1

www.sebgroup.com

Facts & FiguresJanuary – June 2008

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PageSEB Group 3 – 30Asset quality 31 – 40Bond portfolios 41 – 48Divisions 49 – 55Merchant Banking 56 – 66Retail Banking 67 – 92Wealth Management 93 – 104Life 105 – 120Macro update 121 – 128

Contents

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SEB has…an attractive platformhigh customer satisfactionstable profit growthseveral leading positions

...a strong customer base2,500 customers are large companies and financial institutions400,000 SME customers5 million private customers

3

SEB – the key to North-European markets

4

Business Support/Group StaffJan Erik Back / Ingrid Engström / Hans Larsson

Internal Audit

Agneta Brevenhag

Group Credits & Group Risk Control

Johan Andersson

President & CEO

Annika Falkengren

Merchant Banking

Magnus Carlsson

Retail Banking

Bo Magnusson

Life

Anders Mossberg

WealthManagementFredrik Boheman

SEB's organisation

5

Share of operating profitJan – Jun 2008

14%

8%5%

2%5%

6%

12%48%

GermanySweden

42%

35%

10%13%

Retail Banking

Wealth Management

Life Merchant Banking

Geography - Adjusted for OtherDivisions - Adjusted for Other

Lithuania

Latvia

Estonia

Norway

Finland

Denmark

6

Ratings of Skandinaviska Enskilda Banken ABRating 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 Stable Stable

Last Action Outlook change Upgrade Outlook change Initial rating

Date Jul-07 Oct-06 Jul-08 Dec-06

7

Key figuresSEB Group

Q2 Jan-Jun Q1 Q2 Jan-JunSEKm 2008 2008 2008 2007 2007

Operating income 10,403 19,205 18% -3% -8%Operating expenses 6,445 12,472 7% 10% 7%Operating profit 3,507 5,917 46% -23% -32%Net profit 2,809 4,657 52% -20% -31%

Return on Equity, % 15.2 12.4 9.6 20.7 19.8Cost / income ratio 0.62 0.65 0.69 0.55 0.56Credit loss level, % 0.17 0.15 0.13 0.12 0.11

Basel II Core capital ratio, % 8.64 8.64 8.85 8.45 8.45Risk-weighted assets, SEKbn 871 871 817 783 783

Change

8

Profit and loss accountQ2 2008 vs. Q2 2007SEKm Q2 Q2 Change Excluding

2008 2007 % portfoliosNet interest income 4,421 3,939 12Net fee and commissions 3,909 4,544 -14Net financial income 1,161 1,345 -14Net life insurance income 642 642 -Net other income 270 249 8

Total operating income 10,403 10,719 -3 -2%Staff costs -3,993 -3,774 6Other expenses -2,098 -1,768 19Depreciation of assets -354 -342 4

Total operating expenses -6,445 -5,884 10Gain/loss tangible/intangible assets 1 -1Net credit losses etc -452 -280 61

Operating profit 3,507 4,554 -23 -22%Net profit 2,809 3,522 -20

9

Profit and loss accountQ2 2008 vs. Q1 2008SEKm Q2 Q1 Change Excluding

2008 2008 % portfoliosNet interest income 4,421 4,223 5Net fee and commissions 3,909 3,801 3Net financial income 1,161 -161 -Net life insurance income 642 713 -10Net other income 270 226 19

Total operating income 10,403 8,802 18 9%Staff costs -3,993 -3,899 2Other expenses -2,098 -1,756 19Depreciation of assets -354 -372 -5

Total operating expenses -6,445 -6,027 7Gain/loss tangible/intangible assets 1 3 -67Net credit losses etc -452 -368 23

Operating profit 3,507 2,410 46 12%Net profit 2,809 1,848 52 8%

10

Profit and loss accountJan – Jun 2008 vs. Jan – Jun 2007SEKm Jan – Jun Jan – Jun Change Excluding Jan – Dec

2008 2007 % portfolios 2007Net interest income 8,644 7,706 12 15,998Net fee and commissions 7,710 8,821 -13 17,051Net financial income 1,000 2,656 -62 3,239Net life insurance income 1,355 1,385 -2 2,933Net other income 496 344 44 1,219Total operating income 19,205 20,912 -8 -8 40,440Staff costs -7,892 -7,570 4 -14,921Other expenses -3,854 -3,446 12 -6,919Depreciations/amortisations -726 -670 8 -1,354Total operating expenses -12,472 -11,686 7 -23,194Gain/loss tangible/intangible assets 4 -1 788Net credit losses etc -820 -514 60 -1,016Operating profit 5,917 8,711 -32 -31 17,018Net Profit 4,657 6,784 -31 -30 13,642

11

Operating profit

01,0002,0003,0004,0005,0006,000

Q1-04

Q2-04

Q3-04

Q4-04

Q1-05

Q2-05

Q3-05

Q4-05

Q1-06

Q2-06

Q3-06

Q4-06

Q1-07

Q2-07

Q3-07

Q4-07

Q1-08

Q2-08

SEB GroupIncome, Expenses and Operating profit, SEKm

*

* One-off charges of SEK 890m in Q4 2005 ** Including sales of Baltic properties in Q4 2007 of SEK 785m

**

0

2,000

4,000

6,000

8,000

10,000

12,000

Q1-04

Q2-04

Q3-04

Q4-04

Q1-05

Q2-05

Q3-05

Q4-05

Q1-06

Q2-06

Q3-06

Q4-06

Q1-07

Q2-07

Q3-07

Q4-07

Q1-08

Q2-08

Excluding portfolios Income Expenses

*

12

3,939

4,421

-13

132 4972

242

Q2 2007 Lendingmargin

Lendingvolume

Depositmargin

Depositvolume

Funding &other

Q2 2008

Net interest income analysisSEB Group Q2 2008 vs. Q2 2007SEKm

13

4,2234,421

128

151377

-35

Q1 2008 Lendingmargin

Lendingvolume

Depositmargin

Depositvolume

Funding &other

Q2 2008

Net interest income analysisSEB Group Q2 2008 vs. Q1 2008SEKm

14

7,706

8,644

258

218

127483

-148

Jan – Jun2007

Lendingmargin

Lendingvolume

Depositmargin

Depositvolume

Funding &other

Jan – Jun2008

Net interest income analysisSEB Group Jan – Jun 2008 vs. Jan – Jun 2007SEKm

15

Net interest and Net fee and commission incomeSEB Group, SEKm

0

1,000

2,000

3,000

4,000

5,000

Q1-04

Q2-04

Q3-04

Q4-04

Q1-05

Q2-05

Q3-05

Q4-05

Q1-06

Q2-06

Q3-06

Q4-06

Q1-07

Q2-07

Q3-07

Q4-07

Q1-08

Q2-08

Net interest income Net fee and commissions

16

Fee and commission incomeGross quarterly development Q1 2004 – Q2 2008 SEB Group, SEKm

0

500

1,000

1,500

2,000

2,500

New issues &advisory

Secondarymarket &

derivatives

Custody &mutual funds

Payment, cards,structuredlending,

deposits,guarantees

Other

Deal driven

Securitiestransaction

driven

Value driven –performance

driven Non-capital market driven

Capital market driven

*

* Q2 2006 adjusted for gross commission on security lending, SEK 200m

17

-400

-200

0

200

400

600

800

1,000

1,200

1,400

1,600

Net financial income Net life insurance income Net other income

Net financial, Life and Other insurance incomeQuarterly development Q1 2004 – Q2 2008 SEB Group, SEKm

