SEB — Interim / Quarterly Report 2008

Jul 16, 2008

Interim report January - June 2008

STOCKHOLM 16 JULY 2008

SEB's first half year – operating profit SEK 5.9bn (8.7)

• Operating profit amounted to SEK 5,917m, a decrease of 32 per cent compared with the corresponding period of 2007. Net profit was SEK 4,657m (6,784).
• Net interest income increased by 12 per cent. Net fee and commission income decreased by 13 per cent. Operating income was down 8 per cent; valuation losses on fixed-income securities amounted to SEK 938m.
• Operating expenses increased by 7 per cent.
• Net credit losses amounted to SEK 820m (514). The credit loss level was 0.15 per cent (0.11).
• Return on equity was 12.4 per cent (19.8) and earnings per share SEK 6.80 (10.02).

SEB's second quarter – operating profit SEK 3.5bn (4.6)

• Operating profit amounted to SEK 3,507m. Net profit was SEK 2,809m.
• High business activity generated income close to all-time high.
• Limited valuation losses on fixed-income securities, SEK 66m.
• Operating expenses increased by 10 per cent.

"Income regained strength in the second quarter due to volume growth and high sales activity. Our investments made for future income generation in combination with the strong capital base and liquidity access provide the stability required for the current environment." Annika Falkengren

9,6

pb_=fåíÉêáã=oÉéçêí=g~åì~êóJ=gìåÉ=OMMU= N

Additional Information Q2 2008

STOCKHOLM 16 JULY 2008

Appendix 1 The Life division

pb_=qêóÖÖ=iáî=áë=çåÉ=çÑ=íÜÉ=äÉ~ÇáåÖ=äáÑÉ=áåëìê~åÅÉ=Öêçìéë=áå= íÜÉ=kçêÇáÅ=êÉÖáçåK=léÉê~íáçåë=ÅçãéêáëÉ=áåëìê~åÅÉ= ëçäìíáçåë=ïáíÜáå=íÜÉ=áåîÉëíãÉåí=~åÇ=ëçÅá~ä=ëÉÅìêáíó=~êÉ~=Ñçê= áåÇáîáÇì~äë=~åÇ=Åçêéçê~íáçåëK=pb_=qêóÖÖ=iáî=éêçîáÇÉë=ÄçíÜ= ìåáíJäáåâÉÇ=~åÇ=íê~Çáíáçå~ä=áåëìê~åÅÉK=qÜÉ=Çáîáëáçå= çéÉê~íÉë=áå=pïÉÇÉåI=aÉåã~êâI=cáåä~åÇI=fêÉä~åÇI= iìñÉãÄçìêÖI=bëíçåá~I=i~íîá~I=iáíÜì~åá~=~åÇ=râê~áåÉK=qÜÉ= Çáîáëáçå=áë=çêÖ~åáëÉÇ=áå=íÜêÉÉ=ÄìëáåÉëë=~êÉ~ëX=pb_=qêóÖÖ=iáî= pïÉÇÉåI=pb_=mÉåëáçå=aÉåã~êâ=~åÇ=pb_=iáÑÉ=C=mÉåëáçå= fåíÉêå~íáçå~äK=qÜÉ=Çáîáëáçå=ëÉêîÉë=ëçãÉ=NKU=ãáääáçå= ÅìëíçãÉêëK=få=lÅíçÄÉê=OMMTI=cçåÇÑ∏êë®âêáåÖë~âíáÉÄçä~ÖÉí= pb_=qêóÖÖ=iáî=~åÇ=kó~=iáîÑ∏êë®âêáåÖë~âíáÉÄçä~ÖÉí=pb_= qêóÖÖ=iáî=EÒkó~=iáîÒF=ãÉêÖÉÇK=kó~=iáî=ï~ë=çéÉê~íÉÇ= ~ÅÅçêÇáåÖ=íç=ãìíì~ä=éêáåÅáéäÉë=~åÇ=åçí=ÅçåëçäáÇ~íÉÇ=áå=pb_= qêóÖÖ=iáîÛë=êÉëìäíëK=^ÑíÉê=íÜÉ=ãÉêÖÉê=íÜÉ=êÉëìäí=çÑ=íÜáë= ÄìëáåÉëë=Ó=ïáíÜ=êÉëéÉÅí=íç=áåîÉëíãÉåí=áåÅçãÉ=~åÇ= áåëìê~åÅÉ=êáëâ=J=áë=ëíáää=~ääçÅ~íÉÇ=íç=íÜÉ=éçäáÅóÜçäÇÉêëK=pb_= qêóÖÖ=iáî=ÜçïÉîÉê=Öì~ê~åíÉÉë=íÜÉ=Åçåíê~Åíì~ä=ÄÉåÉÑáíë=íç= íÜÉ=éçäáÅóÜçäÇÉêë=áå=íÜáë=ÄìëáåÉëëK=

Comments on the first half 2008

léÉê~íáåÖ=éêçÑáí=~ãçìåíÉÇ=íç=pbh=STSI=ïÜáÅÜ=ï~ë= pbh=NRMã=çê=NU=éÉê=ÅÉåí=äÉëë=íÜ~å=ä~ëí=óÉ~êK=léÉê~íáåÖ= áåÅçãÉ=ÇÉÅêÉ~ëÉÇ=Äó=pbh=SRã=çê=P=éÉê=ÅÉåíK=qÜÉ=ìåáíJ äáåâÉÇ=áåÅçãÉ=ÇÉÅêÉ~ëÉÇ=Äó=pbh=TSã=ïÜÉå=íÜÉ=ÑìåÇ= î~äìÉë=ïÉêÉ=ëèìÉÉòÉÇ=Äó=íÜÉ=åÉÖ~íáîÉ=ÇÉîÉäçéãÉåí=çå=íÜÉ= ïçêäÇ=ëíçÅâ=ã~êâÉíëK=líÜÉê=áåÅçãÉ=áåÅêÉ~ëÉÇ=Äó=pbh=NNãI= ïÜáÅÜ=ï~ë=~ííêáÄìí~ÄäÉ=íç=pb_=mÉåëáçå=aÉåã~êâK=bñéÉåëÉë= êçëÉ=Äó=pbh=URãI=çÑ=ïÜáÅÜ=pbh=PSã=ï~ë=ÇìÉ=íç=áåÅêÉ~ëÉÇ= ÇÉéêÉÅá~íáçå=çÑ=ÇÉÑÉêêÉÇ=~Åèìáëáíáçå=ÅçëíëK=bñéÉåëÉë=ïáíÜáå= fåíÉêå~íáçå~ä=áåÅêÉ~ëÉÇ=ïáíÜ=pbh=OQãK=oÉã~áåáåÖ=ÉñéÉåëÉë= áåÅêÉ~ëÉÇ=Äó=pbh=ORã=çê=O=éÉê=ÅÉåí=

léÉê~íáåÖ=áåÅçãÉ=áåÅäìÇÉë=~å=ìåêÉ~äáëÉÇ=äçëë=çÑ= pbh=TQã=íç=ÅçîÉê=Öì~ê~åíÉÉ=ÅçããáíãÉåíë=áå=íÜÉ=kó~=iáî= ÄìëáåÉëëK=få=aÉÅÉãÄÉê=OMMTI=~=Öì~ê~åíÉÉ=Åçëí=çÑ=pbh=PUã= ï~ë=~äëç=~ÅÅçìåíÉÇ=ÑçêK=qÜÉ=áåÅçãÉ=OMMU=~äëç=áåÅäìÇÉë=~å= áåÅçãÉ=çÑ=pbh=NOã=êÉÖ~êÇáåÖ=~=êÉî~äì~íáçå=çÑ=íÜÉ= éçäáÅóÜçäÇÉêëÛ=í~ñ=êÉëÉêîÉ=ïáíÜáå=íÜÉ=fêáëÜ=ëìÄëáÇá~êóK=qÜÉ= íÜáêÇ=~åÇ=ÑçìêíÜ=èì~êíÉê=OMMT=~äëç=áåÅäìÇÉÇ=éçëáíáîÉ= éçäáÅóÜçäÇÉêëÛ=í~ñ=ÉÑÑÉÅíë=çÑ=pbh=NTã=~åÇ=pbh=OOã= êÉëéÉÅíáîÉäóK=aìêáåÖ=íÜÉ=Ñáêëí=Ü~äÑ=ä~ëí=óÉ~ê=~=éçëáíáîÉ= êÉî~äì~íáçå=çÑ=áåëìê~åÅÉ=êÉä~íÉÇ=éêçîáëáçåë=çÑ=pbh=PPã= ~ÑÑÉÅíÉÇ=íÜÉ=áåÅçãÉ=áå=íÜÉ=fêáëÜ=ëìÄëáÇá~êóK=

lÑ=íÜÉ=ÄìëáåÉëë=~êÉ~ëI=pb_=mÉåëáçåI=aÉåã~êâI=Ü~Ç=íÜÉ= ÄÉëí=ÇÉîÉäçéãÉåí=Åçãé~êÉÇ=íç=ä~ëí=óÉ~ê=ã~áåäó=ÇìÉ=íç= ÜáÖÜÉê=áåÅçãÉ=çÑ=çíÜÉê=áåëìê~åÅÉK=léÉê~íáåÖ=éêçÑáí= áåÅêÉ~ëÉÇ=Äó=pbh=NMã=íç=pbh=ONUãK=léÉê~íáåÖ=éêçÑáí=áå= pb_=qêóÖÖ=iáî=pïÉÇÉåI=áåÅäìÇáåÖ=ÅÉåíê~ä=ÑìåÅíáçåëI= ÇÉÅäáåÉÇ=Äó=pbh=VRã=íç=pbh=QNTãK=qÜáë=ï~ë=ÇìÉ=íç=íÜÉ= Öì~ê~åíÉÉ=Åçëí=Ñçê=íÜÉ=kó~=iáî=ÄìëáåÉëë=~åÇ=~äëç=äçïÉê= ìåáíJäáåâÉÇ=áåÅçãÉK=^=éÉå~äíäó=ÑÉÉ=çÑ=pbh=PMã=íç=íÜÉ= pïÉÇáëÜ=cáå~åÅá~ä=pìéÉêîáëçêó=^ìíÜçêáíó=ï~ë=~äëç= áåÅäìÇÉÇK=léÉê~íáåÖ=éêçÑáí=áå=pb_=iáÑÉ=C=mÉåëáçå= fåíÉêå~íáçå~ä=ÇÉÅäáåÉÇ=Äó=pbh=SRã=íç=pbh=QNãK=qÜÉ=ÇÉÅäáåÉ= ï~ë=ã~áåäó=áåÅçãÉ=êÉä~íÉÇK=

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SEB Trygg Liv, Sweden

qÜÉ=pïÉÇáëÜ=çéÉê~íáçåë=~êÉ=ÅçåÇìÅíÉÇ=é~êíäó=~ÅÅçêÇáåÖ=íç= ~=Ä~åÅ~ëëìê~åÅÉ=ÅçåÅÉéíI=áKÉK=~å=áåíÉÖê~íÉÇ=Ä~åâáåÖ=~åÇ= áåëìê~åÅÉ=ÄìëáåÉëëI=~åÇ=é~êíäó=íÜêçìÖÜ=áåëìê~åÅÉ= ãÉÇá~íçêë=~åÇ=çíÜÉê=ÉñíÉêå~ä=ãÉÇá~íçêëK=qÜÉ=éìêéçëÉ=çÑ=íÜÉ= Ä~åÅ~ëëìê~åÅÉ=ÅçåÅÉéí=áë=íç=çÑÑÉê=pb_Ûë=ÅìëíçãÉêë=~= ÅçãéäÉíÉ=ê~åÖÉ=çÑ=éêçÇìÅíë=~åÇ=ëÉêîáÅÉë=ïáíÜáå=íÜÉ= Ñáå~åÅá~ä=~êÉ~K=p~îáåÖë=áå=äáÑÉ=áåëìê~åÅÉ=éêçÇìÅíëI=áåÅäìÇáåÖ= éÉåëáçå=ë~îáåÖëI=êÉéêÉëÉåí=~=ÖêçïáåÖ=ëÜ~êÉ=çÑ=íÜÉ=pïÉÇáëÜ= ÜçìëÉÜçäÇëÛ=Ñáå~åÅá~ä=~ëëÉíëK=^ÅÅçêÇáåÖ=íç=íÜÉ=pb_= "pé~êÄ~êçãÉíÉêåÒ=íÜáë=ëÜ~êÉ=ï~ë=QU=éÉê=ÅÉåí=Äó=j~êÅÜ= OMMUK=

Market position

Sales focus is on unit-linked, which represents close to 80 per cent of total sales. SEB Trygg Liv is the market leader in Sweden within unit-linked insurance. The market share for the twelve month period to March 2008 was 23.1 per cent (28.0). Distribution channels are SEB's branch offices, own sales force and insurance mediators

Significant occupational pension business

Corporate sales have gradually grown and increased the share of total sales. During the first half the share however decreased to 65 per cent (73). SEB Trygg Liv is the market leader within new business unit-linked occupational pension. The market share for the twelve month period to March 2008 was 19.4 per cent (25.2).

SEB Trygg Liv also offers administration and management of pension foundations. SEB Trygg Liv Pensionstjänst (Pension Service) is the leading Swedish company in this field.

Strong in the private market

In the private market SEB Trygg Liv has a strong position within new business unit-linked endowment insurance. The market share for the twelve month period to March 2008 was 31.1 per cent (30.5).

Sales of private pension savings are relatively stable. SEB's sales in this area consist mainly of IPS - Individual Pension Savings and "Enkla Pensionen", a unit-linked product with a guarantee.

SEB Pension, Denmark

SEB Pension's traditional life insurance operations in Denmark are carried out in a profit-sharing company and therefore included in the division's result. By hedging the investment portfolios, the market and investment risks are controlled in relation to guaranteed commitments to policyholders. Variations in investment returns can be absorbed to a great extent by accumulated buffer funds, called "collective bonus potential".

The result includes an additional accrued income of SEK 200m (SEK 50m at year end) from the traditional life portfolios in Denmark. The amount is placed in a "shadow account", following the local Danish legislation regarding shareholder fee available for distribution in profit-sharing traditional life insurance. The restriction of distribution to the shareholder fee is relevant in relation to the full year results only.

SEB Pension's products

SEB Pension sells savings, life, sickness and disability insurance to private individuals and corporate clients through private and corporate sales personnel, insurance mediators and Codan Forsikring (general insurance).

Savings insurance is available both as unit-linked and traditional insurance (in a profit-sharing company). In the private market unit-linked insurance accounts for almost 90 per cent of sales, while approximately 50 per cent of the corporate market consists of traditional insurance, since certain business areas still do not allow unit-linked insurance to form part of an occupational pension plan.

The market for non-traditional life insurance, such as unit-linked, keeps expanding. This growth emanates mainly from the corporate segment, via insurance mediators.

Growing occupational pension market

The Danish occupational pension market has grown by approximately 10 per cent annually since year 2000, while the private market has shown virtually zero-growth. SEB Pension's growth rate within occupational pension has been in the range of 15-18 per cent in recent years, and the company has gained market shares, accordingly.

SEB Pension's development in the private market has been in line with the general trend. Measured in terms of premium income SEB Pension is the fourth largest life insurance company in Denmark, with a market share of 11 per cent. In the unit-linked segment the market share is 17 per cent. The market share figures are preliminary for full year 2007.

Distribution

Most insurance companies, including SEB Pension, have developed specialised private pension sales units that primarily concentrate on high-salary groups and customers with qualified advisory requirements.

Insurance mediators and the insurance companies' corporate sales personnel comprise the two dominant sales channels in the occupational pension market.

SEB Life & Pension, International

SEB Life & Pension International includes operating subsidiaries in Ireland, Estonia, Latvia, Lithuania and Ukraine. The Irish company also has a branch in the UK.

The operations of the Irish company SEB Life (Ireland) are focused primarily on sales of Portfolio Bond (depot endowment insurance). The sale is primarily concentrated on the Swedish market. Since 2004, the company also has a branch office in Luxembourg via SEB Private Banking, with sales focused on Swedes living abroad.

The Baltic subsidiaries are mainly focused on unitlinked insurance but also offer traditional insurance and sickness/disability insurance. 91 per cent of the sales volume is private and 9 per cent is corporate paid.

Profit & loss account

	Q2	Q1	Q4	Q3	Q2	Jan - Jun		Full year
SEKm	2008	2008	2007	2007	2007	2008	2007	2007
Income unit-linked	491	484	553	538	548	975	1 051	2 142
Income other insurance	317	295	322	316	245	612	570	1 208
Other income	62	159	149	179	108	221	252	580
Total operating income	870	938	1 024	1 033	901	1 808	1 873	3 930
Operating expenses	-583	-608	-623	-528	-577	-1 191	-1 155	-2 306
Other expenses	-20	-2	7	-11	-1	-22	-8	-12
Change in deferred acquisition costs	41	40	67	7	45	81	116	190
Total expenses	-562	-570	-549	-532	-533	-1 132	-1 047	-2 128
Operating profit 1)	308	368	475	501	368	676	826	1 802
Change in surplus value, net	227	250	431	275	323	477	567	1 273
Business result	535	618	906	776	691	1 153	1 393	3 075
Financial effects due to market fluctuations 2)	-196	-1 819	-436	-322	353	-2 015	696	-62
Change in assumptions 2)	38	-25	53	0	0	13	0	53
Total result	377	-1 226	523	454	1 044	-849	2 089	3 066
Business equity	7 500	7 500	7 500	7 500	7 500	7 500	7 500	7 500
Return on business equity 3)
based on operating profit, %	14,5%	17,3%	22,3%	23,5%	17,3%	15,9%	19,4%	21,1%
based on business result, %	25,1%	29,0%	42,5%	36,4%	32,4%	27,1%	32,7%	36,1%
Expense ratio, % 4)	8,2	8,2	8,0	9,1	9,7	8,2	9,1	8,7
1) SEB Trygg Liv, Sweden	282	222	321	329	283	504	572	1 222
SEB Pension, Denmark	61	157	111	153	69	218	208	472
SEB Life & Pension, International	22	19	51	59	42	41	106	216
Other including central functions etc	-57	-30	-8	-40	-26	-87	-60	-108
	308	368	475	501	368	676	826	1 802

2) Effect on surplus values.

3) Annual basis after 12 per cent tax which reflects the divisions effective tax rate.

4) Operating expenses as percentage of premium income.

Sales volume insurance (weighted)

	Q2	Q1	Q4	Q3	Q2		Jan - Jun	Full year
SEKm	2008	2008	2007	2007	2007	2008	2007	2007
Total	11 884	13 314	12 018	9 667	10 668	25 198	22 654	44 339
SEB Trygg Liv Sweden	6 732	7 674	6 718	5 173	6 689	14 406	14 380	26 271
Traditional life and sickness/health insurance	367	564	510	342	435	931	939	1 791
Unit-linked insurance	6 365	7 110	6 208	4 831	6 254	13 475	13 441	24 480
Private paid	1 952	2 021	1 683	976	1 455	3 973	3 186	5 845
Corporate paid	4 780	5 653	5 035	4 197	5 234	10 433	11 194	20 426
SEB Pension Denmark	3 433	3 947	3 667	3 360	3 023	7 380	6 574	13 601
Traditional life and sickness/health insurance*	2 269	2 302	1 811	1 833	1 382	4 571	2 849	6 493
Unit-linked insurance	1 164	1 645	1 856	1 527	1 641	2 809	3 725	7 108
Private paid	1 161	885	852	495	684	2 046	1 693	3 040
Corporate paid	2 272	3 062	2 815	2 865	2 339	5 334	4 881	10 561
SEB Life & Pension International	1 719	1 693	1 633	1 134	956	3 412	1 700	4 467
Traditional life and sickness insurance	212	152	192	150	132	364	297	639
Unit-linked insurance	1 507	1 541	1 441	984	824	3 048	1 403	3 828
Private paid	1 489	1 309	1 320	823	679	2 798	1 252	3 395
Corporate paid	230	384	313	311	277	614	448	1 072

Premium income and Assets under management

	Q2	Q1	Q4	Q3	Q2		Jan - Jun	Full year
SEKm	2008	2008	2007	2007	2007	2008	2007	2007
Premium income
Total	7 131	7 421	7 794	5 828	5 963	14 552	12 748	26 370
SEB Trygg Liv Sweden	3 750	4 048	4 098	3 215	3 625	7 798	8 057	15 370
Traditional life and sickness/health insurance Unit-linked insurance	749 3 001	755 3 293	1 002 3 096	657 2 558	752 2 873	1 504 6 294	1 621 6 436	3 280 12 090
SEB Pension Denmark	1 902	1 726	2 319	1 743	1 535	3 628	3 157	7 219
Traditional life and sickness insurance	1 361	1 123	1 506	1 112	1 105	2 484	1 970	4 588
Unit-linked insurance	541	603	813	631	430	1 144	1 187	2 631
SEB Life & Pension International	1 479	1 647	1 377	870	803	3 126	1 534	3 781
Traditional life and sickness insurance	78	76	84	64	18	154	113	261
Unit-linked insurance	1 401	1 571	1 293	806	785	2 972	1 421	3 520
Assets under management, net assets *
Total	376 300	384 300	408 400	411 700	415 200	376 300	415 200	408 400
SEB Trygg Liv Sweden	274 800	281 400	303 600	309 400	312 100	274 800	312 100	303 600
Traditional life and sickness/health insurance	174 900	181 700	192 700	197 100	199 200	174 900	199 200	192 700
Unit-linked insurance	99 900	99 700	110 900	112 300	112 900	99 900	112 900	110 900
SEB Pension Denmark	83 100	85 100	87 300	85 000	85 900	83 100	85 900	87 300
Traditional life and sickness insurance	74 500	76 800	79 000	77 300	78 500	74 500	78 500	79 000
Unit-linked insurance	8 600	8 300	8 300	7 700	7 400	8 600	7 400	8 300
SEB Life & Pension International	18 400	17 800	17 500	17 300	17 200	18 400	17 200	17 500
Traditional life and sickness insurance	600	500	500	500	500	600	500	500
Unit-linked insurance	17 800	17 300	17 000	16 800	16 700	17 800	16 700	17 000

* rounded to whole 100 millions

Surplus value accounting

	Q2	Q1	Q4	Q3	Q2	Jan - Jun		Full year
SEKm	2008	2008	2007	2007	2007	2008	2007	2007
Surplus values, opening balance	12 896	14 496	14 085	14 130	13 452	14 496	12 872	12 872
Adjustment opening balance 1)	-69		334			-69	0	334
Present value of new sales 2)	399	449	576	319	396	848	878	1 773
Return/realised value on policies from previous periods	-72	-71	-127	-78	-68	-143	-130	-335
Actual outcome compared to assumptions 3)	-59	-88	49	41	40	-147	-65	25
Change in surplus values ongoing business, gross	268	290	498	282	368	558	683	1 463
Capitalisation of acquisition costs for the period	-175	-188	-196	-125	-173	-363	-362	-683
Amortisation of capitalised acquisition costs	134	148	129	118	128	282	246	493
Change in surplus values ongoing business, net 4)	227	250	431	275	323	477	567	1 273
Financial effects due to short term market fluctuations 5)	-196	-1 819	-436	-322	353	-2 015	696	-62
Change in assumptions 6)	38	-25	53			13	0	53
Total change in surplus values	69	-1 594	48	-47	676	-1 525	1 263	1 264
Exchange rate differences etc	6	-6	29	2	2	0	-5	26
Surplus values, closing balance 7)	12 902	12 896	14 496	14 085	14 130	12 902	14 130	14 496

1) The Baltic countries are included from Q4 2007. Q2 2008 includes effects from an adjustment of the calculation method (mainly Denmark).

