1. Magnus Carlsson
UBS Nordic
Financial
Services
Conference
4 September
2008

2. Outline
An overall business update
The Merchant Banking division
Germany
The Baltic countries
Concluding remarks

3. SEB – An activity based bank
Share of operating profit Jan – Jun 2008
Wealth
Management
Baltic
Life
countries Nordics 13%
20% 10%
18%
Germany
14%
35%
42%
48% Retail
Banking
Sweden Merchant
Banking
Geography - Adjusted for Other
Divisions - Adjusted for Other

4. Highlights Q2 2008
Income regained strength – second
best quarter ever
– High business activity
– Limited bond portfolio losses
Higher costs due to continued
investments and sales activities
Accelerated slowdown in Estonia
and Latvia increases credit losses
Strong capitalisation and liquidity

5. Key figures
SEB Group
Change
Q2 Q1 Q2
SEKm 2008 2008 2007
Income 10,403 18% -3%
Expenses 6,445 7% 10%
Operating profit 3,507 46% -23%
Return on Equity, % 15.2 9.6 20.7
Cost / income ratio 0.62 0.69 0.55
Credit loss level, % 0.17 0.13 0.12
Basel II, Tier 1 ratio, % 8.64 8.85 8.45

6. Business Activity
High business activity – long-term savings
Swedish mutual funds: net inflows Life – Total sales
Jan-Jun, SEKbn SEKbn
3.8 13.3
12.0 12.0 11.9
10.7 9.7
-3.0
-7.2 -8.5
-13.3
Q1-07 Q2 Q3 Q4 Q1-08 Q2
Robur SHB Nordea SEB Others
Private Banking – Net sales
SEKbn
5.8
4.9
4.1
3.5
2.9 2.6
Q1 Q2 Q3 Q4 Q1 Q2
2007 2008

7. Business Activity
High business activity – Retail Sweden
Retail Sweden household mortgages Retail Sweden, SME segment
Lending, SEKbn Cash management customers (thousands)
90
207
201
196
189
183
176
173 80
+ 5,200
70
60
Income
growth +6%
50
2005 2006 2007 2008
Q4 06 Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08
Growth +2.3% +3.9% +3.1% +3.6% +2.3% +3.5%
rates

8. Cost Management
Cost development
~4% total cost growth due to acquisitions, pensions and One IT Roadmap
SEK 202m in efficiency gains achieved in H1
Cost management program 2007 - 2009
Achieved Target
SEK -748m SEK 1.5 – 2.0bn
*
2007 2008 2009 2010
*

9. Asset Quality
Level of Net Credit Losses, %
(incl. change in collective provisions)
SEB Group
Net credit losses
Estonia 1.68
Jan – Jun 2008
Latvia 0.48
SEK 820m
Lithuania 0.17
0.80
Baltics 0.73
0.70
Non-Baltic
0.60
39%
0.50
0.40
0.30
0.20
0.10
Lithuania
0.00
6% Latvia Estonia
2003 2004 2005 2006 2007 Q1 Q2
45%
10%
2008* 2008*
Germany Baltics Nordics SEB Group
* Annualised

10. Asset Quality
Credit exposure – on and off balance
SEK 1,631bn
By geography By sector
Baltic Banks
Public Corporate
German administration 14%
11%
6%
24%
38%
28%
65%
14%
Households
Property
Nordic
management

11. Capital
Volume growth supported
by strong capital
Risk-weighted assets (Basel I) Tier 1 capital ratios
Q4 2006 - Q2 2008, SEKbn Per cent
1,200
11
Basel II (no floors)
+18% Basel II (transition rules)
1,000 Basel I
10
800
9
600
8
400
7
200
6
0
Q1 Q2 Q3 Q4 Q1 Q2
Group
2007 2007 2007 2007 2008 2008

12. Liquidity
Net liquidity position across maturities
30 June, SEKbn
250
SEB is match-
200 funded approx.
one year
SEK 113bn in long-term funding
150
raised in H1 2008
Examples of transactions:
100
April: Euro covered bond at spread
of 17 bps
50
May/June: Euro floating rate notes
at spread of 48 bps
0
-50
2 months
3 months
4 months
5 months
6 months
9 months
12 months
1 week
2 weeks
4 weeks

