#1Investor presentation Q4 2023 Last updated: 9 February 2024 SEB#22 Disclaimer IMPORTANT NOTICE THE FOLLOWING APPLIES TO THIS PRESENTATION, ANY ORAL PRESENTATIONS OF THE INFORMATION IN THIS PRESENTATION BY SEB OR ANY PERSON ON ITS BEHALF, AND ANY QUESTION AND ANSWER SESSION THAT FOLLOWS ANY SUCH ORAL PRESENTATIONS. THIS PRESENTATION IS NOT AN OFFER OR SOLICITATION OF AN OFFER TO BUY OR SELL SECURITIES. IT IS SOLELY FOR USE AT AN INVESTOR PRESENTATION AND IS PROVIDED AS INFORMATION ONLY. THIS PRESENTATION DOES NOT CONTAIN ALL OF THE INFORMATION THAT IS MATERIAL TO AN INVESTOR. THIS PRESENTATION IN AND OF ITSELF SHOULD NOT FORM THE BASIS OF ANY INVESTMENT DECISION. BY ATTENDING THE PRESENTATION OR BY READING THE PRESENTATION SLIDES YOU AGREE TO BE BOUND AS FOLLOWS: This presentation is not an offer for sale of securities in the United States, Canada or any other jurisdiction. 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These risks and uncertainties include, but are not limited to, SEB's ability to successfully implement its strategy, future levels of non-performing loans, its growth and expansion, the adequacy of its allowance for credit losses, its provisioning policies, technological changes, investment income, cash flow projections, exposure to market risks as wells other risks. SEB undertakes no obligation to publicly update or revise forward-looking statements contained herein, whether as a result of new information, future events or otherwise. In addition, forward-looking statements contained in this presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. You should not place undue reliance on forward-looking statements, which speak only as of the date of this presentation. SEB#33 Overview P.3 SEB in brief P.13 P.28 Q4 2023 financial update Credit portfolio and asset quality P.39 Capital P.44 Liquidity and funding P.56 Strategy and sustainability. P.66 Macro environment P.72 Appendix SEB#4SEB in brief SEB at a glance Solid market position Strong operating environment Competitive shareholder value Leading northern European corporate bank with international reach, founded in 1856. Strong retail franchise in Sweden and the Baltics. Operating in economically strong markets, with high proportion of international large corporate customers providing geographical diversification. Profitable growth over time enabled by customer focus, strong risk culture and firm cost control. A sustainable partner Long-term main shareholder Ambition to be a leading catalyst in the transition to a more sustainable society. Largest shareholder Investor AB, founded by the Wallenberg family in 1916. Based on long-term relationships we enable people and businesses to realise their ideas, in good times and bad SEB#5LO 5 SEB in brief Leading market position in economically strong markets Norway Finland Sweden Estonia Latvia Key ratios 2023 2022 2021 United Kingdom Denmark Lithuania Netherlands Germany Complementing our home markets with an International Network, supporting large corporate clients from New York to Shanghai Return on equity 1 17.9% 14.5% 13.9% Cost/income 0.34 0.39 0.42 Net expected 3bps 7bps 2bps credit losses Austria Switzerland CET1 ratio 19.1% 19.0% 19.7% Credit rating AA-/Aa3/A+ with stable outlook Operating profit by division 2 FY 2023 18% 5% Credit portfolio by segment 31 Dec 2023 4%3% ■Large Corporates & Financial Institutions 6% 3% Corporate & Private Customers 38% 24% Private Wealth Mgmt & Family Office ■Baltic Life 5% 7% 32% Investment Mgmt Credit exposure by currency 3 31 Dec 2023 ■ Corporates ■Commercial real estate 12% 10% 55% ■Residential real estate Household mortgages & BRF Household other 33% Public admin & banks 1 Return on equity before items affecting comparability. 2 Operating profit by divisions excluding Group functions and eliminations. 3 As share of exposure. ■ SEK ■ EUR 45% ■ USD ■ Other SEB#620 0 SEK bn 80 60 40 1990 1992 Compound annual growth rate (CAGR) Operating income Operating expenses Profit before ECL and imposed levies Note: data based on rolling four quarters. Figures restated since 2016. 6 SEB in brief Stable operating leverage growth over time. 1995 Operating income Operating expenses Profit before ECL and imposed levies 2010 2013 2016 1990 2023 2013-2023 2017-2023 +6% +7% +9% +5% +1% +3% +7% +12% +14% SEB 2019 2022 2023#7SEB in brief 7 ... has resulted in low credit losses over time... Credit loss level 0.11% 0.30% 0.92% 0.15% • Average annual credit loss level of 0.13% since 2007 • Excluding losses in the Baltics in 2009, average annual credit loss level of 0.09% since 2007 0.26% 0.08% 0.09% 0.09% 0.10% 0.06%-0.07% 0.05% 0.06% 9.07%- Average -0.08% 0.02% 0.03% 2007 2009 2011 2013 2015 2017 2019 2021 2023 SEB#8SEB in brief ... allowing stable capital generation Return on risk exposure amount 1.9% 1.7% 1.2% 0.9% 0.2% 3.0% 2.7% 2.5% 1.6% 2.0% 2.6% 1.8% 4.3% 3.7% 3.4% 3.2% 2.7% Average - 2.1%- 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Note: net profit as a share of risk exposure amount. 8 SEB#9SEB in brief A diversified business compared to our peers... Well balanced credit portfolio Credit exposure (EAD) by sector Corporates Institutions Real estate management Other retail loans Household mortgages Other Diversified income stream Operating income by type Net interest income Net financial income I Net fee & commission income I Net other income 9 100% 75% 50% 25% 100% 75% 50% 25% 0% 0% SEB DNB Danske Nordea Swedbank SHB SEB Danske Nordea Swedbank SHB DNB Source: 2022 annual reports. SEB#10SEB in brief ... enabling long-term relative financial strength Cost efficiency Cost/income: 2011-LTM Q3 2023, excl. unusual items Asset quality Cost of risk: 2011-LTM Q3 2023 1.5% 70% 50% 30% 2011 2013 2015 2017 2019 2021 2023 Profitability SEB Nordic peer average European peer average 0.5% SEB 38% SEB 0.04% 2011 2013 2015 2017 2019 2021 2023 -0.5% Capital strength CET1 capital ratio: 2014 - Q3 2023 Return on equity: 2011-LTM Q3 2023, excl. unusual items 20% 25% SEB 17.3% 20% 10% 15% SEB 18.9% 0% 10% 2011 2013 2015 2017 2019 2021 2023 2014 2016 2018 2020 2022 Source: S&P Global. SEB 10#11SEB in brief Our balance sheet provides a solid base 2016 2023 Capital CET1 capital Annual capital generation Capital buffer Total buffer in bn Liquidity and funding Liquid assets SEK 114bn 250bps 190bps 440bps SEK 26.8bn SEK 290bn As share of assets Loan-to-deposits (LDR) Asset quality Non-performing loans Reserves 15% 151% SEK 7.6bn SEK 4.8bn Coverage ratio 63% 1 Total buffer includes capital buffer and annual capital generation. 11 Capital CET1 capital Annual capital generation Capital buffer Total buffer 1 in bn Liquidity and funding Liquid assets As share of assets Loan-to-deposits (LDR) Asset quality Non-performing loans (NPL) Reserves Reserves/NPL ratio SEK 170bn (+49%) 430bps (+72%) 440bps (+132%) 870bps (+98%) SEK 77bn (+189%) SEK 739bn (+155%) 20% (+37%) 121% (-20%) SEK 9.0bn (+18%) SEK 8.0bn (+67%) 89% (+41%) SEB#12SEB in brief + Competitive shareholder value guided by our financial targets ~50% 100-300bps Return on Equity competitive with peers Dividend payout ratio of EPS 1 CET1 ratio above requirement (Long-term aspiration 15%) Share repurchases will be the main form of capital distribution when SEB's capital buffer exceeds, and is projected to remain above, the targeted range of 100-300 basis points. Excluding items affecting comparability. 