Q August 22, 2003

(1)

1. Market position

1

2. International banking and alliances

4

3. Financial and strategical targets

5

4. Savings and investments

7

5. Lending

8

6. Profit trend and key figures

9

7. International Banking

11

8. Income

12

9. Expenses

13

10. Profit per business areas

14

11. Balance sheet

17

12. Interest rates

18

13. Funding and interest rate risks

19

14. Asset quality

20

15. Doubtful claims

21

16. Structure

22

(2)

1. Market position

• Sweden’s oldest bank - established 1820.

• Average market share in retail market is approx. 30 percent.

• Largest customer base in Sweden.

• Strongest name recognition of all Swedish banks.

• Best accessibility - nationwide network of

branches and electronic meeting places.

Private individuals

• FSPA

4.4 million

• Jointly owned 0.4 million

• Independent 1.3 million

• Hansabank

3.8 million

Municipalities

• FSPA 212 municipalities

• Jointly owned 20

• Independent 93

• FSPA 21 county councils

Small/midsize corporates

• FSPA

243,000

• Jointly owned 25,000

• Independent 93,000

• FI-Holding

5,000

• Hansabank

143,000

Large companies

Nationwide organizations

• Union, cooperative

and religious organizations

FöreningsSparbanken

%

Our customer base

Market shares Swedish retail market

June 30, 2002

0 10 20 30 40 Total lending*

Mortgages Deposits* Fund

management** Fund-allocated insurance (new

policies)

Savings and investments

1st household deposits

1st mutual funds

2nd fund-allocated insurance,

new policies

1st individual pension savings

3-11th stock trading

1st premium pension

savings

Salaries and payments

1-2nd direct salary deposits

1-2nd giro payments

1st card clearing

1st debit cards

Housing

1-2nd mortgage loans

1-2nd real estate brokerage

Corporate market 20-30 %

• deposits

• lending

• instalment financing

and leasing

Meeting places

1st branches

1st internet banking

1st telephone banking

1st ATMs’

• 825 (850) branches spread

across the country

• 241 (241) in-store banks

• 1,144 (1,178) meeting

places by post offices/

Svensk Kassaservice

• 1,166 (1,144) ATMs’

• 3.5 (3.5) million customers

use ATM

• Telephone bank,

2.1 (2.0) million customers

• Internet bank,

1.5 (1.3) million customers

Product range and

The Bank in Sweden

market position - Sweden

Including jointly owned and independent savings banks.

(December 2002)

* Incl. HSB Bank ** March 31 2003.

(3)

1. Market position

Number of products per customer

- private customers

- corporate customers

Number of products per customer 0 200 000 400 000 600 000 800 000 1 000 000 1 2 3 4 5 6 7 8 9 10 >10 0 5 000 10 000 15 000 20 000 25 000 30 000 35 000 40 000 45 000 50 000 1 2 3 4 5 6 7 8 9 10 >10

Number of products per customer

Number of customers Number of customers

Av. no. of

products in

Sweden

Q1 01 - 3,69 Q2 01 - 3.68 Q3 01 - 3.74 Q4 01 - 3.84 Q1 02 - 3.84 Q2 02 - 3.89 Q3 02 - 3.98 Q4 02 - 3.97 Q1 03 - 3.98 Q2 03 - 4.02

Av. no. of

products in

Sweden

Q1 01 - 4,38 Q2 01 - 4.37 Q3 01 - 4.38 Q4 01 - 4.36 Q1 02 - 4.36 Q2 02 - 4.35 Q3 02 - 4.38 Q4 02 - 4.37 Q1 03 - 4.34 Q2 03 - 4.34

6/03

6/02

6/03

6/02

• More and new meeting places give the customer greater freedom of choice and convenience.

• Convenience products shows to be a major growth area.

• The Internetbank grows with about 4,000 customers a week.

• 43 percent (36) of giro payments via the Internet.

• 34 percent (29) of stock transactions in local banks via the Internet.

(4)

0 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 Q2- 00 Q3- 00 Q4- 00 Q1- 01 Q2- 01 Q3- 01 Q4- 01 Q1- 02 Q2- 02 Q3- 02 Q4- 02 Q1-03 Q2-03 Giro (paper), Sweden Giro via Internet, Sweden Giro via Internet, Hansabank

Number of cards, thousands

1. Market position

Internet bank

Telephone bank Sweden

Including independent and jointly owned savings banks June 30, 2003

and Hansabank

Number of customers, thousands Number of payments, millions 0 200 400 600 800 1 000 1 200 1 400 1 600 1 800 2 000 2 200 2 400 Q2-00 Q3-00 Q4-00 Q1-01 Q2-01 Q3-01 Q4-01 Q1-02 Q2-02 Q3-02 Q4-02 Q1-03 Q2-03 0 5 1 0 1 5 2 0 2 5 3 0

Numbers of Internet customers in Sweden Number of Internet customers in Hansabank Payments

No. of giro accounts, customers with giro, thousands

Giro accounts - private customers Bank cards - Sweden and the Baltic states

0 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 4 500 5 000 Q2- 00 Q3- 00 Q4- 00 Q1- 01 Q2- 01 Q3- 01 Q4- 01 Q1- 02 Q2- 02 Q3- 02 Q4- 02 Q1- 03 Q2- 03 0 10 20 30 40 50 60 70 80 90 100

FöreningsSparbanken Hansabank Purchases,millions Acquiring,millions

Personal Assistance

• 1,437,000 customers - an increase by 5.4 percent from

Dec. 31, 2002

• 2,563,000 calls in one year - an increase by 5.5 percent

Self-service

• 2,088,000 customers - an increase by 2.1 percent from

Dec. 31, 2002

• 49,532,000 calls in one year - an increase by 3.9 percent

Customer center

• 2,040,000 calls in one year - a decrease by 1.0 percent

Quarterly transactions, millions

(5)

2. International Banking and alliances

International presence

Luxembourg

Estonia

Finland

Aktia

England

London

Norway

SpareBank 1

Gruppen

Denmark

FI-Holding

Sweden

Latvia

Lithuania

Hansabank

International Banking

USA

New York

Japan

Tokyo

The Nordicum alliance

• Globalization and competition require broader customer bases over time

• FöreningsSparbanken’s continued expansion is based on a well-tested, successful model

–

Strong local banking network with operations close to customers

–

Strong product areas with large market shares (mortgages, mutual funds, insurance, cards and

electronic payment services)

–

Extensive experience from alliance with independent savings banks

• Developing our concept for local banks in Nordic and Baltic markets.

–

Profitable growth due to ownership/part ownership of distribution networks and product

companies

–

Enlarged customer base for distribution of products

–

A potential for cooperation and successive integration to enhance economies of scale

Country Sweden Norway Finland Baltic states Denmark Total

Bank Förenings- Sparebank 1 Aktia Hansabank FI-Holding Sparbanken Gruppen

+ jointly owned + independent savings banks

Ownership 25 percent 25 percent 60 percent 75 percent

interest

Investment SEK 1,415 M SEK 190 M SEK 2,936 M SEK 5,807 M SEK 10,348 M

Branches 521+62+242 350 71 301 5 1,552

ATMs 858+67+241 471 110 906 2,653

Private customers 4.4 million 2.3 million 0.2 million 3.8 million 12.4 million

+ 0.4 million + 1.3 million

(6)

0 2 4 6 8 10 12 14

Jun-00 Sep-00 Dec-00 Mar-01 Jun-01 Sep-01 Dec-01 Mar-02 Jun-02 Sep-02 Dec-02 Mar-03 Jun-03

Actual capital adequacy Target capital adequacy Primary capital ratio Target primary capital ratio 0 5 10 15 20 25 30

3. Financial and strategical targets

Return on equity

Capital adequacy

%

• A return on equity exceeding the weighted average for larger listed banks in Sweden,

Denmark, Finland and Norway.

