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
2

3. Key figures
Net Interest Income
SEB Group SEKbn
Q2 Jan-Jun 4.4 4.4
4.2
3.9 3.9
2008 2008
Operating income 10,403 19,205
Of which:
Net interest income 4,421 8,644
Net fee and commissions 3,909 7,710 Q2 -07 Q3 -07 Q4 -07 Q1 -08 Q2 -08
Net financial income 1,161 1,000
Operating profit
Operating expenses 6,445 12,472 SEKbn
4.6*
4.6
Operating profit 3,507 5,917
3.7 3.5
3.8
Return on Equity, % 15.2 12.4 2.4
Cost / income ratio 0.62 0.65
Credit loss level, % 0.17 0.15
Q2-07 Q3-07 Q4-07 Q1-08 Q2-08
Core capital ratio, % Basel II 8.64 8.64 * Including sales of Baltic properties of SEK 785m
3

4. High business activity – Merchant Banking
Merchant Banking: Operating Income Portfolio valuations, SEKm
SEKm Accumulated
Q2 07 Q1 08 Q2 08 since
Q2 08 Q3 07
2,000
Income -66 -2,707
Equity -56 -2,384
Total -122 -5,091
Portfolios
1,000
Q2 08
Available Held for
89%
for sale trading
11% (MTM over
(MTM over
income)
equity)
0
TCM excl Corporate GTS
CPM Banking
4

5. High business activity – long-term savings
Swedish mutual funds: net inflows Life – Total sales
Jan-Jun, SEKbn SEKbn
3.8 13.3
12.0 12.0 11.9
10.7
9.7
-3.0
-7.2 -8.5
-13.3
Q1-07 Q2 Q3 Q4 Q1-08 Q2
Robur SHB Nordea SEB Others
Private Banking – Net sales
SEKbn
5.8
4.9
4.1
3.5
2.9 2.6
Q1 Q2 Q3 Q4 Q1 Q2
2007 2008
5

6. High business activity – Retail Sweden
Retail Sweden household mortgages Retail Sweden, SME segment
Lending, SEK billions Cash management customers (thousands)
90
207
201
196
189
183
176
173 80
+ 5,200
70
60
Income
growth +6%
50
2005 2006 2007 2008
Q4 06 Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08
Growth +2.3% +3.9% +3.1% +3.6% +2.3% +3.5%
rates
6

7. Volume growth supported
by strong capital
Risk-weighted assets (Basel I) Core capital ratios
Q1 2007 - Q2 2008, SEKbn Per cent
600 10
+26% Basel II Basel I
+13%
500
9
400
8
300
200
7
100
6
0
Q1 Q2 Q3 Q4 Q1 Q2
Merchant Banking Retail Banking
2007 2007 2007 2007 2008 2008
7

8. Net liquidity position across maturities
30 June, SEKbn
250
SEB is match-
200 funded approx.
one year
SEK 113bn in long-term funding
150
raised in H1 2008
Examples of transactions:
100
April: Euro covered bond at spread
of 17 bps
50
May/June: Euro floating rate notes
at spread of 48 bps
0
-50
1 week
2 weeks
4 weeks
2 months
3 months
4 months
5 months
6 months
9 months
12 months
8

9. Cost development
~4% total cost growth due to acquisitions, pensions and One IT Roadmap
SEK 202m in efficiency gains achieved in H1
Cost management program 2007 - 2009
Achieved Target
SEK -748m SEK 1.5 – 2.0bn
*
2007 2008 2009 2010
*
9

10. Cost dynamics
H1 2008, 2007 & 2006
2008 2007 2006
SEK 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%
10

11. Baltic countries:
economic slowdown accelerates
Annual GDP growth
Per cent Estonia Latvia Lithuania
15
10
5
0
2002 2003 2004 2005 2006 2007 2008 (f) 2009 (f)
-5
SEB’s credit exposure
Estonia Latvia Lithuania
Corporate Property Management Households Public Administration Banks
SEKbn 83
79
76
50 51
49
41 42
41
2007 Q1 08 Jun 08
Q2 '08 2007 Q1 08 Q2 08 2007 Q1 08
Mar '08 Q2 08
Dec '07 Mar '08 Dec '07 Mar '08 Jun '08 Dec '07 Jun '08
+3%
+18% -1% +30% +3% +4%
+17% 0% +2%
Growth rates in local currency
11

12. Credit losses increase in Estonia
Group credit exposure Net credit losses
Total exposure = SEK 1,631bn Q1 2007 - Q2 2008, SEKm
250
200
150
Non-Baltic 100
89% 50
0
Estonia Latvia Lithuania SEB Group
excl. Baltics
60 days past due in SEB’s portfolio
Per cent
Estonia Latvia
2.0%
Estonia 1.5%
3% Latvia 1.0%
Lithuania
3% 0.5%
5% 0.0%
Jun Dec Jun Dec Jun
2006 2007 2008
12

13. SEB in Germany
SEB in Germany: Operating profit Retail Germany: Operating profit
SEKm SEKm
136 134
74
843 60
807
-22
189
-226
-244
H1 07 H2 H1 08 H1 05 H2 H1 06 H2 H1 07 H2 H1 08
Distribution of Operating profit
Jan – Jun 2008
Other
91 % business
9%
Retail
13

14. Looking ahead
● Strong capital and liquidity
● Top line growth
● Continued investments
● Cost efficiency
14

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