Annual Accounts 2015 Press conference. Annika Falkengren President & CEO

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1 Annual Accounts 2015 Press conference Annika Falkengren President & CEO 1

2 Highlights 2015 Exceptional times Market volatility Strengthened resilience 2

3 Repricing of risk Swedish credit spreads 5y covered bonds vs. 5y Sovereign Swedish policy rate Stock exchanges MSCI World and OMXSPI, Indexed to OMXSPI MSCI World Jan 2015 Jan Jan 2015 Jan Jan 2015 Jan

4 Executing convenient payment Paperless services, branches 784bn in Estonia saved a Enabling new Private homes individuals for Increasing private and long-term SMEs How transactions 19 meter we high pile created of paper individuals had +SEK 2.3m 14bn dialogues mortgages financial Contributing 24/7 security on to all a for more 500 SMEs in financial Baltics individuals matters more customer sustainable + SEK 18bn world in participated in Innovation Day pensions +SEK 53bn in New and convenient value sustainable funds capital customer Promoting in 2015 Corporate lending + SEK 19bn interfaces entrepreneurship by Overall society CO 2 impact benefited through from +SEK 22bn enabling +10,000 our SEK 5.3bn in taxes in Green and bonds fees entrepreneurs to meet

5 Financial summary Underlying * Reported Profit & Loss, (SEK m) FY 2015 FY 2014 % FY 2015 FY 2014 % Total Operating income 45,050 43, ,148 46,936-6 Total Operating expenses -22,187-22, ,187-22,143 0 Profit before credit losses 22,863 21, ,961 24, Net credit losses etc. -1,096-1, ,096-1, Operating profit 21,767 20, ,865 23, Tax expense -4,284-3,947-4,284-4,129 Net profit 17,483 16, ,581 19, Key financials Proposed dividend per share Common Equity Tier 1 Return on Equity* SEK % 12.9% * Notes: Excluding one-offs sale of MasterCard shares and Euroline in 2014, Swiss withholding tax in

6 Financial summary Profit and loss (SEK m) * Q4-15 Q3-15 % Q4-14 % Total Operating income 11,373 10, ,102 2 Total Operating expenses -5,571-5, ,791-4 Profit before credit losses 5,802 4, ,311 9 Net credit losses etc Operating profit 5,505 4, , Operating income by type, Q vs. Q (SEK bn) Q4-15 Q3-15 Q4-15 Q3-15 Q4-15 Q3-15 Q4-15 Q3-15 Net interest Net fee and Net financial Net life insurance income commissions income income 0.6 Q4-15 Q3-15 Net other income Income distribution FY 2015 * 7% 2% 11% 42% 37% * Notes: Excluding one-offs sale of MasterCard shares and Euroline in 2014, Swiss withholding tax in

7 Net interest income development SEK bn Net interest income 2015 vs * -5% 19.9 Net interest income type Q Q Lending Q4-13 Q4-14 Q4-15 Deposits Q4-13 Q4-14 Q4-15 Funding & other * Notes: Excluding one-off Swiss withholding tax in 2015 Q4-13 Q4-14 Q

8 Net fee and commission income development SEK bn Net fee and commissions 2015 vs Gross fee and commissions by income type Q Q % Advisory, secondary markets and derivatives Q4-13 Q4-14 Q4-15 Custody and mutual funds Q4-13 Q4-14 Q4-15 Payments, cards, lending, deposits & guarantees Q4-13 Q4-14 Q4-15 8

9 Net financial income development SEK bn Net financial income 2015 vs * Net financial income development * NFI and total Markets result Q Q Q Q % Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Higher volatility drove customer activity * (VIX S&P 500 volatility) * Notes: Excluding one-off Swiss withholding tax in Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 9

10 Operating leverage SEK bn Average quarterly income * Average quarterly expenses Avg 2010 Avg 2011 Avg 2012 Avg 2013 Avg 2014 Avg 2015 Avg 2010 Avg 2011 Avg 2012 Avg 2013 Avg 2014 Avg 2015 Average quarterly profit before credit losses Avg 2010 Avg 2011 Avg 2012 Avg 2013 Avg 2014 Avg 2015 * Notes: Excluding one-offs (restructuring in 2010, bond buy-back and IT impairment in 2012, sale of MasterCard shares and Euroline in 2014, Swiss withholding tax in 2015) Estimated IAS 19 costs in

11 Business and IT are delivering together Connectivity Automation SEK 22.5bn Culture & innovation Information 11

12 Divisional performance* Operating profit 2015 vs (SEK bn) Merchant Banking * Retail Banking Wealth Management Life Baltic RoBE 13.1% (13.4) 14.0% (20.7) 19.8% (20.3) 22.7% (21.9) 14.4%** (14.5) Business Equity (SEK bn) 60.9 (52.3) 34.4 (24.6) 9.5 (8.6) 8.4 (8.2) 7.9 (8.9) * Excluding one-off from Swiss withholding tax in 2015 ** RoBE excl RHC in Baltic Division is 18.6% 12

13 Strong asset quality and balance sheet (SEK bn) Asset quality Funding and liquidity Non-performing loans 28.6bn 10.6bn 8.0bn NPL coverage ratio 65% 59% 62% Net credit loss level 0.92% 0.09% 0.06% Customer deposits 750bn 943bn 884bn Liquidity resources >10% ~25% ~25% Liquidity coverage ratio N.A. 115% 128% CET 1 ratio (Basel 3) 11.7% 16.3% 18.8% Basel 2.5 Capital Total capital ratio (Basel 3) 14.7% 22.0% 23.8% Basel 2.5 Leverage ratio (Basel 3) N.A. 4.8% 4.9% 13

14 Business plan

15 Delivered what we promised three years ago Operating profit (SEK bn) Large Corps & Institutions ROE 11% Private & Corporates Asset Gathering Target ROE>peers = approx. 13% Baltic Capital generation assuming dividend payout >40% I L L U S T R A T I V E Approx ROE approx. 13% Income growth target Years target Actual growth Merchant Banking ~15% +22% Retail Banking ~20% +12% Life & Wealth ~5% +15% Baltic ~15% +3% RoE Group* ~15% +15% 12.9% Assuming 15% * N.B & 2015 excluding one-off effects 15

16 A new vision has been established for the bank Key beliefs about banking SEB strengths in future market Competitive landscape 16

17 17

18 To deliver world-class service to our customers 18

19 Ambition: True customer centricity in a digitized world Large Corporates Financial Institutions PROACTIVE Trust INSIGHTFUL CONVENIENT KNOWLEDGEABLE Corporate Customers Private Customers 19

20 Accelerate growth in Sweden Service leadership Continue to grow in the Nordics and Germany Digitisation Savings & pension growth Next generation competences Grow in areas of strength Resilience and flexibility Leading customer experience 20

21 The trajectory of profitable growth continues I L L U S T R A T I V E ~27 ~21 Operating profit CAGR ( ) +7% +10% +5% +8% Large Corporates & Fin. Institutions Corporate & Private Customers Life & IM Baltic RoE 14 % CET1 18 % 21

22 Financial ambitions Dividend payout 40% or above Common Equity Tier 1 with ~150bps buffer Cost cap SEK 22.5bn (incl. 2017) RoE long-term aspiration 15% competitive with peers 22

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