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. Interim report Q4 2008
12 February 2009
Jan Lidén
President and CEO

2. 2© Swedbank
Content
• Fourth quarter 2008
– Group
– Business areas
• Comments on issues in focus
– Credit quality
– Liquidity and funding
– Capitalization
– Dividend
• Summary and conclusions

3. Profit trend

4. 4© Swedbank
Fourth quarter 2008 – Group
• Profit for the period increased by
34% to SEK 3 318m (2 468 Q3),
excl. impairment of goodwill
• Net interest income increased by
+6% to SEK 5 742m (5 424)
• Net commission income decreased
by 11% due to downturn in the stock
market
• Increased provisions for loan losses,
SEK 1 633m (812), of which Baltic
Banking amounted to SEK 977m
• Impairment of goodwill in Ukraine
amounted to SEK 1 403m
• The proposed dividend amounts to
SEK 2.40 per preference share and
SEK 4.50 per ordinary share.
Profit for the period, SEKm
* Excl. impairment of goodwill SEK 1 403m

5. 5© Swedbank
** Including total subscribed capital
Fourth quarter 2008 – Group, cont.
• Successful share issue of SEK
12.4bn increases the tier 1
capital ratio to 10.7%
• Stronger liquidity due to larger
funding volumes (with and
without state guarantee)
• Prepared for tougher times
Tier 1 capital ratio, %

6. 6© Swedbank
Business areas
Swedish Banking
• Continued lending growth, corporate lending
decreased due to cooperation with Kommuninvest
• Net interest income increased by 6%
• Continued focus on cost control and credit quality
Baltic Banking
• Significant macroeconomic challenges
• Continued strong profit before loan losses
• Increased provisions for loan losses
• Focus on credit quality
Swedbank Markets
• Growing customer trading and good risk
management entailed continued solid earnings
• Swedbank remains a leading player in the
Swedish corporate bond market
• Market share in equities trading on Nasdaq OMX
Stockholm increased
International Banking
• Increased operating profit
• 18 new branches in Ukraine and two more in
Russia during the period – focus on attracting
deposits
• Good business development in the Nordic
branches
• Impairment of goodwill

7. Comments on issues in focus

8. 8© Swedbank
Credit quality – impaired loans are increasing
Share of impaired loansDistribution of lending
Sw edbank
Mortgage
49%
Latvia
6%
Estonia
7%
Sweden
75%
Other
7%Lithuania
5%
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
Q1-06 Q2-06 Q3-06 Q4-06 Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08 Q4-08
Swedbank Mortgage Swedish Banking Baltic Banking Group
%

9. 9© Swedbank
-500
-400
-300
-200
-100
0
100
200
300
400
500
Q1-06
Q2-06
Q3-06
Q4-06
Q1-07
Q2-07
Q3-07
Q4-07
Q1-08
Q2-08
Q3-08
Q4-08
-1.0
-0.8
-0.6
-0.4
-0.2
0.0
0.2
0.4
0.6
0.8
1.0
0
200
400
600
800
1,000
1,200
Q1-06
Q2-06
Q3-06
Q4-06
Q1-07
Q2-07
Q3-07
Q4-07
Q1-08
Q2-08
Q3-08
Q4-08
0.0
0.5
1.0
1.5
2.0
2.5
-500
-400
-300
-200
-100
0
100
200
300
400
500
Q1-06
Q2-06
Q3-06
Q4-06
Q1-07
Q2-07
Q3-07
Q4-07
Q1-08
Q2-08
Q3-08
Q4-08
-1.0
-0.8
-0.6
-0.4
-0.2
0.0
0.2
0.4
0.6
0.8
1.0
Credit quality – write-offs still low
Swedish Banking
Baltic Banking
Swedbank Mortgage
SEKm
SEKm
SEKm
%
%
%
Loan losses, net Write-offs Loan loss ratio, net
Loan losses, net = write-offs + provisions –recoveries

