SEB Facts And Figures January March 2008

1

www.sebgroup.com

Facts & FiguresJanuary – March 2008

2

PageSEB Group 3 – 27Asset quality 29 – 39Bond portfolios 40 – 46Divisions 47 – 53Merchant Banking 54 – 63Retail Banking 64 – 89Wealth Management 90 – 101Life 102 – 117Macro update 118 – 125

Contents

3

SEB has…an attractive platformhigh customer satisfactionstable profit growthseveral leading positions

...a strong customer base2,500 customers are large companies and financial institutions400,000 SME customers5 million private customers

3

SEB – the key to North-European markets

4

Business Support/Group StaffPer-Arne Blomquist / Ingrid Engström / Hans Larsson

Internal Audit

Agneta Brevenhag

Group Credits & Group Risk Control

Johan Andersson

President & CEO

Annika Falkengren

Merchant Banking

Magnus Carlsson

Retail Banking

Bo Magnusson

Life

Anders Mossberg

WealthManagementFredrik Boheman

SEB's organisation

5

Share of operating profitJan – Mar 2008

4%

6%8%

1%4%

7%

12%

58%

GermanySweden

32%

40%

12%16%

Retail Banking

Wealth Management

Life Merchant Banking

Geography - Adjusted for OtherDivisions - Adjusted for Other

LithuaniaLatvia

Estonia

Norway

Finland

Denmark

6

Ratings of SEB ABRating 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 Positive Stable

Last Action Outlook change Upgrade Outlook change Initial rating

Date Jul-07 Oct-06 Jul-06 Dec-06

7

Key figuresSEB Group

Q1 Q1 portfolios2008 2007 Q1 – Q1

Operating income 8,802 -14% -5%Operating expenses -6,027 4%Operating profit 2,410 - 42% -20%Net profit 1,848 - 43%Return on Equity, % 9.6 19.0 13.2Cost / income ratio 0.69 0.57 0.62Credit loss level, % 0.13 0.10Core capital ratio, Basel II, %* 8.85 8.33Core capital ratio, Basel I, % 7.96 7.87RWA, Basel II, SEKbn 817 753

ChangeSEKm Excluding

* Basel II including transitional rules

8

Key figuresSEB Group

Q1 Q4 Jan – Dec2008 2007 2007

Operating income 8,802 -12% 40,440Operating expenses -6,027 2% -23,194Operating profit 2,410 -47% 17,01Net profit 1,848 -51% 13,642Return on Equity, % 9.6 20.2 19.3Cost / income ratio 0.69 0.59 0.57Credit loss level, % 0.13 0.13 0.11Core capital ratio, Basel II, %* 8.85 892 8.63Core capital ratio, Basel I, % 7.96 8.15 8.15RWA, Basel II, SEKbn 817 8.63 842

SEKm

* Basel II including transitional rules

Change

9

Profit and loss accountQ1 2008 vs. Q1 2007SEKm Q1 Q1 Change

2008 2007 %Net interest income 4,223 3,767 12Net fee and commissions 3,801 4,277 -11Net financial income -161 1,311 -112Net life insurance income 713 743 -4Net other income 226 95 138

Total operating income 8,802 10,193 -14Staff costs -3,899 -3,796 3Other expenses -1,756 -1,678 5Depreciation of assets -372 -328 13

Total operating expenses -6,027 -5,802 4Gain/loss tangible/intangible assets 3 -Net credit losses etc -368 -234 57

Operating profit 2,410 4,157 -42Net profit 1,848 3,262 -43

10

Profit and loss accountQ1 2008 vs. Q4 2007SEKm Q1 Q4 Change Jan – Dec

2008 2007 % 2007Net interest income 4,223 4,375 -3 15,998Net fee and commissions 3,801 4,129 -8 17,051Net financial income -161 420 -138 3,239Net life insurance income 713 766 -7 2,933Net other income 226 345 -34 1,219

Total operating income 8,802 10,035 -12 40,440Staff costs -3,899 -3,787 3 -14,921Other expenses -1,756 -1,782 -1 -6,919Depreciation of assets -372 -359 4 -1,354

Total operating expenses -6,027 -5,928 2 -23,194Gain/loss tangible/intangible assets 3 787 -100 788Net credit losses etc -368 -313 18 -1,016

Operating profit 2,410 4,581 -47 17,018Net profit 1,848 3,757 -51 13,642

11

0

2,000

4,000

6,000

8,000

10,000

12,000

Q1-04

Q2-04

Q3-04

Q4-04

Q1-05

Q2-05

Q3-05

Q4-05

Q1-06

Q2-06

Q3-06

Q4-06

Q1-07

Q2-07

Q3-07

Q4-07

Q1-08

Income Expenses

Operating profit

01,0002,0003,0004,0005,000

Q1-04

Q2-04

Q3-04

Q4-04

Q1-05

Q2-05

Q3-05

Q4-05

Q1-06

Q2-06

Q3-06

Q4-06

Q1-07

Q2-07

Q3-07

Q4-07

Q1-08

SEB GroupIncome, Expenses and Operating profit, SEKm

*

*

* One-off charges of SEK 890m in Q4 2005 ** Including sales of Baltic properties in Q4 2007 of SEK 785m

**

12

3,7674,223

1614283353

-138

Q1 2007 Lendingmargin

Lendingvolume

Depositmargin

Depositvolume

Funding &other

Q1 2008

Net interest income analysisSEB Group Q1 2007 vs. Q1 2008SEKm

13

4,375 4,223

-27386-713472

Q4 2007 Lendingmargin

Lendingvolume

Depositmargin

Depositvolume

Funding &other

Q1 2008

Net interest income analysisSEB Group Q4 2007 vs. Q1 2008SEKm

14

Net interest and Net fee and commission incomeSEB Group, SEKm

0

1,000

2,000

3,000

4,000

5,000

Q1-04

Q2-04

Q3-04

Q4-04

Q1-05

Q2-05

Q3-05

Q4-05

Q1-06

Q2-06

Q3-06

Q4-06

Q1-07

Q2-07

Q3-07

Q4-07

Q1-08

Net interest income Net fee and commissions

15

Fee and commission incomeGross quarterly development Q1 2004 – Q1 2008 SEB Group, SEKm

0

500

1,000

1,500

2,000

2,500

New issues &advisory

Secondarymarket &

derivatives

Custody &mutual funds

Payment, cards,structuredlending,

deposits,guarantees

Other

Deal driven

Securitiestransaction

driven

Value driven –performance

driven

Non-capital market driven

Capital market driven

*

* Q2 2006 adjusted for gross commission on security lending, SEK 200m

16

-400

-200

0

200

400

600

800

1,000

1,200

1,400

1,600

Net financial income Net life insurance income Net other income

Net financial, Other and Life insurance incomeQuarterly development Q1 2004 – Q1 2008 SEB Group, SEKm

17

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

Staff costs Other expenses Restructuring costs

Cost development per quarterQuarterly development Q1 2004 – Q1 2008* SEB Group, SEKm

* Include capitalisation of acquisition cost in Life from Q1 2005 – onwards** One-off charges of SEK 890m in Q4 2005