12 SEB#1313 Overview P.3 SEB in brief P.13 P.28 Q4 2023 financial update Credit portfolio and asset quality P.39 Capital P.44 Liquidity and funding P.56 Strategy and sustainability. P.66 Macro environment P.72 Appendix SEB#14Q4 2023 financial update Highlights in Q4 2023 14 Return on equity 15.2% . High customer satisfaction among both Large Corporates and Financial Institutions, with maintained #1 positions in annual Nordic Prospera surveys Overall asset quality remained robust and return on equity was solid at 15.2 per cent, in line with our long-term aspiration Costs for 2023 were in line with the FX-adjusted cost target of SEK 27.0-27.5 bn. For 2024 we have a cost target ¹ of SEK <29bn Proposed ordinary dividend of SEK 8.50 per share, a special dividend of SEK 3.00 per share and decided on a new quarterly share buyback programme of SEK 1.75bn Cost income ratio 0.35 CET1 ratio 19.1% Capital buffer 440 bps 1 Assuming average 2023 FX and not including AirPlus. SEB#15Q4 2023 financial update Financial summary FY 2023 15 SEK m Jan-Dec 2023 Jan-Dec 2022 Net ECL level Total operating income 80,193 64,478 +24% 3 bps Total operating expenses -27,449 -25,044 +10% C/I Profit before ECL and imposed levies 52,744 39,434 +34% 0.34 Net expected credit losses -962 -2,007 -52% CET1 19.1% Imposed levies -3,819 -2,288 +67% Operating profit 47,963 33,739 +42% RoE 17.9% Net profit 38,116 26,877 +42% DPS Earnings per share (SEK) 18.2 12.6 +44% SEK 8.50+3.00 SEB#1616 Q4 2023 financial update Development of credit portfolio SEK bn 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Jun-23 Sep-23 Dec-23 Credit portfolio by sector Lending by sector QoQ YOY QoQ YOY Corporates fx-adjusted -4% -1% -5% -1% -1% 2% -2% -1% Households -2% 1% 0% 0% Swedish mortgages -2% -1% 0% 0% Note: Credit portfolio includes loans, contingent liabilities and derivatives. FX-adjusted excludes trading products. Commercial real estate 0% 3% -1% 1% fx-adjusted 1% 3% 1% 1% Residential real estate 1% 2% 1% 3% Housing co-ops -1% -7% -2% -7% Total (excl.banks) -3% -1% -3% -1% SEB#1717 Q4 2023 financial update Perspectives on our broader financial contribution Increased value to owners (equity capital providers) Net profit Increased resources to public finances Taxes and imposed levies Example of owners Beneficiaries investor Foundations & ~560,000 investors +42% YoY +46% YoY ~4,000,000 individuals AMF SEK 38bn SEK 14.4bn alecta ~2,800,000 individuals Private individuals 250,000+ Large contributions to public finances relative other industries (taxes + imposed levies) / (operating profit + imposed levies), 2023 Effective tax rate reported 20.5% 26% 20.6% SEB Swedish corporate tax 1 ECB, Kepler Cheuvreux estimates. Swedish depositors gain a relatively larger benefit of rate hikes Total deposit betas in Europe 1, October 2023 75% 64% 35% 26% 26% 26% 26% Sweden Norway Netherlands Finland France Germany Eurozone SEB#18Q4 2023 financial update Financial summary Q4 2023 18 SEK m Q4 2023 Q3 2023 Q4 2022 Total operating income 20,136 20,979 -4% 18,798 +7% Net interest income 12,100 12,248 -1% 9,715 +25% Net ECL level Net fee and commission income 5,542 5,320 +4% 5,410 +2% 9 bps Net financial income 2,386 2,594 -8% 3.476 -31% C/I Total operating expenses -7,130 -6,905 +3% -6,757 +6% 0.35 Profit before ECL and imposed levies 13,006 14,073 -8% 12,041 +8% CET1 Net expected credit losses -664 17 -506 +31% 19.1% Imposed levies -1,075 -1,108 -3% -578 +86% Operating profit 11,267 12,983 -13% 9,558 +18% RoE 15.2% Income tax expense -2,894 -2,401 +21% -2,156 +34% Net profit 8,373 10,581 -21% 7,402 +13% SEB#19Q4 2023 financial update Net interest income development Net interest income (SEK bn) Jan-Dec 2023 vs. Jan-Dec 2022 Net interest income type (SEK bn) Q3 2023 Q4 2023 33.4 +42% 47.5 12.2 0.1 0.8 0.1 0.1 Swedish household lending and deposits SEK 0.1bn 1 0.7 12.1 0.2 Q3 2023 Corporate Corporate lending deposits Swedish household lending Swedish household deposits Baltic household and other Other Customer compensation Q4 2023 LC&FI C&PC Baltic Other 2 4.9 4.9 5.1 5.1 2.8 2.8 -0.5 -0.7 Jan-Dec 2022 Jan-Dec 2023 Q3 2023 Q4 2023 Q3 2023 Q4 2023 Q3 2023 Q4 2023 Q3 2023 Q4 2023 19 1 Corporate & Private Customers division. Full year increase of SEK +0.8bn (5.7% of total NII 2023 increase). 2 "Other" includes divisions PWM&FO, Life, Investment Management, Group Functions and Eliminations. SEB#20Q4 2023 financial update Net fee & commission income development 20 20 Net fee & commissions (SEK bn) Jan-Dec 2023 vs. Jan-Dec 2022 1% Net fee & commissions by income type (SEK bn) Q4 2021 Q4 2023 Net securities commissions (custody, mutual funds, brokerage) 3.1 2.4 21.5 21.7 Q4-21 Q4-22 Net advisory fees, lending fees & other commissions 1.4 2.4 Q4-23 1.6 1.7 Q4-21 Q4-22 Q4-23 Net payment & card fees 1.0 1.2 1.2 Q4-21 Q4-22 Q4-23 Net life insurance commissions Jan-Dec 2022 Jan-Dec 2023 0.3 Q4-21 0.2 0.2 Q4-22 Q4-23 SEB#21Q4 2023 financial update Net financial income development Net financial income (SEK bn) Jan-Dec 2023 vs. Jan-Dec 2022 Net financial income development (SEK bn) Q4 2021-Q4 2023. Mean and standard deviation (SD) based on Q1 2020-Q4 2023 quarterly data 21 +8% +1 SD Mean ========== 1.5 -1 SD 10.0 1.8 9.2 NFI Divisions INFI Other 3.5 1.0 2.4 2.4 3.1 0.5 2.2 1.2 1.9 Q4-21 Q4-22 Q4-23 whereof CVA/DVA 0.3 0.0 -0.3 Jan-Dec 2022 Jan-Dec 2023 Q4-21 Q4-22 Q4-23 SEB#22Q4 2023 financial update Strong asset quality and balance sheet 22 2022 2023 Asset quality Net expected credit loss level 7 bps Funding & liquidity Asset quality Net expected credit loss level Funding & liquidity 3 bps Customer deposits (SEK) 1,571bn Customer deposits (SEK) 1,566bn Liquidity coverage ratio 143% Liquidity coverage ratio 140% Net Stable Funding Ratio (NSFR) 109% Net Stable Funding Ratio (NSFR) 112% Capital Capital CET1 ratio (Basel 3) 19.0% CET1 ratio (Basel 3) 19.1% CET1 buffer above requirement 470 bps CET1 buffer above requirement 440 bps Total capital ratio (Basel 3) 22.5% Total capital ratio (Basel 3) 22.4% Leverage ratio (Basel 3) 5.0% Leverage ratio (Basel 3) 5.4% SEB#23Business plan update SEB#24Q4 2023 financial update Our 2030 Strategy remains intact Future-proofing customer relationships and profit generation 24 . Acceleration 1 Change 2 Partnerships Future-proofing our platform Efficiency Expand Corporate and Investment Banking Leverage markets and securities platforms Grow savings and investments in the Nordics and the Baltics Capture the sustainability supercycle Transform Retail Banking to go more digital, with a mobile first approach, in Sweden and the Baltics Establish Private Wealth Management & Family Office division in all home markets • Scale and implement SEBX capabilities Rethink ways of producing and distributing products and services Strengthen innovation and business momentum through external partnerships Change approach from automation to end-to-end processes Develop into a fully data-driven organisation Accelerate technology development • Enhance regulatory efficiency SEB#25Q4 2023 financial update A selection of what we have delivered during 2023 Future-proofing customer relationships and profit generation Acceleration 1 Change 2 Partnerships 3 25 Broadened investment offering with new thematic funds • Expanded digital functionality for retail banking customers • Sustainability Activity Index +123% . Carbon Exposure Index -39% Announced acquisition of AirPlus to enhance payments offering • • Record high customer satisfaction among private customers (NPS) Robust growth in PWM&FO division -1,950 new customers Future-proofing our platform Digital accounting services added through PE Accounting • Overview of pension plans provided by Insurely • . Enhanced digital process for entrepreneurs to start a company enabled by Fortnox Efficiency 4 • Tripled the annual number of data • use cases implemented in the bank Enabled