10. 10© Swedbank
Selected exposures – limited risk
• The secured exposure to Lehman is unchanged – USD 1 350m
– 69 loans with 55 properties as underlying collateral
– The collateral value is well above the exposure amount
– Updated analysis shows that there is no further need of provisions
• Exposure to hedge funds – SEK 1.4bn
– All exposure is secured
• Exposure to Conduits and SIVs – SEK 94m
• Exposure to CDOs – SEK 183m
• Exposure to Private Equity – SEK 15.1bn
– Nordic acquisition finance
– 99% constitutes senior debt
– Largest sector is health care, 45 %
– Average loan amount is about SEK 650m

11. 11© Swedbank
Low risk in interest-bearing securities (SEK 134bn)
As of 31 December, around 19
percent of the Group’s interest-
bearing securities were valued
using valuation models against
around 81 percent as of 30
September and around 5 percent as
of 31 December 2007
Holding distributed per sector
Mortgage
bonds, covered
37%
Public sector
21%
Banks
15%
Other
corporations
11%
Other financial
corporations
9%
Mortgage
bonds, not
covered
7%
Holding distributed per currency
SEK
73%
EUR
16%
USD
4%
NOK
5%
LVL
1%
LTL
1%
EEK
0%
GBP
0%
Geographic distribution of issuers
Sweden
73%
UK
7%
Norway
5%
USA
5%
Baltics
2%
Others
8%
Accounting classification
Held for
trading*
93%
Held-to-
maturity
investments
**Reclass-
ified as of
2008-06-30
6%
Held-to-
maturity
investments
** Intitial
classification
1%
* Recognised at fair value with changes in value through P/L.
** Measured at amortised cost

12. 12© Swedbank
Liquidity for more than 1 year
Stress test of liquidity as of 31 Dec 2008
0
50
100
150
200
250
1W 2W 3W 1M 2M 3M 4M 5M 6M 9M 1Y
SEKbn
31/12/2008 05/02/2009
Main assumption: No access to capital markets; no refinancing of
lending to credit institutions, issued bonds or subordinated loans.

13. 13© Swedbank
Prepared for tougher times
• Tier 1 capital ratio, 10.7 %
• Solid liquidity
• Closer evaluations of exposures deemed at higher risk
• Continued focus on systematic work in the Baltics:
– Reinforcement of resources
– Processes
– Legal structures
– Scenario planning

14. 14© Swedbank
Group results
Mikael Inglander
CFO

15. 15© Swedbank
Income statement, Group
SEKm
Q4
2008
Q3
2008 %
Q4
2007 %
Net interest income 5 742 5 424 6 5 259 9
Net commission income 2 011 2 265 – 11 2 536 – 21
Net gains/losses on financial items at fair value 1 244 – 109 386
Other income 1 349 658 693 95
Total income 10 346 8 238 26 8 874 17
Staff costs 2 340 2 223 5 2 111 11
Profit-based staff costs 262 235 11 522 – 50
Other expenses* 2 300 1 855 24 1 893 22
Total expenses 4 902 4 313 14 4 526 8
Profit before loan losses 5 444 3 925 39 4 348 25
Loan losses, net 1 633 812 238
Operating profit 3 811 3 113 22 4 110 – 7
Tax 500 640 – 22 950 – 47
Profit for the period 3 311 2 473 34 3 160 5
Attributable to shareholders of Swedbank 3 318 2 468 34 3 108 7
* Excluding impairment of goodwill SEK 1 403m, Q4 2008

16. 16© Swedbank
Income statement, Group
SEKm
Jan-Dec
2008
Jan-Dec
2007 %
Net interest income 21 702 19 157 13
Net commission income 8 830 9 880 – 11
Net gains/losses on financial items at fair value 2 351 1 691 39
Other income 3 580 2 196 63
Total income 36 463 32 924 11
Staff costs 9 142 8 134 12
Profit-based staff costs 950 1 658 – 43
Other expenses* 7 993 6 927 15
Total expenses 18 085 16 719 8
Profit before loan losses 18 378 16 205 13
Loan losses , net 3 156 619
Operating profit 15 222 15 586 – 2
Tax 2 880 3 450 – 17
Profit for the period 12 342 12 136 2
Attributable to shareholders of Swedbank 12 290 11 996 2
* Excluding impairment of goodwill SEK 1 403m, 2008

