Proposal summary Swedbank in cooperation with Kepler Cheuvreux are proud to present our offer to act as an Underwriter in a potential IPO of Íslandsbanki Swedbank offers a full suite of Investment Banking services, including advisory, M&A, IPO, IPO financing, project financing, equity and bond issuance, equity and credit trading etc. ABOUT SWEDBANK Applicable Read and understood Consent regarding operating provisions of Act no. publication of ✓ licenses of party ✓ 155/2012 and ✓ advisor’s expression Íslandsbanki’s policy on of interest sustainability SWEDBANK & Swedbank has partnered with Kepler Cheuvreux, a leading European Financial Service Long lasting relationship through KEPLER CHEUVREUX Company with emphasis on equity research and ECM execution, to broaden our extensive advisory service within COOPERATION product offering and international distribution in Europe bond issuance The team is supported by Swedbank CEO Jens Henriksson and is Experienced lead by highly qualified individuals with vast deal experience Cooperation within ESG at the team over the years, including Icelandic deals and government sell highest level – both our CEOs are downs part of ‘Nordic CEOs for a Sustainable Future’ Global Reach The partnership with Kepler Cheuvreux enables us to reach all with Multi- relevant pockets of demand throughout Europe and North Local presence America OUR OFFER – Contact person Kepler Cheuvreux has extensive coverage of all the major banks Best-in-class in Europe, which will include Íslandsbanki and research report Sanna Tunsbrunn research will be distributed on every continent Director, FIG Origination Phone: +46 8 700 93 14 Mobile: +46 72 566 33 78 After- We work in close collaboration with our customers to support Email: [email protected] transaction the companies after they entered a public environment through Address: SE-105 34, Stockholm, Sweden support non-deal roadshows, trading support etc. Swedbank and Kepler Cheuvreux Team Member overview A broad advisory team with complimentary competence and solid experience Team member Position Experience CV Global Head of At Swedbank since 2011. Previous experience incl. Global Head of DCM and Syndicate at Per-Åke Nyberg Investment 28 years Swedbank, Treasurer at SBAB, Vice President at Goldman Sachs and Executive Director at Bank Banking of Tokyo-Mitsubishi At Swedbank since 2014. Previous experience incl. Head of Debt Capital Markets and Head of Senior Senior Global Head Of Stephen Martin 35 years Euro Syndicate at Swedbank, Head of Fixed Income Sales at Danske Bank, London, and credit Sponsorship Capital Markets trading at SEB. This year celebrates 35 years in the financial markets Co-Head CIA At Swedbank since 2014. Over 20 years of experience in the financial industry from London and Niklas Lindkvist 20 years Sweden Stockholm working both for international investment banks and Nordic banks Senior At Swedbank since 2011. 20 years experience as financial analyst for banks and financial Bengt Kirkøen* advisor 36 years companies, top ranked several years in a row. Involved in several transactions in the sector – FIG sector At Swedbank since 2012. Experience from investment banking, both at Barclays Capital Sanna Tunsbrunn Director 15 years (London) and Swedbank. Worked within Nordic rates sales, syndicate and within FIG and corporate origination. Main coverage of Icelandic banks including Íslandsbanki. FIG Sector Team Investment Investment Banking Marius At Swedbank since 2011. Experience as partner in Fondsfinans ASA, Advisor Assistant in Norges Director 17 years Tryggestad Jacobsen Bank, and Ernst & Young Transaction Advisory Services At Swedbank since 2006. Experience as a partner in First Securities AS with various positions Global Head Linda I. Johannessen 20 years within Equity Sales/ECM and as Head of Equities in Nordea, Norway. Linda has participated in of ECM +400 ECM transactions across borders and countries At Swedbank since 2018. Experience from DNB, Merrill Lynch and Morgan Stanley in various Per Löfgren Director 20 years position such as ECM / Project Sales, Sales & Trading and Equity Research ECM Global Head of Previously 2 years at Citigroup as Head of Italian ECM, 4 years at UniCredit as Deputy Head of Caludio Villa** Equity Primary 27 years ECM, 3 years at Deutsche Bank as Head of Emerging Markets ECM Execution Markets Investment Investment Banking Managing Previously 9 years with Natixis in France, 5 of which as Head of Equity Syndicate, before joining Benjamin Tran** Director Equity 15 years Kepler Cheuvreux in 2015 Primary Markets * Project leader ** Kepler Cheuvreux In cooperation with 2 ECM credentials FIG and Government related transactions (non-exhaustive) Partner Deal type / Syndicate Gov.