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. UBS Debt Investor reverse roadshow
Stockholm
20 February 2008
Mikael Inglander, CFO
Jan Lilja, Head of Group Treasury

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 . 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 Swedbank an
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)
Swedbank, group overview
52%
32%
2%
8% 8%
-2%-10%
0%
10%
20%
30%
40%
50%
60%
Swedish
Banking
Baltic
Banking
Swedbank
Markets
Asset
Management
& Insurance
International
Banking
Shared
Services
& Group
Staffs
Share of Group net profit, Q1-3 2007

5. (5)
2007 – A successful and eventful year
• Profit attributable to shareholders increased 10% to SEK 12bn
– Net interest income increase by 20%
– Net commission income increased by 11%
• Swedish Banking show a stable result, low risks and high return on
equity
• Record result in Baltic Banking with balanced risks
• Swedbank Markets’ results on same level as last year’s all time high
A successful year despite global credit turmoil
and Baltic slowdown

6. (6)
Q4 2007 – Good development and strong results
• Good volume development in Sweden
– Stable margins on new lending
• Continued strong results in Baltic banking
– Economic slowdown align with expectations
• Strong finish of the year for Swedbank Markets
– Success in fixed income trading and structured investment products in
Sweden and corporate finance in Norway
• Swedbank Ukraine continues to develop well
Profit increased 7% compared with Q4 2006

7. (7)
Solid profit development
*Loan losses, net = write-offs + provisions – recoveries + change in property taken over
-1,000
1,000
3,000
5,000
7,000
9,000
11,000
13,000
15,000
17,000
2000 2001 2002 2003 2004 2005 2006 2007
-1,000
1,000
3,000
5,000
7,000
9,000
11,000
13,000
15,000
17,000
Profit before loan losses Capital gains EnterCard and KIAB
Loan losses, net* Operating profit (excl. capital gains)
SEKm SEKm

8. (8)
Minor direct effects from the credit turmoil
Valuation- and accounting effects, SEK M
Q4
2007
Q3
2007
Swedbank Markets – 40 – 60
Group Treasury, liquidity portfolio – 5 – 68
Group Treasury, intra-group lending 20 – 90
Swedbank Mortgage 66 – 129

9. (9)
Business volumes
84
13 24
334
102
19
31
289
398 401
0
100
200
300
400
500
Deposits,
Sweden
Deposits,
Baltics
AM funds,
Sweden
AM funds,
Baltics
Structured
products,
bonds
Dec, 2006 Dec, 2007
SEKbn
Savings
919
425
333
53 74
34
77 100
61
390
475
1,103
0
200
400
600
800
1,000
1,200
Lending,
Group
Private,
Sweden
Corporate,
Sweden
Private,
Baltics
Corporate,
Baltics
Other
Dec, 2006 Dec, 2007
SEKbn
Lending

10. (10)
Credit quality, group
2000
2001
2002
2003
2004
2005
2006
2007
-0.08
0.00
0.08
0.16
0.24
0.32
0.40
0.48
0.56
0.64
Loan loss ratio, net Share of impaired loans
Share of provisions
%

11. (11)
Margins
0.0
1.0
2.0
3.0
4.0
5.0
6.0
Q3-
06
Q4-
06
Q1-
07
Q2-
07
Q3-
07
Q4-
07
Estonia Latvia
Lithuania Sweden
% Lending
0.0
1.0
2.0
3.0
4.0
5.0
6.0
Q3-
06
Q4-
06
Q1-
07
Q2-
07
Q3-
07
Q4-
07
Estonia Latvia
Lithuania Sweden
Deposits
%

12. (12)
Swedish Banking
• Continued stable earnings and high profitability
• Strong corporate lending during Q4
– Total lending increased by 4% vs. Q3 and 14%
during the full year
• Continued good deposit trend
– Deposits increased by 3% vs. Q3 and 15% during
the full year
• Share of new savings from households
increased to 18% (17% in Dec 06)
• Rise in funding costs are gradually, but with
certain delay, passed on through higher lending
rates
• Minor valuation effects as a consequence of the
turmoil on the credit market
• Covered bonds as from Q2 2008
• In agreement to sell 8 branches to savings
banks
• Swedish economy still relatively strong.
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
Q2
06
Q3
06
Q4
06
Q1
07
Q2
07
Q3
07
Q4
07
0.0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
Income Costs C/I-ratio
SEKm %