13. An overall business update
The Merchant Banking division
Germany
The Baltic countries
Concluding remarks

14. A leading franchise
● #1 Nordic stock broker
● #1 Nordic and Baltic corporate finance
● #1 Nordic and Baltic cash manager
● #1 Custody Nordic and Baltic markets
● #1 Scandinavian currencies

15. Organisation
Client Relationship Management
TCM Corporate Banking GTS
Capital Commercial Real Estate Cash
FX
Markets Management,
Structured Finance Trade Finance
SEB Enskilda & Securities
CPM
Equities Services
(Investment portfolio) SEB Enskilda Corporate Finance
Global product organisation – local specialists
DK NO FI DE UK FR LU US SG
SE
PL CN BR RU IN
EE LT LV

16. Highlights last 12 months
Client >300 new clients
acquisition
Top rankings in investment
Customer banking, research, trade finance
satisfaction custody and cash management
From To
Operational SEB Way on track (productivity
1 1 2 3
2
3 OK
Excellence
4
gains 20% ahead of target)
5 OK
MTM MTM losses on investment
losses portfolio and Capital markets

17. Financial development
SEKm
Income excluding portfolios Income Expenses
5,000
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08
Operating profit Excluding portfolios
2,500
2,000
1,500
1,000
500
0
Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08

18. High business activity…
Merchant Banking: Operating Income Risk-weighted assets (Basel I)
Q1 2007 - Q2 2008, SEKbn
SEKm
Q2 07 Q1 08 Q2 08
2,000 600
+26%
500
400
1,000 300
200
100
0 0
Merchant Banking
Trading & Corporate Global
Capital Banking Transaction
Markets Services

19. …in Trading and Capital Markets
Trading and Capital Markets income by main product cluster,
excl. investment portfolios
8% 5% Structured derivatives
7%
11%
11% 4% & Other TCM
15%
22% 3% 8%
6% Capital Markets
46% 49%
64%
46%
44% 49%
Equities
38% 36%
28% 41%
33%
26%
FX
Q1 - 07 Q2 Q3 Q4 Q1 - 08 Q2
Market Shares Nordic Stock Exchanges *
Jan – June 2008
SEB 8,9%
Morgan Stanley 5.6%
Carnegie 5.4%
Glitnir 5.2%
SHB 4.7%

20. High business activity…
Merchant Banking: Operating Income Risk-weighted assets (Basel I)
Q1 2007 - Q2 2008, SEKbn
SEKm
Q2 07 Q1 08 Q2 08
2,000 600
+26%
500
400
1,000 300
200
100
0 0
Merchant Banking
Trading & Corporate Global
Capital Banking Transaction
Markets Services

21. …in Corporate Banking
Swedish syndicated loans league (and bookrunner %)
July 2007 – June 2008
0 1 2 3
EUR
bn
17.6%
SEB
12.4%
SHB
Calyon 5.6%
* Source: The Nordic Stock exchanges
** Source: Dealogic Analytics
RBS 3.5%
3.0%
ABN AMRO

22. High business activity…
Merchant Banking: Operating Income Risk-weighted assets (Basel I)
Q1 2007 - Q2 2008, SEKbn
SEKm
Q2 07 Q1 08 Q2 08
2,000 600
+26%
500
400
1,000 300
200
100
0 0
Merchant Banking
Trading & Corporate Global
Capital Banking Transaction
Markets Services

23. …in Global Transaction Services
Custody volume development
Assets under custody, SEKbn
No of transactions/day
7,000 150,000
6,000 125,000
5,000
100,000
4,000
75,000
3,000
50,000
2,000
25,000
1,000
0
0
2004 2005 2006 2007 2008

24. High business activity
Merchant Banking: Operating Income Risk-weighted assets (Basel I)
Q1 2007 - Q2 2008, SEKbn
SEKm
Q2 07 Q1 08 Q2 08
2,000 600
+26%
500
400
1,000 300
200
100
0 0
Merchant Banking
Trading & Corporate Global
Capital Banking Transaction
Markets Services