2) Sales defined as new contracts and extra premiums in existing contracts.

3) The reported actual outcome of contracts signed can be placed in relation to the operative assumptions that were made. Thus, the value of the deviations can be estimated. The most important components consist of extensions of contracts as well as cancellations. However, the actual income and administrative expenses are included in full in the operating result.

• 4) Deferred acquisition costs are capitalised in the accounts and amortised according to plan. The reported change in surplus values is therefore adjusted by the net result of the capitalisation and amortisation during the period.
• 5) Assumed unit growth is 6 per cent, i.e. 1.5 per cent per quarter. Actual growth results in positive or negative financial effects.
• 6) During 2008 administrative costs per policy in SEB Pension were adjusted (effect Q1 SEK -25m, Q2 +25m). During Q2 2008 adjustments in the Baltics had an effect of SEK 13m. Main changes in 2007: Administrative costs per policy were adjusted with a positive effect. In Sweden the surrender rate was adjusted from 6 / 6 / 12 per cent to 1 / 10 / 12 per cent depending on years past since the sign of contracts (within 1 / 5 / 10 years). This change had a negative effect.
• 7) Estimated surplus value according to the above are not included in the SEB Group's consolidated accounts. The closing balance is shown after the deduction of capitalised acquisition costs (SEK 3,078m at June 30, 2008).

Surplus values

pìêéäìë=î~äìÉë=~êÉ=íÜÉ=éêÉëÉåí=î~äìÉë=çÑ=ÑìíìêÉ=éêçÑáíë=Ñêçã= ïêáííÉå=áåëìê~åÅÉ=éçäáÅáÉëK=qÜÉó=~êÉ=Å~äÅìä~íÉÇ=íç=ÄÉííÉê= Éî~äì~íÉ=íÜÉ=éêçÑáí~Äáäáíó=çÑ=~=äáÑÉ=áåëìê~åÅÉ=ÄìëáåÉëë=ëáåÅÉ= ~å=áåëìê~åÅÉ=éçäáÅó=çÑíÉå=Ü~ë=~=äçåÖ=Çìê~íáçåK=fåÅçãÉ= ~ÅÅêìÉë=êÉÖìä~êäó=íÜêçìÖÜçìí=íÜÉ=Çìê~íáçå=çÑ=íÜÉ=éçäáÅóK= `çëíëI=çå=íÜÉ=çíÜÉê=Ü~åÇI=ã~áåäó=~êáëÉ=~í=íÜÉ=éçáåí=çÑ=ë~äÉI= ïÜáÅÜ=äÉ~Çë=íç=~å=áãÄ~ä~åÅÉ=ÄÉíïÉÉå=áåÅçãÉ=~åÇ=Åçëíë=~í= íÜÉ=íáãÉ=ïÜÉå=~=éçäáÅó=áë=ëáÖåÉÇK==

pb_=qêóÖÖ=iáî=ìëÉë=íÜÉ=ãÉíÜçÇ=çÑ=ëìêéäìë=î~äìÉ= Å~äÅìä~íáçåë=ëáåÅÉ=NVVT=Ñçê=ÄçíÜ=áåíÉêå~ä=ã~å~ÖÉãÉåí= ~ÅÅçìåíáåÖ=~åÇ=ÉñíÉêå~ä=êÉéçêíáåÖK=qÜÉ=êÉéçêíáåÖ=áë= ~ÅÅçêÇáåÖ=íç=áåíÉêå~íáçå~ä=éê~ÅíáÅÉ=~åÇ=áë=êÉîáÉïÉÇ=Äó=~å= ÉñíÉêå~ä=é~êíó=~ååì~ääóK=pìêéäìë=î~äìÉë=~êÉ=åçí= ÅçåëçäáÇ~íÉÇ=áå=íÜÉ=pb_=dêçìé=~ÅÅçìåíëK=cçê=íÜÉ=a~åáëÜ= ÄìëáåÉëëI=ëìêéäìë=î~äìÉë=~êÉ=áåÅäìÇÉÇ=Ñçê=íÜÉ=ìåáí=äáåâÉÇ= ÄìëáåÉëë=Äìí=åçí=Ñçê=íÜÉ=íê~Çáíáçå~ä=áåëìê~åÅÉ=ÄìëáåÉëëK=cçê= íê~Çáíáçå~ä=áåëìê~åÅÉ=áå=aÉåã~êâI=éêçÑáí=ÇáëíêáÄìíáçå= ÄÉíïÉÉå=ëÜ~êÉÜçäÇÉêë=~åÇ=éçäáÅóÜçäÇÉêë=áë=ÇÉÑáåÉÇ=Äó=íÜÉ= ëçJÅ~ääÉÇ=ÅçåíêáÄìíáçå=éêáåÅáéäÉK=qÜÉ=_~äíáÅ=áåëìê~åÅÉ= ÄìëáåÉëë=áë=áåÅäìÇÉÇ=Ñêçã=nQ=OMMTK=

Assumptions for calculating surplus values

qÜÉ=ëìêéäìë=î~äìÉ=Å~äÅìä~íáçå=áë=Ä~ëÉÇ=çå=ÇáÑÑÉêÉåí= ~ëëìãéíáçåëI=ïÜáÅÜ=~êÉ=~ÇàìëíÉÇ=ïÜÉå=åÉÅÉëë~êó=íç= ÅçêêÉëéçåÇ=íç=íÜÉ=äçåÖJíÉêã=~Åíì~ä=ÇÉîÉäçéãÉåíK=

Discount rate	8%
Surrender of endowment insurance
contracts, Sweden: contracts signed
within 1 year / 5 years / thereafter	1% / 10% / 12%
Surrender of insurance contracts, Denmark	6%
Lapse rate of regular premiums, unit-linked	10%
Growth in fund units, Sweden	6%
Growth in fund units, Denmark	5,1%
Inflation CPI / Inflation expenses	2% / 3%
Right to transfer policy (unit-linked)	1%
	According to the
	Group's
Mortality	experience

The sensitivity analysis

The calculation of surplus values is relatively sensitive to changes in assumptions. A change of the discount rate by $+1/-1$ percentage point gives an effect in surplus values of SEK-1,481/+1,729m. A higher or lower actual

return/growth in fund units will result in positive or negative effects when the surplus value change of the period is calculated. A change in the growth assumption by $+1/-1$ percentage point will give a change in surplus values of SEK +1,540/-1,281m.

New business profit

One way of measuring profitability of sales is to calculate the new business profit. Profit from new business, the net of present value of new sales and sales expenses, is measured in relation to the weighted sales volume.

SEKm	Jul 2007-Jun 2008	Full year 2007	Full year 2006	Full year 2005
Sales volume weighted (regular $+$ single/10)	3805	3689	3 3 4 5	3678
Present value of new sales	1664	1 7 7 5	1 788	1 924
Sales expenses	$-875$	$-901$	-970	$-1116$
Profit from new business	789	874	818	808
Sales margin new business	20,7%	23,7%	24.5%	22,0%
2007 and later is calculated for the total division. 2005 - 2006 is business area Sweden. $T1$ $\ldots$ $\ldots$ $\vdots$ $\vdots$ $\vdots$ $\vdots$ $\vdots$ $\vdots$ $\vdots$ $\vdots$ $\vdots$ $\vdots$ $\vdots$

The effect of Denmark and the Baltics:
Sales volume weighted (regular $+$ single/10)	766	845
Profit from new business	159	224
Sales margin new business	$0.0\%$	0.8%

The margin during 2008 is adversely affected by a change in the product mix.

Embedded value

SEKm	30 Jun 2008	31 Dec 2007	31 Dec 2006	31 Dec 2005
Equity $1$ Surplus values	8 2 4 4 12 902	8836 14 4 9 6	8450 12872	7 696 10 755
$1$ Dividend paid to the parent company during the period	$-1,275$	$-1150$	$-400$

Gamla Livförsäkringsaktiebolaget

Traditional insurance business is operated in Gamla Livförsäkringsaktiebolaget SEB Trygg Liv ("Gamla Liv"). The entity is operated according to mutual principles and is not consolidated in SEB Trygg Liv's result. Gamla Liv is closed for new business.

The policyholder organisation, Trygg Stiftelsen (the Trygg Foundation), has the purpose to secure policy holders' influence in Gamla Liv. The Trygg Foundation is entitled to:

• Appoint two board members of Gamla Liv and, jointly with SEB, appoint the Chairman of the Board, which consists of five members.
• Appoint the majority of members and the Chairman of the Finance Delegation, which is responsible for the asset management of Gamla Liv.

Appendix 2 Credit Exposure

Credit Exposure by Industry, SEKbn

(before provisions for possible credit losses)

===========================================		TOTAL
	30 June 2008	%	31 Dec 2007	%
Banks	227.4	13.9	247.6	16.0
Corporate	616.0	37.8	572.5	36.9
Fi nance and insurance	59.3	3.6	48.7	3.1
Wholesale and retail	76.1	4.7	70.6	4.5
Trans portation	60.8	3.7	53.4	3.4
Other service sectors	112.5	6.9	117.0	7.5
Cons truction	19.3	1.2	21.0	1.4
Manufacturing	173.7	10.7	157.5	10.2
Other	114.3	7.0	104.3	6.7
Property Management	229.5	14.1	210.1	13.5
Public Administration	94.9	5.8	87.6	5.6
Households	462.8	28.4	434.0	27.97
Hous ing loans	352.4	21.6	330.5	21.3
Ot her	110.4	6.8	103.5	6.7
Total credit portfolio	1630.6	100,0	1 551.7	100.0
Repos	189.9		227.6
Credit institutions	78.1		97.2
General public	111.8		130.4
Bonds and othe r interest bearing securities	512.3		530.6

Appendix 3a Capital base of the SEB financial group of undertakings

	30 June	31 December
SEKm	2008	2007
T otal equity according to balance sheet (1)	74 799	76 719
/. Proposed dividend 2007 (excl repurchased shares)		-4 442
./. Estimated dividend for the current year (excl repurchased shares)	-2 226
/. Deductions for investments outside the financial group of undertakings (2)	-73	-81
/. Other deductions outside the financial group of undertakings (3)	-2 272	-2 975
Total equity in the capital adequacy =	70 228	69 221
Core capital contribution	11 293	10 907
A djustment for hedge contracts (4)	822	237
N et provisioning amount for IRB-reported credit exposures (5)	-143	-235
U nrealised value changes on available-for-sale financial assets (6)	2 024	572
/. Goodwill (7)	-6 642	-6 079
/. Other intangible assets	-1 508	-1 135
./. Deferred tax assets	-796	-786
= C ore capital (tier 1)	75 278	72 702
Da ted subordinated debt	18 510	18 670
/. Deduction for remaining maturity	-1 512	-1 414
Perp etual subordinated debt	12 599	14 256
N et provisioning amount for IRB-reported credit exposures (5)	-143	-235
U nrealised gains on available-for-sale financial assets (6)	1 056	451
/. Deductions for investments outside the financial group of undertakings (2)	-74	-81
= Supplement ary capital (tier 2)	30 436	31 647
/. Deductions for investments in insurance companies (8)	-10 591	-10 592
/. Deduction for pension assets in excess of related liabilities (9)	-1 316	-784
= C apital base	93 807	92 973

To note:

qçí~ä=Éèìáíó=~ÅÅçêÇáåÖ=íç=íÜÉ=Ä~ä~åÅÉ=ëÜÉÉí=ENF=áåÅäìÇÉë= íÜÉ=ÅìêêÉåí=óÉ~êÛë=éêçÑáí=ïÜáÅÜ=Ü~ë=ÄÉÉå=êÉîáÉïÉÇ=Äó=íÜÉ= ~ìÇáíçêëK==

aÉÇìÅíáçåë=EOF=Ñçê=áåîÉëíãÉåíë=çìíëáÇÉ=íÜÉ=Ñáå~åÅá~ä= Öêçìé=çÑ=ìåÇÉêí~âáåÖë=ëÜçìäÇ=ÄÉ=ã~ÇÉ=ïáíÜ=Éèì~ä=é~êíë= Ñêçã=ÅçêÉ=~åÇ=ëìééäÉãÉåí~êó=Å~éáí~äK=eçïÉîÉêI=áåîÉëíJ ãÉåíë=áå=áåëìê~åÅÉ=Åçãé~åáÉë=ã~ÇÉ=ÄÉÑçêÉ=OM=gìäó=OMMS= Å~å=ÄÉ=ÇÉÇìÅíÉÇ=Ñêçã=íÜÉ=Å~éáí~ä=Ä~ëÉ=EUF=Ó=íÜáë=ÜçäÇë=Ñçê= pb_Ûë=áåîÉëíãÉåíë=áå=áåëìê~åÅÉ=Åçãé~åáÉëK==

qÜÉ=ÇÉÇìÅíáçå=EPF=Åçåëáëíë=çÑ=êÉí~áåÉÇ=É~êåáåÖë=áå= ëìÄëáÇá~êáÉë=çìíëáÇÉ=íÜÉ=Ñáå~åÅá~ä=Öêçìé=çÑ=ìåÇÉêí~âáåÖëK=

qÜÉ=~ÇàìëíãÉåí=EQF=êÉÑÉêë=íç=ÇáÑÑÉêÉåÅÉë=áå=Üçï=ÜÉÇÖáåÖ= Åçåíê~Åíë=~êÉ=~ÅâåçïäÉÇÖÉÇ=~ÅÅçêÇáåÖ=íç=íÜÉ=Å~éáí~ä= ~ÇÉèì~Åó=êÉÖìä~íáçåI=~ë=Åçãé~êÉÇ=ïáíÜ=íÜÉ=éêÉé~ê~íáçå=çÑ= íÜÉ=Ä~ä~åÅÉ=ëÜÉÉíK==

fÑ=éêçîáëáçåë=~åÇ=î~äìÉ=~ÇàìëíãÉåíë=Ñçê=ÅêÉÇáí=ÉñéçJ ëìêÉë=êÉéçêíÉÇ=~ÅÅçêÇáåÖ=íç=íÜÉ=fåíÉêå~ä=o~íáåÖ=_~ëÉÇ= ~ééêç~ÅÜ=Ñ~ää=ëÜçêí=çÑ=ÉñéÉÅíÉÇ=äçëëÉë=çå=íÜÉëÉ=ÉñéçëìêÉëI= íÜÉ=ÇáÑÑÉêÉåÅÉ=ERF=ëÜçìäÇ=ÄÉ=ÇÉÇìÅíÉÇ=áå=Éèì~ä=é~êíë=Ñêçã= éêáã~êó=~åÇ=ëìééäÉãÉåí~êó=Å~éáí~äK=^=ÅçêêÉëéçåÇáåÖ=

ÉñÅÉëë=Å~åI=ìé=íç=~=ÅÉêí~áå=äáãáíI=ÄÉ=~ÇÇÉÇ=íç=íÜÉ=ëìééäÉJ ãÉåí~êó=Å~éáí~äK=

cçê=^î~áä~ÄäÉ=cçê=p~äÉ=éçêíÑçäáçë=ESF=î~äìÉ=ÅÜ~åÖÉë=çå= ÇÉÄí=áåëíêìãÉåíë=ëÜçìäÇ=åçí=ÄÉ=~ÅâåçïäÉÇÖÉÇ=Ñçê=Å~éáí~ä= ~ÇÉèì~ÅóK=^åó=ëìêéäìë=~ííêáÄìí~ÄäÉ=íç=Éèìáíó=áåëíêìãÉåíë= ã~ó=ÄÉ=áåÅäìÇÉÇ=áå=íÜÉ=ëìééäÉãÉåí~êó=Å~éáí~äK=

dççÇïáää=áå=ETF=êÉä~íÉë=çåäó=íç=ÅçåëçäáÇ~íáçå=áåíç=íÜÉ= Ñáå~åÅá~ä=Öêçìé=çÑ=ìåÇÉêí~âáåÖëK=tÜÉå=ÅçåëçäáÇ~íáåÖ=íÜÉ= ÉåíáêÉ=dêçìéÛë=Ä~ä~åÅÉ=ëÜÉÉí=ÑìêíÜÉê=ÖççÇïáää=çÑ=pbh= RITONã=áë=ÅêÉ~íÉÇK=qÜáë=áë=áåÅäìÇÉÇ=áå=íÜÉ=áåëìê~åÅÉ= áåîÉëíãÉåíë=ìåÇÉê=EUF=~ÄçîÉK=

mÉåëáçå=ëìêéäìë=î~äìÉë=EVF=ëÜçìäÇ=ÄÉ=ÇÉÇìÅíÉÇ=Ñêçã=íÜÉ= Å~éáí~ä=Ä~ëÉI=ÉñÅÉéíáåÖ=ëìÅÜ=áåÇÉãåáÑáÅ~íáçå=~ë=éêÉëÅêáÄÉÇ= áå=íÜÉ=pïÉÇáëÜ=^Åí=çå=ë~ÑÉÖì~êÇáåÖ=çÑ=éÉåëáçå=ìåÇÉêí~âJ áåÖëK=

lå=PM=gìåÉ=OMMUI=íÜÉ=é~êÉåí=Åçãé~åóDë=ÅçêÉ=Å~éáí~ä=EíáÉê= NF=ï~ë=pbh=RUIUPS=ERTIMTRFI=~åÇ=íÜÉ=êÉéçêíÉÇ=ÅçêÉ=Å~éáí~ä= ê~íáç=ï~ë=NMKR=éÉê=ÅÉåí=ENMKOFK=

Appendix 3b Capital requirements for the SEB financial group of undertakings

During 2007 SEB used a mixed approach where capital requirements for SEB AB, SEB AG and SEB Gyllenberg were reported according to Basel II, while Basel I reporting was used for remaining companies in the Group. From 2008 all SEB's reporting follows Basel II.

Capital requirements	30 June	31 December
SEKm	2008	2007
Credit risk, IRB reported capital requirements
Institutions	4527	4 5 0 6
Corporates (1)	28 0 35	21 4 20
Securitisation positions	339	174
Retail mortgages	4 4 3 2	3 4 0 9
Other exposure classes	160
Total for credit risk, IRB approach	37 493	29 509
Other Basel II reported capital requirements
Credit risk, Standardised approach (2)	14 24 6	6 2 2 7
Operational risk, Basic Indicator approach		3723
Operational risk, Advanced Measurement approach	3 3 6 5
Currency price risk	494	580
Trading book risks	3615	4 0 1 0
Total, reporting according to Basel II	59 213	44 049
Reporting according to Basel I
Credit risk		14859
Currency price risk		$\Omega$
Trading book risks		41
Total, reporting according to Basel I		14 900
Summary
Credit risk	51 739	50 595
Operational risk	3 3 6 5	3723
Market risk	4 1 0 9	4631
Total	59 213	58 949
Adjustment for flooring rules
Additional requirement according to transitional flooring (3)	10 4 98	8 4 0 9
Total reported	69 711	67 358

To note:

Corporate exposures (1) exclude such small companies where the total exposure does not exceed certain regulatory-defined thresholds.

