Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.

1. Tokyo Roadshow
May 2008
Anders Ek – Head of International Banking
Mikael Inglander - CFO

2. (2)
Latvia
Total population: 2.3m
Employees: 2,501
Private customers: 0.8m
Corp. customers: 53,000
Branches: 77
Typical market share: 30%
The leading bank in four small countries
Sweden
Total population: 9.2m
Employees: 8,750
Private customers: 4.1m
Corp. customers: 275,000
Organisations: 120,000
Branches: 459
Typical market share: 25%
Lithuania
Total population: 3.5m
Employees: 3,384
Private customers: 3.0m
Corp. customers: 78,000
Branches: 128
Typical market share: 30%
Estonia
Total population: 1.3m
Employees: 3,227
Private customers: 1.2m
Corp. customers: 88,000
Branches: 94
Typical market share: 50%
• Supporting markets: Denmark, Finland, Norway, Russia,
Ukraine, USA, Luxemburg, China, Japan and Spain
80%
6% 5% 5%
4%
Sweden
Estonia
Latvia
Lithuania
Others
Share of group lending
• Potential home markets: Russia and Ukraine

3. (3)
Strong position for profitability and growth
Ukraine and RussiaBalticsSweden
Stable base
Growth and
experience
Future growth and
profitability
Swedbank is the leading bank in
Sweden. Profitability is high and
stable and the bank is
consolidating its market shares in
important segments in both the
private and corporate sectors.
Swedbank has a small but
growing presence in Ukraine and
Russia. In the long term, a
significant share of Swedbank’s
growth will be generated in these
markets.
The Baltic economies are
experiencing strong economic
growth that is expected to remain
for many years. As the largest
bank in the region, growing with
the market ensures attractive
earnings growth.
Share of profit
2007: 66%
Share of lending
2007: 80%
Share of profit
2007: 2%
Share of lending
2007: 2%
Share of profit
2007: 32%
Share of lending
2007: 16%

4. (4)
Growing number of home markets
2003 2008 2012
Business is conducted through decentralized decision making,
but supported by common methodology and processes

5. (5)
58%
32%
7% 6% 3%
-6%-10%
0%
10%
20%
30%
40%
50%
60%
70%
Swedish
Banking
Baltic
Banking
Swedbank
Markets
Asset
Management
& Insurance
International
Banking
Shared
Services
& Group
Staffs
Share of Group net profit, Q1 2008
Swedbank, group overview

6. (6)
Core business is doing well – challenging financial markets
• Solid business development with
corporates and private customers
• Development as expected in the
Baltic states
• Funding programmes continue to
function well – conversion to
covered bonds on 21 April
• Credit quality remains good, credit
losses and impaired loans are
increasing from low levels
• Lower commission income due to
weaker equity markets and low
corporate finance activity
• Net gains and losses on financial
items were adversely affected by
unrealized valuation effects
caused by the credit crunch

7. (7)
Business volumes
102
19
31
340
102
385
17
34
401
334
0
100
200
300
400
500
Deposits,
Sweden
Deposits,
Baltics
AM funds,
Sweden
AM funds,
Baltics
Structured
products,
bonds
Dec 2007 Mar 2008
SEKbn
Savings
475
390
77 100
6178
104
68
1,103 1,131
484
397
0
200
400
600
800
1,000
1,200
Lending,
Group
Private,
Sweden
Corporate,
Sweden
Private,
Baltics
Corporate,
Baltics
Other
Dec 2007 Mar 2008
SEKbn
Lending

8. (8)
Margins
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
Q1 07 Q2 07 Q3 07 Q4 07 Q1 08
Estonia Latvia
Lithuania Sweden
% Lending
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
Q1 07 Q2 07 Q3 07 Q4 07 Q1 08
Estonia Latvia
Lithuania Sweden
Deposits
%
Lower interest rates in
Latvia and Lithuania
adversely affected
deposit margins.
Increased funding
costs have not yet
been fully transferred
to customers.

