1. Anders Kvist
Ulf Grunnesjö
Investor
presentation
2008
1

2. Outline
Overview of the SEB Group
Earnings
Asset quality
Baltics
Bond portfolios
Funding and capitalisation
Appendices
2

3. SEB – the key to
North-European markets
SEB has…
an attractive platform
high customer satisfaction
stable profit growth
several leading positions
...a strong customer base
2,500 customers are large
companies and financial institutions
400,000 SME customers
5 million private customers
3

4. SEB history
1800 1900 2000
2004 Codan – Denmark
2004 Codan – Denmark
1856 Stockholms Enskilda Bank 1972 Stockholms Enskilda Bank
1856 Stockholms Enskilda Bank
founded and Skandinaviska Banken 2004 Bank Agio –
founded 2004 Bank Agio –
merge Ukraine
Ukraine
1864 Skandinaviska Banken
1864 Skandinaviska Banken
1982 SEB International
founded in Gothenburg 2005 Privatbanken
founded in Gothenburg 2005 Privatbanken
1997 Trygg Hansa – Norway
– Norway
1998 Acquisition of three 2006 SEB 150 years
2006 SEB 150 years
Baltic banks 2007 Merger SEB BoLån
2007 Merger SEB BoLån
1999 BfG – Germany and SEB AB
and SEB AB
2007 Factorial Bank -
2007 Factorial Bank -
Ukraine
Ukraine
4

5. SEB’s market franchise
Customer segmentation, 2007 Customer survey
Distribution of income
100
100%
Important
relation-
80%
ships/
customers
%
60%
Large
Institutional
corporates
clients and
40% Sweden
banks –
Nordic region
20%
0%
0
DnB NORDanske Nordea SHB Swedbank SEB
Bank
100
Retail- Nordic Retail Germany
0
Retail-Baltic Retail GB/Ireland Difference from
Merchant B AM
100
the average, %
Life
5

6. …with a different income mix
0% 20% 40% 60% 80% 100%
Net interest
SEB
income
Net fee &
Swedbank
commissions
SHB Net financial
income
Nordea
Net life
insurance
income
DnB NOR
Net other
income
Danske Bank
6

7. SEB's franchise
Merchant Banking
● #1 Nordic stock broker
● #1 Nordic and Baltic investment bank
● #1 Nordic and Baltic cash manager
● #1 Custody Nordic and Baltic markets
● #1 Scandinavian currencies
Wealth Management
● #1 Nordic and Baltic private bank
● #2 Nordic asset manager
Life and pension
● #1 Nordic unit-linked business
Retail
● #2 Baltic region
7

8. Ratings of
Skandinaviska Enskilda Banken AB
Rating target set by SEB Board at AA
Moody’s S&P Fitch DBRS
Bank Senior Rating
Short Term P-1 A-1 F-1 R-1
(middle)
Long Term Aa2 A+ A+ AA (low)
Outlook Positive Stable Stable Stable
Last Action Outlook change Upgrade Outlook change Initial
rating
Date Jul-07 Oct-06 Jul-08 Dec-06
8

9. Outline
Overview of the SEB Group
Earnings
Asset quality
Baltics
Bond portfolios
Funding and capitalisation
Appendices
9

10. Highlights Q2 2008
Income regained strength – second
best quarter ever
– High business activity
– Limited portfolio losses
Strong capitalisation and liquidity
Higher costs due to continued
investments and sales activities
Increased credit losses in Estonia
10

11. Key figures
Net Interest Income
SEB Group SEKbn
Q2 Jan-Jun 4.4 4.4
4.2
3.9 3.9
2008 2008
Operating income 10,403 19,205
Of which:
Net interest income 4,421 8,644
Net fee and commissions 3,909 7,710 Q2 -07 Q3 -07 Q4 -07 Q1 -08 Q2 -08
Net financial income 1,161 1,000
Operating profit
Operating expenses 6,445 12,472 SEKbn
4.6*
4.6
Operating profit 3,507 5,917
3.7 3.5
3.8
Return on Equity, % 15.2 12.4 2.4
Cost / income ratio 0.62 0.65
Credit loss level, % 0.17 0.15
Q2-07 Q3-07 Q4-07 Q1-08 Q2-08
Core capital ratio, % Basel II 8.64 8.64 * Including sales of Baltic properties of SEK 785m
11

