This document provides an overview of Sweden's strong economy and SEB Bank. Sweden has a AAA credit rating, low unemployment, and a large budget surplus. SEB is one of the strongest banks in Northern Europe with over 5 million customers globally. It has a diversified income mix and strong capital ratios. SEB issues covered bonds using high quality residential mortgage collateral in Sweden and Germany to access stable long-term funding.

1. Investor presentation
Paris June 2008
1

2. Macroeconomics: Sweden

3. Sweden is one of the strongest
economies in Europe
Rated Aaa/AAA/AAA
2007 GDP growth was 2.6%
2008 forecast around 2½%
Large budget surplus
Stable housing market underpinned by
high employment levels and affluent
households
3

4. Strong government finances
4

5. Sweden has outperformed Euro Zone
The real domestic economy
slowing gradually as the
international economy
decelerates
Deceleration in private
consumption modest thanks to
good income growth and high
savings
Expected GDP growth of 2.4%
this year - close to Sweden’s
trend growth rate and stronger
than in the Euro Zone
5

6. Unemployment close to bottoming out,
inflation well contained
Unemployment
Unemployment will fall a bit Per cent of labour force
12 12
further and then slowly climb 10 10
8 8
Inflationary pressures will
6 6
remain for another six months 4 4
and then gradually ease 2 2
0 0
92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08
Source: Statistics Sweden
The Swedish Riksbank decided
to raise the repo rate to 4.25 in
mid February 2008
The large government surplus
will shrink on the back of slower
growth and expansive fiscal
policy
6

7. Overview of the SEB Group

8. SEB of today – an attractive platform
More than 5 million customers
Global top rankings within
several areas
21,000 employees
Customer centric organisation
2,500 large
corporates
&
institutions
Per cent of operating income
Merchant Banking
40%
Wealth Management Customer
centric
35%
Retail Banking
25%
Life
•5 million
400,000
private
SME’s
individuals
8

9. SEB history
1800 1900 2000
2004 Codan – Denmark
2004 Codan – Denmark
1856 Stockholms Enskilda Bank 1972 Stockholms Enskilda Bank
1856 Stockholms Enskilda Bank
founded and Skandinaviska Banken 2004 Bank Agio –
founded 2004 Bank Agio –
merge Ukraine
Ukraine
1864 Skandinaviska Banken
1864 Skandinaviska Banken
1982 SEB International
founded in Gothenburg 2005 Privatbanken
founded in Gothenburg 2005 Privatbanken
1997 Trygg Hansa – Norway
– Norway
1998 Acquisition of three 2006 SEB 150 years
2006 SEB 150 years
Baltic banks 2007 Merger SEB BoLån
2007 Merger SEB BoLån
1999 BfG – Germany and SEB AB
and SEB AB
2007 Factorial Bank -
2007 Factorial Bank -
Ukraine
Ukraine
9

10. Ratings of SEB AB
Rating 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
10

11. SEB’s income mix is different
0 20 40 60 80 100
Net fee income Net financial income Other income Net interest income
11

12. Share of operating profit
Jan – Dec 2007
Wealth
Other Merchant
Life
Germany
Management
Sweden Banking
5% 10%
Lithuania 6%
19% 8% 15%
Latvia 6% 37%
50%
5%
Estonia
4% 38%
8%
8%
Finland
Denmark
Norway Retail Banking
20%
Geography - Excl. capital gains of Baltic real estate sale
Divisions - Adjusted for Other and Eliminations
12

13. Positive jaws
SEB Group*, 12 month rolling SEKm
Income Expenses Operating profit
45,000
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1-
04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08
* Excluding restructuring costs and one-off charges of SEK 890m in Q4 2005
0.62 excluding
13.2 excluding
portfolios 20.8
portfolios
ROE %
19.3
Cost/income ratio Cost/income ratio
0.69
0.65 0.65 15.8
14.7
0.58 0.57
9.6
2004 2005 2006 2007 Q1 2008
2004 2005 2006 2007 Q1 2008
* 17.0 excluding one-off charges of SEK 890m in Q4 2005
* 0.62 excluding one-off charges of SEK 890m in Q4 2005
13

14. Strong balance sheet
Core capital
SEKbn
72.4
The strategic value
62.7 10.9
Support organic growth
7.7
Hybrid
Enable acquisitions
capital
+9.7 Create financial flexibility
quot;Book
55.0 61.6
equity quot;
Key driver:
Profit Growth
Mar 2007 Mar 2008
Core
8.3% 8.9%
capital
ratio
14

