N i icm Oh icm

Q Q Q Q

Q Q Q Q

Q Q Q Q


C

,

,

,

,

,

,

,

,

,

,

,

,

SEK

SEK mSEK m

N. f ci / dy

A d cdy N. f ci/dy

F Oig fi d i qiy

Oig fi RBE

) Nw ci mhd icd i qiy i .

,

,

,

,

,

,

)

SEK m P c

f ci vid iy f SEB d-wi d mk mk. SEB h mk-dig ii k f iig c d i Swd (8 c mkh) d h h Ndic ci. I SEB cd dmg i v c d i icdig Ti S,A Cc, SKF, S E, Sci, Mk d N Oi.

M 1 w chcid y cid mk ciy d m f cmig m. Th Ndic gi cid f hv; hwv, h v wdw wdh d f h y y ffcd h Ndic gi w.

C ivm v icdig M&A civiimid dd, which d i w cm civiy.SEB cid fc ghig h cm f-chi i i f h h mk vim.

C 1 Oig icm, which md SEK 5,83m,

dcd y 5 c y--y (6,666). Thi w divy w cm civiy i m i . Oigx, SEK 8,59m, w dw y 4 c cmd

wih (8,94). A qiy mid g d cdi SEK 3m cqy w (6). Oigfi md SEK ,9m, dw 5 c y--y(,48).

SEB’ w dig ik fi, i cmii wih highcm civiy i ci mk h diimdii

d cid, gd ig fi f Tradingand Capital Markets.

Global Transaction Services mgd d hcm d cd hf ff m f h ffcfm w i d w x d im vm.A d cdy md SEK 5,9 (4,49).

Corporate Banking cid h hhy fmci d divd id c .

SSiiiy c h d c ici dG-wid ici igd f h divii’i civii.





C ggTh w ggih ig i h mc-cmic ii i Swd i h y.F ic iic c dficd mwh. Th Swdih m-gg mk w ii wd m-wh dig h y. Hwv, h Ridivii cm mid civ. I h

ck mk, h cmcd di f hi vig g x h qiy d iv-m.

F gw gHigh qiy i h cm ihi i iiy SEB d h Bk iv idg-m d my wdig i-hi wih h ci. I h icm yy m hwd i-iv d d SEB w md Swd’

SME Bk f h Y i h Fim- cm vy. Fhm, hx vy Swdih Qiy Idxhwd h SEB imvd i iiwihi h c gm.

SEB ff cm dviy vicf h h cmy, h my dh w. Th gy gw i h SMEgm mi, wih h g f iig 5 c mk h y y-d4. I , SEB fh gw i mkh, d y y-d 3 c f md mdim-izd cmi i Swd

hd SEB hi hm k (cmih SEB’ ym vic). C- cdi gw y 8 c ch

0

Pcg f SEB’ icm

Pcg f SEB’ ig fi

Pcg f SEB’ ff


N i icm 7,7 , 7

N f d cmmii icm , ,77 -

N fici icm

N h icm 7 7 -

T g ,80 0,23 9

Sff c -, -,

Oh x -, -, -

Dcii f - -7

T g x -,3 -,8 -4

Pfi 4,80 3,9 3

Gi di f

N cdi - -

Og fi 4,33 3,28 39

C/Icm i .7 .Bi qiy, SEK . .

R i qiy, % . .

Nm f f im qiv, vg ,7 ,

Rik-wighd , B II, SEK -

Ldig h ic), SEK

Di fm h ic), SEK


T R Bkg w :

● R Sw, which v m .6 mii iv c-m d 9, m d mdim-izd cmifm 65 ch ffic w hgh SEB’ ThBk, I Bk d mi . Of h m f

SME cm, m 3, civ f SEB’ym vic.

● C, which i cd d g cqiig gm iSwd, Dmk, Nwy, Fid d Lvi d SEB’ wd w f Ecd d Di C cd. I , hi cmi ximy 3.5 mii cd id

iv cm d cmi w cqiig g-m wih m 8, iciig mch.

R Bkg

The Retail Banking division provides advice and financial services to private individuals and

small and medium-sized companies in Sweden, and is also responsible for SEB’s card business

in the Nordic countries. Customers have access to SEB’s comprehensive offering of financial

services through any of the Bank’s branches or by phone, the Internet and mobile applications.




SEK 5. Th gwh ci wih high fi qiy –i m gm wih qiy – d h icw ighy v h v mk gwh. Th m fSME cm ig SEB’ ym vic icd y8,5 3,.

B k A wih c iv cm, SEB i dhig igic fc idig g-m cm ihid ig md ihi k. Th g i ich m f cm wh ch SEB f f hi k-ig d. A y-d h Bk hd ximy438, hm k cm. Thy hv cc cividivid dvic.

Acciiiy d imiciy im f SEB’ cm,d h Bk ff m ch f cm cdchi i. Sim dy--dy kig vic c c-dcd i, vi mi , ig h Th Bk,

wh cm c i vic 4 h dy im h gg, whi m cmx m d mi-dh dvic ffd fc--fc SEB ch ffic.

A w vic, Swih, w idcd dig h y, ig-- my f fm mi dvic i im.SEB cid dv h ffig wd yg d, ch ffd mig wh j d 8 y d d g d ffig. Th mi kig ici w f-h dvd ig h cm ch f ch ffic

d ATM wih hi m h. Sm ch ffic diy hc q. Th m f vii SEB’ mi kig i-ci icd mkdy dig h y d chd 3 miif h y. Th d 3 civ .

I i wih h mii vid i dvic whichim c cm’ g-m fici ciy, SEB

idcd mii qim f w mgg –which i 3. A mgg hd mid, fmgg wih --v v c, i wi cm ic qim. Th i mgi f fyw h cm’ mgg d h y v.

A h d f SEB fiid gm wih f hg Swdih i cfdi (TCO) ff hm k-ig ihi i . mii mm. Th ff icdmgg dc, dvic d fv cm cdi.

M g ffgSvig i gic gwh f SEB, d i c wih gig i wh i kig g iiiy f hi

f fici ciy, h mk i gwig g wih hd f dvic g-m vig.

SEB ci imify d imv h vig ffig h cm d d if ii. Th hidx d gy fd, cd i diff ik fi. I h w Ivm Svig Acc w chd dw w civd y h cm.

I im w k m cm’d f vig dvic i m chiv wy y igig

Tv Tci

Piv cm C cm


C = idx

R gg Sw

Excdig cmmim, SEK

D SEK

Og fi

, c f (SEK , m)

Swd ()

Cd ()





C , SwL h c c ic.cmmci , SEK

N -z , SwThd (ch mgm cm)

h xi f h Wh Mgmdivii i h Ri Bkig divii.

A g Ri Bkig hwd cid ghi . Oig icm icd y 9 c SEK ,8m cmd wih

(,3). Th hcd ffi cicyfc d dc f igx, which md SEK 6,35m,y 4 c (6,668), d h divii’ig fi icd y 39 cfm SEK 3,8m SEK 4,353m.

Vi ck mk d cm w hi ik fi y cig hivig wd di. Thi dcmmii icm fm if icd m fd. Di icd ySEK 6 SEK 6. Th mggfi gw y SEK 36 SEK 35,

d mgi icd mwh.

S jg CFc cd iig civii i h Cdi i w imiy hC, C-dig d Cmcm gm. Nwhy iv dig h y icdd v

mj cc wih c cm,immi f h gd c-dd i wih Si F & Ri,d wd w y Ecd Swd f cm vic i kig dfic.

Th dyig i w chc-id y high v f i civiy dimvd c ffi cicy.

Cd v icd y cd h vg ci m c-id f, flcig h cd icigy d f dy x. Th

m f cd icd y 8 c, 3.5 mii.

Hw w 1?I w gd y f h Ri Bkig divii. Whd h iy h v m cmwih hi i cmy, fm vig d fic-ig h kig vic – h h ivd i id.

Hw w k w fi ?W wi ci g h h – ihi k wih hiic ch -vidig dvic d gidc f h c div cm. O cm cy cihi, ciy h c id, hw ivi cm vy. F iv cm, ii m chgig jy f w f k. W d xiig d h fi h vic c.

W g -z ?W cy h igh ck i cmy g-m – hi c i cm vy di hw i h high mk h w hvid mg mdim-izd i.W cid gd i f gwh h.

W SEB’ kg?A k w hv im y i h f mi ym, ic w c ff if-c, kwdg d cdiiiy. W vidmy mi vic. Rcy h ji-k

mi vic Swih w chd, which iv f my ch h –qicky d cy.

W g g gg w?Th mc-cmic dvm i chgig,d cy w hv hw Swdih cmi ffcd y h dd g gwh. O ch-g, d iy, i mii ghd id dig ihi wihi h ivd c gm. W f g v fcfidc fm cm.

qi fM T




B Th Wh Mgm divii’ -gy i fcd civig g-mcm ihi i which dvicd vic d cmh-iv viw f h cm’ d. Offig

civ dvic Piv Bkig c-m i ky fc d h Bk’fici iiy i f mj imcf cm.

Th divii h d fd ffig,fm ivy mgd idx fd –icdig E idx fd wih f – civy mgd fd, icdiggic fd cmiig c.

Iii ci g fm gi fd m iii. SEBc h Bk’ ggg xic divii m h m

cmx cm d.

C Dig h y Piv Bkig cd,4 w cm (,335). Nwvm f d mgmmd SEK 8 (). T fhimv cm vic, PivBkig ffic w d i Ld.

Wihi Iii Ci, h wfc dc h ff iv h vi ck mk. Cm i- i cd-d fd w SEB’

fi iii fd i Sw-d, w high. Wihi h fd ffig,dc ch c d, high

T W Mg w :

● I C – ffig mgm vic iii d if ic cmi

● P Bkg – h dig iv kig vic i hNdic gi, vidig cmhiv g f vic i mgm, g d x dvic, ic, ficigd kig fdi d high -wh iv idi-

vid i Swd d d.

0

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Pcg f SEB’ ff


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T g x -2,44 -2,938 -

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The Wealth Management division offers a full spectrum of asset management and

advisory services, including a private banking offering in the Nordic countries, to high

net-worth individuals and institutions.

Th divii’ vic diid miy vi i iii ci fc, SEB Tygg Liv, SEB’ i wk, i w ivkig i d hgh hid y dii. Th divii’ Investment Management gii h 5 ivm mwhich i f mgm f m fd d iv md.




yid fd, ci d gy fdhv dw cm’ i.

F Af h mwh fi ixmh i h qiy mk, h

f h y dvd m iivy dh mk cvd. Hwv, ik -i d cm civiy i qiy-ddc w w dig h y d h ciy i h qiy mk.

Th ig fi f SEK ,89mw dw y 6 c cmd wih y (,3). B cmmii w dw6 c, iy c h vgmk v d mg-m w w cmd . Thw giv imc fm h dcii iqid h ImmIv fd i Gmy.

Pfmc d ci fmd SEK 64m (399) miy d w ci f fm h fd i Gmy d w f-mc f fm m fd d m-d. Oig x, whichmd SEK ,44m, dcd y c cmd dicig c dig h y (,938).

T d mgmmd SEK ,8 (,5).

S Siiiy wk dig ficmi cid. Wih c c gvc hi cmdi ch iciv gmm dd diviy wih ic fc

fm d i. I h f vim d ci i, wkcid gdig cim chg yfcig h qiy f cim igfm fi cmi. SEB civyd h CDP W Dicgm y cgig cmi hw hy mg ikd ii d w. ThBk icid i h PRI wkigg ici y cgig cd cmi dic ifm-i hi i-ci mgm

ym. Th iiiy gy h immd f ximy w-hid f ic d mg-m, i h c qii, c- d, d iv qiy.

DF h hid y i w, SEB civd hG Piv Bkig Awd B NdicBk f Piv Bkig Svic (ThBk/Pfi Wh Mgm).

Hw w 1?Th y w chcid y ci mkii wih mig ig. Thi h md ihd ick c ivm gy. Th yhig h h ci i cm’ f-c f c d, whi h ck mk h

m vi. A h m im, w hv iiv d i Piv Bkig, wh w ci-d wi mk h. Ad f h hid y i w w w wdd h B Piv Bk i hNdic gi.

Hw g w ?I i cmig icigy im hv g-m ch d divify ivm cmy c, which w cvy i dvic cm. Th ci mk cim i flcdi h ci md h w id dig h

y. W dvi cm g f h ik cv.

W SEB’ w g ?W iv i civ mgm. Ov im dwih h igh gy, i c dfiiy ff dddv. B w ff y f vig dc,fm iv civ mgm, d fm w-icd idx fd civ, cig dg dc.

W SEB?

W k g-m ch d wy wk fm hiic civ f h cm. F xm,i Piv Bkig w ff – i c mh k – ffciv c fig i f ih vic, ch xcig, w vic d ig.

W g g gg w?Th g chg wi vig i hci ivm cim. A wy, i ciim h ii fid y gdd h f cm d v.

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M Sw kSEB i mk d i i-ikd i-c i Swd. Pi vig ccf y hf f h Swdih hhd´fici . Idivid dy giv

g iiiy c hi wi. F SEB, hi mk i v mim vid qifid dvic h iv d c cm.

Whi h Swdih mk i m,i i gwig mg c ci SEB’ cc cc cm-i fici vic wih i, ickd hh ic i. Ah f gwh i h g c gm ih cci i mk. Pdcd vic diid hgh SEB’ gii, ch ffic, ic

imdii d -i.

T D kI Dmk, SEB Pi i v-ig, if, diiiy d hh c i-c iv idivid d cmihgh i w fc, icimdii d Cd Fikig. Sv-ig ic i vi h i-ikd d dii if ic. Whidii if ic i dmi fi i h Dih iv mk, i-ikd ic cc f h mjiy

f w . Ci cciv gmd w cci i d y i-ikd ic.

T L :

● SEB Tgg L Sw ● SEB P Dk ● SEB L & P I i Fid, Id, Lxmg,Ei, Lvi, Lihi d Uki.


0

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Pcg f SEB’ ig fi

Pcg f SEB’ ff 7


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The Life division is responsible for all of SEB’s life insurance and pension business and is one

of the leading life insurance groups in the Nordic region. The division has . million custom-

ers and is one of the top three providers of unit-linked insurance in northern Europe.

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Th i vv d vidig ic i, miy i-ikd ic f vig d fici ciy, ividivid d cmi. Ui-ikd ic i h mi fc f w i, ccig f ighy m h 8 c f . Th divii i civ i Swd, Dmk, Fid, Id, Lxmg, Ei, Lvi, Lihi d Uki d cdci i v mk i ci E hgh ic k.

SEB’ dii if ic i i Swd i miy cdcd hgh h my d ic cmy GmLivföäkigkig SEB Tygg Liv. Thi cmy i cidd i SEB d i cd f w i.




Hwv, h d i h mk i gwh i i-ikd ic i h c- mk. SEB i Dmk i hff i dvig im -idigd h iv idivid mkdcii gdig hw iv hi

i vig.SEB Pi w kd m

i m f cm ifci (ccd-ig h Ad ).

I Th if ic i i Id ifcd i-ikd hghE. I Lxmg SEB ici Swdih xi i c-i wih Piv Bkig.

I h Bic ci, h ccii mk i gwig my

cmig igd ff cc-i i. Sick d hh cic gwig mk.

A m f w dc wchd dig h y, f xm ci i Ei, Lvi d Lihid fmiy ic i Lvi.

R Th ig fi icd y c. Ui-ikd icm, which 59 c f icm d 83 c

f , icd y c, d hcqiii f SEB Lif Ii. O-ig icm fm dii d ikic icd y 3 c. O-ig x dcd y cdjd f SEB Lif Ii.

I Sweden, ig fi md SEK ,3m which w viy chgdfm y. Dig h y h fdv icd y SEK SEK 38.

Oig fi i Denmark md SEK 585m which w c highh y.

Oig fi f International imvd fm y’ SEK 9m SEK 68m.

Th mim icm ig wd xiig ici md SEK .Th wighd vm f w ici

dcd SEK 39 d flcd wvm i h Swdih dwm mk.Th h f c id iciicd 6 c (68).

A gTh fd v i i-ikd i-c icd y SEK 4. Th iflw w SEK 3 d h ci-i i v w SEK 4 c.T d mgmmd SEK 443.

Og fi P c f (SEK , m)

SEB Tygg Liv, Swd ()

SEB Pi, Dmk ()

SEB Lif & Pi,Ii ()

Hw w 1?I Swd w hv gw i cci i,fm ccivy gid i cmidi i f m cmi. W w gwig dmd f vi y f ik i-c. I h Dmk d h Bic ci, w

cid dv cm-fidy i,which hv w-civd.

W SEB’ w x g Sw?Wih h chgv dfid cii ii, i i h idivid icyhd wh h ivm ik, d h m k iiiy d hv h igh dcid. W i fv f f f igh f i ci.B hi i cdii d dvic h i ih cm’ i.

Hw SEB g fi- gg ?Amg h hig, w wkig dvigvig dc h ik c w ikd v g id f im. W gwig d f ik ic dc, ch diiiy d hhc ic, viv’ -ci, ci, d vi y f ific, c fmii d viv.

Hw SEB’ ff k -z ?

Ic i c d c cif i w d f mkig hi cmiciv c wk, ch y ffig c-iv i i f h my.

W g g gg w?O g chg i xi fici mf cm h hy c mk d d c-ci chic. Th ii i, v , i hcci i , which i id fdy gwh – h i m mk i Swdd Dmk w i h Bic ci, wh

w ig h f gwh.

qi f

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S (wg), SEK

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H k Th Bic divii’ gy fc idig g-m ihi wih hcm d cmhiv viwf hi d. Th hm k cm,wh hv ch SEB hi mi k, iky k dvg f g mf dc ffd y SEB. Th high -dd f vic ffd y SEB w

cid y cm dig h y. I h Bic divii gid m 43,w hm k cm.

T vid cvi d ccikig, cm giv g fi f hw hy w ifc wihh Bk – hgh y f h Bk’ch ffic, i hgh mii. Dig h y, SEB ciddvm f i Bic i fmd imvd i mi kig vicwhi kig fh m igh vi ch.

A dig h y, SEB imvd iffig wih h ch f Bic Oi, ch mgm h w c- cm mg f hi SEBk cc i h h Bic cihgh ig ifc.

E Ecmic idic ch GDP gwh,x, mym d cmcfidc iig i iivdici i h Bic ci.

I c y h Bk h fcd

iig my, immig ciif ccig w i d dvigh cdi c i h Bk i ff

T B :

● E, wih wk f33 ch ffic

● L, wih wk f4 ch ffic

● L, wih wk f48 ch ffic

B

The Baltic division provides banking and advisory services to private individualsand small and medium-sized corporate customers in Estonia, Latvia and Lithuania.

The Baltic real estate holding companies are part of the division.

0

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Pcg f SEB’ ig fi 7

Pcg f SEB’ ff 7

I

SEK m 0Changeper cent

N i icm ,7 , -N f d cmmii icm

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Th Bic divii, i civ i h mi i , vig .8 mii iv cm d 3, m d mdim-

izd c cm. Th cm hv cc SEB’ f g f fici vic vi h Bk’ i ch ffic, hTh Bk d i.




k cd ik fi c igi ick gi.

Th id cvy f h cmy iEi h hd dc h NPLfi v cmm wihSEB’ ik i. Lvi d Lihi

h hwig gd g i dc-ig NPL, hgh h wk- cwi d ci i h cmig y mi v d v h ciihid.

F 1Th ig fi f SEK 98m (,9)icdd cdi f SEK 35m (cvy f SEK ,485m i ). Thw ic i cdi i Lvidig h y d gcy i.

Oig x icd y 5

c. Th w w -ff igx im. SEK 48m w vidd f wi-dw f c kig ym dSEK 63m w vidd f i-y f, which SEB wi . Excd-ig h w im, ig xdcd y 6 c.

Th vm f SEK 9 gw ic ccy m dig h y, wihivy dig mgi. N--fmig (NPL) dcd y

c i d h NPL cvg i ighy 6 c. Th iflw fw NPL w h m i , dh wk- m miid fc h NPL dig fm h Bic cii. A kyc f hi c h ivvd fidig

i h fi cm whi -cig SEB’ i.

T di vm f SEK 68icd y c i h y i cccy m. Ov di mgidcid i ch f h Bic ci,flcig h w viig i vim hgh h y.

A y-d, SEB’ Bic hdig cmi hd wih k v f SEK ,6m (,455). Thig f w SEK 98m (63).

SEB gSEB w md B Bk i Ei, L-vi d Lihi y Th Bk mgzi.

SEB’ wk i h c ii-iy fid w wdd i Lvi y hGd dd f iiiy d hwd Fmiy Fidy Cmy y h L-vi Miiy f Wf. I Lihi, SEBw wdd M civ Emy yV Zii f h 4h y i w dh M di Emy y CV Nj.

D k SEK

Ei

Lvi

Lihi

Ei mk h

Lvi mk hLihi mk h

Hw w 1?O ig w i cmic vi-m i which h Bic cmi xicdhigh GDP gwh h vg i h -z,i w v h f h cii. Thm f civ hm k cm ci

i which ci imvd fiiiy.

W gg ff B ?By igig cmci gh w c ffh f h h ci cm.Th cm’ d dy h m, ifw cm wih gd i i cy, ic id f h fi f cm.

W Bg?W ci iv i cmc dvm

d iig g wih h gig ffi cicyimvm iiiiv. W w ci vig cm i h g-m civ y -vidig h dvic. Thi h cy ci-d. A flci f hi w w md Bk fh Y i Ei, Lvi d Lihi y ThBk mgzi.

Hw w L L ff ?I i f h c chg fcig v -z ci, xic fm Ei idich h ci wd fi fm di f

h . Aicid ffc icd imvd i-iy d m ffi ci d d ym. Thiwd iiv f cm d h f SEB.

W g g gg w?Th Bic cmi xcd ci hicvy dig 3. O c cm wid cid d dvic i mighi gic x d dmic gwh g.Cm hvi ig m i fv fmi kig, -ch, cd d ATM. M-ig h dmd wi mj chg d

iy.

qi f

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Lihi ()


%

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T y g, c f SEB’ y-m w iy md. I h cdig h w 9 c.

A imi d c i myh f SEB’ i, vhgh y h i wh hyic mig d hdig wd.

Tdy IT i igd fdig i, d IT-d icc f m f h vic w -vid cm. F xm,dy m 85 c f h Bk’cc wih iv idivid dm i hdd i.Amg SEB’ g c d ii-i cm5 c f figxchg ci i cid vih Bk’ IT fm.

C fi g-

Twd h d f , SEB kh wd cig mi-id d ffciv IT -i hgh h ihm f w dvm d micgii. Th i g i- d IT gii wk c ch h.

Lw …SEB’ ci c vyc ffciv d wih high qiy.

I , SEB’ c cidcd y f 3 c. Thiw chivd hgh miig,

icd f md i ycm, g c-i wih i-i d h migi fck ffic vic h Bic ci.

SEB md h dcii mv fi ck ffic h Bic gi i 4.Tdy c d ck ffic if dig, ym d cii hdd y Rig Oi C i L-

vi, wih 5 my. P f h hmmgg c, cc hdig, dFic, HR d IT c hddy Vii Oi C i Lihi,wih 3 my. A f hf f h i, y cw hd g vm w c, h c f h Bk’ gi hv imvd.

… g ITI i f h c-ffciv ci

c, SEB’ IT c ivyhigh i ii civ. Thi iy d gcy f g mf ici, high dg f cmx-iy d g h f i-md -i.

Rw g gI , SEB’ IT ivm md SEK .6, cmd wih SEK .9 i.

O fh f h ivm i

d w d gi ci-d wih B III, OTC d diviv d-ig, d ii dic di y-

m SEPA (h Sig E PymA), which hv cd ccm d ic cy.

A g h f h ivm -i h ym h mk hc f h Bk’ i d whichqi ci gdig. O chjc ivv chg i h ymf hdig cm’ fd hdig.

I Gmy, SEB cid mgci f h IT i fwigh f h i i BcSd . Th migi w vyccf. P wih hi, wk ci-d dig h Bk’ IT ym i f i civii.

Dig h y, SEB hd iw I k jc h iiiqim dfid fiv y g hv m. I ddii, v h fivy h hv mj chg icm’ dmd kig vic,

i m f mi kig. Pf h dvm wi d;hc c f SEK 53m h cg-id (see further p. 21).

Gig fwd, wi dvmf I kig vic wi chd. D kg SEB idcd i Mi Bk y , i w i h Bkchd i iPh i My h

h f mi kig vic yk ff. Sic h, h h c- m f vic ivi.

B :

● T g – .g.kig, ig, cciig dcm

● D – mic di f SEB’ IT gy dIT fi

● SEB W – G-wid fciig w iiiiv

B

Few areas are so closely intertwined with IT as the financial sector. Due to the rapid pace of technological de-velopment, a majority of SEB’s transactions today are entirely automated. Customers’ contacts with the Bank

are largely and speedily conducted via SEB’s different electronic channels and IT platforms.

Bi S i c-divii fci i f vgig cmi f c i i d IT.Th i h 3,89 my.




I Swd, cm c w hd y-m, chck hi k c c vihi mi h. Tgh wih fivh k i Swd, SEB i hid vic h mk i i f ividivid f my i im

ig hi mi dvic.I Ei, SEB h d i j-

c i c-i wih h digk d chgy cmi i whichh fciiy f ym cd chi h fd mi h SIMcd.

Q SEB i wkig ciy ghi ciic i c, miimiik f cm d i h ciy f

i cm i. I h Bk’ wg cm m i Sckhm(Ri d Ciy), gh cvig 4,q. m., , TB f d d m,5 v. Th cm m mhigh dd f ciy d i.Th w fifd w f-ihd wih ci ci gicmgic dii. Th cicd cig ym h hv ck-fci ci ii h v f w g. Rcmmici ik mk i i

f ffi c i h v f h hw dyd.

T ci c vim,SEB h fm h cmm h i ffi c i wiim.

Hw w 1?W ccmihd mj chgv c mffciv, cm-cd IT gvc d hvhy id h fdi f im d mgi IT dvm. I dig , w hv chivdigific c-vig whi i miiig high

qiy d iiy i diy fmc.

W g w w g ?M im f i fg c wkig -ihi w IT d h i civii dhy h IT dvm i igdwih h Bk’ i iii. T chiv hi,w hv ghd h Bk’ IT dmiii ddvm i fw m f ji-k ,wh w c m vchig iii f hww wi dv d mg ym i d c h g i cm fi.

W w gfi - g ?W mgd cy h mj gic h m im h w d c ffi cicy dcmd v g, i-ciic IT jc,ch w, md ck ffi c ym f dig, which h d h d im ddcd h m f m wk.

W SEB g ?T , w wkig m h iig dmd

f mi fm cm. W kig fc i h y dd v, h w d’ch mi vic h dd cmxiy d cwih ddig mch cm v. Agi, h -i i wk i c dig wih h i i.

W g g gg w?Th g iy i i dwig fi fmh wk chg h w cid i . Wid h fdi f -cd gi dvm,which i h iiy wk wih IT dvm i m iiv, cm-cd m. Th ch-

g wi i h iiv fchg h w hv cd wihi h gii.

qi f

IT– an integrated part of SEB’s business

SEB’ IT g

Bk’ ffg…● FX fm – USD . ii i vm

● Scii dig fm – mii ci dy

● mii ym y

● Ecic ch f g c d iii cm –, cm iiy, SEK ii i vm

● I d mi kig vic i Swd – . mii I kg-i d . mii mi kig vii mh

... ffi k g g● Fy md c d ffi ci wkflw

● Mgm ifmi

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report of the directorsRik, iqidiy d ci mgm


H k gSEB iv f hiic mgm c wh id fici ig, ik mgm, ci mg-m, iqidiy d fdig ig d d f-mc mgm iccd, ci diciv. SEB mg h fici cqc f i- dcii i h mi c: () gwh, mix d ikf i vm, () ci, fdig d iqidiy qi-m div y h i d (3) fiiiy. Tg d viwd g i mg d imic i c f h c.

Mgig ik i fdm f kig. I SEB ik cd, imid d mgd. Th v v f ikc i dfid ch y y h Bd, i ik im, d h gidig ici h ik kig i d i if i d f h f vidig c-m v d i hhd v. I h vik m, h Bd dfi h c f h qidficig, h qid iqidiy ff d h m f c-i dd m h gggd cdi, mk, ic,i d i ik. Rgy dvm i ikd ci qim i k i cidi.

SEB' Chif Rik Offic, id y h Bd, i vi f ik c d ik mgm d v cdi f ik i i h G.

SEB’ k g Th f-i i i f i ik-kig h dfc gi f i mk h igh idcii fm h . SEB’ i md, which i d g xic d d kig ici i which hihi wih h cm i h c, vid id

fdi f mkig h igh dcii. Th f-i id y g-wid d ihd dcii-mkig hichy. I i h f-i’ ii iy mk iii m f ik i cm ihi w i idivid, d ci. Thi m i hviwd y h ik gii f h wy SEB wkwih cmhiv viw f h ci.

Th ggg ik-kig wihi SEB i md gy.Rik md i my diff dimi, h did v d gggd v. Rik cdhgh imi c, fm ci v -fi cmii imi. A mi ik mid dcd. Th qiy i h cdi fi i mi-d ci i, mg h wy hgh h f d, i ic, v ig.Rv md ccdig cviv ici cv i .

Th qiy f ik mgm i viwd y h id x di. SEB h v fm h SwdihFici Sviy Ahiy dvcd mhd fik mm f h mjiy f h cdi fi, fmk ik d f i ik.

A q gSic 8, SEB h dcd i iqidiy ik y xdigh miy fi, icig h h f fdig dy ghig i iqidiy ff. I SEB hd cc fdig h did vm d mii di hchgig mk cdii. Th v fdig gyh ii h h cvd d d i -cd d mk f g mii d cmmci gmm f h h mii.

Managing risk is an integral part of banking at all times. In order to always support customers

and create shareholder value, also in a subdued economic environment, SEB decided early on

to build buffers. The strong liquidity and capital positions were the result which, combined with

the robust asset quality, provides the desired flexibility and resilience.

Rk, q g

Rk g Mgig ik i c civiy i k d hf fd-m g-m fiiiy d iiy. Rik i cyd i civii d i dvm d,hf, cm d. Of h vi ik h SEBm i vidig i cm wih fici i ddc, cdi ik i h m igific.

SEB’ fiiiy i dicy dd i iiy v, mg d ic h ik cd, whi mi-iig dq ciii d iqidiy m f-

v. T c h G’ fici i iy, ik dci-d i idifid, mid d mgd

y g. Thy fm ig f h g-mgic d i ig c.

Th G i fmwk f i ik mg-m, hvig g ic ihd idd ik c,cdi yi d cdi v fci d y x f dvcd i md. Bd vii, xici dcii-mkig c, high v f ik w- mg ff, cmm dfiii d ici, c-d ik-kig wihi ihd imi d high dg

f cy i x dic h c fSEB’ ik d ci mgm.





Th qiy f h Bk’ iqidiy v i high wih m fh ff ciig f ch d Ndic d Gm gv-m d. Liqid ccdig h Swdih Bk’Acii dfiii, md SEK 33. Th iqidiycvg i w 3 c. Read more on p. 50.

Sg Sic 8, h f diff mhd v ci- h dvd. Thy c ddid k-cificd mim mix f h w. Cqy, SEB mid mg my c f ci icdig h vvigSwdih immi f h ii B III f m-wk. SEB h g ci ii gd f whichm i d. SEB h id ci , whichmd SEK y-d. C i cimd SEK 88. Th c i ci i w5. c.

SEB’ ci i digd h h Bk hffici ci xcd . Th ciicy dfi hw h ci i mgd, h dividdicy d ig g. Ci i mgd cy whikig i cc c gy qim.

SEB wk wih -cd cmic ci f h - f i ci dqcy qim d fi-iiy. Thi i md i imi h B III fci dqcy i h my f h dyig ik fc h m. Th cmic ci cci i d cfidc v f 99.9 c, which i h qiv fh ci qim f AA-ig. A h d f ,h i ci qim xd i cmic cim w SEK 55 (58). Divifici ffc, wik d divii, i w ci qim f hG h if h divii hd g ii.Read more about capital management on p. 52.

Ex SEB’ fici gh w cfimd i . Mdy’ dFich ffimd hi A ig, wih k. I , SEB w f Sdd d P’ fiv gd

wihi h 5 E k. Th Fici Siiy

R ihd y h Swdih C Bk i Nvm dcd h h mj Swdih k ficiyg. See also the rating table on p. 22.

SEB’ k

SEK )

Cdi ik

Mk ik

Ic ik 7

Oi ik 7 7Bi ik 7 7

Divifici - -

T 8

) Ecmic ci ccd ccdig mhdgy.

A . x qSEK

Avi ci

Rqid ci

Rqid cif divifici

Rqid ci d c f B II RWA d

c f fld B III RWA, h wih ii .

C q)

P c

) B II (wih ii ).

Q Q Q Q

Lq g P c

USDT EUR

Total capital ratio:

. . . . .

Ti I cii

C Ti Ici i

SEB cmicci

B IIC Ti

B IIICmm

Eqiy Ti





Focus areas in 0A h giig f h y, h fici mk w igifi-cy ffcd y h vig d cii, which d highik mim d w iqidiy mk. Axii i hmk w gdy d y ci d cmmim yc k d hii. Id fc h m d

m hifd hw qicky d wh dg h ciiimc h cmi, i h Ndic ci.

A i vi y, h ik gd w chcid y yi f h ffc f h cii h fici m-k d SEB. Liqidiy mgm w h mi iiy.Oh iiid w h w gy qimd SEB’ ik cciy.

T SEB cid mii i iic hgh h cii d w civ i mgig g-m fdig diqidiy ff. S cid dig h y hwh SEB’ iqidiy i ffici hd vy dvim f id f h ix mh.

Mj ig w d idify h ffc d f i mgm i h v h v ci w v h z.

A f iv dmd f f y i, g-iv yid d cm iy, ch i Dmk,wh h c k imid h m f h-mdi h i wi cc. Dig h y, SEB yd hiii d dw gidi f h i mg-m f di h ik f ig i giv yid.

M- ff SEB’ qiy mid high. Pm cid dc i h Bic ci. Ahgh ig c f did ik fi i h Bk’ cdi fi, hffc f h cii mc-cmic idic hwig . Bkci i Swd icd d h m- f cmi cig i y-ff h i.

Dig h y, SEB’ cdi yi hd ci fc h hiig c, which h h y w cg fd vcciy. SEB’ dig hi c i dmd f gd cdi qiy d h d i icd cdi, gy c f h Bk’ cviv kw-y-cm d ccycic ch.

Di h ii mc-cmic dvm,h Swdih i mgg mk mid ii. SEB’

Swdih mgg dig fi icd y cdig h y, whi h c ig f dc i qiy. Th vg --v i d 65 c,which i i i wih mk vg.

Th ic d h fcd h ik h h c

w i my i hhy gwh i mggvm. SEB vd h mgg fi i hi cd i f h viw h h vm d ik dvm i hmgg i i d mg. Cdi -icy i fimy d i ch flw d h ym cciy fh w. SEB h icd h qim mi-i f w mgg .

Nw g qTh w gy qim h ig immd h E d i v cid fiiy d c f ciy. Ev hgh h mi i-ci w cifid i , h fi di d di yh v E di w cmd. A c-qc, i i i qify h f ffc i mf iqidiy, fdig d ci ig. F xm, hLiqidiy Cvg Ri, which wi k ffc i Swd fm3, i i ic h ii gd d c-iy mi wih c hw ccycic ffqim wi digd.

I h c f gy ciy, h Bk k ig i i fici d ik fmwk wih h g-y iiiiv i c. M ci w cd i- civii d iqidiy d fdig c cy imci dcii.

Rk- gTh cii, h mc-cmy d h gyqim ifc h v f ik-d icig.I d f hd flc h c f ci diqidiy i ch ci f i. I h d, hid ci f ci dc d cm wihh d fcii cm icig gii.Dig , SEB fcd h i ci f c id imv h i f icig. Aw d kw-dg h imc f ik-d icig w i-fcd hgh dici wih mgm, wihi hi d wih cm.

SEB’ k x

Idify, md mg

Cwih imi

I cmicci mdig

Rgyqim

C k Cdi ✓ ✓ ✓ ✓

Cy ✓ ✓ ✓ ✓

Cci ✓ ✓ ✓

Mk k Tdig ✓ ✓ ✓ ✓

Bkig ✓ ✓ ✓

O k Oi ✓ ✓ ✓

B k Bi ✓ ✓

I k Mk ik ✓ ✓ ✓ ✓

Udwiig ik ✓ ✓ ✓

Lq k Liqidiy ✓ ✓ ✓




Regulatory environmentFici iii ig qid iyimv hi ci d iqidiy ii h hywi mi g d ii v d d ci.Th v i c h fici ym

wh. Th w gy qim ig im-md wi. Th w vid if vviw fh qim d h c .


R d Mhd Immi S i SEB

C T T , B II, k

Imm m ik-iivci fmwk h B I dm h di f gik mgm cic y hkig idy.

G f k’ iik md i f ciqim cci. P-vid k wih g fi f dmiig ciqim f cdi ik di ik.

Swdih k d yB II i 7. Hwv, B Ifl i ic fk ig dvcd iik md.

Immd.

SEB’ c Ti i f . c y-d i fh high i E.