17. 17© Swedbank
Business areas
2008 vs 2007, SEKm 2008 % 2008 % 2008 % 2008 % 2008 %
Net interest income 11 840 1 6 448 14 2 171 89 1 555 32 76 – 8
Net commission income 4 078 – 9 1 925 4 354 16 960 – 28 1 513 – 19
Other income 2 349 59 1 040 – 17 407 530 – 30 209 – 10
Total income 18 267 3 9 413 7 2 932 87 3 045 – 7 1 798 – 18
Staff costs 4 282 – 0 1 801 – 12 846 80 1 094 – 7 414 – 3
Other expenses 4 799 2 1 796 20 769 78 760 11 427 – 8
Total expenses 9 081 1 3 597 1 1 615 79 1 854 – 0 841 – 5
Profit before loan losses 9 186 6 5 816 11 1 317 99 1 191 – 16 957 – 26
Loan losses, net 594 1 800 478 290 0
Operating profit 8 592 0 4 016 – 16 839 70 901 – 36 957 – 26
Tax 2 156 – 11 367 – 19 261 231 – 39 224 – 30
Profit for the period 6 436 4 3 649 – 16 578 54 670 – 35 733 – 25
Attributable to Swedbank's
shareholders 6 425 4 3 649 – 16 578 54 629 – 30 733 – 25
Return on allocated equity, % 21.8 24.4 6.5 17.6 33.6
* Excluding impairment of goodwill SEK 1 403m, 2008
Ukrainian Banking Operations was consolidated July 2007
Asset
Mgmt
Int'l.
Banking*
Swedish
Banking
Baltic
Banking
Swedbank
Markets

18. 18© Swedbank
Net interest income, Swedish Banking
SEKm
Q4 2008
vs Q3 2008
Q4 2008
vs Q4 2007
Net interest income Q3 2008 2 857
Net interest income Q4 2007 2 927
Changes:
Higher lending volumes 15 166
Higher lending margins 247 197
Higher deposit volumes 36
Decreased deposit volumes – 40
Decreased deposit margins – 81 – 103
Other changes 32 – 193
Total change 173 103
Net interest income Q4 2008 3 030 3 030

19. 19© Swedbank
Baltic Banking Operations, change in net interest income
SEKm
Q4 2008
vs Q3 2008
Q4 2008
vs Q4 2007
Net interest income Q3 2008 1 667
Net interest income Q4 2007 1 588
Changes:
Higher lending volumes 104
Decreased lending margins -24 -124
Exchange rate effect, lending 67 89
Decreased deposit volumes -61 -14
Higher deposit margins 206 72
Exchange rate effect, deposits 41 59
Other changes -221 -99
Total change 8 87
Net interest income Q4 2008 1 675 1 675

20. 20© Swedbank
Net commission income, Group
SEKm
Q4
2008
Q3
2008 %
Q4
2007 %
Payments 889 899 – 1 800 11
Lending 129 194 – 34 162 – 20
Brokerage 141 166 – 15 290 – 51
Asset management 727 864 – 16 995 – 27
Insurance 59 69 – 14 80 – 26
Corporate finance 58 22 209 – 72
Other 8 51 – 84 0
Total net commissions 2 011 2 265 – 11 2 536 – 21

21. 21© Swedbank
Net gains and losses on financial items at fair value
SEKm Q4 2008 Q3 2008 Q2 2008 Q1 2008 Q4 2007 Q3 2007
Swedish Banking 828 -126 179 16 116 1
Swedbank Mortgage open interest rate exposure 763 -172 29 -22 66 -129
MasterCard 101 89
Baltic Banking 12 107 205 78 163 213
International Banking 229 -6 114 22 30 42
Inefficiency in hedge accounting -126 -72 61
Swedbank Markets 304 -210 118 244 137 167
Valuation of credit bonds 0 -217 0 -187 0 -60
Asset Management & Insurance 1 -14 25 -15 -1 1
Shared Service and Group Staff -156 139 512 -270 -31 -228
Derivatives Group funding 0 0 419 -272 21 -89
Eliminations 26 1 -12 0 -28 0
Total net gains and losses 1 244 – 109 1 141 75 386 196

