#1Investor presentation Q3 2021 20 October 2021 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. This presentation may not be all-inclusive and may not contain all of the information that you may consider material. 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The distribution of this presentation in certain jurisdictions may be restricted by law and persons into whose possession this presentation comes should inform themselves about, and observe, any such restrictions. No securities have been or will be registered under the U.S. Securities Act of 1933, as amended (the Securities Act) or with any securities regulatory authority of any state or other jurisdiction of the United States and securities may not be offered, sold or transferred within the United States or to U.S. persons except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. This presentation is not a public offer of securities for sale in the United States. In the United Kingdom, this presentation is being made only to and is directed only at (a) persons who have professional experience in matters relating to investments who fall within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the Order), (b) high net worth companies and other entities falling within Article 49(2)(a) to (d) of the Order, and (c) other persons to whom it may otherwise lawfully be communicated in accordance with the Order (all such persons together being referred to as relevant persons). Any investment activity to which this communication may relate is only available to, and any invitation, offer, or agreement to engage in such investment activity will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. Certain statements contained in this presentation reflect SEB's current views with respect to future events and financial and operational performance. Except for the historical information contained herein, statements in this presentation which contain words or phrases such as "will", "aim", "will likely result", "would", "believe", "may", "result", "expect", "will continue", "anticipate", "estimate", "intend", "plan", "contemplate", "seek to", "future", "objective", "goal", "strategy", "philosophy", "project", "should", "will pursue" and similar expressions or variations of such expressions may constitute "forward-looking statements". These forward-looking statements involve a number of risks, uncertainties and other factors that could cause SEB's actual development and results to differ materially from any development or result expressed or implied by such forward-looking statements. 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 Content SEB in brief • Latest financials • • Credit portfolio and asset quality • Capital • Liquidity and funding • Macro • Appendix SEB#4SEB in brief B 日日日日期 日田 E 日 SEB#5SEB-a leading northern European financial services group LO 5 • Unique customer base and leading market position Finland St. Petersburg Norway New York United Denmark Sweden Estonia Latvia Lithuania • b Kingdom Germany Luxembourg Warsaw Kiev New Delhi Beijing Shanghai Hong Kong • Singapore • São Paulo Operating profit by division¹ YTD 2021 7% 8% 11% 33% • Engaged and long-term focused ownership base Diversified business model delivering strong, profitable growth over time Strong capital and liquidity position Solid credit rating: AA- / Aa3 / A+ with stable outlook (Fitch/Moody's/S&P) Credit portfolio breakdown² 30 Sept 2021 ■Large corporates ■ Swedish SMEs 40% ■Commercial real estate ■Swedish residential-related Key financials YTD 2021 (FY 2020) Net ECL level 1bps (26) CET1-ratio 30% Baltics 20.2% (21.0) 6% 6% Other Large Corporates & Financial Institutions 11% 7% Corporate & Private Customers 41% Baltic Life Investment Mgmt 1 Business divisions excluding Group functions and eliminations 2 Swedish residential-related includes household mortgages, residential real estate and housing co-ops 3 Excluding items affecting comparability C/I 0.42 (0.46) Return on equity 14.2% (10.33) SEB#66 Relative financial strength Cost/income ratio 2011-Q2 2021, rolling LTM 80% 70% 60% 50% 40% Return on equity 2011-Q2 2021, excluding IAC, rolling LTM 20% 15% 10% 5% 0% Source: S&P Global Cost of risk 2011-Q2 2021, rolling LTM 1.5% 1.0% 0.5% 0.0% -0.5% SEB 43% CET1 capital ratio 2014-Q2 2021 25% SEB 13.2% 20% 15% 10% SEB Nordic peer average European peer average SEB 0.12% SEB 21.1% SEB#77 More diversified than peers Well balanced credit portfolio Credit exposure (EAD) by sector, 31 Dec 2020 Diversified income stream Operating income by type, 31 Dec 2020 SEB Danske Nordea Swedbank DNB SHB SEB Danske Nordea Swedbank Corporates Housing co-op ass. Other Institutions Household mortgages Real estate management Other retail loans Net interest income Net financial income Source: Annual reports 2020 DNB Net fee & commission income Net other income SHB SEB#8Business model generates a stable income stream based on diversified income lines Balanced mix of net interest income and other income Average quarterly income, SEK bn Growing net fee & commission income generated through strong market franchise and recurring income Average quarterly net fee & commission income, SEK bn 14 12 10 8 6 4 2 0 2010 2012 2014 2016 Net interest income Net financial income LC & FI Net other income 8 Note: Traditional life income booked as net financial income as of January 2014. 2018 2020 Net fee & commission income Net financial income, excl. LC&FI 5 4 3 2 1 0 2010 2012 2014 2016 2018 2020 Payments, card, lending Asset value based Activity based Life insurance SEB#9Long-term business model focused on positive operating jaws Profit development 1990-Q3 2021, rolling 12 months, SEK bn 50 40 30 50 CAGR 1990-2020 +5% Income CAGR 2010-2020 +3% Income +4% Expenses +0% Expenses 10 +7% +6% 1 Profit Profit 0 1990 2000 2010 Q3 2021 -10 Operating income Operating profit before credit losses Operating profit Operating expenses Credit losses/Net Expected Credit losses 20 20 a 1 Consequences of Swedish economic paradigm shift and the ensuing financial crisis. SEB was one of two major banks that was not taken over or directly guaranteed by the State. 