18

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

Staff costs Other expenses Restructuring costs

Cost development per quarterQuarterly development Q1 2004 – Q2 2008* SEB Group, SEKm

* Include capitalisation of acquisition cost in Life from Q1 2005 – onwards** One-off charges of SEK 890m in Q4 2005

**

19

Cost managementTotal expenses, Jan – Jun 2008 vs. Jan – Jun 2007SEKm

12,63511,686

12,472

493

840 56

44039

202

Jan-June2007

Inflation Organicgrowth +

Acq

Depreciation Variablesalaries

Cost beforeefficiency

gains

Efficiencygains

Redundancycost

Jan-June2008

*

• Investments for operational excellence of SEK 370m included• Organic growth of SEK 362m• Acquisitions of KAM, Factorial of SEK 108m

*

SEK 748m from the start

of 2007

20

21.1

13.215.514.7

15.8

20.8

15.2

9.6

19.3

2004 2005 2006 2007 Q1 2008 Q2 2008

Excluding portfoliosReturn on Equity

*

* 17.0 excluding one-off charges of SEK 890m in Q4 2005

Return on equitySEB Group, per cent

21

0.65 0.650.58 0.57

0.690.62

0.620.620.55

2004 2005 2006 2007 Q1 2008 Q2 2008

C/I ratio Excluding portfolio losses

Cost/income ratioSEB Group

*

* 0.62 excluding one-off charges of SEK 890m in Q4 2005

22

21.83

3.62 4.17

10.8312.58

18.72

4.102.70

19.97

2004 2005 2006 2007 Q1 2008 Q2 2008

Excluding portfolios

Equity per share

Basic earnings per shareSEB Group, SEK

*

* 13.54 excluding one-off charges of SEK 890m in Q4 2005

23

12 month rolling SEB Group*, SEKm

* Excluding restructuring costs and one-off charges of SEK 890m in Q4 2005

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

Q1-04

Q2-04

Q3-04

Q4-04

Q1-05

Q2-05

Q3-05

Q4-05

Q1-06

Q2-06

Q3-06

Q4-06

Q1-07

Q2-07

Q3-07

Q4-07

Q1-08

Q2-08

Income

Expenses

Operatingprofit

24

Assets under managementSEB Group, SEKbn

Assets under management year-end 2007 1,370Inflow 141 (10%)Outflow -121 (-9%)Acquisition/disposal net 17Change in value -112 (-8%)

Assets under management June 2008 1,295 ** Of which:Retail Banking 87Wealth Management 1,217Life 408

25

SEB Group net inflow AuM Jan – June 2008, SEKbn

5.6

-3.1

0.40.620.0

Sweden OtherNordic

Germany Balticcountries& Poland

Other &Elim

Group

16.5

26

Balance sheet Jun 2008 Mar 2008 Jun 2007

Cash and balances with central banks 27,557 17,728 26,063Loans to credit institutions 219,111 308,822 224,899Loans to the public 1,132,374 1,098,597 1,047,546Financial assets at fair value 597,723 694,111 682,881Available-for-sale financial assets 247,245 196,848 134,115Held-to-maturity investments 2,266 1,868 2,051Investment in associates 1,361 1,314 1,122Tangible and intangible assets 26,177 25,452 23,076Other assets 50,335 53,823 45,955

Total assets 2,304,149 2,398,563 2,187,708Deposits by credit institutions 397,601 455,707 413,283Deposits and borrowings from the public 757,904 764,567 715,037Liabilities to policyholders 211,938 213,046 218,958Debt securities 506,564 499,622 454,651Financial liabilities at fair value 229,285 256,961 198,920Other liabilities 83,129 87,273 75,717Provisions 1,265 1,338 1,747Subordinated liabilities 41,664 42,990 39,094Total equity 74,799 77,059 70,301

Total liabilities and equity 2,304,149 2,398,563 2,187,708

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Relationship Deposits from and Lending to the public 2001 – 2008

30%

40%

50%

60%

70%

80%

90%

100%

2001 2002 2003 2004 2005 2006 2007 Q22008

Deposits to loans ratio

28

Deposits – Interbank20%

Subordinated debt3%

Senior debt4%

Public covered bonds, Germany8%

Mortgage covered bonds, Germany2%

Mortgage covered bonds, Sweden9%CPs/CDs

9%

Schuldscheins and Reg Bonds

3%

Deposits – General Public

42%

Funding structureSEB Group, June 2008SEK 1,605bn

* Over collateral within covered pools SEK 78bn

29

Net liquidity position across maturities30 June, SEKbn

-50,000

0

50,000

100,000

150,000

200,000

250,000

1 week

2 weeks

4 weeks

2 months

3 months

4 months

5 months

6 months

9 months

12 months

SEB is match-funded approx.

one year

30

Capital adequacy SEB Group

7.9 8.0 7.8 7.5 8.2 8.6 8.6

10.5 10.2 10.3 10.8 11.5 11.0 10.8

Dec2002

Dec2003

Dec2004

Dec2005

Dec2006

Dec2007

Jun2008

Core capital ratio, % Total capital ratio, %

SEKbnCapital base 52.7 54.7 58.7 76.2 85.8 93.0 93.8Risk-w. Assets 503 535 570 704 741 842 871

Basel I 9.6%

Basel I 7.7%

Basel I 972

Basel II

31

Asset quality

32

Jun 2008 (Dec 2007) Nordic German Baltic Total

Corporates 447 (416) 84 (72) 85 (85) 616 (572)

Property Management 111 (100) 92 (87) 25 (24) 229 (210)

Households 314 (292) 91 (87) 58 (55) 463 (434)

Public Administration 19 (18) 71 (66) 5 (3) 95 (88)

Total non-banks 892 (826) 338 (312) 173 (166) 1,403 (1,304)

Banks 175 (187) 50 (58) 3 (3) 227 (248)

Total 1,067 (1,013) 388 (369) 176 (169) 1,631 (1,552)

Credit exposure – on and off balanceSEKbn

33

Dec -05 Dec -06 Dec -07 Mar -08 Jun -08Corporates 494 485 572 581 616

Property Management 192 191 210 213 229

Households 319 374 434 446 463

Public Administration 125 97 88 96 95

Total non-banks 1,130 1,146 1,304 1,336 1,403Banks 198 169 248 269 227

Total 1,328 1,315 1,552 1,605 1,631

Credit exposure – on and off balanceSEKbn

34

17 22 21 18 21 2135 41 438 8 8

4 5 5

711 12

1419 20

1014 14

13

22 2456

424134

515041

8376

Dec'06

Dec'07

Jun '08 Dec'06

Dec'07

Jun '08 Dec'06

Dec'07

Jun '08

Total

Banks

PublicAdministrationHouseholds

PropertyManagementCorporate

SEB Estonia SEB Latvia SEB Lithuania

Growth rates in local currency+38% +17% +40% +18% +47% +30%

2006 2007 2006 2007 2006 2007

+2%

2008 1H

+3% +8% 2008 1H 2008 1H

Credit Exposure – Baltic Banks on and off balanceSEKbn

35

240 269 330 35379 105

104 110

Dec 2005 Dec 2006 Dec 2007 Jun 2008

Mortgage Other434

319 374463

Credit exposure – HouseholdsSEKbn

36

101 110 135 147

91 8175 82

Dec 2005 Dec 2006 Dec 2007 Jun 2008

Commercial Multi-family

192 210191229

Credit exposure– Property management SEKbn

37

Impaired loans and reservesSEKm

Dec 2005 Dec 2006 Dec 2007 Jun 2008Impaired loansNon-performing, gross (60 days) 7,957 7,123 7,619 8,247Performing, gross 1,144 1,403 772 846Impaired loans, gross 9,101 8,526 8,391 9,093Specific reserves 4,787 4,234 3,787 3,810Collective reserves 2,283 2,170 2,602 2,696Off-balance sheet reserves 268 215 209 170Total reserves 7,338 6,619 6,598 6,676Reserve ratio 77.7% 75.1% 76.1% 71.5%