• The capital adequacy ratio should amount to at least 10.5 percent, of which the tier one

over the long term should fall in the range of 6.5 to 7.5 percent.

• The loan loss level should not exceed 0.5 percent over a business cycle.

• Over the longterm the dividend should amount to at least 30 percent of net income.

1. Customer

satisfaction

Priorities in 2003

4. Competence

3. Branches

2. Growth

5. Cost efficiency

To build on Swedbank’s strong market position

and core values - ”a bank for everyone”

(7)

3. Financial and strategical targets

0 1 2 3 4 5 6 7 1996 1997 1998 1999 2000 2001 2002 Shares Cash 0 0,1 0,2 0,3 0,4 0,5 0,6

Loan loss ratio

Dividend

SEK

%

1996 1997* 1998 1999 2000 2001 2002 Dividend ratio 39% 560% 53% 57% 45% 56% 70% Dividend growth 57% 9% 16% 7% 10%

Yield, per year end ** 4.70% 3.34% 3.35% 4.00% 3.81% 4.23% 5.34%

* Excluding distribution of shares ** Based on share price at year-end

Highest average loan loss level over a business cycle

Actual

Mandamus, shares

(8)

0 100 200 300 400 500 600

Mar 00 Jun 00 Sep 00 Dec 00 Mar 01 Jun 01 Sep 01 Dec 01 Mar 02 Jun 02 Sep 02 Dec 02 Mar 03 Jun 03

Households SEK Retail bonds/SPAX (book value) Fund Management, net Unit-linked insurance Discretionary management Other deposits Currency deposits

4. Savings and investments

Savings and investments

Market share new savings

contributions

FöreningsSparbanken

SEK bn

Robur

Robur Försäkring

Market shares by total fund assets in Sweden

Market shares, fund-allocated insurance, new policies

March 31, 2003, SEK bn

July 2002 – June 2003

Skandia Link 28.1% Nordea 2.9% SEB/Trygg Liv 24.0% SHB Fond 11.9% Robur Försäkring 13.2% Others 19.9% Robur 200 28.4% SEB 119 17.0% Nordea 122 17.4% SHB 86 12.3% Others 151 21.1% Länsförsäkringar/ WASA 27 3.8%

Volumes and net flow

Jun 30 Jun 30 Dec 31 Dec 31 Dec 31

Volume SEK bn 2003 2002 2002 2001 2000

Households, SEK 135.6 123.8 129.1 118.4 110.5

Household foreign currency 15.9 14.1 14.9 14.0 7.5

Other, SEK 78.0 75.6 78.5 61.7 68.6

Other, foreign currency 33.3 33.7 31.2 35.3 24.7

Total 262.8 247.2 253.7 229.4 211.3

of which HSB Bank 8.9 9.2

Fund management 223.9 226.4 205.9 266.0 287.9

Discretionary asset management 23.0 18.5 17.9 21.1 21.5

Unit-linked insurance 34.2 40.8 33.2 43.3 45.4

- less unit-linked insurance in Robur funds -33.7 -38.2 -30.8 -41.2 -43.5

Retail bonds and other bonds 9.2 7.5 8.1 7.0 8.7

Total 519.4 502.2 488.0 525.6 531.3

Jun 30 Jun 30 Jan-Dec Jan-Dec Jan-Dec

Net flow, SEK bn 2003 2002 2002 2001 2000

Household deposits, SEK 7.5 5.5 11.7 14.4 -4.3

Other deposits, SEK -0.5 13.9 16.8 -6.9 -3.3

Currency deposits 2.1 -1.6 -4.7 10.6 13.0

Fund management, net savings 7.7 7.4 9.7 11.3 16.9

Fund-allocated insurance, new policies 0.7 1.6 2.2 3.5 8.6

Retail bonds 1.1 0.5 1.2 -1.7 -2.4

New savings - net Market

share % Q2 Q1 Q4 Q3 Q2 Jun 30

SEK bn 2003 2003 2002 2002 2002 2003

Bank deposits, private 4.2 2.6 0.2 2.2 1.9 19.7

Net fund and insurance

investments 2.5 3.9 1.0 0.8 1.5 16.0

Retail bonds 0.6 0.2 0.4 0.1 0.5 33.7

Subtotal private 7.3 6.7 1.6 3.1 3.9 18.2

HSB Bank 0.0 -0.3 9.2

Bank deposits, other -3.2 3.3 -6.0 0.4 4.9

Other sales channels

in Sweden 5.0 -1.0 0.4 -0.1 0.6 Total

Förenings-Sparbanken, Sweden 9.1 8.7 5.2 3.4 9.4

Jointly owned and

independent savings banks 0,8 0,6 0.4 -0.1 0.2

Hansabank * 0,3 1.8 1.9 -0,6 -0.2 Total new savings, net 10.2 11.1 7.5 2.7 9.4

(9)

5. Lending

Bank lending, Sweden

Lending

Spintab’s loan portfolio

June 30, 2003 (December 31, 2002)

SEK bn

Source: Statistics Sweden (Statistiska centralbyrån, SCB), March 31, 2002

0 500 1 000 1 500 2 000 2 500 9/99 3/00 9/00 3/01 9/01 3/02 9/02 3/03 Banks Mortgage Institutions Spintab, private individuals, 38% (37%)

Bank lending, private individuals, 6% (7%) Corporate excl. real

estate mgmt, 31% (31%) Real estate management, 21% (21%) Municipalities, 2% (2%) Single-family homes 59% (59%) Individual condominiums 7% (6%) Multi-family housing 20% (21%) Business properties 1% (1%) Municipal loans and guarantees 7% (8%) Agriculture 6% (5%) Other private individuals 1% (1%) Hansabank, private individuals 1% (1%)

Lending volumes FöreningsSparbanken

(excl. banks)

SEK bn

Jun-03 Mar-03 Dec-02 Sep-02 Jun-02 Mar-02 Dec-01 Sep-01 Jun-01

Private individuals

321.4 312.4 306.9 296.3 290.8 284.8 281.2 277.5 273.8

of which Spintab

261.6 253.7 248.2 242.1 236.9 232.0 228.2 223.9 219.6

Real estate management

146.6 144.6 144.1 136.9 135.8 134.6 135.5 136.7 135.1

Corporate incl credit institutions

213.5 211.5 208.0 212.0 208.1 209.4 210.1 209.1 203.4

Municipalities

13.6 14.2 13.7 12.8 13.6 13.5 13.0 13.3 13.5

Total

695.1 682.7 672.7 658.0 648.3 642.3 639.8 636.6 625.8

Credit institutions, incl. The

Swedish National Debt Office

68.0 66.1 64.4 45.5 50.1 61.6 56.1 61.1 83.2

Repurchase agreements

91.7 96.3 65.0 86.8 105.3 128.9 97.9 118.7 91.3

(10)

