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2015-05-26

SEB: Investment Outlook: Accelerating global growth with continued low inflation is promising for equities

Equities have the highest expected returns. Next come corporate bonds and
alternative investments. At the bottom are government bonds. This reflects a
world that is expected to deliver successively stronger economic growth and a
continued low underlying inflation rate, according to the June 2015 issue of
SEB'sInvestment Outlook
.

SEB foresees accelerating and more robust growth, supported by continued
central bank stimulus measures. This gives an advantage to equities and
credit instruments despite high valuations. We prefer European and Asian to
American equities.

This issue ofInvestment Outlook
includes an in-depth look at asset valuations. In recent years, strong stock
markets as well as falling bond yields and interest rates have driven up
valuations. This is the reason why we analyse current financial market
pricing and future opportunities for returns.

Another theme in this issue is risks. The prevailing stock market upturn, or
"bull market", is now over six years old. More and more people are thus
concerned that the upturn is nearing its end. An inventory of what could
make it turn into a "bear market" shows that the situation in the real
economy poses no major threats. Instead, the risks to equities are primarily
financial. Some of these are related to the consequences of unprecedented
central bank monetary policies, as well as the impact of significant exchange
rate shifts on companies in emerging markets. The common denominator is the
risks posed by large, unexpected price movements.

We also examine recent events in the euro zone and in Japan. After a tough
period for many euro zone countries, the situation in the currency union now
looks much better. Following six straight quarters of recession, GDP began to
grow again during 2013. High unemployment and large central government debts
are still challenges in the region, but household confidence has improved and
consumption is up. Many countries are now more competitive thanks to the weak
euro, and exports have begun to rise. Ultra-low interest rates, lower oil
prices and a weaker euro are factors that will support this positive trend
going forward, but Greece remains an exception.

Looking at Japan, we give Prime Minister Shinzo Abe's economic policies a
mixed review so far. Aggressive monetary policy is lifting inflation, while
the weak yen is pushing up corporate earnings and share prices. But because
of a challenging labour market situation, more structural reforms are needed
before "Abenomics" can go down in history as a success.

In addition to these themes, the issue includes analyses of various asset
classes and presents our current portfolio management strategy. The report
can be read in its entirety atwww.sebgroup.se.

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| For further information, please contact: Press&PR: |
| |
| |
|Fredrik Öberg, Chief Investment Officer Claes Eliasson, Head of Communication |
|+46 8 763 63 04 +46 76 396 53 19 |
|fredrik.oberg@seb.se claes.eliasson@seb.se |
| SEB is a leading Nordic financial services group. As a relationship bank, SEB |
|in Sweden and the Baltic countries offers financial advice and a wide range |
|of other financial services. In Denmark, Finland, Norway and Germany the |
|bank's operations have a strong focus on corporate and investment banking |
|based on a full-service offering to corporate and institutional clients. The |
|international nature of SEB's business is reflected in its presence in some |
|20 countries worldwide. On March 31, 2015, the Group's total assets amounted |
|to SEK 2,979 billion while its assets under management totalled SEK 1,832 |
|billion. The Group has about 16,000 employees. Read more about SEB |
|atwww.sebgroup.com. |
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Press release (PDF)
http://hugin.info/1208/R/1923783/689931.pdf
Investment Outlook
http://hugin.info/1208/R/1923783/689933.pdf

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: SEB via Globenewswire

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