38

0.000.100.200.300.400.500.600.700.80

2003 2004 2005 2006 2007 Q12008*

Q22008*

Germany Baltics Nordics SEB Group

* Annualised

Level of Net Credit Losses, %

Estonia 1.68Latvia 0.48Lithuania 0.17Baltics 0.73

39

Credit losses and build up of reserves SEKm

Sum Average/ Jan – Jun Jan – Jun Change8 quarters quarter 2007 2008

Net credit losses, quarterly 2006 – 2008ProvisionsNet collective provisions -368 -46 - 334 -101 233Specific provisions -1,832 -229 - 322 -599 -278Reversals of specificprovisions no longer required 835 104 162 123 -39Net provisions for contingent liabilities 22 3 24 3 -21Net provisions (build-up of reserve) -1,344 -168 - 470 -574 -104Write-offsTotal write-offs -2,835 -354 - 483 -699 -179Reversal of specific provisionsutilized for write-offs 1,509 189 255 418 126Write-offs not previously provided for -1,326 -166 - 228 -281 -53Recovered from previous write-offs 479 60 178 43 -135Net write-offs -847 -106 -50 -238 -188Total credit losses net -2,191 -274 -520 -812 -292

40

Credit losses and build up of reserves quarterly developmentSEKm

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2Net credit losses, quarterly 2006 2006 2007 2007 2007 2007 2008 2008

ProvisionsNet collective provisions -89 212 -114 -220 -71 15 -112 11Specific provisions --124 -455 -245 -77 -100 -231 -190 -409Reversals of specific provisions no longer required 133 173 75 87 80 163 44 79Net provisions for contingent liabilities 1 10 31 -7 8 -24 1 2

Net provisions (build-up of reserve) -80 -60 -253 -217 -83 -77 -257 -317

Write-offsTotal write-offs -334 -444 -243 -240 -350 -562 -332 -367Reversal of specific provisionsutilized for write-offs 196 221 124 131 214 242 201 217

Write-offs not previously provided for -138 -223 -119 -109 -136 -320 -131 -150Recovered from previous write-offs 81 62 135 43 30 85 24 19

Net write-offs -57 -161 16 -66 -106 -235 -107 -131

Total credit losses net -137 -221 -237 -283 -189 -312 -364 -448

41

Bond portfolios

42

*Net of short and fully matched positions; excluding holdings in the insurance business

ABS18%

Financials27%

Covered bonds21%

Cover pool24%

Corp, Gov't etc

10%

Merchant Banking 193Group Treasury 135

Other divisions 10

Total 338

SEB Bond Portfolio*30 June, 2008, SEKbn

43

Capital Markets and other14%

24%

1%

61%

Corporate bonds Financial institutions

Gov't Covered bonds

Credit & Portfolio Management

49%42%

9%Structured credits Financial institutions

Covered bonds etc

Trading Investments

Merchant Banking Bond Portfolios30 June, 2008

Volume SEK 67bn Volume SEK 126bn

44

Structured creditsVolume: SEK 61bn (71)AAA-rating: 97.2% (99.3)MTM losses highly dependent on seniority, underlying assets and vintage

Financial institutions Volume: SEK 53bn (55)MTM losses on all financial holdings, not only investment banks

Bond investment portfolio – status30 June, 2008 (31 December, 2007)

Covered bonds etc. SEK 12bn (5)

2007 Q1 08 Q2 08-1,769 -872

-1,630

-2,502

MTM (SEKm)

Equity -698

-66

-56 -2,384

-122-2,467

AccP/L -2,707

-5,091

45

Structured credits Financial institutions2007 Q1 08 Q2 08

P/L -41

-15-66

Equity

Acc-1,056

-626 -990 -1,631-1,682

-794 -1,891

-1,784 -3,522

2007 Q1 08 Q2 08P/L -26

-52-78

Equity

Acc-563-72 -438 -561

-635

-78 -667

-515 -1,228

+ Covered bonds etc accumulated -341

Bond investment portfolio – financial effects30 June, 2008, SEKm

2007 Q1 08 Q2 08-1,769 -872

-1,630

-2,502

MTM (SEKm)

Equity -698

-66

-56 -2,384

-122-2,467

AccP/L -2,707

-5,091

46

Bond investment portfolio – strategyLimit P/L volatility by increasing AFS portfolios and reducing HFT portfolios Reduce subprime holdings, primarily in the HFT portfolioReduce the credit spread risk through partial hedging (ITRAXX)

30 29

05

41

26

Structuredcredits

Financialinstitutions

Coveredbonds etc.

Q4 07 Q2 08

Held for trading (MTM over income)

Available for sale (MTM over equity)

SEK bn

51 49

114

10

1

Structuredcredits

Financialinstitutions

Coveredbonds etc.

43

29

11

2620

3

Structuredcredits

Financialinstitutions

Coveredbonds etc.

Q1 08

47

Distribution of Investment portfolio30 June, 2008

Financial institutionsSEK 53bn

FR 14%

IT 6%NL 7%

Other 9%FI 1%

SE 3%DE 3%

US 25%

UK 13%

ES 19%

Direct and indirect

exposure

Structured creditsSEK 61bn

CMBS 7%

CMO 13%

RMBS 36%

Sub prime 3%

CLO 17%

CDO 7%

ABS 17%

48

Main characteristics of structured credits portfolio (ABS portfolio)30 June, 2008 (31 December, 2007)

A high quality investment portfolio initiated 1998 with fixed income securities eligible as central bank collateralTotal volume SEK 61bn (71) - # of positions 695 (740)97.2% of the portfolio is rated Aaa/AAA – 23 rating actions in our tranches since summer 2007

(H1 08: #20) 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 695 positions– No level 3 assetsCurrent average remaining maturity ~4 years.Current annual amortisation rate is SEK ~10bn

49

Divisions

Please note:A restatement of the divisional financial reporting has been carried out in conjunction with the Q1 2008 report as previously announced.Please consult www.sebgroup.com for more information.

