Slide 1: Investor presentation Q2 2023
Investor presentation Q2 2023 18 July 2023
Slide 2: Disclaimer
Disclaimer IMPORTANT NOTICE THE FOLLOWING APPLIES TO THIS PRESENTATION, ANY ORAL PRESENTATIONS OF THE INFORMATION IN THIS PRESENTATION BY SEB OR ANY PERSON ON ITS BEHALF, AND ANY QUESTION AND ANSWER SESSION THAT FOLLOWS ANY SUCH ORAL PRESENTATIONS. THIS PRESENTATION IS NOT AN OFFER OR SOLICITATION O
Slide 3: Agenda
SEB in brief Strategy and sustainability Q2 2023 financial update Credit portfolio and asset quality Capital Liquidity and funding Macro Appendix 3
Slide 4: SEB is a leading northern European corporate bank, founded in 1856
SEB is a leading northern European corporate bank, founded in 1856 Largest shareholder is Investor AB, founded by the Wallenberg family in 1916 Our home markets are the Nordic and Baltic countries, Germany, the UK, and most recently Austria, Switzerland and the Netherlands High proportion of large c
Slide 5: SEB – a leading northern European corporate bank with international reach
SEB – a leading northern European corporate bank with international reach Operating profit by division FY 2022 Finland Norway Sweden Estonia Latvia 6% Large Corporates & Financial Institutions Denmark Lithuania 5% New York United Netherlands Beijing Dublin Kingdom Warsaw Shanghai 13% Corporate & Pri
Slide 6: Our efforts have resulted in positive feedback from our customers
Our efforts have resulted in positive feedback from our customers Large Corporates Financial Institutions Fixed income Sustainability advice Prospera, Sweden and Nordics 1 Prospera, Sweden and Nordics 1 Prospera, Sweden Prospera, Sweden and Nordics Sweden Sweden Sweden 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Slide 7: Key highlights Q2 2023
Q2 RoE 18.8% • CET1 ratio 19.3% • Capital buffer 450bps • NECL 1bps ratios Client Growing corporate lending and deposit volumes activity Pick-up in capital markets activity NII growth YoY +57% and +5% QoQ NII Mortgage margins at record low levels • Part of transitory NII strength behind us Credit Ro
Slide 8: Strong operating profit over time…
Strong operating profit over time… Average quarterly income (SEK bn) Average quarterly expenses (SEK bn) Average quarterly profit before credit losses and imposed levies (SEK bn) 19.5 12.8 9.4 6.7 5.9 3.5 2011 2014 2017 2020 Jan-Jun 2011 2014 2017 2020 Jan-Jun 2011 2014 2017 2020 Jan-Jun 2023 2023 2
Slide 9: …and stable capital generation
…and stable capital generation Return on risk exposure amount % 4.4% 3.7% 3.4% 3.2% 3.0% 2.7% 2.6% 2.7% Average 2.5% 2.0% 2.1% 1.6% 1.8% 1.2% 0.9% 0.2% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 YTD 2023 Net profit as a % of risk exposure amount. 9
Slide 10: More diversified than peers
More diversified than peers Well balanced credit portfolio Diversified income stream Credit exposure (EAD) by sector Operating income by type SEB DNB Danske Nordea Swedbank SHB SEB Danske Nordea Swedbank SHB DNB Corporates Institutions Real estate management Net interest income Net fee & commission
Slide 11: Relative financial strength
Relative financial strength SEB Nordic peer average European peer average Cost / income ratio Cost of risk 2011- LTM 2023, excl. unusual items 2011-LTM 2023 80% 1.5% 70% 1.0% 60% 0.5% SEB 50% SEB 0.08% 40% 41% 0.0% 2011 2013 2015 2017 2019 2021 2023 2011 2013 2015 2017 2019 2021 2023 -0.5% Return on
Slide 12: Agenda
SEB in brief Strategy and sustainability Q2 2023 financial update Credit portfolio and asset quality Capital Liquidity and funding Macro Appendix 12
Slide 13: Our financial targets
Our financial targets 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,
Slide 14: Financial aspirations for divisions, evaluated annually