C ( q) T T , B III, k

Ri h qiy, qiy dcy f h ci

w hc h ik cv-g f h ci fmwk.Mv fm ci f ’gcc’ ’gig cc’.

Cmm qiy m h -dmi fm f Ti ci.

Idci f ci ffv miimm qim.High ci qim fOTC diviv, c.

Th w EU fmwk h dyd d i w xcd

immd y Jy. A , Swdih h-ii w immi ic CET qim f c y J y ( c i ) d.

M h qid civ cy dfid

icdig cific Swdihqim.

SEB’ cmm qiy Ti i f . c y-d i f h high iE.

Lg , B III, k

Ci id- f vg,h hig miig h ik fdiiig dvgig c- d vidig ddii f-gd gi md ik.

Idc im, -ik-d, ck m whichi d Ti ci- ccdig B III, hk’ c h (h- d ff-c h im).

Sviy ig f vgi Jy .Dic f vg i Jy . I i ic if h vg i wicm idig miimmqim.

M h qim cy dfid.

Lq g (LCR), B III, k

E h k mii d-q iqidiy v wih-d id f .

Rqi k hd d-q v f high-qiy iqid h c cvd ch m iqidiy dd dy d cicifid y vi.

A Swdih LCR qim wimmd f Jy. Th B Cmmi hfd h iiygd LCR qim i ic hw d wh hi vi-d LCR wi fmd i EU hmid qim.

M h qim cy dfid.

N g (NSFR), B III, k

Limi vic h-mwh fdig.

Idc dd h icd h g-m fdd wih

miimm m f - fdig.

Sviy ig f NSFRh dy d f Swdihk. Th EU wi v NSFR

d my mi giiv - i fw y.

Acivy mi i-i gy dv-m. I digm wih

my f h gymi, i icgdig h m fc di.

S II,

T c icyhd y c-ig -E f gv-c, i c d ciqim h iiy m igi.

Did qim gdiggvc, dcmi dig. M ik-iivmd, cmiig vik, c d mci qim.

Th immi f h fm-wk w dyd. Th fid f immi f hEU diciv d i dm-ic iim qim xcd dig .

I h c f imm-ig qid chg.

SEB’ ic i ifcd h i-ikd g-m, which imi h imc ci qim.

Fh gy m dwy i h fm f, f xm, h i-i im, which wi w hii cv d iqiy, mdy cig f ddid OTC-diviv d h iz d v f ci qid f dig . I SEB’ jdgm, d i cviv ik-kig gy h wi igific imc f h Bk.




Credit risk

Cdi ik i h ik f d h fi f ig ffi i igi wd SEB. Th dfiii cm-i cy ik divd fm h dig -

i, cy ik d m ik.

A q Dig , qiy w wih w cdi vd dy dci i imid . I h Ndic c-i d Gmy, fi cid hw qiy wih imid . A qiy i h Bic c-id imv hgh h y, wih igificdci i imid , imiy f wi-ff f gi v.

Idividy d imid dcd ySEK 3. SEK 8.. I h Bic ci imid dcd y SEK .8, 5 c. Pfi d d m h 6 dy md SEK 5.4 y-d, f which h Bic gi ccd f w hid.Th v i f idividy d imid i h G mid g 4 c. Th -fmig cvg i w 66 c f h g.

T -fmig kd y-d 9 dhv ic h dcid y SEK 4. SEK 3.8.

C Th G’ cdi x, cmiig h cdi fi, d d im, md SEK ,6 y-d (,993).

Th cdi fi, which icd dig, cig i-iii d diviv im, md SEK , y-d, ic f SEK 5. Th cdi figw y 4 c.

Th cdi fi i dmid y high qiy d g-m ci ihi. Th Ndic cicc f 6 c f h fi (4) d Gmycc f 4 c (6). Th Bic cdi fi wgy chgd dig h y d h h f h fi md c ().

Th cdi fi i mgd i fiv -gm: c-, y mgm, hhd, ic dmii-i d k.

Th corporate cdi fi i h g gmccig f 4 c f h cdi fi (4). Thfi i dmid y x g Ndic d Gm

ivm gd c, w diid v wid gf idy c, h w g ig mfcig di d hhd vic. Th c cdi f-i icd y SEK dig h y SEK 3.

Th property management cdi fi i w dii-d w cmmci (53 c) d i-di x (4 c). Sm c f h -fi f x i h Ndic ci whi Gmycc f c. Th Ndic idi gm Swd d cmi g x x ic hig cmi d hig c-iv ci-i, dmd w ik. Th Ndic cmmci fi i chcid y g ci dd c. Th y mgm fiicd y SEK 9 SEK 89 dig h y. Thgwh w miy d Swd. Th Bic ymgm fi, wih hf f h x iLihi, dc id c dig SEK 9.

Th household cdi fi i h cd g g-m mig SEK 5 (45). Swdih hhdcc f 83 c f h x, whf Swdihhhd mgg d f h v mjiy. Bic h-hd cc f 9 c f SEB' hhd x.Th Swdih hhd mgg fi cdd cid


C x SEK

Ldig , , ,

Cig iiii

Diviv im

C , ,02 ,82

R 7

D 7

T 2,0 ,993 2,022

T cdi x cmi h G’ cdi fi (, iggm, cig iiii d cy ik iig fm

diviv cc), d d im. Ex -d f v. Diviv d d f ig fmk v f c gm d icd dd- fi f x. D im cmi i-igim mi m cidig cdi diviv df. D im i h Lif divii xcdd.

C SEK

Bk 7

C 7 7

Py mgm 7

Pic dmiii 7 7

Hhd 7

T , ,02 ,82

N-g SEK

G N G B - 0 8

- 0 9

- 1 0

- 1 1

- 1 2

- 0 8

- 0 9

- 1 0

- 1 1

- 1 2

- 0 8

- 0 9

- 1 0

- 1 1

- 1 2

- 0 8

- 0 9

- 1 0

- 1 1

- 1 2

Pfi d Idividy d




gwh dig h y, icig y SEK 35 SEK 38.Gwh w chivd di ic dwiig cii dh g qiy f h fi w miid. Cdi mid gigi d h v f d i wd . S d hiic df d idic h h imd dig wd md-, v d ci f high i d ic-

ig mym i cmii wih fig h ic.Th bank cdi fi i cy mid d -

civy mgd. Cy ik iig fm diviv,cii dig d x i gy miigdy h f c gm. Th k cdi -fi icd y c SEK , cidigc miigig fc. For more information on the

credit portfolio, refer to note 18.

C Th vidig ici f SEB’ cdi gig i h d-ig h d cdi yi d i hcm’ ch flw d iiy y. Cm h kw y h Bk d h f h hd fydd. I d miig ik, i c ig gm d ddig h cm’ cd-iwhi d h d cmxiy f h ci.

SEB’ cdi ici flc h Bk’ ch i-iiy, wh ii m cim chg, chid d cc fh w w idy cici f h cdi gig c d d icm dig.

C Th G’ cdi v i d vi f hcm’ cdiwhi d y f cdi. Rv fc- icd h cm’ c d icid ficiii d ci vidd y cv, c,c. Th cdi v c k h d c-i i cc w h cm’ i wih

h Bk. Th c diff ddig h y f c-m (.g. i, c i ii), h cm’ik v, d h iz d y f ci. Iddd fi cdi yi i icy im fg c cm. F m i d h-hd h v c i f d cdi cigym.

C k fi Cdi ik i ccd f , h i h kig kd h dig k. Th mhdgy i igd wih hB II fmwk d dd Piiy f Df (PD),Ex Df (EAD), Miy (M) d L Giv Df(LGD). IRB-vd ik cifici ym d fh v mjiy f h Bk’ fi.

SEB h g-wid i ik cifici (PD) y-m f k, g d mdim-izd c cmd ic ii h flc h ik f df ymigi. 6 ik c hv idifid, wih -ig h w df ik d 6 ig dydfd cy. F ch ik c, SEB mk -y PD im hgh h cyc ig 5 y f idf hiy d 3 y f x c kcyd. Th ik cifici ym i d cdi yi,cvig i d fici ik. Fici i d g cmi d i h ik m. Thx wighd vg ik c f h G, xcdighhd d k, w 6.95 y-d (6.9).

F iv idivid d m i, SEB cdi cig ym im PD f cm. SEB diff cdi cig md f diff gi ddc gm h ccii iy f d d cmchciic my vy y cy d dc.

EAD i md i mi m (ch f , dd ig cc), cg f cmmid m(dw cdi i, f cdi, g d hff–c h x) d hgh c mkv m f iy icd x i hf, f y igi c (i h c f divivcc, d cii dig).

LGD imi f digx i c f df, d k i cc cvidd, cm gm, c. SEB i im i d x hiic xic fm y d h cific di f ch v ci.

Th Miy m (M) i ccd h ffcivmiy f vy ci.

SEB’ cmic ci mhdgy f cdi ik ig ik m dicd v i y, cmiighm f i fi md which cid ikcci i idi d gghic c w

i g idivid x. For further informationabout credit risk measurement, please refer to the SEB

Capital Adequacy and Risk Management Report (Pillar 3)

at www.sebgroup.com.


C gg

SEK

Bk 8

C 30 08

Ndic ci

Gmy

Bic ci

Oh

C g 4 0 3

Ndic ci 7

Gmy

Bic ci 7

Oh

R g 94 92 84

Ndic ci 7

Gmy

Bic ci

Oh

Hg - Sw 4 38 2

P 84

H 4 09

Ndic ci

Gmy

Bic ci Oh 7

T , ,02 ,82




L gT mg h cdi ik f ch idivid cm c-m g, imi i ihd h flc h mximmx h SEB i wiig cc. Limi -ihd f x i ci i ci ik c,ci cm gm d f m ik i dig

i.A imi d ik c jc miimm f

viw y y cdi v hiy ( cdicmmi ciig f w k ffic h-id y h SEB G Cdi Ici, dd y hBd). High-ik x (ik c 3–6) jc m fq viw. Th jciv i idify, yg, cdi x wih vd ik f d wk gh wih h cm wd i h SEB dc vid cdi .

I i hm mk, SEB mii m iwk- m h ggd i m x. Th gmd y g fci wih ii iy fmgig m x.

Th ggg cdi fi i viwd gy dd d idy, gghy, ik c, dcy, iz d h m. I ddii, cific yd fmd wh mk dvmqi m cf xmii f ci c.

C k Cy ik i diviv cc i h ik f c-y ivig i cc igi SEBwh cc h iiv mk v. Sic mk v- flc dig h m miy, h ciy ff mk cdii m k i cc. Thi id y yig dd- h c mk v hflc i mk mvm f h cific cc.Th cdi x h cy, h cdi ikqiv , i h m f h mk v f h cc dh dd-.

Cy ik i dcd hgh h f c-ig gm, wh iiv d giv mkv d gm c d h cy

v. Th ig gm i f md wih c- gm wh h mk v x idcd fh y ig f c. C- ig ii c f h v mjiy f ci, d cgm d g x. A y-d,SEB’ diviv x, md h cdi ikqiv, w SEK 89, f ig d cgm (93).

C kTh cdi fi i yd f ik cci i g-ghic d idy c w i g ig m,h i c f dic x d idic x ih fm f c, g d cdi diviv.

C k gSEB m f cdi ik miigi chiq dcik i i cdi fi. Th ic chiq ch id i iiiy f h dc d h cm i q-i, i g fciiy, d h gii’ xicd cciy mg d c h ic chiq.

Th m im cdi ik miigi chiq dg, g d ig gm. Th m cm-m y f dg , flig chg dfici cii. I h dig i, diy mgigm fqy d miig c-y x y i i im. F g ccm, cdi ik i f miigd y h f ic-iv cv i h cdi gm.


C k , )

Cgy Rik c PD Rg Mdy’ / S&P ) B k C Py

MgmPic

Admi. T PD Rg H

Ivmgd

– –.7% A A / AAA A- .% .% .% .% .% -.% 49.%

–7 .7–.% B / BBB .% .7% 7.% .% .% .-.% 24.0%

.-.% 0.2%

Ogigi

– .–.% B / BB .% .% .% .% .% .-% 3.%

– .–.% B,B / B+,B .% .% .% .% .% -% 8.0%

-% .8%Wch i – .–% B C / B- D .% .% .% .% .%

T 00% 00% 00% 00% 00% -% .2%

-% 0.%

-% .%

T 00%

) Cmii i d cdi fi icdig .) Axim i ig c.) Hhd x d i ig d (IRB) d x i h v f df (EAD - x df).

T, xcdig hhd Hhd)

C gg%

Ndic . .7 . .7 .

Gmy ) . . . . .

Bic . -.7 . . .

SEB G 0.08 -0.08 0. 0.92 0.30) Th cdi v i h ciig i i Gmy w

. c i .





T g SEB ciy viw h qiy f i cdi x.Wk d imid x mid cy dviwd qy i m f fmc, k,d vic cciy d i d f vii.Pvii f imim md f idividy d d f fi d .

L c, d iii c-i imiy idividy d d cific vii md f idifid imid (idividy dimid ). L h hv dmd imid idivid i d which hv imi cdiik chciic gd gh d d cc-ivy f imim. Vi f iv idivid

d m i g x md fii (fi d ). For a further description of the

different categories of impaired loans, refer to note 1.

D gg

SEK )C & c

gvm CCvd

dScd

cdi Fici T

Gmy 7.% .7% .% .% .% .%

Swd 7.% .7% .% .% .% 7.7%

Dmk .% .% .% .% .% .%

E, h .% .% .% .% .% .%

Nwy .% .% .% .% .% .%

Si .% .% .% .% .% .%

USA .% .% .% .7% .% .7%

Fc .% .% .% .% .% .%Fid .% .% .% .% .% .%

Nhd .% .% .% .% .% .%

Id .% .% .% .% .% .%

Iy .% .% .% .% .% .%

Pg .% .% .% .% .% .%

Gc .% .% .% .% .% .%

Oh .% .% .% .% .% .%

T 4.% 4.% 39.% .% 2.% 00.0%

D g

SEK )

AAA .% .% .7% .% .% .%

AA .% .% .% .% .% .%A .% .% .% .% .% 7.%

BBB .% .% .% .% .% .%

BB/B .% .7% .% .% .% .%

CCC/CC .% .% .% .% .% .%

N d ) .% .% .7% .% .% .%

T 4.% 4.% 39.% .% 2.% 00.0%

) Excd d im i h Lif divii f SEK ().) Miy Gm c gvm (Bdäd).

SEB imiy hd i-ig im f iqidiymgm d ci fciii . Th gicg f h iqidiy f i i hd h high qiyvig d cvd d wih f c k dg-

iiy. F hi , h cd d hdig hv fh dcd dig h y.

A y-d , h cdi x i h d fiw SEK (5). Th ii i fixd icm ci-i md SEK 44 (4). Additional information is

found in notes 42 and 43.

Debt instruments

Ex GIIPS SEK m Gc Iy Pg Si Id

D 202

Nmi m 7 , ,

Fi v 7 7,7 ,

D 20

Nmi m ,7 , ,

Fi v 7 7 ,





Market risk

Mk ik i h ik f dci f f icmfwig chg i i , fig xchg ,cmmdiy ic d qiy ic, icdig ic ik icci wih h f cig f ii.

A ic diici i md w mk ik d dig civiy, i.. dig k ik, d c mkik d i icm ik, i.. kig k ik.Wh h dig k i d diy mk--mkgim, ii i h kig k yicy hd mid c.

Mk ik i h dig k i fm h G’ c-m-div dig civiy w fm mic f hG’ iqidiy fi. M f h dig civiy i -fmd y Mch Bkig i i cciy mk mk iii fig xchg, qiy d ci mk. Thiqidiy fi ci f ivm i dg dhighy iqid d. Ty Oi mg hi fiwih h im h h G’ vi iqidiy i f-fici i vy d iqidiy vim.

Mk ik i h kig k i f ch mimch i cci, i m d i-d. Ty Oi h v ii iy f mg-ig h ik, which cidd c y.

Oid f h dig d kig k civii, mkik i i h Bk ’ i igi fmimch w dfid fi d iiii.Th v f flc wih mk mvm if ic qiy ic. Th v f i i-iii i iiv chg i h i . Lw i- ic h v f f igi.

Mk ik i SEB’ if ic i cvd ih ic ik ci f hi d icdd ih mk ik fig w.

Mk k Th Bd f Dic dfi i mk ik c y -ig h v ik imi f h G d cmm-di fm h Rik d Ci Cmmi fm h Chif Rik Offic. Th G Rik Cmmi d-g h mk ik md y h Bd h diviid Ty Oi, wh i fh dg h im-i iy.

O diy i h Mk Rik C fci m,fw d h mk ik k y h vii wihi h G. Mk ik d mhyi i h G Rik Cmmi d h Bd’ Rik dCi Cmmi.

Rk Wh ig mk ik x, SEB m hc d m mk cdii w m- h fc xm mk ii. Mk ikd m mk cicmc md ig V

Rik (VR) cmid wih cific m i fh ik y. Th m fh cmmd yim f dig xm mk ii hghh f d ci y. Sic

mm mhd c cv ik im, vch d, h f which vd d fi jdgm.

Value at Risk

VR x h i h cd i dig c-i im id wih giv dg f iiy. SEB -dy im hiz d 99 c iiy f m-m, imi miig d ig . I h dy--dy ik mgm f dig ii, imi d x- fwd wih - dy im hiz. VRggg mk ik x c ik y.

SEB’ VR md i d hiic imi dmy wid g f ik fc. Th md i vd yh Swdih Fici Sviy Ahiy f cci fg ci qim f h mjiy f h g m-k ik i h Bk’ dig k. I d vify d h md’ cccy, h VR md i ck-d diy i y cmig h 5 diy VR imwih h fi f h cdig dy.

VR i h i f ccig cmic ci fmk ik.

Specific measures of risk

A cmm VR, h G vi iiviyd vm-d m h cific vi i-m d y f ik. Bh d g ik cdhgh h D c f i ik d igd gggd FX m f ccy ik.

S imi d hgh h G’ digcivii. A imi i cifid m which

imiig m m xcd i d ic i f ii, fi iy. Sic i fc c, h fmwk cv ik v d ikdiv d c imi d d mk cdii.

V Rk, Tg k ( %, )

SEK m Mi Mx D.

Avg

Avg

Cmmdii ik

Cdi d ik

Eqiy ik 7 7

Fig xchg ik 7 7 I ik

Viii ik 7

Divifici - - - -7 -

T 3 238 23 2 2

V Rk, Bkg k ( %, )

SEK m Mi Mx D.

Avg

Avg

Cdi d ik 7

Eqiy ik

Fig xchg ik I ik

Viii ik

Divifici - - - - -7

T 349 0 3 40 298





Mk k Trading book

I , h G VR i h dig i vgd SEK6m (). Th dc cmd wih i miy d h gdy dcd ik i h Mch Bkig fidig h cd hf f h y. Th ik v i h digk dcd, my f dcd ik icd y w mk v d icd ciyd h z d cii. Th VR imi f hdig k w dcd ccdigy fm SEK ,3m SEK 8m.

Banking book

Th vg kig k VR icd y ximy5 c cmd vg VR , miy d hici i h ik mm f i ik i -ff -fi. Hwv, dig h cd hf f h y, ik vdcd c f w mk cdi d viiy w divm i h -ff fi.

S Sci y d fmd gi cmm VR d h cific ik ym.

Th ig mhdgy mk i i di-cv i yd h 99 c cfidc vy ig m xiv f mk d ci hvi i h VR-md. SEB h fi yyig xm mk mvm h hv k c(hiic ci) w xm mvm h ivd cd cc i h f (hyhic ci). SEB fm v h idifi h cih wd d giv , f ic ch f imi. O xm f hiic i hd VR m, wh VR cci f h cfi fmd ig mk d fm im id. SEB’ d VR md i vd y hSwdih Fici Sviy Ahiy d i imd fh 5-kig dy im id dig h Lhmdf (Ai 8-Ai 9).

Lw k g Diy dig icm) – . giv f dig dy, vg SEK m.

–

) Excdig d ivm fi.

SEK m

Tg k k g VR v. hic d fi d , %cfidc iv d dy hdig id.

VR Thic fi d

–

–

–

SEK m

Mk k SEB i xd h fwig ik y:

Rik y Dfid h ik f dcd icm d : Sc

I ik Chg i i Ih i kig i

C di d i k A chg i h cdi whi f i f, f ic, d cdi

diviv

Pimiy i h Bk’ d hdig

Fig xchg ik V i i i h xc h g Fig xchg dig d h Bk’ ii vi mk

Eqiy ic ik Vii i qiy ic Mk mkig d cm civiy i qii dqiy diviv

Cmmdii ik Vii i cmmdiy ic Cm civiy

Viiy ik Chg i imid viiy Mk mkig d cm civiy f i c c





Operational risk

Oi ik i h ik f ig fm idq fid i c, d ym (.g. k-dw f IT ym, mik, fd, h dficici ii c) fm x v ( di,x cim, c).

A M ASEB h gy v h AdvcdMm Ach (AMA) cc h ci qi-m f i ik. Thi gy v i cfi-mi f SEB’ xic d xi i i ikmgm, icdig icid ig, i ig, ci mdig d qiy m fc.

Th ci qim f i ik i qifid y diii ch, ig x i i h g fici c. Th AMA md i d cc cmic ci f i ik, wih high cfidc v d wih h ici f vv f h if ic i. Th cci fxcd k i cc h i d x iic d i d i i SEB’ i igd . Th ci qim f i ik i ffcd y y ic gm dc fh imc f i ik .

O k SEB h xicd d f dcig i i c y. Bchmkig gi mm f hOi Rikd Xchg Acii (ORX) hw h

SEB’ hiic v mwh w h ORX v-g. Oi ccd f cdi x.

Mgg k Rik C gy m d i ik

h G Exciv Cmmi, h G Rik Cmmid h Rik d Ci Cmmi. SEB IT-difc f mgm f i ik, ciyd cmic. A my qid giik-d v h ik c y idifid,d, mid d miigd. Thi cd chh d i imvd c, which i hv d w c d i ik. Th g imv-m w md i c-d ik. A im f hi dvm i iig d dci i ky ,icdig ifmi ciy, fd vi, i-mydig, kw-y-cm cd d h SEBCd f Bi Cdc. SEB h fmid whi-w cd h cg my -hic ig cdc.

Business and strategic risk

Bi ik i h ik f w v, high igc, h, d dcd vm, ic cmii.

Bi ik cm i ik (h ik f d i v ig fm giv ci f hG h idy i g) d v ik (d dkig ch cqiii, g IT jc, c.).Sgic ik i c i i ik, fc g-c c ik fc.

SEB m i ik h viiy i icmd c h i dicy i h y f ik.Ecmic ci i ccd f i ik.

O kIcid gid d yd

,

,

,

,

,

,

,

I Fd

Ex Fd

Emy Pcic dWkc Sfy

Ci, Pdc d Bi-

PcicN Di d P-ic Sfy

Tchgy d Ifc- Fi

Exci, Divy dPc Mgm

Svic d Aviiiy

T cifidOi

B kSEB qy ig fi –, SEK m

,

,

,

,

,

,

Oig fi, f fici icm d cdi

Li im

N. SEK m





Insurance risk

Ic ik ci f ik d SEB’ ici. Th mi ik y mk ik, dwi-ig ik d i ik.

Mk ik i h ic i i h ik f -dii if ic ici wih gd fi d chg i fi v f d iiii. Sch chg ifi v c cd y chg i i , cdid, qiy ic, y v, xchg dimid viii.

Udwiig ik i h ik f f dvchg i h v f ic iiii (chic vi-i) d idq icig d/ viiig m-i. I icd ch fc miy, gviy, diiiy/midiy (icdig ik h fm flci i himig d m f cim m), ch ik(.g., xm ig v), x ik d ik(i.., icyhd hvi ik).

Oi ik i h ic i i dfid hik f ig fm idq fid i -c, d ym fm x v.

SEB’ if ic i ci f i-ikd i-c d dii if ic. Th fc i i-ikd, which ccd f ximy 83 c f i (83). I i-ikd ic, h mk ik i y h icyhd. Udwiig ik i gigi ii-ikd fi, whi i i m cd f di-i if ic i.

I h dii if ic fi, h ff, i.., gd fi, v ci f SEBgi h ik i h c h.

I k Dig h fi hf f h y i f which hd giv imc hhd ff ic h gdfi i h dii i f i mkd mk.Rgd f hi, h ci ii i SEB’ Lif imid g hgh h y. Th giv mkii d ci chg gvig hw hgd fi vd which vidd if fh if ic idy.

Ecmic ci f ic ik dcd i c h mhdgy w igd wih h ik-dici f ci qim h wi d wh hSvcy II fmwk cm i fc.

I k gMk ik i dii if ic dc wih g-d miigd hgh dd mk ik hdg-ig chm d mid hgh ci y.Udwiig ik cd hgh h f ciyi d f h xiig ic fi.Miy d diiiy/midiy ik id gig idivid cim gi v cim i

h m v.Th Swdih Fici Sviy Ahiy “fficigh ym” v h ik f mimch w d iiii i if ic cmi. SEB’ Dih

if ic i hv gd y imi y-m f v y. Th ym viy fidifyig ic cmi f which c miigf v iiii i dd. N f SEB’ Swdihd Dih cmi hv idifid f ch cmiig.

I k Th Rik C i h h iiiy f mig dcig h ik ih i SEB’ if ic i.Tdii /iiiy mimch (ALM) ik m dy h ic idy mid g i fch ic cmy. Thi i md y mk ik ch VR, ci yi d . Th mim ik d h G Rik Cmmi, hRik d Ci Cmmi d h d f SEB’ c-iv ic cmi.

S IISvcy II, h w gy fmwk f ic cm-i h w xcd cm i fc i h EU Jy 4, w dyd. Th w d f immif h EU diciv d i dmic iim gyqim xcd dmid dig 3.

Th f Svcy II i c hmid g-y fmwk wih c gvc, i cd ci qim c E. Thi wi fciicy d cmiiy d ic cm-i’ iiy m hi igi d h ic c-i f icyhd.

Ud Svcy II, ic cmy’ ci qi-m wi ik-d, h h h c ici f fixd cg f h cmy’ chic vii. Aik m k i cc, icdig mk ik, d-wiig ik d i ik. Th cmy’ iic dd chg i iii i i -dccdig h ci qim id y h d gi. I ddii, h w gy fmwk g dmd cmy d gd ikmgm d m xiv ig h gyhii d h ic. Th wk cdcd wihi h SEBLif Divii d d cmy wih h Svcy II qi-m i gig ccdig .

Rk SEB L DDc. , . SEK

Market risk

Underwriting

risk SEB risk

Policyholdersloss

absorbency

Operational

risk

Rk Rk k





Liquidity risk

Liqidiy ik i h ik h h G, v cific imhiz, i fic i xiig i m h dmd f ddii iqidiy. Liqidiy ik i h ik h h G i fcd w

fv i fcd i d m i ym cmmim.

Lq Fwig , h f w chc-id y high dg f ciy i h mk. Hwv,fwig c k ivi h giig f hy, im chgd d h mk hd xc iqidiyf h mid f . Di h qiiv igm, h dyig m f h mid.

SEB cid gh h ii i h h iqid-iy d fdig . Scificy, SEB cid idiqidiy v, icd i di fdig, gdh vg di f h dig h m fdig w fiid h di w c gy qi-m. Th fdig ciig f qiy, cmdi d wh fdig mig i m h y xcdd SEB’ fi wih cmfmgi v hgh SEB h icd dig vm digh y. Fwig g gwh i i mgg dig,h G’ --di i mid cmfv d md 34 c y-d (9), xcd-ig d d cii.

F h fh cciv y d i i wih i g-mfdig gy, SEB id m g-m d h whmd dig h y. D h gwh i i mggvm, SEB h imiy fcd cvd d ic c f fdig i which ccd f xi-my h q f id g-m fdig f SEK4 (6). SEB h ii h w i vim i h i fdig mk which hd SEB i i d wih icig high c.

Sw q q I h B III fmwk, h B Cmmi ihd, i, 3-dy iqidiy , h iqidiy cvg i(LCR), d -y c mic, h fdigi (NSFR). I h Swdih Fici SviyAhiy’ w ig gi w id, whichqid mhy ig f LCR d h iqidiy

d h g.Ud h cmig EU gi, h LCR i d

immd idig qim i 5. Th BCmmi ihd dd vi f h LCR i Jy3, ig h h idig qim hd hd-i dig h id 5 hgh 9.

A imi qiiv qim d q h LCR w immd y h Swdih FSA miimmdd f Jy 3. Accdig h cific Swd-ih gi, h Swdih FSA iqidiy i h ffidh i d US-d y w i f cci.

I i c hw d wh h cy d ddLCR dd fm h B Cmmi wi k icc i h cmig EU gi d i h Swdihcific gi.

Ahgh h NSFR w d y h B Cmmi idcd i 8, i i cy d viw y hB Cmmi. SEB i kig civ i h gywk d wi iid m y w ddii g-i i d im.

Lq q SEB’ iqidiy v, dfid y h Swdih Bk’Acii, ci f ch d di i c kd h vigh k hdig w hd y hy fci (cmd d dg wih ck). Thi v md SEK 373 (377). SEB’ iqid c, which icd dig d i-id c i h cv , icd SEK 63(556). Th G’ ggg LCR w 3 c y-d (95), whi h LCR i i US d d w v c.

L )

SEK %

Di d wig fm h ic, SEK

L h ic, SEK L di i, %

) Exc. d d cii

I g g- SEK

Id cvd d Id i cd dMd cvd d Md i cd d

Mig cvd d Mig i cd d

,

,





S q k Th kdw f SEB’ c h y ccy i ci- wih h ccy diii f SEB’ c iqidiyv. Swdih k, d US d h mi c-ci i SEB’ c iqidiy v. Th --dii i h cci md 93 (89), 4 ()d 57 (63) c civy y-d.

Lq k g gTh im f SEB’ iqidiy ik mgm i h hG h cd iqidiy ik ii, wih dqch ch qiv i v cci m iiqidiy qim i f cicmc, wih- icig i ddii c. Mgm fiqidiy ik i gvd y imi ihd y h Bdwhich fh cd y h G Rik Cmmi.Liqidiy imi f h G d cific g ii w f x i ci dfid cci.

Th Bd f SEB h dd cmhiv fmwkf h mgm f i h- d g-m iqidiyqim. Liqidiy i mgd cy y TyOi, d y c y c i h G’mj mk. Rik C gy m d imi iii w h G RikCmmi d h Rik d Ci Cmmi.

Lq k Liqidiy ik i md ig g f cmid mic, ig mhd c cmhivy qif y hi y fik. Th mhd id y SEB icd h-m dgigcciy, yi f f ch flw i i ch flwimi, ci y d c h ky i, cm-md y h B III mic dcid v.

Liqidiy g idifid y ccig cmiv ch flw h i fm h G’ , ii ii d ff-c h ii i vi im ck. Thi qici mi gdig h miy f m dc,ch dmd di d mgg, w gdigh cm’ jcd hvi v im. Th qiy fh iqidiy v i yd i d i i d c d vid c fdig i dii.

Fhm, c g i i md f im hi-z xdig v y. Thi i m h x which h G i fdig iiqid wih g-m fd. S iiii (icdig qiy) hd wym m h 9 c f iiqid ; h vgv dig h y w 5 c (8). A f y-d, hv w 3 c (7).

S ig i cdcd g i idifyc f i iqidiy i d h cx mi wihi h ihd iqidiy ik -c. Th im iqidiy ik i vi ci,icdig h idiycic d ymic .

S q k SEK

Oh TUSDEURSEK

L/di i % % % % 34 %Liqidiy v 33

Lq , )

SEK

C k di d vigh k diGvm d Pic d Cvd d

Fici Oh

A xc. dig Di

Ldig Eqiy & Liiii xc. di

Q ) Q ) Q )Q )

) Accdig h Swdih Bk’ Acii dfiii.

,

,

,

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-,

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Capital management

Th G’ ci mgm k c h h-hd’ qid f wih h fici iiyqim d y h Bd, g, iv, i- ci d h mk ici, icdigig gci.

Th G’ ciii, ci f ci d v-i f ci h ik-d d hd i m f idifid ik icd i h G’i. I h fwd-kig d igd wih h-d g-m i , i d x qi-m, ch h gy qim, h i cidqcy m c d h mccmic vi-m.

T h ci i d wh i giv h , SEB my i ci ci fmwkf mig ik d fiii y. Th i f hi fm-wk, cd i qiy, i imi gy md.

C SEB’ gic fc i ic Ti ci d imvh mchig f h ci cci wih h f ik-wighd . I i f did d wih mi m f EUR 75m d h ch f di-d d wih mi m f EUR 5m id hv f Ti ci. A y-d , h G d c Ti ci i f 5. c (3.7) d Ti ci- i f 7.5 c (5.9.), wih ii fl. Thimmi f IAS 9 dcd qiy wih SEK 7.9.Th fici ig f w d ccdigy,xc f h ci dqcy . Thf, h ci i i high h i . For detailed information,

see note 47 and the Capital Adequacy and Risk Management

Report (Pillar 3) at www.sebgroup.com.

DI , h Bd d mgm viwd h Bk’fici g d dmid h h dividd hh 4 c m f ig h.

C gSEB’ ciii g h h G’ci g h i ffici m h ik i h i, h dcidd i gy, mii cii v h miimm v ihd y h Bd dh g v i fv cmic cicmcd h h G’ ci g h i ffici

C q

W fl (B II)C Ti ci i .% .%

Ti ci i .% .%

T ci i .% .%

Ci i i ci qim . .

W fl (B II)

Tii fl id % %

C Ti ci i .% .%

Ti ci i .% .%

T ci i .% .%

Ci i i ci qim . .

W k-wgg g B I

C Ti ci i .% .%

Ti ci i .% .%

T ci i .% .%

Ci i i ci qim . .

Rk-wg SEK m

C k IRB xIii , ,

C , ,

Sciii ii , ,

Ri mgg , ,

Oh i x , ,

Oh x c , ,

T 409,444 48,3

F k-wg

Cdi ik, Sddid ch , ,Oi ik, Advcd Mmch , ,

Fig xchg ik , ,

Tdig k ik , ,

T 8,839 8,84

S

Cdi ik , ,

Oi ik , ,

Mk ik , ,

T 8,839 8,84

Aj flg Addii ccdig ii flig , ,

C 89,23 82,

C SEK m

Eqiy , ,

Ddci f dividd -, -,

Gdwi i kig i -, -,

IRB xc/hf -

Ddci f -kig i -, -,

Oh djm -, -,

C T 88,389 93,09

Ti ci cii , ,

T 02,393 0,

Ti d , ,

IRB xc/hf -

Ddci f -kig i -, -,Oh djm -

C 00,8 03,44





giv h G’ ch ik i. SEB’ Cmm EqiyTi ci i g i 3 c, d fy im-md B III fmwk. I i SEB’ viw h h cg ci ii wi ffici m h fqim fm h Bd, g d hkhd.

D k-wg (RWA)Ov B II RWA (f h ffc f ii flig)dcd y 4 c, SEK 93, d ig h y. Thg fc hid h chg h immi fLGD md f -i d hiig ddig, d c d ccy d chg.

Icdig h ffc f ii flig, RWA icd SEK 879 (88).

Nw q gTh B III fmwk i i h c f ig icdi EU gii hgh h CRD IV ckg. D dyi h EU c h d immi d f Jy 3 w m d cqc, h Swdihii w xdd icd 3.

Ud h CRD IV qim h dmi fm fci m cmm qiy (md cmm qiyTi , ’CET’) d gy ddci wi miy mdfm h fm f ci. Th miimm qim f CETi wi 4.5 c. O f h h wi ci

cvi ff f .5 c, ccycic ffh wi i h g f -.5 c d ff f y-micy im k. Th ccycic d ymicik ff i ig gid. If k d mh ff qim, ci diii ci wi imd dividd, h y-ck, , c.

RWA d CRD IV wi miy ffcd y cdi vdjm qim f OTC-diviv, w qi-m f x c cig ci dhigh ik-wigh f x fici iii.

I i d h h ik-iiv ci qi-m hd cmmd y -ik d m,h vg i qim (ci/ ), f 3 c. Th ffc f hi m wi viwd dig vi id i d v whh i c id-ig i 8.

I , h Swdih gy hii cmmicdh g Swdih k, d hi ymic imc,wd qid cmy wih CET i f cfm Jy 3 d f c fm Jy 5.Thi g yd h CRD IV qim h im f v d imig. Hwv, h fi cm f h EUgii w dyd. Sic h immi f hSwdih qim w dd h cm f hEU v gm, hi w dyd, y i J-y 4. Th Swdih Fici Sviy Ahiy i ig ic h ci qim f Swdih m-gg , hgh miimm ik wigh f 5 c d ci qim d Pi . Thi wd dc SEB'c i i y 4 i i.

SEB’ imd CET i f 3 Dcm w3. c, kig i cc h Swdih hii’d f 3.

B II B III -Iy, ci dqcy y d ci ci d h dvcd IRB ch. A g-m g i hviy ig wi ci wih h i m-m, which i m ik-iiv. SEB h d -viy v f dvcd IRB f my y. Th SwdihFici Sviy Ahiy h vd h dvcdIRB ch f ximy 85 c f h cdi

fi.