digital prolongation of household mortgages Improved operational productivity: +5% transactions per employee • Generative Al virtual assistant piloted for employees SEB#26Q4 2023 financial update We continue to receive positive feedback from our customers. Large Corporates Prospera, Nordics and Sweden 1 Nordics 2 ‚2–2 3 1-1-1-1 1 KANTAR PROSPERA Financial Institutions Prospera, Nordics and Sweden 1 Nordics 1 Fixed income Prospera, Sweden 121-12-1-1-1 KANTAR PROSPERA 2-2-2 21-12 3-3 26 1-1-1-1-1-1-1 2 1-1-1-1-1-1-1-1 1 KANTAR PROSPERA Sustainability advice Prospera, Nordics and Sweden Nordics 1-1-1-1 1 KANTAR FROSPERS 1-1-1-11 Sweden KANTAR PROSPERA Sweden Sweden 2016 2018 2020 2022 2023 2016 2018 2020 2022 2023 2016 2018 2020 2022 2023 2016 2018 2020 2022 Corporates Private Banking Swedish Quality Index (SKI) 3 5-5 Peers in Sweden 2 1-1 23 2 2 3 2 3 3 5 Private individuals Swedish Quality Index (SKI) Peers in Sweden ³ 2-2-2-2-2-2−2−2 6 a 8-8 -7-7-7 6 7 8 All banks 4 All banks 4 Corporates Finansbarometern, Sweden Business bank 22211122 2—2—2—2—2—2—2—2 Small enterprise bank Prospera, Sweden 2 4-4-4 7-7 2016 2018 2020 2022 2023 2016 2018 2020 2022 2023 2016 2018 2020 2022 2023 2016 2018 2020 2022 2023 1 All Tiers. 2 Ranking including SEB, Handelsbanken, Swedbank, Nordea, Danske Bank. 3 Ranking including SEB, Handelsbanken, Swedbank, Nordea. 4 Banks with less than 300 respondents are summarised as one actor ('Other'). SEB#27Q4 2023 financial update In 2024, we will continue to invest to future-proof our business. A selection of continued investments Costs 2023 • PWM&FO expansion SEK 27.4bn • The front • Austria, Switzerland, Netherlands Sustainability SEK~350m • Savings • Embedded Inflation of which Salary Other Investment plan Efficiencies +950m +600m +350m + 850m- 1,050m - 400m 2024BP Note: Not including the acquisition of AirPlus. 27 • Financing Future-proofing • Payments & infrastructure • Cyber security SEK ~400m •. Cloud capabilities SEK < 29bn assuming 2023 average FX-rates House in order SEK ~200m • . Financial Crime Prevention Risk Compliance SEB#2828 Overview P.3 SEB in brief P.13 P.28 Q4 2023 financial update Credit portfolio and asset quality P.39 Capital P.44 Liquidity and funding P.56 Strategy and sustainability. P.66 Macro environment P.72 Appendix SEB#29Credit portfolio and asset quality Well balanced credit portfolio with strong asset quality Corporate franchise growth strategy has driven credit portfolio development in past decade SEK bn Corporates Strong risk culture resulting in low credit losses over time Credit loss level -Households 2,000 10 yr CAGR Housing co-ops Residential real estate 0.9% - Commercial real estate 1,500 29 29 1,000 500 +8% 0.7% 0.5% +4% 0.3% 0.1% +3% Average 0.03% +5% +4% 0 -0.1% 2009 2011 2013 2015 2017 2019 2021 2023 2009 2011 2013 2015 2017 2019 2021 2023 Note: credit portfolio includes loans, contingent liabilities and derivatives. SEB#30Credit portfolio and asset quality Lending portfolio more sector-diverse than competitors' Lending portfolio by industry 1 2023 Q2, total lending excl. banks, reversed repos and collateral margin 100% 30 50 80% 60% 40% 20% 0% SEB Peer 1 Peer 2 3 Peer 3 Peer 4 Peer 5 19 23 26 33 42 42 Sector concentration index² A2011 -3 -1 -1 +9 +5 +10 1 Based on information from external reporting, best-estimate industry categorization 2 Measured as Herfindahl-Hirschmann index (100 = full concentration). Used as an indicator of credit concentration risk to industries/economic sectors by Swedish FSA. 3 Loans and financial commitments Public Administration Other I Mining and quarrying Hotels and restaurants ■Electricity, gas and water supply Construction Service activ., business, industry ■Agriculture, forestry and fishing Wholesale and retail trade Transport and storage Holding & Investment Companies Finance & Insurance ■Manufacturing Real estate Households SEB#3131 52 Credit portfolio and asset quality Corporate portfolio focused on large corporates, diversified across industries Focus on large corporates Corporate exposure by division (excludes real estate) Industry diversification and low on-balance sheet exposure Share of credit portfolio excluding banks SMES, midcorps 3% 9% Large Corporates & Financial Institutions Corporate & Private Customers SEK 1,675bn Baltics 82% Other Geographical diversification from corporates with export-oriented and international operations SEK bn 800 600 400 200 0 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 SEK 3,040bn 55% Loan portfolio | Undrawn comittments, guarantees and net derivatives 0% 5% 10% 15% Business and household services Finance & Insurance Manufacturing Electricity, gas and water supply Wholesale & Retail Shipping -Sweden -Other Nordic Germany, UK Agriculture, forestry and fishing Transportation Construction Other Oil, gas and mining -Baltics Total corporate credit portfolio Loans: 27% of credit portfolio -Other Undrawn commitments, etc: 30% of credit portfolio SEB#32Credit portfolio and asset quality Increasing share of investment grade companies in SEB's corporate portfolio Risk distribution for SEB's non-retail corporate portfolio 11% - { 32 32 51% } 4% Category Probability of Default (PD) range External Rating equivalent 1 Investment grade 0.0 - 0.4% AAA -BBB Standard monitoring 0.4-1.1% BB Restricted business 1.1 <6% B+ Watch list 64% Default 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 1 Estimated link between internal PDs and external ratings based on comparison of historical default outcomes. > 6% B/C 100% D SEB#3333 35 Credit portfolio and asset quality Conservative approach to real estate lending Real estate exposure mainly in Sweden and Nordics 8% 3% Sweden Other Nordic 14% SEK 364bn ■Baltics 74% Germany & other Closely monitored credit growth SEK bn 200 100 ■Commercial real estate ■Residential real estate 0 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Real estate collateral mainly in residential properties 12% 13% 9% 17% ■Residential (multi-family) Offices ■Logistics/industrial 49% Retail Other Conservative underwriting standards • Group-wide risk tolerance and divisional volume caps for real estate lending Cash-flow based underwriting standards, interest rate stress tests, restrictions on Loan-to-Value and debt service ability (interest coverage ratio) Majority of large clients hedging interest rates (avg. 3-4 years) Professional clients operating in Sweden and Nordics with • diversified property portfolios and funding sources Graphs above exclude exposure to BRF = housing cooperative associations to which SEB's credit exposure amounts to SEK 66bn, average LTV 26.5% SEB SEK 3,040bn 12%#3434 Credit portfolio and asset quality SEB's real estate portfolio remains resilient Increase in Stage 2, but limited credit losses % of real estate loans in Stage 2 and Stage 3 Stage 2 ■Stage 3 0.1% 0.0% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.0% 0.0% 3.6% • 1.2% 1.3% 1.2% 1.1% 1.5% 1.4% 1.6% 2.2% 2.1% Q3 Q4 Q1 Q2 Q3 Q4 Q1 2021 2021 2022 2022 2022 2022 2023 Q2 Q3 Q4 2023 2023 2023 Real estate clients resilient to higher interest rates Average ICR for top 20 largest real estate clients 4.6 4.5 4.5 4.3 3.8 3.3 3.0 Majority of portfolio with low LTVs 2 ■CRE RRE • 53% 49% LTV 2 CRE: 47.2% RRE: 44.6% 2.71 2.11 24% 23% 14% 8% 11% 11% 4% YE 2024 3% 0-25 25-50 50-60 60-70 >70 Q2 20222 Q4 2022 Q1 2022 Q3 2022 Q1 2023 Q2 2023 YE 2023 Q3 2023 1 Scenario assuming unchanged EBITDA and maturing debt refinanced at 7 per cent. Assumptions also include interest rate increase of +1% for floating debt with maturity >1 year. 2 LTV = weighted average max LTV. 20 largest real estate clients