2 Credit losses driven by the Baltics during the financial crisis - important to note the strong revenue generation and overall profitability during this period notwithstanding the financial crisis. Note: 2014-2020 adjusted for items affecting comparability. SEB#1010 Strong capital generation Return on risk exposure amount % 1.2% 0.9% 2.7% 2.5% -2,0% 1.6% 3.0% 1.8% 2.6% 3.7% 2.7% 3.4% 2.1% Average 0.2% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD 2021 SEB#1111 Contributing to a sustainable world and committing to support customers in their transition towards a low-carbon society . Sustainable financing We aim to shift our credit portfolio towards more sustainable financing, grow green loans and green mortgages and be leading in sustainable bond underwriting in Nordics Classification of corporate credit portfolio by climate impact Development of new sustainable financing solutions Responsible and proactive advice Innovation and entrepreneurship Financial equality initiative Customer classification and SEB Impact Metric tools ESG training program for SMEs ESG assessment in equity research SEB Greentech - venture capital Sustainable investments We aim to increase assets managed according to sustainable criteria • • • • Focus on inclusion, exclusion and ownership engagement Development of new sustainable funds Employees and competence Code of conduct ESG/climate change training Sustainability KPIs integrated in long-term incentive schemes for senior mgmt. Sustainable suppliers Strengthened governance around sustainability Inclusion & diversity Climate commitment SEB will set targets for reducing greenhouse gas emissions of lending and investment activities that are in line with the Paris agreement and support the transition towards a net zero economy by 2050 SEB will phase out credit exposure to thermal coal mining by 2025 and coal fired power generation by 2030, and credit exposure to oil production and extraction will be gradually lowered. SEB's fund company is excluding fossil fuel from its funds and commits that its total invested capital shall be carbon neutral by 2040 and investments that contribute to climate solutions or enable transition shall increase Prioritised UN Sustainable Development Goals: DECENT WORK AND ECONOMIC GROWTH INDUSTRY, INNOVATION AND INFRASTRUCTURE 13 CLIMATE ACTION 16 PEACE, JUSTICE AND STRONG INSTITUTIONS 5 GENDER EQUALITY UNEP PRINCIPLES FOR RESPONSIBLE FINANCE INITIATIVE BANKING#1212 Business plan-2021 focus areas Savings and investments Sustainability Digitalisation Corporate expansion Hilton Regulatory compliance SEB#1313 SEB's financial targets To create financial flexibility to better support our customers over time ~50% Dividend payout ratio of EPS Return on Equity 100-300bps competitive with peers CET1 ratio above regulatory requirement Long-term aspiration of 15% t Share repurchases I I I SEB#1414 Financial aspirations for divisions evaluated annually Return on Business Equity Cost/Income Aspiration Actual 2020 Aspiration 1 Actual 2020 Large Corporates & Financial Institutions. >13% 8.1% <0.50 0.44 Corporate & Private Customers >17% 15.1% <0.40 0.43 Baltic >20% 16.8% <0.35 0.40 Life >30% 25.5% <0.45 0.52 Investment Management >40% 49.2% <0.40 0.38 SEB Group ~15% 10.3% 2 <0.45 0.46 1 To be viewed as long-term (5 year perspective), and will be updated based on other Nordic banks' performance. 2 Excluding items affecting comparability. SEB#1515 Generating long-term shareholder value Dividends paid – new dividend policy as of 2021 is ~50% of net profit SEK bn - SEB's main shareholders 30 September 2021 20 15 10 30 Sep 2021 Investor AB Alecta Pension Insurance Trygg Foundation AMF Insurance & Funds Share of capital, per cent 20.8 5.8 5.2 4.1 LO Swedbank Robur Funds 4.1 BlackRock 2.5 SEB Funds 2.0 0 Vanguard 2.0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Handelsbanken Funds 1.6 ■Total dividend ■Net profit Own shareholding 1.3 DPS, SEK 1.75 2.75 4.00 4.75 5.25 5.50 5.75 6.00 + 0.50 0.00 4.10 Payout 35% ratio 52% 59% 54% 66% 75% 70% 70% 0% 53% Total share of foreign shareholders Source: Euroclear Sweden/Modular Finance 26.7 Note: 2018 payout ratio excluding items affecting comparability and extraordinary dividend per share (DPS). 2018 payout ratio was 76% if including extraordinary dividend. 2014-2020 excluding items affecting comparability. SEB#16Financial performance Q3 2021 16 B 日日日日期 日田 E 日 SEB#17210 190 170 150 130 110 90 70 Dec/17 Jun/18 Dec/18 Development in financial markets Equity markets Sweden, US and global OMX Stockholm Jun/19 Dec/19 -S&P500 -MSCI World Jun/20 Dec/20 Jun/21 Oct-21 17 Note: equity market data series are indexed assuming 2017-12-30 = 100. 