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. First quarter results 2009
23 April 2009
Michael Wolf, CEO and
Erkki Raasuke, CFO

2. 2
Reduce current risk levels
1. Secure asset quality by pro-active measures
2. Protect earnings capacity throughout the downturn
3. Funding strategy – improve liquidity and extend maturity profile
We have initiated change

3. 3
Secure asset quality
• Prudent provisions due to low visibility
• Intensified Financial Restructuring & Recovery (FR&R) activities
• Proactive measures in Sweden
• Short to medium term aim to decrease risk weighted assets in
absolute terms
Provision ratio expected to
decline during 2009

4. 4
Decentralisation through formalisation
• Shared leadership – joint responsibility
• Implement committee structures at board and management level
to ensure duality, integrity and accountability
• Strong governance and formalisation processes
Empowering the
front-line

5. 5
Determine the post-crisis position
Review of earnings’ capacity and goodwill
Enhanced medium-term earnings
Target improved ratings
Secured funding capacity

6. 6
Unique repositioning opportunity for Swedbank
The preferred partner for the many
households, companies and institutions
in Sweden, Estonia, Latvia and Lithuania
A journey over 3‐5 years
Unique customer base
Long history and
strong market
position
Strong relationship with
the Swedish savings banks
Dedicated staff

7. 7
Operating profit
-4 000
-3 000
-2 000
-1 000
0
1 000
2 000
3 000
4 000
5 000
6 000
Q1 08 Q2 08 Q3 08 Q4 08 Q1 09
SEKm
Operating profit before impairments Operating profit
First quarter results 2009
Deteriorating economic environment affecting results
– Prudent provisions due to low visibility and increasing impaired
loans in Baltic Banking and Ukrainian Banking Operation
– Impairment of intangible assets in Ukrainian Banking Investment
– Strong trading result
• Main drivers behind the SEK -3.4bn operating profit
SEK 5.3bn,
excl. Robur
one‐off
• Operating profit before
impairments SEK 5.3bn,
excl. Swedbank Robur one-off
of SEK 480m

8. 8
Results by business area
International Banking
• Severe increase of impaired loans,
goodwill impairment
Swedish Banking
• Stable results, low impairment losses
Baltic Banking
• Severe increase of impaired loans,
declining NII
Swedbank Markets
• Best ever quarterly results
Asset Management
• Results affected by declining AUM,
one-off pricing error
Result before impairments and provisions
-1 000
-500
0
500
1 000
1 500
2 000
2 500
3 000
Sw edish
Banking
Baltic Banking International
Banking
Sw edbank
Markets
Asset
Management
SEKm
Q4 08
Q1 09
Operating profit
-4 000
-3 000
-2 000
-1 000
0
1 000
2 000
3 000
Sw edish
Banking
Baltic Banking International
Banking
Sw edbank
Markets
Asset
Management
SEKm
Q4 08
Q1 09

9. 9
First quarter results
Income statement
SEKm Q1 2009 Q4 2008 Change
Net interest income 5 803 5 742 61
Net commission income 1 374 2 011 -637
Net gains/losses on financial items, fair value 1 711 1 244 467
Other income 536 1 349 -813
Total income 9 424 10 346 -922
Staff costs 2 335 2 340 -5
Profit-based staff costs 206 262 -56
Other expenses 2 090 2 300 -210
Total expenses 4 631 4 902 -271
Profit before impairments 4 793 5 444 -651
Impairment of intangible assets 1 305 1 403 -98
Impairment losses on loans and other credit risk provisions 6 845 1 633 5 212
Operating profit -3 357 2 408 -5 765
Tax expense -13 500 -513
Profit for the period -3 344 1 908 -5 252
Profit for the period attributable to: Shareholders of Swedbank AB -3 358 1 915 -5 273