15. Asset quality

16. Credit exposure
– on and off balance
SEKbn
Mar 2008 Nordic German Baltic Total
Corporates 425 73 84 49% 581
41% 19% 36%
Property
Management 104 85 24 14% 213
10% 22% 13%
Households 302 88 56 33% 446
29% 23% 28%
Public Administration 18 74 4 96
2% 19% 2% 6%
Total non-banks 849 320 168 1,336
Banks 199 68 2 269
19% 18% 1% 17%
Total 1,048 387 170 1,605
65% 24% 11%
16

17. Level of Net Credit Losses
%
0,70
0,60
0,50
0,40
0,30
0,20
0,10
0,00
2003 2004 2005 2006 Jan-Sep 2007 Q1 2008 *
2007
Germany Baltics Nordics SEB Group
* Annualised
17

18. Funding

19. Short and long term funding
Short Term Funding Long Term Funding
CP Programmes CD’s
– Sweden – Yankee CD
– France – London Branch
– Global CP
Senior unsecured bonds
ECP – Germany
– Sweden
USCP
Structured bonds
US Extendible
Covered bonds
– Germany
CD’s Public (Pfandbriefe)
Mortgage (Pfandbriefe)
– Yankee CD
– Sweden (Säkerställda Obligationer)
– London Branch
Subordinated debt/Hybrid Tier 1
19

20. Covered bonds
– Strategic funding source using two funding centres
Sweden (Stockholm) Germany (Frankfurt)
Säkerställda Obligationer via Pfandbriefe via SEB AG
Skandinaviska Enskilda Banken
– German public Pfandbriefe
AB (publ)
Aaa (Moody’s)
– On tap domestic SEK issuance
– German mortgage Pfandbriefe
Aaa (Moody’s)
Aaa (Moody’s)
– Diversification via EUR
– Outstanding amounts Mar 2008
benchmark issuance
Mortgage Pfandbriefe:
– Outstanding amounts Mar 2008 EUR 4.1bn (SEK 38.2bn)
Swedish Covered Bonds: Public Sector Pfandbriefe:
SEK 144.4bn (EUR 15.4bn) EUR 11.3bn (SEK 106bn)
20

21. Overall funding structure
SEB Group, March 2008
SEK 1,598bn (~EUR 170bn)
CPs/CDs Mortgage covered
bonds, Sweden
Deposits
Mortgage covered
9%
10%
– General public
bonds, Germany
2%
45% Public covered
7%
bonds, Germany
3%
3%
Senior debt
21%
Subordinated debt
Deposits – Financial
institutions
● Over collateral within the Swedish covered pool 45% (7bn EUR) as of March 2008
● Free eligible asset pledgeable within central banks 22bn EUR after 5 % haircut
21

22. Deposit Development
Deposits from the public Lending to the public
SEKbn SEKbn
Q1 +14% yoy Q1 +8% yoy
800 1,200
700 1,000
600 800
500 600
400 400
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2005 2006 2007 2008 2005 2006 2007 2008
Deposits to loans ratio
100%
90%
80%
70%
60%
50%
40%
30%
2001 2002 2003 2004 2005 2006 2007 Q1
2008
22

23. Net liquidity position across maturities
31 March
SEKbn EURbn
300 32
10.9
7.7
200 22
100 11
0
0
1 week
2 weeks
4 weeks
2 months
3 months
4 months
5 months
6 months
9 months
12 months
23

24. The Swedish Housing Market and
SEB Cover Pool

25. House prices
Swedish house price growth
Year-on-year precentage change
16
House prices in Sweden have 14
risen each year in the past decade 12
10
8
6
4
2
0
-2
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
House price growth. 1995 = 100
Compared with other countries, 350
Swedish house price inflation has 300
been less dramatic 250
200
Riksbank expects house prices
150
100
continue to rise but at a slower 50
rate 0
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Denmark UK USA Sweden
25

26. The Swedish household sector
In recent months, household Household borrowing (Annual percentage change)
borrowing has increased at a 18
slightly slower rate than during
16
14
the past two years
12
10
8
Loans from mortgage 6
4
institutions still account for the 2
0
largest part of lending to -2
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
households Mortgage institutions Total
Household debt and post-tax interest expenditures in relation to
disposable income (Per cent)
The interest ratio is historically 20
200
18
180
still low and amounted to 4.4 per 16
160
cent of disposable income in 14
140
12
120
December 2007 10
100
8
80
Households’ debt ratio and the 6
60
interest ratio are expected to 4
40
2
20
rise slightly 0
0
1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007
Debt ratio (Left) Interest expenditure ratio (Right)
26