22. 22© Swedbank
Expenses
SEKm
Q4
2008
Q3
2008 %
Q4
2007 %
Swedish Banking 2 390 2 197 9 2 279 5
Baltic Banking Operations 977 926 6 1 062 – 8
International Banking* 557 315 77 302 84
Swedbank Markets 500 398 26 530 – 6
Asset Management & Insurance 182 200 – 9 230 – 21
Other 296 277 7 123
Total expenses 4 902 4 313 14 4 526 8
of which staff costs in:
Swedish Banking 1 120 1 046 7 1 096 2
Baltic Banking 453 483 – 6 587 – 23
International Banking 257 213 21 173 49
Swedbank Markets 261 227 15 333 – 22
Asset Management & Insurance 107 99 8 138 – 22
* Excluding impairment of goodwill SEK 1 403m, Q4 2008

23. 23© Swedbank
Key figures, Group
Jan-Dec
2008
Jan-Dec
2007
Return on equity, % * 17.1 18.9
Earnings per share, SEK * 21.95 21.78
Equity per share, SEK 111.54 131.96
C/I ratio * 0.50 0.51
Loan loss ratio, % 0.28 0.07
Share of impaired loans, % 0.52 0.13
Provision ratio for impaired loans, % 60 120
Core tier 1 capital ratio, new rules, % 9.3 7.3
Tier 1 capital ratio, new rules, % 10.7 8.5
Capital adequacy ratio, new rules, % 14.8 12.7
* Excluding impairment of goodwill SEK 1 403m, 2008

24. 24© Swedbank
Summary
• Strong result
• Transparent, diversified balance sheet
• Improved capitalization and liquidity
• Focus on systematic work to manage the Group through more
difficult times

25. 25© Swedbank
Appendix

26. 26© Swedbank
Shipping exposure
• Exposure to shipping companies
amounted to SEK 20.4bn as of 31
December
– Duration of the portfolio is 4 years
– Average age of vessels is six years
– Limited exposure to dry cargo (9%) and car
transports (2.7%)
– Customers generally have long freight
contracts
Tanker
33%
Ro-Ro,
Container
&Bulk
25%
Offshore
42%

27. 27© Swedbank
Maturity profile – long-term funding
0
20
40
60
80
100
120
2009 2010 2011 2012 2013 2014-
SEKbn,nom.amount
0
20
40
60
80
100
120
2009 2010 2011 2012 2013 2014-
SEKbn,nom.amount
Swedbank (excl. Swedbank Mortgage) Maturity profile Swedbank Mortgage, Maturity profile

28. 28© Swedbank
Long-term funding 2008-2009
* As of 9 Feb 2009
SEK bn Swedbank Swedbank Mortgage
Debt to mature 2008 55 155
Issued 2008 110 97
-of which guaranteed 61 0
Debt to mature 2009 49 104
Issued 2009* 41 5
-of which guaranteed 40 0
Swedbank Group - Long-term funding

29. 29© Swedbank
0,0%
10,0%
20,0%
30,0%
40,0%
50,0%
60,0%
70,0%
<30% 30-50% 50-60% 60-75% 75-85% >85%
Småhus Flerfamiljshus (inkl Brf) Bostadsrätter
Mortgage lending, Sweden
SEK 595bn
LTV
Lending
Funding
Average loan-to-value 46 percent. More than 50 percent of the
total loan portfolio has a loan-to-value ratio of less than 30
percent.
LTV
Share of
portfolio
Forest &
Agriculture
6%
Single family homes
60%
Commercial real
estate
0%
Condiminiums
15%
Multi-family homes
2%
Tenant ow ners
associations
14%
Public sector
3%
CP
26%
Covered
Bonds
68%
Equity
6%
Funding