10. 10
Asset quality
Impaired loans
• Increased covenant breaches, whilst level of impaired loans in
Swedish Banking remained low
• Sharp increase of impaired loans in Baltic and Ukrainian Banking
Impaired loans by business area (gross, SEKm)
0
1 000
2 000
3 000
4 000
5 000
6 000
7 000
8 000
9 000
Swedish
Banking
Estonia
Latvia
Lithuania
Russia
Ukraine
Swedbank
Markets
Q4 08 Q1 09
Share of impaired loans
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
Q1 08 Q2 08 Q3 08 Q4 08 Q1 09
Swedish Banking Baltic Banking
International Banking Swedbank Markets
Swedbank Group

11. 11
Asset quality
Provisioning
• Formation of additional collective
provisions of SEK 3.7bn
• Total provisions of SEK 6.8bn
• Maintained provision ratio in
Baltic Banking
• Increased provision ratio in
Ukraine to 101%
• Swedbank Group provision
ratio at 64%
• Impaired loans expected to
level off during the year
0
5 000
10 000
15 000
20 000
Q4 08 Q1 09
0
5 000
10 000
15 000
20 000
Impaired loans (gross)
Collective provisions for impaired loans
Individually identified impaired loan provisions

12. 12
Earnings capacity
Net interest income
• Highest ever net interest
income
• Improved lending margins and
reduced deposit margins in
Swedish Banking
• Reduced lending and deposit
margins in Baltic Banking
• Strong NII in Swedbank
Markets
Q4
08
Q1
09
5,742
5,803
-125
113
-22-207
302
4,000
4,200
4,400
4,600
4,800
5,000
5,200
5,400
5,600
5,800
6,000
Netinterestincome
SwedishBanking
BalticBanking
IntlBanking
SwedbankMarkets
AssetManagement
Other
Netinterestincome
SEKm

13. 13
Earnings capacity
Net gains and losses
• Favourable market conditions provided good trading
opportunities for Swedbank Markets
• Net gains and losses related to Swedbank Mortgage
(part of Swedish Banking) will continue to be volatile
SEKm Q1 09 Q4 08 Q1 08
Swedish Banking 100 828 16
Baltic Banking 285 12 78
International Banking 18 229 22
Swedbank Markets 1,221 304 244
Asset Management & Insurance 3 1 -15
Shared Services and Group Staffs 36 -156 -270
Eliminations 48 26 0
Swedbank Group 1,711 1,244 75

14. 14
Liquidity & Funding
Strengthened position in challenging environment
• Improved liquidity position
• Ongoing efforts to strengthen
liquidity further
• Active use of state guarantee
programme SEK 227bn
• Action taken to extend maturity
profile
– Capital market funding over 1Y
maturity, as of 31 December 37%
– As of 31 March 45%
Stress test of liquidity as of 31 March 2009
Main assumption
• No access to capital
markets
• No refinancing of
amounts owed to credit
institutions, issued
bonds or subordinated
loans
Q1 09 Non-covered Covered
Nominal figures bonds bonds
SEKbn (Swedbank AB) Swedbank
Mortgage Total
Bonds in issue1
66 25 91
Of which with
state guarantee 65 0 65
Expired bonds 18 10 28
Repurchased 0 60 60
1
Excluding issues tied to index-linked bonds0
50
100
150
200
250
1W
2W
3W
1M
2M
3M
4M
5M
6M
9M
12M
SEKbn
2009-03-31 2008-12-31

15. 15
Capital management
Actively manage risk weighted assets
• Improved documentation and processes
• Increased focus on risk return
• Declining lending volumes
• Through the cycle methodology
Development risk weighted assets (SEKbn)
600
620
640
660
680
700
720
Q1 08 Q2 08 Q3 08 Q4 08 Q1 09

16. 16
Capital management
Solid capitalisation following last year’s rights issue
8.2
8.8 8.7
11.1 10.8
12.6 12.5
11.7
15.2 15.0
Q1 08 Q2 08 Q3 08 Q4 08 Q1 09