**

18

5,8026,027

177

308 33

26046

79

Q1 2007 Inflation Investments Depreciation Variablesalaries

Cost beforeefficiency

gains

Efficiencygains

Redundancycost

Q1 2008

SEK 625m from the start

of 2007

Cost managementTotal expenses, Q1 2008 vs. Q1 2007

19

14.715.8

20.819.3

9.6

2004 2005 2006 2007 Q1 2008

*

* 17.0 excluding one-off charges of SEK 890m in Q4 2005

Return on equitySEB Group, per cent

13.2 excluding portfolios

20

0.65 0.650.58 0.57

0.69

2004 2005 2006 2007 Q1 2008

Cost/income ratioSEB Group

*

* 0.62 excluding one-off charges of SEK 890m in Q4 2005

0.62 excluding portfolios

21

Basic earnings per shareSEB Group, SEK

10.8312.58

18.7219.97

2.70

2004 2005 2006 2007 Q1 2008

*

* 13.54 excluding one-off charges of SEK 890m in Q4 2005

22

12 month rolling SEB Group*, SEKm

* Excluding restructuring costs and one-off charges of SEK 890m in Q4 2005

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

Q1-04

Q2-04

Q3-04

Q4-04

Q1-05

Q2-05

Q3-05

Q4-05

Q1-06

Q2-06

Q3-06

Q4-06

Q1-07

Q2-07

Q3-07

Q4-07

Q1-08

Income

Expenses

Operatingprofit

23

Assets under managementSEB Group, SEKbn

Assets under management year-end 2007 1,370Inflow 69 (5%)Outflow -62 (-5%)Acquisition/disposal net 17Change in value -63 (-5%)

Assets under management March 2008 1,331 *

* Of which:Retail Banking 85Wealth Management 1,256Life 443

24

SEB Group net inflow AuM Jan – Mar 2008, SEKbn

7.2

-2.5-0.50.32.6

Sweden OtherNordic

Germany Balticcountries& Poland

Other &Elim

Group

7.3

25

Balance sheet Mar 2008 Dec 2007 Mar 2007

Cash and balances with central banks 17,728 96,871 11,866Loans to credit institutions 308,822 263,012 232,935Loans to the public 1,098,597 1,067,341 1,016,519Financial assets at fair value 694,111 661,223 684,290Available-for-sale financial assets 196,848 170,137 125,166Held-to-maturity investments 1,868 1,798 2,053Asset held for sale / Discontinued operations 952Investment in associates 1,314 1,257 1,134Tangible and intangible assets 25,452 24,697 23,328Other assets 53,823 58,126 37,879

Total assets 2,398,563 2,344,462 2,136,122Deposits by credit institutions 455,707 421,348 427,367Deposits and borrowings from the public 764,567 750,481 669,646Liabilities to policyholders 213,046 225,916 213,289Debt securities 499,622 510,564 457,442Financial liabilities at fair value 256,961 216,390 174,757Other liabilities 87,273 97,519 80,419Provisions 1,338 1,536 1,863Subordinated liabilities 42,990 43,989 45,325Total equity 77,059 76,719 66,014

Total liabilities and equity 2,398,563 2,344,462 2,136,122

26

Relationship Deposits from and Lending to the public 2001 – 2008

30%

40%

50%

60%

70%

80%

90%

100%

2001 2002 2003 2004 2005 2006 2007 Q12008

Deposits to loans ratio

27

* Over collateral within covered pools SEK 60bn

Deposits – Interbank22%

Subordinated debt3%

Senior debt3%

Public covered bonds, Sweden7%

Mortgage covered bonds, Germany2%

Mortgage covered bonds, Sweden9%

CPs/CDs10%

Schuldscheins and Reg Bonds

2%

Deposits – General Public

42%

Funding structureSEB Group, March 2008SEK 1,598bn

28

7.9 8.0 7.8 7.5 8.2 8.6 8.9

10.5 10.2 10.3 10.8 11.5 11.0 11.1

Dec2002

Dec2003

Dec2004

Dec2005

Dec2006

Dec2007

Mar2008

Core capital ratio, % Total capital ratio, %

SEKbnCapital base 52.7 54.7 58.7 76.2 85.8 93.0 91.0Risk-w. Assets 503 535 570 704 741 842 817

Basel I 10.0%

Basel I 8.0 %

Basel I 909

Capital adequacy SEB Group

Basel II

29

Asset quality

30

Credit exposure – on and off balanceSEKbn

Mar 2008 (Dec 2007) Nordic German Baltic Total

Corporates 425 (416) 73 (72) 84 (85) 581 (572)

Property Management 104 (100) 85 (87) 24 (24) 213 (210)

Households 302 (292) 88 (87) 56 (55) 446 (434)

Public Administration 18 (18) 74 (66) 4 (3) 96 (88)

Total non-banks 849 (826) 320 (312) 168 (166) 1,336 (1,304)

Banks 199 (187) 68 (58) 2 (3) 269 (248)

Total 1,048 (1,013) 387 (369) 170 (169) 1,605 (1,552)

31

Dec-05 Dec-06 Dec-07 Mar-08Corporates 494 485 572 581

Property Management 192 191 210 213

Households 319 374 434 446

Public Administration 125 97 88 96

Total non-banks 1,130 1,146 1,304 1,336Banks 198 169 248 269

Total 1,328 1,315 1,552 1,605

Credit exposure – on and off balanceSEKbn

32

SEB Estonia SEB Latvia SEB Lithuania

14 17 23 2314 18 21 20 25

35 41 425

88 7

34 5 5

5

711 11

1014

19 19

710

14 14 9

13

22 23

Dec'05

Dec'06

Dec'07

Mar'08

Dec'05

Dec'06

Dec'07

Mar'08

Dec'05

Dec'06

Dec'07

Mar'08

Banks

PublicAdministrationHouseholds

PropertyManagementCorporate

30,825,0

39,8

56,3

33,641,3

41,450,6

78,6

Growth rates adjusted for SEK/EUR changes

51,141,1

76,4

+39% +19% +40% +18% +47% +30% 2006 2007 2006 2007 2006 2007

-1% Q1

-1% Q1

+3% Q1

Credit Exposure – on and off balanceSEB Baltic Banks, SEKbn

33

240 269 330 34079 105

104 106

Dec 2005 Dec 2006 Dec 2007 Mar 2008

Mortgage Other434

319 374446

Credit exposure – HouseholdsSEKbn

34

101 110 135 139

91 81 75 74

Dec 2005 Dec 2006 Dec 2007 Mar 2008

Commercial Multi-family

192 210191213

Credit exposure– Property management SEKbn

35

Note: SEB subsidiaries domiciled in emerging market countries, the domestic (i.e. non cross-border) exposure is excluded from the above figures.