- Issuer Country Timing Description FIG Iceland bank size role related KC + IPO, Joint Global Leading utility and renewable 2020 √ Swedbank EUR 450m Coordinator energy group KC + Partner ABB, Joint Global Italian bank that specialize in 2020 √ Bank EUR 1,099m Coordinator online brokerage KC + Re-IPO, Joint Global 2020 Independent bank in Norway √ Swedbank EUR 252m Coordinator KC + Partner IPO, Joint Petroleum and natural gas 2019 √ Bank EUR 26,540m Bookrunner company KC + Partner IPO, Joint FDJ is the leader on the French 2019 √ Bank EUR 1,826m Bookrunner gaming market KC + Partner Re-IPO, Joint Multi-national food processing 2019 √ Bank EUR 370m Bookrunner company based in Iceland KC + Partner IPO, Joint One of the world's leading asset 2018 √ Bank EUR 1,333m Bookrunner managers KC + PP, Joint BRAbank operates within 2018 √ Swedbank NOK 300m Bookrunner financing, savings and payments KC + IPO, Joint The biggest port authority in 2018 √ Swedbank EUR 147m Bookrunner Estonia KC + Partner IPO, EUR Joint Global Italian financial service company 2017 √ Bank 344m Coordinator based in Verona KC + Partner IPO, Joint Italy-based company primarily 2017 √ Bank EUR 249m Bookrunner engaged in corporate financial services IPO, Joint Lead Norway's fourth largest savings Swedbank 2017 √ EUR 245m Manager bank ABB, Joint Scandinavian airline Swedbank 2016 √ EUR 37m Bookrunner company KC + Partner IPO, Joint Global Poste Italiane is one of Italy's 2015 √ Bank EUR 3.112m Coordinator leading payment system providers Source: Swedbank, Kepler Cheuvreux In cooperation with 3 The most extensive equity research and distribution platform in Europe Excellent international distribution power through local presence in all major markets Equity research, overview Sales force, overview Equity sales & sales traders 100+ Swedbank/Kepler equity Cheuvreux presence research analysts Gaelle Jarrousse 1,050+ FIG Specialist Sales ~20 years of companies USA USA covered experience as an equity researcher and FIG specialist sales Swedbank Kepler Cheuvreux Supported by Credit, FICC and Equity macro team analysts 125+ members equities brokers Banks - research coverage (non-exhaustive) in 16 countries Top ranked 2020 research analyst #2 #3 Christoffer Adams General All Europe Research Previously at Goldman Sales Countries & Regions Sachs and JP Morgan Europe Europe Have contributed in issuing approximately EUR 700m in Icelandic bonds for Íslandsbanki, Arion Banki and Landsbankinn Source: Swedbank, Kepler Cheuvreux In cooperation with 4 KECH Corporate Access – undisputed leader in Europe Corporate Access is of the highest importance for institutional investors Kepler Cheuvreux Corporate Access at a glance 25 000 one-on- 2020 ones Best in class Corporate Access 2 000 investor 1 100 visits #1 Corporate Access road- 50 200 Europe thematic shows field trips expert meetings Selected KC non-deal roadshow for banks since 2020 Aftermarket support Research and Corporate Access functions are important Lugano Frankfurt Frankfurt Geneva Paris Stockholm Stockholm London Paris factors in the aftermarket in order to remain active Milan London Frankfurt Chicago Milan towards investors post closing of the IPO. Paris Milan Zurich Swedbank and Kepler Cheuvreux’s aftermarket commitment would extend itself to marketing via non- deal roadshows and conferences as well as analyst marketing and FIG sales specialist support post IPO and other initiatives. Frankfurt Brussel Milan Zurich Toronto Milan London Madrid NYC Stockholm London NYC Milan Milan Paris Kepler Cheuvreux is one of the leading providers of Zurich Paris Geneva London roadshows in Europe within FIG. Source: Swedbank, Kepler Cheuvreux, Extel 2019 survey In cooperation with 5 Swedbank – Strong commitment to CSR ESG is on the daily agenda for all our employees MANAGEMENT OF EXTERNAL ENGAGEMENTS INTERNAL ENGAGEMENTS STRONGLY COMMITTED TO ESG CONFLICT OF INTEREST Swedbank’s Sustainable Capital Markets team ISO 14001 Sustainability strategy Swedbank has a Conflict Nordic CEOs for a sustainable Sustainability Framework of Interest Policy and future training for staff Sector guidelines UN Principles for Responsible Katja Ebba Josefine Slinde Banking Exclusion list Nolvall Hytting Birkeland The business actively UN Principles for Responsible Positions statements for monitors for any potential Swedbank is the FIRST bank in the world to 1 Investments Climate change and defense conflict of interest advise on the issuance of Green Equity manufacturing OECD Guidelines for To carry out a potential Dedicated ESG in-house research at Kepler Cheuvreux Multinational Companies Supplier Code of Conduct transaction, different Environment Social & Business Corporate committees need to International Labour Carbon Ethics Governance approve any business- Organization related activities UN Women's Empowerment Luke Elsa Sudip Paul Sussams Blotière Hazra Marsland Source: Swedbank, Kepler Cheuvreux In cooperation with 6 1) K2A and Platzer issued Green Equity with Swedbank as advisor.