17. 17
Summary
• Economical challenges of historical dimensions
• Strong measures taken in Q1 to address RWA and credit quality
• Prudence in provisioning levels as impaired loans continue to
increase but we expect it to level off during the year
• Q2 focus will be to take firm control of our destiny in the ongoing
economical downturn

18. Appendix

19. 19
Balance sheet
Swedbank Group SEKm Mar 09 Dec 08 %
Loans to credit institutions 141 996 128 536 10%
Loans to the public 1 282 258 1 287 424 0%
Interest-bearing securities 169 813 133 694 27%
Shares and participating interests 59 484 60 182 -1%
- for which customers bear the investment risk 52 551 51 638 2%
Derivatives 111 752 128 055 -13%
Other assets 65 493 73 799 -11%
Total assets 1 830 796 1 811 690 1%
Amounts owed to credit institutions 358 812 316 730 13%
Deposits and borrowings from the public 471 833 508 456 -7%
Debt securities in issue 610 256 593 365 3%
"Financial liabilities for which customers bear the investment risk" 53 126 52 074 2%
Derivatives 103 409 116 720 -11%
Other liabilities and provisions 104 471 93 128 12%
Subordinated liabilities 45 874 44 755 3%
Equity 83 015 86 462 -4%
- Non-controlling interest 257 232 11%
- Equity attributable to shareholders 82 758 86 230 -4%
Total liabilities and equity 1 830 796 1 811 690 1%

20. 20
Provisioning (P&L effect)
Q1 2009 Q4 2008 Change Change
Specific provisions for individually
assessed loan 2 423 832 1 591 191%
Provisions for contingent liabilities, net 10 -6 16 -267%
Provisions for collectively valued
homogenous groups of loans with
limited value and similar credit risk 126 34 92 271%
Collective provisions for individually
assessed loans 491 574 -83 -14%
Additional collective provisions 3 680 3 680
Total provisions, gross 6 730 1 434 5 296 369%
Reversal of individual provisions no
longer required -178 -25 -153 612%
Total provisions, net 6 552 1 409 5 143 365%

21. 21
Lehman Brothers
• Collateralised exposure related to Lehman Brothers is
USD 1,350m
– Collateral consists of 69 commercial real estate loans, secured
by 55 properties
– 9 loans were non-performing at March 31
– Aggregate notional value of assets well above book value of Lehman
exposure
• Additional stress tests performed due to the further
deteriorating CRE market in the US
– Appr. 2/3 of the notional portfolio consists of loans to high quality*
commercial real estate. No need for provisions
– Appr. 1/3 of the notional portfolio consists of development projects in
different stages of completion. These have been valued mark to market
*strong DSCR, stable contract situation and/or very low LTV

22. 22
Exposures FAQ
• Private Equity related exposures is
EUR 1,425m in total
– Nordic related LBO’s
– 99% Senior lending
– Largest sector is health care with 45%
– Average size of single exposure is
EUR 60m
• Lending exposure to shipping sector is
EUR 2,081m plus unutilised commitments
of EUR 693m
– Portfolio duration is 4y
– Average fleet age is 6y
– 9% is dry bulk
– 2.7% is car carriers
– Strong employment profiles
Tanker
33%
Ro-Ro,
Container
&Bulk
25%
Offshore
42%

23. 23
Exposure FAQ
• Hedge Fund Exposure is EUR 94m
– All collateralised
• Total exposure to SIV’s and Conduits is EUR 8m
• Total Exposure to CDO’s is EUR 2m