30 60 150 120 90 Credit spreads SEB vs. corporate sector -SEB CDS 5Y (LHS) EUR Inv Grade 5Y (LHS) -EUR Sublnv Grade 5Y (RHS) 180 800 1.5 Dec/17 Jun/18 Dec/18 Jun/19 Dec/19 Jun/20 Dec/20 Jun/21 Oct-21 700 1.0 600 0.5 500 0.0 400 -0.5 300 200 -1.0 Dec/17 Interest rates Annual yield of 10-year government bonds Jun/18 Dec/18 Jun/19 Dec/19 -Sweden -Germany Jun/20 Dec/20 Jun/21 SEB Oct-21#1818 Highlights in Q3 2021 • • Return on equity amounted to 14.1 per cent and the CET1 ratio to 20.2 per cent Strong net commission income driven by continued high customer activity in LC&FI, increased AuM and recovering payment and card fees Increased customer satisfaction among both corporate, private and private wealth management customers in Sweden Strong financial position allowing for capital repatriation SEB#1919 Improved momentum within savings and investments in Sweden Positive trend within our fund business AuM and net sales, SEB labelled funds (SEK bn) 1 Customers are saving and investing more on a regular basis Personal Banking monthly savings (isolated per month), indexed 504 -AuM 513 1.2 Net sales 644 539 2.5 107 100 101 -0.1 -1.7 Net sales market share Net sales market share Net sales market share Neg. HH 1% HH 7% Sep-18 Sep-19 Sep-20 Customers are becoming more active in our digital channels Number of private customers purchasing equities or funds, indexed # of customers purchasing funds # of customers purchasing equities % of customers using mobile app, fund purchases % of customers using mobile app, equity purchases 100 Sep-18 Sep-19 Sep-20 Sep-21 Sep-18 Sep-19 Positive trend within our pension and insurance business SEB Life division new sales market share 2 Sep-20 12.9% 140 Sep-21 11.7% 224 220 9.6% -54% Market share league table Peer 1 8.3% SEB 13.9% 12.9% - 31% Peer 2 12.0% Peer 3 8.4% Sep-21 Sep-18 Sep-19 Sep-20 1 Source: Swedish Investment Fund Association. Data denotes funds sold to Swedish customers on Swedish fund market. Total SEB Investment Management fund AuM SEK 776bn as per September 2021. 2 Weighted sales volume (yearly premium x10) rolling 12 months. Source: Svensk Försäkring. Sep-21 SEB#20Customers appreciate our support, but there is more work to be done Swedish Quality Index (SKI) Corporates Swedish Quality Index (SKI) Private individuals Finansbarometern Sweden Prospera - Private Banking Sweden est 3000 Business bank 1-1-1 Finans Barometern ÅRETS AFFÄRSBANK 2021 22222-2 OSKI 2-22 Peers in Sweden 1 Peers in Sweden 2 1 SKI SVENSKT KVALITETSINDEX 2 2 3 3 3 3 5 5 5 6 All banks 3 2016 2017 2018 2019 2020 2021 - Prospera Fixed income Sweden 1 2 2 2 3 3 KANTAR PROSPERA 887778 All banks 3 2016 2017 2018 2019 2020 2021 Prospera - Large Corporates Sweden and Nordics, all Tiers Sweden 1-1-1-1-1 SVENSKT KVALITETSINDEX 1 SEB Corporate Banking Prospera 2—2—2—2—2—2 Small enterprise bank 2016 2017 2018 2019 2020 2021 - Prospera Financial Institutions Sweden and Nordics, all Tiers Sweden 11111 1 Sca Prospera 4-4-4 7-7 4 2016 2017 2018 2019 2020 2021 Prospera - Sustainability advice Nordics Sweden 1 1 1-1 KANTAR PROSPERA 1 20 20 1 1 2 2 2 2 2 Prospera Nordics Nordics Nordics KANTAR PROSPERA 2016 2017 2018 2019 2020 2021 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 SEB 1 Ranking including SEB, Handelsbanken, Swedbank, Nordea, Danske Bank. 2 Ranking including SEB, Handelsbanken, Swedbank, Nordea. 3 Banks with less than 300 respondents are summarised as one actor ('Other').#2121 Financial summary Q3 2021 SEK m Q3 2021 Q2 2021 Q3 2020 Net ECL level Total operating income 13,716 13,680 0% 12,563 +9% 1bps Total operating expenses -5,671 -5,759 -2% -5,547 +2% C/I 0.41 Profit before credit losses 8,045 7,921 +2% 7,016 +15% Net expected credit losses etc. -48 -5 -1,099 CET1 20.2% Operating profit before IAC 7,997 7,916 +1% 5,916 +35% Items affecting comparability RoE 14.1% Operating profit 7,997 7,916 +1% 5,916 +35% SEB#2222 Financial summary YTD September 2021 SEK m Jan-Sep 2021 Jan-Sep 2020 Net ECL level 1bps Total operating income 40,744 36,651 +11% Total operating expenses -17,148 -16,905 +1% C/I 0.42 Profit before credit losses 23,596 19,746 +19% Net expected credit losses etc. -208 -5,282 CET1 20.2% Operating profit before IAC 23,388 14,463 +62% Items affecting comparability -1,000 RoE 14.2% Operating profit 23,388 13,463 +74% SEB#2323 Net interest income development Net interest income (SEK bn) Jan-Sep 2021 vs. Jan-Sep 2020 +5% Net interest income type (SEK bn) Q3 2019 Lending 5.8 Q3 2021 6.0 5.8 Q3-19 Q3-20 Q3-21 19.6 18.6 Regulatory fees Jan-Sep 2020 Jan-Sep 2021 Q3-19 Q3-20 -0.3 -0.6 LC&FI C&PC Baltic 3.2 2.8 2.7 2.8 Q3-21 -0.3 Other 0.8 0.8 -0.4 0.4 Q3 2020 Q3 2021 Q3 2020 Q3 2021 Q3 2020 Q3 2021 Q3 2020 Q3 2021 SEB#2424 Net fee & commission income development Net fee & commission income (SEK bn) Jan-Sep 2021 vs. Jan-Sep 2020 +15% Net fee & commissions by income type (SEK bn) Q3 2019 Q3 2021 Net securities commissions (custody, mutual funds, brokerage) 15.3 13.3 2.0 Q3-19 2.1 Q3-20 Net advisory fees, lending fees & other commissions 1.3 2.7 Q3-21 1.1 1.3 Q3-20 Q3-21 Q3-19 Net payment & card fees 1.0 0.8 0.9 Q3-19 Q3-20 Net life insurance commissions Jan-Sep 2020 Jan-Sep 2021 0.3 Q3-19 Q3-21 0.3 0.3 Q3-20 Q3-21 SEB#2525 Net financial income development Net financial income (SEK bn) Jan-Sep 2021 vs. Jan-Sep 2020 +28% Net financial income development (SEK bn) Q3 2019 Q3 2021 4.5 5.7 1.2 1.1 Q3-19 whereof CVA/DVA 1.8 1.6 Q3-20 NFI Divisions NFI Other 1.8 1.2 Q3-21 0.2 0.1 -0.2 Jan-Sep 2020 Jan-Sep 2021 Q3-19 Q3-20 Q3-21 SEB#2626 Operating leverage Average quarterly income (SEK bn) Average quarterly expenses (SEK bn) Average quarterly profit before expected credit losses (SEK bn) 9.4 9.8 10.8 10.410.911.21 13.6 12.5 11.5 12.4 11.4 7.9 5.9 5.7 5.6 5.4 5.5 5.5 5.5 5.5 5.7 5.7 5.7 6.8 6.7 5.5 5.7 5.9 6.0 5.4 4.8 4.1 3.5 2011 2013 2015 2017 2019 Jan-Sep 2021 2011 2013 2015 2017 2019 Jan-Sep 2021 2011 2013 2015 2017 2019 Jan-Sep 2021 Note: data exclude items affecting comparability. SEB#2727 Strong asset quality and balance sheet 2020 Asset quality Net expected credit loss level 26 bps Funding & liquidity Customer deposits (SEK) 1,371bn Liquidity coverage ratio Capital CET1 ratio (Basel 3) CET1 buffer above requirement Total capital ratio (Basel 3) Leverage ratio (Basel 3) YTD 2021 Asset quality Net expected credit loss level Funding & liquidity 1 bps Customer deposits (SEK) 1,747bn 163% Liquidity coverage ratio 131% Net Stable Funding Ratio (NSFR) 111% 21.0% 840 bps 25.1% 5.1% Capital CET1 ratio (Basel 3) CET1 buffer above requirement Total capital ratio (Basel 3) Leverage ratio (Basel 3) 20.2% 640 bps 23.0% 4.6% SEB#28Credit portfolio and asset quality 28 B 日日日日期 日田 E 日 SEB#2929 Development of credit portfolio. Credit portfolio by main sectors SEK bn Corporates Households 1,500 Sector -Housing co-ops Residential real estate - Commercial real estate 1,000 500 0 Q4-09 Q4-10 Q4-11 Q4-12 Q4-13 Q4-14 Q4-15 Q2-16 Q4-16 Q2-17 Q4-17 Q2-18 Q4-18 Q2-19 Q4-19 Q2-20 Q4-20 Q2-21 Q3-21 Credit portfolio growth rates Quarter-on-quarter and year-on-year QoQ YOY Corporates 2% -2% FX-adjusted 1 1% 0% Households 0% 5% Swedish mortgages 0% 6% Commercial real estate 0% -4% Residential real estate 2% 7% Housing co-ops 2% 13% Total (excluding banks) 1% 2% Note: data include on- & off-balance sheet exposures. 