D x (EAD) B II Sh f G x, c

IRB Advcd

Ri mgg

Oh Ri

Lg & Mid-Sizd C

Bk

IRB FdiLg & Mid-Sizd C

BkSddid

Ri Ex

Pic Sc

Oh fi

Sciii

%%

%%

%%

%18%

%%

–

–

Rk g, RWA ff qC d k fi, SEK

Rik c migi, xc. df T/fm df, T

Q 1

Q 2

Q 3

Q 4

Q 1

Q 2

Q 3

Q 4

Q 1

Q 2

Q 3

Q 4

Q 1

Q 2

Q 3

Q 4

Q 1

Q 2

Q 3

Q 4

D k-wg , SEK

Dc

Dc

Migi ffc RWA c Rik wigh ffc

Bi vm FX ffc Mk ik di ik



report of the directorsC Gvc


“During 2012, one of many important focus

areas for the Board has been to find an appro-

priate balance between the increased costs for

maintaining financial buffers in accordance

with new regulations versus the profitability

and growth of the business. The Board has also focused on

securing long-term resilience, enabling us to support the

Bank’s customers in good and bad times, and thus create

long- term shareholder value.”

M Wg, Chim f h Bd

C g wkSEB ch g imc h ci f cydfid f ffi c d dcii-mkig di i ch h cdi v c, c fic, mgm d h ic i.

Th x fmwk h SEB dh i i cgvc, icd, mg h hig, h:

● Cmi Ac● A Acc Ac● NASDAQ OMX Sckhm gi ● Swdih Cd f C Gvc

● Bkig d Ficig Bi Ac

Th i fmwk icd mg h hig hAic f Acii, dd y h G Mig fShhd. Pici d ici h hv dw cy dfi h divii f ii iy wihi hG im f h Bd d h Pid ihi gvig d cig . Of ci imc ihi cx h: ● R f Pcd f h Bd ● Ici f h Pid d h G’ Acivii

● G’ Cdi Ici d Rik Picy● Ici f Hdig f Cflic f I● Ehic Picy

C g

SEB’ civii mgd, cd d fwd i ccdc wih ici d ici ihd y h Bd d h Pid (CEO).

C g SEB

The ability to maintain trust among customers, shareholders and other stakeholders is of

vital importance for SEB. A clear and effective structure for governance and division of

responsibility is essential, among other things, in order to avoid the risk for conflicts of interest.

S/A G Mg

Hd f GI Adi

Hd f GCmic

Chif RikOffi c

G CdiOffi c

G RikCmmi

G ExcivCmmi

A & LiiiyCmmi

Adi & CmicCmmi

Rmi & HRCmmi

Rik & CiCmmi

B D

P C Ex Offi

Aid y

Rig

IfmigPage

Page

Page

Page

Page

Page

Page

Page

Page

Page

Page

Page

Page

NmiiCmmi

ExAdi

Page

Page





● Ici f Pcd Agi My Ldig dFicig f Tim

● Rmi Picy

SEB’ Cd f Bi Cdc dci d y SEB’v d dd f i cdc d vid gid-c hw iv y h v. Pic i d gidi f

iiiy, ch h C Siiiy Picy dvi g-wid ii m d idy cici ddig vim, ci d gvci f vi imc i hi cx. The Code of

Business Conduct and details on sustainability governance can

be found on SEB’s website: www.sebgroup.com. Further infor-

mation on SEB’s sustainability work is provided on p. 14.

SEB’ C Gvc R h d iccdc wih h A Acc Ac d h Cd f C- Gvc. N dvii fm h Cd df . The report and further information on corporate

governance at SEB are available on SEB’s website.

S G Mg SSEB h c 8 hhd. Aximy75, f h hv hdig f h 5 h whi 6 hd m h , h, ccig f85 c f ci d v. SEB h w c f h– C A-h, which cy v, d C C-h,which cy / f v. SEB’ g hhd d hhhd c 3 Dcm hw ih d gh w.

Th hhd’ iflc i h Bk i xcid G- Mig f Shhd, which h Bk’ highdcii-mkig dy. A hhd id i h h-hd gi wh hv dy ifid hi dc hvh igh ici G Mig d v f hf m f hi civ h. Shhd wh c- d G Mig my i iv.

Th A G Mig (AGM) w hd 9Mch . A f 836 , ig ,3 h-hd, Bd mm, h G Exciv Cmmid h Bk’ di w h AGM. Th mifm h AGM vi SEB’ wi. Th mi dci-i md h AGM w:

T g

3 December 0 No. of shares

Of whichSeries C

shares

Share of

capital. % votes. %

Iv AB ,, ,, . .

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Fi SwdihNi Pi fd ,, . .

Fh SwdihNi Pi fd ,, . .

Scd SwdihNi Pi fd ,, . .

Skdi Lif ,, . .

Fig w ,, ,, . .

A G Mg –

200 200 2010 2011 1

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PV

N

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20

200

10

100

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200 200 2010 2011 1

S Pcg hdig f qiy Dcm

Th mjiy f h k ximy 20 000 hhd iv idivid wih m hdig. Th g h-hd cc f 0 c f ci d v.

Sc: Ec/SIS Ägvic AB

Sw .

Iii d fdi .

Piv idivid .

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● dividd f SEK . h ● -ci f v dic ● -ci f Mc Wg Chim f h Bd ● -ci f PicwhC di ● cd f im f h Nmii Cmmi

d f i wk ● di f gidi f mi f h Pid

d h h mm f h G Exciv Cmmi ● v f h g-m qiy gmm

● ic f md h Bd ccig h cqii-i d f w h f SEB’ cii i, fh g-m qiy gmm d f ci mg-m .

A cic ym f vig md, -cd v,w d f vig h AGM.

N CP dcii y h AGM, h Nmii Cmmih cmd f iv f h Bk’ f ghhd d h Chim f h Bd. O f h id-d dic h id ddii mmf h cmmi. Th cmii f h Nmii Cm-mi m h qim y h Cd f CGvc wih c mm’ iddc, mgh hig. Th Nmii Cmmi h cc if-mi SEB’ i d fici d gic i-i, which i vidd y h Chim f h Bd d hddii mm. I ddii, h Nmii Cmmiviw h vi f h Bd d h Bd’ wk w f h Chim f h Bd.

Th Nmii Cmmi i kd wih mkig cm-mdi i h fwig , h AGM fdcii:● mii f id AGM chim ● h m f dic ● mii f dic ● mii f h Chim f h Bd ● Dic’ f, cd mg h Bd mm d

f f cmmi wk ● di’ f ● mii f di

● wh ic, f h Nmii Cmmi

A im ici i h h iz d cmii f hBd hd ch v h Bk i h iwy. I i hf cci h h dic hv qiixic d kwdg h fici d h c- w ii xic d cc wkh m h dmd h i fm h Bk ’ c i-i d f ii. Th Nmii Cmmi f h AGM d h x which h Bd m hqim.Th m w d dici h iz f h Bd d i cmii wih c chm idy xic, xi, iddc,diviy d f cci m. Th NmiiCmmi fd h h Bd d d cd h AGM m h qim.

Th Nmii Cmmi f h 3 AGM wid i m . A h NmiiCmmi’ wk wi d h 3 AGM. Nci f h id h mm f h NmiiCmmi. The Nomination Committee’s recommendations

and a statement accompanying its nomination of directors

can be found on SEB’s website.

B DTh dic cd y h hhd h AGM f -y m f ffic xdig hgh h x AGM.

Sic h AGM h Bd h cid f vAGM-cd dic, wih y di, d f wdic d w di id y h my. Id f qm xi Bd mig, m h hf

E B D, P G Ex CSEB f-m mhd, which mg h hig icd qii, fwd y dici wihih Bd. Thgh hi c h civii d wk mhd f h Bd, h Chim f h Bd d h civcmmi vd. Amg h i xmid : ● hw fh imv h wk f h Bd ● h x which h idivid d mm k civ i dici y h Bd d i cmmi ● whh d mm ci idd ii

● whh h mig mh fcii dici

Th cm f h vi h d d dicd y h Bd d h Nmii Cmmi. Th vic d i cm ci fh imvm f h Bd’ wk d h h Nmii Cmmi vh iz d cmii f h Bd, mg h hig.

Th Chim f h Bd fmy v ch idivid dic’ wk c y. Mc Wg did ici -

i h vi f h Chim’ wk which w dicd y Tv Jh, f h Dy Chim f h Bd.Th Bd v h wk f h Pid d h G Exciv Cmmi ci i, wih ici-i y h Pid y h mm f h G Exciv Cmmi.


N AGM

Member RepresentingVotes, %

3 August 0

P Hdg, Chairman Iv .

Wiim f Sdg Tygg-Sif .

Sff Gfäck Ac .

H Wim Th K d AicWg Fdi

.

Mc Wg SEB, Chim f h Bd

3.9

U J Additional member, appointed by the Board





f h dic m . Th Pid d ChifExciv Offic i h y AGM-cd dic wh i my f h Bk. Th Nmii Cmmi hd h iddc f h dic i i h Bk d h Bk’ mgm d i i h-hd cig m h c f h h v i h Bk d h fd h h cmii f hBd m h qim f h Cd f CGvc wih c dic’ iddc. The com-

position of the Board as from the 2012 AGM and the directors’

independence are shown in the table below, and biographical

information about the directors is presented on p. 60–61.

Th Bd h dd R f Pcd h gh Bd’ d wy f wkig w ci ic-i f h Bd’ cmmi. Th Bd h viiiy f h civii cid wihi h Gd h h fwig di, mg h: ● dcidig h , dici d gy f h i-

w h fmwk d jciv f h civii

● gy fwig d vig h i i -i h jciv d gidi ihd y h Bd

● ig h h i i gid i ch wy hh ccig, y mgm d fici cdi-i i h c cd i ifcym d h h ik ih i h i id-ifid, dfid, md, mid d cd iccdc wih x d i , icdig hBk’ Aic f Acii

● dcidig mj cqiii d divm w h mj ivm

● im dimi w mi f hPid, h Chif Rik Offic, h mm f h GExciv Cmmi d h Hd f G I Adi.

Th Chim f h Bd gi d dic h wk fh Bd.

Th Pid ici i d mig, xc m i which h Pid h i h my i

B D

Name PositionYearelected

Independent in relation toRisk andCapitalCommittee

Audit andComplianceCommittee

Remunerationand HRCommittee

Totalremuneration

SEK

Atten-dance at

Boardmeetings

Attendanceat

committeemeetingsthe Bank

the majorshareholders

Mc Wg Chi Y N ,, / /

Jc Wg Dy Chi Y N , /Tv Jh Dy Chi Y Y , / /

Jh H. Ad Dic Y Y , /

Sighid AgådH Dic Y Y , /

U J Dic Y Y , / /

Bigi K Dic Y Y , / /

Tm Nici Dic Y Y , / /

J Ov Dic Y Y , / /

C Wihm R Dic Y Y , / /

Aik Fkg Dic N Y – / /

Mgd Of Dic* ) – /

Pi Påhm Dic* ) – /

Mi Lidd Dy Dic* – /

Håk Wg Dy Dic* – /

Chi Dy Chi Mm * id y h my 1) Dy Dic 200–200 2) Dy Dic 2010–2011

Wk B D Th wk f h Bd fw yy . I 2012, i d mig w hd. SEB’ ii i h mc-cmic cim w dicdi m cx ch Bd mig dig h y. Oh im m d wih dig h y icdd h fwig:

ǗȤȢȣȣǗǗȤȢȣȣ

Ǘ h x d i di i Ǘ

d h h mm f h GECǗƿǗǈƺ

fdig iǗǈƺ -

ig qiy, dvm f h cdi fi d h iqidiyii

ǗǗǈǗƺǈ

ffic i MmöǗǗǈ -

g-m gǗǗƺƌǗǈǗǗ






cflic wih h i f h Bk, ch wh h Pi-d’ wk i vd. Oh mm f h Bk’ xcivmgm ici whv qid f fifmig h Bd q y h Bd h Pi-d. SEB’ G Lg C v h Scy hBd.

Directors’ fees

SEB’ AGM f f SEK 8,48, f h mm- f h Bd d dcidd hw h f w di-id mg h Bd d i cmmi. N f f cm-mi wk i id ih h Chim f h Bd my f h Bk. Dic’ f id igi dig h md id.

Fwig cmmdi y SEB’ Nmii Cm-mi, h Bd h dd icy h qi h Bdmm ch d hd ci qii f SEBh. Information on remuneration principles, remuneration

of the President and members of the GEC and on long-term

equity programmes is provided on p. 67.

Board committees

Th v iiiy f h Bd c dgd.Hwv, h Bd h ihd cmmi hd c-i dfid i d ch i f dcii yh Bd. A , h Bd h h ch cmmi:h Rik d Ci Cmmi (RCC), h Adi d Cmi-c Cmmi (ACC) d h Rmi d HmRc Cmmi (RmC). Th cmmi g i h Bd. Cmmi mm idf id f y im. A im ici i h my d mm i h ici i cm-mi wk, cmmi chi. Ahgh h Chimf h Bd i mm f h cmmi, h d chi y f hm. Nih h Pid y h ffic fh Bk i mm f h ACC RmC. Th Pid i mm f h RCC. A fm cmmi wk, hdgi f di i id wihi h Bd.

Risk and Capital Committee

“During my years as chairman of the RCC,

financial markets have undergone extreme

unrest and volatility. At the same time, regula-

tors have significantly increased the supervi-

sory requirements – a process which is on-

going. During 2012, much of RCC’s work focused on the effect

of these matters on SEB. Furthermore, the RCC is deeply

involved in defining SEB’s risk strategy.”

U J (Chim)

Th RCC i kd wih ig h Bd i vig dig h h Bk’ gii i mgd i ch wyh ik ih i h G’ i idifid,dfid, md, mid d cd i ccdcwih x d i . Th RCC mi hG’ ik d ci ii ci i.

Th RCC h ici d m f migd cig ik d ci wihi h G d vik mgm ym d h v ik c/-i d gy f h d g m, w im-mi f hi gy. Th Cmmi , f dci-i y h Bd, cmmdi f h im dimi f h Chif Rik Offic (CRO). Th Cmmi dcid idivid cdi m f mj imc fimc ici. Th RCC hd fif mig i.

Th G’ Chif Fici Offic h v iiiyf ifmi d i h Cmmi md ci d fdig. Th CRO h v ii-iy f ifmi d i ik d cdi m.The risk organisation is described in further detail on p. 64 and

the risk, liquidity and capital management on p. 38.

RCC U J (Chi), Mc Wg (Dy Chi), JOv d Aik Fkg.

T RCC’ wk g 202:Ǘ

G ici d gi, ch h Rik Picy d RikSgy, h Cdi Picy, h Cdi Ici, h Ci P-icy, h Liqidiy d Pdg Picy, h Tdig d IvmPicy d h CRO IciǗ

f cdi ici d ici h cmm h G’Cdi Picy d Cdi IciǗǗ

f mk d iqidiy ikǗƋ

ccig ici f dfid fi i Ǘƌ

cdi c wihi h GǗƺ-

m ymǗ

ii d i h G’ ci dqcy iiǗǈ

ci g d ci mgm m, ch h divi-dd vǗƌ

h mgm.





Audit and Compliance Committee

“The internal controls of the Bank and compli-

ance with regulatory requirements are of

utmost importance. The ACC monitors the

effectiveness of SEB’s internal control and

internal and external audit, as well as the com-

pliance work continuously. One focus area of the ACC has been

to monitor the implementation of an enhanced process for

internal control over financial reporting, in order to ensure that

the financial reporting is accurate and timely.”

C W R (Chim)

Th ACC h Bd i i wk wih qiy c fh Bk’ fici ig d i c v hfici ig. Wh qid, h ACC , fdcii y h Bd, cmmdi f h im dimi f h Hd f G I Adi. Th Cmmi- mii g cc wih h Bk’ x di di d dic h c-dii f xd i di civii. I h y mk dvi fm h di ddd. Fhm,h Cmmi v h x di’ wk diddc.

I ddii, h Pid’ f im dimi f h Hd f G Cmic i jc hCmmi’ v.

Th ACC hd fiv mig i . Th x didd f h Cmmi mig d Bd m-ig i . Th x di, h Hd f G IAdi d Hd f G Cmic Cm-mi mig. Th Pid d h CFO gy ici- h mig. The Report on Internal Control over

Financial Reporting can be found on p. 65.

Remuneration and Human Resources Committee

“Professional and committed employees are

critical for SEB’s future business result. It is

therefore of utmost importance for the RemCo

to support the Board on issues regarding

remuneration, succession planning and other

human resource issues. This enables SEB to recruit, retain and

reward employees in a sound and competitive manner. The

RemCo also continuously monitors and evaluates remunera-

tion practices, structures and levels in SEB.”

T N (Chim)

Th RmC , f dcii y h Bd, imf h Pid d h mm f h GEC. Th Cmmidv, mi d v SEB’ iciv gmmd hw h gidi ihd y h AGM f m-i f h Pid d h mm f h GEC id.A idd di’ viw h dhc fmi i SEB h Rmi Picy i d h Cmmi y.

I ddii, h Cmmi mi h G’ iigi d mi, gh wih h RCC, mk c h v i igi f h G,icdig dvm wihi h Bk’ i fdi.Th RmC hd igh mig i .

Th Pid, gh wih h Hd f G HmRc, mk i m i which h cflic f i. The Remuneration Report can be found

on p. 67.

ACC C Wihm R (Chi), Mc Wg (Dy Chi) dBigi K.

T ACC’ wk g 202:Ǘ

ǗǈǗƌ (see

page )Ǘƺ

fm h x diǗƋ

f dfid fi i Ǘ

di cd h AGMǗƺ

c-did wih h x di ǗǗ

v cci, wih h Pid y h mm fh Bk’ mgm ig

RC Tm Nici (Chi), Mc Wg (Dy Chi) d TvJh.

T RC’ wk g 202:Ǘƺ

y h BdǗƺƺ

mi gidi f h Pid d mm f hGECǗƿƺ

h Bd d dcii y h AGMǗƺƺ

Pid d mm f h GEC i ccdc wih h gid-i ihd y h AGMǗƺƺ

Hd f G I Adi, h Chif Rik Offi c d h Hdf G Cmic i ccdc wih h Rmi Picydd y h BdǗƋ

chg i ccig ici f dfid fi iǗƺ

gmm d i igiǗƿƺǈ

ig dhi cci i h Bk





Board of Directors

B 1; B. Sc. (Fig Svi c).

Chim ic 200.

O g: Chim fS, Ecx d LKAB. Dic fAZc, S E, Iv,

Tmk Hdig d h K dAic Wg Fdi.

Bkg: Ciik i Nw Yk,Dch Bk i Gmy, S G W-g C i Ld d Ciic iHg Kg, SEB d S Fdmühi Gmy. Exciv Vic Pidf Iv d Pid d GChif Exciv f Iv.

Ow ’g:, cA-h d 20 c C-h.

B 1; B.Sc. (Ec), MBA dEc. D. H.C.

Dy Chim ic 200.

O g: Chim fEc Ii A/S. Dic f

Md. Idi dvi EQT dJ C Bmfd Excv Ld.

Bkg: T Pk i vii ii i Sh Afic, A-i d Swd. Exciv VicPid f T Pk. Pid fVME, y Vv CciEqim. Pid f Vv CCi d Vic Chim f hBd f Vv C Ci.

Ow ’g:20,000 cA-h.

B 1; B. Sc. (Ec) d MBA.

Dy Chim ic 200.

O g: Chim fIv. Dy Chim f SAS dEic. Dic f ABB, h K

d Aic Wg Fdi, hCc-C C my d h Sck-hm Sch f Ecmic.

Bkg: Vi ii iSEB. Pid d G Chif Exc-iv f SEB. Exciv Vic PidIv. Chim f SEB. Vic Chi-m f A Cc AB d EcxAB. Dic f S AB.

Ow ’g:0, cA-h d 1 c C-h.

B 11; B.A. (Gvm dPicy Sdi) d MBA.

O g: Ow dChim f Fd. Dic f SWIX,Ji Achivm Yg Ei(JA-YE) E, JA-YE Nwy, NMI–Nwgi Micfic Iiiiv,C Amy f Ok ASA dC P Adviy Bd BI Nwgi Sch f Mgm.

Bkg: Ii P C.P d w f Fd. CEO fFd.

Ow ’g:100,000 cA-h.

B 10; B. Sc. (Hm c)d jim di.

O g: Chim fSLC-G AB, Svk LChi,Uh Chi Ci d SFN/Tim. Vic Chim f Swdih-Amic Chm f Cmmc(SACC), USA. Dic f Lmi,Uiviy Bd f Ld Uiviy,SACC, Nw Yk, Swdih TdCci, ESBRI, Kig C XVI Gf’Fdi f Yg Ldhi,Mg AB d Dg Idi AB.

Bkg: Pid f h fmiy-wd cmy Svk LChi.Chim f h Cfdi fSwdih Ei. Vic Chimf Bi E. Dic fIvi, IFL Sckhm Schf Ecmic d Rch Iif Idi Ecmic.

Ow ’g:2, c A-h.

B 1; High k dg (SEB).

O g: Chim fEAB, HMS Nwk d Svdg iD. Dic f C Oh,Lidég d Högä.

Bkg: SEB i vi mg-m ii. Pid d CEO fHNJ I (fm idiy fh Iciv G). Exciv VicPid f h Iciv G.Pid d G Chif Excivf R. Sv dichi.

Ow ’g:,0 cA-h.

B 1; LLM d Ec.D. H.C.

O g: Dic fSE d Ni.

Bkg: Bd xic ikig d fic, .g . NdicIvm Bk (Exciv VicPid d Hd f Fic). VicPid d CFO f IiFic Ci, WhigD.C. Dy G Mg fÅdk, Fid.

Ow ’g:22,000 cA-h.

B 1; B. Sc. (Ec) d M. Sc .(Mgm).

O g: Dic fNdj, N Fdi, Axd Mg Ax: Jh F-di, C f Jic, RchIi f Idi Ecmic, hSwdih C Gvc Bdd SFN/Tim. Mm f h Advi-y Bd Sckhm Sch f Ec-mic d h Ivm Cmmi- f NIAM Py Fd.

Bkg: Bd xic i hfici c CEO f Ac, hThid Ni Swdih Pi Fdd E. Öhm J: Fdkmmii, w dig ii iHdk. Sv dic-hi.

Ow ’g:,000 cA-h.

MARCUS WALLENBERG TUVE JOHANNESSON JACOB WALLENBERG

TOMAS NICOLINURBAN JANSSON BIRGITTA KANTOLASIGNHILD ARNEGÅRD HANSEN

JOHAN H. ANDRESEN





B 1; B. Sc. (Ec) d MBA.

O g: Chim fNki Sim Nwk BV. Dicf Ok ASA.

Bkg: Pic Wh. Vic

Pid d G ChifExciv f Bic Bk A/S. VicPid d Hd f Fic fNv Ndik A/S. CFO f D DkBk A/S d f LEGO Hdig A/S.CEO f Kiki G d CFO f TDCA/S.

Ow ’g:10,000 c A-h.

B 11; M.Sc. (Piic d Ec).

O g: Dic fCmfi d INGKA (Ik) Hdig.

Bkg: A, Af Lv G C d Si Exc-

iv Vic Pid f Eic. Sv- dichi.

Ow ’g:1,1 c A-hd c C-h.

B 12; B. Sc. (Ec).

Pid d CEO ic 200.

O g: Dy Chi-m f h Swdih Bk' Aci-i. Dic f Sci. Mm f

Sviy Bd Vkwg AGd Mich RE.

Bkg: Vi iiwihi Mch Bkig. GHd f Tdig d Hd f M-ch Bkig. Hd f Divii C- & Iii d ExcivVic Pid f SEB. Dy ChifExc iv Offi c.

Ow ’g: ,1 cA-h, 22, fmc hd 121, cdii h igh.

B 1; Sdi i Ecmic dAccig.

O g: Chim fFici Sc Ui f Swd SEBG, Rgi C Sckhm &E f h m i d f hE Wk Cci SEB G.Mm f h Bd f FiciSc Ui Swd.

Bkg: Hd vi iii SEB. Dy Mm f h Bdf SEB. Mm f h Bd fFic d Ic Umy-m Bfi Fd. Mm f hBd f SEB BLå.

Ow ’g:0

B 1; Advcd cific icci fy d hh dwk vim.

O g: Vic Chimf Fici Sc Ui f SwdSEB G d f c C Sck-hm d E. Riv G v Swd.

Bkg: Wkd wihi h i-v d c c wihiRi w i i fh h iv d c c.Ui iv d cd hd cci fy d hh wk. Vic Chim f Fi fö-d i SEB’ c c Sckhmd E. Scd Vic Chim fh Fici Sc Ui f SwdSEB G.

Ow ’g:0 c A-hd c C-h.

B 1; B.Sc. (Ec) KwicSch f Ecmic, Pd.

O g: Scd DyChim f Fici Sc Ui fSwd SEB G d Chim fRgi C Sckhm Ciy f hm i.

Bkg: SEB (FiSkdic)d i h Mch Bkigdivii. Ui igm ic200.

Ow ’g:,2 c-A h.

B 1; Egiig giic.

O g: Chim A-cii f Uiviy Gd SEBd f Rgi Acii Sck-hm f h m Acii. Bdmm SEB K Bk AB.

Bkg: S Mg Tygg-H i h y ici. SEB i vi ii iym mgm d IT dv-m. Cy Sym MgmAdvi. Ui iv fm2001.

Ow ’g:1,2 c A-h.

ANNIKA FALKENGREN

HÅKAN WESTERBERGPERNILLA PÅHLMAN MARIA LINDBLADMAGDALENA OLOFSSON

JESPER OVESEN CARL WILHELM ROS

Dic id y h my Dy Dic id y h my

Contact the Board of Directors:

Skdivik Ekid Bk AB, Bd SciG Lg, KA , S E-6 4 Sckhmdci@.





Group Executive Committee

VIVEKA HIRDMANRYRBERG MARTIN JOHANSSONMAGNUS CARLSSON

JOHAN ANDERSSON JAN ERIK BACKANNIKA FALKENGREN

B 12; SEB my ic 1;B. Sc. (Ec).

Pid d CEO ic 200.

O g: Dy chi-m f h Swdih Bk' Aci-

i. Dic f Sci. Mm fSviy Bd Vkwg AGd Mich RE.

Bkg: Vi iiwihi Mch Bkig. GHd f Tdig d Hd f M-ch Bkig. Hd f Divii C- & Iii d ExcivVic Pid f SEB. Dy ChifExc iv Offi c.

Ow ’g: ,1 cA-h, 22, fmch d 121, cdii high.


Chif Rik Offi c ic 2010. Hd fCdi d Rik C ic 200.

Bkg: Diff ii

wihi Mch Bkig d GCdi. Dy Hd f G Cd-i d Rik.

Ow ’g:,11 c A-h,22 c C-h d 2, f-mc h.


Exciv Vic Pid, Chif Fi-ci Offi c ic 200.

Bkg: Svk Hd-

k. CFO Skdi. Fi SiExciv Vic Pid d CFO Vf.

Ow ’g:,121 c A-h,1,21 fmc h d0, cdii h igh.


Exciv Vic Pid, Hd f hMch Bkig divii ic200.

Bkg: Bk f Nv Sci.Vi ii wihi SEB’ M-ch Bkig divii, icdigHd f Pjc & Scd Fic,Hd f C Ci d DyHd f h divii.

Ow ’g:,2 c A-h,1,1 fmc h d2, cdii h igh.

B 1; SEB my ic 10;B.Sc. d Lic. Sc. (Ec).

Hd f G Cmmici ic200.

Bkg: C & Lyd.Vi ii wihi SEB; FdMg, Hhd Ecmi,Hd f Pdc wihi h Lif i-, G P Offi c d Hd fCEO Offi c.

Ow ’g:20,11 c A-h,, fmc h d21,0 cdii h igh.

B 12; SEB my ic 200;B.Sc. (Ec).

Hd f Bi S fm 2011.

Bkg: Ciig i Swdd i vi igm dh wd. G Hd f Ci R-ihi Mgm wihi SEB’Mch Bkig divii. Hd fh Bic divii.

Ow ’g:0, cA-h, , fmc hd ,2 cdii h igh.





WILLIAM PAUS DAVID TEAREPETER HØLTERMAND

ANDERS JOHNSSON

B 1; SEB my ic 1;B.Sc. (Ec).

Cy Mg SEB Dmk ic2002.

Bkg: SDS. Afd Bg. SEBMch Bkig, Tdig & CiMk. G Hd f Fixd Icm& Sw, G Hd f Ci M-k d Hd f Mch Bkig iDmk.

Ow ’g: ,00 c A-hd 10, df igh.

B 1; SEB my ic 12;M. Sc. (Ec).

Cy Mg SEB Nwy ic2010.

Bkg: Vi iiwihi SEB Tdig & Ci Mk.Hd f Mch Bkig i G-my d Hd f Mch Bkigd Wh Mgm i Nwy.

Ow ’g:10,1 cA-h d 1,112 df igh.

B 1; SEB my ic 200;B. Cmm.

Hd f h Bic divii fm 2011.

Bkg:Ciik. Mg S-y. Ci Rihi Mgmwihi SEB’ Mch Bkig divi-i.

Ow ’g:,0 cA-h, 2,21 fmc h,,10 df igh d 2,1cdii h igh.

MATS TORSTENDAHL

Addii Mm

B 1; SEB my ic 1;High k dg.

Hd f h Wh Mgm divi-i ic 2010.

Bkg: Gök. Diff

ii wihi SEB’ MchBkig divii. Vi digii wihi SEB Piv Bkig.Hd f Tdig & Ci Mk,Mch Bkig.

Ow ’g:, c A-h,1,0 df igh d ,2cdii h igh.

B 11; SEB my ic 1;LLB.

Hd f G Hm Rcic 2010.

Bkg: Vi ii

wihi SEB’ Ri Bkig diviich Bch Mg, Cdi M-g, Dy Rgi Mg, Bi- A Mg f Pdc, P-c, Oi d IT, GHd f Piv Bkig, CFO &G Hd f Sff, Ri.

Ow ’g:20,00 cA-h, ,0 fmc hd 0, cdii h igh.

B 11; SEB my ic 200;M.Sc. (Egiig Phyic).

Exciv Vic Pid, Hd f hRi Bkig divii ic 200.

Bkg:ABB, Ögö Ekid

Bk, Vi ii wihi DkBk, ch Si Exciv VicPid d Hd f Dk BkSwd.

Ow ’g:, c A-h,1,21 fmc h d0, cdii h igh.

ULF PETERSON





T P C Ex OffiTh Bd h dd ici f h Pid dChif Exciv Offic’ di d .

Th Pid i i f h dy--dy dmii-i f h G’ i i ccdc wih h diciv,ici d ici ihd y h Bd. Th Pi-d h Bd d mi ch d mig , mg h hig, h fmc f h i- i i dcii md y h Bd.

Th Pid i h Hd f Divii, h Hd fBi S d Hd f h vi ff d gfci wih dic ig h CEO.

Th Pid h h cmmi h di- f h f mgig h i: h GEC, hALCO, p. 65 d h GRC, p. 65. T fgd h i fh G wh, h Pid c wih h GEC m f mj imc f imc ici.Th GEC d wih, mg h hig, m f cmmcc v divii, gic i, i ,fici fc d . Th GEC hd hi m-ig i . Further information about the President and the

GEC can be found on p. 62.

D, Th Bd g h civii f h G hgh ici ccig h G’ i d h iddw ihig hw h G’ divii, icdigh ii civii cdcd hgh ch didii, gvd d gid.

SEB’ i i gid i fiv divii. Ech divii’i dividd i i which, i , dividd i i i. Th Hd f Divii h viiiy f h civii f h divii d i,f ci wih h Pid, hd f i wihi h divii d f h idii h h divii ii f.

A Cy Mg i id i h civ ciwh SEB . Th Cy Mg c-di hG’ i cy d ciy digdmm f h GEC.

B S ff Bi S i c-divii fci ihd vg fi f c i i d IT. Bi S- cv , ch ci cig, dv-

m, mic d i f IT ym d mg-m f SEB’ IT gy d IT fi. Bi S icd SEB Wy – G-wid gmm f ci- imvm. A d h ihd yh Pid fm f h ci mgm fSEB’ IT dc dvm fi d dcii i IT-d m. For further information on Business Support

see p. 36.

SEB’ ff fci hv g fci cciiyd mg SEB’ g-wid ici, ici, -c d cd.

Rk gTh Bd h im ii iy f h G’ ikgii d f ig ifcy i c. ThRCC h Bd i hi wk. A c qh Bd d RCC civ h dvm f hG’ ik x.

Th Pid h v ii iy f mgig fh G’ ik i ccdc wih h Bd’ ici dici. Th Pid h h SEB’ gi-i d dmiii i d h h G’i i cmic wih x d i .I ic, h Pid h y i ik

Rk g SEB

B D

Rk C C

G Rk (CRO)

P

ALCO GRC

SEB´ g

B S

B D

MBkg

RBkg

WMg

L B

C Rk O

G C

G S

C F O

I A

P C Ex Offi

G C G Rk C Rk C





ifmi gdig SEB h Bd, icdig h ii-i f imi.

Pimy iiiy f ig h h Bd’ igdig ik mgm d ik c i id i c-ic wihi h G i wih h A d Lii iy Cmmi- (ALCO) d h G Rik Cmmi (GRC).

Th ALCO, chid y h Pid d wih h Chif

Fici Offi c dy chi, i G-wid dcii-mkig, miig d civ dy h hd hfwig m, mg h: ● fici iiy ● h d-ff w fici wd d ik i ● gic ci d iqidiy i

● c i d i ccig h dvm fh c h d h i vm

● ficig i ivvig why-wd idii.

Th ALCO hd hi mig i .T gh mgm’ ik vigh, i h f-

m G Cdi Cmmi w dd fm g-

wid, dcii-mkig i, h G Rik Cmmi, cv-ig y f ik h CEO-v d mkig i i v fi, dc d ci fm cmhivik civ. Th GRC i hid y h Bd mk cdi dcii, wih h xci f fw m h vd f h RCC. I ddii, h GRC i kd wih:

P k gYy ik m fmd h G d giy v, idify d dd h mi ik d h fici ig c, kig i cid-i h miiy d cmxiy c. Th immid i ICFR cig h ACC. I dciidifid fc w h g ii, cd d ym h cvd y h ICFR cdig h cmig y.

V g x Th ICFR c c dfid i cific f SEB d c-i f G-wid c d IT c. Exm f hc g vidi f h vi f fici i-m d cdi x, cciii d ym ccc. Yy vidi i fmd h h c

c miig h idifid ik i h fici igc. Thi i d i wkh ivvig h i d

fic , wh gh hv h qid c, y-m d ccig xi. Th c qim ciy cmmicd ivvd i hh iiii c.

P g Bd ik m, idifid fc d xcdc, h ICFR miig i d f h cmigy. Th cifi wh i i f miig hciv c wihi ch g iy, wh y f mi-ig civii hd cdcd d hw h i

d. Th miig i c-did wih h di f i d x di cd dcm miig f h ICFR c.

M Miig i cid ciy v c -. Exm f miig civii icd m h h c immd wihi dmm h qim h g v, i cchcki d ig f dfid ky ik idic. Th ITd c vim i mid h ccdig h d i cci wih h idci f w dc ym. Th miig h wk i h ICFRc idifid d h cmig c dmdii civii c iiid – i h im f mg-

ig h ik f mi i h fici ig.

R ICFR kTh miig yd h ik f ih fici ig. Thi i d i cci wih h q-y x fici ig. Th mmy ICFR miig i d h CFO qy i d h ACCc y. I dci h id fici ig ik v,icdig dcii f idifid c g d hw wh cmd y h c. Th ciddig f ICFR id ik ci cy i hgii d iiii f mdii civii.

I ddii mgm’ miig civii, IAdi iddy ICFR i ccdc wih dd y h ACC. Th di w m k

d hi c d g i hACC.

Riiiy i h fici ig i i SEB. Th ic v fici ig (ICFR) c i digd

ch iiiy. Th ICFR c SEB i cdcd i cyc, dcid i h ci w. I i d h fmwk

ihd y h Cmmi f Sig Ogizi f hTdwy Cmmii (COSO), i fiv i c cm-

: C Evim, Rik Am, C Acivii,Ifmi & Cmmici d Miig.

Internal Control over Financial Reporting

I n

d e p e

n d e n t t

e s t ing perf or me d b y I n t e r n a l A u d i t

Vid h digf xcdc

3 P miigd di civii

4 Mi dv c

5 RICFR id ik

Pfm ikmd cig

ICFR i igd

f diyi

Q 3

Q 1

Q u a

r t e r l y

C o n t i n

u o u s l y

Q4





● ig h ik ih i h civii f h SEBG idifid, dfid, md, mid dcd i ccdc wih i d x

● ig h Pid i ig h dcii gd-ig h SEB G’ g m ik i/mii fwd i h i gii

● ig h h Bd’ gidi f ik mgm

d ik c dhd d h h cy d ici f ik kig i h SEB G miidd fcd.

Th Pid v chi f h GRC, wih h Chif Rik Offi-c (CRO) h dy chi. Th GRC hd 59 mig i .

Th G Rik gii, d y h CRO, i if idifyig, mig d cig SEB’ ik. I wk icid i h diff fci wk m h h CRO: Rik C, G Rik C d G Cdi.

