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1
Annika FalkengrenCEO
GoldmanSachs
BerlinJune 12
2008
1
2
SEB's markets in Northern Europe
2
GDP, growth per year, %
0
2
4
6
8
10
12
2006 2007 2008 (f) 2009 (f)
Average, Baltic countriesAverage, Nordic countriesEuro Zone
3
10%15%
37%38%
RetailBanking
WealthManagement
Life
Merchant Banking
58%
20%
4%
18%
Sweden
Nordics
Germany
Baltic countries
This is SEB today Share of operating profit Q1 2008
4
SEB's franchiseMerchant 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
4
5
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
6
2007 – 2009:Commitment
SEK 1.5 – 2bn
Resilience from operational leverage
Realised since startSEK 625m
Cost-management program SEB Way
Status Q1 2008Both front- and back-end processes30 % of all employeesMore than 800 FTEs freed up
7
8.9
7.2
7.0
6.8
6.5
6.4
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
SEB is match-funded approx.
one year
*
* Danske has during 2008 started to report the full Basel II effect
(2007)
8
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
9
3.22.71.9 2.1 2.4
2003 2004 2005 2006 2007
Global Transaction Services
Leverage being the #1 Nordic Merchant Bank
2008 2007
1 1 Citi
2 2 Deutsche Bank
3 4 HSBC
11 10 BNP Paribas
12 12 SEB
13 13 Mitsubishi UFJ Fin Grp
Corporate foreign exchangeInternational rankingCustody, Cash management etc
Income, SEKbn
Assets under Custody
0
200
400
600
2002 2007
Nordea SEBEUR bn
10
37
43
28
17
22
0% 20% 40% 60% 80% 100%
Lithuania
Latvia
Estonia
Denmark
Sweden*
SEB Market share Competitors
1221
SEBRank
Strong market position in all marketsMarket shares, gross premium income, unit-linked insurance (%, 2007)
2
* unit-linked (Sweden new sales)
Net inflows in the Swedish mutual fundsCumulative FY 2007 and Q1 2008, SEKbn
15.2
-13.6 -8.6
-18.5
Robur SHB Nordea SEB
Demographics supporting long-term savings
10
11
0
1,000
2,000
3,000
4,000
2005 2006 2007
LithuaniaLatviaEstonia
1,428
2,320+62%
+34%3,114*
250,000 new customers during 2007
11
Go East: A continued growth caseOperating result country level; SEK millions
* Adjusted for sale of Baltic real estate
12
Managing a downturn in the Baltic countries
Jan 06 Jul 06 Dec 06 2007● Tightening of
credit policy incl. cautious property mgmt
● ROE priority > volume growth
● Further tightening of credit policy
● Raised attention to currency risks
● Collective provisioning policy
● Concluding internal review of Baltic economies
● Increased capitalisation
● Overheating risks communicated
Phase I - Actions to manage overheating
0%2%4%6%8%
10%12%
2006 2007 2008
Credit growth per quarter
12
13
Phase II - Actions to manage correction
Managing a downturn in the Baltic countries
Targeted credit portfolio reviewsJoint local and head-office work-out teamEarly conservative provisioning
Individual country approachFull integration in SEB Group to broaden product paletteDevelop relationships with existing and new customers
Asset quality
Business development
13
14
SEB in Germany
Retail Banking
Merchant Banking
Asset Management
Commercial Real Estate
14
15
Customer satisfaction: No 1 in chosenmarkets
Sustainable profit growth
Highest Return on Equity
AA-rating
Long-term objectives
1616
1717