The document summarizes Jan Erik Back's presentation at the Morgan Stanley European Financials Conference on April 2, 2009. The presentation discusses SEB's capital measures of SEK 19.5 billion which increases its Tier 1 capital ratio to 12.1% pro forma. It also discusses SEB having a stable and diversified credit portfolio, with 85% located in Nordic countries and Germany. The credit portfolio is well rated, with 58% investment grade excluding households.