Presentation of Q2 2012 Results from the Analyst Conference by CEO Michael Wolf, CFO Göran Bronner and CRO Håkan Berg

1. Swedbank’s second quarter 2012 results
Michael Wolf, CEO
Göran Bronner, CFO
Håkan Berg, CRO

2. Solid performance with unchanged business strategy
• Low growth environment
• Good execution on focus areas
• Competitive position continue to improve
• Mobile banking supports cash smart transformation
2

3. Retail
Stable development
SEKm Q2 11 Q1 12 Q2 12 Q/Q
• Repricing
Net interest income 3 012 3 407 3 404 -3
Net commissions 1 294 1 261 1 248 - 13
• Deposit margins pressure
Total income 4 789 5 123 5 138 +15
Total expenses 2 430 2 342 2 345 +3 • Good asset quality
Profit before
2 359 2 781 2 793 +12
impairments
Credit impairments 6 24 100 +76
ROE 30.8 26.5 24.6
C/I ratio 0.51 0.46 0.46
3

4. Baltic Banking
Structural recovery continued
SEKm Q2 11 Q1 12 Q2 12 Q/Q
• Growth in lending book in euro
Net interest income 1 017 912 870 -42
Net commissions 365 371 378 +7
• Lower Euribor affected NII
Total income 1 566 1 452 1 430 -22
Total expenses 649 620 588 -32
• Good underlying activity
Profit before
917 832 842 +10
impairments
Credit impairments -142 -134 -204 -70
ROE 13.5 14.5 14.8
C/I 0.41 0.43 0.41
4

5. Large Corporates & Institutions
Weaker trading activity
SEKm Q2 11 Q1 12 Q2 12 Q/Q
• Continued growth in Large
Net interest income 884 887 825 -62
- of which LC/FI* 444 652 666 +14
Corporate NII
Net commissions 334 434 346 - 88
Net gains and losses 20 648 316 -332
• Lower capital market activity
Total income 1 247 1 980 1 499 - 481
Expenses excl variable
685 607 602 -5
staff costs
Variable staff costs 50 106 118 +12
Profit before
512 1267 779 - 488
Impairments
Credit impairments -20 14 54 +40
ROE 10.2 19.1 9.8
C/I ratio 0.59 0.36 0.48
* Large Corporates/Financial Institutions
5

6. Cost development
Cost reduction according to plan
• Target to reduce costs by SEK 1bn 2012
• Staff cost -173m and consultancy costs -172m year on year
Cost trend (SEKm) H1 2011 H1 2012 YTD
Total expenses 9 000 8 664 -336
Variable staff costs 275 397 + 122
Compensation to Savings Banks 271 311 +40
Underlying cost 8 454 7 956 -498
6

7. Capital position
Strong capitalisation – continued focus
RWA development
SEKbn
505
• Core Tier 1 ratio of 16.6 percent
• RWA down SEK 9bn in quarter
500
- Volume increases
+7.4 - Update SME portfolio
-10.9 - Positive rating migration Sweden/Baltics
494.6
495 - Increased risk European banking system
- Market risk reduced
- Sale of ukrainian portfolio
490 -2.8
-2.9
485.4
485 0.0
480
2012 Q1 Volume Rating Other credit Market Operational 2012 Q2
(EAD) migration risk risk risk
7

8. Liquidity and funding
Continued conservative stance
• Continued high issuance of long-term debt, SEK 41bn during Q2, total SEK 97bn during H1
• SEK 17bn in maturities for the remainder of 2012
• Funding plan of around SEK 120bn for full year
• Awaiting new regulatory landscape of capital and funding
Long-term debt issued SEKm
Outstanding short-term debt
SEKm
30 000 60 000
25 000 50 000
20 000 40 000
Q1 12 Q1 12
15 000 Q2 12 30 000
Q2 12
10 000 20 000
5 000 10 000
0 0
Domestic Euro CB USD CB Other CB Senior Domestic ECP/CD USCP Yankee CD French CD Finnish CD
CB (144A) unsecured CP
8

