Swedbank reported strong results for Q1 2011, with net profit of SEK 3.9 billion, a core Tier 1 capital ratio of 14.9%, and a return on equity of 16.1%. Net interest income was stable at SEK 4.5 billion. Total impairments decreased to SEK 970 million due to net loan recoveries. Asset quality continued to improve across all business areas.

1. Swedbank’s first quarter 2011 results
Michael Wolf, CEO
Erkki Raasuke, CFO
Göran Bronner, CRO

2. Strong start to the year
• Net profit of SEK 3.9bn for Q1
• Core Tier 1 capital ratio of 14.9 per cent
• Return on equity of 16.1 per cent in Q1
Net profit performance
Lehman contribution
Q1 10 Q2 10 Q3 10 Q4 10 Q1 11
2

3. Follow-up on priorities 2011
• Customer focus
• Growth in selected segments
• Quality and effectiveness
• Robust and low-risk balance sheet
3

4. Net interest income
NII supported by higher interest rates
• One-offs and higher stability fee shadowing underlying NII growth
• Improving deposit margins in Retail
• Government guarantee cost kept within Treasury
LC&I Baltic Russia, Treasury,
Retail Banking Ukraine Other 4 527
173 117 29
4 527 188
4 023 -171 997
3 980 -148
3 799
850
2 925
(SEKm)
-433
Q1 10 Q2 10 Q3 10 Q4 10 Q1 11
4

5. Net gains/losses on financial items, fair value
NGL affected by funding effects
• Strong trading result in LC&I, but higher portion of income reported as NII
• Russia & Ukraine returning to normalised levels
• Basis swap gains of 2010 partly reversed, benefits euro funding cost
809
Baltic Russia, Treasury,
647 Retail LC&I Banking Ukraine Other
574 255
9
55
315 105
(SEKm)
-34 369
-70 -39
-22
40
-218
Q1 10 Q2 10 Q3 10 Q4 10 Q1 11
5

6. Expenses
Stable year-on-year expenses
• Enhancing internal capabilities
– Key recruitments in Q1
– Lower consultancy costs
• Improving cost/income ratio driven by one-off income
0.57 0.57 0.55 0.58
0.52
Retail LC&I Baltic Russia, Treasury,
Banking Ukraine Other
4 391 4 423 4 590 4 384
4 238
-30 -18 -39 -39 -80 502
172
658
859
(SEKm)
2 193
Q1 10 Q2 10 Q3 10 Q4 10 Q1 11
6

7. First quarter 2011 results
Income statement
SEKm Q1 11 Q4 10 Δ Q1 10
Net interest income 4 527 4 527 0 4 023
Net commission income 2 301 2 538 -237 2 282
Net gains/losses 255 315 -60 647
Other 1 369 578 791 715
Total income 8 452 7 958 494 7 667
Total expenses 4 384 4 590 -206 4 391
Profit before impairments 4 068 3 368 700 3 276
Total impairments - 970 - 77 -893 2 260
Operating profit 5 038 3 445 1 593 1 016
Tax expense 1 182 693 489 469
Profit attributable to shareholders 3 852 2 750 1 102 536
7

8. First quarter 2011 results
Key ratios
Volumes, SEKbn Q1 11 Q4 10 Δ Q1 10
Lending to the public 1 141 1 146 -5 1 168
Deposits from the public 502 517 -15 496
Covered bonds 477 410 66 389
Key ratios Q1 11 Q4 10 Q1 10
Return on equity, % 16.1 11.7 2.4
Cost-income ratio 0.52 0.58 0.57
Core funding ratio, %* 114 121 127
Core Tier 1 capital ratio, %** 14.9 13.9 12.3
* Lending/(deposits+covered bonds+retail bonds), ** Basel 2
8