Profit trend

Jan-Jun Jan-Jun Jan-Dec Jan-Dec Jan-Dec

SEK M

2003 2002 2002 2001 2000

Net interest income

7,991 7,733 15,549 15,016 13,589

Net commissions

2,701 2,956 5,764 6,072 6,784

Net profit on financial operations

412 70 441 1,110 1,694

Other income

1,150 703 1,247 1,211 1,936

Total income

12,254 11,462 23,001 23,409 24,003

Staff costs

-3,399 -3,515 -7,005 -6,614 -6,448

Other administrative expenses

-3,101 -3,028 -6,030 -6,587 -6,641

Goodwill amortization

-307 -356 -663 -693 -630

Total expenses

-6,807 -6,899 -13,698 -13,894 -13,719

Profit before loan losses

5,447 4,563 9,303 9,515 10,284

Loan losses

-672 -868 -1,603 -1,337 -1,115

Write-down of financial fixed assets

-264 -10

Share of profit/loss of associated companies

-246 -83 -588 -129 197

Operating profit

4,529 3,612 6,848 8,039 9,366

Appropriations

-50 -38 -76 -87 -5

Taxes

-1,186 -997 -1,983 -2,123 -2,476

Minority interest

-310 -285 -637 -625 -501

Profit for the period

2,983 2,292 4,152 5,204 6,384

Key figures

Jun 30 Jun 30 Dec 31 Dec 31 Dec 31

2003 2002 2002 2001 2000

Return on equity (ROE), %

15.3 12.2 11.0 14.4 19.4

Return on total capital (ROA),%

0.90 0.73 0.69 0.82 1.04

Loan loss ratio, net %

0.19 0.25 0.23 0.21 0.19

Provision ratio for doubtful claims, %

139.0 116.0 134.0 103.0 105.0

Capital adequacy ratio, %

11.2 10.9 10.8 11.3 10.8

Primary capital ratio, %

7.2 7.0 7.1 7.1 6.9

C/I ratio before loan losses

0.58 0.61 0.63 0.60 0.57

C/I ratio after loan losses

0.63 0.68 0.70 0.66 0.61

Interest margin, %

1.45 1.41 1.43 1.38 1.34

Investment margin,%

1.58 1.55 1.58 1.54 1.50

Risk weighted amount/total assets (RWA/TA) %

56 56 59 57 55

Earnings per share (EPS), SEK

5.65 4.34 7.87 9.86 12.10

Dividend per share (DPS), SEK

- - 5.50 5.50 5.50

Balance sheet data

Jun 30 Jun 30 Dec 31 Dec 31 Dec 31

SEK M

2003 2002 2002 2001 2000

Total lending

854,782 803,725 802,059 793,816 759,933

Mortgage lending

386,072 353,210 367,645 340,997 321,332

Deposits and borrowings from the public

271,345 264,449 263,419 247,190 247,438

Equity

38,700 36,700 38,602 37,483 34,954

Total assets

1,033,622 986,455 957,503 959,632 929,439

6. Profit trend and key figures

Change in net commission income

Jan - Jun 2003 compared to Jan - Jun 2002, SEK M

Change in net interest income

Jan - Jun 2003 compared to Jan - Jun 2002, SEK M

+ 200 Increased lending volumes in Swedish branch

operations

+ 150 Increased lending volumes in Hansabank

+ 100 Increased deposit volumes in the Swedish branch

operations

+ 100 Swedbank Markets

+ 100 Higher lending margin in the Swedish branch

operations

+ 50 Other

- 300 Lower deposit margin in the Swedish branch

operations

- 150 Lower lending margin in Hansabank

+ 50

Payment processing

+ 50

Other

+ 10 Securities commissions

- 20 Brokerage

- 20

Insurance commissions

- 320 Asset Management

(11)

6. Profit trend and key figures

Quarterly profit trends

SEK M Q2 03 Q1 03 Q4 02 Q3 02 Q2 02 Q1 02 Q4 01 Q3 01 Q2 01

Net interest income 3,958 4,033 3,886 3,930 3,908 3,825 3,815 3,681 3,724

Net commissions 1,401 1,300 1,439 1,369 1,479 1,477 1,486 1,518 1,549

Net profit on financial operations 218 194 188 183 -173 243 148 341 397

Other income 871 279 277 267 377 326 319 215 361

Total income 6,448 5,806 5,790 5,749 5,591 5,871 5,768 5,755 6,031

Staff costs -1,649 -1,648 -1,716 -1,706 -1,686 -1,628 -1,687 -1,534 -1,513

Allocation to profit-sharing funds -37 -65 -70 2 -77 -124 -58 -127 -98

Other expenses -1,723 -1,685 -1,671 -1,638 -1,673 -1,711 -1,823 -1,782 -1,794

Total expenses -3,409 -3,398 -3,457 -3,342 -3,436 -3,463 -3,568 -3,443 -3,405

Profit before loan losses 3,039 2,408 2,333 2,407 2,155 2,408 2,200 2,312 2,626

Loan losses -282 -390 -360 -375 -433 -435 -459 -233 -295

Write-down of financial fixed assets -264 -10

Share of profit/loss of associated companies -211 -35 -125 -380 -62 -21 -54 -77 22

Operating profit 2,546 1,983 1,848 1,388 1,660 1,952 1,677 2,002 2,353

Net interest income, Spintab 1,196 1,229 1,174 1,102 1,162 1,109 1,019 1,017 1,058

Quarterly development excluding items affecting comparability

SEK M Q2 03 Q1 03 Q4 02 Q3 02 Q2 02 Q1 02 Q4 01 Q3 01 Q2 01

Capital gains/losses on sale of real estate -489 7 -18

Allocation to profit-sharing funds 37 65 70 -2 77 124 58 127 98

Merger costs 13 100 50

Staff reduction program 100 100 100

Write-offs of shareholdings 311 372

Write-off of goodwill in SpareBank 1 Gruppen 179

Total -141 65 170 649 177 124 78 227 130

Operating profit 2,546 1,983 1,848 1,388 1,660 1,952 1,677 2,002 2,353

Operating profit excluding

items affecting comparability 2,405 2,048 2,018 2,037 1,837 2,076 1,755 2,229 2,483

Share of profit/loss in associated companies Q 2 Q 1 Q 4 Q 3 Q2 Q1

SEK M 2003 2003 2002 2002 2002 2002 SpareBank 1 Gruppen -312 -71 -151 -296 -85 -32 Aktia 17 14 2 15 12 15 First Securities 4 -8 -9 Within FI-Holding 49 1 41 0 28 4 Sjuhärad 7 10 19 16 7 12 Färs & Frosta 4 6 2 9 7 7

Other jointly owned banks in Swedencompanies 2 1 -4 8 -2 5

VPC 5 4 1 4 7 4

Marakanda -34 -137 -30 -30

Other 13 8 8 1 -6 -6

(12)

