1

Investor presentation

2008

Anders KvistUlf Grunnesjö

2

Outline

Overview of the SEB Group

Earnings

Asset quality

Baltics

Bond portfolios

Funding and capitalisation

Appendices

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

1800 1900 2000

SEB historySEB history

1972 Stockholms Enskilda Bank and Skandinaviska Banken merge

1982 SEB International 1997 Trygg Hansa1998 Acquisition of three

Baltic banks1999 BfG – Germany

1972 Stockholms Enskilda Bank and Skandinaviska Banken merge

1982 SEB International 1997 Trygg Hansa1998 Acquisition of three

Baltic banks1999 BfG – Germany

1856 Stockholms Enskilda Bankfounded

1864 Skandinaviska Bankenfounded in Gothenburg

1856 Stockholms Enskilda Bankfounded

1864 Skandinaviska Bankenfounded in Gothenburg

2004 Codan – Denmark2004 Bank Agio –

Ukraine2005 Privatbanken

– Norway2006 SEB 150 years2007 Merger SEB BoLån

and SEB AB2007 Factorial Bank -

Ukraine

2004 Codan – Denmark2004 Bank Agio –

Ukraine2005 Privatbanken

– Norway2006 SEB 150 years2007 Merger SEB BoLån

and SEB AB2007 Factorial Bank -

Ukraine 4

5

SEB’s market franchise

Difference from the average, %

100

100

100

Customer segmentation, 2007

0%

20%

40%

60%

80%

100%

SEBSwedbankSHBNordeaDanskeBank

DnB NOR

Retail- Nordic Retail GermanyRetail-Baltic Retail GB/IrelandMerchant B AMLife

Distribution of income

Important relation-

ships/customers

%

Customer survey

Large corporatesSweden

Institutionalclients and

banks –Nordic region

0

0

6

…with a different income mix0% 20% 40% 60% 80% 100%

SEB

Swedbank

SHB

Nordea

DnB NOR

Danske Bank

Net interestincome

Net fee &commissions

Net financialincome

Net lifeinsuranceincomeNet otherincome

7

SEB's franchiseMerchant 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 currenciesWealth Management● #1 Nordic and Baltic private bank● #2 Nordic asset managerLife and pension● #1 Nordic unit-linked businessRetail● #2 Baltic region

7

8

Ratings of Skandinaviska Enskilda Banken 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 Stable Stable

Last Action Outlook change Upgrade Outlook change Initial rating

Date Jul-07 Oct-06 Jul-08 Dec-06

9

Outline

Overview of the SEB Group

Earnings

Asset quality

Baltics

Bond portfolios

Funding and capitalisation

Appendices

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

11

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

12

Operating profit

0

1,000

2,000

3,000

4,000

5,000

6,000

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

Q2-08

SEB Group

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

**

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

Q2-08

Excluding portfolios Income Expenses

0.65 0.650.58 0.57

0.690.62

0.620.620.55

2004 2005 2006 2007 Q1 2008 Q2 2008

C/I ratio Excluding portfolio losses21.1

13.215.514.7

15.8

20.8

15.2

9.6

19.3

2004 2005 2006 2007 Q1 2008 Q2 2008

Excluding portfoliosReturn on Equity

Return on equitySEB Group, per cent

Cost/income ratioSEB Group

Operating profit, Income and ExpensesSEKm

*

13

Share of operating profitJan – Jun 2008

14%

8%5%

2%5%

6%

12%48%

GermanySweden

42%

35%

10%13%

Retail Banking

Wealth Management

Life Merchant Banking

Geography - Adjusted for OtherDivisions - Adjusted for Other

Lithuania

Latvia

Estonia

Norway

Finland

Denmark

14

Operating profit per divisionJan – Jun 2008 vs. Jan – Jun 2007SEKm

0 1,000 2,000 3,000 4,000

Life

WealthManagement

Retail Banking

MerchantBanking

Jan-Jun 2008

Jan-Jun 2007

Changevs. Jan-Jun 2007

-31% (-8%)

-17%

-32%

-18%

ROEJan-Jun 2008

15.6% (20.7%)

14.7%

20.2%

15.9%

Excl. portfolio losses

15

11%89%

High business activity – Merchant Banking

0

1,000

2,000

Trading &CapitalMarkets

CorporateBanking

GlobalTransaction

Services

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

16

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

17

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

18

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 German Op. profitJan – Jun 2008

9%

91%

807

189

843

H1 07 H2 H1 08

SEB in Germany: Operating profitSEKm

Retail

Other business

Geography - Adjusted for Other

SEB Group Operating profitJan – Jun 2008

14%

86%

Germany

Other countries

19

*

*

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

20

Outline

Overview of the SEB Group

Earnings

Asset quality

Baltics

Bond portfolios

Funding and capitalisation

Appendices

21

Credit exposure - on and off balanceSEK 1,631bn

24%

11%

65%

German

Nordic

14%

38%

14%

6%

28%

Property management

Public administration

BanksCorporate

Baltic

Households

By geography By sector

22

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)