Financial aspirations for divisions, evaluated annually Return on Business Equity Cost/Income Aspiration 1 Actual 2022 Aspiration 1 Actual 2022 Large Corporates & Financial Institutions >13% 14.5% <0.45 0.38 Corporate & Private Customers >16% 18.2% <0.40 0.38 Private Wealth Management & Family Offic
Slide 15: 2030 Strategy remains firm though we adjust the sequencing of our business plan
2030 Strategy remains firm though we adjust the sequencing of our business plan Future-proofing customer relationships and profit generation Future-proofing our platform Acceleration of efforts Strategic change Strategic partnerships Efficiency improvement 1 2 3 4 • Expand Corporate and • Transform
Slide 16: Climate ambitions and goals to ensure our progress
Climate ambitions and goals to ensure our progress The Brown The Green The Future What: Volume-based metric What: Volume-based metric What: Volume-based ratio based on capturing our fossil fuel credit capturing our sustainability activity our internal Climate Classification exposure Model 1 How: Mea
Slide 17: The Brown: Carbon Exposure Index to reduce our fossil fuel credit exposure
The Brown: Carbon Exposure Index to reduce our fossil fuel credit exposure Goal to reduce our fossil fuel credit exposure in energy portfolio by 45-60% by 2030 SEB fossil fuel credit exposure Net Zero – World – without CCUS 1 >30% decrease 2019=100 Change SEK 121bn >70% decrease 2030 vs 2019 Diverge
Slide 18: The Green: measuring our ambition
The Green: measuring our ambition Ambition to increase average activity 6x-8x by 2030 Sustainability-related lending Sustainable finance advisory Volume, indexed Volume, indexed 800 300 1,000 SEK 198bn SEK 88bn Q4 2022 Q4 2022 6x to 8x by 2030 132 100 100 175 600 2021 Q4 2022 2025 2030 2021 Q4 2022
Slide 19: Setting 2030 targets in line with Net-Zero Banking Alliance
Setting 2030 targets in line with Net-Zero Banking Alliance The 2030 sector targets are part of SEB’s commitment to the Net-Zero Banking Alliance, which SEB formed in 2021 together with 42 other banks in order to accelerate the transition of the global economy to net zero emissions by 2050 at the la
Slide 20: Agenda
SEB in brief Strategy and sustainability Q2 2023 financial update Credit portfolio and asset quality Capital Liquidity and funding Macro Appendix 20
Slide 21: Highlights in Q2 2023
Highlights in Q2 2023 • RoE amounted to 18.8% on a CET1 capital ratio of 19.3%. The capital buffer was 450 basis points above the capital requirement. • Activity among our large corporate customers was sound, with growing lending and deposit volumes. • SEB entered into an agreement to acquire AirPlu
Slide 22: A selection of recent events and business development activities
A selection of recent events and business development activities Number one FX bank in the Nordics Strategic partnership with EQT Renewable energy fund Ranking according to Prospera customer Exclusive rights to distribute EQT’s newly Focusing on small-scale renewable energy survey launched fund, foc
Slide 23: Continued uncertainty in global financial markets
Continued uncertainty in global financial markets Inflation rates Interest rates Equity markets Consumer price index, YoY (%) Annual yield, 10Y government bonds (%) Total return, indexed Sweden Euro area United States Sweden Germany United States OMX Stockholm S&P500 MSCI World 4.5 12 170 10 3.5 140
Slide 24: Negative perspective on Sweden results in a valuation discount…
Negative perspective on Sweden results in a valuation discount… Long-term depreciating SEK Real estate market sensitive to interest rate hikes Relatively high household debt Exchange rates Total return, indexed (100 = 31 December 2012) Household debt / disposable income (%) 300 Sweden Germany United
Slide 25: … however, key considerations are often disregarded