12. SEB Group
Operating profit, Income and Expenses
SEKm
Excluding portfolios Income Expenses
Operating profit
6,000 12,000
**
5,000 10,000
*
4,000 8,000
3,000 6,000
2,000 4,000
2,000
1,000
0
0
Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2-
Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2-
04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08
04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08
Cost/income ratio Return on equity
SEB Group SEB Group, per cent Excluding portfolios
C/I ratio Excluding portfolio losses
21.1 Return on Equity
20.8
0.69
0.65 0.65
0.62
19.3
0.58 15.8
0.57 15.5
14.7
0.62 0.62
13.2 15.2
0.55
9.6
2004 2005 2006 2007 Q1 2008 Q2 2008
2004 2005 2006 2007 Q1 2008 Q2 2008
* One-off charges of SEK 890m in Q4 2005 ** Including sales of Baltic properties in Q4 2007 of SEK 785m
12

13. Share of operating profit
Jan – Jun 2008
Wealth Merchant
Germany Life
Management
Sweden Banking
10%
14%
13%
Lithuania 12%
42%
48%
Latvia 6%
35%
2%
5%
Estonia 5% 8%
Finland
Denmark
Retail Banking
Norway
Geography - Adjusted for Other
Divisions - Adjusted for Other
13

14. Operating profit per division
Jan – Jun 2008 vs. Jan – Jun 2007 Excl.
SEKm portfolio
ROE
Change
losses
vs. Jan-Jun 2007 Jan-Jun 2008
Merchant
-31% (-8%) 15.6% (20.7%)
Banking
-17% 14.7%
Retail Banking
Wealth -32% 20.2%
Jan-Jun 2008
Management
Jan-Jun 2007
-18% 15.9%
Life
0 1,000 2,000 3,000 4,000
14

15. High business activity – Merchant Banking
Merchant Banking: Operating Income Portfolio valuations, SEKm
SEKm Accumulated
Q2 07 Q1 08 Q2 08 since
Q2 08 Q3 07
2,000
Income -66 -2,707
Equity -56 -2,384
Total -122 -5,091
Portfolios
1,000
Q2 08
Available Held for
89%
for sale trading
11% (MTM over
(MTM over
0 income)
equity)
Trading & Corporate Global
Capital Banking Transaction
Markets Services
15

16. 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
16

17. High business activity – Retail Sweden
Retail Sweden household mortgages Retail Sweden, SME segment
Lending, SEK billions Cash management customers (thousands)
90
207
201
196
189
183
176
173 80
+ 5,200
70
60
Income
growth +6%
50
Q4 06 Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 2005 2006 2007 2008
Growth +2.3% +3.9% +3.1% +3.6% +2.3% +3.5%
rates
17

18. SEB in Germany
SEB in Germany: Operating profit Retail 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
SEB Group Operating profit Distribution of German Op. profit
Other
Jan – Jun 2008 Other
Jan – Jun 2008
countries business
86% 91%
14% 9%
Germany Retail
Geography - Adjusted for Other
18

19. 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
*
19

20. Outline
Overview of the SEB Group
Earnings
Asset quality
Baltics
Bond portfolios
Funding and capitalisation
Appendices
20

21. 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
21

22. Credit exposure
– on and off balance
SEKbn
Jun 2008 (Dec 2007) Nordic German Baltic Total
Corporates 447 (416) 84 (72) 85 (85) 616 (572)
Property
Management 111 (100) 92 (87) 25 (24) 229 (210)
Households 314 (292) 91 (87) 58 (55) 463 (434)
Public Administration 19 (18) 71 (66) 5 (3) 95 (88)
Total non-banks 892 (826) 338 (312) 173 (166) 1,403 (1,304)
Banks 175 (187) 50 (58) 3 (3) 227 (248)
Total 1,067 (1,013) 388 (369) 176 (169) 1,631 (1,552)
22

23. Corporate credit exposure – by industry
Total SEK 616bn
616
573
10%
19%
463
458
12%
10%
28%
18%
3%
Finance and insurance Wholesale and retail
Dec Dec Dec Jun
Transportation Other service sectors
2005 2006 2007 2008
Construction Manufacturing
Other
23