The Standardised approach (2) is used for credit exposures to central governments, central banks and local governments and authorities, and to exposures where IRB implementation is on-going. The reported capital requirement is dominated by the Corporate and Retail

exposure classes. In Basel II, counterparty risk (repos, securities lending, derivatives) in the trading book is referred to credit risk, and not to market risk as in Basel I.

During years 2007/2008/2009 institutions should have a capital base not below 95/90/80 per cent of the capital requirement according to Basel I regulation. The addition (3) is made in consequence with this transitional rule.

Appendix 3c Capital adequacy analysis

Representing business volume as RWA (risk weighted assets, 12.5 times the capital requirement) the regulatory minima can be expressed as a total capital ratio of at least 8 per cent and a core capital ratio of at least 4 per cent. However, and following the "second pillar" of the new framework, banks are expected to operate above this level. The margin supports SEB's high rating ambitions, covering risks that are not included in the capital adequacy regulation, and representing a buffer for the less benign phases of the business cycle. The Group's internal capital assessment process is based on the long term business plans and utilises SEB's economic capital model, supplemented e.g. with macro economic analysis and stress testing.

	30 June	31 December
Capital adequacy	2008	2007
Capital resources
Core capital (tier 1)	75 278	72 702
Capital base	93 807	92 973
Capital adequacy with risk weighting according to Basel I
Capital requirement	77 775	71 398
Expressed as Risk weighted assets	972 186	892 473
Core capital ratio	7.7%	8,1%
Total capital ratio	9,6%	10,4%
Capital adequacy quotient (capital base / capital requirement)	1,21	1,30
Capital adequacy as officially reported with transitional rules (Basel II)
Transition floor applied	90%	95%
Capital requirement	69 711	67 358
Expressed as Risk weighted assets	871 391	841 974
Core capital ratio	8,6%	8,6%
Total capital ratio	10,8%	11.0%
Capital adequacy quotient (capital base / capital requirement)	1,35	1,38
Capital adequacy without transitional floor (Basel II)
Capital requirement	59 213	58 949
Expressed as Risk weighted assets	740 163	736 864
Core capital ratio	10,2%	9.9%
Total capital ratio	12,7%	12,6%
Capital adequacy quotient (capital base / capital requirement)	1,58	1,58

The following changes hold compared with 2007 when only SEB AB, SEB AG and SEB Gyllenberg were reported according to Basel II:

• IRB reporting of retail, corporate and interbank exposures in Latvia and Lithuania that previously followed $\Omega$ Basel I.
• Basel II Standardised reporting of other credit exposures that previously followed Basel I. $\circ$
• Operational risk reporting extended to the entire Group. After supervisory approval, the Group now reports $\circ$ the capital requirement for operational risk according to the Advance Measurement Approaches. Please note that the SEK 3,723bn reported at year end related to a subset of the SEB Group only; the second-quarter number 3,365 can better be compared with the 5,428 reported (following the Basic Indicator approach) at the end of the first quarter.

Overall Basel I RWA increased with 9 per cent since year end while Basel II RWA (before the effect of regulatory floors) increased with less than 1 per cent. Considering also the lowering of the regulatory floor from 95 per cent of Basel I (2007) to 90 per cent (2008), reported RWA increased from SEK 842bn at year end to SEK 871bn at the reporting date.

The following table exposes average risk weights (RWA divided by EAD, Exposure At Default) for IRB reported exposures classes. Changes since year end reflect both IRB reporting of new portfolios as well as a limited risk class migration.

IRB reported credit exposures	30 June	31 December
Average risk weight	2008	2007
Institutions	15,6%	15.1%
Corporates	53,9%	53,4%
Securitisation positions	7.6%	7.4%
Retail mortgages	17.7%	16.1%

Un-floored Basel II RWA was 24 per cent lower than Basel I RWA. SEB uses a gradual roll-out of the Basel II framework; the ultimate target is to use IRB reporting for all credit exposures except those to central governments, central banks and local governments and authorities, and excluding a small number of insignificant portfolios. The current best estimate indicates that this would mean a reduction in total RWA (compared with Basel I) of at least 30 per cent. This cannot be equated with a similar capital release, however, due to the new framework's increased business cycle sensitivity, supervisory evaluation and rating agency considerations.

Appendix 4 Market risk

The Group's risk taking in trading operations is measured by value at risk, VaR. The Group has chosen a level of 99 per cent probability and a ten-day period. The table below shows the risk by risk type. Average VaR level during the first half of 2008 was SEK 152m, compared with 92m during calendar year 2007. The increase is mainly in

interest rate risk due to continued high volatility and higher positions. FX risk remains low and stable as volatility in major currencies has decreased during the year. Equity market volatility has increased in 2008, but lower positions means that the risk level is more or less unchanged.

SEKm	Min	Max	30 juni 2008	Average 2008	Average 2007
Interest risk	57	282	161	141	64
Currency risk		68	26	23	21
Equity risk	26	143	116	78	75
Diversification			$-133$	-90	$-68$
Total	79	308	170	152	92

Appendix 5 Profit and loss accounts by division, business area and quarter

The SEB Group

Total

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Full year
SEKm	2007	2007	2007	2007	2008	2008	2007
Net interest income	3 767	3 939	3 917	4 375	4 223	4 421	15 998
Net fee and commission income	4 277	4 544	4 101	4 129	3 801	3 909	17 051
Net financial income	1 311	1 345	163	420	-161	1 161	3 239
Net life insurance income	743	642	782	766	713	642	2 933
Net other income	95	249	530	345	226	270	1 219
Total operating income	10 193	10 719	9 493	10 035	8 802	10 403	40 440
Staff costs	-3 796	-3 774	-3 564	-3 787	-3 899	-3 993	-14 921
Other expenses	-1 678	-1 768	-1 691	-1 782	-1 756	-2 098	-6 919
Depreciation of assets	-328	-342	-325	-359	-372	-354	-1 354
Total operating expenses	-5 802	-5 884	-5 580	-5 928	-6 027	-6 445	-23 194
Profit before credit losses etc	4 391	4 835	3 913	4 107	2 775	3 958	17 246
Gains less losses from assets		-1	2	787	3	1	788
Net credit losses including change in value
of seized assets	-234	-280	-189	-313	-368	-452	-1 016
Operating profit	4 157	4 554	3 726	4 581	2 410	3 507	17 018
Income tax expense	-895	-1 032	-625	-824	-562	-699	-3 376
Net profit continued operations	3 262	3 522	3 101	3 757	1 848	2 808	13 642
Discontinued operations						1
Net profit	3 262	3 522	3 101	3 757	1 848	2 809	13 642
Attributable to minority interests	4	8	7	5	1	3	24
Attributable to equity holders	3 258	3 514	3 094	3 752	1 847	2 806	13 618

Merchant Banking

Total

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Full year
SEK m	2007	2007	2007	2007	2008	2008	2007
N et interest income	1 328	1 377	1 407	1 498	1 525	1 538	5 610
N et fee and commission income	1 561	1 659	1 364	1 361	1 241	1 470	5 945
N et financial income	1 164	1 169	31	249	119	936	2 613
N et other income	51	183	411	194	44	72	839
To tal operating income	4 104	4 388	3 213	3 302	2 929	4 016	15 007
St aff costs	-1 098	-1 172	-921	-1 055	-964	-1 105	-4 246
Other expenses	-857	-877	-887	-868	-909	-937	-3 489
Depreciation of assets	-23	-17	-19	-26	-22	-21	-85
To tal operating expenses	-1 978	-2 066	-1 827	-1 949	-1 895	-2 063	-7 820
P rofit before credit losses etc	2 126	2 322	1 386	1 353	1 034	1 953	7 187
G ains less losses from assets				2	3		2
Net c redit losses	-109	-115	-33	-69	-29	-27	-326
Operating profit	2 017	2 207	1 353	1 286	1 008	1 926	6 863

Merchant Banking

Trading and Capital Markets

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Full year
SEKm	2007	2007	2007	2007	2008	2008	2007
Net interest income	144	100	163	217	290	253	624
Net fee and commission income	636	718	627	655	528	782	2 636
Net financial income	1 155	1 156	-15	186	80	889	2 482
Net other income	12	27	283	14	10	14	336
Total operating income	1 947	2 001	1 058	1 072	908	1 938	6 078
Staff costs	-499	-547	-405	-480	-430	-508	-1 931
Other expenses	-383	-384	-384	-387	-414	-414	-1 538
Depreciation of assets	-7	-6	-6	-9	-6	-7	-28
Total operating expenses	-889	-937	-795	-876	-850	-929	-3 497
Profit before credit losses etc	1 058	1 064	263	196	58	1 009	2 581
Gains less losses from assets			-1		-1		-1
Net credit losses	-22	-25	-38		-20	-13	-85
Operating profit	1 036	1 039	224	196	37	996	2 495

Merchant Banking

Corporate Banking

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Full year
SEKm	2007	2007	2007	2007	2008	2008	2007
Net interest income	849	884	856	918	871	884	3507
Net fee and commission income	528	532	347	303	316	279	1 7 1 0
Net financial income	$-14$	-9	22	37	22	29	36
Net other income	34	147	123	170	28	56	474
Total operating income	1 3 9 7	1 5 5 4	1 3 4 8	1428	1 2 3 7	1 2 4 8	5727
Staff costs	$-501$	$-518$	-421	$-464$	-427	$-482$	$-1904$
Other expenses	$-160$	$-165$	$-188$	$-121$	$-170$	$-185$	$-634$
Depreciation of assets	$-14$	-9	$-12$	-14	$-13$	$-13$	-49
Total operating expenses	$-675$	$-692$	$-621$	-599	$-610$	$-680$	$-2587$
Profit before credit losses etc	722	862	727	829	627	568	3 1 4 0
Gains less losses from assets				2	4		3
Net credit losses	$-87$	$-87$		$-69$	-9	-14	$-236$
Operating profit	635	775	735	762	622	554	2 9 0 7

Merchant Banking

Global Transaction Services

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Full year
SEKm	2007	2007	2007	2007	2008	2008	2007
Net interest income	335	393	388	363	364	400	1479
Net fee and commission income	397	409	390	403	397	409	1599
Net financial income	23	22	25	25	17	18	95
Net other income	5	8	5	10	5	3	28
Total operating income	760	832	808	801	783	830	3 2 0 1
Staff costs	-98	$-107$	-96	$-110$	$-106$	$-115$	-411
Other expenses	$-314$	$-328$	$-315$	$-360$	$-325$	$-338$	$-1317$
Depreciation of assets	$-2$	$-2$	-1	$-3$	$-3$	$-1$	-8
Total operating expenses	$-414$	$-437$	$-412$	$-473$	$-434$	$-454$	$-1736$
Profit before credit losses etc	346	395	396	328	349	376	1465
Gains less losses from assets
Net credit losses		$-2$	$-2$				$-4$
Operating profit	346	393	394	328	349	376	1461

Total

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Full year
SEK m	2007	2007	2007	2007	2008	2008	2007
N et interest income	2 276	2 429	2 444	2 549	2 551	2 593	9 698
N et fee and commission income	1 523	1 549	1 510	1 637	1 431	1 430	6 219
N et financial income	92	114	106	170	95	102	482
N et other income	22	35	38	64	23	85	159
To tal operating income	3 913	4 127	4 098	4 420	4 100	4 210	16 558
St aff costs	-1 018	-1 045	-1 087	-1 085	-1 154	-1 168	-4 235
Other expenses	-1 295	-1324	-1 253	-1 414	-1 304	-1 348	-5 286
Depreciation of assets	-75	-87	-78	-78	-77	-76	-318
To tal operating expenses	-2 388	-2 456	-2 418	-2 577	-2 535	-2 592	-9 839
P rofit before credit losses etc	1 525	1 671	1 680	1 843	1 565	1 618	6 719
G ains less losses from assets			2	2			4
Net c redit losses	-122	-161	-146	-286	-311	-440	-715
Operating profit	1 403	1 510	1 536	1 559	1 254	1 178	6 008

Retail Banking

l Sweden Retai

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Full year
SEK m	2007	2007	2007	2007	2008	2008	2007
N et interest income	1 007	1 005	1 018	1 076	1 085	1 135	4 106
N et fee and commission income	462	415	409	460	393	364	1 746
Net financial income	56	77	65	105	57	69	303
Net other income	12	13	7	9	10	-1	41
Total operating income	1 537	1 510	1 499	1 650	1 545	1 567	6 196
Staff costs	-390	-403	-410	-403	-450	-448	-1 606
Other expenses	-518	-527	-494	-554	-509	-536	-2 093
Depreciation of assets	-2	-13	-3	-3	-3	-4	-21
Total operating expenses	-910	-943	-907	-960	-962	-988	-3 720
Profit before credit losses etc	627	567	592	690	583	579	2 476
Gains less losses from assets
Net credit losses	-25	-19	-22	2	-10	-23	-64
Operating profit	602	548	570	692	573	556	2 412

Retail Estonia

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Full year
SEKm	2007	2007	2007	2007	2008	2008	2007
Net interest income	204	218	226	223	211	224	871
Net fee and commission income	82	91	88	91	86	90	352
Net financial income	13	14	15	22	9	8	64
Net other income		5	$-2$	18	3	61	21
Total operating income	299	328	327	354	309	383	1 3 0 8
Staff costs	$-48$	$-54$	$-58$	$-60$	-59	$-53$	$-220$
Other expenses	$-56$	$-59$	$-56$	-65	$-72$	$-90$	$-236$
Depreciation of assets	-4	-5	-5	-4	$-5$	-5	$-18$
Total operating expenses	$-108$	$-118$	$-119$	$-129$	$-136$	$-148$	$-474$
Profit before credit losses etc	191	210	208	225	173	235	834
Gains less losses from assets
Net credit losses	$-12$	$-17$	$-32$	$-153$	$-166$	$-202$	-214
Operating profit	179	193	176	72	7	33	620

Retail Banking
Retail Latvia

REIGII LAIVIA
	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Full year
SEKm	2007	2007	2007	2007	2008	2008	2007
Net interest income	190	278	258	265	273	241	991
Net fee and commission income	74	89	86	89	44	48	338
Net financial income	6	7	11	8	10		32
Net other income	$-5$	-8	-5	$-6$		3	$-24$
Total operating income	265	366	350	356	327	299	1 3 3 7
Staff costs	$-43$	$-51$	$-51$	$-58$	-54	$-59$	$-203$
Other expenses	$-73$	$-74$	-74	$-86$	-87	$-97$	$-307$
Depreciation of assets	$-7$	-8	-8	$-9$	-9	-8	$-32$
Total operating expenses	$-123$	$-133$	$-133$	$-153$	$-150$	$-164$	$-542$
Profit before credit losses etc	142	233	217	203	177	135	795
Gains less losses from assets
Net credit losses	-8	$-31$	$-28$	-45	-38	-47	$-112$
Operating profit	134	202	189	158	139	88	683

Retai	l Lithuania

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Full year
SEK m	2007	2007	2007	2007	2008	2008	2007
N et interest income	315	380	388	433	412	381	1 516
N et fee and commission income	88	108	110	112	91	110	418
N et financial income	15	16	16	16	17	16	63
N et other income	8	8	3	12	8	3	31
To tal operating income	426	512	517	573	528	510	2 028
S taff costs	-74	-70	-75	-86	-85	-95	-305
Other expenses	-87	-99	-94	-123	-108	-114	-403
Depreciation of assets	-9	-9	-10	-10	-8	-8	-38
To tal operating expenses	-170	-178	-179	-219	-201	-217	-746
P rofit before credit losses etc	256	334	338	354	327	293	1 282
G ains less losses from assets			2				2
Net c redit losses	-15	-44	-32	-34	-19	-32	-125
Operating profit	241	290	308	320	308	261	1 159

Retail Banking

Retail Germany

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Full year
SEKm	2007	2007	2007	2007	2008	2008	2007
Net interest income	473	471	469	484	480	469	1 897
Net fee and commission income	374	350	350	330	340	307	1 404
Net financial income				3	3	1	3
Net other income	6	6	28	16	1	12	56
Total operating income	853	827	847	833	824	789	3 360
Staff costs	-293	-293	-328	-308	-327	-326	-1 222
Other expenses	-416	-405	-396	-410	-390	-363	-1 627
Depreciation of assets	-44	-45	-44	-43	-42	-41	-176
Total operating expenses	-753	-743	-768	-761	-759	-730	-3 025
Profit before credit losses etc	100	84	79	72	65	59	335
Gains less losses from assets	-1			2			1
Net credit losses	-31	-16	-11	-8	-27	-23	-66
Operating profit	68	68	68	66	38	36	270

Cards

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Full year
SEKm	2007	2007	2007	2007	2008	2008	2007
Net interest income	89	77	85	66	90	142	317
Net fee and commission income	436	487	462	543	469	508	1928
Net financial income				17			17
Net other income	8	16	12	23	8	13	59
Total operating income	533	580	559	649	567	663	2 3 2 1
Staff costs	$-170$	$-173$	$-165$	$-171$	$-179$	$-187$	$-679$
Other expenses	$-145$	$-155$	$-141$	$-170$	$-138$	$-150$	$-611$
Depreciation of assets	-8	-8	-9	-9	$-10$	$-10$	$-34$
Total operating expenses	$-323$	$-336$	$-315$	$-350$	$-327$	$-347$	$-1324$
Profit before credit losses etc	210	244	244	299	240	316	997
Gains less losses from assets
Net credit losses	$-31$	$-35$	$-19$	-49	-51	$-112$	$-134$
Operating profit	179	209	225	251	189	204	864

Wealth Management

Total

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Full year
SEKm	2007	2007	2007	2007	2008	2008	2007
Net interest income	186	198	214	245	242	199	843
Net fee and commission income	1 0 2 4	1 0 8 6	988	979	958	820	4077
Net financial income	14	16	3	46	20	8	79
Net other income	6	27	13	40	9	26	86
Total operating income	1 2 3 0	1 3 2 7	1 2 1 8	1 3 1 0	1 2 2 9	1 0 5 3	5 0 8 5
Staff costs	$-346$	$-314$	$-325$	$-355$	$-383$	$-367$	$-1.340$
Other expenses	$-253$	$-243$	$-255$	-289	-288	$-270$	$-1040$
Depreciation of assets	$-13$	$-21$	$-12$	$-14$	-24	$-22$	$-60$
Total operating expenses	$-612$	$-578$	$-592$	$-658$	$-695$	$-659$	$-2440$
Profit before credit losses etc	618	749	626	652	534	394	2645
Gains less losses from assets		$-1$					$-1$
Net credit losses	$-4$	$-5$	-8	10	$-25$	23	$-7$
Operating profit	614	743	618	662	509	417	2637

Wealth Management

Institutional Clients
SEK m	Q 1 2007	Q 2 2007	Q 3 2007	Q 4 2007	Q 1 2008	Q 2 2008	Full year 2007
N et interest income	44	41	49	56	56	62	190
N et fee and commission income	807	881	776	807	770	638	3 271
N et financial income	3	5	6	3	4		17
N et other income	5	8	11	2	7	-3	26
To tal operating income	859	935	842	868	837	697	3 504
S taff costs	-216	-184	-197	-236	-242	-230	-833
Other expenses	-158	-147	-160	-188	-161	-160	-653
Depreciation of assets	-5	-5	-6	-6	-17	-16	-22
To tal operating expenses	-379	-336	-363	-430	-420	-406	-1 508
P rofit before credit losses etc	480	599	479	438	417	291	1 996
G ains less losses from assets N et credit losses		-1					-1
O perating profit	480	598	479	438	417	291	1 995

Wealth Management

Private Banking

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Full year
SEKm	2007	2007	2007	2007	2008	2008	2007
Net interest income	142	157	166	188	185	138	653
Net fee and commission income	215	205	212	172	188	181	804
Net financial income	11	12	-4	44	16	8	63
Net other income	1	18	2	40	2	31	6 1
Total operating income	369	392	376	444	391	358	1 581
Staff costs	-130	-129	-128	-119	-140	-137	-506
Other expenses	-94	-97	-94	-103	-127	-112	-388
Depreciation of assets	-7	-16	-7	-8	-7	-6	-38
Total operating expenses	-231	-242	-229	-230	-274	-255	-932
Profit before credit losses etc	138	150	147	214	117	103	649
Gains less losses from assets
Net credit losses	-4	-5	-8	10	-25	23	-7
Operating profit	134	145	139	224	92	126	642