30. 30© Swedbank
Renting of single-
family homes
28%
Renting,
industry
36%
Renting, other
estate
9%
Renting, other
industry
8%
Tenant ow ners
associationsr
19%
Other lending to the public, Sweden
(excl. Swedbank Mortgage), SEK 309bn
Real estate management
SEKbn
0
50 000
100 000
150 000
200 000
250 000
300 000
350 000
Public sector
Other corporate lending
Forestry and agriculture
Transportation
Industry
Construction
Hotel and restaurant
Retail and w holesale
Real estate management
Individuals

31. 31© Swedbank
Baltic Banking

32. 32© Swedbank
Asset quality
Net loan losses
-100%
0%
100%
200%
300%
400%
500%
Q107
Q207
Q307
Q407
Q108
Q208
Q308
Q408
0
15
30
45
60
75
90
105
EURm
Net loan losses NLL YoY% growth
0.98%
0.58%
1.61%
0.77%
2008
1.91%
0.77%
3.70%
1.32%
Q4 08
0.35%Baltic Banking
0.17%Lithuania
0.51%Latvia
0.33%Estonia
2007
Net loan losses
0.98%
0.29%
0.52%
1.02%
2.16%
1.32%
2008
0.35%
0.34%
0.33%
0.31%
0.57%
0.42%
2007
1.91%
0.73%
0.95%
1.99%
5.81%
2.95%
Q4 08
incl industry
incl real estate
Baltic Banking
incl private home loans
Private
Corporate
Net loan losses
5.7
5.5
15.1
148.7
0.5%
100.7
2007
40.1
8.7
27.0
320.2
2.6%
535.9
2008
4.8
7,2
8.2
102.2
0.3%
41.5
2006
Total provisions, EURm
Overdues >60 days, %
Total repossessed assets, EURm
Recoveries, EURm
Write offs, EURm
Overdues >60 days, EURm
Risk indicators

33. 33© Swedbank
Asset quality by country
Latvia
8 11
16
60
0
20
40
60
Q1 08 Q2 08 Q3 08 Q4 08
EURm
Estonia
7 11 14
28
0
20
40
60
Q1 08 Q2 08 Q3 08 Q4 08
EURm
NLL ratio – change in total provisions (both for performing and non-performing loan portfolio) and net write-offs against beginning of the year portfolio
Lithuania
3 4
12 11
0
20
40
60
Q1 08 Q2 08 Q3 08 Q4 08
EURm
Net loan loss dynamics
• Global recession has had a large negative impact on
the Baltic economies. The impact is seen as a surge in
net loan loss levels in Q4 2008 in Estonia and Latvia.
Lithuania expected to follow with a time lag
• Downturn has particularly sharp impact on residential
market.
Net loan losses
0,0%
1,0%
2,0%
3,0%
4,0%
5,0%
Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08
Est Lat Lit Baltic Banking

34. 34© Swedbank
Private portfolio risk profile
0%
10%
20%
30%
40%
1 2 3 4 5 6 7 8 9 10 11 12
EURm
Q4 2007 Q4 2008
SME/SSE risk profile
0%
5%
10%
15%
20%
25%
A A- B B- C C- D D- E E- F
EURm
Q4 2007 Q4 2008
Large corporate risk profile
0%
5%
10%
15%
20%
25%
30%
1 1- 2 2- 3 3- 4 4- 5 5- 6 6- 7
EURm
Q4 2007 Q4 2008
* Risk exposure: on-balance + off-balance portfolio
Low risk
Non-
performing
Low risk Non-
performing
Credit quality of the loan book
• Well diversified portfolio dominated by retail exposures
• Macro developments have triggered downgrades in all
segments:
– Real estate sector drives downgrades in large
corporate segment (exposure > EUR 0.8m). Due to
negative sentiment new lending is down, and the
effect of downgrades cannot be balanced any more
– SME/SSE has been the first segment to react to
downturn. Acceptable risk profile retained (45% of
portfolio with PD<1%)
– Private portfolio has low risk profile (72% with
PD<1%)
Low risk Non-
performing