9. (9)
Credit quality, Group
0
1,000
2,000
3,000
4,000
5,000
6,000
03Sep
03Dec
04Mar
04Jun
04Sep
04Dec
05Mar
05Jun
05Sep
05Dec
06Mar
06Jun
06Sep
06Dec
07Mar
07Jun
07Sep
07Dec
08Mar
0.00
0.05
0.10
0.15
0.20
0.25
0.30
0.35
0.40
0.45
0.50
Impaired loans
Impaired loan provisions
Share of impaired loans
SEKm %

10. (10)
Economic climate in Sweden
• SEK strengthened against the USD
• Gradually slower growth rate, but still higher than EU average
• Low unemployment rate
• The confidence for the future is lower among households
06 07 08
85
90
95
100
105
110
115
120
125
USD/SEK
EUR/SEK
Source: Reuters EcoWin
Index
-70
-60
-50
-40
-30
-20
-10
0
10
20
30
40
50
03 04 05 06 07
Services
Manufacturing industry
Construction industry
Households

11. (11)11
Rate cuts in the US and the UK, ECB is on standby and
the Swedish Riksbank has raised the repo rate
01 02 03 04 05 06 07
Percent
0
1
2
3
4
5
6
7
Sweden
US
Euroland
UK
Japan

12. (12)
Continued growth
Prioritized segments
• Corporates
• AM and WM
• Metropolitan areas
Increased customer satisfaction
SKI private customers
70 => 75
SKI corporate customers
71 => 75
Developed channel availability
• Opening hours, branches
• 24/7 telephone & internet
• New channels
Enhanced competence
• Expert knowledge
• Results orientation
• Ethics & morale
Improved cost efficiency
Every SEK 1 of cost/expense …
… should correspond to
more than SEK 2 of revenue
Swedish Banking general strategic direction

13. (13)
Swedish Banking
• Continued solid volume growth
• Net interest income increased
by 2% compared with Q4 2007
• Lower equity related
commission income
• Continuous work to adjust the
branch structure – sale of 8
branches to savings banks for
SEK 440m
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
Q3
06
Q4
06
Q1
07
Q2
07
Q3
07
Q4
07
Q1
08
0.0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
Income Costs C/I-ratio
C/I-ratioSEKm C/I-ratioSEKm

14. (14)
Baltic Banking Operations
• Profitability remained robust
• Lending growth continued to
decrease
• Net interest margins declined due
to decreasing local interest rates
and higher funding costs
• Net loan losses as expected
• Cost focus
– Operational excellence pilots
indicate substantial potential
– No new net staff recruitments
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
Q3
06
Q4
06
Q1
07
Q2
07
Q3
07
Q4
07
Q1
08
0.0
0.1
0.2
0.3
0.4
0.5
Income Costs C/I-ratio
SEKm C/I-ratio

15. (15)
Baltic macro development
Real GDP growth
0%
2%
4%
6%
8%
10%
12%
14%
2005 2006 2007 2008F 2009F
Est Lat Lit
CPI growth
2%
4%
6%
8%
10%
12%
14%
16%
2005 2006 2007 2008F 2009F
Est Lat Lit
• Economic slowdown in Estonia continues: GDP growth will fall to about 3.5% in 2008, with a
recovery to 5% growth in 2009. The bottom of the cycle is expected to be in summer 2008
• In Latvia growth will decline to about 4% in 2008 and to about 3.5% in 2009. The bottom of the
cycle is expected to be in winter 2008/2009
• Slowdown in Lithuania will be modest: expected GDP growth of about 6.7% in 2008 and about
5.8% in 2009
• Export growth remains relatively strong, while weak domestic demand is reducing imports.
Trade and current account deficits are falling. CPI will peak in Q1 2008. Long-term GDP
growth (6-7%) will be above EU average.
Source: Hansabank Markets

16. (16)
International Banking
• Continued solid performance in
Ukraine
– Launch of the new brand initiated
– Expansion and restructuring of
the branch network continues
– New corporate offering
• Cautious expansion in Russia
– Raimo Valo new head of Russian
operations
• Cooperation with FDB/COOP
regarding banking products in
Denmark.
0
25
50
75
100
Q3
06
Q4
06
Q1
07
Q2
07
Q3
07
Q4
07
Q1
08
International Banking, profit for the period
of which Russian Banking
of which Ukrainian Banking Operations
SEKm

17. (17)
Swedbank Markets
• Fixed income and FX trading
continued to do well
• Equity trading was weaker due to
negative market sentiment
• Market leader position in
structured products was
improved, in a weaker market
• Weak quarter in Corporate
Finance for First Securities
• Result was negatively affected by
unrealized valuation effects as a
result of the credit crunch.
0
50
100
150
200
250
300
350
400
450
500
Q1
06
Q2
06
Q3
06
Q4
06
Q1
07
Q2
07
Q3
07
Q4
07
Q1
08
Profit for the period attributable to shareholders of Swedbank First Securities
SEKm