Life

Total

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Full year
SEKm	2007	2007	2007	2007	2008	2008	2007
Net interest income	-9	-6	-6	-7	-16	-13	-28
Net life insurance income	981	907	1 039	1 031	954	883	3 958
Net other income
Total operating income	972	901	1 033	1 024	938	870	3 930
Staff costs	-254	-263	-249	-284	-262	-285	-1 050
Other expenses	-130	-130	-149	-121	-148	-132	-530
Depreciation of assets	-130	-140	-134	-144	-160	-145	-548
Total operating expenses	-514	-533	-532	-549	-570	-562	-2 128
Profit before credit losses etc	458	368	501	475	368	308	1 802
Gains less losses from assets Net credit losses
Operating profit *	458	368	501	475	368	308	1 802
Change in surplus values	244	323	275	431	250	227	1 273
Business result	702	691	776	906	618	535	3 075

* Consolidated in the Group accounts

Other and eliminations

Total
	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Full year
SEKm	2007	2007	2007	2007	2008	2008	2007
Net interest income	-14	-59	-142	90	-79	104	-125
Net fee and commission income	169	250	239	152	171	189	810
Net financial income	41	46	23	-45	-395	115	65
Net life insurance income	-238	-265	-257	-265	-241	-241	-1 025
Net other income	16	4	68	47	150	87	135
Total operating income	-26	-24	-69	-21	-394	254	-140
Staff costs	-1 080	-980	-982	-1 008	-1 136	-1 068	-4 050
Other expenses	857	806	853	910	893	589	3 426
Depreciation of assets	-87	-77	-82	-97	-89	-90	-343
Total operating expenses	-310	-251	-211	-195	-332	-569	-967
Profit before credit losses etc	-336	-275	-280	-216	-726	-315	-1 107
Gains less losses from assets				783		1	783
Net credit losses	1	1	-2	32	-3	-8	32
Operating profit	-335	-274	-282	599	-729	-322	-292

The SEB Group Net fee and commission income

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Full year
SEKm	2007	2007	2007	2007	2008	2008	2007
Issue of securities	32	197	45	61	7	91	335
Secondary market shares	891	772	779	711	677	899	3 153
Secondary market other	177	166	107	148	81	14	598
Custody and mutual funds	1 692	1 923	1 787	1 763	1 804	1 664	7 165
Securities commissions	2 792	3 058	2 718	2 683	2 569	2 668	11 251
Payments	459	446	440	463	439	464	1 808
Card fees	957	1 039	1 010	1 087	1 032	1 108	4 093
Payment commissions	1 416	1 485	1 450	1 550	1 471	1 572	5 901
Advisory	499	337	321	316	289	173	1 473
Lending	231	326	204	294	185	270	1 055
Deposits	27	17	22	23	23	24	89
Guarantees	68	62	68	66	67	71	264
Derivatives	96	81	94	92	113	116	363
Other	226	268	275	235	176	180	1 004
Other commissions	1 147	1 091	984	1 026	853	834	4 248
Total commission income	5 355	5 634	5 152	5 259	4 893	5 074	21 400
Securities commissions	-204	-295	-208	-195	-241	-275	-902
Payment commissions	-576	-602	-576	-619	-585	-631	-2 373
Other commissions	-298	-193	-267	-316	-266	-259	-1 074
Commission expense	-1 078	-1 090	-1 051	-1 130	-1 092	-1 165	-4 349
Securities commissions	2 588	2 763	2 510	2 488	2 328	2 393	10 349
Payment commissions	840	883	874	931	886	941	3 528
Other commissions	849	898	717	710	587	575	3 174
Net fee and commission income	4 277	4 544	4 101	4 129	3 801	3 909	17 051

The SEB Group

Net financial income

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Full year
SEKm	2007	2007	2007	2007	2008	2008	2007
Equity instruments and related derivatives	147	126	90	157	171	306	520
Debt instruments and related derivatives	645	513	-782	-477	-1 164	108	-101
Capital market related	792	639	-692	-320	-993	414	419
Currency related	519	706	855	740	832	747	2 820
Net financial income	1 311	1 345	163	420	-161	1 161	3 239

A ppendix 6 Profit and loss accounts by geography and quarter

Sweden

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Full year
SEKm	2007	2007	2007	2007	2008	2008	2007
Total operating income	4 965	5 342	4 506	5 676	5 096	4 850	20 489
Total operating expenses	-3 157	-3 107	-2 689	-3 312	-3 384	-3 643	-12 265
Profit before credit losses etc	1 808	2 235	1 817	2 364	1 712	1 207	8 224
Gains less losses from assets
Net credit losses	-13	-113	-32	79	-19	-38	-79
Operating profit	1 795	2 122	1 785	2 443	1 693	1 169	8 145

Norway

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Full year
SEKm	2007	2007	2007	2007	2008	2008	2007
Total operating income	853	701	611	777	560	729	2 942
Total operating expenses	-442	-387	-250	-467	-323	-390	-1 546
Profit before credit losses etc	411	314	361	310	237	339	1 396
Gains less losses from assets
Net credit losses	-37	-15	-37	-5	-60	-61	-94
Operating profit	374	299	324	305	177	278	1 302

Denmark

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Full year
SEKm	2007	2007	2007	2007	2008	2008	2007
Total operating income	754	664	706	699	604	492	2 823
Total operating expenses	-356	-433	-361	-405	-356	-385	-1 555
Profit before credit losses etc	398	231	345	294	248	107	1 268
Gains less losses from assets
Net credit losses		-8	-8	-20	-23	-24	-36
Operating profit	398	223	337	274	225	83	1 232

Finland

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Full year
SEKm	2007	2007	2007	2007	2008	2008	2007
Total operating income	247	296	282	352	281	348	1 177
Total operating expenses	-137	-160	-136	-156	-152	-176	-589
Profit before credit losses etc	110	136	146	196	129	172	588
Gains less losses from assets
Net credit losses	-4	-2	-1	-2	-2	-4	-9
Operating profit	106	134	145	194	127	168	579

Germany

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Full year
SEKm	2007	2007	2007	2007	2008	2008	2007
Total operating income	1 620	1 676	1 334	1 518	1 356	1 921	6 148
Total operating expenses	-1 140	-1 148	-1 231	-1 291	-1 210	-1 155	-4 810
Profit before credit losses etc	480	528	103	227	146	766	1 338
Gains less losses from assets		-1	-1	1	2		-1
Net credit losses	-149	-51	-16	-125	-40	-31	-341
Operating profit	331	476	86	103	108	735	996

====== Estonia

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Full year
SEKm	2007	2007	2007	2007	2008	2008	2007
Total operating income	388	445	400	427	328	503	1 660
Total operating expenses	-151	-169	-155	-174	-137	-215	-649
Profit before credit losses etc	237	276	245	253	191	288	1 011
Gains less losses from assets				298			298
Net credit losses	-12	-17	-32	-158	-166	-202	-219
Operating profit	225	259	213	393	25	86	1 090

Latvia

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Full year
SEKm	2007	2007	2007	2007	2008	2008	2007
Total operating income	329	424	426	470	410	388	1 649
Total operating expenses	-137	-149	-146	-170	-176	-187	-602
Profit before credit losses etc	192	275	280	300	234	201	1 047
Gains less losses from assets			1	256			257
Net credit losses	-8	-30	-28	-46	-39	-47	-112
Operating profit	184	245	253	510	195	154	1 192

Lithuania

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Full year
SEKm	2007	2007	2007	2007	2008	2008	2007
Total operating income	508	609	593	676	597	633	2 386
Total operating expenses	-195	-202	-215	-264	-232	-264	-876
Profit before credit losses etc	313	407	378	412	365	369	1 510
Gains less losses from assets			2	232			234
Net credit losses	-12	-43	-33	-35	-18	-35	-123
Operating profit	301	364	347	609	347	334	1 621

Other countries and eliminations

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Full year
SEKm	2007	2007	2007	2007	2008	2008	2007
Total operating income	529	562	635	-560	-430	539	1 166
Total operating expenses	-87	-129	-397	311	-57	-30	-302
Profit before credit losses etc	442	433	238	-249	-487	509	864
Gains less losses from assets					1	1
Net credit losses	1	-1	-2	-1	-1	-10	-3
Operating profit	443	432	236	-250	-487	500	861

SEB Group Total

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Full year
SEKm	2007	2007	2007	2007	2008	2008	2007
Total operating income	10 193	10 719	9 493	10 035	8 802	10 403	40 440
Total operating expenses	-5 802	-5 884	-5 580	-5 928	-6 027	-6 445	-23 194
Profit before credit losses etc	4 391	4 835	3 913	4 107	2 775	3 958	17 246
Gains less losses from assets		-1	2	787	3	1	788
Net credit losses	-234	-280	-189	-313	-368	-452	-1 016
Operating profit	4 157	4 554	3 726	4 581	2 410	3 507	17 018

Appendix 7 Skandinaviska Enskilda Banken (parent company)

Income statement - Skandinaviska Enskilda Banken

In accordance with SFSA regulations	$\overline{Q}2$	$\overline{Q1}$		$\overline{Q}2$			Jan - Jun		Full year
SEKm	2008	2008	%	2007	%	2008	2007	%	2007
Interest income	12 1 7 1	11 321	8	12 607	$\overline{\cdot}$	23 4 9 2	22 346	5	43913
Leasing income	1629	1 508	8	226		3 1 3 7	449		6 1 5 4
Interest expense	$-10601$	-9893	7	$-11476$	-8	$-20494$	$-20212$	1	$-38464$
Net interest income 1)
Dividends received	2 2 3 2	13		630		2 2 4 5	640		3925
Commission income 2)	1778	1850	$-4$	2 2 4 4	$-21$	3628	4 4 2 2	$-18$	8 4 5 5
Commission costs 2)	$-304$	$-319$	$-5$	$-318$	$-4$	$-623$	$-638$	$-2$	$-1331$
Net commission income 2)	1474	1 5 3 1	$-4$	1926	$-23$	3 0 0 5	3784	$-21$	7124
Net financial income 3)	774	43		916	$-16$	817	1973	$-59$	2 4 9 0
Other operating income	218	253	-14	216	1	471	532	$-11$	658
Total income	7897	4776	65	5 0 4 5	57	12673	9512	33	25 800
Staff costs	$-2204$	$-2332$	$-5$	$-2179$	1	-4 536	-4 318	5	$-8611$
Other administrative and operating costs	$-1245$	$-1018$	22	$-918$	36	$-2263$	$-1928$	17	$-3978$
Depreciation of assets	$-1223$	$-1143$	7	$-102$		$-2366$	$-202$		-4 847
Total costs	$-4672$	$-4493$	4	$-3199$	46	$-9165$	$-6448$	42	$-17436$
Profit/loss from banking operations before
credit losses	3 2 2 5	283		1846	75	3508	3 0 6 4	14	8 3 6 4
Net credit losses 4)	$-17$	$-5$		$-48$	$-65$	$-22$	$-42$	-48	$-24$
Change in value of seized assets
Impairment financial assets	$-3$	$-10$	$-70$	$-67$	$-96$	$-13$	$-67$	$-81$	$-106$
Operating profit	3 2 0 5	268		1731	$\overline{85}$	3473	2 9 5 5	18	8234
Pension compensation	103	99	$\overline{4}$	90	14	202	177	14	362
Profit before appropriation and tax	3 3 0 8	367		1821	$\overline{82}$	3675	3132	$\overline{17}$	8 5 9 6
Other appropriations	$-89$	$-89$		$-90$	$-1$	$-178$	$-180$	$-1$	$-520$
Current tax	$-61$	$-205$	$-70$	22		$-266$	$-96$	177	$-800$
Deferred tax				$-293$	$-100$		$-304$	$-100$	209
Net profit	3158	$\overline{73}$		1 4 6 0	116	3231	2 5 5 2	$\overline{27}$	7485

1) Net interest income - Skandinaviska Enskilda Banken

	Q2	Q1		02			Jan - Jun		Full year
SEKm	2008	2008	%	2007	%	2008	2007	%	2007
Interest income	12 171	1 321	8	12607	-3	23 4 9 2	22 346	5	43 913
Leasing income	1629	508	8	226		3 1 3 7	449		6 1 5 4
Interest costs	$-10601$	$-9893$		$-11476$	-8	$-20.494$	$-20212$		$-38464$
Leasing depreciation	$-1190$	$-1109$		-78		$-2299$	$-152$		-4 735
Net interest income	2009	1 827	10	. 279	57	3836	2431	58	6868

2) Net fee and commission income - Skandinaviska Enskilda Banken

	Q2	Q1		Q2			Jan - Jun		Full year
SEKm	2008	2008	%	2007	%	2008	2007	%	2007
Securities commissions	976	1 048	-7	1 280	-24	2 024	2 517	-20	4 787
Payment commissions	317	314	1	315	1	631	648	-3	1 279
Other commissions	485	488	-1	649	-25	973	1 257	-23	2 389
Commission income	1 778	1 850	-4	2 244	-21	3 628	4 422	-18	8 455
Securities commissions	-64	-68	-6	-72	-11	-132	-119	11	-260
Payment commissions	-114	-118	-3	-136	-16	-232	-262	-11	-520
Other commissions	-126	-133	-5	-110	15	-259	-257	1	-551
Commission expense	-304	-319	-5	-318	-4	-623	-638	-2	-1 331
Securities commissions, net	912	980	-7	1 208	-25	1 892	2 398	-21	4 527
Payment commissions, net	203	196	4	179	13	399	386	3	759
Other commissions, net	359	355	1	539	-33	714	1 000	-29	1 838
Net fee and commission income	1 474	1 531	-4	1 926	-23	3 005	3 784	-21	7 124

3) Net financial income - Skandinaviska Enskilda Banken

	Q2	Q1		Q2			Jan - Jun		Full year
SEKm	2008	2008	%	2007	%	2008	2007	%	2007
Equity instruments and related derivatives	213	102	109	71	200	315	149	111	587
Debt instruments and related derivatives	- 32	- 712	-96	318	-110	- 744	910	-182	- 104
Capital market related	181	- 610	-130	389	-53	- 429	1 059	-141	483
Currency-related	593	653	-9	527	13	1 246	914	36	2 007
Net financial income	774	43		916	-16	817	1 973	-59	2 490

4) Net credit losses - Skandinaviska Enskilda Banken

	Q2	Q1		Q2			Jan - Jun		Full year
SEKm	2008	2008	%	2007	%	2008	2007	%	2007
Provisions:
Net collective provisions	- 5	11	-145	- 53	-91	6	- 24	-125	38
Specific provisions	- 6	- 12	-50	- 4	50	- 18	- 4		- 51
Reversal of specific provisions no longer
required	6	3	100	2	200	9	3	200	25
Net provisions for contingent liabilities				1	-100		1	-100
Net provisions	- 5	2		- 54	-91	- 3	- 24	-88	12
Write-offs:
Total write-offs	- 28	- 63	-56	- 31	-10	- 91	- 79	15	- 160
Reversal of specific provisions utilized for
write-offs	9	47	-81	11	-18	56	31	81	53
Write-offs not previously provided for	- 19	- 16	19	- 20	-5	- 35	- 48	- 27	- 107
Recovered from previous write-offs	7	9	-22	26	-73	16	30	-47	71
Net write-offs	- 12	- 7	71	6		- 19	- 18	6	- 36
Net credit losses	- 17	- 5		- 48	-65	- 22	- 42	-48	- 24
Change in value of seized assets
Net credit losses incl. change in value of
seized assets	- 17	- 5		- 48	-65	- 22	- 42	-48	- 24

Balance sheet - Skandinaviska Enskilda Banken

Condensed	30 June	31 December	30 June
SEKm	2008	2007	2007
Cash and cash balances with central banks	1 833	1 758	4 290
Loans to credit institutions	289 952	357 482	498 270
Loans to the public	684 595	637 138	377 951
Financial assets at fair value	329 226	367 985	401 986
Available-for-sale financial assets	113 531	62 085	33 420
Held-to-maturity investments	2 845	3 348	4 059
Investments in associates	1 140	1 063	1 063
Shares in subsidiaries	52 903	51 936	56 355
Tangible and intangible assets	36 606	35 497	15 377
Other assets	31 655	41 027	28 820
Total assets	1 544 286	1 559 319	1 421 591
Deposits by credit institutions	375 555	367 699	406 501
Deposits and borrowing from the public	412 596	412 499	420 722
Debt securities	381 028	408 002	265 704
Financial liabilities at fair value	220 818	201 761	189 167
Other liabilities	56 977	67 093	53 133
Provisions	244	271	345
Subordinated liabilities	40 776	43 046	38 199
Untaxed reserves	19 194	19 016	12 266
Total equity	37 098	39 932	35 554
Total liabilities and shareholders' equity	1 544 286	1 559 319	1 421 591

Memorandum items - Skandinaviska Enskilda Banken

	30 June	31 December	30 June
SEK m	2008	2007	2007
Collateral and comparable security pledged for own liabilities	218 755	146 563	180 026
O ther pledged assets and comparable collateral	80 735	73 510	71 680
Cont ingent liabilities	54 640	50 909	45 673
Commitments	292 793	259 024	219 504

Statement of changes in equity - Skandinaviska Enskilda Banken

	Reserve for cash flow	Reserve for afs financial	Share	Restricted	Retained
SEKm	hedges	assets	capital	reserves	earnings	Total
Jan-Jun 2008
Opening balance	190	- 408	6 872	12 260	21 018	39 932
Change in market value Recognised in income statement	-588	- 1 252				- 1 840 - 1
Translation difference	4	- 5			- 9	- 9
Net income recognised directly in equity	-584	-1 257			-9	-1 850
Net profit					3 231	3 231
Total recognised income	-584	-1 257			3 222	1 381
Dividend to shareholders					- 4 466	- 4 466
Dividend, own holdings of shares					15	15
Group contributions net after tax					374	374
Neutralisation of PL impact and utilisation of
employee stock options* Eliminations of repurchased shares for employee					105	105
stock option programme**					181	181
Other changes					- 424	- 424
Closing balance	- 394	- 1 665	6 872	12 260	20 025	37 098
Jan-Dec 2007
Opening balance	367	212	6 872	12 804	15 558	35 813
Change in market value	-163	- 653				- 816
Recognised in income statement	-14	33				19
Translation difference					- 36	- 36
Net income recognised directly in equity	-177	-620			-36	-833
Net profit					7 485	7 485
Total recognised income	-177	-620			7 449	6 652
Effect of merger of SEB BoLån and SEB Finans					399	399
Dividend to shareholders					- 4 123	- 4 123
Dividend, own holdings of shares					44	44
Group contributions net after tax					806	806
Neutralisation of PL impact and utilisation of
employee stock options*					- 428	- 428
Eliminations of repurchased shares for employee
stock option programme**					897	897
Other changes				-544	416	- 128
Closing balance	190	- 408	6 872	12 260	21 018	39 932
Jan-Jun 2007 Opening balance
	367	212	6 872	12 804	15 558	35 813
Change in market value	- 60	91				31
Recognised in income statement		- 8				- 8
Translation difference					4	4
Net income recognised directly in equity	-60	83			4	27 2 552
Net profit Total recognised income	-60	83			2 552 2 556	2 579
Dividend to shareholders					- 4 123	- 4 123
Dividend, own holdings of shares					44	44
Group contributions net after tax					940	940
Neutralisation of PL impact and utilisation of
employee stock options*					- 533	- 533
Eliminations of repurchased shares for employee
stock option programme**					834	834
Other changes				878	- 878
Closing balance	307	295	6 872	13 682	14 398	35 554

* Includes changes in nominal amounts of equity swaps used for hedging of stock option programmes.

** As of 31 December 2007 SEB owned 3.7 million Class A shares for the employee stock option programme. The acquisition cost for these shares is deducted from shareholders' equity. During 2008 1.4 million net of these shares have been sold as employee stock options have been exercised. Thus, as of 30 June SEB owned 2.3 million Class A-shares with a market value of SEK 257m for hedging of the long-term incentive programmes.

Cash flow analysis - Skandinaviska Enskilda Banken

		Jan - Jun		Full year
SEKm	2008	2007	%	2007
C ash flow from the profit and loss statement	4 276	4 117	4	9 831
Increase (-)/decrease (+) in portfolios	11 832	-11 994	-199	2 338
Increase (+)/decrease (-) in issued short term securities	-35 999	65 982	-155	84 144
Increase (-)/decrease (+) in lending to credit institutions	27 827	- 113 470	-125	-87 515
Increase (-)/decrease (+) in lending to the public	-47 561	-44 953	6	-56 939
In crease (+)/decrease (-) in liabilities to credit institutions	7 856	74 129	-89	35 327
Increase (+)/decrease (-) in deposits and borrowings from the public	97	31 596	-100	23 373
C hange in other balance sheet items	-6 898	1 633		6 627
Cas h flow, current operations	-38 570	7 040		17 186
C ash flow, investment activities	-1 260	208		-15 971
Cas h flow, financing activities	2 304	19 276	-88	49 340
Cash flow	-37 526	26 524		50 555
Liq uid funds at beginning of year	139 767	89 198	57	89 198
Exchange difference in liquid funds	-2 102	- 9		14
Cas h flow	-37 526	26 524		50 555
Liquid funds at end of period1)	100 139	115 713	-13	139 767

nly liquid funds have been adjusted for exchange rate differences. O

) Cash and cash equivalents at end of period is defined as Cash and cash balances with central banks and Loans to credit stitutions - payable on demand. 1 in

Derivative contracts - Skandinaviska Enskilda Banken

30 June 2008
	Derivatives with positive	Derivatives with negative
Book value, SEK m	amounts	amounts
Interest-related	58 670	57 310
Currency-related	27 651	30 020
Equity-related	8 057	6 169
Other	7 641	274
Total	102 019	93 773

President's comment

Operating profit in the second quarter was SEK 3,507m. It reflects SEB's strong customer franchise and earnings capacity in a more challenging economic climate. Global inflationary pressure adds to the prolonged uncertainty from the dislocations in the credit markets.