9. Group results
Solid quarter
SEKm Q1 12 Q2 12 Q/Q YTD
• Stable NII
Net interest income 5 208 5 252 +44 10 460
- Repricing lending
Net commissions 2 405 2 346 -59 4 751
- Lower funding cost
Net gains and losses 759 455 -304 1 214
- Shrinking deposit margins
Other income 809 844 +35 1 653
Total income 9 181 8 897 -284 18 078
• Lower trading activity
Total expenses 4 413 4 251 -162 8 664
Profit before
impairments
4 768 4 646 -122 9 414 • Cost management on track
Credit impairments 172 300 +128 472
• Credit impairments exit cost
Impairment of tangible
assets
40 125 +85 165 Ukraine
Profit for the period 3 425 3 162 -263 6 587
• Capital position further
strengthened
ROE 14.0 13.0 13.5
C/I 0.48 0.48 0.48
CT1 ratio (Basel 2) 15.9 16.6 16.6
9

10. Risk highlights
Stable asset quality
Credit impairments
Q1 Q2 • Still high credit quality in Sweden
(SEKm)
Retail 24 100 • Further improvements in Baltics
LC&I 14 54 – Provision releases for Latvian
mortgages
Baltic Banking -134 -204
Estonia -78 -25 • Exit costs Ukrainian retail portfolio
Latvia -21 -197 – Sale of performing portfolio
Lithuania -35 18
Group Functions &
268 350
Other
Russia -65 24
Ukraine 333 325
Swedbank Group 172 300
10

11. ICAAP
2012 ICAAP Scenario
– Deep recession without recovery
Triggers Outcome
• Europe enters into deep • Sharp GDP drop with no
recession recovery (10-15% from 2011
level)
• Limited possibilities for fiscal
stimulus • Severe drop in house prices
• European bank runs (25-37% from 2011 level)
• Credit contraction • Depreciated EUR and
appreciated SEK
• Closed funding markets
• Devaluation in Latvia and
Lithuania
11

12. ICAAP
High capitalisation even in extremely stressed scenario
• Revenue decrease 31 percent
• Credit impairments SEK 64bn over 5 year
• Scenario effects on Core Tier 1 ratio -165bp
• Well above 12% Core Tier 1 ratio at low point even in extremely
stressed scenario in new regulatory environment
12

13. Credit portfolio – Retail
Corporate Retail portfolio will drive capital efficiency
Total portfolio SEK 227bn Segments excl. Swedbank Volume Secured
Mortgage and Swedbank Finance (SEKbn) (%)
Agriculture 6.3 81
Manufacturing 10.8 84
Swedbank Mortgage
AB Public sector and utilities 4.8 90
90
Leasing (Swedbank Construction 4.6 86
113
Finance AB)
Retail 9.2 88
Other
24 Transportation 2.0 82
Shipping 0.2 94
Hotels and restaurants 3.4 89
Information & communication 0.9 65
Finance and insurance 2.6 77
Property management 54.6 90
Professional service 6.6 75
Other 7.0 70
Total 113.0 86
13

14. Q&A

15. Appendix
15

16. Mortgage loans, gross margin (3 months)
%
6
5
Net margin
4
The gross margin should cover:
3 Cost of liquidity ~0.3%
Administrative costs ~0.3%
Credit impairments ~ 0.03%
2 Tax (26.3% on profit before tax)
1
0
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Gross margin Swedbank's funding cost Stibor 3 months Swedish Riksbanks reporate
16

17. Large Corporates & Institutions
Weaker trading activity in Q2
SEKm Q2 11 Q3 11 Q4 11* Q1 12 Q2 12
Net interest income 884 756 845 887 825
of which LC & FI** 444 519 563 652 666
of which Markets 440 237 282 235 159
Commission income 334 317 269 434 346
of which LC & FI* * 221 241 261 278 278
of which Markets 113 76 6 156 68
Total income LC&I 1 247 1 184 1 328 1 980 1 499
of which LC & FI** 682 770 832 946 947
of which Markets 565 414 496 1 034 552
Total expenses, excl
685 659 818 607 602
variable pay
Variable staff costs 50 6 13 106 118
Profit before
512 519 497 1 267 779
impairments
of which LC & FI** 481 567 574 735 740
of which Markets 31 -48 -77 532 39
Total impairments -20 -68 21 14 58
C/I ratio 0.59 0.56 0.63 0.36 0.48
* Excluding Lehman one-off ,**Large corporates and Financial institutions
17