Credit exposure – Emerging marketsSEKbn Dec 2005 Dec 2006 Dec 2007 Mar 2008Asia 9.4 8.2 10.0 10.8China 3.0 3.0 3.9 4.7Hong Kong 2.7 2.1 2.2 1.8Korea 1.3 1.0 1.2 1.4India 1.1 0.8 1.1 1.2Latin America 1.7 1.4 1.9 1.8Brazil 0.9 0.8 1.3 1.2Eastern and Central Europe 4.7 5.2 9.2 8.6Russia 2.9 2.6 5.2 4.5Africa and Middle East 4.2 4.0 2.5 4.4Saudi Arabia 0.5 0.6 0.4 1.3Total – Gross 20.0 18.8 23.6 25.5Reserves 0.4 0.3 0.1 0.1Total – Net 19.6 18.5 23.4 25.4% of Total Credit Portfolio 1.5% 1.4% 1.5% 1.6%

36

Impaired loans and reservesSEKm

Dec 2005 Dec 2006 Dec 2007 Mar 2008Impaired loansNon-performing, gross (60 days) 7,957 7,123 7,619 7,775Performing, gross 1,144 1,403 772 778Impaired loans, gross 9,101 8,526 8,391 8,553Specific reserves 4,787 4,234 3,787 3,669Collective reserves 2,283 2,170 2,602 2,703Off-balance sheet reserves 268 215 209 202Total reserves 7,338 6,619 6,598 6,574Reserve ratio 77.7% 75.1% 76.1% 74.5%Specific reserve ratio 52.6% 49.7% 45.1% 42.9%

37

0.000.100.200.300.400.500.600.70

2003 2004 2005 2006 Jan-Sep2007

2007 Q1 2008*

Germany Baltics Nordics SEB Group

%

Level of Net Credit Losses

* Annualised

Increased collective provisions

Increased collective provisions

38

Credit losses and build up of reserves SEKm

Sum Average/ Jan – Mar Jan – Mar Change8 quarters quarter 2007 2008

Net credit losses, quarterly 2006 – 2008ProvisionsNet collective provisions -485 -61 - 114 -112 2Specific provisions -1,621 -203 - 245 -190 55Reversals of specificprovisions no longer required 910 114 75 44 -31Net provisions for contingent liabilities 29 4 31 1 -30Net provisions (build-up of reserve) -1,167 -146 - 253 -257 -4Write-offsTotal write-offs -2,810 -351 - 243 -332 -89Reversal of specific provisionsutilized for write-offs 1,510 189 124 201 77Write-offs not previously provided for -1,300 -163 - 119 -131 -12Recovered from previous write-offs 562 70 135 24 -111Net write-offs -738 -92 16 -107 -123Total credit losses net -1,905 -238 - 237 -364 -127

Baltics:

Collective provisions -166

Specific provisions -52

39

Credit losses and build up of reserves quarterly developmentSEKm

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1Net credit losses, quarterly 2006 2006 2006 2006 2007 2007 2007 2007 2008

ProvisionsNet collective provisions -125 -106 -89 212 -114 -220 -71 15 -112Specific provisions -110 -198 -124 -455 -245 -77 -100 -231 -190Reversals of specific provisions no longer required 83 155 133 173 75 87 80 163 44Net provisions for contingent liabilities 11 9 1 10 31 -7 8 -24 1

Net provisions (build-up of reserve) -141 -140 -80 -60 -253 -217 -83 -77 -257

Write-offsTotal write-offs -225 -305 -334 -444 -243 -240 -350 -562 -332Reversal of specific provisionsutilized for write-offs 106 181 196 221 124 131 214 242 201

Write-offs not previously provided for -119 -124 -138 -223 -119 -109 -136 -320 -131Recovered from previous write-offs 77 102 81 62 135 43 30 85 24

Net write-offs -42 -22 -57 -161 16 -66 -106 -235 -107

Total credit losses net -183 -162 -137 -221 -237 -283 -189 -312 -364

40

Bond portfolios

41

*Net of short and fully matched positions; excluding holdings in the insurance business

ABS18%

Financials22%

Covered bonds21%

Cover pool21%

Corp, Gov't etc

18%

Merchant Banking 222Group Treasury 120

Other divisions 18

Total 360

SEB Bond Portfolio*31 March, 2008, SEK bn

42

Capital Markets and other13%

8%

21%58%

Corporate bonds Financial institutions

Gov't Covered bonds

Credit & Portfolio Management

47%42%

11%Structured credits Financial institutions

Covered bonds etc

Trading Investments

Merchant Banking Bond Portfolios31 March, 2008

Volume SEK 91bn Volume SEK 131bn

43

Q3 07 Q4 07-779 -990

-407

-1,397

MTM (SEKm)

Equity -291 -1,630 -2,328

-1,070

Q1 08 AccP/L -872 -2,641

-2,502 -4,969

Structured creditsReduced volume: SEK 63bn (71)AAA-rating: 98.3% (99.3)MTM losses highly dependent on seniority, underlying assets and vintage

Financial institutions Unchanged volume: SEK 55bn (55)Rapid credit spread wideningMTM losses on all financial holdings, not only investment banks

Bond investment portfolio – status31 March, 2008

Covered bonds etc. SEK 14bn (5)

44

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)

30 29

0

26

41

5

ABS Financialinstitutions

Coveredbonds etc.

Q4 07 Q1 08

Held for trading (MTM over income)

Available for sale (MTM over equity)

SEK bn

Bond investment portfolio – strategy31 March, 2008, SEKbn

43

29

11

2620

3

ABS Financialinstitutions

Coveredbonds etc.

45

CMBS 7%

CMO 13%

RMBS 35%

Sub prime 3%

CLO 17%

CDO 7%

ABS 18%

Direct and indirect

exposure

Distribution of Investment portfolio31 March, 2008

FR 10%

IT 6%NL 7%

Other 8%FI 2%

SE 2%DE 4%

US 25%

UK 18%

ES 18%

Financial institutionsSEK 55bn

Structured creditsSEK 63bn

46

A high quality investment portfolio initiated 1998 with fixed income securities eligible as central bank collateralTotal volume SEK 63bn (71) - # of positions 740 (748)98.3% of the portfolio is rated Aaa/AAA– 10 rating actions in our tranches since summer 2007 (Q1 08: #7)

by Moody’s and Standard & Poor’s– Well diversified across products, asset classes and geographies– Cash-flow based – only one synthetic transaction ($10.5m)Mark-to-market prices applied to all 740 positions– No level 3 assetsCurrent average remaining maturity ~4 years.Current annual amortisation rate is SEK ~10 bn

Main characteristics of structured credits portfolio (ABS portfolio)31 March, 2008

47

Divisions

Please note:A restatement of the divisional financial reporting has been carried out in conjunction with the Q1 2008 report as previously announced.Please consult www.sebgroup.com for more information.