1 Corporate FX-adjusted excluding trading products. SEB#3030 Industry diversification and low on-balance sheet exposure in the corporate portfolio Corporate credit portfolio SEK bn (excludes real estate) Large Corporates & Financial Institutions division Corporate & Private Customers division (Swedish SMEs) Corporate credit portfolio by sector and credit type % of credit portfolio excluding banks, 30 September 2021 0% 5% 10% 15% Business and household services Baltic division 1,308 1,337 1,268 1,172 1,029 1,029 952 936 784 708 730 666 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Manufacturing Finance & Insurance Electricity, gas and water supply Wholesale & Retail Shipping Transportation Other Oil, gas and mining Construction Agriculture, forestry and fishing Loans: 25% of credit portfolio Undrawn commitments, guarantees and net derivatives: 26% of credit portfolio Total corporate credit portfolio Sep 2021 ■Loan portfolio Undrawn committments, guarantees and net derivatives SEB#3131 Real estate exposure is c. 13% of non-bank credit portfolio and is focused on Nordic commercial real estate and Swedish residential real estate Real estate management credit portfolio by division SEK bn Large Corporates & Financial Institutions division Corporate & Private Customers division Baltic division Real estate management portfolios by geography 30 September 2021 Residential real estate exposure: SEK 150bn Average LTV YE 2020: 46.5%: 32% Residential real estate 339 336 320 Germany 294 295 286 259 261 257 243 247 220 11% 12% 15% 12% 7% 17% 9% 11% 21% Commercial real estate 30% 21% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Sep 2021 Commercial real estate exposure: SEK 186bn Average LTV YE 2020: 45.5%: Sweden Other Nordic Germany Sweden Other Nordic Baltics Germany & other SEB#3232 Robust household mortgage portfolio SEB's household mortgage lending growth vs total market SEK bn 20% 15% 10% 5% 0% 201012 201212 201412 201612 201812 202012 SEB lending (RHS) SEB growth YoY Market growth YoY Low LTVs by global and regional standards 30 September 2021 Loan-to-value Share of portfolio 400 >85% 71-85% 51-70% 0% • 1% 9% 200 田 0-50% 90% Weighted average LTV = 50.5% • • • • Selective origination - mortgage lending based on affordability Strong customer base: According to UC AB (national credit information agency), 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 - negligible past dues and losses Strict credit scoring and assessment Strengthened advisory services - "sell first and buy later" Affordability assessment (funds left to live on post all fixed costs and taxes) includes stressed interest rate scenario of 6% on personal debt and 3% on a housing co-op's debt which indirectly affects the private individual ("double leverage") Amortisation requirement: LTV 70-85% loans amortise min. 2%/year and between 50-70% at least 1%/year. As of 2018, loans with DTI>4.5x amortise an additional percentage point-regulatory requirement. Amortisation exemption due to Covid-19 lifted per August 2021 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#3333 Robust credit quality over time-credit-impaired loans declining from Covid-peak Total ECL allowances by stage SEK bn Credit loss level 9.4 % 6.1 7.0 8.3 7.5 7.2 7.0 6.6 3.6 3.5 3.5 3.4 3.7 4.0 4.5 5.3 Baltic crisis 1.7 1.4 1.6 1.8 1.6 0.8 0.8 Г T 0.9 0.8 1.6 1.4 1.4 0.9 0.9 0.9 1.2 1.3 1.4 1.8 1.7 1.7 1.3 0.8 1.7 1.4 1.2 1.2 1.2 1.2 0.92 T T T Mar Jun Sep Dec Mar Jun T T Sep Dec Mar Jun Sep Dec Mar Jun Sep 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2021 0.30 Stage 1 ■Stage 2 ■Stage 3 Credit-impaired loans 0.96% 0.15 Stage 3 loans, gross, SEK bn 0.86% 0.87% 0.11 0.77% 0.71% 0.64%0.65%0.67% 0.68% 0.62% 0.58% 0.56% 0.51%0.50%0.50% 9.1 8.4 8.3 8.2 9.5 10.9 11.2 11.4 12.9 14.9 16.8 14.9 13.6 12.1 11.2 Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2021 Stage 3 loans, gross -Stage 3 loans as % of total loans, gross 2007 2008 2009 2010 0.08 0.09 0.09 0.06 0.07 0.05 0.06 2011 2012 2013 2014 2015 2016 2017 2018 2019 IAS39 IFRS9 2020 0.10 YTD 2021 SEB 0.26 Average 0.01 annual CLL 2007-20 0.16% Excl Baltics 0.10%#3434 Updated macro scenarios and scenario probability weightings led to a marginal increase of ECL allowances in Q3 Three scenarios for ECL modelling GDP growth assumptions Q3 2021 (Q2 2021) Positive 20% (23%) probability Base -60% (60%) probability Negative - 20% (17%) probability 6.9% 5.7% 5.1% 5.4% 5.1% 4.6% 4.0% 3.9% 4.1% 3.6% 2.8%2.8% 2.3% 2.3% 1.2% 0.9% 1.9% 1.8% 2021 2022 2023 The positive scenario assumes that the power of economic stimulus measures is underestimated and economic growth is driven by a combination of pent-up consumption needs and highly elevated household savings, triggering broad-based capital spending. • 2021 2022 2023 2021 2022 2023 OECD Sweden The base scenario assumes a balanced economic recovery with only marginal revisions compared to the previous quarter