18. Cost management
Cost target 2012
• Target to reduce underlying costs by SEK 1bn 2012
SEKbn
20
18.4
18 17.1
- 0.4 16.1
16 - 0.4 - 0.5
14
12
10
8
6
4
2
0
Total expenses 2011 Variable staf f costs Restructuring costs Compensation to Underlying costs Cost target 2012
(af ter restatements) Savings Banks 2011
18

19. Liquidity and funding
Core balance sheet structure
Assets Liabilities
SEKbn SEKbn
2 000 2 000
1 800 Interbank loans 1 800 Amounts owed to credit
and repos institutions
1 600 1 600
Other assets* Other liabilities**
1 400 1 400
Government guaranteed debt
1 200 1 200 Senior
Estonia
CEE lending
1 000 Other corporate 1 000 Covered
lending, Sweden & bonds
other Nordic coun.
800 800
Other private, Sweden
600 600
Swedish Deposits
400 mortgage loans 400
200 200
Suppl. cap
Core T1
0 0
Q2 2012 Q2 2012
*Other assets: derivatives, C-bank holdings interest bearing **Other liabilities: derivatives, short-term funding and other financial liabilities
securities and other financial assets
Source: Swedbank, 30 June 2012
19

20. Liquidity and funding
Conservative liquidity levels
• Short-term funding mainly a tool for cash management
• More than 12 months pre-funded
SEKbn
350 350
300 300
Additional pledgeable
250 and/or liquid assets
250 Next 12-month term
funding maturities
200 200 1
Liquidity reserve,
securities
150 CP / CDs and net
150
1
Liquidity reserve, interbank funding,
100
central bank deposits, SEKm
100
SEKm
50 50
0 0
Source: Swedbank 30 June 2012 1 As defined by the Swedish Bankers’ Association
20

21. Liquidity and funding
Long-term funding maturity profile
• FY 2012 maturities amount to nominal SEK 86bn
− of which SEK 17bn for the remainder of 2012
Long-term funding maturity profile
SEKbn
200 Government
guaranteed debt
Senior unsecured
150
debt
Covered bonds
100
50
0
2012 2013 2014 2015 2016 2017 2018-
Source: Swedbank 30 June, 2012 1 Maturing debt from 2018 and beyond is calculated as maturing in 2018
21

22. Liquidity and funding
Remaining government guaranteed debt
• Exited the programme on 30 April 2010
• No issuance under the programme since summer 2009
• Remaining outstanding debt of SEK 36bn maturing during 2013 and 2014
Maturity profile as per Q2 2012
SEKbn
40
JPY
CHF
20
USD
SEK
EUR
0
2013 2014
Source: Swedbank 30 June, 2012
22

23. Liquidity and funding
Senior unsecured debt strategy
• Limited need given Swedbank’s balance sheet structure
• Secure OC level
• Affected by the bank’s liquidity needs
House price sensitivity of the cover pool
35%
30%
25%
OC
20%
15%
Over-collateralisation
10%
5%
0%
-5%
-10%
-15%
-20%
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
House price drop
Source: Swedbank, 30 June, 2012, Nominal amounts
23

24. Liquidity and funding
Liquidity reserve
According to the template defined by the Swedish Bankers' Association
SEKm
Cash and holdings in central banks 132 028
Deposits in other banks available overnight 270
Securities issued or guaranteed by sovereigns, central banks or multilateral development banks 22 265
Securities issued or guaranteed by municipalities or Public sector entities
Covered bonds 56 577
- Issued by other institutions 56 577
- Own issued
Securities issued by non-financial corporates
Securities issued by financial corporates (excl. covered bonds) 2 846
Other
Total1 214 382
Additional liquid assets, Group2 67 474
1 95% of the securities in the liquidity reserve per Q2 2012 are rated AAA
2 88% of the additional liquid assets fulfill the Liquidity Reserve definition by the Swedish Bankers’ Association except
from that they are held outside the Treasury department.
24