50

Operating profit per divisionJan – Jun 2008 vs. Jan – Jun 2007SEKm

0 1,000 2,000 3,000 4,000

Life

WealthManagement

Retail Banking

MerchantBanking

Jan-Jun 2008

Jan-Jun 2007

Changevs. Jan-Jun 2007

-31% (-8%)

-17%

-32%

-18%

ROEJan-Jun 2008

15.6% (20.7%)

14.7%

20.2%

15.9%

Excl. portfolio losses

51

Q1 Q2 Q3 Q4 Q1 Q22007 2007 2007 2007 2008 2008

MB 465 492 459 483 526 531Retail Banking 468 483 493 513 518 545RB Sweden 256 264 271 279 286 303RB Estonia 37 39 40 42 42 43RB Latvia 31 35 34 36 35 36RB Lithuania 46 50 54 59 60 64RB Germany 85 81 80 81 81 82RB Cards 13 14 14 14 14 17Wealth Management 30 31 33 32 31 29Life - - - - - -Other/Elim 54 42 36 39 24 27SEB Group 1,017 1,048 1,021 1,067 1,099 1,132

VolumesPublic lendingSEKbn

52

VolumesPublic depositSEKbn

Q1 Q2 Q3 Q4 Q1 Q22007 2007 2007 2007 2008 2008

MB 371 384 364 389 409 392Retail Banking 231 249 249 262 257 264RB Sweden 130 139 139 145 145 149RB Estonia 18 20 20 22 20 22RB Latvia 16 17 17 18 17 18RB Lithuania 25 26 26 30 28 28RB Germany 43 46 46 48 47 47RB Cards - - - - - -Wealth Management 47 54 51 53 54 56Life - - - - - -Other/Elim 20 28 43 46 45 46SEB Group 670 715 707 750 765 758

53

FTEs, end of quarter

Q1 Q2 Q3 Q4 Q1 Q22007 2007 2007 2007 2008 2008

MB 2,540 2,568 2,550 2,672 2,742 2,760Retail Banking 8,655 8,912 8,807 8,925 8,995 9,325RB Sweden 2,742 2,812 2,660 2,736 2,733 2,875RB Estonia 1,011 1,095 1,061 1,061 1,048 1,084RB Latvia 1,052 1,089 1,117 1,118 1,108 1,122RB Lithuania 1,333 1,387 1,428 1,492 1,520 1,579RB Germany 1,668 1,699 1,728 1,733 1,802 1,830RB Cards 849 830 813 785 784 835Wealth Management 1,099 1,050 1,064 1,073 1,160 1,143Life 1,194 1,203 1,199 1,218 1,222 1,235Other/Elim 5,842 5,886 5,820 5,906 7,091 7,182SEB Group 19,330 19,619 19,440 19,794 21,210 21,645 *

* Whereof 1,039 encompasses the consolidated acquisitions of Factorial bank in Ukraine and Key Asset Management.

54

Summary per division Jan – Jun 2008

Merchant Banking

RetailBanking

WealthManagement Life Other Group

Operating profit, SEKm 2,934 2,432 926 676 -1051 5,917

Business equity, SEKbn 27.0 25.3 ** 6.6 7.5 75.2 *

Return on equity, % 15.6 14.7 20.2 15.9 12.4

Cost / income ratio 0.57 0.62 0.59 0.63 0.65

RWA, SEKbn, Basel II 423 372 37 39 871

RWA, SEKbn, Basel I 488 414 23 47 972

Tax Rate 28% 23% 28% 12%

* Average shareholders' equity

** Where of Sweden 7.4bn Estonia 3.3bn, Latvia 3.1bn, Lithuania 4.4bn, Germany 4.5bn and Cards 2.6bn.

55

01020304050

MerchantBanking

Retail Banking WealthManagement

Life* Group

Jan- Jun 2007 Jan- Jun 2008Cost/income ratio per division

Return on Equity per division, per cent

* Based on operating profit

0.000.200.400.600.801.00

MerchantBanking

Retail Banking WealthManagement

Life Group

Jan- Jun 2007 Jan- Jun 2008

RoE and Cost/Income ratio per division

56

Magnus CarlssonHead of Merchant Banking

Merchant Banking

SEKm Jan – Jun 2008 Δ 2007

Total income 6,945 -18%Interest, net 3,063 13%Commission, net 2,711 -16%Financial, net 1,055 -55%

Total expenses -3,958 -2%Credit losses, net -56 -75%Operating profit 2,934 -31%

RoE, % 15.6 23.0C/I 0.57 0.48

Highlights

Strong customer revenues despite financial turmoil

Second quarter income in excess of SEK 4bn

Stable development of underlying costs

Opportunities from demand for credit and improved risk pricing

Top rankings in equities, M&A advisory, cash management and custody

57

Merchant Banking SEKm

0

500

1,000

1,500

2,000

2,500

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

Operating profit Excluding portfolios

0500

1,0001,5002,0002,5003,0003,5004,0004,5005,000

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

Excluding portfolios Income Expenses

58

48%

31%

21%

Share of income and result by areaJan – Jun 2008, per cent of total

Income Operating profit

52%29%

19%

Trading and Capital Markets

Global transaction services

CorporateBanking

Trading and Capital Markets

Global transaction services

CorporateBanking

59

Trading and Capital MarketsSEKm

0

300

600

900

1,200

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

Operating profit Excluding portfolios

0

500

1,000

1,500

2,000

2,500

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

Excluding portfolios Income Expenses

60

Developing products to meet customer needs

36%26% 28% 33% 38% 41%

49%44% 46% 64% 46%

49%

8%22% 15% 11%3%6%

7%11%8% 5%

4%

Q1 -07

Q2 Q3 Q4 Q1 -08

Q2

Trading and Capital Markets income by main product cluster, excl. investment portfolios

FX

Structured Derivatives and other TCM

Equities

Capital Markets

●Focus on customer flows ensures continued strong revenues

● Increased profits in FX ●Strong revenues and

increased market share in Equities

● Lower profits in fixed income related units due to ongoing uncertainty in credit markets

61

Operating profit

0200400

600800

1,000

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

0200400600800

1,0001,2001,4001,600

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

Income Expenses

Corporate banking SEKm

2007 and 2008 including Baltics

62

Operating profit

0

100

200

300

400

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

0100200300400500600700800900

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

Income Expenses

Global Transaction Services SEKm

2007 and 2008 including Baltics

63

Custody volume development

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2004 2005 2006 2007 20080

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000Assets under custody, SEKbn No of transactions/day

64

Market Shares Nordic Stock Exchanges *H1 2008

*Source: The Nordic Stock exchanges**Rank based on completed deals. All Nordic involvement. Source: Thomson Financial

4.7%

5.2%

5.4%

5.6%

8,9%

SHB

Glitnir

Carnegie

MorganStanley

SEB

Nordic M&A**

H1 2008 (EURm)

Merchant BankingInvestment banking rankings

6,418

6,663

8 462

6 197Lenner Corp.Fin.

