Investor Presentaiton

Net fee and commission income Continued momentum Evolution of fee and commission income . 19 Robust growth over past five years with increase of 65% from 2019 Diverse fee generating businesses support resilience through the cycle CAGR +13% ISK 16.4bn 0.5 ISK 16.4bn 0.5 ISK 14.7bn 2.3 2.9 1.3 1.3 1.4 ISK 11.6bn 1.5 1.4 ISK 10.0bn 4.3 1.2 4.7 4.0 1.3 1.4 4.1 3.1 2.1 2.5 2.6 1.6 1.4 4.9 4.8 4.9 3.4 3.7 2019 2020 Other 2021 Cards and payment solution Collection and payment services Captial markets and corporate finance 2022 2023 Near-term outlook Strategic initiatives impacting fee generation Slower economic growth outlook is a near term headwind Reduced policy rates should however support capital markets, and deal activity in Markets and CIB Policy rate reduction is also expected to increase lending fees from refinancing activity Capital velocity enhanced utilization of the balance sheet and supports further opportunities for fee generation Loyalty / Family / Rewards / Premia / Bancassurance projects support customer retention and resilience around fee generation while also supporting growth opportunities in high value client base Lending and guarantees Asset management Positive impact Negative impact Arctic opportunities increases the size of market for potential long term fee generation

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