Income regained strength during the second quarter. Net interest income grew from a high level, supported by overall lending and deposit growth in combination with relatively stable margins. Sales of mutual funds and life products remained strong and the high customer activity increased income in areas such as foreign exchange and cash management. Customer activity in securities-related areas was more subdued, but picked up compared with the previous quarter.

Valuation effects of fixed-income portfolios were limited, in sharp contrast with the previous quarters. All in all, income in the second quarter was close to all-time high.

SEB continues to invest in the business for future income generation. During 2008, these investments and the costs related to the long-term programme, 'One IT Roadmap', have exceeded the productivity gains in the divisions. Through further efficiency measures total costs during the second half of the year are expected to be lower than in the first half.

Over the last quarters, Estonia and Latvia have experienced a sharp reduction of GDP growth. As a consequence, past due payments on loans have increased and we continue to build up reserves. Problems are most pronounced in Estonia which largely explain the Group's increased net credit losses.

Due to the strong capitalisation and earnings capacity, the higher net credit losses are not expected to impact SEB's creditworthiness at current markets.

Our investments made for future income generation in combination with the strong capital base and liquidity access provide the stability required for the current environment.

High business activity supports long-term income growth

Merchant Banking's business volumes have grown substantially over the past years. As an example, riskweighted assets over the last twelve months have increased by 26 per cent. In Retail Banking the Swedish cash management offering has attracted more than 5,000 new customers in the SME segment, increasing corporate

lending in Sweden by 14 per cent. As a result of these higher customer volumes, the customer-driven net interest income continued to grow at a double-digit level. Net interest

income in the second quarter was the highest to date.

Investments made in servicing customers within longterm savings have greatly increased volumes in asset management, custody and life insurance businesses. Today these areas account for almost one fourth of Group income.

After years of substantial volume growth, assets under management today amount to SEK 1,295bn and custody volumes to SEK 4,728bn. Unit-linked volumes have more than doubled in the last five years to SEK 126bn. Net sales remain strong in these areas. As an example, SEB was number eight in terms of net sales in the European mutual fund market during the first quarter of 2008 (Lipper Feri).

In addition, the transaction based 'core banking' business has grown in size. Products such as cash management, card and payments services constitute about 20 per cent of Group income.

The Group

Second quarter isolated

SEB's operating profit for the second quarter amounted to SEK 3,507m (4,554). This was a decrease of 23 per cent compared with the corresponding quarter of 2007 but an increase of 46 per cent compared with the first quarter of 2008. Net profit dropped to SEK 2,809m (3,522).

Total operating income amounted to SEK 10,403m $(10,719)$ . This was 3 per cent lower than for the second quarter of last year, but 18 per cent better than for the first quarter of 2008. Net interest income increased by 12 per cent compared with the corresponding period of 2007 due to positive margin and volume development in combination with higher interest on equity. The more limited margin and volume effect compared with the first quarter of 2008 together with higher returns on treasury assets which more than compensated higher funding costs, generated a 5 per cent higher net interest income. Net fee and commission income decreased by 14 per cent compared with the second quarter last year but was slightly better than for the first quarter of this year. Net financial income was 14 per cent down from the corresponding period in 2007 but 73 per cent higher than in the first quarter of 2008, adjusted for the valuation losses in the investment portfolio containing fixed-income securities. Net life insurance income was unchanged compared with the second quarter of 2007 and down by 10 per cent compared with the previous quarter.

Total operating expenses amounted to SEK 6,445m (5,884). Excluding the effects from acquisitions, One IT Roadmap and pension accounting, costs rose by 5 per cent compared with the corresponding period in 2007. The higher cost level is partly explained by intensified sales activities and investments in processes. IT costs also rose.

Net credit losses rose to SEK 452m (280), of which SEK 283m (94) referred to the Baltic countries.

Half-yearly results

SEB's operating profit for the first six months of 2008 amounted to SEK 5,917m (8,711), a decrease of 32 per cent compared with the corresponding period in 2007. Net profit decreased by 31 per cent, to SEK 4,657m (6,784).

Income

Total operating income decreased to SEK 19,205m (20,912).

Net interest income improved by 12 per cent, to SEK 8,644 (7,706). Higher volumes added SEK 701m; average deposit volumes grew by 6 per cent year-on-year, while average lending to the public was 7 per cent higher than twelve months ago. Lower margins reduced net interest income by SEK 21m; lending margins were somewhat under pressure, while deposit margins were slightly improved.

Customer-driven net interest income grew by 10 per cent compared with the first six months of 2007. Increased duration of new borrowings and higher short-term interest rate levels had a negative impact on funding costs, but

including interest on equity and higher returns on treasury assets, the combined effect was a positive contribution of SEK 258m.

Net fee and commission income decreased by 13 per cent, to SEK 7,710m (8,821), mostly due to falling income from advisory services and mergers and acquisitions as well as from securities transactions within both the retail and institutional business. In spite of falling stock prices, commissions from custody and mutual funds business were stable. Card-related income improved.

Net financial income decreased to SEK 1,000m (2,656) due to lower valuations of fixed-income securities and lower income from Group Treasury and Capital Markets.

Net life insurance income decreased somewhat, to SEK 1,355m (1,385). Positive sales growth could not compensate for falling unit-linked values. A complete description of Life's operations, including changes in surplus values, is found in "Additional information" on www.sebgroup.com.

Net other income amounted to SEK 496m (344) due to positive hedge accounting effects, which more than offset the lower capital gains. A 'one-off' capital gain of SEK 59m was included (110).

Expenses

Total operating expenses increased by 7 per cent, to SEK 12,472m (11,686) following investments made in staff, IT and new businesses. On a more comparable basis, i.e. excluding the effects from acquisitions (108), investments in One IT Roadmap (222) and pension accounting (170), costs were up by 2 per cent.

The cost-efficiency gains during January-June amounted to SEK 202m, resulting in an accumulated gain of SEK 748m from the start of last year.

Staff costs rose by 4 per cent, to SEK 7,892m (7,570). This was mainly due to increased salaries and higher pension costs, arising from falling return on planned assets and changed actuarial assumptions regarding longevity. During the first six months, SEK 146 (108) was provisioned for redundancy costs and SEK 19m (90) for costs related to the long-term incentive programmes. Short-term performance-related remuneration was reduced by SEK 368m to SEK 1,322m (1,690). The average number of full time equivalents increased by 1,835 to 21,230 (19,395), of which 1,039 followed acquisitions consolidated during 2008. Organic growth in the Baltic countries and Ukraine contributed close to 500 new staff.

Other expenses increased by 12 per cent, to SEK 3,854m (3,446), mostly due to the investments in One IT Roadmap, other IT development and efficiency projects.

Credit losses

The Group's net credit losses, including changes in the value of assets taken over, amounted to SEK 820m (514). While net credit losses for the non-Baltic business decreased by 20 per cent, net credit losses in the Baltic countries increased to SEK 507m (122). The majority of this increase referred to Estonia where specific provisions exceeded collective provisions for the first time in the last few years.

It is in line with SEB's earlier anticipation of higher loss levels, which at the time translated into the build up of collective reserves. The annualised credit loss level was $0.15$ per cent $(0.11)$ reflecting the overall stable asset quality of the Group. In the Baltic countries the net credit loss level was 0.73 per cent.

Tax costs

Total tax amounted to SEK 1,261m (1,927). The total tax rate was 21 per cent. The tax rate expected for the whole year is between 21 to 23 per cent.

Business volumes

The Group's total balance sheet of SEK 2,304bn as per 30 June represented a decrease of 2 per cent since year-end 2007. Lending to banks decreased, while lending to and deposits from the public increased slightly. Negative currency effects amounted to SEK 14bn.

SEB's total credit exposure increased to SEK 1,631bn (1,552 at year-end) during the first six months. Credit volumes continued to grow in the corporate sectors in the Nordic countries and in Germany. Nordic household lending also continued to grow. The Baltic banks' lending growth is significantly lower than previous years.

As of 30 June 2008, assets under management amounted to SEK 1,295bn (1,370 at year-end). Net inflow during the period was SEK 20bn (29), while the change in value was SEK -112bn (42). (The acquisition of Key Asset Management contributed with SEK 17bn.) SEB remained the market leader within net sales of mutual funds in Sweden, with SEK 3.8bn of net inflows during the first six months of 2008 on a market which experienced outflows of SEK 28bn. Assets under custody amounted to SEK 4,728bn $(5,314).$

Fixed-income securities portfolios

As per 30 June, SEB held total net positions in fixed-income securities of SEK 338bn (331 at year-end 2007) for investment, treasury and client trading purposes. Holdings consist mainly of covered bonds, bonds issued by financial institutions and asset-backed securities.

The investment portfolio of Merchant Banking continued to be negatively affected by the dislocations in the credit markets. The second quarter valuation losses at SEK 122m, of which SEK 66m over income and SEK 56m over equity, were significantly lower compared with the previous quarters. Thus during 2008, the mark-to-market loss on this portfolio amounted to SEK 2,624m, of which SEK 938m affected Net financial income and SEK 1,686m was recorded as a valuation loss in equity for Availablefor-sale portfolios. SEK 1,840m of the mark-to-market loss refers to holdings in asset-backed securities and SEK 784m to other financial instruments, mainly bonds issued by financial institutions. At prevailing credit market conditions, SEB views a default on the holdings in these portfolios as unlikely.

Based on SEB's long-term investment view of the holdings, risk management has focused on limiting further income volatility. As a consequence, the holdings classified as Available-for-Sale have increased, while the Held-for-Trading securities have decreased. At 30 June, 89 per cent of the total holdings in the investment portfolio of SEK 126bn were classified as Available-for-Sale (46 per cent at year-end).

The holdings of asset-backed securities in the investment portfolio amounted to SEK 61bn (71 at yearend), 97.2 per cent of these securities are AAA-rated. During the year 20 transactions were downgraded by Standard and Poor's or Moody's; since last summer a total of 23 out of 695 transactions have been downgraded. The average economic duration of the holdings is approximately four years. 63 per cent of the asset-backed exposures are related to the European markets and 37 per cent to the U.S. market. Direct and indirect asset-backed securities exposures to the U.S. subprime mortgage sector amounted to SEK 1.6bn (2.3 at year-end); until the end of the second quarter, one subprime transaction has been downgraded by Standard and Poor's and Moody's.

The holdings of covered bonds and bonds issued by financial institutions in the investment portfolio amounted to SEK 65bn (60 at year-end).

Market risk

During the first six months of 2008, the Group's Value at Risk in the trading operations averaged SEK 152m (92) during the calendar year 2007). This means that the Group, on average, with 99 per cent probability, should not expect to lose more than this amount during a ten-day period. The higher risk level is mainly due to substantially higher interest rate volatility.

Liquidity and funding

At 30 June, the match-funding of net cash inflows and outflows was approximately twelve months, taking liquidity reserves into consideration.

Capital position

As per 30 June 2008, SEB reported a core capital ratio of 8.6 per cent (8.6 at year-end 2007) and a total capital ratio of 10.8 per cent (11.0). The capital requirement for operational risk is for the first time reported according to the Advanced Measurement approach, subsequent to supervisory approval. The lowering of Basel II implementation floors (from 95 to 90 per cent of previous requirements) in 2008 is reflected in these ratios. Capital requirements according to Basel I regulation would give ratios of 7.7 and 9.6 per cent, respectively. Since year-end risk weighted assets (Basel I) have increased by 9 per cent, to SEK 972bn. Appendix 3 exposes details of capital adequacy.

Risks and uncertainties

The macro-economic environment is the major driver of risk to the Group's earnings and financial stability. In particular, it affects the asset quality and thereby the credit risk of the Group (details on the credit portfolio are described in Appendix 2). Also, there are financial risks

mainly in the form of price risks (details on market risks are described in Appendix 4). Credit and market risks as well as other risks in 2007 and risk management of all risks for the Group and the Parent Company are described in SEB's annual report for 2007 (see pp 34-41 and Note 44).

A sharp reduction of economic growth and continued economic imbalances in Estonia and Latvia together with higher past due payments on loans during the first six months of 2008 have emphasised the need for a continued proactive treatment of any arising asset quality problems and for monitoring further developments closely.

The tight liquidity conditions in the credit and interbank markets prevailing since the summer of 2007 still put stable funding and liquidity management in focus. Recent developments within this area are described above.

The general credit spread widening across all asset classes in the second half of 2007 and the first six months of 2008 resulted in mark-to-market losses on SEB's fixedincome securities portfolios (see under Fixed-income securities portfolios).

Investments and divestments

In late June, SEB in Estonia sold its share in the card transaction company Pankade Kaardikeskus (PKK) to Northern European Transaction Services (NETS), with a capital gain of SEK 59m.

Compliance in Swedish Life

The Swedish Financial Supervisory Authority has criticised previous compliance and risk-control routines within Fondförsäkringsaktiebolaget SEB Trygg Liv AB ("the unitlinked company") and Gamla Livförsäkringsbolaget SEB Trygg Liv (the mutual company not consolidated). All shortcomings pointed out have, also according to the Authority, been corrected. Nevertheless, the Authority has decided on a penalty fee of SEK 15m each for both companies, which has impacted the second quarter's result.

Changes within the Group Executive Committee

Jan Erik Back has been appointed new CFO and Executive Vice President of SEB after Per-Arne Blomquist, who will leave the Bank. Jan Erik Back, who will start in mid-August, is currently First Senior Executive Vice President and CFO of Vattenfall.

Events after the quarter

In early July, SEB reached an agreement with GMAC Commercial Finance (GMAC CF) to acquire its Polish factoring and promissory note discounting operation with total assets of SEK 2bn. The acquisition is expected to be completed by 31 July, 2008.

After the signing of a Memorandum of Understanding in June, SEB on 14 July, together with the other major owners, reached an agreement with Euroclear to sell their shares in NCSD (VPC). The capital gain of approximately SEK 750m will be recorded once necessary regulatory approvals or clearances have been obtained, which are anticipated before year-end.

The Board of Directors and the President declare that the interim report for January-June provides a fair overview of the Parent Company's and Group's operations, their financial position and results and describes material risks and uncertainties facing the Parent Company and other companies in the Group.

Stockholm, 16 July 2008

	Marcus Wallenberg Chairman
Tuve Johannesson Deputy Chairman		Jacob Wallenberg Deputy Chairman
Penny Hughes		Urban Jansson Hans-Joachim Körber
Director	Director	Director
Göran Lilja		Cecilia Mårtensson Christine Novakovic
$Director*$	$Director*$	Director
Jesper Ovesen Director		Carl Wilhelm Ros Director

Annika Falkengren President and Chief Executive Officer Director

* appointed by the employees

This Interim Report has been prepared in accordance with International Financial Reporting Standards IFRS/IAS, endorsed by the European Commission and therefore complies with IAS 34 Interim Financial Reporting. The Parent company accounts are prepared in accordance with the Annual Accounts Act for Financial Institutions. The accounting regulations of the Swedish Financial Supervisory Authority require some additional disclosures.

The same accounting policies and methods of computation are followed in the interim financial statements as those applied to the most recent annual financial statements.

More detailed information is presented on www.sebgroup.com "Additional information" including:

Appendix 1	Division Life
Appendix 2	Credit exposure
Appendix 3	Capital adequacy
Appendix 4	Market risk
Appendix 5	P&L by division, business area and quarter
Appendix 6	P&L by geography and quarter
Appendix 7	Skandinaviska Enskilda Banken (parent
	company)

Financial information during 2008

Annual Accounts for 2007 February
---------------------------------------------	--

• 8 April Annual General Meeting in Stockholm
• 30 April Interim Report January-March
• 16 July Interim Report January-June
• 23 October Interim Report January-September

Access to telephone conference and video web cast

The telephone conference at 15.30 (CEST) on 16 July 2008 with CEO Annika Falkengren and CFO Per-Arne Blomquist can be accessed by telephone, +44 (0) 20 7162

0125, at least 10 minutes in advance. A replay of the conference call will be available on www.sebgroup.com. A video web-cast with CFO Per-Arne Blomquist will be available on www.sebgroup.com.

Further information is available from

Per-Arne Blomquist, Chief Financial Officer Tel: +46 8 22 19 00 Ulf Grunnesiö, Head of Investor Relations Tel. + 46 8 763 85 01, +46 70 763 85 01 Annika Halldin, Senior Financial Information Officer Tel. +46 8 763 85 60, +46 70 379 00 60

Skandinaviska Enskilda Banken AB (publ) SE-106 40 Stockholm, Sweden Telephone: +46 771 62 10 00 www.sebgroup.com Corporate organisation number: 502032-9081

Review Report

We have reviewed the interim report for the period 1 January-30 June, 2008 for Skandinaviska Enskilda Banken AB (publ). Management is responsible for the preparation and presentation of this interim financial information in accordance with IAS 34 and the Annual Accounts Act for Credit Institutions and Securities Companies. Our responsibility is to express a conclusion on this interim financial information based on our review.

We conducted our review in accordance with the Standard on Review Engagements SÖG 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity issued by FAR. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing in Sweden RS and other generally accepted auditing practices. The procedures performed in a review do not enable us to obtain a level of assurance that would make us aware of all significant matters that might be identified in an audit. Therefore, the conclusion expressed based on a review does not give the same level of assurance as a conclusion expressed based on an audit.

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial information is not, in all material respects, in accordance with IAS 34 and the Annual Accounts Act for Credit Institutions and Securities Companies.

Stockholm, 16 July 2008

PricewaterhouseCoopers AB

Peter Clemedtson Authorised Public Accountant Partner in charge

Peter Nyllinge Authorised Public Accountant

The SEB Group

Income statement – SEB Group

Condensed	Q2	Q1		Q2	J an - Jun				Full year
SEKm	2008	2008	%	2007	%	2008	2007	%	2007
Net interest income	4 421	4 223	5	3 939	12	8 644	7 706	12	15 998
Net fee and commission income	3 909	3 801	3	4 544	-14	7 710	8 821	-13	17 051
Net financial income	1 161	- 161		1 345	-14	1 000	2 656	-62	3 239
Net life insurance income	642	713	-10	642		1 355	1 385	-2	2 933
Net other income	270	226	19	249	8	496	344	44	1 219
Total operating income	10 403	8 802	18	10 719	-3	19 205	20 912	-8	40 440
Staff costs	-3 993	-3 899	2	-3 774	6	-7 892	-7 570	4	-14 921
Other expenses	-2 098	-1 756	19	-1 768	19	-3 854	-3 446	12	-6 919
Depreciation of assets	- 354	- 372	-5	- 342	4	- 726	- 670	8	-1 354
Total operating expenses	-6 445	-6 027	7	-5 884	10	-12 472	-11 686	7	-23 194
Gains less losses from tangible and intangible
assets	1	3	-67	- 1	-200	4	- 1		7 88
Net credit losses incl. changes in value of
seized assets	- 452	- 368	23	- 280	61	- 820	- 514	60	-1 016
Operating profit*	3 507	2 410	46	4 554	-23	5 917	8 711	-32	17 018
Income tax expense	- 699	- 562	24	-1 032	-32	-1 261	-1 927	-35	-3 376
Net profit from continuing operations	2 808	1 848	52	3 522	-20	4 656	6 784	-31	13 642
Discontinued operations	1					1
Net profit	2 809	1 848	52	3 522	-20	4 657	6 784	-31	13 642
Attributable to minority interests	3	1	200	8	-63	4	12	-67	24
Attributable to equity holders **	2 806	1 847	52	3 514	-20	4 653	6 772	-31	13 618
* Life's operating profit	308	368	-16	368	-16	676	826	-18	1 802
Change in surplus values, net Life's business result	227 535	250 618	- 9 -13	323 691	-30 -23	477 1 153	567 1 393	-16 -17	1 273 3 075
** Basic earnings per share, SEK	4.10	2.70		5.21		6.80	10.02		19.97
** Diluted earnings per share, SEK	4.09	2.69		5.21		6.78	9.96		19.88

Key figures - SEB Group

	Q2	Q1	Q2		Jan - Jun
	2008	2008	2007	2008	2007	2007
Return on equity, %	15.2	9.6	20.7	12.4	19.8	19.3
Return on total assets, %	0.48	0.31	0.65	0.40	0.65	0.63
Return on risk-weighted assets, %	1.33	0.87	1.74	1.08	1.72	1.68
Basic earnings per share, SEK	4.10	2.70	5.21	6.80	10.02	19.97
Weighted average number of shares, millions*	684	684	674	684	676	682
Diluted earnings per share, SEK	4.09	2.69	5.21	6.78	9.96	19.88
Weighted average number of diluted shares, millions**	686	686	675	686	680	685
Net worth per share, SEK	122.51	126.34	117.63	122.51	117.63	127.44
Average equity, SEK billion	73.8	76.6	67.9	75.2	68.2	70.6
Cost/income ratio	0.62	0.69	0.55	0.65	0.56	0.57
Credit loss level, %	0.17	0.13	0.12	0.15	0.11	0.11
Reserve ratio for impaired loans, %	71.5	74.5	77.7	71.5	77.7	76.1
Level of impaired loans, %	0.21	0.20	0.19	0.21	0.19	0.18
Basel II:***
Total capital ratio, incl net profit, %	10.77	11.13	11.05	10.77	11.05	11.04
Core capital ratio, incl net profit, %	8.64	8.85	8.45	8.64	8.45	8.63
Risk-weighted assets, SEK billion	871	817	783	871	783	842
Basel I:
Total capital ratio, incl net profit, %	9.65	10.01	10.54	9.65	10.54	10.42
Core capital ratio, incl net profit, %	7.74	7.96	8.07	7.74	8.07	8.15
Risk-weighted assets, SEK billion	972	909	821	972	821	892
Number of full time equivalents****	21 645	21 210	19 619	21 230	19 395	19 506
Assets under custody, SEK billion	4 728	4 887	5 514	4 728	5 514	5 314
Assets under management, SEK billion	1 295	1 331	1 403	1 295	1 403	1 370

* Issued number of shares was 687,156,631 at year-end 2007. SEB then owned 3.7 million Class A shares for the employee stock option programme. During 2008 1.4 million net of these shares have been sold as employee stock options have been exercised. Thus, as of 30 June SEB owned 2.3 million Class A-shares with a market value of SEK 257m.