27. Duration of fixed interest periods for new
mortgage loans in Sweden 1997-2008
Per cent
100%
80%
60%
40%
20%
0%
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Variable rate Fixed > 3 months - 5 years Fixed > 5 years
Source: The Riksbank
27

28. The Swedish Covered Bond Act, 2004
Functional legislation (non-specialist principle)
Eligible collateral
– Residential property (75% LTV)
– Agricultural property (70% LTV)
– Commercial property (60% LTV, max 10% of collateral pool)
– Substitute assets max 20% of collateral pool
Holders of covered bonds have a preferential claim on the asset pool,
which is monitored by an independent inspector
– Asset pool, covered bonds and derivatives are separated from the
bankruptcy estate to allow for uninterrupted payments
Detailed regulations governing cover pool management
– Restrictive ALM rules including daily NPV matching and stress tests,
providing robust protection against market risks
– Regular valuation of mortgage values required by law, forcing issuer to
replenish pool in case of housing market downturn
– According to the law, loans in arrears for more than 60 days will not be
counted towards the value of the cover pool
28

29. Characteristics of SEB cover pool
March 2008
Loans originated by Skandinaviska Enskilda Banken AB (publ)
Pool notional SEK 213bn (EUR 23bn)
Type of loans 100% residential Swedish mortgages
Geographic distribution Across Sweden with a concentration in urban areas
Substitute assets No substitute assets are included
Number of loans 438,047
Average loan balance SEK 486,357 (EUR 52,000)
Average loan balance per property SEK 996,893 (EUR 107,000)
Weighted average LTV Approx 44 %
Weighted average seasoning Approx 40 months
Over Collateral 45%
Rate type Float 55%, Fixed 45%
Pool type Dynamic
Loans in arrears >60 days Will not be included in the matching calculations
but will remain in the cover pool
29

30. Distribution of the cover pool
By geography By property type
West excl North Multi Family
Single Family
Gothenburg
Stockholm
House
Tenant
4%
Gothenburg 10%
7% Owned
23%
18% 41%
67%
10%
12%
8%
South excl
Malmö
Malmö
East excl
Stockholm
30

31. The Swedish mortgage business
displays excellent asset quality
Non-performing amount Losses (Gross)
0.05%
0.04%
0.03%
0.02%
0.01%
0.00%
2003 2004 2005 2006 2007 2008*
Non-performing loans and loan losses (Gross) balances less than 1 bp
* 2008-03-31
31

32. Appendices

33. Bond Portfolio

34. Merchant Banking Bond Portfolios
31 March, 2008
Trading Investments
Credit & Portfolio Management
Capital Markets and other
13%
8%
47%
42%
58%
21%
11%
Structured credits Financial institutions
Corporate bonds Financial institutions
Covered bonds etc
Gov't Covered bonds
Volume SEK 91bn Volume SEK 131bn
34

35. Bond investment portfolio – status
31 March, 2008
Structured credits Financial institutions
Reduced volume: SEK 63bn (71) Unchanged volume: SEK 55bn (55)
AAA-rating: 98.3% (99.3) Rapid credit spread widening
MTM losses highly dependent on MTM losses on all financial holdings,
seniority, underlying assets and not only investment banks
vintage
Covered bonds etc. SEK 14bn (5)
Q3 07 Q4 07 Q1 08 Acc
MTM (SEKm) P/L -779 -990 -872 -2,641
Equity -291 -407 -1,630 -2,328
-1,070 -1,397 -2,502 -4,969
35

36. Distribution of Investment portfolio
31 March, 2008
Financial institutions Structured credits
SEK 55bn SEK 63bn Direct and
indirect
RMBS
exposure
DE 4% 35%
IT 6% SE 2%
FI 2%
NL 7% Sub
Other 8%
prime 3%
FR 10%
ABS
18%
CMO
13%
US 25%
ES 18%
CDO 7%
CMBS
7% CLO
UK 18% 17%
36

37. Main characteristics of structured
credits portfolio (ABS portfolio)
31 March, 2008
A high quality investment portfolio initiated 1998 with fixed income
securities eligible as central bank collateral
Total 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 assets
Current average remaining maturity ~4 years.
Current annual amortisation rate is SEK ~10 bn
37