7. International Banking

FIH

Quarterly development

SEK M Q2 03 Q1 03 Q4 02 Q3 02 Q2 02 Q1 02 Q4 01 Q3 01

Net interest income 284 338 248 349 338 334 383 330

Net commissions 12 16 31 12 15 13 11 26

Net profit on financial operations -31 3 33 -6 -22 -13 -93 55

Other income 4 5 18 3 1 4 12 5

Total income 269 362 330 358 332 338 313 416

Staff costs -40 -32 -44 -32 -40 -28 -51 -28

Other expenses -28 -34 -40 -23 -28 -18 -28 -20

Total expenses -68 -66 -84 -55 -68 -46 -79 -48

Profit before loan losses 201 296 246 303 264 292 234 368

Loan losses -20 -40 -23 -29 -27 -28 -28 -20

Share of profit/loss of associated

companies 49 1 41 1 27 4 -8 -1

Operating profit 230 257 264 275 264 268 198 347

Balance sheet data Jun 30 Jun 30 Dec 31

SEK M 2003 2002 2002

Total assets 85,430 84,996 82,954

Lending to the public 70,229 70,470 70,077

Shareholders' equity 7,313 6,705 6,949

Return on equity 9.7% 12.0% 11.6%

Hansabank

Quarterly development

SEK M Q2 03 Q1 03 Q4 02 Q3 02 Q2 02 Q1 02 Q4 01 Q3 01

Net interest income 477 469 479 472 455 432 445 427

Net commissions 246 213 225 204 191 175 187 180

Net profit on financial operations 86 70 75 63 36 75 110 78

Other income 57 30 25 37 55 32 24 36

Total income 866 782 804 776 737 714 766 721

Staff costs -195 -192 -211 -202 -212 -225 -223 -201

Other expenses -224 -211 -256 -224 -256 -251 -280 -250

Total expenses -419 -403 -467 -426 -468 -476 -503 -451

Profit before loan losses 447 379 337 350 269 238 263 270

Loan losses -73 -48 -36 -1 16 -3 -41 -6

companies 2 0 2 1 0 0 3 1

Operating profit 376 331 303 350 285 235 225 265

Balance sheet data Jun 30 Jun 30 Dec 31

SEK M 2003 2002 2002

Total assets 52,055 43,787 47,974

(13)

8. Income

Quarterly trends, income

Quarterly income Q2 03 Q1 03 Q4 02 Q3 02 Q2 02 Q1 02 Q4 01 Q3 01 Q2 01

SEK M

Interest income 12,206 12,586 12,110 13,312 13,606 12,985 12,572 14,434 14,732

Interest expenses -8,248 -8,553 -8,224 -9,382 -9,698 -9,160 -8,757 -10,753 -11,008

Net interest income 3,958 4,033 3,886 3,930 3,908 3,825 3,815 3,681 3,724

Payment processing commissions 728 668 686 712 687 642 681 681 619

Brokerage commissions 66 64 78 63 66 86 106 81 109

Asset management 526 512 522 539 646 714 660 676 738

Other securities commissions 39 46 85 37 57 26 30 26 48

Other commissions receivable 518 448 529 462 486 435 476 462 433

Total commissions receivable: 1,877 1,738 1,900 1,813 1,942 1,903 1,953 1,926 1,947

Payment processing -260 -228 -246 -248 -253 -217 -244 -228 -208

Securities commissions -35 -30 -35 -35 -38 -36 -42 -38 -50

Other commissions payable -181 -180 -180 -161 -172 -173 -181 -142 -140

Total commissions payable: -476 -438 -461 -444 -463 -426 -467 -408 -398

Net commissions 1,401 1,300 1,439 1,369 1,479 1,477 1,486 1,518 1,549

Net profit on financial operations

Shares and participations 3 -30 35 -123 9 7 46 -132 113

Interest-bearing securities 175 121 102 -84 13 14 45 49 56

Other financial instruments 17 -3 -49 3 48 -19 10 -5 8

Total realized gains/losses 195 88₈₈ 88₈₈ -204 70 2 101 -88 177

Shares and participations -32 71 -27 132 -41 6 -5 112 -96

Interest-bearing securities -38 -111 79 189 -108 -17 -67 123 -56

Other financial instruments -72 -25 6 -74 -43 36 -15 -23 61

Total unrealized change in value -142 -65 58 247 -192 25 -87 212 -91

Change in exchange rates 165 171 42 140 -51 216 134 217 311

Total net profit on

financial operations 218 194 188 183 -173 243 148 341 397

Other income

Real estate income 18 17 21 14 14 13 12 12 18

Income from independent savings banks 177 212 178 197 216 142 171 167 174

Dividends 89 10 3 0 74 13 4 11 63 -1 000 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 Q2 01 Q3 01 Q4 01 Q1 02 Q2 02 Q3 02 Q4 02 Q1 03 Q2 03

Net interest income

Commissions

Financial operations

Other

(14)

9. Expenses

0 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 4 500 Q2 01 Q3 01 Q4 01 Q1 02 Q2 02 Q3 02 Q4 02 Q1 03 Q2 03

Staff costs Expenses

Quarterly expenses

SEK M SEK M

Cost development

2 000 2 200 2 400 2 600 2 800 3 000 3 200 3 400 3 600 3 800 Q2 2001 Q3 2001 Q4 2001 Q1 2002 Q2 2002 Q3 2002 Q4 2002 Q1 2003 Q2 2003 10-year 90-days Total expenses

Expenses excl. Kopparmyntet, merger costs, staff reduction costs and staff reduction

Quarterly expenses

SEK M Q2 03 Q1 03 Q4 02 Q3 02 Q2 02 Q1 02 Q4 01 Q3 01 Q2 01

Staff costs:

Salaries and remuneration,

incl. social insurance charges -1,578 -1,582 -1,650 -1,643 -1,603 -1,566 -1,594 -1,481 -1,442

Other staff costs -71 -66 -66 -63 -83 -62 -93 -53 -71

Allocation to profit-sharing funds -37 -65 -70 2 -77 -124 -58 -127 -98

Total staff costs -1,686 -1,713 -1,786 -1,704 -1,763 -1,752 -1,745 -1,661 -1,611

Other expenses:

Premises -283 -282 -297 -267 -262 -254 -272 -244 -257

Computer and IT -339 -322 -341 -306 -290 -320 -318 -316 -353

Telecommunications, postage -103 -107 -115 -105 -109 -110 -115 -117 -101

Depreciation and write-down

on equipment and real estate -169 -180 -177 -191 -194 -189 -189 -188 -173

Amortization, goodwill -153 -154 -148 -159 -178 -178 -183 -179 -168

Other -676 -640 -593 -610 -640 -660 -746 -738 -742

Total -1,723 -1,685 -1,671 -1,638 -1,673 -1,711 -1,823 -1,782 -1,794

Total expenses -3,409 -3,398 -3,457 -3,342 -3,436 -3,463 -3,568 -3,443 -3,405

of which FI-Holding and Hansabank -535 -521 -600 -531 -586 -571 -633 -550 -472

Number of full time positions

Q2 03 Q1 03 Q4 02 Q3 02 Q2 02 Q1 02 Q4 01 Q3 01 Q2 01 Permanent employees 8,930 8,981 9,081 9,009 9,025 9,016 9,029 9,105 9,194 HSB Bank 82 90 9 4 Temporary employees 416 416 398 450 444 452 502 511 493 Total 9,428 9,487 9,573 9,459 9,469 9,468 9,531 9,616 9,687 Hansabank * 5,762 5,765 5,744 5,843 6,083 6,159 6,387 6,751 6,665 FI-Holding 160 153 151 159 159 159 150 156 143 Total 15,350 15,405 15,468 15,461 15,711 15,786 16,068 16,523 16,495

(15)

10. Profit per business area

Business areas’ accounting principles

Market-based compensation is applied between business areas. All expenses in IT, Support and Group Staffs are transferred

at full cost-based internal prices to the business areas. Executive Management expenses are not distributed.

The Group’s shareholders’ equity (the year’s opening equity balance excluding the dividend) is allocated to each business

area at the beginning of the year. The allocation is based on capital adequacy rules and estimated capital requirements during

the year. Estimated interest on allocated equity is calculated based on average Swedish demand loan rates.

Goodwill, including the effect on profit, financial expense and amortization, is allocated to each respective business area.

The return on equity is based on allocated shareholders’ equity for the business areas. The return on equity for the business

areas is based on operating profit less estimated tax and minority interests.

