Investor Presentaiton

Funding Enhanced stability and diversity Near-term funding considerations Deposits • High growth in deposits in past years during and after COVID expected to slow and approach pre-COVID growth rate Continued focus on growth in more stable categories of deposits Deposits by LCR outflow weight (ISK bn) Covered bonds • . Established domestic investor base and inaugural euro covered bond in 2021 with strong Aa2 Moody's rating received in December Continued evaluation of establishing a stronger Icelandic FX swap market which would support a more diversified and attractive funding for Icelandic residential mortgages Senior preferred . EUR credit spreads have tightened considerably in recent months Regular issuer in the euro market, strong investor base in the Nordics with NOK/SEK public and private placements and focus on growing the domestic market Senior non-preferred . With a capital stack managed towards a more optimal structure the need for SNP emerges as MREL subordination requirement becomes effective in 2026 Subordinated . Medium-term plan to maintain optimum T2 and AT1 levels to support target capital structure 795 +12% 767 70 . 98 +6% 581 63 660 89 470 475 499 57 420 78 71 62 726 669 571 518 442 391 404 358 2016 2017 2018 2019 2020 2021 2022 2023 Low LCR outflow High LCR outflow* *Deposits with LCR outflow weight above 40% 23 Navigating through multiple. capital and funding constraints Regulatory constraints ● MREL requirements MREL-subordination requirement • Liquidity coverage ratio • Net stable funding ratio ● Capital requirements Rating agency constraints ● Different thresholds around composition of ● funding (wholesale vs deposits) Capital thresholds Management constraints Asset encumbrance • Capital and MREL management buffers

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