Th CRO i id y h Bd d h Pi-d. Th CRO k h Bd, h RCC, h GEC, h ALCO dh GRC gy ifmd ik m. Th CRO hg fci iiiy d i idd fm hi gii. Th civii f h CRO gvd yd i ici dd y h Bd.

Rik C , m d mi ik – im-iy mk ik, iqidiy ik, i ik, cdi ik d i-c ik – gi ihd imi d i ccdc wih cic f ik mgm hgh h gii.

G Rik C fc gggi d yi fcidd ik d c ik y d c h G’cdi f i, dvm f md f h B II ikwighig d g m dig ik gvcd ik dic.

G Cdi i i f mgig h cdiv c d f mj idivid cdi dcii. I i i f yi d vigh f h cmiif h cdi fi d f miig cmic wih i-ci y h RCC d h Bd. I civii gd yh G’ Cdi Ici, dd y h Bd. ThG Cdi Offic i id y h Pid, c-mmdi y h CRO, d h CRO. Th RCCd h Bd civ ifmi h cmii f hcdi fi, icdig g x d cdi , c q. Th cdi gii i iddfm h i i d d wih cdi m xc-

ivy. Th chi f h civ divii cdi cmmihv h igh v cdi dcii. Sigific xci h G’ Cdi Picy m fd high v ih dcii-mkig hichy. Further information about risk,

liquidity and capital management can be found on p. 38.

I A CMgm v wihi h divii, fc-i d G Cdi h fi i f dfc fik i h gii. Th G Rik gii dG Cmic fm h cd i f dfc. GI Adi i h hid i f dfc.

G I Adi i idd G-wid fc-i h i dicy di h Bd. Th mi -iiiy f I Adi i vid i d jcivc h Bd d Pid gdig h ffciv- f c, ik mgm d gvc c,wih h im f miigig c d vvig high ik di dig hc h c c wihi h G. ThHd f G I Adi i id y h Bd d h Bd hgh h ACC d k h Pidd GEC gy ifmd i di m. ThACC d f h wk f I Adi.

Th G Cmic fci i idd fm hi civii whi vig i fc-i. I i d fm h g fci f h G. ThCmic fci h c civy h qiyf cmic i h G hgh ifmi, dvic, c- d fw- wihi h cmic , hy -ig h i civii d mgm. Sci f iiiy icd: ● cm ci

● mk cdc ● vi f my dig d ficig f im

● gy cmic d c

Th Hd f G Cmic i id y h Pid v y h ACC d gy h Pi-d d h GEC d ifm h ACC cmici. Fwig g-wid cmic ik md v fm h ACC, h Pid d cmic .

Th Bd h dd ici f h G’ IAdi d Cmic civii.


Information about the auditorAccdig i Aic f Acii, h Bk h hv d m h w di wih m qm f di. A gid ccig fim my id di.

PicwhC AB h h Bk’ diic d w -cd i f h id dicdig h 3 AGM. Th i chg fm h AGM, h P Nyig, Ahid Pic Acc-. Th c-igig di h Ahid PicAcc Mg Sv Hy. P Nyig hdiig xic fm v mj Swdih cmi.

Th f chgd y h di f h diig f h Bk’ cc f h fici y d , c-ivy, d f h igm ivicd dig hid, hw i h .

AUDITOREcd y h A G MigPicwhC

PETER NYLLINGE

B ; Adi f SEB, P i chg f .Ahid Pic Acc.

F SEK m

Adi igm

Adi d vic

Tx dviy

Oh T 03 8

I ddii, f d x wc i i h divm f hGm i i m SEK m ().See also note.





Remuneration reportR gSEB’ mi ym im c, i d mi-v my wih h igh cmc wh hy c-i h Bk’ g-m cc. Emy’ cm-i hd cg gd fmc, d hvi

d ik-kig h igd wih cm d hhdxci. Th cmi i d xic dfmc d m g-m cmmim c-ig v.

R SEB’ mi c i d h cm y, g-m qiy-d cmi d i dh fi. Th cm d chiv vmi c. M my i SEB k i cciv fi-hig gmm d g -fmc.

Th fixd y SEB ff h cmiiv d flch my’ cmc d xic. I hd i i wih cm idi i ch gghic mki which h Bk .

SEB h dcd h h f my wh igif idivid ch-d vi cmi. Thidc flc h gdy chgig mk cic dh hif fm vi fixd cmi. Ch-dvi cmi i y d wh i i cmm mkcic, f xm wihi ivm kig. I hch-d vi cmi cdd 7 cf SEB’ ff c ().

A SEB, ch-d vi cmi i d hik-djd d fmc f h idividmy, f h idivid’ civ m/i id f SEB wh. SEB h w-ihd md fcci d i ci f ci. Th ik-djd i d hi md.

Lg-m qiy-d cmi i m c d i ff wih ky cmci. I idg-m cmmim SEB d c iciv f hmy cm SEB hhd. Th qiy-dgmm vid c f ik djm f h c- d f ik, d h h fi cm c -qy dcd i i f, i cmic wih h f h Swdih Fici Sviy Ahiy.

Lg- q g Th A G Mig vd h diffgmm f :

● f-y Sh Svig Pgmm f my icd ci

● v-y Sh Mchig Pgmm f cd img d ky my

● -y Sh Df Pgmm f h G Exc-iv Cmmi d ci h xciv mg

Share Savings Programme

Th Sh Svig Pgmm i ffd my icd ci d im gh g-m cmmi-m SEB. Th gmm f f y i .Emy ffd iv i SEB c A-h hc mk ic f mximm m f 5 c f y’ g y. If h h id f hy d h ici mi wih SEB dig hi im,h my wi civ h cdig m f cA-h. 43 c f my ici i mf h Sh Svig Pgmm ffd w 9 d.

Share Matching Programme

Th Sh Mchig Pgmm i v y iciv -gmm wih dmid fmc cii. Axi-my 4 cd i xciv d h ky my- ffd ici. Picii qi wivm i SEB c A–h. Af h y, h i iiiy civ mchig h igh d fmc-d mchig h igh.

Th idivid ivm m i dmid dimid. F ch h hd f h y h ici wiciv mchig h igh d mximm f h -fmc-d mchig h igh. Ech mchig high vid h ici wih h igh civ SEBA-h. A qii i h h ici mimyd y SEB dig h fmc id. Th -gmm h c. Th fmc cii i d h f SEB’ h i cmi wih h Bk’ d h ik-f i . Th ci i mxi-mid wh h fmc cii ffid d hh ic h dd. Th ici i h hmchig gmm d ici i y h qiy-d gmm.

V

Sh-m ch-d cmi i i ff c (icdig ci chg),

2

20

1

10

0

200200200200

1) Shw ciig i fm 200

2010

1)

2 00 2 00

1)

200

1)

2011

1)

1

1)

Sff SEK m

B y , (,)

Vi y , (,)

Sci chg , (,)

Pi , (,)

Oh ff c ()

P c

Vi cmi cg f ff c





Share Deferral Programme

Th Sh Df Pgmm i -y iciv -gmm dicd h mm f h G Exciv Cm-mi d cd xciv mg, ximy i. Bd dmid G d idivid g,h ici gd idividy m fh igh. Th g y d h ficid -fici . 5 c f h h igh df h-y vig id d 5 c f fivy.

A qim f vig i h h ici mimyd y SEB dig h fi h y f h gmmd h h ici dy w -dmid m- f SEB h. Fwig h vig id h h ighm hd f m y, f which hy c xcid dig h-y id. Th gmm im h ici q fig wih SEB’ hhd.Th ici hf cmd f h v fdividd id dig h m f h gmm.

Pici i h Sh Df Pgmm d ici i y h qiy-d gmm.

R P G Ex CSEB’ Bd f Dic dcid h mi f hPid d h h mm f h G ExcivCmmi d cmmdi y h Rmid Hm Rc Cmmi. Th mi h i i wih h gidi y h A G Mig.

Th A G Mig vd h h mi f G Exciv Cmmi h d h cm y, g-m qiy-d cm-i (Sh Df Pgmm) d i d hfi.

Th mi d icd ch-d vicmi. Th i f h mm f hG Exciv Cmmi ci f dfid fi dfid cii i d ivi. A wih hh my, h im i ic h m i dfidcii . Th dfid fi hv c fh my’ i y. F mii f my-m i which h Bk v ic, wv mh’ v-c y i y. SEB h h igh ddc y icmd fm h mym fm h vc y.Did ifmi mi f h Pid d hmm f h G Exciv Cmmi i i -vidd i N 9c.

Th Bd’ d gid i f dcii y h 3AGM cd i mi c h gid-i. Th i vi www.g.cm.

R PTh ici f h dmiig, yig d fwig f mi wihi SEB, w h idifici fmy wh cifid ciy gd ff, id i SEB’ Rmi Picy. Th RmiPicy i dd y. Th Rmi d HmRc Cmmi d vid vi,wih i fm h v c fci, f fi d-i y h Bd.

I , h m f ciy gd ff w 964.Read more about remuneration in note 9.

R SEB 202SEK hd

Base pay

Cash-basedvariable

compensation

Expensedamount

equity-basedprogrammes Benefits T Pensions

Pid d CEO, Aik Fkg , – , , , ,

Oh mm f h GEC , – , , , ,

T 42,0 8,88 2,93 3,30 2,0

SEB xcdig GEC ,, , , , ,, ,,

SEB 8,334,4 883,94 3,44 0,448 9,3,8 ,42,22

I 2012, i vg i mm f h GEC icdd.

S q- gP c vd

100

0

0

0

20

0

Ac cm Eimd cm 2010–2012

Pfmc h Sh mchig

200200200200200 12010 200 2010 2011




F C

Note Page

T SEB G

Icm m

Bc h

Sm f chg i qiy

Ch fw m

Skk Ek Bk

Icm m

Bc h

Sm f chg i qiy

Ch fw m

N h fici mC ifmi

Accig ici

Oig gm

N

3 N i icm

4 N f d c mmii icm

5 N fici icm

6 N if ic icm

7 N h icm

8 Admiiiv x

9 Sff c

9 a Rmi

9 b Rim fi igi

9 c Rmi h Bd dh G Exciv Cmmi

9 d Sh-d ym

9 e Nm f my

0 Oh x

Dcii, mii d imimf gi d igi

Gi fm dif gi d igi

3 N cdi

4 Aii

5 Icm x x 6 Eig h

7 Oh cmhiv icm

Note Page

N

8 Rik dic

8 a Cdi ik

8 b Liqidiy ik

8 c I ik

9 Fi v mm f fici d iiii

0 Ch d h dig c k

L cdi iii

L h ic

3 Fici fi v

4 Avi-f- fici 5 Hd--miy ivm

6 Ivm i ci

7 Sh i idii

8 Tgi d igi

9 Oh

30 Di fm cdi iii

3 Di d wig fm h ic

3 Liiii icyhd

33 D cii

34 Fici iiii fi v

35 Oh iiii

36 Pvii

37 Sdid iiii

38 Uxd v

A

39 Off-c h im

40 C d -c d iiii

4 Fici d iiii y c

4 D im y mii

43 D im y i

44 L d vii

45 Diviv im

46 Rd y dic

47 Ci dqcy

48 F miimm ym f i 49 A d iiii diid y mi cci

50 Lif ic i

5 A i i-ik i

5 A d iiii cifid hd-f-d dicid i

53 Rcifid fi

54 Rm f Fici Sm – SEB G

Fiv-y mmyTh SEB G

Skdivik Ekid Bk




financial statements

I

SEB G

SEK m Note 0 Change, %

Interest income , , –Interest expense –, –, –

N i icm , , Fee and commission income , , –Fee and commission expense –, –, –

N f d cmmii icm , , –Gains (losses) on financial assets and liabilities held for trading, net , , Gains (losses) on financial assets and liabilities designated at fair value, net – – Impairments of available-for-sale financial assets – – –

N fici icm , , Premium income, net , , Income investment contracts , , Investment income net , , Other insurance income –Net insurance expenses –, –,

N if ic icm , , Dividends –Profit and loss from investments in associates –Gains less losses from investment securities – – Other operating income – –

N h icm – –

T g , , Sff c –, –, Oh x –, –, –Dcii, mii d imim f gi d igi –, –,

T g x , ,

Pfi , , Gi fm di f gi d igi –N cdi –

Og fi , , Icm x x –, –, –

N fi g , , Dicid i – –, –

NET PROFIT , ,

Ai miiy i –Ai hhd , ,

Bic ig h fm ciig i, SEK . .Did ig h fm ciig i, SEK . .

Bic ig h fm dicid i, SEK –. –.Did ig h fm dicid i, SEK –. –.

Bic ig h, SEK . .Did ig h, SEK . .

S

N fi , ,

Avi-f- fici , Ch flw hdg , –Ti f fig i – – Dfd x i ffc – –Dfid fi –, –Oh – –

O ( x) ,

TOTAL COMPREHENSIVE INCOME , , –

Ai miiy i –Ai hhd , , –





B

SEB G

3 December, SEK m Note 0 Change, %Opening balance

0

Ch d ch c wih c k , , ,Oh dig c k , , – ,L h cdi iii , , – ,L h ic ,, ,, ,,

Securities held for trading , , ,Derivatives held for trading , , ,Derivatives held for hedging , , – ,Fair value changes of hedged items in a portfolio hedge , – ,Financial assets – policyholders bearing the risk , , ,Other financial assets at fair value , , – ,

Fici fi v , , ,Avi-f- fici , , – ,Hd--miy ivm – ,A hd-f- , – ,

Ivm i ci , , – ,Intangible assets , , – ,Property and equipment , , – ,Investment properties , , ,

Tgi d igi , , – ,Current tax assets , , ,Deferred tax assets , , – , Trade and client receivables , , ,Withheld margins of safety , , ,Other assets , , – ,

Oh , , ,

TOTAL ASSETS ,, ,, ,,

Di fm cdi iii , , – ,Di d wig fm h ic , , ,

Liabilities to policyholders – investment contracts , , ,

Liabilities to policyholders – insurance contracts , , , Liiii icyhd , , ,D cii , , ,

Trading liabilities , , – , Derivatives held for trading , , , Derivatives held for hedging , , – ,Fair value changes of hedged items in portfolio hedge , , ,

Oh fici iiii fi v , , ,Liiii d hd-f- , – ,

Current tax liabilities , , ,Deferred tax liabilities , , – ,Trade and client payables , , ,Withheld margins of safety , , ,Other liabilities , , ,

Oh iiii , , ,Pvii , , – ,Sdid iiii , , – ,

T ,, ,, ,,Miiy i –

Share capital , , ,Other reserves –, –, –, Retained earnings , , , Net profit, attributable to shareholders , , ,

Shhd’ qiy , , ,

T q , , ,

TOTAL LIABILITIES AND EQUITY ,, ,, ,,

Off-

C d cm ciy dgd f w iiii , , Oh dgd d cm c , , Cig iiii , ,

Cmmim , ,





S g q

SEB G

3 December, SEK m 0 Change, %Opening balance

0

Miiy i Shhd’ qiy , , ,

TOTAL EQUITY , , ,

S' q

Sh ci ) , , ,Oh icd v , , ,

Eq, , , ,

Eimii f chd h d w –, –, – –,Oh v –, –, –,Oh -icd qiy , , ,

N fi i qiy hd , , ,Eq, - ) , , ,

TOTAL , , ,

) ,,, Si A-h (,,,); ,, Si C-h (,,).) Ifmi ci qim c fd i N Ci dqcy.

Cg q

Other reserves

Share

capitalRetainedearnings

Available-for-sale

financialassets

Cashflow

hedges

Translationof foreign

operations

Definedbenefit

plans Other

TS’

qMinorityinterests

TEq

Oig c , , –, , –, – – , ,

N fi , , ,Oh cmhiv icm ( f x) , – –, –

T , , , , ,

Dividd hhd ) –, , ,Emy h gmm ) – Miiy i – Chg i hdig f w h

CLOSING BALANCE , , , –, –, – , ,

0

Oig c , , –, – –, , ,Chg i ccig icyf dfid fi –, , ,

Aj g , , , , , ,

N fi , , ,Oh cmhiv icm ( f x) , – – – , – ,

T , , , ,

Dividd hhd ) –, , ,Emy h gmm ) Miiy i – Chg i hdig f w h –

CLOSING BALANCE , , , , , , ,

Chg i fi v mmf fici –

ADJUSTED CLOSING BALANCE , , –, , –, – – , ,

) Dividd id f w A-h SEK . (.) d C-h SEK . (. ). Pd dividd f i SEK ., f h ifmi c fd i Th SEB h g –.) Th im icd chg i mi m f qiy w d f hdgig f ck i gmm. Dig , SEB chd . mii Si A-h f h g-m ic-

iv gmm dcidd h A G Mig. A ck i w xcid, . mii h w d i . A f Dcm SEB wd . mii C A-hwih mk v f SEK m. Ah . mii h hv d ck i w xcid i . Dig , SEB chd . mii Si A-h f h g-m iciv gmm dcidd h A G Mig. A f Dcm SEB wd . mii C A-h wih mk v f SEK m.





C flw

SEB G

SEK m 0 Change, %

I civd , , –I id –, –, Cmmii civd , , –Cmmii id –, –, N civd fm fici ci , –,Oh icm , , Pid x –, –, –Tx id –, –, –

C flw fi , ,

Ic (–)/dc (+) i fi –, , –Ic (+)/dc (–) i id h-m cii , , Ic (–)/dc (+) i dig cdi iii d c k –, , –Ic (–)/dc (+) i dig h ic –, –, –Ic (+)/dc (–) i iiii cdi iii –, –,

Ic (+)/dc (–) i di d wig fm h ic , , –Ic (–)/dc (+) i ic fi –, –, Chg i h –, ,Chg i h iiii , –,

C flw g , ,

S f h d d , –S f igi d gi fixd –Dividd –Ivm/divm i h d d –Ivm i igi d gi –, –, –

C flw g , ,

I f cii d w wig , , –Rym f cii –, –, –Dividd id –, –,

C flw fig , ,

NET CHANGE IN CASH AND CASH EQUIVALENTS –, , –

Ch d ch qiv giig f y , ,Exchg diffc ch d ch qiv –, –N ic i ch d ch qiv –, ,

CASH AND CASH EQUIVALENTS AT END OF PERIOD , , –

) Ch d ch qiv d f id i dfid Ch d ch c wih c k ( ) d L h cdi iii – y dmd ( ).

Th divm f h Ukii k w fiid dig d hd ffc ch d ch qiv f SEK m.F ch flw m fm dicid i, .





I I ccdc wih h Swdih Fici Sviy Ahiy gi

Skk Ek Bk

SEK m Note 0 Change, %

I icm , , Lig icm , , I x –, –, –Dividd , , –F d cmmii icm , , –F d cmmii x –, –, –N fici icm , , Oh icm , –

T g , ,

Admiiiv x –, –, Dcii, mii d imim f gi d igi –, –,

T g x , ,

Pfi , ,

N cdi – – –Imim f fici –, –

Og fi , ,

Aii –, –Icm x x –, –, –Oh x –

NET PROFIT , , –

S

N fi , ,

Avi-f- fici Ch flw hdg , –Ti f fig i –

Oh – –O ( x) , ,

TOTAL COMPREHENSIVE INCOME , , –







S g q

Skk Ek Bk

3 December, SEK m 0 Change, %

Sh ci ) , ,Oh icd v , ,

Eq, , ,

Eimii f chd h d w –, –, Avi-f- fici –, –, –Ch flw hdg , , Ti f fig i – – Chg i fi v mm f fici – –Pfi gh fwd , , N fi f h y , , –

Eq, - , ,

TOTAL , ,

) ,,, Si A-h (,,,); ,, Si C-h (,,)

Cg q

Share

capitalRestricted

reservesRetainedearnings

Available-for-salefinancial assets

Cash flowhedges

Translationof foreign

operations T

Oig c , , , –, , – ,N fi , ,Oh cmhiv icm ( f x) – ,

T , ,

Dividd hhd ) –, ,Emy h gmm ) – Mg Chg i hdig f w h –

CLOSING BALANCE , , , –, , – ,

Oig c , , , –, – – ,N fi , ,Oh cmhiv icm ( f x) – , ,

T , , ,

Dividd hhd ) –, ,Emy h gmm ) Mg Chg i hdig f w h –

CLOSING BALANCE , , , –, , – ,

Cg fi

ADJUSTED CLOSING BALANCE , , , –, , – ,

) Dividd id f w A-h SEK . (.) d C-h SEK . (.). P d dividd f i SEK ., fh ifmi c fd i Th SEB h g –.) Th im icd chg i mi m f qiy w d f hdgig f ck i gmm.

Dig , SEB chd . mii Si A-h f h g-m iciv gmm dcidd h A G Mig. A ck i w xcid, . mii hw d i . A f Dcm SEB wd . mii C A-h wih mk v f SEK m. Ah . mii h hv d ck i w xcid i. Dig , SEB chd . mii Si A-h f h g-m iciv gmm dcidd h A G Mig. A f Dcm SEB wd. mii C A-h wih mk v f SEK m.





C flw

Skk Ek Bk

SEK m 0 Change, %

I civd , , I id –, –, Cmmii civd , , Cmmii id –, –, –N civd fm fici ci , –,Oh icm , –Pid x –, –, Tx id – –, –

C flw fi , ,

Ic (–)/dc (+) i dig fi –, ,Ic (+)/dc (–) i id h-m cii , , Ic (–)/dc (+) i dig cdi iii – ,Ic (–)/dc (+) i dig h ic –, –, –Ic (+)/dc (–) i iiii cdi iii –, ,

Ic (+)/dc (–) i di d wig fm h ic , , –Chg i h –, –, –Chg i h iiii , ,

C flw g , ,

Dividd , , –Ivm i idii/Mg f idii , , Ivm/divm i h d d , Ivm i igi d gi –, –, –

C flw , ,

I f cii d w wig , ,Rym f cii –, –,Dividd id –, –,

C flw fig , ,

NET CHANGE IN CASH AND CASH EQUIVALENTS , ,

Ch d ch qiv giig f y , ,Exchg diffc ch d ch qiv –, N ic i ch d ch qiv , , –

CASH AND C ASH EQUIVALENTS AT END OF PERIOD , ,

) Ch d ch qiv d f id i dfid Ch d ch c wih c k ( ) d L h cdi iii – y dmd ( ).



notes to the financial statements


N fi SEK m, hwi d.

Ag

SIGNIFICANT ACCOUNTING POLICIES FOR THE GROUP

S Th G’ cidd cc hv d i ccdc wih hIi Fici Rig Sdd (IFRS) d ii f hdd dd y h E Cmmii. Th ccig fwh A Acc Ac f Cdi Iii d Scii Cmi(:) d h gi d g gidi id y h SwdihFici Sviy Ahiy, A i cdi iii dcii cmi (FFFS :). I ddii hi h Smyccig f g RFR d h ddii UFR m idy h Swdih Fici Rig Bd hv id.

B Th cidd cc d mid c, xc f h fiv mm f vi-f- fici d fici d iiii md fi v hgh fi icdig diviv.Th fici m d i Swdih k (SEK), which i hi ccy f h G.

CSubsidiariesTh cidd cc cmi h fici m f h cmy d i idii. Sidii cmi, v which h cmy h c d cqy h w gv h ficid ig ici f h iy i fi fm i civii.Sch iflc i dmd xi wh, mg h cicmc, h cmy hd, dicy idicy, m h c f h vigw f iy. Cmi i which h cmy i idiyhd m h c f h v, xci c d cc g , icdd i h cidd cc.

Th fici m f h cmy d h cidd -idii f h m id d hv dw ccdig h c-cig ici ic h G. A idiy i icdd i h ci-dd cc fm h im f cqiii, ig h d wh h

cmy gi c v h idiy. Th idiy i icdd i h c-idd cc i h d wh c v h cmy c xi.

Th cidd cc d i ccdc wih h c qiiimhd. Th cqiii v i md h fi v f h giv,qiy im id d iiii icd md.

Th idifi cqid d h iiii d cig iiiimd i i cmii md iiiy hi fi v cqiii d, iciv f y miiy i. Th xc f hcidi fd f h c qiii v h fi v f h G’h f h idifi cqid i cdd gdwi. If hcidi fd i h h fi v f h f hcqid idiy, h diffc i cgid dicy gi fi .

Gdwi i cd w h ch-gig i g f iwhich xcd gi fi fm cqiii hgh ygi. Thch-gig i which gdwi i cd c d h wv wihi h G i which gdwi i mid f i mgm

.Th f if f ch idivid igi i dmid hgh h

f if f gdwi i idfii. F ifmi gdig mii dimim, fh cmm d igi .

I-g ci, c d id gi d -

ci w G cmi imid. Th miiy i f h i idii i icdd i h d i h cidd fid cc, whi h miiy h f i icdd i qiy.

Associated companiesTh cidd cc icd cid cmi h cm-i i which h G h igific iflc, c. Sigificiflc m h h G c ici i h fici d igicy dcii f h cmy, whi dmiig cig chfici d ig ici. A igific iflc i gy dmd xi if h G, dicy idicy, hd w d c f hvig igh f iy.

Accdig h mi ici, cid cmi cidd iccdc wih h qiy mhd. Thi m h h hdig i iiiyd i cqiii c. Th ci cmy i qy cid v h cd h G’ h f h . Hwv, hG h ch d ig ivm i ci hd y h G’v ci gii fi v hgh fi h i hh mgd d vd d fi v.

Special Purpose EntitiesSci P Eii (SPE) cidd wh h c f hihi w h G d h iy idic c. Piidic f c icd f xm m f h G’ x h ik d fi f h SPE.

A A ( di g) cifid hd f h im wh -c g f (di g) vi f immdi i i cdii d i i dm d highy . A him f h cifici, vi f h di g i md h w f i cyig m d fi v, c . Ay qimim vi cgid dicy i fi . Ngi cgid i xc f ccmd imim f h cgid viy. Fm h im f cifici, dcii i md

f y d qim igi igiig fm dicidi. A d iiii hd f d y i hc h i hy d. Dicid i d y i h icm m. Th cmiv fig f h viy i h icm m d d f h vi y hv djd if h dicid i hd v f hciig i.

Sg gA ig gm i idifid h i f i cm f h G h gy viwd y h chif igdcii mk i d c c h gm d hi fmc. Th G’ chif ig dcii mk i h GExciv Cmmi.

Fg

Fig ccy ci d i h i fciccy ig h xchg viig h d f h ci.O q c h d my im i fig ccy d ig h cig . N-my im, which md im f hiic c i fig ccy, d ig h xchg

C Th SEB G vid c, i, ivm d iv kigvic. Th G vid mgm d if icvic.

Skdivik Ekid Bk AB (.) i h cmy f hG. Th cmy i Swdih imid iiiy cmy wih igid ffic i Sckhm, Swd.

Th cmy i icdd i h Lg C gm f h NASDAQ OMXck xchg.

Th cidd cc f h fici y w vd fici y h Bd f Dic Fy d wi d fdi h A G Mig.





h d f h ci. N-m y im, which md fi v i fig ccy, d yig h xchg hd which h fi v i dmid.

Gi d iig f xchg diffc m i f my im cgid i fi . Tidiffc -my im, cifid fici ficiiiii fi v hgh fi , icdd i h chg i fi vf h im. Ti diffc fm -my im, cifid

vi-f- fici , cgid i h cmhivicm. Exchg diffc fig my im cmiig f ivm i fig i d i h m wy.

Th icm m d c h f G ii, wih fc-i ccy h h h G’ i ccy, d Swdih k (SEK) i h cidd cc. A d iiii ifig G ii d cig d icm d x ih icm m d h vg xchg f h y.Rig xchg diffc cgid cm fh cmhiv icm.

Gdwi iig i cjci wih cqiii f fig G ii, w djm h fi v f d iiii md i cjciwih cqiii i icdd i d iiii i h fig iy iqi d i d h i ccy cig .

F Financial assetsFici cgid h c h wh h G cm y h cc vii f h im d md fi v- iii cgii. Tci c ic dd i h fi v iiicgii xc f fici digd fi v hgh fi wh ci c xd i h fi d m. Fi-ci dcgid wh h igh civ ch flw hv xid h G h fd iy ik d wd. Tf f fici wih i f iy ik d wd icd f xm- ch ci d cii dig ci.

Th G cifi i fici i h fwig cgi: ficiim fi v hgh fi ; d civ; hd--miy ivm d vi-f- fici .

Td d ccig i id fici cifid i h c-gi, fici fi v hgh fi d vi-f-fici . Sm d ccig i id h h cgif fici .

Financial instruments at fair value through profit and lossFici fi v hgh fi ci f fici cifid hd f dig d fici which, iii cgii,hv digd fi v hgh fi (fi v i). Fi-ci cifid hd f dig if hy hd wih h ii d i h h-m d f h f gig fi. Diviv cifid hd f dig digd hdgig im.

Th fi v i c id cc icdig m m-ddd diviv, ivm h mgd d vd fi vi d ii i which ch digi dc m m ici-ci. Th f h fici d fici iiii which hv digd fi v hgh fi d h cii f ch dig-i dcid i h v h fi ci m.

Gi d iig fm chg i fi v d i h icmm gig i d h im N icm fm fici -

ci.

Loans and receivablesL d civ -diviv fici wih fixd dmi- ym h qd i civ mk. L d civ md mid c ig h ffciv i mhd. Th ch im Ch c wih c k, L cdi iii dL h ic icdd i hi cgy.

Held-to-maturity investmentsHd--miy ivm -diviv fici digdwih h ii d iiy hd i miy. Thi cgy ci f fi-ci wih fixd dmi ym d fixd miy. Hd--miy ivm md mid c ig h ffciv i- mhd.

Available- for-sale financial assetsAvi-f- fici -diviv fici h dig-d vi-f- d cifid i y f h h cgi d-cid v. Avi-f- fici md fi v. Gid iig fm chg i fi v d i h cmhiv

icm d ccmd i h vi v i qiy. I h c f imim f vi-f- fici , h ccmd gi viy d i qiy cgid i fi . I i-ig vi-f- fici i cgid i fi , yigh ffciv i mhd. Dividd qiy im, cifid vi-f-, cgid i fi .

Ivm i qiy im wih qd mk ic i civmk md, if i, fi v h i f cgid

vi mhd. Ivm i qiy im wih qd mkic i civ mk d wh fi v c iy md md c. ReclassificationI cicmc -diviv dig fici h ghd f h f ig i i h m my cifid f h fiv hgh fi cgy. Fici hd i h vi-f- cgy my cifid d c iv hd miy ifSEB h h ii d iiy hd h fici f h ff i miy. Th cifid m m h dfiii f hcgy which i i cifid h cifici d. Th qii cify hd miy i i d iiy hd miy.

Rcifici md fi v f h cifici d. Fi vcm h w mid c. Effc iv i f fici cifid d civ d hd-- miy cgi d-mid h cifici d. Ic i im f ch flw f c-ifid fici dj ffciv i civy, wh d-c i h imd ch flw chgd h fi .

Financial liabilitiesFici iiii md fi v iii cgii. I h cf fici iiii md fi v hgh fi , cic dicy i h cqiii h ic f h ficiiiiy cgid i fi . F h fici iiii dicci c cgid d dci fm h fi v.

Fici iiii dcgid wh x igihd, h i, wh higi i dichgd, ccd xid.

Financial liabilities at fair value through profit or lossFici iiii fi v hgh fi ih cifid hdf dig digd fi v hgh fi iii cgii(fi v i). Th cii f cifici f fici iiii d hfi v i h m f fici . Liiii icyhdd D cii icdd i hi cgy. Fici iiii hd fdig imiy h ii i i-ig cii, qii ddiviv. Gi d iig fm chg i fi v d ih icm m gig i d h im N icm fmfici ci.

Other financial liabilitiesTh cgy h fi ci iiii imiy icd h G’ h-md g-m wig. Af iii cgii h fici iiii md mid c, ig h ffciv i mhd. Th ch im Di fm cdi iii, Di d wig fm hic d D cii icdd i hi cgy.

Offsetting financial transactionsFici d iiii ff d h m d i h

c h wh h i g igh ff ci d ii i h d h iiiy imy.

Fair value measurementTh fi v f fici im qd i civ mk, f xmdiviv, fici d fici iiii hd f dig, d vi-f- fici , i d qd mk ic. Th c id ici d f fici d h c ff ic f fici iiii.Wh d iiii h ffig mk ik mid mk ic d f ihig fi v.

Th fi v f fici im h qd i civ mki dmid y yig vi vi chiq wih mximm fv i. Th vi chiq d f xm dicdch flw, i icig md, vi wih fc c -ci i h m im d vi wih fc h ficiim h iy h m.

Ay diffc w h ci ic d h fi v ccdig vi chiq wih v i, h Dy fi, i m-id v h if f h ci. Dy fi i cgid wh ih -id hgh m i d cc fi v d -v ic .





Embedded derivativesSm cmid cc ci h diviv d -divivcm. I ch c, h diviv cm i md mddddiviv. Wh h cmic chciic d ik f h mddddiviv cy d h f h h cc, d h hcc if i cid fi v hgh fi , h mddddiviv i ifcd d d fi v wih gi d igcgid i h icm m.

Ci cmid im cifid fi ci ficiiiiy fi v hgh fi ccdig h fi v i.Th digi imi h h i cmid im i md fi v hgh fi d .

Hedge accountingDiviv d hdg i , xchg , d qiy x.Wh diviv hd f ik mgm , d wh cim h qid cii, h G i fi v hdg ccig, chflw hdg ccig, hdgig f ivm i fig i i h ik ig hdgd. Th G dcm d dig ici h ihi w h hdgd im d h hdgig im w h ik jciv d hdg g y. Th G dcm im h ici d gig i whh civy hdiviv d xcd , d highy ffciv wh dcivy, i ffig chg i fi v ch flw f h hdgdim. Th G d dcm h h ikihd f fcdci k c i highy . M ifmi gdig hdgccig c fd i h ddig N h icm.

Hdg ccig i id diviv d dc ik ch i ik d ccy ik i fici im d ivm i -idii. Th G i diff hdg ccig md ddig h f h hdg.– Hdg f fi v f cgid iiii fim cmmim

(fi v hdg)– Hdg f h fi v f h i ik f fi (fi hdg)– Hdg f highy f ch flw i cgid

iiii fcd ci (ch flw hdg)– Hdg f ivm i fig i ( ivm hdg).

Th G dici hdg ccig wh:– Th diviv h cd highy ffc iv hdgig im;– Th diviv xi, i d, mid, xcid;– Th hdgd im m, i d id; – Th fc ci i g dmd highy .

Fair value hedgeFi v hdg d c h G gi di x chg i h mk ic f cgid iiii. Chg i fi vf diviv h qify d digd hdgig im cddi h icm m, gh wih chg i h fi v f h hdgd iiiy h i h hdgd ik N h icm.

Wh h G hdg h fi v f i x i fi i-cdig fici fici iiii, cd fi hdgig f i ik, h gi i h hdgd im d - im d im d iiii i h c h.

Wh hdg ihi dicid, y djm h cyigm f h hdgd im i mid fi v h id miy f h hdgd im.

Cash flow hedgeCh flw hdgig i id f h hdgig f x vii i fi ym iiii wih vi i . Th if h gi h hdgig im h i dmid ffcivhdg i cgid i h cmhiv icm. Th iffciv i fh gi h hdgig im i cgid i fi Nh icm.

Gi hdgig im h hv ccmd i qiy cgid i fi i h m id i icm d ix fm h hdgd iiiy.

Wh ch flw hdg dicid f ch-flw i xc-d cc, ccmd gi fm h hdgig im wi mi im i qiy. Accmd gi qy -d i fi i N i icm i h m id i which h vi-y hdgd i flw cgid i fi .

Net investment hedgeHdg f ivm i id c h G fm i diff-c d ivm i fig idii . Fig ccy ci h mj i f hdgig im i h ci. Th

i diffc iig h hdgig im cgid i hcmhiv icm d ccmd i qiy i f figi, h x h hdg i ffciv. Ay iffciv i cgid N fici icm. Wh fig i i iy did f d,xchg diffc ccmd i qiy cgid i h icm -m f h gi h .

I x

Th ffciv i mhd i id cgi i icm d ix i fi f fici d fici iiii md mid c.

Th ffciv i mhd i mhd f ccig h mid c f fici fici iiiy d f cig i icm d ix. Th ffciv i i h h xcy dic imd f- ch ym ci hgh h xcd if f h fici im.Wh ccig f ym, ym icdd i h m d cdi-i f h cc, ch dvc ym, k i cidi.Hwv, f cdi k i cc. Th cci f ffcivi icd f d i civd d id h ig f h ffciv i , ci c d h mim d dic.

Oc fici g f imi fici h widw f imim , i icm i qy cg-id yig h f i d dic h f ch flw f h f mig h imim .

C Cmmii icm d icm i h fm f f fici im ccd f diffy, ddig h fici im fm whichh icm i divd. Wh cmmii icm d f icdd i hcci f h ffciv i f fici im md mid c, ch i d f y cd v h xc d f h im yig h ffciv i mhd.

Cmmii icm d f fm mgm d dviy vic d i ccdc wih h cmic c f ch gm. Thiicm i y cgid dig h id i which h vic i vidd.Cmmii d f fm giig ci f hid y, ch gm f cqiii ch f i, i cgid cmi f h ci. Pfmc-d f d wh hicm c iy ccd.

F fm ydici i which SEB c g d icm wh h ydici i cmd d h G h id fh id h m ffciv i h ici.

