Q4 2023 Financial Update

34 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

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