** Calculated dilution based on the estimated economic value of the long-term incentive programmes.

*** 90 per cent of RWA in Basel I for 2008 and 95 per cent of RWA in Basel I for 2007.

**** Quarterly numbers are for last month of quarter. Accumulated numbers are average for the period.

Income statement on quarterly basis - SEB Group

SEKm	2008:2	2008:1	2007:4	2007:3	2007:2
Net interest income	4 421	4 223	4 375	3 917	3 939
Net fee and commission income	3 909	3 801	4 129	4 101	4 544
Net financial income	1 161	- 161	420	163	1 345
Net life insurance income	642	713	766	782	642
Net other income	270	226	345	530	249
Total operating income	10 403	8 802	10 035	9 493	10 719
Staff costs	-3 993	-3 899	-3 787	-3 564	-3 774
Other expenses	-2 098	-1 756	-1 782	-1 691	-1 768
Depreciation of assets	- 354	- 372	- 359	- 325	- 342
Total operating expenses	-6 445	-6 027	-5 928	-5 580	-5 884
Gains less losses from tangible and intangible assets	1	3	787	2	- 1
Net credit losses**	- 452	- 368	- 313	- 189	- 280
Operating profit*	3 507	2 410	4 581	3 726	4 554
Income tax expense	- 699	- 562	- 824	- 625	-1 032
Net profit from continuing operations	2 808	1 848	3 757	3 101	3 522
Discontinued operations	1
Net profit	2 809	1 848	3 757	3 101	3 522
Attributable to minority interests Attributable to equity holders***	3 2 806	1 1 847	5 3 752	7 3 094	8 3 514
* SEB Trygg Liv's operating profit	308	368	475	501	368
Change in surplus values, net	227	250	431	275	323
SEB Trygg Liv's business result	535	618	906	776	691
** Including change in value of seized assets
*** Basic earnings per share, SEK	4.10	2.70	5.49	4.59	5.21
Diluted earnings per share, SEK	4.09	2.69	5.48	4.57	5.21

Income statement, by Division - SEB Group

	Merchant	Retail	Wealth		Other incl
Jan-Jun 2008, SEKm	Banking	Banking	Management	Life*	eliminations	SEB Group
Net interest income Net fee and commission	3 063	5 144	441	- 29	25	8 644
income	2 711	2 861	1 778		360	7 710
Net financial income	1 055	197	28		- 280	1 000
Net life insurance income				1 837	- 482	1 355
Net other income	116	108	35		237	496
Total operating income	6 945	8 310	2 282	1 808	- 140	19 205
Staff costs	-2 069	-2 322	- 750	- 547	-2 204	-7 892
Other expenses	-1 846	-2 652	- 558	- 280	1 482	-3 854
Depreciation of assets	- 43	- 153	- 46	- 305	- 179	- 726
Total operating expenses	-3 958	-5 127	-1 354	-1 132	- 901	-12 472
Gains less losses from
tangible and intangible
assets	3				1	4
Net credit losses**	- 56	- 751	- 2		- 11	- 820
Operating profi t	2 934	2 432	926	676	-1 051	5 917

* Business result in Life amounted to SEK 1,153m (1,393), of which change in surplus values was net SEK 477m (567).

** Including change in value of seized assets.

Merchant Banking

jÉêÅÜ~åí=_~åâáåÖ=Ü~ë=íïç=ä~êÖÉ=ÄìëáåÉëë=~êÉ~ë=J=qê~ÇáåÖ=~åÇ=~éáí~ä=j~êâÉíë=~åÇ=däçÄ~ä=qê~åë~Åíáçå=pÉêîáÅÉëK=qÜÉ=çíÜÉê=ÄìëáåÉëë=ìåáíëI= ÉKÖK=íÜÉ=oj=ÑìåÅíáçåI=çããÉêÅá~ä=oÉ~ä=bëí~íÉI=çêéçê~íÉ=cáå~åÅÉ=~åÇ=píêìÅíìêÉÇ=cáå~åÅÉI=~êÉ=ÅçåëçäáÇ~íÉÇ=áå=`çêéçê~íÉ=_~åâáåÖK==

Profit and loss account

	Q2	Q1		Q2		Jan- Jun			Full year
SEK m	2008	2008	%	2007	%	2008	2007	%	2007
Net interest income	1 538	1 525	1	1 377	12	3 063	2 705	13	5 610
Net fee and commission income	1 470	1 241	18	1 659	-11	2 711	3 220	-16	5 945
Net financial income	936	119		1 169	-20	1 055	2 333	-55	2 613
N et other income	72	44	64	183	-61	116	234	-50	839
To tal operating income	4 016	2 929	3 7	4 388	-8	6 945	8 492	-18	15 007
St aff costs	-1 105	-964	15	-1 172	-6	-2 069	-2 270	-9	-4 246
Ot her expenses	-937	-909	3	-877	7	-1 846	-1 734	6	-3 489
Depreciation of assets	-21	-22	-5	-17	24	-43	-40	8	-85
T otal operating expenses	-2 063	-1 895	9	-2 066	0	-3 958	-4 044	-2	-7 820
P rofit before credit losses etc	1 953	1 034	89	2 322	-16	2 987	4 448	-33	7 187
G ains less losses on assets		3	-100			3			2
N et credit losses	-27	-29	-7	-115	-77	-56	-224	-75	-326
O perating profit	1 926	1 008	91	2 207	-13	2 934	4 224	-31	6 863
C ost/Income ratio	0,51	0,65		0,47		0,57	0,48		0,52
Bus iness equity, SEK bn	27,0	27,0		26,4		27,0	26,4		26,4
R eturn on equity, %	20,5	10,8		24,1		15,6	23,0		18,7
N umber of full time equivalents	2 760	2 742		2 568		2 732	2 535		2 566

• Robust customer activity and improved risk pricing
• Operating profit hampered by valuation losses on portfolios mainly in the first quarter
• Stable underlying costs

Comments on the first six months

jÉêÅÜ~åí=_~åâáåÖÛë=êÉëìäí=Ñçê=íÜÉ=Ñáêëí=ëáñ=ãçåíÜë=çÑ=OMMU= êÉÑäÉÅí=ÅçåíáåìÉÇ=ÜáÖÜ=~Åíáîáíó=~ãçåÖ=ÅìëíçãÉêë=~ë=ïÉää=~ë= çåÖçáåÖ=ìåÅÉêí~áåíó=áå=ÖäçÄ~ä=Ñáå~åÅá~ä=ã~êâÉíëK==

çãé~êÉÇ=ïáíÜ=íÜÉ=ÅçêêÉëéçåÇáåÖ=éÉêáçÇ=çÑ=OMMTI= çéÉê~íáåÖ=áåÅçãÉ=ÇÉÅêÉ~ëÉÇ=Äó=NU=éÉê=ÅÉåíK=eçïÉîÉêI= áåÅçãÉ=áå=íÜÉ=ëÉÅçåÇ=èì~êíÉê=êÉÄçìåÇÉÇI=íç=~=äÉîÉä= ÉñÅÉÉÇáåÖ=pbh=QÄåK=j~êâJíçJã~êâÉí=äçëëÉë=çå=íÜÉ= ÇáîáëáçåÛë=ÑáñÉÇJáåÅçãÉ=áåîÉëíãÉåí=éçêíÑçäáç=ï~ë=pbh=SSã= áå=íÜÉ=ëÉÅçåÇ=èì~êíÉê=~åÇ=íÜìë=äáãáíÉÇ=Åçãé~êÉÇ=ïáíÜ= éêÉîáçìë=èì~êíÉêëK=aìêáåÖ=íÜÉ=Ñáêëí=ëáñ=ãçåíÜë=íÜÉëÉ= î~äì~íáçå=äçëëÉë=~ãçìåíÉÇ=íç=VPUãI=ïÜáÅÜ=íçÖÉíÜÉê=ïáíÜ= ÇáÑÑáÅìäí=ÅçåÇáíáçåë=Ñçê=~éáí~ä=j~êâÉíë=~åÇ=äçïÉê=~Çîáëçêó= ÑÉÉë=Éñéä~áå=íÜÉ=óÉ~êJçåJóÉ~ê=ëÜçêíÑ~ääK=mÉêÑçêã~åÅÉJêÉä~íÉÇ= Åçëíë=ÇÉÅäáåÉÇI=ïÜáÅÜ=êÉÑäÉÅíÉÇ=äçïÉê=É~êåáåÖëI=ïÜáäÉ= ìåÇÉêäóáåÖ=Åçëíë=ïÉêÉ=ìé=ÇìÉ=íç=ëí~ÑÑ=áåîÉëíãÉåíëK=aÉëéáíÉ= ~=ëáÖåáÑáÅ~åíäó=ãçêÉ=ÅÜ~ääÉåÖáåÖ=ÉÅçåçãáÅ=Åäáã~íÉI= çéÉê~íáåÖ=éêçÑáí=ï~ë=çåäó=U=éÉê=ÅÉåí=äçïÉê=íÜ~å=ä~ëí=óÉ~êI= ïÜÉå=~ÇàìëíÉÇ=Ñçê=íÜÉ=éçêíÑçäáç=äçëëÉëK=^ëëÉí=èì~äáíó= êÉã~áåÉÇ=ÖççÇ=~åÇ=ëí~ÄäÉK=

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`çêéçê~íÉ=Ä~åâáåÖ=~ÅíáîáíáÉë=Ü~îÉ=Ö~áåÉÇ=ãçãÉåíìã= ÇìêáåÖ=íÜÉ=óÉ~êI=ïáíÜ=ëçãÉ=éáÅâ=ìé=áå=jC^=íê~åë~Åíáçåë= ~åÇ=~å=áåÅêÉ~ëÉ=áå=Éèìáíó=Å~éáí~ä=ã~êâÉíë=~ÅíáîáíóK= bìêçãçåÉó=ê~åâÉÇ=pb_=~ë=íÜÉ=_Éëí=jC^=ÜçìëÉ=áå=íÜÉ= kçêÇáÅ=~åÇ=_~äíáÅ=êÉÖáçåK=aÉã~åÇ=Ñçê=Åçêéçê~íÉ=ÄçêêçïáåÖ= ~åÇ=ëíêìÅíìêÉÇ=Ñáå~åÅáåÖ=ï~ë=ÜáÖÜI=ÇìÉ=íç=íáÖÜíÉê=ÅêÉÇáí= ÅçåÇáíáçåëK=iÉåÇáåÖ=ã~êÖáåë=ïÉêÉ=ëí~ÄäÉI=ïÜáäÉ=ÄÉííÉê= ÄçêêçïáåÖ=ëíêìÅíìêÉë=áãéêçîÉÇ=íÜÉ=éêáÅáåÖ=çÑ=êáëâK==

oÉîÉåìÉë=ïáíÜáå=däçÄ~ä=qê~åë~Åíáçå=pÉêîáÅÉë=ïÉêÉ= ëí~ÄäÉI=ïáíÜ=ÜáÖÜÉê=Å~ëÜ=ã~å~ÖÉãÉåí=áåÅçãÉ=çÑÑëÉííáåÖ=íÜÉ= ëäáÖÜí=ÇÉÅäáåÉ=Ñêçã=ÅìëíçÇó=ëÉêîáÅÉë=íÜ~í=êÉëìäíÉÇ=Ñêçã= äçïÉê=Éèìáíó=ã~êâÉí=î~äì~íáçåëK=^í=íÜÉ=ÉåÇ=çÑ=íÜÉ=éÉêáçÇ= ~ëëÉíë=ìåÇÉê=ÅìëíçÇó=ïÉêÉ=pbh=QITOUÄåK=pb_=ï~ë=~Ö~áå= ê~åâÉÇ=ÄÉëí=kçêÇáÅ=ëìÄJÅìëíçÇá~å=Äó=däçÄ~ä=cáå~åÅÉ=~åÇ= _Éëí=~í=`~ëÜ=j~å~ÖÉãÉåí=áå=íÜÉ=kçêÇáÅ=~åÇ=_~äíáÅ=êÉÖáçå= Äó=bìêçãçåÉóK=

qÜÉ=oÉí~áä=_~åâáåÖ=Çáîáëáçå=Åçåëáëíë=çÑ=ëáñ=ÄìëáåÉëë=~êÉ~ë=J=pïÉÇÉåI=dÉêã~åóI=bëíçåá~I=i~íîá~I=iáíÜì~åá~=~åÇ=`~êÇK= Profit and loss account

	Q2	Q1		Q2		Jan- Jun			Full year
SEK m	2008	2008	%	2007	%	2008	2007	%	2007
Net interest income	2 593	2 551	2	2 429	7	5 144	4 705	9	9 698
Net fee and commission income	1 430	1 431	0	1 549	-8	2 861	3 072	-7	6 219
Net financial income	102	95	7	114	-11	197	206	-4	482
Net other income	85	23		35	143	108	57	89	159
Total operating income	4 210	4 100	3	4 127	2	8 310	8 040	3	16 558
Staff costs	-1 168	-1 154	1	-1 045	12	-2 322	-2 063	13	-4 235
Other expenses	-1 348	-1 304	3	-1 324	2	-2 652	-2 619	1	-5 286
Depreciation of assets	-76	-77	-1	-87	-13	-153	-162	-6	-318
Total operating expenses	-2 592	-2 535	2	-2 456	6	-5 127	-4 844	6	-9 839
Profit before credit losses etc	1 618	1 565	3	1 671	-3	3 183	3 196	0	6 719
Gains less losses on assets									4
== Net credit losses	-440	-311	41	-161	173	-751	- 283	165	-715
Operating profit	1 178	1 254	-6	1 510	-22	2 432	2 913	-17	6 008
Cost/Income ratio	0,62	0,62		0,60		0,62	0,60		0,59
Business equity, SEK bn	25,3	25,3		24,8		25,3	24,8		24,8
Return on equity, %	14,2	15,3		19,1		14,7	18,3		18,8
Number of full time equivalents	9 325	8 995		8 912		9 050	8 708		8 802

• Growth in net interest income offset declining securities fees
• Result before losses stable
• Continued build-up of provisions in Estonia

Comments on the first six months

çåíáåìÉÇ=çîÉê~ää=äÉåÇáåÖ=~åÇ=ÇÉéçëáí=ÖêçïíÜ=ëìééçêíÉÇ= åÉí=áåíÉêÉëí=áåÅçãÉI=ïÜáÅÜ=áãéêçîÉÇ=ïáíÜáå=~ää=ÄìëáåÉëë= ~êÉ~ë=Åçãé~êÉÇ=ïáíÜ=íÜÉ=Ñáêëí=ëáñ=ãçåíÜë=çÑ=OMMTK= jÉ~åïÜáäÉI=ëÉÅìêáíáÉëJêÉä~íÉÇ=áåÅçãÉ=ï~ë=åÉÖ~íáîÉäó= ~ÑÑÉÅíÉÇ=Äó=êÉÇìÅÉÇ=ÅìëíçãÉê=~Åíáîáíó=ÑçääçïáåÖ=íÜÉ= Ñáå~åÅá~ä=ã~êâÉí=íìêãçáäK=oÉëìäí=ÄÉÑçêÉ=äçëëÉë=ï~ë=ëí~ÄäÉ= Åçãé~êÉÇ=ïáíÜ=íÜÉ=Ñáêëí=ëáñ=ãçåíÜë=çÑ=OMMTK=êÉÇáí=äçëëÉë= áåÅêÉ~ëÉÇI=ã~áåäó=ÇìÉ=íç=ÜáÖÜÉê=éêçîáëáçåë=áå=bëíçåá~K= léÉê~íáåÖ=êÉëìäí=ÇÉÅêÉ~ëÉÇ=Äó=NT=éÉê=ÅÉåí=Åçãé~êÉÇ=ïáíÜ= íÜÉ=Ñáêëí=ëáñ=ãçåíÜë=çÑ=OMMTK=

få=pïÉÇÉåI=áåÅçãÉ=áåÅêÉ~ëÉÇ=Äó=O=éÉê=ÅÉåí=Åçãé~êÉÇ= ïáíÜ=íÜÉ=Ñáêëí=ëáñ=ãçåíÜë=çÑ=OMMTI=ëìééçêíÉÇ=Äó=åÉí=áåíÉêÉëí= áåÅçãÉ=ÖêçïíÜ=çÑ=NM=éÉê=ÅÉåíI=ïáíÜ=íÜÉ=ëÉÅçåÇ=èì~êíÉê= ÄÉáåÖ=íÜÉ=ëíêçåÖÉëí=ÉîÉêK=eçìëÉÜçäÇ=ãçêíÖ~ÖÉë=ïÉêÉ=ìé=Äó= NP=éÉê=ÅÉåí=çå=~=íïÉäîÉJãçåíÜ=Ä~ëáëX=ë~äÉë=ã~êÖáåë= áåÅêÉ~ëÉÇ=Åçãé~êÉÇ=ïáíÜ=éêÉîáçìë=èì~êíÉêë=~åÇ=êÉã~áåÉÇ= áå=äáåÉ=ïáíÜ=íÜÉ=çîÉê~ää=äÉåÇáåÖ=ã~êÖáå=áå=íÜÉ=ÄççâK=aìêáåÖ= íÜÉ=ë~ãÉ=éÉêáçÇI=ÇÉéçëáíë=ÖêÉï=Äó=T=éÉê=ÅÉåí=~åÇ=ÇÉéçëáí= ã~êÖáåë=áãéêçîÉÇK=jÉ~åïÜáäÉI=Ñáå~åÅá~ä=ã~êâÉí=ëÉåëáíáîÉ= ÑÉÉë=ëìÅÜ=~ë=ÄêçâÉê~ÖÉ=áåÅçãÉ=~åÇ=ÉèìáíóJäáåâÉÇ=ÄçåÇ=ÑÉÉë= ÇÉÅêÉ~ëÉÇK=qÜÉ=áåÅêÉ~ëÉÇ=ÑçÅìë=çå=íÜÉ=pjb=ëÉÖãÉåí= ÅçåíáåìÉÇ=íç=óáÉäÇ=êÉëìäíX=ãçêÉ=íÜ~å=RIMMM=åÉï=ëã~ää=~åÇ= ãÉÇáìãJëáòÉÇ=Åçêéçê~íÉ=ÅìëíçãÉêë=ïÉêÉ=Ö~áåÉÇ=EPIRMMFK= `çëíë=áåÅêÉ~ëÉÇ=Äó=R=éÉê=ÅÉåíI=~ÑÑÉÅíÉÇ=Äó=ÜáÖÜÉê=éÉåëáçå= ÅçëíëK=

cçääçïáåÖ=íÜÉ=ëÜ~êé=ÇÉÅÉäÉê~íáçå=áå=ÉÅçåçãáÅ=ÖêçïíÜ=áå= bëíçåá~I=áåÅêÉ~ëÉÇ=éêçîáëáçåë=Ü~Ç=~=åÉÖ~íáîÉ=ÉÑÑÉÅí=çå= çéÉê~íáåÖ=éêçÑáíK=aÉëéáíÉ=~å=çîÉê~ää=áåÅêÉ~ëÉ=çÑ=áãé~áêÉÇ= äç~åë=áå=íÜÉ=i~íîá~å=~åÇ=iáíÜì~åá~å=Ä~åâáåÖ=ëóëíÉãëI=íÜÉ= ~ëëÉí=èì~äáíó=çÑ=pb_Ûë=ÅêÉÇáí=éçêíÑçäáçë=Ü~ë=åçí=êÉèìáêÉÇ=~åó= ÑìêíÜÉê=éêçîáëáçåëK=pb_Ûë=Å~ìíáçìë=äÉåÇáåÖ=éê~ÅíáÅÉë= ÅçåíáåìÉÇ=~åÇ=ÖÉåÉê~íÉÇ=~=èì~êíÉêäó=ÅêÉÇáí=ÖêçïíÜ=çÑ=OI=P= ~åÇ=Q=éÉê=ÅÉåí=áå=bëíçåá~I=i~íîá~=~åÇ=iáíÜì~åá~I= êÉëéÉÅíáîÉäóK=pb_Ûë=ã~êâÉí=ëÜ~êÉë=Ñçê=äÉåÇáåÖ=áå=~ää=íÜêÉÉ= ÅçìåíêáÉë=êÉã~áåÉÇ=êÉä~íáîÉäó=ëí~ÄäÉK=få=äáåÉ=ïáíÜ=íÜÉ= áåÅêÉ~ëÉÇ=ë~îáåÖë=ÑçÅìëI=åÉï=ãìíì~ä=ÑìåÇ=éêçÇìÅíë=ïÉêÉ= ä~ìåÅÜÉÇ=áå=íÜÉ=_~äíáÅ=ÅçìåíêáÉëI=Ñçê=Éñ~ãéäÉ=pb_=^ëëÉí= pÉäÉÅíáçåK=pb_Ûë=ëíêçåÖ=éçëáíáçå=áå=íÜÉ=êÉÖáçå=ï~ë=ÑìêíÜÉê= ÅçåÑáêãÉÇ=íÜêçìÖÜ=íÜÉ=_Éëí=_~åâ=~ï~êÇ=Äó=däçÄ~ä=cáå~åÅÉ= áå=ÄçíÜ=iáíÜì~åá~=~åÇ=i~íîá~K=få=iáíÜì~åá~I=pb_=êÉÅÉáîÉÇ= íÜáë=~ï~êÇ=Ñçê=íÜÉ=NMíÜ=ÅçåëÉÅìíáîÉ=óÉ~êK=

få=dÉêã~åóI=éêçÑáí~Äáäáíó=êÉã~áåÉÇ=ìåë~íáëÑ~ÅíçêóK= p~äÉë=çÑ=ÅçåëìãÉê=äÉåÇáåÖI=ãçêíÖ~ÖÉë=~åÇ=áåëìê~åÅÉ=ïÉêÉ= ÜáÖÜÉêI=ïÜáäÉ=ëÉÅìêáíáÉëJêÉä~íÉÇ=áåÅçãÉ=ï~ë=åÉÖ~íáîÉäó= ~ÑÑÉÅíÉÇ=Äó=íÜÉ=ã~êâÉí=íìêãçáäK=

