1. Press conference 24 June 2004

2. 2 Strong strategic rationale for SEB Trygg Liv Codan Liv & Pension is a well-managed, high quality life insurance company that fits well with SEB Trygg Liv One of the largest life insurance companies in Sweden with more than 1 million customers SEB Trygg Liv has a strong market position within the corporate pension segment and with insurance brokers SEB Trygg Liv’s core product competence is unit-linked products constituting approximately 90% of new sales and 30% of asset base + One of the leading life insurance companies in Denmark with approximately 300,000 customers Codan Liv & Pension has a strong market position within the corporate pension segment and with insurance brokers Market for unit-linked products not yet fully developed in Denmark Leading Nordic life insurer Strong base for further growth – primarily within unit-linked products

3. 3 SEB Trygg Liv – a leading Swedish life insurer New business total market incl. traditional life, SPE* Q1 2004 (Q1 2003) New business unit-linked, SPE* Q1 2004 (Q1 2003) *) SPE = Single Premium Equivalent SEB Trygg Liv is the leading Swedish life insurer measured on new business

4. 4 Strong strategic rationale for SEB Trygg Liv Codan Liv & Pension is a well-managed, high quality life insurance company that fits well with SEB Trygg Liv One of the largest life insurance companies in Sweden with more than 1 million customers SEB Trygg Liv has a strong market position within the corporate pension segment and with insurance brokers SEB Trygg Liv’s core product competence is unit-linked products constituting approximately 90% of new sales and 30% of asset base + One of the leading life insurance companies in Denmark with approximately 300,000 customers Codan Liv & Pension has a strong market position within the corporate pension segment and with insurance brokers Market for unit-linked products not yet fully developed in Denmark Leading Nordic life insurer Strong base for further growth – primarily within unit-linked products

5. 5 Codan Liv & Pension – a leading Danish life insurer Regular premiums 2003: DKK 31.1bnTotal provisions 2003: DKK 510bn Source: Annual accounts Codan Liv & Pension is one of the leading life insurers in Denmark SEB expects to be able to further enhance the market position

6. 6 Strong strategic rationale for SEB Trygg Liv Codan Liv & Pension is a well-managed, high quality life insurance company that fits well with SEB Trygg Liv One of the largest life insurance companies in Sweden with more than 1 million customers SEB Trygg Liv has a strong market position within the corporate pension segment and with insurance brokers SEB Trygg Liv’s core product competence is unit-linked products constituting approximately 90% of new sales and 30% of asset base + One of the leading life insurance companies in Denmark with approximately 300,000 customers Codan Liv & Pension has a strong market position within the corporate pension segment and with insurance brokers Market for unit-linked products not yet fully developed in Denmark Leading Nordic life insurer Strong base for further growth – primarily within unit-linked products

7. 7 Strong strategic rationale for SEB Group  Geographical expansion of SEB Group’s life insurance operations  Codan Liv & Pension is a leading life insurer  Attractive market situation and market development in Denmark  Consolidation of strong asset management position  Significant enhancement of number of corporate and retail clients  Significant addition to SEB Group’s Danish distribution platform – continued mutual distribution agreement with Codan P&C Complying with the SEB Group’s Northern European strategy, Denmark is a natural step in the expansion of the Group

8. 8 SEB’s Northern European presence Home market in 9 countries and more than 4.5 million customers Life insurance

9. 9 Development of SEB’s operations in Denmark SEB establishes Asset Management and acquires Codan Bank and 49% of Codan Link A leading Northern European bank based on long term customer relationships, competence and e-technology 1994 1997 1999 2003-2004 SEB establishes Merchant Banking and Enskilda Securities SEB acquires Diners Club Credit & charge cards Corporate and Investment Banking SEB acquires Magasin Card Eurocard Denmark and Asset Manage- ment, Retail and Private Banking Life Insurance Basis for further growth in Denmark Codan Liv & Pension

10. 10 Codan Liv & Pension – operating in an attractive market Growth in the Danish life and pensions market is expected to remain at a high level Anticipated further liberalisation of the life and pension market Mobility among existing clients of commercial life and pensions companies is expected to increase Gradually shifts towards market interest products without guarantees Market trendsPremium development in the Danish market* Total premiums (DKKbn) CAGR 1999 - 2003: 13.7% *) Source: Annual accounts SEB Trygg Liv considers the Danish life insurance market to hold attractive potential

11. 11 Codan Liv & Pension – benefits of having SEB Trygg Liv as new owner  Codan Liv & Pension and SEB have worked together in many years and know each other well  Codan Liv & Pension gets a clearance of the situation and an owner who is Swedish champion in the pension business  Codan Liv & Pension can continue the enhancement of the current market position without loosing momentum Codan Liv & Pension will benefit from having SEB Trygg Liv as owner

12. 12 Summary  The transaction adds value to the SEB Group  SEB Trygg Liv becomes a leading life insurer in Denmark  New growth possibilities in the Danish market for the SEB Group Klik her for at komme til anden del af Codans præsentation