24. 24
Low risk in interest-bearing securities (SEK 170bn)
Holding distributed by currency
SEK
76%
NOK
7%
EUR
12%
LVL
0%
LTL
1%
USD
4%
EEK
0%
GBP
0%
Geographic distribution of issuers
Sweden
76%
Norway
7%
UK
5%
Baltics
2%US
4%
Other
6%
As of 31 March 2009,
around 15% of the
Group’s interest-bearing
securities were valued
using valuation models
against 19% as of 31
December 2008.
* Recognised at fair value with changes in value through P&L.
** Measured at amortised cost
Holding distributed by sector
Central banks
29%
Mortgage bonds,
covered
23%
Banks
11%
Other
corporations
8%
States &
municipalities
14%
Other financial
corporations
9%
Mortgage bonds,
not covered
6%
Accounting classification
Held for trading*
94%
Held-to-maturity
investments** initial
classification
1%
Held-to-maturity
investments** reclassified
as of 2008-06-30
Held-to-maturity
investments**

25. 25
Maturity profile – long-term funding
Swedbank Mortgage, long-term maturity profile
0
20
40
60
80
100
120
2009 2010 2011 2012 2013 2014-
SEK bn, nom
Swedbank AB, long-term maturity profile
(excl. Swedbank Mortgage)
0
20
40
60
80
100
120
2009 2010 2011 2012 2013 2014-
SEK bn, nom

26. 26
Swedbank Mortgage, Q1 2009, total loan portfolio
SEK 642bn (Euro 59bn)
Lending
Single-family homes;
60.2%
Multi-family houses; 4.9%
Tenant Owners Assoc.;
11.4%
Commercial; 0.2%
Municipalities etc; 3.0%
Forest- & Agricult.; 6.2%
Condominiums; 14.2%
Loan to value (LTV)
0
50 000
100 000
150 000
200 000
250 000
<30% 30-50% 50-60% 60-75% 75-85% >85%
SEKm
Single-family homes Condominiums Multi-family houses (incl Condo Ass)
SEK 6.5bn

27. 27
Other lending to the public, Sweden, SEK 306bn
(excl. Swedbank Mortgage)
0
50 000
100 000
150 000
200 000
250 000
300 000
350 000
SEKm
Municipalities
Other corporate lending
Forestry and agriculture
Transportation
Manufacturing
Construction
Retail, hotels and
restaurants
Real estate management
Private individuals
Real estate management
Residential
properties
26%
Tenant-owned
housing-
associations
17%
Industry
properties
8%
Commercial
properties
40%
Other real
estate mgmt
9%

28. Appendix – Baltic Banking

29. 29
Asset quality
0
50
100
150
200
250
300
350
400
450
Q108
Q208
Q308
Q408
Q109
0%
1%
2%
3%
4%
5%
6%
7%
8%
EURm Loan loss ratio, %
% Q1 09 Q4 08
Estonia 3.31 1.32
Latvia 14.13 3.70
Lithuania 6.00 0.77
Baltic Banking 7.50 1.91
Impairment losses
Q109 2008YE 2007YE
Overdues >60 days, EURm 1,113 536 101
Overdues >60 days, % 5.9 2.7 0.5
Risk indicators
Loan loss ratio

30. 30
Asset quality by country
Latvia
8 11 16
60
229
0
50
100
150
200
250
Q1 08 Q2 08 Q3 08 Q4 08 Q1 09
EURm
Estonia
7 11 14 29
68
0
50
100
150
200
250
Q1 08 Q2 08 Q3 08 Q4 08 Q1 09
EURm
Lithuania
3 4 12 11
86
0
50
100
150
200
250
Q1 08 Q2 08 Q3 08 Q4 08 Q1 09
EURm
Impairment loss dynamics
pa e t osses
0%
2%
4%
6%
8%
10%
12%
14%
16%
Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09
Est Lat Lit Baltic Banking
Loan loss ratio