D Dividd cgid wh h iy’ igh civ ym i ihd.

R gScii my d jc cmmim ch hm( ‘’) fixd ic. Sch cii id h c h dicdd y c dgd wh ch cidi i civd.Ddig h cy, ym civd i cgid dDi y cdi iii Di d wig fm h ic.

Simiy, wh h G w ch cii jc cmmim hm ( ‘v ’) h cii icdd ih c h. Pym md i cgid L cdi iii L h ic.

Th diffc w d ch ic i ccd v h if

f h gm ig h ffciv i mhd.

S wg gScii wig d dig ci d i cidi. Fi v f cii civd divd mid diy i qi vid ddii c. Ch c divd i dcgidwih cdig civ d ch c civd i cgid wih cdig igi i. Scii mi h c hd d dgd . Bwd cii cgid . Wh wd cii d (h ii), m cd-ig h fi v f h cii i d iiiy. Scii civd i wig dig ci dicd ff-c h im.

I fi A fici , xc h cifid fi v hgh fi , d f imim.

A ch c h d h G whh h i jcivvidc h fici cid fi v hgh fi imi d. A fici g f fici i imid d imi-m icd if h i jc iv vidc f imim f m v ccig f h iii cgii f h , d if h





v wi hv imc h imd f ch flw f h fici g f fici h c iy md.

Exm f jciv vidc h m v hv ccd whichmy ffc imd f ch flw icd:– igific fici difficy f h i ig,– cci gd h w cqc f fici difficy,

which my wd hv g d h w,

– ch f cc, ch df diqcy i h ym fi ici,– h iiy h h w wi g k dg m h kid

f fici cci– dii i h v f c d– igific gd dci i h fi v f qiy im

w i c

A imim i d wi ff, if i i dmd imi cch cc m d h hv id d/ xcd -mi id, if i i dmd imi cv h cqiii c y igy c vidd. I h c, cific vii i cdd i w-c cc. A h -cci m c dmid d h i wi ff, h m d i h wc cc i divd.Simiy, h vii i h wc cc i vd if h imd -cvy v xcd h cyig m.

Appraisal of impairmentIndividual appraisal of impairment Th fwig v id ih jciv vidc f imim fidividy id . Mi ch f cc cc wh chddym d y m h dy. Th d im i imid ifh ch flw iqidiy jci icdig h v f h c d cv dig x. Qd d im i ddii jc i f imim if h i igific dci i fi v ig -ih h chg i xcd i ch flw. Eqiy im cid-d imid wh igific gd dci i h fi v h ccd.

Collective appraisal of impairment when assets are not individually impaired A id f imim idivid i d fd imid icdd i cciv i f icd idifid imim.Th cciv i f icd idifid cdi i d h SEB c ig c.

Loans appraised on a portfolio basisL wih imid v d imi ik, hmg g, id fimim fi i. I ig cciv imim h G iic md d h iiy f df d h m f icd, cidig c d cvy . Th cm i djd fmgm’ jdgm whh c cmic d cdi cdii ch h h c iky g h ggd y hmd. Df d gy chmkd gi ccm h hy mi i.

Recognition of impairment loss on assets carried at amortised costA imim f idividy d fici i h cgy dciv i h cgy hd miy ivm cid midc i ccd h i f h igi ffciv i f h fici im. Th m f h imim i md h dif-

fc w h cyig m f h d h v f im-d f ch flw (cv m). If h m f cd hwi mdifid d fici d iffici hf f h w i-, imim i md ig h igi ffciv i f mdifi-ci f h m d cdii. Ch flw ig h-m civ dicd if h ffc f h dicig i immi. Th i, -dig m f ch f which cific vii h ihd iicdd i imid , i.. icdig h i cvd y c.

Impairment loss on Available-for-sale financial assetsWh dci i h fi v i cgid d h i jciv vidc fimim i vi-f- fici im, h ccmd h cifid fm qiy fi . Th m f h ccm-d h i fd fm qiy d cgid i fi i q h diffc w h cqiii c d h c fi v , wih ddci f y imim h fici which hd

viy cgid i fi .Th icd imim f qd qii, md cqiii c,

i ccd h diffc w h cyig m d h v f imd f ch flw, dicd h c mk f f imi qii.

Imim d h i-ig im cifid vi-f- vd vi fi if h ic i fi v c jcivy id v kig c q h wi dw.Imim f qiy im cifid vi-f- vd hgh fi fwig ic i fi v cgidi h cmhiv icm.

Restructured loans

Rcd wd hv cidd d imid if hy w cd. Af cig h i i my gdd imid.

Sz Sizd k v c cim. SEB my fi fm civ d id iz h h h c f h . Sizd my ci f fici , i d h gi .Sizd cgid h m i im i h c h imi h hv cqid hwi. Sizd fici cgid vi-f- . A ici izd md fi v.Th fi v ici cm h cqiii v h mid cv. Sqy izd md ccdig y f .

Tg Tgi , wih h xci f ivm i hd i ic -i, md c d dcid ccdig ighi i v h imd f if f h . Th mximm dciiid f idig i y. Th dcii id f h gi fixd i w d y.

Tgi fixd d f imim whv h i idic-i f imim.

LgLig cc cifid fic ig .

A fic i h f, fm h h , -iy ik d wd icid h whi f . Oiig cc h which gdd fic . I hG, iy ig cc i which h G i h ci-fid fic . Fic d dig, which imi hh ig icm i d i icm.

I Ivm i i hd i d civ icm d/ f ci- cii d ivm i. Th cgii dmm f ch i diff, ddig h iy wig hy. Ivm i hd i h ic i, d mchiiii vidig yid dicy cid wih h fi v f cifid -, icdig h ivm i hmv, ccd f igh fi v md. Hdig f ivm i i h kig -i vd dcid c.

Ig Igi idifi, -my wih hyic -c. F igi cgid iy m dm - c f h igi , which imi h h iy h h iiy h h f cmic fi flwig fm h d yig cwi cc h cmy. Igi , h h gdwi, y cg-id i h c h if i i h h f cmic fi i- h wi cc h G d if h cqiii c f h

c md i i m.Igi md iiiy cqiii c, d hf

c y ccmd mii d y ccmd imim .Igi wih fii f iv mid igh i i

v hi f iv d d f imim whv v chg icicmc idic h h cyig m my c v. C-m i mid v y d iy gd igi -, ch fw dvm, mid v id f w d y.

Igi wih idfii f iv, ch gdwi, m-id d f imim y d whv h i idicih h igi my imid. A gd gdwi, imim i cgid i fi whv h cyig m, wih c ch-gig i g f ch-gig i which h gd-wi i id, xcd h cv m. Imim i- gdwi vd, gd f whh h c f h imi-

m h cd xi.Th cv m f igi i dmid if h i idici

f dci i h v f h . A imim i cgid if hcyig m xcd h cv m f h .





PPvii cgid f igi iig cqc f v wh i i m iky h h f f cmic fiwi cy h igi, d i c iy imd. P-vii dmid y dicig h xcd f ch flw -x h flc c mk m f h im v f my d,wh i, h ik cific h iiiy.

Pvii i md f dw cmmim d imi fciii if i

i h h fciiy wi dw y d i fici diffici.Pvii vd ch c h d d djd cy.

F gFici g cc h qi h G mk cifid y-m im h hd f i ic c cifid d fi mk ym wh d i ccdc wih h m f d im.Fici g iiii iiiy cgid hi fi v, which mf q h mim civd. Th iii fi v i mid v h if fh fici g. Th g iiiy i qy cid h highf hi mid m d h im f h xdi qid y fici igi iig f h g h c h d.Pvii d chg i vii cgid i h icm m Ncdi . Th cc m ccdig fici g cgid i h c h dicd ff-c h im.

E fiPensionsTh h dfid cii d dfid fi i wihi hG, f which m hv . A dfid fi i i h dfi m f i fi h my wi g imddig fc g, y f vic d cmi. A dfid ci-i i i wh h G y cii iy d h fh igi c h cii i id.

Th i cmmim f h G wih c dfid fi cvd y h i fd f h G, hgh ic i hgh vii i h c h.

Th dfid fi igi i ccd y y idd ciig h Pjcd Ui Cdi Mhd. Th mi which h cc-i d fd i h ddig ff c. A chg i h dfid fi iiiy () cgid hy cc, fw: (i) vicc d i i h Icm m; d (ii) mm f hdfid fi igi d i Oh cmhiv icm.

Pi c f dfid cii i cgid x- dig h id h my cy h vic which h ym.

Share-based paymentsG cmy my civ cmi hgh h-d icivgmm. Th cmi ci f my ck i (qiy i-m), iig h hd ci f h i h cmy f d d dmid ic.

Th v f id ck i i mid v h vig id. Thvig id i cmid f h id fm h d which h i i-d i h id vig cdii ifid. Th v f idck i q h fi v i, miid y h m f ih xcd cm xci, kig h vig cdii i cid-i. Th ci f hi m imi h fi d imcd h

m im h cdig ic i qiy i cgid. A ch ch d m i md dmi if h vig cdii wi f-fid d h x which hy wi ffid. If h cci f hi -m i h w m f i xcd vd dig h vigid, h h viy xd m vd hgh fi .Thi imi h i c i which h vig cdii ffid, cwi d i fi , v h i vig id.

Th my ck i gmm hdgd hgh h ch fw qiy im (y h) hgh cc y w qiyim (qiy w). Hwv, hdg ccig i id, i idmd h ch hdg d qify f hdg ccig d IAS .

Ty h imid gi qiy. N gi h f y h cgid i fi , id, cgid chg i qiy.

T w cc d i wih hid i ig-i f h cmy ch i w qiy im (w h)

dmid ic. Cqy, h w cc cifid qiyim. Cc wih igi ch w qiy im givi fici iiiy f h v f h dmi m, d m qiv hi iiiy i d dc i qiy.

I id d h w cc i cgid i fi d dividd

civd gdd dividd w h d cgid i qiy.

TxTh G’ x f h id ci f c d dfd x. C x d iiii f h c d i id md h mxcd id fm x h ii ig h x d x w hhv cd ivy cd h c h d. C xi ccd d h x f h id. Dfd x i d

my diffc w h x f d iiii d hicyig m.C x d dfd x gy cgid i fi . Hwv,

x h im cgid i h cmhiv icm i -d dicy i h cmhiv icm. Exm f ch im chg ih fi v f vi-f- fici d gi hdgigim i ch flw hdg.

Dfd x cgid i h c h h x h i i h f x fi wi vi gi which hy c iizd. Th G’ dfd x d x iiii hv ccd h x f c (. c) i Swd d ch civcy’ x f fig cmi.

I Ic cc cc d which h G cc igificic ik – dfid f f ik f miimm cf h dyig v – fm h icyhd y gig cm hicyhd h ficii h ccc f dfid id v.Ivm cc fici im h d m h d fiiif ic cc, hy d f igific ic ik fmh icyhd h G.

Insurance contractsIc cc cifid Sh-m (-if) Lg-m (if).Sh-m ic cmi ick, diiiy, hh-c, d hii-i ic. Lg-m ic cmi miy dii if icwihi h Dih idiy, SEB Pi. I h G cc Sh-m dLg-m ic d gggd Ic cc. Sm c f h ic iiiy i d Lg-m ic cc.

Measurement of Short-term insurance contracts (non-life)Th vii f d mim i idd cv h icid cf cim d ig x iig dig h miig icy id fh ic cc i fc. Th vii f d mim i yicy i v h id f h ic cc. If mim jdgd iffici cv h icid c f cim d igx, h vii f d mim i ghd wih viif xid ik.

F icid f cim h hv icd y id, vi-i f cim dig i cgid. Th vii i idd cv hicid f ym f cim icd, icdig cim icd d (IB NR vii). Thi vii hd cv c fcim m. Th vii f cim dig i dicd, wihh xci f vii f ick ii, which dicd igdd ci mhd.

Measurement of Long-term insurance contracts (life)F g-m if ic cc, iiiy f cc fi h xcd icd i h f i cdd wh h mim

cgid. Th iiiy q h m f h dicd v f xcdfi ym d f dmiii x, y digf cc mim ym. Liiii f g-m if ic dicd ig dd ci mhd.

Liability adequacy test Swdih ci cd ivv fmig iiiy dqcy i-c iiii. Thi i h h c yig m f h iiii i ffi-ci i h igh f imd f ch flw. Th cyig m f iiiyi h v f h iiiy y d igi f dfdcqiii c. I fmig h h c im f fcc ch flw, w cim hdig d dmiii c, d i fmig h iiiy dqcy . Th ch flw dicdd cmd h c yig m f h iiiy. Ay dfici i immdiy -d i fi .

Revenue recognitionPmim f ic cc cgid v wh hy idy h icyhd. F cc wh ic ik mim civddig id idd cv ic cim iig i h id hmim cgid v iy dig h id f cvg.





Recognition of expensesC f ic cc cgid x wh icd, wihh xci f cmmii d h vi cqiii c h vy wihd dicy d cig w cc d h w f xiig c-c. Th c ciid dfd cqiii c. Th c miy icm cqiii c id , k d hdiii ch. Dfd cqiii c mid h d v- i cgid. Th i d f imim vy ccig id,

ig h h cmic f fi xcd i fm h ccxcd i fc m. A h c, ch -icm cqiii c mic c, cgid i h ccig id i which hy i.Ic cmi i cdd x wh icd.

ReinsuranceCc wih -i, why cmi f i civd y hG, cifid cdd ic. F cd d ic, h fi which h G i id d h m f h ic cc d h -i’ h f ic vii. Am cvfm -i md ciy wih h m cid wihh ic cc d i ccdc wih h m f ch iccc.

Investment contractsTh mjiy f h G’ i ikd ic i cifid ivm c-c. N igific ic ik i fd fm h icyhd h G.A mi f h G’ i ikd ic i, h i f ig h Lihi ic idiy, i cifid ic cc.

Measurement Ivm cc fici cmmim wh fi v i dd h fi v f h dyig fici . Th dyig dd iiii digd fi v hgh fi (fi vi). Th chic h fi v i h md f h imi h mm icicy h wd cc if diff f mm wd hv d f d iiii . Th fi v fh i ikd fici iiii i dmid ig h fi v f h fici ikd h fici iiii id h icyhd h -c h d. Hwv, if h iiiy i jc d i, h fiv f h fici iiiy i v h h m y d.

Revenue recognition

Am civd fm d id icyhd d i h ch di wihdw. F chgd f mgig ivm c-c cgid v. Th v f h mgm vici vy diid v h f h cc.

Recognition of expensesVi x dicy i cig w ivm cc dfd. Th c imiy v i cqiii c id -, k d h diii ch. Dfd cqiii c -d i fi h d v i cgid. Th i d fimim dig ch ccig id h h f cmicfi xcd i fm h cc xcd h cyig m f h. A h c, ch fixd cqiii c gig dmiiic, cgid i h ccig id i which hy i.

C w (DPF)

Tdii vig cc icd diciy icii f. Thif i h icyhd civ, m gdfi, ddii fi . A cc h icd dic-iy icii f d ic cc. Th mfig h gd m d h diciy iciif d iiii icyhd.

Cg g Th fwig chg hv md wih c hi G’ccig ici:IAS Employee Benefits – Th mdm mv h iiiy hcid mhd d mii f ci gi d dfid -fi . Th dd qi iy y h dic h dfid fi iiiy () i d cc h i x(icm). Th dd hy mv h f xcd h . Th dfici ii i d i Rid ig (qiy).

Sq mm f igi d cgid i Ohcmhiv icm. A chg i h dfid fi iiiy () cgizd hy cc, fw: (i) vic c d i i hIcm m; d (ii) mm ffc i Oh cmhiv i-cm. I cci wih h chg f IAS h m UFR , gdig

ccig f x i fd, id y h Swdih FiciRig Bd h id. Accdig UFR x d vi-i i h Sm f fici ii hd ciy d c i h id h x i i . F fdd i h x f-fc Oh cmhiv icm i h id h x i i. Th wqim ic fm J y c id i. SEBh ch y h mdd IAS i. Th chg h mi im-c h cidd fici m f h G. Sic h md-

m f IAS ffc h ci i h imc h ci d-qcy.IFRS Financial instruments: Disclosures-Transfers of Financial Assets – Thmdm imi w dic f fd fici .IAS Income Taxes – Th mdm dci hw dfd x hd dmid wh ivm i md fi v d hv hd mi ffc h fici m f h G.IFRS Severe hyperinflation and removal of fixed dates for first-time adopters –Th chg d hv y ffc h fici f h G.

F g Cidi wi giv i h f h imici, if y, f hfwig w d vid dd d ii, if dd y h EU.SEB h ii y d y f h w mdd dd.IFRS Fair Value Measurement – Th dd dfi fi v d ig dd fmwk f mig fi v d qi dic fi v mm. Th dd hd id fm Jy .Th w dd wi hv igific imc h cidd ficim f h G i ci dqcy.IAS Presentation of Financial Statements regarding presentation of items of Other Comprehensive Income – Th mdm imi h iy hd cifyif h im i Oh Cmhiv Icm hd cycd hgh hicm m . SEB wi chg h G’ i f im fOh Cmhiv Icm i .IFRS Financial Instruments: Disclosures– Nw dic qimgdig ffig hd id fm Jy .Improvements to IFRSs (–), IFRS Government loan and IFRIC Stripping costs in the production phase of a sur face mine – Th chg hd id fm Jy d wi hv mi imc h fi-ci m f h G.

Sv dd hv id d chgd gdig cidi:IFRS Consolidated Financial Statements, IFRS Joint arrangements, IFRS Disclosures of Interests in Other Entities, IAS Separate Financial Statements and

IAS Investments in Associates and Joint Ventures. Th w d chgd d-d ccdig IASB ic fm Jy . I EU h dd ic fm Jy . Th chg wi ic h dic- i g d icy gdig cd ii h c-idd. Th chg xcd hv mi ffc h G’cidd fici m h ci dqcy.IAS Financial Instruments: Classification – Th qim f wh fi-ci d iiii c ff hv cifid. Th chg hd id fm Jy d wi hv imc h fici -m f h G.IFRS Financial Instruments – ffici ffciv d i f id gi-ig Jy . A f h IASB’ jc c IAS Fici I-m h IASB id h fi f h w dd i ccigCifici d mm. Th IASB im c f IAS d hw miig h : Imim mhdgy d Hdg ccig. AIFRS i y cm i i i h imc f h chg

h fici m f h G.

SIGNIFICANT ACCOUNTING POLIC IES OF THE PARENT COMPANY

Skdivik Ekid Bk (SEB) AB i ic imid cmy wih gi-d ffic i Sckhm, Swd.

Th fici m f SEB AB d i ccdc wih h AAcc Ac f Cdi Iii d Scii Cmi (:), hgi d g gidi id y h Swdih Fici SviyAhiy, A i cdi iii d cii cmi (FFFS:) d m fm h Swdih Fici Rig Bd, RFR dh ddii UFR m.

I ccdc wih h Fici Sviy Ahiy’ g dvic, h cmy i y IFRS. Thi m h h Ii Fi-ci Rig Sdd (IFRS) d ii f h dd dd

y h EU hv id h x h i i wihi h fmwk fSwdih gii d cidig h c i w fici ig dxi. Th ccig ici f h cmy diff, i cic, fm h ccig ici id y h SEB G. Th idiffc dcid w.





P Th i fm f h c h d h fi d ccccdig h A Acc Ac f Cdi Iii d SciiCmi i i cfmiy wih IFRS. Cdi iii d ciicmi yig IFRS dd y h EU i hi cidd ficim hv h i dvi fm h i fm f hc h id y w, my dvi fm h idfi d cc.

Hg Sh d iciig i i idii d cid cmi md c. Dividd h i idii d cid cmi cgid icm i fi . Mg f idii hgh i ccd f cidd v. Th mg ffc i d i qiy.

LgLig cc which cifid fic i h ciddcc ccd f ig i h cmy.

PTh cmy d y h vii f IAS ccig ccigf dfid fi . Id, i c ccd ci ii h cmy i ccdc wih h vii f h Ac SfgdigPi Oigi d h Swdih Fici Sviy Ahiy’ gi.I Swd, ci i cmmim gd y i fdi cgid iiiy.

Th cgid c f i i ccd i id d imim y cmi fm h i fdi. Th ic f h y i d d Sff c i h cmy’ fi d cc. Exc m f h v f h xcdigh imd i igi cgid i h cmy’ c h. Dfici cgid iiiy.

Ig I ccdc wih IAS , gdwi d h igi wih idfiif iv mid i h cidd fici m. I h cmy fici m gdwi i mid y higi igh i i.

TxI h cmy, xd v cgid im ih c h. Uxd v cmi ccd dcii dx gi, icdig h dfd x cm. I h ciddfici m, xd v d i id ig ddfd x iiiy.

G Th f G cii civd d id f h f imiig hG’ c x d i h cmy ii.

CRITICAL JUDGMENTS IN APPLYING THE GROUP’S ACCOUNTING POLICIES

Ayig h G’ ccig ici qi i m c h f i-m d mi h hv mi imc h m d ih fici m. Th im d x jdgm d -mi h mgm iv d fi. Th m igific -mi d im cid wih h dcid w:

C -k Wihi h if ic i f h SEB G Gm Livföäkig AB SEBTygg Liv m if ic cmy. Th iy i cid-d, h jdgm f h G i h i d hv c f h iy. Ci imy h w gv h fici d ig ici f iyi d i fi fm i civii. Lif ic ii d m- if ic cmi c y dividd why h G dm h ic i fi. I Gm Livföäkig AB SEB Tygg Liv h cificici cifyig h cmii f h d, which imi h h SEB Gi gv h fici d ig ici f h iy.

Th icyhd i SEB’ i-ikd cmy ch iv i viy ffd. Th ic cmy vidig i-ikd dc iv i h fdch y h cm. By dig SEB migh, i m c, hd m h c f h fd, which i hd hf f h cm f whm i c ivm mg. D h gii gdig fd i, SEB cid-

h i d hv h w gv h fici d ig ici fch ivm fd i fi. Thi i iciv f whh hfd hd hf f cm g h c f fd. I ih icyhd wh cy h ivm ik, SEB. Cqy, h icy-hd id f h gd y h fd. SEB y chg

f, mk cdii, f mgig h fd. SEB h cm h ccih h fd which i mg hd cidd. Hwv, h hh h G hd i ch fd hf f i cm cgid i hc h.

F fi Fici d iiii imiy md fi v y iiig qdic civ mk. I h c f qd ic, gy ccd d

w ihd vi chiq d mximm f v if-mi i d. Vi chiq id f xm dicd ch flw,hid y idiciv q, chmkig im wih imi chci-ic d i icig md. Vi chiq jc g viwy h ik c fci f h G iiiy.

I g fi gwFinancial assetsTig fici idividy f imim qi jdgm ihh cy’ ym cciy d h i v f y c. Thm im c wh ig g f fici ccivy f im-im i idify h v h idic icd . Adjig md fcciv imim ig c mk ii qi high dgf x jdgm i im. Th m d mi gy viwd y h cdi gii f h G.

GoodwillTh imim f gdwi i d h v i wih fcdch flw f fiv y. Th ch flw yd fiv y dmid d hiic fmc d mk d f ky mi ch gwh,v d c f ch gig i which gdwi i cd.

C Cci f h G’ ic iiii i d m f mich i , miy, hh, x, icy, ifli d x.

Ami i i d gi fm ch c FiciSviy Ahiy (FSA). A h mi d iy c-qid xic.

Mk R i i h ic i hv fi vd wih h -ic f x xi. Th vi mhd id m h h dxcd ch flw dicd v. Th mi ccigxcd ch flw d mi f , vccy v, -ig d mic c, yid qim d mk i. Ami i i wih h m h h mk c xcd mk d c- mk cdii. Th yid qim i d c y f cm- y ch.

Rg x Th xcd cm f ci x ii i dmid h igm iky cm.

A Vi f h G’ i iiii i d ci, dmghic dfici mi. N ci i f h m ciic mid wh ccig h vii.

CHANGES THAT HAVE HAD A MATERIAL EFFECT

ON THE FINANCIAL REPORTS

SEB d f y di f h mdm i IAS Emy Bfi,gdig dfid fi . S h ci Chg i ccig ici f m ifmi.

SEB h fh dvd h h vi md d h ik mmf cy cdi ik. Th chg imi mi djm f c-y cdi ik (Cdi V Adjm, CVA) h dc h v f OTCdiviv. Am h i ffc i i d i id. Thdjm i cgid chg i id ig f Dcm ic SEB h ccdd h id-cific ffc f vi id im-cic dmi, CVA i d igific m f hiic dh i vi. Th ffc i id i mi. Chg- i h CVA ffc wi cgid N fici icm i hicm m.

I SEB’ gii w chgd. Th iiiy f h mid-c-

cm w mvd fm h Mch Bkig h Ri divii dh vig gii wihi Wh mgm w mgd wih h Ridivii. I ddii m mi gii chg hv d.

Th fici ig f h d i ccdc wih hchg id v. F m ifmi .





Og g

GROUP BUSINESS SEGMENTS

I , Merchant

BankingRetail

BankingWealth

Management Life ) Baltic

Other incl.elimina-

tions ) T

Interest income , , , , , ,

Interest expense –, –, –, – –, –, ,N i icm , , – , , ,

Fee and commission income , , , , –, ,Fee and commission expense –, –, –, – , ,

N f d cmmii icm , , , ,N fici icm , ,N if ic icm , –, ,N h icm – –

T g , , , , , ,f which iy gd –, , –, , – –,

Sff c –, –, –, –, – –, ,Oh x –, –, –, – –, , ,Dcii, mii d imimf gi d igi – – – – – –, ,

T g x , , , , , , ,

Gi di f gi d igi – – N cdi – – – –

OPERATING PROFIT , , , , –, ,

0

Interest income , , , , , ,Interest expense –, –, –, – –, – ,

N i icm , , – , ,Fee and commission income , , , , –, 19,023

Fee and commission expense –, –, –, – , –4,848

N f d cmmii icm , , , , ,N fici icm , –, ,N if ic icm , –, ,N h icm – –

T g , , , , , , ,f which iy gd – , –, , –, –,

Sff c –, –, –, –, – –, ,Oh x –, –, –, – –, , ,Dcii, mii d imimf gi d igi – – – – – – ,

T g x , , , , , ,

Gi di f gi d igi – N cdi – – – ,

OPERATING PROFIT , , , , , –, ,

) Bi i Lif md SEK ,m (,), f which chg i v w SEK m (,).) Pfi d fm cid cmi ccd f d h qiy mhd cgid i N h icm y SEK m (). Th gggd ivm SEK m ().

B ,

A ,, , , , , , ,,Liiii ,, , , , , , ,,Ivm ,

0

A ,, , , , , , ,,Liiii ,, , , , , , ,,Ivm , , ,





N cd. Oig gm

GROUP BY GEOGRAPHY

0

Gross Income* Assets Investments Gross Income* Assets Investments

Swd , ,, , , ,, ,Nwy , , , , Dmk , , , ,

Fid , , , ,Ei , , , , Lvi , , , , Lihi , , , , Gmy , , , , Oh ci , , , , G imii –, –, –, –,

TOTAL , ,, , , ,, ,

* G icm i h G i dfid h m f I icm, F d cmmii icm, N fici icm, N if ic icm d h icm ccdig IFRS. Th if h icm ci i SEB’ c i ch cy. Exci wh h c cmi / ch v ffic d civ cmmii ym d h ci ikd i h c i.

PARENT COMPANY BUSINESS SEGMENTS

Merchant

Banking

Retail

Banking

Wealth

Management Life Baltic

Other incl.

eliminations TG icm* , , , , ,A , , , , ,,Ivm

0

G icm* , , , , ,A , , , , , ,,Ivm ,

PARENT COMPANY BY GEOGRAPHY

0

Gross Income* Assets Investments Gross Income* Assets Investments

Swd , ,, , ,, ,

Nwy , , , , Dmk , , , , Fid , , ,Oh ci , , , ,

TOTAL , ,, , ,, ,

* G icm i h cmy i dfid h m f I icm, Lig icm, Dividd, F d cmmii icm, N Fici icm d Oh icm ccdig SFSAccig gi. Th i f h icm ci i SEB’ c i ch cy. Exci wh h c cmi / ch v ffic d civ cmmiiym d h ci i kd i h c i.

B gTh Bi gm d mgm ig i. Th dif-f divii i diff g f cm. Th cm’ dmddcid h y f dc h ffd. Mch Bkig ff whd ivm kig vic g ci, iii d - cmi. Ri Bkig ff dc miy i cm (i-

v cm d m c). Wh Mgm fm m-gm d iv kig civii d Lif ff if, c d i i-c. Divii Bic ff i, mgm d iv kigvic i h ic ci. Oh ic imii ci f i - i, y d ff i w imii f i ci.

I SEB’ i gii w chgd. Th iiiy f hmid-c cm gm w mvd fm h Mch Bkig h Ri divii d h vig gii wihi Wh mgmw mgd wih h Ri divii.

T g

Th i f icig jciv i h SEB G i m i- icm, f i ik d iqidiy d mg iqidiy.Th i ic i d SEB’ c imid mk-d c f fdf cific i d iqidiy m. Tci w Bi g-m cdcd m’ gh.





N

Group Parent company

Average balance Interest Interest rate Average balance Interest Interest rate

L cdi iii d c k , , .% , , .%L h ic ,, , .% , , .%I ig cii ) , , .% , , .%

T g ,, , .% ,, , .%Diviv , ,Oh , ,

T ,, ,,

Di fm cdi iii , –, –.% , –, –.%Di d wig fm h ic , –, –.% , –, –.%D cii ) , –, –.% , –, –.%Sdid iiii , –, –.% , –, –.%

T g ,, , .% ,, , .%

Diviv –, –,Oh iiii , ,Eqiy , ,

T q ,, ,,

N , fi

N , g , ,

N g , .% .%

) f which, md fi v , ,) f which, md fi v – –

0

L cdi iii d c k , , .% , , .%L h ic ,, , .% , , .%I ig cii ) , , .% , , .%

T g ,, , .% ,, , .%

Diviv , ,

Oh , ,T ,, ,,

Di fm cdi iii , –, –.% , –, –.%Di d wig fm h ic , –, –.% , –, –.%D cii ) , –, –.% , –, –.%Sdid iiii , –, –.% , –, –.%

T g ,, , .% ,, , .%

Diviv –, –,Oh iiii , ,Eqiy , ,

T q ,, ,,

N , fi

N , g , ,N g , .% .%

) f which, md fi v , ,) f which, md fi v – –

N

Parent company

0

I icm , ,Icm fm ) , ,I x –, –,Dcii f d qim ) –, –,

TOTAL , ,

) I h G N icm fm i cifid i icm. I h cmy dcii f d qim i d Dcii, mii d imimf gi d igi .





N


0 0

I f cii ,Scdy mk , , Cdy d m fd , , , ,

Scii cmmii , , , ,Pym , , , ,Cd f , ,

Pym cmmii , , , ,

Adviy Ldig , , , ,Di G Diviv Oh

Oh cmmii , , , ,

F , , , ,

Scii cmmii –, –, – –

Pym cmmii –, –, – –Oh cmmii – –, – –

F x , , , ,

Scii cmmii, , , , ,Pym cmmii, , , Oh cmmii, , , , ,

TOTAL , , , ,

N


0 0

Gi () fici d iiii

hd f dig, , , , ,Gi () fici d iiiidigd fi v, – –Imim f vi-f- fici – –

TOTAL , , , ,

G () fi g,

Eqiy im d d diviv – –D im d d diviv , , , Ccy d , , , ,Oh fici im –

TOTAL , , , ,

G () fi g , D im d d diviv – –Ccy d –

TOTAL – –

) Icd iffciv f ivm hdg i fig i f SEK m ().

Th wihi N fici icm i d d y f dyig fici im. Ty d civii vi d chg i i d d. Th ffc fm dig i i fiy v im hw viiy w i. I , SEB cgid imim ddci i fi v i i GIIP S d hdig mig SEK m. Th cdig m f w SEK m.





N

Group

0

Pmim icm, , ,Icm ivm cc , ,Ivm icm , ,Oh ic icm N ic x –, –,

TOTAL , ,

I ,

Dic yid ) , ,Chg i v ivm fi v, , ,Fig xchg gi/, –

, ,

Ex f mgm vic – –Picyhd x – –

TOTAL , ,

) N i icm, dividd civd d ig fm i.

N x

Cim id, –, –,Chg i ic cc vii –, –

TOTAL –, –,

N


0 0

Dividd , ,

Ivm i ci Gi fm ivm cii – – –

Gi fm gi )

Oh icm – – ,

TOTAL – – ,

) S f h G.

D

Avi-f- ivm Dividd fm idii , ,

TOTAL , ,

G

Avi-f- fici – Eqiy im Avi-f- fici – D im L –

G ,

Avi-f- fici – Eqiy im – –Avi-f- fici – D im – –,L – – –

L ,

TOTAL – – –





N cd. N h icm


O 0 0

Fi v djm i hdg ccig – – Oig fm -if ic, ff Oh icm –

TOTAL – – ,

F j g g

Fi v chg f h hdgd im i h hdgd ik –, –, –, –,Fi v chg f h hdgig diviv , , , ,

F g

Fi v chg f h hdgig diviv

C-flw g ff

Fi v chg f h hdgd im – –Fi v chg f h hdgig diviv

F g k ff

TOTAL – –

F g gTh G hdg i f i xiig i ik, i fici ym d fici iiii wih fixd i , gi chg i fiv d chg i h i . F hi h G i- w, c-ccy i w d i m ii i. Th hdg d ih im y im gd y miy.

C flw gTh G i w hdg f ch flw fm did dig wih flig i . I flw fm di d dig

wih flig i xcd mid i fi digh id .

N gTh G hdg h ccy i ik f ivm i figi hgh ccy wig d ccy fwd. Bwig ifig ccy m f SEK ,m (,) d ccy fwd m f SEK ,m (,) w digd hdg f ivmi fig i. Iffciv h cgid wih SEK m () -d i N fici icm ( ).

A x


0 0

Sff c –, –, –, –,Oh x –, –, –, –,

TOTAL –, –, –, –,

S


0 0

B y –, –, –, –,Sh-m vi ch-d cmi – –, – –Lg-m qiy-d cmi – – – –

S , , , ,

Sci chg –, –, –, –,Dfid fi im ) – –Dfid cii im ) – – –, –Bfi d ddci ) – – – –Edci d h ff d c – – – –

TOTAL –, –, –, –,

) Pi c i h G ccd f ccdig mdd IAS , Emy fi. Fig f hv d ccdigy. Pi c i Skdivik Ekid Bkhv ccd i ccdc wih h diciv f h Swdih Fici Sviy Ahiy, imyig ci cci f imd i c. N -cig c fSEK m () f y im d SEK m () f ci y x hv chgd h i fd f h Bk.

) Icd c f ddci wih SEK m () f h G d SEK m () f h cmy.





R

Pd i h m f mi f h Fici g f dkig d igific i wihi h G ccdig FFFS :wih chg i FFFS :. I h SEB G () ii dfid ciy gd ff.

SEB h ch icd h mi i h ic i h i f h Fici g f dkig f h SEB G.

R


Fixed ) Variable) Fixed ) Variable)

Remuneration FTEs Remuneration FTEs Remuneration FTEs Remuneration FTEs

Mch Bkig –, , – , –, , – ,Ri Bkig –, , – , –, , – ,Wh Mgm – – – – Lif – , – Bic – , – ,Oh ) –, , – , –, , – ,

TOTAL , , , , , , ,whf cciv vi y ) – ,

0

Mch Bkig –, , – , –, , – ,

Ri Bkig –, , – , –, , – ,Wh Mgm – – – – Lif – , – Bic – , – ,Oh ) –, , – , –, , – ,

TOTAL , , , , , , , ,whf cciv vi y ) – ,

SEB AG, Germany SEB Pank AS, Estonia

Fixed Variable Fixed Variable

Remuneration FTEs Remuneration FTEs Remuneration FTEs Remuneration FTEs

Mch Bkig – – Wh Mgm – –

Bic – – Oh – – – –

TOTAL , ,

0

Mch Bkig – – Wh Mgm – – Bic – – Oh – – – –

TOTAL , , ,

SEB Banka AS, Latvia SEB bankas AB, Lithuania

Fixed Variable Fixed Variable

Remuneration FTEs Remuneration FTEs Remuneration FTEs Remuneration FTEsBic – – – , – ,Oh – – – –

TOTAL , , , ,

0

Bic – – – , – ,Oh – – –

TOTAL , , , ,

) V i y i dfid h-m ch- d cmi d g-m qiy d cmi . A h mi i d fixd mi d icd: y,i, vc y, f d fi .g. cmy c d dmic vic, i ccdc wih FFFS :. Th d mi d icd ci chg.

) Icdig Lif d Bic i h cmy.) Sh Svig Pgmm d cciv h-m ch-d cmi.





N cd.