MorganStanley

UBS

SEB

Credit Suisse

20 Deals

9 Deals

7 Deals

4 Deals

5 Deals

10,008

65

Source: Dealogic Analytics

Swedish syndicated loans league (and bookrunner %) Jul 2007 – Jun 2008

17.9%

6,3%

6,0%

4,7%

3.8%

0 4 8 12 16

Nordea

DnB NOR

Citi

SEB

RBS

EURbn

Nordic syndicated loans league (and bookrunner %) Jul 2007 – Jun 2008

Merchant BankingSyndicated loans, 12-months rolling

17.6%

12.4%

5.6%

3.5%

3.0%

0 2 4

SEB

SHB

Calyon

RBS

ABN AMRO

EUR bn

66

Merchant Banking– Recent rankingsEuromoney July 2008

Best for Cash Management in Nordic & Baltic regionBest Equities House in Nordic & Baltic regionBest M&A House in the Nordic & Baltic region

Risk Magazine July 2008 Best derivatives dealer in Sweden

Thomson Rueters Extel June 2008 Best research house in the Nordic countries

Global Finance July 2008April 2008

Best sub-custodian inWorld’s Best DevelopedMarket Banks 2008

the Nordic region Market Banks 2008 (No. 1 in Sweden); World’s Best Emerging

(no. 1 in Latvia and Lithuania)Söderberg & Partners February 2008 Best Arranger Structured Products, Sweden

Euroweek February 2008 Best Arranger Nordic Loans, Syndicated Loans and Leveraged Finance Awards 2007

Prospera January 2008 No.1 stockbroker in the Nordic region

FX Week January 2008 Best bank for international currency forecasts in 2007

Global Custodian November 2007October 2007

Top rated in Central and Eastern Europe (2007 Emerging Markets Agent Bank Review)Top rated in all four Nordic markets (2007 Major Market Agent Bank Review )

Global FinanceJanuary 2008

Best Bank for Cash, Liquidity and Risk Management, Nordic RegionBest Trade Finance bank, Nordic Region, Sweden and LithuaniaBest Foreign Exchange Bank and Provider in the Nordic countries and Lithuania

TMI January 2008 Best bank for Cash Management, Nordic RegionBest Bank for supply Chain Finance, Nordic Region

EuromoneyOctober 2007

No. 1 for Overall Customer Satisfaction in Europe (No.2 globally)No. 1 Globally in level of commitment to Cash Management BusinessNo. 9 Globally in market share for International Cash Management

Euromoney September 2007 Best at commercial real estate banking, Nordic and Baltic regionBest at commercial real estate investment banking, Nordic and Baltic region

Prospera September 2007 No.1 for corporate finance in the Nordic region

67

Retail Banking

SEKm Jan – Jun 2008 Δ 2007

Total income 8,310 3%Interest, net 5,144 9%Commission, net 2,861 -7%

Total expenses -5,127 6%Credit losses, net -751 165%Operating profit 2,432 -17%

RoE, % 14.7 18.3C/I 0.62 0.60

HighlightsBo MagnussonHead of Retail Banking Continued strong income, in particular

net interest income (NII)– NII +9% vs. 2007 offsets lower

security related fees - income +3% – Q2 strongest quarter in terms of NII,

2nd strongest in terms of total income

Baltic cost growth affected by sale of real estate, inflation and 2007 sales expansion; higher pension cost in Sweden

Profit before credit losses stable

Decrease in operating profit due to higher credit losses, mainly driven by increased provisions in Estonia

68

Retail BankingSEKm

Operating profit

0

500

1,000

1,500

2,000

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

0500

1,0001,5002,0002,5003,0003,5004,0004,5005,000

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

Income Expenses

69

Share of income and result by areaJan – Jun 2008, per cent of total

38%

19%8%8%

12%

15%

Germany

Latvia

Estonia

SwedenLithuania

Cards

Income

16%

23%

9% 2%3%

47%

Germany

Latvia

Sweden

Lithuania

Cards

Estonia

Operating profit

70

Business volume development by areaSEKbn Q2 2008 change vs. Q2 2007 (local currency)

51

26

29

22

60

14

10

15

61

235

Lithuania

Latvia

Estonia

Germany

Sweden 12%

0%

12%

7%

49%

14%

5%

7%

2%

21%

Mortgages Other lending

28

18

22

46

149

Deposits

7%

10%

4%

1%

5%

Note: Figures for Estonia, Latvia and Lithuania include SEB:s large corporate business volumes

71

41%13%25%21%

Transaction account privateTransaction account corporate & publicSavings account privateSavings account corporate & public

Deposit breakdownPercent of total deposits

43%

26%

22%

9%

Retail Total

Estonia

Sweden Germany

Latvia Lithuania

52%

9%

22%

17%

38%

2%

4%

56%

20%

20%

40%

20%

27%

17%

34%

22%

33%

6%

35%

26%

72

Development of lending market shares – Baltics Per cent, Dec 2004 – May 2008

SEBSwedbankDnB NordParex BankaSampoNordea

Estonia* Latvia Lithuania

* Swedbank & Sampo as per Q1 2008

0%

10%

20%

30%

40%

50%

0%

10%

20%

30%

40%

50%

0%

10%

20%

30%

40%

50%

73

Retail SwedenHighlightsSEKm Jan – Jun 2008 Δ 2007

Total income 3,112 2%Interest, net 2,220 10%Commission, net 757 -14%

Total expenses -1,950 5%Credit losses, net -33 -26%Operating profit 1,129 -2%

RoE, % 22.0 23.0 C/I 0.63 0.61

Total lending 302,800 +15%Total deposits 149,100 +7%

Solid net interest income growth, Q2 strongest quarter to date (+5% vs. Q1)– Mortgages: volume growth,

stable margins– Deposits: volume growth,

increased margins

Decreased commission income due to brokerage and structured products

Insurance sales +30% vs. first half 2007

Strong SME growth: 5,200 new SME customers (3,500 first half 2007)

Cost affected by higher pension cost

74

Business volume developmentRetail Sweden, SEKbn

Mortgages

0

50

100

150

200

250

Q205

Q4 Q206

Q4 Q207

Q4 Q208

CorporatePrivate

Other lending

0

50

100

150

200

250

Q205

Q4 Q206

Q4 Q207

Q4 Q208

Deposits

0

50

100

150

200

250

Q205

Q4 Q206

Q4 Q207

Q4 Q208

75

Market share development Sweden, per cent

Note: Other lending and deposits=SEB Parent Bank Sweden, i.e. not only Retail Sweden

CorporatePrivate

Mortgages*

0

5

10

15

20

Q205

Q4 Q206

Q4 Q207

Q4 Q208

Other lending

0

5

10

15

20

Q205

Q4 Q206

Q4 Q207

Q4 May08

Deposits

0

5

10

15

20

25

30

Q205

Q4 Q206

Q4 Q207

Q4 May08

* New measurement method from Q4 2007. Lowers the volume market share with approximately 0.2 percentage points

76

Mortgages private marketRetail SwedenMarket share, per cent

02468

101214161820

Q105

Q2 Q3 Q4 Q106

Q2 Q3 Q4 Q107

Q2 Q3 Q4 Q108

Q2

Sales Volume

* New measurement method from Q4 2007. Lowers the volume market share with approximately 0.2 percentage points

*

77

Mortgages private marketTotal SwedenVolumes and margins

0

50

100

150

200

250

Q12005

Q2 Q3 Q4 Q12006

Q2 Q3 Q4 Q12007

Q2 Q3 Q4 Q12008

Q20.00%

0.25%

0.50%

0.75%

1.00%

1.25%Outstanding volume, SEKbn Average margin

78

Mortgages private marketSwedenCustomers’ choice of fixed / floating interest rates