9. Liquidity & Funding
SEK 91bn term funding issued in Q1 2011
• First US covered bond issue (144A), Issuance Q1 & maturities full year 2011
(nominal SEKbn)
dual tranche of USD 1bn each
60
• Two EUR benchmark covered bonds 40
20
• Maturities of nominal SEK 121bn for the
remainder of 2011 0
-20
• Average maturity of wholesale funding,
including short-term funding, 30 months -40
(39 months for covered bonds) -60
-80
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
9

10. Risk highlights
Continued improvements
• Asset quality
– Decreasing impaired loans
– FR&R/Ektornet according to plan
• Substantial recoveries – all countries
• Lehman income
• RWA decreased by SEK 22.3bn in Q1
– SEK 11.0bn lower credit risk
– SEK 8.7bn lower market risk
• Strong funding position
10

11. Asset quality
Net recoveries of SEK 972m in Q1
Credit impairments
SEKm
2 500
• Net recoveries in all CEE
2 210
countries
2 000
• Sweden – also recoveries
1 500
963
• Collateral revaluations,
1 000
repayments and rating migration
500 120
0
-500
-483
-1 000
-972
-1 500
Q1 10 Q2 10 Q3 10 Q4 10 Q1 11
Retail LC&I Baltic Banking Russia & Ukraine Other
11

12. Asset quality
One-off income in US commercial real estate lending
• One-off pre-tax income of SEK 716m in Q1 after
agreement with Lehman
• Remaining gross exposure was USD 1.1bn as of 31 March 2011,
consisting of 35 assets
• No. of repossessed assets are expected to increase
(2 as of today)
• Over-collateralisation still intact
12

13. Capital management
Corporate risk weights – focus on capital efficiency
Corporate risk weights,
90
% development Q1 09 - Q4 10 • Several different work streams
80 • Expected gradual effect in small
steps
70
60
• History not enough to predict
future
50
– Stress tests key steering tool
40 – Transparency
30
20
10
0
Handelsbanken Swedbank SEB Nordea
Source: SEB Enskilda Equity Research
13

14. Capital management
Buy-back programme
14.9%
Excess capital (SEK 9.9bn) • As of 31 March the excess
13.0% capital amounts to SEK 9.9bn
Extra buffer
due to prevailing
circumstances • Gradually during four quarters
(SEK 15.6bn)
10.0%
• Both A-shares and preference
Risk appetite
(ICAAP buffer, shares
SEK 15.6bn)
7.0%
Regulatory requirement
(SEK 36.3bn)
14

15. Appendix
15

16. Impaired loans decreasing
• Excl. FX effect down SEK 2.5bn in Q1
• Underlying decreases in all business areas in Q1
SEKm
45 000 42 719
40 132 40 328
40 000 -4 088
4 362 196 2 391
35 770 -3 853 Impaired loans as %
35 000
38 631
of gross lending
6 113 34 778 -3 031
29 657
30 000 31 747 6 695 Ukraine 61%
25 000 Russia 23%
1 555
6 357 Lithuania 17%
20 000
15 000 10 468 Latvia 25%
29 657
10 000
5 000 4 505 Estonia 7.7%
586 LC&I 0.21%
1 581 Retail 0.18%
0
Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q1 11
16

17. -50
0
100
150
200
250
-150
-100
50
EURm
Q1 10
Q2 10
Q3 10
Estonia
Q4 10
Q1 11
Q1 10
Q2 10
Q3 10
Latvia
Q4 10
Q1 11
Q1 10
Q2 10
Q3 10
Q4 10
Lithuania
Q1 11
Q1 10
Q2 10
Q3 10
Loans past due 60 days – performance Q/Q
Ukraine
Q4 10
Q1 11
Q1 10
Q2 10
Q3 10
Russia
Q4 10
Q1 11
17