48

0 1,000 2,000

Life

WealthManagement

Retail Banking

MerchantBanking

Q1 2008Q1 2007

Changevs. Q1 2007

-50% (-5%)

-11%

-17%

-20%

ROEQ1 2008

10.8% (20.4%)

15.3%

22.2%

17.3%

Operating profit per divisionQ1 2008 vs. Q1 2007SEKm

Fina

ncia

l per

form

ance

Excl. portfolio losses

49

Q1 Q2 Q3 Q4 Q12007 2007 2007 2007 2008

MB 465 492 459 483 526Retail Banking 468 483 493 513 518RB Sweden 256 264 271 279 286RB Estonia 37 39 40 42 42RB Latvia 31 35 34 36 35RB Lithuania 46 50 54 59 60RB Germany 85 81 80 81 81RB Cards 13 14 14 14 14Wealth Management 30 31 33 32 31Life - - - - -Other/Elim 54 42 36 39 24SEB Group 1,017 1,048 1,021 1,067 1,099

VolumesPublic lendingSEKbn

50

VolumesPublic depositSEKbn

Q1 Q2 Q3 Q4 Q12007 2007 2007 2007 2008

MB 371 384 364 389 409Retail Banking 231 249 249 262 257RB Sweden 130 139 139 145 145RB Estonia 18 20 20 22 20RB Latvia 16 17 17 18 17RB Lithuania 25 26 26 30 28RB Germany 43 46 46 48 47RB Cards - - - - -Wealth Management 47 54 51 53 54Life - - - - -Other/Elim 20 28 43 46 45SEB Group 670 715 707 750 765

51

FTEs, end of quarter

Q1 Q2 Q3 Q4 Q12007 2007 2007 2007 2008

MB 2,540 2,568 2,550 2,672 2,742Retail Banking 8,655 8,912 8,807 8,925 8,995RB Sweden 2,742 2,812 2,660 2,736 2,733RB Estonia 1,011 1,095 1,061 1,061 1,048RB Latvia 1,052 1,089 1,117 1,118 1,108RB Lithuania 1,333 1,387 1,428 1,492 1,520RB Germany 1,668 1,699 1,728 1,733 1,802RB Cards 849 830 813 785 784Wealth Management 1,099 1,050 1,064 1,073 1,160Life 1,194 1,203 1,199 1,218 1,222Other/Elim 5,842 5,886 5,820 5,906 7,091*SEB Group 19,330 19,619 19,440 19,794 21,210

* Whereof 1,075 encompasses the consolidated acquisitions of Factorial bank in Ukraine Key Asset Management

52

Summary per division Jan – Mar 2008

Merchant Banking

RetailBanking

WealthManagement Life Other Group

Operating profit, SEKm 1,008 1,254 509 368 -729 2,410

Business equity, SEKbn 27.0 25.3 ** 6.6 7.5 76.6 *

Return on equity, % 10.8 15.3 22.2 17.3 9.6

Cost / income ratio 0.65 0.62 0.57 0.61 0.69

RWA, SEKbn, Basel II 372 361 38 46 817

RWA, SEKbn, Basel I 441 395 27 46 909

Tax Rate 28% 23% 28% 12%

* Average shareholders' equity

** Where of Sweden 7.4bn Estonia 3.3bn, Latvia 3.1bn, Lithuania 4.4bn, Germany 4.5bn and Cards 2.6bn.

53

01020304050

MerchantBanking

Retail Banking WealthManagement

Life* Group

Jan – Mar 2007 Jan – Mar 2008Cost/income ratio per division

Return on Equity per division, per cent

* Based on operating result

0.000.200.400.600.801.00

MerchantBanking

Retail Banking WealthManagement

Life Group

Jan – Mar 2007 Jan – Mar 2008

RoE and Cost/Income ratio per division

54

Magnus CarlssonHead of Merchant Banking

Merchant Banking

SEKm Jan – Mar 2008 Δ 2007

Total income 2,929 -29%Interest, net 1,525 15%Commission, net 1,241 -20%Financial, net 119 -90%

Total expenses -1,895 -4%Credit losses, net -29 -73%Operating profit 1,008 -50%

RoE, % 10.8 22.0C/I 0.65 0.48

Highlights

Operating profit of SEK 1,008m in spite of weaker capital markets and investment portfolio mark-to-market losses of SEK 872m

Increased volatility and lower risk appetite but some recovery in margins

After a very strong start to the year, the worsened conditions in the second part of the quarter eventually had some chilling effect on investor activity

Focus on growth investments through internal efficiencies

55

Operating profit

0500

10001500

20002500

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

0500

100015002000250030003500400045005000

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

Income Expenses

Merchant Banking SEKm

2007 and 2008 including Baltics

56

Operating profit

0

300

600

900

1,200

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

0

400

800

1,200

1,600

2,000

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

Income Expenses

Trading and Capital MarketsSEKm

2007 and 2008 including Baltics

57

Developing products to meet customer needs

26% 28% 33% 38% 41%

44% 46% 64%46%

49%

22% 15%11%3%

6%

11%8% 5%

4%

Q1 - 07 Q2 Q3 Q4 Q1 - 08

Trading and Capital Markets income by main product cluster, excl. investment portfolios

FX

Structured Derivatives and other TCM

Equities

Capital Markets

●Credit market turbulence effecting income composition

●Based on customer flows●Product innovation●Product manufacturer for

other divisions (structured products, alpha products, beta products)

58

Operating profit

0200400600800

1,000

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

0200400600800

1,0001,2001,4001,600

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

Income Expenses

Corporate banking SEKm

2007 and 2008 including Baltics

59

Operating profit

0

100

200

300

400

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

0100200300400500600700800900

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

Income Expenses

Global Transaction Services SEKm

2007 and 2008 including Baltics

60

Custody volume development

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2004 2005 2006 2007 20080

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000Assets under custody, SEKbn No of transactions/day

61

*Source: The Nordic Stock exchanges

2.5%

3.1%

4.4%

6.0%

8.5%

Danske

Evli

Carnegie

Glitnir

SEBEnskilda

Merchant BankingMarket shares Nordic & Baltic Stock Exchanges Q1 2008*

62

Source: Dealogic Analytics

Swedish syndicated loans league (and bookrunner %) Apr 2007 – Mar 2008

5,6%

17,6%

10.9%

9.5%

6,1%

5,7%

0 4 8 12 16

Nordea

Citi

DnB NOR

RBS

SHB

SEB

EURbn

Nordic syndicated loans league (and bookrunner %) Apr 2007 – Mar 2008

Merchant BankingSyndicated loans, 12-months rolling

2.0%

18.5%

17.1%

13.7%

13.6%

4.1%

0 2 4 6

SEB

SHB

Citi

RBS

Nordea

BNP

EUR bn

63

Merchant Banking– Recent rankingsApril 2008

World’s Best Developed Market Banks 2008, no. 1 in SwedenWorld’s Best Emerging Market Banks 2008 Central and Eastern Europe, no. 1 in Latvia and Lithuania

February 2008 Best Arranger Structured Products, Sweden

Euroweek February 2008 Best Arranger Nordic Loans, Syndicated Loans and Leveraged Finance Awards 2007

Prospera January 2008 No.1 stockbroker in the Nordic region

FX Week January 2008 Best bank for international currency forecasts in 2007

Global Custodian November 2007October 2007

Top rated in Central and Eastern Europe (2007 Emerging Markets Agent Bank Review)Top rated in all four Nordic markets (2007 Major Market Agent Bank Review )

Global FinanceJanuary 2008

Best Bank for Cash,Best Trade Finance bank,Best Foreign Exchange Bank and Pr

Liquidity and Risk Management, Nordic Region Nordic Region, Sweden and Lithuania

ovider in the Nordic countries and Lithuania TMI January 2008 Best bank for Cash Management, Nordic Region