31. 31
Overdue developments
Overdues, EE Corporate
2,5%
0,9%
4,5%
0%
2%
4%
6%
8%
10%
Mar-08 Jun-08 Sep-08 Dec-08 Mar-09
31-60 days 61-90 days over 90 days
Overdues, LV Corporate
4,0%
2,9%
9,4%
0%
2%
4%
6%
8%
10%
Mar-08 Jun-08 Sep-08 Dec-08 Mar-09
31-60 days 61-90 days over 90 days
Overdues, LT Corporate
7,5%
0,3%
5,2%
0%
2%
4%
6%
8%
10%
Mar-08 Jun-08 Sep-08 Dec-08 Mar-09
31-60 days 61-90 days over 90 days
Overdues, EE Private
1,4%
0,6%
1,5%
0%
1%
2%
3%
4%
5%
Mar-08 Jun-08 Sep-08 Dec-08 Mar-09
31-60 days 61-90 days over 90 days
Overdues, LV Private
2,7%
1,2%
4,1%
0%
1%
2%
3%
4%
5%
Mar-08 Jun-08 Sep-08 Dec-08 Mar-09
31-60 days 61-90 days over 90 days
Overdues, LT Private
1,0%
0,5%
1,1%
0%
1%
2%
3%
4%
5%
Mar-08 Jun-08 Sep-08 Dec-08 Mar-09
31-60 days 61-90 days over 90 days
* Overdues / current portfolio

32. 32
Overdue loans – Swedbank Estonia and
Swedbank Latvia vs market
Estonia - overdues over 60 days / current
portfolio
0%
1%
2%
3%
4%
5%
6%
dec-05
mar-06
jun-06
sep-06
dec-06
mar-07
jun-07
sep-07
dec-07
mar-08
apr-08
maj-08
jun-08
sep-08
dec-08
feb-09
Rest of the market Swedbank Estonia (bank)
Estonia - overdues over 30 days / current
portfolio
0%
1%
2%
3%
4%
5%
6%
dec-05
mar-06
jun-06
sep-06
dec-06
mar-07
jun-07
sep-07
dec-07
mar-08
apr-08
maj-08
jun-08
sep-08
dec-08
feb-09
Rest of the market Swedbank Estonia (bank)
Latvia - overdues over 30 days / current
portfolio
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
dec-04
mar-05
jun-05
sep-05
dec-05
mar-06
jun-06
sep-06
dec-06
mar-07
jun-07
sep-07
dec-07
mar-08
jun-08
sep-08
dec-08
Rest of the market Swedbank Latvia (bank)
Latvia - overdues over 90 days / current
portfolio
0%
1%
2%
3%
4%
5%
6%
dec-04
mar-05
jun-05
sep-05
dec-05
mar-06
jun-06
sep-06
dec-06
mar-07
jun-07
sep-07
dec-07
mar-08
jun-08
sep-08
dec-08
Rest of the market Swedbank Latvia (bank)
Source: Bank of Estonia. FKTK of Latvia. Baltic Banking data

33. 33
Baltic lending by sectors*
983
1 590
1 576
3 193
451
3 051
0 2 000 4 000 6 000 8 000 10 000
Other***
Construction
Transport
Industry
Retail &
Wholesale
Real-estate
mgmt**
Individuals
EURm
-86
-35
-89
-145
100
-177
-191
-300 -150 0 150
Portfolio (EURm), March 2009 Portfolio growth (EURm), Q1 09
% share of portfolio
* Lending portfolio split is based on NACE classification as presented to Central Bank
** In Q109 certain loans were reclassified to Real estate management. As a result real estate portfolio grew by EUR 107m while
Construction decreased by EUR 62m. Other business services EUR -37m and Energy EUR -1m
*** Other portfolio includes Other business services, Energy, Agriculture, State & Municipality and Other loans
2%
5%
8%
8%
16%
16%
45%Mortgage Other