Swedish branch operations

Swedish branch operations includes customer

responsibility for private individuals, small and

medium-size companies, organizations,

municipalities and county councils in Sweden, and

the Bank’s own distribution channels in the form of

branches, ATM’s, the Swedish telephone and

Internet banks, Lending operations, Payment

operations, Bank deposits, e-business, HSB Bank,

partly owned Swedish banks, and the private

banking operations in Luxembourg.

Swedbank Markets

Swedbank Markets is responsible for the Bank’s

Investment and Merchant Banking operations. It is

also responsible for large companies and financial

institutions. In addition to the operations in Sweden

and First Securities in Norway the business area

includes the international branches in Oslo, London

and New York.

Swedish branch operations

SEK M Q2 03 Q1 03 Q4 02 Q3 02 Q2 02 Q1 02

Net interest income 2,832 2,841 2,882 2,857 2,849 2,720

Other income 851 781 943 909 995 1,023

Total income 3,683 3,622 3,825 3,766 3,844 3,743

Staff costs -964 -960 -1,059 -961 -982 -945

Other expenses -1,242 -1,218 -1,300 -1,116 -1,226 -1,146

Total expenses -2,206 -2,178 -2,359 -2,077 -2,208 -2,091

Profit before loan losses 1,477 1,444 1,466 1,689 1,636 1,652

Loan losses -291 -303 -232 -250 -300 -357

companies etc. 24 24 -19 -103 -18 -6

Operating profit 1,210 1,165 1,215 1,336 1,318 1,289

Allocated equity 20,463 20,463 19,076 19,076 19,076 19,076

Return on equity 16.9% 16.4% 17.8% 19.5% 19.9% 19.4%

Total assets SEK bn 600 580 571 546 543 534

Swedbank Markets

SEK M Q2 03 Q1 03 Q4 02 Q3 02 Q2 02 Q1 02

Net interest income 199 247 305 165 223 134

Other income 307 259 259 229 -6 333

Total income 506 506 564 394 217 467

Staff costs -135 -150 -159 -141 -144 -147

Other expenses -161 -147 -172 -140 -160 -146

Total expenses -296 -297 -331 -281 -304 -293

Profit before loan losses 210 209 233 113 -87 174

Loan losses 0 -9 -11 1 -63 0

companies etc. 4 -8 0 -1 -5 -7

Operating profit 214 192 222 113 -155 167

Return on equity 18.2% 16.3% 18.1% 9.2% neg 13.6%

(16)

10. Profit per business area

Asset management and insurance

Asset management and insurance comprises

Robur Group and its operations in fund

management, institutional and discretionary

asset management, insurance and individual

pension savings.

International banking operations

The International banking operations

business area includes the subsidiaries

Hansabank in the Baltic states and

FI-Holding in Denmark and

FöreningsSparbanken’s interests in the

associated companies SpareBank 1 Gruppen

of Norway and Aktia of Finland.

Treasury management

The business area includes Treasury

management in Sweden (the parent company,

FöreningsSparbanken AB, and the subsidiary

Spintab). Treasury management in Sweden is

responsible for long-term funding, including

funding for mortgage operations, the Bank’s

strategic short- and long-term portfolios, and

certain other shareholdings, e.g. the holding in

OM.

.

Asset management and insurance

SEK M Q2 03 Q1 03 Q4 02 Q3 02 Q2 02 Q1 02

Net interest income 3 23 13 1 9 20 22

Other income 295 278 311 271 320 348

Total income 298 301 324 290 340 370

Staff costs -62 -66 -42 -67 -75 -73

Other expenses -143 -128 -149 -136 -133 -134

Total expenses -205 -194 -191 -203 -208 -207

Profit before loan losses 93 107 133 8 7 132 163

Operating profit 93 107 133 8 7 132 163

Return on equity 15.2% 17.5% 19.5% 12.8% 19.3% 23.7%

Total assets SEK bn 39 35 36 3 4 40 47

International banking operations

SEK M Q2 03 Q1 03 Q4 02 Q3 02 Q2 02 Q1 02

Other income 389 342 407 322 310 287

Total income 1,132 1,121 1,102 1,113 1,070 1,013

Staff costs -237 -227 -257 -240 -253 -255

Other expenses -304 -297 -348 -300 -337 -321

Total expenses -541 -524 -605 -540 -590 -576

Profit before loan losses 591 597 497 573 480 437

Loan losses -97 -88 -58 -30 -11 -31

companies etc. -244 -55 -106 -280 -45 -13

Operating profit 250 454 333 263 424 393

Return on equity neg 10.1% 6.7% 1.7% 8.9% 9.2%

Treasury management

SEK M Q2 03 Q1 03 Q4 02 Q3 02 Q2 02 Q1 02

Other income 566 -3 -2 1 0 -2 -28

Total income 708 158 130 117 209 132

Staff costs -4 -4 -4 -3 -3 -3

Other expenses -9 -8 -17 -6 -7 -6

Total expenses -13 -12 -21 -9 -10 -9

Profit before loan losses 695 146 109 108 199 123

Writedown of financial fixed assets -264

Operating profit 695 146 109 -156 199 123

Return on equity 211.7% 36.8% 23.9% neg 43.8% 27.2%

(17)

10. Profit per business area

Other

Other comprises income and expenses that do

not fall under any of the business areas. This

includes IT , Group Staffs, the support

organization, the Group’s own insurance

company Sparia and FöreningsSparbanken

Fastighetsbyrå (real estate brokerage). Other

also includes central provisions for loan losses

that are not reported by units with customer

responsibilty.

Other

SEK M Q2 03 Q1 03 Q4 02 Q3 02 Q2 02 Q1 02

Net interest income 30 -23 -143 -12 -160 57 Other income 768 779 671 680 709 744

Total income 798 756 528 668 549 801

Staff costs -300 -320 -283 -308 -320 -342 Other expenses -525 -531 -350 -523 -434 -600

Total expenses -825 -851 -633 -831 -754 -942

Profit before loan losses -27 -95 -105 -163 -205 -141

Loan losses 106 1 0 -59 -96 -59 -47 Share of profit/loss of associated

companies etc. 5 4 0 4 6 5

Operating profit 84 -81 -164 -255 -258 -183

Allocated equity 162 162 163 163 163 163

Total assets SEK bn 8 1 0 6 7 6 6

Eliminations

SEK M Q2 03 Q1 03 Q4 02 Q3 02 Q2 02 Q1 02

Other income -686 -663 -685 -602 -643 -661 Total income -677 -658 -683 -599 -638 -655 Staff costs 16 1 4 18 16 1 4 13 Other expenses 661 644 665 583 624 642 Total expenses 677 658 683 599 638 655

(18)

Private individuals, 60 Other loans to the public, 277 Mortgage loans, 386 Credit institutions, 132 Interest-bearing sec, 78

