2 September 2021

Creating long-term shareholder value Johan Torgeby, President & CEO Agenda

01 An industry in transformation

02 Who we are

03 Where we are going

2 Continued demand for corporate and investment banking services in the Nordics An industry in transformation

Bank financing still large share of Accelerating growth within …as well as within corporate financing in EU Nordic debt capital markets… Nordic equity capital markets

Debt financing structure, Volumes and Volumes and number of corporates (%) number of issuers within the corporate space active issuers, Swedish ECM

Bank debt Debt capital markets Volume Issuers Volume Issuers (EUR bn) Volume (LHS) (#) (EUR bn) Volume (LHS) (#) No. of issuers (RHS) No. of issuers (RHS) 70 250 12 300 34% 60 10 250 200 60% 50 8 200 40 150 6 150 30 100 66% 4 100 20 40% 50 10 2 50 0 0 0 0 US EU 2005 2008 2011 2014 2017 2020 2005 2008 2011 2014 2017 2020

Source: Estimates based on Central Bank data and academic studies Source: Dealogic, All Nordic countries Source: Logiscope,

3 Cyclical and structural trends expected to drive demand for savings and investments An industry in transformation

Long-term increase in Lower contribution from Alternatives as an asset class Swedish savings ratio Swedish system the largest driver of revenue growth

Savings ratio (savings as share of disposable income), Pension contribution as share of salary Nominal growth in global assets under management Sweden (%) in Sweden, based on year of birth and revenues, 2009-2019

AlternativesMoney market MultiPassive-management 20% 59% ActiveActive fixed equity income ActiveActive equity fixed income PassiveMulti-management 57% 15% +18pp MoneyAlternatives market Since 2000 47 198

10% 8 5 98 53% 11 5% 20 9 24 13 43 2 0 0% 12 1959 1966 1989 AuM growth Revenue growth 2009-2019 2009-2019 -5% (EUR tr) (EUR bn)

Source: SCB Source: minPension Source: McKinsey

4 New technologies enable improved customer experience and infrastructure An industry in transformation

Private individuals more digital Increase in share of ’ Growth in use of across age groups IT spend on emerging tech cloud services

Mobile real-time payments, age groups using Share of banks’ IT spending invested in emerging tech Cloud adoption rates Swish mobile app in Sweden (%) (e.g cloud, APIs, AI, big data, blockchain) in different bank applications

89% 50% 79% 40% Marketing tools Appl. development 30% 48% Digital channels CRM 20% Data analytics 26% Document mgmt 10% Storage data Core deposits platform

0% 0% 20% 40% 60% 80% 100% 18-24 65+

Implemented

2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 Implementing or implementation considered 2018 2020 North America Europe No plans for implementation

Source: the Swedish Riksbank Source: Celent Research Source: Celent FI survey 2019

5 Sustainability in focus across business areas and customer segments An industry in transformation

Significant public and private Continued strong growth in Accelerated net flows to investment needs sustainable debt market sustainable funds

EUR ~3,290bn estimated investment gap Yearly issuance volumes across Global cumulative net sales in EU 2021-27 1 sustainable debt product categories (USD bn) 2 (USD bn)

1,800 BondLoan -– SocialSustainability-linked BondLoan -– SustainabilityGreen 1,500 Bond – Sustainability-linked All Non-ESG Funds (LHS) All ESG Funds (RHS) EUR bn p.a BondBond - –Sustainability-linkedSustainability Renewable energy 1,200 LoanBond - –GreenSocial 1,000 350 Bond – Green Construction Loan - Sustainability-linked 300 900 800 250 Transport ' 600 200 Environmental protection 600 400 150 100 Resource management 200 300 50 0 Circular economy 0 -200 -50 0

0 100 200

2013 2014 2015 2016 2017 2018 2019 2020 E2021

Source: EU Commission Source: Bloomberg Source: Goldman Sachs

1 Estimates based on 40% reduction of greenhouse gas emissions by 2030; Identifying Europe’s recovery needs, EU Commission, 2020. 6 2 2021 full year estimates calculated by SEB based on Bloomberg data. Continued shift from financial to non-financial risks An industry in transformation

Shifting focus from financial Climate-related risk is Machine learning/AI fundamental to operational resilience growing in importance to future risk management

Top 10 CRO priorities Climate-related risks among the top five Current and expected use of ML and AI 2015 2019 global risks by likelihood. now and in five years among banks’ risk teams

90% # 2015 2020 Financial risks Non-financial risks 81% 1 74%

Top resiliency concerns for 2 30% regulators and supervisors 3 22% 20% 94% 4 80% 67% 41% 5 Improved Better Automation of compliance credit audits and efficiency decisioning testing Cyber risks Data access and Climate-related risks Using now availability Other risks Will be using in five years 2018 2019 Source: EY & IIF Source: World Economic Forum Source: EY & IIF