35. 35© Swedbank
Overdue development
Rising overdues over 90 days have the most impact on rising NLL levels
Corporate, EE
0%
1%
2%
3%
4%
5%
dec-07 mar-08 jun-08 sep-08 dec-08
31-60 days 61-90 days over 90 days
Corporate, LV
0%
1%
2%
3%
4%
5%
dec-07 mar-08 jun-08 sep-08 dec-08
31-60 days 61-90 days over 90 days
Corporate, LT
0%
1%
2%
3%
4%
5%
dec-07 mar-08 jun-08 sep-08 dec-08
31-60 days 61-90 days over 90 days
Private, EE
0,0%
0,5%
1,0%
1,5%
2,0%
2,5%
dec-07 mar-08 jun-08 sep-08 dec-08
31-60 days 61-90 days over 90 days
Private, LV
0,0%
0,5%
1,0%
1,5%
2,0%
2,5%
dec-07 mar-08 jun-08 sep-08 dec-08
31-60 days 61-90 days over 90 days
Private, LT
0,0%
0,5%
1,0%
1,5%
2,0%
2,5%
dec-07 mar-08 jun-08 sep-08 dec-08
31-60 days 61-90 days over 90 days
* Overdues / current portfolio

36. 36© Swedbank
Overdue loans – Swedbank Estonia and
Swedbank Latvia vs market
Estonia - overdues over 60 days / current
portfolio
0%
1%
2%
3%
4%
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
Rest of the market Swedbank Estonia (bank)
Estonia - overdues over 30 days / current
portfolio
0%
1%
2%
3%
4%
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
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, Hansabank Group data

37. 37© Swedbank
Baltic lending by sectors
536
1 018
1 678
1 721
3 092
3 241
0 2 000 4 000 6 000 8 000 10 000
Other*
Construction
Transport
Industry
Retail &
Wholesale
Real-estate
mgmt
Individuals
EURm
-62
-18
-102
-127
-10
-68
-71
-150 -100 -50 0
Portfolio (EURm), December 2008 Portfolio growth (EURm), Q4 08
xx% - share of portfolio
* Other portfolio includes Other business services, Energy, Agriculture, State & Municipality and Other loans
3%
5%
8%
9%
15%
16%
44%Mortgage Other

38. 38© Swedbank
Estonian lending by sectors
174
282
454
633
1 161
3 854
1 450
0 1 000 2 000 3 000 4 000
Other
Construction
Transport
Industry
Retail &
Wholesale
Real-estate
mgmt
Individuals
-28
-7
-52
-77
0
-49
-25
-100 -50 0 50 100 150
Portfolio (EURm), December 2008 Portfolio growth (EURm), Q4 08
48%
2%
4%
6%
8%
15%
18%
xx% - share of portfolio
* Other portfolio includes Other business services, Energy, Agriculture, State & Municipality and Other loans

39. 39© Swedbank
Latvian lending by sectors
252
298
622
511
1 078
2 805
915
0 1 000 2 000 3 000 4 000
Other
Construction
Transport
Industry
Retail &
Wholesale
Real-estate
mgmt
Individuals
-6
3
-43
-13
4
-20
-58
-100 -50 0 50 100 150
Portfolio (EURm), December 2008 Portfolio growth (EURm), Q4 08
43%
4%
5%
10%
8%
17%
14%
xx% - share of portfolio
* Other portfolio includes Other business services, Energy, Agriculture, State & Municipality and Other loans

40. 40© Swedbank
Lithuanian lending by sectors
438
603
578
853
2 282
110
877
0 1 000 2 000 3 000 4 000
Other
Construction
Transport
Industry
Retail &
Wholesale
Real-estate
mgmt
Individuals
-28
-15
-7
-37
-14
0
-2
-50 0 50 100 150
Portfolio (EURm), December 2008 Portfolio growth (EURm), Q4 08
40%
2%
8%
10%
10%
15%
15%
xx% - share of portfolio
* Other portfolio includes Other business services, Energy, Agriculture, State & Municipality and Other loans