11. Balance sheet

Balance sheet

SEK bn, June 30, 2003

Balance sheet

SEK M Jun 30, 2003 Dec 31, 2002 Jun 30, 2002

Lending to credit institutions 131,793 98,662 125,507

Interest-bearing securities 77,759 64,884 72,030

financial fixed assets 1,627 2,729 2,875

financial current assets 76,132 62,155 69,155

Assets in the insurance operations 35,200 32,242 36,348

Other assets 65,881 58,318 74,352

Total assets 1,033,622 957,503 986,455

Deposits and borrowings from the public 271,345 263,419 264,449

Amounts owed to credit institutions 107,390 102,814 113,711

Debt securities in issue 473,904 420,254 424,056

Liabilities in the insurance operations 35,303 32,243 36,858

Other liabilities 77,108 72,516 81,966

Subordinated liabilities 29,872 27,655 28,715

Total liabilities, provisions

and shareholders'equity 1,033,622 957,503 986,455

Household deposits, 151

Other deposits from the public, 119

Debt securities in issue, 474

Credit institutions, 107

Other liabilities, 144 Other assets,101 _{Shareholders’ equity, 39}

Deposits

SEK bn

Q2 03 Q1 03 Q4 02 Q3 02 Q2 02 Q1 02 Q4 01 Q3 01 Q2 01

Transaction accounts

98.1 92.4 97.7 94.2 98.6 97.8 98.5 100.6 100.6

Savings accounts

75.5 73.8 70.6 68.7 67.0 64.6 62.2 61.1 59.9

Overnight deposits

1.9 1.4 0.6 4.6 3.0 0.8 0.0 0.4 0.4

Other

46.1 58.1 48.0 44.2 46.5 51.0 36.2 50.8 44.3

Currency deposits

49.1 50.1 46.1 48.7 47.8 52.8 49.3 50.4 46.9

Total deposits from public

270.7 275.8 263.0 260.4 262.9 267.0 246.2 263.3 252.1

-of which non financial companies

35.5 33.1 37.0 33.7 37.3 35.4 35.1 31.5 33.2

Lending

SEK bn

Q2 03 Q1 03 Q4 02 Q3 02 Q2 02 Q1 02 Q4 01 Q3 01 Q2 01

Private individuals

321.4 312.4 306.9 296.3 290.8 284.8 281.2 277.5 273.8

of which Spintab

261.6 253.7 248.2 242.1 236.9 232.0 228.2 223.9 219.6

Real estate management

146.6 144.6 144.1 136.9 135.8 134.6 135.5 136.7 135.1

Retail, hotels, restaurants

26.8 26.4 25.6 25.7 25.3 25.1 24.9 24.9 25.1

Construction

11.1 10.9 10.5 10.5 10.3 10.6 11.0 10.6 10.5

Manufacturing

51.0 51.9 50.7 50.7 50.3 50.8 51.4 51.1 49.4

Transportation

14.9 14.1 14.3 14.4 14.0 13.8 14.2 15.5 13.7

Forestry and agriculture

33.1 32.1 31.1 30.4 29.4 28.7 28.1 27.2 26.5

Other service businesses

19.4 19.5 18.9 14.0 14.9 15.3 16.7 14.6 15.5

Other business lending

57.2 56.6 56.9 66.3 63.9 65.1 63.8 65.2 62.7

Municipalities*

13.6 14.2 13.7 12.8 13.6 13.5 13.0 13.3 13.5

Total

695.1 682.7 672.7 658.0 648.3 642.3 639.8 636.6 625.8

Credit institutions incl. The

Swedish National Debt Office

68.0 66.1 64.4 45.5 50.1 61.6 56.1 61.1 83.2

Repurchase agreements

91.7 96.3 65.0 86.8 105.3 128.9 97.9 118.7 91.3

Total lending

854.8 845.1 802.1 790.3 803.7 832.8 793.8 816.4 800.3

(19)

12. Interest rates

Interest rates, at end of

Household deposits

Q2 03 Q1 03 Q4 02 Q3 02 Q2 02 Q1 02 Q4 01 Q3 01 Q2 01 Q1 01

Private accounts up to SEK 15,000 1.50 3.00 3.25 3.75 3.75 3.50 3.25 3.25 3.50 1.75

Private accounts over SEK 15,000 0.00 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.25 0.25

e-savings account 2.10 2.85 3.10 3.60 3.60 3.35 3.10

Other Savings accounts

SEK 0-100,000 0.10 0.75 1.00 1.50 1.50 1.25 1.00 1.00 1.00 1.00

SEK 100,000-250,000 0.85 1.75 2.00 2.50 2.50 2.25 2.00 2.00 1.75 1.75

SEK 250,000- 2.10 3.00 3.25 3.75 3.75 3.50 3.25 3.25 3.35 3.35

Fixed rate deposits

3-months 2.35 3.10 3.15 3.45 3.50 3.20 3.00 3.00 3.45 3.15 1-year 2.25 3.10 3.20 3.55 3.90 3.75 3.25 3.25 3.80 3.40 3-year 2.85 3.65 4.00 4.10 4.70 5.00 4.35 4.15 4.85 3.65 5-year 3.45 4.30 4.65 4.60 5.30 5.65 5.20 5.15 5.65 4.45 Spintab mortgages Q2 03 Q1 03 Q4 02 Q3 02 Q2 02 Q1 02 Q4 01 Q3 01 Q2 01 Q1 01 Single-family homes 3-months 4.65 5.15 5.40 5.90 5.90 5.65 5.40 5.40 5.90 5.60 2-year 4.30 5.15 5.40 5.90 6.40 6.60 6.00 5.70 6.35 5.50 5-year 4.90 5.75 6.00 6.20 6.85 7.10 6.80 6.60 6.80 5.95 0 2 4 6 8 10 12

Jun-96 Dec-96 Jun-97 Dec-97 Jun-98 Dec-98 Jun-99 Dec-99 Jun-00 Dec-00 Jun-01 Dec-01 Jun-02 Dec-02 Jun-03

10-year 90-days

Interest rates in Sweden, quarterly

%

(20)

13. Funding and interest rate risks

Maturity distribution, Spintab's lending, June 30, 2003

SEK M

<3 mos. 3-6 mos. 6-9 mos. 9-12 mos. 1-2 yrs. 2-3 yrs. 3-4 yrs. 4-5 yrs. > 5 yrs. Total

Retail 84,981 9,656 16,650 11,352 48,440 35,029 16,836 22,831 7,871 253,646

Other 44,087 4,656 9,238 7,349 22,647 16,218 9,615 11,257 7,359 132,426

Total 129,068 14,312 25,888 18,701 71,087 51,247 26,451 34,088 15,230 386,072

Maturity distribution, Spintab's funding, June 30, 2003, nominal amount

SEK M

<3 mos. 3-6 mos. 6-9 mos. 9-12 mos. 1-2 yrs. 2-3 yrs. 3-4 yrs. 4-5 yrs. > 5 yrs. Total

Retail 0 0 818 2,181 0 0 0 0 8 3,007

Other 207,360 16,284 1,060 54,379 41,624 38,526 21,947 11,585 9,036 401,801

Total 207,360 16,284 1,878 56,560 41,624 38,526 21,947 11,585 9,044 404,808

Funding and capital structure, June 30, 2003

Primary Capital

SEK M

Debt of which Undated Primary Supple- Risk- capital adequacy

securities bonds Subordinated subordinated capital mentary weighted ratio ratio

loans loans capital amount % %

The Bank

67,578 5,044 14,980 6,940 27,360 18,249 208,943 13.1 21.6

Spintab

398,352 291,150 2,334 3,985 17,652 6,319 198,216 8.9 12.0

The Group

473,904 279,726 18,996 10,857 41,666 27,246 582,636 7.2 11.2

Interest rate risk, June 30, 2003

Effect on value of assets and liabilities in SEK and foreign currency if interest rates increase by 100 b.p.