25. Swedish housing and mortgage market
Swedish mortgage market
• No securitization (on balance sheet)
• No sub-prime market
• No 3rd party origination
• No buy-to-let market
• 70% home ownership1
• Rental market is regulated
– First hand contracts difficult to obtain
– Rents need to be negotiated with the Swedish Union of Tenants
• Transparent credit information (credit information agency, www.uc.se)
– Publicly available information regarding income, debt, payment track record etc
• Consumer credit legislation requires affordability calculations including stress test of higher interest
rate
• Very limited debt forgiveness possibilities (full recourse)
• Strong social security and generous unemployment benefit system
1 Source: Boverket, 2011
25

26. Swedish housing and mortgage market
Real estate prices – Sweden 12 months development
Single-family homes1 Tenant-owner rights2 Combined3
12M Δ 12M Δ 12M Δ
Jul/11 0% 6% 2%
Aug/11 -2% 3% -1%
Sep/11 -3% 1% -2%
Oct/11 -4% -1% -3%
Nov/11 -5% -4% -5%
Dec/11 -7% -4% -6%
Jan/12 -4% -2% -4%
Feb/12 -4% -1% -3%
Mar/12 -4% 1% -3%
Apr/12 -2% 2% -1%
May/12 -2% 3% -1%
Jun/12 -1% 4% 0%
Source: Valuegard www.valuegard.se (Based on data from Mäklarstatistik), 1 HOXHOUSESWE, 2 HOXFLATSWE, 3 HOXSWE
26

27. Baltic real estate prices
Real estate prices – Baltic countries
Tallinn Riga
1800 1 800
1600 1 600
1400 1 400
1200 1 200
1000 1 000
800 800
600 600
400 400
200 200
0 0
Jan-10
Jan-11
Jan-12
Jan-05
Jan-06
Jan-07
Jan-08
Jan-09
Jul-09
Jul-10
Jul-11
Jul-05
Jul-06
Jul-07
Jul-08
Jan-05
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jul-05
Jul-06
Jul-07
Jul-08
Jul-09
Jul-10
Jul-11
Source: Swedbank, Estonian Land Board
Nr.of deals EUR/m2 Source: Swedbank Nr.of deals EUR/m2
Vilnius
1 800
1 600
1 400
1 200
1 000
800
600
400
200
0
Jan-05
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jul-05
Jul-06
Jul-07
Jul-08
Jul-09
Jul-10
Jul-11
Nr.of deals EUR/m2
27

28. Asset quality
Impaired loans decreasing
• Decreased SEK 1.7bn
• Continued progress in corporate loan restructuring
SEK bn
45 2.4
40.3
40
35 Share of
- 4.1 - 3.9 impaired
30 - 3.0 loans, gross
- 1.1
-1.9
25
-3.9
20.4
20 -2.7 Ukraine 75%
- 1.7 4.9
Russia 11%
15 0.6
41 Lithuania 12%
10
Latvia 17%
5.9
5 2.8 Estonia 5%
0.3 LC&I 0.12%
1.8 Retail 0.19%
0
Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q2 12
28

29. -80
-60
-40
-20
0
-100
20
EURm
Q2 11
Q3 11
Q4 11
Asset quality
Estonia
Q1 12
Q2 12
Q2 11
Q3 11
Latvia
Q4 11
Q1 12
Q2 12
Q2 11
Q3 11
Lithuania
Q4 11
Q1 12
Q2 12
Q2 11
Q3 11
Ukraine
Q4 11
Loans past due 60 days – performance Q/Q
Q1 12
Q2 12
Q2 11
Q3 11
Q4 11
Russia
Q1 12
Q2 12
29

30. Asset quality
Provisions – well provided for
SEKm
30 000
25 000
Provision ratios, % Q2 12
65.0% 63.7% Retail 79
20 000 60.0% 59.8% 61.5%
2 436 LC&I 155
2 409
15 000 15 952 Baltic Banking 56
14 782 2 435
2 478
12 821 2 040 Russia 60
10 000 11 915
10 951
Ukraine 74
Group 64
5 000
0
Q2 11 Q3 11 Q4 11 Q1 12 Q2 12
Individual provisions Portf olio provisions Provision ratio
30

31. Asset quality
Credit impairments by business area, SEKm
300
172
-174
-324
-441
Q2 11 Q3 11 Q4 11 Q1 12 Q2 12
Retail LC&I Baltic Banking Other (Russia/Ukraine)
31