R g


Remuneration FTEs Remuneration FTEs

Speciallyregulated

staffOther

employees T

Speciallyregulated

staffOther

employees T

Speciallyregulated

staffOther

employees T

Speciallyregulated

staffOther

employees T

Fixd mi)

–, –, , , , – –, , , ,Vi y ) – – , , , – – , ,whf:

Sh-m ch-d – – – – Lg-m qiy-d ) – – – –

Dfd vi y ) – – – – Accd d idmi ) –, –, , –, –, ,Svc y ) Agd y idvc y High ig m

0

Fixd mi ) –, –, , , , – –, , , ,Vi y ) – – , , , – – , , ,

whf:Sh-m ch-d – – , – – Lg-m qiy-d ) – – – –

Dfd vi y ) – – – – Accd d idmi ) –, –, , –, –, ,Svc y ) Agd y idvc y High ig m

SEB AG, Germany SEB Pank AS, Estonia


Speciallyregulated

staff

Other

employees T

Speciallyregulated

staff

Other

employees T

Speciallyregulated

staff

Other

employees T

Speciallyregulated

staff

Other

employees T

Fixd mi ) – – – – , ,Vi y ) – – – – , ,whf:

Sh-m ch-d – – – – Lg-m qiy-d ) – – – –

Dfd vi y ) – – – – Accd d idmi ) – – – – Svc y )

0

Fixd mi ) – – , – – , ,Vi y ) – – – – , ,whf:

Sh-m ch-d – – – – Lg-m qiy-d ) – – – – Dfd vi y ) – – – – Accd d idmi ) – – – – Svc y )





N cd.

R g

SEB Banka AS, Latvia SEB bankas AB, Lithuania


Speciallyregulated

staffOther

employees T

Speciallyregulated

staffOther

employees T

Speciallyregulated

staffOther

employees T

Speciallyregulated

staffOther

employees T

Fixd mi)

– – , , – – , ,Vi y ) – – , – – , ,whf:

Sh-m ch-d – – – – Lg-m qiy-d ) – – – –

Dfd vi y ) – – – – Accd d idmi ) – – – – Svc y ) – –

0

Fixd mi ) – – , , – – , ,Vi y ) – – , , – – , ,whf:

Sh-m ch-d – – – – Lg-m qiy-d ) – – – –

Dfd vi y)

– – – – Accd d idmi ) – – – – Svc y )

) V i y i dfid h-m ch- d cmi d g-m qiy d cmi . A h mi i d fixd mi d icd: y,i, vc y, f d fi .g. cmy c d dmic vic, i ccdc wih FFFS :. Th d mi d icd ci chg.

) Lg-m qiy d cmi cm f diff gmm; Sh Svig Pgmm f my, Pfmc Sh Pgmm f i mg d kymy, Sh Mchig Pgmm d Sh Df Pgmm f cd g f ky my.

) Th dfd vi y i ckd h fi y. Sh-m ch- d cmi c hf id v h fiv y f i ik dj m. Lg-mqiy-d gmm ckd f miimm f h y.

) I Accd d id mi m id wihi h fi q f h cc i icdd. Df d vi y h jc ik dj m dig .) Th m icd ig-.

L Ex


0 0

Mgig Dic d Dy Mgig Dic ) Bd f Dic )

TOTAL

) Cmi c Pid i h cmy d Mgig Dic d Dy Mgig Dic i idii. T m f xciv w () f which () fm.) Cmi c Bd mm d hi i i h cmy d idii . T m f w () f which () fm.

P Ex

Pi dim md Chg i cmmim Cmmim y-d , ,

Th v cmmim cvd y h Bk ’ i fd hgh Bk-wd dwm c chm. Icd civ d id Pidd Dy Pid i h cmy d Mgig Dic d Dy Mgig Dic i idii, i () .





R g

Fm SEB h ch d h mdd IAS Emy Bfi fccig f dfid fi . Cmiv ifmi hv -d. Th mdm mv h iiiy h cid mhd d mi ci gi d dfid fi . Th dd

qi iy y h dic h dfid fi i-iiy () i d c c h i x (icm). Rm-m f i igi d cgid i Oh cm-hiv icm.

DEFINED BENEFIT PLANS IN SEB GROUP

N g B 0

Sweden ) Foreign) G ) Sweden ) Foreign ) G )

Dfid fi igi h giig f h y , , , , , ,Cim, cqiii d cifici – Svic c I c Bfi id – – – – ,Exchg diffc – – Rmm f i igi , , –

Dfi fi g , , , , , ,

Fi v f h giig f h y , , , , , ,Cim, cqiii d cifici – Ccd i

Bfi id/cii , – , – – Exchg diffc – – Vi gi () , – – ,

F , , , , , ,

Cg

Dfid fi igi h giig f h y –, –, , –, – ,Cim, cqiii d cifici – – T x i ff c (xcdig ci y x) – – – – Pi id ,Pi cmi , – , – – Exchg diffc Aci gi/ cgid i Oh Cmhiv Icm –, – , – –

NET AMOUNT RECOGNISED IN THE BALANCE SHEET –, –, , –, –, ,

) Dfid fi igi d dicd g i h . Th xi g igh ff igi d w ii i h G, i h c h h m i cgid f ch iy ih iiiy.

I SEB id cii h Swdih i fdi f SEK ,m () which f cmi f fi id md SEK ,m.I Gmy h cii md SEK m () which gv cmi f SEK m. A ddii cii f SEK ,m w id hGm i fdi i y . N fh cii xcd dig .

P , %

Dic .% .% .% .%Ifli .% .% .% .%Excd f y ic .% .% .% .%Excd f ic i h icm i m .% .%

Th dic i d high qiy c d i d mk, iSwd cvd d. Th cvd d i Swd i AA -d d

h miy i i i wih h imd miy f igi f fimym.

A dc f h dic f Swd f .% wd imy icf h Swdih i igi wih SEK ,m whi h m chg iifli mi f Swd wd hv h i ffc d dch igi wih SEK ,m. A ic f h dic wih m iwd dc h igi wih SEK ,m d icd ifli wih .% giv icd igi wih SEK ,m. A chg i xcd

y ic i Swd wih –.% wd hv iiv ffc h ig-i wih SEK m d h giv ffc wd SEK m.

Th igi i Gmy wd ic wih SEK m if h dic w dcd wih .%. A ic wih h m cg wd dch igi wih SEK m. If h ifli mi f Gmy icwih .% h i igi wd ic wih SEK m d c-dig dc wd SEK m w ifli mi. A chgi xcd y ic i G my wih .% wd wih high giv ic f h igi wih SEK m d wih w dc h i-gi wih SEK m.

A 0

Sweden Foreign G Sweden Foreign G

Eqii , , , ,where of private equities and hedge funds , 4,166 , 4,323

I-ig cii , , , , , ,where of hedge funds 596 552

Pi , , , ,

TOTAL , , , , , ,

Th i icd SEB h wih fi v f SEK m (). Pi i Swd cc id y SEB. c f h hv qd mk ic, i ddii h SEK ,m i iqid .





N cd. Rim fi igi

A g I 0


Svic c – – – – I c – – – – Ccd i Sci y x – –

INCLUDED IN STAFF COSTS – – – –

A g O

Rmm f i igi –, – , – where of experience adjustments – 84 119

where of due to changes in actuarial assumptions –, – –3,372 – 613

Vi g i ( ) , – – ,

INCLUDED IN OTHER COMPREHENSIVE INCOME –, – , – –

DEFINED CONTRIBUTION PLANS IN SEB GROUP

N g Pfi 0


Ex i Sff c – – – –

DEFINED BENEFIT PLANS IN SKANDINAVISKA ENSKILDA BANKEN

Parent company

N g B 0

Dfid fi igi h giig f h y , ,Imd i mim I c d h chg , Ey im Pi dim – –

DEFINED BENEFIT OBLIGATION AT THE END OF THE YEAR , ,

Fi v f h giig f h y , ,

Cii i fdi , –R ,Bfi id – –

FAIR VALUE OF PLAN ASSETS AT THE END OF THE YEAR , ,

Th v dfid fi igi i ccd ccdig yggdg.Skdivik Ekid Bk h ch d h w dic f. c y. Th w dic ffcd h igi givyd d ddii cii h fdi f SEK ,m. Th i-gi i fy cvd y i i fdi d i icdd i hc h.

Th i h fdi miy qiy d SEK ,m (,) d m x i ig SEK ,m (,). Th icd SEBh f SEK m () d idig ccid y h cmy f SEK ,m(,). Th w c (–) f cii d icmi.

A g Pfi

Parent company

0

Pi dim –, –Cmi fm i fdi

T ,

NET PENSION COSTS FOR DEFINED BENEFIT PLANS –,

P , %

G i .% .%I f x .% .%

Th ci cci d i d i h c h d.





N cd. Rim fi igi

DEFINED CONTRIBUTION PLANS IN SKANDINAVISKA ENSKILDA BANKEN

Parent company

N g Pfi 0

Ex i Sff c –, –

P Pension commitments Market value of asset

0 0

SEB-Sif, Skdivik Ekid Bk Piif , , , ,SEB K AB: Piif

TOTAL , , , ,

R fi gTh G h ihd i chm i h ci wh ii fmd. Th h dfid fi d dfid cii. Th mj i chm fi y dfid fi d fdd. Th dfid c ii fw h c gi i chcy.

Dfi fi Th mj dfid fi xi i Swd d Gmy d cv -iy my i h ci. Idd ci cciccdig h Pjcd Ui Cdi Mhd (PUCM) fmd qy dcid h v f h dfid fi igi. Th fi cvd i-cd im fi, diiiy, dh d viv i ccdig h civ ci cciv gm.

Th k i cific i fdi. Th mk v. Th ci i dmid m h vi ik ih i igi d dcidd y h d/ i h ifdi. Th i c d h ccd fmg Sff c.

Dfi

Dfid cii xi h i Swd d d. I Swd m f h im cciv gm i dfid cii . Ov ci y v h my c ch v h dfid fi d c i y dfid cii . M h ci hv fdfid cii xc f h B ic ci wh h cmy imid x ci h my im. Th dfid cii ccd f x mg Sff c .

R B G Ex C

G Th gidi f mi h Pid d h h mm fh G Exciv Cmmi (GEC) w d y h Bd f Dic d i Rmi d Hm Rc Cmmi d vd y h

A G Mig .Th mi c f h Pid d h h mm f hGEC i i ccdc wih h mi icy f h Bk. N mm fh GEC h id ch d vi cmi . Th, hmi i d h mi cm; y, qiy d

cmi d i. Oh fi my icdd, ch cmy c d dmic vic.

F m ifmi, g –.

S g ffTh Pid d mm f h G EC cidd ciy gdff dfid i h Swdih Fici Sviy Ahiy gi(FFFS: :).

R B P CEO, SEK

Base pay Remunerations ) Benefits ) T

Chim f h Bd, Mc Wg ,, ,,Oh mm f h Bd ) ,, ,,Pid d CEO, Aik Fkg ,, ,, ,,

TOTAL ,, ,, ,, ,,

0

Chim f h Bd, Mc Wg ,, ,,Oh mm f h Bd ) ,, ,,Pid d CEO, Aik Fkg ,, ,, ,,

TOTAL ,, ,, ,, ,,

) A dcidd AGM.) Icd fi dmic vic d cmy c.) Rmi h d mm idivid v i d g .

C G Ex C, SEK )

Base pay Benefits T

,, ,, ,, ,, ,, ,,

) GEC xcdig h Pid d CEO. Th mm y diff w h y i vg igh (ww) mm icdd, y d igh mm w icdd.





N c cd. Rmi h Bd d h G Exciv Cmmi

Lg- q gSEB fi idcd g-m qiy gmm i . Bw d h gmm icdd fmc h. I h viggmm w idcd d fm h mchig gmm wicdd. I h df gmm w idcd.

Ud h Sh df gmm ch mm f h GEC i gd idivid m f cdii h igh d -dmid G

d idivid g. Th g i d h fi-ci d -fici. c f h h igh divd h ici- f vig id f h y, c f vig id ffiv y. Th qim f vig i h h ici mi wih SEBdig h fi h y d h h ici hd h i SEB q dmid m, cqid h - i dig hiii h y id. Af ch c iv vig id h i ddi-i hdig id f y f which h h igh c xciddig id f h y. Ech h igh c i h igh civ C A-h i h Bk.

Th i m h GEC i h Sh Mchig Pgmm .

Mchig h d fmc d mchig h i h h mchiggmm c d dgd, which m h hy d hv ymk v. Th fmc d mchig h i h Sh MchigPgmm h c xcid wi dd h dvm f w -dmid fmc cii, hhd i i h m-k qid d h i f Swdih Gvm yd i.. g-m ik f i (LTIR), w hid, d h h-

hd i i SEB’ cmi, hid.Th h mchig gmm icd w ivm i C

A-h. Af h y h ici civ mchig h d, ifh -dmid fmc cii ffid d h ici -mi wih SEB, h mximm mchig i f h f h GEC. Th v fh h mchig gmm i cd f vig d h w f-mc cii d dd h ic d -dmid iii hic. If h h ic h im f vig h m h dd, h mf mchig h d fmc d mchig h h fd ici wi dcd iy h h v cd h dd h ic cd v.

Lg- q g (x gg g), SEK

Share

savingPerformance

sharesShare

matchingShare

deferral T

Pid d CEO, Aik Fkg , ,, ,, , ,,Oh mm f h GEC ) , ,, ,, ,, ,,

TOTAL , ,, ,, ,, ,,

0

Pid d CEO, Aik Fkg , ,, ,, ,,Oh mm f h GEC ) , ,, ,, ,,

TOTAL , ,, ,, ,,


N g -- )

Number outstanding

President and CEOAnnika Falkengren

Other membersof the GEC T

First day ofexercise Performance criteria

: Pfmc h , , , c vig %: Pfmc h , , , ) c vig %: Svig h , , , -- –: Mchig igh , , , ) c mch .: Mchig igh , , , ) c mch .: Sh igh , , , ;) –

) Sh mchig gmm vd i wih mximm mchig.) A cicy i fwig h d f h fmc id, h ihig f h fi cm d gii f h fi m f fmc h.) A cicy i fwig h d f h fmc id d h ihig f h cm f m f mchig h.) Th Exci id , h icd i .

Th m f dig fmc h i h mximm m h my civd d h gmm. Th m f dig mchig igh h w ivm h i ci f C A-h d fmc d mchig h.

Dig h y h Pid d CEO h xcid fmc h v f SEK ,, (). Th cdig v f GEC xcdig h Pi-

d i SEK ,, (,,).

P Ud h i gm f h Pid i i y fm hg f . Th i i dfid fi -d d ivi. Pii id h f c f h i icm. Pi icmi fixd m. Tmii f mym y h Bk i jc mxi-mm -mh id f ic d i vc y f mh’y.

A gd i fi d vc y h fwig i ic h mm f h GEC xcdig h Pid. Th i

ivi d dfid fi-d xc f h h d fid ci-i-d. I h dfid fi h i i y fm h g f , h i mximm c f i icm. Piicm i imid idivid ciig. Tmii f mym y h Bki jc mximm -mh id f ic d i vcy f mh’ y.

Th im i h i gm h dfid cii dd ii i h dici h d f h w d xiig mmf h G Exciv Cmmi.

P ( ), SEK

President and CEO,Annika Falkengren

Other membersof the GEC ) T

,, ,, ,,0 ,, ,, ,,






N c cd. Rmi h Bd d h G Exciv Cmmi

R *, SEK

Group

L k 0

Th Bd d h G Exciv Cmmi ,, ,,Oh d i ,, ,,

TOTAL ,, ,,* F ifmi d i ch G cmi d Acid cmi .

S-

0

Lg- q- g

Sharedeferral

programme

Sharematching

programmeShare savings

programmePerformance

shares

Sharematching

programmeShare savings

programmePerformance

shares

Odig h giig f h y ,, ,, ,, ,, ,, ,,Gd ,, ,, ,, , ,, ,, ,Ffid ) –, –, –,,Excid ) –,, –,, –,, –, –, –,Exid – –,, – –,,

OUTSTANDING AT THE END OF THE YEAR ,, ,, ,, ,, ,, ,, ,,f which xci ,, ,,

) Wighd vg xci ic ffid PSP SEK . (.).) Wighd vg xci ic xcid PSP SEK . (.) d wighd vg h ic PSP xci SEK . (.).

Th m f dig fmc h i h mximm m h my c ivd d h gmm. Th m f dig df igh iSMP i h miimm cm f h gmm.

T Lg- q- g

Original noof holders 3)

No of issued(maximum

outcome)

No ofoutstanding

0

No ofoutstanding

0A-share per

option/shareExercise

price ValidityFirst date of

exercise

: Pfmc h ,, , – --: Pfmc h ,, , , – --: Pfmc h ,, – --

: Pfmc h ,, – --: Pfmc h ,, ,, ,, – )

: Pfmc h ,, ,, ,, – )

: Sh vig gmm , ,, ,, ,, . – --: Sh vig gmm , ,, ,, ,, – --: Sh vig gmm , ,, ,, ,, – --: Sh vig gmm , ,, ,, – --: Sh mchig gmm – df igh ,, ,, – )

: Sh mchig gmm – df igh ,, , , – )

: Sh mchig gmm – w ivm ,, , , – )

: Sh mchig gmm – df igh ,, , , – )

: Sh mchig gmm – w ivm ,, ,, ,, – )

: Sh mchig gmm – df igh ,, , – )

: Sh mchig gmm – w ivm ,, , – )

: Sh df gmm ,, ,, – / )

TOTAL ,, ,, ,,

) A cicy i fwig h d f h fmc id, h ihig f h fi cm d gii f h fi m f Pfmc h i Eq .) A cicy i fwig h d f h fmc id, h ihig f h cm f m f Mchig Sh d h ci f h A-h d, if ic,

h Mchig Sh.) I ximy , idivid (,) hv icid i y f h gmm.

Th dig i fm my ck i gmm.

Lg- q- gFm h gmm w d fmc h. Thy hv mximm m f v y, vig id f h y d x-ci id f f y. Th m f d fmc h h c xcid dd h dvm f w dmid fmc ci-i f q imc. Th gmm vd i wih fi cmf c.

A fm Sh Svig Pgmm f my i cd c-i hv idcd. I h Sh Svig Pgmm h ici myv mximm f fiv c f hi g y dig wv mhid. F h vig m, C A-h chd c ck x-chg f im y fwig h ici f h Bk’ iim -. If h h id y h my f h y d h my

mi wih SEB, h my wi civ C A-h f ch idh. Th fi ch i h gmm w fmd f h ic-i f h cc i Jy . Twv ci icdd i h gmm.

Fm Sh Mchig Pgmm f m f cd i xc-iv d h ky my h idcd. I h gmm cd h Pfmc Sh Pgmm. Th gmm d -fmc, hv vig id f h y d d wih SEB C A-h. A gmm qi w ivm i C A-h. Th ivmm i -dmid d cd f ch ici.

Af h y, if i myd, h ici civ C A-hf ch ivd h d cdii m f fmc d mchigh f ch ivd h.





Th m f fmc d mchig h wi dd h dv-m f w -dmid fmc cii; i h gmm m-d hhd (TSR) i i h mk qid d h i f Swdih gvm y d i.. g-m ik fi (LTIR), w hid, d h hhd i i SEB’cmi, hid. Th xcd vig im f g i y’ -gmm i ximy c. Mximm cm f h ici ih fmc d mchig h. Th cm i jc ik

djm.Th hd cmd f dividd h hhd dig hxci id. Th, h m f h igh wi ccd, f hA G Mig ch y dig h xci id, kig h dividdi cc.

Mchig igh cii h c d, dgd fd h y. Hwv, imd v mchig igh h ccdf SEK () d f h fmc d mchig igh SEK ()(d vg cig ic f SEB C A-h h im f gdig h mh f Ai). Oh i h i icig md ; xciic SEK (); viiy () (d hiic v); xcd dividdximy () c; ik f i . (.) d xcd yxci f () c. I h v f h i h xc d cm f hfmc cii dcid v k i cc.

Th gmm i jc c, if h h i c h im f vig hm h dd h m f mchig h d fmc d

mchig h h fd ici wi dcd i-y h h v cd h dd h ic cd v.

I Sh Df Pgmm w idcd f h G ExcivCmmi d ci h xciv mg. Th ici gd idivid m f cdii h igh d -dmid G didivid g v, h fici d -fici, i.

c f h h igh divd h ici f vigid f h y, c f vig id f fiv y. Th qi-

m f vig i h h ici mi wih SEB dig h fi hy d h h ici hd h i SEB q dmidm, cqid h - i dig h iii h yid. Af ch civ vig id h i ddii hdig idf y f which h h igh c xcid dig id f hy. Ech h igh ci h igh civ C A-h i h Bk.

Th hd cmd f dividd h hhd dig hdi f h Pgmm. Th, h m f h igh wi ccd,f h A G Mig ch y, kig h dividd i cc.Th h igh cii h c d, dgd fd h. Hwv, imd v h igh h ccd f SEK f vig f h y d SEK f vig f fiv y(d vg cig ic f SEB C A-h h im fg dig h mh f Ai).

Fh di f h dig gmm fd i h .

N

Ag Group Parent company

Men Women T Men Women T

Swd , , , , , ,Nwy Dmk Fid Ei , ,Lvi , , Lihi , , Gmy , Pd

Uki Chi G Bii Id Lxmg Ri Sig Uid S Oh)

TOTAL , , , , , ,

0

Swd , , , , , ,Nwy Dmk

Fid Ei , ,Lvi , , Lihi , , Gmy , Pd Uki Chi G Bii Fc Id Lxmg Ri Sig Uid S Oh)

TOTAL , , , , , ,) Swizd, Biih Vigi Id, Bzi d Hg Kg.

Nm f h wkd i cmy ,, (,,).





O x


0 0

C f mi ) –, –, –, –,D c –, –, –, –,Siy – – – –Tv d im – – – –Pg – – – –C – – – –Mkig – – – –Ifmi vic – – – –Oh ig c ) –

TOTAL –, –, –, –,) Of which c –, –, – –

) N f ddci f ciid c, .

F x w fi )

Adi igm – – – –Adi d vic – – – –Tx dviy – – – –Oh vic – – – –

PwC Adi igm – –Tx dviy – –Oh vic –

O fi

TOTAL – – – –

) Th cmy icd h fig ch.

I ddii h v mid h hv f d x -wc id di d di fi m dig d i i divm f Gm i i which m SEK m () fOh vic. Th f m f vic i i h RiGmy divm jc ch dm d jc mgm, dvic i i, IT d ccig.

Adi igm i dfid h di f fici m, hdmiii f h Bd f Dic d h Pid, h k ig

h di w cig d h ic, which hv ii-id y h fidig i fmig di wk immi f ch k.Th di d vic icd qy viw, gy ig dvic i cci wih iig f cific d ii. Tx dviyicd g xi vic d h x vic wk. Oh vicicd ci fici ccig, vic d M&A civii,i ffciv d m f i c.

D, g g


0 0

Dcii f gi – – – –Dcii f qim d ci –, –,Amii f igi – – – –Amii f dfd cqiii c – –Imim f gi – –Imim f igi – – –Imim f gdwi –

Rim d di f igi ) – –TOTAL –, –, –, –,

) Whf – f gic viw f IT-ifc jc. P f h dvm hv xcd f cmic fi, d hf dcgid.

G g g


0 0

Pi Oh gi

G

Pi –

Oh gi – –L

TOTAL





N


0 0

P:N cciv vii f idividy d – –N cciv vii f fi d – – –Scific vii – – – –Rv f cific vii g qid , N vii f cig iiii

N ,

W-ff:T wi-ff –, –, – –Rv f cific vii iizd f wi-ff , ,

Wi-ff viy vidd f –, – – –Rcvd fm vi wi-ff

N w-ff

TOTAL – – –

A

Parent company

0

Cmi fm i fd, i dim Pi dim –, –

P ,

Aii /iii f xd v –,G cii , Accd x dcii – –,

A

TOTAL –, –

I x x

Mj x xGroup Parent company

0 0

C x –, –, –, –,Dfd x –

Tx f c y –, –, –, –,C x f vi y – –

INCOME TAX EXPENSE –, –, –, –,

R w x x g fi

N fi fm ciig i , , , ,Icm x x , , , ,

Ag fi x , , , ,

C x Swdih y f . c –, –, –, –,Tx ffc ig h x i h jidici

Tx ffc ig x ddci x – – – –Tx ffc ig x icm Tx ffc ig viy cgid x ,x cdi my diffc Tx ffc ig viy cgid x ,x cdi my diffc

C x , , , ,

Tx ffc ig igi d v f x ,x cdi d my diffc – –Tx ffc ig chg i x h imii f w x , Tx ffc ig viy cgid x ,x cdi my diffc – –Tx ffc ig imim v f viimim f dfd x – –

D x C x

INCOME TAX EXPENSE –, –, –, –,

S Oh f c d dfd x d Oh iiii f c d dfd x iiii





N cd. Icm x x

D x x g Group

0

Accd x dcii , –Pi , – Tx cy fwd – –Oh my diffc – –

TOTAL –

Dfd x d iii wh h chg i d chg i dfd x m SEK m ( )d i xid y ccy i ffc.

Eg

Group

Cg 0

N fi i qiy hd, SEKm , ,Wighd vg m f h, mii , ,Bic ig h, SEK . .

N fi i qiy hd, SEKm , ,Wighd vg m f did h, mii , ,

Did ig h, SEK . .

D

N fi i qiy hd, SEKm – –,Wighd vg m f h, mii , ,Bic ig h, SEK –. –.

N fi i qiy hd, SEKm – –,Wighd vg m f did h, mii , ,Did ig h, SEK –. –.

T

N fi i qiy hd, SEKm , ,Wighd vg m f h, mii , ,Bic ig h, SEK . .

N fi i qiy hd, SEKm , ,Wighd vg m f did h, mii , ,Did ig h, SEK . .

D

Wighd vg m f h, mii , ,Adjm f did wighd vg m fddii C A-h, mii Wighd vg m f did h, mii , ,

O


0 0

I fi q fi :Vi gi () dig h y , Icm x vi gi () dig h y – – – –Tfd fi f h y – –Icm x f fi f h y –

A ,

Vi gi () dig h y , ,Icm x vi gi () dig h y – – – –Tfd fi f h y Icm x f fi f h y – – – –

C flw g , ,

Ti f fig i – – –

T g Tx i ffc – –

Tx ff





N cd. Oh cmhiv icm


0 0

I w fi fi :Rmm f i igi, icdig ci y x –, ,Vi gi () dig h y , –,Dfd x i

Dfi fi ,

Oh – –

O

TOTAL – , , ,

Th mhd d hdg ccy ik d fig i c x x (x icm) i h cmy. Fi v chg h hdgig i-m imc x cy h ccy vi f h fig i. I h G hi x ffc i d i Oh cmhiv icm.

Rk

Mgig ik i c civiy i k d hf fdm g-m fiiiy d iiy. Rik i cy d i civii di dvm d, hf, cm d.

SEB’ fiiiy i dicy dd i iiy v, mg

d ic h ik cd, whi miiig dq ciiid iqidiy m f v. T c h G’ fici iiy,ik d ci-d i idifid, mid d mgd

y g. Thy fm ig f h g-m gic igd i i ig c.

Fh ifmi cdi ik, mk ik, ic ik, iik, i d gic ik gh wih iqidiy ik d h mgm

f h ik fd d h ci Rik, iqidiy d ci mg-m (g –) f h f dic, which fm f h fi-ci m .

C k

Of h vi ik h SEB m i vidig i cm wih ficii d dc, cdi ik i h m igific. Cdi ik i h ikf d h fi f ig ffi i igi wd SEB. Thdfiii cm cy ik i h dig i,cy ik, cci ik d m ik. Cdi ik i c cd f , h i h kig k d h dig k.

Th vidig ici f SEB’ cdi gig i h dig h d cdi yi d i h cm’ iiy y.

F m ifmi gdig cdi ik g –.

T cdi x cmi h G’ cdi fi (, iggm, cig iiii d cy ik iig fm d iv-iv cc), d d im. Ex d fv. Diviv d d f ig f mk v f c gm d icd dd- f i f x-. D im cmi i-ig im mim, cidig cdi diviv d f. D im i hLif divii xcdd.

C x

Loans Contingent liabilities Derivative instruments T

G 0 0 0 0

Bk , , , , , , , ,

Fic d ic , , , , , , , ,Wh d i , , , , , ,Ti , , , , , ,Shiig , , , , , ,Bi d hhd vic , , , , , , , ,Cci , , , , , ,Mfcig , , , , , , , ,Agic, fy d fihig , , , , , ,Miig d qyig , , , , , ,Eciciy, g d w y , , , , , , , ,Oh , , , , , ,

C , , , , , , , ,

Cmmci mgm , , , , , , , ,Ridi mgm , , , , , , , ,Hig c-iv cii,Swd , , , , , ,

P Mg , , , , , , , ,

P A , , , , , , , ,

Hhd mgg , , , , , ,Oh , , , , , ,

H , , , , , ,

C ,, ,, , , , , ,, ,,

R , ,

D , ,

TOTAL ,, ,,

Th icd vm fm i i Uki cifid A hd f i h c h.





N cd. Cdi ik

C gg*

G Sweden Denmark Norway Finland Estonia Latvia Lithuania Germany Other T

Bk , , , , , , ,

Fic d ic , , , , ,Wh d i , , , , , , , , ,

Ti , , , , , , ,Shiig , , , ,Bi d hhd vic , , , , , , , ,Cci , , , , ,Mfcig , , , , , , , , , ,Agic, fy d fihig , , , ,Miig d qyig , , ,Eciciy, g d w y , , , , , , , ,Oh , , , , ,

C , , , , , , , , , ,

Cmmci mgm , , , , , , ,Ridi mgm , , , ,Hig c-iv cii,Swd , ,

P Mg , , , , , , ,

P A , , , , , , ,

Hhd mgg , , , , , , ,Oh , , , , , , , , ,

H , , , , , , , , ,

TOTAL ,, , , , , , , , , ,,

0

Bk , , , , , , ,

Fic d ic , , , , ,Wh d i , , , , , , , ,Ti , , , , , , ,Shiig , , ,

Bi d hhd vic , , , , , , , ,Cci , , , , ,Mfcig , , , , , , , , , ,Agic, fy d fihig , , , ,Miig d qyig , , ,Eciciy, g d w y , , , , , , ,Oh , , , , ,

C , , , , , , , , , ,

Cmmci mgm , , , , , , ,Ridi mgm , , , ,Hig c-iv cii,Swd , ,

P Mg , , , , , , ,

P A , , , , , , ,

Hhd mgg , , , , , , ,Oh , , , , , , , , ,

H , , , , , , , , ,

TOTAL ,,6 , , , , , , , , ,,

* Th gghic diii i d wh h i kd. Am f vii f cdi .

Th icd vm fm h i i SEB Uki cifid A hd f i h c h.





N cd. Cdi ik

L gg*


Bk , , , , , , ,

Fic d ic , , , , ,Wh d i , , , , , , , ,

Ti , , , , , ,Shiig , , , ,Bi d hhd vic , , , , , ,Cci , ,Mfcig , , , , , , , , ,Agic, fy d fihig , , , ,Miig d qyig , ,Eciciy, g d w y , , , , , , ,Oh , , , ,

C , , , , , , , , , ,

Cmmci mgm , , , , , ,Ridi mgm , , , ,Hig c-iv cii,Swd , ,

P Mg , , , , , ,

P A , , , , , , ,

Hhd mgg , , , , , , ,Oh , , , , , , ,

H , , , , , , , ,

TOTAL , , , , , , , , , ,,

R, cdi iii ,R, g ic ,D im cifid ,Rv ,

TOTAL LENDING ,,

0

Bk , , , , , ,

Fic d ic , , , , ,Wh d i , , , , , , , ,Ti , , , , , ,Shiig , , ,Bi d hhd vic , , , , , , , ,Cci , ,Mfcig , , , , , , , ,Agic, fy d fihig , , ,Miig d qyig , ,Eciciy, g d w y , , , , , , ,Oh , , , ,

C , , , , , , , , , ,

Cmmci mgm , , , , , ,Ridi mgm , , ,

,Hig c-iv cii,Swd , ,

P Mg , , , , , ,

P A , , , , , , ,

Hhd mgg , , , , , , ,Oh , , , , , , , ,

H , , , , , , , ,

TOTAL , , , , , , , , , ,,

R, cdi iii ,R, g ic ,D im cifid ,Rv ,

Ri SEB Uki, g ,TOTAL LENDING ,,

* Th gghic diii i d wh h i kd.





N cd. Cdi ik

I gg*


Bk

Fic d ic Wh d i

Ti Shiig Bi d hhd vic Cci Mfcig Agic, fy d fihig Miig d qyig Eciciy, g d w y Oh

C ,

Cmmci mgm , ,Ridi mgm Hig c-iv cii,Swd

P Mg , , ,

P A

Hhd mgg Oh

H

TOTAL , , , ,

0

Bk

Fic d ic Wh d i Ti Shiig

Bi d hhd vic Cci Mfcig Agic, fy d fihig Miig d qyig Eciciy, g d w y Oh

C , ,

Cmmci mgm , , ,Ridi mgm Hig c-iv cii,Swd

P Mg , , , ,

P A

Hhd mgg Oh

H

TOTAL , , , ,

whf Ri, SEB Uki

T x R, SEB Uk ,






N cd. Cdi ik

P *


C

Hhd mgg , , ,Hhd mgg cd

Oh ,H , , , ,

TOTAL , , , ,

0

C

Hhd mgg , , ,Hhd mgg cd Oh ,

H , , , ,

TOTAL , , , ,

whf Ri, SEB Uki

T x R, SEB Uk ,


Ex GIIPS

Greece Italy Portugal Spain ) ) Ireland )

G 0 0 0 0 0

Sg Nmi m Fi V

C Nmi m , , Fi V , ,

A k Nmi m , , Fi V , ,

BkNmi m Fi V

) Th i ik i h cvd d i mgd y i w wh h chg i vi i cgid h cmhiv icm. Th ccmd OCI wSEK –,m (–).

) Sh ii f Dcm , mi m f SEK –m d k v SEK –m, xcdd i h . C dig m f Dcm w mi mSEK –m d k v –m.

Lq k

Liqidiy ik i h ik h h G, v cific im hiz, i fic i xiig i m h dmd f ddiiiqidiy. Liqidiy ik i h ik h h G i fcd w fv i fcd i d m i y-m cmmim.

Th im f SEB’ iqidiy ik mgm i h h G h cd iqidiy ik ii, wih dq ch ch qiv i v cci imy m i iqidiy qim i fcicmc, wih icig i ddii c. F m ifm-i gdig iqidiy ik g –.

Th (g –) ch flw y miig cc m-ii h c h d d i h i d which h Gc qid y gd f iiy mi. Th m di-cd i mii - dicd ch flw. Tdig ii, xcdig

diviv fi v d dicd ch flw, d wihi < mh, hgh cc miy my xd v g id, whichflc h h-m f h dig civii. O ff-c h imch cmmim miy d wihi < mh flc h dmd chc f h im. Th fwig iiii cgizd h c h xcdd h k d cid hm c-c; vii, dfd x d iiii my f h-diciv gmm. Diviv cc h g i f h G’ iqidiy mgm d h w icd yh g ch flw fm h cc.

Th G’ diviv h wi d g i icd:– Fig xchg diviv: ccy fwd d, ccy w d– I diviv: c ccy i w.





N cd. Liqidiy ik

G

F ( ) < 3 months 3 < months < 5 years > 5 years No maturity Discount effect T

Di fm cdi iii , , , , –, ,Di d wig fm h ic , , , , –, ,Liiii icyhd – ivm cc , , , , ,D cii , , , , –, ,

Tdig iiii , – ,Td d ci y , ,Sdid iiii , , –, ,

T ,, , , , , ,,

O (-fi) , , , , , ,

Off-

L cmmim , , ,Accc d h fici fciii , ,Oi cmmim ,

T , , , , ,

T ff- ,, , , , , , ,,

T fi ( )) , , , , , , ,,

DCcy-d ,, , , , ,,I-d , , , , ,

T flw ,, , , , ,,

T flw ,, , , , ,,

0

Di fm cdi iii , , , , –, ,Di d wig fm h ic , , , , –, ,Liiii icyhd – ivm cc , , , , ,D cii , , , , –, ,Tdig iiii , – ,Td d ci y , ,Sdid iiii , , –, ,

T ,, , , , , ,,

O (-fi) , , , , , ,

Off-

L cmmim , , ,Accc d h fici fciii , ,Oi cmmim

T , , , , ,

T ff- ,, , , , , , ,,

T fi ( )) , , , , , , ,,

D

Ccy-d ,, , , , ,,I-d , , , , ,

T flw ,, , , , ,,

T flw ,, , , , ,,





N cd. Liqidiy ik

P

F ( ) < 3 months 3 < months < 5 years > 5 years No maturity Discount effect T

Di fm cdi iii , , , , , ,Di d wig fm h ic , , , , , ,D cii , , , , , ,Tdig iiii , ,

Td d ci y , ,Sdid iiii , , , ,

T ,, , , , , ,,

O (-fi) , ,

Off-

L cmmim , ,Accc d h fici fciii , ,

T , ,

T ff- ,, , , , , ,,

T fi ( )) , , , , , ,,

D

Ccy-d ,, , , , ,,I-d , , , , ,

T flw ,, , , , ,,

T flw ,, , , , ,,

0

Di fm cdi iii , , , , , ,Di d wig fm h ic , , , , , ,D cii , , , , , ,Tdig iiii , ,Td d ci y , ,Sdid iiii , , , ,

T ,, , , , , ,,

O (-fi) , ,

Off- L cmmim , ,Accc d h fici fciii , ,

T , ,

T ff- ,, , , , , ,,

T fi ( )) , , , , , ,,

D

Ccy-d ,, , , , ,,I-d , , , , ,

T flw ,, , , , ,,

T flw ,, , , , ,,

) Fici vi m iiii d dig cmmim icd ch, c k c, igi d im d d dvc k d cm. Tdig d wihi < mh, hgh cc miy my xd v g id, d ic cc y < flcig h f dig d ic civii.