7 Agenda

01 An industry in transformation

02 Who we are

03 Where we are going

8 SEB has adapted its strategic focus throughout the years… Who we are

2022-2030 2016-2021 2010-2015

2005-2009 Future-proof SEB Transform and grow Investments to accelerate the core Strengthen the core income growth True customer-centricity Corporate expansion Refocus on the core in a digitised world in Nordics and Consolidation of SEB Group functions Retail and Baltic transformation

9 …which has contributed to SEB’s current position of financial strength Who we are

2000 0.00

0.20

0.40 C/I 0.60

0.80

1.00

1.20 -20 -10 0 10 20 30 40 50

Return on equity 1 (%) 1 Including items affecting comparability. …which has contributed to SEB’s current position of financial strength Who we are

2007 0.00

0.20

0.40 C/I 0.60

0.80

1.00

1.20 -20 -10 0 10 20 30 40 50

Return on equity 1 (%) 1 Including items affecting comparability. …which has contributed to SEB’s current position of financial strength Who we are

2014 0.00

0.20

0.40 C/I 0.60

0.80

1.00

1.20 -20 -10 0 10 20 30 40 50

Return on equity 1 (%) 1 Including items affecting comparability. …which has contributed to SEB’s current position of financial strength Who we are

2021 Q2 0.00

0.20

0.40 C/I 0.60

0.80

1.00

1.20 -20 -10 0 10 20 30 40 50

1 1 RoE rolling 12 months based on avg. business equity Return on equity (%) (Nordic peers Q2 2021 isolated). SEB Nordic peers …which has contributed to SEB’s current position of financial strength European peers Who we are Median Return on equity Cost/income ratio Q2 2021 1 (%) Q2 2021 (%)

Top 25% Top 25% 30 Median: 7.5 SEB: 14.7 100 Median: 53 SEB: 42 75

15 50

25

0 0 CET1 capital ratio CDS spread Q2 2021 (%) August 2021 (bps)

Top 25% Top 25% 25 Median: 15.5 SEB: 21.1 80 Median: 32 SEB: 25 20 60 15 40 10 20 5

0 0

Source: Bloomberg. Banks included: ABN AMRO, , , BBVA, BNP Paribas, Crédit Agricole, , DNB, Erste Bank, , HSBC, ING, 14 , KBC, Lloyds, , Raiffeisen Bank, SEB, Société Générale, , ; 1 RoE rolling 12 months based on avg. business equity (Nordic peers Q2 2021 isolated). Agenda

01 An industry in transformation

02 Who we are

03 Where we are going

15 Ambition for operating leverage continues to guide us in our strategic focus Where we are going

Profit development CAGR CAGR 1990-Q2 2021, rolling 12 months, SEK bn 1990-2020 2010-2020 50 +5% +3% 40 Income Income

30 +4% +0% Expenses Expenses 20 2

10

1 0 +7% +6% 1990 2000 2010 Q2 2021 Profit Profit

-10 Operating income Operating profit before credit losses Operating profit Operating expenses Credit losses

1 Consequences of Swedish economic paradigm shift and the ensuing financial crisis. SEB was one of two major banks that was not taken over or directly guaranteed by the State. 2 Credit losses driven by the Baltics during the financial crisis – important to note the strong revenue generation and overall profitability during this period notwithstanding the financial crisis. 16 Note: 2014-2020 adjusted for items affecting comparability. Long-term aspirations for SEB divisions Where we are going

Return on Business Equity Cost/Income

Actual Actual Actual Actual Aspiration 1 Aspiration 1 2020 H1 2021 2020 H1 2021 Large Corporates & Financial >13% 8.1% 15.0% <0.50 0.44 0.42 Institutions

Corporates & Private Customers >17% 15.1% 16.5% <0.40 0.43 0.44

Baltic >20% 16.8% 21.5% <0.35 0.40 0.40

Life >30% 25.5% 38.1% <0.45 0.52 0.42

Investment Management >40% 49.2% N/A <0.40 0.38 0.31

SEB Group ~15% 10.3% 2 14.2% <0.45 0.46 0.42 (including Group functions)

17 1 To be viewed as long-term (5-year perspective) and will be updated based on other Nordic banks’ performance. 2 Excluding items affecting comparability. SEB Group financial targets Where we are going

Return on Equity ~50% 100-300bps competitive with peers Dividend payout ratio of EPS 1 CET1 ratio above requirement (Long-term aspiration 15%)

Share repurchases will be the main form of capital distribution when SEB’s capital buffer exceeds, + and is projected to remain above, the targeted range of 100-300 basis points.

18 1 Excluding items affecting comparability. Thank you for your attention.