0%

20%

40%

60%

80%

100%

Q12005

Q2 Q3 Q4 Q12006

Q2 Q3 Q4 Q12007

Q2 Q3 Q4 Q12008

Q2

FixedFloating

79

Retail GermanySEKm Jan – Jun 2008 Δ 2007

Total income 1,613 -4%Interest, net 949 1%Commission, net 647 -11%

Total expenses -1,489 -1%Credit losses, net -50 6%Operating profit 74 -46%

RoE, % 2.6 5.1C/I 0.92 0.89

Total lending 82,300 +1%Total deposits 47,300 +3%

Highlights

Reduced profitability due to lower customer activity within securities-related-areas

Higher sales of insurance (+8%), mortgages (+40%) and consumer lending (+11%) vs. 2007

Successful campaign for custody account attracting 8,800 new accounts

Stable cost level

80

Business volume developmentRetail Germany, EURbn

Mortgages*

0

1

2

3

4

5

6

7

8

Q205

Q4 Q206

Q4 Q207

Q4 Q208

Other lending

0

1

2

3

4

5

6

7

8

Q205

Q4 Q206

Q4 Q207

Q4 Q208

Deposits

0

1

2

3

4

5

6

7

8

Q205

Q4 Q206

Q4 Q207

Q4 Q208

Figures above present Mortgage, lending and deposits from private individuals and SME

* Effected by amortizations on large historical sales volumes, partly sold through external sales organizations

81

New mortgage*

0

50

100

150

200

250

300

350

400

450

Q205

Q4 Q206

Q4 Q207

Q4 Q208

Customer appointments*

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

Q205

Q4 Q206

Q4 Q207

Q4 Q208

Insurance

0

20

40

60

80

100

120

140

Q205

Q4 Q206

Q4 Q207

Q4 Q208

* by Callcenter

EURm EURm

* incl prolongation

Sales developmentRetail Germany

82

Retail Estonia

HighlightsLower business activity than precedent quartersHigher loan losses due to credit provisionsStrong focus on credit quality, including increase of loans overdueIncreased savings focus - new mutual funds launched Cost increase affected by real estate sale Q4 2007, investments in sales capacity during 2007, and high salary inflationNon recurring income from sale of PKK – card processing company

SEKm Jan – Jun 2008 Δ 2007

Total income 692 10%Interest, net 435 3%Commission, net 176 2%

Total expenses -284 26%Credit losses, net -368 -Operating profit 40 -89%

RoE, % 2.0 24.0 C/I 0.41 0.36

Total lending 43,100 +11%Total deposits 21,600 +6%

83

Business volume developmentRetail Estonia, EURbn Corporate

Private

Mortgages

0

1

2

3

Q205

Q4 Q206

Q4 Q207

Q4 Q208

Other lending

0

1

2

3

Q205

Q4 Q206

Q4 Q207

Q4 Q208

Deposits

0

1

2

3

Q205

Q4 Q206

Q4 Q207

Q4 Q208

Mortgages defined as home loans to private individualsNote: Figures include SEB:s large corporate business volumes

84

Market share developmentRetail Estonia May, per cent Corporate

Private

Mortgages

0

5

10

15

20

25

30

35

Q205

Q4 Q206

Q4 Q207

Q4 Q208

Deposits

0

5

10

15

20

25

30

35

Q205

Q4 Q206

Q4 Q207

Q4 Q208

Mortgage market share for home loans to private individuals

85

Retail Latvia

HighlightsHighlightsSEKm Jan – Jun 2008 Δ 2007

Total income 626 -1%Interest, net 514 10%Commission, net 92 -44%

Total expenses -314 23%Credit losses, net -85 118%Operating profit 228 -32%

RoE, % 12.5 17.8C/I 0.50 0.41

Total lending 36,100 +4%Total deposits 17,600 +2%

Lower business activity than precedent quartersStrong focus on credit quality, including increase of loans overdueIncreased savings focus - new mutual funds launched Cost increase affected by real estate sale Q4 2007, investments in sales capacity during 2007, and high salary inflationSEB awarded Best Bank in Latvia by Global Finance

86

CorporatePrivate

Business volume developmentRetail Latvia, EURbn

Mortgages

0

1

2

3

Q205

Q4 Q206

Q4 Q207

Q4 Q208

Other lending

0

1

2

3

Q205

Q4 Q206

Q4 Q207

Q4 Q208

Deposits

0

1

2

3

Q205

Q4 Q206

Q4 Q207

Q4 Q208

Mortgages defined as home loans to private individuals

Note: Figures include SEB:s large corporate business volumes

87

Market share developmentRetail Latvia May, per cent

Mortgage market share for home loans to private individuals

CorporatePrivate

Mortgages

0

5

10

15

20

Q205

Q4 Q206

Q4 Q207

Q4 Q208

Deposits

0

5

10

15

20

Q205

Q4 Q206

Q4 Q207

Q4 Q208

88

Retail LithuaniaSEKm Jan – Jun 2008 Δ 2007

Total income 1,038 11%Interest, net 793 14%Commission, net 201 3%

Total expenses -418 20%Credit losses, net -51 -14%Operating profit 569 7%

RoE, % 22.0 20.0C/I 0.40 0.37

Total lending 64,000 +27%Total deposits 28,100 +8%

Highlights

Controlled credit growth continued

Continued expansion of distribution capacity

Cost increase affected by real estate sale Q4 2007, continued investments in sales capacity, and high salary inflation

SEB awarded Best Bank in Lithuania by Global Finance; 10th consecutive year

89

Business volume developmentRetail Lithuania, EURbn Corporate

Private

Mortgages

0

1

2

3

4

5

6

Q205

Q4 Q206

Q4 Q207

Q4 Q208

Other lending

0

1

2

3

4

5

6

Q205

Q4 Q206

Q4 Q207

Q4 Q208

Deposits

0

1

2

3

4

5

6

Q205

Q4 Q206

Q4 Q207

Q4 Q208

Mortgages defined as home loans to private individualsNote: Figures include SEB:s large corporate business volumes

90

Market share developmentRetail Lithuania May, per cent

Mortgage market share for home loans to private individuals

CorporatePrivate

Mortgages

0

5

10

15

20

25

30

35

40

Q205

Q4 Q206

Q4 Q207

Q4 Q208

Deposits

0

5

10

15

20

25

30

35

40

Q205

Q4 Q206

Q4 Q207

Q4 Q208

91

CardsSEKm Jan – Jun 2008 Δ 2007

Total income 1,230 11%Interest, net 232 40%Commission, net 977 6%

Total expenses -674 2%Credit losses, net -163 147%Operating profit 393 1%

RoE, % 21.8 26.6C/I 0.55 0.59

Highlights

Continued underlying business growth, turnover +7%Several new large customers gained across countries, e.g. H&M SEB's consumer finance business in Norway transferred to Cards as of Q2 Continued strong cost discipline, cost for comparable units unchanged Increased losses due to consumer finance transfer and higher fraudEurocard launched in FinlandSeveral new customer offerings launched, e.g. Eurocard Platinum

