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SEB Goldman Sachs Berlin June 2008
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SEB Goldman Sachs Berlin June 2008

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  • 1. Annika Falkengren CEO Goldman Sachs Berlin June 12 2008 1
  • 2. SEB's markets in Northern Europe GDP, growth per year, % Average, Baltic countries Average, Nordic countries Euro Zone 12 10 8 6 4 2 0 2006 2007 2008 (f) 2009 (f) 2
  • 3. This is SEB today Share of operating profit Q1 2008 Wealth Management Baltic Life countries Nordics 15% 20% 10% 18% Germany 4% 37% 38% 58% Retail Merchant Banking Banking Sweden 3
  • 4. 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 4
  • 5. Our strategy – The Road to Excellence Expand and Co-ordinate accelerate universal offering growth in areas Focus of strength Sustainable profit growth Focused growth in areas of strength Installing operational 2,500 large corporates 5 million private 400,000 SME’s & institutions individuals excellence Streamlining Merchant Retail Wealth Life Group Group IT Operations and integration Group Staff Norway Finland Germany Latvia Ukraine Russia Estonia Sweden Denmark Poland Lithuania From To 1 1 2 3 Productivity 2 3 OK 4 5 OK 2006 2007 2008 2009 2010 Proactivity 5
  • 6. Resilience from operational leverage Cost-management program SEB Way Status Q1 2008 Both front- and back-end processes 2007 – 2009: 30 % of all employees Commitment More than 800 FTEs freed up SEK 1.5 – 2bn Realised since start SEK 625m 6
  • 7. Strong balance sheet Core capital ratio Net liquidity position across maturities Basel II including transitional rules, % 31 March, SEKbn 300 8.9 SEB is match- funded approx. 7.2 one year 200 7.0 100 6.8 6.5 0 1 week 2 weeks 4 weeks 2 months 3 months 4 months 5 months 6 months 9 months 12 months * 6.4 (2007) * Danske has during 2008 started to report the full Basel II effect 7
  • 8. Capturing structural growth trends SEB is: Capital markets Creating demand for: Exploiting Trading, investment being the #1 banking, new asset Nordic classes Merchant Bank Demography Expanding the asset manage- Asset management, ment and life pension products insurance franchise Emerging markets Continued Local financial growth in services, int’l support Eastern for our clients Europe 8
  • 9. Leverage being the #1 Nordic Merchant Bank Global Transaction Services Corporate foreign exchange Custody, Cash management etc International ranking 3.2 Income, SEKbn 2008 2007 2.7 2.4 2.1 1.9 1 1 Citi 2 2 Deutsche Bank 3 4 HSBC 2003 2004 2005 2006 2007 Assets under Custody 11 10 BNP Paribas EUR bn 12 12 SEB Nordea SEB 600 13 13 Mitsubishi UFJ Fin 400 Grp 200 0 2002 2007 9
  • 10. Demographics supporting long-term savings Strong market position in all markets Market shares, gross premium income, unit-linked insurance SEB (%, 2007) Rank SEB Market share Competitors 1 Sweden* 22 2 Denmark 17 Estonia 2 28 Latvia 1 43 Lithuania 37 2 0% 20% 40% 60% 80% 100% * unit-linked (Sweden new sales) Net inflows in the Swedish mutual funds Cumulative FY 2007 and Q1 2008, SEKbn 15.2 -8.6 -13.6 -18.5 Robur SHB Nordea SEB 10
  • 11. Go East: A continued growth case Operating result country level; SEK millions 4,000 Lithuania Latvia 3,114* Estonia 3,000 +34% 2,320 +62% 2,000 1,428 250,000 new 1,000 customers during 2007 0 2005 2006 2007 * Adjusted for sale of Baltic real estate 11
  • 12. Managing a downturn in the Baltic countries Phase I - Actions to manage overheating Jan 06 Jul 06 Dec 06 2007 ● Concluding ● Further tightening ● Tightening of ● Overheating internal review of credit policy credit policy risks of Baltic incl. cautious communicated ● Raised attention to economies property mgmt currency risks ● Increased ● ROE priority > ● Collective capitalisation volume growth provisioning policy Credit growth per quarter 12% 10% 8% 6% 4% 2% 0% 2006 2007 2008 12
  • 13. Managing a downturn in the Baltic countries Phase II - Actions to manage correction Asset quality Targeted credit portfolio reviews Joint local and head-office work-out team Early conservative provisioning Business development Individual country approach Full integration in SEB Group to broaden product palette Develop relationships with existing and new customers 13
  • 14. SEB in Germany Retail Merchant Banking Banking Asset Commercial Management Real Estate 14
  • 15. Long-term objectives Sustainable profit Customer growth satisfaction: No 1 in chosen markets AA-rating Highest Return on Equity 15
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