Carnegie

1
Carnegies year-end report 2002
2
The bright side
Carnegie Group

• Confirmed position as the leading Nordic
  investment bank
• Number one in terms of trading volume on the
  Nordic stock exchanges (9.3 market share) -
  top-ranked research
• Top three in MA-ranking, announced and completed
• Continued top-ranked asset management products
  (4-5 star ranking for 75 of equity mutual funds)

3
The gloomy side

• Nordic stock market index 32 during 2002
• Nordic turnover down 23 (Y/Y)
• 5 Nordic IPOs (15), all in the first half of 2002

4
Full year 2002
Carnegie Group

• Income down by 30 to SEK 2,392 million
• Total expenses were down by 18. Expenses
  excluding bonus up 3 (down by 3 excl
  redundancy costs), bonus expenses down 68
• Redundancy costs of SEK 92 million, whereof SEK
  36 million in the fourth quarter
• Operating profit of 339 million, down 60
• Result from principal investments SEK 9 million
  (SEK -65 million)
• Net profit down by 56 to SEK 250 million (down
  51 when excluding redundancy costs)
• Earnings per share SEK 3.75 (8.76)
• Dividend per share SEK 8.93 (8.57), leading to a
  Tier1 ratio of 20.4 (20.0)

5
Quarterly operating profit (SEK million)
Carnegie Group
Redundancy costs
6
Monthly turnover Nordic stock exchanges
Securities
7
2002
Securities

• Income down by 32 to SEK 1,106 million
• Drop in net commission income by 15 to SEK 894
  million
• Market making proprietary trading down 70 to
  SEK 94 million
• Excellent fixed income operations in Denmark
• Total expenses excl bonus unchanged (down 6 excl
  redundancy costs of SEK 58 million) bonus
  expenses down 81
• Operating profit before taxes SEK 69 million,
  down 79

8
Nordic market shares 12M(02)
Securities
Includes other SEB entities Includes other
Nordea entities Includes other Danske Bank
entities
9
Income
Securities
10
2002
Investment Banking

• Income declined by 48 to SEK 467 million
• Advisory fees down 49 and underwriting fees down
  41
• Nordic MAs Shared number 1(1) by number of
  transactions, number 3(2) by volume
• Total expenses excl bonus up 4 (down 1 excl
  redundancy costs of SEK 13 million) bonus
  expenses down 73
• Operating profit before taxes SEK 96 million,
  down 70 (Y/Y)

11
Nordic MA 2002
Investment Banking

• Completed transactions
• Carnegie ranked no 2(1)with 25(48) transactions
• Ranked no 3(1) in termsof deal value
• Announced transactions
• Carnegie ranked no 1 (1)with 28(45)
  transactions
• Ranked no 3(3) in terms of deal value

USD billion
Top 10 advisers, 2002
1. Goldman Sachs 18.9 16 2. UBS
Warburg 15.3 12 3. Carnegie 13.6 25 4. Deutsche
Bank 12.1 7 5. Lehman Brothers 11.0 8 6. Merrill
Lynch 10.9 8 7. Lazard 9.3 4 8. Nordea 8.2 18 9.
Morgan Stanley 6.2 12 10. CSFB 4.8 14

• Shared
• Source Thomson Financial Securities Data.19
  January 2003
• Note Announced/completed transactions with
  financial adviser. Nordic target or acquirer.

12
Income
Investment Banking
13
2002
Asset Management Private Banking

• Total income declined by 11 (Y/Y) to SEK 819
  million
• AUM SEK 51 billion, down 22 billion from 2001.
  Net outflow of SEK 1 billion
• Total expenses excluding bonus up 9, (up 4 excl
  redundancy costs of SEK 22 million) bonus
  expenses down 36
• Operating profit before taxes SEK 168 million,
  down 28

14
Mutual funds - relative performance
Asset Management Private Banking
Relative performance to benchmark index since
inception
Carnegie Sweden SEK 8 Oct 1996 15 AFGX Carnegie
Small Cap SEK 7 Nov 1996 5 CSX Carnegie
Norway NOK 7 July 1995 77 TOTX Carnegie Nordic
Markets USD 1 April 1996 66 MSCI Carnegie
European Equity EUR 2 Aug 1999 28 MSCI Carnegie
Medical EUR 15 Dec 1998 68 MSCI Carnegie
WorldWide(Lux) USD 15 Dec 1995 56 MSCI Carnegie
WorldWide (Den) DKK 1 July 1990 248 MSCI
Selected funds represent approx. 80 of the
capital in Carnegies equity funds
(a) Periods measured until 31 December 2002
15
Mutual fund rating Q4(02)
Asset Management Private Banking
Carnegie Sweden 200 2 3 3 Carnegie
Denmark 400 2 Carnegie Norway 400 4 Carnegie
Suomi Osake 120 3 Carnegie Nordic
Markets 1,000 4 5 5 Carnegie European
Equities 450 5 4 Carnegie WorldWide(Lux, Den)
8,500 4 4 5 Carnegie Medical 2,800 5 5
Selected funds represent approx. 80 of the
capital in Carnegies equity funds
16
Assets under management (SEK billion)
Asset Management Private Banking
17
Income
Asset Management Private Banking
18
Cost/income ratio, rolling 4-quarters
Carnegie Group
1999
2000
2001
2002
19
Personnel/other expenses rolling 4q
Carnegie Group
20
Cost development (SEK million)
Carnegie Group
Redundancy expenses

21
Carnegie Group
Conservative Tier 1 ratio
Tier 1 ratio (), target 15
Carnegie risk-weighted assets (SEKbn)
After deduction of proposed dividend (SEK8.93)
20.4
20.0
13.8
13.7
9.6
9.5
1997
1998
1999
2000
2001
2002
22
Carnegie Group
Income
23
Income statement
Carnegie Group
(SEK million) Q4(02) Q4(01) 2002 Chg 2001 Total
income 597 831 2,392 -30 3,440 Total
operating expenses excl. bonus -418 -475 -1,694 -3
-1,738 Redundancy expenses -36 - -92 - Ope
rating profit before result from principal
143 356 606 -64 1,702investments and
bonus Result from principal
investments 1 69 9 -65 Operating profit
before bonus 144 425 616 -62 1,636 Bonus
expense -65 -206 -277 -65 -784 Total expenses
-519 -681 -2,063 -18 -2,522 Operating
profit before taxes 79 219 339 -60 852 Taxes
-8 -84 89 -68 -280 Net profit 71 135 250 -56
572
24
Full year 2002
- Carnegies strategy is still intact

• Nordic stock market index 32 during 2002
• Nordic turnover down 23 (Y/Y)
• 5 Nordic IPOs (15), all in the first half of 2002
• Carnegies profit SEK 250 million, i.e. 16
  return on equity (38)
• Platform to continue the focus on being the
  number one Nordic investment bank
• Going forward, Carnegie is geared towards taking
  advantage of any improvement of the market
  conditions

25
Carnegies year-end report 2002QA session