25. Investment portfolio – SEK 126bn
Status and actions Investment portfolio valuations, SEKm
Accumulated
97.2% AAA rated after limited since
rating actions Q2 08 Q3 07
Income -66 -2,707
Mark- to-market prices applied;
Equity -56 -2,384
no level 3 assets
Total -122 -5,091
Reduction of income volatility
Composition Accounting classification
Q2 08
Q2 08
Covered
Financial
42% bonds etc.
9%
institutions Available Held for
for sale 89% trading
11% (MTM over
(MTM over
income)
equity)
49% Structured
credits

26. Long-term
Near-term
opportunities
uncertainty

27. Prioritising customer acquisition
● Grow Nordic, German and Baltic client base through focus on MidCorp segment
MidCorp
● Implement cross-sell model throughout Nordics, Germany and Baltic countries
growth
● Expand sales, relationship management and analytical capacity
Nordic
Expansion ● Fully leverage existing product platform
● Leverage SEB’s leadership in Nordic products by expanding institutional
Expanded FI client base in Europe, US & Asia (including central banks, hedge funds and
coverage sovereign wealth funds)
● Build on existing expertise to expand position in energy, oil/offshore and
Energy, oil
shipping segments
& gas
● Continue developing commodities offering
● Improve business origination and subsidiary coverage at strategic locations
International

28. An overall business update
The Merchant Banking division
Germany
The Baltic countries
Concluding remarks

29. SEB in Germany
Retail Asset
Banking Management
Merchant Banking
(incl. Commercial Real Estate)

30. SEB in Germany
Retail Germany: Operating profit
SEB in Germany: Operating profit
SEKm
SEKm
136 134
74
843 60
807
-22
189
-226
-244
H1 07 H2 H1 08 H1 05 H2 H1 06 H2 H1 07 H2 H1 08
Distribution of German Operating profit
Other
Jan – Jun 2008
business
91%
9%
Retail

31. Merchant Banking in Germany
Hamburg
Merchant Banking’s second
Bremen largest market
Country-wide sales force
Hannover
Berlin
Increased profitability in 2007
Essen
Düsseldorf RoE in line with Merchant
Leipzig Banking globally.
Cologne
Focus on export- oriented larger
Frankfurt
Mittelstand companies
Main competitors are domestic
German banks
Stuttgart Cross-sale model with leading
competence in FX, cash
management derivatives and
Munich
export and trade finance

32. An overall business update
The Merchant Banking division
Germany
The Baltic countries
Concluding remarks

33. SEB in the Baltic countries
Operating profit by country; SEKm
4,000
Lithuania
Latvia
Estonia
3,000
2,000
1,000
Accumulated profit since
acquisition in 1998: SEK 11.5bn
Acquisition price: SEK 3.8bn
0
2002 2003 2004 2005 2006 2007* H1
2008
% of Group
operating profit 9% 10% 11% 13% 15% 18% 18%
* Adjusted for sale of Baltic real estate

34. Baltic countries:
economic slowdown accelerates
Annual GDP growth
Per cent Estonia Latvia Lithuania
15
10
5
0
2002 2003 2004 2005 2006 2007 2008 (f) 2009 (f)
-5
Economic sentiment, index
Estonia Latvia Lithuania
125
115
The Baltics:
Economic sentiment 105
deteriorating 95
85
75
-98 -99 -00 -01 -02 -03 -04 -05 -06 -07 -08

35. Priorities for managing overheating
Phase I - Actions to manage overheating
Jan 06 Jul 06 Dec 06 2007
● Further tightening
● Concluding ● Tightening of ● Overheating
of credit policy
internal review credit policy risks
of Baltic incl. cautious communicated ● Volume restrictions
economies property mgmt ● Collective
● Increased ● ROE priority > provisioning policy
capitalisation volume growth
Credit growth per quarter
12%
10%
8%
6%
4%
2%
0%
2006 2007 2008

36. Priorities for managing recession
Phase II - Actions to manage correction
Asset quality
Targeted credit portfolio reviews
Joint local and head-office work-out
team
Early conservative provisioning
Business development
Individual country approach
Full integration in SEB Group to
broaden product palette
Develop relationships with existing
and new customers

37. An overall business update
The Merchant Banking division
Germany
The Baltic countries
Concluding remarks

38. Looking ahead
● Strong capital and liquidity
● Top line growth
● Continued investments
● Cost efficiency