1

Annika Falkengren

Telephone conference

2008

1

2

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

3

Key figuresSEB Group

3.83.7

4.6

3.5

2.4

Q2-07 Q3-07 Q4-07 Q1-08 Q2-08

4.6*

Q2 Jan-Jun2008 2008

Operating income 10,403 19,205Of which:

Net interest income 4,421 8,644Net fee and commissions 3,909 7,710Net financial income 1,161 1,000

Operating expenses 6,445 12,472Operating profit 3,507 5,917

Return on Equity, % 15.2 12.4Cost / income ratio 0.62 0.65Credit loss level, % 0.17 0.15

Core capital ratio, % Basel II 8.64 8.64

4.44.24.43.93.9

Q2 -07 Q3 -07 Q4 -07 Q1 -08 Q2 -08

Operating profitSEKbn

Net Interest IncomeSEKbn

* Including sales of Baltic properties of SEK 785m

4

11%89%

High business activity – Merchant Banking

0

1,000

2,000

TCM exclCPM

CorporateBanking

GTS

Q2 07 Q1 08 Q2 08

Merchant Banking: Operating IncomeSEKm

Portfolio valuations, SEKm

Q2 08

Held for trading (MTM over income)

Available for sale

(MTM over equity)

Accumulatedsince

Q2 08 Q3 07

Income -66 -2,707Equity -56 -2,384Total -122 -5,091

Portfolios

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High business activity – long-term savings

12.010.7 9.7

12.0 13.3 11.9

Q1-07 Q2 Q3 Q4 Q1-08 Q2

4.95.8

3.52.62.9

4.1

Q12007

Q2 Q3 Q4 Q12008

Q2

Swedish mutual funds: net inflowsJan-Jun, SEKbn

-7.2 -8.5

-3.0

-13.3

3.8

Robur SHB Nordea SEB Others

Life – Total salesSEKbn

Private Banking – Net salesSEKbn

5

6

High business activity – Retail Sweden

Cash management customers (thousands)

50

60

70

80

90

2005 2006 2007 2008

Retail Sweden, SME segment

Incomegrowth

173 176 183 189 196 201 207

Q4 06 Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08

Retail Sweden household mortgagesLending, SEK billions

Growth rates

+3.5% +2.3% +3.6% +3.1% +3.9% +2.3%

+6%

+ 5,200

7

Risk-weighted assets (Basel I)Q1 2007 - Q2 2008, SEKbn

0

100

200

300

400

500

600

Merchant Banking Retail Banking

+26%+13%

Volume growth supported by strong capital

Core capital ratiosPer cent

6

7

8

9

10

Q12007

Q22007

Q32007

Q42007

Q12008

Q22008

Basel II Basel I

8

Net liquidity position across maturities30 June, SEKbn

-50

0

50

100

150

200

250

1 week

2 weeks

4 weeks

2 months

3 months

4 months

5 months

6 months

9 months

12 months

SEB is match-funded approx.

one year

Examples of transactions:April: Euro covered bond at spread of 17 bps

May/June: Euro floating rate notes at spread of 48 bps

SEK 113bn in long-term funding raised in H1 2008

9

*

*

Cost development

Cost management program 2007 - 2009

SEK -748m SEK 1.5 – 2.0bn

2007 2009

Achieved Target

2008 2010

~4% total cost growth due to acquisitions, pensions and One IT Roadmap

SEK 202m in efficiency gains achieved in H1

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Cost dynamicsH1 2008, 2007 & 2006

2008 2007 2006SEK m Chg yoy SEK m Chg yoy SEK m Chg yoy

Jan-Jun % % %

Total cost base reported 12,472 6.70% 23,194 2.90% 22,537 1.80%

Reported cost increase 786

Acquisitions (KAM, Factorial, PetroE) -108 0.90% 0.10% 0.10%Cost increase excl acquisitions 678 5.80% 2.80% 1.70%

One IT Roadmap -222 1.90%

Pensions -170 1.50%Cost increase excl acquisitions, OITR, Pensions 286 2.40% 2.80% 1.70%

Baltic cost increase -210 1.80% 1.80% 0.80%Cost increase excl above & Baltics 76 0.70% 1.00% 0.80%

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Baltic countries: economic slowdown accelerates

-5

0

5

10

15

2002 2003 2004 2005 2006 2007 2008 (f) 2009 (f)

Estonia Latvia Lithuania

Annual GDP growthPer cent

SEB’s credit exposure

424141514950

Dec '07 Mar '08 Jun '08 Dec '07 Mar '08 Jun '08 Dec '07 Mar '08 Jun '08

Corporate Property Management Households Public Administration BanksEstonia Latvia Lithuania

Growth rates in local currency+17% +18% +30%

2007 2007 2007+2%

Q2 08+3%

Q2 08 Q1 08Q1 08 Q1 08 Q2 08+4% 0% -1% +3%

SEKbn76 79 83

12

0.0%

0.5%1.0%

1.5%

2.0%

Jun Dec Jun Dec Jun

Estonia Latvia

60 days past due in SEB’s portfolioPer cent

200820072006

Non-Baltic89%

Lithuania5%

Latvia3%

Estonia3%

Credit losses increase in Estonia

050

100150200250

Estonia Latvia Lithuania SEB Groupexcl. Baltics

Group credit exposureTotal exposure = SEK 1,631bn

Net credit losses Q1 2007 - Q2 2008, SEKm

13

SEB in Germany

-244 -226

-22

60136

74134

H1 05 H2 H1 06 H2 H1 07 H2 H1 08

Retail Germany: Operating profitSEKm

Distribution of Operating profitJan – Jun 2008

9 %

91 %

807

189

843

H1 07 H2 H1 08

SEB in Germany: Operating profitSEKm

Retail

Other business

14

Looking ahead

● Strong capital and liquidity● Top line growth● Continued investments● Cost efficiency

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