… however, key considerations are often disregarded Low government debt Low household debt ratio Stable unemployment Stable equity market SEB credit exposure by currency (%) of GDP Household debt / household Unemployment rate (%) Indexed (100 = 30 June 2022) (%) of exposure assets (%) Sweden Sweden
Slide 26: Development of credit portfolio
Development of credit portfolio Credit portfolio by sector Lending by sector SEK bn QoQ YTD YoY QoQ YTD YoY 1,800 Corporates 4% 5% 12%1 5% 7% 11% fx-adjusted 1% 3% 9%1 2% 3% 6% 1,600 1,400 1,200 1,000 Households 1% 2% -1% 1% 1% 1% 800 Swedish mortgages 0% 1% -3% 0% 0% 0% 600 400 200 Commercial real
Slide 27: Operating leverage
Operating leverage Average quarterly income (SEK bn) Average quarterly expenses (SEK bn) Average quarterly profit before credit losses and imposed levies (SEK bn) 19.5 12.8 9.4 6.7 5.9 3.5 2011 2014 2017 2020 Jan-Jun 2011 2014 2017 2020 Jan-Jun 2011 2014 2017 2020 Jan-Jun 2023 2023 2023 Note: data e
Slide 28: Financial summary YTD
Financial summary YTD SEK m Jan-Jun 2023 Jan-Jun 2022 Total operating income 39,078 29,129 +34% Net interest income 23,177 14,804 +57% Net ECL level 2 bps Net fee and commission income 10,807 10,867 -1% Net financial income 5,012 3,436 +46% C/I 0.34 Total operating expenses -13,414 -11,995 +12% Prof
Slide 29: Financial summary Q2 2023
Financial summary Q2 2023 SEK m Q2 2023 Q1 2023 Q2 2022 Total operating income 20,019 19,060 +5% 14,390 +39% Net interest income 11,881 11,297 +5% 7,742 +53% Net ECL level 1 bps Net fee and commission income 5,637 5,170 +9% 5,486 +3% Net financial income 2,609 2,403 +9% 1,115 +134% C/I 0.35 Total op
Slide 30: Net interest income development
Net interest income development Net interest income (SEK bn) Net interest income type (SEK bn) Jan-Jun 2023 vs. Jan-Jun 2022 Q1 2023 – Q2 2023 11.9 0.3 11.3 0.1 0.1 0.1 0.2 +57% -0.2 Corporate Swedish household lending and deposits lending and deposits 23.2 SEK 0.2bn SEK -0.1bn 14.8 Q1 2023 Corporat
Slide 31: Net fee & commission income development
Net fee & commission income development Net fee & commissions (SEK bn) Net fee & commissions by income type (SEK bn) Jan-Jun 2023 vs. Jan-Jun 2022 Q2 2021 – Q2 2023 Net securities commissions (custody, mutual funds, brokerage) -1% 2.8 2.4 2.6 Q2-21 Q2-22 Q2-23 10.9 10.8 Net advisory fees, lending fe
Slide 32: Net financial income development
Net financial income development Net financial income (SEK bn) Net financial income development (SEK bn) Jan-Jun 2023 vs. Jan-Jun 2022 Q2 2021 – Q2 2023. Mean and standard deviation (SD) based on Q2 2019 – Q2 2023 quarterly data +46% NFI Divisions NFI Other +1 SD 2.6 3.0 2.1 0.5 Mean 2.1 0.6 1.1 5.0
Slide 33: Capital development
Capital development CET1 buffer development CET1 buffer development Quarter-on-quarter (bps) Year-on-year (bps) 200 60 -60 -70 -40 -50 -100 480 450 480 450 Target buffer 100-300bps Target buffer 100-300bps Mar 2023 Profit, FX-effect Regulatory Jun 2023 Jun 2022 Profit, Share FX-effect Regulatory Jun
Slide 34: Strong asset quality and balance sheet
Strong asset quality and balance sheet 2022 YTD June 2023 Asset quality Asset quality Net expected credit loss level 7 bps Net expected credit loss level (YTD) 2 bps Funding & liquidity Funding & liquidity Customer deposits (SEK) 1,702bn Customer deposits (SEK) 1,979bn Liquidity coverage ratio C 143
Slide 35: Agenda
SEB in brief Strategy and sustainability Q2 2023 financial update Credit portfolio and asset quality Capital Liquidity and funding Macro Appendix 35
Slide 36: SEB's corporate portfolio is well diversified and focused on large corporates
SEB’s corporate portfolio is well diversified and focused on large corporates Focus on large corporates Industry diversification and low on-balance sheet exposure Corporate credit portfolio by division (excludes real estate), 30 June 2023 % of credit portfolio excluding banks, 30 June 2023 3% Large
