Annika FalkengrenCEO

UBS GlobalFinancials

ConferenceNew York

May 13, 2008

2

SEB of today – an attractive platform

3

SEB – different already from the startMerchant Banking● #1 Nordic stock broker● #1 Nordic and Baltic investment bank● #1 Nordic and Baltic cash manager● #1 Custody Nordic and Baltic markets● #1 Scandinavian currenciesWealth Management● #1 Nordic and Baltic private bank● #2 Nordic asset managerLife and pension● #1 Nordic unit-linked businessRetail● #2 Baltic region

3

4

SEB’s market franchise

Difference from the average, %

100

100

100

Customer segmentation, 2007

0%

20%

40%

60%

80%

100%

SEBSwedbankSHBNordeaDanskeBank

DnB NOR

Retail- Nordic Retail GermanyRetail-Baltic Retail GB/IrelandMerchant B AMLife

Distribution of income

Important relation-

ships/customers

%

Customer survey

Large corporatesSweden

Institutionalclients and

banks –Nordic region

0

0

5

”No. 1 globally Industry Expertise & Knowledge”Euromoney Cash Management Poll, 2007

”No. 1 Overall Customer satisfaction in Europe”Euromoney Cash Management Poll, 2005, 2006 & 2007

Global leader in cash management - the glue productThe Cash Management Value ChainTM by SEB

“A lean & efficient financial supply chain is a competitive advantage!”

Poll of 4,500 treasurers globally (11 of 23 categories)

6

Global foreign exchange position

2007 20061 1 Citi

2 2 Deutsche Bank

3 4 HSBC

11 10 BNP Paribas

12 12 SEB

13 13 Mitsubishi UFJ Fin Grp

International ranking●Advisory services●Electronic trading

solutions●Research

“Best FX forecaster globally" "Best FX customer satisfaction and market share"

Leadership through:Corporate foreign exchange

7

Nordic capital markets leadershipAssets under CustodyEUR bn

*Source: The Nordic Stock exchanges

Equity trading market sharesNordic & Baltic Stock Exchanges Q1 2008*

Best Equities House in the Nordic and Baltic regions Best Equity Research in the Nordic countriesBest Stock broker in Nordic region

Custodian of the Year,Nordic Region

Best sub-custody bankin Denmark, Finland, Latvia, Lithuania, Norway and Sweden

2.5%

3.1%

4.4%

6.0%

8.5%

Danske

Evli

Carnegie

Glitnir

SEBEnskilda

0

100

200

300

400

500

600

2002 2007

Nordea AuC SEB AuC

8

A leading Nordic asset managerAttractive hedge fund offering

AuM hedge funds, SEKbn

Net inflows in the Swedish mutual fundsCumulative FY 2007 and Q1 2008, SEKbn

15.2

-13.6 -8.6

-18.5Robur SHB Nordea SEB

Assets under Management March 31, 2008, SEKbn

1,368

1,331

726

648

629

263

Nordea

SEB

Danske Bank

DnB NOR

Swedbank

Handelsbanken01020304050

2004 2005 2006 2007

9

2007 2008 2010 2009 2006

Co-ordinateuniversal offering

Expand and accelerate

growth in areas of strength

5 million private individuals

2,500 large corporates& institutions 400,000 SME’s

Merchant Retail Wealth Life

Group IT Group Operations

Group Staff

Norway

Sweden

Finland

Estonia

Latvia

Lithuania

Ukraine

Denmark

Germany

PolandRussia

1 32

OK

OK

12

3

45

From To

Focus

Streamlining and integration

Productivity

Proactivity

Sustainableprofit growth

Installing operational excellence

Focused growth in areas of strength

Our strategy – The Road to Excellence

10

2007 – 2009:Commitment

SEK 1.5 – 2bn

Cost-management commitment

Realised since startSEK 625m

11

Capturing structural growth trendsCapital markets

Demography

Emerging markets

Exploiting being the #1 Nordic Merchant Bank

SEB is:

Expanding the asset manage-ment and life insurance franchise

Trading, investment banking, new asset classes

Creating demand for:

Asset management, pension products

Local financial services, int’l support for our clients

Continued growth in Eastern Europe

12

3.22.7

1.92.1

2.4

2003 2004 2005 2006 2007

Examples from Merchant BankingIncome growth, SEKbn

Global Transaction ServicesCustody, Cash management etc

2.2

1.8

0.8 0.8

1.7

2003 2004 2005 2006 2007

Foreign Exchange

3.63.5

2.0 2.1

2.5

2003 2004 2005 2006 2007

Corporate BankingExcl. CRE and CRM

13

Example: life insuranceAssets under Management

Gross premium income, unit-linked insurance (%, 2007)

43

28

17

22

37Lithuania

Latvia

Estonia

Denmark

Sweden*

SEB Market share Competitors

12212

SEB RankMarket shares

215311

368 395 408 384

2003 2004 2005 2006 2007 2008Q1

Traditional and Risk Unit-linked

International salesOutside Sweden and Denmark, SEKbn

0.8

1.7

Jan – Mar 2006 Jan – Mar 2008

SEKbn

14

0

1,000

2,000

3,000

4,000

2005 2206 2007

LithuaniaLatviaEstonia

1,428

2,320+62%

+34%3,114

250,000 new customers during 2007

14

Go East: A continued growth caseOperating result country level; SEK millions

15

SEB’s entry to UkraineA step-wise approach to nation-wide coverage

Participation in consolidation of an under-penetrated banking market with long-term growth potentialManageable size of operations The combination of local knowledge and international competences will differentiate SEB in the market

2004 2005 2006 2007

Acquisition of Bank Agio

RebrandingRestructuring SEB Life registration

Acquisition of Factorial Bank

16

Core capital ratioBasel II including transitional rules, %

Net liquidity position across maturities31 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

8.9

7.2

7.0

6.8

6.5

6.4

SEB is match-funded approx.

one year

*

* Danske has during 2008 started to report the full Basel II effect

(2007)

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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

19

Additional Financial Information

20

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

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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

22

Operating profit per divisionQ1 2008 vs. Q1 2007SEKm

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%

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%