I k

I ik i f mk ik. I i h ik h h fi v fch flw f fici im wi flc c f chg i mki . T m d imi i ik, SEB h VR mhd,cmmd y D c d N i icm.

Th N i icm ik dd h v i fi, icymimch w i-ig d iiii i m f vm dicig id. F m ifmi gdig mk ik g –.

Th i icm iiviy i ccd d h cc ic-ig id. I h d iiii which iflc h i i-cm hv cd im- d miig miy. A xc-i h md f h d i iii i h if ic iwhich cd i h cm “Ic”. A d iiii wih c-c ic ig id cd i h cm “< mh” whi diiii h d ffc i icm cd i cm “N ”.

Rg

G

A < month < 3

months3 < 6

months6 <

months < 3

years3 < 5

years > 5 years Non rate Insurance T

L cdi iiid c k , , , , , , , , ,L h ic , , , , , , , , ,,Oh fici , , , , , , , –, , ,,Oh , – – – , , ,

TOTAL ,, , , , , , , –, , ,,

L qDi fm cdi iii , , , , , , ,Di d wigfm h ic , , , , , , , , ,Id cii , , , , , , , ,Oh iiii , , , , , ,T qiy , ,

TOTAL ,, , , , , , , , , ,,

I iiv, –, , –, , , , –, –150,025 ,Cmiv iiv –, , –, , , , , –,

0

A

L cdi iiid c k , , , , , , , ,L h ic , , , , , , , , ,,Oh fici , , , , , , , –, , ,Oh , , , ,

TOTAL ,, , , , , , , , , ,,

L q

Di fm cdi iii , , , , , , , , ,Di d wigfm h ic , , , , , , , , ,Id cii , , , , , , , ,Oh iiii , , , , , , , ,T qiy , ,

TOTAL ,, , , , , , , , , ,,

I iiv, –, , , , , , –, –134,480 ,Cmiv iiv –, –, , , , , , –,





F


A

Quotedprices in

activemarkets(Level )

Valuationtechnique using

observableinputs (Level )

Valuationtechnique

using non-observable

inputs (Level 3) T

Quotedprices in

activemarkets(Level )

Valuationtechnique using

observableinputs (Level )

Valuationtechnique

using non-observable

inputs (Level 3) T

Eqiy im fi v , , , , , ,D im fi v , , , , , ,Diviv im fi v , , , , , ,Oh fici fi v , , , , Eqiy im vi-f- , , , ,D im vi-f- , , , , ,Ivm i ci ) , ,

TOTAL , , , , , , , ,

L

Eqiy im fi v , , , , , ,D im fi v , , , , , ,Diviv im fi v , , , , , ,D cii fi v ) , , , ,

TOTAL , , , , , , , ,

0

A

Eqiy im fi v , , , , , ,D im fi v , , , , , ,Diviv im fi v , , , , , , ,Oh fici fi v , , , , Eqiy im vi-f- , , , ,D im vi-f- , , , , ,Ivm i ci ) , , , ,

TOTAL , , , , , , , ,

L

Eqiy im fi v , , , ,D im fi v , , , , , ,Diviv im fi v , , , , , ,D cii fi v ) , , , , ,

TOTAL , , , , , , , ,

) V ci civii digd fi v hgh fi d .) Eqiy idx ik d digd fi v hgh fi d .

F Th jciv f h fi v mm i iv h ic which -dy ci wd k c w kwdg i i m’gh ci mivd y m i cidi.

Th G h ihd c vim f h dmii f fiv f fici im h icd idd viw f vimd. I d cc mk vi f fici im

Rik C iddy, mhy i, vid ic. If hvidi ici dhd , h Hd f G Fic h i-fmd. Exci wih mi d ici imc qi v fmh GRMC (G Rik Mm Cmmi) d h ASC (Accig Sd-d Cmmi).

I d iv h fi v f fici im SEB diffmhd; qd ic i civ mk, vi chiq icigv d d vi chiq d i md. F dic- , fici im cid fi v cifid i fiv hichy ccdig h v f mk viiy f h i. RikC cifi d ciy viw h cifici f fici i-m i h fi v hichy.

A civ mk i i which ci cc wih ffici vm dfqcy vid icig ifmi gig i. Th jc iv i iv ic which ci wih mdifici ckgig wd

cc i h m dvg civ mk which SEB h immdi cc.A f h fi v mm cdi v djm (CVA) i-

cd i h diviv vi f OTC-diviv fi v flc h cy cdi ik. Th CVA i ccd cyv d im f x df, iiy f df d cvy. Piiy f df d cvy ifmi i gy cd

fm h CDS mk. F ci wh hi ifmi i vi, cidd i d h f h x, iv ch k wh h h iiy f df i d gic cdi idicf cific idy d/ ig.

Fi v f fici d iiii y c c i fd i N .

L : Q k Vi i Lv dmid y fc djd qd mkic f idic im i civ mk wh h qd ic diy vi d h ic c d gy ccig mkci m’ gh i.

Exm f Lv fici im id qiy cii, d c-ii, d xchg-dd diviv. Im dd i civ mk fwhich m mk ici vid idig ic qi hc h d xm f Lv fici im.





N cd. Fi v mm f fici d iiii

L : V q w I Lv vi chiq, igific i h vi md -v ih dicy idicy. Lv vi chiq icd ig di-cd ch flw, i icig md, c ci d h ic f -h im h i iy h m.

Exm f v i fig ccy xchg , idig -cii ic qi, mk i (Si, Li, c.), viii imid

fm v i ic f h m m d c ci wih m x c xcd y SEB. A i c f fm ig -v ig v dig h hdig id d .g. iiqidiy fh im.

Exm f Lv fici im m OTC diviv ch -i d i w d h Li w fig-dmidyid cv. Oh xm im f which SEB cy d ici wih hid i d im f which SEB i wv vi. L : V q w gfi Lv vi chiq ic igific i h v.

Th chiq gy d xig fm v i fimi im, yig hiic d h yic chiq.

Exm f Lv fici im m cmx OTC diviv, gdd i f which h viiy i xd diviv h dd v c i. Oh xm im f which h i c-y civ mk idig q, ch id qiy im dPiv Eqiy hdig. If h fi v f fici im icd m h

v i, h v i gggd i d d-mi h cifici f h i im. Th v i h fi v hichywihi which fici im i cifid i dmid h i f hw v f i h i igific h fi v i i iy.

Sgfi fi w L L Th hv igific f w v d v . Th ic iv i miy d ic i i vm.

Rfi fi w LA d iiii f hv cifid d cci f h vi- cifici.

Cg

G Openingbalance

Gain/lossin Income

statement )

Gain/loss inOther-

comprehen-sive income Purchases Sales

Transfersinto

Level 3

Transfersout of

Level 3Reclassi-

fication

Exchangerate

differences T

A

D im fi v – Diviv im fi v , – –, – ,Oh fici fi v , , –, – – ,Eqiy im vi-f- – D im vi-f- – –Ivm i ci , – – ,

TOTAL , , , –, –, – ,

L

Diviv im fi v , –, – ,

D cii fi v)

, –, –TOTAL , –, – ,

0

A

Eqiy im fi v –D im fi v , – Diviv im fi v , –, ,Oh fici fi v , ,Eqiy im vi-f- – – D im vi-f- – – – Ivm i ci – ,

TOTAL , – – –, , – ,

L

D im fi v –Diviv im fi v , , , ,D cii fi v ) , –, – ,

TOTAL , , –, , – ,

) Fi v gi d cgid i h icm m icdd i h N fici icm, N if ic icm d N h icm.) Id cd hv mvd fm v v d m g ch f fi v hichy cifici d h v i ig

igific f h v f h im.





N cd. Fi v mm f fici d iiii

Cg

P Openingbalance

Gain/lossin Income

statement )

Gain/loss inOther compre-

h ens ive i ncom e P ur cha se s S al es

Transfersinto

Level 3

Transfersout of

Level 3 )

Exchangerate

differences T

A

D im fi v –

Diviv im fi v , –, ,Ivm i ci , –

TOTAL , –, ,

L

Diviv im fi v , –, ,

TOTAL , –, ,

0

A

D im fi v , – Diviv im fi v , –, ,D im vi-f- –Ivm i ci ,

TOTAL , –, ,

L

D im fi v –Diviv im fi v , , ,D cii fi v ) , –,

TOTAL , , –, ,

) Fi v gi d cgid i h icm m icdd i h N fici icm, N if ic icm d N h icm.) Id cd hv mvd fm v v d m g ch f fi v hichy cifici d h v i ig igific f h

v f h im.

S L fi Th w i h i Pfi L imc f h iv

ciy i h fi v f fici im h f hi vi dd v i. Th iiviy v i id y ig h mi h vi chiq, w i-d y chg i idx-ikd w d, imid viii, cdi

d cm mi. I i iky h v i wd imy h xm f hi g f y i -

iv.Th hv igific chg dig .Th g mk ik wihi Lv fici im i fd

wihi h ic i.

0

G Assets Liabilities Net Sensitivity Assets Liabilities Net Sensitivity

Scd Diviv – i ) –, – , –, – Eqiy Oi ) – – CPM Pfi ) V Ci hdig ) , , , , Ic hdig ) , – , , , – , ,

) Shif f idx-ikd w d y i i d imid viii y cg i wd hv fi imc f +/– SEK m.) A i i hif f w d wd hv fi imc f +/– SEK m.

) Shif f cdi d y i i wd hv fi imc f +/– SEK m.) Vi i imd i g f cm, wh h i fi imc i hw i h iiviy yi. Th, hif i vi m ch cm

mi wd i h w v g hv fi imc f –SEK m.) A hif f Piv qiy f %, cd cdi % d diviv mk v f %.





C g k


0 0

Ch , , Ch c wih c k , , , ,

C w k , , , ,

O g k , ,

TOTAL , ,

Rmiig miy– ch , , – y dmd , , , ,– mximm mh , ,

TOTAL , , , ,

L


0 0

Rmiig miy– y dmd , , , ,– mximm mh , , , ,– m h mh mximm y , , , ,– m h y mximm y , , , ,– m h y , , , ,

Accd i

L , , , ,

Eigi d im) , ,Oh d im) , , , ,Accd i

D , , , ,

TOTAL , , , ,f which , , , ,

Avg miig miy f L (y) . . . .

) S f miy d f i.





L


0 0

Rmiig miy– y dmd , , , ,– mximm mh , , , ,

– m h mh mximm y , , , ,– m h y mximm y , , , ,– m h y , , , ,

Accd i , , , ,

L ,, ,, , ,

Eigi d im ) , , ,Oh d im ) , , , ,Accd i

D , , , ,

TOTAL ,, ,, , ,

f which , , , ,Avg miig miy f L (y) . . . .

) S f miy d f i.

F

Bk v , ,G ivm , ,P v f miimm ym civ , ,Ud fic icm , ,Rv f imid cc miimm ym – –

Group 0 Group 0

Bookvalue

Grossinvestment

Presentvalue

Bookvalue

Grossinvestment

Presentvalue

Rmiig miy– mximm y , , , , , ,

– m h y mximm y , , , , , ,– m h y , , , , , ,

TOTAL , , , , , ,

Th d miy cmi f vhic, mchiy d fciii. Th g ggm m SEK . ii (.).





F


0 0

Scii hd f dig , , , ,Diviv hd f dig , , , ,

H g , , , ,

Fici – icyhd ig h ik , ,Ic fi v , ,Oh fici fi v ,

Dg g fi , ,

Diviv hd f hdgig , , , ,Fi v chg f hdgd im i fi hdg ,

TOTAL , , , ,

Th cgy Fici fi v cmi f fici im ih cifid hd f dig fici digd hi cgy iii cgii. Th fici cgid fi v d h v chg i cgid hgh fi d .

S g

Eqiy im , , , ,Eigi d im) , , , ,Oh d im) , , , ,Accd i , , , ,

TOTAL , , , ,

) S f miy d f i.

D g

Piiv cm v f i-d diviv , , , ,Piiv cm v f ccy-d diviv , , , ,Piiv cm v f qiy-d diviv , , , ,Piiv cm v f h diviv , ,

TOTAL , , , ,

D gg

Fi v hdg , , , ,Ch flw hdg , , , ,Pfi hdg f i ik , ,

TOTAL , , , ,

I

Eqiy im , ,Oh d im ) , ,Accd i

TOTAL , ,

) S f miy d f i.

O fi

Eqiy im Eigi d im ) ,Accd i

TOTAL ,

) S f miy d f i.

T igificy imi icicy i mm d ccig h G h ch dig fici d fici iiii, which h iikd ic i giv i , fi v hgh fi . Thi imi h chg i fi v h ivm ( fy fd), whh icy-hd h ik d h cdig iiii, cgid i fi . Fi v h d iiii y qd mkic i civ mk.





A--


0 0

Eqiy im c Eqiy im fi v , , , ,Eigi d im ) , , , ,

Oh d im)

, , , ,Sizd h Accd i

TOTAL , , , ,

) S f miy d f i.

Eqiy im md c d hv qd mk ic i civ mk. Fh, i h i iy m h fi v fh qiy im. M f h ivm hd f gic d idd d i h f.

H--


0 0

Oh d im ) , ,Accd i

TOTAL , ,

) S f miy d f i.





I


0 0

Sgic ivm V ci hdig , , ,

TOTAL , , , ,

Sg Assets) Liabilities) Revenues) Profit or loss) Boo k value O wn er sh ip , %

Bkm AB (f d BAB Bk Amg AB), Sckhm – Bkmc AB, Sckhm Bki AB, Sckhm BDB Bk Då AB, Sckhm , , BGC Hdig AB, Sckhm UC AB, Sckhm Viköm & Ad A Mgm AB, Sckhm

P g

Hg

G j

GROUP HOLDINGS ) Rivd fm civ A .

0

V g Book value Ownership, % Book value Ownership, %

Aciwv, Liköig Ai AB, Äghm AORIAB Hdig AB, Äghm Aic AB, Sckhm Acd Hdig AB, Sckhm Akm Gwh Fd KB, Sckhm Avj Ii Hdig AB, Sckhm C A/S, Chg Cvi AB, Öködvik C AB, Sckhm Cic AB, Liköig Diki Ii Ld, Hg Kg Exim AB, Sckhm Fä Cmmici AB, Umå IDx Phmcic AB, Sckhm Mi Tg SAS, Pi Nv Hdig AB, Ghg Nmd Hdig Ld, Nwc NEvi A/S, Chg PhI AB, Sckhm Pdc AB, Öködvik Qickc AB, Ld Scdiv Sym AB, U Sci AB, Sckhm Sig Pcig Dvic Swd AB, Liköig Ti-f Sym AB, Sckhm

Tkiki i Nd AB, Sckhm TSS Hdig AB, Sckhm Xyh AB, Ghg Ziwv Hdig Limid, Cmidg

P g ,

Hg )

GROUP HOLDINGS , ,

) Wh f SEK m () ivm i ji v, UAB CG.

Ifmi h c gii m d m f hf h ci i vi q.

Sgic ivm i ci i h G ccd f igh qiy mhd.

Ivm i ci hd y h v ci gii f h

G hv i ccdc wih IAS digd fi v hghfi . Thf, h hdig ccd f d IAS .Sm ii wh h k h whi f h c,

h cifid ivm i ci. Th i h h ki d i h d f dic d iciig i h icy mkig

c f h ii.A fici wihi h G’ v ci i mgd

d i fmc i vd fi v i i ccdc wih dc-md ik mgm d ivm gi.

Fi v f ivm id i civ mk d qd m-

k ic. If h mk f fici im i civ, fi v i -ihd y ig vi chiq d dicd ch flw yi, v-i wih fc fici im h i iy h m, dvi wih fc v mk ci i h m ficiim.





S

Parent company

0

Swdih idii , ,Fig idii , ,

TOTAL , ,

f which hdig i cdi iii , ,

0

Sw Book value Dividend Ownership, % Book value Dividend Ownership, %

Akiv Pcig AB, Sckhm Aw Pi AB, Sckhm Ekid Kifövig SEB AB, Sckhm Föäkigkig Skdivik Ekid Civ, Sckhm Pkigh L HGB KB, Sckhm R Hdig AB, Sckhm , , SEB AB, Sckhm ) , , , SEB Fövig AB, Sckhm SEB I Si AB, Sckhm SEB Ivm Mgm AB, Sckhm SEB K AB, Sckhm , ,

SEB Pföjfövig AB, Sckhm , , SEB Sgic Ivm AB, Sckhm Skdivik Kdikig, Sckhm Tck O Lig AB, Sckhm

TOTAL , , , ,

) Icd g cii civd dicy fm SEB AB’ idiy SEB Tygg Liv Hdig AB.

0

Fg Book value Dividend Ownership, % Book value Dividend Ownership, %

Bc B.V., Amdm Ic Svic d Ci Ld, Sã P Ky A Mgm (Swizd) SARL, Gv Ky A Mgm (UK) Limid, Ld Ky A Mgm Ng ASA, O Ky Ci Mgm Ic, T Mö Bifi AS, O Njd AS, O PJSC SEB Bk, Kiv SEB AG, Fkf m Mi , , SEB A Mgm Amic Ic, Smfd SEB A Mgm S.A., Lxmg SEB Bk JSC, S Pg SEB Bk, AS, Rig , , SEB k, AB, Vii , , SEB C Bk, PJSC, Kiv SEB Ekid AS, O SEB Ekid Ic., Nw Yk SEB Ekid C Fic Oy A, Hiki SEB Ekid, AS, Ti SEB Ekid, SIA IBS, Rig SEB Ekid, UAB, Vii

SEB Fd Svic S.A., Lxmg SEB Kifövig Fid A, Hiki SEB Fdg Fid A, Hiki SEB Hg Kg Td Svic Ld, Hg Kg SEB Lig Oy, Hiki , , SEB Lig, CJSC, S Pg SEB Pk, AS, Ti , , SEB Pivk ASA, O , SIGGE S.A., Ww Skdivik Ekid Bk A/S, Chg , , Skdivik Ekid Bk S.A., Lxmg , , Skdivik Ekid Ld, Ld

TOTAL , , ,

Ifmi h c gii m d m f h f h idii i vi q.





Tg g


0 0

Gdwi , , Dfd cqiii c , ,IT igi , , , ,Oh igi

Ig , , , ,

Offic, IT d h gi , , Eqim d ci) , ,Pi f w i

P q , , , ,

Ivm i cgid c Ivm i cgid fi v , ,Pi k v f ci f cim , ,

I , ,

TOTAL , , , ,

) Eqim d ci cgid fici d d i h G.

G Goodwill

Deferredacquisition

costs

ITintangible

assets

Otherintangible

assets

Office, ITand other

tangibleassets

Propertiesfor own

operations

Investmentproperties

at cost

Investmentproperties

at fair value

Propertiestaken over

for protectionof claims T

Oig c , , , , , , , ,Acqiii ,Addii fm ciii ,Rcifici – – Rim d di – – – – – – – ,Exchg diffc – – – – – – –

Aq , , , , , , , ,

Oig c –, –, –, –, – – – ,C y' dcii – – – – – – – ,C y' imim – – – – – Rcifici – Rim d di – Exchg diffc

A , , , , ,

TOTAL , , , , , , ,

0

Oig c , , , , , , , ,Acqiii , ,Addii fm ciii ,Addii fm i cmii Rcifici – – Rim d di – – –, – – – – ,Exchg diffc – – – – – – – –

Aq , , , , , , , ,

Oig c –, –, –, –, – – – ,C y' dcii – – – – – – – ,C y' imim – – – Rcifici – Rim d di , – ,Exchg diffc – –

A , , , , ,

TOTAL , , , , , , ,





N cd. Tgi d igi

P Goodwill

ITintangible

assets

Otherintangible

assets

Office, ITand other

tangibleassets

Equipmentleased to

clients)

Propertiesfor own

operations T

Oig c , , , ,Acqiii , ,Addii fm ciii Addii fm i cmii Rcifici – – – – Rim d di – – – –, – ,

Aq , , , , ,

Oig c – – – –, –, – ,C y' dcii – – – – –, ,C y' imim – – Addii fm i cmii – – – – Rcifici – Rim d di – , ,Exchg diffc –

A , , ,

TOTAL , , ,

0

Oig c , , , ,Acqiii , ,Addii fm ciii Addii fm i cmii Rcifici – Rim d di –, –, ,

Aq , , , ,

Oig c – – – –, –, – ,C y' dcii – – – – –, ,C y' imim – – Addii fm i cmii – – – Rcifici –Rim d di , , ,

A , , ,TOTAL , , ,

Gdwi i cd w ch-gig i g f i. Bi- divii d i wih gdwi Wh Mgm wihSEK ,m (,), Mch Bkig wih SEK ,m (,) Ri Bkig(xcdig Cd) wih SEK m (), Ri Bkig – Cd wih SEK ,m(,), Lif xcdig Lif Dmk wih SEK ,m (,) d Lif Dmkwih SEK m (). Gdwi i cci wih h Tygg H cqiii,SEK ,m (,), g ch flw i Wh Mgm, Ri Bkigd Lif.

Th imim f gdwi i d h v i , f civg f ch gig i, wih fcd ch flw f id f fivy. Th ch flw f h fi h y d i ihd y mgm. Th ch flw f q y m

jciv d dmid d hiic fmc d mk

d f ky mi ch gwh, v d c. Th gwh d f fiv y i d h x cd g-m ifli , . () c. Th dic d im f h x c f qiy fh G. P x c f qiy i dmid d ifmi fm x- c d vg f () c h id. Th m di-c i d f f h divii v, which i ci wih h hx d i viw. Th cdig dic f x i-md – (–) c.

Th iiviy y cid , hgh ic f h dic y cg i d dc f h gwh y cgi, did i ccd cv m w h cyigm.

N g g

Group

0

Ex icm Oig c ) – –

TOTAL

) Dic ig x iig fm ivm y h did g icm m SEK m ().

N g g k

Ex icm Oig c – –

TOTAL – –

SEB my i cific c cqi d c wh h i i df d h cm c gm i igi wd SEB. Pi hd d mgd dig icd id wih h ii divh wh dmd i.





O


0 0

C x , , , ,Dfd x , , Td d ci civ , , , ,Pid mgi f fy , , , ,Oh , , , ,

TOTAL , , , ,

C x

Oh , , , ,

Rg fi , , , ,

TOTAL , , , ,

D x

Tx cy fwd ,Pi , – Oh my diffc)

Rg fi ,

Pi , , ,Uid i vi-f- fici – –

Rg S’ q , ,

TOTAL , ,

) Tmy diffc diffc w h cyig m f iiiy i h c h d i x . Tx my diffc giv i dfd x d iiii.

Dfd x x cid fwd miy h Bicd Gmy d i d SEB’ m f f ig i civiy.

Tx cid fwd i h SEB G f which h x cgid i h c h m g SEK ,m (,). Th

cgid d h ciy f iiiy hm. Thi i-cd wh h m y c d f d x. Th ix cgid i SEK ,m (, ).

A cid fwd wih im imi xc f SEK m (,)cdig dfd x f SEK m () which i d .

T Group Parent company

0 0

Td civ Ci civ , , , ,

TOTAL , , , ,

O

Pi , Ri h f ic vii Accd i icm Oh ccd icm , , , ,Pid x Oh , , , ,

TOTAL , , , ,

Th Swi x hiy h qid wihhdig x fd. Ex x cfim h i i h SEB’ civ wi d.Th g cdig m SEK m.

D


0 0


Accd i TOTAL , , , ,

f which , , , ,Avg miig miy (y) . . . .





D wg


0 0

Di , , , ,Bwig , , , ,Accd i , , , ,

TOTAL , , , ,

D )


TOTAL , , , ,

) Di dfid h c h cm cc which i cvd y h Di G Schm. Th m f h c, cidig h ici h cvg v.

Avg miig miy (y) . . . .

BwgRmiig miy

– y dmd , , – mximm mh , , , ,– m h mh mximm y , – m h y mximm y – m h y , ,

TOTAL , , , ,f which , , ,

Avg miig miy (y) . . . .

L

Group

0

Liiii icyhd – ivm cc , ,Liiii icyhd – ic cc , ,

TOTAL , ,

L *

Oig c , ,Tf f fi hgh cqiii ,Rcifici fm ic cc Chg i ivm cc vii ) , –,Exchg diffc – –

TOTAL , ,

) Th f mim civd dig h y, ivm fd ym h icyhd d ddci f f dicyhd’ x.

* Ic vii wh h icyhd cyig h ik. Th iiii d h dyig digd fi v hghfi (fi v i).

L

Oig c , ,Tf f fi hgh cqiii –Rcifici fm ivm cc – –Chg i cciv vii , –,Chg i h ic cc vii ) , ,Exchg diffc –, –

TOTAL , ,

) Th f mim civd dig h y, cd gd i ym h icyhd d ddci f f dicyhd’ x.





D


0 0

Id d , , , ,Cvd d , , , ,Oh id cii ) , , , ,Accd i , , , ,

TOTAL , , , ,

) Th G i qiy idx ikd d, which ci h iiiy d qiy cm. Th G h ch dig id qiy idx ikd d, wih fi vmig SEK ,m (,), fi v hgh fi , ic hy ci mddd diviv. Th cdig m f h cmy SEK ,m(,). Thi chic imi h h i hyid cc i md fi v i fi . Fi v f h fici im i ccd ig vi chiq, xcivyd qd mk ic. Th G’ cc iiiy i SEK , m (,) d f h cmy SEK ,m (,).

I

Rmiig miy– mximm y , , , ,– m h y mximm y , , , ,– m h y mximm y , , , ,– m h y , , , ,

TOTAL , , , ,Avg miig miy (y) . . . .

C

Rmiig miy– mximm y , , , ,– m h y mximm y , , , ,– m h y mximm y , , , ,– m h y , , , ,


O

Rmiig miy– y dmd , , – mximm mh , , , ,– m h mh mximm y , , , ,– m h y mximm y , ,


F


0 0

Tdig iiii , , , ,Diviv hd f dig , , , ,

H g , , , ,

Diviv hd f hdgig , , , ,Fi v chg f hdgd im i fi hdg , ,

TOTAL , , , ,

Fici iiii digd fi v hgh fi i cifid i d .

Tg

Sh ii i qiy im , , , ,Sh ii i d im , , , ,Accd i

TOTAL , , , ,

D g

Ngiv cm v f i-d diviv , , , ,Ngiv cm v f ccy-d diviv , , , ,Ngiv cm v f qiy-d diviv , , , ,Ngiv cm v f h diviv , ,

TOTAL , , , ,

D gg

Fi v hdg , ,Ch flw hdg , ,Pfi hdg f i ik ,

TOTAL , , , ,





O


0 0

C x iiii , , Dfd x iiii , , Td d ci y , , , ,Wihhd mgi f fy , , , ,Oh iiii , , , ,

TOTAL , , , ,

C x

Oh , ,

Rg fi , ,

G cii

Rg S’ q

TOTAL , ,

D x

Accd x dcii , ,

Uid fi i fici fi v – Oh my diffc )

Rg fi , ,

Uid fi i ch flw hdg Uid fi i vi-f- fici

Rg S’ q

TOTAL , ,

) Tmy diffc diffc w h cyig m f iiiy i h c h d i x . Tx my diffc giv i dfd x diiii.

I Ei icm x i id fi i diid dividd. N dfd x iiiy i cgid d i f x c dividd fmEi. Th x ic dividd i c ().

T Td y Ci y , , , ,

TOTAL , , , ,

O

Accd i x Oh ccd x , , , ,Pid icm , ,Oh , , , ,

TOTAL , , , ,





P


0 0

Rcig v -gii Gmy Oh cig d ddcy v Rv f ff-c-h im Pi d h im fi igi ( )) ) , ,Oh vii

TOTAL , ,

) Rd m d immi f mdd IAS Emy Bfi f ccig f dfid fi .) Whf SEK m () ci y x i igi.

Rg -g G

Oig c Am d – –Oh mvm Exchg diffc – –

TOTAL

Dig SEB cd cig ig h f h Gm i kig i d h fdm -gii f h miigi i Gmy. Th mi f h v i f ddci d i xcd d wihi y.

O g

Oig c Addii Am d – – – –Ud m vd –Oh mvm – Exchg diffc – –

TOTAL

Th mi f h v wi cv ddcy c d wihi f y.

R ff--

Oig c Addii Ud m vd – – – –Oh mvm – –Exchg diffc – –

TOTAL

Th v f ff-c h im i miy fig h Gm mk d i c c.

O

Oig c Addii Am d – – – –Ud m vd – –Oh mvm Exchg diffc –

TOTAL

Th h vii miy ci f c f gii wihi h G d wihi w y, d cim; mg h i h U.K. mk d wihi y, i divd Gm i i d wihi y d x wihi Lif U.K. ch d dcmmii.





S


0 0

D , , , ,D , , , , ,D , hdgd ii , , , ,Accd i

TOTAL , , , ,

D

CurrencyOriginal nom.

amount Book valueRate of

interest, %

/ EUR , )

T ,

D id y SEB AG

TOTAL GROUP ,

D ,

Currency Original nom.amount Book value Rate ofinterest, %

JPY , . JPY , , . USD , . USD , )

EUR , . EUR , .

TOTAL ,

) FRN, Fig R N.

Ux )

Parent company

0

Dcii i xc f ffic qim/d , ,Aii v ,Oh xd v

TOTAL , ,

) I h c h f h G xd v cifid y dfd x iiiy d y icd qiy.

P

Excessdepreciation

Appropriationreserve

Otheruntaxed reserves T

Oig c , ,Aii , ,

Cg , ,Aii , ,Exchg diffci –

CLOSING BALANCE , , ,





O-


0 0

C d cm ciy dgd f w iiii , , , ,Oh dgd d cm c , , , ,Cig iiii , , , ,

Cmmim , , , ,

C g w *

Bd , , , ,R ) , , , ,A cid f id mgg cvd d , , , ,A cid f id ic cvd d , ,

C g w , , , ,

A dgd f ic cc , ,A dgd f ivm cc ) , ,

A g , ,

TOTAL , , , ,

* Tf h d qify f dcgii.) Th dyig i - d ff-c im.) Sh i fd.

O g

Bd ) , , , ,Scii dig , , , ,

TOTAL , , , ,

) Pdgd cmd d

Cg

G cmmim, cdi ) , , , ,G cmmim, h , , , ,Ow ccc

T , , , ,

Avd, iid f cdi , , , ,

TOTAL , , , ,

) Of which . (.) iqidiy fciii d m fciii US d E cdi. SEB d gy cii i d h dig w i.

O g Th cmy h dk h M y Ahiy f Sig h i idiy i Lxmg’ ch i Sig i ffi icmmim.

Th cmy h id di g f SEB AG i Gmy h Bdvd dch Bk .V.

Lg gWihi h diy c f i SEB i ggd i vi g cd-ig, h i Swd d i h jidici. SEB d xc h c- g cdig hv igific dv ffc h fici i-i f h G.

C

Gd dw cdi , , , ,Uiid f vd vdf fciii , , , ,Scii wig , , , ,

TOTAL , , , ,





N cd. Off-c h im

T fi gz )

Transferred assets Associated liabilitiesAssociated

collateral received )

G Securities

lendingRepurchaseagreements T

Securitieslending

Repurchaseagreements T Securities lending

F g

Eqiy im , , , , ,D cii , , , , , , ,

TOTAL , , , , , , ,

Transferred assets Associated liabilitiesAssociated

collateral received )

P Securities

lendingRepurchaseagreements T

Securitieslending

Repurchaseagreements T Securities lending

F g

Eqiy im , , , , ,D cii , , , ,

TOTAL , , , , , , ,

) Cyig m d fi v h m.) Oh h ch c.

A fd f ch gm d cii dig g-m. Th c h h igh dg h . Th ci cgid h c h ic SEB i i xd chg i h fi v f h . Th c yig v d fi v f h fd c f iiii cig iiii hwi h v.

SEB i c d v ch d cii wig g-m. Ud h m f dd fici mk gm SEB h high dg h c, jc ig qiv cii m f h ci.

M ifmi h ccig f ch gm d c-ii dig c fd i h ccig ici.





C -

G

A

0

Current assetsNon-current

assets T Current assetsNon-current

assets T

Ch d ch c wih c k , , , ,Oh dig c k , , , ,L h cdi iii , , , , , ,L h ic , , ,, , , ,,

Securities held for trading , , , , , 231,932

Derivatives held for trading , , , 148,662

Derivatives held for hedging , , , 17,812

Fair value changes of hedged itemsin a portfolio hedge , 1,347

Financial assets – policyholders bearing the risk , , , 186,763

Other financial assets at fair value , , , , , 83,162

Fici fi v , , , , , ,Avi-f- fici , , , , , ,Hd--miy ivm A hd-f- , ,Ivm i ci , , , ,

Intangible assets , , , , , 17,872

Property and equipment , 1,243

Investment properties , , , 9,901Tgi d igi , , , , , ,

Current tax assets , , , 6,403

Deferred tax assets , , , 2,562

Trade and client receivables , , , 14,562

Withheld margins of safety , , , 19,576

Other assets , , , 13,055

Oh , , , , , ,

TOTAL ,, , ,, ,, , ,,

0

LCurrent

liabilitiesNon-current

liabilities TCurrent

liabilitiesNon-current

liabilities T

Di fm cdi iii , , , , , ,Di d wig fm h ic , , , , , ,

Liabilities to policyholders – investment contracts , , , , , 180,988

Liabilities to policyholders – insurance contracts , , , , , 88,695

Liiii icyhd , , , , , ,D cii , , , , , ,

Derivatives held for trading , , , 79,817

Derivatives held for hedging , , , 145,381

Trading liabilities , , , 5,391

Fair value changes of hedged itemsin portfolio hedge , , , 1,658

Fici iiii fi v , , , ,Liiii hd-f- , ,

Current tax liabilities , , , 1,605

Deferred tax liabilities , , , 9,367

Trade and client payables , , , 13,043

Withheld margins of safety , , , 18,489 Other liabilities , , , 26,463

Oh iiii , , , , , ,Pvii , , , ,Sdid iiii , , , ,

TOTAL ,, , ,, ,, , ,,





F

G Loans and receivables

A

Cash andcentral

banks(note 0)

Loansto credit

institutions(note )

Loans tothe public

(note )

Otherassets

(note 9)

Held fortrading

(note 3)

Designatedat fair valuethrough p/l

(note 3)

Available-for-sale

(note 4)

Held-to-maturity(note 5) T F

L , , ,, ,, ,,

Eqiy im , , , , ,D im , , , , , , ,Diviv im , , , ,Fici – icyhdig h ik , , ,Oh , , , ,

F , , ,, , , , , ,, ,,

Oh (-fici) , ,

TOTAL , , ,, , , , , ,, ,,

Amortised costsDesignated at fair value

through p/l

L

Depositsfrom credit

institutions

(note 30)

Deposits andborrowing

from the public

(note 3)

Debtsecurities

(note 33)

Subordinatedliabilities

(note 37)

Otherliabilities

(note 35)

Held fortrading

(note 34)

Financialliabilities

(note 34)

Liabilitiesto policy-

holders

(note 3) T F Di , , ,, ,,Eqiy im , , ,D im , , , , ,Diviv im , , , ,Liiii icyhd– ivm cc , , ,Oh , , , ,

F , , , , , , , , ,, ,,

Oh iiii (-fici) , ,T qiy , ,

TOTAL , , , , , , , , ,, ,,

0

Loans and receivables

A

Cash andcentral

banks(note 0)

Loansto credit

institutions(note )

Loans tothe public

(note )

Otherassets

(note 9)

Held fortrading

(note 3)


(note 3)

Available-for-sale

(note 4)

Held-to-maturity(note 5) T F

L , , ,, ,, ,,Eqiy im , , , , ,D im , , , , , , ,Diviv im , , , ,Fici – icyhdig h ik , , ,Oh , , , , ,

F , , ,, , , , , ,, ,,

Oh (-fici) , ,

TOTAL , , ,, , , , , ,, ,,

Amortised costsDesignated at fair value

through p/l

L

Depositsfrom credit

institutions(note 30)


from the public(note 3)

Debtsecurities

(note 33)

Subordinatedliabilities(note 37)

Otherliabilities(note 35)

Held fortrading

(note 34)

Financialliabilities(note 34)

Liabilitiesto policy-

holders(note 3) T F

Di , , , , ,,Eqiy im , , ,D im , , , , ,Diviv im , , , ,Liiii icyhd– ivm cc , , ,Oh , , , ,

F , , , , , , , , ,, ,,

Oh iiii (-fici) , ,T qiy , ,

TOTAL , , , , , , , , ,, ,,





N cd. Fici d iiii y c

SEB h gd i fici im y c kig i cc h chc-iic f h im:

L d di icd fici d iiii wih fixd dmi- ym h qd i civ mk. L fh cifidi d . Eqiy im icd h, igh i d imi c-c igh f h ii. D im icd cc igh -civ igi div ch dmid d. Th fh ci-fid i , d . Diviv im icd i, f, wd h divd dc hd f dig d hdgig . Th fh

cifid i . Ivm cc icd h d iiii i hLif ic i wh h icyhd i cyig h ik f h cc- gm (i qifid ic cc d IFRS ). Th Lif i-c i fh cifid i . Ic cc icd h d iiii i h Lif ic i wh SEB i cyig h i-c ik f cc gm (i qifid ic cc dIFRS ). Th Lif ic i fh cifid i . Oh icdh fici d iiii cgid i ccdc wih IAS , i..Tdd ci civ d Wihhd mgi f fy.