Slide 37: SEB's real estate portfolio resilient to higher interest rates
SEB’s real estate portfolio resilient to higher interest rates SEB’s credit exposure to commercial and residential real estate (excl BRFs), by geography SEK bn, Q2 2023 Conservative underwriting standards • Group-wide risk tolerance and divisional volume caps • Cash-flow based underwriting standards
Slide 38: Real estate clients working on deleveraging activities
Real estate clients working on deleveraging activities Average capital structure for large real estate companies as per Q1 2023 Actions related to SEB’s real estate clients since June 2022 Based on SEB’s average client (listed real estate companies) Large corporate clients “BBB-rated” or worse (~20%
Slide 39: SEB's household mortgages are of high asset quality and based on affordability
SEB’s household mortgages are of high asset quality and based on affordability SEB’s household mortgage lending, growth vs total Low LTVs by global and Solid market fundamentals and underwriting criteria market regional standards • Strong customer base: According to UC AB (national credit SEK bn 20%
Slide 40: Robust credit quality over time
Robust credit quality over time Total ECL allowances by stage Credit loss level 12 SEK bn 58% 57% 55% 10 % 53% 48% 8 50% 45% 40% 4.1 3.8 3.4 6 0.92 3.4 7.5 5.8 4 Baltic 5.3 1.7 1.8 2.1 1.7 2 crisis 1.6 1.2 1.4 2.8 2.8 2.5 20% 0.8 0.8 1.2 1.4 0 Dec 2018 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Mar 2023 Ju
Slide 41: Expected credit loss allowances
Expected credit loss allowances SEK bn Expected credit loss allowances split by division, Q2-23 Model overlay on portfolio level Underlying Underlying Model overlay on portfolio level Stage 3 exposure 4.0 15.6 1.1 2.6 0.9 1.2 2.9 1.6 0.5 0.1 11.8 0.7 0.1 10.2 LC&FI C&PC Baltic PWM&FO 1.8 8.8 8.6 9.0
Slide 42: Macroeconomic scenarios in Q2
Macroeconomic scenarios in Q2 Three scenarios for ECL modelling GDP growth assumptions Q2 2023 (Q1 2023) Positive scenario: 15% Base scenario: 65% Negative scenario: 20% OECD probability (20%) probability (60%) probability (20%) Sweden 3.2% 2.4% 3.1%2.8% 2.3% 2.0% 1.6% 1.4% 0.6% 1.8% 1.5% 0.1% 0.9%
Slide 43: Agenda
SEB in brief Strategy and sustainability Q2 2023 financial update Credit portfolio and asset quality Capital Liquidity and funding Macro Appendix 43
Slide 44: Strong capital position vs. requirements
Strong capital position vs. requirements SEB’s CET1 and total capital position vs requirements %, 30 June 2023 • CET1 capital buffer of 450bps compared to target management buffer of 100-300bps o Share buybacks can be used to distribute excess 22.8 380bps capital. SEK 2.5bn shares repurchased YTD; n
Slide 45: Reasons for management capital buffer
Reasons for management capital buffer Sensitivity to currency fluctuations Sensitivity of Swedish pension surplus to interest rates Impact of ±5% SEK vs other currencies is 50bps on CET1 ratio Impact of -50 bps discount rate is -25bps on CET1 ratio, SEK bn - at current level of net pension assets, i
Slide 46: Agenda
SEB in brief Strategy and sustainability Q2 2023 financial update Credit portfolio and asset quality Capital Liquidity and funding Macro Appendix 46
Slide 47: Strong balance sheet structure
Strong balance sheet structure Strong balance sheet structure with deposits as primary source Stable structural funding position of funding Net Stable Funding Ratio (NSFR) 30 Jun 2023 SEK 4,172bn 111% 110% 111% 111% 108% 110% 109% 109% 111% 112% Min. 100% Life insurance Life insurance Derivatives De
Slide 48: Diversified funding structure with deposits as primary funding source
