SEB Group's operating result for January-March 2008: SEK 2.4bn (4.2)

The SEB Group

��� Operating profit for the first quarter 2008 was SEK 2,410m, a decrease of 42 per cent compared with the corresponding quarter of 2007 and 47 per cent down from the previous quarter. Net profit was SEK 1,848m (3,262)

��� Lending and deposit volumes continued to grow, albeit at a lower pace than during last year. Retail customers' interest to invest in equities and equity-linked bonds fell sharply

��� Operating income was down by 14 per cent compared with the first quarter last year and by 12 per cent from the previous quarter. Valuation losses on fixed-income securities portfolios amounted to SEK 872m in the Profit and Loss account and SEK 1,630m in equity

��� Operating expenses increased by 4 per cent compared with the corresponding quarter last year and were 2 per cent higher than in the previous quarter. On a comparable basis, costs were flat

��� Net credit losses amounted to SEK 368m (234)

��� Return on equity was 9.6 per cent (19.0) and earnings per share SEK 2.70 (4.81)

Annika Falkengren, CEO and President of SEB:

"After nine months with the most severe dislocations of the financial markets for decades, signs have become more evident that also the real economy is affected. With SEB's activity-based business mix, customers' more cautious investment sentiment lowered earnings. Our strong balance sheet provides multiple business opportunities going forward."

SEB is a North European financial group serving some 400,000 corporate customers and institutions and five million private individuals. SEB offers universal banking services in Sweden, Germany and the Baltic countries - Estonia, Latvia and Lithuania. It also has local presence in the other Nordic countries, Poland, Ukraine and Russia and a global presence through its international network in another ten countries. On 30 April 2008, the Group's total assets amounted to SEK 2,399bn while its assets under management totalled SEK 1,331bn. The Group has about 20,000 employees. Read more about SEB at www.sebgroup.com.