Best Bank for supply Chain Finance, Nordic Region

EuromoneyOctober 2007

No. 1 for Overall Customer Satisfaction in Europe (No.2 globally)No. 1 Globally in level of commitment to Cash Management BusinessNo. 9 Globally in market share for International Cash Management

Euromoney September 2007 Best at commercial real estate banking, Nordic and Baltic regionBest at commercial real estate investment banking, Nordic and Baltic region

Prospera September 2007 No.1 for corporate finance in the Nordic region

Euromoney July 2007Best for cash management in Nordic-Baltic regionBest for investor services in Nordic-Baltic regionBest equities house in Nordic-Baltic regionBest for FX in Nordic-Baltic Region

Extel June 2007 Best research house in the Nordic countries

Risk Magazine March 2007 Best derivatives dealer in Sweden

64

Retail Banking

SEKm Jan – Mar 2008 Δ 2007

Total income 4,100 5%Interest, net 2,551 12%Commission, net 1,431 -6%

Total expenses -2,535 6%Credit losses, net -311 155%Operating profit 1,254 -11%

RoE, % 15.3 17.5C/I 0.62 0.61

Highlights

Strong net interest income across all business areas offsets lower security-related fees, income +5%

Profit before credit losses +3%

Decrease in operating profit due to higher credit losses, mainly driven by increased provisions in Estonia

Re-branding to SEB completed in Estonia, Latvia, Lithuania

SEB Way ongoing across division, further increased sales focus going forward

Bo MagnussonHead of Retail Banking

65

Retail BankingSEKm

Operating profit

0

500

1,000

1,500

2,000

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

0500

1,0001,5002,0002,5003,0003,5004,0004,5005,000

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

Income Expenses

66

Share of income and result by areaJan – Mar 2008, per cent of total

37%

20%8%

8%

13%

14%

Germany

Latvia

Estonia

SwedenLithuania

Cards

Income

15%

24%

11% 1%3%

46%

Germany

Latvia

Sweden

Lithuania

Cards

Estonia

Operating profit

67

Business volume development by areaSEKbn Q1 2008 change vs. Q1 2007 (local currency)

48

25

28

22

59

13

10

14

61

227

Lithuania

Latvia

Estonia

Germany

Sweden 12%

-2%

19%

15%

59%

11%

4%

12%

8%

26%

Mortgages Other lending

30

17

20

45

145

Deposits

12%

15%

10%

10%

10%

Note: Figures for Estonia, Latvia and Lithuania include SEB:s large corporate business volumes

68

41%13%25%21%

Transaction account privateTransaction account corporate & publicSavings account privateSavings account corporate & public

Deposit breakdownPercent of total deposits

42%

26%

24%

8%

Retail Total

Estonia

Sweden Germany

Latvia Lithuania

51%

8%

24%

17%36%

2%

4%58%

19%

17%

44%

20%

24%

20%

36%

20%

31%

9%

36%

24%

69

Estonia* Latvia Lithuania

Development of lending market shares – Baltics Per cent, Dec 2004 – Feb 2008

SEBSwedbankDnB NordParex BankaSampoNordea

* Hansabank & Sampo as per Dec 2007

0%

10%

20%

30%

40%

50%

0%

10%

20%

30%

40%

50%

0%

10%

20%

30%

40%

50%

70

Retail SwedenSEKm Jan – Mar 2008 Δ 2007

Total income 1,545 1%Interest, net 1,085 8%Commission, net 393 -15%

Total expenses -962 6%Credit losses, net -10 -62%Operating profit 573 -5%

RoE, % 22.3 24.0 C/I 0.62 0.59

Total lending 285,862 +12%Total deposits 144,657 +12%

Highlights

Strong net interest income offsets decreasing security-related feesStable mortgage margins and continued volume growth1,900 new SME customers (1,300 Q1 2007)Insurance sales +20% compared to Q1 2007Expenses affected by increased pension cost

71

Business volume developmentRetail Sweden, SEKbn

Mortgages

0

50

100

150

200

250

Q1-05

Q2Q3Q4 Q1-06

Q2Q3Q4Q1-07

Q2Q3Q4Q1-08

CorporatePrivate

Other lending

0

50

100

150

200

250

Q1-05

Q2Q3Q4 Q1-06

Q2Q3Q4Q1-07

Q2Q3Q4Q1-08

Deposits

0

50

100

150

200

250

Q1-05

Q2Q3Q4 Q1-06

Q2Q3Q4Q1-07

Q2Q3Q4Q1-08

72

Market share development Sweden, per cent

Note: Other lending and deposits=SEB Parent Bank Sweden, i.e. not only Retail Sweden

CorporatePrivate

Mortgages

0

5

10

15

20

Q1-05

Q2Q3Q4 Q1-06

Q2Q3Q4Q1-07

Q2Q3Q4Q1-08

Other lending

0

5

10

15

20

Q1-05

Q2Q3Q4 Q1-06

Q2Q3Q4Q1-07

Q2Q3Q4Q1-08

Deposits

0

5

10

15

20

25

30

Q1-05

Q2Q3Q4 Q1-06

Q2Q3Q4Q1-07

Q2Q3Q4Q1-08

73

Mortgages private marketRetail SwedenMarket share, per cent

02468

101214161820

Q105

Q205

Q305

Q405

Q106

Q206

Q306

Q406

Q107

Q207

Q307

Q407

Q108

Sales Volume

* New measurement method from Q4 2007. Lowers the volume market share with approximately 0.2 percentage points

*

74

Mortgages private marketTotal SwedenVolumes and margins

0

50

100

150

200

250

Q105

Q205

Q305

Q405

Q106

Q206

Q306

Q406

Q107

Q207

Q307

Q407

Q108

0.00%

0.25%

0.50%

0.75%

1.00%

1.25%Outstanding volume, SEKbn Average margin

75

Mortgages private marketSwedenCustomers’ choice of fixed / floating interest rates

0%

20%

40%

60%

80%

100%

Q12005

Q2 Q3 Q4 Q12006

Q2 Q3 Q4 Q12007

Q2 Q3 Q4 Q12008

FixedFloating

76

Retail GermanySEKm Jan – Mar 2008 Δ 2007

Total income 824 -3%Interest, net 480 2%Commission, net 340 -9%

Total expenses -759 1%Credit losses, net -27 -13%Operating profit 38 -44%

RoE, % 2.7 5.1C/I 0.92 0.88

Total lending 80,906 -4%Total deposits 46,829 10%

Highlights

Reduced profitability due to lower customer activity within securities-related-areasHigher sales of mortgages (+25%) and consumer lending (+5%) vs. Q1 2007Successful campaign for custody account attracting 5,000 new accounts (+35% vs. year-end 2007)New account product launched receiving significant media attention

77

Business volume developmentRetail Germany, EURbn

Mortgages*

0

1

2

3

4

5

6

7

8

Q1-05

Q2Q3Q4 Q1-06

Q2Q3Q4Q1-07

Q2Q3Q4Q1-08

Other lending

0

1

2

3

4

5

6

7

8

Q1-05

Q2Q3Q4 Q1-06

Q2Q3Q4Q1-07

Q2Q3Q4Q1-08

Deposits

0

1

2

3

4

5

6

7

8

Q1-05

Q2Q3 Q4 Q1-06

Q2Q3Q4Q1-07

Q2Q3Q4Q1-08

Figures above present Mortgage, lending and deposits from private individuals and SME