resilient to higher interest rates Average Interest Coverage Ratio (ICR) at 3.0x as of Q3 2023, average stressed ICR at 2.7x at YE2023 Sensitivity to property values Commercial and residential property values need to drop >~25% in order to reach regulatory risk weight floors, given current Probability of Default (PD) levels SEB#3535 55 Credit portfolio and asset quality Real estate clients working on deleveraging activities Average capital structure for large real estate companies as per Q3 2023 Based on SEB's average client (listed real estate companies) Large real estate clients "BBB-rated" or lower (~20% of total real estate exposure) Actions related to SEB's real estate clients since June 2022 Other holdings/JVs Actions taken (Q2-22-Q3-23) Actions taken (Q4-23) Actions available 0% 100% Capital expenditure cuts Asset divestments Equity (~50%) Bond buybacks Hybrids ~80% of equity and liabilities Corporate actions New equity Investment properties Unsecured Bonds Secured Bonds Unsecured short-term bank debt Secured Bank debt Assets Equity and liabilities 1 Representing SEB's share of clients' bond-to-bank refinancing. Suspended dividends Bond-to-bank refinancing 1 SEB Renegotiation of terms and conditions actions Repossessed collateral Going concern Default SEB#36Credit portfolio and asset quality Household mortgage portfolio of high asset quality and based on affordability SEB's Swedish household mortgage lending Growth vs total market, SEK bn Low LTVs by global and regional standards SEB lending (RHS) SEB growth YoY Weighted avg >85 0% Market growth YoY max LTV 56.7% 20% 600 70-85 3% 400 50-70 12% 200 0-50 10% 0% -10% 0 2018 2019 2020 2021 2022 2023 Housing prices in Sweden Average housing prices, indexed December 2018 = 100 140 120 100 2018 Source: SEB, Macrobond. 84% Distribution in LTV buckets based on exact order of priority for the individual mortgage deeds according to the Association of Swedish Covered Bond issuers, e.g., a loan with LTV 60% is sliced in equal parts in 6 intervals of 10%-units, up to 60%. 2019 2020 2021 2022 2023 22% SEK 3,040bn Solid market fundamentals and underwriting criteria • • • Strong customer base: According to Swedish credit data agency (UC AB), SEB's customers have higher credit quality than market average and are over- proportionally represented in higher income segments. Customers are also concentrated to larger cities High asset quality: low past dues and losses Affordability assessment includes stressed interest rate scenario of 6.5% on personal debt and, in case of apartments, an additional stress of 4.25% on a housing co-op's debt which indirectly affects the private individual ("double leverage"). Recently adjusted for inflation. SFSA's amortisation requirements: LTV 70-85% loans amortise min. 2%/year, between 50-70% at least 1%/year. As of 2018, loans with DTI>4.5x amortise an additional 1%. Max loan amount: 85% LTV cap since 2011. In general, 5x total gross household income irrespective of LTV and no more than one payment remark on any kind of debt. SEB 36#37Credit portfolio and asset quality Continued robust credit quality Stable asset quality Stage 2 and 3 gross loans, SEK bn ECL allowances by stage and Stage 3 coverage ratio 1 SEK bn Stage 3 loans, gross Stage 2 loans, gross Stage 1 Stage 3 Stage 2 -Coverage ratio, Stage 3 58% 57% 55% 53% 52% 48% 45% 72.5 61.7 40% 76.4 70.1 62.1 69.4 66.2 70.2 71.0 40% 4.1 3.8 3.4 3.4 3.2 3.6 5.8 1.7 1.8 2.1 3.4 7.5 2.3 2.5 5.3 1.7 1.4 1.6 1.2 2.8 2.8 2.5 2.3 1.9 14.9 8.2 11.4 9.8 6.8 6.4 6.0 5.7 7.6 0.8 0.8 1.2 1.4 Dec Dec Dec Dec Dec Mar Jun Sep Dec 2018 2019 2020 2021 2022 2023 2023 2023 2023 Dec Dec Dec Dec Dec Mar Jun Sep 2018 2019 2020 2021 2022 2023 2023 2023 2023 Sep Dec 37 1 The stage 3 ECL coverage ratio decreased from 52.1 per cent to 40.2 per cent quarter-on-quarter. The decrease is mainly explained by an inflow of volumes with export credit agency guarantees implying a lower ECL coverage ratio. SEB#38Credit portfolio and asset quality Macroeconomic scenarios in Q4 Three scenarios for ECL modelling GDP growth assumptions Q4 2023 (Q3 2023) Positive scenario: 15% probability (20%) 38 • OECD Sweden Base scenario: 65% probability (60%) 2.5% 2.4% 3.0% 2.5% 3.0% 1.1% 1.2% 2.5% 2.3%.7% 2.0% -0.4% 2024 2025 2026 2024 2025 2026 The potential for more favorable economic performance in the positive scenario lies mainly in inflation falling faster than the current consensus and our main forecast. The base scenario maintains the assumption that a deep economic slump can be avoided although there is a clear slowdown in OECD countries. Central banks are expected to refrain from new rate hikes and instead increase their preparedness for monetary easing in 2024, despite underlying inflation remaining above target remaining Negative scenario: 20% probability (20%) 1.8% 2.5% -1.8%2.4% -0.7% -0.2% 2024 2025 2026 • The negative scenario reflects the downside risk from the monetary policy, especially considering the lengthy time lag before rate hikes have an impact on the economy, and a continued increase in geopolitical risks. Probability-weighted ECL allowances: SEK 7.9bn 100% probability of positive scenario: -4% ECL allowances 100% probability of negative scenario: +6% ECL allowances SEB#3939 Overview P.3 SEB in brief P.13 P.28 Q4 2023 financial update Credit portfolio and asset quality P.39 Capital P.44 Liquidity and funding P.56 Strategy and sustainability. P.66 Macro environment P.72 Appendix SEB#40Capital Development of CET1 and Risk Exposure Amount quarter-on-quarter CET1 buffer development Bps Risk exposure amount development SEK bn 57 40 -66 -27 -8 12 43 919 440 430 Target buffer 100-300bps Sep 2023 Profit 1 REA Special Share Regulatory dividend buy back 2 changes 3 FX 1 -1 1 -21 -6 -2 892 REA market risk Dec 2023 Sep 2023 Asset size Asset quality FX movements Market risk Model updates, methodology & policy Operational Dec 2023 risk 40 1 Profit net of ordinary dividend. 2 In January 2024, SEB received a new supervisory approval to repurchase shares for up to SEK 2.5bn, and has deducted this amount in full from the CET1 capital. 3 Regulatory changes consist of changes to countercyclical buffers in several geographies. SEB#41Capital Development of CET1 and Risk Exposure Amount year-over-year CET1 buffer development Bps Risk exposure amount development SEK bn 41 470 239 -70 -87 -147 -14 Target buffer 100-300bps 50 859 440 18 -6 -6 -22 47 3 -2 892 Dec 2022 Profit 1 Special dividend Share buy back 2 Regulatory changes 3 credit risk REA 4 REA market risk Dec 2023 Dec 2022 Asset size Asset quality FX movements Market risk Risk weight Operational CVA floors CRE risk Dec 2023 Sweden 5 1 Profit net of ordinary dividend. 2 In January 2024, SEB received a new supervisory approval to repurchase shares for up to SEK 2.5bn, and has deducted this amount in full from the CET1 capital. 3 Regulatory changes consist of SREP decision 2023 (IRB add-on, etc. -40bps) and the move of risk weight floors for exposures secured by real estate in Sweden from Pillar 2 to Pillar 1 (-30bps). Regulatory changes also consist of changes to countercyclical buffers in several geographies (-80bps). 