1

Results2008

Annika Falkengren

2

A challenging start of the year!Per centGDP 2008

USA Euro-zone Sweden

MSCI World index

Source: Consensus Economics

Itraxx 5-year senior finacials index spread development

Source: Datastream

jan mar maj jul sep nov jan2007 2008

1,50

2,00

2,50

3,00

3,50

1,00

MSCI World Index (EUR)

80

90

100

110

120

130

2006-12-31 2007-03-31 2007-06-30 2007-09-30 2007-12-31 2008-03-31

3

Highlights Q1 2008

More cautious customer sentiment

Growing net interest income despite higher funding costs

Fee income down– Retail and Private Banking– Capital markets

MtM valuation losses SEK 0.9bn

Cost control

Increased credit losses in Estonia

Operating profit SEK 2.4bn

3.7

4.64.2

2.4

3.8

Q1-07 Q2-07 Q3-07 Q4-07 Q1-08

Operating profitSEKbn

4.6

4

4.3 3.8

Q1-07 Q1-08

Net fee and commission

42%

Net interest income

40%

Net financial

income 8%

Net life insurance income 7%

0.7 0.7

Q1-07 Q1-08

3.8 4.2

Q1-07 Q1-08

-0.2

1.3

Q1-07 Q1-08

Business mix and income developmentSEKbn

5

532 541501

538 564

Q1 07 Q2 07 Q3 07 Q4 07 Q1 08

Corporate lendingSEB Group

LithuaniaPrivate and Corporate lending

Continued stable volume growthSEKbn

1,6921,742

1,8041,746

46 50 54 59 60

Q1 07 Q2 07 Q3 07 Q4 07 Q1 08

Residential mortgagesSweden

179 186 192 199 204

Q1 07 Q2 07 Q3 07 Q4 07 Q1 08

Q1-07 Q1-08 Q1-07 Q1-08

Net fee and commissionsCustody and mutual funds Payments, cards, etc.

Net inflowsSwedish mutual funds Q1, SEKm

-4,445-6,312 -5,079

1,542

-3,091

Robur SHB Nordea SEB Others

66

3,767

4,223

3,8093,369

Q1 2007 Q1 2008

+12%

+13%Customer driven*

Total NII

* volumes and margins on lending and deposits

400600800

1,0001,200

Q12005

Q2 Q3 Q4 Q12006

Q2 Q3 Q4 Q12007

Q2 Q3 Q4 Q12008

Lending to the publicSEKbn Q1 +8% yoy

Deposits from the publicSEKbn

400

500

600

700

800

Q12005

Q2 Q3 Q4 Q12006

Q2 Q3 Q4 Q12007

Q2 Q3 Q4 Q12008

Q1 +14% yoy

Net interest incomeGroup, SEKm

7

Income deceleration in some areas

Retail SwedenNo of securities transactions

Q1 2008 – Q1 2007 Q1 2008 – Q4 2007

-30% -34%

+ corp fin intäkter I marknaden?

6874 79 78 77

Q1 07 Q2 07 Q3 07 Q4 07 Q1 08

Estonia and LatviaSEKbn

Q1 - 07 Q4 - 07 Q1 - 08

Trading and Capital Markets, Operating profit

OMX Stockholm Average turnover by valueSEKbn

0100200300

400500600

Jan-07 Mar-07 May-07 Jul-07 Sep-07 Nov-07 Jan-08 Mar-08051015

202530

Monthly turnover Average daily turnover

FX Equities Capital Structured CPMMarkets sales etc.

8

Bond investment portfolio

Limited rating actions (10 of 740)

Mark- to-market prices applied

Reduction of income volatility

Q4 07 Q1 08

Held for trading (MTM over income)

Available for sale (MTM over equity)

SEK bn

46% 54%37%

63%

Q4 07 Q1 08-990-407

-1,397

-872-1,630-2,502

Income

Equity

Total

Portfolio valuations, SEKmStatus and actions

9

*

*

Cost development

Cost management program 2007 - 2009

SEK -625m SEK 1.5 – 2.0bn

2007 2009

Achieved Target

2008 2010

Flat costs on a comparable basis

4% total cost growth due to acquisitions, pensions and investments in IT

10

0,000,200,400,600,80

2006 2007 Q1 2008 *

Baltics SEB Group

Collective provisions drive net credit losses, %

Net credit lossesEstonia and Latvia entering next stage

Credit growth in EstoniaYear-on-year percentage changeRetail sales

0,0%1,0%2,0%3,0%4,0%5,0%6,0%

Jan-07

Mar-07

May-07

Jul-07

Sep-07

Nov-07

Jan-08

Mar-08

Loan growth, % momMortgages, % growth mom

* annualised

-10

010

2030

40

01 02 03 04 05 06 07 08

Estonia Latvia

11

0 1 000 2 000

Life

WealthManagement

Retail Banking

MerchantBanking

Q1 2008Q1 2007

Changevs. Q1 2007

-50% (-5%)

-11%

-17%

-20%

ROEQ1 2008

10.8% (20.4%)

15.3%

22.2%

17.3%

Operating profit per divisionQ1 2008 vs. Q1 2007SEKm Excl.

portfolio losses

GTS +1%TCM excl portfolios -12%Corp.Banking - 2%

Sweden -5%Estonia -96%Latvia +3%Lithuania +28%Germany -44%Cards +6%

-42% 9.6%

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Key figuresChange

SEKmQ1 Q1 Q4 portfolios

2008 2007 2007 Q1 – Q1

Operating income 8,802 -14% -12% -5%Operating expenses -6,027 4% 2%Operating profit 2,410 -42% -47% -20%Net profit 1,848 -43% -51%

Return on Equity, % 9.6 19.0 20.2 13.2 Cost / income ratio 0.69 0.57 0.59 0.62 Credit loss level, % 0.13 0.10 0.13

RWA, Basel I, SEKbn 909 796 892Core capital ratio, Basel II 8.85 8.33 8.63

Excluding

13

The jury is still out…

● Continued financial turbulence?● Slowdown in real economy?● Falling capital expenditure? ● Hard landing in Baltic countries?

● Transparency renews trust?● Resilience among consumers?● Alignment of risk and pricing?● Acquisition opportunities?

14

62,772,4

2007 2008

Core capitalSEKbn

Hybridcapital

"Bookequity" 55.0 61.6

7.710.9

8.3% 8.9%Core

capital ratio

+9.7

Net liquidity position across maturities 31 March, SEKbn

Strong balance sheet

0

100

200

300

1 week

2 weeks

4 weeks

2 months

3 months

4 months

5 months

6 months

9 months

12 months

Mar Mar

15

Operational excellence (SEB Way)

Private Banking private clients StockholmNet New Money (SEKm)

38 % of all staff180 transformations100 navigators

SEB Way – since launch 2006

550

Q1 2007 Q1 2008

1 280+130%

550

16

Product innovation

IT

One IT Roadmap

Add-on acquisitions

Investments – the long-term view

Customer acquisition

17

The leading bank in Northern Europe

Customer satisfaction: No 1 in chosenmarkets

Sustainable profit growth

Highest Return on Equity

AA-rating

Long-term objectives

18