Credit exposure – on and off balanceSEKbn

2323

Corporate credit exposure – by industryTotal SEK 616bn

10%

12%

10%

18%3%

28%

19%

Finance and insurance Wholesale and retailTransportation Other service sectorsConstruction ManufacturingOther

458 463

573616

Dec2005

Dec2006

Dec2007

Jun2008

2424

36%

3%

4%

45%

3%

2% 1%6%

SwedenFinlandNorwayGermanyEstoniaLatviaLithuaniaOther

Property management – by geographyCredit exposure - Total SEK 229bn

101 110135 147

91 8175

82

Dec2005

Dec2006

Dec2007

Jun2008

Commercial Multi-family

192210

191

229

25

0.000.100.200.300.400.500.600.700.80

2003 2004 2005 2006 2007 Q12008*

Q22008*

Germany Baltics Nordics SEB Group

Level of Net Credit Losses, %(incl. change in collective provisions)

* Annualised

Estonia 1.68Latvia 0.48Lithuania 0.17Baltics 0.73

26

Impaired loans and reservesSEKm

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

27

Outline

Overview of the SEB Group

Earnings

Asset quality

Baltics

Bond portfolios

Funding and capitalisation

Appendices

28

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

The Baltics: Imports diving in Estonia and Latvia

Year-on-year percentage changeImports

Estonia Latvia LithuaniaSource: Reuters EcoWin

01 02 03 04 05 06 07 08-30

-20

-10

0

10

20

30

40

50

60

-30

-20

-10

0

10

20

30

40

50

60

29

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 (incl. change in collective provisions)

Q1 2007 - Q2 2008, SEKm

30

17 22 21 18 21 2135 41 438 8 8

4 5 5

711 12

1419 20

1014 14

13

22 2456

424134

515041

8376

Dec'06

Dec'07

Jun '08 Dec'06

Dec'07

Jun '08 Dec'06

Dec'07

Jun '08

Total

Banks

PublicAdministrationHouseholds

PropertyManagementCorporate

SEB Estonia SEB Latvia SEB Lithuania

Growth rates in local currency+38% +17% +40% +18% +47% +30%

2006 2007 2006 2007 2006 2007

+2%

2008 1H

+3% +8% 2008 1H 2008 1H

Credit Exposure – Baltic Banks on and off balanceSEKbn

31

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

SEBSwedbankDnB NordParex BankaSampoNordea

Estonia* Latvia Lithuania

* Swedbank & Sampo as per Q1 2008

0%

10%

20%

30%

40%

50%

0%

10%

20%

30%

40%

50%

0%

10%

20%

30%

40%

50%

32

Outline

Overview of the SEB Group

Earnings

Asset quality

Baltics

Bond portfolios

Funding and capitalisation

Appendices

33

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

ABS18%

Financials27%

Covered bonds21%

Cover pool24%

Corp, Gov't etc

10%

Merchant Banking 193Group Treasury 135

Other divisions 10

Total 338

SEB Bond Portfolio*30 June, 2008, SEKbn

34

Structured creditsVolume: SEK 61bn (71)AAA-rating: 97.2% (99.3)MTM losses highly dependent on seniority, underlying assets and vintage

Financial institutions Volume: SEK 53bn (55)MTM losses on all financial holdings, not only investment banks

Bond investment portfolio – status30 June, 2008 (31 December, 2007)

Covered bonds etc. SEK 12bn (5)

2007 Q1 08 Q2 08-1,769 -872

-1,630

-2,502

MTM (SEKm)

Equity -698

-66

-56 -2,384

-122-2,467

AccP/L -2,707

-5,091

35

Structured credits Financial institutions2007 Q1 08 Q2 08

P/L -41

-15-66

Equity

Acc-1,056

-626 -990 -1,631-1,682

-794 -1,891

-1,784 -3,522

2007 Q1 08 Q2 08P/L -26

-52-78

Equity

Acc-563-72 -438 -561

-635

-78 -667

-515 -1,228

+ Covered bonds etc accumulated -341

Bond investment portfolio – financial effects30 June, 2008, SEKm

2007 Q1 08 Q2 08-1,769 -872

-1,630

-2,502

MTM (SEKm)

Equity -698

-66

-56 -2,384

-122-2,467

AccP/L -2,707

-5,091

36

Bond investment portfolio – strategyLimit P/L volatility by increasing AFS portfolios and reducing HFT portfolios Reduce subprime holdings, primarily in the HFT portfolioReduce the credit spread risk through partial hedging (ITRAXX)

30 29

05

41

26

Structuredcredits

Financialinstitutions

Coveredbonds etc.

Q4 07 Q2 08

Held for trading (MTM over income)

Available for sale (MTM over equity)

SEK bn

51 49

114

10

1

Structuredcredits

Financialinstitutions

Coveredbonds etc.

43

29

11

2620

3

Structuredcredits

Financialinstitutions

Coveredbonds etc.

