Investor Presentaiton

SEB's real estate portfolio is resilient to higher interest rates 30 50 Total real estate and household mortgage lending compared to Nordic peers SEK bn, Q1 2022 2,400 1,600 800 Household mortgages Residential real estate and housing co-ops ■Commercial real estate 0 Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 SEB Commercial real estate lending compared to Nordic peers SEK bn, Q1 2022 400 200 0 Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 SEB Conservative underwriting standards • Group-wide risk tolerance and divisional volume caps. Cash-flow based underwriting standards, interest rate stress tests, restrictions on Loan-to-value and Debt Service Ability. Majority of large clients hedging interest rates (average 3-4 years). Professional clients operating in Sweden and Nordics with diversified property portfolios and funding sources. Average Loan-to-Value, Q2 2022 Commercial real estate 46.7% Residential real estate Housing co-ops 46.2% 27.5% Commercial and residential property values need to drop more than ~25% in order to reach regulatory risk weight floors, given current Probability of Default (PD) levels. 20 largest real estate clients resilient against higher interest rates • Average Interest Coverage Ratio (ICR) at 4.6x by Q1 2022. Internal stress test assuming a 3M STIBOR at 4% by year-end 2023.1 Average ICR in stressed scenario: 2.1x. All clients at or above 1x ICR in stressed scenario. Note: Peer lending figures based on best estimate. Some figures based on Q4 2021 data. Source: Fact books, interim reports, annual reports, risk reports. 1 Given average interest rate hedging of 3-4 years, this translates to about 200bps higher funding cost vs. Q1 2022. Includes commercial and residential real estate clients. SEB

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