18. (18)
Accounting and valuation effects
Accounting and valuation effects, SEKm
Q1
2008
Q4
2007
Q3
2007
Swedbank Markets – 187 – 40 – 60
Group Treasury, intra-group lending – 253 20 – 90
Swedbank Mortgage – 22 66 – 129
Group Treasury, liquidity portfolio 69 – 5 – 68

19. (19)
Swedbank funding structure
Swedbank Treasury (excluding Mortgage)
• Large deposit base
• Liquidity reserves
• Net lender in the
interbank market
• Liquidity limits –
conservative view
Swedbank Mortgage
constitutes a larger
part of Swedbank
Group’s balance sheet
compared with other
financial institutions
Distribution of net funding requirement
Swedbank Mortgage
Lending to the public: SEK 1,131bn
Deposits
80%
Equity
8%
Funding
12%
Equity
4%
Funding
96%
50%50%
Swedbank Group,
excl. Swedbank
Mortgage SEK
562bn
Swedbank
Mortgage
SEK 569bn

20. (20)
Focus on funding
Funding costs have increased
• Higher price of risk
• Increased liquidity reserve
• Short-term adverse effect on margins
Covered bonds as of 21 April 2008
• AAA rating (S&P and Moody’s) ⇨ funding at lower cost
• Facilitates access to a broader investor base – more stable liquidity
• Provides substantially increased liquidity reserve.

21. (21)
Income statement, Group
SEKm
Q1
2008
Q4
2007 %
Q1
2007 %
Net interest income 5,241 5,259 – 0 4,501 16
Net commission income 2,180 2,536 – 14 2,289 – 5
Net gains/losses on financial items at fair value 75 386 – 81 530 – 86
Other income 950 693 37 473 101
Total income 8,446 8,874 – 5 7,793 8
Staff costs 2,311 2,111 9 1,932 20
Profit-based staff costs 268 522 – 49 390 – 31
Other expenses 1,861 1,893 – 2 1,615 15
Total expenses 4,440 4,526 – 2 3,937 13
Profit before loan losses 4,006 4,348 – 8 3,856 4
Loan losses 288 238 21 49 488
Operating profit 3,718 4,110 – 10 3,807 – 2
Tax 805 950 – 15 851 – 5
Profit for the period 2,913 3,160 – 8 2,956 – 1
Attributable to shareholders of Swedbank 2,900 3,108 – 7 2,910 – 0

22. (22)
Business areas
2008 vs 2007, SEKm 2008 % 2008 % 2008 % 2008 % 2008 %
Net interest income 2,982 1 1,575 30 369 289 – 28 25 32
Net commission income 1,025 – 5 458 8 54 26 227 – 38 416 4
Other income 690 93 209 – 24 26 254 2 24 – 57
Total income 4,697 7 2,242 17 449 770 – 24 465 – 2
Staff costs 1,099 7 522 16 157 258 – 25 110 45
Other expenses 1,156 – 0 377 19 152 198 15 143 34
Total expenses 2,255 3 899 17 309 456 – 12 253 38
Profit before loan losses 2,442 11 1,343 17 140 65 314 – 36 212 – 27
Loan losses 95 173 62 26 ## 0 0
Operating profit 2,347 4 1,170 13 114 58 314 – 36 212 – 27
Tax 656 4 107 20 28 75 88 – 36 53 – 23
Profit for the period 1,691 4 1,063 12 86 54 226 – 37 159 – 28
Attributable to Swedbank's
shareholders 1,688 4 1,063 12 86 54 216 – 31 159 – 28
Return on allocated equity, % 23.3 29.1 5.0 23.7 29.4
Asset
Mgmt
Int'l.
Banking
Swedish
Banking
Baltic
Banking
Swedbank
Markets

23. (23)
Key figures
Jan-Mar
2008
Jan-Mar
2007
Return on equity, % 16.8 18.9
Earnings per share, SEK 5.63 5.65
Equity per share, SEK 136.43 122.84
C/I ratio before loan losses 0.53 0.51
Loan loss ratio, net, % 0.10 0.02
Share of impaired loans, % 0.16 0.07
Dividend, SEK 9.00* 8.25
Tier 1 capital ratio, new rules, % 8.2 8.0
Tier 1 capital ratio, transition rules, % 6.5 6.8
Capital adequacy ratio, new rules, % 11.7 11.8
* according to Board of Directors proposal

