Investor Presentaiton

Operating expenses Ongoing efficiency drive 21 Evolution of OPEX Cost increase in recent years been below inflation and held relatively stable while supporting significant increase in revenues -9% ISK 26.9bn Operating expenses* +6% +7% +4% ISK 28.7bn ISK 27.0bn ISK 25.9bn ISK 24.4bn 5.1% 3.6% 2.0% 9.6% 7.7% Near term OPEX outlook General inflationary pressures expected to continue near term with overall pressure on costs Growth in capital light businesses such as asset management and corporate finance is generally at a relative high Cost/Income while strong in terms of ROE Significant improvement in cost to core income in recent years supported by income increase at relatively stable cost base. Current level targeted to continue over medium term 62.3% Cost to core income Examples of strategic initiatives impacting operating expenses IT investment commitment supporting ongoing digital leadership. Near term headwind, longer term efficiencies Ongoing efficiency opportunities from synergies across the group and capital velocity, delivering higher income from our infrastructure and distribution channels 2019 2020 2021 Operating expenses* 2022 2023 Inflation *Including operating expenses from insurance operations in 2023 and 2022 for comparative purposes Source: Central Bank of Iceland 51.6% 53.3% 45.0% 44.7% 2019 2020 2021 2022 2023 Positive impact Negative impact

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