Per-Arne Blomquist, CFO of SEB, discusses maintaining growth while managing risks at a Morgan Stanley conference. He summarizes that SEB aims to [1] exploit long-term credit growth potential while maintaining strong asset quality, and [2] has built a balanced business platform through operational excellence initiatives that has delivered profitable growth. SEB will continue focusing on organic growth in core areas and making selective acquisitions to take advantage of growth opportunities.

1. Per-Arne Blomquist
CFO
Growth and
risk management
as the cycle turns
Morgan Stanley conference
2 April 2008
1

2. The challenge
Risk
Growth
...exploit the long-term growth
...while maintaining strong short-
potential of credit growth and
and long-term asset quality.
new sources of income...
2

3. Fundamentals: capital and liquidity
Core capital Net liquidity position across maturities
SEKbn SEKbn
300
72.7
10.9
60.7
Hybrid 7.5
200
capital
+12.1
quot;Book
53.1 61.8
equity quot;
100
0
1 week
2 weeks
4 weeks
2 months
3 months
4 months
5 months
6 months
9 months
12 months
Dec 2006 Core Dec 2007
capital
8.2% 8.6%
ratio
3

4. SEB has built a platform for growth…
Phase I Phase II
Operational Focused growth in
Excellence areas of strength
Nordic peers
Indexed Operating profit
180
160
140
120
100
80
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
04 05 05 05 05 06 06 06 06 07 07 07 07
SEB
2008
2006 2007 2010
2009
Peer average
Increasingly shifting
Primarily productivity
towards growth
focus
4

5. …and achieved a balanced business mix…
Operating profit split Jan – Dec 2007
Divisions Geography
Life Other
Wealth Baltic
Nordic 5%
10% countries
countries
20%
20%
15%
37%
6%
MB Germany
38%
49%
Retail
Sweden
Note: Adjusted for negative profit of Other Note: Adjusted for sale of SEB´s Baltic real estate
5

6. … which delivered in 2007
SEKm ROE
Growth
vs. Jan-Dec 2006 Jan-Dec 2007
Merchant
Banking*
-13% 17.6%
Retail Banking
+26% 20.8%
Wealth
+12% 34.5%
Management
+19% 21.1%
Jan-Dec 2007
Life
Jan-Dec 2006
0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000
*Merchant +10% excl. SEK 1.8bn MTM effects on portfolios in 2007
6

7. Improved operating leverage
SEB Group*, SEKm 12 month rolling
Income Expenses Operating profit
45,000
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
Q1-05 Q2-05 Q3-05 Q4-05 Q1-06 Q2-06 Q3-06 Q4-06 Q1-07 Q2-07 Q3-07 Q4-07
* Excluding restructuring costs and one-off charges of SEK 890m in Q4 2005
Operational
Integration of excellence
support functions (SEB Way)
7

8. Bond investment portfolio
2007: MTM losses over income of SEK 1.8bn and over equity of SEK 0.7bn
Structured credits Investment portfolio
SEK 131bn
SEK 71bn
Financial
AAA-rating: 99.3% - no rating actions Structured institutions
credits 54%
MTM losses highly dependent on 42%
seniority, underlying assets and
vintage
Financial institutions
SEK 55bn
Rapid credit spread widening
MTM losses on all financial holdings, Covered
not only investment banks bonds 4%
8

9. Growth strategy
Organic growth Structural growth
Expand and
Exploit
accelerate
synergies and
growth in areas
‘best practice’
of strength
Maintain multiple growth engines and efficient support functions
9

10. Example: Controlled Baltic growth…
Credit exposure growth, Baltic countries
Credit risk management
%
Jan – Dec 2007 Jan – Dec 2006
Gradual tightening of credit and
portfolio policies requirements 30
since Q4 2005 SEB in
Lithuania
47
Reviewed KPI’s for business
people
18
More selective approach to SEB in Latvia
more risky industries 40
Training program for client
executives 19
SEB in
Estonia
39
Stringent loan portfolio quality
monitoring procedures
10

11. …while maintaining long-term potential
Baltics
Sweden
Growth areas and priorities
70
GDP/Capita Long-term savings, e.g.
SEK thousand – Insurance
313
– Mutual funds
– Structured investment products
Development of cash management
63
Lending/GDP services
Per cent 117
Sophisticated SME and corporate
banking products/solutions
Selective distribution growth, e.g.,
1.9 Lithuanian branch network
Bank income/
expansion
Capita 15.3
SEK thousand
11

12. Example: SEB’s entry to Ukraine
A step-wise approach to nation-wide coverage
Participation in consolidation
of an under-penetrated
banking market with long-
term growth potential
Manageable size of
operations
The combination of local
knowledge and international
competences will
differentiate SEB in the
market
2004 2005 2006 2007
SEB Life Acquisition of
Restructuring Rebranding
Acquisition of
registration Factorial Bank
Bank Agio
12

13. Example: SEB’s hedge fund offering
Meeting customers’ demand for alternative products
AuM hedge funds
Capture fast growing SEKbn
50
customer demand for 45
alternative investment
40
products
Key Asset 35
Management
Accelerated growth and
30
increased know-how from
acquisition of Key Asset 25
Management 20
15
10
5
0
2005 2006 2007
Colours display range of hedge fund product offering
13

14. Maintain and leverage SEB’s capital and liquidity position
Exploit strong franchise in an attractive region
Deliver Operational Excellence and Profitable growth
Exceed customers’ expectations!
14

15. 15