24. Property management – by geography
Credit exposure - Total SEK 229bn
Commercial Multi-family
6% 1%
2%
229
3% 210
192 191
Sweden
36% 82
Finland 75
Norway
81
91
Germany
Estonia
Latvia
Lithuania
147
135
45% Other
110
101
3%
4%
Dec Dec Dec Jun
2005 2006 2007 2008
24

25. Level of Net Credit Losses, %
(incl. change in collective provisions)
Estonia 1.68
Latvia 0.48
Lithuania 0.17
0.80 Baltics 0.73
0.70
0.60
0.50
0.40
0.30
0.20
0.10
0.00
2003 2004 2005 2006 2007 Q1 Q2
2008* 2008*
Germany Baltics Nordics SEB Group
* Annualised
25

26. Impaired loans and reserves
SEKm
Dec 2005 Dec 2006 Dec 2007 Jun 2008
Impaired loans
Non-performing, gross (60 days) 7,957 7,123 7,619 8,247
Performing, gross 1,144 1,403 772 846
Impaired loans, gross 9,101 8,526 8,391 9,093
Specific reserves 4,787 4,234 3,787 3,810
Collective reserves 2,283 2,170 2,602 2,696
Off-balance sheet reserves 268 215 209 170
Total reserves 7,338 6,619 6,598 6,676
Reserve ratio 77.7% 75.1% 76.1% 71.5%
26

27. Outline
Overview of the SEB Group
Earnings
Asset quality
Baltics
Bond portfolios
Funding and capitalisation
Appendices
27

28. 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
Imports
Year-on-year percentage change
60 60
50 50
40 40
The Baltics: Imports diving in 30 30
Estonia and Latvia 20 20
10 10
0 0
-10 -10
-20 -20
-30 -30
01 02 03 04 05 06 07 08
Estonia Latvia Lithuania
Source: Reuters EcoWin
28

29. Credit losses increase in Estonia
Group credit exposure Net credit losses (incl. change in collective provisions)
Total exposure = SEK 1,631bn Q1 2007 - Q2 2008, SEKm
250
200
150
Non-Baltic 100
89% 50
0
Estonia Latvia Lithuania SEB Group
excl. Baltics
60 days past due in SEB’s portfolio
Per cent
Estonia Latvia
2.0%
Estonia 1.5%
3% Latvia 1.0%
Lithuania
3% 0.5%
5% 0.0%
Jun Dec Jun Dec Jun
2006 2007 2008
29

30. Credit Exposure
– Baltic Banks on and off balance
SEKbn
SEB Estonia SEB Latvia SEB Lithuania
Total
83
76
Banks
24
56 22 Public
50 51
42 Administration
41
41 13 12
11 Households
34
19 20 7
14
14
14
10
8 8 Property
5 5 43
8 41
4 35 Management
22 21 21
21
18
17 Corporate
Dec Dec Jun '08 Dec Dec Jun '08 Dec Dec Jun '08
'06 '07 '06 '07 '06 '07
2006 2007 2008 1H 2006 2007 2008 1H 2006 2007 2008 1H
+40% +18% +3% +47% +30% +8%
+38% +17% +2%
Growth rates in local currency
30

31. Development of lending market SEB
Swedbank
shares – Baltics DnB Nord
Parex Banka
Per cent, Dec 2004 – May 2008 Sampo
Nordea
Estonia* Latvia Lithuania
50% 50%
50%
40%
40%
40%
30% 30%
30%
20%
20% 20%
10% 10% 10%
0% 0% 0%
* Swedbank & Sampo as per Q1 2008
31

32. Outline
Overview of the SEB Group
Earnings
Asset quality
Baltics
Bond portfolios
Funding and capitalisation
Appendices
32

33. SEB Bond Portfolio*
30 June, 2008, SEKbn
ABS
18%
Cover pool
24%
Merchant Banking 193
Group Treasury 135
Other divisions 10 Corp,
Financials
Gov't etc
27%
10%
Total 338
Covered
bonds
21%
*Net of short and fully matched positions;
excluding holdings in the insurance business
33