4 REA credit risk includes asset size, asset quality and FX. 5 Transfer of risk weight floor for CRE from Pillar 2 to Pillar 1. SEB#42Capital Strong capital position compared to requirements. CET1 capital ratio % Total capital ratio % P2G 42 19.1 CET1 capital ratio 100-300bps CET1 ratio buffer target 440bps 22.4 T2 1.7 18.9 Capital conservation buffer AT1 1.6 0.5 2.5 Countercyclical buffer 1.6 14.7 0.5 19.1% CET1 ratio with buffer of 440bps 400bps above MDA level above regulatory requirement and 4.1 Systemic risk 2.5 1.6 19.1 2.3 P2R 4.1 1.6 8.0 Min. P1 14.7% CET 1 capital requirement 4.5 CET1 capital requirement Total capital ratio Own funds requirement 5.4% Total REA: SEK 892bn Leverage ratio compared to 3.5% requirement The minimum requirement for total capital can be met by maximum 1.5% AT1 and 2.0% T2 capital. P2R of 2.3% consists of 1.6% in CET1, 0.2% in AT1 (~9% of P2R) and 0.5% in T2 capital (~22% of P2R). SEB#43Capital Reasons for management capital buffer Sensitivity to currency fluctuations Sensitivity of Swedish pension surplus to interest rates 43 I SEK EUR ☐ DKK GBP USD Other NOK 60 Pension liabilities 9% 50 40 36% 30 44% Share of credit risk REA 20 20 10 0 2021 2022 2023 ...& general macroeconomic uncertainties. Impact of +5% SEK vs. other currencies is 50bps on CET1 ratio Impact of -50 bps discount rate correspond to -20bps of REA - at current level of net pension assets, impact would be absorbed by surplus SEB#4444 Overview P.3 SEB in brief P.13 P.28 Q4 2023 financial update Credit portfolio and asset quality P.39 Capital P.44 Liquidity and funding P.56 Strategy and sustainability P.66 Macro environment P.72 Appendix SEB#45Liquidity and funding Strong credit ratings 45 "Stand-alone Rating institute Short term Long term Uplift Oulook rating" Fitch F1+ Aa- AA- 0 Stable S&P, Moody's and Fitch confirmed ratings in June/July 2023 Moody's P-1 A3 Aa3 3 Stable S&P A-1 A+ 1 Stable SEB#46Liquidity and funding Strong balance sheet structure Strong balance sheet structure with deposits as primary source of funding 31 December 2023 SEK 3,608bn Stable structural funding position Net Stable Funding Ratio (NSFR) 111% 46 46 Life Insurance Life Insurance Client trading and interbank Liquid assets Derivatives and other Derivatives and other Client trading and interbank Short-term funding Short-term wholesale funding Cash and liquidity portfolio Long-term wholesale funding 2021 109% 112% Min. 100% 2022 2023 Loan to deposit ratio L/D excludes repos, core L/D excludes repos and treasury non-bank deposits Core loan to deposit ratio Loan to deposit ratio Household Lending Household deposits Stable 200% Long-term assets Corporate & public sector deposits funding Corporate & Public Sector Lending 150% Equity Assets Liabilities 100% 50% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 123% 121% SEB#47Liquidity and funding Strong liquidity position High Quality Liquid Assets 31 December 2023, SEK 739bn 47 18% 25% 2% Liquidity Coverage Ratio 54% I Cash & holdings in Central Banks Treasuries & other Public Bonds Extremely high quality covered bonds High quality covered bonds Other 140% Jun 2021 Dec 2021 Jun 2022 Dec 2022 Jun 2023 Dec 2023 Min. 100% Note: liquid assets in accordance with Liquidity Coverage Ratio in CRR. Liquid assets defined as on balance sheet cash and balances with central banks, and securities (bonds and equities) net of short positions. • • • Liquidity portfolio is invested in high quality liquid assets (predominantly SSA's and covered bonds) that are central bank eligible for pledging Currency distribution is function of SEB's balance sheet currency distribution and market liquidity. SEB maintains liquidity reserves in EUR, USD and SEK to meet Pillar 2 requirements on the LCR in individual currencies, as applied by the Swedish FSA. Marked to market accounting is always applied in the liquidity portfolio, meaning unrealised gains or losses as a consequence of market value developments are always taken into account SEB#48Liquidity and funding Stable and diversified deposit base Deposits SEK bn, quarterly development 48 2,000 1,500 1,000 500 Q1 Q1 Q1 Q1 Q1 Q1 2014 2015 2016 2017 2018 2019 2020 Q1 Q1 Q1 2021 2022 Q1 2023 Deposits from the public By customer domicile Lux Other UK 3% 8% Ireland 3% 3% US 4% Baltics 15% Sweden 53% Other Nordics 11% Treasury deposits QoQ YTD YOY • Financial 13% +7% +7% Corporate -2% +2% +2% Household -1% -2% -2% 2% 2% 2% By product, % of deposits 1 Transaction account - Households Savings account Transaction account - Corporates Term account Other Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2021 2021 2022 2022 2022 2022 2023 2023 2023 2023 Note: deposits over time exclude repos, per 31 December 2023. Deposit growth numbers adjusted for Treasury deposits and fx-effect. 1 Seasonal effect over year-end impacts quarter-on-quarter comparison. • Well diversified deposit base with proven stable corporate deposit base through long-term relationship model Geographical diversification across 50+ countries supports the bank's balance sheet management across sites and currencies 70% of household deposits insured via deposit guarantee schemes and 34% of total household and non- financial corporate deposits insured via deposit guarantee schemes SEB#49Liquidity and funding Well-balanced long-term market funding profile Long-term market funding by product SEK bn equivalent, total SEK 562bn 29 Issuance history SEK bn I Covered bonds 44 49 138 74 Covered bonds SEK Senior non-preferred debt Senior unsecured debt Subordinated debt 10 17 9 5 59 Covered bonds non-SEK 11 237 11 27 40 28 Senior unsecured debt 34 5 33 18 Senior non-preferred debt 67 81 78 41 65 111 Subordinated debt 2018 2019 2020 2021 2022 2023 85 Long-term market funding by currency SEK bn equivalent, total: SEK 562bn 10 5 54 Maturity profile 1 SEK bn Covered bonds SEK Senior unsecured Covered bonds non-SEK Senior non-preferred I SEK 150 Subordinated debt 9 EUR 100 156 50 10 255 USD 50 NOK 412 55 34 28 11 37 20 13 23 54 58 44 29 238 0 2024 2025 2026 2027 GBP 2028- 1 Tier 2 and Additional Tier 1 issues assumed to be called at first call date. SEB#50Liquidity and funding MREL requirements and available funds MREL requirement % of REA (SEK 892bn) Total available SEK 379bn Total required SEK 319bn SP>1yr 11.5% CBR 8.1% SNP>1yr 8.6% Own funds 27.6% 22.4% 22.9% Available funds Risk based Leverage based Subordination MREL requirement % of REA (SEK 892bn) Total available SEK 276bn Total required SEK 256bn SNP>1yr 8.6% Own funds SNP need SEK 56bn Available SEK 77bn 8.1% 22.4% 20.5% 22.9% Available funds Risk based Leverage based · MREL requirement higher of: - Risk-based: 2 x (P1+P2R) + CBR - Ccyb + P2G Leverage-based: 2 x Minimum Leverage ratio (3%) • Subordination requirement higher of: - Risk-based: 2 x (P1+P2R) Leverage-based: 2 x Minimum Leverage ratio (3%) Combined Buffer Requirement (CBR) is added on top of risk-based MREL and risk-based subordination requirements Note: 2024 requirement as decided by Swedish National Debt Office. 50 SEB#5151 Liquidity and funding Recent long-term bond issuance International bond issues 2023 = green transaction Туре Covered Date Settlement date ISIN CCY Amount (+/- TCCY) Market quote Maturity 20-Feb-23 27-Feb-23 XS2592234749 EUR 1,500,000 MS + 15 4-May-28 Covered 10-May-23 17-May-23 XS2623820953 EUR 1,750,000 MS + 5 4-Nov-25 SP 28-Apr-23 9-May-23 XS2619751576 EUR 1,000,000 6m Euribor + 82 9-May-28 SP 8-May-23 15-May-23 XS2623129504 SEK 2,500,000 3m Stibor +82 3m Stibor+82 15-May-26 SP 8-May-23 15-May-23 XS2623128878 SEK 3,000,000 15-May-26 (float) SP 22-May-23 1-Jun-23 XS2629368999 GBP 350,000 SP 5-Jun-23 13-Jun-23 XS2635183069 EUR 1,250,000 UKT + 155 3m Euribor + 45 1-Jun-26 13-Jun-25 0 ♫ SP 21-Jun-23 29-Jun-23 XS2643041721 EUR 1,000,000 6m Euribor + 80 29-Jun-27 SNP 30-Jan-23 7-Feb-23 XS2583600791 EUR 1,000,000 0 SNP 30-Oct-23 6-Nov-23 XS2713671043 EUR 500,000 6m Euribor + 85 6m Euribor + 110 7-Feb-28 6-Nov-28 Tier 2 10-Aug-23 17-Aug-23 XS2668512515 EUR Tier 2 27-Oct-23 3-Nov-23 XS2713297419 SEK 500,000 1,250,000 Tier 2 27-Oct-23 3-Nov-23 XS2713309107 SEK 2,750,000 6m Euribor + 190 3m Stibor +220 3m Stibor +220 (float) 17-Aug-28 3-Nov-28 3-Nov-28 SEB#52Liquidity and funding SEB issues green bonds to finance green lending Green loans linked to one of SEB's sustainability goals Sustainability Activity Index, SEK bn Green Bond Framework updated in Jan 2022, aligning with EU Taxonomy and expanding eligible asset categories. 