1. Press conference
25 October 1999

2. Chairman of the Board, SEB
Jacob Wallenberg
Chairman of the Board, SEB

3. Main strategies INTERNET
Active participation in the growing savings markets of Northern Europe
Leading
corporate
bank in the Nordic region
Merchant
Banking
Asset
Management
Enskilda
Securities
Trygg Liv
Financial Services
Retail Distribution
INTERNET

4. Internet Internet customers 300,000
Second generation of Internet Service
Log ins > branch visits
SEB’s Travel Plaza (e-commerce)
Internet customers
SEB Trading Station
25% stake in Self Trade
300,000
E-commerce payment solution
250,000
Internet office for small businesses
200,000
150,000
Internet service for individuals
100,000
50,000
Dec 1996
Dec 1997
Dec 1998
Oct 1999

5. Assets under management
50% compounded annual growth
ABB Investment Management
BfG Germany
Gyllenberg Finland
Codan
Denmark
EUR 83bn
SEK 720bn
Trygg-Hansa Sweden
Asset management Norway
EUR 22bn
Dec 96 Jan 00
Sweden 93% 65%
Other countries 7% 35%
SEK 194bn
Dec 1996
Dec 1997
Dec 1998
Aug 1999
Jan 2000

7. President and Group Chief Executive, SEB
Lars H Thunell
President and Group Chief Executive, SEB

8. SEB January – September 1999
Total result excluding non-life insurance SEK 4,859 (SEK 2,505) million
Income increase 7%
Costs increase 12%
Recovered lending losses SEK 231 million (lending losses SEK 2,034) million
Return on equity 14.5 % (13.4 %)
Prioritised areas show good development
Sale of Trygg-Hansa completed
Expanded ownership in the Baltic region

9. Leading corporate bank in the Nordic region
Focused growth
INTERNET
Sweden
Nordic countries
Baltic
countries
Active participation in the growing savings markets of Northern Europe
Leading corporate bank in the Nordic region
Germany
Euroland

10. Internet strategy Build on first mover advantage from Sweden
Develop Paneuropean IT platform
Access to local
banking infrastructure
customers
Multichannel strategy with Internet focus
Build up financial services gateway through e-commerce

11. Market size
Inhabitants, million
5.2
8.9
4.5
7.7
5.3
82.0

12. Germany high growth potential
Total personal financial assets, 1997
Shares of assets held in equities
EUR billion % UK
3,938 20
Germany
2,699 9
France
2,354 34
Sweden
304 20
Denmark
187 9
Finland
115 9
Large market size and low penetration
Norway
111 14

13. German mutual funds market
Compared to GDP
32%
29%
15%
Large market size and low penetration
Large market size and low penetration
Germany
Sweden UK

14. German Internet market
Internet users
Internet banking accounts
Millions of users
Penetration
Millions
2000E
1999 Q1
Germany
16.0
20%
0.8 UK
14.9
25%
N/A
France
11.8
20%
0.1
Sweden
4.5
50%
0.7
Large market size and low penetration
Source: JP Morgan

15. Highly fragmented market
Germany – 3,000 banks
Market share by deposits
Other banks 26%
Savings & Landesbank
39%
BfG 1%
Deutsche Bank 6%
HypoVereinsbank 4% Dresdner Bank 3%
Commerzbank 2%
Co-operative banks 19%
Highly fragmented market
Source: Deutsche Bundesbank, June 1999

17. Thorough due diligence process
First phase
Asset quality review
Financial performance and potential review
Tax review
Assess current Internet systems and development potential
Portfolio review
Confirmatory due diligence September-October
“Audit” of the accounts by PWC
Examination of loan book and leasing portfolio
Valuation of real estate by external real estate evaluator
Examination of Treasury and Trading

18. SEB acquires BfG BfG will become a 100% subsidiary of SEB
Purchase price SEK 13.9 (DEM 3.1, EUR 1.6) billion
Contract signed, share transfer on 3 January, 2000

19. BfG in brief Total assets 42 84 126 Assets under management* 13 70 83
SEB +
1998 EUR billion BfG SEB BfG
Total assets
Assets under management*
Customers millions
Employees 5,300 11,700 17,000
Branches ** **
* 1999 Q3
** Excluding Baltic banks

20. BfG assets under management
EUR billion (August)
Funds Mutual, special, real estate 8 10
Other Portfolio management, investment centres, BfG Luxembourg 3 3
11 13
> 70 % in funds

21. BfG mutual funds growth
13.5%
6.8%
22.8%
15.9%
28.3%
17.3%
15.5%
German
Market
BfG
1996
1997
1998
months

22. Transaction rationale
Fits well with SEB’s strategic goals as regards asset gathering and Internet banking
Attractive financial terms
Access to the German market with high growth potential in asset gathering
Strengthens SEB’s position for further growth in Internet banking

23. Karl-Heinz Hülsmann
President, BfG

24. “New BfG” BfG change programme “Old BfG” 1999 Restructuring
New position
New customers
New services
Competitive marketing
“Old BfG”
1991
“New BfG”
1999