13. (13)
Baltic Banking Operations
• Continued high profitability
• Net interest income increased 7% vs. Q3
• Lending growth in 2007 was 33%, the gradual
slowdown is expected to continue
• Weak trading income due to market turmoil
• Costs affected by
– Annual wage increases in Latvia and Lithuania,
hits P&L as of October every year
– Investments in operational excellence project
for increased productivity
– High marketing costs.0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
Q2
06
Q3
06
Q4
06
Q1
07
Q2
07
Q3
07
Q4
07
0.0
0.1
0.2
0.3
0.4
0.5
Income Costs C/I-ratio
SEKm %

14. (14)
Credit quality, Baltic Banking
Loan loss ratio, net (average portfolio)
-2.0%
-1.2%
-0.4%
0.4%
1.2%
2.0%
2002 2003 2004 2005 2006 2007
Estonia Latvia Lithuania Group
Share of impaired loans (12 month old portfolio)
0.0%
0.5%
1.0%
1.5%
2.0%
2002 2003 2004 2005 2006 2007
Estonia Latvia Lithuania Baltics Group

15. (15)
Decreasing Baltic lending growth
0%
10%
20%
30%
40%
50%
60%
07/Dec
07/Sep
07/Jun
07/Mar
06/Dec
06/Sep
06/Jun
06/Mar
05/Dec
05/Sep
05/Jun
05/Mar
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000 Hansabank, Estonia
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
07/Dec
07/Sep
07/Jun
07/Mar
06/Dec
06/Sep
06/Jun
06/Mar
05/Dec
05/Sep
05/Jun
05/Mar
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000 Hansabank, Latvia
0%
10%
20%
30%
40%
50%
60%
70%
07/Dec
07/Sep
07/Jun
07/Mar
06/Dec
06/Sep
06/Jun
06/Mar
05/Dec
05/Sep
05/Jun
05/Mar
0
1,000
2,000
3,000
4,000
5,000
6,000 Hansabank, Lithuania
0%
10%
20%
30%
40%
50%
60%
70%
07/Dec
07/Sep
07/Jun
07/Mar
06/Dec
06/Sep
06/Jun
06/Mar
05/Dec
05/Sep
05/Jun
05/Mar
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000 Baltic Banking
0
%
1
0
0
000000000000
0
1
0
,
Total lending, EURm YoYgrowth

16. (16)
Baltic macro development
Real GDP growth
0%
2%
4%
6%
8%
10%
12%
2005 2006 2007F 2008F 2009F
Est Lat Lit
CPI growth
0%
2%
4%
6%
8%
10%
12%
2005 2006 2007 2008F 2009F
Est Lat Lit
• Economic slowdown in Estonia continues: GDP growth slows from ~7% in 2007 to ~5% in
2008; the bottom of the cycle is expected to be in Q2 2008
• In Latvia growth slows from ~10.5% to 6% in 2008, the bottom of the cycle is expected to be
in H2 of 2008
• Slowdown in Lithuania started in Q4 2007: GDP growth will slow from 2007’s 8.7% to ~7.5%
in 2008
• Weak domestic demand reduces imports and exports growth continues. 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 Market

17. (17)
Swedbank Markets
• Good end to the year despite the capital
market turmoil
• Strong results in, above all, fixed income and
FX trading, structured investment products
and corporate finance fees First Securities
• Minor valuation effects due to market turmoil,
SEK - 40m
• Continued market leader in corporate bonds,
new issues in SEK
• Sustained growth and market leading
position in structured products, sales grew by
39% in 2007.
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
Profit for the period attributable to shareholders
of Swedbank
SEKm

18. (18)
International Banking
• Continued strong lending growth in Ukrainian
Banking, + 112% to SEK 11bn in 2007
• Loan loss ratio, net in Ukrainian Banking
decreased after adjusting calculation method
to Swedbank Group’s principles
• Annual lending growth in Russian Banking
was 50% to SEK 10bn
• Following positive court rulings regarding VAT
dispute in leasing operations, a reversal of
SEK 60m was made in Russian Banking
• Lending in Nordic branches more than
doubled in 2007, reaching SEK 13bn.
-100
-75
-50
-25
0
25
50
75
100
Q2
06
Q3
06
Q4
06
Q1
07
Q2
07
Q3
07
Q4
07
International Banking, profit for the period
of which Russian Banking
of which Ukrainian Banking Operations
SEKm