29 25 19 16 12 13 47 Feb 2017 2017 2018 2019 2020 2021 2022 Eligible green asset portfolio by category and geography 31 December 2022 Renewable energy ■Green buildings 4% 9% 9% SEK 47bn Clean transportation 58% 20% Sustainable forestry Other Green bonds outstanding Type Amount Settlement date Maturity ISIN Senior non-preferred EUR 1bn 9 Feb 2022 9 Aug 2027 XS2442768227 °CICERO Senior non-preferred EUR 1bn 9 Nov 2022 9 Nov 2026 XS2553798443 °C Medium Green Senior preferred EUR 1bn 29 Jun 2023 29 Jun 2027 XS2643041721 Senior non-preferred EUR 500m 6 Nov 2023 6 Nov 2028 XS2713671043 52 42 SEB#5353 55 Liquidity and funding SEB's covered bonds and cover pool Outstanding covered bonds, 31 December 2023 Cover pool, 31 December 2023 • 100% Swedish residential mortgages, which historically have had very low credit losses More concentrated towards single-family Moody's rating Aaa Total residential mortgage assets Total outstanding bonds SEK 331bn Number of loans SEK 713bn 748,000 Domestic benchmarks in SEK SEK 239bn Number of borrowers 423,000 • Benchmarks in EUR SEK 86bn Other bonds (non-benchmark) SEK 5bn Weighted average loan balance Substitute assets SEK 953,000 SEK O SEK bn Loans past due >60 days 10bps 400 Net expected credit losses Obps • 300 Amortizing % 68% 200 Weighted average max LTV 50% (property level) 100 OC level 116% • 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 homes and tenant-owned apartments, which generally have somewhat higher LTVs On parent bank SEB AB's balance sheet contrary to major Swedish peers All eligible Swedish residential mortgages are directly booked in the cover pool on origination, i.e., no cherry picking Covered bonds are issued by SEB AB and investors have full and dual recourse to the parent bank's assets as well as secured exposure to the cover pool SEB runs a high over-collateralisation level SEB#5454 54 Liquidity and funding Cover pool characteristics Mortgages mainly in three largest and fastest growing city areas in Sweden Type of collateral Single family, 51% LTV distribution 1 Residential apt bldgs, 22% Tenant owned apartments, 27% Interest rate type Regional distribution in Sweden Fixed rate reset <2y, 25% Larger regional cities, 36% Floating (3m), 66% Prior ranking loans >80% 0% 70-80% 2% >25%<75% of property 0.3% value 60-70% 4% 50-60% 6% <25% of 40-50% 10% property value 4.7% 30-40% 14% 20-30% 18% 10-20% 21% No prior ranks 0-10% 24% Fixed rate reset 2y<5y, 9% Fixed rate reset =>5y, 1% Malmö region, 8% Interest payment frequency Quarterly 22% Monthly 95.1% Stockholm region, 41% Gothenburg region, 15% ¹ Distribution in different LTV buckets based on exact order of priority for the individual mortgage deeds according to the Association of Swedish Covered Bond Issuers (www.ascb.se). 78% SEB#55Liquidity and funding Lowest wholesale funding dependence compared to Nordic peers. Benchmarking Swedish banks' total funding sources incl. equity 55 30 September 2023 Wholesale funding SEB ■ Equity ■Deposits Note: peers include Handelsbanken, Nordea, Swedbank. ■Long-term funding Short-term funding Peer 1 Peer 2 Peer 3 SEB#5699 56 Overview P.3 SEB in brief P.13 Q4 2023 financial update P.28 Credit portfolio and asset quality P.39 P.44 Capital Liquidity and funding P.56 Strategy and sustainability P.66 Macro environment P.72 Appendix SEB#57Strategy and sustainability Investing to future-proof our business, in line with SEB's 2030 Strategy Future-proofing customer relationships and profit generation Future-proofing our platform 57 . Acceleration 1 Change 2 Partnerships Efficiency Expand Corporate and Investment Banking Leverage markets and securities platforms Grow savings and investments in the Nordics and the Baltics Capture the sustainability supercycle Transform Retail Banking to go more digital, with a mobile first approach, in Sweden and the Baltics Establish Private Wealth Management & Family Office division in all home markets • Scale and implement SEBX capabilities Rethink ways of producing and distributing products and services Strengthen innovation and business momentum through external partnerships Change approach from automation to end-to-end processes Develop into a fully data-driven organisation Accelerate technology development • Enhance regulatory efficiency SEB#58Strategy and sustainability A catalyst in the transition to a sustainable society Our sustainability objectives 2050 Net-zero emissions in our lending and investment portfolios, at the latest 1 Carbon emissions within own operations 2045 reduced to zero (baseline = 2008) 2040 Net-zero assets under management within SEB IM 2 A selection of our commitments · The UN Global Compact The Principles for Responsible Banking The Net Zero Banking Alliance • Net Zero Asset Managers Initiative • The Task Force on Climate Related Financial Disclosure The Principles for Responsible Investments 58 2030 Interim target to reach net-zero alignment for material sectors in our credit portfolio 1 (baseline = 2020) 2030 Fossil fuel credit exposure in energy portfolio reduced by half (baseline = 2019) 1 In line with commitment to The Net Zero Banking Alliance. 2 In line with commitment to Net Zero Asset managers Initiative. • Equator Principles The Poseidon Principles Responsible Ship Recycling Standards Read more about our policies here SEB#59Strategy and sustainability A selection of recent sustainability related activities 59 Annual sustainability event Update on SEB's sustainability strategy and progress on our ambitions and goals. New net-zero emission aligned target Target set for the heavy vehicle manufacturing sector. More details found on following slides. Offering carbon removal certificates SEB mandated by Norwegian project developer Inherit Carbon Solutions to offer companies the ability to buy carbon removal certificates from four planned Nordic projects. Capacity to remove 50,000 tonnes of carbon dioxide per year. Expanded green financing offering Energy improvement loans enabling companies and tenant-owner associations to invest in increased energy efficiency. Advisor on Green Finance Framework SEB advised Finnish forest industry company UPM on update of framework, reflecting most recent market practice and standards. Advisor on health impact bond SEB advised Region Uppsala on outcome- linked bond targeting preventive efforts to detect and treat high blood pressure. 99 75 PULSE OXIMETER SEB#60Strategy and sustainability Climate ambitions and goals to ensure our progress The brown Carbon Exposure Index Reduce our fossil fuel credit exposure in the energy portfolio by half by 2030, compared to a 2019 baseline. 100 The green Sustainability Activity Index Increase activity 6-8 times by 2030, compared to a 2021 baseline. 60 60 Index = 61 Q4 2023 45%-60% reduction 2021 100 2019 2025 2030 2035 2040 2045 2050 Index = 223 Q4 2023 800 6x to 8x by 2030 600 2025 2030 SEB#61Strategy and sustainability The Brown: Carbon Exposure Index to reduce our fossil fuel credit exposure 61 Goal to reduce our fossil fuel credit exposure in energy portfolio by 45-60% by 2030 SEB fossil fuel credit exposure 2019-100 EUR 11.6bn lea Net Zero - World - without CCUS 1 >30% decrease >70% decrease Change 2030 vs 2019 Index = 61 (-39%) Q4 2023 -45% to -60% reduction NGFS Divergent Net Zero - Europe - Remind SEB Energy fossil fuel credit exposure corridor Power Generation Oil & Gas Upstream related Oil & Gas Refining and distribution Credit exposure 2019 Q4 2023 Q4 EUR 11.6bn EUR 7.1bn 4.8% 2.6% SEB 2019 2025 2030 2035 2040 2045 2050 Share of credit portfolio Note: 1.5-degree scenarios applied developed by the International Energy Agency as well as the Network of Central Banks and Supervisors for Greening the Financial System. 