SEK M

<3 mos. 3-6 mos. 6-12 mos. 1-2 yrs. 2-3 yrs. 3-4 yrs. 4-5 yrs. 5-10 yrs. >10 yrs. Total

Total FöreningsSparbanken,

the Group

13 -59 249 -335 -339 -279 -901 21 -243 -1,873

Of which foreign currency

-1 -5 -6 13 32 -59 -48 -12 -247 -333

Of which financial current assets

at fair value, the group

-47 -27 -44 -31 -26 -21 -15 -48 -57 -316

(21)

14. Asset quality

•Loan loss ratio, net 0.19 (0.23) percent.

•Doubtful claims 0.26 (0.27) percent of loan book.

•Doubtful claims gross 3,650 SEK M

•Doubtful claims net - 1,406 SEK M

•Provision ratio for doubtful claims 139 (134) percent.

•Low loan exposure to other countries.

(Figures in parentheses refer to December 31, 2002)

Lending by collateral

June 30, 2003

Municipalities and county councils, 7% Residential properties incl. condominiums, 55% Other properties, 16% Chattel mortgages, 2% Unsecured, 12% Other collateral, 6% Personal guarantee, 2%

Credit exposure Of which

June 30, 2003 SEK M, book value % of

credit-Country Loans Derivatives* Investments Guaranties Other Total total institutions

Sweden 605,976 11,180 51,780 11,085 305 680,326 76.2 75,821 OECD countries** 116,716 20,271 22,057 2,967 2,134 164,145 18.4 82,468 of which Denmark 71,910 2,239 7,669 350 8 82,176 9.2 7,678 of which Norway 12,040 1,212 2,197 470 1,165 17,084 1.9 14,690 Baltic region 32,660 35 2,578 1,446 2,488 39,207 4.4 379 Russia 1,090 18 3 1 1,112 0.1 29 Latin Amerika 1,132 37 100 3 1,272 0.2 588 of which Argentina 37 37 0 of which Brasil 500 500 0.1 420 Japan 1,368 60 1,428 0.2 1,428

Rest of East Asia 809 71 346 1,226 0.1 1,107

of which South Korea 514 6 520 0.1 520

Loan losses, quarterly trends

SEK M

Q2 03 Q1 03 Q4 02 Q3 02 Q2 02 Q1 02 Q4 01 Q3 01 Q2 01

Loan losses, the Group

Provisions

448 553 330 414 483 555 474 340 334

Established

198 102 339 177 238 116 356 147 203

Recoveries

-363 -272 -311 -216 -288 -236 -380 -254 -257

Change in value of property taken over

-1 7 2 0 0 0 9 0 15

Total

282 390 360 375 433 435 459 233 295

Loan losses by Group unit

FöreningsSparbanken AB

200 294 327 387 416 380 378 163 249

Spintab

34 46 17 9 44 59 16 53 63

FI-Holding

20 40 22 29 27 28 28 20 19

Hansabank

77 48 36 1 -16 3 41 6 -22

Others

-49 -38 -42 -51 -38 -35 -4 -9 -14

Total

282 390 360 375 433 435 459 233 295

Loan losses by sector

Households

-1 -1 10 -28 3 -21 78 20 -7

Real estate management

50 64 55 35 44 52 5 43 83

Retail, hotel, restaurants

34 61 41 26 12 26 28 18 11

Construction

1 -4 22 -7 -4 1 0 0 -5

Manufacturing

91 135 86 15 50 -2 117 55 44

Transportation

8 2 19 86 3 -1 29 8 2

Forestry and agriculture

4 6 10 -1 -10 25 19 6 6

Other service businesses

63 -2 54 -24 36 0

Other business lending

7 -8 22 10 3 19

Other

25 137 41 263 296 336 183 83 161

(22)

15. Doubtful claims

Doubtful claims loans by entity Jun-30 Mar-31 Dec-31 Sep-30 Jun-30 Mar-31 Dec-31 Sep-30 Jun-30

Gross, SEK M 2003 2003 2002 2002 2002 2002 2001 2001 2001 FöreningsSparbanken AB 1,883 1,888 1,855 2,273 2,303 2,012 2,164 1,862 1,697 Spintab 474 589 629 574 640 613 626 644 663 FöreningsSparbanken Finans 141 128 148 148 127 120 167 134 120 FI-Holding 530 532 389 533 460 385 316 370 267 Hansabank 485 543 439 306 362 707 735 698 662 Övriga 137 146 140 143 164 244 245 274 270 Total 3,650 3,826 3,600 3,977 4,056 4,081 4,253 3,982 3,679

Provisions, SEK M 2003 2003 2002 2002 2002 2002 2001 2001 2001 FöreningsSparbanken AB 2,889 2,844 2,698 2,808 2,538 2,344 2,108 1,778 1,682 Spintab 403 460 462 488 507 521 484 491 452 FöreningsSparbanken Finans 67 65 59 58 65 62 50 56 55 FI-Holding 1,144 1,168 1,119 1,182 1,144 1,122 1,142 1,184 1,098 Hansabank 507 497 437 426 419 456 518 529 570 Övriga 46 46 48 44 25 77 78 67 42 Total 5,056 5,080 4,823 5,006 4,698 4,582 4,380 4,105 3,899

Net, SEK M 2003 2003 2002 2002 2002 2002 2001 2001 2001 FöreningsSparbanken AB -1,006 -956 -843 -535 -235 -332 56 84 15 Spintab 71 129 167 86 133 92 142 153 211 FöreningsSparbanken Finans 74 63 89 90 62 58 117 78 65 FI-Holding -614 -636 -730 -649 -684 -737 -826 -814 -831 Hansabank -22 46 2 -120 -57 251 217 169 92 Övriga 91 100 92 99 139 167 167 207 228 Total -1,406 -1,254 -1,223 -1,029 -642 -501 -127 -123 -220

Sector/Industry Accrued Specific Collective Provisions for Book value of Book value Book value of

SEK M acquisition provisions provisions collectively claims after of doubtful unsettled claims value before for individually for individually valued accounting for claims for which acc-accounting for assessed assessed homogenous provisions rued interest has

provisions claims claims groups of been entered

claims as income

Consumers 321,764 67 132 198 321,367 171 230

Real estate management 147,248 259 379 146,610 493 155 Retail, hotels, restaurants 27,322 190 370 26,762 143 13

Construction 11,200 26 91 11,083 69 1

Manufacturing 52,434 330 1,053 51,051 490 111

Transportation 15,139 24 257 14,858 124 6

Forestry and agriculture 33,183 39 61 33,083 83 8

Other service businesses 19,870 80 353 19,437 214 51

Other business lending 58,371 219 906 57,246 409 3

Municipalities 13,612 13,612

Lending 700,143 1,234 3,602 198 695,109 2,196 578

Credit institutions incl.