Q1 08

37

Outline

Overview of the SEB Group

Earnings

Asset quality

Baltics

Bond portfolios

Funding and capitalisation

Appendices

38

A range of short and long term funding options

CP Programmes– Sweden– France– Global CP

ECP

USCP

US Extendible

CD’s– Yankee CD– London Branch

CD’s– Yankee CD– London Branch

Senior unsecured bonds– Germany – Sweden

Structured bonds

Covered bonds– Germany

Public (Pfandbriefe)Mortgage (Pfandbriefe)

– Sweden (Säkerställda Obligationer)

Subordinated debt/Hybrid Tier 1

Short Term Funding programmes Long Term Funding programmes

39

Deposits – Interbank20%

Subordinated debt3%

Senior debt4%

Public covered bonds, Germany8%

Mortgage covered bonds, Germany2%

Mortgage covered bonds, Sweden9%CPs/CDs

9%

Schuldscheins and Reg Bonds

3%

Deposits – General Public

42%

Funding structureSEB Group, June 2008SEK 1,605bn

* Over collateral within covered pools SEK 78bn

404040

400600800

1,0001,200

Q12005

Q2 Q3 Q4 Q12006

Q2 Q3Q4 Q12007

Q2 Q3 Q4 Q12008

Q2

Lending to the publicSEKbn

Deposits from the publicSEKbn

Deposit Development

Deposits to loans ratio

400500600700800

Q12005

Q2 Q3Q4 Q12006

Q2Q3 Q4Q12007

Q2 Q3Q4 Q12008

Q2

30%

50%

70%

90%

2001 2002 2003 2004 2005 2006 2007 Q2 2008

Deposits to loans ratio

41

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

42

Capital adequacy SEB Group

7.9 8.0 7.8 7.5 8.2 8.6 8.6

10.5 10.2 10.3 10.8 11.5 11.0 10.8

Dec2002

Dec2003

Dec2004

Dec2005

Dec2006

Dec2007

Jun2008

Core capital ratio, % Total capital ratio, %

SEKbnCapital base 52.7 54.7 58.7 76.2 85.8 93.0 93.8Risk-w. Assets 503 535 570 704 741 842 871

Basel I 9.6%

Basel I 7.7%

Basel I 972

Basel II

43

Looking ahead

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

44

Outline

Overview of the SEB Group

Earnings

Asset quality

Baltics

Bond portfolios

Funding and capitalisation

Appendices

45

Key figuresSEB Group

Q2 Jan-Jun Q1 Q2 Jan-JunSEKm 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 19.8Cost / income ratio 0.62 0.65 0.69 0.55 0.56Credit 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 8.45Risk-weighted assets, SEKbn 871 871 817 783 783

Change

46

Profit and loss accountQ2 2008 vs. Q2 2007SEKm Q2 Q2 Change Excluding

2008 2007 % portfoliosNet interest income 4,421 3,939 12Net fee and commissions 3,909 4,544 -14Net financial income 1,161 1,345 -14Net 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 6Other expenses -2,098 -1,768 19Depreciation of assets -354 -342 4

Total operating expenses -6,445 -5,884 10Gain/loss tangible/intangible assets 1 -1Net credit losses etc -452 -280 61

Operating profit 3,507 4,554 -23 -22%Net profit 2,809 3,522 -20

47

Balance sheet Jun 2008 Mar 2008 Jun 2007

Cash and balances with central banks 27,557 17,728 26,063Loans to credit institutions 219,111 308,822 224,899Loans to the public 1,132,374 1,098,597 1,047,546Financial assets at fair value 597,723 694,111 682,881Available-for-sale financial assets 247,245 196,848 134,115Held-to-maturity investments 2,266 1,868 2,051Investment in associates 1,361 1,314 1,122Tangible and intangible assets 26,177 25,452 23,076Other assets 50,335 53,823 45,955

Total assets 2,304,149 2,398,563 2,187,708Deposits by credit institutions 397,601 455,707 413,283Deposits and borrowings from the public 757,904 764,567 715,037Liabilities to policyholders 211,938 213,046 218,958Debt securities 506,564 499,622 454,651Financial liabilities at fair value 229,285 256,961 198,920Other liabilities 83,129 87,273 75,717Provisions 1,265 1,338 1,747Subordinated liabilities 41,664 42,990 39,094Total equity 74,799 77,059 70,301

Total liabilities and equity 2,304,149 2,398,563 2,187,708

48

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 2.9 2.1 1.3 1.4 2.2 3.6 2.6Germany* 2.9 2.5 2.1 1.4 1.8 2.3 2.8 2.1Euro zone* 2.9 2.6 1.6 1.1 2.2 2.1 3.5 2.2Estonia* 11.2 7.1 -0.5 1.5 4.4 6.6 9.8 4.0Latvia* 12.2 10.3 0.5 1.5 6.7 10.1 15.5 8.8Lithuania* 7.7 8.8 5.5 4.0 3.8 5.8 11.5 8.0Russia 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

Sources: National statistical agencies, SEB* Harmonised consumer price index

49