* Effected by amortizations on large historical sales volumes, partly sold through external sales organizations

78

New mortgage*

0

50

100

150

200

250

300

350

400

450

Q1-05

Q2Q3Q4 Q1-06

Q2Q3Q4Q1-07

Q2Q3Q4Q1-08

Customer appointments*

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

Q1-05

Q2Q3Q4 Q1-06

Q2Q3Q4Q1-07

Q2Q3Q4Q1-08

Insurance

0

20

40

60

80

100

120

140

Q1-05

Q2Q3Q4 Q1-06

Q2Q3Q4Q1-07

Q2Q3Q4Q1-08

* by Callcenter

EURm EURm

* incl prolongation

Sales developmentRetail Germany

79

Retail EstoniaSEKm Jan – Mar 2008 Δ 2007

Total income 309 3%Interest, net 211 4%Commission, net 86 6%

Total expenses -136 25%Credit losses, net -166 1300%Operating profit 7 -96%

RoE, % 0.7 17.3 C/I 0.44 0.36

Total lending 42,282 +14%Total deposits 20,325 +11%

Highlights

Lower business activity than precedent quartersCredit growth -1% during quarter, decreasing lending market shareHigher loan losses due to collective credit provisionsStrong focus on credit quality, including increase of loans overdueCost increase affected by real estate sale Q4 2007, continued investments in sales capacity, and high salary inflationRe-branding to SEB completedSEB Way ongoing

80

Business volume developmentRetail Estonia, EURbn Corporate

Private

Mortgages

0

1

2

3

Q1-05

Q2Q3Q4 Q1-06

Q2Q3Q4 Q1-07

Q2Q3 Q4Q1-08

Other lending

0

1

2

3

Q1-05

Q2Q3Q4 Q1-06

Q2Q3Q4Q1-07

Q2Q3Q4Q1-08

Deposits

0

1

2

3

Q1-05

Q2Q3Q4 Q1-06

Q2Q3Q4 Q1-07

Q2Q3 Q4Q1-08

Mortgages defined as home loans to private individualsNote: Figures include SEB:s large corporate business volumes

81

Market share developmentRetail Estonia, per cent Corporate

Private

Mortgages

0

5

10

15

20

25

30

35

Q1-05

Q2Q3Q4 Q1-06

Q2Q3Q4Q1-07

Q2Q3Q4Q1-08

Deposits

0

5

10

15

20

25

30

35

Q1-05

Q2Q3Q4 Q1-06

Q2Q3Q4Q1-07

Q2Q3Q4Q1-08

Mortgage market share for home loans to private individuals

82

Retail Latvia

HighlightsHighlightsSEKm Jan – Mar 2008 Δ 2007

Total income 327 23%Interest, net 273 43%Commission, net 44 -41%

Total expenses -150 22%Credit losses, net -38 376%Operating profit 139 4%

RoE, % 15.3 14.3C/I 0.46 0.46

Total lending 35,604 +13%Total deposits 17,484 +12%

Lower business activity than precedent quartersCredit growth -1% during quarter, decreasing lending market shareStrong focus on credit quality, including increase of loans overdueContinued strong focus on long-term savings, structured deposit volumes +30% during Q1Cost increase affected by real estate sale Q4 2007, continued investments in sales capacity, and high salary inflationRe-branding to SEB completedSEB Way ongoing

83

CorporatePrivate

Business volume developmentRetail Latvia, EURbn

Mortgages

0

1

2

3

Q1-05

Q2Q3Q4 Q1-06

Q2Q3Q4Q1-07

Q2Q3Q4Q1-08

Other lending

0

1

2

3

Q1-05

Q2Q3Q4 Q1-06

Q2Q3Q4Q1-07

Q2Q3Q4Q1-08

Deposits

0

1

2

3

Q1-05

Q2Q3Q4 Q1-06

Q2Q3Q4 Q1-07

Q2Q3 Q4Q1-08

Mortgages defined as home loans to private individuals

Note: Figures include SEB:s large corporate business volumes

84

Market share developmentRetail Latvia February, per cent

Mortgage market share for home loans to private individuals

CorporatePrivate

Mortgages

0

5

10

15

20

Q1-05

Q2Q3Q4 Q1-06

Q2Q3Q4Q1-07

Q2Q3Q4Q1-08

Deposits

0

5

10

15

20

Q1-05

Q2Q3Q4 Q1-06

Q2Q3Q4Q1-07

Q2Q3Q4Q1-08

85

Retail LithuaniaSEKm Jan – Mar 2008 Δ 2007

Total income 528 24%Interest, net 412 31%Commission, net 91 4%

Total expenses -201 18%Credit losses, net -19 25%Operating profit 308 28%

RoE, % 23.7 18.2C/I 0.38 0.40

Total lending 60,980 +32%Total deposits 27,957 +11%

Highlights

Controlled credit growth continued, +3% during quarter

Lower activity in commission area compared to precedent quarter

Continued expansion of distribution capacity

Cost increase affected by real estate sale Q4 2007, continued investments in sales capacity, and high salary inflation

Re-branding to SEB completed

SEB Way ongoing

86

Business volume developmentRetail Lithuania, EURbn Corporate

Private

Mortgages

0

1

2

3

4

5

6

Q1-05

Q2 Q3Q4 Q1-06

Q2Q3Q4Q1-07

Q2Q3 Q4Q1-08

Other lending

0

1

2

3

4

5

6

Q1-05

Q2Q3Q4 Q1-06

Q2 Q3Q4Q1-07

Q2Q3Q4Q1-08

Deposits

0

1

2

3

4

5

6

Q1-05

Q2Q3Q4 Q1-06

Q2Q3Q4 Q1-07

Q2Q3 Q4Q1-08

Mortgages defined as home loans to private individualsNote: Figures include SEB:s large corporate business volumes

87

Market share developmentRetail Lithuania February, per cent

Mortgage market share for home loans to private individuals

CorporatePrivate

Mortgages

0

5

10

15

20

25

30

35

40

Q1-05

Q2Q3Q4 Q1-06

Q2Q3Q4Q1-07

Q2Q3Q4Q1-08

Deposits

0

5

10

15

20

25

30

35

40

Q1-05

Q2 Q3Q4 Q1-06

Q2Q3Q4Q1-07

Q2Q3 Q4Q1-08

88

CardsSEKm Jan – Mar 2008 Δ 2007

Total income 567 6%Interest, net 90 1%Commission, net 469 8%

Total expenses -327 1%Credit losses, net -51 66%Operating profit 189 6%

RoE, % 21.0 24.6C/I 0.58 0.61

Highlights

Continued underlying business growth, turnover +6%Several new large customers gained across countries, e.g. Statoil Sweden Strong cost discipline, cost +1%Increased losses due to higher levels of fraud

89

Cards

Turnover cards

203040506070

Q12005

Q2 Q3 Q4 Q12006

Q2 Q3 Q4 Q12007

Q2 Q3 Q4 Q12008

SEKbn

Number of cards

2.62.83.03.23.4

Q12005

Q2 Q3 Q4 Q12006

Q2 Q3 Q4 Q12007

Q2 Q3 Q4 Q12008

Millions

90

Fredrik BohemanHead of Wealth Management

Wealth Management

SEKm Jan – Mar 2008 Δ 2007

Total income 1,229 0%Interest, net 242 30%Commission, net 958 -6%

Total expenses -695 14%

Operating profit 509 -17%

RoE, % 22.2 32.2C/I 0.57 0.50

HighlightsGood income given the market

Good net sales in PB, SEK +6bn (4)

Assets under management SEK 1,256bn, -2% since year end

SEB kept capturing volumes, incl. shift to alternative products, on a continued weak net sales market for Swedish mutual funds, SEK +1,5bn vs. total market of SEK -19,7bn.