18. Asset quality
Provisions – work-out portfolios slowly declining
SEKm
30 000
65.9% 63.5% Provision ratios, % Q1 11
63.9%
25 000
4 684
4 104 Retail 97
3 606 62.7%
LC&I 116
3 297 61.0%
20 000
Baltic Banking 56
2 769
Russia 58
15 000
Ukraine 64
21 889 23 028 16 598
21 068 18 494 Group 61
10 000
5 000 5 204
4 373
1 449 2 099
807
0
Q1 10 Q2 10 Q3 10 Q4 10 Q1 11
Individual provisions Portf olio provisions Write-of f s, gross, cum Provision ratio
18

19. Asset quality
Repossessed assets
SEKm
4 500
4 000
3 500
3 000
2 500
2 000
1 500
1 000
500
0
Q1 10 Q2 10 Q3 10 Q4 10 Q1 11
Real Estate Residential Real Estate Commercial Passenger & Commercial Transport Shares Other
19

20. 1 000
1 200
1 400
1 600
1 800
200
400
600
800
0
1 000
1 200
1 400
1 600
1 800
2 000
200
400
600
800
0
Jan-05 Jan-05
May-05 May-05
Sep-05 Sep-05
Jan-06 Jan-06
May-06 May-06
Sep-06 Sep-06
Jan-07 Jan-07
May-07 May-07
Source: Swedbank, Estonian Land Board
Sep-07 Sep-07
Nr.of deals
Nr.of deals
Jan-08
Tallin
Jan-08
Vilnius
May-08 May-08
Real estate prices
Sep-08
Source: Swedbank, State Enterprise Centre of Registers
Sep-08
Jan-09 EUR/m2 Jan-09
EUR/m2
May-09
May-09
Sep-09
Sep-09
Jan-10
Jan-10
May-10
May-10
Sep-10
Sep-10
Jan-11
Jan-11
821
1 084
1 000
1 200
1 400
1 600
1 800
2 000
200
400
600
800
0
Jan-05
May-05
Sep-05
Source: Swedbank
Jan-06
May-06
Sep-06
Jan-07
May-07
Sep-07
Nr.of deals
Jan-08
Riga
May-08
Sep-08
Jan-09
EUR/m2
May-09
Sep-09
Jan-10
May-10
Sep-10
Jan-11
20
606

21. Liquidity & funding
Long-term funding
• Continued focus on covered bonds with Q1 issuance of SEK 85bn
• SEK 4bn in senior unsecured issuance
• 2 USD-denominated covered bond benchmark deals - of EUR 1bn each
• 2 EUR-denominated covered bond benchmark deals of EUR 1bn and EUR 1.5bn
• Total term funding maturities for the remainder of 2011 - of nominal SEK 121bn
Long-term funding maturity profile, SEKbn
200 200
150 Covered bonds 150 Senior unsecured
Guaranteed bonds
100 100
50 50
0 0
2011 2012 2013 2014 2015 2016 2011 2012 2013 2014 2015 2016
21

22. Liquidity & funding
Remaining government guaranteed debt
• Exited the programme on 30 April 2010
• No issuance under the programme since summer 2009
• SEK 25bn of government guaranteed debt matured during Q1 2011
• Maturities of SEK 53bn for the remainder of 2011
Maturity profile as per Q1 2011, SEKbn
60
40 USD
SEK
EUR
CHF
20 HKD
JPY
0
2011 2012 2013 2014
22

23. Liquidity and funding
Limited unsecured funding need
Lending to the public, less deposits, covered bond
pool and retail bonds
SEKbn
200
150
100
50
0
-50
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2008 2009 2009 2009 2009 2010 2010 2010 2010 2011
23

24. Liquidity reserve* SEKm
Cash and holdings in central banks and deposits in other banks available o/n 63 437
Securities issued or guaranteed by sovereigns, central banks or multilateral development banks 29 214
Securities issued or guaranteed by municipalities or PSEs 0
Covered bonds 53 366
- Issued by other institutions 53 272
- Own issued 93
Securities issued by non-financial corporates 0
Securities issued by financial corporates (excl. covered bonds) 1 869
Other 0
Total 147 886
* As defined by the Swedish FSA
Liquid assets outside Treasury organisation 103 737
Total 251 623
24