34. Bond investment portfolio – status
30 June, 2008 (31 December, 2007)
Structured credits Financial institutions
Volume: SEK 61bn (71) Volume: SEK 53bn (55)
AAA-rating: 97.2% (99.3) MTM losses on all financial holdings,
not only investment banks
MTM losses highly dependent on
seniority, underlying assets and
vintage
Covered bonds etc. SEK 12bn (5)
2007 Q1 08 Q2 08 Acc
MTM (SEKm) P/L -1,769 -872 -66 -2,707
Equity -698 -1,630 -56 -2,384
-2,467 -2,502 -122 -5,091
34

35. Bond investment portfolio – financial effects
30 June, 2008, SEKm
Structured credits Financial institutions
2007 Q1 08 Q2 08 Acc
2007 Q1 08 Q2 08 Acc
P/L -563 -78 -26 -667
P/L -1,056 -794 -41 -1,891
Equity -72 -438 -52 -561
Equity -626 -990 -15 -1,631
-635 -515 -78 -1,228
-1,682 -1,784 -66 -3,522
+ Covered bonds etc
accumulated -341
2007 Q1 08 Q2 08 Acc
MTM (SEKm) P/L -1,769 -872 -66 -2,707
Equity -698 -1,630 -56 -2,384
-2,467 -2,502 -122 -5,091
35

36. Bond investment portfolio – strategy
Limit P/L volatility by increasing AFS portfolios and reducing HFT portfolios
Reduce subprime holdings, primarily in the HFT portfolio
Reduce the credit spread risk through partial hedging (ITRAXX)
Held for trading Available for sale
SEK bn
(MTM over income) (MTM over equity)
Q1 08 Q2 08
Q4 07
51 49
43
41
30 29 26 29
26
20
10
11 11
5
4
3 1
0
Structured Financial Covered Structured Financial Covered Structured Financial Covered
credits institutions bonds etc. credits institutions bonds etc. credits institutions bonds etc.
36

37. Outline
Overview of the SEB Group
Earnings
Asset quality
Baltics
Bond portfolios
Funding and capitalisation
Appendices
37

38. A range of short and long term funding
options
Short Term Funding programmes Long Term Funding programmes
CP Programmes CD’s
– Sweden – Yankee CD
– France – London Branch
– Global CP
Senior unsecured bonds
ECP – Germany
– Sweden
USCP
Structured bonds
US Extendible
Covered bonds
– Germany
CD’s Public (Pfandbriefe)
Mortgage (Pfandbriefe)
– Yankee CD
– Sweden (Säkerställda Obligationer)
– London Branch
Subordinated debt/Hybrid Tier 1
38

39. Funding structure
SEB Group, June 2008
SEK 1,605bn
Mortgage covered
Schuldscheins and bonds, Sweden
Reg Bonds CPs/CDs 9%
3% 9% Mortgage covered
bonds, Germany
2%
Deposits – General Public covered
Public bonds, Germany
42% 8%
Senior debt
4%
Subordinated debt
3%
Deposits –
Interbank
20%
* Over collateral within covered pools SEK 78bn
39

40. Deposit Development
Deposits from the public Lending to the public
SEKbn SEKbn
800 1,200
700 1,000
600 800
500 600
400 400
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2005 2006 2007 2008 2005 2006 2007 2008
Deposits to loans ratio
Deposits to loans ratio
90%
70%
50%
30%
2001 2002 2003 2004 2005 2006 2007 Q2 2008
40

41. 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
1 week
2 weeks
4 weeks
2 months
3 months
4 months
5 months
6 months
9 months
12 months
41

42. Capital adequacy
SEB Group
Core capital ratio, % Total capital ratio, %
Basel II
Basel I
11.5
11.0
10.8 10.8
10.5 9.6%
10.3
10.2
Basel I
8.6
8.6
8.2
8.0
7.9 7.8 7.5 7.7%
Dec Dec Dec Dec Dec Dec Jun
2002 2003 2004 2005 2006 2007 2008
SEKbn
Capital base 52.7 54.7 58.7 76.2 85.8 93.0 93.8
Basel I
Risk-w. Assets 503 535 570 704 741 842 871
972
42