Cost increased due to consolidation of Key Asset Management and other investments in alternative products

91

Share of income and result by areaJan – Mar 2008; percent of total

68%

32%

Private Banking

Institutional Clients

Income

18%

82%

Private Banking

Institutional Clients

Operating result

92

Operating profit

0

200

400

600

800

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

0200400600800

1,0001,2001,400

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

Income Costs

Wealth ManagementSEKm

93

Institutional ClientsSEKm

Operating profit

0

200

400

600

800

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

0100200300400500600700800900

1,000

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

Income Expenses

9494

Private BankingSEKm

Operating profit

050

100150200250

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

0

100

200

300

400

500

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

Income Expenses

95

1,2851,256

-27 -9

7

Dec 2007 Value Fx Net sales Q1 2008

Assets under managementWealth Management, SEKbn

96

Assets under managementper product typeWealth Management, SEKbn

Q1 2006 Q2 Q3 Q4 Q1 2007 Q2 Q3 Q4

Institutional portf incl Stiftelser & Ftg (excl MF) Mutual Funds Private Clients

48%

39%

1,107

13%

48%

1,079

38%

47%

1,147

14%

38%

47%

1,192

15%

39% 39%

14%15%

46%

1,266 1,320

15%

39%

46%

1,300

15%

40%

45%

1,285

15%

40%

45%

97

Total net sales per quarterSEKbn

19.7

9.413.6

7.6

16.4 15.5

6.32.0

3.0

2.31.0

0.8

4.1

2.92.6

3.5

5.810.9

0

5

10

15

20

25

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

IC PBThe figures are not eliminated. Restated for transfer of Foundations & Companies from PB to IC. Finland is split between IC and PB as of Q1 2008.

98

Mutual funds per product type Wealth Management, Mar 2008 (Dec 2007)

35.8%

27.6%

11.8%

24.8%

Equity funds 35.8% (42.4%)

Fixed income funds 24.8% (24.2%)

Balanced funds 11.8% (12.3%)

Alternative funds 27.6% (21.1%)

Total amount SEK 497bn (SEK 514bn)

Note: Key Asset Mgmt is included from Q1-08 but not restated 2007

99

Swedish Mutual Funds MarketNet sales and SEB market share

-25

-5

15

35

55

75

95

115

2001 2002 2003 2004 2005 2006 2007 Q12008 0

10

20

30

40

50

60

70

Total Net Sales, SEKbn SEB share, %

%N/A

Source: Svensk Fondstatistik

SEK -19,7bn

SEBSEK +1,5bn

100

-20,000

-10,000

0

10,000

20,000

30,000

40,000

50,000

60,000

Jan-05

Maj Sep Jan-06

May Sep Jan-07

May Sep Jan-08

SEBSHBRoburNordea

Mutual Funds Net Sales SwedenCumulative Jan 2005 – Mar 2008, including PPMSEKm

Distribution per type of fundJan – Mar 2008

-80%-60%-40%-20%

0%20%40%60%

SEB TotalEquity funds Mixed fundsShort bond funds Long bond fundsFund in fund Alternative funds

Activity level – Wealth

Source: Svensk Fondstatistik

101

6149

33

79

54

29

0

20

40

60

80

100

2006 2007 Q1 20080

20

40

60

80

100

AuMexceeding benchmark

No. of portfoliosexceeding benchmark

Performance vs. benchmark 2008

102

LifeAnders MossbergHead of Life

SEKm Jan–Mar 2008 Δ 2007

Total income 938 -3%Total expenses -570 11%

Operating profit 368 -20%Change in surplusvalues, net 250 2%

Business result 618 -12%

ROE, %* 29.0 32.9C/I ratio 0.61 0.53

Highlights

Strong sales volume – up 11%

Lower income due to decrease in unit-linked fund values

Unit-linked fund values down 8% from start of year to SEK 125bn.Total assets under management down 5% to SEK 384bn.

Costs up due to– higher sales volumes– higher amortisation of deferred

acquisition costs

* Based on business result

103

1

2

2

1

2

SEBRank

Skandia (13)

Hansa (46)

Sampo (27)

Hansa (48)

Main competitor

Strong market position in all marketsMarket shares, gross premium income, unit-linked insurance (%, 2007)

Danica (32)

* unit-linked (Sweden new sales)

37

43

28

17

22

0% 20% 40% 60% 80% 100%

Lithuania

Latvia

Estonia

Denmark

Sweden*

SEB Market share Competitors

104

Results – LifeSEKm

Jan – Mar Jan – Mar Change2008 2007 %

Income unit-linked 484 503 -4Income other insurance 295 325 -9Other income 159 144 10Total income 938 972 -3

Operating expenses -608 -578 5Other expenses -2 -7 -71Change in deferred acquisition costs 40 71 -44Total expenses -570 -514 11

Operating profit 368 458 -20Change in surplus values, net 250 244 2Business result 618 702 -12 Financial effects due to market fluctuations -1,819 343 -Change in assumptions -25 -

Total result -1,226 1,045 -

105

Share of income and profit by areaLife, Jan–Mar 2008 – percent of total

8%

34%58%

Sweden

Denmark

International

Income Operating profit

52%43%

5%

Sweden

Denmark

International

Sweden including central functions etc

106

368

-263 -177 -121 -47

1817316

570

968

1,520

1,802

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 Q12008

Operating profit developmentLife, SEKm

107

LifeSEKm

Operating profit

0100200300400500

Q1-04

Q2-04

Q3-04

Q4-04

Q1-05

Q2-05

Q3-05

Q4-05

Q1-06

Q2-06

Q3-06

Q4-06

Q1-07

Q2-07

Q3-07

Q4-07

Q1-08

0

200

400

600

800

1,000

1,200

Q1-04

Q2-04

Q3-04

Q4-04

Q1-05

Q2-05

Q3-05

Q4-05

Q1-06

Q2-06

Q3-06

Q4-06

Q1-07

Q2-07

Q3-07

Q4-07

Q1-08

Income Expenses

108

Jan – Mar 2008 Jan – Mar 2007 Change

Unit linked 10,296 9,850 5%

Traditional andSickness/health 3,018 2,136 41%

13,314 11,986 11%

Note: SPE = Single premiums plus regular premiums times ten

Sales (SPE) Life, SEKm

109

0%

20%

40%

60%

80%

100%

2000 2001 2002 2003 2004 2005 2006 2007 Q12008

Traditional andsickness/health

Unit Linked

Note: SPE = Single premiums plus regular premiums times ten

Sales SPE – traditional vs. unit-linkedLife including SEB Pension from 2005 and the Baltics from 2006

110

0%

20%

40%

60%

80%

100%

2000 2001 2002 2003 2004 2005 2006 2007 Q12008

Individual

Corporate

Note: SPE = Single premiums plus regular premiums times ten

Sales SPE – individual vs. corporateLife including SEB Pension from 2005 and the Baltics from 2006

111

27.1

34.931.6

26.7

8.4

2004 2005 2006 2007 Q1 2008Market ShareSweden, % 34.6 32.4 29.1 22.1 -

Unit-linked insurance sales growthSwedish* sales volumes weighted, SEKbn

*Including Swedish customers of the Irish subsidiary.