92

Cards

Turnover cards

203040506070

Q12003

Q2 Q3 Q4 Q12004

Q2 Q3 Q4 Q12005

Q2 Q3 Q4 Q12006

Q2 Q3 Q4 Q12007

Q2 Q3 Q4 Q12008

Q2

SEKbn

Number of cards

2.62.83.03.23.4

Q12005

Q2 Q3 Q4 Q12006

Q2 Q3 Q4 Q12007

Q2 Q3 Q4 Q12008

Q2

Millions

93

Fredrik BohemanHead of Wealth Management

Wealth ManagementHighlights

Stable base revenues given the marketStrong net sales in Institutional Clients in May (approx SEK 8bn) and Private Banking continued showing good salesAssets under management SEK 1,217bn, -5% since year endSEB kept capturing volumes, incl. shift to alternative products, on a continued weak net sales market for Swedish mutual funds, SEK +3,8bn vs. total market of SEK -28bn.Cost increased due to consolidation of Key Asset Management and sales initiativesSEB's consumer finance business in Norway transferred to Cards as of Q2

SEKm Jan – Jun 2008 Δ 2007

Total income 2,282 -11%Interest, net 441 15%Commission, net 1,778 -16%

Total expenses -1,354 14%

Operating profit 926 -32%

RoE, % 20.2 35.5C/I 0.59 0.47

94

Share of income and result by areaJan – Jun 2008; percent of total

67%

33%

Private Banking

Institutional Clients

Income

24%

76%

Private Banking

Institutional Clients

Operating result

95

Operating profit

0

200

400

600

800

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

0200400600800

1,0001,2001,400

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

Income Costs

Wealth ManagementSEKm

96

Institutional ClientsSEKm

Operating profit

0

200

400

600

800

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

0100200300400500600700800900

1,000

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

Income Expenses

9797

Private BankingSEKm

Operating profit

050

100150200250

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

0

100

200

300

400

500

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

Income Expenses

98

1,285

1,217

-82 -6

20

Dec 2007 Value Fx Net sales Q2 2008

Assets under managementWealth Management, SEKbn

99

Q1-06 Q2-06 Q3-06 Q4-06 Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08

Institutional portf incl Stiftelser & Ftg (excl MF) Mutual Funds Private Clients

48%

1,107 1,0791,147 1,192 1,266

1,320 1,300 1,285 1,256

48% 47% 47% 46% 46% 45% 45% 45% 44%

13% 14%15% 15%

15% 15% 15% 15% 15% 15%

39% 38% 38% 39% 39% 40% 40% 40% 41%40%

1,217

Assets under managementper product typeWealth Management, SEKbn

99

100

Total net sales per quarterSEKbn

19.7

9.413.6

7.6

16.4 15.5

6.32.0

8.2

3.0

2.31.0

0.8

4.1

2.92.6

3.5

5.8

4.9

10.9

0

5

10

15

20

25

Q12006

Q2 Q3 Q4 Q12007

Q2 Q3 Q4 Q12008

Q2

IC PB

The figures are not eliminated.

101

Mutual funds per product type Wealth Management, Jun 2008 (Mar 2008)

35.5%

27.5%

12.0%

25.0%

Equity funds 35.5% (35.8 %)

Fixed income funds 25.0% (24.8 %)

Balanced funds 12.0% (11.8 %)

Alternative funds 27.5% (27.6 %)

Total amount SEK 496bn (SEK 497bn)

Note: Key Asset Mgmt is included from Q1-08

102

Swedish Mutual Funds MarketNet sales and SEB market share

-25

-5

15

35

55

75

95

115

2001 2002 2003 2004 2005 2006 2007 Q22008 0

10

20

30

40

50

60

70

Total Net Sales, SEKbn SEB share, %

%N/A

Source: Svensk Fondstatistik

SEK -28bn

SEBSEK +3,8bn

103

Mutual Funds Net Sales SwedenCumulative Jan 2005 – June 2008, including PPMSEKm

-20,000

-10,000

0

10,000

20,000

30,000

40,000

50,000

60,000

Jan-05

Maj Sep Jan-06

May Sep Jan-07

May Sep Jan-08

May

SEBSHBRoburNordea

-100%-80%-60%-40%-20%

0%20%40%60%80%

SEB TotalEquity funds Mixed fundsShort bond funds Long bond fundsFund in fund Alternative funds

Distribution per type of fundJan – June 2008

Activity level – Wealth

Source: Svensk Fondstatistik

104

Performance vs. benchmark 2008

6149 49

79

5445

0

20

40

60

80

100

2006 2007 Q2 20080

20

40

60

80

100

AuMexceeding benchmark

No. of portfoliosexceeding benchmark

105

LifeAnders MossbergHead of Life

SEKm Jan – Jun 2008 Δ 2007

Total income 1,808 -3%Total expenses -1,132 8%

Operating profit 676 -18%Change in surplusvalues, net 477 -16%

Business result 1,153 -17%

ROE, %* 27.1 32.7C/I ratio 0.63 0.56

* Based on business result

HighlightsIncome was negatively affected by weak stock markets and higher interest rates

Strong sales volume – up 11%

Unit-linked fund values down 7% from start of year to SEK 126bn.Total assets under management down 8% to SEK 376bn.

Costs up due to:– investments in new markets– higher amortisation of deferred

acquisition costs

Provision of SEK 74m to cover potential future guarantees regarding Nya Liv

A negative one-off SEK 30m relating to penalty fee to Swedish FSA

106

LifeSEKm

Operating profit

0100200300400500

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

0

200

400

600

800

1,000

1,200

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

Income Expenses

107

Share of income and profit by areaLife, Jan – Jun 2008 – percent of total

62%29%

9%

Sweden

Denmark

International

Income Operating profit

62%

32%

6%

Sweden

Denmark

International

Sweden including central functions etc

108

Results – LifeSEKm

Jan – Jun Jan – Jun Change2008 2007 %

Income unit-linked 975 1,051 -7Income other insurance 612 570 7Other income 221 252 -12Total income 1,808 1,873 -3

Operating expenses -1,191 -1,155 3Other expenses -22 -8 -Change in deferred acquisition costs 81 116 -30Total expenses -1,132 -1,047 8

Operating profit 676 826 -18Change in surplus values, net 477 567 -16Business result 1,153 1,393 -17 Financial effects due to market fluctuations -2,015 696 -Change in assumptions 13 - -Total result -849 2,089 -

109

676

-263 -177 -121 -47

1817316

570

968

1,520

1,802

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 Jan-Jun

2008

Operating profit developmentLife, SEKm

110

1

2

2

1

2

SEBRank

Skandia (13)

Hansa (46)

Sampo (27)

Hansa (48)

Main competitor

Strong market position in all marketsMarket shares, gross premium income, unit-linked insurance (%, 2007)

Danica (32)

* unit-linked (Sweden new sales)

37

43

28

17

22

0% 20% 40% 60% 80% 100%

Lithuania

Latvia

Estonia

Denmark

Sweden*

SEB Market share Competitors

111

SEB Trygg Liv, 22

Skandia, 33LF, 8

Swedbank, 10

Folksam, 4

Nordea, 2

SHB, 16

Danica, 4Other, 2

* SPE = Single Premium Equivalent = single + regular x 10

2002 2008

Market shares, Sweden Unit-linked new business*Full year 2002 vs. 12 months to June 2008