1 CCUS abbreviation for "Carbon Capture Usage and Storage".#62Strategy and sustainability The Green: Sustainability Activity Index to accelerate our efforts Ambition to increase average activity 6x-8x by 2030 Sustainability-related financing Sustainable finance advisory Volume, indexed Volume, indexed 62 800 600 SEK 260bn 6x to 8x by 2030 Q4 2023 231 100 1,000 SEK 111bn Q4 2023 167 100 300 2021 Q4 2023 2030 2021 Q4 2023 2030 Greentech VC investments Volume, indexed Sustainable savings and investments Share of AuM, indexed SEK 232m Q4 2023 339 600 800 2.9% Q4 2023 155 100 100 2025 2030 2021 Q4 2023 2030 2021 Q4 2023 2030 100 Index = 223 Q4 2023 2021 SEB#6363 50 Strategy and sustainability Net-Zero Banking Alliance sector targets . Overall progressing according to plan Targets in line or exceeding relevant 1.5°C scenarios Oil & Gas sector progressing faster than planned, resulting in a revised 2030 target . Included a new sector; Heavy vehicle manufacturing The 6 sectors cover 76% of SEB 2020 proforma financed emissions → Reduced by 47% since 2020 Financed emissions target Status update SEB sector targets Oil and gas: E&P 2 and refining Metric mtCO2e 3 A 20201-2030 -56% -70% 2022 outcome A 2020 2022 7.3 -61% Power generation Steel Car manufacturing Swedish household mortgages g CO₂e/kWh tCO2e/t steel g CO₂e/km -44% 95 -24% -29% 1.47 +6% -62% 143 -10% kg CO₂e/m2 -32% 3.12 -2% Heavy vehicle manufacturing % of ZEV4 in new sales 35% 1 0.5% n/a Note: 12020 baseline has been restated to reflect updated emission data from customers and emission factors. Baseline for heavy vehicle manufacturing is per 2022. 2 Exploration and production. 3 Financed emissions. 4 Zero Emission Vehicles. SEB#64Strategy and sustainability Net-Zero Banking Alliance sector target benchmarks 64 Sectors cover 76% of financed emissions Oil & Gas: E&P and refining SEB 2020 proforma financed emissions 17 peers - Index, 2020-100 (mtCO2e) Peers' target range 24% Other 0% ■Household mortgage - Sweden 100 2% ■Steel IEA Net Zero 2050 - World SEB 438 Power generation 23 peers -g CO₂e/kWh Peers' target range IEA Net Zero 2050 - World SEB 77 2% ■Car manufacturing 6% ■Power generation 39 24% ■Heavy vehicles 42% ■■Oil & Gas E&P and refining 2020 2022 124 44 30 95 2030 2020 2022 138 70 2030 Steel 12 peers - tCO2e/t steel Car manufacturing 15 peers - g CO2/km Swedish household mortgage 6 peers - Index, 2020=100 (kg CO₂e/m²) Peers' target range Peers' target range IEA Net Zero 2050 - World SEB IEA Net Zero 2050 - World SEB Peers' target range CRREM Sweden SEB 100 .98 1.67 1.47 1.39 173 1.17 159 0.98 143 68 65 69 61 2020 2022 2030 2020 2022 2030 2020 2022 2030 SEB#6565 55 Strategy and sustainability External ESG ratings Rating institute MSCI Rating Rating scale AA AAA - CCC SUSTAINALYTICS 24.2 (medium risk) 0-10 negligible, 10-20 low, 20-30 medium, 30-40 high, 40+ severe ISS ESG‣ ✓ CDP C B A+ - D- A-D SEB#66909 66 Overview P.3 SEB in brief P.13 P.28 Q4 2023 financial update Credit portfolio and asset quality P.39 Capital P.44 Liquidity and funding P.56 Strategy and sustainability P.66 Macro environment P.72 Appendix SEB#67Macro environment Our home markets: Sweden GDP development Indexed Q4 2019 = 100 67 115 105 95 Key ratios Sweden 2022 2023 2024 2025 GDP growth (%) 2.6 -0.4 0.1 2.8 -Sweden Euro area CPIF (%) 7.7 6.0 1.9 1.9 Public debt/GDP 32.8 31.4 33.0 33.5 Unemployment 1 7.5 7.6 8.6 8.7 85 Q4-2019 Q3-2020 Q2-2021 Q1-2022 Q4-2022 Q3-2023 Inflation CPIF excl. energy, annual growth rate 12% 10% 8% 6% 4% 2% 0% 2019 2020 -Sweden 2021 Euro area 2022 Policy rates Central bank policy rates and market pricing 6% 4% 2% 0% -2% Jan-22 Unemployment as a per cent of labour force. Source: OECD database, Eurostat, Macrobond, SEB Nordic Outlook January 2024. Riksbank policy rate ECB deposit rate Market pricing Oct-22 Jul-23 Apr-24 Jan-25 Oct-25 SEB#6817 19 Macro environment Deep dive: strong Swedish economy in comparison. High level of employment National employment level (15-64 years), Q3 2023 78% 77% 74% 70% 68% 66% Households' have a strong asset base Swedish households' assets and debt (SEK tn), Q3 2023 30 50 20 20 Insurance Funds Bank deposits Equities Sweden Germany Finland EU-27 France Spain 0 10 Pensions Housing Low household debt ratio Swedish households' debt as share of household assets (%) 25 23 21 21 Low government debt Government debt as share of GDP (%) 104 -Sweden -Germany 62 40 Assets Other Household mortgages Debt -United States 15 2006 2010 2014 2018 2022 2018 2019 2020 2021 2022 Q3 2023 Source: OECD Data, SEB Sparbarometern, IMF Database. SEB 68 64 33 127#6960 Macro environment Our home markets: Nordics GDP development Indexed Q4 2019 = 100 110 100 90 Norway Finland Denmark GDP growth (%) 2022 2023 2024 2025 Norway 3.0 0.5 2.1 1.6 Finland 1.6 -0.5 -0.2 2.0 Denmark 2.8 1.0 1.5 3.0 Q4-2019 Q3-2020 Q2-2021 Q1-2022 Q4-2022 Q3-2023 Inflation Annual growth rate 12% 8% 4% Norway Finland Denmark Unemployment Share of total labor force -Norway -Finland Denmark 10% 8% 6% 4% 0% 2019 2020 2021 2022 2% -4% 2019 2020 2021 2022 Source: OECD database, SEB Nordic Outlook January 2024. SEB#7070 70 Macro environment Our home markets (LC&FI): United Kingdom and Germany GDP development Indexed Q4 2019 = 100 110 100 United Kingdom Germany GDP growth (%) 2022 2023 2024 2025 90 United Kingdom 4.3 0.5 0.2 1.4 80 Germany 1.8 -0.3 0.0 1.6 70 Q4-2019 Q3-2020 Q2-2021 Q1-2022 Q4-2022 Q3-2023 Inflation Unemployment Annual growth rate -United Kingdom Germany Share of total labor force - United Kingdom Germany 6% 12% 8% 4% 4% 0% 2019 2020 2021 2022 2% -4% 2019 2020 2021 2022 Source: OECD database, SEB Nordic Outlook January 2024. SEB#71Macro environment Our home markets: Baltics GDP development Indexed Q4 2019 = 100 71 110 100 90 Estonia Latvia -Lithuania GDP growth (%) 2022 2023 2024 2025 Estonia -0.5 -3.4 -0.5 3.5 Latvia 3.4 -0.4 2.0 2.7 2.4 -0.2 1.5 2.8 Lithuania Q4-2019 Q3-2020 Q2-2021 Q1-2022 Q4-2022 Q3-2023 Inflation Annual growth rate 30% 20% Estonia Latvia -Lithuania Unemployment Share of total labor force Estonia Latvia - Lithuania 10% 8% 10% 6% 0% 2019 2020 2021 2022 4% -10% 2019 2020 2021 2022 Source: OECD database, SEB Nordic Outlook January 2024. SEB#7272 Overview P.3 SEB in brief P.13 P.28 Q4 2023 financial update Credit portfolio and asset quality P.39 Capital P.44 Liquidity and funding P.56 Strategy and sustainability. P.66 Macro environment P.72 Appendix SEB#730% Q1 2020 Q3 2020 Q1 2021 50% 24.3026.3% 20.5% 1.4% 26.6% 22.7% 22.3% 20.9023.3% 1.4% 45% 0% PWM&FO 2012 2013 2014 2015 2016 2017 Aspiration: ROBE >25% C/I <50% 2018 2019 2020 14.3% 12.9% 15.5% 12.5% 11.7% 10.1% 10.3% 10.4% 7.9% LC&FI Aspiration: ROBE >13% C/I <45% 2021 2022 2023 Appendix Financial performance by division in 2023 0% 0% Life Q3 2021 Q1 2022 Q3 2022 60% 49.2% 45.7%3.5%5.5%4.5% 42.2% 40% 45% 27.1% 20% 2012 2013 2014 2015 2016 2017 2018 2019 2020 C&PC 30% 80% Aspiration: ROBE >16% C/I <40% 30% 26.2% 80% 22.3% 21.9% 21.4% 17.8% 20% 14.3% 14.5% 40% 10% 18.2% 20% 147% 15.2% 15.0%. 