112

Apr 2007- Full year Full year Full yearMar 2008 2007 2006 2005

New sales (single/10+regular) 3,741 3,689 3,345 3,678

Net present value 1,704 1,775 1,788 1,924Acquisition cost -910 -901 -970 -1,116

New business profit 794 874 818 808

Margin*, % 21.2 23.7 24.5 22.0Swedish market 20.4 22.9

New business profitLife (2005-2006 only Swedish market), SEKm

* Rolling 12-months comparison

113

SEB Trygg Liv, 22

Skandia, 33LF, 8

Swedbank, 10

Folksam, 4

Nordea, 2

SHB, 16

Danica, 4Other, 2

* SPE = Single Premium Equivalent = single + regular x 10

2002 2007

Market shares, Sweden Unit-linked new business*Full year 2002 vs. full year 2007

Other, 0

Nordea, 4

Folksam, 8

SHB, 8

LF, 13

Swedbank, 10 Moderna, 13

Skandia, 14

SEB Trygg Liv, 22

AMF, 3

Danica, 4

114

Mar Dec Dec Dec2008 2007 2006 2005

Equity * 9,148 8,836 8,450 7,696

Surplus value ** 12,896 14,496 12,872 10,765

* Dividend paid; 2007: SEK -1,150 and 2006: SEK -400m.

** Value of in-force business; Net of DAC, including SEB Link (Denmark) from 2005

Embedded valueLife Holding group, SEKm

115

Life, assets under management(net assets)SEKbn

215

311

368395 408

384

0

100

200

300

400

500

2003 2004 2005 2006 2007 2008 Q1

Traditional and Risk Unit-linked

116

Life, premium income grossSEKbn

13

17

31 31

26

7

0

5

10

15

20

25

30

35

2003 2004 2005 2006 2007 2008 Q1

Traditional and Risk Unit-linked

117

-16,000

-12,000

-8,000

-4,000

0

4,000

8,000

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20Year

Income/Costs& CF, SEK

Cost Income Accum cash flow

Net present value after sales costs is 11,000 SEK

Acc op result -592 -540 977* SEK 35,000

Profits generated over timeExample: Occupational pension – regular premium*Total duration of 20 years and premium duration of 15 years

118

Macro update

119

Sweden: Broader-based weakening

Exports continuing to lose momentum

Asset prices will squeeze consumption

Inflation will fall below 2 per cent

Key interest rate cuts by summer

Sharply lower government budget surplus

Exports and market growth

-10

-5

0

5

10

15

20

98 99 00 01 02 03 04 05 06 07Imports to Sweden's 10 largests export marketsExports of goods

Volume, year-on-year percentage change

Sources: Statistics Sweden, SEB

120

Norway: Deceleration from a high level

Weaker global demand slowing export growth

Household buying spree fading

Continued tight labour market

Key interest rate has peaked − cuts in 2009

Mainland GDP and employment

-4

-2

0

2

4

6

8

90 92 94 96 98 00 02 04 06 08

Employment GDP

Year-on-year percentage change

Source: Statistics Norway

121

Finland: Calmer phase on the way

Rapid decline in confidence for the construction, manufacturing and service sectors

Exports and capital spending decelerate

Falling jobless rate, accelerating pay hikes

Temporarily high inflation this year

Leading indicators

-40

-30

-20

-10

0

10

20

30

40

50

99 00 01 02 03 04 05 06 07 08Manufacturing sector Service sectorConstruction industry

Index

Source: Reuters EcoWin

122

Denmark: Further slowdown

Unemployment will level off during the first half of 2008, the turn upward

Consumption will slow further

Exports being squeezed from several directions

Expansive fiscal policy despite inflation upturn

Unemployment

-30

-20

-10

0

10

20

30

40

50

88 90 92 94 96 98 00 02 04 06 08

Household expectations 12 months ahead, net balance(LHS)Unemployment, percent (RHS)

Sources: DG ECFIN, Statistics Denmark

123

Euro zone: Below trend for two years

Exports now losing momentum

No consumer upturn in sight

Deceleration squeezing core inflation

ECB will cut refi rate to 3.25 per cent this year

GDP growth and indicator

0.00.51.01.52.02.53.03.54.04.55.0

Q1-96

Q1-97

Q1-98

Q1-99

Q1-00

Q1-01

Q1-02

Q1-03

Q1-04

Q1-05

Q1-06

Q1-07

Q1-08

SEB indicator Actual GDP

Year-on-year percentage change

Sources: Eurostat, SEB

124

CEE incl. the Baltics: SummaryCredit squeeze and US recession will dampen global growth 08-09 – Western Europe will grow below trend Central and Eastern Europe will show good resistance: GDP +6.1% 08, +5.6% 09High inflationary pressure will ease slowlyThe Baltics: Overheated Estonia and Latvia decelerate sharply – Lithuania to a lesser extent. Continued dampened credit growth. Exports perform rather well, but weakened competitiveness a threatLarge Baltic imbalances diminish only slightlyRussia: Continued dynamic domestic demand – high inflation a challengeUkraine: Strong growth, high inflation. Economic catch-up process

Baltic Retail sales

-10

-5

0

5

10

15

20

25

30

35

01 02 03 04 05 06 07 08

Estonia Latvia Lithuania

Year-on-year percentage change

Source: Reuters EcoWin

125

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 2.5Finland * 4.9 4.4 2.4 1.9 1.3 1.6 3.3 2.6Norway 4.8 6.0 3.2 1.9 2.3 0.8 3.2 2.4Sweden 4.4 2.8 2.1 1.3 1.4 2.2 3.4 2.6Germany 2.9 2.5 1.6 1.4 1.8 2.3 2.5 1.9Euro zone * 2.6 2.6 1.4 1.1 2.2 2.1 3.4 2.1Estonia 11.2 7.1 3.0 3.0 4.4 6.6 8.0 4.0Latvia 12.2 10.3 3.0 3.0 6.7 10.1 13.8 7.0Lithuania 7.7 8.8 5.5 5.0 3.8 5.8 8.5 7.0Russia 7.4 8.1 7.3 6.5 9.7 9.0 13.0 10.0Ukraine 7.0 7.3 6.0 5.5 9.1 12.8 20.6 13.4

Economic forecasts

Source: Nordic Outlook May 2008* Denmark, Finland and Euro zone, harmonised consumer prices