despite new COVID-19 waves. The negative scenario reflects the risk that the impact of the mass vaccinations are overestimated. Vaccine-resistant mutations and new waves of infection due to the slow pace of vaccinations in poor countries may contribute to delayed economic recovery. Inflation and failures linked to central bank exit strategies are starting to play a larger role among downside risks. Probability-weighted ECL allowances: SEK 9.4bn 100% probability of positive scenario: -2% ECL allowances 100% probability of negative scenario: +3% ECL allowances Source: SEB Economic Research, Nordic Outlook August 2021. SEB#35Capital B 日日日日期 E 日田 日 35 SEB#36Capital development CET1 buffer development Quarter-on-quarter (bps) 860 44 Jun 2021 Profit, net of dividend 150 125 Further ordinary dividend and share buyback programme 11 CET1 buffer development Year-on-year (bps) 640 580 Regulatory requirement Other Sep 2021 Sep 2020 36 Note: further ordinary dividend subject to EGM decision. 214 Profit, net of dividend 11 153 12 640 Further ordinary Regulatory requirement Other Sep 2021 dividend and share buyback programme SEB#3737 Strong capital position vs. requirements SEB's CET1 and total capital position vs requirements Per cent, 30 September 2021 23.0 Tier 2 20.2 640bps 1.1 AT1 1.7 17.9 1.5 13.8 2.5 0.1 1.5 MDA level 4.0 2.5 20.2 0.1 CET1 1.8 4.0 1.2 8.0 4.5 CET1 capital CET1 capital requirement Total capital Total capital requirement I Minimum requirement P2 requirement ■Systemic risk Actual Capital conservation buffer P2 guidance | Countercyclical buffer The minimum requirement for total capital can be met by max 1.5% AT1 and 2.0% Tier 2 capital. The P2 requirement of 1.8% consists of 1.2% in CET1, 0.2% in AT1 (~11% of the P2 requirement) and 0.4% in Tier 2 capital (~23% of the P2 requirement) As of 30 September 2021 SEB's CET1 capital buffer of 640 bps (including proposed further ordinary dividend and share buyback program), compared to target buffer of 100-300 bps Leverage ratio at 4.6% (4.8). The requirement is 3.0% and new, as of 30 Sept 2021, is a Pillar 2 guidance on top of 3.0% that amounts to 0.45% Regulatory development +1.3% increase in capital requirement as of 30 Sept 2021 due to introduction of a Pillar 2 guidance (P2G, +1.5%) and removal of the Pillar 2 requirement for the corporate maturity floor Countercyclical buffer for Sweden to be raised to 1% in September 2022, and gradually to 2% thereafter SEB#38Reasons for management capital buffer Sensitivity to currency fluctuations Impact of +5% SEK vs other currencies is 50bps on CET1 ratio Sensitivity of Swedish pension surplus to interest rates SEK bn, Impact of -50 bps discount rate is -40bps on CET1 ratio* 38 10% 46% 33% Share of credit risk REA EUR SEK USD INOK DKK GBP Other 552250 50 45 40 35 30 15 10 2018 2019 2020 Pension liabilities Surplus *At current level of net pension assets, impact would be absorbed by surplus. ...& general macroeconomic uncertainties SEB#3939 16.9 EBA stress test 2021 confirms SEB's robust capital position Lowest year-end CET1 ratio under the Adverse scenario (%) 16.7 16.2 15.5 CGD Pekao PKO Bank 15.4 15.2 15.2 15.0 Swedbank KBC Nykredit 14.9 14.0 13.8 Belfius 13.7 ABN 13.5 Nordea 13.4 Crédit Mut. 13.4 OP 12.7 SBAB 12.0 Jyske 11.6 Danske 11.3 LBP 11.3 OTP 11.2 Bankinter 11.1 ING 11.0 Crédit Ag. 10.6 BPCE 10.2 DZ 10.2 Erste 10.2 Rabobank 10.0 BayernLB 10.0 Medioban. 9.7 Intesa 9.4 UniCredit 9.2 RBI 9.0 AIB 8.8 BBVA 8.7 Santander 8.7 Helaba 8.6 LBBW 8.4 BNPP 8.2 Commerz. 8.2 BCP 8.1 BOI 8.1 SocGen 7.5 DB BPM 7.4 7.0 Sabadell HSBC CE 6.5 5.9 SEB DNB SHB Volkswagen LF Bank NWB and BNG excluded, as not directly comparable banking model. MPS Adverse scenario assumptions -cumulative GDP change (%) -2.8 -3.3 -3.6 -4.1 -4.4 Finland Norway Baseline scenario CET1 generation (%) 2.1 Denmark Sweden 1.9 1.3 1.1 1.7 1.3 0.8 0.8 0.9 2021 2022 2023 Adverse scenario CET1 generation (%) 0.7 0.8 0.1 0.3 -0.1 -0.8 -0.1 -1.6 -1.6 2021 2022 2023 ―SEB -Regional peers EU/EEA Average Regional peers include Danske Bank, DNB, Handelsbanken, Nordea, Nykredit, OP and Swedbank SEB#40Funding and liquidity 40 B 日日日日期 日田 E 日 SEB#4141 Strong balance sheet structure with stable deposit base Long-term stable development of deposit - continued high deposit inflow Strong balance sheet structure with deposits as primary source of funding 30 Sep 2021 SEK bn SEK 3,585bn Life insurance Life insurance 1,500 1,000 Derivatives Derivatives Client trading Client trading Short- term 500 Liquid assets Funding <1y funding Cash & deposits CBs Funding >1y Liquidity portfolio Household deposits Household lending Long-term assets or "banking book" Corporate & public sector lending Corporate & public sector deposits Stable funding Assets Equity Liabilities 2007 2009 Corporate deposits 2011 2013 2015 2017 2019 Household deposits Public sector deposits Non-bank deposits in Treasury Stable structural funding position Net Stable Funding Ratio (NSFR) 111% 110% 111% 31 Mar 2021 30 Jun 2021 30 Sep 2021 SEB#4242 Diversified funding structure with deposits as primary funding source Funding sources 30 Sep 2021 13% 5% 2% 5% 1% 11% 16% Loan to deposit ratio - deposits continue to grow Excl repos 140% 90% Jan 2018 Jan 2019 Jan 2020 Jan 2021 47% Corporate deposits Credit inst deposits Covered bonds CP/CDs Household deposits Govmt & central bank deposits Senior debt Subordinated debt Lowest dependence on wholesale funding compared to peers Benchmarking Swedish banks' total funding sources including equity, 30 Jun 2021 Wholesale funding SEB Peer 1 Peer 2 ■ Equity ■Deposits from the public Bail-in bonds Subordinated debt Covered bonds CP/CDs Peer 3 Deposits from credit institutions ■Senior preferred debt SEB#4343 Well-balanced long-term funding profile and solid credit rating Wholesale funding by product SEK 508bn equivalent 23% Maturity profile SEK bn 11% SEB's credit rating 4% 6% Rating Covered bonds SEK Short term Institute "Stand- alone rating" Long term Uplift Outlook Covered bonds non-SEK Fitch F1+ aa- AA- Stable Senior unsecured debt Moody's P-1 a3 Aa3 3 Stable 56% I Senior non-preferred debt S&P A-1 a A+ 1 Stable Subordinated debt Issuance history SEK bn 122 98 145 140 5 52 90 117 11 101 95 11 28 22 66 11 53 59 74 40 80 28 34 11 55 11 40 7 20 20 13 8 54 59 81 78 19 49 51 34 13 10 55 62 67 55 32 <1Y 1-2Y 2-3Y 3-4Y 4-5Y 5-7Y 7-10Y >10Y 2015 2016 2017 2018 2019 2020 YTD 2021 1 Excluding public covered bonds. 