Swedbank's core business remains strong despite challenging financial markets, with solid growth in corporate and private customer segments, particularly in the Baltic region. However, the bank is facing lower commission income due to weaker equity markets, and an increase in credit losses and impaired loans, although credit quality overall remains stable. Profitability and growth are expected to continue, particularly in Ukraine and Russia, alongside strong economic growth in the Baltic states.

1. London Roadshow
5-6 May 2008
Mikael Inglander
CFO

2. (2)
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

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: 65%
Share of lending
2007: 80%
Share of profit
2007: 3%
Share of lending
2007: 2%
Share of profit
2007: 32%
Share of lending
2007: 16%

4. (4)
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

5. (5)
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.

6. (6)
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 %

7. (7)
Credit quality, Baltic Banking
0.35%
-0.05%
0.23%
0.56%
0.21%
2007
0.39%
0.25%
0.54%
0.38%
Q1 08
-0.28%Group level provision adjustment
0.28%Baltic Banking
0.13%Lithuania
0.78%Latvia
0.67%Estonia
Q4 07
*Loan loss ratio, net = (changes in provisions + net write offs) /
credit portfolio at the beginning of the year
Loan loss ratio, net*
Overdue ratio (more than 60 days)*
0.71%
0.75%
0.65%
Q4 07
0.86%
0.92%
0.79%
Q1 08
0.56%Baltic Banking
0.49%Private
0.58%Corporate
Q2 07
*Overdue ratio (more than 60 days) = volume of loans more
than 60 days overdue /12 month-old credit portfolio

8. (8)
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

9. (9)
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

10. (10)
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

11. (11)
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

12. (12)
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

13. (13)
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

14. (14)
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

15. (15)
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.

16. (16)
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

17. (17)
Net interest income Q1 08 (Q4 07)
5,259 5,241
55
-13
1 22
-215
132
4,600
4,800
5,000
5,200
5,400
Netinterest
income
Q407
Swedish
Banking
BalticBanking
Operations
BalticBanking
Investment
International
Banking
Swedbank
Markets
Shared
Servicesand
other
Netinterest
income
Q108
SEKm

18. (18)
Swedish Banking, change in net interest income
SEKm
Q1 2008
vs Q4 2007
Q1 2008
vs Q1 2007
Net interest income Q4 2007 2,927
Net interest income Q1 2007 2,943
Changes:
Higher lending volumes 55 234
Decreased lending margins – 116 – 403
Difference in number of days/quarter, lending – 18 18
Higher deposit volumes 24 122
Higher deposit margins 110 194
Difference in number of days/quarter, deposits – 13 13
Other changes 13 – 139
Total change 55 39
Net interest income Q1 2008 2,982 2,982

19. (19)
Baltic Banking, change in net interest income
SEKm
Q1 2008
vs Q4 2007
Q1 2008
vs Q1 2007
Net interest income Q4 2007 1,588
Net interest income Q1 2007 1,215
Changes:
Higher lending volumes 47 245
Higher lending margins 3 8
Difference in number of days/quarter, lending -11 11
FX-effects, lending 14 21
Higher deposit volumes 44 68
Higher deposit margins 85
Decreased deposit margins -148
Difference in number of days/quarter, deposits -6 6
FX-effects, deposits 10 11
Other changes 34 -95
Total change – 13 360
Net interest income Q1 2008 1,575 1,575

20. (20)
Net commission income, Group
0
200
400
600
800
1,000
Asset
management
Payments
Brokerage
Lending
Insurance
Corporate
finance
Other
Q1 2008 Q4 2007
SEKm

21. (21)
Loan losses Q1 08 (Q4 07)
-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
Resultat före kreditförluster Reavinster EnterCard, KIAB
Kreditförluster, netto* Rörelseresultat (exkl. reavinster)
mkr mkr
-100
-50
0
50
100
150
200
250
300
350
Group, total Swedish Banking Baltic Banking
Operations
International
Banking
Swedbank
Markets
Shared Services
and other
Q4 2007 Q1 2008
mkr

22. (22)
Expenses
SEKm
Q1
2008
Q4
2007 %
Q1
2007 %
Swedish Banking 2,255 2,279 – 1 2,183 3
Baltic Banking 899 1,062 – 15 769 17
International Banking 309 272 14 107
of which Ukrainian Banking 150 163 – 8
Swedbank Markets 456 560 – 19 517 – 12
Asset Management & Insurance 253 230 10 183 38
Other 268 123 178 51
Total expenses 4,440 4,526 – 2 3,937 13
of which staff costs in:
Swedish Banking 1,099 1,096 0 1,023 7
Baltic Banking 522 587 – 11 451 16
International Banking 157 155 1 52
Swedbank Markets 258 351 – 26 345 – 25
Asset Management & Insurance 110 138 – 20 76 45

23. (23)
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

24. (24)
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

25. (25)
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

26. (26)
Appendix

27. (27)
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.

28. (28)
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.

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