~êÇ=ÅçåíáåìÉÇ=íç=ÇÉãçåëíê~íÉ=ëíêçåÖ=ìåÇÉêäóáåÖ= ÄìëáåÉëë=ÖêçïíÜX=íìêåçîÉê=ÇìêáåÖ=íÜÉ=Ñáêëí=ëáñ=ãçåíÜë= áåÅêÉ~ëÉÇ=Äó=T=éÉê=ÅÉåíK=^=åìãÄÉê=çÑ=åÉï=ÅìëíçãÉê= çÑÑÉêáåÖëI=ÉKÖK=bìêçÅ~êÇ=mä~íáåìã=~åÇ=bìêçÅ~êÇ=çêéçê~íÉ= iáãáíÉÇ=ïÉêÉ=ä~ìåÅÜÉÇK=få=~ÇÇáíáçåI=bìêçÅ~êÇ=ï~ë= ëìÅÅÉëëÑìääó=ä~ìåÅÜÉÇ=áå=íÜÉ=cáååáëÜ=ã~êâÉíK==

Wealth Management

This division has two business areas- Institutional Clients and Private Banking.

Profit and loss account

	Q 2	Q1		Q 2		Jan- Jun			Full year
SEK m	2008	2008	%	2007	%	2008	2007	%	2007
Net interest income	199	242	$-18$	198	1	441	384	15	843
Net fee and commission income	820	958	-14	1 0 8 6	-24	1 7 7 8	2 1 1 0	-16	4077
Net financial income	8	20	-60	16	$-50$	28	30	$-7$	79
Net other income	26	9	189	27	-4	35	33	6	86
Total operating income	1 0 5 3	1 2 2 9	$-14$	1 3 2 7	$-21$	2 2 8 2	2 5 5 7	$-11$	5 0 8 5
Staff costs	$-367$	$-383$	-4	$-314$	17	$-750$	$-660$	14	$-1340$
Other expenses	$-270$	$-288$	-6	$-243$	11	$-558$	-496	13	$-1040$
Depreciation of assets	$-22$	$-24$	-8	$-21$	5	$-46$	$-34$	35	$-60$
Total operating expenses	-659	$-695$	-5	$-578$	14	$-1354$	$-1190$	14	$-2440$
Profit before credit losses etc	394	534	$-26$	749	-47	928	1 3 6 7	$-32$	2645
Gains less losses on assets				$-1$	$-100$		$-1$	$-100$	$-1$
Net credit losses	23	$-25$	$-192$	$-5$		-2	$-9$	-78	-7
Operating profit	417	509	$-18$	743	$-44$	926	1 3 5 7	$-32$	2637
Cost/Income ratio	0,63	0,57		0,44		0,59	0,47		0,48
Business equity, SEK bn	6,6	6,6		5,5		6,6	5,5		5,5
Return on equity, %	18,2	22,2		38,9		20,2	35,5		34,5
Number of full time equivalents	1 1 4 3	1 1 6 0		1 0 5 0		1 1 5 3	1 0 8 6		1 0 7 4

• Operating profit down by 32 per cent
• Strong net sales within both Private Banking and Institutional Clients

Continued gain of market share in the Swedish mutual funds market

Comments on the first six months

Investor behaviour remained cautious also during the second quarter, although with a slightly increased risk appetite during the final months of the period.

Operating income for the first six months dropped by 11 per cent compared with last year. Net sales and increased net interest income somewhat balanced lower net fee and commission income, due to falling asset values and lower customer activity. Performance fees amounted to SEK 217m (330).

Operating expenses during the period increased by 14 per cent, of which 8 per cent were non-comparable costs including Key Asset Management and pension costs. Underlying costs increased by 6 per cent related to expansion of Private Banking and Institutional Sales, development of alternative investment products and investments in future efficiency enhancing projects, e.g. SEB Way. Costs for the second quarter declined by 5 per cent compared with the first quarter.

Operating profit decreased by 32 per cent, to SEK 926m during the first six months. Net credit losses of SEK 31m related to Enkla Lånet in Norway were transferred to SEB Kort.

SEB again captured volumes on the Swedish mutual fund market. Total net inflows amounted to SEK 3.8bn (8.0) during the first half of the year on a market experiencing

total flows of net SEK -28bn (14). Alternative investments alone attracted net inflows totalling SEK 7.6bn (3.3) and dominated the first quarter inflows. During the second quarter. Growth and North American investments attracted investors' interest. SEB received a number eight ranking in terms of net sales in the European mutual fund market during the first quarter (Lipper Feri, 19 May).

Net new assets during the period were strong, considering the market, and amounted to SEK 20bn (28), which offset the impact from declining equity markets on assets under management, which decreased by 5 per cent to SEK 1.217bn from year-end.

Investment performance strengthened during the second quarter, but year-to-date performance still remained low with 49 per cent (71) of the portfolios and 45 per cent (85) of assets under management ahead of their respective benchmarks.

Private Banking generated net new assets of SEK 10.7bn (7.0) despite the adverse market conditions. The success was due to very high activity and close co-operation with the Retail Banking division.

Institutional Clients' second quarter was strong in terms of net sales in Sweden. Denmark and the Baltic countries. Several new products within the alternative segment were introduced during the second quarter.

Life

iáÑÉ=Åçåëáëíë=çÑ=íÜêÉÉ=ÄìëáåÉëë=~êÉ~ë=J=pb_=qêóÖÖ=iáî=EpïÉÇÉåFI=pb_=mÉåëáçå=EaÉåã~êâF=~åÇ=pb_=iáÑÉ=C=mÉåëáçå=fåíÉêå~íáçå~äK==

Profit and loss account

	Q2	Q1		Q2		Jan- Jun			Full year
SEK m	2008	2008	%	2007	%	2008	2007	%	2007
Net interest income	-13	-16	-19	-6	117	-29	-15	93	-28
Net life insurance income	883	954	-7	907	-3	1 837	1 888	-3	3 958
Net other income
Total operating income	870	938	-7	901	-3	1 808	1 873	-3	3 930
Staff costs	-285	-262	9	-263	8	-547	-517	6	-1 050
Other expenses	-132	-148	-11	-130	2	-280	-260	8	-530
Depreciation of assets	-145	-160	-9	-140	4	-305	-270	13	-548
Total operating expenses	-562	-570	-1	-533	5	-1 132	-1 047	8	-2 128
Operating profit	308	368	-16	368	-16	676	826	-18	1 802
Change in surplus values, net	227	250	-9	323	-30	477	567	-16	1 273
Business result	535	618	-13	691	-23	1 153	1 393	-17	3 075
Cost/Income ratio	0,65	0,61		0,59		0,63	0,56		0,54
Business equity, SEK bn	7,5	7,5		7,5		7,5	7,5		7,5
Return on equity, %
based on operating profit	14,5	17,3		17,3		15,9	19,4		21,1
based on business result	25,1	29,0		32,4		27,1	32,7		36,1
Number of full time equivalents	1 235	1 222		1 203		1 226	1 200		1 201

• Positive sales development despite increasingly competitive markets

• Lower operating profit mainly due to adverse equity and interest rate development

• Increased costs reflect investments in new markets and higher sales

Comments on the first six months

léÉê~íáåÖ=éêçÑáí=ÇÉÅêÉ~ëÉÇ=Äó=NU=éÉê=ÅÉåí=Åçãé~êÉÇ=ïáíÜ= ä~ëí=óÉ~êK=qÜÉ=éêçÑáí=ï~ë=áãé~ÅíÉÇ=Äó=~=åÉÖ~íáîÉ=çåÉJçÑÑ= ÉÑÑÉÅí=çÑ=pbh=PMã=êÉä~íáåÖ=íç=~=éÉå~äíó=ÑÉÉ=íç=íÜÉ=pïÉÇáëÜ= cáå~åÅá~ä=pìéÉêîáëçêó=^ìíÜçêáíóK=råáí=äáåâÉÇ=áåÅçãÉ=ï~ë= ~ÇîÉêëÉäó=~ÑÑÉÅíÉÇ=Äó=íÜÉ=ÇÉÅêÉ~ëÉ=áå=Éèìáíó=î~äìÉë=~åÇ= ÅçåíáåìÉÇ=Å~ìíáçìëåÉëë=ïáíÜ=êÉëéÉÅí=íç=Éèìáíó=ÉñéçëìêÉ= ~ãçåÖ=ÅìëíçãÉêëK=qÜÉ=êÉëìäíë=Ñçê=êáëâ=éêçÇìÅíë=ëìÅÜ=~ë= ëáÅâåÉëë=áåëìê~åÅÉ=~åÇ=Å~êÉ=éêçÇìÅíëI=ïÉêÉ=ïÉää=~ÄçîÉ=ä~ëí= óÉ~êI=ÄÉåÉÑáíáåÖ=Ñêçã=ãçÇÉê~íÉ=Åä~áãë=~åÇ=ÖççÇ= áåîÉëíãÉåí=êÉíìêåëK=eçïÉîÉêI=íÜÉ=îçä~íáäÉ=Å~éáí~ä=ã~êâÉíë= ~åÇ=êáëÉ=áå=ëÜçêíJíÉêã=áåíÉêÉëí=ê~íÉë=Ü~Ç=~=åÉÖ~íáîÉ=ÉÑÑÉÅíK==

^=éêçîáëáçå=çÑ=pbh=TQã=ï~ë=ã~ÇÉ=áå=íÜÉ=Ñáêëí=Ü~äÑ=çÑ= íÜÉ=óÉ~ê=íç=ÅçîÉê=éçíÉåíá~ä=ÑìíìêÉ=Öì~ê~åíÉÉë=êÉä~íÉÇ=íç=íÜÉ= íê~Çáíáçå~ä=äáÑÉ=éçêíÑçäáç=íê~åëÑÉêêÉÇ=Ñêçã=kó~=iáî=áå=OMMTK= qÜÉ=êÉëÉêîÉ=áë=ã~êâÉí=î~äìÉ=êÉä~íÉÇ=~åÇ=êÉÅçîÉê~ÄäÉI=áÑ= ÑìíìêÉ=áåîÉëíãÉåí=êÉíìêåë=~êÉ=~ÇÉèì~íÉ=íç=ãÉÉí=Öì~ê~åíÉÉÇ= Äçåìë=äÉîÉäë=çîÉê=íáãÉK=qÜÉ=êìåJçÑÑ=ÄìëáåÉëë=çÑ=kó~=iáî= ï~ë=~ÅÅÉäÉê~íÉÇ=Äó=~å=çÑÑÉê=íç=~ää=éçäáÅóÜçäÇÉêë=íç=íê~åëÑÉê= íç=ìåáíJäáåâÉÇK==

léÉê~íáåÖ=ÉñéÉåëÉë=áåÅêÉ~ëÉÇ=ÇìÉ=íç=ÜáÖÜÉê= ÇÉéêÉÅá~íáçå=çÑ=ÇÉÑÉêêÉÇ=~Åèìáëáíáçå=Åçëíë=~åÇ=áåîÉëíãÉåíë= áå=åÉï=ã~êâÉíëK=qÜÉ=åìãÄÉê=çÑ=ëí~ÑÑ=Ü~ë=ÄÉÉå=ëí~ÄäÉ=ÇìêáåÖ= íÜÉ=é~ëí=óÉ~ê=ÉñÅÉéí=Ñçê=~ÇÇáíáçåë=áå=íÜÉ=_~äíáÅ=ÅçìåíêáÉë= ~åÇ=râê~áåÉK=

råáíJäáåâÉÇ=áåëìê~åÅÉ=êÉã~áåë=íÜÉ=ãçëí=áãéçêí~åí= éêçÇìÅí=ÖêçìéI=êÉéêÉëÉåíáåÖ=TT=éÉê=ÅÉåí=EUOF=çÑ=íçí~ä=ë~äÉëK= qÜÉ=ëÜ~êÉ=çÑ=Åçêéçê~íÉ=éÉåëáçå=ï~ë=SR=éÉê=ÅÉåí=ETPFK=

qçí~ä=ë~äÉëI=ïÉáÖÜíÉÇ=îçäìãÉI=êçëÉ=Äó=NN=éÉê=ÅÉåí= Åçãé~êÉÇ=ïáíÜ=ä~ëí=óÉ~êK=qÜÉ=ëÜ~êÉ=çÑ=êÉÖìä~ê=éêÉãáìã= Åçåíê~Åíë=ÇÉÅêÉ~ëÉÇ=ëçãÉïÜ~íI=ïÜáäÉ=ÉåÇçïãÉåí=éçäáÅáÉë= ~åÇ=áåîÉëíãÉåí=éêçÇìÅíë=ëÜçïÉÇ=~å=áåÅêÉ~ëÉK=få=~ÇÇáíáçåI= éêáÅÉ=éêÉëëìêÉ=áåÅêÉ~ëÉÇ=áå=íÜÉ=Åçêéçê~íÉ=ã~êâÉíë=áå= pïÉÇÉå=~åÇ=aÉåã~êâK=^ë=~=êÉëìäíI=íÜÉ=ë~äÉë=ã~êÖáå=Ñçê=íÜÉ= é~ëí=íïÉäîÉ=ãçåíÜë=ÇêçééÉÇ=íç=OMKT=éÉê=ÅÉåí=Åçãé~êÉÇ= ïáíÜ=OPKT=éÉê=ÅÉåí=Ñçê=íÜÉ=Ñìää=óÉ~ê=OMMTK=

p~äÉë=áå=pïÉÇÉå=êÉã~áåÉÇ=~í=íÜÉ=ë~ãÉ=äÉîÉä=~ë=ä~ëí=óÉ~êK= p~äÉë=áå=aÉåã~êâ=áåÅêÉ~ëÉÇ=Äó=NO=éÉê=ÅÉåí=~åÇ=éêÉãáìãë= é~áÇ=êçëÉ=Äó=NR=éÉê=ÅÉåíK=p~äÉë=áå=íÜÉ=_~äíáÅ=ÅçìåíêáÉë=ïÉêÉ= ëäáÖÜíäó=äçïÉê=íÜ~å=ä~ëí=óÉ~êI=ïÜáäÉ=ë~äÉë=çÑ=íÜÉ=mçêíÑçäáç= _çåÇ=áå=pïÉÇÉå=íÜêçìÖÜ=pb_=iáÑÉ=C=mÉåëáçå=fåíÉêå~íáçå~ä= ãçêÉ=íÜ~å=íêáéäÉÇK=

qçí~ä=éêÉãáìã=áåÅçãÉ=EéêÉãáìãë=é~áÇF=~ãçìåíÉÇ=íç= pbh=NQKSÄå=Åçãé~êÉÇ=ïáíÜ=pbh=NOKTÄå=ä~ëí=óÉ~êI=~å= áåÅêÉ~ëÉ=çÑ=NQ=éÉê=ÅÉåíK=qÜÉ=íçí~ä=î~äìÉ=çÑ=ìåáíJäáåâÉÇ=ÑìåÇë= ÇÉÅêÉ~ëÉÇ=Äó=T=éÉê=ÅÉåí=íç=pbh=NOSÄå=Åçãé~êÉÇ=ïáíÜ=pbh= NPSÄå=~í=óÉ~êJÉåÇK=^í=íÜÉ=ÉåÇ=çÑ=íÜÉ=ëÉÅçåÇ=èì~êíÉê=ä~ëí= óÉ~ê=íÜÉ=î~äìÉ=ï~ë=pbh=NPTÄåK=qçí~ä=~ëëÉíë=ìåÇÉê= ã~å~ÖÉãÉåí=EåÉí=~ëëÉíëF=ÇÉÅêÉ~ëÉÇ=Äó=U=éÉê=ÅÉåí=Ñêçã= óÉ~êJÉåÇI=íç=pbh=PTSÄåK

Result by geography – January-June 2008

pb_=çÑÑÉêë=ìåáîÉêë~ä=Ä~åâáåÖ=ëÉêîáÅÉë=áå=pïÉÇÉåI=dÉêã~åó=~åÇ=íÜÉ=_~äíáÅ=ÅçìåíêáÉëJ=bëíçåá~I=i~íîá~=~åÇ=iáíÜì~åá~K=fí=~äëç=Ü~ë=~=äçÅ~ä= éêÉëÉåÅÉ=áå=íÜÉ=çíÜÉê=kçêÇáÅ=ÅçìåíêáÉëI=mçä~åÇI=râê~áåÉ=~åÇ=oìëëá~=~åÇ=~=ÖäçÄ~ä=éêÉëÉåÅÉ=íÜêçìÖÜ=áíë=áåíÉêå~íáçå~ä=åÉíïçêâ=áå=~åçíÜÉê=NM= ÅçìåíêáÉëK=