2 Tier 2 and Additional Tier 1 issues assumed to be called at first call date. SEB#44Swedish implementation of MREL requirements according to BRRD2 On 18 October 2021, the Swedish Resolution Authority published its new MREL policy under BRRD2 MREL requirement will be the higher of: MREL requirement applicable 1 January 2024 vs current position 30 September 2021, % of REA SEK 258bn 6.6% CBR SEK 281bn 10.3% 4.0% Senior debt SNP debt - Risk-based: 2 x (P1+P2R) + CBR - Ccyb + P2G - Leverage-based: 2 x Minimum Leverage ratio (3%) Subordination requirement will be the higher of: - Risk-based: 2 x (P1+P2) 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 Requirements will be phased in, with full compliance no later than 1 January 2024 27.7% Risk based 28.4% 23.0% Total capital Leverage based Own funds and eligible liabilities Subordination requirement applicable 1 January 2024 vs current position 30 September 2021, % of REA 6.6% CBR 19.7% SEK 214bn 28.4% SEK 203bn 4.0% SNP debt 23.0% Total capital Risk based Leverage based Own funds and subordinated liabilities SEB#45MREL requirement under current Swedish framework (BRRD1) SEB's total capital and MREL requirements under current Swedish framework (BRRD1) SEB's capital base and outstanding senior debt with maturity >1 year 30 September 2021, % of REA 30 September 2021, % of REA 37.3 19.6% 10.3% Senior debt with maturity > 1y 26.2% 9.8% Recap. amount under MREL 4.0% Senior non-preferred debt => SEK 74bn 1 16.4% Recapitalisation CBR under 9.8% amount (P1+P2R) 6.6% Pillar 1 1.8% Pillar 2 16.4% requirement 9.8% 8% Min. requirement Pillar 1 Loss-absorption amount (P1+P2R) Total capital requirement (excl. Loss absorption + Recap Total capital requirement (excl. P2G) amount P2G) +Recap amount 23.0% Total capital base Capital base and MREL eligible debt Under current Swedish framework, the recapitalisation amount must be met with senior debt (Liability Proportion Principle) 45 1 Recapitalisation amount based on applicable capital requirements at 30 September 2021. SEB#4646 SEB's covered bonds Moody's rating Total outstanding Benchmark Maturity profile Outstanding covered bonds SEK bn Aaa SEK 336bn 400 300 Benchmark 96% 200 Non Benchmark 4% 100 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Outstanding covered bonds - % in SEK vs non-SEK SEK bn 10 10 10 100% 85% 75% 13 8 56 56 50 45 32 31 50% 15% 25% 0% >1 y 1-2 Y 2-3 Y 3-4Y 4-5 Y 5-7 Y 7-10 Y >10 Y 2013Q3 2015Q3 2017Q3 2019Q3 2021Q3 SEK Benchmark NonSEK Benchmark Non Benchmark Covered Bond SEK Covered Bond Non-SEK SEB#4747 Cover pool characteristics: only Swedish residential mortgages in SEB's cover pool Cover pool 30 Sep • 2021 31 Dec 2020 31 Dec 2019 31 Dec 2018 • Total residential mortgage assets (SEK bn) 688 653 613 501 Weighted average LTV (property level) 53% 52% 51% 53% Number of loans ('000) 762 759 737 713 • Number of borrowers ('000) 437 432 428 418 Weighted average loan balance (SEK '000) 903 872 831 702 Substitute assets (SEK '000) 0 0 0 0 Loans past due 60 days (bps) 4 4 5 1 Net Expected Credit Losses (bps) 0 0 0 0 Overcollateralisation level 105% 81% 73% 55% Only Swedish residential mortgages, which historically have had very low credit losses More concentrated towards single family 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 overcollateralisation level SEB#4848 Cover pool characteristics: mortgages mainly in three largest and fastest growing city areas in Sweden Type of loans Interest rate type Geographical distribution Residential apt bldgs, 21% Fixed rate reset =>5y, 2% Fixed rate reset 2y<5y,. 17% Larger regional cities, 36% Single family, 52% Tenant owned apartments, 27% Fixed rate reset <2y, 31% LTV distribution >75% 0% Prior ranking loans >25%<75% 70-75% 1% of property 0.3% 60-70% 4% value 50-60% 7% <25% of 40-50% 11% property 5.0% 30-40% 15% value 20-30% 18% 10-20% 21% No prior ranks 0-10% 23% Note: 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.asbc.se) Floating (3m), 50% Stockholm region, 41% Malmö region, 8% Gothenburg region, 15% Interest payment frequency Quarterly 22% Monthly 94.7% 78% SEB#49Short-term CP/CD funding to support client facilitation business 49 Volumes: net trading assets adaptable to CP/CD funding access SEK bn 400 300 200 100 0 Sep-13 Sep-14 Sep-15 Sep-16 Net trading assets CP/CD Sep-17 Sep-18 Sep-19 Sep-20 Sep-21 Duration: CP/CDs fund net trading assets with considerably shorter duration SEK bn CPS/CDs (LHS) Net trading assets (LHS) Avg. Duration CP/CD (RHS) 350 200 50 -100 -250 -400 Sep-13 Days 40 40 80 120 160 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 Sep-19 Sep-20 Sep-21 Note: Net Trading Assets = Net of repoable bonds, equities and repos for client facilitation purposes SEB#5050 Strong liquidity position Liquidity Coverage Ratio 160% 149% 174% 218% 176% 138% 139% 31 Mar 2019 30 Jun 2019 30 Sep 2019 31 Dec 2019 31 Mar 2020 30 Jun 2020 30 Sep 2020 Liquid assets 30 Sep 2021, 937 SEK bn Level 2 assets Peer benchmarking: 3- and 12-months maturing funding ratio 3 months funding ratio 600% 500% 163% 400% 133% 133% 131% 300% 200% 100% 0% 31 Dec 