41. 41© Swedbank
Mortgage portfolio
LT Mortgage overdues > 30 days
0%
1%
2%
3%
4%
5%
0m 3m 6m 9m 12m 15m 18m 21m 24m 27m 30m 33m 36m
Overdues/Balance,%
2005 2006 2007 2008
EE Mortgage overdues > 30 days
0%
1%
2%
3%
4%
5%
0m 3m 6m 9m 12m 15m 18m 21m 24m 27m 30m 33m 36m
Overdues/Balance,%
2005 2006 2007 2008
LV Mortgage overdues > 30 days
0%
1%
2%
3%
4%
5%
0m 3m 6m 9m 12m 15m 18m 21m 24m 27m 30m 33m 36m
Overdues/Balance,%
2005 2006 2007 2008
• Due to the effects of crisis 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
12%
30%
67%
EE
13%
33%
70%
LT*
12%LTV>100% (share of portfolio)
38%LTV>80% (share of portfolio)
71%LTV, total portfolio
LV

42. © Swedbank
Corporate client portfolio
• From 2005 to 2008, new lending changed
– New lending in 2006 and 2007 mainly went to
companies rated 4 or 5 (scale of 7)
– In 2008, the downturn caused downgrades,
rating 5 real estate portfolio most affected
– New lending in 2008 focused to high quality
borrowers, mainly ratings 1 to 3-. Volumes
decreasing due to negative market sentiment
Large corporate risk profile
0%
5%
10%
15%
20%
25%
30%
1 1- 2 2- 3 3- 4 4- 5 5- 6 6- 7
mEUR
2007
2008
BB Rating 6 & 7 exposures
0 200 400 600 800 1 000 1 200
2008
2007
EURm
Commercial real estate
Production
Retailing
Transportation
Other
BB Total provisions, YTD
0 50 100 150 200 250 300 350 400 450
2008
2007
mEUR
Commercial real estate
Production
Retailing
Transportation
Other

43. 43© Swedbank
Real estate portfolio
• Real estate and in particular residential
development is the most sensitive
sector in Baltic Banking portfolio
• Around 58% from total Real Estate
portfolio are cash flow generating
properties with good tenant mix. Baltic Banking
has always strictly restrained from financing
speculative type of properties
• Downturn has caused drop in residential
market transaction volumes. As a result residential
development portfolio (31% of total real estate portfolio) is demonstrating increase in overdue and default
figures. Portfolio vulnerabilities are well understood and monitored, action plans set on a case by case
basis
0
300
600
900
1200
1500
1800
Dec.04 Jūn.05 Dec.05 Jūn.06 Dec.06 Jūn.07 Dec.07 Jūn.08 Dec.08
Nooftransactions
Tallinn Riga Vilnius
Apartment transaction volume development

44. 44© Swedbank
Baltic lending by sectors – real estate
Portfolio, December 2008
Estonia
24%
6%
23%
29%
15%
3%
3%
18%
43%
5% 8%
8%
15%
Construction Other
Individuals Transport
Production Retail & Wholesale
Real-estate mgmt
Latvia
15%
12%
22%
11%
2%
38%
Lithuania
13%
5%
31%
40%
6%
5%
Office
Production&Warehouse
Residential
Retail
Land plots
Other

45. 45© Swedbank
Collateral breakdown
100%
2%
4%
5%
18%
2%
38%
36%
2%
%
20,167
279
706
985
3,621
668
7,960
6,660
273
Dec
2007
1%370State
20,569
328
776
1,104
3,742
317
7,715
7,321
Dec
2008
100%
1%
4%
5%
18%
3%
39%
33%
%
Other collateral*
Unsecured
Unsecured corporate
Unsecured private
Corporate real-estate
Private real-estate
Guarantees
Total**
• 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 insignificant:
5.4% (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