34. 34
Mortgage portfolio
EE Mortgage overdues > 30 days
0%
1%
2%
3%
4%
5%
6%
7%
0m 6m 12m 18m 24m 30m 36m
Overdues/Balance,%
2005 2006 2007 2008
LV Mortgage overdues > 30 days
0%
1%
2%
3%
4%
5%
6%
7%
0m 6m 12m 18m 24m 30m 36m
Overdues/Balance,%
2005 2006 2007 2008
• All vintages are converging to the
same level of overdues. Complicated
to separate the effects of origination
quality from the downturn impact
* Part of loans issued backed by guarantee of the State insurance company
LT Mortgage overdues* > 30 days
0%
1%
2%
3%
4%
5%
6%
7%
0m 6m 12m 18m 24m 30m 36m
Overdues/Balance,%
2005 2006 2007 2008

35. 35
Mortgage portfolio quality indicators
Est Lat Lit*
LTV, total portfolio: Q1 09 69% 78% 79%
LTV, total portfolio: Q4 08 67% 71% 70%
LTV>80% 33% 46% 46%
LTV>100% 14% 23% 24%
* Part of loans issued backed by guarantee of the State insurance company
• High risk concentration in mortgage
portfolios stays ~12% in Estonia
and ~20% in Latvia, Lithuania. High
risk is defined as all loans with loan
to value ratio (LTV) over 75% and
loan servicing ratio over 50%
• Due to the residential price drop,
Baltic Banking has a higher share
of under-collateralised loans. More
than 1/5th of loans issued in Latvia
and Lithuania already have
LTV>100%. A further drop by 20%
will mean that close to 50% of the
portfolio will be under-collateralised

36. Corporate client portfolio
• The effect of the downturn has shown a deterioration of Baltic
Banking real estate, in particular residential development
portfolio
• Downgrades have led to provisions increase by EUR 116.6m
in Q1 2009 (not including the additional collective provision)
BB Rating 6 & 7 exposures
0 200 400 600 800 1 000 1 200
Q1 2009
Q4 2008
Q4 2007
EURm
Commercial real estate
Production
Retailing
Transportation
Other
BB Total provisions, YTD
0 50 100 150 200 250 300 350 400 450
Q1 2009
Q4 2008
Q4 2007
EURm
Commercial real estate
Production
Retailing
Transportation
Other

37. 37
Baltic lending by sectors – real estate
Estonia
24%
6%
22%
28%
15%
5%
Latvia
16%
13%
22%
12%
3%
34%
Lithuania
13%
6%
30%
40%
6%
5%
Office
Production&Warehouse
Residential
Retail
Land plots
Other

38. 38
Collateral breakdown
Mar
2009 %
Dec
2008 %
State 396 2 370 2
Private real-estate 7 481 37 7 321 36
Corporate real-estate 6 898 35 7 715 38
Guarantees 361 2 317 2
Other collateral* 3 547 18 3 742 18
Unsecured 1 299 7 1 104 5
Unsecured corporate 505 3 776 4
Unsecured private 794 4 328 2
Total** 19 980 100 20 569 100
• Baltic Banking loan portfolio is adequately
secured
• Private mortgage portfolio is fully covered
with family houses and apartments (as a rule
owner occupied)
• Commercial real estate collaterals are
revaluated at least once per year. Valuation
is performed by independent experts
• Full asset pledge, including tangible assets
and current assets, is most common case for
Corporate portfolio. Collateral position
enhancement with owner guarantees and
additional collateral is used for more risky
customers and SME segments
• The share of unsecured loans is low: 7%
(used for top ratings in corporate segment
and consumer products in private)
Baltic Collateral (EURm)
*Other collateral is deposits. customer payments. vehicles. etc
** Total loans including repos

39. 39
Volumes development
Loan portfolio
0
5 000
10 000
15 000
20 000
´06 ´07 ´08 Mar´09 ´06 ´07 ´08 Mar´09 ´06 ´07 ´08 Mar´09 ´06 ´07 ´08 Mar´09
EURm
-10%
10%
30%
50%
70%
90%
portfolio
YoY% growth
Estonia Latvia Lithuania Baltic Banking
Loan/Deposit ratio
100%
150%
200%
250%
300%
2006 2007 2008 Q109
Estonia Latvia Lithuania Baltic Banking