32. Credit portfolio – Large Corporates & Institutions
Shipping and offshore + private equity
• Lending exposure to shipping and offshore sector SEK Shipping and Offshore
25.5bn plus unutilised commitments of SEK 5.5bn Tanker
24%
– Portfolio duration 4-5y
– Average fleet age 7y
– Other represents ro/ro (8%), container (4%), dry bulk Offshore
58%
Other
(4%), cruise (1%) 18%
– Strong employment profiles
Private equity portfolio
Industrial
• Private equity related exposure was SEK 18.6bn 31% Healthcare
36%
– Nordic related LBOs
– >99% senior lending
– Largest sectors are healthcare (32%),
industrial (27%) and service (19%)
Other
33%
32

33. Credit portfolio – Large Corporates & Institutions
Shipping and offshore portfolio – exposure mainly in USD (79%),
minor exposures in riskier segments
Shipping and offshore portfolio by currency (in USDm) Shipping and offshore portfolio by subsegment
SEK JPY Cruise
0% 1% 1%
Container
5% RORO
NOK 8%
13% Dry bulk
4% Drilling &
exploration
22%
EUR
7% Gas (LNG/LPG)
4%
Crude oil
4% Oil service
9%
Product
14%
Supply
USD 13%
79% Floating
production
Chemical 10%
2%
Accommodation
4%
33

34. Credit portfolio – Agriculture retail
• Segmentation Definitions
– Corporate Agriculture: Businesses that derive
their main income from agricultural activities
Private:
– Private Investments: Private individuals who own Residential
tagricultural properties for living or investment 20%
purposes
Agriculture
• Lending exposure to the agriculture Industry 46%
– Approx SEK 62bn per Q2 2012
– Corporate agriculture: (58%) Private:
• Agriculture 46% Forestry
22%
• Forestry 12%
– Private investments (42%)
• Residents: 20% Foresty
• Forestry: 22% 12%
34

35. ICAAP
2012 ICAAP dcenario
– Deep recession without recovery
105 GDP - Index 105 Real Estate prices - index
100 95
95 85
90 75
85 65
80 55
2011 2012 2013 2014 2015 2016 2011 2012 2013 2014 2015 2016
Sweden Estonia Latvia Lithuania Sweden Estonia Latvia Lithuania
3.0% Interest rates – 3m 14 FX scenario
2.5% 12
10
2.0%
8
1.5% 6
1.0% 4
2
0.5%
0
0.0% 2011 2012 2013 2014 2015 2016
2011 2012 2013 2014 2015 2016
Euribor Stibor USD/SEK EUR/SEK GBP/SEK
35

36. ICAAP
2012 ICAAP – Main scenario results
SEK bn Net Interest Income
• NII decreases by 39% throughout the 30
20.7
scenario 20
10 12.6
0
2011 2012 2013 2014 2015 2016
• Credit Impairments total SEK 64bn
Credit impairments
over the scenario period SEK bn
30 23.4
20
10
0
2011 2012 2013 2014 2015 2016
-10
• RWA decreases due to significant SEKbn RWA incl. reg effects
credit impairments and deleveraging 700
600
500 414
400
300
2011 2012 2013 2014 2015 2016
36

37. ICAAP
2012 ICAAP – Income statement
Total
Income statement (SEKbn) 2011 2012 2013 2014 2015 2016
2012 - 2016
Total net interest income 20.7 19.5 16.7 14.2 13.0 12.6 75.9
Total income 34.7 31.8 34.0 25.4 24.3 24.1 139.6
Total expenses 20.9 17.6 18.7 18.0 18.0 17.8 90.1
Profit before credit losses 13.8 14.2 15.3 7.4 6.3 6.2 49.5
Credit losses -1.8 8.2 23.4 17.4 9.3 5.4 63.6
Operating profit 15.5 6.1 -8.1 -10.0 -3.0 0.9 -14.1
Appropriations 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Tax 3.7 1.6 0.0 0.0 0.0 0.2 1.8
Profit for the year 11.8 4.5 -8.1 -10.0 -3.0 0.6 -16.0
Minority interest 0.3 0.1 0.0 0.0 0.0 0.0 0.1
Profit for the year attr to shareholders 11.5 4.4 -8.1 -10.0 -3.0 0.6 -16.1
Dividend 5.8 2.2 0.0 0.0 0.0 0.3 2.5
Profit after tax, min. int. & dividend 5.7 2.2 -8.1 -10.0 -3.0 0.3 -18.6
37