2020 31 Mar 2021 30 Jun 2021 30 Sep 2021 Q2 2021 Q1 2021 SEB Q4 2020 Peer 1 Q3 2020 Peer 2 Q2 2020 Average Q1 2020 20 Other 97 234 High quality covered bonds Level 1 assets Extremely high quality covered bonds Treasuries & other Public Bonds 579 Cash & holdings in Central Banks Liquid assets in accordance with Liquidity Coverage Ratio in CRR. Liquid assets defined as on balance sheet cash and balances with central banks + securities (bonds and equities) net of short positions 12 months funding ratio 200% 150% 100% 50% 0% Q2 2021 Q1 2021 SEB ■ Peer 1 Peer 2 Q4 2020 ■Peer 3 Q3 2020 Average Funding ratio = liquid assets / (maturing wholesale funding within 3/12m+ net interbank borrowing within 3/12m) Source: Fact Books of SEB and three other major Swedish banks. One peer does not disclose 3m ratio SEB#51Macro 51 B BB 日日 SEB#52Globally: clear adjustment to the prevailing situation Degree of restrictions Government stringency index 100 90- Mobility: retail/recreation Google, current level vs normal 2019, % 10- 0 80- -10 -20 70- W -30 60 -40 50- -50- 40 -60 30- -70 20 -80 US-UK-Spain - Italy -Sweden -Sweden-US-Italy-UK -France-Spain-Germany 10 -France-Germany -90 0- -100 2020 2021 2020 2021 52 52 SEB Nordic Outlook SEB#5355 53 Sweden: PMI and economic sentiment close to all-time highs. Sweden: Economic sentiment and GDP Sweden: PMI 75 75 10.0 7.5- My 5.0 2.5- 0.0 -2.5 -5.0- -7.5- -10.0 - 130 70 R 70 120 65 65 - 110 60 60 100 55 55 50 50 90 45 45 80 40 40 70 35 35 60 30 30 T 2008 2010 2012 - Economic sentiment indicator (NIER) (hö axel) GDP, % q/q (vä axel) 2014 2016 2018 2020 2008 2010 2012 2014 2016 2018 2020 - Manufacturing -Services - Composite • NIER survey has increased to an all-time high driven by very strong manufacturing sentiment, but service sector has also increased towards cyclical highs. Strong expectations main contributor while current conditions are at slightly more moderate levels. • PMI has declined slightly over the last 2 months. SEB Nordic Outlook SEB#5454 Sweden: unemployment is declining, furlough scheme is being closed Sweden: Unemployment % Sweden: Number of employees in furlough 1000's Swe: Unemployment, % Swe: Number of employees in on furlough, 1000s 9.5 300 300 9.0 250 250 8.5 200 200 8.0 7.5 150 150 7.0 100 100 6.5 50 50 6.0 5.5 0 2010 2012 2014 2016 2018 2020 2022 2024 A M J J A SON D J F M A M J - Actual - - Riksbank 2020 - Labour Force Survey 2021 SEB Nordic Outlook SEB#5555 Sweden: firm housing market-housing starts recovering Sweden: Home prices Index Aug 2017 = 100 130 120 110 100 90 80 70 60 2014 2015 2016 2017 2018 2019 2020 2021 - Total Valueguard Houses, Valueguard Flats, Valueguard Home prices at new highs, houses most important driver. Indicators suggest continued strong momentum in the near term. SEB Nordic Outlook Sweden: Housing starts 1000's 130 17.5 120 17.5 15.0 110 15.0 12.5 12.5 100 10.0 10.0 90 7.5- 7.5 80 80 5.0 my 5.0 70 2.5 2.5 60 0.0+ 0.0 1995 2000 2005 2010 2015 2020 Multi-dwelling buildings - Total - Single family homes Housing starts turning higher but so far moderately strong recovery. SEB#56Sweden: budget deficit is declining despite more fiscal measures Sweden: Central government budget balance SEK bn 56 56 200 175 150 125 100 75 50 25 0 2019 2020 2021 Sweden: Central government debt % of GDP 50 150 - 100 45 50 40 40 0 35 -50 30 -100 25 -150 20 -200 15 -250 2022 - ■Deviation from NDO's forecast (LHS) Forecast, National Debt Office (RHS) - Actual (RHS) SEB Nordic Outlook 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 - Total-Ex relending to the Riksbank SEB#5757 Sweden: repo rate expected to stay low Sweden: Inflation CPIF, year-on-year percentage change Sweden: Interest rate outlook Repo rate, % 3.5 3.5 0.8 0.8 3.0 3.0 Forecast The 0.6 0.6 2.5 Riksbank 2.5 Market pricing 0.4 0.4 2.0 2.0 1.5 1.5 0.2 0.2 1.0 1.0 SEB 0.0 0.0 0.5 - 0.5 SEB The Riksbank -0.2- - -0.2 0.0- 0.0 -0.5 - -0.5 -0.4 -0.4 2016 2018 2020 2022 2024 2020 2021 2022 2023 2024 SEB Nordic Outlook SEB#58Appendix 58 B BB 日日 SEB#5959 Summary key financials YTD 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 1) 2021 Return on equity, % 6) 14.2 10.3 13.8 13.4 12.9 11.3 12.9 13.1 13.1 11.5 12.3 Cost/income ratio, % 42 46 46 48 48 50 49 50 54 61 62 Net ECL level / Credit loss level, % 3) 0.01 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, % 4) 0.62 0.87 0.67 0.50 0.5 0.5 0.6 0.8 0.7 1.0 1.4 Liquidity Coverage Ratio (LCR), %5) 131 163 218 147 145 168 128 115 129 NA NA Net Stable Funding Ratio (NSFR), % 111 CET1 ratio, % 2) Total capital ratio, % 2) Leverage ratio, % 2) 20.2 21.0 17.6 17.6 19.4 18.8 18.8 16.3 15.0 ΝΑ ΝΑ 23.0 25.1 23.3 22.2 24.2 24.8 23.8 22.2 18.1 ΝΑ ΝΑ 4.6 5.1 5.1 5.1 5.2 5.1 4.9 4.8 4.2 NA NA 14,237 12,022 10,428 7,734 8,046 6,859 7,196 6,763 5,958 5,191 4,490 2,422 2,106 2,041 1,699 1,830 1,749 1,668 1,708 1,475 1,328 1,261 Assets under custody, SEK bn Assets under management, SEK bn Notes: 1) Restated for introduction of IAS 19 (pension accounting). 2) 2016-2014 is according to CRD IV/CRR and 2013 was estimated based on SEB's interpretation of future regulation. 3) 4) 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.. 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).. 5) LCR based on EU definition as from 2018 and on SFSA definition 2013-2017. 6) 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. d. e. f. 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 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. 