• Operating profit outside Sweden exceeded 50 per cent

• Credit market turbulence affected income in most markets

Comments on the first six months

qÜÉ=ÇáëäçÅ~íáçå=çÑ=íÜÉ=ÅêÉÇáí=ã~êâÉíë=ÅçåíáåìÉÇ=ÇìêáåÖ=íÜÉ= Ñáêëí=Ü~äÑ=çÑ=OMMUI=ïáíÜ=êÉåÉïÉÇ=åÉêîçìëåÉëë=íçï~êÇë=íÜÉ= ÉåÇ=çÑ=íÜÉ=ëÉÅçåÇ=èì~êíÉêK=^í=íÜÉ=ë~ãÉ=íáãÉI=áåÑä~íáçå~êó= éêÉëëìêÉë=ÉäÉî~íÉÇ=íÜÉ=áåíÉêÉëí=ê~íÉ=äÉîÉäë=~åÇ=íêáÖÖÉêÉÇ=~= ÑìêíÜÉê=ÇÉÅäáåÉ=áå=ÖäçÄ~ä=Éèìáíó=ã~êâÉíëK=få=ÅçãÄáå~íáçå= ïáíÜ=~=ïÉ~âÉåÉÇ=ÄìëáåÉëë=ëÉåíáãÉåí=íÜáë=åÉÖ~íáîÉäó= ~ÑÑÉÅíÉÇ=pb_Ûë=çéÉê~íáçåë=áå=ãçëí=ã~êâÉíëK=

få=pïÉÇÉåI=åÉí=áåíÉêÉëí=áåÅçãÉ=áåÅêÉ~ëÉÇ=ÇìÉ=íç= ÅçåíáåìÉÇ=îçäìãÉ=ÖêçïíÜI=ïÜáäÉ=ã~êÖáåë=ïÉêÉ=êÉä~íáîÉäó= ëí~ÄäÉK=eçïÉîÉêI=íÜáë=ÅçìäÇ=åçí=ÅçãéÉåë~íÉ=Ñçê=äçïÉê= Åçããáëëáçå=áåÅçãÉ=ÇìÉ=íç=íÜÉ=ïÉ~âÉåÉÇ=Éèìáíó=ã~êâÉíë= ~åÇ=ÇÉÅêÉ~ëÉÇ=åÉí=Ñáå~åÅá~ä=áåÅçãÉ=ÑçääçïáåÖ=Ñ~ääáåÖ= ã~êâÉí=î~äì~íáçåë=çÑ=íÜÉ=ÑáñÉÇJáåÅçãÉ=ëÉÅìêáíáÉë= éçêíÑçäáçëK=qçí~ä=ÉñéÉåëÉë=êçëÉ=é~êíäó=~ë=~=êÉëìäí=çÑ= áåîÉëíãÉåíë=áå=låÉ=fq=oç~Çã~é=~åÇ=áåÅêÉ~ëÉÇ=Åçëíë=Ñçê= éÉåëáçå=~ÅÅçìåíáåÖK=

få=íÜÉ=kçêÇáÅ=ÅçìåíêáÉë=çìíëáÇÉ=pïÉÇÉåI=pb_Ûë= Åçêéçê~íÉ=Ä~åâáåÖ=ÄìëáåÉëë=ÇÉîÉäçéÉÇ=ïÉääK=få=ÄçíÜ= aÉåã~êâ=J=ïÜÉêÉ=~äëç=íÜÉ=äáÑÉ=áåëìê~åÅÉ=çéÉê~íáçåë=ëÜçïÉÇ= ~=éçëáíáîÉ=ÇÉîÉäçéãÉåí=J=~åÇ=kçêï~óI=äçïÉê=~ÅíáîáíáÉë= ïáíÜáå=áåîÉëíãÉåí=Ä~åâáåÖ=äÉÇ=íç=ÇÉÅêÉ~ëÉÇ=áåÅçãÉ=~åÇ= êÉëìäí=Åçãé~êÉÇ=ïáíÜ=íÜÉ=ëíêçåÖ=Ñáêëí=Ü~äÑ=çÑ=ä~ëí=óÉ~êK=få= cáåä~åÇI=ïÜÉêÉ=íÜÉ=Çêçé=áå=áåîÉëíãÉåí=Ä~åâáåÖJêÉä~íÉÇ= áåÅçãÉ=ï~ë=äÉëë=áãéçêí~åí=íÜ~å=áå=íÜÉ=çíÜÉê=kçêÇáÅ= ÅçìåíêáÉëI=pb_Ûë=éêçÖêÉëë=ïáíÜáå=Åçêéçê~íÉ=Ä~åâáåÖ=~åÇ= ~ëëÉí=ã~å~ÖÉãÉåí=êÉëìäíÉÇ=áå=áåÅêÉ~ëÉë=çÑ=ÄçíÜ=áåÅçãÉ=~åÇ= çéÉê~íáåÖ=éêçÑáí=Åçãé~êÉÇ=ïáíÜ=ä~ëí=óÉ~êK=

få=íÜÉ=_~äíáÅ=êÉÖáçåI=ÄìëáåÉëë=ÅçåíáåìÉÇ=íç=Öêçï=áå= i~íîá~=~åÇ=iáíÜì~åá~I=ïÜáäÉ=pb_Ûë=áåÅçãÉ=ÇÉîÉäçéãÉåí=áå= bëíçåá~=ï~ë=Ñä~íK=qÜÉ=êÉëìäí=áå=bëíçåá~=ï~ë=åÉÖ~íáîÉäó= ~ÑÑÉÅíÉÇ=Äó=áåÅêÉ~ëÉÇ=éêçîáëáçåë=Ñçê=ÅêÉÇáí=äçëëÉëK=få=~ää= íÜêÉÉ=ÅçìåíêáÉë=ÉñéÉåëÉë=êçëÉ=ÇìÉ=íç=ÜáÖÜ=áåÑä~íáçå=ê~íÉë= ~åÇ=áåÅêÉ~ëÉÇ=Åçëíë=Ñçê=éêÉãáëÉë=ÑçääçïáåÖ=íÜÉ=éêçéÉêíó= ë~äÉë=~í=íÜÉ=ÉåÇ=çÑ=ä~ëí=óÉ~êK==

pb_Ûë=çéÉê~íáåÖ=éêçÑáí=áå=dÉêã~åó=Ñçê=íÜÉ=ëÉÅçåÇ= èì~êíÉê=áãéêçîÉÇ=ëáÖåáÑáÅ~åíäó=Ñêçã=íÜÉ=éêÉîáçìë=èì~êíÉêK= jÉêÅÜ~åí=_~åâáåÖ=~åÇ=`çããÉêÅá~ä=oÉ~ä=bëí~íÉ=éÉêÑçêãÉÇ= ïÉää=áå=ëéáíÉ=çÑ=ÇáÑÑáÅìäí=ÅçåÇáíáçåëK=táíÜáå=oÉí~áä=_~åâáåÖI= ë~äÉë=çÑ=ÅçåëìãÉê=äÉåÇáåÖI=ãçêíÖ~ÖÉë=~åÇ=áåëìê~åÅÉ=ïÉêÉ= ÜáÖÜÉêI=ïÜáäÉ=ëÉÅìêáíáÉëJêÉä~íÉÇ=áåÅçãÉ=ï~ë=åÉÖ~íáîÉäó= ~ÑÑÉÅíÉÇ=Äó=íÜÉ=ã~êâÉí=íìêãçáäK=táíÜáå=^ëëÉí=j~å~ÖÉãÉåíI= íÜÉ=ÇáÑÑáÅìäí=ã~êâÉí=ÅçåÇáíáçåë=~ÑÑÉÅíÉÇ=íÜÉ=Åçããáëëáçå= áåÅçãÉ=åÉÖ~íáîÉäóK=kÉí=ÅêÉÇáí=äçëëÉë=áå=dÉêã~åó=ÑÉää= ëáÖåáÑáÅ~åíäó=Åçãé~êÉÇ=ïáíÜ=OMMTK=

sçäìãÉë=áå=åÉï=ã~êâÉíëI=áKÉK=râê~áåÉ=~åÇ=oìëëá~I= ÅçåíáåìÉÇ=íç=áåÅêÉ~ëÉK=qÜÉ=áåíÉÖê~íáçå=çÑ=íÜÉ=êÉÅÉåíäó= ~ÅèìáêÉÇ=c~Åíçêá~ä=_~åâ=áå=râê~áåÉ=éêçÅÉÉÇÉÇ=~ÅÅçêÇáåÖ=íç= éä~åK=pb_=~áãë=íç=çéÉå=OR=Äê~åÅÜ=çÑÑáÅÉë=áå=râê~áåÉ=ÇìêáåÖ= OMMU=~åÇ=Ü~ë=~äëç=ä~ìåÅÜÉÇ=ÉKÖK=Å~ëÜ=ã~å~ÖÉãÉåí= ëçäìíáçåëI=~ëëÉí=ã~å~ÖÉãÉåí=ëÉêîáÅÉëI=áåîÉëíãÉåí=ÑìåÇë= ~åÇ=äáÑÉ=áåëìê~åÅÉ=áå=íÜÉ=ÅçìåíêóK=

Distribution by country Jan - June		Total operating income			Total operating expenses		Operating profit
SEKm	2008	2007	%	2008	2007	%	2008	2007	%
Sweden	9 946	10 307	-4	-7 027	-6 264	12	2 862	3 917	-27
Norway	1 289	1 554	-17	- 713	- 829	-14	455	673	-32
Denmark	1 096	1 418	-23	- 741	- 789	-6	308	621	-50
Finland	629	543	16	- 328	- 297	10	295	240	23
Germany	3 277	3 296	-1	-2 365	-2 288	3	843	807	4
Estonia	831	833	0	- 352	- 320	10	111	484	-77
Latvia	798	753	6	- 363	- 286	27	349	429	-19
Lithuania	1 230	1 117	10	- 496	- 397	25	681	665	2
Other countries and eliminations	109	1 091	-90	- 87	- 216	-60	13	875	-99
Total	19 205	20 912	-8	-12 472	-11 686	7	5 917	8 711	-32

The SEB Group

Net fee and commission income - SEB Group

	Q 2	O 1		Q 2			Jan - Jun		Full year
SEKm	2008	2008	%	2007	%	2008	2007	%	2007
Issue of securities	91	7		197	$-54$	98	229	$-57$	335
Secondary market shares	899	677	33	772	16	1576	1663	$-5$	3 1 5 3
Secondary market other	14	81	$-83$	166	$-92$	95	343	$-72$	598
Custody and mutual funds	1664	1 804	$-8$	1923	$-13$	3468	3615	$-4$	7165
Securities commissions	2668	2569	$\boldsymbol{4}$	3058	$-13$	5 2 3 7	5850	$-10$	11 251
Payments	464	439	6	446	4	903	905	0	1808
Card fees	1 1 0 8	1 0 3 2	7	1 0 3 9	7	2 1 4 0	1996	7	4 0 9 3
Payment commissions	1572	1471	$\overline{z}$	1485	6	3043	2 9 0 1	5	5 9 0 1
Advisory	173	289	$-40$	337	$-49$	462	836	$-45$	1473
Lending	270	185	46	326	$-17$	455	557	$-18$	1 0 5 5
Deposits	24	23	4	17	41	47	44	7	89
Guarantees	71	67	6	62	15	138	130	6	264
Derivatives	116	113	3	81	43	229	177	29	363
Other	180	176	$\overline{c}$	268	$-33$	356	494	$-28$	1 0 0 4
Other commissions	834	853	$-2$	1 0 9 1	$-24$	1687	2 2 3 8	$-25$	4 2 4 8
Fee and commission income	5074	4893	$\overline{4}$	5634	$-10$	9967	10989	- 9	21 400
Securities commissions	$-275$	$-241$	14	$-295$	$-7$	$-516$	- 499	3	$-902$
Payment commissions	$-631$	$-585$	8	$-602$	5	$-1216$	$-1178$	3	$-2373$
Other commissions	$-259$	$-266$	$-3$	$-193$	34	$-525$	$-491$	$\overline{7}$	$-1074$
Fee and commission expense	$-1165$	$-1092$	7	$-1090$	$\overline{\overline{\overline{\overline{\overline{\overline{\overline{\overline{\overline{\overline{\overline{\overline{\overline{\over$	$-2257$	$-2168$	4	-4 349
Securities commissions, net	2 3 9 3	2 3 2 8	3	2 7 6 3	$-13$	4 7 2 1	5 3 5 1	$-12$	10 349
Payment commissions, net	941	886	6	883	7	1827	1723	6	3528
Other commissions, net	575	587	$-2$	898	$-36$	1 1 6 2	1 7 4 7	$-33$	3174
Net fee and commission income	3 9 0 9	3801	$\overline{\mathbf{3}}$	4544	$-14$	7710	8821	$-13$	17 051

Net financial income - SEB Group

		01		Q2	Jan - Jun			Full year
SEKm	2008	2008	%	2007	%	2008	2007	%	2007
Equity instruments and related derivatives	306	71	79	126	143	477	273	75	520
Debt instruments and related derivatives	108	$-1164$	$-109$	513	- 79	$-1056$	1 158	$-191$	$-101$
Capital market related	414	- 993	$-142$	639	- 35	- 579	1431	-140	419
Currency-related	747	832	-10	706	6	579	1 225	29	2820
Net financial income	1 161	$-161$		1345	- 14	1 000	2656	-62	3 2 3 9

Net credit losses - Group

	Q2	Q1		Q2			Jan - Jun		Full year
SEKm	2008	2008	%	2007	%	2008	2007	%	2007
Provisions:
Net collective provisions	11	- 112	-110	- 220	-105	- 101	- 334	-70	- 390
Specific provisions	- 409	- 190	115	- 77		- 599	- 322	86	- 653
Reversal of specific provisions no longer required	79	44	80	87	-9	123	162	-24	405
Net provisions for contingent liabilities	2	1	100	- 7	-129	3	24	-88	8
Net provisions	- 317	- 257	23	- 217	46	- 574	- 470	22	- 630
Write-offs:
Total write-offs	- 367	- 332	11	- 240	53	- 699	- 483	45	-1 395
Reversal of specific provisions utilized for write-offs	217	201	8	131	66	418	255	64	711
Write-offs not previously provided for	- 150	- 131	15	- 109	38	- 281	- 228	23	- 684
Recovered from previous write-offs	19	24	-21	43	-56	43	178	-76	293
Net write-offs	- 131	- 107	22	- 66	98	- 238	- 50		- 391
Net credit losses	- 448	- 364	23	- 283	58	- 812	- 520	56	-1 021
Change in value of seized assets	- 4	- 4		3		- 8	6		5
Net credit losses incl change in value	- 452	- 368	23	- 280	61	- 820	- 514	60	-1 016

Balance sheet – SEB Group

Condensed	30 June	31 December	30 June
SEKm	2008	2007	2007
Cash and cash balances with central banks	27 557	96 871	26 063
Loans to credit institutions	219 111	263 012	224 899
Loans to the public	1 132 374	1 067 341	1 047 546
Financial assets at fair value *	597 723	661 223	682 881
Available-for-sale financial assets *	247 245	170 137	134 115
Held-to-maturity investments *	2 266	1 798	2 051
Investments in associates	1 361	1 257	1 122
Tangible and intangible assets	26 177	24 697	23 076
Other assets	50 335	58 126	45 955
Total assets	2 304 149	2 344 462	2 187 708
Deposits by credit institutions	397 601	421 348	413 283
Deposits and borrowing from the public	757 904	750 481	715 037
Liabilities to policyholders	211 938	225 916	218 958
Debt securities	506 564	510 564	454 651
Financial liabilities at fair value	229 285	216 390	198 920
Other liabilities	83 129	97 519	75 717
Provisions	1 265	1 536	1 747
Subordinated liabilities	41 664	43 989	39 094
Total equity	74 799	76 719	70 301
Total liabilities and equity	2 304 149	2 344 462	2 187 708
* Of which bonds and other interest bearing securities inclusive derivatives.	609 027	608 016	587 472

Memorandum items – SEB Group

	30 June	31 December	30 June
SEKm	2008	2007	2007
Collateral and comparable security pledged for own liabilities	334 870	308 342	302 354
Other pledged assets and comparable collateral	205 683	207 363	207 552
Contingent liabilities	72 007	66 984	67 325
Commitments	445 642	394 128	376 202

Statement of changes in equity – SEB Group

		Reserve for
	Minority	Reserve for cash flow	afs financial	Share	Restricted	Retained
SEKm	interests	hedges	assets	capital	reserves	earnings	Total
Jan-Jun 2008
Opening balance	191	160	- 438	6 872	29 757	40 177	76 719
Change in market value		-603	- 1 701				- 2 304
Recognised in income statement			115				115
Translation difference					-204		- 204
Net income recognised directly in equity		-603	-1 586		-204		-2 393
Net profit	4					4 653	4 657
Total recognised income	4	-603	-1 586		-204	4 653	2 264
Dividend to shareholders						- 4 466	- 4 466
Dividend, own holdings of shares Neutralisation of PL impact and utilisation of						15	15
employee stock options* Eliminations of repurchased shares for employee						105	105
stock option programme**						181	181
Other changes	-15				958	- 962	- 19
Closing balance	180	- 443	- 2 024	6 872	30 511	39 703	74 799
Jan-Dec 2007
Opening balance	130	380	392	6 872	30 203	29 290	67 267
Change in market value		-206	- 614				- 820
Recognised in income statement		-14	- 216				- 230
Translation difference					98		98
Net income recognised directly in equity		-220	-830		98		-952
Net profit	24					13 618	13 642
Total recognised income	24	-220	-830		98	13 618	12 690
Dividend to shareholders						- 4 123	- 4 123
Dividend, own holdings of shares						44	44
Neutralisation of PL impact and utilisation of
employee stock options*						- 428	- 428
Eliminations of repurchased shares for employee
stock option programme**						897	897
Other changes	37				-544	879	372
Closing balance	191	160	- 438	6 872	29 757	40 177	76 719
Jan-Jun 2007
Opening balance	130	380	392	6 872	30 203	29 290	67 267
Change in market value		-120	- 83				- 203
Recognised in income statement			13				13
Translation difference						40	40
Net income recognised directly in equity		-120	-70			40	-150
Net profit	12					6 772	6 784
Total recognised income	12	-120	-70			6 812	6 634
Dividend to shareholders						- 4 123	- 4 123
Dividend, own holdings of shares Neutralisation of PL impact and utilisation of						44	44
employee stock options* Eliminations of repurchased shares for employee						- 533	- 533
stock option programme**						834	834
Other changes	6				909	- 737	178
Closing balance	148	260	322	6 872	31 112	31 587	70 301

* Includes changes in nominal amounts of equity swaps used for hedging of stock option programmes.

** As of 31 December 2007 SEB owned 3.7 million Class A shares for the employee stock option programme. The acquisition cost for these shares is deducted from shareholders' equity. During 2008 1.4 million net of these shares have been sold as employee stock options have been exercised. Thus, as of 30 June SEB owned 2.3 million Class A-shares with a market value of SEK 257m for hedging of the long-term incentive programmes.

Cash flow statement – SEB Group

	Jan - Jun		Full year
SEKm	2008	2007	%	2007
Cash flow from the profit and loss statement	8 226	6 033	36	17 476
Increase (-)/decrease (+) in trading portfolios	-15 675	-39 852	-61	-32 503
Increase (+)/decrease (-) in issued short term securities	-1 010	57 543	-102	72 454
Increase (-)/decrease (+) in lending to credit institutions	44 025	-29 282		-45 995
Increase (-)/decrease (+) in lending to the public	-65 168	-101 569	-36	-116 298
Increase (+)/decrease (-) in liabilities to credit institutions	-15 246	47 303	-132	52 274
Increase (+)/decrease (-) in deposits and borrowings from the public	-3 747	73 279	-105	104 715
Increase (-)/decrease (+) in net investment contracts in insurance business	- 73	15 312	-100	22 302
Change in other balance sheet items	-12 683	3 114		10 348
Cash flow from operating activities	-61 351	31 881		84 773
Cash flow from investment activities1)	-2 932	- 869		-2 350
Cash flow from financing activities	-6 996	- 146		38 397
Net increase in cash and cash equivalents	-71 279	30 866		120 820
Cash and cash equivalents at beginning of year	194 985	73 751	164	73 751
Exchange difference in cash and cash equivalents	-2 006	217		414
Net increase in cash and cash equivalents	-71 279	30 866		120 820
Cash and cash equivalents at end of period2)	121 700	104 834	16	194 985
1) Including investments in subsidiaries
Cost of acquisitions	- 708			- 759
Less cash acquired				102
Outflow on acquisition	- 708			- 657

2) Cash and cash equivalents at end of period is defined as Cash and cash balances with central banks and Loans to credit institutions payable on demand.

Impaired loans and seized assets – SEB Group

	30 June	31 December	30 June
SEKm	2008	2007	2007
Non-performing impaired loans	8 247	7 619	7 498
Performing impaired loans	846	772	1 097
Impaired loans gross*	9 093	8 391	8 595
Specific reserves	-3 810	-3 787	-4 151
of which reserves for non-performing loans	-3 418	-3 456	-3 716
of which reserves for performing loans	-392	-331	-435
Collective reserves	-2 696	-2 602	-2 524
Impaired loans net	2 587	2 002	1 920
Reserves for off-balance sheet items	-170	-209	-194
Total reserves	-6 676	-6 598	-6 869
Level of impaired loans	0.21%	0.18%	0.19%
(Impaired loans, net in relation to lending, at end of period)
Reserve ratio for impaired loans (Specific and collective reserves in relation to impaired loans gross, per cent)	71.5%	76.1%	77.7%
Specific reserve ratio for impaired loans	41.9%	45.1%	48.3%
Pledges taken over
Properties	32	23	88
Shares	50	39	42
Total volume of pledges taken over	82	62	130

* Individually impaired loans.

The SEB share

Index

Rating

	Moody's Outlook Positive		Standard & Poor's Outlook Stable	Fitch Outlook Stable		DBRS Outlook Stable
Short	Long	Short	Long	Short	Long	Short	Long
$P-1$	Aaa	$A-1+$	AAA	$F1+$	AAA	$R-1$ (high)	AAA
$P-2$	Aa1	$A-1$	AA+	F 1	AA+	R-1 (middle)	AA (high)
$P-3$	Aa 2	$A-2$	AA	F 2	AA	$R-1$ (low)	AA.
	Aa 3	$A-3$	AA-	F 3	AA-	$R-2$ (high)	AA (low)
	A 1		$A+$		$A+$	R-2 (middle)	A
	A2		A		A	$R-2$ (low)	BBB
	A3		$A -$		A-	$R-3$	BB
	Baa1		BBB+		BBB+	$R-4$	B
	Baa2		BBB		BBB	$R-5$	CCC CC C
	Baa3		BBB-		BBB-	D	D

SEB's major shareholders

	Share of capital,
June 2008	per cent
Investor AB	20.6
Trygg Foundation	9.6
Alecta	4.9
Swedbank Robur Funds	3.1
AFA Insurance	2.7
SHB/SPP Funds	1.8
Wallenberg Foundations	1.5
Fourth Swedish National Pension Fund	1.5
SEB Funds	1.5
Foreign shareholders	18.2

Source: SIS Ägarservice