38. ICAAP
2012 ICAAP – Credit impairments
EAD 2011 Acc. loss ratio
Credit impairments (%) (SEKbn) 2012 2013 2014 2015 2016
2012 - 2016
Total 1,384.4 0.6 1.8 1.5 0.9 0.5 4.6
of which LC & I 309.8 0.5 2.3 2.0 0.8 0.6 5.4
Retail 950.8 0.3 1.2 1.0 0.7 0.3 3.2
Estonia 52.5 1.2 2.5 2.2 1.8 1.7 6.6
Latvia 30.6 2.7 6.1 5.6 4.4 4.6 15.0
Lithuania 31.1 2.4 4.1 3.0 2.4 2.2 9.5
Russia & Ukraine 9.6 5.2 20.9 10.5 3.7 1.6 41.9
The accumulated losses constitute SEK 63.6bn.
Credit impairments in LC&I and Retail constitute 74% of total accumulated credit impairments
Credit impairments LC & I and Retail EAD 2011 Acc. loss ratio
(SEKbn) 2012 2013 2014 2015 2016
(%) 2012 - 2016
Agriculture, forestry and fishing 25.8 0.5 1.4 1.3 1.0 0.2 3.7
Manufacturing 39.3 1.0 2.6 2.5 1.2 0.5 6.7
Public sector and utilities 11.6 0.6 1.8 2.1 1.3 0.4 5.3
Construction 15.1 1.2 3.4 3.4 1.9 0.4 8.5
Retail 22.8 1.3 4.6 5.4 4.0 2.4 14.0
Transportation 8.6 2.1 8.2 5.7 3.4 1.2 16.1
Shipping 31.2 0.4 8.5 6.2 0.6 0.5 14.4
Hotels and restaurants 3.8 2.7 6.3 6.3 3.7 0.7 15.0
Information and communication 5.0 0.6 1.7 1.9 1.0 0.5 4.9
Finance and insurance 20.4 0.3 0.8 1.2 0.6 0.3 2.8
Property management 125.1 0.9 3.9 3.8 2.0 1.0 9.6
Cooperative housing associations 75.4 0.3 1.1 1.2 0.5 0.1 2.8
Other corporate lending 75.5 0.9 1.4 1.2 0.7 0.3 3.9
Professional services 14.9 1.0 2.7 3.2 2.1 0.7 8.0
Bank 128.2 0.5 1.3 1.1 0.9 0.8 3.9
Private 657.8 0.1 0.4 0.3 0.3 0.2 1.2
Total 1,260.5 0.4 1.5 1.3 0.7 0.4 3.7
38

39. ICAAP
2012 ICAAP Main adverse scenario results
Capital assessment
RWA & Capital (SEKbn) 2011 2012 2013 2014 2015 2016
RWA 492.3 489.5 504.1 433.9 395.2 365.0
RWA inc 15% mortgage riskweight * 565.3 552.2 557.1 482.4 442.6 414.4
RWA inc regulatory effects ** 588.1 575.0 557.1 482.4 442.6 414.4
Core Tier 1 77.3 79.7 62.1 52.4 49.5 49.8
Core Tier 1 inc regulatory effects ** 73.6 76.0 62.1 52.4 49.5 49.8
Total Capital base 93.2 88.3 70.9 61.5 57.2 55.2
Capital assessment (%) 2011 2012 2013 2014 2015 2016
Core Tier 1 ratio 15.7 16.3 12.3 12.1 12.5 13.6
Core Tier 1 ratio inc 15% mortgage riskweight * 13.7 14.4 11.1 10.9 11.2 12.0
Core Tier 1 ratio inc. regulatory effects ** 12.5 13.2 11.1 10.9 11.2 12.0
Total capital ratio inc. 15% mortgage riskweight * 16.5 16.0 12.7 12.7 12.9 13.3
* The effect of a 15% average riskweight on the Swedish Mortgage portfolio
** Includes assessed effects of Basel 3, IAS 19 and changed mortgage risk-weights
39