25. BfG’s geographic coverage
Mülheim
Kiel
Neumünster
Wismar
Rostock
Schwerin
Bad Schwaren
Lübeck
Norderstedt
Hamburg
Harburg
Bremerhaven
Wilhelmshaven
Emden
Oldenburg
Bremen
Hanover
Berlin
Wolfsburg
Düsseldorf
Köln
Leipzig
Magdeburg
Dresden
Chemnitz
Salzgitter
Hildesheim
Kassel
Zwickau
Erfurt
Potsdam
Cottbus
Halle
Braunschweig
Gottingen
Bocholt
Münster
Osnabrück
Minden
Gütersloh
Herford
Hamelin
Masl
Hamm
Lunen
Bielefeld
Dortmund
Bergkommen
Recklingh.
Meers
C-Rauxel
Oberh.
Duxlaken
Gelsenk.
Bochum
Essen
Duisburg
Herne
Witten
Hagen
Ratingen
Lüdenscheid
Wuppertal
Krefeld
Neuss
Mönchen-
gladbach
Solingen
Brühl
Remscheld
Leverkusen
Langenfeld
Siegen
Aachen
Düren
Frankfurt
Stuttgart
Bonn
Bad Godesberg
Gießen
Koblenz
Wetzlar
Bad Homburg
Sulzbach
Neuwied
Wiesbaden
Mainz
Trier
Saarbrücken
Kaiserslautern
Pirmasens
Ludwigshafen
Hanau
Offenbach
Heusersramm
Neu Isenburg
Rüsselsheim
Aschaffenburg
Schweinfurt
Würzburg
Darmstadt
Worms
Mannheim
Heidelberg
Heilbronn
Geveesried
Munich
Augsburg
Regensburg
Ingolstadt
Ulm
Göppingen
Kempten
Karlsruhe
Freiburg
Esslingen
Reutlingen
Friedrichshafen
Konstanz
Lörrach
Schaffhausen
Albstadt
Offenburg
Sindelfingen
Pforzheim
177 branches in 120 towns and cities
Local reach 62% of total population

26. BfG today Plus subsidiaries 1,332 5,300 employees per December 1998
Service, IT, Central Staff 1,408
Retail 1,923
Trading/Treasury 129
Institutional 98
Plus subsidiaries
1,332
Real estate 111
Corporate 299

27. BfG new customer growth
240,000
200,000
160,000
100,000
Unique selling position
1996
1997
1998
1999 Oct

28. BfG customers Younger Higher income Higher education
Age structure
Salary structure
(net DEM/month)
Younger
Higher income
Higher education
More frequent Internet users
15%
> 64
20%
> 5,000
35%
45-64
50%
2,500-5,000
43%
20-44
30%
< 2,500 7%
< 20

29. BfG customers used to direct channels
Internet
- 16,000 customers
- 60,000 transactions/month
Advanced usage compared with other German institutions
Telephone bank
- 130,000 customers
- 145,000 transactions/month
Online
- 49,000 customers
- 92,000 transactions/month

30. BfG - satisfied and loyal customers
Customer satisfaction
BfG
69%
Big four banks*
58%
Customer loyalty
BfG
85%
Big four banks*
72%
* Deutsche Bank, Commerzbank, Dresdner Bank, Hypo Vereinsbank
92% of Germans know BfG**
** ICON Werbetracking 95-98

31. BfG mission statement ”We are a sales-driven bank.
Offering qualified advice proactively is imperative to sell our excellent products and services.
Excellent business results are the objective.
Our yardstick and key to success are customer and staff satisfaction.”

32. President and Group Chief Executive, SEB
Lars H Thunell
President and Group Chief Executive, SEB

33. SEB’s intentions Build on BfG’s existing clients and infrastructure
SEB401E
1/28/2020 6:46 AM
SEB’s intentions
Build on BfG’s existing clients and infrastructure
Distribute savings products through BfG’s distribution channels
Expand our leading position in Internet banking to the German market
Strategic review of other areas

34. SEB and BfG management resources
Karl-Heinz Hülsmann President
Lars Lundquist
Deputy President
BfG
Management
Team
Chairman of the Supervisory Board
Lars H Thunell
SEB
Project Teams
SEB
Change/ Integration Support Team

35. Executive Vice President and Head of SEB Asset Management
Lars Lundquist
Executive Vice President and Head of SEB Asset Management

36. Cost synergies EUR 15 (SEK 130) million/year from 2002
Treasury and Trading integrated with group functions
BfG’s and SEB’s German corporate banking reviewed, focused and integrated
BfG’s investment management co-ordinated with SEB Asset Management
BfG Bank Luxembourg merged with SEB Luxembourg
Faster development of BfG Internet

37. Continued improved cost efficiency
EUR 30 (SEK 260) million/year from year 2002
Review of
back-office operations
organisational structure
credit processes
Migration to direct channels
Improved management reporting system

38. Other synergies
Enhanced asset management growth by supplementing BfG product range with SEB products EUR 10 (SEK 90) million from 2005
Funding synergies owing to SEB’s increased presence in local German market and access to BfG’s deposit surplus EUR 5 (SEK 45) million first year

39. Growth potential
Internet banking and further asset management growth by extending upscale and institutional customer base EUR 60 (SEK 520) million per year by 2005

40. Total profit improvement until 2005
EUR million
Cost synergies 15
Further operational improvement 30
Other synergies 15
Growth potential 60
120
SEB target ROE 15%

41. President and Group Chief Executive, SEB
Lars H Thunell
President and Group Chief Executive, SEB

42. Favourable transaction terms
Purchase price SEK 13.9 (DEM 3.1, EUR 1.6) billion for 100 % of BfG´s equity
Values BfG at approximately 0.8 times adjusted equity
Restructuring reserve SEK 3.0 (DEM 0.7, EUR 0.35) billion
Marginal increase in earnings per share year 2000 thereafter stronger growth in earnings per share
* As of June 30, 1999

43. Financing Rights issue of SEK 4.1 billion
Agreements regarding hybrid capital (core capital/subordinated debt)
SEB intends to raise subordinated debt (total SEK 5.8, EUR 0.7 billion) in order to strengthen its capital adequacy
Decrease of risk/weighted volume by SEK 36 (EUR 4) billion before closing the deal

44. SEB after BfG acquisition
Leading corporate bank in the Nordic region
Euroland platform for further expansion in Asset Management
Major step in Paneuropean Internet strategy