Diversified funding structure with deposits as primary funding source Funding sources Lowest dependence on wholesale funding compared to peers 30 Jun 2023 1% Benchmarking Swedish banks’ total funding sources incl equity 14% 31 Mar 2023 7% Wholesale funding 44% 11% 3% 5% 15% Corporate deposits Househ
Slide 49: Deposit stability and diversification
Deposit stability and diversification Deposits SEK bn, quarterly development 2,000 30 June 2023 QoQ YTD YoY 1,500 Households +3% +2% -1% 1,000 Financials +3% +12% 0% 500 Corporates +1% +2% -6% - Total +12% +18% -2% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Corporate deposits Financial deposi
Slide 50: Well-balanced long-term funding profile and solid credit rating
Well-balanced long-term funding profile and solid credit rating Long-term funding by product SEB’s credit rating SEK 609bn equivalent 5% 11% Rating “Stand- Covered bonds SEK Short term Long term Uplift Outlook Institute alone rating” Covered bonds non-SEK 44% Fitch F1+ aa- AA- 0 Stable Senior unsecu
Slide 51: Recent long-term issuance
Recent long-term issuance International bond issues YTD 2023 SEK bn Date Settlm. date ISIN CCY Volume (+/- TCCY) Market quote Maturity Bond type 30/01/2023 07/02/2023 XS2583600791 EUR 1,000,000 MS + 85 07/02/2028 SNP 20/02/2023 27/02/2023 XS2592234749 EUR 1,500,000 MS + 15 04/05/2028 Covered 28/04/2
Slide 52: MREL requirements and available funds
MREL requirements and available funds MREL requirement vs current position Subordination requirement vs current position 30 June 2023, % of REA (SEK 885bn) 30 June 2023, % of REA (SEK 885bn) SEK 406bn Indicative level from 1 Jan 2023 Requirement from 1 Jan 2024 Indicative level from 1 Jan 2023 Requi
Slide 53: SEB's covered bonds
SEB’s covered bonds Outstanding covered bonds SEK bn Moody’s rating Aaa 400 Total outstanding SEK 330bn 300 Benchmark Benchmark 97 % 200 Non-benchmark 3% 100 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Maturity profile Outstanding covered bonds, % in SEK vs EUR SEK bn 100% 35 25% 18 75%
Slide 54: Cover pool characteristics: only Swedish residential mortgages in SEB's cover pool
Cover pool characteristics: only Swedish residential mortgages in SEB’s cover pool Cover pool 30 Jun 31 Dec 31 Dec • Only Swedish residential mortgages, which historically have 2023 2022 2021 had very low credit losses Total residential mortgage assets (SEK bn) 708 707 688 • More concentrated toward
Slide 55: Cover pool characteristics: mortgages mainly in three largest city areas
Cover pool characteristics: mortgages mainly in three largest and fastest growing city areas in Sweden Type of loans Interest rate type Geographical distribution Residential Fixed rate reset =>5y, 1% apt bldgs, Fixed rate reset 2y<5y, Larger regional Stockholm 21% 9% cities , 36% region , 41% Single
Slide 56: Short-term CP/CD funding to support client facilitation business
Short-term CP/CD funding to support client facilitation business Volumes: net trading assets adaptable to CP/CD funding access SEK bn Net trading assets CP/CD 500 400 300 200 100 0 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Duration: CP/CDs fund net trading assets with considerab
Slide 57: Strong liquidity position
Strong liquidity position Liquidity Coverage Ratio Peer benchmarking: 3- and 12-months maturing funding ratio 3 months funding ratio 200% 600% 129% 400% 100% 200% 0% 0% Jun 2019 Dec 2019 Jun 2020 Dec 2020 Jun 2021 Dec 2021 Jun 2022 Dec 2022 Jun 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Q3
Slide 58: Agenda
SEB in brief Strategy and sustainability Q2 2023 financial update Credit portfolio and asset quality Capital Liquidity and funding Macro Appendix 58
Slide 59: Sweden: households facing headwinds - falling real wages and rising costs
Sweden: households facing headwinds - falling real wages and rising costs impacting consumer sentiment and GDP outlook GDP development Sweden: lower consumer confidence Index Q4 2019 = 100 NIER surveys SEB Nordic Outlook May 2023 59