P


A

Cash andcentral banks

(note 0)

Loansto credit

institutions(note )

Loans tothe public

(note )

Otherassets

(note 9)

Held fortrading

(note 3)


(note 3)

Available-for-sale

(note 4, 7)

Held-to-maturity(note 5) T

L , , , ,,Eqiy im , , ,D im , , , , , ,Diviv im , , ,Oh , ,

F , , , , , , , , ,,

Oh (-fici) ,

TOTAL , , , , , , , , ,,

Amortised costs

L

Depositsfrom credit




Debtsecurities

(note 33)



Held fortrading

(note 34)


(note 34) T

Di , , ,Eqiy im , ,D im , , , ,Diviv im , , ,Oh , ,

F , , , , , , , ,,

Oh iiii (-fici) ,T qiy ,

TOTAL , , , , , , , ,,

0


A

Cash andcentral banks

(note 0)

Loansto credit

institutions(note )

Loans tothe public

(note )

Otherassets

(note 9)

Held fortrading

(note 3)


(note 3)

Available-for-sale

(note 4, 7)

Held-to-maturity(note 5) T

L , , , ,,Eqiy im , , ,D im , , , , , ,Diviv im , , ,Oh , ,

F , , , , , , , , ,,

Oh (-fici) ,

TOTAL , , , , , , , , ,,

Amortised costs

L

Depositsfrom credit




Debtsecurities

(note 33)



Held fortrading

(note 34)

Designated atfair value

through p/l(note 34) T

Di , , ,Eqiy im , ,D im , , , ,Diviv im , , ,Oh , ,

F , , , , , , , ,,Oh iiii (-fici) ,T qiy ,

TOTAL , , , , , , , ,,





D

Eg *

G < month < 3

months3 months

< year < 5

years5 < 0years > 0 years T

L cdi iii ( ) , , ,

L h ic ( ) , ,Scii hd f dig ( ) , , , , , , ,Oh fici fi v ( ) ,Avi-f- fici ( ) , , ,

TOTAL , , , , , , ,

0

L cdi iii ( ) , , ,L h ic ( ) , , ,Scii hd f dig ( ) , , , , , ,Avi-f- fici ( ) , , , ,

TOTAL , , , , , ,

O *

L cdi iii ( ) , , , ,L h ic ( ) , , , ,Scii hd f dig ( ) , , , , ,Ic ( ) , , , , , ,Avi-f- fici ( ) , , , ,Hd--miy fici ( )

TOTAL , , , , , , ,

0

L cdi iii ( ) , , ,L h ic ( ) , , , ,Scii hd f dig ( ) , , , , ,Ic ( ) , , , , , ,Avi-f- fici ( ) , , , , ,Hd--miy fici ( )

TOTAL , , , , , , ,

Eg *

P < month < 3

months3 months

< year < 5 years 5 < 0 years > 0 years T

L h ic ( ) , ,Scii hd f dig ( ) , , , , , , ,Avi-f- fici ( ) , ,

TOTAL , , , , , , ,

0

Scii hd f dig ( ) , , , , , ,Avi-f- fici ( ) , ,

TOTAL , , , , , ,

O *

L cdi iii ( ) , , , ,L h ic ( ) , , , ,Scii hd f dig ( ) , , , , ,Avi-f- fici ( ) , , , ,Hd--miy fici ( ) ,

TOTAL , , , , , , ,

0

L cdi iii ( ) , , ,L h ic ( ) , , , ,Scii hd f dig ( ) , , , , ,Avi-f- fici ( ) , , , ,Hd--miy fici ( ) , ,

TOTAL , , , , , ,* Accd i xcdd.





D

Eg *

G Swedish

GovernmentSwedish

municipalities

Other Swedishissuers –

non-financialcompanies


other financialcompanies

ForeignGovernment

Otherforeign issuers T

L cdi iii ( ) , ,L h ic ( ) , ,Scii hd f dig ( ) , , , , , ,Oh fici fi v ( ) , ,Avi-f- fici ( ) , , ,

TOTAL , , , , , ,

0

L cdi iii ( ) , ,L h ic ( ) , ,Scii hd f dig ( ) , , , ,Avi-f- fici ( ) , , ,

TOTAL , , , ,

O *

G

SwedishGovernment and

municipalities

Swedishmortgage

institutions




other financialcompanies

ForeignGovernment


L cdi iii ( ) , , ,L h ic ( ) , ,Scii hd f dig ( ) , , , , ,Ic ( ) , , , , ,Avi-f- fici ( ) , ,Hd--miy fici ( )

TOTAL , , , , , , ,

0

L cdi iii ( ) , , ,

L h ic ( ) , ,Scii hd f dig ( ) , , , , ,Ic ( ) , , , , ,Avi-f- fici ( ) , , ,Hd--miy fici ( )

TOTAL , , , , , , ,

Eg *

P Swedish

GovernmentSwedish

municipalities



ForeignGovernment


L h ic ( ) , ,Scii hd f dig ( ) , , , ,Avi-f- fici ( ) , ,

TOTAL , , , ,

0

Scii hd f dig ( ) , , ,Avi-f- fici ( ) , ,

TOTAL , , ,





N cd. D im y i

O *

P

Swedishmortgage

institutions



Other Swedishissuers – other

financialcompanies

ForeignGovernment


L cdi iii ( ) , , ,L h ic ( ) , ,Scii hd f dig ( ) , , , , ,Avi-f- fici ( ) , ,Hd--miy fici ( ) , ,

TOTAL , , , , ,

0

L cdi iii ( ) , , ,L h ic ( ) , , ,Scii hd f dig ( ) , , , , ,Avi-f- fici ( ) , ,Hd--miy fici ( ) , ,

TOTAL , , , , , ,

* Accd i xcdd.

Eigi cidd ch if hy, ccdig i gii, ccd y h C k wh SEB i cd.

L


0 0

L cdi iii) , , , ,L h ic) ,, ,, , ,

TOTAL ,, ,, ,, ,,

) Icdig d im cifid L.

L

Pfmig ,, ,, ,, ,,Idividy d imid , d > dy , , , ,Idividy d imid , fmig d < dy , Pfi d , d > dy , , , Pfi d , cd

L ,, ,, ,, ,,

Scific v f idividy d –, –, – –Cciv v f idividy d –, –, – –Cciv v f fi d –, –, – –

R , , , ,

TOTAL ,, ,, ,, ,,

L g w

G Credit

ins ti tution s C or po ra te sProperty

ManagementPublic

Admin is tr at io n House ho ld sT

Reclassified toDiscontinued

operationsCg

Pfmig , , , , , ,, ,,Idividy d imid , d > dy , , , ,Idividy d imid ,fmig d < dy Pfi d , d > dy , , ,Pfi d , cd

L , , , , , ,, ,,

Scific v fidividy d – –, –, – , ,Cciv v fidividy d –, – – – , ,

Cciv v ffi d – –, , ,

R , , , , ,

TOTAL , , , , , ,, ,,





N cd. L d vii

L g w

Group 0Credit

ins ti tution s C or po ra te sProperty

ManagementPublic

Admin is tr at io n House ho ld sT


operationsCg

Pfmig , , , , , ,, –, ,,Idividy d imid ,

d > dy , , , – ,Idividy d imid ,fmig d < dy , – ,Pfi d , d > dy , , – ,Pfi d , cd

L , , , , , ,, , ,,

Scific v fidividy d – –, –, – , ,Cciv v fidividy d – –, – – – , ,Cciv v ffi d – –, , ,

R , , , , ,

TOTAL , , , , , ,, –, ,,

L g w

P Credit

institutions CorporatesProperty

ManagementPublic

A dm ini str ati on H ou sehol dsT

Pfmig , , , , , ,,Idividy d imid , d > dy ,Idividy d imid , fmig d < dy Pfi d , d > dy , ,

L , , , , , ,,

Scific v f idividy d – – – – Cciv v f idividy d – – Cciv v f fi d –

R , ,

TOTAL , , , , , ,,

0

Pfmig , , , , , ,,Idividy d imid , d > dy ,Idividy d imid , fmig d < dy Pfi d , d > dy

L , , , , , ,,

Scific v f idividy d – – – Cciv v f idividy d – – Cciv v f fi d –

R ,TOTAL , , , , , ,,





N cd. L d vii

L gg g )

G The Nordic

region GermanyThe Baltic

region OtherT


operationsCg

Pfmig ,, , , , ,, ,,Idividy d imid , d > dy , , , ,

Idividy d imid , fmig d < dy Pfi d , d > dy , , , ,Pfi d , cd

L ,, , , , ,, ,,

Scific v f idividy d – – –, – , ,Cciv v f idividy d – – – – , ,Cciv v f fi d – –, , ,

R , , , ,

TOTAL ,, , , , ,, ,,

0

Pfmig , , , , ,, –, ,,Idividy d imid , d > dy , , , – ,

Idividy d imid , fmig d < dy , – ,Pfi d , d > dy , , , – ,Pfi d , cd

L , , , , ,, , ,,

Scific v f idividy d – –, –, – , ,Cciv v f idividy d – – – – , ,Cciv v f fi d – –, – , ,

R , , , , ,

TOTAL , , , , ,, –, ,,

L gg g)

P

The Nordic

region Germany

The Baltic

region Other

T

Pfmig ,, , ,,Idividy d imid , d > dy ,Idividy d imid , fmig d < dy Pfi d , d > dy , ,

L ,, , ,,

Scific v f idividy d – – –Cciv v f idividy d – – –Cciv v f fi d – –

R , ,

TOTAL ,, , ,,

0

Pfmig ,, , ,,Idividy d imid , d > dy ,Idividy d imid , fmig d < dy Pfi d , d > dy

L ,, , ,,

Scific v f idividy d – – –Cciv v f idividy d – – –Cciv v f fi d – –

R , ,

TOTAL ,, , ,,

) Th gghic diii i d wh h i kd.





N cd. L d vii

C g, )

0

GCredit

portfolio

Protection viaguarantees

and creditderivatives

Protectionvia pledged

collaterals

Of which,financial

collateralsCredit

portfolio

Protection viaguarantees

and creditderivatives

Protectionvia pledged

collaterals

Of which,financial

collaterals

Bk d c , , , , , , , ,Py Mgm ,, , , , , , , ,Pic Admiii , , Hhd , , , , , ,

TOTAL ,, , , , ,, , , ,

P

Bk d c , , , , , , , ,Py Mgm , , , , , , , ,Pic Admiii , , Hhd , , , ,

TOTAL ,, , , , ,, , , ,

) Oy ik miigi gm igi i ci dqcy ig d v.

L fi Group Parent company

0 0

Bk v f imid which hv gid m ,

I

Imid , d > dy , , , ,Imid , fmig d < dy ,

T , , , ,

Scific v –, –, – –f imid , d > dy –, –, – –f imid , fmig d < dy – – – –

Cciv v –, –, – –

I , ,

Scific v i f idividy d imid .% .% .% .%T v i f idividy d imid .% .% .% .%N v f imid .% .% .% .%G v f imid .% .% .% .%

P

L d > dy , , , Rcd

T , , ,

Cciv v –, –, – –Rv i f fi d imid .% .% .% .%

A d dmid imid md SEK ,m (, m) ( d dy) d SEK ,m (,m) (w d dy).Th d . c (.) f h dig vm.





N cd. L d vii

R, G

Loans to credit i nstitutions Loans to the public T

Sfi ) 0 0 0

Oig c – – –, –, –, –,Rv f iii , , , ,Pvii – – – – –Rv , ,Exchg diffc – – –

Cg , , , ,

Rcifid Dicid i

Cg , , , ,

) Scific v f idividy id .

C )

Oig c – – –, –, –, –,N vii – – – Exchg diffc

Cg , , , ,

Rcifid Dicid i – Cg , , , ,

) Cciv v f idividy id , v f d fi i d cy ik v.

Cg

Oig c – – – –N vii Exchg diffc

Cg

TOTAL – –, –, –, –,

Rcifid Dicid i –

Cg , , , ,

R, P

Loans to credit i nstitutions Loans to the public T

Sfi ) 0 0 0

Oig c – – – – – –,Rv f iii Pvii – – – – –Rv Exchg diffc – – – – –

Cg

) Scific v f idividy id .

C )

Oig c – – – – – –N vii – – – –Exchg diffc – –

Cg

) Cciv v f idividy id , v f d fi i d cy ik v.

Cg

Oig c – – – –N vii Exchg diffc

Cg

TOTAL – – –, –, –, –,





D


0 0

I-d , , , ,Ccy-d , , , ,Eqiy-d , , , ,Oh , ,

P , , , ,

I-d , , , ,Ccy-d , , , ,Eqiy-d , , , ,Oh , ,

Ng , , , ,

Positive replacement values Negative replacement values

G Nom. amount Book value Nom. amount Book value

Oi , , , ,F ,, , ,, ,Sw ,, , ,, ,

I- ,, , ,, ,f which, cd ,

Oi , , , ,F , , , ,Sw ,, , ,, ,

C- ,, , ,, ,f which, cd , ,

Oi ,, , , ,F , Sw , , ,

Eq- ,, , , ,f which, cd ,

Oi , , F , ,

Sw , , O , , , ,

f which, cd

TOTAL ,, , ,, ,f which, cd , ,

0

Oi , , , ,F ,, , ,, ,Sw ,, , ,, ,

I- ,, , ,, ,f which, cd

Oi , , , ,

F , , , ,Sw ,, , ,, ,

C- ,, , ,, ,f which, cd , ,

Oi ,, , , ,F , Sw , , ,

Eq- ,, , , ,f which, cd ,

Oi F Sw , ,

O , , f which, cd , ,

TOTAL ,, , ,, ,f which, cd , , , ,





N cd. Diviv im

Positive replacement values Negative replacement values

P Nom. amount Book value Nom. amount Book value

Oi , , , ,F ,, , ,, ,Sw ,, , ,, ,

I- ,, , ,, ,Oi , , , ,F , , , ,Sw ,, , ,, ,

C- ,, , ,, ,

Oi ,, , , ,F Sw , , ,

Eq- ,, , , ,f which, cd

Oi , , F , , Sw , , ,

O , , , ,f which, cd

TOTAL ,, , ,, ,f which, cd

0

Oi , , , ,F ,, , ,, ,Sw ,, , ,, ,

I- ,, , ,, ,

Oi , , , ,F , , , ,Sw ,, , ,, ,

C- ,, , ,, ,

Oi ,, , , ,F Sw , , ,

Eq- ,, , , ,f which, cd

Sw , ,

O , ,

TOTAL ,, , ,, ,f which, cd





R *

Group companies Associated companies Total

P Assets/

Liabilities InterestAssets/

Liabilities InterestAssets/

Liabilities Interest

L cdi iii , , , ,L h ic , , Bd d h i-ig cii , , Oh , ,

TOTAL , , , ,

Di fm cdi iii , – , Di d wig fm h ic , – , Id cii – Oh iiii , – ,

TOTAL , –, , –,

0

L cdi iii , , , ,L h ic , , Bd d h i-ig cii , , Oh , ,

TOTAL , , , ,

Di fm cdi iii , – , Di d wig fm h ic , – , Id cii – Oh iiii , – ,

TOTAL , –, , –,

* F ifmi T mgm, Th G Exciv Cmmi d Oh d i c.

Th G h ic dmiii d mgm gmwih Gm Livföäkigg SEB Tygg Liv cdii h mk.SEB h civd SEK m () gdig h ic dmiii g-

m d SEK m () gdig h mgm gm. Fm ifmi Gm Livföäkigg SEB Tygg Liv, .

C qFinancial group of undertakings) Parent company

C 0 0

T qiy ccdig c h , , , ,Pd dividd (xc chd h) –, –, –, –,Ivm id h fici g f dkig – –Oh ddci id h fici g f dkig ) –, –,

T q q , , , ,

Uxd v , ,Adjm f hdg cc – – N viiig m f IRB-d cdi x – – –Uid v chg vi-f- fici – ,Ex wh ik-wighd (RWA) ccd ) – – – –Gdwi ) –, –, – –

Oh igi –, –, –, –,Dfd x –, –, –

C T , , , ,

Ti ci cii (-iviv) , , , ,Ti ci cii (iviv) , , , ,

T , , , ,

Dd did d , , , ,Ddci f miig miy – –P did d , , , ,N viiig m f IRB-d cdi x – – –Uid gi vi-f- fici Ex wh ik-wighd (RWA) ccd ) – – – –Ivm id h fici g f dkig – –

T , , , ,

Ivm i ic cmi ) –, –,Pi i xc f d iiii ) –

CAPITAL BASE , , , ,







A

G SEK EUR USD GBP DKK NOK Oh T

Ch d c wih c k , , , , , ,L cdi iii , , , , , , ,L h ic , , , , , , , ,,Oh fici , , , , , , , ,

Oh , , , , , , ,TOTAL ASSETS ,, , , , , , , ,,

Di fm c k , , ,Di fm cdi iii , , , , , , , ,Di d wig fm h ic , , , , , , , ,Oh fici iiii , , , , , , , ,,Oh iiii , , , , , , ,Sdid iiii , , , ,T qiy , ,

TOTAL LIABILITIES AND EQUITY ,, , , , , , , ,,

0

Ch d c wih c k , , , , , ,

L cdi iii , , , , , , , ,L h ic , , , , , , , ,,Oh fici , , , , , , , ,Oh , , , , , , , ,

TOTAL ASSETS ,, , , , , , , ,,

Di fm c k , , , , ,Di fm cdi iii , , , , , , , ,Di d wig fm h ic , , , , , , , ,Oh fici iiii , , , , , , , ,,Oh iiii , , , , , , , ,Sdid iiii , , , ,T qiy , ,

TOTAL LIABILITIES AND EQUITY ,, , , , , , , ,,

P

Ch d c wih c k , , , , ,L cdi iii , , , , , , , ,L h ic , , , , , , , ,Oh fici , , , , , , , ,Oh , , , , ,

TOTAL ASSETS , , , , , , , ,,

Di fm c k , , ,Di fm cdi iii , , , , , , , ,Di d wig fm h ic , , , , , , , ,Oh fici iiii , , , , , , , ,Oh iiii , – , – ,Sdid iiii , , , ,Shhd' qiy d xd v , ,

TOTAL LIABILITIES AND EQUITY , , , , , , , ,,

0

Ch d c wih c k , , ,L cdi iii , , , , , , , ,L h ic , , , , , , , ,Oh fici , , , , , , , ,Oh , , , , , ,

TOTAL ASSETS , , , , , , , ,,

Di fm c k , , , , ,Di fm cdi iii , , , , , , , ,Di d wig fm h ic , , , , , , , ,Oh fici iiii , , , , , , , ,

Oh iiii , , , – ,Sdid iiii , , , ,Shhd' qiy d xd v , ,

TOTAL LIABILITIES AND EQUITY , , , , , , , ,,





L

Group

INCOME STATEMENT 0

Pmim icm, , ,Icm ivm cc

– Ow f icdig ik gi/ , ,

– Cmmii fm fd cmi , ,, ,

N ivm icm , ,Oh ig icm

T , g , ,

Cim id, –, –,Chg i ic cc vii –, –

T , , ,Of which from other units within the SEB group , ,

Ex f cqiii f ivm d ic cc– Acqiii c –, –,– Chg i dfd cqiii c –

–, –,

Admiiiv x –, –,Oh ig x – –

T x , ,

OPERATING PROFIT , ,

CHANGE IN SURPLUS VALUES IN DIVISION LIFE

P v f w ) , ,R xiig ici , ,Rid v i xiig ici –, –,Ac cm cmd mi )

Cg gg , g ,

Ciii f cqiii c – –Amii f ciid cqiii c Chg i dfd f d f

Cg gg , ) ,

Fici ffc d h-m mk flci ) , –,Chg i mi ) – –

TOTAL CHANGE IN SURPLUS VALUES , –

Cci f v i h if ic i d mi f h f dvm f xiig ic cc d ik-djd dic . Th m immi (Swdih i-ikd – which c f h v).

Dic .% .%Sd f dwm ic cc: cc igd wihi y / – y / y / y / hf % / % / % / % / % % / % / % / % / %L f g mim, i-ikd % %Gwh i fd i, g f f d x .% .%Ifli CPI / Ifli x % / % % / %Excd vcy mgi % %Righ f icy, i-ikd .% %Miy Th G’ xic Th G’ xic

) S dfid w cc d x mim i xiig cc.) Th c cm f viy igd cc c cmd wih i mi d dvii c ccd. Th m im cm ci f xi f cc

w cci.) Acqiii c ciid i h cc d mid ccdig . Ci f d f cdd h c h d cgizd v i h icm m

dig v y. Th d chg i v i dj d y h ffc f chg i dfd cqiii c d dfd f d f dig h id.) Amd ivm (gwh i fd v) i . c g f f d x. Ac i iiv giv fici ffc.) I high md f hd giv ffc f m SEK m. Th f chg i md d d hd giv ffc w ff y w xcd

x. I wig f h dic hd iiv ffc f m SEK m w xc d gwh i fd v hd giv ffc f m SEK m. A high fqcyf d, d f hd giv ffc f m SEK m.

) Th ccd v i icdd i h SEB G’ cidd cc. Th v i f ciid cqiii c d dfd f d f.

SUMMARISED FINANCIAL INFORMATION FOR GAMLA LIVFÖRSÄKRINGSBOLAGET SEB TRYGG LIV*

Group

I , 0

Lif ic chic , –,Aii Tx – –

NET RESULT , –,





N cd. Lif ic i

SUMMARISED FINANCIAL INFORMATION FOR GAMLA LIVFÖRSÄKRINGSBOLAGET SEB TRYGG LIV*

Group

B , 0

T , ,

TOTAL ASSETS , ,

T iiii , ,Cidi fd / qiy , ,Uxd v

TOTAL LIABILITIES AND EQUITY , ,

* SEB w h f Gm Livföäk igg SEB Tygg Liv xc f gd h wd y Tygg-Sif. Gm Liv föäkig g SEB Tygg Liv i cid d idiyf h G, ic h whi f SEB i Gm Livföäkigg SEB Tygg Liv d i c.

A -k

Wihi h i-ikd i SEB hd, f i cm’ cc, h f m h c i () fd, wh SEB i h ivm mg.Th v f h fd md SEK ,m (,) f which SEB, f i cm’ cc, hd SEK ,m (,).

A --

I G UkTh divm f h h Gm d Ukii i i wfiid dig . Ci cig wk wi fmd hgh .

Dicid i d i i h G’

icm m. Th cmiv fig i h icm m hv djd if h dicid i hd v f h G’ciig i. I h cidd c h, d iiiihd f d i fm h d iiii.

Group

I 0

T ig icm –T ig x – –,

Pfi ,

N cdi –

Og fi ,Icm x x

N fi – –,

B

L h ic Oh ,

T -- ,

Di fm cdi iii ,Di d wig fm h ic Oh iiii

T -- ,

C flw

Ch flw fm ig civii ,Ch flw fm ivm civii Ch flw fm ficig civii –,

N q

R


0 0

Oig c , , , ,Amii –, –, –, –,Scii d –, –, –, –,Accd c – – –

Exchg diffc –, –, –, –CLOSING BALANCE* , , , ,

* Fi v if cifid , , , ,





N cd. Rcifid fi


F fi 0 0

I Eqiy (AFS igi) , I Icm Sm (HFT igi)

TOTAL ,

Eff I S*

N i icm , N fici icm – –, –, –,Oh icm – – – –

TOTAL – – –, –,

* Th ffc i Icm Sm i h fi ci fm h cifid fi d g. N i icm i h i icm fm h fi wih kig icc h fdig c. N fici icm i h id d id gi d d h cifid fi. Oh icm i h id gi fm i hfi.

Amdm IAS , dd y h E Ui i Oc , wi cicmc fici cifid f h hd fdig cgy. SEB cidd h xm dii i h g fici

mk d h h dii f h cmy i h cd hff d ciig i ch cicmc. SEB h cifid y dig d .

R F S SEB G

I *Previously

reported 0 Changes Restated 0

T ig icm , ,Sff c –, – –,

T g x , ,

Oig fi , – ,Icm x x –, –,

N fi g , ,

NET PROFIT , – ,

Cg Bic ig h, SEK . –. .Did ig h, SEK . –. .

T

Bic ig h, SEK . –. .Did ig h, SEK . –. .

S *

N fi , ,Dfid fi – –Ti f fig i – –

O ( x) , ,

TOTAL COMPREHENSIVE INCOME , – ,

B *

Fici fi v , – ,

Oh , –, ,T ,, , ,,

Oh iiii , – ,Pvii , , ,T qiy , –, ,

TOTAL LIABILITIES AND EQUITY ,, –, ,,

S g q*

Chg i ccig icy f dfid fi –, –,Chg i fi v mm f fici – –

TOTAL EQUITY , –, ,

* Cdd vi

Th m i d h ccig f dfid fi d mdm i IAS Emy fi. T h mdm mv h i-iiy h cid mhd. Th dd qi iy yh dic h dfid fi iiiy i d cc h i x. Th iii ffc i d gi id ig f Jy d q chg d i Sff c d OCI.

Th m flc chg i h mm f fi v f fi-ci fm dvm f h vi md d ik mm fCdi V Adjm (CVA). Th djm i cgid chg i -id ig f Dcm . Th ffc i idi mi.




five-year summary

T SEB G

Icm m

SEK m 0)

00)

009)

008)

N i icm , , , , ,N f d cmmii icm , , , , ,N fici icm , , , , ,N if ic icm , , , , ,N h icm – – , ,

T g , , , , ,

Sff c –, –, –, –, –,Oh x –, –, –, –, –,Dcii, mii d imimf gi d igi –, –, –, –, –,Rcig c –

T g x , , , , ,

Gi di f gi d igi

N cdi – –, –, –,Og fi , , , , ,

Icm x x –, –, –, –, –,

N fi g , , , , ,

Dicid i – –, –, –, –

NET PROFIT , , , , ,

Ai miiy i Ai qiy hd , , , , ,

) d f chg i ccig icy f dfid fi .) – d d fm ccd xcdig Ri Gmy.

Bc hSEK m 0 ) 00 009 008

L cdi iii d c k , , , , ,L h ic ,, ,, ,, ,, ,,Oh fici ,, , , , ,Oh , , , , ,

TOTAL ASSETS ,, ,, ,, ,, ,,

Di fm cdi iii , , , , ,Di d wig fm h ic , , , , ,Oh fici iiii ,, ,, , , ,Oh iiii , , , , ,T qiy , , , , ,

TOTAL LIABILITIES AND EQUITY ,, ,, ,, ,, ,,

) d f chg i ccig icy f dfid fi d chg i fi v mm f fici .

Ky fig 0 00 009 008

R qiy, % . . . . .Bic ig h, SEK . . . . .C/Icm i ) . . . . .Cdi v, % . –. . . .T v i f idividy imid , % . . . . .G v f imid , % . . . . .T ci i ), % . . . . .Ti I ci i ), % . . . . .

) Ciig i.) B II (wih ii ).




five-year summary

Skk Ek Bk

Icm m

SEK m 0)

00 009 008

N i icm , , , , ,N cmmii icm , , , , ,N f fici ci , , , , ,Oh icm , , , , ,

T g , , , , ,

Admiiiv x –, –, –, –, –,Dcii, mii d imimf gi d igi –, –, –, –, –,

T g , , , , ,

Pfi , , , , ,

N cdi – – – – –Imim f fici –, – – –, –

Og fi , , , , ,

Aii icdig i cmi –, – –, –, –,Tx –, –, –, –, –,

NET PROFIT , , , , ,

) d f ccig f g cii.

Bc hSEK m 0) 00 009 008

L cdi iii , , , , ,L h ic , , , , ,Oh fici , , , , ,Oh , , , , ,

TOTAL ASSETS ,, ,, ,, ,, ,,

Di fm cdi iii , , , , ,Di d wig fm h ic , , , , ,Oh fici iiii , , , , ,Oh iiii , , , , ,Shhd’ qiy d xd v , , , , ,

TOTAL LIABILITIES, UNTAXED RESERVESAND SHAREHOLDERS’ EQUITY ,, ,, ,, ,, ,,

) d f chg i fi v mm f fici .

Ky fig 00 009 008

R qiy, % . . . . .

C/Icm i . . . . .Cdi v, % . . . . .G v f imid , % . . . . .T ci i ), % . . . . .Ti I ci i ), % . . . . .

) B II (wih ii ).




proposal for the distribution of profit

Sdig h di f h A G Mig i cc-

dc wih h c h f Skdivik Ekid Bk AB:

SEKRid ig 33,65,93,676N fi f h y 4,764,794,744T ,,,

Th Bd h, fwig v f h c h f

Skdivik Ekid Bk AB f h fici y , hA G Mig hd dii h ig fw:

Dividd hhd: SEK SEK .75 Si A-h 5,967,553,59 SEK .75 Si C-h 66,49,397T cid fwd : – id ig 3,383,5,965T ,,,

I i h m f h Bd f Dic h h ddividd i jifi cidig h dmd which imd y h , c d ik cid wih h i- d h iz f h P Cmy’ d h G’qiy d d f cidi, iqidiy d fici i-i i g.

Th Bd f Dic d h Pid dc h hcidd fici m hv d i cc-dc wih IFRS dd y h EU d giv v dfihf i f h G’ fici ii d f i. Th fici m f h P

Cmy hv d i ccdc wih gyccd ccig ici i Swd d giv dfi viw f h P Cmy’ fici ii d f i.

Th R f h Dic f h G d h PCmy vid fi viw f h dvm f hG’ d h P Cmy’ i, fici i-i d f i d dci mi ik dcii fcig h P Cmy d cmiicdd i h G.

P fi

Mgd Ofretor

apponte b te eploees

Bigi Kretor

Tm Niciretor

J Ovretor

Aik Fkgpresent an e eeute oer

retor

C Wihm Rretor

Pi Påhmretor

apponte b te eploees

Jh H Adretor

U Jretor

Sighid Agåd Hretor

Mc Wgaran

Tv Jheput aran

Jc Wgeput aran

Stockholm 22 Februar y 2013




auditor’s report

To the annual meeting of the shareholders of Skandinaviska

Enskilda Banken AB (publ), corporate identity number 502032-9081

R

W hv did h cc d ciddcc f Skdivik Ekid Bk AB () f hy . Th cc d cidd cc fh cmy icdd i h id vi f hi dc-m g 6-5.

Responsibilities of the Board of Directors and the President for

the annual accounts and consolidated accounts

Th Bd f Dic d h Pid i f hi d fi i f h cc dcidd cc i ccdc wih Ii Fi-ci Rig Sdd, dd y h EU, d h AAcc Ac f Cdi Iii d Scii Cmi,

d f ch i c h Bd f Dic d hPid dmi i cy h i f cc d cidd cc h f fmmi mim, whh d fd .

Auditor’s responsibil ity

O iiiy i x ii h cc d cidd cc d di. Wcdcd di i ccdc wih Ii Sdd Adiig d gy ccd diig dd i Sw-d. Th dd qi h w cmy wih hicqim d d fm h di i - c whh h cc d ci-dd cc f fm mi mim.

A di ivv fmig cd i di vi-dc h m d dic i h ccd cidd cc. Th cd cd dd h di’ jdgm, icdig h m f h ik fmi mim f h cc d ciddcc, whh d fd . I mkig h ikm, h di cid i c v h cmy’ i d fi i f h cc d cidd cc i d dig di -cd h i i h cicmc, fh f xig ii h ffciv f hcmy’ i c. A di icd vig hi f ccig ici d d h - f ccig im md y h Bd f Dic dh Pid, w vig h v i fh cc d cidd cc.

W iv h h di vidc w hv id i ffi-ci d i vid i f di ii.

Opinions

I ii, h cc hv d iccdc wih h A Acc Ac f Cdi Iiid Scii Cmi d fiy, i mic, h fici ii f h cmy f 3Dcm d f i fici fmc d i chflw f h y h dd i ccdc wih h AAcc Ac f Cdi Iii d Scii Cmi,

d h cidd cc hv d i cc-dc wih h A Acc Ac f Cdi Iii dScii Cmi d fiy, i mi c,h fici ii f h g f 3 Dcm df hi fici fmc d ch flw i ccdc

wih Ii Fici Rig Sdd, dd yh EU, d h A Acc Ac f Cdi Iii dScii Cmi. A c gvc m h d. Th y dmiii d c- gvc m ci wih h h f h cc d cidd cc.

W hf cmmd h h mig f h-hd d h icm m d c h f h cmy d h g.

R g g qI ddii di f h cc d ciddcc, w hv xmid h d ii fh cmy’ fi d h dmiii f h Bdf Dic d h Pid f Skdivik Ekid B-k AB () f h y .

Responsibilities of the Board of Directors and the President Th Bd f Dic i i f h f -ii f h cmy’ fi , d h Bd f Dic- d h Pid i f dmiii dh Cmi Ac.

Auditor’s responsibili ty

O iiiy i x ii wih c h d ii f h cmy’fi d h dmiii d di. Wcdcd h di i ccdc wih gy ccddiig dd i Swd.

A i f ii h Bd f Dic’ -d ii f h cmy’ fi , w xm-

id h Bd f Dic’ d m d cif ig vidc i d whh h i i ccdc wih h Cmi Ac.

A i f ii ccig dichg fm iiiy,i ddii di f h cc d ciddcc, w xmid igific dcii, ci k dcicmc f h cmy i d dmi whhy mm f h Bd f Dic h Pid i i h cmy. W xmid whh y mm f hBd f Dic h Pid h, i y h wy, cdi cvi f h Cmi Ac, Bkig d FicigBi Ac, A Acc Ac f Cdi Iii dScii Cmi h Aic f A cii.

W iv h h di vidc w hv id i ffi-ci d i vid i f ii.

Opinions

W cmmd h mig f hhd h hfi id i ccdc wih h i hy dmiii d h h mm f hBd f Dic d h Pid dichgd fm iiiyf h fici y.

Stockholm 22 February 2013

preaterouseoopers ab

A’

P Nyigautorse publ aountantpartner n are

Mg Sv Hyautorse publ aountant




definitions

Return on equityN fi i qiy hd f h y cg f

vg hhd qiy.

Return on business equityOig fi dcd y dd x divii, cg f i qiy.

Return on total assetsN fi i qiy hd cg f vg.

Return on risk-weighted assetsN fi i qiy hd cg f vgik-wighd .

Cost/Income-ratioT ig x cg f ig icm.

Basic earnings per shareN fi i qiy hd f h y cg fh vg m f h.

Diluted earnings per shareN fi i qiy hd f h y cg fh vg did m f h.

Net worth per shareShhd’ qiy h qiy i f y v ih hdig f i-ig cii d v i ific i cg f h m f h.

Risk-weighted assetsT d ff c h im, wighd i ccdc wihci dqcy gi f cdi ik. I i cmy

x gy ci qim f mk d iik ik-wighd , yidig RWA m f hh ik cgi. Dfid y f h Fici G f Ud-kig which xcd ic ii.

Tier 1 capitalShhd’ qiy xcdig d dividd, dfd x, igi (.g. k-d gdwi) d cih djm. Ti 1 ci c icd qifyig fmf did (Ti 1 ci cii).

Core Tier 1 capitalTi 1 ci xcdig Ti 1 c i cii.

Tier 2 capitalMiy did qifyig Ti 1 ci ci-i. Dd giv miy-dd dci, d mfh djm md.

Capital baseTh m f Ti 1 d Ti 2 ci. Ddci hd md f

ivm i ic cmi d i v.Fm Dcm 2012 h ddci f i v i

ic, w ccig ici f i hv immd (IAS 1, Emy fi ).

Tier 1 capital ratioTi 1 ci cg f ik-wighd .

Core Tier 1 capital ratioC Ti 1 c i cg f ik-wighd .

Total capital ratioTh ci cg f ik-wighd .

Credit loss levelN cdi cg f h ig c f h ic, cdi iii d g cific, cciv d ff c h v.

Gross level of impaired loansIdividy d imid , g, cg f h ic d cdi iii f dci fv.

Net level of impaired loansIdividy d imid , ( cific v) cg f h ic d cdi iii cific v d cciv v.

Specific reserve ratio for individually assessed impaired loansScific v cg f idividy d imid .

Total reserve ratio for individually assessed impaired loans T v (cific v d cciv v f idividyd ) cg f idividy d imid .

Reserve ratio for portfolio assessed loans Cciv v f fi d cg ffi d d m h 0 dy cd.

Non-performing loans L dmd c cdi icdig idividyd imid , fi d d m h0 dy d cd fi d .

NPL coverage ratio T v (cific, cciv d ff c h v) cg f N-fmig .

NPL per cent of lending N-fmig cg f h ic d cdi iii f dci f v.

Dfi

A fig wihi ck f 2011 hwi d.Pcg chg f cmi wih 2011 hwi d.

Exg g SEK G C

Profit and loss account Balance sheet

0 Change, % 0 Change, %

DKK Di h k . . - . . -

EUR E . . - . . -

NOK Nwgi k . . . .

LTL Lih i i . . - . . -

LVL L vi . . - . . -

USD U.S . d . . . . -





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