24. (24)
Core business is doing well – challenging financial markets
• Solid business development with
corporates and private customers
• Development as expected in the
Baltic states
• Funding programmes continue to
function well – conversion to
covered bonds on 21 April
• Credit quality remains good, credit
losses and impaired loans are
increasing from low levels
• Lower commission income due to
weaker equity markets and low
corporate finance activity
• Net gains and losses on financial
items were adversely affected by
unrealized valuation effects
caused by the credit crunch

25. (25)
Swedbank Robur in brief
• Founded in 1967
• Wholly owned subsidiary of
Swedbank
• One of Scandinavia’s largest fund
managers
• 3,1 million customers and 886
000 insurance related customers
• Managing over € 70 billion in
assets
• 325 employees, of which more
than 70 are portfolio managers
and analysts.

26. (26)
3.22467Schroder15
3.22744DnB NOR Kapitalforvaltning14
3.24075Danske Capital13
3.259116Allianz12
3.30183JP Morgan11
3.30852State Street10
3.37685SEB9
3.40537Swisscanto8
3.48637Pictet7
3.51243Swedbank Robur6
3.57093DWS5
3.59674BlackRock Merrill Lynch4
3.62935Jyske Invest3
3.63699Fidelity2
3.64356Union Investment1
Morningstar RatingNumber of FundsFund Manager
© 2008 Euromoney Institutional Investor PLC.
The Morningstar rating is based on a fund's 10-year
performance & risk (if available) relative to its peer group.
Top 50 Fund managers*

27. (27)
Swedbank Robur - Volume
• Close to 100 funds
• 3,1 million customers
• Total assets € 71,7 billion;
€ 45,0 billion in fund management
€ 7,8 billion in insurance accounts
€ 3,7 billion in pension accounts
€ 26,7 billion in discretionary accounts
• 325 professionals
• Fund management team
supported by specialists
70 professionals within the
strategy, equity and fixed income
operations
Swedbank Robur
24,9%
Nordea
12,4%
SEB
17,6%
SHB
13,8%
Skandia
3,3%
Others
28,0%
Market share
Mutual funds, Sweden, September 30, 2007

28. (28)
Swedbank Robur third largest equities owner
on the Stockholm stock exchange
162
120
102
84
71 66 58 57 55
0
50
100
150
Swedish
State
Stefan
Persson
(&
fam
)
Swedbank
R
obur
Investor
AlectaIndustrivärden
SHB/SPP
FonderSEB
FonderAM
F
Pension
SEKbillion2007
Source: Ägarna och makten 2008/SIS ägarservice

29. (29)
Appendix

30. (30)
Exposures
• No direct US subprime exposure
– Minimal indirect exposure through investments of EUR 48m in bonds issued by US mortgage
institutions. The bonds have about 5% exposure to US subprime
• Total exposure to structured credits is minimal
– No commitments as regards conduits or SIVs of any kind
– Negligible exposure to CDOs
• Swedbank holds a very small CDO trading stock for client trades in CDOs issued by Swedbank,
with mainly large caps as underlying risk
• Holdings totalled EUR 18m at end Q1
– Exposure to Mortgage Backed Securities was about EUR 714m
• European Aaa and mainly residential
• Held for EUR liquidity purposes and client trading
• Hedge fund exposure was about EUR 500m, all collateralized
• Exposure to private equity firms and their target companies was about
EUR 1,350m in total
– Nordic related LBOs
• The above-mentioned exposures together represent less than 1.5% of
total assets.

31. (31)
Baltic Banking lending by sectors
593
1,076
1,780
1,800
2,933
8,370
3,185
0 2,000 4,000 6,000 8,000 10,000
Other
Construction
Transport
Industry
Retail &
Wholesale
Real-estate
mgmt
Individuals
47
-35
88
64
-79
268
-2
-250 0 250 500 750
Portfolio, March 2008 Portfolio growth, Q1 08
42%
xx% - share of portfolio and portfolio growth
3%
5%
9%
9%
15%
10%
-12%
41%
16% 0%
13%
-5%
7%
As of 2008, Bank of Estonia changed the official sector classification details. During the process of implementing the new classification, Hansabank
switched to a different source system and reviewed the sector data in detail. This resulted in many reclassifications, particularly as regards the real
estate management sector. The current classification better illustrates Baltic Banking’s exposure to the real estate sector. Real estate management
portfolio growth prior to reclassification was EUR 145m in Q1 08.

32. Additional questions?
Johannes Rudbeck
Investor relations
johannes.rudbeck@swedbank.se
+46858593322