Slide 60: Sweden: Riksbank key rate expectations – market prices in two more hikes
Sweden: Riksbank key rate expectations – market prices in two more hikes Sweden: Core inflation Sweden: Riksbank key rate expectations Year-on-year percentage change Policy rate outlook as ofJune 2023, % SEB Nordic Outlook May 2023, market pricing as of July 2023 60
Slide 61: Sweden: labour market and wages
Sweden: labour market and wages Sweden: Unemployment Sweden: Real wages % of labour force Index Q1 2020 = 100 SEB Nordic Outlook May 2023 61
Slide 62: Sweden: housing prices stabilizing but risk of new downturn
Sweden: housing prices stabilizing but risk of new downturn Sweden: Home prices Sweden: SEB’s Housing Price Indicator Mäklarstatistik Feb 2020 = 100 Housing price sentiment survey, July 2023 80 60 40 20 0 -20 -40 -60 2015 2016 2017 2018 2019 2020 2021 2022 2023 A negative number implies more respond
Slide 63: Agenda
SEB in brief Strategy and sustainability Q2 2023 financial update Credit portfolio and asset quality Capital Liquidity and funding Macro Appendix 63
Slide 64: Summary key financials
Summary key financials YTD 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 20111) Return on equity, % 2) 18.4 14.5 13.9 10.3 13.8 13.4 12.9 11.3 12.9 13.1 13.1 11.5 12.3 Cost/income ratio, % 3) 34 39 42 45 46 48 48 50 49 50 54 61 62 Net ECL level / Credit loss level, % 4) 0.02 0.07 0.02
Slide 65: Strong profitable growth over time
Strong profitable growth over time SEK bn Operating income Operating expenses Credit losses 70 Profit before credit losses Operating profit 1990- 2013- CAGR Q2 2023 Q2 2023 60 50 Operating income +6% +6% 40 30 Operating costs +5% +1% 20 10 Profit before +7% +12% ECL & imposed levies 0 1997 2011 1991
Slide 66: Financial performance by division
Financial performance by division C/I ratio (LHS) Return on business equity (RHS) LC&FI Aspiration: C&PC Aspiration: Baltic Aspiration: ROBE >13% ROBE >16% ROBE >20% C/I <45% 100% 22.3%21.9%21.4% C/I <40% 25% C/I <40% 100% 25% 100% 60% 19.1% 18.2% 20% 20% 50% 14.7%15.2%15.0%13.9%15.3%14.2%14.8% 62%
Slide 67: In 2023, we will continue to invest to future-proof our business
In 2023, we will continue to invest to future-proof our business A selection of investments Costs SEK 25.0bn • Remote advisory The front • PWM&FO expansion 2022 ~300m • • Austria, Switzerland, Netherlands Sustainability 4-10% inflation +1,300 – 1,600m of which salary inflation + 800 – 900m Premises,
Slide 68: The Future: Transition Ratio to ensure our customers' transformation over time
The Future: Transition Ratio to ensure our customers’ transformation over time Assessment based on SEB’s Climate Classification Model Reflecting our customers’ transition over time + + = 69% + + + + based on 2021 exposure Customers with Customers with Sustainable Gradual change material carbon footp
Slide 69: Shareholders and dividends
Shareholders and dividends Dividends paid: payout policy ~50% of net profit SEB’s largest shareholders SEK m SEK m Total dividend Net profit Share buyback Share of 30,000 capital, 30 Jun 2023 per cent 25,000 Investor 21.3 Alecta Tjänstepension 5.7 20,000 AMF Pension & Funds 5.2 Swedbank Robur Funds
Slide 70: IR contacts and calendar
IR contacts and calendar Financial calendar 2023 1 Oct Silent period starts 25 Oct Quarterly report Jan – Oct 2023 Pawel Wyszynski Philippa Allard Per Andersson Head of IR Head of Debt IR Senior IR Employed in SEB since: 2020 Employed in SEB since: 1998 Employed in SEB since: 1991 Mobile: +46 70 462
Slide 71: Thank you for your attention.
Thank you for your attention. Positively shaping the future, with responsible advice and capital. Today and for generations to come.