19. (19)
Business areas
2007 vs 2006, SEKm 2007 % 2007 % 2007 % 2007 % 2007 %
Net interest income 11,701 5,667 986 1,343 83
Net commission income 4,504 1,854 196 1,441 1,868
Other income 1,473 1,252 97 773 232
Total income 17,678 4 8,773 42 1,279 3,557 1 2,183 19
Staff costs 4,296 2,044 405 1,239 425
Other expenses 4,704 1,502 366 753 463
Total expenses 9,000 3 3,546 32 771 1,992 3 888 31
Profit before loan losses 8,678 5 5,227 50 508 1,565 0 1,295 13
Loan losses 71 450 170 0 0
Operating profit 8,607 -2 4,777 49 338 1,565 -1 1,295 13
Tax 2,413 455 70 427 320
Profit for the period 6,194 4,322 268 1,138 975
To Swedbank's
shareholders 6,182 – 2 4,322 46 268 1,010 3 975 11
Return on allocated equity % 23.2 31.2 6.9 24.2 57.0
Asset
Mgmt
Internat.
Banking
Swedish
Banking
Baltic
Banking
Swedbank
Markets

20. (20)
Key figures
Jan - Dec,
2007
Jan - Dec,
2006
Return on equity, % 18.9 19.3
Earnings per share, SEK 23.28 21.11
Equity per share, SEK 131.96 116.37
C/I ratio before loan losses 0.51 0.52
Loan loss ratio, net, % 0.07 – 0.02
Share of impaired loans, % 0.13 0.07
Dividend, SEK* 9.00 8.25
Tier 1 capital ratio, new principles, % 8.5 -
Tier 1 capital ratio, transition principles, % 6.2 6.5 **
Capital adequacy ratio, new principles, % 12.7 9.8 **
*according to Board of Directors’ proposal
**according to old principles

21. (21)
Tier-1 ratio, Group
• Tier 1 ratio amounted to 8.5%
• Tier 1 ratio, according to transition
principles, was 6.2%
• As of January 1, 2008, tier 1 ratio
according to transition principles,
increased by 31 bps due to the gradual
implementation of Basel 2 regulations.
0
1
2
3
4
5
6
7
8
9
10
Q1-05
Q2-05
Q3-05
Q4-05
Q1-06
Q2-06
Q3-06
Q4-06
Q1-07
Q2-07
Q3-07
Q4-07
0
1
2
3
4
5
6
7
8
9
10
Tier 1 ratio, Basel 2
Tier 1 ratio, transition rules
Target Tier 1 ratio
% %

22. (22)
Swedbank Funding Structure
Swedbank
Mortgage
SEK 561bn
Swedbank Group,
excl. Swedbank
Mortgage
SEK 542bn
51%49%
Funding
95%
Equity
5%
Deposits
85%
Equity
8%
Funding
8%
Swedbank Treasury (excluding Mortgage)
•Large deposits
•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 to other
financial institutions
Distribution of Net Funding Need
Swedbank Mortgage
Lending to the public, SEK 1103bn

23. (23)
Swedbank Mortgage – Credit Risk
Municipalities
3% (4)Commercial
buildings
1% (1)
Agriculture
6% (6)
Multi-family housing
incl. Condominium
associations
16% (17)
Individual
condominiums
13% (11)
Single-family homes
61% (61)
0,00
10,00
20,00
30,00
40,00
50,00
60,00
70,00
<30% 30-60% 60-75% 75-85% >85%
Distribution of loan to value
Net
0
500
1000
1500
2000
2500
3000
2000 2001 2002 2003 2004 2005 2006 2007
SEKm
= 90% Residential loans
%
Average LTV of 44%
“80% percent of the portfolio has an LTV of 50% or lower”
Credit losses
-Net recoveries during 2007
Impaired, restructured and past due loans
– At historically low levels
31-dec
-100
0
100
200
300
400
500
600
700
2000 2001 2002 2003 2004 2005 2006 2007
SEKm

24. (24)
Converting to Covered Bonds, Q2 2008
• Possibility to meet a broader investor base
• Larger investor base ensures for even more stable liquidity
• AAA-rating - funding at lower cost
• Increased liquidity reserve through Swedbank’s possibility to pledge
subsidiary covered bonds in Riksbanken
• Funding strategy to prolong maturity structure with covered bonds

25. (25)
Swedbank Mortgage – Long Term Funding
Action plan:
• Conversion to covered bonds during Q2, 2008 and covered bond issues, approx. EUR 6.0bn
• Continuous activities in the market for private placements, approx. EUR 1.5bn
• Continuous issues on tap in the Swedish mortgage bond market under existing mortgage
bond programme, approx. EUR 7.5bn
• The issue of a new 5-year Swedish benchmark bond Swedbank Mortgage 177
• The maturity of SPI173 in June, 2008 is smaller than the average yearly maturing domestic
benchmark bond
Swedbank Mortgage - Long Term Funding
0
50 000
100 000
150 000
200 000
250 000
<1y 1-2y 2-3y 3-4y 4-5y >5y

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