Nat’l Debt Office 67,996 22 67,974 0

Repurchase agreements - credit

institutions incl. Nat’l Debt Office 66,254 66,254 Repurchase agreements - public 25,445 25,445

Total lending to credit

(23)

16. Structure

Group’s legal structure

FSPA Söderhamn AB ( 40% )

FöreningsSparbanken AB

AB Spintab _{Finans AB}FSPA AdministrationFSPA AB FSPA Fastighetsbyrå AB Swedbank Luxemburg S.A. Robur AB Eskilstuna Rekarne Sparbank AB ( 50% ) FSPA Sjuhärad AB (47.5%) Aktia Sparbank Ab (24.39%) AS Hansabank ( 59.71% ) Robur Försäkring AB FSPA Öland AB ( 60% ) SpareBank 1 Gruppen AS ( 25%) FSPA Jordbrukskredit Kundinkasso AB K.I.A.B. FI-Holding A/S ( 74.7% ) Färs och Frosta Sparbank AB ( 30% )

Group’s operational structure

Bergslagens Sparbank AB

(48%)

Sparia

Försäkrings AB Juristbyrå ABFSPA

FSPA Kapitalförvaltning AB Vimmerby Sparbank AB (40%) HSB Bank AB Allround AB (67%)

Board of Directors

Internal Audit Swedbank Markets International banking Northen region Middle region Stockholm region Western region Southeast region Southern region Customer Offerings

and Products _{Joint Services}

Chairman Secretariat

Independant Savings Banks and Partly Owned Banks Central functions Subsidiaries

President

Telephone Bank Robur Spintab FSPA Finans Fastighetsbyrån Juristbyrån Kundinkasso Internet Bank

(24)

16. Structure

Financial risk control and monitoring

Management structure

Credit limit structure

Board of directors

Unlimited

Central headquarters

Board credit- and capital committee

Unlimited

Central credit committee

SEK 150/350 M

Local bank

Local board

SEK 10/20/30/40 M

Depending on size of bank

Local delegation

SEK

7.5/15/20/30 M

Two officers jointly

SEK 0.25/3/5 M

Executive management:

Birgitta Johansson-Hedberg,

President and CEO.

Nils-Fredrik Nyblaeus,

Deputy President and CEO, CFO.

Anders Ek, EVP,

President of AB Robur.

Gert Engman, EVP, CIO

Head of Joint Services.

Göran Gunnarsson, EVP,

Head of Electronic Channels.

Kjell Hedman, EVP,

Head of Customer Offerings and Products.

Lars-Erik Kvist, EVP, CCO

Head of Credit.

Jan Lidén, EVP,

Regional Manager for Stockholm.

Ingrid Persson, EVP,

Head of Swedish savings bank cooperation.

Henrik Kolga,EVP

Head of Communications.

Göran Theodorsson, EVP,

Head of Human resources and skills

development.

Annika Wijkström, EVP,

Head of business area Swedbank Markets

and head of business area International.

Executive management continued:

Lennart Haglund, EVP,

Regional Manager for South.

Britt Henriksson, EVP,

Regional Manager for North.

Mikael Inglander, EVP,

Regional Manager for Southeast .

Bengt-Erik Lindgren, EVP,

Regional Manager for Mid.

Peter Rydell, EVP,

Regional Manager for West.

Gith Bengtsson,

Union representative.

Group counsil:

Jan Alexandersson,

Telephone bank.

Per Aspegren,

Capital Markets.

Håkan Berg, EVP,

Internal audit

Robert Charpentier, EVP,

Deputy head of Swedbank Markets.

Leif Ekbom, EVP,

Head of Forest and Agriculture segment.

Marie Halling,

Corporate sector manager.

Angela Hellryd-Dahlén

Marketing Department.

Group counsil continued:

Lars Eklund, EVP,

Operational Risks, Security, Legal

Affairs, Ethics, Insurance and

Crisis mamagement.

Tommy Lindell,

Organizational and institutional

customers and non-profit

organizations.

Anders Gustafzon,

Former head of Organizational and

institutional customers and

non-profit organizations.

Lisbeth Hansson,

Head of Channel Management and

Development.

Mats Lagerqvist,

EVP of Robur AB.

Jan Lilja,

Head of business area Treasury.

Fredrik Runnquist,

IT Manager.

Åsa Wilson-Bergstedt ,

Head of Swedish savings bank

cooperation

Gith Bengtsson,

Union representative.

Board of Directors in

FöreningsSparbanken

Finance committee

FöreningsSparbanken

Subsidiary’s

finance

committee

Trading

Committee

Treasury

Board of Directors’ presidium

Subsidiary’s

(25)

17. Owners and shares

• In the long term the dividend shall amount to at least 30 percent of profit after tax.

• Large number of international investors.

• Individual investors mainly customers of the bank.

• Number of shareholders June 30, 2003: 396 925.

Changes in subscribed capital

Year

Transaction

Par value/ Price, % Added Accumulated no. Share capital

share no. of shares of shares SEK M

1990 4,880,000 2,440 1990 New issue 500 100 1,000,000 5,880,000 2,940 1991 New issue 500 120 960,000 6,840,000 3,420 New issue 500 100 1,200,000 8,040,000 4,020 1992 Split 5:1 100 32,160,000 40,200,000 4,020 New issue 100 100 10,000,000 50,200,000 5,020 1993 Split 10:1 10 451,800,000 502,000,000 5,020 1994 New issue 10 573 38,000,000 540,000,000 5,400 1995 New issue/ reduction 10 650/630 -261,819,298 278,180,702 2,782 Bonus issue 20 0 278,180,702 5,564 1997 New issue 20 100 72,717,269 350,897,971 7,018 New issue 20 100 974,591 351,872,562 7,038 1999 Bonus issue 20 175,936,281 527,808,843 10,556

Savings banks

foundations

21.1% (21.0%)

Independent

savings banks

7.5% (7.2%)

Federation of Swedish

farmers and farmers’

cooperatives 3.2% (3.2%)

Swedish general

public 10.8% (11.1%)

Swedish institutional

investors, 36.7% (36.9%)

International

investors

20.7% (20.6%)

Ownership structure June 30

, 2003 (December 31 2002)

Number of shareholders

: 396,925

Number of shares

: 527,808,843

Source: DN Ägarservice and FöreningsSparbanken

Shareholders, June 30, 2003 %

Savings banks foundations 21.1

Independent savings banks 7.5

Alecta 4.8 Robur funds 3.6 Farmers' cooperatives 3.2 AMF Pension 2.8 AFA Försäkring 2.7 Nordea funds 2.0 Skandia 1.7

FöreningsSparbanken profit-sharing funds 1.6

SEB funds 1.6

The second swedish national pension fund 1.5

The fourth swedish national pension fund 1.5

Other Swedish Institutions 12.9

Swedish general public 10.8

Other international investors 20.7

Total 100.0

Data per share

Jan-Jun Jan-Jun

SEK per share

2003 2002 2002 2001 2000

Earnings

5,65 4,34 7,87 9,86 12,10

Equity

73,32 69,53 73,13 71,02 66,22

Cash dividend

5,50 5,50 5,50

Price, end of period

110,00 116,00 103,00 130,00 144,50

Yield, %

5,34 4,23 3,81

(26)

Q August 22, 2003

Contents

1.

Market position

1

2.

International banking and alliances

4

3.

Financial and strategical targets

5

4.

Savings and investments

7

5.

Lending

8

6.

Profit trend and key figures

9

7.

International Banking

11

8.

Income

12

9.

Expenses

13

10.

Profit per business areas

14

11.

Balance sheet

17

12.

Interest rates

18

13.

Funding and interest rate risks

19

14.

Asset quality

20

15.

Doubtful claims

21

16.

Structure

22

1. Market position

• Sweden’s oldest bank - established 1820.

• Average market share in retail market is approx. 30 percent.

• Largest customer base in Sweden.

• Strongest name recognition of all Swedish banks.

• Best accessibility - nationwide network of

branches and electronic meeting places.

Private individuals

• FSPA

4.4 million

• Jointly owned 0.4 million

• Independent 1.3 million

• Hansabank

3.8 million

Municipalities

• FSPA 212 municipalities

• Jointly owned 20

• Independent 93

• FSPA 21 county councils

Small/midsize corporates

• FSPA

243,000

• Jointly owned 25,000

• Independent 93,000

• FI-Holding

5,000

• Hansabank

143,000

Large companies

Nationwide organizations