38. Baltics

39. The Baltics: Sharp deceleration
from an extreme level
39

40. The Baltics: Imports diving in Estonia
and Latvia
40

41. Net credit losses
Estonia and Latvia entering next stage
Retail sales Credit growth in Estonia
Year-on-year percentage change 6.0%
Estonia Latvia Loan Growth, % mom
5.0%
40
4.0%
30 Mortgages, % Growth mom
3.0%
20
2.0%
10 1.0%
0 0.0%
-10 Jan- Mar- May- Jul-07 Sep- Nov- Jan- Mar-
01 02 03 04 05 06 07 08 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
41

42. Credit Exposure – on and off balance
SEB Baltic Banks, SEKbn
SEB Estonia SEB Latvia SEB Lithuania
76,4 78,6
Banks
23
22
56,3
51,1 50,6
Public
13
41,4 41,1 11
11
39,8
41,3 Administration
19 19 7
33,6 9
30,8 14 14 Households
14
25,0 5
8 10
7
10 5 5
8 7 41 42
4 35
5 3 Property
25
23 23 21 20
17 18 Management
14 14
Corporate
Dec Dec Dec Mar Dec Dec Dec Mar Dec Dec Dec Mar
'05 '06 '07 '08 '05 '06 '07 '08 '05 '06 '07 '08
2006 2007 Q1 2006 2007 Q1 2006 2007 Q1
+39% +19% -1% +40% +18% -1% +47% +30% +3%
Growth rates adjusted for SEK/EUR changes
42

43. Other

44. Share of operating profit
Jan – Mar 2008
Wealth Merchant
Germany Life
Management
Lithuania Sweden Banking
20% 4%
12%
12%
Latvia
16%
7%
32%
Estonia 1%
4%
Finland
58%
8%
40%
Denmark 6%
18%
Norway
Retail Banking
Geography - Adjusted for Other
Divisions - Adjusted for Other
44

45. Profit and loss account
Q1 2008 vs. Q1 2007
SEKm Q1 Q1 Change
2008 2007 %
Net interest income 4,223 3,767 12
Net fee and commissions 3,801 4,277 -11
Net financial income -161 1,311 -112
Net life insurance income 713 743 -4
Net other income 226 95 138
Total operating income 8,802 10,193 -14
Staff costs -3,899 -3,796 3
Other expenses -1,756 -1,678 5
Depreciation of assets -372 -328 13
Total operating expenses -6,027 -5,802 4
Gain/loss tangible/intangible assets 3 -
Net credit losses etc -368 -234 57
Operating profit 2,410 4,157 -42
Net profit 1,848 3,262 -43
45

46. 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%
15.3%
-11%
Retail Banking
Sweden -5%
Estonia -96%
Latvia +3%
22.2%
Wealth -17%
Lithuania +28%
Germany -44%
Management
Cards +6%
17.3%
-20%
Q1 2008
Life
Q1 2007
-42% 9.6%
0 1,000 2,000
46

47. Corporate credit exposure - by industry
9%
18%
12%
9%
28%
20%
4%
Finance and insurance Wholesale and retail
Transportation Other service sectors
Construction Manufacturing
Other
47

48. Capital adequacy
SEB Group
Core capital ratio, % Total capital ratio, %
Basel II
Basel I
11.5 11.1
11.0
10.8
10.5 10.0%
10.3
10.2
Basel I
8.9
8.6
8.2
8.0
7.9 7.8 7.5 8.0 %
Dec Dec Dec Dec Dec Dec Mar
2002 2003 2004 2005 2006 2007 2008
SEKbn
Capital base 52.7 54.7 58.7 76.2 85.8 93.0 91.0
Basel I
Risk-w. Assets 503 535 570 704 741 842 817
909
48

49. Improved quality of the capital base
100%
Strategy to improve the quality
16.9
21.9
and loss absorption capacity of
80%
the capital base: 12.8
14.3
– LT2 redemption in June 2007 11.2
7.7
replaced by hybrid tier 1 60%
68.2
capital in December 2007 61.9
– Hybrid tier 1 capital issued in 40%
December 2007 - enhanced
loss absorption capacity; 20%
cancellation of coupon
payments and write down of
0%
principal pre-liquidation March 2007 March 2008
Equity* Hybrid capital UT2 LT2
* Total equity in the capital adequacy
49

50. Wholesale Funding Structure
SEB Group, March 2008
SEK 581bn (~EUR 62bn)
Schuldscheine and Reg
CPs/
Bonds
CDs
Subordinated debt
7%
7%
Senior debt
28%
8%
18%
25%
7%
Public covered
bonds, Germany
Mortgage covered bonds, Mortgage covered bonds,
Germany Sweden*
* Over collateral within Swedish covered pool SEK 66 bn (7bn EUR)
50