15.3% 13.0% 14.2% 14.8% 40% 10% C/I ratio (LHS) Return on business equity (RHS) Baltic Aspiration 1: ROBE >20% C/I <40% 2021 2022 2023 0% 0% Aspiration: ROBE >30% C/I <45% 2012 2013 2014 2015 9.7% 12.9% 14.5% 18.6% 19.3% 24.4% 22.6% 24.5% Q1 2023 Q3 2023 0% 0% 20.5% 22.4% 23.2% 22.6% 24.0% 43.7% 2012 2013 2014 2015 2016 2017 Note: SEB introduced long-term divisional aspirations in Q4 2020, for profitability (ROBE) and cost efficiency (C/I-ratio). The aspirations for each division have been set mainly based on two factors. Firstly, each division will have the ambition to achieve best-in-class profitability and cost efficiency compared with similar businesses among relevant peers. Secondly, each division's SEB aspirations are set so that they enable SEB to achieve its long-term aspiration of 15 per cent return on equity on group level. These long-term aspirations will be evaluated annually. 1 Updated Cost/Income aspiration as per 2024 - please see next slide. 2018 2019 2020 2021 2022 2023 35.1% 40% 31.7% 29.4% 29 40 27.5% 45% 20% 60% Investment Management Aspiration: ROBE >40% C/I <45% 35.3% 0% 6.7% 10.1% 16.3% 19.0% 0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2016 2017 2018 2019 2020 2021 2022 2023 60% 45.8% 40% 28.6% 22.3% 16.8% 20% 0% 76.1% 55.6% 80% 42.9% 61.2% 46.4% 48.1% 52.0% 60% 40% 20% 0% 73#74Appendix Updated financial aspirations for divisions, evaluated annually Return on Business Equity Cost/Income Aspiration 1 Actual 2023 Aspiration 1 Actual 2023 Large Corporates & Financial Institutions >13% 17.8% <0.45 0.35 Corporate & Private Customers >16% 26.2% <0.40 0.31 Private Wealth Management & Family Office. Baltic 2 >25% 44.5% <0.50 0.43 >20% 45.8% <0.35 (<0.40) 0.21 Life >30% 35.1% <0.45 0.44 Investment Management >40% 52.0% <0.45 0.46 SEB Group 2 ~15% 17.9% ~0.40 (0.40-0.45) 0.34 Note: Previous financial aspirations in parenthesis. 1 To be viewed as long-term (5-year perspective) and will be updated based on other Nordic banks' performance. 2 Revised targets due to higher imposed levies. 74 SEB#75Appendix Shareholders and dividends Dividends paid: payout policy ~50% of net profit SEK m SEB's largest shareholders. SEK m Total dividend Net profit ■Share buyback 30,000 20,000 55 75 10,000 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 31 December 2023 Investor Share of capital, per cent 21.3 AMF Pension & Funds 5.4 Alecta Tjänstepension 5.0 Swedbank Robur Funds 4.0 SEB's own shareholding 3.1 Vanguard BlackRock Handelsbanken Funds 2.9 2.6 2.4 2.1 Harding Loevner Total share of foreign shareholders 1.7 27.6 DPS, SEK Payout ratio 2.75 4.00 4.75 5.25 5.50 5.75 6.00+ 0.0 4.10+ 6.00 6.75 8.50+ 0.50 4.10 3.00 52% 59% 54% 66% 75% 70% 70% 0% 106% 51% 51% 47%³ SEB Funds Note: Net profit and payout ratio 2014-2023 excluding items affecting comparability. 1 2018 excludes extraordinary dividend, including extraordinary dividend payout ratio amounted to 76%. The ordinary and further ordinary dividend paid in 2021 of SEK 4.10 and SEK 4.10 respectively apply to years 2019 and 2020 when dividend restrictions were in place leading to a pro forma payout ratio for these years of around 50%. ³ 2023 is Board's proposal to the AGM. Excludes special dividend. Including special dividend, payout ratio amounted to 63%. SEB#76Appendix Summary key financials 76 6 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 20111) Return on equity, % 2) Cost/income ratio, % 3) 17.9 14.5 13.9 10.3 13.8 13.4 12.9 11.3 12.9 13.1 13.1 11.5 12.3 34 39 42 45 46 48 48 50 49 50 54 61 62 Net ECL level / Credit loss level, % 4) 0.03 0.07 0.02 0.26 0.10 0.06 0.05 0.07 0.06 0.09 0.09 0.08 -0.08 Stage 3 loans/total loans, gross / NPL/lending, % 5) 0.37 0.33 0.53 0.87 0.67 0.50 0.5 0.5 0.6 0.8 0.7 1.0 1.4 Liquidity Coverage Ratio (LCR), %6) 140 143 145 163 218 147 145 168 128 115 129 Net Stable Funding Ratio (NSFR), % 112 109 111 CET1 ratio, % 7) Total capital ratio, % 7) Leverage ratio, % 7) 19.1 19.0 19.7 21.0 17.6 17.6 19.4 18.8 18.8 16.3 15.0 20.7 22.5 23.3 25.1 23.3 22.2 24.2 24.8 23.8 22.2 18.1 5.4 5.0 5.0 5.1 5.1 5.1 5.2 5.1 4.9 4.8 4.2 SEB#77Appendix Summary key financials: notes 77 Notes: 1) Restated for introduction of IAS 19 (pension accounting). 2) Excl. Items affecting comparability incl. technical impairment (write-down) of goodwill a. 2014: Excluding capital gains of SEK 2,982m (sale of non-core business and shares) b. C. 2015: Excluding a cost of SEK 902m relating to the Swiss Supreme Court's not unanimous ruling against SEB in the long running tax litigation relating to SEB's refund claim of withholding tax dating back to the years 2006 through 2008 2016: Excluding the effects of the technical impairment of goodwill to the amount of SEK 5,334m and SEK 615m of one-off costs and derecognition of intangible IT assets no longer in use and the positive tax effect SEK 101m. Excluding a capital gain of SEK 520m from the sale of VISA Europe shares by the Baltic subsidiaries and the generated tax expence SEK 24m d. 2017: Excluding a dividend from VISA of SEK 494m, costs related to the transformation to a German branch of SEK 521m, transfer of pension obligation to BVV of SEK 891m, impairment and derecognition of IT intangibles of SEK 978m. e. 2018: Excluding the sale of SEB Pension SEK 3.6bn and settlement of UC AB's merger SEK 0.9bn f. 2020: Excluding administrative fine from Swedish FSA of SEK 1.0bn g. 2022: Excluding impairment of group's assets related to Russia of SEK 1.4bn To show the underlying operating momentum in this presentation: 3) 4) a. and b. c. and d. The FY 2014 and FY 2015 results' presentations, profitability, capital generation and efficiency ratios exclude the effects of the above-mentioned items affecting comparability The FY 2016 results, profitability and efficiency ratios exclude the effects of the above mentioned items affecting comparability. Restated resolution fee 2020 and 2021 Net aggregate of write-offs, write-backs and provisioning. Net ECL (expected credit loss) level (2018) is based on IFRS 9 expected loss model, net credit loss level (2011-2017) is based on IAS39 incurred loss model.. 5) ECL coverage ratio for Stage 3 (credit-impaired) loans is based on IFRS 9 expected loss model, NPL coverage ratio and NPL/lending ratio (2011-2017) are based on IAS39 incurred loss model. NPLs = Non Performing Loans, including individually and portfolio assessed impaired loans (loans >60 days past due). 6) LCR based on EU definition as from 2018 and on SFSA definition 2013-2017. 7) 2016-2014 is according to CRD IV/CRR and 2013 was estimated based on SEB's interpretation of future regulation. SEB#78Thank you for your attention Positively shaping the future, with responsible advice and capital. Today and for generations to come. SEB#7979 IR contacts and calendar Investor Relations Pawel Wyszynski Head of IR Mobile: +46 70 462 21 11 E-mail: [email protected] Amelie Blecher Debt IR Mobile: +46 70 462 21 96 E-mail: [email protected] Philippa Allard Head of Debt IR Mobile: +46 70 618 83 35 E-mail: [email protected] Per Andersson Senior IR Mobile: +46 70 667 74 81 E-mail: [email protected] Treasury Johan Nyberg Head of Funding & Liquidity Management Mobile: +46 73 503 81 17 E-mail: [email protected] Ellen Bernhardtson Long-term funding Mobile: +46 70 762 16 38 Simon Ekberg Long-term funding Mobile: +46 70 739 15 04 E-mail: [email protected] E-mail: [email protected] Financial calendar 2024 27 February 19 March Annual and Sustainability report 2023 Annual General Meeting 20 March The SEB share is traded ex-dividend 21 March Proposed record date for the dividend 26 March Dividend disbursal 1 April Silent period starts 24 April Quarterly report Jan - Mar 1 July Silent period starts 16 July 1 October 24 October Quarterly report Jan - Jun Silent period starts Quarterly report Jan - Sep SEB