1. Annika Falkengren
Results
2008
1

2. A challenging start of the year!
Itraxx 5-year senior finacials index spread development
GDP 2008
Per cent USA Euro-zone Sweden
3,50
3,00
2,50
2,00
1,50
1,00
jan mar maj jul sep nov jan
2007 2008
Source: Datastream
Source: Consensus Economics
MSCI World index
MSCI World Index (EUR)
130
120
110
100
90
80
2006-12-31 2007-03-31 2007-06-30 2007-09-30 2007-12-31 2008-03-31
2

3. Highlights Q1 2008
Operating profit SEK 2.4bn
More cautious customer sentiment Operating profit
SEKbn
Growing net interest income 4.6 4.6
4.2
despite higher funding costs 3.7
Fee income down 3.8
– Retail and Private Banking 2.4
– Capital markets
MtM valuation losses SEK 0.9bn
Cost control
Increased credit losses in Estonia Q1-07 Q2-07 Q3-07 Q4-07 Q1-08
3

4. Business mix and income development
SEKbn
4.2
4.3 3.8
3.8
Net fee and Net interest
commission income
Q1-07 Q1-08
Q1-07 Q1-08 42% 40%
1.3
Net life Net
0.7
0.7 insurance financial
income 7% income 8%
-0.2
Q1-07 Q1-08 Q1-07 Q1-08
4

5. Continued stable volume growth
SEKbn
Corporate lending Lithuania Residential mortgages
SEB Group Private and Corporate lending Sweden
564
541 538
532
501
204
199
192
186
179
60
59
54
50
46
Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q1 07 Q2 07 Q3 07 Q4 07 Q1 08
Q1 07 Q2 07 Q3 07 Q4 07 Q1 08
Net inflows Net fee and commissions
Swedish mutual funds Q1, SEKm Custody and mutual funds Payments, cards, etc.
1,542
1,804
1,746
1,742
1,692
-3,091
-4,445 -5,079
-6,312
Q1-07 Q1-08 Q1-07 Q1-08
Robur SHB Nordea SEB Others
5

6. Net interest income
Group, SEKm Lending to the public
SEKbn Q1 +8% yoy
1,200
1,000
4,223
+12% 800
3,767
Total NII 600
3,809 400
Customer Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
3,369 +13% 2005 2006 2007 2008
driven*
Deposits from the public
SEKbn Q1 +14% yoy
800
700
600
500
400
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2005 2006 2007 2008
Q1 2007 Q1 2008
* volumes and margins on lending and deposits
6

7. Income deceleration in some areas
Estonia and Latvia Trading and Capital Markets, Operating profit
SEKbn
79 78 77
74
68
+ corp fin intäkter I
marknaden?
FX Equities Capital Structured CPM
Markets sales etc.
Q1 - 07 Q4 - 07 Q1 - 08
Q1 07 Q2 07 Q3 07 Q4 07 Q1 08
Retail Sweden
OMX Stockholm Average turnover by value
SEKbn No of securities transactions
Monthly turnover Average daily turnover
600 30
500 25
Q1 2008 – Q1 2007 Q1 2008 – Q4 2007
400 20
300 15
-30% -34%
200 10
100 5
0 0
Jan-07 Mar-07 May-07 Jul-07 Sep-07 Nov-07 Jan-08 Mar-08
7

8. Bond investment portfolio
Status and actions Portfolio valuations, SEKm
Q4 07 Q1 08
Limited rating actions (10 of 740)
-990 -872
Income
Mark- to-market prices applied
-407 -1,630
Equity
Reduction of income volatility Total -1,397 -2,502
Q4 07 Q1 08
SEK bn
Held for trading
37%
(MTM over income)
46% 54% 63%
Available for sale
(MTM over equity)
8

9. Cost development
Flat costs on a comparable basis
4% total cost growth due to acquisitions, pensions and investments in IT
Cost management program 2007 - 2009
Achieved Target
SEK -625m SEK 1.5 – 2.0bn
*
2007 2008 2009 2010
*
9

10. Net credit losses
Estonia and Latvia entering next stage
Retail sales Credit growth in Estonia
Year-on-year percentage change Loan growth, % mom
Estonia Latvia Mortgages, % growth mom
6,0%
40
5,0%
30
4,0%
20 3,0%
2,0%
10
1,0%
0
0,0%
Jan- Mar- May- Jul- Sep- Nov- Jan- Mar-
-10
01 02 03 04 05 06 07 08 07 07 07 07 07 07 08 08
Collective provisions drive net credit losses, %
Baltics SEB Group
0,80
0,60
0,40
0,20
0,00
2006 2007 Q1 2008 *
* annualised
10

11. Operating profit per division
Q1 2008 vs. Q1 2007
SEKm Excl.
ROE
Change
portfolio
Q1 2008
vs. Q1 2007
losses
Merchant
-50% (-5%) 10.8% (20.4%)
Banking
GTS +1%
TCM excl portfolios -12%
Corp.Banking - 2%
Retail Banking 15.3%
-11%
Sweden -5%
Estonia -96%
Latvia +3%
Wealth Lithuania +28% 22.2%
-17%
Germany -44%
Management
Cards +6%
17.3%
-20%
Q1 2008
Life
Q1 2007
-42% 9.6%
0 1 000 2 000
11

12. Key figures
Change Excluding
Q1 Q1 Q4 portfolios
SEKm 2008 2007 2007 Q1 – Q1
Operating income 8,802 -14% -12% -5%
Operating expenses -6,027 4% 2%
-20%
Operating profit 2,410 -42% -47%
Net profit 1,848 -43% -51%
Return on Equity, % 9.6 19.0 20.2 13.2
Cost / income ratio 0.69 0.57 0.59 0.62
Credit loss level, % 0.13 0.10 0.13
RWA, Basel I, SEKbn 909 796 892
Core capital ratio, Basel II 8.85 8.33 8.63
12

13. The jury is still out…
● Continued financial turbulence?
● Slowdown in real economy?
● Falling capital expenditure?
● Hard landing in Baltic countries?
● Transparency renews trust?
● Resilience among consumers?
● Alignment of risk and pricing?
● Acquisition opportunities?
13

14. Strong balance sheet
Core capital Net liquidity position across maturities
SEKbn 31 March, SEKbn
300
72,4
62,7 10.9
7.7
Hybrid
200
capital
+9.7
quot;Book
55.0 61.6
equity quot;
100
0
1 week
2 weeks
4 weeks
2 months
3 months
4 months
5 months
6 months
9 months
12 months
Mar 2007 Mar 2008
Core
8.3% 8.9%
capital
ratio
14

15. Operational excellence (SEB Way)
SEB Way – since launch 2006
38 % of all staff
180 transformations
100 navigators
550
Private Banking private clients Stockholm
Net New Money (SEKm)
1 280
+130%
550
Q1 2007 Q1 2008
15

16. Investments – the long-term view
Add-on acquisitions
One IT
Roadmap
IT
Product Customer
innovation acquisition
16

17. Long-term objectives
Sustainable profit
Customer
growth
satisfaction:
No 1 in chosen
markets
AA-rating
Highest Return
on Equity
The leading bank in Northern Europe
17

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