Other, 1SPP, 4

SHB, 5

Nordea, 7

Folksam, 9

LF, 10

Swedbank, 11Moderna, 11

Skandia, 14

SEB Trygg Liv, 23

AMF, 3Danica, 4

112

Jan – Jun 2008 Jan – Jun 2007 Change

Unit linked 19,332 18,569 4%

Traditional andSickness/health 5,866 4,085 44%

25,198 22,654 11%

Note: SPE = Single premiums plus regular premiums times ten

Sales (SPE) Life, SEKm

113

0%

20%

40%

60%

80%

100%

2000 2001 2002 2003 2004 2005 2006 2007 Jan-Jun

2008

Traditional andsickness/health

Unit Linked

Note: SPE = Single premiums plus regular premiums times ten

Sales SPE – traditional vs. unit-linkedLife including SEB Pension from 2005 and the Baltics from 2006

114

0%

20%

40%

60%

80%

100%

2000 2001 2002 2003 2004 2005 2006 2007 Jan-Jun

2008

Individual

Corporate

Note: SPE = Single premiums plus regular premiums times ten

Sales SPE – individual vs. corporateLife including SEB Pension from 2005 and the Baltics from 2006

115

27.1

34.931.6

26.7

16.0

2004 2005 2006 2007 Jan-Jun2008

Market ShareSweden, % 34.6 32.4 29.1 22.1 23.1**

Unit-linked insurance sales growthSwedish* sales volumes weighted, SEKbn

*Including Swedish customers of the Irish subsidiary.

** 12 months to Q1 2008.

116

Jul 2007- Full year Full year Full yearJun 2008 2007 2006 2005

New sales (single/10+regular) 3,805 3,689 3,345 3,678

Net present value 1,664 1,775 1,788 1,924Acquisition cost -875 -901 -970 -1,116

New business profit 789 874 818 808

Margin*, % 20.7 23.7 24.5 22.0Swedish market 20.7 22.9

New business profitLife (2005-2006 only Swedish market), SEKm

* Rolling 12-months comparison

117

Jun Dec Dec Dec2008 2007 2006 2005

Equity * 8,244 8,836 8,450 7,696

Surplus value ** 12,902 14,496 12,872 10,765

* Dividend paid; 2008 SEK -1,275 2007: SEK -1,150 2006: SEK -400m.

** Value of in-force business; Net of DAC, including SEB Link (Denmark) from 2005

Embedded valueLife Holding group, SEKm

118

Life, assets under management(net assets)SEKbn

215

311

368395 408

376

0

100

200

300

400

500

2003 2004 2005 2006 2007 2008 Q2

Traditional and Risk Unit-linked

119

Life, premium income grossSEKbn

13

17

31 31

26

15

0

5

10

15

20

25

30

35

2003 2004 2005 2006 2007 2008 Q2

Traditional and Risk Unit-linked

120

-16,000

-12,000

-8,000

-4,000

0

4,000

8,000

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20Year

Income/Costs& CF, SEK

Cost Income Accum cash flow

Net present value after sales costs is 11,000 SEK

Acc op result -592 -540 977* SEK 35,000

Profits generated over timeExample: Occupational pension – regular premium*Total duration of 20 years and premium duration of 15 years

121

Macro Update

122

Sweden: Broader-based weakening

Exports continuing to lose momentum

Falling asset prices will squeeze consumption

Inflation will peak in late 2008

Key interest rate cuts next year

Lower government budget surplus

GDP and Economic tendency indicator

0

1

2

3

4

5

6

7

97 98 99 00 01 02 03 04 05 06 07 080

20

40

60

80

100

120

140

GDP (LHS) Economic tendency indicator (RHS)

Sources: Statistics Sweden, SEB

Index

Year-on-year percentage change

123

Norway: Deceleration from a high level

Weaker global demand slows export growth

Household buying spree fading

Continued tight labour market

Key interest rate has peaked − cuts in 2009

Year-on-year percentage change

Source: Statistics Norway

Mainland GDP and Employment

-4

-2

0

2

4

6

8

90 92 94 96 98 00 02 04 06 08

GDP Employment

124

Finland: Weak growth next year

Decline in confidence in construction and manufacturing

Capital spending and exports will decelerate

Private consumption will gradually slow down

Falling jobless rate, accelerating pay hikes

High inflation this year, lower next year

Index

Source: Reuters EcoWin

Leading indicators

-60

-40

-20

0

20

40

60

80

99 00 01 02 03 04 05 06 07 08

Manufacturing Service Construction

125

Denmark: Sharp slowdown

Surprisingly weak GDP in Q1 – a technical recession

Unemployment turns upwards in the second half of 2008

Continued weak private consumption

Exports being squeezed from several directions

Expansive fiscal policy despite inflation upturn

GDP and Economic sentiment indicator

-2

-1

0

1

2

3

4

5

95 96 97 98 99 00 01 02 03 04 05 06 07 080

20

40

60

80

100

120

140

GDP (LHS) Economic sentiment indicator (RHS)Sources: DG ECFIN, Statistics Denmark

Year-on-year percentage change Index

126

Euro zone: Below trend for two years

Strong GDP in Q1, but exports will loose momentum

No private consumption upturn in sight

Labour market conditions are beginning to soften

Inflation will peak in late 2008

ECB will cut refi rate to 3.50 per cent next year

Year-on-year percentage change

Sources: Eurostat, SEB

GDP and Economic sentiment indicator

0

1

2

3

4

5

96 97 98 99 00 01 02 03 04 05 06 07 080

30

60

90

120

150

GDP (LHS) Economic sentiment indicator (RHS)

Index

127

Baltics: Stagnation in Estonia and LatviaSharp deceleration in Estonia and Latvia; growth in 2008 close to zeroMilder downturn in less overheated Lithuanian economyAnemic domestic demand in Estonia and LatviaExports generally perform rather well, but weakened competitiveness a threatLarge imbalances diminish only slightly:– High inflationary pressure, mainly

oil and food driven, will ease slowly

– Large current account deficits will shrink due to weaker imports

Year-on-year percentage change

Source: Reuters EcoWin

Retail sales

-10

-5

0

5

10

15

20

25

30

35

01 02 03 04 05 06 07 08

Estonia Latvia Lithuania

128

SEB Forecasts GDP (%) Inflation (%)2006 2007 2008 2009 2010 2006 2007 2008 2009 2010

Denmark* 3.6 1.9 0.5 0.3 1.4 1.9 1.7 3.6 2.5 2.2Finland* 4.9 4.4 2.2 1.6 1.7 1.3 1.6 3.9 2.8 2.2Norway 4.8 6.2 2.9 1.7 2.2 2.3 0.8 3.8 3.1 2.1Sweden 4.4 2.9 1.4 0.9 1.8 1.4 2.2 3.9 3.2 1.7Germany* 2.9 2.5 1.5 0.9 1.8 1.8 2.3 3.0 2.2 2.0Euro zone* 2.9 2.7 1.2 0.8 1.3 2.2 2.1 3.6 2.3 1.8Estonia* 11.2 7.1 -2.0 1.5 4.0 4.4 6.6 10.5 4.0 3.5Latvia* 12.2 10.3 0.3 1.5 4.0 6.7 10.1 16.1 8.6 5.9Lithuania* 7.7 8.8 5.5 4.0 3.0 3.8 5.8 11.5 8.0 11.0Russia 7.4 8.1 7.5 6.5 6.0 9.7 9.0 13.5 10.0 8.0Ukraine 7.0 7.3 6.0 4.2 4.0 9.1 12.8 22.0 15.0 10.0

Economic forecasts

Sources: National statistical agencies, SEB Nordic Outlook August 2008* Harmonised consumer price index