43. Looking ahead
● Strong capital and liquidity
● Top line growth
● Continued investments
● Cost efficiency
43

44. Outline
Overview of the SEB Group
Earnings
Asset quality
Baltics
Bond portfolios
Funding and capitalisation
Appendices
44

45. Key figures
SEB Group
Change
Q2 Jan-Jun Q1 Q2 Jan-Jun
SEKm 2008 2008 2008 2007 2007
Operating income 10,403 19,205 18% -3% -8%
Operating expenses 6,445 12,472 7% 10% 7%
Operating profit 3,507 5,917 46% -23% -32%
Net profit 2,809 4,657 52% -20% -31%
Return on Equity, % 15.2 12.4 9.6 20.7 19.8
Cost / income ratio 0.62 0.65 0.69 0.55 0.56
Credit loss level, % 0.17 0.15 0.13 0.12 0.11
Basel II
Core capital ratio, % 8.64 8.64 8.85 8.45 8.45
Risk-weighted assets, SEKbn 871 871 817 783 783
45

46. Profit and loss account
Q2 2008 vs. Q2 2007
SEKm Q2 Q2 Change Excluding
2008 2007 % portfolios
Net interest income 4,421 3,939 12
Net fee and commissions 3,909 4,544 -14
Net financial income 1,161 1,345 -14
Net life insurance income 642 642 -
Net other income 270 249 8
Total operating income 10,403 10,719 -3 -2%
Staff costs -3,993 -3,774 6
Other expenses -2,098 -1,768 19
Depreciation of assets -354 -342 4
Total operating expenses -6,445 -5,884 10
Gain/loss tangible/intangible assets 1 -1
Net credit losses etc -452 -280 61
Operating profit 3,507 4,554 -23 -22%
Net profit 2,809 3,522 -20
46

47. Balance sheet
Jun 2008 Mar 2008 Jun 2007
Cash and balances with central banks 27,557 17,728 26,063
Loans to credit institutions 219,111 308,822 224,899
Loans to the public 1,132,374 1,098,597 1,047,546
Financial assets at fair value 597,723 694,111 682,881
Available-for-sale financial assets 247,245 196,848 134,115
Held-to-maturity investments 2,266 1,868 2,051
Investment in associates 1,361 1,314 1,122
Tangible and intangible assets 26,177 25,452 23,076
Other assets 50,335 53,823 45,955
Total assets 2,304,149 2,398,563 2,187,708
Deposits by credit institutions 397,601 455,707 413,283
Deposits and borrowings from the public 757,904 764,567 715,037
Liabilities to policyholders 211,938 213,046 218,958
Debt securities 506,564 499,622 454,651
Financial liabilities at fair value 229,285 256,961 198,920
Other liabilities 83,129 87,273 75,717
Provisions 1,265 1,338 1,747
Subordinated liabilities 41,664 42,990 39,094
Total equity 74,799 77,059 70,301
Total liabilities and equity 2,304,149 2,398,563 2,187,708
47

48. Economic forecasts
SEB Forecasts GDP (%) Inflation (%)
2006 2007 2008 2009 2006 2007 2008 2009
Denmark* 3.6 1.9 1.0 0.7 1.9 1.7 3.0 2.5
Finland* 4.9 4.4 2.4 1.9 1.3 1.6 3.3 2.6
Norway 4.8 6.0 3.2 1.9 2.3 0.8 3.2 2.4
Sweden 4.4 2.9 2.1 1.3 1.4 2.2 3.6 2.6
Germany* 2.9 2.5 2.1 1.4 1.8 2.3 2.8 2.1
Euro zone* 2.9 2.6 1.6 1.1 2.2 2.1 3.5 2.2
Estonia* 11.2 7.1 -0.5 1.5 4.4 6.6 9.8 4.0
Latvia* 12.2 10.3 0.5 1.5 6.7 10.1 15.5 8.8
Lithuania* 7.7 8.8 5.5 4.0 3.8 5.8 11.5 8.0
Russia 7.4 8.1 7.3 6.5 9.7 9.0 13.0 10.0
Ukraine 7.0 7.3 6.0 5.5 9.1 12.8 20.6 13.4
Sources: National statistical agencies, SEB
* Harmonised consumer price index
48

49. 49