2018: Excluding the sale of SEB Pension SEK 3.6bn and settlement of UC AB's merger SEK 0.9bn 2020: Excluding administrative fine from Swedish FSA of SEK 1.0bn To show the underlying operating momentum in this presentation: 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. SEB#60Strong customer franchise Large Corporates & Financial Institutions Customer satisfaction, Prospera ranking Corporate & Private Customers Customer satisfaction, Net Promoter Score 60 2016 2017 2018 2019 2020 Sweden 1 1 1 1 1 40 Large Corporates Nordics 2 3 2 2 1 20 Sweden 1 1 1 1 1 Financial Institutions Nordics 1 2 1 1 2 60 50 2015 2016 2017 2018 2019 2020 2021 Q3 Corporate - Advisory Corporate - Teller Private - Advisory Private Teller SEB#61Large Corporates & Financial Institutions Large cross-selling potential Client income, SEK bn Clients base ■New clients 22.0 22.3 20.4 19.3 19.0 19.3 17.6 15.6 15.0 15.1 14.0 Diversified business and solid efficiency render healthy profitability despite higher regulatory requirements SEK bn Business equity (SEKbn) Return on business equity C/I 80 54% 54% 52% 50% 49% 49% 17.1 46% 47% 45% 46% 44% 60 60 43% 18% 19% 12% 12% 15% 15% 15% 18% 20 10% 5% 7% 40 22.8% 20.6% 20 14.3% 12.9% 13.3% 12.5% 11.7% 10.1% 10.3% 10.4% 14.5% 8.1% 2% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD 0 2021 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD 2021 No. of accumulated new clients* 2016 C/I: Excl. one-off costs of SEK 354m 84 209 305 413 472 535 594 652 713 765 813 844 2015 C/I: Excl. one-off costs of SEK 902m *Including Swedish clients as of 2019. 61 2010-13: Restated figures following the new organisational structure as of Jan 1, 2016. As a result 2010-2013 figures not comparable SEB#62Corporate & Private Customers Stable lending growth in corporate segment Loans to corporates and real estate management, SEK bn Stable growth in household mortgages 537 SEK_bn 509 483 449 459 404 418 431 382 358 276 242 253 257 211 221 186 188 170 186 2012 2013 2014 2015 2016 2017 2018 2019 2020 Sept 2021 2012 2013 2014 2015 2016 2017 2018 2019 2020 Sept 2021 Solid operating profit Average quarterly operating profit, SEK bn Steady improvement in efficiency and stable profitability SEK bn 0.57 60 0.49 Business equity (SEK bn) 0.48 0.48 2.5 0.46 Return on business equity C/I 0.46 0.46 0.44 2.2 2.3 0.43 0.44 2.0 1.9 2.0 1.8 1.8 40 1.4 22.3% 21.9% 21.4% 1.1 20 14.7% 15.2% 15.0% 13.9% 15.3% 15.1% 16.2% 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD 2021 2021 Operating profit: 2014-2015 restated following the new organisational structure as of 1 Jan 2016. As a result, 2012-2013 figures are not comparable. 62 SEB#6363 3: Baltic Credit portfolio growth impacted by economic slowdown due to Covid-19 restrictions EUR bn Strong development of profitability and efficiency SEK bn 15 Business equity Return on business equity -C/I 5 5 5 9 9 5 6 6 6 6 6 7 7 8 0.62 0.58 10 11 11 11 10 0.52 10 10 0.50 0.50 0.51 2012 2013 2014 2015 2016 2017 2018 2019 2020 Sept 2021 0.44 0.41 0.39 0.40 0.39 Corporate & property mgmt Households Second largest bank in terms of lending market share in the Baltic region % 29.6% 24.4% 22.6% 24.5% 22.6% 18.6% 19.3% 12.9% 14.5% 13.1% 9.7% 17% Other 24% 32% 10% 21% Luminor 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD 21% 2021 26% 30% SEB 21% 39% 32% 26% Swedbank Estonia Latvia Lithuania 2020: Business equity increased due to updated credit risk models in Q1 2011-2018: Excluding Real Estate Holding Companies 2011: Write-back of provisions of SEK 1.5bn Source: Estonian Financial Supervision Authority, Association of Latvian Commercial Banks, Association of Lithuanian Banks (Q1 2021) SEB#64Assets under management. Long-term development of assets under management¹ SEK bn 1,830 1,749 1,708 1,668 1,699 1,475 1,399 1,328 1,261 2,401 2,422 2,243 2,106 2,041 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 31 Mar 30 Jun 30 Sep 2021 2021 2021 64 1 Definition of assets under management changed from 2015. Divestment of SEB Pension DK in 2018 reduced AUM by approx. SEK 116m. Development during the first nine months 2021 SEK bn 581 554 2,106 289 2,422 31 Dec 2020 Inflow Outflow Change in value 30 Sep 2021 SEB#6565 SEB's climate classification model - assessing a company's climate impact Climate impact classification framework – ambition, speed and ability to transition are key parameters SEB customer's impact on climate - forward-looking, transition profile Transformed/ has no negative impact Ongoing transformation to improve Some measures to improve Example company Little or no measures to improve A customer's plan in relation to Paris alignment - calibration against the 1.5 °C target Greenhouse gas reduction pathways and classifications, % change from 2010 20% 0% -20% -40% -60% -80% Baseline 2010 2°C pathway 1.5°C pathway Close to Significant negative impact Some negative impact Positive impact No significant impact -100% 2010 2020 2030 2040 2050 Industry/sector impact on climate • The Paris Agreement is key reference . • • Five general levels of classification measuring alignment towards 1.5 °C target Full value-chain perspective Classification captures current and future performance Status quo/not in transition Transition Gradual change Paris aligned transition net-zero emissions Sustainable A customer's projected journey according to plan SEB#6666 IR contacts and calendar Financial calendar 2022 1 Jan Silent period starts 27 Jan Annual Accounts 2022 1 Mar 22 Mar Annual & Sustainability Report 2021 Annual General Meeting Pawel Wyszynski Head of IR Employed in SEB since: 2020 Mobile: +46 70 462 21 11 Philippa Allard Senior Debt IR Employed in SEB since: 1998 Per Andersson Senior IR 1 Apr 27 Apr Silent period starts Quarterly report Jan - March 2022 Employed in SEB since: 1991 1 July Silent period starts 14 July Quarterly report Jan - June 2022 Mobile: +46 70 618 83 35 Mobile: +46 70 667 74 81 E-mail: [email protected] E-mail: [email protected] E-mail: [email protected] 1 Oct 26 Oct Silent period starts Quarterly report Jan - Sep 2022 SEB#6767 SEB